By Reuters Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe. While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to

A pump jack of Wintershall DEA is pictured in Emlichheim near the northern German city of Meppen, Germany. Photographer Fabian Bimmer/File Photo By Reuters Oil prices settled lower Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months. Brent crude

By Anadolu Agency Zurich-based banking company Credit Suisse has announced it would borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank after its shares drop by nearly %30. “This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler

Britain’s Chancellor of the Exchequer Jeremy Hunt holds the budget box on Downing Street in London, Britain March 15, 2023. Photographer Peter Nicholls By Reuters Finance minister Jeremy Hunt announced on Wednesday a plan that he hopes will speed up Britain’s stagnating economy, including childcare and tax reforms to get more people into work and

By Reuters HSBC bought the UK arm of stricken Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology start-ups in Britain and helping curb the fallout from the biggest bank collapse since the financial crash. The move comes after U.S. authorities moved to shore up deposits and stem

By Business Daily Africa Export earnings from tea grew by Sh2 billion last year, helped by a weaker shilling, increased volumes and higher prices of the beverage. The earnings defied global economic shocks caused by the Russia-Ukraine war last year to stand at Sh138 billion from Sh136 a year earlier, according to the Tea Board

A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California, U.S. March 10, 2023. Photographer Nathan Frandino By Reuters Some financial industry executives and investors were growing increasingly concerned on Saturday that the collapse of Silicon Valley Bank could have

Zuber and Mohsin Issa / PA Evening Standard By Simon Hunt EG Group, which runs hundreds of petrol stations in the UK as well as the Leon fast food brand, said it had sold 415 store assets in the US to property company Realty Income, in a deal which will see it lease the assets

Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan/Reuters By Reuters Saudi Arabia has signed an agreement with Turkey to deposit $5 billion in the country’s central bank through the Saudi Fund for Development (SFD), the fund said on Monday. Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan announced his country’s intention to make the deposit

The discussion we don’t have often enough, though, is the oversized impact the movements of the US Dollar can cause upon emerging market countries/Shutterstock By Business Daily Africa Whenever I meet clients and investors, the one discussion I always end up having, regardless of market conditions, is on currency markets. There are often strong views