Tag: Region africas

Silicon Valley Bank’s parent company and two senior executives are facing a class-action lawsuit in the United States, where shareholders have accused the financial institution of failing to disclose the risks that anticipated interest rate hikes would have on its business.

The lawsuit, filed in federal court in the Northern District of California on Monday, is seeking unspecified damages from SVB Financial Group and its Chief Financial Officer Daniel Beck, as well as the bank’s Chief Executive Officer Greg Becker.

The bank collapsed and its assets were seized by the US government late last week after a mass withdrawal of funds by customers.

The lawsuit, which accuses SVB of violating federal securities laws, noted that the Federal Reserve, the US central bank, had signaled as early as 2021 that it would increase interest rates to tame inflation.

Credit Suisse shares tumbled more than 20% in pre-market trading on Wednesday after its biggest backer ruled out investing any more into the troubled Swiss bank. 

“The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” Saudi National Bank Chairman Ammar Al Khudairy said in a Bloomberg interview, responding to whether the Gulf lender would dole out more money. 

Shares in Credit Suisse slid 21.91% to $1.96 in pre-market trading in US-listed shares. Meanwhile, in Zurich, it’s stock fell 19% to $1.79, marking a new record low on Switzerland’s stock exchange. The bank’s stock is down about 24% since the start of the year.

US stocks tumbled Wednesday, as the banking sector saw renewed turmoil — but this time focused on Europe. US-listed shares of Credit Suisse plunged more than 20%, as Saudi backers ruled out further investment in the embattled lender.

Since regulators shut down Silicon Valley Bank on Friday, investors have been concerned about another 2008-style financial crisis. On Tuesday, Moody’s cut its outlook for the entire US banking system. Meanwhile, the Labor Department reported wholesale prices posted a monthly decline of 0.1% in February, versus expectations for a 0.3% increase.

March 14, 2023. Blick Online: Dark hours for Credit Suisse Bank Dark hours for the bank Credit Suisse, which continues to fight against the outflow of cash from its coffers. The trend has slowed but not reversed, the bank said in its annual report on Tuesday. The Zurich group suffered massive liquidity withdrawals last year, of 123.2 billion francs, including 110.5 billion in the fourth quarter alone. “These ebbs have stabilized at much lower levels, but have not yet reversed…

ilicon Valley Bank’s parent company and two senior executives are facing a class-action lawsuit in the United States, where shareholders have accused the financial institution of failing to disclose the risks that anticipated interest rate hikes would have on its business.

The lawsuit, filed in federal court in the Northern District of California on Monday, is seeking unspecified damages from SVB Financial Group and its Chief Financial Officer Daniel Beck, as well as the bank’s Chief Executive Officer Greg Becker.

The bank collapsed and its assets were seized by the US government late last week after a mass withdrawal of funds by customers.

The agency cited concerns over the lenders’ reliance on uninsured deposit funding and unrealized losses in their asset portfolios. “The review for downgrade reflects the extremely volatile funding conditions for some US banks exposed to the risk of uninsured deposit outflows,” it stated. Moody’s also slashed the debt ratings of collapsed New York-based Signature Bank deep into junk territory, withdrawing future ratings for the insolvent lender. The downgrades come while US bank stocks have continued to plummet despite the government’s measures to support lenders and prevent more bank runs. First Republic Bank has led the sell-off, with its share price nosediving more than 60% on Monday, forcing a brief halt in trading due to volatility. Western Alliance Bancorp lost over 47% while Zions Bancorp declined by about 26%. Dallas-based Comerica dropped 28% and UMB lost more than 15%.

Panel says the UN, the Syrian government and others are responsible for delays in getting emergency aid to Syrians.

The United States has imposed sanctions on 39 entities, including many based in the United Arab Emirates and Hong Kong, that Washington said facilitate Iran’s access to the global financial system, describing them as a “shadow banking” network that moves billions of dollars.

The US Treasury Department said in a statement on Thursday that those included in the sanctions had granted companies previously slapped with Iran-related sanctions – such as Persian Gulf Petrochemical Industry Commercial Co (PGPICC) and Triliance Petrochemical Co Ltd – access to the international financial system and helped them hide their trade with foreign customers.

State Secretary – Russian Deputy Foreign Minister Yevgeny Ivanov said that these are countries such as Bahrain, Oman, Saudi Arabia, The Bahamas, Barbados, Haiti, Zambia, Kuwait, Malaysia, Mexico, Trinidad and Tobago MOSCOW, March 5. /TASS/. Russia is preparing intergovernmental agreements on visa-free travel with 11 countries, including Saudi Arabia, Kuwait, The Bahamas, Malaysia and Mexico, State Secretary – Russian Deputy Foreign Minister Yevgeny Ivanov told TASS. “We’re preparing draft intergovernmental agreements on visa-free travel for [Russian] citizens with a number…

Royal Park Investments (RPI), the so-called “bad bank” of the former Fortis, has filed a billion-dollar claim against rating agency S&P. De Tijd writes this and appears from media reports in the Cayman Islands, the place where the lawsuit was filed.

The application’s ban among officials in the EU and US sparks a debate about whether Facebook, which extracts more user data, should face the same restrictions This week, the European Commission banned officials from using TikTok on their work devices. “This measure aims to protect the Commission against cybersecurity threats and actions which may be exploited for cyber-attacks against the corporate environment of the Commission,” the Commission said in a memo. The EU is following in the footsteps of the…

Western efforts to stoke the Ukraine conflict could lead to a direct military clash of nuclear powers, Moscow has warned.

Russian President Vladimir Putin has commented on a Ukrainian cross-border attack in Bryansk Region.

The United States is sounding out close allies about the possibility of imposing new sanctions on China if Beijing provides military support to Russia for its war in Ukraine, according to four U.S. officials and other sources. The consultations, which are still at a preliminary stage, are intended to drum up support from a range of countries, especially those in the wealthy Group of 7 (G7), to coordinate support for any possible restrictions. It was not clear what specific sanctions Washington will propose. The conversations have not been previously disclosed.

SpaceX launched four astronauts to the International Space Station for NASA on Thursday, including the first person from the Arab world going up for an extended months-long stay. Bowen, the crew’s leader, said the four have jelled well as a team despite differences between their countries. Even with the tension over the war in Ukraine, the U.S. and Russia have continued to work together on the space station and trade seats on rides there.

Telefonaktiebolaget LM Ericsson (Ericsson), a multinational telecommunications company headquartered in Stockholm, Sweden, has agreed to plead guilty and pay a criminal penalty of more than $206 million after breaching a 2019 Deferred Prosecution Agreement (DPA).