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☆ Swiss National Bank raises rates, says bank crisis stopped
▼ + stars: | 2023-03-23 | by ( John Revill | ) www.reuters.com time to read: +2 min

[1/2] The Swiss National Bank (SNB) building is seen near the Limmat river in Zurich, Switzerland March 23, 2023. REUTERS/Denis BalibouseZURICH, March 23 (Reuters) - The Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and declared that measures to support Credit Suisse had "put a halt to the crisis". The rates increase was the SNB's fourth hike in succession as the central bank maintained its fight against Swiss inflation, which remains stubbornly outside the SNB's target band of 0%-2%. The Bank of England is expected to increase its interest rate by a quarter percentage point later on Thursday. "Without today's policy rate increase, the inflation forecast would be even higher over the medium term," the central bank said.

☆ Analysis: Credit Suisse collapse threatens Switzerland's wealth management crown
▼ + stars: | 2023-03-22 | by ( John Revill | ) www.reuters.com time to read: +6 min

[1/3] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. Switzerland's credibility as a stable, predictable country had been upended by moves like the decision to wipe out the holdings of Credit Suisse bondholders, he said. Under the takeover deal, holders of Credit Suisse AT1 bonds will get nothing, while shareholders, who usually rank below bondholders in compensation terms, will receive $3.23 billion. "In that sense I also see a prosperous future for the financial centre because we have hundreds of very well capitalised banks and very successful wealth management and asset management banks." Reuters Graphics Reuters GraphicsReuters GraphicsOthers were more skeptical about the future, highlighting a reluctance to confront mistakes at Credit Suisse or take responsibility for the aftermath.

[1/2] The logo of the Swiss bank Credit Suisse is seen in Zurich, Switzerland March 20, 2023. While the nation's central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation's second-biggest bank. The Swiss National Bank declined to comment while the finance ministry did not respond to a request for comment. Battered by years of scandals and losses, Credit Suisse for months had been battling a crisis of confidence of its own making. By Wednesday, two days later, Credit Suisse was swept up in a full-blown crisis.

March 20 (Reuters) - Shares of U.S. lender First Republic tumbled nearly 50% on Monday on fears it will need a second rescue to stay afloat, bucking a broader rally in bank shares driven by UBS Group's state-backed takeover of Credit Suisse. "First and foremost, the Credit Suisse, UBS merger certainly takes a lot of stress out of the global banking system." The 3 billion Swiss franc ($3.2 billion) deal for the troubled Swiss bank - which was once worth more than $90 billion - was engineered by Swiss regulators and announced on Sunday. European bank shares (.SX7P) rebounded from recent losses, while on Wall Street the S&P 500 banks (.SPXBK) index recovered 0.6%. [1/2] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023.

☆ Credit Suisse memorabilia up for grabs in online shops after merger
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

[1/3] Gold bars from the Credit Suisse are seen in a shop in Zurich, Switzerland March 20, 2023. Dozens of bars of gold, stamped with the name of the issuer - the 167-year-old Credit Suisse - were uploaded to the country's most popular online marketplaces, Ricardo.ch and tutti.ch. With it still unknown whether the Credit Suisse brand will be continued, the sellers are seeking to attract those looking to snap up a piece of Swiss financial history. Credit Suisse is expected to remain an independent brand until the merger is complete, at which point UBS will decide whether to pull the plug on the separate Credit Suisse identity. Corporate swag from recently failed Silicon Valley Bank is also proving popular online, as is merchandise linked to Lehman Brothers, which filed for bankruptcy at the height of the 2008 financial crisis.

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.

☆ Iran violations may amount to crimes against humanity, UN expert says
▼ + stars: | 2023-03-20 | by ( Emma Farge | ) www.reuters.com time to read: +3 min

Iran has been swept by protests since the death of a young Iranian Kurdish woman, Mahsa Amini, in custody last September. Addressing the Geneva-based council, Javaid Rehman, Special Rapporteur on Iran, said he had evidence that Amini died "as a result of beatings by the state morality police". Rehman, an independent expert, added that the scale and gravity of crimes committed by authorities as part of the repression following her death "points to the possible commission of international crimes, notably the crimes against humanity". People hold flags during a demonstration against the Republic of Iran in the Place des Nations during the Human Rights Council at the United Nations in Geneva, Switzerland, February 27, 2023. Evidence assembled by other investigations set up by the U.N. rights council has sometimes been used before international courts.

☆ Credit Suisse memorabilia up for grabs in online shops
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

The ECB vowed to support euro zone banks with loans if needed, adding the Swiss rescue of Credit Suisse was "instrumental" for restoring calm. [1/6] Chairman of the Board of Directors of UBS, Colm Kelleher and Chairman of the Board of Directors of Credit Suisse, Axel Lehmann attend a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. The Swiss central bank said Sunday's deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to 0.76 Swiss francs per share for a total consideration of 3 billion francs, UBS said. Under the deal with UBS, some Credit Suisse bondholders are major losers.

☆ UBS to take over Credit Suisse, central banks act on liquidity
▼ + stars: | 2023-03-19 | by ( Reuters Staff | ) www.reuters.com time to read: +13 min

LONDON/NEW YORK (Reuters) -UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. The reports that UBS is acquiring Credit Suisse will likely magnify Credit Suisse’s problems by moving them to UBS... The Credit Suisse issues are not new and needed to be resolved years ago. A legal challenge by Credit Suisse shareholders, who will claim that their property has been illegally confiscated, is guaranteed.

☆ UBS in talks to acquire Credit Suisse -FT
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A logo is seen on the headquarters of Swiss bank UBS on Paradeplatz in Zurich, Switzerland March 16, 2023. REUTERS/Denis BalibouseMarch 17 (Reuters) - Banking giant UBS (UBSG.S) is in discussions to take over all or parts of Credit Suisse (CSGN.S), with the boards of Switzerland's two biggest lenders set to meet separately over the weekend, the Financial Times reported on Friday. On Friday evening, Swiss regulators informed their counterparts in the United States and United Kingdom that the merger of the two banks was their "Plan A" to salvage the confidence in Credit Suisse, the report added. Credit Suisse and UBS declined to comment on the report. Bloomberg reported on Thursday that UBS Group AG and Credit Suisse were opposed to a forced merger, with UBS preferring to focus on its own wealth-centric strategy and reluctant to take on risks related to its smaller rival.

☆ Russia says it may take over Toyota plant in St Petersburg -TASS
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, March 16 (Reuters) - Japanese car maker Toyota's (7203.T) St Petersburg plant may be transferred to the Russian state entity NAMI, Russian Industry and Trade Minister Denis Manturov said on Thursday, according to the state-run TASS news agency. "The transfer of Toyota's Russian asets to NAMI is being considered," Manturov was quoted as saying on the sidelines of a business congress. A spokesperson for Toyota said on Friday it was considering what to do regarding the plant, after having already decided last year to end vehicle production in Russia after suspending production in St Petersburg last March. "While it's true that we're considering various options, nothing has been decided at this point," the spokesperson said. Toyota said in September it had decided to stop vehicle production in Russia due to the interruption in supplies of key materials and parts.

☆ No signs Ukraine is withdrawing troops from Bakhmut - Russian-installed official
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - The situation for Russian forces trying to capture the Ukrainian city of Bakhmut is "difficult", because there are no signs Kyiv is ready to order a withdrawal of its troops, the Russian-installed leader of Ukraine's Donetsk region said on Thursday. "The situation in Artyomovsk remains complex and difficult," Denis Pushilin, the Russian-installed head of Ukraine's Donetsk region, said in an interview on state TV on Thursday. "That is, we do not see that there is any premise that the enemy is going to simply withdraw units," he added. Wagner head Yevgeny Prigozhin has said his forces are in control of practically half the city and only one exit road remains available to Ukraine. Reporting by Caleb Davis; Writing by Jake Cordell; editing by Guy FaulconbridgeOur Standards: The Thomson Reuters Trust Principles.

☆ Russia has committed 'wide range' of war crimes in Ukraine, U.N inquiry finds
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] A flag is seen on a building during the Human Rights Council at the United Nations in Geneva, Switzerland February 27, 2023. REUTERS/Denis Balibouse/File PhotoGENEVA, March 16 (Reuters) - Russia has committed wide-ranging war crimes in Ukraine such as wilful killings, torture and the deportation of children, a U.N.-mandated investigative body said in a report published on Thursday. "Russian authorities have committed numerous violationsof international humanitarian law and violations of international human rights law, in addition to a wide range of war crimes...," the report said. Russia denies committing atrocities or targeting civilians in Ukraine. Reporting by Gabrielle Tétrault-Farber and Emma Farge; Editing by Anthony Deutsch and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ Instant View: Banking stocks tank again as Credit Suisse woes rock market
▼ + stars: | 2023-03-15 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

FILE PHOTO: A Credit Suisse logo is pictured on a the roof of a branch in Geneva, Switzerland, November 3, 2022. European banks shares slid over 6%, European stocks were down more 3% and U.S. stock futures pointed to a weak start for Wall Street shares. MARKET REACTION:STOCKS: Credit Suisse share trading was halted after heavy losses, last down over 20%, ING Group, ABN AMRO were4 down over 6%. “But in general, the balance sheet is in a much better position, with the European banks all highly regulated. So, it is important that the European regulator make clear that the underlying systemic risk, not only for deposits, but in the overall European banking market, is rather low.”

☆ Free-diver plunges to record depth beneath frozen Swiss lake
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

David Vencl Organisation/Handout via REUTERSLAKE SILS, Switzerland, March 14 (Reuters) - David Vencl emerged from the depths of Switzerland's Lake Sils on Tuesday after a record dive beneath the ice to a depth of more than 50 meters without a wetsuit. "There is nothing difficult for him to be in cold water... But this was completely different because it's really difficult to work with the pressure in your ears in cold water," he added. "If you combine all these three things: cold water, lack of oxygen and the problem with working with pressure, it's something very unique," he added. Reporting by Denis Balibouse in Lake Sils, Switzerland Writing by Emma Farge Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Credit Suisse regulatory compliance head leaving as part of wider overhaul -sources
▼ + stars: | 2023-03-09 | by ( Stefania Spezzati | ) www.reuters.com time to read: +2 min

[1/2] A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, February 22, 2023. The sources said Gooding's departure is not related to Thursday's postponement by Credit Suisse of the publication of its annual report. Gooding, who has spent about 18 years at Credit Suisse, reported to Nita Patel, the group chief compliance officer, and his responsibilities will be reassigned, the sources added. Credit Suisse is cutting 9,000 jobs as part of a restructuring plan announced in October to restore profitability after a series of scandals and losses that have drawn regulatory scrutiny and undermined investors confidence. Gooding's tasks will be assigned to Roger Senteler, chief compliance officer for the wealth management unit, and Alain Bieger, chief compliance officer for the Swiss bank division, the people said.

☆ Mercuria leads funding round for engine tech firm ClearFlame
▼ + stars: | 2023-03-09 | by ( Simon Jessop | ) www.reuters.com time to read: +3 min

[1/2] A flag with the logo of Mercuria commodity trading house is pictured in Geneva, Switzerland, October 11, 2016. ClearFlame, whose technology allows diesel engines to run on more climate-friendly fuels, said the Series B round was also backed by WIND Ventures, the venture arm of Chile's COPEC (COPEC.SN), and existing investor Breakthrough Energy Ventures. To help accelerate the shift to a low-carbon economy, ClearFlame modifies the engine design by switching out 10-15% of the engine parts to allow it to run on a variety of fuels, including ethanol and ammonia. Diesel accounts for around 26% of carbon emissions from the transport sector, ClearFlame said, and is also responsible for particulates and black soot. Mercuria's Boris Bystrov said in a statement that its investment reflected a belief that ClearFlame's technology can "economically decarbonise the heavy-duty industry".

☆ NHL roundup: Ivan Barbashev nets pair as Knights edge Canadiens
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +4 min

[1/3] Mar 5, 2023; Las Vegas, Nevada, USA; Vegas Golden Knights center Ivan Barbashev (49) celebrates after scoring a goal against the Montreal Canadiens during the first period at T-Mobile Arena. The Lightning didn't register a second-period shot on goal, going to the third period with just four for the game. It marked the sixth time in Carolina franchise history that an opponent went an entire period without a shot on goal. Flyers 3, Red Wings 1Nicolas Deslauriers, Noah Cates and Scott Laughton each scored one goal to lift host Philadelphia past Detroit. Laughton scored an empty-net goal at 18:12 of the third period in his 500th career game to seal the victory.

[1/5] Destroyed carriages are seen on the site of a crash, where two trains collided, near the city of Larissa, Greece, March 3, 2023. Police said 31 bodies have now been identified - almost all from DNA tests as the crash was so violent. Not long before the crash, his son had told him he would be late and would call. In school yards in Athens, students used their bags to write the words "Call me when you get there," a phrase that has become one of the protest slogans. Work continued at the crash site, where rescue staff used cranes to lift some carriages thrown off the tracks.

☆ Since David Solomon became Goldman Sachs CEO, more than 80 partners have left. See the running list here.
▼ + stars: | 2023-03-03 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

☆ NHL roundup: Bruins become fastest to 100 points
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +7 min

With their ninth consecutive win, the Bruins improved to 48-8-5 on the season and became the fastest team in NHL history to record 100 points, doing so in 61 games. Charlie Coyle, Brandon Carlo and David Krejci each recorded two assists while Patrice Bergeron and Connor Clifton also scored goals. Casey Mittelstadt scored the lone goal and Ukko-Pekka Luukkonen made 35 saves for the Sabres, who dropped their second straight. The Lightning are 2-3-3 in their past eight games and have lost three straight for the first time. The Stars gave goalie Matt Murray his NHL debut, and he finished with 19 saves for the win.

☆ Exclusive: Buzzy generative AI-powered search engine Perplexity AI taps NEA to lead funding round at a $150 million valuation
▼ + stars: | 2023-03-02 | by ( Stephanie Palazzolo | Ben Bergman | ) www.businessinsider.com time to read: +3 min

AI search engine startup Perplexity AI is raising a funding round led by NEA, Insider has learned. The deal aims to raise between $20 and $25 million at a $150 million post-money valuation, according to sources. The fundraise continues the trend of large rounds and valuations in the buzzy generative AI space. AI search engine startup Perplexity AI is in talks to raise a funding round led by NEA, according to three people with knowledge of the financing who were not authorized to speak publicly. Perplexity AI cofounder and CEO Aravind Srinivas declined to comment.

☆ Terrifying video shows a Russian plane losing cabin pressure mid-flight — showing how dangerous it's gotten to fly in Russia
▼ + stars: | 2023-03-02 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +4 min

A video of the incident shows panicked passengers with oxygen masks on their faces. An expert told Insider that Western jets are deteriorating due to a lack of servicing and parts. The main federal investigating authority in Russia told RIA Novosti that the flight was forced to land "due to depressurization of the aircraft cabin," adding that an investigation is ongoing. One expert told Insider that flying in Russia could become increasingly dangerous. "Access to spare parts, which are sanctioned, is very limited," Denis Brailsford, the head of asset management at the UK's leading aviation consultancy group IBA, told Insider.

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