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Credit Suisse bank: UBS is in talks to take over its troubled rival

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  Credit Suisse bank: UBS is in talks to take over its troubled rival Switzerland's biggest bank, UBS, is in advanced talks to buy all or part of its troubled rival Credit Suisse. Credit Suisse, Switzerland's second largest bank, is experiencing a confidence crisis, and its shares have fallen sharply in recent days, sending ripples of concern through the markets. According to the Financial Times, UBS is offering up to $1 billion (£820 million) for Credit Suisse. Regulators are attempting to reach an agreement before markets reopen on Monday. Credit Suisse's problems, combined with the failures of two smaller US banks in the last two weeks, have cast doubt on the global financial system's health. Credit Suisse is one of around 30 banks worldwide that are deemed too big to fail due to their importance to the banking system. However, the 167-year-old institution is losing money and has been plagued by a slew of issues in recent years, including money laundering charges. Th...
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Credit Suisse to borrow up to $54bn from Swiss central bank

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Credit Suisse to borrow up to $54bn from Swiss central bank Troubled banking giant Credit Suisse says it will borrow up to 50bn francs ($54bn; £44.5bn) from the Swiss central bank to shore up its finances. As part of its efforts to become a simpler bank, the lender said it was taking decisive action to strengthen its liquidity. Credit Suisse shares fell 24% on Wednesday after the company revealed "weakness" in its financial reporting. This sparked a general sell-off on European markets, as well as fears of a larger financial crisis. Credit Suisse said its borrowing measures demonstrated "decisive action to strengthen [the bank]". "My team and I are determined to move quickly to deliver a simpler and more focused bank built around client needs," said Credit Suisse CEO Ulrich Koerner in a statement. The collapse of Silicon Valley Bank, the country's 16th-largest bank, was followed two days later by the collapse of Signature Bank, exposing problems in the...
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Meta lay-offs: Facebook owner to cut 10,000 staff

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  Meta lay-offs: Facebook owner to cut 10,000  staff. Meta, which owns Facebook, Instagram and WhatsApp, has announced plans to cut 10,000 jobs. It will be the tech company's second wave of mass layoffs, following the layoff of 11,000 employees in November. The cuts, which are part of a "year of efficiency," will be "tough," according to Meta CEO Mark Zuckerberg. In addition to the 10,000 job cuts, he informed employees that 5,000 vacancies at the company would go unfilled. Mr Zuckerberg told employees in a memo that the company had received a "humbling wake-up call" in 2022 when revenue fell dramatically. Meta previously announced that earnings were down 4% year on year in the three months to December 2022, but it still managed to make a profit of more than $23 billion in 2022. Mr Zuckerberg cited higher interest rates in the United States, global geopolitical instability, and increased regulation as factors influencing Meta and contributing to the sl...
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Silicon Valley Bank: Regulators take over as failure raises fears

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  Silicon Valley Bank: Regulators take over as failure raises  fears. US regulators have shut down Silicon Valley Bank (SVB) and taken control of its customer deposits in the largest failure of a US bank since 2008. The moves came as the firm, a major technology lender, was scrambling to raise funds to cover a loss from the sale of assets impacted by higher interest rates. Its problems prompted a rush of customer withdrawals and raised concerns about the banking sector's health. Officials said they acted to "protect insured depositors". Silicon Valley Bank had "inadequate liquidity and insolvency," according to banking regulators in California, where the company is headquartered. The Federal Deposit Insurance Corporation (FDIC), which typically insures deposits up to $250,000, said it had taken charge of the bank's roughly $175 billion (£145 billion) in deposits, the 16th largest in the US. Bank offices would reopen, and clients with insured deposits would b...
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Starbucks illegally fired US workers over union, judge rules

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Starbucks illegally fired US workers over union, judge rules Starbucks illegally fired six workers in New York state in a pushback against unions, a US National Labor Relations Board (NLRB) judge has ruled. According to the judge, the company committed "egregious and widespread" violations of federal labour law at its stores in Buffalo and Rochester. The coffee company has been ordered to rehire the former employees and compensate those who were affected. Starbucks responded that its actions were legal and in accordance with its policies. "We believe the decision and the remedies ordered are inappropriate given the record in this matter and are considering all legal options," Starbucks told the BBC. Michael A Rosas, a federal administrative law judge, also ordered Starbucks to rehire another worker who he ruled had been illegally forced out of their job in a more than 200-page decision. Starbucks, according to Mr Rosas, has demonstrated "a general disregard for...
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Canada bans TikTok on government devices

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  Canada bans TikTok on government devices Beginning on Tuesday, the video app TikTok will be removed from all government-issued devices in Canada. Following a review by Canada's chief information officer, the app "presents an unacceptable level of risk to privacy and security," according to a government spokesperson. A TikTok spokesperson expressed disappointment with the decision. It comes only a few days after the European Commission announced a similar prohibition. Security concerns Prime Minister Justin Trudeau stated that there was enough concern about the app's security to warrant the change. "This may be the first and only step we need to take," he said at a press conference near Toronto on Monday. TikTok has been chastised for its use of personal data and links to the Chinese government. ByteDance Ltd., a Chinese company, owns the short-form video app. TikTok was banned for US federal employees late last year, and the White House gave government age...
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Toyota and Honda announce biggest pay rises in decades

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Toyota and Honda announce biggest pay rises in decades Toyota and Honda, two Japanese automakers, have agreed to give their employees in the country the largest pay raises in decades. They are the most recent companies in the world's third largest economy to raise wages as prices rise. Japan's inflation rate was at its highest in over 40 years, according to official figures released last month. This has put pressure on businesses and governments to assist people as their purchasing power has shrunk. Every year, Japanese companies hold weeks of pay negotiations with unions before announcing their decisions around the middle of March. The automobile manufacturers have not stated why this year's announcements were made earlier than usual. Toyota announced on Wednesday that it will meet union demands for pay and bonuses, with wages increasing by the most in 20 years. Toyota's incoming president, Koji Sato, expressed hope that the move would have a positive impact on the Jap...
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