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Two of Germany's largest airports, Munich and Frankfurt, suspended flights, while long-distance rail services were cancelled by rail operator Deutsche Bahn (DBN.UL). "Millions of passengers who depend on buses and trains are suffering from this excessive, exaggerated strike," a Deutsche Bahn spokesperson said on Monday. At the same time, in France they go on strike all the time about something," said passenger Lars Boehm. The head of the Bundesbank Joachim Nagel said last week Germany needed to avoid a price-wage spiral. "Despite signs of second-round effects, we have not observed a destabilising price-wage spiral in Germany so far."

BERLIN/FRANKFURT, March 27 (Reuters) - A massive strike in Germany was set to begin early Monday, crippling mass transport and airports in one of the biggest walkouts in decades as Europe's largest economy reels from soaring inflation. But officials in Germany have made clear that their fight is only about pay. The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at railway operator Deutsche Bahn (DBN.UL) and bus companies. Employers are also warning that higher wages for transport workers would result in higher fares and taxes to make up the difference.

[1/3] The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann/File PhotoWASHINGTON/FRANKFURT, March 26 (Reuters) - Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said on Sunday, as a European Central Bank official also flagged a possible tightening in lending. "What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. Meanwhile in Europe, the ECB believes that recent banking sector turmoil may result in lower growth and inflation rates, its vice president Luis de Guindos said. Turbulence among banking stocks on both sides of the Atlantic continued into the end of the week, despite efforts by politicians, central banks and regulators to dispel concerns.

☆ Two dead after shooting in Hamburg; investigation ongoing
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, March 26 (Reuters) - Two people have died after a shooting in Hamburg, police said on Sunday, in a second deadly shooting in the city this month. Police said they had concluded an operation and were now investigating. A spokesperson declined to comment on the perpetrator. Bild reported that the police were called shortly before midnight and that 28 vehicles rushed to the scene. Reporting by Tom Sims;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

[1/5] A general view inside the Munich Airport during a strike called by the German trade union Verdi over a wage dispute, in Munich, Germany, March 26, 2023. "The people are not only underpaid, they are hopelessly overworked," Frank Werneke, head of the Verdi labour union, told Bild am Sonntag. The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at Deutsche Bahn (DBN.UL) and bus companies. "It is a matter of survival for many thousands of employees to get a considerable pay rise," he said.

FRANKFURT/BRUSSELS, March 25 (Reuters) - The European Union and Germany have reached a deal on the future use of combustion engines, officials said on Saturday, an issue that has been closely followed by the auto industry. The agreement will allow some combustion engines beyond 2035 and was quickly condemned by a prominent environmental group. "We have found an agreement with Germany on the future use of e-fuels in cars," Frans Timmermans, head of EU climate policy, said on Twitter. "Vehicles with internal combustion engines can still be newly registered after 2035 if they fill up exclusively with CO2-neutral fuels," he said in a post on Twitter. Sweden, which holds the EU's rotating presidency, said EU diplomats would vote on Monday to formally approve the 2035 phaseout law.

Companies Deutsche Bank AG FollowNEW YORK, March 24 (Reuters) - Deutsche Bank AG (DBKGn.DE) has settled a lawsuit in which it accused two offshore funds of reneging on an agreement to sell it $1.6 billion of claims in the bankruptcy of Bernard Madoff's namesake firm. Incorporated in the British Virgin Islands, the Kingate funds funneled client money to Madoff for many years before his Ponzi scheme collapsed in 2008. The funds sold their claims against the former Bernard L. Madoff Investment Securities LLC to Deutsche Bank for 66 cents on the dollar in 2011. But the bank said the Kingate funds later got "sellers' remorse" because the value of the claims rose substantially. The case is Deutsche Bank Securities Inc v. Kingate Global Fund Ltd et al, U.S. District Court, Southern District of New York, No.

☆ Lloyd's of London swings to 2022 pre-tax loss
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, March 23 (Reuters) - Lloyd's of London (SOLYD.UL) swung to a pre-tax loss in 2022 and took writedowns on its fixed-income investments, it said on Thursday. The pre-tax loss was 800 million pounds ($982.56 million), compared with a profit of 2.3 billion pounds a year earlier. Rising interest rates have hit investments at many financial firms, and it posted a net investment loss of 3.1 billion pounds, compared with a 900 million pound profit in 2021. However, Lloyd's underwriting profit jumped 53% to 2.6 billion pounds. John Neal, CEO of Lloyd's, forecast 2023 premiums of 56 billion pounds, up from 46.7 billion in 2022, according to a statement.

Xbox Game Pass vs. PlayStation Plus: GamesHorizon: Forbidden West is the latest high-profile game to hit PlayStation Plus. Horizon Forbidden West / SonyThe main selling points of Game Pass and PlayStation Plus are their Netflix-style libraries of downloadable games. That said, there are a handful of Game Pass titles that are only available on console or PC, not both. Game Pass members get a 10% discount when buying games that are already on Game Pass, so you can always get a deal before a game leaves the service entirely. That 10% discount also applies to downloadable content and add-ons for Game Pass games, which aren't always included with the base version.

ZURICH, March 21 (Reuters) - Swiss authorities imposed curbs on bonus payments for Credit Suisse (CSGN.S) employees, a move that will penalise bankers after a multi-billion-franc state rescue of the bank. Credit Suisse declined to comment. Battered by years of scandals and losses, Credit Suisse for months had been battling a crisis of confidence. The bank's bonus pool shrank by 50% in 2022 to 1 billion Swiss francs, according to its annual report. The Swiss government also instructed its finance ministry to propose further measures on variable remuneration for Credit Suisse.

☆ UBS to take over Credit Suisse, assume up to 5 billion Swiss francs in losses
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +4 min

BERN, March 19 (Reuters) - UBS (UBSG.S) agreed to buy rival Swiss bank Credit Suisse (CSGN.S) for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. The deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank. In that eventuality, UBS would assume the first 5 billion francs, the federal government the next 9 billion francs, and UBS would assume any further losses, the government said. Credit Suisse Additional Tier 1 shares with a nominal value of around 16 billion francs ($17.2 billion) will be written down completely after the Swiss government provided support for UBS' takeover of Credit Suisse, FINMA said. Reuters Graphics Reuters GraphicsThe Swiss government said that it was also giving UBS a guarantee of 9 billion Swiss francs "assume potential losses" from assets as part of the transaction.

It will change the landscape of banking in Switzerland, where branches of Credit Suisse and UBS are dotted everywhere, sometimes just metres apart. The Credit Suisse rescue, orchestrated with public money, shows banks' continued vulnerability and how their problems can quickly rebound on their home country. But it also removes a competitor to Wall Street, with UBS planning to pare back much of Credit Suisse’s investment bank. During the great financial crash, it was UBS and not Credit Suisse that needed state support. UBS earned $7.6 billion in profit in 2022, while Credit Suisse lost $7.9 billion.

Reuters Graphics Reuters GraphicsThe Swiss Bank Employees Association, in a statement to Reuters, demanded that UBS keep job cuts to an "absolute minimum". The statement underscores the sense of unease in Switzerland, with its reputation as a global financial center on the line. Green Party lawmaker Gerhard Andrey said that Credit Suisse is "such a visible institute". "A few months ago, nobody would have thought that Credit Suisse would fail. "But also that we are upholding the reputation of the Swiss financial centre."

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses as it winds down the smaller peer's investment bank after a shotgun merger engineered by Swiss authorities. The U.S., UK and Swiss central banks are all scheduled to meet in the week ahead. Even after Sunday's news on Credit Suisse, optimism from analysts was laced with caution and some scepticism. Others drew attention to the losses likely to be suffered by Credit Suisse junior bondholders.

[1/2] CEO Ralph Hamers of Swiss bank UBS addresses the Annual Meeting of Swiss Financial Institute (SFI) in Zurich, Switzerland November 10, 2022. Hamers, with no big-ticket M&A experience under his belt, has cut his teeth reshaping a major Dutch lender mostly by selling businesses. Reuters Graphics Reuters GraphicsA nearly 30-year veteran of Dutch lender ING - he married a former colleague from the bank - Hamers was a surprise choice when he was appointed in early 2020 to lead UBS. UBS declined to comment on the matter on Monday but the bank said at the time that it had "full confidence" in Hamers. Former Unilever CEO and fellow Dutchman Paul Polman gave a Hamers a vote of confidence on Monday, telling Reuters that "Hamers is a purposeful leader certainly well prepared to lead Swiss banking through these challenging times."

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses as it winds down the smaller peer's investment bank after a shotgun merger engineered by Swiss authorities. The failure of two U.S. banks and a rout in Credit Suisse shares have sent shock waves through markets over the past week, reviving memories of the 2008 financial crisis. The U.S., UK and Swiss central banks are all scheduled to meet in the week ahead. Others drew attention to the losses likely to be suffered by Credit Suisse junior bondholders.

☆ UBS to take over Credit Suisse, assume up to 5 bln Swiss francs in losses
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +4 min

The deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank. In that eventuality, UBS would assume the first 5 billion francs, the federal government the next 9 billion francs, and UBS would assume any further losses, the government said. Credit Suisse Additional Tier 1 shares with a nominal value of around 16 billion francs ($17.2 billion) will be written down completely after the Swiss government provided support for UBS' takeover of Credit Suisse, FINMA said. Authorities had been scrambling to rescue Credit Suisse, among the world's largest wealth managers, before financial markets reopened on Monday. Reuters Graphics Reuters GraphicsThe Swiss government said that it was also giving UBS a guarantee of 9 billion Swiss francs "assume potential losses" from assets as part of the transaction.

☆ UBS mulls takeover of Credit Suisse with possible Swiss government guarantees
▼ + stars: | 2023-03-18 | by ( John O'Donnell | ) www.reuters.com time to read: +3 min

The people said that UBS was coming under pressure from the Swiss authorities to carry out a takeover. UBS, Credit Suisse, and Switzerland's financial regulator FINMA declined to comment when approached by Reuters. Regulators have urged Credit Suisse Group to pursue a deal with Swiss rival UBS as the troubled bank began a make-or-break weekend after some rivals grew cautious in their dealings with it. The turmoil at Credit Suisse has put another dent in the Swiss reputation for financial stability on which UBS depends. Any tie-up would be one of the biggest since the global financial crisis.

Executives will run through the numbers and formulate scenarios that might reshape Credit Suisse's future, the sources added. Credit Suisse declined to comment. Among possible scenarios, analysts, bankers and investors speculate that Credit Suisse could sell or wind down some of its existing businesses with a break-up potentially on the cards. The sell-off in Credit Suisse's shares began in 2021, triggered by losses associated with the collapse of investment fund Archegos and Greensill Capital. In December, Credit Suisse had tapped investors for 4 billion Swiss francs.

LONDON/ZURICH, March 17 (Reuters) - Credit Suisse AG (CSGN.S) will be holding meetings over the weekend to assess scenarios for the bank as it struggles to regain confidence from the market, people with knowledge of the matter told Reuters on Friday. The meetings will include teams of the chief financial officer, the people said. Credit Suisse didn't immediately respond to requests for comment. On Thursday, the bank tapped the option of a $54 billion loan from the Swiss National Bank. Reporting by Stefania Spezzati and Oliver Hirt; Editing by Tom SimsOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank CEO paid 8.9 million euros in 2022
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 17 (Reuters) - Deutsche Bank (DBKGn.DE) paid Chief Executive Christian Sewing 8.9 million euros ($9.49 million) in 2022, up slightly from 8.8 million euros a year earlier, the bank disclosed on Friday, rewarding him for a third consecutive year of profit and hitting key milestones in the lender's restructuring. The bonus pool for the entire bank was 2.1 billion euros, basically flat from a year earlier. Sewing led the bank through a 9-billion-euro, four-year turnaround plan for what is one of the world's most systemically important banks after years of losses. For 2023, the bank forecast a slight increase in revenues to between 28 billion euros and 29 billion euros, according to its annual report on Friday. At the investment bank, revenues will be flat, it forecast.

The Swiss cabinet held an emergency meeting about the central bank's move on Thursday but gave no public statement after, with most politicians, including Finance Minister Karin Keller-Sutter, tight-lipped. Greens lawmaker Gerhard Andrey said managers should take responsibility and Switzerland should look at its regulations, with the Credit Suisse debacle putting the country "in a very difficult situation". That Credit Suisse has problems has been known for a long time," said Martin Staub speaking in central Zurich. The financial sector makes up about 9% of Swiss gross domestic product, according to Finance Swiss, and employs 5.5% of the workforce. "The Credit Suisse crisis is negative for Switzerland, but not enough to damage the reputation of Switzerland on its own.

A round of financing on Sunday raised through JPMorgan had given First Republic access to $70 billion in funds. First Republic Bank's stock closed up 10% on news of the rescue but its shares fell 18% in after-market trading, after the bank said it would suspend its dividend. [1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. It said it would exercise an option to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, which confirmed it would provide liquidity to the bank against sufficient collateral. Since March 8, before last week's collapse of SVB, European banks have lost around $165 billion in market value, Refinitiv data shows.

A reversal of low rates to stem rampant inflation has forced a risk rethink and exposed the vulnerability of firms such as Credit Suisse. Meanwhile, Credit Suisse still needs to push ahead with a radical restructuring it undertook in October to restore profitability. [1/2] The Credit Suisse logo adorns one of their buildings at their campus in Research Triangle Park in Morrisville, North Carolina, U.S., March 15, 2023. "Credit Suisse has been in our watch-list for a while," one senior executive told Reuters. The radical move by the Swiss central bank is aimed at banishing such doubts.

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