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Daily Dispatches
Switzerland commits a third of its GDP to repair banks
Submitted by admin on Mon, 2023-03-20 10:34 Section: Daily DispatchesHaving nearly blown up the world's financial sector, Credit Suisse executives will still get their bonuses.
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By John Revill
Reuters
Monday, March 20, 2023
ZURICH -- Credit Suisse and UBS could benefit from more than 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country's gross domestic product, as part of their merger to buffer Switzerland against global financial turmoil, documents outlining the deal show.
China is thrilled with new mine that will bolster gold reserves
Submitted by admin on Sun, 2023-03-19 19:46 Section: Daily DispatchesShandong Finds Huge High-Quality Gold Mine; Deposit Will Yield Critical Resources
From Global Times, Beijing
Sunday, March 19, 2023
China has discovered a super-large gold deposit, the Xilaokou gold mine in Rushan, East China's Shandong Province, with an estimated reserve of 50 tons, China Media Group reported on Saturday.
After eight years of prospecting, the Xilaokou gold mine has become the largest known gold deposit in the region and the largest discovered in 2023 so far, according to the Shandong Provincial Bureau of Geology & Mineral Resources.
Vast new money creation by central banks, so of course gold goes down
Submitted by admin on Sun, 2023-03-19 19:03 Section: Daily DispatchesMaybe with a little help from central bank shorting.
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Fed and Other Major Central Banks Move to Boost Dollar Funding
By Craig Torres
Bloomberg News
Sunday, March 19, 2023
The Federal Reserve and five other central banks announced coordinated action on Sunday to boost liquidity in U.S. dollar swap arrangements, the latest effort by policymakers to ease growing strains in the global financial system.
By doubling bid, UBS gets Credit Suisse and huge government credit line
Submitted by admin on Sun, 2023-03-19 13:53 Section: Daily DispatchesBy Arash Massoudi, Stephen Morris, James Fontanella-Khan,
Laura Noonan, and Owen Walker
Financial Times, London
Sunday, March 19, 2023
UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, with Swiss authorities poised to change the country's laws to bypass a shareholder vote as they rush to announce a deal before Monday.
Switzerland considers full or partial nationalization of Credit Suisse
Submitted by admin on Sun, 2023-03-19 11:20 Section: Daily DispatchesAnd then who takes over Switzerland? The European Central Bank? The U.S. Federal Reserve? The United Federation of Planets?
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By Jan-Henrik Foerster, Eyk Henning,
Marion Halftermeyer, and Dinesh Nair
Bloomberg News
Sunday, March 18, 2023
Swiss authorities are considering a full or partial nationalization of Credit Suisse Group AG as the only other viable option outside a UBS Group AG takeover, according to people with knowledge of the matter.
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Tanzania and India prepare to eliminate U.S. dollar from their bilateral trade
Submitted by admin on Sun, 2023-03-19 09:44 Section: Daily DispatchesBy Chinedu Okafor
Business Insider Africa
Lagos, Nigeria
Sunday, March 19, 2023
Tanzania and India have reached an agreement that will make the U.S. dollar no longer required for trade between the two nations.
Tanzania and India are able to conduct business using their respective currencies, the Tanzanian shilling and the Indian rupee, thanks to a bilateral trade settlement agreement.
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UBS offers to buy Credit Suisse for a pittance, nearly wiping out shareholders
Submitted by admin on Sun, 2023-03-19 09:08 Section: Daily DispatchesBy Arash Massoudi, Stephen Morris, James Fontanella-Khan,
Laura Noonan and Owen Walker
Financial Times, London
Sunday, March 19, 2023
UBS has offered to buy Credit Suisse for up to $1bn, with Swiss authorities planning to change the country's laws to bypass a shareholder vote on the transaction as they rush to finalise a deal before Monday.
London Telegraph: Central banks have pushed us to the precipice again
Submitted by admin on Sat, 2023-03-18 19:40 Section: Daily DispatchesFrom The Telegraph, London
Sunday, March 19, 2023
https://www.telegraph.co.uk/opinion/2023/03/18/central-banks-have-pushed-us-precipice/
After the collapse of California's Silicon Valley Bank left Prime Minister Rishi Sunak promising reporters a week ago there was "no systemic contagion risk," here we are again.
Switzerland prepares emergency measures to deliver UBS takeover of Credit Suisse
Submitted by admin on Sat, 2023-03-18 16:55 Section: Daily DispatchesBy Laura Noonan, Stephen Morris, James Fontanella-Khan,
Arash Massoudi, and Owen Walker
Financial Times, London
Saturday, March 18, 2023
Switzerland is preparing to use emergency measures to fast-track the takeover by UBS of Credit Suisse, according to three people familiar with the situation, as the banks and their regulators rush to seal a merger deal.
Under Swiss rules, UBS would typically have to give shareholders six weeks to consult on the acquisition, which would combine Switzerland's two biggest lenders.
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Swiss government orchestrating UBS acquisition of Credit Suisse
Submitted by admin on Fri, 2023-03-17 19:33 Section: Daily DispatchesThen maybe the U.S. Federal Reserve will buy Switzerland.
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By Laura Noonan, Stephen Morris, Arash Massoudi, James Fontanella-Khan, and Owen Walker
Financial Times, London
Friday, March 17, 2023
UBS is in discussions to take over all or part of Credit Suisse, with the boards of Switzerland's two biggest lenders set to meet separately over the weekend to consider Europe's most consequential banking combination since the financial crisis, according to multiple people briefed on the talks.
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