UBS to buy Credit Suisse for $3.24bn in government-brokered deal
Authorities had been scrambling to rescue Credit Suisse before financial markets reopened on Monday.
Category Archives: Economy
Russia may take over Toyota plant in St Petersburg: State media
Russian trade minister quoted as saying transfer of factory 'being considered'.
Global bank crisis fears ease after billion-dollar lifelines
Asian stock markets rise after moves to shore up confidence in troubled banks in Europe and the United States.
Pornhub owner MindGeek bought by Canadian private equity firm
Sale of adult site comes after controversy over hosting of child abuse material and other non-consenual content.
Apple supplier Foxconn plans $200m factory in India, sources say
Source says Taiwan firm will invest more than $200m in the new AirPod plant in the southern Indian state of Telangana.
OpenAI unveils ChatGPT successor with ‘human-level’ performance
GPT-4 capable of passing bar exam with a score in the top 10 percent of applicants, California-based firm says.
Why did Silicon Valley Bank fail and is a financial crisis next?
Economists see Lehman Brothers-style crisis as unlikely despite jitters following collapse of California-based lender.
China’s new premier woos business as Xi doubles down on security
Li Qiang says China welcomes investment and private enterprise despite crackdowns.
US guarantees Silicon Valley Bank deposits amid bank crisis fears
US regulators move to protect depositors amid concerns of broader fallout from second-largest bank failure in history.
Ex-Goldman banker Ng sentenced to 10 years over 1MDB scandal
Ng was last year found guilty of helping his former boss Tim Leissner embezzle money from the sovereign wealth fund.
Hyundai reviewing Russia plant after reports of Kazakhstan sale
South Korean automaker says it is considering 'various options' for Saint Petersburg factory.
China blasts Germany over reported plan to ban Huawei, ZTE
Chinese embassy says it opposes 'abuse of state power' following report Berlin will ban Chinese firms from 5G network.
White House backs bill to allow ban on Chinese-owned TikTok
White House national security adviser Jake Sullivan claims bill addresses “technology-based threats" to Americans.
Russia considering challenge to US nominee to head World Bank
Moscow consulting with allies about challenging ex-Mastercard CEO Ajay Banga, Russian media report says.
US tech firms grapple with latest curbs on China’s Inspur
US tech firms are assessing if they need to halt sales to Inspur's subsidiaries as the parent is on an export curb list.
Australia’s wealth fund screens Chinese firms at risk of US bans
Chairman of Future Fund says screening portfolio as Biden administration plans new curbs for Chinese technology firms.
Sri Lanka says ‘positive news’ coming from IMF on $2.9bn package
Sri Lankan President Ranil Wickremesinghe is expected to address parliament on progress made in IMF negotiations.
Southeast Asia the ‘new China’ for supply chains: business group
ASEAN Business Advisory Council chairperson Arsjad Rasjid says region should be 'supply chain of the world'.
Bank of America CEO predicts ‘slight’ US recession this year
Bank of America CEO Brian Moynihan says he expects mild downturn in third quarter of 2023.
Indonesians query tax official’s wealth after viral assault video
Tax official's finances investigated after a video appearing to show his son attacking a teen spreads online.