Oct. 26 (Bloomberg) -- Luxembourg Prime Minister Jean- Claude Juncker said he is against “forced” recapitalizations of banks.
“Banks need to try and access the necessary money on markets,” Juncker said yesterday at an event in Zurich. “Not every bank will be able to do that.”
If banks are unable to recapitalize through the markets, “then governments need to help out if requested,” Juncker said. “I’m against a forced” recapitalizations, he said.
EQUITIES: *Schindler Holding forecast full-year net income of 580 million Swiss francs to 610 million francs after reporting nine-month net income of 528 million francs *Clariant acquired Oberhausen Technology Center, a German company *Von Roll reported third-quarter sales of 410 million francs and said nine-month orders rose 7 percent to 434 million francs *Bundesbank approves Weber’s UBS consultant post, Welt reports *Sulzer said its board named Juergen Brandt as interim chief executive officer from next month. Brandt will also remain chief financial officer *Novartis’ job cuts are needed to ensure the company’s future, CEO Joe Jimenez told Blick in an interview *Zurich Financial successfully placed 425 million Swiss francs of senior debt *Kaba Holding shareholders approved all board motions at company’s general meeting *UBS will pay $12 million to resolve Financial Industry Regulatory Authority claims that a brokerage unit allowed millions of short-sale orders to be placed without reasonable grounds to believe that the securities could be delivered
WHAT TO WATCH: *The Swiss government holds its regular meeting *Syngenta, EMS-Chemie present at the Swiss Equity Science Industries Day in Zurich
MARKETS: *The benchmark SMI dropped 1.4 percent to 5,708.79 *The SPI dropped 1.3 percent to 5,184.81 *The Stoxx Europe 600 Index lost 0.7 percent to 240.29 *The MSCI Asia-Pacific Index gained 0.1 percent at 7:49 a.m. Swiss time *Euro-franc traded at 1.2212 at 7:49 a.m.
--Editors: Randall Hackley, Matthias Wabl
To contact the reporters on this story: Carolyn Bandel in Zurich at firstname.lastname@example.org; Corinne Gretler in Zurich at email@example.com
To contact the editor responsible for this story: Frank Connelly at firstname.lastname@example.org