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UBS to buy Credit Suisse for nearly $3.25B to calm turmoil
GENEVA — Banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank’s customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in the U.S. sparked concerns about other potentially shaky institutions in the global financial system. Credit Suisse is among the 30 financial institutions known as globally…
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Live news: Bank of England urges lenders to do more to prevent market turmoil
The biennial event of a nationally sizeable American election is upon us with the US midterms. All 435 Dwelling seats and 35 of the 100 Senate seats are on the ballot on Tuesday. Joe Biden is so concerned that past week he strike the marketing campaign path, ramping up the rhetoric. The Democrats are possible to get rid of manage of the Household and the upper chamber is on a knife edge. That (or alternatively the divided govt it will make) is lousy information for buyers, according to Unhedged’s Rob Armstrong. FT columnist Janan Ganesh blames the voters. Want to know more? This Thursday, FT journalists Edward Luce, Rana Foroohar…
