Reuters UK Business

By Medha Singh and Ankika Biswas (Reuters) – Shares of First Republic Bank tumbled 35% on Monday, adding to recent losses after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week. JPMorgan Chase & Co CEO Jamie Dimon is leading talks with the …

First Republic shares tumble again as liquidity fears linger Read More »

By Shashwat Chauhan (Reuters) -London stocks fell 1% on Monday, as banks stretched declines after Swiss lender UBS’s weekend deal to rescue rival Credit Suisse failed to stem fears of a global banking meltdown. The blue-chip FTSE 100 fell 1%, hitting its lowest in more than four months. Banks slumped 3.2%, extending declines from last …

Banks drag FTSE 100 lower as Credit Suisse rescue fails to soothe nerves Read More »

ZURICH (Reuters) – Credit Suisse took a hefty chunk of liquidity from the Swiss National Bank last week, sight deposit data published by the central bank indicated on Monday. Total deposits held by banks overnight rose to 515.1 billion Swiss francs ($554.35 billion) from 510.8 billion francs last week, the data said. The figure was …

Sight deposits rise, indicating Credit Suisse took central bank liquidity Read More »

MOSCOW (Reuters) – A Russian court on Monday froze all Volkswagen assets in Russia, court documents seen by Reuters showed. Volkswagen was one of a string of foreign carmakers that suspended operations in Russia after western countries imposed unprecedented sanctions on Moscow over the conflict in Ukraine. Russian auto manufacturer GAZ, which was contracted to …

Russian court freezes all Volkswagen assets in Russia Read More »

By John Revill Amanda Cooper LONDON/ZURICH (Reuters) -Shares in UBS plunged on Monday, heading for their biggest one-day fall since 2008 after its weekend rescue of ailing rival Credit Suisse ignited concerns among investors about the long-term benefits of the deal. UBS, with a hefty backstop from Swiss authorities, agreed to buy Credit Suisse on …

Investors punish UBS after Credit Suisse rescue, shares plummet Read More »

By Lucy Raitano LONDON (Reuters) – Shares in European banks were battered in early trade on Monday following UBS’s state-backed rescue of Credit Suisse that brought with it massive writedowns for the latter’s bondholders. In the meantime, global central banks stepped up their efforts to bolster the flow of cash around the world to avoid …

European banks battered after Credit Suisse rescue Read More »

PARIS (Reuters) – French insurer AXA had a “limited exposure” of about 0.6 billion euros ($639.5 million) to Swiss bank Credit Suisse, it said on Monday. “AXA has no exposure to Credit Suisse AT1s or to Credit Suisse equity. The group has limited exposure to Credit Suisse of circa 0.6 billion euros, comprising covered bonds …

French insurer AXA has about $640 million exposure to Credit Suisse Read More »

LONDON (Reuters) – Derivatives that track the value of key bank debt fell sharply on Monday, after UBS agreed to rescue rival Credit Suisse, forcing a massive writedown of the latter’s additional tier-one debt as part of the deal. Invesco’s AT1 Capital Bond exchange-traded fund, which tracks the value of AT1 debt, dropped 14% in …

Derivatives that track bonds at the heart of Credit Suisse rescue slide Read More »

STOCKHOLM (Reuters) – Electrolux, Europe’s biggest appliances maker, said on Monday it was on track to slash costs at underperforming plants in North America as part of its ongoing efficiency programme in the region. “Cost per unit in the Anderson and Springfield factories will significantly improve near-term, reaching competitive cost levels,” the Swedish group said …

Electrolux says costs cuts on track at North America plants Read More »