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Rescue Package

All articles tagged with #rescue package

financeeconomy2 years ago•1 min saved

"China Considers $278 Billion Stock Market Support Amid Market Turmoil"

China is reportedly considering a $278 billion rescue package, primarily through offshore accounts of Chinese state-owned companies, to stabilize its struggling stock markets. This comes after mainland China's CSI 300 index fell 11.4% and Hong Kong's Hang Seng index dropped nearly 14% in 2023. Chinese Premier Li Qiang emphasized the need for powerful and effective measures to stabilize the market and confidence, but no further details about the plan have been released. This potential move follows China's previous stance of not relying on massive stimulus for economic development.

via CNBC|

#china #economic-stability #financeeconomy

finance2 years ago•2 min saved

"China Considers $278 Billion Stock Market Rescue Plan"

China is considering a potential rescue package for its stock market, backed by a substantial $278 billion, in an effort to stabilize the market amid recent volatility and economic challenges.

via ForexLive|

#china #dollar278-billion #finance

finance2 years ago•2 min saved

Swiss parliament rejects Credit Suisse rescue plan.

Switzerland's parliament has rejected the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing. While the upper house had approved the government's contribution to the rescue package, parliament's lower, and larger chamber, pushed back again on Wednesday. The government's commitment, made using emergency law, cannot be overturned, but the vote marks a symbolic rebuke for the authorities, whose decision to largely bypass the nation's legislative has angered many politicians.

via Reuters|

#credit-suisse #emergency-law #finance

finance2 years ago•2 min saved

"Swiss Parliament Convenes Emergency Session for Credit Suisse Bailout"

The Swiss parliament will hold an emergency session to discuss Credit Suisse's downfall and the government's response to it. Many parliamentarians have criticized the rescue package, which saw Credit Suisse taken over by rival UBS for $3.3 billion and propped up with over $250 billion in guarantees and support. The vote is largely symbolic as the state has already committed the funds and lawmakers cannot overturn that decision. There are also growing worries about a staff cull, and the Swiss Bank Employees' Association has called for Credit Suisse and UBS to freeze any job cuts.

via Yahoo Finance|

#credit-suisse #finance #job-cuts

finance2 years ago•0 min saved

First Republic Bank's Credit Rating Cut Again, Stocks Tumble.

First Republic's stock fell by nearly 13% after S&P Global downgraded the bank's credit rating for the second time in a week, citing concerns that the $30 billion rescue package won't be enough. The rating agency lowered the bank's long-term debt rating to B+ from BB+.

via Barron's|

#credit-rating #finance #first-republic