UBS ‘$1billion’ deal for Credit Suisse to be fast-tracked past shareholders: reports March 19, 2023 UBS’s possible $1bn acquisition of Credit Suisse is being fast tracked to ensure its completion before markets open on Monday morning in a dramatic attempt to preserve financial stability. According to the Financial Times, Swiss authorities are considering using emergency measures to bypass normal takeover rules. It reported that UBS indicated emergency powers would be [...]
Silicon Valley Bank UK paid out £15m in bonuses to top execs just days after HSBC rescue deal March 18, 2023 Silicon Valley Bank’s UK arm handed out over 15 million pounds ($18 million) in bonuses days after its rescue deal this week by HSBC, Sky News reported on Saturday. Payouts to staff including senior executives were signed off by HSBC earlier in the week, the report said, adding that the bonuses would not have been paid this week if SVB UK had [...]
What do Brits think of capitalism? Not much, it seems March 18, 2023 One of the most surprising findings of an international survey conducted on attitudes towards capitalism for the book In Defence of Capitalism is that the British – in the motherland of capitalism – are far more critical of capitalism than might be expected. Only in 12 countries are attitudes towards capitalism more negative than in [...]
Credit Suisse weighs up survival options as 167-year-old bank faces pressure to merge with rival UBS March 18, 2023 Credit Suisse Group began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess strategic scenarios for the bank, people with knowledge of the matter [...]
Banks, bonds, inflation, recession and energy: Five lessons the markets taught us this week March 17, 2023 The third week of March proved to be a rollercoaster for the world’s investors, with a rout on banks and the spectre of inflation, recession and the growing cost of living making their presence felt. These themes may indeed play on in future, so here are the five lessons we’ve learned from the markets this [...]
Now US shareholders sue beleaguered bank Credit Suisse for downplaying impact of losses March 17, 2023 US shareholders are suing Credit Suisse for giving false and misleading public statements and downplaying the impact of its losses, in the latest knock to the beleaguered bank. The Rosen Law Firm, a global investor rights law firm, filed a class action lawsuit in New Jersey against the Swiss banking giant on behalf of investors. [...]
Oil prices show signs of recovery after banking crisis subsides and commodity investors reassured March 17, 2023 Oil prices suffered their biggest weekly falls since December as a banking crisis rocked financial markets and spooked investors.
First Republic: US stocks rally after 11 banks including JP Morgan, Citi and Goldman stump up $30bn in rescue effort March 17, 2023 US stocks rallied on Thursday after a group of big banks offered a lifeline to the bank that investors had zeroed in on in their hunt for the industry’s next victim. The S&P 500 jumped 1.8 per cent for its best day in nearly two months after 11 of the biggest banks said they would [...]
‘No trade off between price stability and financial stability,’ ECB president Christine Lagarde says after rate rise March 16, 2023 The recovery in European banking stocks slowed slightly on Thursday afternoon as the European Central Bank (ECB) stuck to its guns and raised interest rates by 50 basis points. With the meeting taking place amidst a nervous backdrop in the banking sector, ECB President Christine Lagarde said “there is no trade off between price stability [...]
Credit Suisse crisis: What’s going on and what will happen next? March 16, 2023 Credit Suisse was once one of the world’s largest and most respected financial institutions but this week its shares have been on a downward spiral. Although the Swiss bank had been caught up in market speculation over the health of the global financial system it has been beset with problems over the last few years [...]