Switzerland’s biggest bank, UBS, is in advanced talks to buy all or part of its troubled rival Credit Suisse. Credit Suisse is facing a crisis of confidence and its shares…
Category: Business News
UK: Ministers banned from using Chinese-owned TikTok on government phones
British government ministers have been banned from using Chinese-owned social media app TikTok on their work phones and devices on security grounds. The government fears sensitive data held on official…
South Korea: Samsung to invest US$230 billion in mega chip-making plan
Electronics giant Samsung says it plans to invest around 300tn won ($230.8bn; £189.6bn) over 20 years in the South Korean government’s push to develop a mega semiconductor hub in the…
USA: Meta-Facebook owner to cut 10,000 staff
Meta, which owns Facebook, Instagram and WhatsApp, has announced plans to cut 10,000 jobs. It will be the second wave of mass redundancies from the tech giant, which laid off…
USA: 3 banks collapse, global bank stocks slump despite Biden reassurances
Bank shares in Asia and Europe have slumped, despite reassurances from the US president that America’s financial system is safe following the collapse of three US lenders. The falls come…
Aramco: State-owned oil giant Aramco sees record profit of $161bn
Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by soaring energy prices and bigger volumes. It represents a 46.5% rise for the state-owned…
USA: The shot on target for Kenyan designer Nthenya Mwendwa at the Oscars
Kenyan fashion designer Nthenya Mwendwa is in Los Angeles with the aim of getting her luxury bags worn and photographed on the Oscars red carpet. Mwendwa’s bags are available for…
UK: BP chief’s annual pay more than doubles to £10m
The boss of BP saw his pay more than double to £10m last year after the oil giant reported record profits on soaring energy prices. Bernard Looney’s pay and bonuses…
Malaysia: Ex-Goldman Sachs boss gets 10 years for 1MDB scheme
The former head of Goldman Sachs in Malaysia will be sent to prison in the US for his role in a massive financial corruption scheme. A US judge sentenced Roger…
USA: Regulators take over failed Silicon Valley Bank
US regulators have shut down Silicon Valley Bank (SVB) and taken control of its customer deposits in the largest failure of a US bank since 2008. The moves came as…