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☆ Swiss central bank sees onus on Credit Suisse to execute revamp
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. REUTERS/Arnd WiegmannZURICH, Dec 17 (Reuters) - Credit Suisse (CSGN.S) needs to execute its revamp successfully and end a string of negative headlines from Switzerland's second-biggest bank, Swiss National Bank Chairman Thomas Jordan said in an interview aired on Saturday. It said this month the turnaround was well under way after completing a 4 billion Swiss franc ($4.3 billion) capital hike. It takes time, it is a big challenge for the management and employees of Credit Suisse," Jordan told Swiss broadcaster SRF in an interview. The SNB (SNBN.S) lost 142.2 billion Swiss francs in the first nine months of 2022 as rising interest rates and the stronger Swiss franc slashed the value of foreign investments.

☆ The EU for the first time will seek sanctions against Russia's mining sector, expanding efforts to cripple Russia's wartime economy
▼ + stars: | 2022-12-06 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

The European Union's executive arm is seeking a potential ban on new mining investments in Russia's metals sector, the Financial Times reported. The bloc had been reluctant to sanction Russia's mining industry over fears of the impact on the global supply chain. Russia produces gold, uranium, titanium, iron ore and other metals. Its mining sector accounted for a quarter of foreign investment into the country before the Ukraine war started in February, the report said, citing the Organization for Economic Co-operation and Development. The EU, along with Western allies, has targeted Russia's oil industry, Russian banks, as well as hundreds of government officials and oligarchs.

☆ Biden says Elon Musk’s relationships with foreign countries 'worthy of being looked at'
▼ + stars: | 2022-11-09 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Lauren-Egan-Circle-Byline-Template.Jpg | Lauren Egan | ) www.nbcnews.com time to read: +3 min

WASHINGTON — Asked whether Elon Musk posed a threat to national security, President Joe Biden said Wednesday that the billionaire’s “relationships with other countries is worthy of being looked at.”“I think that Elon Musk’s cooperation and/or technical relationships with other countries is worthy of being looked at,” Biden told reporters at the White House. “Whether or not he is doing anything inappropriate — I’m not suggesting that — I’m suggesting it’s worth being looked at. Elon Musk, the CEO of Tesla and the new owner of Twitter, has significant business interests in China. That helped prompt Sen. Chris Murphy, D-Conn., to call for an investigation into the national security implications of Saudi Arabia’s stake. But Musk has important relationships with the U.S. government, too, and those have continued under the Biden administration.

☆ Explainer: What's behind Hong Kong's tightening cash conditions?
▼ + stars: | 2022-11-03 | by ( Georgina Lee | ) www.reuters.com time to read: +4 min

HONG KONG, Nov 3 (Reuters) - A weak Hong Kong dollar and capital outflows have pushed the city's interbank rates to 14-year highs and drained cash levels to their lowest in two years, sparking investor worries about Hong Kong's cherished currency peg and its economic health. Below are some details on the complex policy framework and recent developments surrounding the tight liquidity:WHY IS HONG KONG ON INVESTORS' RADAR? That has tightened cash in the economy and driven the one-month Hong Kong Interbank Offer Rate (HIBOR) to a 14-year high. A dearth of initial public offerings this year on Hong Kong Exchanges & Clearing's (HKEX) markets has dampened investor demand for Hong Kong dollars. Hong Kong rates, liquidity($1 = 7.8498 Hong Kong dollars)Reporting by Georgina Lee; Editing by Vidya Ranganathan and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Vietnam may widen dong trading band again to conserve FX reserves - source
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +4 min

HANOI, Oct 26 (Reuters) - Vietnam is preparing to loosen its tight leash on the dong currency, including possibly widening its trading band with the U.S. dollar again, in order to conserve its shrinking currency reserves, a source with direct knowledge of the matter said on Wednesday. The State Bank of Vietnam (SBV) has intervened to defend the currency, although it rarely discloses FX reserves data or the amount of dollars spent. Widening the band, which would allow the market to drive the currency lower without triggering so much FX reserves selling, was one possibility, the source said. Other measures to cushion the dong, without exhausting FX reserves, were also being discussed, he said, without providing further details. The source said the SBV was trying to conserve its dollars as the country's FX reserves had sunk to the International Monetary Fund's recommended level, which is at least three months of imports.

☆ Britain's failed tax experiment will leave economic scars and credibility issues, analysts say
▼ + stars: | 2022-10-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +6 min

U.K. Prime Minister Liz Truss faces increasing pressure to resign. The yield on these bonds, which reflect the cost of borrowing for the government and influence interest rates on many products such as mortgages, eased lower after the statement Monday. The yield on 10-year bonds, the closely-watched benchmark seen as the indicator of long-term interest rates, remains significantly elevated at 4.045%, up from 3.49% before the budget. Bonds tend to become less attractive when interest rates rise, decreasing their price and sending up the yield. watch nowWider effectsWith the ideologically-driven policy platform Truss ran on now dead in the water, there is uncertainty in many other areas.

SEC Climate Rule Won’t Demand Extensive Reporting From Small Businesses, Gensler Says Public companies wouldn’t be required to ask small private suppliers to report on their carbon footprints, the SEC chairman said, responding to concerns about compliance costs. The Morning Risk Report The Justice Department targets executive pay, probationary deals to curb corporate crime, and Biden orders deeper scrutiny of foreign investment in tech and supply chains. Also, SEC climate rule won’t demand extensive reporting from small businesses, Gensler says. Cryptocurrency Exchange Gemini Names Insider as Compliance Chief Christopher Mariadason’s promotion is the latest change in the company’s risk and compliance team in recent months. U.S. Banking Regulator Appoints New Climate Risk Chief Nina Chen, trained as a chemical engineer, joins the Office of the Comptroller of the Currency after leading the newly-created climate division at New York’s financial regulator.

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