The Congressional Budget Office (CBO) has issued a warning of a “significant risk” of the US defaulting on its payment obligations within the first half of June unless there is
French gas reserves fall to lowest in Europe
France’s gas reserves have reached the lowest level in Europe after widespread strikes protesting President Emmanuel Macron’s proposed pension reforms impacted imports.
Credit Suisse Chairman Axel Lehmann apologizes to shareholders, saying he’s “truly sorry”
At its last shareholder meeting as an independent business on Tuesday, Credit Suisse’s chair, Axel Lehmann, apologized to investors for the 167-year-old Swiss bank’s collapse. Lehmann addressed the bank’s AGM
BP and Shell leap after production cut by Opec+
BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) led the FTSE 100 risers after the announcement of a surprise cut in oil production by OPEC+ members.
Fresh inflation fears were triggered as Saudi production cuts caused a surge in oil prices.
Unexpected cuts to crude output by oil producers have caused oil prices to soar, raising fresh inflation concerns in global markets.
Surprise oil output cuts announced by OPEC+
On Sunday, OPEC+ oil producers, including Saudi Arabia, declared an unexpected reduction in their production by approximately 1.16 million barrels per day.
Credit Suisse has been accused of facilitating tax evasion
The US Senate Finance Committee has accused Credit Suisse of aiding wealthy Americans in concealing their assets from tax authorities, even after a unit of the Swiss bank had pleaded
Credit Suisse and UBS reportedly face an investigation by US authorities for Russian sanctions evasion
American prosecutors are set to investigate the services provided by banks to clients with connections to the Kremlin.
The US Treasury Secretary to hold emergency meeting with US financial regulators
Today, in the midst of the recent banking turmoil, the US Treasury Secretary, Janet Yellen, will chair an impromptu meeting with the leaders of America’s financial regulatory bodies.
The US Treasury Secretary attributes the current turmoil to contagious bank runs.
According to the US Treasury Secretary, Janet Yellen, the recent turmoil in the world’s financial system can be attributed to “contagious bank runs”.
Credit Suisse crisis: the death of market certainty
UBS’s wedding to Credit Suisse — with Thomas Jordan holding the shotgun — puts the nail in the coffin of investing certainty.
Following the turmoil at Credit Suisse, markets have rebounded.
Asian markets experienced a rebound overnight from the previous day’s downturn, as concerns about another financial crisis eased and lenders were lifted.