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Daily Dispatches
Ambrose Evans-Pritchard: Brace for a long, hot summer of financial accidents
Submitted by admin on Tue, 2023-03-21 11:49 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, March 21, 2023
Swiss regulators have tossed nitroglycerin onto the global financial fire. They have also committed shameless expropriation. So much for the safety of Zurich.
U.S. studies ways to insure all bank deposits if crisis grows
Submitted by admin on Tue, 2023-03-21 11:19 Section: Daily DispatchesBy Saleha Mohsin and Sridhar Natarajan
Bloomberg News
Monday, March 20, 2023
U.S. officials are studying ways they might temporarily expand Federal Deposit Insurance Corp. coverage to all deposits, a move sought by a coalition of banks arguing that it's needed to head off a potential financial crisis.
Ed Steer: Gold and silver soar -- and more silver departs SLV
Submitted by admin on Mon, 2023-03-20 18:59 Section: Daily Dispatches6:58p ET Monday, March 20, 2023
Dear Friend of GATA and Gold:
The weekend edition of Ed Steer's Gold and Silver Digest, published by GATA board member Ed Steer, is headlined "Gold and Silver Soar -- and More Silver Departs SLV" and is posted in the clear at SilverSeek here:
https://silverseek.com/article/gold-silver-soar-and-more-silver-departs-slv
Switzerland commits a third of its GDP to repair banks
Submitted by admin on Mon, 2023-03-20 10:34 Section: Daily DispatchesHaving nearly blown up the world's financial sector, Credit Suisse executives will still get their bonuses.
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By John Revill
Reuters
Monday, March 20, 2023
ZURICH -- Credit Suisse and UBS could benefit from more than 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country's gross domestic product, as part of their merger to buffer Switzerland against global financial turmoil, documents outlining the deal show.
China is thrilled with new mine that will bolster gold reserves
Submitted by admin on Sun, 2023-03-19 19:46 Section: Daily DispatchesShandong Finds Huge High-Quality Gold Mine; Deposit Will Yield Critical Resources
From Global Times, Beijing
Sunday, March 19, 2023
China has discovered a super-large gold deposit, the Xilaokou gold mine in Rushan, East China's Shandong Province, with an estimated reserve of 50 tons, China Media Group reported on Saturday.
After eight years of prospecting, the Xilaokou gold mine has become the largest known gold deposit in the region and the largest discovered in 2023 so far, according to the Shandong Provincial Bureau of Geology & Mineral Resources.
Vast new money creation by central banks, so of course gold goes down
Submitted by admin on Sun, 2023-03-19 19:03 Section: Daily DispatchesMaybe with a little help from central bank shorting.
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Fed and Other Major Central Banks Move to Boost Dollar Funding
By Craig Torres
Bloomberg News
Sunday, March 19, 2023
The Federal Reserve and five other central banks announced coordinated action on Sunday to boost liquidity in U.S. dollar swap arrangements, the latest effort by policymakers to ease growing strains in the global financial system.
By doubling bid, UBS gets Credit Suisse and huge government credit line
Submitted by admin on Sun, 2023-03-19 13:53 Section: Daily DispatchesBy Arash Massoudi, Stephen Morris, James Fontanella-Khan,
Laura Noonan, and Owen Walker
Financial Times, London
Sunday, March 19, 2023
UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, with Swiss authorities poised to change the country's laws to bypass a shareholder vote as they rush to announce a deal before Monday.
Switzerland considers full or partial nationalization of Credit Suisse
Submitted by admin on Sun, 2023-03-19 11:20 Section: Daily DispatchesAnd then who takes over Switzerland? The European Central Bank? The U.S. Federal Reserve? The United Federation of Planets?
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By Jan-Henrik Foerster, Eyk Henning,
Marion Halftermeyer, and Dinesh Nair
Bloomberg News
Sunday, March 18, 2023
Swiss authorities are considering a full or partial nationalization of Credit Suisse Group AG as the only other viable option outside a UBS Group AG takeover, according to people with knowledge of the matter.
... Dispatch continues below ...
Tanzania and India prepare to eliminate U.S. dollar from their bilateral trade
Submitted by admin on Sun, 2023-03-19 09:44 Section: Daily DispatchesBy Chinedu Okafor
Business Insider Africa
Lagos, Nigeria
Sunday, March 19, 2023
Tanzania and India have reached an agreement that will make the U.S. dollar no longer required for trade between the two nations.
Tanzania and India are able to conduct business using their respective currencies, the Tanzanian shilling and the Indian rupee, thanks to a bilateral trade settlement agreement.
... Dispatch continues below ...
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UBS offers to buy Credit Suisse for a pittance, nearly wiping out shareholders
Submitted by admin on Sun, 2023-03-19 09:08 Section: Daily DispatchesBy Arash Massoudi, Stephen Morris, James Fontanella-Khan,
Laura Noonan and Owen Walker
Financial Times, London
Sunday, March 19, 2023
UBS has offered to buy Credit Suisse for up to $1bn, with Swiss authorities planning to change the country's laws to bypass a shareholder vote on the transaction as they rush to finalise a deal before Monday.
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