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

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UBS, the largest bank in Switzerland, is in advanced negotiations to acquire all or a portion of its ailing rival Credit Suisse. The second-largest Swiss bank, Credit Suisse, is experiencing a crisis of confidence, and its shares have dropped precipitously recently, worrisome the markets.

The Financial Times reports that UBS is prepared to offer up to $1 billion (£820 million) to acquire Credit Suisse. Before the markets open again on Monday, regulators are attempting to broker a solution.

The stability of the global financial system has been called into question as a result of the problems at Credit Suisse and the bankruptcy of two smaller US banks over the past two weeks.

One of the roughly 30 banks considered too big to fail due to its significance to the banking system is Credit Suisse.

Yet, the 167-year-old organisation is in the red and has encountered numerous issues lately, including accusations of money laundering.

The Swiss National Bank’s emergency $54 billion (£44.5 billion) lifeline on Wednesday failed to calm the markets, and Credit Suisse shares fell 24%, sparking a larger sell-off on European markets.

The FT, which broke the news that regulators and the Swiss National Bank were aiding discussions between the two Swiss banking goliaths, said a deal might be reached as soon as Sunday night.

Credit Suisse shares would be valued at less than a sixth of their Friday price under the offer that is currently thought to be on the table. The FT, however, stated that an agreement has not yet been signed and that the terms could alter. The FT reports that the Swiss authorities are preparing to amend the country’s regulations to forgo a shareholder vote on the transaction, which would ordinarily give UBS shareholders six weeks to review a deal of this magnitude.

While regulators and management contemplate the future of Credit Suisse, Bank of England officials have acknowledged they are in frequent contact with their counterparts at the Swiss National Bank. The situation is also being watched by the UK Treasury.

Credit Suisse warned it does not expect to be profitable until 2024 after reporting a loss of 7.3 billion Swiss francs ($7.9 billion; £6.5 billion) in 2022, the company’s worst year since the 2008 financial crisis.

UBS, however, generated a $7.6 billion profit in 2022. Any agreement may also lead to massive employment losses.

Credit Suisse handles the assets of wealthy clients in addition to being a domestic bank with 95 locations. It also operates a global investment banking operation.

By the end of last year Credit Suisse had a global headcount of 50,480, including 16,700 in Switzerland, albeit 9,000 jobs were to be eliminated, the Swiss broadcaster SRF reports.

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“24 Years Feels Like 24 Hours”: Roger Federer Announces Retirement

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The only male tennis player to win 20 grand slam titles, Roger Federer, has declared his intention to stop competing after the Laver Cup in 2022. Federer posted a message on his Twitter account announcing his choice. When he won the Wimbledon championship in 2003, Federer captured his maiden grand slam. Since then, he has won six Australian Opens, one French Open, eight Wimbledons, and five US Opens. He’s been dealing with a knee problem for a very long time.

He announced it on his Twitter account: “The Laver Cup next week in London will be my final ATP event.”The 20-time Grand Slam champion, 41, has been out since losing in the Wimbledon quarterfinals in 2021 before requiring more knee surgery. Serena Williams’ retirement and Federer’s announcement are related events. Serena retired having won the second-most grand slam titles in women’s tennis (23). In terms of the total number of grand slam titles won, Federer sits third, behind his top competitors Novak Djokovic and Rafael Nadal.

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Jean-Luc Godard: Legendary film director dies at 91 by assisted suicide

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The revolutionary French New Wave filmmaker Jean-Luc Godard has passed away at the age of 91. With 1960’s bout de souffle (Breathless), Godard made his debut and launched a string of critically acclaimed films that changed the norms of cinema and influenced filmmakers from Martin Scorsese to Quentin Tarantino.

According to a family member, he committed assisted suicide in Switzerland. Godard, according to French President Emmanuel Macron, “has the vision of a genius.” Mr. Macron described him as “like an apparition in French cinema” in a tribute on Twitter. He eventually mastered it.

“The most iconoclastic of the New Wave filmmakers, Jean-Luc Godard, created a resolutely contemporary, passionately free work. A guy with the vision of a genius has been lost to us; he was a national treasure.”

According to the AFP news agency, Godard’s legal counsel Patrick Jeanneret stated that the Franco-Swiss filmmaker “had recourse to legal assistance in Switzerland for a voluntary departure as he was plagued with’multiple invalidating illnesses,’ according to the medical report.”

In rare cases, assisted suicide is permitted in Switzerland.

Before taking the helm of the elegant and edgy Breathless, Godard worked as a cinema reviewer. The film’s actors, Jean Seberg and Jean-Paul Belmondo, were glamorous in a fresh, laid-back way, and the editing and dialogue were both semi-improvised.

“It was a film that took everything that cinema had done — girls, gangsters, cars — exploded all this and put an end, once and for all, to the old manner,” the filmmaker once said.

Jack Lang, a former minister of culture in France, stated to the news agency Reuters: “He crammed philosophy and poetry into the movies. We were able to notice the undetectable because to his keen eye.”

Actor Antonio Banderas was among many who paid tribute, writing: “Thank you monsieur Godard for extending the horizons of the film.”

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Human right organisation exposes Switzerland’s secret agreement with China

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In a sensitive development concerning the global politics, a human rights organisation has exposed a secretive agreement reached between Switzerland and China in connection with immigration.

The agreement offers Chinese security forces a free run in Switzerland, as per the report developed by the organisation.

The agreement, which were reached for five years, is supposed to end soon.

The organisation has predicted the possibility for the extension of the agreement.

Actually, it is not unusual. Switzerland has similar agreements with several other countries. These agreements attempt to make sure no foreign national stay illegally in Switzerland.

The one related to China empowers Chinese forces to interview illegal immigrants from the Asian country.

As per the opinion of the human rights organisation, what makes the Swiz agreement with China unusual is the fact that unlike other agreements which hand power to immigration officials this agreement offers power to foreign security forces.

The issue is very sensitive in nature. The organisation which has brought the issue to spotlight also is aware of the sensitive nature of the topic. It has presented the necessary evidences to back the allegation which it has levelled against Switzerland and China.

It is high time to erase the dark clouds around the questionable intrusion of China into Europe.

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Germany, Austria relax border restrictions

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The European countries of Germany, Austria and Switzerland have relaxed the restrictions imposed to curb the spread of the Covid-19 outbreak.

The relaxation will enable those who have been divided between the borders to reunite together.

Since early March, all countries of the Schengen open-border zone are under lockdown. The imposition of the lockdown halted road, rail, and air travel.

Since then, tens of thousands of people have made attempt to cross borders only to find them turned away by border officials.

Switzerland was one of the countries where severe restrictions were on place. In the country, only Swiss citizens, those with permanent work permits, and essential health workers were allowed entry.

The latest move has brought to end the hardship faced by those families and friends which has been separated because of the restrictions imposed to curb the spread of the Covid-19 outbreak.


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