Author: Steven Sahiounie

Switzerland’s largest bank, UBS, is reported to be negotiating to buy all or part of Credit Suisse, with the blessing of the Swiss regulatory authorities, according to news reports. The Swiss National Bank (SNB) and Swiss regulator FINMA have told their international counterparts they regard a deal with UBS Group as the only way to prevent a collapse in confidence in Credit Suisse Group, the Financial Times reported. UBS, Credit Suisse and key regulators are rushing to finalise a deal on a possible takeover or merger of the two Swiss banks as soon as Saturday evening, the FT reported, citing…

New YorkCNN—Eggs have gotten too expensive for Dollar Tree. Dollar Tree (DLTR), which sells most products for $1.25 and a small selection of items for $3 or $5, will stop selling eggs at stores because the company can’t make money offering them at flat prices. Egg prices have surged, fueled by short supply caused by the deadly avian flu, high production costs and egg producers increasing their own profits. Egg costs jumped 38% for producers annually in February and 55% for shoppers, although eggs are beginning to get cheaper. The average price for a dozen Grade A large eggs was…

LondonCNN—The fate of Credit Suisse could be decided in the next 24 hours after a torrid week for Switzerland’s second biggest bank. Local media reported that the Swiss cabinet had gathered for a crisis meeting at 5 p.m. local time (12 p.m. ET) Saturday at the finance ministry to discuss the bank’s future, as reports swirled of a possible takeover of the ailing bank by its biggest Swiss rival, UBS (UBS). Investors and customers pulled their money out of Credit Suisse over the past several days as turmoil swept the global banking industry following the collapse of two US lenders.…

Talks reportedly touched on the ‘Oracle of Omaha’s’ possible investment in the banking sector Senior US officials have been in talks with billionaire investor Warren Buffet, discussing the unfolding banking crisis and possible ways out of it, Bloomberg reported on Sunday, citing sources within President Joe Biden’s administration. Known as the “Oracle of Omaha,” Buffett is one of the globe’s most successful investors with a fortune worth roughly $101.6 billion and is head of the Berkshire Hathaway conglomerate, which owns dozens of successful companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen. According to the report, there have been…

Households will get poorer and pay more tax over the coming years, a think tank projects Real wages in the UK will not return to their 2008 level until 2026 despite an easing of inflation, the Resolution Foundation, an independent think tank, reported this week in its analysis of the new budget. According to the report, the country is on track for a “disastrous decade” of stagnant incomes and high taxes, with cuts to public services. The publication highlighted that real wages fell at an annual rate of 3.9% in January, noting that the bigger picture for wages is “one of long-term pay stagnation.” The…

Skoda is now in the final stages of talks over an asset sale, the company’s CEO says Czech carmaker Skoda Auto, a unit of Germany’s Volkswagen, is closing in on a deal to sell its assets and exit Russia, the company’s CEO Klaus Zellmer announced this week. Skoda has taken a hit of almost €700 million ($742 million) from exiting its second largest market due to disruptions in logistics chains caused by Western sanctions. Exports of cars and spare parts to Russia have also been stopped. “The Volkswagen Group has analyzed various scenarios for the future of our business options…

The former British PM has defended his decision to invade as he was trying to “introduce democracy” Former British Prime Minister Tony Blair has claimed that the US-led invasion of Iraq was more justified than Russia’s ongoing military operation in Ukraine, despite all of his pre-war justifications since being proven false. Speaking to Germany’s DPA and two other European news agencies, Blair stated that the invasion – in which 46,000 British troops took part – was justified by Saddam Hussein’s domestic repressions and regional conflicts, and his use of chemical weapons against the Kurds. “At least you could say we…

The mission stressed that “any rumors about 120 days spread by the Ukrainian side are either incompetence or deliberate disinformation” The Russian side has agreed to extend the agreement on the export of grain from Ukraine via the Black Sea for only 60 days, not 120. Any rumors about 120 days being spread by Kiev are either a manifestation of incompetence or a deliberate falsehood, Russia’s permanent mission in Geneva said on Saturday. “The Russian side agreed to extend the Black Sea Grain Initiative by just 60 days (instead of 120), until May 18, 2023, for the sake of progress…

During the meeting of the “Committee of Six on Palestine”, held yesterday in Nouakchott, Mauritania, the Secretary-General of the Organization of Islamic Cooperation (OIC), Hissein Brahim Taha, highlighted the need for Member States to present written and oral statements and provide financial contributions in order to support the rights of the Palestinian people and end the Israeli colonial occupation, being illegal and illegitimate under international law and United Nations resolutions. He stressed the OIC’s unwavering position with regard to the cause of Palestine and the holy city of Jerusalem, calling for joining efforts and building on the positions of countries…

A Turkish military withdrawal from Syria is out of the question and there is little chance the presidents of the two countries will meet in the near future, Orhan Miroğlu, a senior official of Turkey’s ruling Justice and Development Party (AKP), said in an interview with Sputnik that was published on March 18. Miroğlu told the Russian news agency that the current conditions set by Damascus are not suitable to arrange a meeting between Turkish President Recep Tayyip Erdogan and his Syrian counterpart Bashar al-Assad, adding that such a meeting may be possible after the upcoming general elections in Turkey in May.…