BERN (Reuters) -UBS will take over Credit Suisse, Swiss authorities said on Sunday, in a deal to combine Switzerland’s top two banks designed to contain a widening crisis of confidence in global finance. The deal includes 100 billion Swiss francs in liquidity assistance for UBS and Credit Suisse. Credit Suisse, a 167-year-old bank, has been…
By Stefania Spezzati, Oliver Hirt and John O’Donnell (Reuters) – UBS is close to finalizing a deal to buy rival Swiss bank Credit Suisse, a source familiar with the matter told Reuters. The deal is valued at more than $2 billion, after UBS increased its offer, the Financial Times earlier reported. The Credit Suisse chair…
By Kanishka Singh WASHINGTON (Reuters) – Former Goldman Sachs CEO Lloyd Blankfein said on Sunday the banking crisis in the United States was going to expedite overall credit tightening and slow the U.S. economy. “It is a certainty that this will – that this situation will cause – will act in a way that’s similar…
By Stefania Spezzati, Oliver Hirt and John O’Donnell (Reuters) – UBS Group AG is in emergency talks to buy fellow Swiss banking giant Credit Suisse as authorities bid to stave off turmoil when markets reopen on Monday, with reports saying UBS has offered to pay up to $1 billion. Swiss authorities are examining imposing losses…
PRAGUE (Reuters) – Czech carmaker Skoda would have to cut 3,000 jobs and axe some models if the European Union’s “Euro 7” emissions scheme is implemented in its current form, a Skoda board member warned in a TV debate on Sunday. The proposed Euro 7 law, which EU countries and lawmakers will start negotiating this…
By Stefania Spezzati, Oliver Hirt and John O’Donnell (Reuters) – UBS Group AG has offered to buy Credit Suisse for up to $1 billion, with the Swiss government planning to change the country’s laws to bypass a shareholder vote on the transaction, the Financial Times reported on Sunday. Credit Suisse and UBS declined to comment,…
By Emilie Madi and Mohamed Azakir BEIRUT (Reuters) – When Caroline Sadaka buys groceries in the Lebanese capital Beirut, she keeps her phone in hand – not to check her shopping list but to calculate the spiralling costs of goods now priced at volatile exchange rates that vary by store and sector. As Lebanon’s economy…
(Reuters) – UBS AG is asking the Swiss government to cover about $6 billion in costs if it were to buy rival Credit Suisse, a person with knowledge of the talks said, as the two sides raced to hammer together a deal to restore confidence in the ailing Swiss bank. DEVELOPMENTS * A takeover of…
By David French NEW YORK (Reuters) – Some U.S. regional banks’ efforts to raise capital and allay fears about their health are running up against concerns from potential buyers and investors about looming losses in their assets, five sources with knowledge of the discussions said. First Republic Bank and PacWest Bancorp are among the banks…
(Reuters) – UBS AG is asking the Swiss government to cover about $6 billion in costs if it were to buy rival Credit Suisse, a person with knowledge of the talks said, as the two sides raced to hammer together a deal to restore confidence in the ailing Swiss bank. DEVELOPMENTS * A takeover of…
