Chancellor of the Exchequer Jeremy Hunt must consider dipping into a £14 billion ($16.9 billion) pot of reserves to fund a pay raise for UK public sector workers or deepening a crisis in frontline services, the Institute for Fiscal Studies said.
What a difference a week makes for stock and bond investors.
Credit Suisse Group AG sought to arrest a collapse in investor confidence Thursday by opening a 50 billion Swiss franc ($54 billion) credit line with the country’s central bank and offering to buy back debt, as executives and government officials plot the next steps for the troubled lender.
LA-based team is spurring US interest ahead of the upcoming World Cup, booking $50 million in committed sponsorship revenue
The turmoil engulfing banks, including Credit Suisse Group AG, threatens to curb US oil and gas supply growth, sowing the seed for future imbalance, according to a Pimco managing director.
Glencore Plc is willing to walk away from a $16 billion deal to buy aluminum from Russia’s No. 1 producer, in a move that would distance itself from one of its biggest rivals.
Oil steadied near the lowest closing price in 15 months after a three-day rout started by the US banking crisis and accelerated by options covering.
Many of the companies that make up the UK’s burgeoning payments scene lack proper controls and some pose an “unacceptable risk” to customers and the integrity of the financial system, according to the markets watchdog.
The Swiss Federal Council is due to convene a special meeting on Thursday to discuss the situation at Credit Suisse Group AG, according to Swiss news service AWP.
The cost of insuring the bonds of Credit Suisse Group AG against default dropped, though they remained in distressed territory, after the lender said it would tap Switzerland’s central bank for fresh liquidity.
