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In a package engineered by Swiss regulators on Sunday, UBS Group AG (UBSG.S) will pay 3 billion Swiss francs ($3.2 billion) for 167-year-old Credit Suisse Group AG <CSGN.S>, which was once worth more than $90 billion. European bank shares inched into positive territory (.SX7P) while shares in U.S. financial giants Citigroup (C.N) and JPMorgan Chase (JPM.N) rose 1.2% and 0.7% respectively. Investor focus had shifted to the massive blow some Credit Suisse bondholders will take, a new worry in a rolling banking sector crisis sparked by the collapse of midsize-U.S. lenders Silicon Valley Bank (SVB) and Signature Bank (SBNY.O) earlier this month. [1/2] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023. QUESTIONS FOR UBSThe deal to buy Credit Suisse will make UBS Switzerland’s only global bank and the Swiss economy more dependent on a single lender.

In a package engineered by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG (CSGN.S) and assume up to $5.4 billion in losses. Investor focus has now shifted to the massive blow some Credit Suisse bondholders will take, adding to anxiety about other banking sector risks including contagion and the fragile state of U.S. regional lenders. UBS acquiring Credit Suisse for 3 billion francs a week ago would have seemed like a terrific deal. Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023. QUESTIONS FOR UBSThe deal to buy Credit Suisse will make UBS Switzerland’s only global bank and the Swiss economy more dependent on a single lender.

☆ Morning Bid: Investors adopt the brace position as banks topple
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +3 min

That pretty much sums up the reaction in Asian markets to the extraordinary government-engineered takeover of the storied Credit Suisse by UBS, along with a U.S. dollar supply operation by a Fed-led posse of major central banks. Investors seem torn between relief that Credit Suisse was not allowed to collapse or worries that it had to be saved in such a way in the first place. It's not helping that Credit Suisse shareholders are taking a nasty haircut in the deal, though not as painful as AT1 bond holders who seemingly won't get their $17 billion back. That's a break with convention that could threaten the future of the entire $275 billion CoCo market. Likewise, Fed fund futures fell, rose, then fell again as investors dared to divine what all this might mean for interest rates.

☆ Patch is transforming empty buildings into community hotspots for locals. Check out the 11-slide pitch deck it used to secure $3 million.
▼ + stars: | 2023-03-20 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

London-based Patch has secured $3 million from JamJar Investments and the founder of PureGym. The startup converts local buildings into community-based workspaces for a range of events. Check out the 11-slide deck Patch used to raise the fresh funds. Patch aims to revive the remnants of these empty local buildings into multi-purpose community hotspots, giving locals an accessible venue to work and socialize. The startup makes its money in two ways; its community members pay a membership fee starting at £24 a month, which gives them access to these community spaces.

LONDON, March 20 (Reuters) - European bank bonds slumped on Monday following the state-backed rescue of Credit Suisse (CSGN.S) by UBS (UBSG.S) as a wipeout of some bondholders raised concerns around broader bank capital and also hammered bank shares. "The takeover of Credit Suisse by UBS was done fast and should have provided reassurance to the market that we haven’t had another bank collapse. However, what it has done is exposed the issues around AT1 bonds,” said Russ Mould, investment director at AJ Bell. In the bond market, Credit Suisse's Additional Tier 1 (AT1) bonds were bid as low as 1 cent on the dollar on Monday as investors braced for the wipeout. Shares in Credit Suisse (CSGN.S) fell as much as 64.5% while UBS Group (UBSG.S) shares dropped as much as 16%.

☆ How bad is the banking crisis?
▼ + stars: | 2023-03-20 | by ( Spriha Srivastava | ) www.businessinsider.com time to read: +7 min

The Fed along with five other central banks announced coordinated action to reassure global banks. To make sense of those acronyms, GFC refers to the global financial crisis of 2007 to 2009, EZ crisis is the Eurozone crisis of 2009 onwards, temper tantrum likely refers to the taper tantrum of 2013, and the Covid 3/20 shock is when global markets went haywire in the early stages of the pandemic. So, you might be wondering: Just how bad is the banking crisis? "It means the banking crisis we've seen over the past few weeks has started a new chapter rather than reaching its ending." After the 2008 financial crisis, the Bank of International Settlements (BIS) made it necessary for all European banks to issue CoCo bonds.

☆ Explainer: Why markets are in uproar over a risky bank bond known as AT1
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +4 min

Here are some of the implications of the Credit Suisse AT1 bond write-down. WHAT IS AN AT1 BOND? Credit Suisse AT1 holders, therefore, are the only ones not to receive any kind of compensation. It is not the first time that the treatment of AT1 bonds in a bank overhaul has caused controversy. The decision to write down Credit Suisse AT1 bonds to zero is viewed as negative for the AT1 bond market globally.

☆ Derivatives that track bonds at the heart of Credit Suisse rescue slide
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 20 (Reuters) - Derivatives that track the value of key bank debt fell sharply on Monday, after UBS (UBSG.S) agreed to rescue rival Credit Suisse (CSGN.S), forcing a massive writedown of the latter's additional tier-one debt as part of the deal. Invesco's AT1 Capital Bond exchange-traded fund (INAT1.L), which tracks the value of AT1 debt, dropped 14% in early trading, while WisdomnTree's AT1 CoCo bond ETF was indicated 3% lower. Additional tier-one bonds, known as AT1s, are a type of contingent convertible debt that make up part of the capital buffers that regulators require banks to hold to protect themselves in times of market turmoil. If a bank's capital levels fall below a set threshold, AT1s can either be converted into equity or are written off, as they were in the case of Credit Suisse, which had to write off around $16 billion worth. Reporting by Amanda Cooper; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

LONDON, March 19 (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 bonds, which are a riskier type of debt than traditional bonds, have a notional value of 16 billion Swiss francs ($17.24 billion). Credit Suisse said it had been informed by the regulator, FINMA, on Sunday of the decision to write the bonds down. Some bondholders were angry at the move to write down the bonds to zero, especially as it appears bondholders will fare worse than shareholders in the deal. ($1 = 0.9280 Swiss francs)Writing by Tommy Reggiori Wilkes; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Fact Check-No evidence that Donald Trump insulted his inner circle on social media
▼ + stars: | 2023-03-17 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

An image of what appears to be a social media message from former U.S. President Donald Trump insulting members of his inner circle has been circulating online. But the message does not come up in searches of Trump’s actual account on his Truth Social platform. The message does not come up in searches of Trump’s Truth Social account (here) or his official website (www.donaldjtrump.com/news), or archived versions of the website (here), (here) and the Truth Social account (here), (here) . A search through Trump spokesperson Liz Harrington’s Twitter account did not reveal the post (twitter.com/realLizUSA). Read more about our work to fact-check social media posts (here).

☆ Kellogg is giving its Pringles and Cheez-It business a new name with classical Latin twist. It's the latest company name to incorporate the 'dead' language.
▼ + stars: | 2023-03-15 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Kellogg is renaming its snack business "Kellanova" — a combo of Kellogg and a Latin word for "new." Kellogg is naming its snacking division "Kellanova," the latest step in breaking up the company, it said on Wednesday. The name draws inspiration from the Kellogg name and a common Latin word, Kellogg CEO Steve Cahillane said in a statement. Etsy and Mondelez are among other companies with Latin namesKellanova is hardly the first company rebrand to draw inspiration from Latin. Before that, cigarette maker Philip Morris said it would change its name to "Altria" in an allusion to the Latin word for "high," the Journal reported in 2001.

☆ Meet the Wertheimers, the secretive French brothers worth $96 billion who control Chanel, own vineyards in France and Napa Valley, and breed racehorses
▼ + stars: | 2023-03-04 | by ( Meira Gebel | Libertina Brandt | Avery Hartmans | ) www.businessinsider.com time to read: 1 min

The New York Times once described the brothers as "fashion's quietest billionaires." Gerard told The Times' magazine in 2002 that the family prefers being discreet. It's about everyone who works and creates at Chanel. Gerard, left, and Alain Wertheimer at the Prix de l'Arc de Triomphe at the Hippodrome de Longchamp in 2006. Michel Dufour/WireImage/Getty ImagesSource: The New York Times Magazine, The New York Times

☆ Cactus League roundup: Seth Lugo leads Padres to win
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +2 min

Lugo hasn't started a major league game in the regular season since 2020 and has just 38 career starts. Trent Grisham went 2-for-3 and Aaron Brooks got the win for the Padres, as they held the White Sox to four hits. Athletics 12, Diamondbacks 7Kevin Smith went 2-for-3 with three RBIs and Jace Peterson drove in two as host Oakland beat Arizona in Mesa. McLain went 2-for-2. Brewers 7, Dodgers 4Garrett Mitchell hit two home runs and had four RBIs to lead host Milwaukee past Los Angeles in Phoenix.

☆ WTA roundup: Coco Gauff reaches Dubai semis
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

[1/5] Tennis - WTA 1000 - Dubai Tennis Championships - Dubai Duty Free Tennis Stadium, Dubai, United Arab Emirates - February 23, 2023 Coco Gauff of the U.S. celebrates winning her quarter final match against Madison Keys of the U.S. REUTERS/Satish KumarFebruary 24 - Fifth-seeded Coco Gauff won an all-American quarterfinal on Thursday at the Dubai Duty Free Tennis Championships, beating Madison Keys 6-2, 7-5 in the United Arab Emirates. Gauff saved the only break point she faced in the 81-minute match, and she converted four of her five break opportunities. The result moves Gauff into a semifinal matchup with top-seeded Iga Swiatek of Poland, the reigning French Open champion. The other semifinal will feature third-seeded Jessica Pegula of the United States and Barbora Krejcikova of the Czech Republic. In the last match of the night, fourth-seeded Katerina Siniakova of the Czech Republic downed Belgium's Ysaline Bonaventure 6-0, 7-5.

☆ WTA roundup: Top seeds roll in Dubai
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

February 22 - The top two seeds in the Dubai Duty Free Tennis Championships lost a combined three games while cruising to second-round wins on Tuesday in the United Arab Emirates. 1 Iga Swiatek of Poland, the reigning French Open and U.S. Open champion, routed Canada's Leylah Fernandez 6-1, 6-1, and No. 2 Aryna Sabalenka of Belarus, the reigning Australian Open champion, demolished the United States' Lauren Davis 6-0, 6-1. Third-seeded Jessica Pegula of the United States, who lost to Swiatek in the Doha final, got past Bulgaria's Viktoriya Tomova 6-2, 5-7, 6-1 in the second round at Dubai. Stephens, the 2017 U.S. Open champion, had lost her first-round matches at Auckland, New Zealand; Hobart, Australia; and the Australian Open to begin the year.

☆ Netflix exec reveals sports ambitions and what's next for live sports as golf series 'Full Swing' debuts
▼ + stars: | 2023-02-15 | by ( Elaine Low | ) www.businessinsider.com time to read: +7 min

Formula 1 racing saw a boost in TV viewership and fandom since Netflix began streaming docuseries "Drive to Survive." Amid a boom in sports docs, the streamer has tennis series "Break Point" and golf-centered "Full Swing." Netflix unscripted TV head Brandon Riegg spoke to Insider about the streamer's ambitions in live sports. "I wouldn't be surprised," Netflix VP of unscripted and docuseries Brandon Riegg told Insider ahead of the "Break Point" premiere. Also in the works are series on the 2022 FIFA World Cup in Qatar and the Six Nations rugby tournament.

☆ Coco-Cola CEO James Quincey on Q4 earnings: We had a good finish to the year
▼ + stars: | 2023-02-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoco-Cola CEO James Quincey on Q4 earnings: We had a good finish to the yearCoke CEO James Quincey joins 'Squawk Box' to discuss a Q4 earnings beat, the global rate of inflation offsetting the strength of the dollar, and consumer reaction to price increases.

☆ Vita Coco wants its coconut water be your cocktail mixer — and your hangover cure
▼ + stars: | 2023-02-10 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

For nearly two decades, Vita Coco has sold its coconut water to health-conscious consumers as a fresh way to hydrate. Co-founder Mike Kirban compared Vita Coco's transformation to that of Ocean Spray, the agricultural cooperative that sells cranberry products. "Ocean Spray is a brand that's four times our size, that's all based on one ingredient," the company's executive chairman told CNBC. Founded in 2004, Vita Coco started as a coconut water brand but has since expanded into other beverage categories, like energy drinks and water. The company went public in October 2021, just before the market for initial public offerings dried up as inflation, the war in Ukraine and economic uncertainty weighed on investors.

LOS ANGELES, Feb 9 (Reuters) - Briton Emma Raducanu has been handed a wild card for next month's WTA 1000 event at Indian Wells, tournament organisers announced on Thursday. Raducanu, who became an international sensation when at 18 years old she won the 2021 U.S. Open as a qualifier, struggled with injuries and inconsistent play last year and has seen her world ranking plummet to 80. Last month she suffered an ankle injury in Auckland before falling to American teenager Coco Gauff in the second round of the Australian Open. Raducanu was troubled by pain in her abs early on against Gauff but bounced back to force a second set tiebreak in a match that offered fans a tantalising glimpse into the future of women's tennis. Reporting by Rory Carroll in Los Angeles; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

The United States has in place a vaccine requirement for foreign air travellers that is not expected to be lifted before main draw action kicks off on March 9. Indian Wells tournament director Tommy Haas recently said that it would be a "disgrace" if Djokovic was not allowed to compete at Indian Wells and other tournaments in the United States this year. read moreHaas said Indian Wells organisers would do everything to help Djokovic's chances of playing. Even if Djokovic is unable to compete at Indian Wells there will still be plenty of talent on show. Spanish great Rafael Nadal, teenage world number two Carlos Alcaraz and defending champion Taylor Fritz were among those named on Wednesday's entry list.

Former Transportation Secretary Elaine Chao called out former President Donald Trump amid his racist broadsides aimed at her and his other anti-Asian rhetoric. Trump, who is ramping up his 2024 presidential campaign, has repeatedly made racist attacks against Chao, who served in his administration, in recent months. Chao’s latest statement comes in the wake of several high-profile shootings targeting Asian Americans. Other Republicans, such as Sen. Rick Scott, R-Fla., have stopped short of condemning Trump’s attacks, often equating them to the former president’s penchant for using nicknames. She later served as Transportation secretary for the Trump administration.

☆ Elaine Chao, Trump-era transportation secretary and Mitch McConnell's wife, hits back at Trump for giving her the racist nickname 'Coco Chow'
▼ + stars: | 2023-01-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Former Transportation Secretary Elaine Chao has spoken out against Trump's attacks on her. Trump on Monday again referred to Chao as "Coco Chow" in a Truth Social post. Chao said the racist nickname said more about Trump "than it will ever say about Asian Americans." Chao released her statement after Trump in a Truth Social post on Monday once again referred to her by the nickname "Coco Chow." When approached for comment about Chao, Trump's spokesperson, Steven Cheung, told Politico: "People should stop feigning outrage and engaging in controversies that exist only in their heads."

☆ Spotify's CEO sent a memo announcing layoffs. It also contained 'a powerful example of toxic positivity.'
▼ + stars: | 2023-01-23 | by ( Shana Lebowitz | ) www.businessinsider.com time to read: +5 min

Spotify is laying off about 6% of its employees, CEO Daniel Ek announced in a memo. This might as well have been the message Spotify CEO Daniel Ek shared in a memo announcing layoffs at the company. Of Ek's comment about doing his best work, Galinsky said, "That's just completely lost here." "In hindsight, I was too ambitious in investing ahead of our revenue growth," Ek wrote. The standard CEO memo announcing layoffs can seem formulaic, Galinsky said.

☆ Jessica Pegula Is Suddenly a Favorite in Australia as Top Seeds Falter
▼ + stars: | 2023-01-22 | by ( Joshua Robinson | ) www.wsj.com time to read: 1 min

MELBOURNE, Australia—When Jessica Pegula woke up on Sunday morning here, she was still in the hardest section of the Australian Open. Potential matches against world No. 1 Iga Swiatek or fellow American Coco Gauff lay ahead if Pegula could just stick around long enough. But by the time she took the court for her fourth-round match, the draw was collapsing around her. Swiatek had fallen apart against the surprise Wimbledon champion Elena Rybakina of Kazakhstan, and Gauff had lost to Jelena Ostapenko of Latvia, the player who won the 2017 French Open and hasn’t reached a Grand Slam final since.

☆ Coco Gauff in tears after defeat at Australian Open
▼ + stars: | 2023-01-22 | by ( ) www.nbcnews.com time to read: +1 min

A frustrated Coco Gauff broke down in tears after her 7-5 6-3 defeat by Jelena Ostapenko at the Australian Open on Sunday, with the 18-year-old American saying she just could not come up with the answers to the Latvian’s game. “I think every loss is somewhat in my control because I do feel like I’m a good player, but today she just played better,” Gauff, seeded seventh, told reporters. “There were balls I was hitting deep and she was hitting them on the line and hitting them back deep, like, over and over again. “I think it’s because I worked really hard and I felt really good coming into the tournament and I still feel good,” Gauff said. “But when you play a player like her and she plays really well, it’s like there’s nothing you can do.

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