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Two weeks of banking turbulence
After three US regional lenders collapsed and UBS swooped to buyout troubled Credit Suisse to avoid a wider crisis, AFP looks back at the last two weeks of banking turbulence: - Silvergate Bank - The turmoil begins the night of March 8 with a liquidation announcement from Silvergate Bank, a US regional lender and favourite among the cryptocurrency crowd.
Credit Suisse buyout faces harsh criticism at home
UBS's emergency takeover of its troubled Swiss rival Credit Suisse, with significant backing and arm-twisting from Bern, sparked fears Monday it could weaken the country's biggest bank and financial sector as a whole.
Spurred by TikTok, some Americans return to cash to curb spending
Manicured fingers meticulously place cash in transparent envelopes marked "food," "gas" and other categories, demonstrating in a TikTok video a retro technique for controlling what you spend that is newly popular with some money-conscious Americans. Both women decided the way to turn around their spending behavior was to rely on the technique of paying cash for everything.
California's desert farmers defend their river rights
A blanket of crops covers the floor of the Imperial Valley in southern California, a patchwork of vibrant greens given life by the Colorado River in a landscape bleached by the desert sun. - Productive land - Despite a very wet California winter, Imperial Valley hasn't gotten much rain this year.
Boosted by Ukraine war, German arms maker joins DAX index
German arms manufacturer Rheinmetall will join Frankfurt's blue-chip DAX index Monday, highlighting the improving fortunes of the country's weapons industry as the Ukraine war spurs demand. Rheinmetall and other weapons manufacturers approached by AFP are in negotiations with the government and the German military to fill gaps in stocks, worsened by huge deliveries of armaments to Ukraine.
Asian stocks drop despite Credit Suisse buyout, central banks' pledge
Asian equities sank Monday following a sell-off in New York as investors fret over the financial sector, despite central banks' pledges to provide liquidity to troubled lenders and news that UBS had taken over embattled Credit Suisse. That came even as the city's monetary authority said its banking sector had "insignificant" exposure to Credit Suisse.
UBS takeover of Credit Suisse: the main points
The takeover of Credit Suisse by UBS will create a banking giant unprecedented in the history of Switzerland, where banking is a core part of the national identity. "The UBS takeover of Credit Suisse has laid the foundation for greater stability both in Switzerland and internationally."
Controversial regasification unit arrives in Italy
A new floating storage and regasification unit considered crucial to Italy's energy security arrived in Tuscany on Sunday, sparking local protests. But there have been months of local protests against the project, and a small march was staged Sunday ahead of the vessel's late-night arrival from Singapore.
Credit Suisse: a bank sunk by scandals
Credit Suisse was a pillar of Swiss banking that rapidly collapsed, its foundations fatally undercut by repeated missteps that left it shaky when storms in the banking sector began swirling.
AFP
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