After a long negotiation over the weekend, financial markets were poised for relief on Monday after UBS Group AG (SIX:UBSG) agreed to buy Credit Suisse (SIX:CSGN) Group AG in a rescue orchestrated by the state, while major central banks announced a co-ordinated move to shore up liquidity in the financial system. - UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday. - The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. - The Swiss National Bank also pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4
Two US banks failed and were subsequently bailed out by the US government. The market reacted positively at first, but the good news was short-lived. Soon after, news broke of Credit Suisse running into trouble in Europe.Now, let's catch up with the situation at Credit Suisse.Why is Credit Suisse important?Credit Suisse is among the 30 global financial institutions designated as systematically important by the Financial Stability Board, indicating that they are deemed "too big to fail." The significance of this designation lies in the potential repercussions of such institutions collapsing.In contrast, Silicon Valley Bank and Signature Bank are relatively smaller than Credit Suisse. However, if Credit Suisse were to fail, the banking crisis could worsen and spread more widely due to the ma
With OpenAI announcing the newly GPT-4, a large multimodal model (accepting image and text inputs, emitting text outputs) that, while less capable than humans in many real-world scenarios, exhibits human-level performance on various professional and academic benchmarks. Why GPT-4, not GPT-3? Larger Data Set: GPT-4 contains 45 gigabytes of training data than GPT-3. with only 17 gigabytes of data. This means that GPT-4 can provide much more accurate results than its predecessor. Larger model: GPT-3 is a 175 billion parameter model, GPT-4 has 1.6 trillion parameters. This means that the model can solve much more complex tasks than ever before. Better results: Both GPT-3 and GPT-4 have implemented algorithms to improve the accuracy of the results. These algorithms can be used to increase the a
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