Author: Steven Sahiounie

Credit Suisse may have received a liquidity lifeline from the Swiss National Bank, but analysts are still assessing the embattled lender’s prognosis, weighing the option of a sale and whether it is indeed “too big to fail.” Credit Suisse’s management began crunch talks this weekend to assess “strategic scenarios” for the bank, Reuters reported citing sources. It comes after the Financial Times reported Friday that UBS is in talks to take over all or part of Credit Suisse, citing multiple people involved in the discussions. Neither bank commented on the report when contacted by CNBC. According to the FT, the Swiss National Bank and Finma, its regulator, are…

Bagged nickel briquettes were found to not have the weight specified in the contracts The London Metal Exchange (LME) discovered “irregularities” with bagged nickel briquettes at one of its warehouses this week, which forced it to postpone the resumption of nickel trading during Asian hours until March 27. According to a statement from the LME, it had to cancel nine nickel warrants at one of its facilities after finding out that bagged nickel briquettes stored there were found to not have the weight specified in the contracts. “The exchange has received information that a number of physical nickel shipments out…

Gold prices continued to climb on Friday as investors turn their attention to safe haven assets amid concerns of further market turbulence triggered by the banking crisis in the US and Europe. The precious metal has been extending gains since Monday, when it opened trading at $1,879 per ounce, to $1,936 on Friday afternoon, having started the day at $1,921. Investors traditionally turn to gold in times of market uncertainty, to hedge risks. Throughout history, the precious metal has been seen as a reliable investment instrument during periods of economic instability, stock market crises, military conflicts and pandemics. Investors are…

Banks borrowed a record $165 billion from the Fed after the collapse of Silicon Valley Bank US banks took out a combined $164.8 billion in loans from two Federal Reserve facilities over the past two weeks, Fed statistics released on Thursday showed. This came as lenders rushed to backstop liquidity in the event of bank runs in the wake of the Silicon Valley Bank collapse. According to the data, US lenders borrowed $152.85 billion from the discount window in the week ending March 15, up from $4.58 billion in the previous week. The figure, which marks an all-time high, topped…

Eurozone’s largest economy won’t escape recession this year, researcher Ifo warns Germany is facing a winter recession as the economy has continued to shrink amid the deepening cost-of-living crisis, the Ifo Institute for Economic Research reported on Wednesday. In the first quarter, gross domestic product (GDP) is expected to fall by 0.2%, the report suggests. The economy contracted by 0.4% in the fourth quarter of 2022 compared to the previous three months. A recession is defined as two successive quarters of contraction. The Ifo forecasts economic output in 2023 to remain at roughly the same level as the year before, contracting by…

Earlier on Friday, it became known that the International Criminal Court had issued arrest warrants for Putin and Russian children’s rights commissioner Maria Lvova-Belova Russia does not recognize the jurisdiction of the International Criminal Court (ICC) and considers its decisions null and void, Kremlin Spokesman Dmitry Peskov told reporters on Friday, commenting on the body’s issuance of an arrest warrant for Russian President Vladimir Putin. “We consider the very formulation of the issue outrageous and unacceptable. Russia, as well as several other states, do not recognize the jurisdiction of this court and, accordingly, any decisions of this kind are null…

The statement said they could be responsible “for the war crime of unlawful deportation of population (children) and that of unlawful transfer of population (children) from occupied areas of Ukraine to the Russian Federation” The International Criminal Court has issued arrest warrants for Russian President Vladimir Putin and Russia’s Children’s Rights Commissioner Maria Lvova-Belova, the court said in a statement on Friday. The statement said they could be responsible “for the war crime of unlawful deportation of population (children) and that of unlawful transfer of population (children) from occupied areas of Ukraine to the Russian Federation.” ICC arrest warrants are…

Moscow says the planes Poland and Slovakia are sending will be destroyed Plans by Poland and Slovakia to send Soviet-era warplanes to Ukraine look like attempts to dispose of antiquated equipment, Kremlin spokesman Dmitry Peskov said during his Friday press briefing. “This is another example of how a number of NATO member states, including Poland, are raising their direct involvement in the conflict,” he announced, reacting to the recent announcements that Warsaw and Bratislava would send Soviet-designed MiG-29 warplanes to Kiev. Peskov added that it would not affect the outcome of Russia’s military operation but instead “may lead to additional suffering for…

“The answer of the Danish charge d’affaires and the Danish side in general was unclear,” Yury Ushakov noted The investigation of Nord Stream pipeline explosions will be biased without Russian participation, aide to the Russian President Yury Ushakov told reporters. “An absolutely uncooperative position, an uncooperative approach. Certainly, we do not know what investigation Denmark will carry on its own but it will clearly not have enough objectivity,” Ushakov said, commenting on the Denmark’s decision to prevent Russia from the investigation. —0—vnk “I will probably disclose a point in our diplomatic efforts. I personally called twice the charge d’affaires of…

Minister of Industry Ziyad Sabbagh discussed with the Chargé d’Affaires of the United Arab Emirates Embassy in Damascus, Counselor Abdul Hakim Ibrahim al-Nuaimi, ways to develop economic and industrial relations between the two brotherly countries. Sabbagh expressed appreciation for the humanitarian support provided by the government and people of the UAE, and its standing by Syria in the face of the repercussions of the devastating earthquake that struck a number of Syrian governorates on February 6. Sabbagh noted the depth relations between the two brotherly countries, which are constantly developing. In turn, al-Nuaimi affirmed the UAE’s keenness to strengthen the…