By Pablo Mayo Cerqueiro, Chiara Elisei and Davide Barbuscia LONDON/NEW YORK (Reuters) – Credit Suisse said 16 billion Swiss francs ($17.24 billion) of its Additional Tier 1 debt will be written down to zero on the orders of the Swiss regulator as part of its rescue merger with UBS, angering bondholders on Sunday. FINMA, the…
By Dhara Ranasinghe and Amanda Cooper LONDON (Reuters) – Financial markets are poised for relief on Monday after UBS Group AG agreed to buy Credit Suisse Group AG in a rescue orchestrated by the state and major central banks announced a co-ordinated move to shore up liquidity in the financial system. In an early sign…
By Pablo Mayo Cerqueiro and Chiara Elisei LONDON (Reuters) – Credit Suisse has written down its Additional Tier 1 bonds to zero as part of its takeover by UBS, angering some bondholders who thought they would be better protected in a rescue deal announced on Sunday. The Swiss regulator and Credit Suisse said that the…
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…
