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☆ European markets set to rally after Swiss central bank steps in to help Credit Suisse
▼ + stars: | 2023-03-16 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

The chairman of Credit Suisse's largest shareholder, Saudi National Bank, told CNBC's Hadley Gamble that the recent market turmoil in the banking sector is "isolated" and stems from "a little bit of panic." He added that Credit Suisse has not asked Saudi National Bank for financial assistance. "There has been no discussions with Credit Suisse about providing assistance," he said. "I don't know where the word 'assistance' came from, there has been no discussions whatsoever since October," he said. His comments come after Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to shore up liquidity and investor confidence after its stock plunged Wednesday.

☆ Saudi National Bank says panic over Credit Suisse is 'unwarranted'
▼ + stars: | 2023-03-16 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Credit Suisse 's largest shareholder Saudi National Bank said the market turmoil in shares of the Swiss lender was "unwarranted." "If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses," Saudi National Bank chairman Ammar Al Khudairy told CNBC's Hadley Gamble on Thursday. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market," he said on CNBC's "Capital Connection." His comments come hours after Credit Suisse announced that it is taking "decisive action" to borrow up to 50 billion Swiss francs ($53.68 billion). The lender's shares plunged Wednesday after a report that the Saudi bank said it could not provide Credit Suisse with any further financial assistance.

☆ Credit Suisse shares down by a quarter, key backer says no more money
▼ + stars: | 2023-03-15 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

Saudi National Bank (SNB) (1180.SE), which holds 9.88% of Credit Suisse, said it would not buy more shares in the Swiss bank on regulatory grounds. The Swiss bank's shares were down about 24% early afternoon on Wednesday, after hitting a new record low. Koerner had said earlier in the week Credit Suisse's liquidity coverage ratio averaged 150% in the first quarter of this year. The Swiss National Bank declined to comment on Credit Suisse's stock move. Five-year credit default swaps on Credit Suisse debt widened to 574 basis points from 549 bps at last close, based on data from S&P Global Market Intelligence, marking a new record high.

☆ Credit Suisse sheds nearly 25%, key backer says no more money
▼ + stars: | 2023-03-15 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

It’s a regulatory issue," Saudi National Bank (1180.SE) chairman Ammar Al Khudairy said on Wednesday. The Saudi lender acquired a stake of almost 10% last year after taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion). Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows. Five-year credit default swaps on Credit Suisse debt widened to 574 basis points from 549 bps at last close, according to data from S&P Global Market Intelligence, marking a new record high. Earlier this week, Credit Suisse CEO Ulrich Koerner told a conference that the bank's liquidity coverage ratio averaged 150% in the first quarter of this year - well above regulatory requirements.

☆ 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.”

☆ Credit Suisse hits record low, biggest backer says can't put up more money
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 15 (Reuters) - Credit Suisse (CSGN.S) shares slid on Wednesday, dropping by as much as 10.5% to a new record low, as its largest investor said it could not provide the Swiss bank with more financial assistance. Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows. Customer outflows in the fourth quarter rose to more than 110 billion Swiss francs ($120 billion). The shares were last down 10.2% at 2.01 Swiss francs ($2.19) in Zurich, heading for a seventh straight daily decline. Five-year credit default swaps on Credit Suisse debt widened to 533 basis points from 549 bps at last close, according to data from S&P Global Market Intelligence.

☆ Credit Suisse's Saudi backer happy with transformation plan, doesn't think extra money needed
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

RIYADH, March 15 (Reuters) - Credit Suisse Group's Saudi backer is happy with the transformation plan and doesn't think the Swiss lender will need extra money. "We are happy with the plan, the transformation plan that they have put forward. It is a very strong bank," Al Khudairy said on in an interview with Reuters. And they operate under a strong regulatory regime in Switzerland and in other countries," Al Khudairy said on the sidelines of a conference in Riyadh. SNB's investment objective is not dependent on time, and the Saudi bank will exit when proper value to the shares is acquired, he added.

☆ Credit Suisse's biggest backer says can't put up more cash; share down by a fifth
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

RIYADH, March 15 (Reuters) - The head of Credit Suisse Group's largest shareholder, Saudi National Bank (SNB) (1180.SE), said on Wednesday it would not buy more shares in the Swiss bank on regulatory grounds. The Saudi bank holds a 9.88% stake in Credit Suisse, according to Refinitiv data. The Saudi bank would exit when proper value to the shares had been acquired, he added. At 1046 GMT, Credit Suisse shares were trading down 20% at 1.7840 Swiss francs"We are happy with the plan, the transformation plan that they have put forward. Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows.

☆ Credit Suisse was losing the faith of investors long before the SVB debacle. Here's why the situation came to a head this week.
▼ + stars: | 2023-03-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Credit Suisse shares tumbled more than 25% on Wednesday as fears grew of a banking crisis. Here's a closer look at why Credit Suisse is worrying investors. The latest slump in Credit Suisse stock can partly be explained by recent events in the US banking industry. Credit Suisse CEO Ulrich Koerner has also faced questions about his plans to cut costs, staunch losses, and turn around his company. There's no clear reason to believe Credit Suisse is at risk of failure.

☆ Saudi National Bank not looking at international opportunities
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

RIYADH, March 15 (Reuters) - The chair of Saudi National Bank (SNB) (1180.SE), the kingdom's biggest lender, which last year acquired a stake of almost 10% in Credit Suisse (CSGN.S), said on Wednesday the bank was not considering any specific international opportunities. SNB Chair Ammar Al Khudairy said the bank is instead focused on growing its business in Saudi Arabia. "As of today we are not looking at specific opportunities," Al Khudairy told Reuters in an interview on the sidelines of the Financial Sector Conference in the Saudi capital. "If anything, in the last 12 months, the Saudi market is one of the most exciting markets. Al Khudairy said the bank wants to increase its retail coverage in Saudi Arabia and deploy capital across the country in both the private sector and the government-led gigaprojects underway.

Commuters cycle past a Credit Suisse Group AG bank branch in Basel, Switzerland, on Tuesday, Oct. 25, 2022. Credit Suisse will present its third quarter earnings and strategy review on Oct. 27. Shares of Credit Suisse on Wednesday hit another all-time low for a second consecutive day, dropping by more than 24% at one point during the session. Credit Suisse's largest investor, Saudi National Bank, said it could not provide the Swiss bank with any further financial assistance, according to a Reuters report, sparking the latest leg lower. It's a regulatory issue," Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday. However, he added that the SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money.

☆ Switzerland's central bank says it will provide liquidity to Credit Suisse if deemed necessary for the embattled lender
▼ + stars: | 2023-03-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Credit Suisse will receive liquidity if needed, a Swiss regulator and the country's central bank said late Wednesday. Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks," the authorities said. Credit Suisse shares crashed on Wednesday after its largest shareholder said no more financial backing will be granted. Credit Suisse meets the country's "strict" capital and liquidity requirements imposed on systemically important banks, the Swiss Financial Market Supervisory Authority, or FINMA, and the Swiss National Bank said in a joint statement. Credit Suisse in its annual report had identified "material weaknesses" in its financial reporting.

☆ Credit Suisse shares tumble more than 20%, leading a plunge in European bank stocks
▼ + stars: | 2023-03-15 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Credit Suisse shares fell 21% Wednesday after its Saudi backers ruled out more investment. Shares in Credit Suisse slid 21.91% to $1.96 in pre-market trading in US-listed shares. "If we go above 10%, all new rules kick in whether it be by our regulator or the Swiss regulator or the European regulator," he said. In a further sign of turmoil, the cost of insuring bonds of Credit Suisse against a default in the near term has surged. The five-year credit default swaps on Credit Suisse debt extended to 533 basis points from 549 basis points at last close, per Reuters.

In an interview with Bloomberg, the chairman of the Saudi National Bank said it would not increase its stake in Credit Suisse. The Saudi National Bank — which describes itself as the kingdom’s biggest bank — committed $1.5 billion of the $4 billion in new capital Credit Suisse raised to fund its overhaul. Credit Suisse declined to comment. Customers withdrew billions from Credit Suisse last year, contributing to the bank’s biggest annual loss since the global financial crisis in 2008. Körner said the collapse of SVB was “somewhat of an isolated problem.” Credit Suisse follows “materially different and higher standards when it comes to capital funding, liquidity and so on,” he added.

☆ Israeli protests target Netanyahu, visiting Pentagon chief at airport
▼ + stars: | 2023-03-09 | by ( Dedi Hayoun | ) www.reuters.com time to read: +3 min

Despite a heavy police deployment, convoys of cars flying the Israeli national flag streamed towards the concourses of Ben Gurion Airport, near Tel Aviv. Some local media said Netanyahu and his retinue had come in the early morning in order to evade highway closures. Others speculated he might reach Ben Gurion - usually a 30-minute drive from Jerusalem - by army helicopter instead. Netanyahu's spokespeople did not immediately comment on the whereabouts of the prime minister, who was due to leave for a two-day visit to Rome in the afternoon - after a hastily organised welcome of Pentagon chief Lloyd Austin at the airport. But he postponed, and relocated meetings to a venue near Ben Gurion, given concerns that the demonstrations could make it difficult to reach the Defence Ministry in Tel Aviv.

☆ Two Israels face off as justice overhaul deepens the divide
▼ + stars: | 2023-03-07 | by ( Maayan Lubell | ) www.reuters.com time to read: +9 min

For them, weakening the Supreme Court would undermine the bedrock of Israel's democracy and could set the country on the path to becoming a corrupt and religiously coercive state. In 2020, the Supreme Court struck down a law that had retroactively legalised homes built by settlers on land owned by Palestinians, like Amona. Settlers driven by ideology see themselves as pioneers redeeming land that was promised by God and many feel betrayed by Supreme Court rulings against settlements. The Supreme Court did not respond to a request for comment. "The Supreme Court has challenged parliament time and again, playing politics, not nicely."

☆ I asked ChatGPT to write college admissions essays and then sent them to expert tutors to review. Read the full essays.
▼ + stars: | 2023-03-03 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +7 min

I got OpenAI's ChatGPT to write some college admissions essays and asked tutors to review them. Both said the essays passed for a real student's work and might even stand up at some less-selective colleges. Nguyen called the essays "over-predictable" and they both agreed the essays wouldn't have had a chance at any top universities. One project that I'm particularly proud of is a series of portraits that I took of my friends and family. To address these issues, I decided to take a project management course and read books on effective teamwork and communication.

[1/5] Israeli troops aim their weapons as they clash with Palestinians during a raid in Jericho in the Israeli-occupied West Bank, March 1, 2023. The head of a pro-settler party in Netanyahu's nationalist-religious coalition, Smotrich made the comments at a conference on Wednesday amid a spate of deadly Palestinian attacks and Israeli settler violence in the occupied West Bank. Asked about a weekend settler rampage through the Palestinian village of Huwara, which an Israeli general on Tuesday described as a "pogrom," Smotrich said: "I think that Huwara needs to be erased". Israeli forces killed one Palestinian and arrested six in the West Bank. One Palestinian was killed and scores were hurt as dozens of houses and cars were torched in what one Israeli commander described as a "pogrom".

☆ Israel sees 'difficult days ahead' after West Bank attacks, riot
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

HAWARA, West Bank, Feb 27 (Reuters) - Israel on Monday deployed extra troops in the occupied West Bank after a Palestinian gunman shot dead two Israelis and a Palestinian was killed when Jewish settlers rampaged through a village, setting fire to houses and cars. "We expect difficult days ahead of us," Israeli Defence Minister Yoav Gallant said as he toured the largely empty streets of the village of Hawara with a heavy security detail. In fresh violence on Monday, the Israeli military said Palestinians carried out a series of drive-by shootings on a highway outside the West Bank town of Jericho before fleeing. [1/5] Israeli settlers stand next to an Israeli member of the military, in the aftermath of an incident where a Palestinian gunman killed two Israeli settlers, near Hawara in the Israeli-occupied West Bank, February 27, 2023. The Israeli army said it was still hunting down the Palestinian gunman and would send two extra battalions to the area to thwart fresh attacks and prevent rioting.

☆ I asked ChatGPT to write college entrance essays. Admissions professionals said they passed for essays written by students but I wouldn't have a chance at any top colleges.
▼ + stars: | 2023-02-25 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +5 min

I asked OpenAI's ChatGPT to write some college admissions essays and sent them to experts to review. However, they said the essays wouldn't have had a shot at highly selective colleges. College essays, sometimes known as personal statements, are a time-consuming but important part of the application process. Kevin Wong, Princeton University alumnus and cofounder of tutoring service PrepMaven, which specializes in college admissions, agreed. "The essays do seem to follow a predictable pattern, but it isn't plainly obvious that they weren't written by a human."

☆ A 27-year-old freelance writer who brought in $115,000 last year working 30 hours a week explains how he uses ChatGPT and other tools to work more efficiently
▼ + stars: | 2023-02-17 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Freelance finance writer Tony Dong made about $115,000 last year working 30 hours per week. But he also uses specific tools, including ChatGPT, to work more efficiently. Here are three tools Dong uses to do his job better and more efficiently. But if he's writing about something he's less familiar with he'll ask his AI assistant for help. There's also a premium version for $12 a month, which Dong uses: "It makes your writing more compelling and is worth the money."

☆ New Israel law allows stripping residency of Palestinians convicted of terrorism
▼ + stars: | 2023-02-15 | by ( Maayan Lubell | ) www.reuters.com time to read: +2 min

Israel calls stipends for militants and their families a "pay for slay" policy that encourages violence. Palestinians hail the prisoners as heroes in a struggle against decades of occupation and deserving of support. Under the new law, Palestinians from East Jerusalem who directly or through their families receive stipends from the Palestinian Authority after having been jailed in Israel for security offences, can be deported to the Palestinian territories. It could also apply to some members of Israel's Arab minority, many of whom identify as or with the Palestinians. The Palestinian Ministry of Foreign Affairs described the law as "the ugliest form of racism."

☆ Jerusalem Christians say they feel growing harassment
▼ + stars: | 2023-02-13 | by ( Ammar Awad | ) www.reuters.com time to read: +4 min

REUTERS/Ammar AwadJERUSALEM, Feb 13 (Reuters) - For several weeks, members of the small Christian community in Jerusalem's Old City say they have felt under pressure from what they say is growing harassment and intimidation from violent Jewish ultranationalists. The church stands at the place where Christ is held to have taken the cross after being condemned to death by crucifixion. "In the past two months, I would say, since the beginning of the new government, attacks like this are becoming very, very usual," said Miran Krikorian, a restaurant owner in the Old City. Israeli police say they have stepped up patrols around Christian sites in Jerusalem as churches report abuse by Jews following the swearing-in of Prime Minister Benjamin Netanyahu's hard-right government. The cramped warren of alleyways that makes up the Old City surrounds some of the holiest sites for Jews, Christians and Muslims, and the local communities have long developed ways of living together.

☆ Syria Reels From Earthquakes but Struggles to Tap Outside Aid
▼ + stars: | 2023-02-08 | by ( Sune Engel Rasmussen | ) www.wsj.com time to read: 1 min

As the scale of the devastation emerged in Syria from powerful earthquakes, the country faces hurdles tapping international aid because of border closures, the political isolation of President Bashar al-Assad and his government’s policy of starving antigovernment rebels of assistance. “The scale of destruction is enormous, and there is still no support from the outside,” said Ammar Alselmo , a volunteer in rural Aleppo province with Syrian Civil Defense, also known as the White Helmets, which leads relief efforts in areas outside the government’s control.

☆ Palestinian teenager dreamt of being a chef before attack, teachers say
▼ + stars: | 2023-02-03 | by ( Henriette Chacar | ) www.reuters.com time to read: +8 min

Although he grew up in Silwan, a cauldron of Palestinian-Israeli tensions near Jerusalem's Old City, Aleiwat had not shown an interest in politics, teachers, relatives, and children from his area told Reuters. They described a popular teenager with a strong personality, a passion for football and an ambition to be a chef. The Jan. 28 attack in Silwan is part of a recent surge of violence in Jerusalem and the Israeli-occupied West Bank. After the Jan. 28 attack, Israeli forces took control of Aleiwat's family home and the government ordered it sealed. Abbasi and other relatives said Aleiwat's family had for years feared their home would be demolished because it was built without the required Israeli permissions.

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