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Emergency rescue of Credit Suisse as banking fears grow – BBC News
Troubled bank Credit Suisse has been rescued by its Swiss rival UBS in a government-backed deal. The announcement came after a weekend of emergency talks in Switzerland between the two banks and the country’s financial regulators. The Swiss National Bank said the deal was the best way to restore the confidence of financial markets and to manage risks to the economy. It comes as concerns…
European bank shares drop after Credit Suisse takeover – BBC News
European bank shares have dropped sharply after troubled bank Credit Suisse was bought by its Swiss rival UBS in a government-backed deal. UBS, which purchased Credit Suisse at a fraction of its closing market value before the weekend, is now down 8% compared with an earlier slide of 13%. Credit Suisse was the most significant failure of a crisis of confidence in the banking sector…
Initial relief over Credit Suisse rescue by UBS
Banking stocks and bonds plummeted on Monday after UBS Group sealed a state-backed takeover of troubled peer Credit Suisse Group AG, a deal that was orchestrated in an attempt to restore confidence in a battered sector. Credit Suisse shares lost a quarter of their value last week. The bank was forced to tap $54bn in central bank funding as it tried to recover from scandals…
Credit Suisse to borrow up to $54bn from Switzerland’s central bank – BBC News
Credit Suisse has said it will borrow up to 50bn Swiss francs (£44.5bn) from the country’s central bank to shore up its finances. The troubled banking giant said it is taking “decisive action” to strengthen and simplify its business. Shares in Credit Suisse fell 24% on Wednesday after it said it had found “weakness” in its financial reporting. #CreditSuisse #Switzerland Please subscribe HERE http://bit.ly/1rbfUog #CreditSuisse #Switzerland…
Credit Suisse: What is happening to the Swiss banking giant? – BBC News
Shares in Credit Suisse have plunged to a record low, in the wake of last week’s collapse of Silicon Valley Bank in the US. The Swiss bank – which has been beset by problems – saw its share price fall by as much as 30% at one point. Credit Suisse insists its financial position is not a concern. Investors are concerned about the state of the…
US Credit Card Debt Reaches 18.5%, Hits Record $930.6 Billion
Inflation in combination with rising interest rates are leading more Americans to spend borrowed money on necessities like food and rent. This week, the Federal Reserve increased interest by a quarter of a point; however, the recent hike is more modest than previous raises, and marks the eighth hike since March of 2022. The post US Credit Card Debt Reaches 18.5%, Hits Record $930.6 Billion…
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