Switzerland’s two biggest political parties sharply criticized UBS’s takeover of Credit Suisse saying multi-billion state support for the deal created enormous risks for the country. Swiss authorities announced on Sunday that UBS had agreed to buy rival Swiss bank Credit Suisse in a shotgun merger aimed at containing a crisis of confidence that was spreading through global banking. Parties across the […]
Thailand dissolved its parliament on Monday to clear the way for an election in May, a vote set to reignite a long-running power struggle between a military-backed establishment and a political movement that has dominated elections for two decades. King Maha Vajiralongkorn endorsed a decree to dissolve parliament, according to an announcement in the Royal […]
Former Prime Minister Imran Khan has asked the chief justice of Pakistan to allow him to appear for court proceedings virtually to reduce the risk of any threat to his life, he said in a video message on Monday, as his Pakistan Tehreek-e-Insaf (PTI) party prepared for a rally in Lahore on Wednesday. Supporters of […]
A Singapore shoe recycling project will be subject to surprise inspections following a Reuters investigation that found footwear it donated to the scheme was not recycled, Singapore’s minister of culture said on Monday. U.S. petrochemicals giant Dow Inc and Sport Singapore, a government agency, had pledged that the shoes would be ground down to make playgrounds and running […]
Oil prices dropped to their lowest levels in 15 months on Monday on concerns that risks in the global banking sector and a potential increase in U.S. interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May was down 83 cents, or 1.1%, to $72.14 a […]
U.N. Secretary General Antonio Guterres warned that the “climate time bomb is ticking” as he urged rich nations on Monday to slash emissions sooner after a new assessment from scientists said there was little time to lose in tackling climate change. “The rate of temperature rise in the last half century is the highest in […]
Amazon.com Inc said on Monday it would cut 9,000 jobs, making it the latest Big Tech company to announce a second round of layoffs in the face of a possible recession. Numerous tech giants including Microsoft Corp, Salesforce Inc , Alphabet and Meta Platforms have slashed thousands of jobs in recent months after pandemic-led hiring sprees left them […]
U.S. banking stocks rose on Monday and Europe’s lenders recovered from a sharp early sell-off after UBS Group’s state-backed takeover of Credit Suisse appeared to close off one source of worry for the global banking sector. In a package engineered by Swiss regulators on Sunday, UBS Group AG will pay 3 billion Swiss francs ($3.2 billion) for […]
As Covid infections and deaths are declining, it remains important to assess the effectiveness of the public policy measures implemented in response to the pandemic. This column argues that such polices, though clearly desirable from a medical point of view, are bound to deliver somewhat disappointing results. Because they create a safer environment, they induce […]
While the collapse of Silicon Valley Bank appears to be an example of failure of both bank management and supervision, it also offers insights about prudential regulation. This column draws two main lessons in this respect. The first is that the episode should increase the resolve of public authorities to further improve the resolution framework […]
