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☆ Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO
▼ + stars: | 2024-09-09 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Lee Thiam Wah, the founder of Malaysian mini-mart chain 99 Speed Mart, is Asia's latest billionaire. The company went public on Monday, becoming the largest Malaysian IPO in seven years. Lee grew the business from eight stores to over 2,600 across Malaysia, the largest mini-mart chain in the nation. AdvertisementLee Thiam Wah started selling snacks at a roadside stall. He founded the convenience store chain 99 Speed Mart and officially became a billionaire on Monday after his company went public in Kuala Lumpur.

Persons: Lee Thiam Wah, Lee, — Organizations: Malaysian, Service, Business Locations: Malaysian, Malaysia, Kuala Lumpur

Cricket is an Olympic sport again. Five sports were finally added to the 2028 Los Angeles Games by the International Olympic Committee on Monday with baseball-softball, lacrosse and squash also confirmed for the program. All five were voted in as a single package with two “no” votes from about 90 IOC members in the room. “We want L.A. 2028 to have the same springboard effect for our five sports,” Los Angeles organizing committee chairman Casey Wasserman told IOC members. Football in its full-contact form was a demonstration sport at the 1932 Olympics when Los Angeles first hosted the Summer Games.

Persons: Casey Wasserman, “, Greg Barclay, Roger Goodell, Tidjane, William Blick, Niccolo Campriani, ” Wasserman, Wasserman, ”, Syed Shahid Ali of Pakistan, Guy Drut, Drut, ___ Organizations: Flag football, Los Angeles Games, International Olympic, IOC, Olympic, India, ” International Cricket, Flag, NFL, MLB, Football, Los Angeles, Lacrosse, Summer, French IOC Locations: Olympic, Mumbai, India, Los Angeles, Paris, Africa, Ivory Coast, Uganda, U.S, Angeles, Ukraine, Israel, Russia, Gaza

☆ Senegal seeks regulation deal with TikTok after ban
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

TikTok logo is seen in this illustration taken, June 2, 2023. "For the time being, the restriction is being maintained pending the conclusion of a comprehensive written agreement," communications minister Moussa Bocar Thiam told a press conference, adding that authorities were in discussions with TikTok. During its discussions with TikTok, the government requested better regulation of the platform and asked questions about the functioning of its algorithm and data protection. It also asked for fair remuneration for content creators that would enable young people to make a living from social media. Reporting by Ngouda Dione; Writing by Anait Miridzhanian; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Moussa Bocar Thiam, Ousmane Sonko, Macky Sall, TikTok, Ngouda Dione, Anait Miridzhanian, Mark Porter Organizations: REUTERS, Rights, Authorities, Thomson Locations: Rights DAKAR, Sonko, West Africa

☆ This Fall, Coats Hit the Floor
▼ + stars: | 2023-09-07 | by ( Bon Duke | Jordan Boothe | ) www.nytimes.com time to read: 1 min

Hair: Mustafa Yanaz at Art + Commerce. Stylist’s assistants: Tyler Sparling, Evan Dombkowski. Hair assistant: Takao Hayashi. Makeup assistant: Jason Case. Set designer’s assistant: Cullen O’Grady

Persons: JeeHoon Bae, Ali Shaaban, Tamsir Thiam, Zeke Lindsey, Luca Luci, Alberth Johnson, Jackson McIntosh, Bauman, Mustafa Yanaz, Marcelo Gutierrez, Jacob Burstein, John Temones, Tony Jarum, Arjay, Tyler Sparling, Evan Dombkowski, Takao Hayashi, Jason Case, Cullen O’Grady Organizations: The Society, Next Management, Marilyn Agency, Soul Artist Management, DNA Model Management, Art, Bryant Artists, MHS Artists Locations: Skorpion

☆ Burkina Faso says leader discussed possible military cooperation with Russian delegation
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] Russia's President Vladimir Putin shakes hands with Burkina Faso's interim President Ibrahim Traore during a meeting following the Russia-Africa summit in Saint Petersburg, Russia, July 29, 2023. Sputnik/Alexei Danichev/Pool via REUTERS /File Photo Acquire Licensing RightsOUAGADOUGOU, Aug 31 (Reuters) - A Russian delegation held talks with Burkina Faso's interim president Ibrahim Traore on Thursday at a meeting that included discussions on possible military cooperation, the Burkinabe presidency said in a statement. It said the visit, led by Russian Deputy Defence Minister Yunus-Bek Yevkurov, was a follow-up to talks between Traore and Russian President Vladimir Putin at the Russia-Africa summit in St. Petersburg in July. It did not say if Russian military trainers would be sent to Burkina Faso. Reporting by Thiam Ndiaga Writing by Alessandra Prentice Editing by Leslie Adler and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Putin, Burkina Faso's, Ibrahim Traore, Alexei Danichev, Yunus, Bek Yevkurov, Traore, Russian Wagner, Yevgeny Prigozhin, Thiam, Alessandra Prentice, Leslie Adler, Grant McCool Organizations: Sputnik, Rights, Russian, Russian Deputy, Wagner Group, Thomson Locations: Russia, Africa, Saint Petersburg, Rights OUAGADOUGOU, St . Petersburg, African, Moscow, Mali, Russian, Burkina Faso

☆ UBS inherits tricky wealth legacy in Asia
▼ + stars: | 2023-08-29 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, Aug 29 (Reuters Breakingviews) - UBS (UBSG.S) CEO Sergio Ermotti is facing an Asian wealth bonanza after acquiring Credit Suisse, which has been particularly strong in Indonesia and neighbouring countries. Tidjane Thiam, who ran Credit Suisse from 2015 to 2020, placed a big bet on the region by creating g a standalone Asian unit led by Indonesian banker Helman Sitohang. Former UBS CEO Ralph Hamers said in March that in Asia, more than anywhere globally, the interplay between wealth management and investment banking was important to lure clients. That working combination helped Credit Suisse regularly top equity capital markets and M&A league tables in Southeast Asian markets. UBS regional chief Edmund Koh told an industry event in July that the Swiss bank will manage about $800 billion of assets in Asia this year, Asia Private Banker reported.

Persons: Sergio Ermotti, Tidjane Thiam, Helman Sitohang, Ralph Hamers, Edmund Koh, Ermotti, Francesco De Ferrari, Benjamin Cavalli, Lisa Jucca, Thomas Shum Organizations: Reuters, UBS, Credit Suisse, Suisse, Credit Suisse’s, Credit, Asia, Banker, HSBC, HK, Thomson Locations: SINGAPORE, Indonesia, Swiss, Asia

☆ What happens to the Wagner Group after Yevgeny Prigozhin plane crash?
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +6 min

Courtesy PMC Wagner via Telegram via REUTERS/File Photo Acquire Licensing RightsAug 24 (Reuters) - A day before mercenary boss Yevgeny Prigozhin's plane crash, a Russian official visited Libya to reassure allies that fighters from the Wagner Group would remain in the country -- but under Moscow's control. In Africa, Wagner may stay more or less intact under new management or be subsumed by another Russian mercenary group. 'REPLACE A DEAD LEADER'After the June mutiny, Prigozhin intensified his efforts to bolster Wagner's presence in Africa. In countries where Wagner operates through an official agreement with Moscow, analysts do not expect much to change - for now. But as Wagner was there through a state-level agreement with Russia, "nothing will affect the presence of these instructors" he said.

Persons: Yevgeny Prigozhin, Wagner, Yevgeny Prigozhin's, Yunus, Bek Yevkurov, Khalifa Haftar, Jalel, Prigozhin, Vladimir Putin, Putin, John Lechner, Haftar's, Harchaoui, Faustin, Fidele Gouandjika, Gouandjika, Ousmane Pare, Evro, Filip Lebedev, Ed McAllister, Tiemoko Diallo, Suleiman al, Angus McDowall, Cynthia Osterman Organizations: Wagner, Telegram, REUTERS, Libyan, Royal United Services Institute, Central African, Wagner PMC, Human Rights Watch, Russian, Russia's Defence, Reuters, Thomson Locations: Africa, Libya, Benghazi, Russian, Moscow, Russia, Europe, East, Ukraine, Syria, Central African Republic, Mali, Belarus, U.S, Tripoli, Burkina Faso, Evro Polis, Reuters Libya, Tblisi, Dakar, Judicael Yongo, Bangui, Thiam Ndiaga, Ouagadougou, Bamako, Khalidi, Amman

It has taken its hardest line yet with Niger, saying it had to show that it "cannot only bark but can bite". One of the demonstrators in Niamey held a placard that said: "Long live Niger, Russia, Mali and Burkina. France has between 1,000 and 1,500 troops in Niger, helping to fight an Islamist insurgency that has spread across the region. INTERVENTION PLANWest African defence chiefs meeting in Nigeria were due to conclude their discussions about possible intervention in Niger, although they have said this would be a last resort. The goal of the two-day meeting was to draw up a plan for an eventual military intervention to restore constitutional order, according to a statement from Ivory Coast's National Security Council.

Persons: General Abdourahamane Tiani, Mohamed Bazoum, Tiani, Ivory, Salifou Mody, Joe Biden, Nigeriens, Camillus Eboh, Thiam Ndiaga, Tiemoko Diallo, Ange Aboa, Alessandra Prentice, Nellie Peyton, Alexander Winning, Emelia, Nick Macfie, Giles Elgood Organizations: REUTERS, West, Economic, West African States, EU, Reuters, Ivory Coast's National Security Council, ECOWAS, juntas, Nigerien, Islamic, Thomson Locations: Niamey, Niger, Mali, Burkina Faso, NIAMEY, ABUJA, West, Central Africa, Russia, Burkina, Down, France, Nigeria, Nigerian, West Africa, Guinea, Bissau, al Qaeda, Islamic State, Paris

An aerial view of traffic on a street in the capital Niamey, Niger July 28, 2023. In a sign of this resistance to one-time allies, Niger on Thursday suspended broadcasts of French state-funded international news outlets France 24 and RFI - drawing condemnation from the French foreign ministry. One of the demonstrators in Niamey held a placard that said: "Long live Niger, Russia, Mali and Burkina. After their coups, Burkina Faso and Mali kicked out French troops, many of whom are now stationed in Niger. In Niger, there are signs that regional sanctions are starting to have an impact: Nigeria has cut power supplies to Niger, while Nigerien truckers have been stranded by border closures.

Persons: General Abdourahamane Tiani, Mohamed Bazoum, Tiani, crackdowns, Sall, Antony Blinken, it's, Allah, Sudip Kar, Gupta, Moussa Aksar, Camillus Eboh, Thiam, Tiemoko Diallo, Ange Aboa, Alessandra Prentice, Nellie Peyton, Alexander Winning, Emelia, Nick Macfie, Giles Elgood Organizations: REUTERS, Niger's, France, Economic, West African States, ECOWAS, Sunday, EU, National Assembly, Islamic, Niger, Reuters, West, Senegalese, U.S, United Nations, Nigerien, CFA, Thomson Locations: Niamey, Niger, Mali, Burkina Faso, NIAMEY, ABUJA, France, West, Central Africa, Russia, Burkina, Down, al Qaeda, Islamic State, Niger ., Nigeria, Senegal, Nigerian, China, Paris

☆ Burkina Faso fashion designer weaves new life into ancient fabric
▼ + stars: | 2023-07-26 | by ( Thiam Ndiaga | ) www.reuters.com time to read: +3 min

[1/5] A collection of Burkina Faso fashion designer Francois Yameogo, who built a facility specializing in the production of Faso Danfani, the country's traditional fabric, is exhibited in his workshop in Ouagadougou, Burkina Faso July 25, 2023. REUTERS/Ndiaga ThiamKOUDOUGOU, Burkina Faso, July 26 (Reuters) - Amid the rhythmic clatter of traditional wooden looms, artisans at a workshop in rural Burkina Faso spin indigo-dyed cotton into sprawling lengths of cloth, destined for modern suits designed by the nation's foremost couturier. Twenty years ago, Paris-based fashion designer François Yameogo returned to his native Burkina Faso to build a facility specialising in making Faso Danfani, the country's traditional fabric, for use in his signature indigo sport coats. This keeps domestic fabric prices artificially low, deters investment in modern technology and exacerbates poverty, according to the United Nations food agency. "The ruling junta's Faso Danfani mandate is already visible among officials sporting Yameogo's creations, including the prime minister.

Persons: Francois Yameogo, François Yameogo, Yameogo, Marc Jacobs, Cooper Inveen, Mark Heinrich Our Organizations: REUTERS, United, Thomson Locations: Burkina Faso, Faso, Ouagadougou, Paris, United Nations, junta's Faso

☆ Why this in-flight magazine is the fashion industry’s new must-read
▼ + stars: | 2023-06-25 | by ( Nick Remsen | ) edition.cnn.com time to read: +7 min

Model Ismael Savane pictured in an Air Afrique T-shirt during Paris Fashion Week Mens Spring-Summer 2023 on June 23, 2022 in Paris. “We want to revive the African transcendence that Air Afrique represented,” Lamine Diaoune, the founder and creative director of the Air Afrique collective, said in a statement. It really was about more than just flights.”An Air Afrique stewardess, pictured during training in Abidjan, Côte d’Ivoire, in 1971. The cover of Air Afrique magazine's first issue, featuring the French rapper Tiakola (far right). (All members of the Air Afrique collective have backgrounds in creative fields; each also has projects outside of the group, too.)

Persons: Michel Renaudeau, Côte, Senegal —, Ismael Savane, Melodie Jeng, ” Lamine Diaoune, ”, Djibi Kébé, ” Kébé, “, Côte d’Ivoire, they’ve, Bottega, Tiakola, Lamine Diaoune, Djiby Kébé, Jeremy Konko, Amandine Nana, Zhedy Nuentsa, Bamba Thiam, Axel Pelletanche, ” Nana, Paul Kodjo, Marie, Hélène Tusiama, Tusiama, ’ ” Pope Jean, Paul II, Jean, Claude Delafosse, Pope Jean, Abdel El Tayeb, El Tayeb, Matthieu Blazy, El Tayeb’s Organizations: France CNN, Afrique, Air, Central African, Paris, Centre Pompidou, Air Afrique, “, Air Afrique Air Afrique’s, Franco, El Locations: Paris, France, New York City, Mauritania, Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Côte d’Ivoire, Gabon, Niger, Republic of, Congo, Senegal, West Africa, New York, Abu Dhabi, Europe, Abidjan, Côte, Dakar, West, Africa, Ivory Coast, ”, ‘, Sudanese, El

[1/3] Chief Executive Officer of Credit Suisse, Thomas Gottstein, speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. REUTERS/Ahmed Yosri/File PhotoZURICH, June 22 (Reuters) - A group of Credit Suisse AT1 bondholders has filed a class action suit accusing former executives at the Swiss bank, including three past chief CEOs, of being responsible for the bank's downfall. "Credit Suisse’s directors and senior executives, and the rotten culture they instilled and fostered, destroyed trust in the bank, which led to its collapse," the lawsuit said. The lawsuit also accused executives of "creating and perpetuating a culture at Credit Suisse that placed profits, excessive risk-taking, and self-dealing over sound risk management and compliance with the law." Last month, Switzerland’s Federal Administrative Court said it has received 230 claims against the country’s financial regulator FINMA after it wrote off the value of Credit Suisse’s AT1 bonds.

Persons: Thomas Gottstein, Ahmed Yosri, Tidjane Thiam, Brady Dougan, litigators, Noele, Tomasz Janowski Organizations: Credit Suisse, Investment, REUTERS, UBS, Court, Thomson Locations: Riyadh, Saudi Arabia, ZURICH, Swiss, New York, Switzerland’s Federal

☆ Ex-aide to 1MDB fugitive Jho Low dies weeks after questioning
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, May 31 (Reuters) - A former aide to Malaysian fugitive Jho Low - wanted for his central role in the multi-billion dollar 1MDB corruption scandal - has died weeks after being questioned by Malaysian authorities on Low's whereabouts, his lawyers said on Wednesday. He was questioned by the Malaysian Anti-Corruption Commission (MACC) on arrival and had his house searched, media reported. Malaysian authorities have previously said Low was believed to be in China, though Beijing has denied that. Low has been charged in Malaysia and the United States for allegedly masterminding the theft of $4.5 billion from now-defunct fund 1Malaysia Development Berhad (1MDB). Former Malaysian prime minister Najib Razak, who co-founded 1MDB, was sentenced to 12 years in prison last year for graft linked to the scandal.

Persons: Jho, Kee Kok Thiam, Valen, Kee, Al Jazeera, Al, Low, Najib Razak, Hasnoor Hussain, Rozanna Latiff, Kanupriya Kapoor Organizations: Malaysian, Partners, Malaysian Anti, Corruption, 1Malaysia Development, Thomson Locations: KUALA LUMPUR, Malaysian, U.S, Malaysia, Macau, 1MDB, China, Al Jazeera, Beijing, United States

☆ Burkina Faso interim leader hails Russia as a strategic ally
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

OUAGADOUGOU, May 4 (Reuters) - Burkina Faso's interim President Ibrahim Traore on Thursday said Russia had become a key strategic ally but denied that Russian mercenaries were supporting Burkinabe forces in their fight against Islamist armed groups. "The departure of the French army does not mean that France is not an ally," Traore replied. Russia, for example, is a strategic ally." Traore was asked to comment on reports Wagner forces are also on the ground in Burkina Faso. The violence has since spread into Burkina Faso and Niger and threatens to destabilise coastal countries further afield.

☆ Residents and survivors say 136 killed in Burkina Faso massacre, blaming army
▼ + stars: | 2023-04-29 | by ( Thiam Ndiaga | ) www.reuters.com time to read: +2 min

OUAGADOUGOU, April 29 (Reuters) - Residents and survivors of a massacre in a Burkina Faso village said on Saturday 136 people including women and infants were killed, blaming the country's security forces for the April 20 attack. The government condemned the attack on Karma in a statement on April 27, but gave no details on casualties. Neither Burkina Faso's army nor the government responded to a Reuters request for comment on Saturday. The statement sows confusion about the responsibility of security and defence forces for the massacre, he said. We are not fooled, we know our security and defence forces well," the statement said.

☆ Around 60 civilians killed in northern Burkina Faso attack, prosecutor says
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

OUAGADOUGOU, April 23 (Reuters) - Around 60 civilians were killed on Friday in northern Burkina Faso by people wearing the uniforms of the Burkinabe armed forces, local prosecutor Lamine Kabore said on Sunday, citing information from police in the town of Ouahigouya. Unidentified assailants killed 40 people and wounded 33 others in an attack on the army and volunteer forces in the same region of northern Burkina Faso near Ouahigouya on April 15, according to the government. Unrest in the region began in Mali in 2012, when Islamists hijacked a Tuareg separatist uprising. The violence has since spread into Burkina Faso and Niger, killing thousands and displacing over 2.5 million people. Reporting by Thiam Ndiaga Writing by Alessandra Prentice; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Forty-four dead in two attacks in Burkina Faso
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +1 min

OUAGADOUGOU, April 8 (Reuters) - Unknown assailants killed 44 people in two attacks in northern Burkina Faso overnight on Thursday, authorities said. It is not clear which group carried out Thursday's attacks. More than 2 million people are displaced and thousands have been killed by the violence in Burkina Faso, one of the world's poorest countries. The violence has since spread into neighbouring Burkina Faso and Niger and threatens to destabilise coastal countries further afield. Reporting by Thiam Ndiaga; Writing by Edward McAllister, Editing by Angus MacSwan and Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

☆ The SEC charges Tron founder Justin Sun and 8 celebrities including Lindsay Lohan and Jake Paul in crypto lawsuit
▼ + stars: | 2023-03-22 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +2 min

The SEC sued Tron founder Justin Sun in a lawsuit involving Tronix and BitTorrent crypto tokens. It also charged eight celebrities with promoting the tokens without disclosing they were paid. Eight celebrities including the actress Lindsay Lohan, YouTuber Jake Paul, and singer Akon were also charged. The SEC said the celebrities it charged promoted crypto assets without making it clear they were being paid. Insider did not immediately receive comment from the charged celebrities it contacted ahead of publication.

☆ Lindsay Lohan, Jake Paul and other celebrities charged $400,000 for violating crypto rules
▼ + stars: | 2023-03-22 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —The Securities and Exchange Commission on Wednesday charged Lindsay Lohan, Jake Paul and several other celebrities with failing to disclose that they were paid to promote crypto. The celebrities agreed to pay $400,000, including fines, and return what they were paid for the promotion. For their violations, Lohan agreed to pay $30,000 in fines in addition to the $10,000 she earned for the promotion. Paul agreed to pay $75,000 in fines on top of the $25,000 he earned. “At the same time, Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation.”

Lindsay Lohan attends/performs during a photocall for "Speed The Plow" at Playhouse Theatre on September 30, 2014 in London, England. The Securities and Exchange Commission has unveiled fraud and unregistered securities charges against crypto founder and Grenadian diplomat Justin Sun, alongside separate violations against the celebrity backers of his Tronix and BitTorrent crypto assets, which included Jake Paul, Lindsay Lohan and Soulja Boy. The unregistered offer and sale charges, on the other hand, are similar to charges the SEC has unveiled against other crypto offerings and exchanges, including Genesis, Gemini and Do Kwon's Terraform Labs. “This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,” said SEC Chair Gary Gensler. Tron and his backers' alleged behavior was part of an "age-old playbook to mislead and harm investors," SEC enforcement chief Gurbir Grewal said in a statement.

☆ Swiss Miss: Why UBS's deal with Credit Suisse will threaten its hold on rich clients
▼ + stars: | 2023-03-22 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

UBS was already the largest private wealth manager in the world before it agreed to buy fellow Swiss bank Credit Suisse. UBS and Credit Suisse are both known for servicing the ultra-rich, though UBS does so on a much larger scale. The acquirer had $2.8 trillion in global wealth management assets as of the end of 2022 while Credit Suisse's totalled $585 billion. But the merger gives UBS and Credit Suisse clients the thing that matters mostBut the acquisition wasn't just about rescuing Credit Suisse but restoring confidence in the Swiss banking system, Ibrahim noted. For one Irish billionaire and Credit Suisse client, this is what matters most.

☆ UBS will become a Swiss wealth behemoth after buying Credit Suisse, but blending the two rivals could get awkward and messy
▼ + stars: | 2023-03-21 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

UBS was already a giant in wealth management before it agreed to buy doomed rival Credit Suisse. UBS was already the largest private wealth manager in the world before it agreed to buy fellow Swiss bank Credit Suisse. UBS and Credit Suisse are both known for servicing the ultra-rich, though UBS does so on a much larger scale. The acquirer had $2.8 trillion in global wealth management assets as of the end of 2022 while Credit Suisse's totalled $585 billion. But the merger gives UBS and Credit Suisse clients the thing that matters mostBut the acquisition wasn't just about rescuing Credit Suisse but restoring confidence in the Swiss banking system, Ibrahim noted.

☆ Credit Suisse's $3.2 billion cut-price sale signals an ongoing crisis that could expose unicorn fintechs
▼ + stars: | 2023-03-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

The firesale of Credit Suisse to UBS is putting the banking world on high alert. A $54 billion loan from the Swiss National Bank wasn't enough to keep Credit Suisse afloat, and UBS stepped in. Credit Suisse suffered idiosyncratic problems, such as a spying scandal involving former CEO Tidjane Thiam, as well as crises relating to its relationships with hedge fund Archegos Capital and financial group Greensill Capital. "There's already a lot of soul searching about what fintech business models are," says Paul Rolles, an ex-Morgan Stanley managing director and cofounder of money-management service HyperJar. Rolles believes the banking issues of the past couple of weeks are as much about confidence as intrinsic issues.

☆ From spying to Swiss bailout: How years of turbulence at Credit Suisse came to a head
▼ + stars: | 2023-03-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland February 21, 2022. The announcement that Credit Suisse would borrow up to 50 billion Swiss francs ($54 billion) from the central bank came after consecutive sessions of steep drops in its share price. It made Credit Suisse the first major bank to receive such an intervention since the 2008 Global Financial Crisis. Scandals Credit Suisse is currently undergoing a massive strategic overhaul in a bid to address these chronic issues. These oversight failures resulted in a massive shakeup of Credit Suisse's investment banking, risk and compliance and asset management divisions.

☆ Factbox: Credit Suisse's troubles - spies, money laundering and takeover
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

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