Tech News

Two weeks of banking turbulence

After three US regional lenders collapsed and UBS swooped to buyout troubled Credit Suisse to avoid a wider crisis, AFP looks back at the last two weeks of banking turbulence: - Silvergate Bank - The turmoil begins the night of March 8 with a liquidation announcement from Silvergate Bank, a US regional lender and favourite among the cryptocurrency crowd.. First Republic Bank makes assurances that with the $30 billion injection the lender is "well positioned to manage short-term deposit activity."

Mon, Mar 20, 2023 3 mins read

Tech News

Credit Suisse buyout faces harsh criticism at home

UBS's emergency takeover of its troubled Swiss rival Credit Suisse, with significant backing and arm-twisting from Bern, sparked fears Monday it could weaken the country's biggest bank and financial sector as a whole.. The merger could also have dire consequences for jobs in Switzerland, where UBS and Credit Suisse have significant overlap in their businesses, and each with their own branch offices in every Swiss town and village.

Mon, Mar 20, 2023 3 mins read

Tech News

US regulator sells failed Signature Bank assets to another lender

The US banking regulator has struck a deal to sell most of the assets of the failed Signature Bank to another institution, the agency said on Sunday.. The FDIC is now "seeking to sell the failed bank in at least two parts," sources told the news agency.

Mon, Mar 20, 2023 2 mins read

Tech News

Spurred by TikTok, some Americans return to cash to curb spending

Manicured fingers meticulously place cash in transparent envelopes marked "food," "gas" and other categories, demonstrating in a TikTok video a retro technique for controlling what you spend that is newly popular with some money-conscious Americans.. Both women decided the way to turn around their spending behavior was to rely on the technique of paying cash for everything. 

Mon, Mar 20, 2023 3 mins read

Tech News

California's desert farmers defend their river rights

A blanket of crops covers the floor of the Imperial Valley in southern California, a patchwork of vibrant greens given life by the Colorado River in a landscape bleached by the desert sun.. - Productive land - Despite a very wet California winter, Imperial Valley hasn't gotten much rain this year.

Mon, Mar 20, 2023 4 mins read

Tech News

Boosted by Ukraine war, German arms maker joins DAX index

German arms manufacturer Rheinmetall will join Frankfurt's blue-chip DAX index Monday, highlighting the improving fortunes of the country's weapons industry as the Ukraine war spurs demand. . Rheinmetall and other weapons manufacturers approached by AFP are in negotiations with the government and the German military to fill gaps in stocks, worsened by huge deliveries of armaments to Ukraine. 

Sun, Mar 19, 2023 3 mins read

Tech News

Asian stocks drop despite Credit Suisse buyout, central banks' pledge

Asian equities sank Monday following a sell-off in New York as investors fret over the financial sector, despite central banks' pledges to provide liquidity to troubled lenders and news that UBS had taken over embattled Credit Suisse.. That came even as the city's monetary authority said its banking sector had "insignificant" exposure to Credit Suisse.

Sun, Mar 19, 2023 3 mins read

Tech News

UBS takeover of Credit Suisse: the main points

The takeover of Credit Suisse by UBS will create a banking giant unprecedented in the history of Switzerland, where banking is a core part of the national identity.. "The UBS takeover of Credit Suisse has laid the foundation for greater stability both in Switzerland and internationally."

Sun, Mar 19, 2023 3 mins read

Tech News

Controversial regasification unit arrives in Italy

A new floating storage and regasification unit considered crucial to Italy's energy security arrived in Tuscany on Sunday, sparking local protests.. But there have been months of local protests against the project, and a small march was staged Sunday ahead of the vessel's late-night arrival from Singapore.

Sun, Mar 19, 2023 1 mins read

Tech News

Credit Suisse: a bank sunk by scandals

Credit Suisse was a pillar of Swiss banking that rapidly collapsed, its foundations fatally undercut by repeated missteps that left it shaky when storms in the banking sector began swirling.. Here is an overview of the woes that brought down Credit Suisse: - Greensill bankruptcy - The catalogue of troubles began with the 2021 collapse of Greensill, a British financial firm specialised in short-term corporate loans via a complex and opaque business model.

Sun, Mar 19, 2023 4 mins read