All articles tagged with #financial rescue
The US has purchased Argentine pesos and finalized a $20 billion financial rescue plan to stabilize Argentina's currency crisis, supporting President Milei's reform agenda amid domestic and international scrutiny, with some US political backlash over the support's implications.
E-commerce company Coupang has agreed to lend $500 million to troubled fashion platform Farfetch, as well as buy its assets and delist its shares. The deal marks the end of a proposed tie-up between Farfetch and Swiss luxury group Richemont. Farfetch has been struggling, losing over 90% of its value since its listing five years ago, and has faced challenges in keeping fashion brands on its platform. Existing shareholders will be fully wiped out if the Coupang deal goes ahead.
Switzerland's parliament has failed to approve the 109 billion Swiss francs ($120.5 billion) of financial guarantees used to rescue Credit Suisse last month, in a first-round vote that was largely symbolic given the state had committed the funds. The lower house retrospectively rejected the rescue near midnight, with heated debates continuing into the early hours of Wednesday morning as members discussed other measures related to Credit Suisse. Earlier on Tuesday, Switzerland's upper house had approved the rescue, meaning the two chambers of the legislative body will vote again on Wednesday.