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Credit Suisse rescued by UBS

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The two institutions have been discussing it over the weekend, with Swiss financial regulators

Troubled bank Credit Suisse has been rescued by rival UBS in a government-backed deal.

The announcement comes after a weekend of emergency talks between the two banks and Switzerland’s financial regulators.

UBS will pay ₣3 billion Swiss Francs for the 167-year-old institution, and the Swiss National Bank will also provide a liquidity assistance of up to ₣110 billion.

Switzerland’s President Alain Berset says the move was necessary.

“This is one of great breadth for the stability of international finance,” Berset said.

“An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.”

Switzerland’s Finance Minister Karin Keller-Sutter argues the nation had to take responsibility for what has happened to Credit Suisse over the past few weeks, and help steer the financial situation to steady waters.

“We regret that the bank, which was once a model institution in Switzerland and part of our strong location, was able to get into this situation at all,” Keller-Sutter asserted.

Credit Suisse suffered losses following the failure of two smaller U.S. institutions over the past fortnight.

The UBS Group Chairman says his organisation’s aim will be to stabilise proceedings, for both clients and the markets.

“This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” Colm Kelleher declared.

“We have structured a transaction which will preserve the value left in the business while limiting our downside exposure.

“Acquiring Credit Suisse’s capabilities in wealth, asset management and Swiss universal banking will augment UBS’s strategy of growing its capital-light businesses.

“The transaction will bring benefits to clients and create long-term sustainable value for our investors,” Kelleher said.

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Interest rates impact investments, housing, and economy

Interest Rate Cuts: Implications for Borrowing, Housing Prices, and Australia’s Economy Post-COVID

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“Interest Rate Cuts: Implications for Borrowing, Housing Prices, and Australia’s Economy Post-COVID”

In Short

Interest rates in the US and Australia are under scrutiny as the impact of COVID-19 fades, raising concerns about investments and borrowing capacity. Experts are debating the long-term effects of Australia’s recent rate cut on housing prices and the cost of living crisis.

This development raises questions about its implications for investments, repayments, and savings.

To discuss these issues, we have Andrew Woodward from the Investor’s Way.

The rate cut has raised concerns about its impact on Australians’ borrowing capacity and the potential for rising housing prices.

There is also speculation about how this rate cut could affect the ongoing cost of living crisis in Australia. Experts are considering the possible long-term consequences of this reduction on Australia’s economy.

Many are asking whether this signals the start of a series of rate cuts by the Reserve Bank of Australia.

It’s important to examine how this shift in Australia’s monetary policy aligns with broader global economic trends.

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Money

Hainan’s hidden paradise is transforming the global economy

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Once a quiet island, now a booming gateway—how Hainan is becoming a powerhouse of trade, innovation, and opportunity

The Big Picture unveils the incredible story behind China’s newest economic powerhouse. Host Mark Llewellyn explores a tropical island that has been transformed into a thriving hub for Australian and international businesses. As part of the Fortune Bay economic zone, this region is poised to drive China’s economy—and global growth—over the next decade. With ambitious plans in place, the opportunities for innovative and successful Australian businesses could be immense.

In this episode, discover China’s best-kept secret, where the rapidly evolving, visa-free, and largely tax-free island of Hainan is unveiled to the world for the first time. With its booming economy and vast untapped potential, Hainan presents a golden opportunity for Australian businesses looking to break into the world’s largest market. Journey through breathtaking landscapes, meet visionary leaders, and explore bold innovations shaping this emerging economic powerhouse—one poised to drive global growth for the next decade.

 

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From fishing village to tech titan—Guangzhou and Shenzhen are shaping our future

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How two Chinese megacities became the beating heart of innovation, trade, and global ambition

The Big Picture unveils the incredible story behind China’s newest economic powerhouse. Host Mark Llewellyn explores a tropical island that has been transformed into a thriving hub for Australian and international businesses. As part of the Fortune Bay economic zone, this region is poised to drive China’s economy—and global growth—over the next decade. With ambitious plans in place, the opportunities for innovative and successful Australian businesses could be immense.

In this episode, Mark Llewellyn explores the economic dynamism of Guangzhou and Shenzhen—two of China’s most vibrant cities brimming with opportunity. From Guangzhou, home to 30,000 foreign-owned companies and a rich cultural tapestry, to Shenzhen, which has evolved from a fishing village into a high-tech ‘Silicon Valley’ powerhouse, this episode uncovers the forces driving their success. Get an exclusive look inside DJI, the world’s largest drone manufacturer, and meet the visionary minds shaping the future of technology.

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