Name: Credit Suisse faces biggest loss since 2008 financial crisis
Uploaded: 2023-02-10T11:53:43.000+05:30
Duration: T00M35S
Channel: AFP
Description: Even after cutting costs and jobs to revive its fortunes, swiss banking giant posted its biggest annual loss since the 2008 financial crisis

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on scaling up India’s semiconductor industry and electronics manufacturing 

Exclusive Rajeev Chandrasekhar on scaling up India’s electronics manufacturing

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on scaling up India&rsquo;s semiconductor industry and electronics manufacturing&nbsp;

With an aim to make India more 'Atmanirbhar&rsquo; and a hub of semiconductors, Minister of State,&nbsp; Information Technology, speaks with Editorji's Vikram Chandra on scaling up India&rsquo;s semiconductor industry and electronics manufacturing. Listen in to the exclusive conversation&nbsp;&nbsp;

Job cuts at Accenture: IT services & consulting firm to lay off 19,000 staff

Over half of these departures will consist of people in Accenture's non-billable corporate functions, the filing said.&nbsp;

IT services and consulting firm Accenture will lay off 2.5 per cent or 19,000 employees over a period of the next one and half years, the company said in a regulatory filing.
Accenture currently employs over 7 lakh people and is estimated to have the largest employee base of 3 lakh people in India.
"While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs. Over the next 18 months, these actions are expected to result in the departure of approximately 19,000 people (or 2.5 per cent of our current workforce)," the company said in a regulatory filing.
Over half of these departures will consist of people in Accenture's non-billable corporate functions, the filing said.&nbsp;

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on crypto regulation in India  

Will US' Silicon Valley Bank failure impact Indian startups and entrepreneurs?

Exclusive interview with Rajeev Chandrasekhar| What is the future of cryptocurrencies in India? 

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on crypto regulation in India&nbsp;&nbsp;

With cryptos back in the news and Bitcoin rallying nearly 70% so far this year, Editorji's Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on the future of crypto regulation in India, in this exclusive conversation. Listen in to what he had to say.&nbsp; &nbsp;

Work from home or office? Here's what mostly Indians want 

In a survey conducted by LinkedIn, 78% of Indian professionals have said that they are back to office by choice. 63% of the professionals feel that remote work has no harmful impact on their careers

In a survey conducted by LinkedIn, 78% of Indian professionals have said that they are back to office by choice. 63% of the professionals feel that remote work has no harmful impact on their careers

Do you also like to get dressed up and head to office?&nbsp; In a survey conducted by professional networking site LinkedIn, 78% of Indian professionals said that they go to the office by choice. 71% of people who participated in the LinkedIn survey feel they have to overcompensate when working from home to show that they are serious about work. They also felt that time spent in office has an impact on their career.
63% of the participants in the LinkedIn research feel working remotely has no harmful impact on their careers, however a similar proportion also believed their chances of career growth could be reduced if they didn&rsquo;t go to office as much.
The survey also provided interesting insights about desk bombing, loud leaving and chai breaks.&nbsp;
Desk bombing refers to a situation when a colleague shows up unannounced at a worker&rsquo;s desk to have a chat. 62 per cent of Gen Z professionals in India see &ldquo;desk-bombing&rdquo; as a great way to have impromptu conversations.
Loud leaving is a practice in which someone, typically a manager visibly leaves the work place making it known that it&rsquo;s okay to shut down and stop working at a reasonable time. 60 per cent of participants in the LinkedIn survey say they have experienced &ldquo;Loud Leaving&rdquo;
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In a note posted on its website, Hidenburg Research stated, "Our two-year investigation has concluded that Block has systematically exploited the demographics it claims to be helping."

Block, the payments company headed by former Twitter CEO Jack Dorsey, is Hindenburg's next target

In a note posted on its website, Hidenburg Research stated, "Our two-year investigation has concluded that Block has systematically exploited the demographics it claims to be helping."

Hindenburg Research latest report targets Jack Dorsey's firm Block, formerly known as Square.
Block is one of the earliest digital payments platforms to allow Bitcoin transactions. It's also developing more decentralized Bitcoin mining solutions in addition to its wallet services.
WHAT HINDENBURG RESEARCH CLAIMS:
<ul>
<li>Block has systematically taken advantage of the demographics it claims to be helping</li>
<li>Block is not disruptive innovation</li>
<li>Company willing to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology</li>
<li>Company misled investors with inflated metrics</li>
<li>Block overstated its genuine user counts and has understated its customer acquisition costs</li>
<li>Company has a 'wild west' approach to compliance</li>
</ul>
Shares of Block fell 18% in premarket trading after the report. According to Ortex data, 5.2% of Block's open float shares were short as of March 22.
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As per CNBC-TV18, the government is seeking legal opinions to regulate e-pharmacies. The government is concerned about data leak and misuse through these online platforms

Government seeks legal advise to regulate e-pharmacies: Report

Concerned over data leak, govt mulls regulating e-pharmacies: Report

The government is seeking legal opinions to regulate e-pharmacies. This over concerns about data leaks and misuse through these online platforms, as per a CNBC-TV18 report.&nbsp;

The government is mulling over regulating e-pharmacies and is seeking legal opinions, reported CNBC-TV18.&nbsp;
The ministry of chemicals and fertilizers has drafted regulations to curb the operations of the e-pharmacies. According to the news channel, the government is concerned over data leak and misuse through these online platforms.
The DGCA had issued show cause notices to over 20 e-pharmacies, for violation of the Drugs and Cosmetics Act 1940, as they were found to be selling schedule H, H1 and X without a valid licence. In response the FICCI wrote to the Union government showing concerns over the notices.
Meanwhile, the All India Organisation of Chemists and Druggists (AIOCD), threatened to launch a country-wide agitation if the government didn&rsquo;t act. AIOCD has also written to FICCI, claiming that their support for e-pharmacies amounts to advocating for an illegally operating business.

To bolster its digital venture, Tata group mulls pumping $2 billion into its super app venture Tata Neu, reported Bloomberg. If the deal materialises, Tata digital is likely to receive the amount over two years

Tata group mulls pumping $2 billion into super-app Neu: Report

To bolster its digital venture, Tata group mulls pumping in $2 billion into its super app venture Tata Neu, reported Bloomberg. If the deal materialises, Tata digital is likely to receive the amount over two years

Tata group is likely to pump in $2 billion into its super app Neu, reported bloomberg. The additional fund is to bolster the conglomerate's digital business by widening its digital offerings, improving technicalities and meeting other enhancement requirements.
If the deal materialises, Tata digital is likely to receive the amount over two years. According to Bloomberg, the group has asked Tata digital to look for ways to boost the valuation of the super app. Discussions are still going on and the conglomerate could still change the size and timeline of a deal.&nbsp;
However, neither Tata group nor Tata digital has confirmed the news.&nbsp;
Tata Neu went live in april last year. The super app was modeled on China&rsquo;s ubiquitous Alipay and WeChat but ran into technical glitches and customer complaints soon after its launch. Tata Neu is expected to meet just half of the sales target in its debut year.

UBS, which is taking over Credit Suisse, has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, and may not necessarily continue with the deals Credit Suisse made in the past.

Roger Federer to Swiss football: Sports sponsorships face uncertain future after Credit Suisse collapse

From Roger Federer to Switzerland's national team, the takeover of Credit Suisse has left the sporting fraternity with a big question mark hanging over sponsorship deals.

#Sports #Switzerland #CreditSuisse

UBS, which is taking over Credit Suisse, has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, and may not necessarily continue with the deals Credit Suisse made in the past.

The takeover of Swiss bank Credit Suisse leaves many sports stars, teams and tournaments with a big question mark hanging over their lucrative sponsorship deals.
The Swiss national football team, the country's top football division, tennis great Roger Federer, golf star Sergio Garcia and Zurich's new stadium were all sponsored by the bank, which is being taken over by Swiss rival UBS.
The deal was hastily arranged on Sunday afer Credit Suisse's share price plunged.
Golf and equestrian events also relied on Credit Suisse money, as did the Swiss Sport Aid Foundation, which backs talented young athletes in minority sports.
"Our sponsorships reflect our passion for excellence, sustainability, and partnership," Credit Suisse boasts.
The Neue Zurcher Zeitung newspaper said that no matter how much Credit Suisse got embroiled in scandals or rejigged its strategies, "the bank has always been a reliable partner for sports".
"For the time being, we will continue our corresponding commitments unchanged," a Credit Suisse spokesman told AFP.
But UBS, which has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, may not necessarily continue with the deals.
Football focus Credit Suisse has been the main sponsor of the Swiss Football Association (SFA) governing body since 1993.
The men's national team, ranked 12th in the world, has enjoyed some of its best years since the bank came on board.
Having only appeared at one World Cup between 1966 and 2006, Switzerland have qualified for the last five World Cups, reaching the last 16 in four of those tournaments.
The contract runs until June 30 next year. It is worth around five million Swiss francs ($5.4 million) per year, according to Blick newspaper.
The Credit Suisse logo will stay on the national teams' training jackets and jerseys for as long as the bank exists, SFA spokesman Adrian Arnold said ahead of Saturday's Euro 2024 qualifier against Belarus.
"We had good discussions with our contacts at Credit Suisse, who assured us that the existing contracts would be honoured," Arnold said.
"We would like the partnership to continue thereafer, in whatever form."
Credit Suisse is also the main sponsor of Switzerland's bid to host the 2025 women's European Championships, and the takeover comes shortly before the hosting decision is due on April 4.
The bank is the title sponsor of the Super League, Switzerland's 10-team top football division, including well-known clubs like Young Boys, Grasshopper, FC Zurich and FC Basel.
Blick said the contract runs until 2025 and is worth around eight million Swiss francs ($8.7 million) per season.
Money goes into every club as well as the tournament, with the bank's name appearing on all team strips and on advertising boards around the stadiums.
In 2019, the bank won the naming rights for a proposed new football stadium in Zurich, where Grasshopper and FC Zurich are expected to play.
But the planned "Credit Suisse Arena" has faced delays. It was due to open in mid-2022, but little progress has been made and its future now seems even more uncertain.
Roger Federer Federer is by far the biggest name associated with Credit Suisse.
Although Switzerland's greatest sports star retired in September, he remains a brand ambassador for Credit Suisse. The bank was on board for his transition into a post-tennis career, saying: "We look forward to many more years together".
Federer has a host of other sponsors he can fall back on, including Rolex, Lindt, Mercedes-Benz and Moet et Chandon.
Credit Suisse also sponsors the Federer-instigated Laver Cup, which features six top men's tennis players from Europe against six from the rest of the world, captained by Bjorn Borg and John McEnroe.
The Laver Cup did not respond when contacted by AFP.
 Sponsors leave, others arrive In golf, Credit Suisse sponsored the European Masters golf tournament in Crans-Montana and Spanish former world number two Garcia, who won the 2017 Masters.
European Masters tournament director Yves Mittaz said the contract runs until the 2024 tournament so the event is not at risk.
"There is no reason to panic," he told the Tribune de Geneve newspaper.
"That's the business of sport: sponsors leave, others arrive."
In equestrianism, Credit Suisse is a main sponsor of the Concours Hippique International de Geneve and White Turf in St. Moritz, a glitzy exclusive event featuring horse racing on a frozen lake.
Also read: <a href="https://www.editorji.com/sports-news/football/cristiano-ronaldo-on-the-verge-of-creating-another-world-record-1679553591987">Cristiano Ronaldo on the verge of creating another WORLD RECORD</a>

Last three months of 2022, credit card balances in the U.S. increased $61 billion to $986 billion, surpassing the pre-pandemic high of $927 billion, according to the Federal Reserve Bank of New York 

Credit card debt in US at record high; here's why

Last three months of 2022, credit card balances in the U.S. increased by $61 billion to $986 billion, surpassing the pre-pandemic high of $927 billion, according to the Federal Reserve Bank of New York&nbsp;

Amid the Federal Reserve raising interest rates once again by 25 bps, credit card debt in the U.S has climbed to a record high.
The Fed's interest rate increases are meant to fight inflation, but they've also led to higher annual percentage rates (APRs) for people with credit card debt, which means they pay more in interest.
With inflation still high, people are leaning on their credit cards more for everyday purchases.
&ldquo;It's the economy, inflation, gas prices, and food costs,&rdquo; said Lance DeJesus, 46, kitchen manager at the Golden Corral in York, Pennsylvania.

Under intense pressure from Swiss officials, UBS, the largest bank in Switzerland, issued bail-in bonds on Friday, two days before assuming control of the nation's troubled second-largest bank.

UBS buying back bonds issued before Credit Suisse takeover

Under intense pressure from Swiss officials, UBS, the largest bank in Switzerland, issued bail-in bonds on Friday, two days before assuming control of the nation's troubled second-largest bank.

In a bid to reassure investors, UBS said that it will buy bonds issued shortly before taking over the crisis-hit Credit Suisse.
UBS, Switzerland's biggest bank, issued bail-in bonds on Friday, two days before taking over Credit Suisse, in a deal orchestrated by the Swiss regulators.&nbsp; As per a Bloomberg report, Switzerland&rsquo;s biggest bank invited holders of $3 billion of its senior bonds to sell them back after acquisition in an effort to calm concerns over the risks of the deal. UBS said the buy-back offer is open until April 4.
While shareholders have cheered UBS picking up its rival at a very cheap price, its bond prices have dropped in recent days and credit ratings companies have lowered their outlook on the bank&rsquo;s debt.&nbsp;
Bail-in bonds are financial instruments that may banks may unilaterally convert into equity in times of crisis to absorb losses.
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Avalanche in Sonamarg

Even after cutting costs and jobs to revive its fortunes, swiss banking giant posted its biggest annual loss since the 2008 financial crisis 

Credit Suisse faces biggest loss since 2008 financial crisis 

Even after cutting costs and jobs to revive its fortunes, swiss banking giant posted its biggest annual loss since the 2008 financial crisis&nbsp;

Credit Suisse shares plunged nearly 15 percent on Thursday as the Swiss banking giant posted its biggest annual loss since the 2008 financial crisis -- and warned it expects to stay in the red in 2023.
Switzerland's second-biggest bank, which unveiled a dramatic restructuring plan in October, reported a net loss of 7.3 billion Swiss francs ($7.9 billion) for 2022.
It was the worst yearly set of results for the scandal plagued Zurich-based lender since it shed more than eight billion Swiss francs during the global financial crisis 15 years ago.

Go First will have its flights at the Delhi airport suspended for two hours (12:00 PM - 2:00 PM ) on April 1 as a result of a BCAS ruling regarding a security violation from September of last year.

Go First operations at Delhi airport to remain suspended for 2 hours on Apr 1 following BCAS order

Go First will have its flights at the Delhi airport suspended for two hours (12:00 PM - 2:00 PM ) on April 1 as a result of a BCAS ruling regarding a security violation from September of last year.

Budget airline Go First's flight operations at Delhi airport will be suspended for two hours on April 1, following an order by the aviation security regulator BCAS related to a violation in September last year.
According to an order, dated March 16, passed by the civil aviation ministry, the airline's security programme will remain suspended from 1200 hours to 1400 hours on April 1 and the carrier has also been asked to take suitable action to minimise the impact of the suspension on the passengers.
There was no immediate comment from Go First.
According to a senior ministry official, the suspension of the security programme means that there will be no flight operations and the latest directive is a kind of warning for the violation.
On September 24, 2022, Go First's Delhi-Mumbai flight returned from the taxiway due to a technical snag.
There were 95 passengers onboard and they were shifted to a parked aircraft by the airline's ferry buses, without permission/ intimation to agencies concerned, including CISF, as per the Bureau of Civil Aviation Security (BCAS)

The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses 

SpiceJet open to sell more stakes in airline biz

Cash-strapped SpiceJet to sell more stakes in airline business  

The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses&nbsp;

The cash-strapped airline, SpiceJet is open to selling more shares to reduce its liabilities, chairman and managing director Ajay Singh said.&nbsp;
As per Livemint report, Singh further said we are flexible. We will talk to our partners and see what it is they prefer to do. But, irrespective, we need to deleverage our balance sheet to have the space to grow, and that&rsquo;s what we are trying to do," Singh said in response to a query at the CAPA India Aviation Summit.
At the end of the December quarter, when it posted a four-fold jump in net profit to ₹106.8 crore thanks to robust demand and higher fares, the Gurugram-based airline had liabilities of around ₹14,000 crore. The carrier has been in talks with lessors, investors and lenders in India and abroad for renegotiating contracts, raising funds, and restructuring. The airline has convinced Carlyle Aviation, its largest lessor from which it has leased 13 aircraft, to convert $100 million of outstanding dues into a 7.5% equity and $65.5 million worth of compulsorily convertible debentures in the cargo unit.
The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses.&nbsp;

You free blue tick on Twitter will disappear on April 1.

Twitter to soon remove legacy blue ticks

You free blue tick on Twitter will disappear on April 1.

Twitter will start removing legacy verified marks from user accounts beginning April 1, as it moves towards a model where only paid subscribers and approved organisations have that status.
Many public figures and journalists were previously marked as verified without paying for the subscription.
The blue verification mark is now a major feature of Twitter Blue's subscription offering, which is priced starting at ₹650 per month.&nbsp;
Paying subscribers also get higher priority in replies and searches, receive fewer ads, and can edit tweets.

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

Amid global banking crisis, Finance Ministry seeks PSB's bond portfolio data

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

As per Business Standard, the Union finance ministry has asked public sector banks (PSBs) to furnish details of their bond portfolios ahead of their meeting with Finance Minister Nirmala Sitharaman on Saturday, amid the turmoil in global banks.
As an exercise to determine the resilience of banks against interest-rate risks, the ministry has specifically requested details on holdings under the held-to-maturity (HTM) and available-for-sale (AFS) portfolios, bankers said
While the HTM portfolio protects banks from potential losses on bond holdings, the government wants to ascertain how banks will respond in the case of large bond sales from that book, sources said.
Sitharaman will hold a meeting with all PSB heads on Saturday where she will review their work, including lending to infrastructure and flow of cash transfers to beneficiaries under various government flagship schemes.
Source: Business Standard&nbsp;

Investors holding physical share certificates have got a reprieve, with the Securities and Exchange Board of India extending the timeline for complying with know your customer (KYC) norms from March 31 to September 30

Sebi relief for investors holding physical shares

Investors holding physical share certificates have got a reprieve, with the Securities and Exchange Board of India extending the timeline for complying with know your customer (KYC) norms from March 31 to September 30

The Securities and Exchange Board of India has given investors who possess physical share certificates a reprieve by extending the deadline for adhering to the know your customer (KYC) regulations from March 31 to September 30, as per a report by Financial Express.&nbsp;
Presenting PAN, nomination, contact information, bank account information, and a sample signature for their respective folio numbers to their registrar and transfer agents is now required of all holders of physical securities in listed companies.
If this is not done, folios will be blocked by RTAs after October 1. These shares will not be subject to company actions such as dividends, bonuses, or stock splits.
In the securities market, only 1% to 1.5% of shares are still held in their physical shape as share certificates. Industry estimates place the worth of this at over 3.5 trillion rupees.
As reported by Financial Express

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