Article content LONDON — Standard Chartered has redeemed a $1 billion so-called additional tier one (AT1) bond in a move announced before holders of similar securities were wiped out in last month’s rescue of Credit Suisse. The Asia and Africa-focused bank exercised its option to redeem the securities on April 2, it said in a […]
Article content DUBAI — Standard Chartered plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), the two parties said on Sunday, as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East. The bank entered into an agreement with AJIB, subject to central bank […]
Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Reuters Scott Murdoch and Makiko Yamazaki Published Mar 23, 2023 • 2 minute read Join the conversation Article content SYDNEY/TOKYO — Asian policymakers are scrambling to calm investor nerves about Additional Tier-1 (AT1) bonds after holdings of such Credit Suisse bonds were written down […]
Breadcrumb Trail Links PMN Economy PMN Business Article content SINGAPORE — Global bank stock and bond prices attempted to steady on Tuesday as regulators sought to convince investors that the hit embattled Swiss lender Credit Suisse bond holders are taking is an isolated event. The turmoil in banks follows Credit Suisse’s rushed rescue merger deal […]
Breadcrumb Trail Links PMN Economy PMN Business Article content ZURICH — Following is a timeline outlining the 167-year history of Credit Suisse Group, the Zurich-based bank that is in the middle of a restructuring to rebuild after a string of scandals, losses and management upheavals. The bank began a make-or-break weekend on Saturday after some […]
Article content S&P has not placed other U.S. banks on CreditWatch negative since First Republic Bank as it has not seen widespread deposit outflows, the ratings agency said on Tuesday, hours after Moody’s cut its outlook on the U.S. banking system to negative. The collapse of Silicon Valley Bank had sparked a crisis of confidence […]
Article content S&P has not placed other U.S. banks on CreditWatch negative since First Republic Bank as it has not seen widespread deposit outflows, the ratings agency said on Tuesday, hours after Moody’s cut its outlook on the U.S. banking system to negative. The collapse of Silicon Valley Bank had sparked a crisis of confidence […]
Article content ZURICH — Credit Suisse released its delayed annual report on Tuesday in which it identified “material weaknesses” in its internal controls over financial reporting and said it had not yet stemmed customer outflows. “As of December 31, 2022, the Group’s internal control over financial reporting was not effective, and for the same reasons, […]
Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Reuters Eric Onstad and Pratima Desai Published Mar 08, 2023 • 2 minute read Join the conversation Article content LONDON — One year after nickel trading went haywire on the London Metal Exchange (LME), the 146-year old exchange is fighting to mend its reputation […]
Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Reuters Junko Fujita Published Mar 08, 2023 • 2 minute read Join the conversation Article content TOKYO — Japan’s 10-year government bond (JGB) yield on Wednesday fell below the top end of the Bank of Japan’s policy ceiling for the first time in almost […]