While the current banking crisis isn't like 2008, it "is not yet over" and will be felt for years to come, JPMorgan Chase Chief Executive Jamie Dimon said Tuesday.. "And while this is nothing like 2008, it is not clear when this current crisis will end."
French-Israeli mining tycoon Beny Steinmetz largely lost on Tuesday his appeal in Switzerland against a 2021 corruption verdict linked to mining rights in Guinea.. "All three, in complementary roles, are guilty of corrupting foreign public agents by influencing the mining rights attribution process in the Simandou region," the appeals court said in a statement.
Iraq's federal government and the Kurdistan autonomous region signed an accord Tuesday to allow Kurdish oil exports to resume through Turkey after they were halted 10 days earlier. . Sales of Kurdistan crude will be managed from now by the State Oil Marketing Organization, a federal government official and a Kurdish official told AFP. A joint committee formed by the federal and regional governments will supervise the export process, they added.
Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose money has gone up in smoke.. UBS -- which faces its own annual general meeting in Basel on Wednesday -- is the biggest bank in Switzerland, with Credit Suisse in second place.
Britain on Tuesday announced a plan to protect water supplies, amid a long-running scandal over privatised water firms pumping raw sewage into rivers and onto seashores.. "Water companies develop long-term plans for water supply and wastewater, which include environmental improvements, but these are set to happen over decades.
A meme-inspired cryptocurrency's price jumped on Tuesday after Elon Musk changed the bluebird logo of Twitter to a dog associated with the digital token, despite the mogul being sued over his previous promotion of the coin.. The logo change prompted a slew of messages featuring the meme dog -- not least from Musk, who tweeted out a conversation with a follower from last year where he had promised to buy Twitter and make the Shiba Inu its logo.
The art market rose slightly to $67.8 billion last year despite an uncertain global climate, thanks to high-end and digital sales, an annual report said on Tuesday.. "The year 2022 saw the art market hold onto its post-pandemic rebound and strengthen further despite severe economic uncertainty and the return of war to Europe," said the report by Art Basel, a major organiser of art fairs, and Swiss bank UBS. Growth in the market came from sales of high end art and from digital art backed by non-fungible tokens (NFTs).
Virgin Orbit, the satellite launch company founded by Richard Branson, has filed for Chapter 11 bankruptcy and will sell the business, the firm said in a statement Tuesday.. On Tuesday, the firm said "it commenced a voluntary proceeding under Chapter 11 of the U.S. Bankruptcy Code... in order to effectuate a sale of the business" and intended to use the process "to maximize value for its business and assets."
Chinese property developer Evergrande said it has entered into a restructuring agreement with a group of international creditors, in what could be a breakthrough deal toward easing the developer's massive debt. . Evergrande announced a long-awaited restructuring proposal last month, offering creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group.
Credit Suisse shareholders will get their first chance to voice their frustrations at the beleaguered bank's takeover by UBS, at its annual general meeting in a Zurich concert venue Tuesday.. UBS is facing its own annual general meeting in Basel on Wednesday and the tone of the Credit Suisse AGM could feed into the mood when UBS chiefs face their shareholders, who also had no say in the takeover.
