UBS completes the takeover of Credit Suisse
UBS, a Swiss banking giant, has completed the takeover of Credit Suisse following its collapse in March 2023. The bank will now be in charge of a balance sheet worth over $1.6T and a workforce of around 120K professionals.
UBS and Swiss government strike a loss protection agreement over Credit Suisse take over
UBS and Swiss government have agreed to protect the investors amid the takeover of the collapsed banking giant Credit Suisse. The two announced on June 9, 2023, that they reached an agreement, which will take effect once the takeover of Credit Suisse is completed.
Eurozone plunges into a recession; Brits to endure more pain
Eurozone has plunged into a recession sending negative waves through the market. Brits will have to tighten their belts for tougher economic times ahead. The region has been experiencing one of the highest inflation rates this year among the strongest economies hitting over 10% and sustaining for a long time.
Top European Stocks to plummet 10% in the summer-Morgan Stanley
Morgan Stanley has predicted that the top European stocks may fall by over 10% this summer as a harsh economic season grapples the Euro Zone. Morgan Stanley has already cut its sector rating on financial to neutral in favour of Pharmaceuticals.
IMF calls out the Fed for not slowing down on lending
The IMF Managing Director Kristalina Georgieva has expressed concern with the federal reserve not pumping brakes on lending.
U.S. Senate passes debt ceiling bill; Markets and community reacts
The U.S. Senate has passed the debt ceiling bill preventing the U.S. from defaulting on its debt which would have been the first event of its kind.
U.K. economy check: Eurozone inflation falls, easing cost of living; Brexit remains a historic economic error
Eurozone inflation has fallen faster than anticipated a month ago, easing living costs.
U.K. house prices are falling at the fastest annual rates since 2009
Former U.S. Treasury Secretary Larry Summers says Brexit was a “historic economic error” that has hurt the U.K. economy, driving up inflation.
Elon Musk becomes the richest person in the world again
Tesla CEO Elon Musk has regained his status as the world’s richest man once again as he overtakes Bernard Arnault. Elon Musk is touring China for the first time in three years on May 31, 2023, meeting China’s foreign minister Qin Gang.
Debt ceiling bill passes in the House; Senate to have the last laugh
The House passed a debt ceiling bill on Wednesday night, days before the U.S. Treasury runs out of money to pay its bills.
Treasury Yields fall as investors anticipate debt ceiling vote
U.S. Treasury Yields have fallen as investors wait for a crucial debt ceiling vote to be held in the House of Representatives later in the day.
Analysts expect a 12th straight interest rate hike from the Bank of England, but the outlook remains murky
The Bank of England is expected to propose a 12th consecutive hike in interest on Thursday to keep the fight against inflation lively. The nation’s Core inflation remains unchanged, highlighting the possibility of entrenchment. As such, analysts expect the bank to announce a 7-2 split vote pushing the hikes trend upwards to hit 4.25% to 4.5%.
ECB hikes interest rates by 25 bps as inflation rages
As most market analysts expected, European Central Bank(ECB) has raised its interest rates again by another 25 basis points. Its President, Christine Lagarde, has announced this decision saying that they are rallying to maintain their battle against inflation. ECB...