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☆ UBS says 'not aware' of DOJ probe into sanctions-related compliance failures
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Sept 30 (Reuters) - UBS (UBSG.S) on Saturday said it is "not aware" of a probe by the U.S. Department of Justice into alleged sanctions-related compliance failures, following a media report earlier this week. "We're not aware of such a probe," UBS said in a statement. On Wednesday Bloomberg reported that a full-scale investigation by the U.S. Department of Justice was underway into alleged compliance failures that helped Russian clients evade sanctions. Citing unnamed people familiar with the matter, Bloomberg reported that the DOJ had spoken to U.S.-based lawyers for UBS about Credit Suisse's alleged exposure to sanctions violations since UBS acquired its smaller rival in June. The DOJ is also looking into possible compliance failures at UBS, one of the people cited by Bloomberg said.

Persons: Denis Balibouse, We're, Noele Illien, David Holmes Organizations: Swiss, UBS, REUTERS, Rights, U.S . Department of Justice, CS, Wednesday Bloomberg, Justice, Reuters, Trading, Bloomberg, DOJ, Credit, Thomson Locations: Zurich, Switzerland, Russia

☆ UBS says reports of DOJ probe into Russia sanctions evasion are wrong
▼ + stars: | 2023-09-30 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

“The recent reporting on an alleged probe by the US Department of Justice into sanctions-related compliance failures at Credit Suisse and UBS is inaccurate. We’re not aware of such a probe,” UBS told CNN in a statement. “UBS and CS have significantly and proactively reduced their Russia-related exposure.”According to a person familiar with the matter, UBS has been in touch with the DOJ regarding the reported probe. The bank’s reaction comes on the heels of a Bloomberg report, which cited anonymous people familiar with the matter and asserted the Justice Department had briefed lawyers for UBS (UBS) about Credit Suisse’s alleged involvement in sanctions violations. CNN reached out to the Justice Department for comment but has not received a response.

Persons: “, Suisse’s, Drew Sullivan, ”, ” Sen, Ben Cardin Organizations: CNN, UBS, US Department of Justice, Credit Suisse, “ UBS, CS, DOJ, Bloomberg, Department, Justice Department, Swiss Bankers Association, Security, Cooperation, US, US Helsinki Commission, “, Swiss Stock Exchange Locations: Swiss, Russia, Europe, US Helsinki, Ukraine, Maryland, Switzerland

☆ Credit Suisse sheds nearly 13% of workforce this year
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: +1 min

This photograph taken on March 24, 2023 in Geneva, shows a sign of Credit Suisse bank. Credit Suisse has shed nearly 13% of its workforce this year, underlining the turmoil at the bank which was taken over by cross-town rival UBS in a state-engineered rescue earlier this year. The number of Credit Suisse employees fell to 33,968 at the end of June, down from 38,908 at the end of 2022, the bank said in its financial report published on Friday. Some of the jobs lost could be people who left as part of Credit Suisse's own cost cutting plans before the takeover or who jumped ship as confidence in the lender collapsed. Further jobs could be lost, with UBS saying in August it planned to cut3,000 jobs in Switzerland alone at the enlarged bank.

Persons: Sergio Ermotti, Ermotti Organizations: Suisse, Credit Suisse, UBS, Asset Management Association Switzerland Locations: Geneva, Switzerland

☆ Credit Suisse sheds nearly 13% of workforce
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. REUTERS/Tyrone Siu/File photo Acquire Licensing RightsZURICH, Sept 29 (Reuters) - Credit Suisse has shed nearly 13% of its workforce in the past 12 months, underlining the turmoil at the bank that was taken over by cross-town rival UBS (UBSG.S) in a state-engineered rescue earlier this year. The number of Credit Suisse employees fell to 33,968 at the end of June, from 38,908 at the end of June 2022, the bank said in its financial report published on Friday. The figures relate to Credit Suisse AG, the lender's core banking business. A Credit Suisse spokesperson declined to comment on the breakdown between voluntary departures and job cuts, or how many jobs could be lost in future.

Persons: Tyrone Siu, Sergio Ermotti, Ermotti, John Revill, Emelia Sithole, Mark Potter, Susan Fenton Organizations: Credit Suisse, REUTERS, Rights, UBS, Credit Suisse AG, Asset Management Association Switzerland, Thomson Locations: Hong Kong, China, Switzerland

☆ Evergrande founder joins list of Chinese tycoons investigated, arrested
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +4 min

Following is a list of some other high-profile Chinese executives who have been investigated or arrested under Xi's leadership. BAO FAN, FOUNDER OF CHINA RENAISSANCEThe founder of China Renaissance Holdings (1911.HK) was detained in February and the investment bank said in August he was co-operating with authorities as investigations continued. Wu was arrested in June 2017 amid Beijing’s campaign to curtail big-spending conglomerates as it cracked down on financial risk. YE JIANMING, FOUNDER OF CEFC CHINA ENERGYIn 2017, Ye's CEFC agreed to buy a nearly $9.1 billion stake in Russian oil major Rosneft. A year later, he was investigated for suspected economic crimes and disappeared from public view in March 2018.

Persons: Hui Ka Yan, Xi Jinping, ZHAO WEIGUO, Tsinghua Unigroup, Zhao, Bao, Morgan Stanley, Didi, XIAO JIANHUA, Xiao, CHEN FENG, TAN XIANGDONG, GROUP, Tan, WU XIAOHUI, Wu, JIANMING, Ye's CEFC, magazine's, Kane Wu, Selena Li, Anne Marie Roantree, Miyoung Kim, Lincoln Organizations: HK, Evergrande, TSINGHUA UNIGROUP, Tsinghua University, Tsinghua, OF CHINA, China Renaissance Holdings, Credit Suisse Group, OF, China's Communist Party elite, Reuters, HNA, Hainan Airlines, Deutsche Bank, Hilton Worldwide, Prosecutors, Thomson Locations: China, Chinese, Guangdong, Shanghai, Hong Kong, Hainan, CHINA

☆ UBS Poised to Settle Mozambique’s ‘Tuna Bonds’ Lawsuit Against Credit Suisse
▼ + stars: | 2023-09-28 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: ubs, suisse, a9ce24b8

☆ UBS, Credit Suisse face wider US probe over Russia sanctions -Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +3 min

Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. UBS declined to comment to Reuters when asked for a response to the Bloomberg News report, which said the alleged compliance failures related to UBS and Credit Suisse, which was taken over by its larger rival UBS (UBSG.S) earlier this year. A full-scale investigation by the Department of Justice focusing mainly on Credit Suisse and potential sanctions violations was now underway, added the Bloomberg report, citing people familiar with the matter. "Credit Suisse has conducted a review of these issues, the UK and French aspects of which have been closed, and is continuing to cooperate with the authorities," UBS added. The Swiss bank has also adjusted its valuation of Credit Suisse by $3 billion to cover outflows related to contingent liabilities such as law suits.

Persons: Denis Balibouse, JP Morgan, Shivani Tanna, John Revill, Krishna Chandra Eluri, Emelia, Jane Merriman, Alexander Smith Organizations: UBS, Credit Suisse, REUTERS, Rights, U.S . Department of Justice, Bloomberg, Department of Justice, Justice, United, European Union, Suisse, DOJ, Credit, Thomson Locations: Zurich, Switzerland, United Nations, United States, Switzerland's, Britain, Netherlands, France, Belgium, Swiss, Ukraine, Crimea, Bengaluru

☆ UBS shares briefly halted on report of growing U.S. probe over Russian sanctions
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsLONDON, Sept 27 (Reuters) - Trading in UBS (UBSG.S) shares was briefly halted on Wednesday, after Bloomberg reported the Swiss bank and defunct rival Credit Suisse face a growing U.S. probe over alleged Russian sanctions evasion. UBS shares dropped as much as 7.9% by 1049 GMT, before being halted. Trading was reinstated at 1054 GMT and shares regained some ground, last down 4.2%. UBS shares are still up by nearly 50% since the four-month lows hit in late March, as it kicked off its emergency takeover of Credit Suisse, and are trading near their highest in 15 years.

Persons: Denis Balibouse, Lucy Raitano, John Revill, Amanda Cooper Organizations: UBS, Credit Suisse, Swiss, REUTERS, Bloomberg, Trading, Reuters, Thomson Locations: Zurich Switzerland, Swiss, London, Zurich

☆ Costco says its 1-ounce gold bars are real and have been selling out in hours
▼ + stars: | 2023-09-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Costco has been selling one-ounce gold bars. Rand Refinery gold bars cost $1,950 each, while PAMP Suisse bars cost $1,980. AdvertisementAdvertisementCostco has been selling one-ounce gold bars that it says get snapped up in hours. "I've gotten a couple of calls that people have seen online that we've been selling one-ounce gold bars," CFO Richard Galanti told investors Tuesday at the retailer's fourth-quarter earnings call. AdvertisementAdvertisement"It's heavier than I thought," one TikToker said in a video unboxing two bars of gold she bought from Costco."

Persons: —, I've, Richard Galanti, Galanti Organizations: Costco, Rand, Service, Africa's Rand Refinery, PAMP Suisse, UPS Locations: Suisse, Africa's, Swiss

☆ Costco is selling gold bars and they are selling out within a few hours
▼ + stars: | 2023-09-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Costco is well-known as a place to get bargain prices on any variety of items, from food to luggage to appliances to gold bars. Wait, gold bars? "I've gotten a couple of calls that people have seen online that we've been selling one ounce gold bars," he said. Zoom In Icon Arrows pointing outwards Costco selling 1 ounze gold bars. Stock Chart Icon Stock chart icon Gold futures, last 5 years

Persons: Richard Galanti, Galanti, I've, it's, Jonathan Rose, Rose Organizations: Costco, Suisse, Genesis Gold, U.S .

☆ Sanction shocker delays UBS valuation upgrade
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

That’s one lesson from the $3 billion slide in market value for his bank UBS (UBSG.S) on Wednesday. The report says that the DOJ is launching a full-scale investigation into Credit Suisse, which UBS now owns after a state-backed rescue in March. UBS has about $6 billion of provisions set aside for legal and regulatory bills, suggesting shareholders are well protected against Credit Suisse’s historic nasties. After Wednesday’s slide, UBS’s share price is almost exactly in line with its most recent tangible book value per share, compared with a roughly 30% premium back in early March. The implication is that investors are less excited about UBS’s prospects after incorporating Credit Suisse than they were about its standalone story.

Persons: Sergio Ermotti can’t, Liam Proud, ’, quagmire, Neil Unmack, Oliver Taslic Organizations: Reuters, UBS, Bloomberg, U.S . Department of Justice, DOJ, Credit Suisse, Credit, X, Thomson Locations: Ukraine

☆ London is suffering an office market 'recession.' Meta just paid $181 million to dump a lease
▼ + stars: | 2023-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —London’s office market has plunged into a “rental recession,” with the share of empty space hitting its highest level in three decades, investment bank Jefferies said in a note Wednesday. Packing upOn Monday, British Land said Meta had agreed to pay £149 million ($181 million) to break its lease on a 310,000-square-foot office near London’s Regent’s Park. More bankers are reportedly leaving the area as UBS (UBS) begins relocating staff working for Credit Suisse to its main London office in the City. Regulators have been watching the commercial real estate market closely for any sign that spiraling vacancy rates and falling rents could become the source of the next financial crisis. The downturn in office rentals stands in stark contrast to London’s residential rental market where demand is high and supply chronically low.

Persons: London CNN —, Jefferies, Michael Prew, Meta, Clifford Chance, Banks Organizations: London CNN, The, City of, Jefferies, CNN, Derwent London, “, HSBC, UBS, Credit Suisse, City . Credit Suisse, Regulators, Investment, Hamptons Locations: The New York, City, City of London, London, Canary Wharf, London’s, Canary

☆ UBS shares rattled by report of US probe into Russia sanctions evasion by Credit Suisse
▼ + stars: | 2023-09-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Shares of UBS plunged Wednesday following a Bloomberg report that the Swiss bank faces a widening probe by the US Department of Justice (DOJ) over suspected compliance failures that allowed Russian clients to evade sanctions. The DOJ has briefed lawyers for UBS (UBS), which absorbed its smaller rival in June, about Credit Suisse’s alleged involvement in sanctions violations, according to Bloomberg. Authorities are also looking into possible compliance failures at UBS. In bailing out Credit Suisse, UBS has taken on a bank in terrible shape. Still, the parlous state of Credit Suisse presents an enormous challenge to UBS as it executes a first-of-its-kind merger of two global banks with combined assets of nearly $1.7 trillion.

Persons: Suisse’s, Colm Kelleher Organizations: London CNN —, UBS, Bloomberg, US Department of Justice, Swiss Stock Exchange, Trading, Credit Suisse, DOJ, Authorities, CNN Locations: Swiss, Zurich, United Kingdom, Netherlands, France, Belgium

☆ UBS and China's ICBC to explore banking, asset and wealth management collaboration
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Sept 26 (Reuters) - Swiss banking group UBS (UBSG.S) said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China (ICBC) (601398.SS), , to explore strategic collaborations in China and overseas markets. The banks will explore cooperation in asset management, wealth management, and investment and corporate banking, according to a UBS statement. The deal includes product development and distribution, client coverage, global market trading, investment and financing, research, asset custody and exchange of expertise. UBS acquired its smaller cross-town rival Credit Suisse in June, through which it now holds a 20% stake in ICBC Credit Suisse Asset Management Company, a fund joint venture previously partially owned by Credit Suisse. Reporting by Selena Li; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Kevin Liffey Organizations: UBS, Industrial, Commercial Bank of China, Credit Suisse, ICBC, Asset Management Company, Thomson Locations: HONG KONG, Swiss, China

☆ Silicon Valley fund Bessemer Venture Partners expands European investment team with hire of ex-SoftBank VP
▼ + stars: | 2023-09-22 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Silicon Valley fund Bessemer Venture Partners has expanded its European investment team with the hire of former SoftBank vice president Justina Chung. Chung has joined Bessemer's London office, which is led by partner Alex Ferrara who opened the fund's European operations in 2020. Bessemer made its first European investment in 2004 and has continued to back startups in the region, including German fintechs Upvest and Mambu as well as British neobank Zopa. Chung was a vice president at SoftBank's Vision Fund, where she served on the boards of temp staffing agency Jobandtalent and second-hand designer fashion marketplace Vestiaire Collective. "It's clear that great founders begin their journey here, in Tallinn or Stockholm, London, Paris or Berlin," Chung, who is now a vice president at Bessemer, told Insider.

Persons: Justina Chung, Chung, Alex Ferrara, Bessemer, Jobandtalent, Goldman Sachs Organizations: Bessemer Venture Partners, LinkedIn, Bessemer's London, SoftBank's Vision, Sorare, SoftBank, Credit Suisse, Bessemer, US Locations: San Francisco, Tallinn, Stockholm, London, Paris, Berlin, Europe, Mistral

☆ Apartment prices in Zurich are skyrocketing, with property being seen as 'concrete gold'
▼ + stars: | 2023-09-22 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Apartments in Zurich cost around $19,000 per square meter, according to data from Properstar. Transaction prices for apartments in the Zurich region rose 42.3% between 2013 and 2022. UBS said Wednesday that there was a perception of property in the city as "concrete gold." Renting an apartment in the city, meanwhile, cost around 47 Swiss franc ($58) per square meter, according to the Properstar data. UBS said in its Global Real Estate Bubble Index 2023, released Wednesday, that an increasing number of high-income earners and ultra-low interest rates in recent years had helped push up property prices.

Organizations: UBS, Service, Bloomberg, Henley & Partners, Wüest, Swiss National Bank ., Swiss, Google Locations: Zurich, Properstar, Wall, Silicon, Swiss, London, Lake Zurich, Switzerland

[1/2] Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Credit Suisse, which was Switzerland's second-biggest bank, suffered years of scandals and losses before it had to be rescued in March in a state-engineered takeover by UBS. Credit Suisse declined to comment. Spokespeople for central banks in South Korea, India, Ireland, and Saudi Arabia also did not immediately respond to Reuters requests for comment. Last month, a Moscow court banned UBS and Credit Suisse from disposing of shares in their Russian subsidiaries, Reuters reported, citing court documents.

Persons: Denis Balibouse, Laws, Engen Tham, Selena Li, Jihoon Lee, Alexander Marrow, Sumeet Chatterjee, Stephen Coates, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Reuters, Suisse, Western, Thomson Locations: Zurich Switzerland, Rights SHANGHAI, HONG KONG, South Korea, India, Swiss, Ireland, Saudi Arabia, Russia, Moscow, Ukraine, Bahrain, Dubai, Abu Dhabi, Japan, Thailand, Turkey, Shanghai, Hong Kong, London

☆ UBS cuts nearly 70% Credit Suisse researchers in Hong Kong-sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse's collapse. More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team. Credit Suisse did not respond to a Reuters request for comments. Both of them will bring some junior researchers from Credit Suisse, the sources added.

Persons: Denis Balibouse, Charles Zhou, China financials, Kenneth Fong, Zhou, Fong, Sergio Ermotti, Julie Zhu, Kane Wu, Selena Li, Summer Zhen, Sumeet Chatterjee, Bernadette Baum, Emelia Organizations: Credit Suisse, UBS, REUTERS, Credit, Suisse's Securities Research, Reuters, Monday, Asia, China Internet, Thomson Locations: Zurich Switzerland, HONG KONG, Hong Kong, China, Asia Pacific, Asia, Swiss

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

☆ Swiss financial watchdog to lose more staff
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. Preisig, who said she wants to take on a new role outside of FINMA, has headed the Strategic Services division since 2020. FINMA, the Swiss government and the Swiss National Bank have come under fire for their perceived late intervention following the collapse of Credit Suisse and its subsequent rescue by larger rival UBS (UBSG.S) in March. The regulator's secretary general, the head of international affairs and the head of communications have also recently resigned. Reporting by Oliver Hirt, Writing by Noele Illien; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Ruben Sprich, Johanna Preisig, Urban, Preisig, Angehrn, Oliver Hirt, Noele Illien, Sharon Singleton Organizations: Swiss Financial Market, Authority, REUTERS, UBS Group, Strategic Services, FINMA, Swiss National Bank, Credit Suisse, UBS, Thomson Locations: Bern, Switzerland, FINMA, Swiss

☆ Swiss National Bank to expand liquidity provision to banks
▼ + stars: | 2023-09-21 | by ( Noele Illien | ) www.reuters.com time to read: +1 min

ZURICH, Sept 21 (Reuters) - The Swiss National Bank will provide funds secured against mortgages to all commercial banks, expanding liquidity provision to the sector, Vice Chairman Martin Schlegel said on Thursday. To take advantage of the support, which had previously only been available to systemically important banks, lenders must be able to transfer the mortgages to the central bank. The greater the number of banks that take the preparatory steps necessary to use the new possibility of obtaining liquidity, the greater will be the central bank's room for manoeuvre in time of need, Schlegel said. Earlier this month, Switzerland's central bank was criticised for being too restrictive in a report by a group of experts, including bankers and academics, formed in the wake of Credit Suisse's collapse. Schlegel said, by expanding the ways the country's banks can tap liquidity, the central bank was not lowering its standards.

Persons: Martin Schlegel, Schlegel, Noele, Tomasz Janowski Organizations: Swiss National Bank, Thomson Locations: ZURICH

Since then, Unilever has worked to make Elida an autonomous unit that could also appeal in its entirety to private equity firms, the sources added. Morgan Stanley and Evercore have now contacted several parties to gauge acquisition interest in Elida for what could be a multi-billion-dollar deal, according to the sources. Unilever, Morgan Stanley and Evercore declined to comment. This has prompted Unilever, the maker of Dove soap and Ben & Jerry's ice cream, to review its portfolio of non-core assets it can sell to raise cash. Unilever beat underlying sales growth forecasts in the second quarter after raising prices to offset the higher costs.

Persons: Morgan Stanley, Hein Schumacher, Ives, Moussel, Alberto Balsam, Evercore, Abigail Summerville, Richa Naidu, Chizu Organizations: Unilever Plc, Evercore Inc, Unilever, Credit Suisse, Elida, Breyers, Thomson Locations: St, Zwitsal, Elida, Klondike, New York, London

☆ Mozambique can sue Privinvest in London 'tuna bond' case, UK court rules
▼ + stars: | 2023-09-20 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Mozambique is suing Privinvest, its owner Iskandar Safa, Credit Suisse and others over three loans raised in 2013 and 2014, ostensibly to develop its fishing industry. In the Supreme Court case, Privinvest argued the dispute must be heard in secret arbitration proceedings. But senior judges unanimously allowed the case to be heard in a lengthy public trial in the High Court, due to begin on Oct. 3. The judgment validates Mozambique's decision to bring proceedings in the High Court, said Mozambique's London law firm Peters & Peters. The High Court ruled this month that Nyusi has state immunity.

Persons: Filipe Jacinto Nyusi, Eduardo Munoz, Privinvest, Iskandar Safa, Peters, Peters & Peters, Safa, corruptly, Filipe Nyusi, Nyusi, Helen Taylor, Kirstin Ridley, Manuel Mucari, William James, Tomasz Janowski, Alexander Smith Organizations: General Assembly, REUTERS, Credit Suisse, Peters &, Privinvest, UBS, Mozambican, Corruption, Thomson Locations: Mozambique, New York City, U.S, Britain, Court, London, Lebanon, Abu Dhabi, United States, Mozambican, Maputo

[1/2] Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS completed its takeover of Credit Suisse in June. UBS and Credit Suisse did not respond to Reuters request for comment. Spokespeople for central banks in South Korea, India, Ireland, and Saudi Arabia also did not immediately respond to Reuters request for comment. In the review document, UBS said "a single non-cooperative regulator can jeopardize the timeline of the parent bank merger and other transactions", impacting other related integration deals.

Persons: Denis Balibouse, Engen Tham, Selena Li, Sumeet Chatterjee, Stephen Coates Organizations: Credit Suisse, UBS, REUTERS, Rights, UBS Group AG, Reuters, Thomson Locations: Zurich Switzerland, Rights SHANGHAI, HONG KONG, South Korea, India, Ireland, Saudi Arabia, Swiss, Shanghai, Hong Kong

☆ EU watchdog scrutinises banks' defences after SVB, Credit Suisse woes
▼ + stars: | 2023-09-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Recent banking crises in the United States, where Silicon Valley Bank collapsed, and in Switzerland where UBS was forced to acquire Credit Suisse, show that banks and regulators need to increase preparedness for rapidly unfolding crises, the Single Resolution Board (SRB) said. Forcing banks in the EU's banking union to have minimum requirement for own funds and eligible liabilities (MREL) was a lesson from the 2008 global financial crisis where taxpayers had to bail out banks. MREL debt is written down in a crisis to "bail in" the bank and help stop it from being "too big to fail". The SRB, which sets MREL targets, said that by the end of 2022, two-thirds of banks met their final target. Evaporating liquidity was a hallmark of recent banking turmoil and is being scrutinised in resolution plans of banks.

Persons: Huw Jones, Mark Potter Organizations: Silicon, Silicon Valley Bank, UBS, Credit Suisse, Thomson Locations: European, United States, Silicon Valley, Switzerland

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