Zurich - Swiss Life has confirmed Friday that it is in talks with German insurer Talanx about its stake in MLP, a pension specialist.

The Swiss company, the largest insurer in the Alpine nation, owns about a quarter of MLP. According to reports, Swiss Life wants to reduce its stake in MLP.

"Swiss Life confirms that it is also holding talks with the Talanx Group in this regard. Discussions are still at a preliminary stage with no decisions taken," the company said in a statement posted on its Website.

India's most-acclaimed contemporary filmmaker, Adoor Gopalakrishnan has been selected as a jury member of the international Fribourg International Film Festival (FIFF) to be held from March 14 to 21 at Switzerland.

Geneva  - A Swiss private bank said Thursday that it would buy back from eligible clients their exposure to the fraudulent scheme run in the United States by Bernard Madoff at 50 per cent of the original cost.

Union Bancaire Privee (UBP) said the "goodwill gesture" towards it clients would see the bank pay for the purchase of the investments over the course of five years.

UBP also announced moves within the bank to improve risk management and research.

Zurich - The Swiss central bank announced Thursday it would cut interest rates by 25 basis points to a target of 0.25 per cent in an attempt to shore up the economy and prevent deflation.

The use of the monetary policy by the Swiss National Bank would also involve buying up bonds and foreign currency to prevent further appreciation of the franc against the Euro.

Geneva  - The Swiss watch group Swatch reported Thursday net income of 838 million Swiss francs (723.6 million dollars) for 2008, a drop from the previous year's earning.

The company reported 5.96 billion francs in gross sales, a record, but its income was down from 2007's net income of over 1 billion.

"A noticeable drop in demand in the last months of 2008 mainly at wholesale level reduced the momentum in most brands and markets," the company said in its report, noting that even luxury items did not escape the downturn.

Basel, Switzerland  - Roche, the Swiss drug manufacturer, has struck a deal to buy out Genentech, a United States based biotech group, the two companies announced Thursday.

The move would cost Roche approximately 46.8 billion dollars for the 44-per-cent stake it does not already have in the biotech firm.

Under the agreement, the Swiss group would pay 95 dollars a share. It was only reached after months of negotiations, which at one point led Roche to go directly to shareholders with an offer that Genentech urged them not accept. Analysts felt the San Francisco company was holding out for a better price, as it was insisting on 112 dollars a share, far above market value.