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☆ German corporate treasurers urged not to underestimate the current situation
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 16 (Reuters) - German corporate treasuers were urged by an industry association on Thursday not to "underestimate the current situation" as cracks in the global banking system emerge. The warning came in a blog post on Thursday from the Association of German Treasurers entitled "SVB collapse not without consequences for treasurers" asking whether this was a "Lehman 2.0" moment. "Nevertheless, treasurers should not underestimate the current situation, even if they themselves are not directly or indirectly affected by the collapse of the three U.S. banks," the association wrote. It cited a reserch report from the bank LBBW saying that a flight to quality could weaken smaller and medium-sized banks. Reporting by Tom Sims and Marta Orosz Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

[1/2] The Credit Suisse logo adorns a sign at the entrance to their campus in Research Triangle Park in Morrisville, North Carolina, U.S., March 15, 2023. In its statement early Thursday, Credit Suisse said it is exercising its option to borrow from the Swiss National Bank up to 50 billion Swiss francs ($54 billion). They said the bank could access liquidity from the central bank if needed. Credit Suisse said it welcomed the statement of support from the Swiss National Bank and FINMA. The U.S. Treasury also said it is monitoring the situation around Credit Suisse and is in touch with global counterparts, a Treasury spokesperson said.

March 15 (Reuters) - Swiss regulators pledged a liquidity lifeline to Credit Suisse (CSGN.S) in an unprecedented move by a central bank after the flagship Swiss lender's shares tumbled as much as 30% on Wednesday. They said the bank could access liquidity from the central bank if needed. Credit Suisse said it welcomed the statement of support from the Swiss National Bank and FINMA. Hoping to quell concerns, FINMA and the Swiss central bank said there were no indications of a direct risk of contagion for Swiss institutions from U.S. banking market turmoil. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022.

March 15 (Reuters) - Swiss regulators said Credit Suisse (CSGN.S) can access liquidity from the central bank if needed, racing to assuage fears around the lender after it led a rout in European bank shares on Wednesday. The U.S. Treasury is monitoring the situation around Credit Suisse and is in touch with global counterparts about it, a Treasury spokesperson said. They slid again as a crisis of confidence gripped Credit Suisse on Wednesday after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

Two supervisory sources told Reuters that the European Central Bank (ECB) had contacted banks on its watch to quiz them about their exposures to Credit Suisse. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. Credit Suisse had appealed to the Swiss National Bank and Swiss financial watchdog FINMA for a public show of support, the Financial Times reported. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

The drop in Credit Suisse shares led a 7% fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. The Swiss National Bank declined to comment on Switzerland's second-largest bank, after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constrains. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said it has benefited from market turmoil and seen money inflows.

ZURICH/FRANKFURT, March 15 (Reuters) - Swiss financial regulator FINMA and the nation's central bank said on Wednesday that the Swiss National Bank would provide Credit Suisse (CSGN.S) liquidity "if necessary", a first for a global bank since the financial crisis. The two institutions said in a joint statement that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks". Governments and at least one bank were putting pressure on Switzerland to act, said people familiar with the matter. Shares in Credit Suisse, which is battling to recover from a string of scandals that have undermined the confidence of investors and clients, lost nearly a quarter of their value on Wednesday. The stock, which was worth around 80 Swiss francs in 2008 plunged to 1.55 Swiss francs on Wednesday.

☆ Germany imposes moratorium on German SVB branch
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, March 13 (Reuters) - Germany's financial regulator BaFin on Monday said it was imposing a moratorium on the German branch of Silicon Valley Bank in the wake of its demise and noted the branch has "no systemic relevance". The bank opened a small branch in 2018 after it won a license to lend. SVB's Frankfurt branch had assets of 789 million euros ($841.86 million) at the end of last year, according to BaFin. Officials at SVB in Frankfurt have not responded to requests for comment. ($1 = 0.9372 euros)Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ How Silicon Valley Bank's collapse ripped through global tech
▼ + stars: | 2023-03-13 | by ( Martin Coulter | ) www.reuters.com time to read: +5 min

March 14 (Reuters) - Not long after California startups started pulling money out of troubled Silicon Valley Bank, entrepreneurs in other parts of the world woke up to the news. While the global effects of Silicon Valley Bank's collapse are just emerging, one thing is clear: tech startups, no matter how far apart, are intertwined. FOUNDERS WARYQuincy Lee, founder of Seattle-based EV charging startup Electra Era, tried to move millions of dollars from Silicon Valley Bank on Thursday afternoon as warning signs multiplied. European stocks fell on banking industry concerns, though, and even startups that did not bank with SVB were scrambling. CHINESE STARTUPS MOVING MONEYSVB's Shanghai-based joint venture, SPD Silicon Valley Bank (SSVB), said it had a sound corporate structure and an independent balance sheet.

☆ Vintage Red-Carpet Looks Are Having a Moment
▼ + stars: | 2023-03-11 | by ( Fiorella Valdesolo | ) www.wsj.com time to read: +1 min

With awards season in full swing comes the red-carpet photo dump of picture-perfect celebrities: Hours have been spent on hair and makeup; limbs are dripping in six-figure jewels; and couture finery abounds. But on Instagram, a different, less fussy era of red-carpet dressing has begun to hold sway via accounts that serve as scrapbooks of what celebrities once wore. The 2002 MTV Video Music Awards as a new fashion touchstone, for example? A post last year on New York stylist and vintage fashion archivist Gabriel Held’s Instagram feed suggested as much, with a carousel of images featuring the likes of Molly Sims and Ashanti in various hip bone–baring, low-slung styles emblematic of the early aughts. “I feel like the Gen Z kids are at a point now where they’re kind of referencing the era that they were born in,” says Held.

☆ Amex, Visa and Mastercard pause work on new firearms merchant code
▼ + stars: | 2023-03-10 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmex, Visa and Mastercard pause work on new firearms merchant codePriscilla Sims Brown, Amalgamated Bank CEO, joins CNBC's "Squawk Box" to discuss the company's effort spearheading a merchant category code for gun stores.

☆ German police at scene at hostage situation at Karlsruhe pharmacy
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

[1/3] German police sealed the area at the scene of a hostage situation at a pharmacy in the western German city of Karlsruhe, Germany, March 10, 2023. Police in Karlsruhe cordoned off an area in the central part of the city and urged residents to avoid the area. REUTERS/Tilman BlasshoferSummarySummary Companies Police say large deployment sent to Karlsruhe hostage situationCity centre cordoned off, police urge residents to stay awayNo danger to the broader public, police spokespersonFRANKFURT, March 10 (Reuters) - German police said officers were at the scene of a hostage situation in the western German city of Karlsruhe on Friday but that there was no danger to the broader public. Police in Karlsruhe cordoned off an area in the central part of the city and urged residents to avoid the area. The Stuttgarter Zeitung reported that two people had been taken hostage and that there was a demand for a ransom of a single-digit million euro sum.

☆ Iran can make fissile material for a bomb 'in about 12 days' - U.S. official
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Elizabeth FrantzWASHINGTON, Feb 28 (Reuters) - Iran could make enough fissile for one nuclear bomb in "about 12 days," a top U.S. Defense Department official said on Tuesday, down from the estimated one year it would have taken while the 2015 Iran nuclear deal was in effect. Back in 2018, when the previous administration decided to leave the JCPOA it would have taken Iran about 12 months to produce one bomb's worth of fissile material. Now it would take about 12 days," Kahl, the third ranking Defense Department official, told lawmakers. U.S. officials have repeatedly estimated Iran's breakout time - how long it would take to acquire the fissile material for one bomb if it decided to - at weeks but have not been as specific as Kahl was. While U.S. officials say Iran has grown closer to producing fissile material they do not believe it has mastered the technology to actually build a bomb.

☆ Germany to place order for backfilling howitzers months earlier than planned
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 26 (Reuters) - German Defence Minister Boris Pistorius said on Sunday he expected the contracts for the backfilling of howitzers that Berlin rushed to Ukraine last year to be signed by the end of March, months earlier than originally planned. "If everything works out, the contracts for the new howitzers will be signed by the end of the coming month," he told German public broadcaster ARD. Pistorius, who took office in January, did not specify the number of weapons to be reordered, but the German military last year handed over 14 self-propelled howitzers produced by Krauss-Maffei Wegmann to Kyiv. Pistorius' predecessor had planned to present the order for new howitzers to parliament for approval in mid-2023, according to a defence source. Reporting by Sabine Siebold; Editing by Tom SimsOur Standards: The Thomson Reuters Trust Principles.

☆ China should be judged by its actions, not words, German defence minister says
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 26 (Reuters) - German Defence Minister Boris Pistorius on Sunday reacted with scepticism to a Chinese ceasefire proposal for the war in Ukraine. Beijing offered the proposal on Friday, the first anniversary of Russia's invasion of Ukraine. "I am leaning towards saying, yes, Crimea is Ukrainian territory and it therefore has to be given back," he said in the interview. Zelenskiy says his troops will eventually drive Russia from all the captured territory, including the Crimea peninsula. Reporting by Sabine Siebold Editing by Tom Sims and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ G20 meeting: Germany regrets China's position on Ukraine war
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 25 (Reuters) - German Finance Minister Christian Lindner said on Saturday it was "regrettable" that China had blocked a Group of 20 communique to condemn Russia's war on Ukraine. "But for me it was more important that all the others adhered to a clear position of international law, multilateralism and the end of the war," he said. Lindner was speaking to reporters after a meeting of finance leaders from the world's major economies in Bengaluru. "There was a cautious signal from China," Lindner said. Reporting by Christian Kraemer; Writing by Tom Sims; Editing by Mark Potter and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Scholz says want to deepen relations with India, meets Modi
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Adnan AbidiNEW DELHI/BERLIN, Feb 25 (Reuters) - German Chancellor Olaf Scholz said on Saturday said he wanted to deepen his nation's relationship with India ahead of his meeting with Prime Minister Narendra Modi in New Delhi. "India and Germany have very good relations and want to deepen them. That will be the topic of our talks and, importantly, peace in the world," Scholz said on Twitter. India has also sharply raised its purchases of oil from Russia, its biggest supplier of defence hardware, although prices have fallen. Scholz is travelling with a business delegation in a hope of growing that number, with a focus on investment in green technology.

☆ Munich Re Q4 profit up 74%, surpasses full-year target
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 23 (Reuters) - The German reinsurer Munich Re (MUVGn.DE) on Thursday said it posted a 74% rise in net profit in the fourth quarter, helping it surpass a full-year earnings target despite claims related to the war in Ukraine. 2022 was a challenging year for insurers, which also faced claims from Hurricane Ian in Florida, pandemic losses and high inflation. Net profit in the fourth quarter of 1.516 billion euros ($1.61 billion) compares with 871 million euros a year ago. 2022 profit of 3.419 billion euros was up from 2.932 billion a year earlier and greater than the 3.294 billion euros that analysts had expected. Munich Re had targeted 3.3 billion euros.

☆ I helped create a 'cyber army' to help Ukraine defeat Russia. We can't fight with guns, but we can fight with our laptops.
▼ + stars: | 2023-02-19 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +5 min

Yegor Aushev appealed for volunteers for a "cyber army" to help Ukraine defeat Russia. Within the first few days of the war, we separated the cyber army into groups of between 7 to 10 people. Our call for decentralized cyber army volunteers is probably what inspired others to create their own groups, such as Ukraine's IT army, formed a few days later by the minister of digitization, Mykhailo Fedorov. Another project involved using tech to recognize who was in photos left by Russian soldiers in Bucha near Kyiv. If it was a couple hundred Russian SIMs, of course it's Russian soldiers and not tourists.

☆ In comeback, Commerzbank to join Germany's DAX blue-chip index
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A company logo is pictured at the headquarters of Germany's Commerzbank AG in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski/File PhotoFRANKFURT, Feb 17 (Reuters) - Germany's Commerzbank (CBKG.DE) will rejoin the DAX index on Feb. 27, Deutsche Boerse (DB1Gn.DE) announced late on Friday, marking a comeback for Germany's No. "This shows that we are on the right track with our restructuring - and spurs us on to continue with the same energy," Commerzbank AG said on Twitter in response to the announcement. Following Wirecard's demise, Deutsche Boerse AG, which compiles the DAX index, revamped it to include 40 companies, rather than the previous 30, and made membership criteria tougher. Other members include Siemens AG, Volkswagen AG, and Allianz SE.

The bank said it would aim for a 2023 result that is "well above" 2022, helped by higher interest rates, despite "another demanding year in view of the challenging environment". Reuters GraphicsNet profit of 472 million euros ($505.3 million) in the quarter was higher than 421 million euros a year earlier. It was well above average analyst expectations of 350 million euros, according to a consensus forecast published by Commerzbank. For the full year, Commerzbank generated net profit of 1.435 billion euros, up from 430 million euros a year earlier, and better than expectations for around 1.359 billion. Commerzbank forecast net interest income "well above" 6.5 billion euros for 2023, "with clear additional upside potential".

☆ NBA All-Star Saturday: Damian Lillard tops 3-Point Contest field
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

[1/3] Feb 13, 2023; Portland, Oregon, USA; Portland Trail Blazers guard Damian Lillard (0) stands with teammates during the singing of the national anthem before a game against the Los Angeles Lakers at Moda Center. / Troy Wayrynen-USA TODAY SportsFebruary 15 - Portland Trail Blazers guard Damian Lillard, who has hit the sixth-most 3-point shots in NBA history, will take part in the 3-Point Contest as part of All-Star Saturday Night this week in Salt Lake City. Also competing in the 3-point event will be Miami Heat guard Tyler Herro, Portland Trail Blazers guard Anfernee Simons and Sacramento Kings swingman Kevin Huerter. Curry won the 3-Point Contest in 2015 and 2021, and Allen won it in 2001. The Slam Dunk Contest will include one player, Mac McClung, who hasn't appeared in an NBA game this season.

They stressed that the reallocation would be gradual and not result in fire sales, with new money going largely into fixed income rather than alternative investments. Goldman Sachs' asset management arm is planning to significantly reduce its $59 billion of alternative investments. Credit rating agencies Moody's and S&P, which both give Allianz high marks, have pointed to the greater risk posed by comparatively illiquid alternative investments in Allianz's portfolio. Alternative investments come at a price, requiring Allianz and other insurers to set aside more capital to own them because they are less liquid than bonds. In its wake, Allianz has had to close down Allianz Global Investors in the United States in a serious blow to the company.

[1/4] A Russian police officer stands in front of a branch of the Raiffeisen Bank in Moscow, Russia, February 27, 2016. It made a net profit of roughly 3.8 billion euros last year, thanks in large part to a 2 billion euro plus profit from its Russia business. Of UniCredit's more than 20 billion euro total revenue last year, Russia accounted for more than 1 billion euros. Meanwhile, Russian savers lodged more than 20 billion euros with the bank, which offers a place to deposit funds with fewer sanctions risks. It banned investors from so-called unfriendly countries from selling shares in banks, unless the Russian President grants an exemption.

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