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UBS To Buy CS For $3 Billion As AT1 Bonds Get Wiped Out In Record Bail-In; Swiss Govt Grants CHF9BN Guarantee; SNB Offers $100 Billion Liquidity Backstop malterwitty Sun, 03/19/2023 - 17:52

Update (1500ET): We finally have a deal, and what was at first a CHF1 BN acquisition priceof Credit Suisse by UBS, which then rose to CHF 2 BN, has now cranked up one final time to CHF 3BN (US$3.25 billion), or 0.76 per share, specifically shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse. As part of the deal, the Swiss National Bank is offering a 100 billion-franc liquidity assistance to UBS while the government is granting a 9 billion-franc guarantee for potential losses from assets UBS is taking over, i.

UBS To Buy CS For $3 Billion; SNB Offers $100 Billion Liquidity As UBS CDS Begin To Leak Wider MikeRivero Sun, 03/19/2023 - 15:26

Credit Suisse and UBS have entered into a merger agreement on Sunday following the intervention of the Swiss Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA (FINMA). UBS will be the surviving entity upon closing of the merger transaction. Under the terms of the merger agreement all shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse.

Switzerland's largest bank UBS agrees to buy its rival Credit Suisse for $2BN with authorities rushing through a change in law to facilitate the deal as global market turmoil enters third week after collapse of SVB in the US MikeRivero Sun, 03/19/2023 - 15:01

UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion following urgent talks today.

The banking giant will pay more than 0.50 francs ($0.5401) a share in its own stock, far below Credit Suisse's closing price of 1.86 francs on Friday, FT reported, citing sources.

The Swiss National Bank has agreed to offer a $100 billion liquidity line to Credit Suisse as part of the deal, the FT added, citing two people familiar with the matter.

EU MP: Billions Of Covid Jab Doses Are Being Burned Worldwide We Could Have Saved Many Lives By Burning Them All Immediately malterwitty Sun, 03/19/2023 - 14:02

European Parliament Member Mislav Kolakusic delivered a fiery speech this week slamming the global Covid vaccine rollout as a massive failure.

“We are witnessing the burning of billions of doses of the so-called Covid vaccines around the world that no one wants anymore,” he told the European Union. “Billions of euros of taxpayers’ money are being burned and nobody asked the citizens anything when those vaccines were bought. No one asked for a permit, not even us representatives who were elected by the citizens to protect their health and their property.”

So much for Credit Suisse thinking it has leverage by balking at the proposed CHF0.25 offer from UBS. Just hours after it was floated that UBS could buy Credit Suisse for $1BN, a proposal which the bank's shareholders balked at, Bloomberg reported that authorities are now considering a full or partial nationalization of Credit Suisse - an outcome which would wipe out the equity and bail-in bondholders - as the only other viable option outside a UBS Group AG takeover. 

Slovakia’s government has unanimously approved the supply of Soviet-made MiG-29 fighter jets and a Kub air defense system to Ukraine, interim Prime Minister Eduard Heger has announced.

The delivery will also include spare parts for the hardware and missiles, Heger said at a press conference on Friday.

[Video] Leaked documents show Pfizer CAUGHT doing the UNTHINKABLE with vaccine production | Redacted News malterwitty Sat, 03/18/2023 - 21:34

Pfizer is trying to sell the EU Covid vaccines that it never makes or ships. That sounds like a crap deal. How did that come about? Oh right, Ursula von der Leyen's texts message inside deal. The terms of that deal will get extended unless something is done about it and many EU states are pushing back so that something can be done about it.

As Sweden looks to reorganize its embattled 1 trillion kronor ($90 billion) pension system following an embezzlement scandal, the office overseeing the process says it won't accept applications from asset managers that don't incorporate ESG (Environmental, Social and Governance) into their strategies.