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The Latest Breaking News from UBS

World's central banks rally to prevent banking crisis spreading after UBS takes over embattled Credit Suisse

Beleaguered bank Credit Suisse is bought out by Swiss rival UBS, with the nation's president saying an uncontrolled collapse would have had "incalculable consequences" for the international finance system.

ABC News

Swiss to hold news conference amid Credit Suisse troubles

Swiss leaders are holding a news conference Sunday night following several media reports that banking giant UBS is believed to be in talks to acquire its smaller rival Credit Suisse

The Independent UK

UBS agrees to buy Credit Suisse for more than $2bn, reports Financial Times

UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, the Financial Times reported on Sunday.

France 24

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UBS to take over Credit Suisse, Swiss central bank confirms

Swiss President Alain Berset said the deal was one of great breadth for the stability of international finance’

Evening Standard

UBS offers ‘to buy Credit Suisse for up to $US1 billion’

UBS Group AG has offered to buy Credit Suisse for up to $US1 billion ($1.5 billion), the Financial Times reports.

The New Daily

UBS agrees to takeover of stricken Credit Suisse for $3.25bn

Swiss government forces through takeover at well below market value amid fears of global banking crisis

The Guardian - UK

Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue

Workers reported to have received payouts from ‘modest’ pool of £15m-£20m following takeover deal by HSBC

The Guardian - UK

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Bank runs, bailouts, rescues: are the ghosts of 2008 rising again?

The travails of Credit Suisse and others have stirred up bad memories for a public still scarred by the financial crisis

The Guardian - UK

Credit Suisse Meets to Weigh Options, under Pressure to Merge with UBS

Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess…

Asharq Al-Awsat

UBS in talks to take over all or part of Credit Suisse as share prices fall – report

The troubled bank continued to see its price fall despite a $54bn cash infusion from the Swiss national bank

The Guardian - US

Near 'cliff's edge,' Credit Suisse not seen as systemic risk

Longtime troubles at Credit Suisse have come to a head this week with a record stock plunge that spread fears of a banking crisis jumping from the U.S. to Europe

The Independent UK

Credit Suisse to borrow up to $54 billion from central bank after shares plunge

Swiss bank Credit Suisse said Thursday it will move to shore up its finances, borrowing up to $54 billion from the central bank after its shares plunged, dragging down other major European lenders in the wake of bank failures in the United States.

France 24

Credit Suisse to borrow $54 billion from Swiss central bank

Swiss bank Credit Suisse says it will move to shore up its finances, borrowing up to $54 billion from the central bank after its shares plunged, dragging down other major European lenders in the wake of bank failures in the United States

The Independent UK

Bond traders haven’t been this scared of a recession since 1981

It’s time to brush up on yield curve inversions (again). They’ve predicted every recession since 1955.

Fortune

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Caixin Global

Wang Tao: Takeaways From China’s Government Work Report

UBS has upgraded its GDP growth forecast for the country to 5.4% for 2023 and 5.2% for 2024

Bangkok Post

China property crisis: Changzhou latest to lift home resale restrictions

Changzhou, an affluent city in China's eastern Jiangsu province, has eased restrictions on the resale of residential property, joining several tier-2 cities in easing curbs to boost demand and breathe life into the struggling market.

The New Daily

Flying on autopilot: Serious moves made toward pilotless air travel

Aviation experts say it will take a few decades of development and testing before regulatory authorities will give automated commercial planes the green light.

Fortune

Mexico is set to be the big winner of the EV revolution—but it has a key challenge to overcome first

“Mexico has unique advantages that could help solidify its position in the automaking industry amid the EV transition,” UBS said Thursday.

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Tribune News Service

Corporate America’s earnings quality is the worst in three decades

In telling their stories about how the future is bright for stocks, bulls point to solid earnings to justify the optimism. But cracks are forming in that narrative — in the trajectory of profits, and just as worryingly in the makeup of the profits themselves.

Asharq Al-Awsat

Report: 'Embezzled' Lebanese Cash in Swiss Banks

Banks in Switzerland are holding a substantial amount of the millions of dollars Lebanese central bank chief Riad Salameh is accused of embezzling, Swiss media reported on Sunday. Salameh, 72, faces investigations related to suspicions of money laundering and illicit enrichment in Lebanon and abroad after he amassed a fortune…

Fortune

Apple’s latest patent sparks speculation a foldable iPhone may be in the works

In a bid to recover lost ground, CEO Tim Cook may be planning to launch a competitor to the Samsung Galaxy Z Fold4.

The Independent UK

Credit Suisse posts $1.4B pre-tax loss as woes go on in 4Q

Credit Suisse has reported a pre-tax loss of more than 1.3 billion Swiss francs, or about $1.4 billion, in the fourth quarter of last year

The Guardian - AU

Australian coal shipment to arrive at Chinese port as unofficial import ban ends

The resumption of trade marks an improvement in relations and comes a day after Australia-China ministerial talks

Fortune

Big Tech is making big AI promises in earnings calls as ChatGPT disrupts the industry

Companies like Google and Meta say to expect AI rollouts "very soon," but startups like OpenAI still pose a huge threat.

France 24

Not just ChatGPT: January boom in AI news heralds big year for bots

ChatGPT isn't the only game in town. It may have just hit a record-breaking 100 million monthly active users in just two months, according to a UBS study, but other artificial intelligence (AI) heavyweights hope to catch up. Chief among them are Google's LaMDA, so clever that an employee was…

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