(Refiles to remove extraneous comment from paragraph 11) By Nell Mackenzie LONDON (Reuters) -Hedge fund manager Boaz Weinstein pinned hopes on Credit Suisse’s survival, but also money on its demise. His derivatives trade which bet both on the success and failure of the bank now looks set to pay off, according to data from IHS…
By John Revill ZURICH (Reuters) – Switzerland’s two biggest political parties sharply criticized UBS’s takeover of Credit Suisse saying multi-billion state support for the deal created enormous risks for the country. Swiss authorities announced on Sunday that UBS had agreed to buy rival Swiss bank Credit Suisse in a shotgun merger aimed at containing a…
By Shubham Batra and Amruta Khandekar (Reuters) – U.S. stock index futures struggled for direction on Monday as investors weighed a state-backed takeover of Credit Suisse aimed at averting a banking crisis and odds of the Federal Reserve keeping interest rates unchanged at its next meeting. Traders have raised bets of the Fed likely hitting…
By Tom Westbrook SINGAPORE (Reuters) – The rudest shock in the rushed deal to save embattled Swiss lender Credit Suisse Group AG was reserved for the holders of the bank’s riskiest tranche of bonds. Not only did investors discover they are the only investors not getting any compensation but that the long-established practice of giving…
FRANKFURT (Reuters) – A Swiss orchestrated rescue of Credit Suisse by rival UBS has failed to calm nerves as investors worry which banks could be next in line. Here’s a look at the European Central Bank’s “toolbox”, which has been expanded over the past 15 years in response to the global financial crisis of 2008,…
MOSCOW (Reuters) -The Kremlin told officials involved in preparations for Russia’s 2024 presidential election to stop using Apple iPhones because of concerns that the devices are vulnerable to Western intelligence agencies, the Kommersant newspaper reported. At a Kremlin-organised seminar for officials involved in domestic politics, Sergei Kiriyenko, first deputy head of the presidential administration, told…
By Amanda Cooper, Scott Murdoch and Tom Westbrook (Reuters) -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. In a package engineered by Swiss regulators on Sunday, UBS…
(Reuters) – UBS agreed to buy rival bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and assume up to $5.4 billion in losses, in a shotgun merger engineered by Swiss authorities. But banking stocks and bonds plummeted on Monday as confidence in the sector remained fragile. DEVELOPMENTS * In a global response not…
By Yantoultra Ngui, Summer Zhen and Selena Li SINGAPORE/HONG KONG (Reuters) – Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue. Late on Sunday, Swiss authorities capped a tense…
By Stefania Spezzati, Scott Murdoch and Tom Westbrook (Reuters) -Banking stocks tumbled on Monday as initial relief over a historic state-backed rescue of troubled lender Credit Suisse by Swiss rival UBS Group gave way to new worries about the risks of high-yield debt issued by big banks. In a package orchestrated by Swiss regulators on…
