Yahoo Finance Is Sea Limited on Course, or Set to Sink?
After a stunning Q4 result, it remains to be seen if Sea can stay on the path toward sustained profitability.
After a stunning Q4 result, it remains to be seen if Sea can stay on the path toward sustained profitability.
With the collapse of several US banks and the recent bailout of a vaunted Swiss bank, do Singapore banks still qualify as safe investments? The post <strong>Silicon Valley Bank Collapse and Credit Suisse Bail Out: Are Our 3 Singapore Banks Safe?</strong> appeared first on The Smart Investor.
LONDON/ZURICH (Reuters) -Shares in UBS plunged on Monday, heading for their biggest one-day fall since 2008 after its weekend rescue of ailing rival Credit Suisse ignited concerns among investors about the long-term benefits of the deal. UBS, with a hefty backstop from Swiss authorities, agreed to buy Credit Suisse on Sunday for just a fraction of its market value in a package orchestrated by Swiss regulators. The bank will pay 3 billion Swiss francs ($3.23 billion) for Credit Suisse and assume up to $5.4 billion in losses.
Those at the top need to have skin in the game – and know that risky decisions they make will affect them too, says economist Natacha Postel-Vinay
The Office of the Superintendent of Financial Institutions reinforced its guidance in the wake of a rescue plan for Swiss lender Credit Suisse that appeared to leave some of the bank's junior bondholders with nothing. If a bank reaches the point of "non-viability", common shareholders of the bank will be the first to suffer losses, the Canadian regulator said. Credit Suisse said on Sunday that 16 billion Swiss francs ($17.22 billion) of its AT1 debt will be written down to zero on the orders of the Swiss regulator as part of its rescue merger with UBS Group AG.
Days after it was rescued in an emergency buyout, Credit Suisse gathered hundreds of clients in an upscale Hong Kong hotel on Tuesday for a glitzy investment conference where they were told to "embrace the new reality".- 'Don't sense panic' - While Credit Suisse prepares for life under new management, its Hong Kong clients were told to "embrace the new reality and thrive", according to promotional materials prepared well before the weekend's events.Â
The US Federal Reserve looks poised to continue raising interest rates. Here are five Singapore REITs that should remain resilient despite the increases. The post <strong>5 Singapore REITs That May Comfortably Weather Higher Interest Rates in 2023</strong> appeared first on The Smart Investor.
Sea Ltd. has made the changes it needs to deliver profits over the long haul, billionaire founder Forrest Li said in a memo to staff.
Rare joint statement comes as banking giant UBS announced it will buy ailing rival Credit Suisse
The emergency takeover of Credit Suisse by rival UBS over the weekend leaves few obvious winners, but holders of its riskiest bonds are certainly among the biggest losers.
The S&P 500 jumped 1.3% to lock in its first back-to-back gain since Silicon Valley Bank’s rapid failure began two weeks ago. Markets around the world have pinballed sharply this month on worries the banking system may be cracking under the pressure of the fastest set of hikes to interest rates in decades. This week’s rally now runs into a huge test: On Wednesday afternoon, the Federal Reserve will announce what's largely expected to be its latest increase to rates.
ZURICH (Reuters) -The Swiss National Bank sold 22.3 billion Swiss francs ($23.97 billion) worth of foreign currencies interventions last year, the central bank said in its annual report published on Tuesday, a reversal from the 21.1 billion francs bought in 2021. The SNB has said it is prepared to buy and sell foreign currencies as it pursues its goal of dampening Swiss inflation, which at 2.8% in 2022 was outside its target range of 0-2%. The SNB has regularly confirmed its commitment foreign currency interventions but until last year this mainly meant buying buy foreign currencies with newly created francs to stem the rise of the Swiss franc.
Gold traded at record highs in some currencies on Monday and neared all-time peaks in U.S. dollar terms after banking sector turmoil sent prices of the safe haven asset rocketing 10% in a matter of days. Banking stocks and bonds continued to plummet on worries that more problems may emerge after several U.S. banks and Switzerland's Credit Suisse collapsed or required rescue. Gold rose above 3,000 Australian dollars and 165,000 Indian rupees for the first time and traded around 1,880 euros, just 20 euros shy of its euro record.
Gold bugs have been waiting for this moment. The precious metal has been on an upward trend amid still-too-hot inflation, a banking crisis, and expectations of a 25 basis point rate hike (or none at all) — at the next Fed meeting.
U.S. stocks moved higher early Tuesday following U.S. and European efforts to stabilize the banking system.
Asian policymakers on Monday moved to calm investor nerves after announcements of a historic Swiss-backed takeover of troubled Credit Suisse and a coordinated move by major central banks to avert a banking crisis. As markets remained fearful of the risk of financial stress jumping across borders, Japan's chief cabinet secretary, Hirokazu Matsuno, said the country's banking system was stable and Japan would see no contagion from the U.S. and Europe. He also welcomed Sunday's decision by top central banks, including the Bank of Japan (BOJ), to bolster the global flow of cash by expanding an existing swap line to ensure lenders would have the dollars they needed to operate.
Asian shares staged a cautious bounce on Wednesday with hopes a global banking crisis would be averted vying with uncertainty over the outlook for U.S. interest rates as the Federal Reserve holds a high-stakes meeting on policy. Efforts by U.S. Treasury Secretary Janet Yellen to calm nerves seemed to be working with bank shares rallying overnight. Strains were still evident among regional U.S. banks with shares of First Republic Bank sliding on suggestions the government might be involved in a rescue deal, perhaps disadvantaging shareholders.
One of the largest investors of the Credit Suisse bonds that were wiped out in the UBS takeover of the troubled Swiss bank still believes in the value of the debt class and the "bail-in" system designed to save banks seen as too big to fail. Spectrum Asset Management Inc on Monday said it liquidated all its Credit Suisse positions during late market trading on Saturday before the contingent convertible debt, called CoCos among traders, were written down to zero in the UBS deal. Now banks in difficulty will be bailed in by the holders of CoCos, formerly known as Additional Tier 1 bonds (AT1).
U.S. stocks edged upward Monday, led by the Dow, following UBS's deal to buy smaller rival Credit Suisse in a bid to avoid further market-shaking turmoil in global banking.
Financial authorities in Singapore and Hong Kong gave assurances Credit Suisse will remain open for business.
The tech trade comes back.