Podcasts about saudi national bank

AT1-bond, coco, bufferobligatie: wat je het ook noemt, zelfs het Bazels comité voor Bankentoezicht weet niet meer zeker waar het over gaat. Deze week werd bekend dat Bazel institutionele beleggers, regelgevers en anderen heeft gevraagd wat de implosie van Credit Suisse betekende voor hun kijk op deze producten. Beste belegger, wat vindt u nú eigenlijk van uw belegging? Snapt u het risico nog, meneer de regelgever? En wat vindt de kredietbeoordelaar eigenlijk? Krijg je nog een mooie waardering als bank, met deze dingen op je balans? Er is dan ook sprake van verwarring, zeker bij de institutionele beleggers die hadden geïnvesteerd in de bufferobligaties van de gevallen grootbank. Deze bufferobligaties waren bedoeld om na de crisis van 2008 extra kapitaal aan banken te verschaffen. Toen werden ze nog vooral coco's genoemd: contingent convertible bonds. Vrij vertaald: achtergestelde obligaties die zich om zouden zetten in aandelen zodra de bank een bepaald verlies lijdt. De belegger krijgt een hogere rente dan andere obligaties in goede tijden, en een aandeel in slechte tijden. De bank hoeft bij financieel noodweer even een rentebetaling minder te doen, maar kan toch in goede tijden geld méér geld ophalen dan als de bank slechts aandelen en (normale) obligaties uitgeeft. Iedereen blij! Zoals altijd zit het venijn 'm toch in de details. Wat is nou precies het moment waarop de bufferobligatie verandert in een aandeel? Is dat wanneer het kapitaal van de bank zoals gedefinieerd in de Bazelregels onder een bepaalde drempel valt? Of is dat als de lokale regelgever zegt dat het nu moet? Zoals dat gaat met financiële producten ontstonden er meerdere versies van de coco's. Daarom spreken we inmiddels vaker van AT-1 bonds (additional tier 1, een extraatje in de kapitaalstructuur dus) of gewoon bufferobligaties. Elke prospectus van elke bufferobligatie kan subtiel verschillen wat betreft deze voorwaarden. In Zwitserland, China en Japan werden er in het laatste decennium versies uitgegeven die vooral steunden op een beslissing van de regelgever, en niet op een financiële drempel die de obligatie verlies op laat vangen. Dat merkten aandeelhouders van Credit Suisse vorig jaar. De bank viel om, Ralph Hamers van UBS werd in een weekendje gedwongen om de boel over te nemen en opeens bleken de bufferobligaties van Credit Suisse waardeloos. 17 miljard euro aan waarde ging in rook op. Dat had de regelgever gewoon bepaald: in de prospectus van de bufferobligaties van Credit Suisse stond dat de regelgever dat kon doen als er sprake was van een viability event.  (Overigens waarschuwde de Financial Times al in 2016(!) voor deze specifieke eigenschap van deze specifieke bufferobligatie uit Zwitserland.) Maar de aandeelhouders van Credit Suisse kregen nog wel iets meer dan 3 miljard euro. Dat was natuurlijk de omgekeerde wereld, zeiden alle institutionele beleggers die de bufferobligaties van Credit Suisse hadden gekocht. Advocaten slepen hun pennen. Inmiddels wordt er voor meer dan 9 miljard aan claims neergelegd bij de Zwitserse autoriteiten, omdat de zogeheten kapitaalstructuur of 'waterval' van de financiële markten heilig is: aandeelhouders krijgen pas iets als álle obligaties zijn afbetaald. En dat was hier niet het geval. De reden voor dit debacle laat zich raden, al zal het er misschien iets mee te maken hebben dat de Saudi National Bank net geen 10% van de aandelen van Credit Suisse bezat en al een verlies van meer dan een miljard dollar had geleden. Leg dat maar eens uit aan mensen die een paar weken geleden nog tussen 1 en 2 miljard dollar bijlegden om de bank te stutten. Zij hadden vlak voor de val nog rond de 300 miljoen dollar over van die belegging. Waarschijnlijk hadden de Zwitsers geen zin in een tripje naar Riyadh. Ironisch genoeg vraagt juist het Bazels Comité voor Bankentoezicht om opheldering. Het Nederlandse Ministerie van Financiën mengde zich al eerder in de discussie en zei dat de grote onduidelijkheid rond de bufferobligaties geen goede zaak is. Misschien moeten ze wel worden afgeschaft, opperden de ambtenaren. Besmuikt gelach van over de hele wereld viel ze ten deel: weet het Nederlandse ministerie niet dat Rabobank, ING en ABN Amro hier miljarden van op de balans hebben staan? En dat de Nederlandse Staat nog belegt in ABN?  Toch is de geopperde suggestie van het Ministerie niet geheel vreemd van de wereld. De coco's waren oorspronkelijk bedoeld om een bank ordentelijk om te helpen vallen, maar dat is eigenlijk nooit voorgekomen, zoals Credit Suisse weer aantoont. Bovendien is het beprijzen van ook de latere vormen knap lastig. Hoe vang je een obligatie die in slechte tijden kapot gaat in een risicomodel? En: haal je nou goedkoper geld op in goede tijden als bank, of moeten deze producten gezien de gebleken risico's totaal anders worden geprijsd... en verliezen ze dus al hun nut voordat ze uitgegeven zijn? De komende jaren zal blijken wat er met de AT1's gebeurt. Feit is dat er miljarden van uitstaan en dat ze een wezenlijk onderdeel vormen van veel bankenbalansen. En die werkelijkheid draai je niet zomaar terug. Beursnerd en Beursnerd XL Iedere werkdag iets na elf uur werpt de Beursnerd in gesprek met presentator Thomas van Zijl een blik op de AEX, waarbij hij of zij de diepgang niet schuwt. Daarnaast is er donderdag om tien voor twaalf een langere beursanalyse. Die neemt Beursnerd XL Jochem Visser voor zijn rekening.See omnystudio.com/listener for privacy information.

Don't miss this podcast episode: Credit Suisse Financial Crisis Explained. The problem is more of a bad image crisis than a financial crisis. The most frequent question is. Which bank is super safe for depositing the assets? Investors are scared. The Credit Suisse bondholders who lost 16 billion Swiss francs are angry and furious. The pension fund of Migros, Switzerland's biggest supermarket chain, lost 100 million CHF with Credit Suisse coco bonds or additional tier 1 bonds. They ask for justice. A dozen US law firms are preparing a class action against UBS, FINMA, the financial watchdog, the Swiss National Bank, and the Swiss government. They want me to cooperate. In this video, I will disclose my opinion, including the arguments of the AT1 bondholders for a class action. I will tell you how I answered the phone calls. Table of Content 00:00 Credit Suisse crisis explained 01:51 US banks are going bust 02:23 What happens with Credit Suisse? 04:11 Saudi National Bank and Credit Suisse 04:48 Swiss National Bank Credit Suisse 05:08 Credit Suisse share price 05:43 Coco bonds at1 Credit Suisse 08:38 Swiss National Bank provides liquidity 10:22 Bilateral investment treaty claims 12:00 Why Credit Suisse lost money? 12:40 Sergio Ermotti will be the new CEO of UBS 13:05 Wealth management vs investment banking 13:35 Safest business model wealth management Do you need a very safe Swiss bank? Call us for help. We will help you with Swiss bank account opening with the safest Swiss bank! Visit our official website: https://swiss-banking-lawyers.com

Your weekly look at what the industry is talking about, offering information bankers like you need to know.This week Liz Lumley and John Everington talk about ‘the ongoing banking saga', the shock resignation of Saudi National Bank chairman, the evolution of crypto for payments in Africa and celebrate the era of coexistence for financial messaging of cross-border payments. Hosted on Acast. See acast.com/privacy for more information.

This show is sponsored by Noble Gold:Protect Your Retirement W/ A Gold IRA https://www.GeopoliticsGold.com Noble Gold is Who I Trust ^^^The Export-Import Bank of China (China EximBank) and Saudi National Bank struck a deal by which Saudi Arabia and China will trade using the Chinese Yuan RMB instead of the US dollar. The move comes as China continues to increase its influence in the world economy, and Saudi Arabia looks to diversify its export markets.For Business inquiries, please go to ➡︎ show@geopoliticsinconflict.com⏰ LIVE STREAM SCHEDULE:Wednesday 12 noon CT / 10 AM PT / 1PM ET

Hoje eu falo sobre as novas previsões do Banco Mundial para essa década, sobre a saído do CEO do Saudi National Bank e sobre as demissões na Walt Disney Company. Gostaria de um feedback da minha imitação do Mickey, se possível

First Citizens will buy Silicon Valley Bank's deposits and loans, prompting a stock rally in regional banks. Lawmakers are gearing up to question Federal Reserve officials about the banking crisis on Capitol Hill. CNBC's Steve Liesman reports the many questions Congress will ask during the two-day hearings. Pantheon Macroeconomics Chief Economist Ian Shepherdson warns that the global banking contagion could exacerbate a recession, should we fall into one. In a conversation about the global credit crunch and the markets' digestion of the Fed's latest rate hike, Shepherdson discusses monetary policy and global market jitters. The Saudi National Bank lost over $1B on its Credit Suisse investment, now that UBS has rescued the embattled bank; a week after the loss, the Saudi National Bank's chairman has stepped down. Plus, in China, Jack Ma has returned to the mainland, and corporate executives convened in Beijing over the weekend for the China Development Forum. Among them: Apple's Tim Cook. CNBC's Eunice Yoon reports, despite President Xi's reassurances that China wants an “open China,” attendees of the forum were not as optimistic about US-China relations.  In this episode:Eunice Yoon @onlyyoontvSteve Liesman, @steveliesmanJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickKatie Kramer, @Kramer_Katie

AP correspondent Charles de Ledesma reports on Saudi Arabia Credit Suisse-Saudi chair resigns

Your morning briefing. The news you need in just 15 minutes. On today's podcast: 1) First Citizens buys Silicon Valley Bank 2) The Chairman of Saudi National Bank resigns after remarks to Bloomberg News 3) Twitter suffers a leak of its proprietary source code  See omnystudio.com/listener for privacy information.

Het cijferseizoen komt dichterbij. Dat betekent dat ook banken met hun kwartaalcijfers én voorspellingen komen. Moeten banken die verwachtingen drastisch bijstellen door alle onrust in de financiële wereld? Verder: het loont om de failliete boedel van een bank te kopen. Dat geldt in ieder geval voor de partij die Silicon Valley Bank overneemt. Beleggers zijn door het dolle en zetten het aandeel tientallen procent hoger. Ook hebben we het over Jack Ma, die ineens weer opduikt in China. De kansen voor het aandeel Pharming. En we blikken tot slot vooruit op de beursdag van morgen.   See omnystudio.com/listener for privacy information.

Het cijferseizoen komt dichterbij. Dat betekent dat ook banken met hun kwartaalcijfers én voorspellingen komen. Moeten banken die verwachtingen drastisch bijstellen door alle onrust in de financiële wereld? Verder: het loont om de failliete boedel van een bank te kopen. Dat geldt in ieder geval voor de partij die Silicon Valley Bank overneemt. Beleggers zijn door het dolle en zetten het aandeel tientallen procent hoger. Ook hebben we het over Jack Ma, die ineens weer opduikt in China. De kansen voor het aandeel Pharming. En we blikken tot slot vooruit op de beursdag van morgen.   See omnystudio.com/listener for privacy information.

Your morning briefing. The news you need in just 15 minutes. On today's podcast: (1) The Chairman of Saudi National Bank resigns after comments to Bloomberg triggered the collapse of Credit Suisse. (2) Silicon Valley Bank's deposits and loans are sold to First Citizens. (3) LME Nickel returns to regular trading for the first time in more than a year. (4) Thousands protest in Israel after Benjamin Netanyahu fired his defense chief. See omnystudio.com/listener for privacy information.

Concerns among Credit Suisse shareholders in the wake of its purchase by main rival UBS. The $3.2-billion purchase has been driven by regulators, but normally shareholders would have a say in whether a takeover happens. Credit Suisse's largest shareholder, Saudi National Bank, has lost more than US$1 billion from the purchase. JMI Wealth Director Andrew Kelleher told Mike Hosking it raises an important question of what might happen in similar situations. He says shareholders may start to think of cutting and running earlier and wonders if this will accelerate or exacerbate other issues. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Asian stocks are sliding as much as 3% today after Swiss lender UBS agreed to buy its banking rival Credit Suisse in a $3.25 billion takeover. The government-backed deal corresponds to a capitalization that is far below the level at which Credit Suisse was trading on Friday. The Swiss National Bank said the deal was the best way to restore confidence in financial markets and the credit environment in Switzerland. Credit Suisse saw its shares tumble last week after its largest investor, the Saudi National Bank, declined to provide additional funding. Meanwhile, banking stocks are expected to fall on Monday for yet another session as investors pull back from positions in First Republic, amid concerns over the state of the banking sector. #CreditSuisse #UBS #BankingTakeover

Ein Kommentar von Ernst Wolff.Die zweitgrößte Schweizer Bank Credit Suisse stand in der vergangenen Woche vor der Zahlungsunfähigkeit. Nachdem im vierten Quartal 2022 bereits Kundengelder in Höhe von 100 Milliarden Franken abgezogen worden waren, verloren im ersten Quartal 2023 zahlreiche weitere Anleger das Vertrauen. Auf Grund der zunehmenden Abflüsse stiegen die Absicherungskosten für den Ausfall von Credit-Suisse-Anleihen kräftig an. Das wiederum führte dazu, dass der Aktienkurs einbrach und allein am 15. März um bis zu 31 Prozent nachgab.Als dann auch noch der Großaktionär Saudi National Bank ankündigte, kein weiteres Geld in die taumelnde Bank stecken zu wollen, drohte ein Bank-Run. Der aber musste auf Biegen und Brechen vermieden werden, denn die Credit Suisse zählt zu den ca. 30 global systemrelevanten Geldinstituten, deren Zusammenbruch einen Dominoeffekt im Bankensektor auslösen und das weltweite Finanzsystem existentiell gefährden könnte.Die Rettung übernahm am vergangenen Donnerstag die Schweizer Nationalbank SNB. Sie gewährte der Credit Suisse einen Kredit in Höhe von 50 Milliarden Schweizer Franken und bewahrte sie damit vor dem Offenbarungseid. Offenbar aber reichte die Summe nicht für eine dauerhafte Stabilisierung aus, denn nach einem kurzen Anstieg fiel der Aktienkurs bis zum Wochenende erneut um fast 18 Prozent.Es verdichteten sich die Anzeichen, dass die Probleme erheblich größer waren als die Führung der Credit Suisse zugab. Zum einen kamen Gerüchte auf, dass BlackRock die Bank übernehmen wolle, was umgehend vom größten Vermögensverwalter der Welt dementiert wurde. Zum anderen aber gab es verschiedenen Meldungen zufolge Übernahme-Gespräche mit der größten Schweizer Bank UBS, die selbst im Oktober 2008 von der Schweizer Nationalbank mit 54 Milliarden Dollar gerettet worden war.Tatsächlich verkündete die UBS am Sonntag, dass sie die Credit Suisse umgehend für ca. 1 Mrd. Franken übernehmen könne und pro Aktie, die am Freitag noch mit 1,81 Franken bewertet worden war, 0,25 Franken zahlen würde. Die Schweizer Regierung unterstützte den Vorschlag der UBS und sagte zu, ein Gesetz, dass für eine solche Übernahme eine Frist von 6 Wochen vorsieht, außer Kraft zu setzen.Der Deal wurde aber von der Credit Suisse abgelehnt. Nun blieb scheinbar nur noch eine Möglichkeit: Um den Dominoeffekt zu verhindern, hätte die Schweizer Regierung die Notbremse ziehen und das Geldhaus verstaatlichen müssen. Das aber wurde nicht notwendig, da die UBS ihr Angebot für eine Übernahme erhöhte, pro Aktie 0,76 Franken bot, sich im Gegenzug aber von der Schweizer Nationalbank eine Kreditzusage in Höhe von bis zu 100 Milliarden Franken geben ließ...... hier weiterlesen: https://apolut.net/das-drama-um-die-credit-suisse-von-ernst-wolff+++Bildquelle: bht2000 / shutterstock+++Apolut ist auch als kostenlose App für Android- und iOS-Geräte verfügbar! Über unsere Homepage kommen Sie zu den Stores von Apple und Huawei. Hier der Link: https://apolut.net/app/Die apolut-App steht auch zum Download (als sogenannte Standalone- oder APK-App) auf unserer Homepage zur Verfügung. Mit diesem Link können Sie die App auf Ihr Smartphone herunterladen: https://apolut.net/apolut_app.apk+++Abonnieren Sie jetzt den apolut-Newsletter: https://apolut.net/newsletter/+++Ihnen gefällt unser Programm? Informationen zu Unterstützungsmöglichkeiten finden Sie hier: https://apolut.net/unterstuetzen/+++Unterstützung für apolut kann auch als Kleidung getragen werden! Hier der Link zu unserem Fan-Shop: https://harlekinshop.com/pages/apolut Hosted on Acast. See acast.com/privacy for more information.

Concerns among Credit Suisse shareholders in the wake of its purchase by main rival UBS. The $3.2-billion purchase has been driven by regulators, but normally shareholders would have a say in whether a takeover happens. Credit Suisse's largest shareholder, Saudi National Bank, has lost more than US$1 billion from the purchase. JMI Wealth Director Andrew Kelleher told Mike Hosking it raises an important question of what might happen in similar situations. He says shareholders may start to think of cutting and running earlier and wonders if this will accelerate or exacerbate other issues. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Global Policy Watch: Bailout Pe Bailout Pe BailoutInsights on global policy issues relevant to India— RSJWhere do I start this week? Maybe with a spot of self-promotion. Pranay and I were guests on the popular Hindi podcast Puliyaabazi. I have been a long-time fan, so it was nice to be a guest there. Pranay usually co-hosts this with Saurabh and Khyati, but this time, he was on the other side. I felt a bit like Uday Chopra, who is only in the film because he is the producer's brother. Anyway, I think a good time was had by all as we covered a wide variety of topics - Enlightenment and why it didn't happen in India (short answer: there wasn't any need, really), why we write this newsletter (majboori) and the usual quota of Bastiat, Smith and Rorty (showing off). Do listen if you have time (of course, you do).Moving on. Here is a quick run-through of what's gone on since my last post. Another US regional bank, Signature Bank, stared into the abyss with depositors making a run to withdraw their money as analysts looked around for large unrealised losses sitting on banks' balance sheets. Fed officials spent their weekend hawking the other failed bank, Silicon Valley Bank (SVB), to potential buyers. But who in their right mind will buy out a troubled bank in these times? More so after all the trouble that the likes of JP Morgan Chase had buying out such banks during the financial crisis of 2009. Running out of options, the Fed, the Treasury and the Federal Deposit Insurance Corporation (FDIC) announced an unprecedented bailout of all depositors of SVB and any other bank that will be in a similar hole in future. Simply put, FDIC will guarantee all deposits and not just those below $250,000 for which there's insurance. To be sure, the equity shareholders and those holding unsecured corporate bonds won't be bailed out. They will lose their shirts. So, this isn't a repeat of the 2009 bailouts. The Fed then went a step further to address the root cause of the problem. Banks are sitting on huge held-to-maturity (HTM) losses on the securities they hold because the interest rates have moved too far up too quickly. And they have a liquidity issue if there are continued withdrawals from the depositors. If they sell their securities today to meet their commitments to give depositors their money when they ask for it, they will have to sell them at a loss. This substantial loss will mean they will need to raise capital from shareholders to keep themselves solvent as per Fed requirements. But who will give them money in this market? Uninsured depositors who play out this game-theory scenario in their minds will therefore withdraw more of their money. Ideally, if they play the scenario right as a collective, they shouldn't. But as individuals, they will make a run on the bank. Soon, the bank will be in a death spiral, and this is what happened at SVB and Signature Banks. The last-minute solution devised by Fed was the creation of what's termed the Bank Term Funding Program (BTFP). Here's how Fed sees BTFP:“The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress.With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.”If you didn't have any background to this situation and just read the above note from the Fed, you'd be forgiven if you thought here was a central bank of a developing world economy figuring out a short-term jugaad to solve a crisis at hand. But the Fed didn't just stop here. After all, like the Queen in Through The Looking Glass, it can believe in six impossible things before breakfast. Leaving their struggles to find a buyer for Signature Bank behind, they put together a unique Barjatya style “hum saath saath hain” deal and nudged a number of banks to do their bit to shore up confidence in the banking system: (as CNBC reports)“A group of financial institutions has agreed to deposit $30 billion in First Republic in what's meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon.Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will contribute about $5 billion apiece, while Goldman Sachs and Morgan Stanley will deposit around $2.5 billion, the banks said in a news release. Truist, PNC, U.S. Bancorp, State Street and Bank of New York Mellon will deposit about $1 billion each.“This action by America's largest banks reflects their confidence in First Republic and in banks of all sizes, and it demonstrates their overall commitment to helping banks serve their customers and communities,” the group said in a statement.“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” The Federal Reserve, Treasury Department, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency said in a joint statement.”Remind me now, sometime in the past, I have accused Indian policymakers of what's called isomorphic mimicry. It is a concept developed by Lant Pritchett et al to explain the tendency of governments to mimic other governments' successes, replicating processes, systems, and even products of the “best practice” examples without actually developing the functionality of the institutions they are imitating. Policymaking in developing countries often falls prey to this. A good example of this is imitating the green energy policies implemented in Sweden (a $60,000 per capita economy) in India (a $2000 per capita economy) which has neither the state capacity to implement nor the public readiness to accept such policies. Why am I bringing up isomorphic mimicry here? Well, because I never imagined a day shall dawn when the US policymakers take a leaf out of what India did when faced with a crisis. What the Fed did to save Signature Bank is isomorphic mimicry flowing the other way. To refresh your memory, here's a Business Standard report (Mar 13, 2020) on what the Finance Ministry and RBI did to save Yes Bank in 2020:“Hours after the Cabinet approved reconstruction scheme for YES Bank, private lenders ICICI Bank, HDFC, Kotak Mahindra Bank and Axis Bank came to the cash-strapped bank's rescue. While the SBI had earlier announced its decision to purchase 49 per cent shares, both ICICI Bank and HDFC are set to invest Rs 1000 crore each with Axis Bank pouring Rs 600 crore to pick up 60 crore shares of the troubled lender and Kotak Mahindra infusing an equity capital of Rs 500 crore under the RBI's bailout plan.The developments took place soon after Finance Minister Nirmala Sitharaman said that other investors were also being invited.”I guess one way to look at this is if you let fiscal dominance become the central canon of how you manage your economic policy, you will eventually reach the same place as other economies (mostly developing) that have indulged in the same for years. The monetary authorities in the U.S. have been accommodating the fiscal profligacy of the treasury for years. This was accentuated during the pandemic. Trillions of dollars were pumped in to save the economy. I'm not sure how much the economy needed saving then. But that bill has come now. First in the shape of inflation, followed by rapid, unprecedented rate hikes and the inevitable accidents that are showing up now. Almost certainly, a recession will follow. Isomorphic mimicry of Latin American monetary policy indeed. Anyway, that was not the only bailout of the week. We also had Credit Suisse almost going under in a bad case of deja vu to those who have seen 2009. Here's CNBC on this:“Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.The decision comes shortly after shares of the lender fell sharply Wednesday, hitting an all-time low for a second consecutive day after its top investor Saudi National Bank was quoted as saying it won't be able to provide further assistance. The latest steps will “support Credit Suisse's core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the company said in an announcement.In addition, the bank is making a cash tender offer in relation to ten U.S. dollar denominated senior debt securities for an aggregate consideration of up to $2.5 billion – as well as a separate offer to four Euro denominated senior debt securities for up to an aggregate 500 million euros, the company said.”What's that word that starts with C and was used a lot during the pandemic? Well, that C word is knocking at the doors of global finance right now. It is not a contagion yet. But the odds of it happening have significantly gone up in the past week.I will close this by covering the two discussion themes emerging from these events. First, what happens to the hawkish stance the Fed had taken a couple of weeks back on more rapid rate hikes in the light of inflation being sticky and inflation expectations being anchored? This, as I have written earlier, is of real interest to India and its policymaking stance. The Fed is in an absolute bind now before its meeting on Wednesday to take a call on rates. A rate hike in the current environment will make the weak banks look even more vulnerable despite the deposit backstop and the additional liquidity available from BTFP. And who knows what other accidents are lurking that will show up as the rates go higher? Does the Fed want to risk financial instability? On the other hand, inflation is real, and it is an election year. Runaway inflation will mean the eventual taming of it, and the recession that will follow will be hard and long. Who wants to preside over that? I see almost zero chance of a rate hike in this cycle. The Fed might wait till May to resume raising rates after it has weathered this risk of banking contagion and waiting for the April inflation data. But even then, the core problem remains. Further rate hikes will expose weak players, and that will mean we will have accidents. So long as they are small and contained, it is worth the risk of raising rates. But who can predict the nature of the accidents?Second, there's some kind of war that's broken out on social media on who is responsible for the collapse of SVB and Signature. There are those who believe it is the Fed whose actions over the past three years are solely responsible for the situation we are in now. The crux of the argument is that the Fed forecasts the interest rate and then it sets the rate. Banks take bets on long-term securities based on these forecasts. This is called duration risk. If the Fed then sets the rate that's so far removed from their own forecasts, what do poor treasury folks in Banks do? Plus, it is the Fed that has been making the rules since the GFC to direct a whole lot of bank liquidity into the purchase of long-term government bonds. The whole system is rigged by the Fed, and when things go wrong, it cannot pontificate on the risk management practices of banks. The counter to this is that the Fed only puts out an interest forecast based on the data (esp on inflation) that's available. When the incoming data changes, its forecast changes. This deviation is in a narrow band in usual times. In unusual times like what we've been through in the past two years, you may have a bigger variance. Banks have multiple ways to hedge duration risks. Instead of looking at the Fed to apportion blame, one should look at how conveniently the depositors of SVB - the VCs, startups and other cool people - jumped ship at the first sign of trouble when they know such a collective deposit withdrawal will make the situation worse. It is incredibly stupid of this deposit base that prides itself on its ability to see further, take long-term bets and dimension risks better than others, that it could not have the patience to stand by a bank that has served them well. The problem of SVB bank, according to this lot, is they were over-reliant on a lopsided deposit base, and that deposit base acted most stupidly. I think both these debates are going to rage on for some time. The Fed has slipped down the path where it has allowed fiscal dominance to overrule prudent policymaking. It is quite difficult to retrieve ground from there unless you have a Fed Chair with the intellectual heft and drive to restore balance. Equally, asset liability matching (ALM) is a core responsibility of banks. They are supposed to diversify their base of customers, monitor duration risks, and stress-test their balance sheet. All the strutting around as a cool disruptive bank or hanging out with your clients should not distract you from that fundamental truth. You take your eye off it, you veer off the road.    Advertisement: Admissions to Takshashila's Post-graduate Programme in Public Policy (PGP) are now open. This is a fantastic opportunity if you want to dive deep into public policy while pursuing your work responsibilities.India Policy Watch: Milking Consumers and Producers, All at OnceInsights on burning policy issues in India— Pranay KotasthaneWe harp on Hayek's paper, The Use of Knowledge in Society, in this newsletter. Price is a vital signal, a decentralised coordination mechanism between producers and consumers. And so, when governments prohibit its functioning, bizarre things happen. Let's analyse the consequences of price distortion using an ongoing situation — the milk shortage in Karnataka. A bit of background to set things up. Milk is an ‘essential' commodity. Its essentiality is not just a matter of fact or reason but also a carte blanche for Indian governments to regulate the production, supply, and distribution of any commodity that is classified as essential under the Essential Commodities Act (ECA), 1955. In practical terms, it means that the government fixes procurement prices, caps consumer prices, and often owns and runs everything that lies between these the producer and the consumer.So is the case with milk in most states, including Karnataka. The Karnataka Milk Federation (KMF) is a dairy cooperative under the Department of Cooperation, Government of Karnataka. It procures nearly 50 per cent of all the milk that is produced in the state. It sells products under the brand name Nandini. Nearly 50 per cent of its consumption happens in the capital, Bengaluru. Government ownership complicates and comicalises the situation in a way that can only be equalled by a Priyadarshan comic flick. See, for instance, what has happened due to a milk supply chain disruption over the last few weeks. As the summer began early this year, the demand for milk rose sharply. A glass of majjige (buttermilk) or lassi is a wonderful refresher in the heat. Simultaneously, the supply drops in the summer months. Natural adaptation dictates that animals produce less milk than usual in the heat. A bout of lumpy skin disease has further exacerbated the gap between demand and supply this year. For an ordinary product, a rise in prices would iron out this demand-supply gap quickly. With an increase in prices, consumers will rationalise consumption, while the producers will work harder to increase the supply. But when governments own the supply chain, price rises are defenestrated, and a chain of bizarre events emerges.First, electoral concerns circle over pricing decisions like vultures. In this particular case, the government will not touch the price caps with a barge pole because the Karnataka elections are due in May. So the government tries to increase prices in a roundabout way: increase the maximum retail price (MRP) but offer a reduced quantity of milk for the same packet price.Second, shortages abound. Since the administered price rises have not done enough to make the demand-supply gap go away, milk shortages have emerged. The rich can well afford to buy premium milk at higher prices from other suppliers. But for the poor, the milk packets disappear. Instead of paying a slightly higher price until the supply rises again, the less-privileged consumers are left only with an empty glass.Third, the government resorts to blaming private businesses. Someone has to be blamed, and as so often happens in India, businesses get the flak. See this report in The Hindu, which casually places the blame on private players who are now willing to offer higher prices to the dairies and farmers. The report says:“Private players purchasing milk from the retail market to sustain their businesses in milk products is said to be causing a disruption…“He also said private dairies were procuring milk directly from farmers in rural areas by offering a higher price, thus reducing the union's procurement.”We should have been celebrating private players that are offering a better deal to farmers, given the scarcity. Instead, they have become villains. And fourth, a quotidian issue becomes a front for inter-state tensions. The Karnataka government blames dairies in Maharashtra and Tamil Nadu for offering higher prices to farmers within Karnataka, while the Tamil Nadu government is blaming private companies from Andhra Pradesh!Funny, the kinds of things that happen when the government enters and obstructs a control system called “prices”.Even as this satire unfolds, the root cause of the milk shortages isn't even being talked about. The Bangalore Milk Union president admitted that “many small milk producers have given up on rearing cows as it has become unsustainable”. Though he doesn't mention the underlying reason for this change, the bans on cow slaughter and recent attacks on people transporting cattle surely have reduced the incentives for farmers from stepping into this minefield called milk production. HomeWorkReading and listening recommendations on public policy matters* [Newsletter] Economic Forces is a must-read newsletter for all public policy enthusiasts.* [Paper] This paper on the effect of a landmark policyWTF called the Freight Equalisation Scheme explains how good intentions can sometimes produce terrible policies. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit publicpolicy.substack.com

Shares of Credit Suisse hit a new record low on March 15 when its largest shareholder, the Saudi National Bank, declined to provide the business with more financial support. Amidst the turmoil, Credit Suisse Bank has reportedly appealed to the Swiss National Bank for a public show of support.~This Episode is Sponsored By Ledger~Ledger Website ➜ https://shop.ledger.com/?r=9e9e0aec8aad

Another day. Another bank crisis. This time it's the almost 167-year-old Credit Suisse bank. On Wednesday, after Saudi National Bank, said that it would not provide fresh funding to Credit Suisse, shares of the Swiss bank plummeted to a record low of $1.40 per share. However, Saudi National Bank said that the panic around Credit Suisse is unwarranted. Meanwhile, to shore up its liquidity, Credit Suisse said that it would borrow up to $54 billion from the Swiss Central Bank. In this episode of news explained, Hamsini Karthik, Senior Assistant Editor, explains the ongoing Credit Suisse crisis, its impact on India and more. Listen in! (Produced by Nabodita Ganguly) --- Send in a voice message: https://podcasters.spotify.com/pod/show/business-line/message

Credit Suisse takes a 50 billion franc lifeline from the Swiss National Bank as it looks to restore confidence in the lender, after shares plummet 24 percent. The Chairman of the Saudi National Bank tells CNBC there have been no talks about providing additional financial assistance to Credit Suisse, as he tries to firm up confidence in the embattled lender. European banks brace themselves after a bruising session - that saw the sector plunge 7%, the worst day since Russia invaded Ukraine. Oil recovers some ground after hitting its lowest level since December 2021, amid fears the banking crisis could dent global economic growth. Cracks in the global banking system cast doubt over the ECB's resolve, with market bets clouded on the likelihood of a 50 basis point hike today.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wenige Worte von Ammar Al Khudairy haben gereicht, um die Credit Suisse ins Chaos zu stürzen. Der Aufsichtsratschef der Saudi National Bank, des aktuell größten Aktionärs der Schweizer Großbank, hatte am Mittwoch ausgeschlossen, im Ernstfall frisches Kapital nachzuschießen. Das ließ den Kurs der Credit-Suisse-Aktie zeitweise um mehr als 30 Prozent auf ein Allzeittief von rund anderthalb Franken abstürzen. In der Nacht zum Donnerstag kündigte die Credit Suisse dann an, sich bis zu 50 Milliarden Schweizer Franken bei der Schweizerischen Nationalbank leihen zu wollen. Das hat die Märkte am Donnerstag beruhigt. Trotzdem bleibt die Lage im Bankensektor angespannt. Die Angst, dass nach der Pleite der Silicon Valley Bank die Bankenkrise nach Europa überschwappen könnte, ist nach wie vor da: „Man sieht, dass die Aufseher schnell reagieren, und das würden sie nicht tun, wenn sie nicht sehr ernst nehmen würden, was da gerade passiert“, sagt Jakob Blume, Handelsblatt-Korrespondent in Zürich. In einem solch nervösen Marktumfeld brauche es nur einen kleinen Anstoß, um große Marktbewegungen auszulösen. Außerdem spricht Handelsblatt-Today-Co-Host Ben Mendelson mit Handelsblatt-Reporter Michael Scheppe über den Bertelsmann-Konzern und die umstrittene interne Fusion von RTL mit dem Verlag Gruner+Jahr. Im Marktbericht analysiert Handelsblatt-Finanzkorrespondent Peter Köhler die Reaktionen auf die jüngste Zinserhöhung der Europäischen Zentralbank. Die EZB erhöht den Leitzins um 0,5 Prozentpunkte auf 3,5 Prozent. *** Exklusives Angebot für Handelsblatt Today-Hörer: Testen Sie Handelsblatt Premium 4 Wochen für 1 € und bleiben Sie immer informiert, was die Finanzmärkte bewegt. Mehr Informationen: www.handelsblatt.com/mehrfinanzen Wenn Sie Anmerkungen, Fragen, Kritik oder Lob zu dieser Folge haben, schreiben Sie uns gern per E-Mail: today@handelsblattgroup.com Ab sofort sind wir bei WhatsApp, Signal und Telegram über folgende Nummer erreichbar: 01523 – 80 99 427 Helfen Sie uns, unsere Podcasts weiter zu verbessern. Ihre Meinung ist uns wichtig: www.handelsblatt.com/zufriedenheit

Credit Suisse corre ai ripari; Saudi National Bank: panico ingiustificato; Bce, dilemma a Francoforte; Riforma fisco sul tavolo Cdm; Trimestrali a Piazza Affari.Puntata a cura di Elisa Piazza - Class CNBC Learn more about your ad choices. Visit megaphone.fm/adchoices

L'essentiel des nouvelles économiques, technologiques et financières[texte ni révisé ni corrigé à des fins de publication]Hydro-Québec a retenu 7 soumissions pour ajouter à son réseau des infrastructures qui produiront un total de 1300 mégawatts d'énergie renouvelable, dont la grande majorité proviendront d'installations éoliennes. Les contrats avec les promoteurs seront conclus au cours des prochaines semaines.Les baisses d'impôt promises par la Caq profiteront davantage aux plus hauts revenusC'est ce qui ressort d'une analyse de l'Institut de recherche et d'informations socioéconomiques.Il calcule dans une étude que baisser de 1% le taux d'imposition des 2 premiers paliers d'imposition, comme l'avait promis la Caq avant les dernières élections, profiterait davantage aux personnes dont le revenu annuel avoisine 100 000 $ qu'à celles qui gagnent 30 000 $ ou moins.Selon ce calcul, l'économie annuelle en impôt serait de 814 $ pour un revenu de 100 000 $, et de seulement 128 $ pour un revenu de 30 000 $.La succursale canadienne de la Silicon Valley Bank sera liquidéeSes actifs seront transférés à la «banque-relais à services complets», une sorte de banque virtuelle temporaire créée en urgence par la société d'assurance-dépôts fédérale des États-Unis.La succursale canadienne de la SVB proposait des prêts aux entreprises de technologie. Elle n'acceptait de dépôts ni des entreprises ni des particuliers, ce qui limite beaucoup l'impact direct que l'effondrement de cette banque peut avoir au Canada.Cela dit, le secteur bancaire est quand même dans la tourmente, parce que quelques jours après les déboires de la Silicon Valley bank aux États-Unis, il doit maintenant composer avec les difficultés financières d'uen grande banque européenne, Crédit suisse.Ces difficultés durent depuis déjà plusieurs mois. Mais hier, son principal actionnaire, la Saudi National Bank, d'Arabie Saoudite, a indiqué qu'elle ne comptait pas réinvestir dans l'entreprise, ce qui aurait pu soutenir la valeur de l'action de Crédit Suisse.Selon plusieurs analystes, cette décision a envoyé un mauvais signal aux marchés mondiaux, particulièrement au secteur financier. Beaucoup de banques ont souffert en bourse.Aux États-Unis, le Bureau du transport terrestre a donné son approbation au Canadien Pacifique , de Calgary, pour qu'il achète le transporteur ferroviaire américain Kansas City Southern.Cette approbation met un terme définitif à la chaude lutte que se sont livré le CP et le CN, de Montréal, qui convoitait lui aussi le réseau de chemin de fer américain. La transaction, de 31 milliards $US, permettra de créer le premier réseau de chemin de fer entre le Canada, les États-Unis et le Mexique.---Détails sur ces nouvelles et d'autres nouvelles: https://infobref.com.S'abonner aux infolettres gratuites d'InfoBref: https://infobref.com/infolettres_Écouter les balados d'InfoBref: https://infobref.com/audio[Découvrez Actualités InfoBref, un balado quotidien des principales nouvelles générales, parfaitement complémentaire d'InfoBref Affaires]Voir notre épisode hebdo «à retenir cette semaine»: https://www.youtube.com/@infobrefCommentaires et suggestions à l'animateur Patrick Pierra, ou pour commanditer nos balados: editeur@infobref.com Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

As the Silicon Valley Bank meltdown starts to cool, across the Atlantic major European banks are starting to see alarms flashing red. Credit Suisse's stock price dropped 30 percent on Wednesday before surging up 40 percent on news of its salvation by the Swiss National Bank. The bank says that it has enough money, but a Bloomberg interview with the head of the Saudi National Bank at an investor conference on Wednesday spooked markets. SNB is one of Credit Suisse's biggest shareholders, and Chairman Ammar Al Khudairy said it could not buy more than 9.9 percent of the Swiss firm due to regulatory issues. That sparked a sell-off, and Credit Suisse took a 53 billion dollar loan from Swiss National Bank to try to calm investors' nerves. Credit Suisse has seen outflows of cash in recent months following sanctions-busting scandals and on Tuesday its own annual review detailed quote "material weaknesses" in its financial reporting practices.

In this episode of The Bald Brad Show, the nation's largest banks got walloped Wednesday — showing they weren't immune to the crisis that has hammered regional lenders — after Credit Suisse reignited fears of a contagion in global banking. Shares of JPMorgan Chase and Citigroup slid more than 4%, while Wells Fargo and Goldman Sachs fell more than 3% and Bank of America sank 0.9%. US banks got slammed as Zurich-based Credit Suisse plunged 24% after its biggest shareholder, Saudi National Bank, said it wouldn't pour more money into the troubled institution. Market experts are increasingly fearful that Credit Suisse will require a bailout due to a rapid loss of confidence in its stability — potentially accelerating a chain reaction that began with Silicon Valley Bank's implosion and could upend other struggling firms.

U.S. markets sold off as fears of contagion in the banking sector have crossed the Atlantic. This morning, shares of Swiss banking giant Credit Suisse hit record lows after its largest shareholder, the Saudi National Bank, declined to add to its investment. Oil also took a spill, down nearly 6% as of this writing. On the market's worst day since July 2022, Maggie Lake is joined by Julian Brigden of MI2 Partners and Cem Karsen of Kia Volatility to explain what's driving the selloff at Credit Suisse and where the troubles could spring up next. You can catch more of Julian on our Pro Macro Tier and find more of his work here: https://mi2partners.com and more of Cem's work here: https://www.kaivolatility.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

After Tuesday's relief rally on Wall Street, Carl Quintanilla, Jim Cramer and David Faber reacted to Wednesday's market sell-off as fears about the banking sector resurfaced, just days after the collapse of both Silicon Valley Bank and Signature Bank. Shares of Credit Suisse tumbled by more than 25% to record lows after the bank's largest investor -- Saudi National Bank -- said it could not boost its stake in CS beyond 10% due to regulatory guidelines. European bank shares took a hit on the news, dragging the global markets down with them. What should your investment strategy be when comes to the banks, including the beaten-down regionals? Also in focus: A surprise decline in February wholesale inflation data, monthly retail sales fall, BlackRock CEO Larry Fink weighs in on banks and inflation in his annual letter to shareholders.

The share price of Credit Suisse took another nosedive in the markets, hitting its all-time low for the second consecutive day by tanking up to 30% as Saudi National Bank, the Swiss bank's largest backer, ruled out the possibility of further financial help. Share indexes across the world including the UK's FTSE-100, the US's Dow Jones and Nasdaq have been all down as Credit Suisse put more pressure on an already-anxious market. Is Credit Suisse at risk of following Silicon Valley Bank and Signature Bank's footsteps? What impact would that have globally if it happened? In the Middle East, Lebanese banks are on indefinite strike now. Nasser Saidi, the nation's former finance minister, will paint us a picture of what's going on there in today's programme. (Picture: BBC)

Another day of banking concerns is dragging down markets. Credit Suisse appears to be the latest bank on the brink, as the Saudi National Bank says it won't provide it any more capital.Investors here at home are hoping U.S. financials aren't exposed to any counterparty risks here. We'll tell you all you need to know, including how to protect your portfolio here.

The Swiss Central Bank is moving to shore up globally-influential bank, Credit Suisse, whose shares have fallen as much as a quarter to a new record low. Its largest investor, the Saudi National Bank, is refusing to offer further bail-outs. Trading of Credit Suisse shares on the Swiss market have been paused, sending shares of other European banks into a downward spiral. Global stock markets fell overnight and gains on Wall Street have reversed. This follows the collapse of Silicon Valley and Signature Banks in the United States this week. Kathryn speaks with BBC correspondent in Berne, Imogen Foulkes.

1. This has been one heck of a volatile trading week so far. Three major bank failures have taken place in the last 7-days in the US and now it could be spreading to Europe. Credit Suisse (CS) is making the headlines today. It looks as if their largest shareholder, Saudi National Bank, said it can't provide further financial help. The CS chart has been a horrible performer. and it is trading at all time lows. Now we shall soon find out if someone comes to the rescue of the failing institution. Traders will also have to keep an eye on other ket stocks such as Deutsche Bank (DB) and UBS AG (UBS). 2. Ironically, the ECB is meeting tomorrow and they were expected to raise rates by 50 basis points. That rate hike could be off the table now. 3. Just a reminder, this Friday is options expiration . It is a quad witching options expiration which happens at the quarterly expiration. Tomorrow there will be a rebalancing take place in the different indexes so expect a lot of whipsaw action into the end of the week. 4. Gold is up again as the fear trade is alive and well. Gold futures (GC) have a lot of resistance on the charts at 1930 and that is where price is currently. Either way, if the markets become more fearful than gold could move higher I suppose. The precious metal moves in extremes when it runs.

Equities are under marked pressure as sentiment sees a significant deterioration as Banking names slump, SX7P -5%, amid renewed focus on Credit Suisse, -18%.Saudi National Bank said they will not provide more assistance to Credit Suisse; Saudi National Bank is the largest shareholder with a 9.9% stake.An update which has added to banking concerns globally and particularly within Europe, sparking a marked deterioration in sentiment and flight-to-quality.DXY has experienced a marked turnaround above 104.00, with JPY benefiting on haven-allure; core debt rampant, Bunds +200 ticks.Focus on geopolitics amid the US drone collision and separately China telling its military to deepen war preparedness planning.Looking ahead, highlights include US NY Fed, PPI & Retail Sales, UK Spring Budget.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

In this episode, we discuss the latest news of the crashing shares of Credit Suisse, including the reasons behind the drop and the impact it could have on the banking industry as a whole. We also examine the role of the Saudi National Bank as Credit Suisse's biggest backer, and what their decision to rule out providing further funding means for the Swiss lender.

Anleger müssen leidensfähig sein zurzeit: Montag der SVB Schock, Dienstag der US Inflations-Boost, Mittwoch wieder abwärts mit dem Schock um die Credit Suisse. Wobei hier noch gar nicht klar ist, ob die CS tatsächlich in Schieflage ist, oder ob eine ungeschickte Formulierung des Großaktionärs, der Saudi National Bank, die Ursache ist. Deren Chaiman, Ammar Abdul Wahed Al Khudairy, schloss in einem Interview mit "Bloomberg TV" zusätzliche Unterstützung für die Credit Suisse aus. Das kann brutal klingen, muss es aber nicht. Zumal Al Khudairy erklärte, dass er aus das aus regulatorischen Gründen gar nicht darf und dass die CS seiner Überzeugung nach gar kein zusätzliches Geld braucht. Egal, das Kind war in den Brunnen gefallen. Ein Drittel verliert die Aktie der CS und reißt nicht nur alles mit sich, was nach Bank klingt, sondern wirklich alles. Deutsche Bank, Commerzbank nochmal 8 % Minus, Siemens Energy Minus 12 %, das liegt aber an einer geplanten Kapitalerhöhung, DAX Minus 3,3 % und 14.735 Punkte. MDAX Minus 3,6 % und 26.790 Punkte. ... Fünf DAX Gewinner: Telekom Vonovia, E.ON, Qiagen und Spitzenreiter Brenntag

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the banking crisis has shifted to Europe, and investors are betting big on the Fed not changing rates next week. Oddly, some key UST yield inversions are being wound back sharply at the same time.But first, we start with news that American mortgage applications had another good rise last week, rising +6.5% from the prior week, the sixth rise in the past twelve weeks. Mortgage rates are unchanged.American retail sales were expected to post a small slip in February from January and they did. Year-on-year they are up +5.4% nominal so not keeping up with inflation. It is car sales that are the drag.Producer prices were up +4.6% in a year in February, a sharp reduction from the January rise. They fell month-on-month. Wholesale inflation is leaking away quite quickly now. The year-on-year rise hasn't been this low since early 2021. On a quarterly basis, producer prices are back to levels last seen in 2015/16.US business inventories were essentially stable in value in January, and that allowed their inventory-to-sales ratios to retreat slightly - and for the first time in a year. The Americans don't really have an excess inventory problem.The New York state factory survey was grim reading for Wall Street. Activity under its nose is leaking away sharply now.China's February data came in pretty much as expected for their first full opening-up month. Retail sales rose +3.5% in a no-surprise result, good but not that strong really. Industrial production was up +2.4%, a tad less than expected. Real estate development is not falling anywhere near as fast as it did in 2022, but it is still falling.And while we are talking about China, we should note that its youth unemployment level has surged recently, now topping 18%. A year ago it was 12%.In Argentina their inflation has topped +100% year-on-year again. They haven't had it at this gruesome level since their ugly hyper-inflation of the early 1990s when it reached 20,000%.Disappointingly, Indian exports were lower in February from a year ago, down almost -9%.But Indonesia's trade surplus increased to +US$5.5 in February and much higher than the same month the previous year and beating market expectations. It was their largest trade surplus since last November, as exports rose +4.5% while imports fell -4.3%.German producer price inflation fell to +8.9% in February, the lowest rate since April 2021. But the food component was still up +17% with milk and dairy up a staggering +25% in a year. German inflation is still being pressured by high and rising wholesale prices. But they can take comfort that they hardly changed between January and February.In Zurich, the Credit Suisse share price fell a disastrous -24% yesterday alone, and is now down -42% for the year and down -76% in a year, down -98% since its pre-GFC peak. It's toast. But it is taking a very long time to die. The Swiss National Bank declined to comment or support what is Switzerland's second-largest bank, (UBS is the largest) even after an appeal for help from the bank, after its largest investor, the Saudi National Bank with 10%, said it could not provide Credit Suisse with more financial assistance because of regulatory constraints.Other large European banks took a share market beating too. Deutsche Bank fell -9% yesterday to be down -12% for the year. BNP Paribas fell -10% overnight to be -5% lower for the year. And HSBC fell -5% on the day, although it is up +9% so far in 2023. Banco Santander fell -7% overnight, but is still up +13% for the year after that. UBS fell -9% yesterday.The UST 10yr yield starts today at 3.47% and down a risk-off -14 bps from this time yesterday. (Recall, its recent peak was 4.08% on March 3, 2023.) But the UST 2-10 rate curve is very much less inverted and now at -40 bps. The price of gold will open today at US$1933/oz and up +US$24 from this time yesterday.And oil prices start today down very sharply, down -US$7 at just on US$66/bbl in the US. The international Brent price is now just under US$72/bbl. For oil, these are very large daily retreats.The Kiwi dollar has fallen away against the greenback on the risk-off sentiment, now at 61.8 USc and down almost -½c. Against the Aussie we are firmer at 93.6 AUc and a new high for the year. Against the euro we are firm too at 58.6 euro cents and up +½c. That keeps the TWI-5 at up 70.5 and little-changed from week-ago levels.The bitcoin price is sharply lower today, now at US$24,228 and down -5.6% from this time yesterday. And volatility over the past 24 hours has been very high at +/-4.0%.You can find links to the articles mentioned today in our show notes.And get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston and we'll do this again tomorrow.

In der heutigen Folge „Alles auf Aktien“ sprechen die Finanzjournalisten Daniel Eckert und Philipp Vetter über miese Stimmung bei Adidas und den Krypto-Absturz von Silvergate. Außerdem geht es um Brenntag, Continental, ON Semiconductor, AMD, Nvidia, Blackrock, FTX, Saudi Aramco, Al Rajhi Bank, Saudi National Bank, Saudi Basic Industries, Saudi Telecom, Invesco MSCI Saudi Arabia (WKN: A2JHCE), iShares MSCI Saudi Arabia Capped (WKN: A14ZV2) Lyxor Australia (S&P/ASX 200) (WKN: LYX0FU), iShares MSCI Australia (WKN: A0YJ80), Bundesrepublik Deutschland 0,2% 22/24 (WKN: 110488) und Bundesrepublik Deutschland 2,2% 22/24 (WKN: 110490) iShares Euro Government Bonds 0-1y (WKN: A0RGEL), Invesco Euro Government Bonds 1-3 Year (WKN: A2N7D4), Xtrackers Eurozone Government Bond 1-3 UCITS (WKN: DBX0JH). Wir freuen uns an Feedback über aaa@welt.de. Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

Os acionistas exerceram 98,2% de seus direitos de subscrição, segundo avança a Reuters. O restante capital (1,74 mil milhões de francos) tinha já sido obtido através de uma colocação privada junto de investidores institucionais, como o Saudi National Bank.

Im Sorgenbarometer der Credit Suisse stehen das Klima und die Altersvorsorge ganz oben. Kummer bereitet den Befragten weiter die Versorgung und die persönliche finanzielle Situation. Die Sorge ist berechtigt, findet Cornelia Meyer, Ökonomin und Energieberaterin. Weitere Themen sind die Diskussionen um den Gaspreis-Deckel sowie die Credit Suisse. Cornelia Meyer findet, die neue Investorin, die Saudi National Bank, würde besser fahren mit einem Sitz im Verwaltungsrat der Grossbank.

European bourses extended their recent rally in thin volume trade, with the Chemicals sector (up +1.1%) leading all major sectors into positive territory and lifting the pan-European Stoxx 600 index (which includes UK equities) +0.46%. Germany's DAX gained +0.78%. France's CAC added +0.42%. Remy Cointreau dipped -0.06% despite reporting a stronger-than-expected +27.2% organic jump in first-half operating profit, driven by strong demand for its premium cognac in China and the US and cost controls. In broader stock moves, Credit Suisse Group AG (down -1.91%) confirmed the final terms of its 4B Swiss franc (~US$4.2B) capital raise, making 889M shares available to existing investors at 2.52 Swiss francs. Switzerland's second largest bank also confirmed it has issued 462M new shares to qualified investors via a placement, with Saudi National Bank the largest investor (buying 307M new shares to afford it a 9.9% stake). In economic data, The German Ifo Business Climate index rose to 86.3 in November from a revised reading of 84.5 in October, better than economists' forecast for a reading of 85.0. The index of the current situation fell to 93.1 in November from 94.2 in October, while the gauge assessing companies' expectations rose to 80.0 from 75.9.

European bourses extended their recent rally in thin volume trade, with the Chemicals sector (up +1.1%) leading all major sectors into positive territory and lifting the pan-European Stoxx 600 index (which includes UK equities) +0.46%. Germany's DAX gained +0.78%. France's CAC added +0.42%. Remy Cointreau dipped -0.06% despite reporting a stronger-than-expected +27.2% organic jump in first-half operating profit, driven by strong demand for its premium cognac in China and the US and cost controls. In broader stock moves, Credit Suisse Group AG (down -1.91%) confirmed the final terms of its 4B Swiss franc (~US$4.2B) capital raise, making 889M shares available to existing investors at 2.52 Swiss francs. Switzerland's second largest bank also confirmed it has issued 462M new shares to qualified investors via a placement, with Saudi National Bank the largest investor (buying 307M new shares to afford it a 9.9% stake). In economic data, The German Ifo Business Climate index rose to 86.3 in November from a revised reading of 84.5 in October, better than economists' forecast for a reading of 85.0. The index of the current situation fell to 93.1 in November from 94.2 in October, while the gauge assessing companies' expectations rose to 80.0 from 75.9.

Der Bundesrat will bei einer Strommangellage notfalls mit Verboten, Kontingenten und Notabschaltungen reagieren. Ziel sei es, die Netzstabilität und damit die Stromversorgung zu gewährleisten. Die Massnahmen sollen kaskadenartig erfolgen. Im Dezember gehen die Vorschläge in eine verkürzte Vernehmlassung. Weitere Themen: (01:20) Bundesrat will Kontingente und Verbote bei Strommangellage (09:48) Saudi National Bank steigt bei Credit Suisse ein (13:10) Schottland darf nicht über seine Unabhängigkeit abstimmen (20:59) Italien: Giorgia Meloni schafft das Bürgergeld wieder ab (27:07) Die Schweiz hat einen neuen Astronauten (29:52) Australien erklärt Internet-Kriminellen den Kampf (31:00) Peru: Präsident Pedro Castillo vor dem Aus

Die Credit Suisse erwartet einen weiteren Milliardenverlust von bis zu 1.5 Milliarden Franken für das vierte Quartal. Die angeschlagene Grossbank leidet unter schwierigen Marktbedingungen und starken Geldabflüssen. An einer ausserordentlichen Generalversammlung stimmte das Aktionariat deshalb dem Einstieg der Saudi National Bank mit rund 4 Milliarden Franken als neue Grossaktionärin zu. Weitere Themen: - Israel: Toter und Verletzte bei Explosionen in Jerusalem - Schottische Unabhängigkeitsabstimmung darf nicht stattfinden - Sorgenbarometer: Klimawandel und Altersvorsorge verdrängen Corona - Sexuelle Belästigung: Schule als Tatort - Tessin hinkt bei Musikförderung hinter her - Oliver Nachtwey: Kritisches Denken oder Verschwörungstheorien?

Credit Suisse issues further details about its CHF4bn capital increase as part of its overhaul. Chairman of the Saudi National Bank, Ammar Al Khudairy, tells CNBC the Swiss lender must not hesitate in restructuring the bank. The Dow is on course to post its best month since January 1976 despite recent weakness in tech stocks. Chinese economic activity contracts for October as authorities ramp up Covid restrictions in key manufacturing and financial cities. And in Brazil, Lula da Silva narrowly wins the presidential election to edge out incumbent Jair Bolsonaro. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.