India  

Credit Suisse Receives $54 Billion Lifeline Loan

Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Credit Suisse Receives $54 Billion Lifeline Loan

Credit Suisse Receives $54 Billion Lifeline Loan

Credit Suisse Receives, $54 Billion Lifeline Loan.

On March 16, Credit Suisse announced that it will take out a $54 billion loan from Switzerland's central bank.

NBC reports that the move comes amid fears of a , global banking crisis.

Following the collapse of two major banks in the United States, investors have signaled widespread concerns regarding the stability of the financial sector.

Following the collapse of two major banks in the United States, investors have signaled widespread concerns regarding the stability of the financial sector.

Credit Suisse, the second-largest commercial lender in Switzerland, saw its stock recover by about 20% following its loan announcement.

Credit Suisse, the second-largest commercial lender in Switzerland, saw its stock recover by about 20% following its loan announcement.

The move reversed course on a steep decline in the wake of the collapses of Silicon Valley Bank and Signature Bank.

The move reversed course on a steep decline in the wake of the collapses of Silicon Valley Bank and Signature Bank.

NBC reports that a number of midsized and regional banks remain under pressure, including First Republic, PacWest and Western Alliance.

.

Earlier this week, First Republic's stock was downgraded to junk status by two major credit rating agencies.

.

Following the downgrade, stock in First Republic plunged 35%.

Meanwhile, stock in regional banks PacWest and Western Alliance was down 17% and 11%, respectively.

The banking instability has sent ripples through Wall Street, with the Dow Jones Industrial Average down nearly 200 points early on March 16.

.

The banking instability has sent ripples through Wall Street, with the Dow Jones Industrial Average down nearly 200 points early on March 16.


You Might Like


💡 newsR Knowledge: Other News Mentions

Switzerland Switzerland Country in Central Europe

Celebrities Pay Tribute to Mourn the Loss of Tina Turner [Video]

Celebrities Pay Tribute to Mourn the Loss of Tina Turner

Celebrities Pay Tribute, to Mourn the Loss of , Tina Turner. Following news of Tina Turner's death, celebrities have taken to social media to mourn the loss of the music icon. CNN reports that Oprah Winfrey shared a moving tribute, calling the influential pop icon, "a role model not only for me but the world.". She once shared with me that when her time came to leave this earth, she would not be afraid, but excited and curious, Oprah Winfrey, via CNN. She once shared with me that when her time came to leave this earth, she would not be afraid, but excited and curious, Oprah Winfrey, via CNN. I am a better woman, a better human, because her life touched mine. She was indeed simply the best, Oprah Winfrey, via CNN. According to Turner's family, the 83-year-old performer died "peacefully" in her home in Switzerland on May 24 after battling with an undisclosed "long illness.". According to Turner's family, the 83-year-old performer died "peacefully" in her home in Switzerland on May 24 after battling with an undisclosed "long illness.". Other music industry legends also paid their respects to Turner, including Mick Jagger, Ringo Starr, Brian Wilson and Roberta Flack. Other music industry legends also paid their respects to Turner, including Mick Jagger, Ringo Starr, Brian Wilson and Roberta Flack. My friend, Tina, thank you for inspiring us to always be everything we were meant to be – regardless of life’s challenges. A woman without limits. You will always be my hero, Roberta Flack, via CNN. My friend, Tina, thank you for inspiring us to always be everything we were meant to be – regardless of life’s challenges. A woman without limits. You will always be my hero, Roberta Flack, via CNN. Rolling Stones lead singer, Mick Jagger, posted a tribute to Turner on Twitter, calling her “inspiring, warm, funny and generous." . Rolling Stones lead singer, Mick Jagger, posted a tribute to Turner on Twitter, calling her “inspiring, warm, funny and generous." . She helped me so much when I was young and I will never forget her, Mick Jagger, via Twitter. Among the other celebrities to post tributes were Mariah Carey, Jennifer Hudson, Halle Berry and Keith Urban. . Among the other celebrities to post tributes were Mariah Carey, Jennifer Hudson, Halle Berry and Keith Urban.

Credit: Wibbitz Top Stories    Duration: 01:31Published
Tina Turner: Iconic singer and Grammy Award winner passes away at 83 | Oneindia News [Video]

Tina Turner: Iconic singer and Grammy Award winner passes away at 83 | Oneindia News

Tina Turner, the earthshaking singer whose rasping vocals, sex-ual magnetism and explosive energy made her an unforgettable live performer and one of the most successful recording artists of all time, died on Wednesday at her home in Küsnacht (Kusnakht), Switzerland, near Zurich. She was 83. #TinaTurner #TinaTurnerDeath #RockAndRollSingerTinaTurner ~HT.97~PR.152~ED.101~

Credit: Oneindia    Duration: 03:12Published
Meet the AI-powered robot replacing humans as security guards in Switzerland [Video]

Meet the AI-powered robot replacing humans as security guards in Switzerland

The robot frees up a single human to patrol large outdoor areas that normally require significant staffing but at a lower cost, its creator says.

Credit: euronews (in English)    Duration: 01:07Published
Tina Turner Dead at Age 83 [Video]

Tina Turner Dead at Age 83

Tina Turner Dead at Age 83. Tina Turner Dead at Age 83. The ‘Queen of Rock ‘n’ Roll’ died on Wednesday in her home in Küsnacht near Zurich, Switzerland. Reuters reports the iconic singer died after a long illness according to her representative. . It is with great sadness that we announce the passing of Tina Turner. With her music and her boundless passion for life, she enchanted millions of fans around the world and inspired the stars of tomorrow, Tina Turner representative, via Reuters. Today we say goodbye to a dear friend who leaves us all her greatest work: her music. All our heartfelt compassion goes out to her family. Tina, we will miss you dearly, Tina Turner representative, via Reuters. She was candid about the abuse she suffered from Ike Turner, her former husband and musical partner. After divorcing Ike in 1979, she launched an incredible comeback in the 80s as a solo artist. . Turner received 8 Grammy Awards throughout the course of her esteemed career. including record of the year for her smash hit, "What's Love Got to Do With It.". She was inducted into the Rock & Roll Hall of Fame in 1991.

Credit: Wibbitz Top Stories    Duration: 01:28Published
Tariq Ramadan acquitted of rape charges in Switzerland [Video]

Tariq Ramadan acquitted of rape charges in Switzerland

Ramadan, who is the grandson of the founder of Egypt's Muslim Brotherhood, will receive €154,000 in compensation from the State of Geneva.

Credit: euronews (in English)    Duration: 01:02Published

Silicon Valley Bank Silicon Valley Bank Former American commercial bank

Fed Raises Rates by a Quarter Point [Video]

Fed Raises Rates by a Quarter Point

Fed Raises Rates , by a Quarter Point. The Federal Reserve issued its tenth rate hike since last March on May 3. The decision to hike interest rates by a quarter of a point was unanimous. . The benchmark federal funds rate is now at 5%-5.25%. That's the highest it's been in over 15 years, CNN reports. The move follows the collapse of Silicon Valley Bank, Silvergate and Signature Bank. The move follows the collapse of Silicon Valley Bank, Silvergate and Signature Bank. Fed Chair Jerome Powell said the central bank will "approach the question" of a pause in rate hikes "at the June meeting.". The Federal Reserve also said that current strict lending standards may slow the economy, helping to ease inflation. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation, Federal Reserve, via statement. The extent of those effects remains uncertain, Federal Reserve, via statement

Credit: Wibbitz Top Stories    Duration: 01:30Published
JPMorgan Chase See Profits Skyrocket Despite Banking Crisis [Video]

JPMorgan Chase See Profits Skyrocket Despite Banking Crisis

JPMorgan Chase , See Profits Skyrocket , Despite Banking Crisis. ABC News reports that JPMorgan Chase posted a 52% leap in first-quarter profits following the failure of Silicon Valley Bank and Signature Bank last month. ABC News reports that JPMorgan Chase posted a 52% leap in first-quarter profits following the failure of Silicon Valley Bank and Signature Bank last month. JPMorgan posted a profit of $12.62 billion, compared to a profit of just $8.28 billion at the same time last year. Following the collapse of the smaller banks, JPMorgan saw deposits noticeably grow as businesses and customers flocked to the financial institution. Higher interest rates also allowed the banking titan to charge customers more for loans. ABC reports that the bank's net interest income was $20.8 billion, a 49% increase from the same time last year. Both Citigroup and Wells Fargo also showed solid results on April 14. Both Citigroup and Wells Fargo also showed solid results on April 14. ABC reports that the news suggests that the nation's biggest, most complex financial institutions may be spared from potential trouble in the banking sector. These were the most watched bank earnings announcements in over a decade, with market participants scouring the results looking for signs of cracks in the U.S. banking sector. , Octavio Marenzi, CEO of consulting firm Opimas LLC, via ABC. These were the most watched bank earnings announcements in over a decade, with market participants scouring the results looking for signs of cracks in the U.S. banking sector. , Octavio Marenzi, CEO of consulting firm Opimas LLC, via ABC. Those analysts looking for signs of the banking crisis were greatly relieved to not find any, Octavio Marenzi, CEO of consulting firm Opimas LLC, via ABC. Also exceeding analysts' expectations, on a per-share basis, the bank earned $4.10 a share, up from last year's $2.63.

Credit: Wibbitz Top Stories    Duration: 01:31Published

NBC NBC American broadcast television network

Major Supreme Court Cases to Be Decided in the Current Term [Video]

Major Supreme Court Cases to Be Decided in the Current Term

Major Supreme Court Cases , to Be Decided in the Current Term. NBC reports that the United States Supreme Court is poised to decide a number of potentially pivotal cases in the coming months. . With a 6-3 conservative majority, the high court is expected to move the law further right on issues including affirmative action, immigration and voting rights. Here are some of the major cases on the horizon. Merril v. Milligan, This case looks to further weaken the Voting Rights Act, which is meant to protect minority voters. The Voting Rights Act was meant to address claims that minority-majority districts were drawn to increase the power of white voters. The Voting Rights Act was meant to address claims that minority-majority districts were drawn to increase the power of white voters. U.S. v. Texas, This Biden administration policy looks to set new immigration enforcement priorities that focus on public safety threats. The Supreme Court will decide whether to overturn a Texas-based federal judge's June ruling that blocked the policy from going into effect nationwide. 303 Creative v. Elenis, This LGBTQ rights case will determine whether business owners refusing to work on same-sex weddings can be considered under anti-discrimination laws. Moore v. Harper, NBC reports that this case revolves around a legal theory that would limit the ability of state courts to review specific election laws. Biden v. Nebraska , & Department of Education v. Brown, These cases look to revive the Biden administration's student loan forgiveness program, which was blocked in the lower courts. . Biden v. Nebraska , & Department of Education v. Brown, These cases look to revive the Biden administration's student loan forgiveness program, which was blocked in the lower courts.

Credit: Wibbitz Top Stories    Duration: 01:31Published
China's CDC Warns of Rising Cases Amid New COVID Variant [Video]

China's CDC Warns of Rising Cases Amid New COVID Variant

China's CDC , Warns of Rising Cases , Amid New COVID Variant. NBC reports that China is facing a potential COVID surge of up to 65 million cases per week by the end of June. The news comes just months after China lifted far reaching 'zero-COVID' measures that included strict lockdowns, mass testing and forced quarantines. . Respiratory disease specialist Zhong Nanshan released new data at a medical conference this week in the southern city of Guangzhou. . NBC reports that the United States and China stopped releasing weekly case updates earlier this month, making it difficult to determine the extent of the current outbreak. NBC reports that the United States and China stopped releasing weekly case updates earlier this month, making it difficult to determine the extent of the current outbreak. The U.S. State Department, which lifted testing requirements for travelers from China in March, declined to say whether further restrictions were being considered. State Department spokesman Matt Miller said that the situation was being monitored in cooperation with the Centers for Disease Control and Prevention. State Department spokesman Matt Miller said that the situation was being monitored in cooperation with the Centers for Disease Control and Prevention. We don’t want to see people anywhere, obviously, suffering from COVID-19, Matt Miller, U.S. State Department spokesman, via NBC. According to Miller, the U.S. remains committed to cooperation with China , "on transnational challenges, including on global health matters and maintaining open lines of communication.". According to Miller, the U.S. remains committed to cooperation with China , "on transnational challenges, including on global health matters and maintaining open lines of communication.". The Chinese Center for Disease Control and Prevention's chief epidemiologist said that about 80% of China's 1.4 billion people were infected by the first omicron wave. The Chinese Center for Disease Control and Prevention's chief epidemiologist said that about 80% of China's 1.4 billion people were infected by the first omicron wave. NBC reports that waning immunity from that previous wave of variants may be increasing the risk of reinfection in China.

Credit: Wibbitz Top Stories    Duration: 01:30Published
German Government Slammed For Supporting New Natural Gas Infrastructure [Video]

German Government Slammed For Supporting New Natural Gas Infrastructure

German Government , Slammed For Supporting New , Natural Gas Infrastructure. On May 22, Germany rejected accusations that it weakened existing commitments to phase out natural gas at a summit of Group of Seven (G7) leaders. On May 22, Germany rejected accusations that it weakened existing commitments to phase out natural gas at a summit of Group of Seven (G7) leaders. Fox News reports that the German government said that their stance remains consistent with international climate efforts. Fox News reports that the German government said that their stance remains consistent with international climate efforts. Activists have criticized leaders' decision to support construction of new liquefied natural gas infrastructure, facilitating the use of a planet-warming fossil fuel. The G7 said that "investment in the sector can be appropriate in response to the current crisis and to address potential gas market shortfalls provoked" by Russia's attack on Ukraine. In the exceptional circumstance of accelerating the phase-out of our dependency on Russian energy, publicly supported investment in the gas sector can be appropriate as a temporary response, G7 statement, via NBC. According to Greenpeace's Tracy Carty, support for new infrastructure for fossil fuel "is a blunt denial of the climate emergency.". Fossil gas is one of the most polluting forms of energy and in its liquefied form, its carbon emissions can be as bad as coal, Tracy Carty, Greenpeace representative, via NBC. Meanwhile, Friederike Roeder of the campaign group Global Citizen suggests that Germany's role in the G7 talks were "particularly disappointing.". Meanwhile, Friederike Roeder of the campaign group Global Citizen suggests that Germany's role in the G7 talks were "particularly disappointing.". The EU’s role in international climate diplomacy is critical but if Germany, as the biggest member state, continues to focus its negotiation power on new gas investments rather than leading the way for a future free of fossil fuels, this won’t be possible, Friederike Roeder, Global Citizen representative, via NBC. NBC reports that G7 leaders also expressed support for the roll-out of renewable power generation and other energy saving measures

Credit: Wibbitz Top Stories    Duration: 01:31Published
Daniel Penny Maintains NYC Subway Death of Jordan Neely Not Race Related [Video]

Daniel Penny Maintains NYC Subway Death of Jordan Neely Not Race Related

Daniel Penny Maintains , NYC Subway Death of Jordan Neely , Not Race Related. NPR reports that U.S. Marine Daniel Penny insisted in his first interview since fatally choking Jordan Neely that the confrontation "had nothing to do with race.". Everybody who's ever met me can tell you, I love all people, I love all cultures. , Daniel Penny, Former U.S. Marine, via NBC. I was actually planning a road trip through Africa before this happened, Daniel Penny, Former U.S. Marine, via NBC. The 24-year-old Penny faces a felony charge of second-degree manslaughter for the death of Neely, a 30-year-old man who was homeless. . The 24-year-old Penny faces a felony charge of second-degree manslaughter for the death of Neely, a 30-year-old man who was homeless. . The May 1 altercation saw Penny, who is white, place Neely, who was Black, in a chokehold for several minutes, which resulted in the death of Neely. NPR reports Penny called Neely's death a tragedy and said that the real blame should be placed on 'the system.'. It's tragic what happened to him. Hopefully, we can change the system that's so desperately failed us, Daniel Penny, Former U.S. Marine, via NBC. Penny's arrest came over a week after the incident following protests calling for charges against him. Activists have compared Neely's death to the deaths of Eric Garner and George Floyd, who were both killed by white police officers. . Penny has maintained that race had nothing to do with his actions, which resulted in Neely's death. . I judge a person based on their character. I'm not a white supremacist, Daniel Penny, Former U.S. Marine, via NBC

Credit: Wibbitz Top Stories    Duration: 01:31Published
China-US Technology Feud Continues As Beijing Issues Security Warning [Video]

China-US Technology Feud Continues As Beijing Issues Security Warning

China-US , Technology Feud Continues , As Beijing Issues Security Warning. On May 21, China urged owners of sensitive computer equipment to stop purchasing goods from the largest chipmaker in the United States. NBC reports that the news represents an escalation of an ongoing dispute between the U.S. and China over technology and security. . According to China's Cyberspace Administration, Micron products present "serious network security risks" that pose a threat to national security. . Operators of critical information infrastructure in China should stop purchasing products from Micron Co, China's Cyberspace Administration, via NBC. The news comes as the U.S., Europe and Japan have moved to reduce Chinese access to advanced chipmaking and other technology. NBC reports that while China has warned of unspecified consequences, it has struggled to find a form of retaliation that doesn't impact its own smartphone producers. China firmly promotes high-level opening up to the outside world and, as long as it complies with Chinese laws and regulations, welcomes enterprises and various platform products and services from various countries to enter the Chinese market, China's Cyberspace Administration, via NBC. China is investing heavily in accelerating chip development to reduce Beijing's reliance on foreign techonology. . NBC reports that China spends over $300 billion importing foreign chips annually. The ongoing conflict has raised concerns that two separate spheres of technology could emerge that would raise costs and slow international innovation. . The ongoing conflict has raised concerns that two separate spheres of technology could emerge that would raise costs and slow international innovation.

Credit: Wibbitz Top Stories    Duration: 01:31Published

First Republic Bank First Republic Bank American financial services company

JPMorgan Chase Takes Over First Republic Bank [Video]

JPMorgan Chase Takes Over First Republic Bank

JPMorgan Chase Takes Over First Republic Bank. NBC reports that federal regulators have taken over First Republic Bank, which will be sold to JPMorgan. . NBC reports that federal regulators have taken over First Republic Bank, which will be sold to JPMorgan. . This event marks the third major bank in less than two months to go under. It is also the largest bank to collapse since the 2008 financial crisis. . The Federal Deposit Insurance Corp. made the announcement on Monday morning. . First Republic had $229.1 billion in total assets at the time of its closure. . The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system .., Treasury Department spokesperson, via NBC. ... to fulfill its essential function of providing credit to businesses and families, Treasury Department spokesperson, via NBC. In the first quarter of this year, First Republic reported a lose of around 40% of it deposits. . After the fall of Silicon Balley Bank and Signuature bank earlier this year, depositors moved their money to banks they deemed safer. . After the fall of Silicon Balley Bank and Signuature bank earlier this year, depositors moved their money to banks they deemed safer.

Credit: Wibbitz Top Stories    Duration: 01:31Published

Related news from verified sources

Credit Suisse to borrow up to $54 billion from Swiss National Bank

Credit Suisse Group AG said on Thursday it intends to borrow up to 50 billion Swiss francs ($54...
IndiaTimes - Published

Credit Suisse surges 40% on lifeline, fueling bank-stock rally

Credit Suisse tapped the Swiss National Bank for as much as 50 billion francs ($54 billion) and...
IndiaTimes - Published


Related videos from verified sources

Swiss Officials Reach Emergency Deal to Save Credit Suisse [Video]

Swiss Officials Reach Emergency Deal to Save Credit Suisse

Swiss Officials , Reach Emergency Deal , to Save Credit Suisse. On March 19, Swiss officials announced a last-minute deal for an emergency takeover of the troubled Credit Suisse by fellow banking..

Credit: Wibbitz Top Stories     Duration: 01:31Published