Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilize global financial markets. | Reuters
SINGAPORE – Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilize global financial markets.
Brent crude futures rose 35 cents, or 0.5 percent to $73.32 a barrel by 0007 GMT after a near 12 percent loss last week, its biggest weekly fall since December.U.S. West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6 percent, after a 13- percent decline last week, its biggest since last April.
Switzerland’s largest bank, UBS, announced late on Sunday it will buy the country’s No. 2 lender Credit Suisse in a historic deal. Following the announcement, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks.
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Central banks try to calm markets after UBS deal to buy Credit SuisseIn a global response not seen since the height of the pandemic, the US Federal Reserve says it has joined with central banks in Canada, England, Japan, the EU, and Switzerland in a coordinated action to enhance market liquidity.
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Central banks try to calm markets after UBS deal to buy Credit SuisseSome of the world’s largest central banks came together on Sunday to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group AG on Sunday to buy rival Credit Suisse Group AG in a historic deal. | Reuters
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UBS in talks to acquire embattled Credit Suisse – reportSWITZERLAND'S largest bank, UBS, is in talks to buy all or part of Credit Suisse, according to a report by the Financial Times.
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UBS seeks $6 billion in gov’t guarantees for Credit Suisse takeover – sourceA source cautions that talks to resolve the crisis of confidence in Credit Suisse are encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine.
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UBS makes offer for Credit Suisse; bondholder losses consideredBloomberg News reports that Credit Suisse is resisting UBS' offer of up to $1 billion. Any deal for Credit Suisse could ripple through global financial markets.
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UBS agrees to buy Credit Suisse for more than $2 billion —FTUBS has agreed to buy Swiss banking giant Credit Suisse after increasing its offer to more than $2 billion, the Financial Times reported on Sunday, as authorities bid to stave off turmoil when the markets reopen.
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