Author: Steven Sahiounie

UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday, with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking system. “With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” read a statement from the Swiss National Bank, which noted the central bank worked with the Swiss government and the Swiss Financial Market Supervisory Authority to bring about the combination of the country’s two largest banks. The terms…

The crypto industry has had a rough year with digital currency markets crashing and companies collapsing across the board. In spite of the volatility, Hong Kong is pushing to become a virtual asset hub. The city’s digital asset push is in stark contrast to the Chinese mainland, where Beijing has effectively banned trading and stamped out crypto-related activities. Hong Kong is planning to introduce new rules in June that will require crypto trading platforms to be licensed by the Securities and Futures Commission. The regulator has already launched a consultation on its proposal to regulate virtual asset trading platforms. Compass for China? Companies that…

The cost of the main groceries needed to cook paella in Spain soared 19.1% in February, compared to the same period a year ago, according to Bloomberg’s monthly Paella Index, which is based on data provided by Spain’s National Statistics Institute. The price of olive oil reportedly surged the most, by 33.5%. Meanwhile, the prices of legumes and vegetables saw an increase of 23.6%, while the cost of rice jumped by 21.2%. Salt, spices and herbs became 17.1% more expensive. Prices of fresh and refrigerated fish gained 9.4%, while fresh and frozen seafood were up 7.9%. Price growth among the…

UBS Group and Credit Suisse Group, two of the biggest names in European banking, are coming together in a government-brokered deal aimed at shoring up public confidence in the Western financial system and averting a global crisis. UBS agreed on Sunday to pay 3 billion Swiss francs ($3.24 billion) in stock to acquire its embattled rival in a takeover underpinned by government guarantees and 100 billion francs in liquidity assistance from Switzerland’s central bank. The agreed price of 1 UBS share for each 22.48 shares of Credit Suisse values the latter bank at less than half its market closing price…

Diplomatic advisor to the United Arab Emirates President. Dr.Anwar Bin Muhammad Gargash , affirmed that the UAE’s approach and its efforts towards Syria are part of a broader approach aimed at boosting Arab and regional stability. “The UAE’s stance is clear regarding the need for Syria to return to its environment through activating the Arab role, and this was confirmed by His Highness Sheikh Mohammed bin Zayed during his meeting today with President Bashar al -Assad,” Gargash said via his Twitter account. He noted that the time has come to enhance the cooperation and solidarity of Arab countries to ensure…

Asked whether it was worth starting the special operation in 2014, Russian President stressed that the reality has changed since then: “Conjunctive mood cannot be used here!” Russia does not use hypersonic weapons in fact now, though it has them, same as other cutting-edge systems, President Vladimir Putin said in an interview for the “Moscow. Kremlin. Putin” program on Rossiya-1 TV channel published by journalist Pavel Zarubin on his Telegram channel on Sunday. “Indeed, we have to do much, let’s say, for the development of land forces, but back then [in 2014] there were no hypersonic weapons, though they exist…

All crimes are thoroughly recorded, Kremlin Spokesman Dmitry Peskov highlighted Russia’s Investigative Committee thoroughly records all Kiev’s crimes, with those files to potentially provide a basis for tribunal in the future, Kremlin Spokesman Dmitry Peskov told reporters on Sunday. “We know that the Investigative Committee is involved in this work. All crimes committed by the Kiev regime are thoroughly recorded. <…> The files will obviously be able to provide a basis for such a tribunal,” he said when asked how the Kremlin takes the idea of a tribunal on Kiev’s regime. Chairman of the Russian Investigative Committee Alexander Bastrykin said…

On March 19, an Israeli man was seriously wounded after being shot by a Palestinian gunman while driving through the northern West Bank town of Huwara. An official photo from the scene of the attack on the Route 60 highway showed the windshield of the car riddled with bullets. The wounded man was identified as David Stern from the settlement of Itamar, a former United States Marines soldier who works in Israel as a weapons instructor. The Magen David Adom ambulance service said that Stern was taken to the Beilinson Hospital in Petah Tikvah, where he remains in a moderate-to-serious…

The leader of Indonesia says the country must reduce its dependence on foreign payment systems, to negate potentially disastrous economic consequences should the country ever find itself in the crosshairs of Western sanctions. Addressing a business forum in Jakarta this week, President Joko Widodo argued that Indonesia must shield itself from geopolitical disruptions, citing the sanctions attack on Russia’s financial sector by the US, EU, and their allies over the conflict in Ukraine. “Be very careful. We must remember the sanctions imposed by the US on Russia. Visa and Mastercard could be a problem,” Widodo said on Wednesday at a gathering…

New YorkCNN — Global banks just suffered their worst week since 2008. So what comes next? The fallout from this month’s banking turmoil — the surprising bank runs and collapses of Silicon Valley Bank and Signature Bank — has been widespread. In its wake, the global banking system has been shaken. More volatility is in store for the week ahead. But that doesn’t mean this is a repeat of the global financial crisis from 15 years ago. Everyday customers’ deposits are guaranteed and regulators across the globe say the banking system remains healthy. Credit Suisse and First Republic: Two more banks wobbled but remained upright…