A local reacts to watching a wildfire advancing in Orjais, Covilha council in central Portugal, on August 16, 2022. Patricia De Melo Moreira | Afp | Getty Images A landmark U.N. report published Monday urged governments across the globe to embark on an urgent course correction to tackle the climate […]
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The $17 billion wipeout of Credit Suisse bondholders has not gone down well in Europe
Credit Suisse’s additional tier one bonds are set to be wiped out following the struggling bank’s takeover by UBS. Photographer: Pascal Mora/Bloomberg via Getty Images One section of Credit Suisse’s bondholders is set to be wiped out following the struggling bank’s takeover by UBS, causing them to see investments worth […]
New Starbucks CEO Laxman Narasimhan takes over nearly two weeks earlier than expected
Starbucks CEO Howard Schultz, left, with incoming CEO Laxman Narasimhan, Sept. 7, 2022. Source: CNBC Starbucks on Monday said that Laxman Narasimhan has officially become CEO, nearly two weeks earlier than expected. He’ll lead the coffee giant’s annual shareholder meeting Thursday, marking his first public address as its chief executive. […]
First Republic shares slide 18% Monday after a credit rating downgrade
A trader works at the post where First Republic Bank stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, March 16, 2023. Brendan McDermid | Reuters Shares of First Republic Bank, which have become the barometer of the regional bank crisis, slid […]
‘Shotgun wedding’: What the UBS rescue of Credit Suisse means for global markets
Axel Lehmann, chairman of Credit Suisse Group AG, left, and Colm Kelleher, chairman of UBS Group AG, during a news conference in Bern, Switzerland, on Sunday, March 19, 2023. Pascal Mora | Bloomberg | Getty Images In equal parts “shotgun wedding” and arranged marriage, UBS agreed to buy stricken domestic […]
UBS shares slide 7%, Credit Suisse craters 61% after takeover deal
The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. Arnd Wiegmann | Getty Images News | Getty Images Shares of Credit Suisse and UBS led losses on the pan-European Stoxx 600 index on Monday morning, shortly after the latter secured a 3 billion […]
Saudi National Bank loses over $1 billion on Credit Suisse investment
Signage for Credit Suisse Group AG outside a building, which houses the company’s branch, in Tokyo, Japan, on Monday, March 20, 2023. UBS Group AG agreed to buy Credit Suisse Group in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global […]
Fed poised to approve quarter-point rate hike this week, despite market turmoil
Even with turmoil in the banking industry and uncertainty ahead, the Federal Reserve likely will approve a quarter-percentage-point interest rate increase next week, according to market pricing and many Wall Street experts. Rate expectations have been on a rapidly swinging pendulum over the past two weeks, varying from a half-point […]
Asia’s regulators say banking system is robust and stable after UBS-Credit Suisse takeover deal
Jakub Porzycki | Nurphoto | Getty Images Regulators in Asia issued reassuring statements Monday that their banking systems remained robust and stable after Swiss banking giant UBS agreed to buy its rival Credit Suisse for $3.25 billion. Swiss regulators played a key role in orchestrating the forced takeover, to stem […]
One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China’s crackdown
Bitcoin logo seen on a smartphone with a Hongkong flag in the background. Sopa Images | Lightrocket | Getty Images The crypto industry has had a rough year with digital currency markets crashing and companies collapsing across the board. In spite of the volatility, Hong Kong is pushing to become […]