April 18, 2017 / 4:48 AM / 5 months ago

Swiss stocks - Factors to watch on April 18

ZURICH, April 18 (Reuters) - The Swiss blue-chip SMI was seen opening 0.1 percent higher at 8639 points on Tuesdayday, according to premarket indications by bank Julius Baer.

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

CREDIT SUISSE

The bank said its Chief Executive Tidjane Thiam’s total compensation for 2016 will amount to 10.24 million Swiss francs, down from 11.9 million previously after the Swiss bank’s top management offered to cut their bonuses amid shareholder pressure.

Credit Suisse said on Friday it cut its bonuses for top management by 40 percent after shareholder criticism of its plans to make a 78 million Swiss franc ($78 million) payout in spite of heavy losses.

Chairman Urs Rohner said shareholders had responded positively to the bank’s decision to cut its bonuses for top management by 40 percent in an interview with NZZ am Sonntag. Rohner also said the bank will give an update on its capital strategy at the upcoming AGM.

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GAM

The asset manager reported on Tuesday posted net inflows of 2.8 billion Swiss francs ($2.8 billion) for the first three months of 2017, with top management also urging shareholders reject board nominations from activist hedge fund investor RBR Capital Advisors.

It earlier said Silchester International Investors, which controls 19 percent of GAM’s voting rights, had informed the company on Thursday that it intends to vote in favour of the GAM board’s recommendations for agenda items in respect to board composition at the April 27 AGM.

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NOVARTIS

The pharma company said its Cart-T Therapy CT1019 to treat patients with diffuse large B-cell lymphoma had been granted breakthrough status by the U.S. Food and Drug Administration. Separately, Novartis also said it has expanded its trials for NASH, a progressive form of non-alcoholic fatty liver disease, through a collaboration with Allergan.

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ROCHE

Roche’s emicizumab drug for treating haemophilia A showed positive interim results in a phase III study with children with inhibitors to factor VIII, the Swiss drugmaker said on Monday.

Genentech, a unit of Swiss drugmaker Roche, said on Monday it got approval from the U.S. Food and Drug Administration for its already approved immunotherapy drug, Tecentriq, to treat advanced bladder cancer.

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NESTLE

A lawsuit accusing Nestle Purina Petcare Co of fooling dog owners into thinking its Beggin’ dog treats are made mostly of real bacon has been dropped.

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SIKA

The founding family of Swiss construction chemicals maker Sika, the Burkards, will keep its stake in the company if courts banned it from selling to French group Saint-Gobain, Swiss newspaper SonntagsZeitung reported on Sunday.

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LIFEWATCH

The Swiss Takeover Board extended the deadline for U.S.-based provider of cardiac monitoring services BioTelemetry to publish the prospectus of its takeover offer for its Swiss rival, until April 25. For the ruling in German, click on [here ]

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COMPANY STATEMENTS

* Liechtensteinische Landesbank said it will pay 16.7 million euros ($17.75 million) in connection with untaxed assets of German clients. The payment is fully covered by provisions for legal and litigation risks and will have no negative financial impact on 2017 business year, the bank said.

* Feintool said the Chinese authorities had approved its purchase of the Chinese forming plant Schuler (Tianjin) Metal Forming Technology Center Co. Ltd.

ECONOMY

* U.S. President Donald Trump’s administration declined to name any major trading partner as a currency manipulator in a highly anticipated report on Friday, with no countries determined to have met all three of the necessary criteria, although Switzerland, Japan, South Korea, Taiwan and Germany all met two of them.

$1 = 0.9411 euros Reporting by Zurich newsroom

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