May 24, 2016 / 6:26 AM / a year ago

Swiss stocks - Factors to watch on May 24

ZURICH, May 24 (Reuters) - The Swiss blue-chip SMI was seen opening 0.3 percent lower at 8,015 points on Tuesday, according to premarket indications by bank Julius Baer .

The following are some of the main factors expected to affect Swiss stocks:


Switzerland’s Office of the Attorney General (OAG) has opened criminal proceedings against Swiss bank BSI in connection with embattled Malaysian state fund 1Malaysia Development Berhad (1MDB), it said on Tuesday.

Swiss financial watchdog FINMA said it found BSI in breach of money laundering regulations in connection with 1MDB and that it had ordered the disgorgement of profits amounting to 95 million Swiss francs.

EFG International, which has agreed to buy BSI, said the fine in 1MDB case will result in a reduction in the BSI purchase price.

BSI said Roberto Isolani would replace Stefano Coduri as group CEO.

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Switzerland’s Competition Commission (COMCO) fined telecoms group Swisscom 71.8 million Swiss francs ($72.5 million) for abusing its dominant position in live sports broadcasting on pay television, it said on Tuesday.

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Goldman Sachs Group Inc hired investment banker David Kamo from Credit Suisse Group AG as it seeks to grow its business working with private equity firms, according to people familiar with the matter.

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The world’s biggest packaged food maker holds a two-day investor seminar in Vevey, Switzerland.

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* Novartis said Sandoz’ biosimilar rituximab regulatory submission had been accepted by the European Medicines Agency.

* Evotec extended its drug discovery alliance with Roche’s Genentech.

* Givaudan said it would acquire ConAgra Foods’ Spicetec Flavors & Seasonings business. The total purchase price is $340 million, which Givaudan plans to fund from existing resources.

* Richemont has entered exclusive talks with Italian private equity firm Clessidra to acquire a majority stake in the Buccellati jewellery house which Clessidra bought in 2013, Italian daily Il Sole 24 Ore reported. Bucellati had revenues of around 50 million euros last year.

* Lafargeholcim said Caroline Luscombe will join Lafargeholcim as head of organization and human resources and Jean-Jacques Gauthier was appointed country CEO of Algeria.

* Basellandschaftliche Kantonalbank said John Haefelfinger was appointed as the new chief executive officer and that he will assume this function on Jan. 1, 2017.


* Exports from Switzerland rose year-on-year by a real 4.3 percent in April to 17.985 billion Swiss francs ($18.16 billion), the Federal Customs Office said on Tuesday. (Reporting by Zurich newsroom)

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