Swiss stress Is this global banking's first real test post-2008?
The Guardian|March 16, 2023
What’s happening at Credit Suisse? 
Kalyeena Makortoff
Swiss stress Is this global banking's first real test post-2008?

Shares in the Swiss lender plunged more than 30% at one point yesterday to a record low of about 1.56 Swiss francs (£1.39) a share, after its top shareholder, the Saudi National Bank (SNB), ruled out providing it with fresh funding because of regulations that cap its stake – currently 9.9% – at 10%.

That compounded panic about potential weaknesses across a banking sector still reeling from Silicon Valley Bank’s (SVB) collapse as well as fears over continuing problems at the Swiss bank, which – as Europe’s 17th largest lender by assets – dwarfs SVB and is deemed systemically important to the global financial system .

How worried should we be? 
The Bank of England reiterated its statement that the UK banking system is not at risk and “remains safe, sound and well-capitalised”. Staff at the Bank are understood to be monitoring developments in the financial sector closely.

Stocks in many European banks other than Credit Suisse also plunged yesterday as traders took fright. However, it is important to remember that share prices reflect investor sentiment rather than the real strength of balance sheets.

Diese Geschichte stammt aus der March 16, 2023-Ausgabe von The Guardian.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der March 16, 2023-Ausgabe von The Guardian.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS THE GUARDIANAlle anzeigen
Goodbye blues Pochettino out the door as Chelsea focus on McKenna
The Guardian

Goodbye blues Pochettino out the door as Chelsea focus on McKenna

Chelsea are prepared to rival Brighton for the appointment of Ipswich's Kieran McKenna after reaching an agreement to part company with Mauricio Pochettino by mutual consent last night.

time-read
2 Minuten  |
May 22, 2024
Wharton's call-up is a credit to flying Eagles
The Guardian

Wharton's call-up is a credit to flying Eagles

Midfielder only made his Premier League debut in February but has flourished under new Palace manager

time-read
3 Minuten  |
May 22, 2024
Buttler embraces new World Cup chapter after pride was dented
The Guardian

Buttler embraces new World Cup chapter after pride was dented

Jos Buttler has admitted pride was dented by England's limp 50-over World Cup campaign last year, with the captain identifying the need for better communication and a more team-first mentality when his men defend their T20 title over the coming weeks.

time-read
3 Minuten  |
May 22, 2024
Swift's UK tour could fuel fraud bonanza, experts warn
The Guardian

Swift's UK tour could fuel fraud bonanza, experts warn

The clamour to secure tickets for Taylor Swift's sold-out UK shows is expected to fuel a summer fraud bonanza as new figures showed a \"staggering\" £1.2bn was stolen from unwitting consumers in 2023.

time-read
1 min  |
May 22, 2024
'Just the beginning' After Wagner, Russia looks to increase its influence in Africa
The Guardian

'Just the beginning' After Wagner, Russia looks to increase its influence in Africa

On 3 May, as top US officials confirmed the presence of Russian security forces at the same airbase as American troops in Niger, a popular Telegram channel reportedly run by Moscow-based officials posted a message with an audio clip of the Soviet-era rock band Nautilus Pompilius's 1985 cult song Goodbye America.

time-read
4 Minuten  |
May 22, 2024
Widescale protests mark first day of new Taiwan president
The Guardian

Widescale protests mark first day of new Taiwan president

Lai Ching-te's first day as president of Taiwan has been marked by large protests against the opposition over a controversial bill in parliament, foreshadowing a difficult first term for the leader, who lacks a legislative majority.

time-read
2 Minuten  |
May 22, 2024
Georgia's foreign agents law 'could be ditched' if US agrees trade deal
The Guardian

Georgia's foreign agents law 'could be ditched' if US agrees trade deal

A \"foreign agents\" law that has brought hundreds of thousands of people on to the streets of Georgia's capital, Tbilisi, could be dropped in return for a package of economic and security support from Washington, the ruling party hinted yesterday.

time-read
2 Minuten  |
May 22, 2024
Iranians mourn Raisi as power struggle to succeed him gets under way
The Guardian

Iranians mourn Raisi as power struggle to succeed him gets under way

The body of the late Iranian president, Ebrahim Raisi, and the other victims of Sunday's helicopter crash have been taken by plane to the holy city of Qom and then to Tehran before a state ceremony today.

time-read
3 Minuten  |
May 22, 2024
Cultural crossfire Artists boycott events over Gaza
The Guardian

Cultural crossfire Artists boycott events over Gaza

Every May the UK music industry descends on Brighton for the Great Escape, the \"showcase\" event that has helped to launch the careers of stars including Stormzy, AlunaGeorge, Fat White Family and Anna Calvi.

time-read
3 Minuten  |
May 22, 2024
UK arms sales Legal advice on Gaza risk to be published
The Guardian

UK arms sales Legal advice on Gaza risk to be published

The UK government is preparing to publish a summary of its controversial legal advice that there is no clear risk that British arms sold to Israel will lead to a serious breach of international humanitarian law (IHL).

time-read
2 Minuten  |
May 22, 2024