The tech sector was a beacon of hope last week as the banking crisis rocked markets. The Nasdaq Composite rose 4.4% during the week, while the Nasdaq 100 – which includes the largest non-financial companies in the index – rose 5.8%. Big tech and semiconductor stocks such as Nvidia and Microsoft rose around 12% during … Read more
London CNN — Switzerland’s biggest bank, UBS, has agreed to buy struggling rival Credit Suisse in an emergency bailout deal aimed at stemming financial market panic sparked by the failure of two US banks earlier this year. month. “UBS today announced the acquisition of Credit Suisse,” the Swiss National Bank said in a statement. He … Read more
A sale to UBS, which could be completed as early as tonight, values Credit Suisse at around $7 billion below its market value at Friday’s close. It comes after Credit Suisse shares posted their worst weekly decline since the start of the coronavirus pandemic. This is despite news that it would have access to a … Read more
Red pedestrian signs outside a bank branch of Credit Suisse Group AG in Basel, Switzerland, Tuesday, October 25, 2022. Stefan Wermuth | Bloomberg | Getty Images Rescue Talks Swiss credit rolled into sunday like UBS asked the Swiss government for $6 billion to cover the costs if it were to buy its struggling rival, a … Read more
Talks on bailing out Credit Suisse continued on Sunday as UBS demanded $6 billion from the Swiss government to cover the costs. UBS is under pressure from Swiss authorities to take over its local competitor to bring the crisis under control, two people with knowledge of the matter said. Regulators want a resolution before markets … Read more
WASHINGTON (AP) — Bills have been introduced, hearings scheduled and blame cast as Congress reacted last week to the brutal failure of two banks. A preview of what lawmakers are saying and planning as the fallout from the collapse of Silicon Valley Bank and Signature Bank continues. RAPID LEGISLATIVE FIXES LIKELY As President Joe Biden … Read more
WASHINGTON (AP) — Chinese President Xi Jinping’s plans to meet with Russian President Vladimir Putin in Moscow next week highlighted China’s aspirations to play a bigger role on the world stage. But they also exposed the perils of global diplomacy: Hours after the trip was announced on Friday, an international arrest warrant was issued against … Read more
WASHINGTON (AP) — Treasury Secretary Janet Yellen offered firm and optimistic assurances to shaken bank depositors and investors on Thursday, even as U.S. financial institutions and European agencies ordered new bailout efforts following the second largest banking meltdown in US history. Questioned closely, sometimes aggressively, Yellen told senators during a Capitol hearing that the U.S. … Read more
Press play to listen to this article Expressed by artificial intelligence. Doubts are growing over the wisdom of holding the shattered frontline town of Bakhmut against relentless Russian assault, but Ukrainian President Volodymyr Zelenskyy digs in and insists his top commanders are united in maintaining an attritional defense that has dragged on for decades. month. … Read more
59 minutes ago Tech stocks lead the rise in the Hong Kong index; Baidu jumps more than 10% The Hang Seng Index led the gains in the Asia-Pacific region on Friday, thanks in part to the surge in tech stocks. Baidu rose nearly 12% after its US-listed shares jumped overnight, following the launch of its … Read more
