Banks recover morning losses as markets digest Credit Suisse-UBS merger March 20, 2023 Shares in UBS were trading over 5 per cent down around midday on Monday, having traded nearly 10 per cent lower earlier in the day, after it completed its emergency acquisition of Credit Suisse over the weekend. Although many European banks were trading lower in the morning, most had recovered some of their losses shortly [...]
North Sea oil and gas operators warned of ‘tsunami’ of industrial unrest March 20, 2023 North Sea oil and gas operators are being warned of industrial unrest after workers voted to strike over jobs, pay and conditions.
On the right track? Beleaguered train operator Avanti gets contract extension March 20, 2023 Train operator Avanti West Coast has been handed a short-term contract extension by the Department for Transport (DfT), the FirstGroup-owned company said. The operator has struggled with reliability and punctuality during parts of the past year. Its contract was due to expire at the end of March but has been extended until October 15. FirstGroup [...]
Gold price tops $2,000 and Bitcoin gets a bump as investors scramble for safety after Credit Suisse rescue March 20, 2023 Gold prices have climbed near record highs and topped $2000 for the first time in over a year this morning as investors scramble for steady ground following UBS’s rescue of Swiss rival Credit Suisse.
Boris Johnson prepares for showdown with MPs over partygate fib claims as defence to be published March 20, 2023 Boris Johnson’s defence against claims he lied to Parliament over the partygate scandal could be published on Monday as he prepares for a showdown with MPs. The Privileges Committee is expected to publish the lengthy submission from Mr Johnson’s barrister Lord Pannick KC before the former prime minister gives evidence on Wednesday in a session [...]
War-torn Ukraine firms get access to London’s financial services in digital trade deal March 20, 2023 The UK has signed a digital trade deal with Ukraine which will help support the country’s economy during the war with Russia and as it rebuilds in the future. Under the deal, Ukrainian businesses will be able to trade more efficiently and cheaply with the UK through electronic transactions, e-signatures, and e-contracts. It will also [...]
Have Brits fallen out of love with DIY? B&Q and rival Wickes eye lower profits after costs soar and demand dwindles March 20, 2023 B&Q owner Kingfisher and rival Wickes are set to reveal falls in profits over the past year as surging costs dampen the outlook for the home improvements market. Kingfisher, which runs B&Q and Screwfix, has previously indicated its sales and profits have weakened over the past year, as it also saw DIY demand from locked-down [...]
First Silicon Valley Bank, then Credit Suisse, and now Signature Bank is bought out for £2.2bn March 20, 2023 New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a 2.7 billion dollar (£2.2 billion) deal, the Federal Deposit Insurance Corp (FDIC) said late on Sunday. The 40 branches of Signature Bank will become Flagstar Bank, starting on Monday. This comes after UBS agreed to purchase beleaguered [...]
Banking crisis and Fed’s credit line: how does it work and how concerned should we be? March 20, 2023 Central banks around the world announced last night that they were taking steps to improve access to liquidity in the financial system. In a coordinated move reminiscent of Covid in 2020 and the financial crisis in 2008, central banks in the US, the eurozone, Britain, Japan and Canada announced new measures to calm financial markets. [...]
Explainer: What’s an AT1 bond – and why are Credit Suisse’s now worthless? March 20, 2023 UBS’ rescue deal of Credit Suisse, which will see it buy its stricken Zurich rival at a discount £3bn price, has come with a surprise for holders of Credit Suisse’s AT1 bonds. These risky bonds – which had a nominal value of $17bn – are now precisely worthless. Unsurprisingly, holders of the bonds are less [...]
