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Search resuls for: "FABRICE COFFRINI"


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☆ Europe’s Glaciers Melted at Record Rate After Double Whammy
  + stars: | 2023-04-21 | by ( Eric Niiler | ) www.wsj.com   time to read: 1 min
Scientists at the Gries glacier last fall in Switzerland, where glaciers have shrunk by a third since 2001. Photo: fabrice coffrini/Agence France-Presse/Getty ImagesEuropean glaciers lost a record amount of mass over the past two years from a one-two punch of below-normal snowfall and warmer temperatures, international climate scientists said. The retreating snowpack threatens supplies of freshwater to cities and farms throughout the Alps watershed, but it is also lengthening the region’s summer tourism season.
☆ Earth Day 2023: The world just failed its annual health checkup
  + stars: | 2023-04-21 | by ( Laura Paddison | ) edition.cnn.com   time to read: +5 min
The WMO’s annual State of the Climate Report, published Friday ahead of Earth Day, is essentially a health checkup for the world. Global sea levels climbed to the highest on record due to melting glaciers and warming oceans, which expand as they heat up. “Communities and countries which have contributed least to climate change suffer disproportionately.”A man uses a hand fan in a park in central Madrid during a heatwave, on August 2, 2022. The hottest year on record, 2016, was the result of a strong El Niño and climate change, said Baddour. “This is really a wake up call that climate change isn’t a future problem, it is a current problem.
☆ Credit Suisse whistleblowers say Swiss bank has been helping wealthy Americans dodge U.S. taxes for years
  + stars: | 2023-03-29 | by ( Eamon Javers | ) www.cnbc.com   time to read: +14 min
In this article CSCSG.N-CH Follow your favorite stocks CREATE FREE ACCOUNTA sign of Credit Suisse bank is seen at their headquarters in Zurich on March 20, 2023. "To date, no Credit Suisse employees involved in the scheme have faced any consequences from the United States government for their participation." "It's not a question of whether Swiss banks continue to do this, it's a question of which Swiss banks still do this." In a statement to CNBC, a Credit Suisse spokeswoman said it does not tolerate tax evasion. "DOJ must correct its lax oversight of Credit Suisse and hold Credit Suisse accountable for any violations of its plea agreement," he said.
☆ Credit Suisse rescue creates bank twice the size of Switzerland's economy
  + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +9 min
London CNN —The last-minute rescue of Credit Suisse may have prevented the current banking crisis from exploding, but it’s a raw deal for Switzerland. An aerial view of the headquarters of Credit Suisse, center, and UBS, left, at Paradeplatz in Zurich, Switzerland on Sunday, 19 March, 2023. Credit Suisse is “part of Switzerland’s identity,” said Hans Gersbach, a professor of macroeconomics at ETH university in Zurich. “The Credit Suisse Swiss bank is a fine asset that we are very determined to keep,” Kelleher said Sunday. Integration is difficultAt $3.25 billion, UBS got Credit Suisse for 60% less than the bank was worth when markets closed two days prior.
☆ 'A financial banana republic': UBS-Credit Suisse deal puts Switzerland's reputation on the line
  + stars: | 2023-03-21 | by ( Sam Meredith | ) www.cnbc.com   time to read: +4 min
Fabrice Coffrini | Afp | Getty Imageswatch now"The Credit Suisse debacle will have serious ramifications for other Swiss financial institutions. A country-wide reputation with prudent financial management, sound regulatory oversight, and, frankly, for being somewhat dour and boring regarding investments, has been wiped away," Marenzi said. Credit Suisse traded up 3.5% during afternoon deals after ending Monday's session down a whopping 55%. Credit Suisse bond wipeoutUnder the terms of the emergency takeover, investors in Credit Suisse's additional tier-one bonds — widely regarded as a relatively risky investment — will see the value of their holdings slashed to zero. One euro was last seen trading at 0.9961 Swiss francs, weakening from 0.9810 when compared with March 14.
☆ Everyone's talking about Credit Suisse's risky bonds. Here's what they are and why they matter
  + stars: | 2023-03-21 | by ( Sophie Kiderlin | ) www.cnbc.com   time to read: +4 min
Fabrice Coffrini | AFP | Getty ImagesAdditional tier-one bonds, AT1s, CoCos? AT1 bonds is short for additional tier-one bonds. In short, they are bank bonds that are considered a relatively risky form of junior debt, therefore coming with a higher yield and are often bought by institutional investors. watch nowHow they work and why they're riskyOne of the key attributes of AT1 bonds is that they are designed to absorb losses. Finally, AT1 bonds are callable rather than maturing at a specific point.
☆ Credit Suisse went the way of Bear Stearns in 2008. But this crisis is different
  + stars: | 2023-03-21 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +9 min
A sign of Credit Suisse pictured behind a sign of UBS in Zurich on March 18, 2023. The Swiss government said Tuesday it had ordered Credit Suisse to temporarily suspend the payment of some bonuses, including share awards, to bank staff. Credit Suisse is the first “global systemically important” bank to be rescued since 2008. Yet despite its importance to the financial system, most analysts are not expecting Credit Suisse’s demise to mark the beginning of another global financial crisis. “It’s possible that a vicious circle develops, in which credit tightens, the real economy deteriorates, and default rates start to rise,” he said.
☆ Credit Suisse shares soar over 20% on Swiss National Bank loan announcement
  + stars: | 2023-03-16 | by ( Elliot Smith | ) www.cnbc.com   time to read: +2 min
A branch of Swiss banking giant Credit Suisse behind a window under the rain, in Basel. (Photo by FABRICE COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)Credit Suisse shares soared over 30% at Thursday's market open after the bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The Swiss National Bank and the Swiss Financial Market Supervisory Authority said in a statement Wednesday that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks." "These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," Credit Suisse CEO Ulrich Koerner said in the release Wednesday. "We thank the [Swiss National Bank] and FINMA as we execute our strategic transformation.
☆ The small European nation of Switzerland beat sky-high inflation. Here's how
  + stars: | 2023-02-27 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +8 min
watch nowZURICH — As many countries across the globe battle stubbornly high inflation, the rise in prices has been far less dramatic in Switzerland, a small mountainous nation in western Europe. The stability of the Swiss francAnother reason for Switzerland's relative price stability stems from the strong Swiss franc. While many currencies plunged against an appreciating U.S. dollar, the Swiss franc held steady amid volatility in Europe. The Swiss franc is heavily backed by large reserve of gold, bonds and financial assets, which help the Swiss National Bank ensure the currency's stability during times of volatility. A stronger Swiss franc provides an effective discount on those imports.
☆ From green subsidies to chips, Davos debates reflect a world in flux
  + stars: | 2023-01-20 | by ( Julia Horowitz | ) edition.cnn.com   time to read: +4 min
Davos, Switzerland CNN —The World Economic Forum in the Swiss Alps is typically a venue for politicians and business leaders to deliver sermons about the benefits of globalization and cross-border cooperation. European leaders used Davos to amplify complaints about the law’s tax breaks for American companies that make parts for green energy projects, which they claim will disadvantage European firms. German Chancellor Olaf Scholz addresses the World Economic Forum, in Davos, Switzerland, on Wednesday. Representatives from Asia’s third largest economy showed up in force at Davos to meet with international investors. “We’re looking at a less efficient world,” US Trade Representative Katherine Tai said.
☆ Greta Thunberg says Davos elite are prioritizing greed and short-term profits over people and the planet
  + stars: | 2023-01-19 | by ( Sam Meredith | ) www.cnbc.com   time to read: +6 min
watch nowSwedish climate activist Greta Thunberg on Thursday accused the political and business elite at the World Economic Forum in Davos, Switzerland, of prioritizing self-interest and short-term profits over people and the planet. They are prioritizing self-greed, corporate greed and short-term economic profits above people and above planet." Thunberg said it was an "absurd" situation that the world seems to be listening to Davos delegates rather than those on the frontlines of the climate emergency. We were kettled by police and then detained but were let go later that evening," Thunberg said on Wednesday via Twitter. To be sure, the burning of fossil fuels such as coal, oil and gas, is the chief driver of the climate crisis.
☆ U.N. gathering seeks billions in aid for Pakistan after devastating floods
  + stars: | 2023-01-09 | by ( Associated Press | ) www.nbcnews.com   time to read: +6 min
“We need to be honest about the brutal injustice of loss and damage suffered by developing countries because of climate change,” Guterres told the gathering. “If there is any doubt about loss and damage — go to Pakistan. UN Secretary-General Antonio Guterres, left, speaks with Pakistan Prime Minister Shehbaz Sharif during a conference in Geneva on Monday. Many countries already doled out cash, supplies and other support for Pakistan in the immediate follow-up to the flooding. Climate scientists found that the floods in Pakistan were worsened by global heating although economic, societal and construction-oriented factors also played a role.
☆ Nonprofit financed by billionaire George Soros quietly donated $140 million to political causes in 2021
  + stars: | 2023-01-04 | by ( Brian Schwartz | ) www.cnbc.com   time to read: +9 min
Fabrice Coffrini | AFP | Getty ImagesA nonprofit financed by billionaire George Soros quietly donated $140 million to advocacy organizations and ballot initiatives in 2021, plus another $60 million to likeminded charities. The Open Society Policy Center also doled out $138 million to advocacy groups and causes in 2020. All of the nonprofits fall under Soros' Open Society Foundations network, which spans the globe. Both of those groups are run by the billionaire's son Alexander Soros, who also sits on the boards of the Open Society Institute and Open Society Policy Center. Emerson Morrow, a spokesman for America Votes told CNBC that funding from the Open Society Policy Center "has provided critical support for America Votes' mission."
☆ New Zealand increases funding for Vanuatu wharves
  + stars: | 2022-11-23 | by ( Lucy Craymer | ) www.reuters.com   time to read: +2 min
[1/2] New Zealand Foreign Minister Nanaia Mahuta speaks during a session of the UN Human Rights Councill in Geneva, Switzerland February 28, 2022. New Zealand's Foreign Minister Nanaia Mahuta said in a statement on Wednesday that building climate-resilient wharves and establishing reliable and regular shipping services would help the prosperity and wellbeing of the people of Vanuatu. The project is part of the Vanuatu Inter-Island Shipping Support Project, which has among a number of projects, has completed two wharves. New Zealand, alongside the government of Vanuatu and the Asian Development Bank, has been a co-financier of the project since 2012. Foreign investment in wharves in Vanuatu came into the spotlight in 2018 following media reports China wanted to establish a military base in Vanuatu after funding a wharf big enough to handle large warships.
☆ CEO David Solomon Is Restructuring Goldman Sachs Again
  + stars: | 2022-10-18 | by ( Michelle Abrego | ) www.businessinsider.com   time to read: +5 min
David Solomon is changing up Goldman Sachs divisions like he switches tracks. Goldman Sachs's third restructuring in four years comes as insiders have been questioning the direction that Solomon is taking the storied investment bank in. But first, read Dakin's rundown of who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon. The Swiss bank's investment bank chief Christian Meissner is also set to leave the company in the coming weeks. Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief.
☆ Credit Suisse bankers are preparing for 'Uli the Knife' to carve up the investment bank.
  + stars: | 2022-09-26 | by ( Aaron Weinman | ) www.businessinsider.com   time to read: +5 min
It's a tense time for many insiders at Credit Suisse. One person told me it's a case of "rinse and repeat," as Credit Suisse undergoes its second strategic review in less than a year. Law firm sued Credit Suisse over claims it misled investors on business dealings related to Russian oligarchs. Among the plans reported to be under consideration are a three-way split of the investment bank, according to the Financial Times. Under Chief Executive Ulrich Körner, Credit Suisse wants to transform its investment bank into a "capital-light, advisory-led banking business."
☆ Gone are the days of chunky bonuses and salary increases. Wall Street's top brass are ready to trim their workforces as annual staff cuts return.
  + stars: | 2022-09-23 | by ( Aaron Weinman | ) www.businessinsider.com   time to read: +5 min
It's a shift from this time last year, when junior bankers scored significant pay bumps, dealmaking reached record-breaking highs, and investment bankers prepared themselves for some of the chunkiest bonuses they'd ever received. Per this story from Bloomberg, however, the layoffs should not be as severe as what Wall Street experienced after market crashes in 1987 and 2008. For many, the return of staff cuts is kind of a return to normalcy. Fabrice Coffrini/AFP via Getty Images2. Credit Suisse is planning on splitting its investment bank into three parts, according to the Financial Times. The US Securities and Exchange Commission will let Wall Street keep payment-for-order flow, per Bloomberg.
☆ Google CEO Pichai tells employees not to 'equate fun with money' in heated all-hands meeting
  + stars: | 2022-09-23 | by ( Jennifer Elias | ) www.cnbc.com   time to read: +9 min
In this article GOOG Follow your favorite stocks CREATE FREE ACCOUNTAlphabet CEO Sundar Pichai gestures during a session at the World Economic Forum (WEF) annual meeting in Davos, on January 22, 2020. Fabrice COFFRINI | AFP | Getty ImagesAs Google tries to navigate an unfamiliar environment of slowing growth, cost-cutting and employee dissent over cultural changes, CEO Sundar Pichai is finding himself on the defensive. Pichai admitted that it's not just the economy that's caused challenges at Google but also an expanding bureaucracy at Google. Pichai said leadership is combing through more than 7,000 responses it's received from employees regarding suggestions from the Simplicity Sprint effort. Kristin Reinke, head of Google finance, said at the meeting that sales teams will have more leeway to travel since their jobs require meeting with customers.
☆ Eating disorders: Olympic high jumper Priscilla Frederick-Loomis pressured to 'perform better' and lose a few pounds
  + stars: | 2020-10-06 | by ( Noura Abou Zeinab | ) edition.cnn.com   time to read: +12 min
And you’re adding on top of all that body shaming.”Loomis competes in the women's high jump final at the Pan American Games in August 2019 in Lima, Peru. Dr. Brooks is the vice president and chief clinical officer for the Renfrew Center, a US-based clinic specializing in eating disorders treatments. Over Brooks’ 30 year career, she has treated many patients who suffer from eating disorders and acted as the eating disorders specialist in the HBO film Thin. “We are really understanding more and more that eating disorders are not just a White, suburban women’s disease, and that, you know, for a long time the belief was that women of color, particularly Black women, were protected culturally from developing eating disorders,” said Dr. Brooks. Three years later she placed fifth in the high jump at the Commonwealth Games in Australia.
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