Credit Suisse

When Credit Suisse's unveils what are likely its final quarterly results Monday, investors will be seeking clues to the magnitude of the challenges awaiting UBS, after it was strongarmed into taking over its stricken rival.

The European Union on Tuesday proposed making it harder for states to pour billions of euros of aid into an ailing bank, as Italy did with Monte dei Paschi di Siena six years ago.

Proposals from the EU's executive seek to ensure that banks hold enough resources, in particular debt that can be written down to release cash in a crisis, to avoid taxpayer handouts.

US banks may become more circumspect in granting loans following recent turmoil in the sector, the country's treasury secretary said in an interview to air Sunday, while still predicting "moderate" GDP growth.    

The financial sector was rocked last month by the dramatic collapse of Californian lender Silicon Valley Bank (SVB).    

Swiss Finance Minister Karin Keller-Sutter said Switzerland's economy would probably have collapsed had Credit Suisse gone bankrupt, in an interview published yesterday.

Keller-Sutter told Le Temps newspaper that the government had acted in the country's best interests in swiftly arranging the takeover of Switzerland's second-biggest bank by its larger domestic rival UBS.

Central banks around the world should keep battling inflation by hiking interest rates despite ongoing concerns about financial stability, the head of the International Monetary Fund has told AFP.

Since last year, central banks have been raising their benchmark lending rates to tackle inflation, which rose to levels not seen for decades in many countries including the United States.

The Swiss attorney general's office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS.

The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, the SonntagsZeitung weekly reported yesterday.

The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial meltdown, following fears of contagion from the collapse of banks in the United States.

The Geneva watch fair opened on March 27 buoyed by booming growth in the watchmaking industry, but insiders warily eyed the banking sector turmoil, evoking painful memories of the 2008 financial crisis.

The chairman of Saudi National Bank, the main shareholder of troubled lender Credit Suisse which was bought out this month, has resigned, a statement said yesterday.

The Saudi bank's board of directors "accepted the resignation" of Ammar AlKhudairy "due to personal reasons," said the statement published on the Saudi stock exchange.

British annual inflation unexpectedly accelerated in February despite central bank efforts to tame a growing cost-of-living crisis, official data showed yesterday.

The Consumer Prices Index (CPI) rose by 10.4 percent in the 12 months to February 2023, up from 10.1 percent in January, the Office for National Statistics said.