Singapore markets closed

  • Straits Times Index

    3,239.03
    +26.39 (+0.82%)
     

  • S&P 500

    3,970.99
    +22.27 (+0.56%)
     

  • Dow

    32,237.53
    +132.33 (+0.41%)
     

  • Nasdaq

    11,823.96
    +36.56 (+0.31%)
     

  • Bitcoin USD

    27,953.43
    +270.39 (+0.98%)
     

  • CMC Crypto 200

    608.18
    -10.20 (-1.65%)
     

  • FTSE 100

    7,478.42
    +72.97 (+0.99%)
     

  • Gold

    1,954.00
    -29.80 (-1.50%)
     

  • Crude Oil

    70.06
    +0.80 (+1.16%)
     

  • 10-Yr Bond

    3.3800
    0.0000 (0.00%)
     

  • Nikkei

    27,476.87
    +91.62 (+0.33%)
     

  • Hang Seng

    19,567.69
    -347.99 (-1.75%)
     

  • FTSE Bursa Malaysia

    1,396.60
    -3.10 (-0.22%)
     

  • Jakarta Composite Index

    6,708.93
    -53.32 (-0.79%)
     

  • PSE Index

    6,595.03
    -7.14 (-0.11%)
     

UPDATE 1-U.S. authorities weighing in on possible Credit Suisse-UBS deal- Bloomberg News

Reuters SG
·1-min read

(Adds details from the report, background)

March 18 (Reuters) - U.S. authorities are working with Swiss counterparts to broker a deal for UBS AG to buy all or part of Credit Suisse Group AG, Bloomberg News reported on Saturday citing people familiar with the matter.

U.S. officials might seek to weigh in on matters which can impact the finals terms of the deal between the banks, according to the report.

An official at the Federal Reserve declined to comment on the report, while the Treasury Department did not immediately respond to a Reuters request for comment.

UBS is

mulling

a takeover of its embattled Swiss peer, sources have told Reuters. The plan could see the Swiss government offer a guarantee against the risks involved, while Credit Suisse's Swiss business could be spun off.

U.S. and European banking executives and regulators have taken measures to shore up the industry to restore confidence. The Biden administration has moved to backstop consumer deposits while the Swiss central bank loaned billions to Credit Suisse to stabilize its shaky balance sheet.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Chizu Nomiyama)

Latest stories

  • Bank turmoil has potential to trigger financial crisis, warns lender - latest updates

    The turmoil that has led to the takeovers of Silicon Valley Bank and Credit Suisse could become a global financial crisis, the head of Australia and New Zealand Banking Group has warned.

  • ANZ CEO: Banking turmoil has potential to trigger financial crisis

    SYDNEY (Reuters) -Australia and New Zealand Banking Group's CEO said on Monday the latest turmoil in the global banking system had the potential to trigger a financial crisis though it was early to predict it could bring one similar to that in 2008. Authorities around the world are on high alert for the fallout from the recent turmoil at banks following the collapse of Silicon Valley Bank (SVB) and Signature Bank in the U.S. and the emergency takeover of Credit Suisse.

  • Credit Suisse accessed billions in liquidity last weekend - finance minister

    Credit Suisse tapped the Swiss National Bank for "a large multi-billion amount" last weekend to secure its liquidity, the country's finance minister Karin Keller-Sutter told Swiss broadcaster SRF on Saturday. The troubled Swiss bank had said last week it intended to borrow up to 50 billion Swiss francs from the country's central bank to boost its liquidity. "Last weekend, a large multi-billion amount was withdrawn by Credit Suisse for liquidity protection," Keller-Sutter said.

  • Credit Suisse could face disciplinary action, Swiss regulator says

    Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland's second largest bank had to be rescued last week by UBS. FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was "still open" whether new proceedings would be started, but the regulator's main focus was on "the transitional phase of integration" and "preserving financial stability". UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock a week ago and to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities during a period of market turmoil in global banking.

  • In a Climate of Uncertainty, These 4 Singapore REITs Can Give You Peace of Mind

    Worried about the uncertainty and market volatility? These four Singapore REITs should enable you to coast through these challenges. The post <strong>In a Climate of Uncertainty, These 4 Singapore REITs Can Give You Peace of Mind</strong> appeared first on The Smart Investor.

  • It may not be 2008 all over again – but this banking turmoil is not without danger

    New approach is needed to get UK through looming credit crunch after failure of recovery from crash

  • Why the biggest banks 'could be natural beneficiaries' of current turmoil: strategist

    The biggest U.S. banks stand to become even more powerful in the wake of the banking crisis — whereas regional banks could lose their foothold.

  • Fed's Kashkari: Banking stress brings U.S. closer to recession - CBS

    Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the U.S. closer to recession, Minneapolis Fed president Neel Kashkari said Sunday in comments to CBS show Face the Nation. "It definitely brings us closer," Kashkari said. Kashkari, who has been among the most hawkish Fed policymakers in advocating higher interest rates to fight inflation, said it remained too soon to gauge the size of the “imprint” bank stress will have on the economy, and therefore too soon to know how it might influence the next interest rate decision of the Federal Open Market Committee.

  • Jay Powell and Janet Yellen struggle to calm nerves in banking crisis

    Policymakers have been criticised by some for not sending clear enough message after tumultuous two weeks

  • T-Bills vs Singapore Savings Bonds vs Fixed Deposits vs Endowment Plans: Which One is Right For You?

    Conservative investments have low risk and modest returns, and are favoured for wealth preservation. Learn how four of the most common...

  • IMF chief warns global financial stability at risk from banking turmoil

    Kristalina Georgieva joins others in voicing fears about threat to world economy after recent bank collapses

  • Credit Suisse’s demise: a new twist on the ‘Swiss finish’

    The bank’s fall has profoundly damaged Switzerland’s reputation in investment banking, wealth management and regulation

  • Barclays raises Bank of England terminal rate forecast to 4.5%

    Barclays had expected a pause from the BoE in the March meeting, but following a 25 basis points hike to 4.25%, and data last week that showed an unexpected rise in British inflation, the British bank retained its call for another quarter percentage point hike in May. Barclays also raised its forecast for UK's gross domestic product (GDP) for the first three quarters of the year between 0.1-0.2 percentage points, encouraged by a rebound in manufacturing in the first three months of 2023, as well as a stronger-than-expected pick up in economic growth in January. The new forecast implies a "minimal recession", Barclays economists led by Marian Cena said.

  • Consider yourself lucky if your small business worked with Silicon Valley Bank

    Yes, there were some scary moments, it was poorly regulated and your bank failed to protect your money – but you got it back

  • What's next for the U.S. economy? 'The extent of these effects is uncertain.'

    Turmoil in the banking system has made for a murkier outlook for the economy.

  • Russia embraces China’s renminbi in face of western sanctions

    Shift away from using ‘toxic currencies’ for trade and reserves accompanies increase in yuan-denominated bank accounts

  • Europe shares edge higher as bank fears ease

    LONDON, SYDNEY (Reuters) -Global shares inched higher after First Citizens BancShares soothed fragile markets on Monday by saying that it would take the deposits and loans of failed Silicon Valley Bank. The deal offered markets some respite from several weeks of fresh banking collapses, rescues or emergency help from authorities. Deutsche Bank shares rose about 4% after leading declines in the sector on Friday, when the cost of insuring the German bank's debt against the risk of default jumped.

  • US mulls more support for banks while giving First Republic time - Bloomberg News

    All deliberations are at an early stage and an expansion of the Federal Reserve's emergency lending program is one of the many considerations by officials to support the failing lender, the report said, citing people with knowledge of the situation. While any changes to the Fed's liquidity offerings would apply to all eligible users, the adjustments could be designed to ensure that First Republic benefits from the changes, Bloomberg said. Representatives for the U.S. Treasury, Federal Deposit Insurance Corporation (FDIC) and First Republic Bank declined to comment.

  • Oil gains some ground as investors assess banks and Russia

    LONDON (Reuters) -Oil prices rose on Monday as investors assessed efforts by authorities to rein in concerns over the global banking system while Russian President Vladimir Putin's plans to place tactical nuclear weapons in Belarus ratcheted up tensions in Europe. Brent crude futures were up 74 cents, or 1%, at $75.73 a barrel by 0900 GMT. West Texas Intermediate U.S. crude was up 70 cents, or 1%, at $69.96.

  • Home sellers' willingness to offer concessions wavers with mortgage rates

    The housing power dynamic has tipped slightly back to favor sellers after the banking turmoil led to a sudden dip in mortgage rates.