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Daily Dispatches
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.
LME finds bags of stones instead of nickel in metal warehouse
Submitted by admin on Fri, 2023-03-17 17:15 Section: Daily DispatchesAnd maybe even the stones had been rehypothecated.
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By Harry Dempsey
Financial Times, London
Friday, March 17, 2023
The London Metal Exchange has found bags full of stones at one of its warehouses instead of the nickel they were supposed to contain in the latest drama to hit the scandal-stricken metals market.
Pam and Russ Martens: JPMorgan Chase's high-risk footprint, and the failed 'rescue' of First Republic
Submitted by admin on Fri, 2023-03-17 12:03 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Friday, March 17, 2023
At 6:33 a.m. this morning, this big, bold headline appeared at the very top of Bloomberg News web page: "How Dimon and Yellen Helped Secure $30 Billion Lifeline for First Republic."
This headline is part of a very long, highly questionable promotion of Jamie Dimon by Bloomberg News as the wunderkind of Wall Street banking.
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Alasdair Macleod: To rescue markets, pivoting Fed will wreck dollar
Submitted by admin on Thu, 2023-03-16 12:24 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, March 16, 2023
Following the day-to-day twists and turns of a banking crisis can make us lose sight of the bigger picture. It is tempting to think that the banking authorities are in control and will secure the integrity of their commercial banking networks. Unfolding events may or may not prove this to be true.
Pam and Russ Martens: The next bomb to go off in the banking crisis will be derivatives
Submitted by admin on Thu, 2023-03-16 11:19 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Thursday, March 16, 2023
U.S. Treasury Secretary Janet Yellen finds herself in a very dubious position.
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