The Swiss government has ordered Credit Suisse to temporarily suspend bonuses for its employees following a plan for the bank to be taken over by rival UBS. The move comes as authorities in Switzerland rushed to finalize a $3.25 billion sale of Credit Suisse to UBS after an outflow of deposits and years of trouble […]
Switzerland’s political leaders were in a state of emergency on Sunday as they scrambled to rescue Credit Suisse, the nation’s second-largest bank, from a potential financial collapse. The bank had been facing mounting pressure in recent weeks following the revelation of its involvement in a number of risky investment deals. Despite the public reassurances from […]
David Roche, president of Independent Strategy, has stated that China’s economy will need to recalibrate due to a “fractured” global order, with new drivers of growth that are likely to disappoint global markets. The Chinese government recently announced a target of around 5% GDP growth in 2023, which is the country’s lowest in more than […]
First Republic Bank’s shares soared more than 20% in Tuesday’s pre-market trading, leading a rally in regional bank shares. The surge comes after a recent speech by Treasury Secretary Janet Yellen, in which she indicated that the government could backstop deposits at more banks if there was a risk of contagion. Investors had been worried […]
In a major move to combat climate change, the International Finance Organization (IFO) has announced a $2 billion funding initiative for climate change projects around the world. The funding will be used to support renewable energy, sustainable agriculture, and other projects aimed at reducing greenhouse gas emissions and mitigating the impact of climate change. According […]
Sri Lanka’s central bank governor Nandalal Weerasinghe announced on Sunday that the country’s “dollar crisis” will soon be over, as the International Monetary Fund (IMF) is expected to approve a $2.9 billion bailout package for the country on Monday. According to Weerasinghe, Sri Lanka will now have sufficient foreign reserves to support essential imports, thanks […]
Guyana President Dr Mohamed Irfaan Ali commended India for its leadership in advancing the objectives of the International Year of Millets at the Global Millets (Shree Anna) Conference in New Delhi on Saturday. India is the largest millet producer globally and is taking global leadership in addressing the global challenge of food and security by […]
Dubai-based shopping mall developer, Majid Al Futtaim (MAF) group, has recently laid off approximately 105 workers out of its 46,000 total staff. The move was made to increase the company’s profitability under its new CEO, Ahmed Galal Ismail. It is worth noting that MAF owns assets worth over $16 billion, including the Mall of the […]
North Korea has fired two ballistic missiles as part of a demonstration drill aimed at sub-military units, according to the country’s state media. The missiles, described as medium-range systems, were launched by a missile unit in Jangyon in South Hwanghae province on Tuesday. South Korea’s military confirmed that the North had fired two short-range ballistic […]
According to data released by the Ministry of Commerce and Industry on Tuesday, India’s Wholesale Price Index (WPI) inflation fell below the 4% mark in February, registering at 3.85%. This is a decrease from January’s WPI inflation figure of 4.73%, and the lowest it has been since January 2021 when it was 2.51%. In a […]