Author: Steven Sahiounie

Shares in embattled Swiss bank have plummeted amid a growing Western banking crisis Credit Suisse announced on Thursday it would borrow up to 50 billion Swiss francs ($53.7 billion) from the country’s central bank, Swiss National Bank, to reassure investors the embattled bank has enough money to stay afloat. The announcement comes a day after shares in Switzerland’s second-biggest bank saw a decline of nearly 25%, hitting all-time lows for two consecutive days. The drop occurred after Credit Suisse’s biggest investor, Saudi National Bank (SNB), said it wouldn’t be able to provide further financial assistance. In addition to the loan…

Consumer prices skyrocketed in February, driven by higher food, electricity and mortgage costs Food prices in Finland saw a historic jump of 16.3% last month in annual terms, according to official data released on Tuesday. The figure represents the highest price growth since 1964, the country’s statistics agency reported. Data showed that the high cost of electricity, food, and increased loan interest rates were the main drivers of inflation on an annual basis. According to the report, the core inflation rate, which excludes food and energy prices, continued to rise sharply and reached 6.6% in February. Jukka Appelqvist, chief economist…

Crude shipments from the Gulf country had dropped significantly in 2018 after Washington quit the nuclear deal and re-imposed sanctions Iran’s oil exports surged last year to their highest level since 2018, Iran’s semi-official Tasnim news agency reported on Sunday, citing Oil Minister Javad Owji. According to Owji, the country has exported 83 million more barrels of oil since the start of the Iranian year on March 21, 2022, than in the same period of the previous year. The official did not specify the exact amount of oil exports, but said they had reached the highest level since US sanctions…

It was also added that Russia had assumed the role of the guarantor of the security of the population and civil infrastructure of Nagorno-Karabakh in 2020 The humanitarian crisis in Nagorno-Karabakh caused by Azerbaijan’s blocking of the Lachin corridor has not turned into a catastrophe thanks to Russian peacekeepers, Armenian Prime Minister Nikol Pashinyan said at a government meeting on Thursday. “I cannot but note the special role of Russian peacekeeping troops. Thanks to them, the humanitarian crisis that emerged after the illegal closure of the Lachin corridor in Nagorno-Karabakh did not turn into a humanitarian disaster,” he said. Pashinyan…

The index that tracks 30 blue-chip US stocks plummeted more than 700 points during early trading on Wednesday US stocks opened trading on Wednesday with a steep decline as Wall Street continues to struggle with the unfolding banking turmoil. The Dow Jones Industrial Average slid over 720 points, down over 2% in afternoon trading, before recovering some losses and closing the session 280 points lower. The S&P 500 dropped 0.7%, while the tech-heavy Nasdaq eked out a small gain of 0.05%. Pressure on the troubled financial sector has risen after banking giant Credit Suisse’s largest shareholder decided not to increase…

Russia continues to maintain contacts, including through the Defense Ministry, to prevent unintentional incidents, Anatoly Antonov said A deliberate attack on a Russian aircraft in neutral airspace would be an open declaration of war against the largest nuclear power, Moscow is not seeking confrontation, Russian Ambassador to the United States Anatoly Antonov said on Wednesday. “Some lawmakers’ calls go far beyond common sense,” he said, commenting on US Senator Lindsey Graham’s (from South Carolina) threats to shoot down Russian planes approaching US aircraft in international airspace. “The Russian Ministry of Defense has explained in detail the reasons and course of…

The South Korean military also confirms reports about North Korea’s missile launch North Korea has launched, presumably, a ballistic missile toward the Sea of Japan, Japan’s Coast Guard said on Thursday. It called on vessels staying in this area not to approach fragments if they see any. The South Korean military also confirms reports about North Korea’s missile launch. An emergencies headquarters has beet set up under the Japanese prime minister’s office to collect information about the launch. This was the eighth North Korea’s missile test launch since the beginning of the year. Source: Tass

Riyadh is worried about the precedent set by Western policies in relation to Russian crude Saudi Energy Minister Prince Abdulaziz bin Salman has warned Western states against capping the price of crude oil supplied by the kingdom, adding that any attempts to impose a ceiling would be met with a halt of sales and production cuts. He added that other major oil producers would most likely follow suit. “So, if a price cap were to be imposed on Saudi oil exports, we will not sell oil to any country that imposes a price cap on our supply, and we will…

An escalating crisis at Credit Suisse has sparked fears of a spillover effect for major lenders European banks saw their shares nosedive on Wednesday amid the unfolding US banking crisis. Trading had to be halted for a number of bank stocks, including Credit Suisse, due to the steep losses. The Swiss banking giant was down 28% in afternoon trading, while Societe Generale, which also temporarily halted trading, was down 12%. Shares of the embattled Swiss bank hit another all-time low for a second consecutive day on Wednesday after its top investor, Saudi National Bank, said it would not be able…

The lender’s biggest backer, Saudi National Bank, has ruled out further assistance Shares in embattled bank Credit Suisse have hit another all-time low for a second day in row, losing nearly a quarter of their value, after its largest shareholder refused further financial assistance, Reuters reported on Wednesday. Saudi National Bank (SNB), which acquired a 10% stake in the Swiss banking giant in 2023, said it could not provide any further financial aid, citing regulatory and statutory issues. “We cannot because we would go above 10%. It’s a regulatory issue,” Saudi National Bank Chairman Ammar Al Khudairy said, as cited by…