By John O’Donnell (Reuters) -UBS AG was examining on Saturday a takeover of its embattled Swiss peer Credit Suisse, sources said, a move that could allay fears that an unfolding crisis might destabilise the global banking system. The 167-year-old Credit Suisse is the biggest name ensnared in the market turmoil unleashed by the collapse of…
(Reuters) – UBS AG was examining on Saturday a takeover of Credit Suisse as the embattled lender faced a make-or-break weekend amid the market turmoil unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank. DEVELOPMENTS * A takeover of Credit Suiss by UBS could see the Swiss government offer a guarantee…
(Reuters) – Inflation in the euro zone is proving tougher to crack than expected and the European Central Bank will likely need to raise interest rates further, possibly above 4%, Austrian central bank chief Robert Holzmann said on Saturday. “Inflation is proving much tougher than thought,” Holzmann, a member of the ECB’s policymaking Governing Council,…
LONDON (Reuters) – Goldman Sachs has cut its recommendation on exposure to European bank debt to neutral from overweight, saying a lack of clarity on Credit Suisse’s future path would put pressure on the broader sector in the region. Credit Suisse was thrown a $54 billion lifeline by the Swiss central bank on Thursday to…
By Stefania Spezzati, Oliver Hirt and Tom Sims (Reuters) – Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings…
By Tetsushi Kajimoto TOKYO (Reuters) – Japan and Germany agreed on Saturday to coordinate closely on financial jitters stemming from problems among Western banks while carefully monitoring global markets and economy, a Japanese finance ministry official told Reuters. The agreement came in a 45-minute meeting between Japanese Finance Minister Shunichi Suzuki and German Finance Minister…
(Reuters) – A senior official at the People’s Bank of China said on Saturday the collapse of Silicon Valley Bank (SVB) showed how rapid monetary policy shifts were having spillover effects, state-owned newspaper Shanghai Securities News reported. Xuan Changneng, a deputy governor at the People’s Bank of China told the Global Asset Management Forum in…
By Stefania Spezzati and Oliver Hirt (Reuters) – Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the…
SHANGHAI (Reuters) – China’s central bank made a “timely” move by pumping liquidity into the banking system to respond to rising pressures in the domestic banking industry and growing risks abroad, a state-owned Chinese newspaper said on Saturday. The central bank on Friday reduced the amount of cash banks must hold as reserves for the…
By Stephen Nellis and Krystal Hu (Reuters) -Huawei Technologies Co Ltd has replaced more than 13,000 parts in its products that were hit by U.S. trade sanctions, the Chinese tech giant’s founder said, according to a speech transcript posted on Friday by a Chinese university. According to the transcript of the February speech posted by…
