Credit Suisse Posts Q1 Losses Over Archegos Collapse
04/22/21 AT 3:28 AM
Swiss banking giant Credit Suisse, rocked by the bankruptcies of British financial firm Greensill and US hedge fund Archegos, suffered a first-quarter net loss of 252 million Swiss francs, it reported Thursday.
The bank, which had recorded a net profit of 1.3 billion francs a year earlier, booked a charge of 4.4 billion Swiss francs (3.9 billion euros, $4.7 billion) to cover damage related to Archegos.
The bank said it expects additional losses of 600 million francs on this fund in the second quarter. Our results for the first quarter of 2021 have been significantly impacted by a CHF 4.4 bn charge related to a US-based hedge fund, Credit Suisse chief executive Thomas Gottstein said in Thursday s statement.
Reader query
“At an online auction of land recently near me at home, the land was put up for sale by a receiver and the owners of the land said they were not selling it. There is also a lease on the land for 35 years. If a receiver is assigned to my bad loan/mortgage, can they sell my land to try and clear the debt? If I have some of that land leased out, can they still sell it”
Aisling writes
The fundamental answer to both your questions is yes. If you default on your mortgage loan then a receiver or bank can sell your land to clear your debt and they can still sell it even if you have it leased out. Whether the bank or the receiver sells will depend on whether the receiver is granted a power of sale under your mortgage.
Maple bonds see resurgence as foreign entities issue debt in Canadian dollars theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Norway has lent all 216,000 of its AstraZeneca COVID-19 jabs to neighbouring Sweden and Iceland.
Norway s Health Ministry said the doses would be loaned only if the country continues to suspend the use of the AstraZeneca jab (Vaxzevria).
On March 11, Norway followed Denmark in deciding to pause the rollout of the jabs by the British-Swedish company after reports of extremely rare blood clots and continued to innoculate citizens with other jabs developed by Pfizer/BioNTech and Moderna. Sweden and Iceland want to borrow Norwegian doses of vaccines from AstraZeneca that are in stock at the National Institute of Public Health, the ministry said in a statement.
Stocks rally on results, UAE loan rollback
Business
April 21, 2021
Stocks took a hop on Tuesday as some strong financial results and easing security concerns sparked a sentiment driven rally at the apex bourse, dealers said.
Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index gained 1.08 percent or 486.21 points to close at 45,399.78 points. Volumes were flat at 343.28 million shares compared to 363.09 million on Monday.
Topline Securities in its market review said equities witnessed a rebound from yesterday’s sell-off with the index closing the day above the psychological level of 45,000 points.
“The uptrend is attributable to successful negotiations between the government and the protesting right wing political parties,” the brokerage said.