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2023-03-21

Then just raise 15bps. doesn't have to be in 25bps increments

The Fed Will Either Pause Or Hike Interest Rates By 25 Basis Points. What Are the Pros and Cons of Each Approach?

2023-03-21

Emergency Powers not so easy to override

Sorry, the original content has been removed

2023-03-20

Painful

Credit Suisse Deal Hands Saudi National Bank $1 Billion Investment Loss

2022-10-17

Nice

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2021-04-16

Interesting. Maybe good for a small punt

Sorry, the original content has been removed

Go to Tiger App to see more news

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just raise 15bps. doesn't have to be in 25bps increments&nbsp;","listText":"Then just raise 15bps. doesn't have to be in 25bps increments&nbsp;","text":"Then just raise 15bps. doesn't have to be in 25bps increments","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943681727","repostId":"2321566653","repostType":4,"repost":{"id":"2321566653","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1679386155,"share":"https://ttm.financial/m/news/2321566653?lang=&edition=fundamental","pubTime":"2023-03-21 16:09","market":"us","language":"en","title":"The Fed Will Either Pause Or Hike Interest Rates By 25 Basis Points. What Are the Pros and Cons of Each Approach?","url":"https://stock-news.laohu8.com/highlight/detail?id=2321566653","media":"Dow Jones","summary":"'Fed decision will be seen as either capitulation to the markets or ivory-tower isolation'The Federa","content":"<html><head></head><body><p>&#39;Fed decision will be seen as either capitulation to the markets or ivory-tower isolation&#39;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d9ad09266cbdd6fff0c6be313c6bd4f6\" tg-width=\"700\" tg-height=\"505\" referrerpolicy=\"no-referrer\"/><span>The Federal Reserve, chaired by Jerome Powell, will meet on Wednesday. In a rarity, the outcome regarding an interest-rate hike is unclear.</span></p><p>The Federal Reserve will meet on Wednesday and, for once, the outcome is unclear.</p><p>This is the most uncertain Fed meeting since 2008, said Jim Bianco, president of Bianco Research.</p><p>Fed officials, starting with former chair Ben Bernanke, have perfected the art of having the market price in what the central bank will do -- at least regarding interest rates -- at each upcoming meeting. That has happened 100% of the time, Bianco said on Twitter.</p><p>The Fed&#39;s meeting this week is different because it follows the sudden collapse of confidence in the U.S. banking system following the government takeover of Silicon Valley Bank as well as the tremors around the world that have led to the shotgun wedding of Swiss banking giant Credit Suisse and its longtime rival, UBS.</p><p>At the moment, the market probabilities are 73% for a quarter-percentage-point move and 27%  for no move, according to the CME FedWatch tool. The market seems to be growing in confidence of a hike, analysts said, based on movements on the front end of the curve.</p><p>The Fed&#39;s decision will come on Wednesday at 2 p.m. Eastern and will be followed by a press conference from Fed Chair Jerome Powell.</p><p>&#34;Depending on your perspective, the Fed&#39;s decision will be seen as either capitulation to the markets or ivory-tower isolation from the markets,&#34; said Ian Katz, a financial sector analyst with Capital Alpha Partners.</p><p>Here are the pros and cons for both a pause and a 25-basis-point hike.</p><h2>The case for and against a pause</h2><p>The main rationale for a pause is that the banking system is under stress.</p><p>&#34;While policymakers have responded aggressively to shore up the financial system, markets appear to be less than fully convinced that efforts to support small and midsize banks will prove sufficient. We think Fed officials will therefore share our view that stress in the banking system remains the most immediate concern for now,&#34; said Jan Hatzius, chief economist at Goldman Sachs, in a note to clients Monday morning</p><p>Former New York Fed President William Dudley said he would recommend a pause. &#34;The case for zero is &#39;do no harm,&#39;&#34; he said.</p><p>The case against a pause is that it could spark more worries about the banking system.</p><p>&#34;I think if they pause, they are going to have to explain exactly what they are seeing, what is giving them more concern. I am not sure a pause is comforting,&#34; said former Fed Vice Chair Roger Ferguson in a television interview on Monday</p><h2>The case for and against a 25-basis-point hike</h2><p>The main reason for a quarter-percentage-point rate increase, to a range of 4.75%-5%, is that it could project confidence.</p><p>&#34;What you need from policymakers is steady hands, steady ship,&#34; said Max Kettner, chief multi-asset strategist at HSBC. &#34;You don&#39;t need overaction ... flip-flopping around in projections or opinions.&#34;</p><p>The Fed should say that it has managed to contain confidence so far and that &#34;we can press ahead with the inflation fight,&#34; he added.</p><p>Oren Klachkin, lead U.S. economist at Oxford Economics, said he didn&#39;t think &#34;the recent bank failures pose systemic risks to the broad financial system and economy.&#34;</p><p>He noted that &#34;inflation is still running hot&#34; and the Fed has better ways to alleviate banking-sector stress than interest rates.</p><p>The case against hiking is that doing so could further exacerbate concerns about the stability of the banking sector.</p><p>&#34;A rate hike now might have to be quickly reversed to deal with a deeper, less contained recession and disinflation. Why would the Fed raise rates when it may be forced to cut rates so much sooner than previously hoped?&#34; asked Diane Swonk, chief economist at KPMG.</p><p>Gregory Daco, chief economist at EY, said he thinks economic activity is slowing, which gives the Fed time.</p><p>&#34;There is no rush to hike. We are not going to see hyperinflation as a result,&#34; he said.</p><p>Stocks  rose Monday. The yield on the 10-year Treasury note  inched up to 3.46%, still well below the 4% level seen prior to the banking crisis.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Either Pause Or Hike Interest Rates By 25 Basis Points. 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What Are the Pros and Cons of Each Approach?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-21 16:09</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>&#39;Fed decision will be seen as either capitulation to the markets or ivory-tower isolation&#39;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d9ad09266cbdd6fff0c6be313c6bd4f6\" tg-width=\"700\" tg-height=\"505\" referrerpolicy=\"no-referrer\"/><span>The Federal Reserve, chaired by Jerome Powell, will meet on Wednesday. In a rarity, the outcome regarding an interest-rate hike is unclear.</span></p><p>The Federal Reserve will meet on Wednesday and, for once, the outcome is unclear.</p><p>This is the most uncertain Fed meeting since 2008, said Jim Bianco, president of Bianco Research.</p><p>Fed officials, starting with former chair Ben Bernanke, have perfected the art of having the market price in what the central bank will do -- at least regarding interest rates -- at each upcoming meeting. That has happened 100% of the time, Bianco said on Twitter.</p><p>The Fed&#39;s meeting this week is different because it follows the sudden collapse of confidence in the U.S. banking system following the government takeover of Silicon Valley Bank as well as the tremors around the world that have led to the shotgun wedding of Swiss banking giant Credit Suisse and its longtime rival, UBS.</p><p>At the moment, the market probabilities are 73% for a quarter-percentage-point move and 27%  for no move, according to the CME FedWatch tool. The market seems to be growing in confidence of a hike, analysts said, based on movements on the front end of the curve.</p><p>The Fed&#39;s decision will come on Wednesday at 2 p.m. Eastern and will be followed by a press conference from Fed Chair Jerome Powell.</p><p>&#34;Depending on your perspective, the Fed&#39;s decision will be seen as either capitulation to the markets or ivory-tower isolation from the markets,&#34; said Ian Katz, a financial sector analyst with Capital Alpha Partners.</p><p>Here are the pros and cons for both a pause and a 25-basis-point hike.</p><h2>The case for and against a pause</h2><p>The main rationale for a pause is that the banking system is under stress.</p><p>&#34;While policymakers have responded aggressively to shore up the financial system, markets appear to be less than fully convinced that efforts to support small and midsize banks will prove sufficient. We think Fed officials will therefore share our view that stress in the banking system remains the most immediate concern for now,&#34; said Jan Hatzius, chief economist at Goldman Sachs, in a note to clients Monday morning</p><p>Former New York Fed President William Dudley said he would recommend a pause. &#34;The case for zero is &#39;do no harm,&#39;&#34; he said.</p><p>The case against a pause is that it could spark more worries about the banking system.</p><p>&#34;I think if they pause, they are going to have to explain exactly what they are seeing, what is giving them more concern. I am not sure a pause is comforting,&#34; said former Fed Vice Chair Roger Ferguson in a television interview on Monday</p><h2>The case for and against a 25-basis-point hike</h2><p>The main reason for a quarter-percentage-point rate increase, to a range of 4.75%-5%, is that it could project confidence.</p><p>&#34;What you need from policymakers is steady hands, steady ship,&#34; said Max Kettner, chief multi-asset strategist at HSBC. &#34;You don&#39;t need overaction ... flip-flopping around in projections or opinions.&#34;</p><p>The Fed should say that it has managed to contain confidence so far and that &#34;we can press ahead with the inflation fight,&#34; he added.</p><p>Oren Klachkin, lead U.S. economist at Oxford Economics, said he didn&#39;t think &#34;the recent bank failures pose systemic risks to the broad financial system and economy.&#34;</p><p>He noted that &#34;inflation is still running hot&#34; and the Fed has better ways to alleviate banking-sector stress than interest rates.</p><p>The case against hiking is that doing so could further exacerbate concerns about the stability of the banking sector.</p><p>&#34;A rate hike now might have to be quickly reversed to deal with a deeper, less contained recession and disinflation. Why would the Fed raise rates when it may be forced to cut rates so much sooner than previously hoped?&#34; asked Diane Swonk, chief economist at KPMG.</p><p>Gregory Daco, chief economist at EY, said he thinks economic activity is slowing, which gives the Fed time.</p><p>&#34;There is no rush to hike. We are not going to see hyperinflation as a result,&#34; he said.</p><p>Stocks  rose Monday. The yield on the 10-year Treasury note  inched up to 3.46%, still well below the 4% level seen prior to the banking crisis.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2321566653","content_text":"'Fed decision will be seen as either capitulation to the markets or ivory-tower isolation'The Federal Reserve, chaired by Jerome Powell, will meet on Wednesday. In a rarity, the outcome regarding an interest-rate hike is unclear.The Federal Reserve will meet on Wednesday and, for once, the outcome is unclear.This is the most uncertain Fed meeting since 2008, said Jim Bianco, president of Bianco Research.Fed officials, starting with former chair Ben Bernanke, have perfected the art of having the market price in what the central bank will do -- at least regarding interest rates -- at each upcoming meeting. That has happened 100% of the time, Bianco said on Twitter.The Fed's meeting this week is different because it follows the sudden collapse of confidence in the U.S. banking system following the government takeover of Silicon Valley Bank as well as the tremors around the world that have led to the shotgun wedding of Swiss banking giant Credit Suisse and its longtime rival, UBS.At the moment, the market probabilities are 73% for a quarter-percentage-point move and 27%  for no move, according to the CME FedWatch tool. The market seems to be growing in confidence of a hike, analysts said, based on movements on the front end of the curve.The Fed's decision will come on Wednesday at 2 p.m. Eastern and will be followed by a press conference from Fed Chair Jerome Powell.\"Depending on your perspective, the Fed's decision will be seen as either capitulation to the markets or ivory-tower isolation from the markets,\" said Ian Katz, a financial sector analyst with Capital Alpha Partners.Here are the pros and cons for both a pause and a 25-basis-point hike.The case for and against a pauseThe main rationale for a pause is that the banking system is under stress.\"While policymakers have responded aggressively to shore up the financial system, markets appear to be less than fully convinced that efforts to support small and midsize banks will prove sufficient. We think Fed officials will therefore share our view that stress in the banking system remains the most immediate concern for now,\" said Jan Hatzius, chief economist at Goldman Sachs, in a note to clients Monday morningFormer New York Fed President William Dudley said he would recommend a pause. \"The case for zero is 'do no harm,'\" he said.The case against a pause is that it could spark more worries about the banking system.\"I think if they pause, they are going to have to explain exactly what they are seeing, what is giving them more concern. I am not sure a pause is comforting,\" said former Fed Vice Chair Roger Ferguson in a television interview on MondayThe case for and against a 25-basis-point hikeThe main reason for a quarter-percentage-point rate increase, to a range of 4.75%-5%, is that it could project confidence.\"What you need from policymakers is steady hands, steady ship,\" said Max Kettner, chief multi-asset strategist at HSBC. \"You don't need overaction ... flip-flopping around in projections or opinions.\"The Fed should say that it has managed to contain confidence so far and that \"we can press ahead with the inflation fight,\" he added.Oren Klachkin, lead U.S. economist at Oxford Economics, said he didn't think \"the recent bank failures pose systemic risks to the broad financial system and economy.\"He noted that \"inflation is still running hot\" and the Fed has better ways to alleviate banking-sector stress than interest rates.The case against hiking is that doing so could further exacerbate concerns about the stability of the banking sector.\"A rate hike now might have to be quickly reversed to deal with a deeper, less contained recession and disinflation. Why would the Fed raise rates when it may be forced to cut rates so much sooner than previously hoped?\" asked Diane Swonk, chief economist at KPMG.Gregory Daco, chief economist at EY, said he thinks economic activity is slowing, which gives the Fed time.\"There is no rush to hike. We are not going to see hyperinflation as a result,\" he said.Stocks  rose Monday. The yield on the 10-year Treasury note  inched up to 3.46%, still well below the 4% level seen prior to the banking crisis.","news_type":1},"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943618129,"gmtCreate":1679404934662,"gmtModify":1679404980320,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Emergency Powers not so easy to override&nbsp;","listText":"Emergency Powers not so easy to override&nbsp;","text":"Emergency Powers not so easy to override","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943618129","repostId":"1189382548","repostType":2,"isVote":1,"tweetType":1,"viewCount":488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943142956,"gmtCreate":1679312571975,"gmtModify":1679312609585,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Painful&nbsp;","listText":"Painful&nbsp;","text":"Painful","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943142956","repostId":"1191170127","repostType":4,"repost":{"id":"1191170127","pubTimestamp":1679311229,"share":"https://ttm.financial/m/news/1191170127?lang=&edition=fundamental","pubTime":"2023-03-20 19:20","market":"us","language":"en","title":"Credit Suisse Deal Hands Saudi National Bank $1 Billion Investment Loss","url":"https://stock-news.laohu8.com/highlight/detail?id=1191170127","media":"Bloomberg","summary":"Saudi National Bank’s investment plummeted by about $1 billionQatar Investment Authority, Olayan Gro","content":"<html><head></head><body><ul><li>Saudi National Bank’s investment plummeted by about $1 billion</li><li>Qatar Investment Authority, Olayan Group are also top holders</li></ul><p>Credit Suisse Group AG’s Middle Eastern shareholders, which together own about a fifth of the Swiss bank, are among some of the biggest losers in the turmoil that culminated with UBS Group AG agreeing to acquire the troubled lender at a steep discount.</p><p>Saudi National Bank, the Swiss lender’s top shareholder, has seen the value of its investment plummet by about $1 billion in a matter of months. Credit Suisse’s long-term backer, the Qatar Investment Authority, has seen the value of its 6.8% holding crash after upping its stake as recently as January.</p><p>The 9.9% stake held by Saudi Arabia’s largest lender is now valued at about 304 million francs ($329 million) following the UBS offer, according to Bloomberg calculations. Saudi National Bank, which is 37% owned by the Public Investment Fund, invested 1.4 billion francs in Credit Suisse late last year. Shares in the Saudi lender have slumped by about a third over that period — wiping more than $25 billion off its market value.</p><p>Deep-pocketed Middle Eastern investors have been backing European banks such as Credit Suisse for many years, with varying degrees of success. Citigroup Inc. and Barclays Plc both tapped Abu Dhabi-based funds during the 2008 financial crisis, which both ended in acrimonious court cases.</p><p>“Gulf Cooperation Council investors, including sovereign wealth funds, have had a distinctly checkered record investing in banks overseas,” said Tarek Fadlallah, head of Nomura Holdings Inc.’s asset management arm in the Middle East.</p><h2>Difficult Times</h2><p>Although Middle Eastern investors have pared back their stakes in difficult times, they’ve also stuck by Credit Suisse. The QIA made its investment during the last financial crisis and had in the past owned its AT1 bonds that have now been written to zero — though it’s unclear if the fund still held that debt.</p><p>The Qatar fund’s participation in Credit Suisse’s approximately $2 billion convertible notes issuance in April 2021 helped shore up its balance sheet after the Archegos Capital Management LP blow up. In January, the QIA became Credit Suisse’s second-largest shareholder when it boosted its stake to 6.87% from about 5.6%.</p><p>That month, the bank’s longtime largest shareholder Harris Associates, which once held a stake of about 10%, reported a holding of below 3%. Credit Suisse also counts Saudi conglomerate Olayan Group among one of its biggest shareholders with a 3.27% stake.</p><p>As last week’s crisis came to a head, it’s unclear if the Swiss government consulted with major backers before the UBS deal was unveiled following hasty weekend discussions.</p><p>Marc Nassim, partner and managing director of Dubai-based Awad Capital, described UBS’s agreement as a “take it or leave it deal” for shareholders.</p><p>“There is always a government somewhere willing to intervene to protect their national interest and wipe out all shareholders,” he said. “So the ultimate counterparts of bank shareholders are the governments, be it in the US, Europe or other geographies.”</p><h2>‘Absolutely Not’</h2><p>The historic, government-brokered deal was quickly pulled together to contain a crisis of confidence that was spreading across global financial markets and to halt a massive rout in its stock and bonds.</p><p>The slump intensified when Saudi National Bank Chairman Ammar Al Khudairy told Bloomberg TV “absolutely not” when asked whether the lender would be open to further investments in Credit Suisse if there was another call for additional liquidity. That helped spark a slump in the Swiss bank’s shares.</p><p>In a statement on Monday, Saudi National Bank said changes in the valuation of its investment in Credit Suisse “have no impact” on growth plans and its 2023 guidance. The bank’s total assets exceed 945 billion riyals ($251 billion), it added.</p><p>Following the UBS transaction, the risk of an additional capital call from Credit Suisse — and Saudi National Bank obliging – has reduced significantly, Citigroup analyst Rahul Bajaj wrote in a note. “While this doesn’t rule out Saudi National Bank pursuing other transactions, we would hope that given the experience with Credit Suisse, there would be greater caution,” he said.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Credit Suisse Deal Hands Saudi National Bank $1 Billion Investment Loss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCredit Suisse Deal Hands Saudi National Bank $1 Billion Investment Loss\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-20 19:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-deal-hands-top-holder-1-billion-investment-loss><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Saudi National Bank’s investment plummeted by about $1 billionQatar Investment Authority, Olayan Group are also top holdersCredit Suisse Group AG’s Middle Eastern shareholders, which together own ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-deal-hands-top-holder-1-billion-investment-loss\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-deal-hands-top-holder-1-billion-investment-loss","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191170127","content_text":"Saudi National Bank’s investment plummeted by about $1 billionQatar Investment Authority, Olayan Group are also top holdersCredit Suisse Group AG’s Middle Eastern shareholders, which together own about a fifth of the Swiss bank, are among some of the biggest losers in the turmoil that culminated with UBS Group AG agreeing to acquire the troubled lender at a steep discount.Saudi National Bank, the Swiss lender’s top shareholder, has seen the value of its investment plummet by about $1 billion in a matter of months. Credit Suisse’s long-term backer, the Qatar Investment Authority, has seen the value of its 6.8% holding crash after upping its stake as recently as January.The 9.9% stake held by Saudi Arabia’s largest lender is now valued at about 304 million francs ($329 million) following the UBS offer, according to Bloomberg calculations. Saudi National Bank, which is 37% owned by the Public Investment Fund, invested 1.4 billion francs in Credit Suisse late last year. Shares in the Saudi lender have slumped by about a third over that period — wiping more than $25 billion off its market value.Deep-pocketed Middle Eastern investors have been backing European banks such as Credit Suisse for many years, with varying degrees of success. Citigroup Inc. and Barclays Plc both tapped Abu Dhabi-based funds during the 2008 financial crisis, which both ended in acrimonious court cases.“Gulf Cooperation Council investors, including sovereign wealth funds, have had a distinctly checkered record investing in banks overseas,” said Tarek Fadlallah, head of Nomura Holdings Inc.’s asset management arm in the Middle East.Difficult TimesAlthough Middle Eastern investors have pared back their stakes in difficult times, they’ve also stuck by Credit Suisse. The QIA made its investment during the last financial crisis and had in the past owned its AT1 bonds that have now been written to zero — though it’s unclear if the fund still held that debt.The Qatar fund’s participation in Credit Suisse’s approximately $2 billion convertible notes issuance in April 2021 helped shore up its balance sheet after the Archegos Capital Management LP blow up. In January, the QIA became Credit Suisse’s second-largest shareholder when it boosted its stake to 6.87% from about 5.6%.That month, the bank’s longtime largest shareholder Harris Associates, which once held a stake of about 10%, reported a holding of below 3%. Credit Suisse also counts Saudi conglomerate Olayan Group among one of its biggest shareholders with a 3.27% stake.As last week’s crisis came to a head, it’s unclear if the Swiss government consulted with major backers before the UBS deal was unveiled following hasty weekend discussions.Marc Nassim, partner and managing director of Dubai-based Awad Capital, described UBS’s agreement as a “take it or leave it deal” for shareholders.“There is always a government somewhere willing to intervene to protect their national interest and wipe out all shareholders,” he said. “So the ultimate counterparts of bank shareholders are the governments, be it in the US, Europe or other geographies.”‘Absolutely Not’The historic, government-brokered deal was quickly pulled together to contain a crisis of confidence that was spreading across global financial markets and to halt a massive rout in its stock and bonds.The slump intensified when Saudi National Bank Chairman Ammar Al Khudairy told Bloomberg TV “absolutely not” when asked whether the lender would be open to further investments in Credit Suisse if there was another call for additional liquidity. That helped spark a slump in the Swiss bank’s shares.In a statement on Monday, Saudi National Bank said changes in the valuation of its investment in Credit Suisse “have no impact” on growth plans and its 2023 guidance. The bank’s total assets exceed 945 billion riyals ($251 billion), it added.Following the UBS transaction, the risk of an additional capital call from Credit Suisse — and Saudi National Bank obliging – has reduced significantly, Citigroup analyst Rahul Bajaj wrote in a note. “While this doesn’t rule out Saudi National Bank pursuing other transactions, we would hope that given the experience with Credit Suisse, there would be greater caution,” he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9989623975,"gmtCreate":1665994793997,"gmtModify":1676537689197,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9989623975","repostId":"1123073862","repostType":2,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370323314,"gmtCreate":1618554243538,"gmtModify":1704712656894,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Interesting. Maybe good for a small punt","listText":"Interesting. Maybe good for a small punt","text":"Interesting. Maybe good for a small punt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370323314","repostId":"1181372898","repostType":4,"isVote":1,"tweetType":1,"viewCount":512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9943681727,"gmtCreate":1679407467969,"gmtModify":1679407472204,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Then just raise 15bps. doesn't have to be in 25bps increments&nbsp;","listText":"Then just raise 15bps. doesn't have to be in 25bps increments&nbsp;","text":"Then just raise 15bps. doesn't have to be in 25bps increments","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943681727","repostId":"2321566653","repostType":4,"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9989623975,"gmtCreate":1665994793997,"gmtModify":1676537689197,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9989623975","repostId":"1123073862","repostType":2,"repost":{"id":"1123073862","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1665994165,"share":"https://ttm.financial/m/news/1123073862?lang=&edition=fundamental","pubTime":"2022-10-17 16:09","market":"us","language":"en","title":"Big Tech Stocks Jumped in Premarket Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1123073862","media":"Tiger Newspress","summary":"Big tech stocks jumped in premarket trading. Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Tes","content":"<html><head></head><body><p>Big tech stocks jumped in premarket trading. Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Tesla, Nvidia and Netflix all rose more than 1%.</p><p><img src=\"https://static.tigerbbs.com/a057236290613a199808e5c1fdb4efef\" tg-width=\"472\" tg-height=\"481\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Tech Stocks Jumped in Premarket Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig Tech Stocks Jumped in Premarket Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-10-17 16:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Big tech stocks jumped in premarket trading. Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Tesla, Nvidia and Netflix all rose more than 1%.</p><p><img src=\"https://static.tigerbbs.com/a057236290613a199808e5c1fdb4efef\" tg-width=\"472\" tg-height=\"481\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","MSFT":"微软","GOOGL":"谷歌A","META":"Meta Platforms, Inc.","NFLX":"奈飞","AMZN":"亚马逊","AAPL":"苹果","NVDA":"英伟达"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123073862","content_text":"Big tech stocks jumped in premarket trading. Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Tesla, Nvidia and Netflix all rose more than 1%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943142956,"gmtCreate":1679312571975,"gmtModify":1679312609585,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Painful&nbsp;","listText":"Painful&nbsp;","text":"Painful","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943142956","repostId":"1191170127","repostType":4,"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943618129,"gmtCreate":1679404934662,"gmtModify":1679404980320,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Emergency Powers not so easy to override&nbsp;","listText":"Emergency Powers not so easy to override&nbsp;","text":"Emergency Powers not so easy to override","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943618129","repostId":"1189382548","repostType":2,"repost":{"id":"1189382548","pubTimestamp":1679402889,"share":"https://ttm.financial/m/news/1189382548?lang=&edition=fundamental","pubTime":"2023-03-21 20:48","market":"us","language":"en","title":"Credit Suisse Shareholder Says Override of Vote \"Unprecedented\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1189382548","media":"Bloomberg","summary":"Ethos calling for a possible split and listing of Swiss unitGovernment used emergency laws to block ","content":"<html><head></head><body><ul><li>Ethos calling for a possible split and listing of Swiss unit</li><li>Government used emergency laws to block shareholder vote</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/634e7292a6639ec19bd855b591e73c7e\" tg-width=\"1000\" tg-height=\"564\" width=\"100%\" height=\"auto\"/><span>The UK headquarters of Credit Suisse Group in Canary Wharf financial district in London. Photographer: Jason Alden/Bloomberg</span></p><p>One of Credit Suisse Group AG’s biggest shareholder groups says the rushed merger of its bank with UBS Group AG over the weekend is an unprecedented breach of shareholder rights that may scare off institutional investors.</p><p>Ethos Foundation, which acts as a proxy adviser for pension funds and other members holding between 3% and 5% of the bank’s stock and $400 billion in assets, said on Monday that it’s weighing the possibility of legal action over the sale. Options through the courts are currently limited however.</p><p>“This situation is a big failure of corporate governance and may send a poor image of Switzerland for international institutional investors in terms of good governance,” Vincent Kaufmann, Ethos’ chief executive officer, said in a telephone interview.</p><p>Ethos said it’s asking the Swiss authorities and UBS to explore a possible separation and listing of Credit Suisse’s Swiss unit following the merger, citing concerns about market competition and job cuts. The shareholder group, whose members insure 1.9 million people, is a frequent critic on pay, governance and other issues at companies in which it invests.</p><p>Kaufmann joins legal commentators who stressed that the manner in which the sale was rushed through has tarnished the country’s reputation as a place where the rule of law is guaranteed for investors. Swiss Finance Minister Karin Keller-Sutter said the government-brokered deal it put together was necessary to prevent a complete implosion of Credit Suisse, which could have forced the government to take the politically unpopular step of bailing the bank out.</p><p>In announcing the sale of Credit Suisse to its Zurich rival on Sunday evening, the government cited emergency laws that allow it to issue temporary ordinances to counter “threats of serious disruption to public order or internal or external security.” In this case, that included overriding merger laws on shareholder votes.</p><p>But Kaufmann took issue with the minister’s interpretation of the transaction as a commercial deal.</p><p>“I don’t agree with Ms. Keller-Sutter saying it’s not a public intervention but a commercial one,” Kaufmann said. “If you change the law and you remove shareholders’ voting power on such a key issue, then you clearly have a state intervention. It’s unprecedented and an expropriation of shareholder rights.”</p><p>Kaufmann said however, that currently room for legal actions are very limited.  “The Swiss are very protective of the management of companies,” he said, adding that it is very “difficult to go after former management for mismanagement.”</p><p>“We would need to prove that the bank’s management withheld some information from us, and that they didn’t act in the best interest of shareholders,” he said.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Credit Suisse Shareholder Says Override of Vote \"Unprecedented\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCredit Suisse Shareholder Says Override of Vote \"Unprecedented\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-21 20:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-21/credit-suisse-shareholder-says-override-of-vote-unprecedented?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ethos calling for a possible split and listing of Swiss unitGovernment used emergency laws to block shareholder voteThe UK headquarters of Credit Suisse Group in Canary Wharf financial district in ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-21/credit-suisse-shareholder-says-override-of-vote-unprecedented?srnd=premium\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2023-03-21/credit-suisse-shareholder-says-override-of-vote-unprecedented?srnd=premium","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189382548","content_text":"Ethos calling for a possible split and listing of Swiss unitGovernment used emergency laws to block shareholder voteThe UK headquarters of Credit Suisse Group in Canary Wharf financial district in London. Photographer: Jason Alden/BloombergOne of Credit Suisse Group AG’s biggest shareholder groups says the rushed merger of its bank with UBS Group AG over the weekend is an unprecedented breach of shareholder rights that may scare off institutional investors.Ethos Foundation, which acts as a proxy adviser for pension funds and other members holding between 3% and 5% of the bank’s stock and $400 billion in assets, said on Monday that it’s weighing the possibility of legal action over the sale. Options through the courts are currently limited however.“This situation is a big failure of corporate governance and may send a poor image of Switzerland for international institutional investors in terms of good governance,” Vincent Kaufmann, Ethos’ chief executive officer, said in a telephone interview.Ethos said it’s asking the Swiss authorities and UBS to explore a possible separation and listing of Credit Suisse’s Swiss unit following the merger, citing concerns about market competition and job cuts. The shareholder group, whose members insure 1.9 million people, is a frequent critic on pay, governance and other issues at companies in which it invests.Kaufmann joins legal commentators who stressed that the manner in which the sale was rushed through has tarnished the country’s reputation as a place where the rule of law is guaranteed for investors. Swiss Finance Minister Karin Keller-Sutter said the government-brokered deal it put together was necessary to prevent a complete implosion of Credit Suisse, which could have forced the government to take the politically unpopular step of bailing the bank out.In announcing the sale of Credit Suisse to its Zurich rival on Sunday evening, the government cited emergency laws that allow it to issue temporary ordinances to counter “threats of serious disruption to public order or internal or external security.” In this case, that included overriding merger laws on shareholder votes.But Kaufmann took issue with the minister’s interpretation of the transaction as a commercial deal.“I don’t agree with Ms. Keller-Sutter saying it’s not a public intervention but a commercial one,” Kaufmann said. “If you change the law and you remove shareholders’ voting power on such a key issue, then you clearly have a state intervention. It’s unprecedented and an expropriation of shareholder rights.”Kaufmann said however, that currently room for legal actions are very limited.  “The Swiss are very protective of the management of companies,” he said, adding that it is very “difficult to go after former management for mismanagement.”“We would need to prove that the bank’s management withheld some information from us, and that they didn’t act in the best interest of shareholders,” he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370323314,"gmtCreate":1618554243538,"gmtModify":1704712656894,"author":{"id":"3581592232676688","authorId":"3581592232676688","name":"Hippo88","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581592232676688","authorIdStr":"3581592232676688"},"themes":[],"htmlText":"Interesting. Maybe good for a small punt","listText":"Interesting. Maybe good for a small punt","text":"Interesting. Maybe good for a small punt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370323314","repostId":"1181372898","repostType":4,"isVote":1,"tweetType":1,"viewCount":512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}