Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 … Read more
Credit Suisse’s shares have soared 30% after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss Central Bank. It’s a massive swing on March 16 after its shares plunged 30% on the SIX stock exchange a day earlier after its biggest shareholder said it … Read more
UBS Group AG and Credit Suisse Group AG are opposed to a forced merger, Bloomberg News reported on Thursday, citing people with knowledge of the matter. UBS prefers to focus on its own wealth-centric strategy and is reluctant to take on risks related to Credit Suisse, the report said, as the smaller rival seeks additional … Read more
As AI chatbots rise, Apple is now reportedly experimenting with language-generating artificial intelligence (AI). The Cupertino-based tech giant recently held an internal event that focused on AI and large language models, reports The New York Times. Several teams including people working on Siri voice assistant are testing “language-generating concepts” regularly. Siri, along with Alexa … Read more
Even as the global turmoil continues in financial markets, the macro factors are turning better for India, as per top banker and Indian billionaire Uday Kotak who believes that India can stand out in this turbulence if it navigates well. “Even as the global turmoil continues in financial markets, the macro factors are turning better … Read more
KPMG’s U.S. boss, Paul Knopp, said the accounting firm stood behind its audits of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O), the Financial Times reported on Tuesday. Knopp said KPMG’s audit work considered all the facts available at the time and that “market-driven events” in the intervening days led to the banks’ failures, the … Read more
Alia Bhatt needs no introduction. But very few know that the actress is also quite a successful businesswoman. Bhatt’s firm, Ed-a-Mama, is said to be a Rs 150 crore brand now. Ed-a-Mamma caters to kids in the age range of 2–14 years and has been operating since October last year. On the brand, Alia Bhatt … Read more
Funds affiliated with Blackstone were classified as promoters and held 20.50% in the Sona Comstar before this transaction. Blackstone has now sold off this final balance 20.5% @ Rs 410/ share aggregating to Rs 4,917 cr through open market bulk deals Buyers included Foreign Institutional Investors, Sovereign Wealth Funds, Domestic Mutual Funds and Insurance. companies. … Read more
Indian business owner families are enquiring about the process of setting up offices outside India. The enquiries have registered a spike and primarily came from wealthy Indian business owners, according to a report by Financial Express (FE). The questions included topics such as RBI regulations around establishing such a setup. Notably, the Reserve Bank of … Read more