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UBS, Credit Suisse tie-up may not lead to Swiss bliss
The marriage of UBS and Credit Suisse was hastily arranged to prevent a global financial meltdown -- but the resulting megabank could cause domestic problems in Switzerland, the central bank admitted Thursday. UBS and Credit Suisse were both among the 30 banks around the world deemed 'too big to fail' and therefore considered Global Systemically Important Banks.
German unions call major transport strike
Transport across much of German will be paralysed Monday as workers strike demanding higher wages to cope with surging inflation, the latest industrial action in Europe's top economy. - Spreading strikes - The announcement of fresh industrial action came ahead of a third round of salary negotiations for public sector workers, which begin on Monday.
Shou Zi Chew, TikTok's low-key CEO, faces down US Congress
TikTok's CEO Shou Zi Chew, who will represent the Chinese company in a US congressional meeting Thursday, is a former banker turned tech boss whose soft-spoken persona belies his meteoric rise. Fluent in Mandarin and English, Chew is married to investment company CEO Vivian Kao, a former business school classmate he met over email in 2008.
IMF warns Lebanon at 'very dangerous moment'
Crisis-hit Lebanon is "at a very dangerous moment", a visiting International Monetary Fund delegation said Thursday, criticising slow progress on reforms needed to unlock billions in loans.
Toshiba says it will 'support' $15 bn takeover bid
Troubled Japanese conglomerate Toshiba said Thursday it will "support" a $15 billion takeover bid by a consortium led by investment fund Japan Industrial Partners. The JIP-led consortium includes 17 Japanese businesses and six Japanese financial institutions which are investing in or issuing loans for the deal.
Controversial gold mine reopens in Thailand
A controversial gold mine in Thailand restarted operations on Thursday, more than six years after the government forced it to close over health and environmental concerns. The Thai government, at that point a military junta, ordered the open-cut mine to halt operations in May 2016 in a rare win for environmental campaigners.
Toshiba to go private as board accepts $15 bn takeover bid: reports
Troubled Japanese conglomerate Toshiba on Thursday accepted a $15 billion takeover bid by a consortium led by investment fund Japan Industrial Partners, major local media outlets reported. The Nikkei and other media including public broadcaster NHK said a buyout by a consortium of around 20 Japanese companies had been approved at a Toshiba board meeting.
Even free transport can't shake Luxembourg's love of the car
Three years after Luxembourg declared all public transport free in a bid to clear its roads of jams and cut pollution, the car is still king of the congested Grand Duchy. So the wealthy country of just 650,000 people appeared the perfect place for a bold experiment -- making public transport on trains, trams and buses free nationwide.
After Fed, European central banks hike their rates
Switzerland and Norway hiked interest rates Thursday to tackle inflation despite banking-sector turmoil, with the UK's central bank next in line after the US Federal Reserve also lifted borrowing costs. A catalyst for SVB's demise was the Fed's shift from near-zero interest rates to higher borrowing costs aimed at taming decades-high inflation.
AFP
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