HONG KONG, March 20 — Equities sank today on fears about the financial sector, despite news of UBS's takeover of embattled Credit Suisse and central bank pledges to provide...
HONG KONG, March 20 — Equities sank today on fears about the financial sector, despite news of UBS's takeover of embattled Credit Suisse and central bank pledges to provide liquidity to troubled lenders.
Other regional bank shares were also hit, including Japan's Mitsubishi UFJ Financial, National Australia Bank and India's ICICI. Shanghai rose after the Chinese central bank cut the amount of cash banks must keep in reserve, hoping to boost the country's economy.The collapse this month of regional lenders Silicon Valley Bank, Signature Bank and Silvergate sparked fears of contagion as worried customers withdrew cash.
Yesterday UBS — Switzerland's biggest bank — said it would buy Credit Suisse for US$3.25 billion following crunch talks in hopes of stopping a wider international banking crisis.Meanwhile, the Fed and the central banks of Canada, Britain, Japan, the European Union and Switzerland said they would launch a coordinated effort today to improve banks' access to liquidity.
Some observers expect at least one more increase but possibly a hold afterwards, while there is a growing belief that cuts could be announced before the end of the year, despite prices still rising faster than the Fed would like.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Monetary Authority says Credit Suisse business in city open as usualHONG KONG, March 20 — Hong Kong’s Monetary Authority and the city’s Securities and Futures Commission (SFC) said on Monday that Credit Suisse’s operations in the financial...
Read more »
Hong Kong banks dive, despite HKMA reassurance on Credit SuisseHONG KONG, March 20 — Banking shares in Hong Kong tumbled in early trade on Monday, even as the city’s monetary authority said the sector had “insignificant” exposure to...
Read more »
UBS in talks to save Credit SuisseZURICH, March 19 — Credit Suisse is in advanced talks with its larger Swiss rival UBS about a deal to salvage Switzerland’s second-biggest bank, in a bid to reassure investors...
Read more »
UBS seeks US$6bil in govt guarantees for Credit Suisse takeoverUBS seeks US$6bil in govt guarantees for Credit Suisse takeover FMTNews FMTBusiness
Read more »
Sources: UBS mulls takeover of Credit Suisse with possible Swiss govt guaranteesFRANKFURT, March 18 — UBS is examining a takeover of Credit Suisse that could see the Swiss government offer a guarantee against the risks involved, said two people with...
Read more »
Credit Suisse weighs survival options, under pressure to merge with UBSNEW YORK, March 18 — Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a...
Read more »