Shares of the German lender have fallen for a third day in a row and have now lost more than a fifth of their value so far this month. The emergency bailout of Credit Suisse by UBS, following the collapse of US-based Silicon Valley Bank, sparked contagion concern among investors, which was compounded by the … Read more
The European Commission, the executive arm of the EU, recently issued its so-called “Green Claims Directive”. The long-awaited proposal aims to establish an EU-wide methodology that will help clean up the market for environmental claims. Campaigners have widely hailed the move to curb the burgeoning trend of corporate greenwashing. But they say a months-long lobbying … Read more
US Treasury Secretary Janet Yellen testifies before a subcommittee on March 23, 2023 in Washington, DC. Alex Wang | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. Like what you … Read more
Some of the world’s largest internet companies may have strong balance sheets, but their employees couldn’t avoid layoffs. From Microsoft to SAP, technology companies around the world have laid off thousands of employees since the start of the year. Tech companies that have laid off staff have spoken of slowing growth and that they are … Read more
Character.AI, an artificial intelligence startup founded by two former Google employees, is capitalizing on venture capitalists’ unquenchable thirst for business in tech’s hottest space. The two-year-old company said on Thursday it raised $150 million at a $1 billion valuation in a funding round led by Andreessen Horowitz. Noam Shazeer and Daniel De Freitas, who helped … Read more
The badge of a Ford Motor Co. E-Transit electric vehicle during a presentation in Washington, DC, U.S., Wednesday, July 28, 2021. Al-Draco | Bloomberg | Getty Images Ford Motor said Thursday that its electric vehicle business lost $2.1 billion last year on an operating basis, a loss that was more than offset by $10 billion … Read more
Chinese tech giant Tencent reported better-than-expected quarterly revenue on Wednesday, helped by growth in ads within its growing “video accounts” business. However, ads still make up less than a fifth of Tencent’s overall revenue – which barely rose in the fourth quarter and fell for the whole of 2022 as Covid lockdowns dampened economic growth. … Read more
“AT1 instruments issued by Credit Suisse contractually provide that they will be fully written down in the event of a ‘viability event’, particularly if extraordinary government support is provided,” FINMA said in a statement on Thursday. “As Credit Suisse received extraordinary liquidity assistance loans secured by a Federal Default Guarantee on March 19, 2023, these … Read more
Regulators and officials across the European Union are worried about possible contagion to their banking sectors after the recent turmoil in the United States. However, they believe that the United States should learn from some of the regulatory work put in place in the euro zone. Basel III is a set of reforms that strengthens … Read more
Bitcoin is up nearly 70% so far this year – and industry insiders who spoke to CNBC remain optimistic, with one saying the world’s largest cryptocurrency could reach new heights. Marshall Beard, chief strategy officer of US-headquartered cryptocurrency exchange Gemini, said $100,000 could be a possibility for bitcoin. Part of the positive industry view of … Read more
