(Bloomberg) – Shares of First Republic Bank rose in early trading as all eyes remained on how talks to bolster the midsize lender progressed amid a crisis of confidence. Bloomberg’s Most Read Shares of the California lender have gained as much as 7.5% in premarket trading in the United States, still far from erasing the…
The bailout comes as the island nation grapples with its worst economic crisis in 70 years. Sri Lanka has received the first tranche of its bailout package from the International Monetary Fund (IMF), President Ranil Wickremesinghe has told parliament. “It sets the stage for Sri Lanka to have better fiscal discipline and better governance,” Wickremesinghe…
© Reuters. FILE PHOTO: A participant stands near an IMF logo at the International Monetary Fund – World Bank Annual Meetings 2018 in Nusa Dua, Bali, Indonesia October 12, 2018. REUTERS/Johannes P. Christo By Uditha Jayasinghe COLOMBO (Reuters) – Sri Lanka has received the first tranche of an IMF rescue package, President Ranil Wickremesinghe told…
© Reuters. FILE PHOTO: The Federal Reserve Building is pictured in Washington, U.S. March 19, 2019. REUTERS/Leah Millis/File Photo By Scott Murdoch, Selena Li and Tom Westbrook (Reuters) – Investors on Tuesday welcomed the bailout of troubled lender Credit Suisse by its Swiss rival UBS, although concerns remained about the risk of shock waves further…
A man waves the national flag of Sri Lanka after climbing a tower near the presidential secretariat in Colombo on July 11, 2022, after it was overrun by anti-government protesters. (Photo by ARUN SANKAR/AFP via Getty Images) Arun Sankar | AFP | Getty Images The International Monetary Fund has finally approved a $3 billion bailout…
© Reuters. FILE PHOTO: US dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration By sydney SINGAPORE (Reuters) – The dollar regained ground on Tuesday but was pinned near a five-week low as traders tiptoed back into riskier assets after Credit Suisse’s takeover by State-backed UBS has allayed some fears of…
The IMF board eventually backed a $3 billion bailout for Sri Lanka to help the country restructure its debts and ease a “catastrophic” economic and social crisis. The bailout deal, first agreed in principle last September, was reached after resistance from China, the country’s biggest bilateral lender, was overcome earlier this month. The country was…
Credit Suisse has told staff it will continue to hand out bonuses and pay rises as planned this year, although the bank had to be bailed out by UBS as part of a 3 billion Swiss franc deal ( $3.25 billion) this weekend. Shortly after the Swiss lender was rescued from bankruptcy on Sunday evening,…
Judging by the stock futures, you wouldn’t guess we’re fresh off a wild weekend that brought together two of Switzerland’s biggest banks, one in deep trouble. A flat to slightly lower start is ahead for Wall Street, but oil prices are under pressure and gold is up sharply. In terms of recent events on US…
franckreporter/iStock via Getty Images Another wild weekend saw regulators try to avert a banking crisis that is rapidly spreading across global markets. Under an emergency agreement negotiated by the Swiss authorities, UBS (NYSE: UBS) agreed to pick up longtime rival of Credit Suisse (New York Stock Exchange: CS) for $3.25 billion, less than half of…
