You are here
Swiss government orchestrating UBS acquisition of Credit Suisse
Then maybe the U.S. Federal Reserve will buy Switzerland.
* * *
By Laura Noonan, Stephen Morris, Arash Massoudi, James Fontanella-Khan, and Owen Walker
Financial Times, London
Friday, March 17, 2023
UBS is in discussions to take over all or part of Credit Suisse, with the boards of Switzerland's two biggest lenders set to meet separately over the weekend to consider Europe's most consequential banking combination since the financial crisis, according to multiple people briefed on the talks.
The Swiss National Bank and regulator FINMA are orchestrating the talks in an attempt to shore up confidence in the country's banking sector, the people said.
Their intervention comes days after the central bank was forced to provide an emergency SFr50 billion ($54 billion) credit line to Credit Suisse.
However, this failed to arrest a slide in its share price, which has fallen to record lows after its largest investor ruled out providing any more capital and its chair admitted that an exodus of wealth management clients had continued.
UBS has a market value of $56.6 billion, while shares in Credit Suisse closed Friday with a value of $8 billion.
Swiss regulators told their US and UK counterparts Friday evening that merging the two banks was their "Plan A" to arrest a collapse in confidence in Credit Suisse, a person familiar with those discussions told the FT. ...
... For the remainder of the report:
https://www.ft.com/content/17892f24-4ca0-417f-9093-289b019a0852
... ADVERTISEMENT ...
First Majestic Mines Silver and Gold
in U.S. and Mexico, Operates Bullion Store
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States.
The company owns and operates the San Dimas Silver and Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver and Gold Mine, and the La Encantada Silver Mine.
In 2023 these mines are projected to produce between 33.2 to 37.1 million silver equivalent ounces, consisting of 10 to 11.1 million ounces of silver and 277,000 to 310,000 ounces of gold, with an all-in sustaining cost of $18.47 to $19.72 per payable silver-equivalent ounce.
For information about the company, visit:
https://www.firstmajestic.com/
Unique to First Majestic, the company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at First Majestic's bullion store at some of lowest premiums available:
https://store.firstmajestic.com/
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
