A merger of UBS Group AG with Credit Suisse Group AG is "plan A" for Swiss regulators seeking to shore up confidence in the nation's banking system, the Financial Times reported.

Zürich

Three U.S banks including the Silicon Valley Bank have failed and Credit Suisse has been handed emergency funding amid the biggest crisis since 2008.

Banking Crisis

UBS in talks to buy Credit Suisse

What state is what the financial times the reporting and they're saying that this is being brought by the SNB, the Swiss National Bank, and Finn orchestrating these talks, and this is us going into the weekend, but Chris is already moving. Remember what got us to this point credit suisse's bank that has been plagued by troubles for years. You had their top shareholder earlier this week saying absolutely not when asked if they would put even more into the bank in order to help it, that sent the stairs to a record-low rates, a lot of questions about whether or not it was going to survive. Hence, why they already had to go to the 454 billion dollar line of credit in order to stop that. Now, the question is still around the base, survivability what the financial times is reporting is that the S&P together with to know, which is the regulator, there is trying to orchestrate talks between UBS. Of course, the other systemically important, large Bank in Switzerland to acquire parts of we're all at Credit. Suisse, we had understood from our reporting here at Bloomberg in recent days. That UBS was not interested in that position. Given the risks that are involved with Greta. Meet us at the moment raises the question of whether there is a government and forcing this action in, this is definitely going to be something. We're going to be on watch for all weekend, across the Atlantic, let alone what is happening with the banks here in the us and whether or not we're going to get any deals or any more failures over this weekend as well. So, you've been helping us understand along the way here, Kaylee. And each of these Banks while we talk about, this is a banking crisis. Are you here or phrases like that? They each have their own unique problems, don't they? The case of the banks that failed. It was a concentration problem, largely. They were heavily exposed to crypto clients or text client on the case of signature in Silicon Valley Bank. They also held a lot of long duration, Securities that have gone down in value as the FED has hiked. Interest rates you had that that vulnerability combined with these Ricky or depositors who were then pulling their money out. That was very special cases. Of course, we've had Regulators the treasury, the FDIC the FED stepping in to send that bleeding, we had yesterday First Republic. Another bank that we were worried about its stability. Getting a 30 billion dollar savior really from the bigger base. So there are specific cases here. But by and large, it just serves to undermine confidence in the financial system as we are talking about a Federal Reserve that, by the way, I mean, it's next week in May hike rates again in the face of what many people think are serious risk to financial stability but they're facing inflation risk as well. That makes them have a very tough decision. Cuz we want to go straight to the bloubergstrand Ali, Bostic on the phone. Ocean alley. What are you learning? Yeah, I think that it's really important to remember that this idea of you. Sing and talk to buy credit please. It was never planned. A, it was always plan B. And there were reasons that this would be difficult for UBS to do as well as her sister went to do. Because remember, if you be offered to continue on and buy a credit please all or parts of it that leaves, if it's red at least put them in with one large, systemic financial institutions. That was always a big concern with that said be happy and the share is really taking a hit remember credit. She's always had your confidence problem here. So what which part should end the buy? Would be an interesting part of the story as we head into the weekend, there has been No Deal, ultimately decided on yet. According to the financial things could always changes have been fast-moving situations all week long. But with that said, this has been a deal that has been discussed for a very, very long time under the markets there. Any complications to it there. Reasons that hasn't happened yet, but you were kind of reaching the point here of no return as the situation gets more dire for kind of space. Chile. Thanks so much for jumping on the phone to walk us through this. Just looking at the pants with X for right now. It says Swiss Regulators told their us and UK counterparts on Friday evening, that merging the two Banks was their plan to arrest the claps in confidence and Credit Suisse. So if this is a Swiss Regulators telling their counterparts in London and in Washington, this is what their plan is. Are they really putting the thumb in the pressure on you to make sure that they can make this work? Even though we know UBS thinks it is part of this business. Yeah, how crazy. Right fine. But after the initial planet, right? Just a couple of days ago or two credit. So plan a comes after the first planet, this would be Plan B, right? Do we have any interesting to see credits to jump on this news? Because ultimately there was a, how much more can you keep helping the central bank's? That's also not the most ideal situation either. So you know, this is something in which they do enter the deal or what it looks like. Because is there a way for UBS to get into this deal with how much support would it require from the Swiss National Bank? How many guarantee would it require? Would it require an additional backstop? I think these are the questions on her pinning, a deal like that because even if it was and that is all those complications that deal with systemic risk types of both the Swiss banking system, as well as you wish, that would be introduced to Ubi

Xi Jinping and Vladimir Putin stress that'“responsible dialogue' is the best way to resolve the Ukraine crisis as Moscow reaffirms its commitment to peace negotiations. The Chinese leader says Beijing has an “impartial position” on the conflict in Ukraine and supports peace as Putin says China’s peace proposals could be used as the basis for talks.

Moscow

Ukraine Invasion

Xi's trip to Russia: A boost for Putin

A Virginia grand jury formally indicted 10 people, including police officers and hospital workers, over the death of Irvo Otieno - a Black man who was restrained before he died in a mental health facility. His family demanded justice and mental health reform. 

Richmond

Video shows police 'piling on' man before his death

Lawyers for Fox Corp faced a sceptical judge on Tuesday (March 21) as they sought to block a $1.6 billion defamation lawsuit by Dominion Voting Systems from going to trial, while the voting-technology company accused Fox News of knowingly airing vote-rigging claims that the network knew were false.

Delaware

Fox News fights to avoid trial by jury

Russian President Vladimir Putin said Tuesday a Chinese peace plan could provide a basis for a settlement of the fighting in Ukraine when the West is ready for it. Speaking after talks with Chinese leader Xi Jinping, Putin charged that Ukraine’s Western allies so far have shown no interest in that.

Russian Sanctions

Putin: Ukraine 'doesn't want' peace

Former British Prime Minister Boris Johnson is battling for his political future as he tries to convince a cross-party committee that he 'unintentionally' misled Parliament over the Partygate scandal. If the committee decides he 'recklessly' misled MPs, he faces a suspension from Parliament that could force a by-election in his West London seat.

London

Boris Johnson in trouble again

A magnitude 6.5 earthquake was felt across huge swathes of Afghanistan, Pakistan, and parts of India on Tuesday night, forcing people to spend the night outside.

Islamabad

Deadly earthquake rocks Pakistan, Afghanistan

Japanese Prime Minister Fumio Kishida has offered strong support to Ukraine during a visit to Kyiv, inviting President Volodymyr Zelenskiy to the G-7 Summit in May.

Kyiv

In Kyiv, Japan's Kishida backs Ukraine

Russian President Vladimir Putin and Chinese leader Xi Jinping discussed Beijing's proposal for a ceasefire in Ukraine in talks in Moscow, while displaying a warm friendship forged on a mutual rivalry with the West. China has refrained from condemning Russia or referring to Moscow's intervention in its neighbor as an "invasion". It has also criticized Western sanctions on Russia.

Xi urges Ukraine ceasefire during Putin talks

The NATO Secretary General said China needs to "understand Ukraine's perspective" and engage with President Volodymyr Zelenskyy.

China 'must condemn' Russian aggression; NATO

Russian authorities on Tuesday detained human rights activists including members of the Nobel-winning Memorial organisation after raids on homes and offices, sparking an outcry among the international human rights community. 

Tsentralnyy administrativnyy okrug

Russian Police raid homes of Nobel Prize winners

Protesters are trying to pressure lawmakers to bring down the government and doom the unpopular retirement age increase President Macronis trying to impose without a vote in the National Assembly.

Paris

Protestors rally as Macron survives no-confidence vote

U.S. President Joe Biden signed a bill that requires declassification of information related to the origins of the coronavirus that causes COVID-19. Whether the pandemic was the result of a lab leak from China's Wuhan Institute of Virology, or jumped from animals to humans at a Wuhan market remains a hotly contested debate. China has said there is no credibility behind the lab leak theory.

Wuhan

Biden orders release of COVID intelligence

Russia has opened its own criminal investigation into the International Criminal Court's (ICC) prosecutor and judges. Russia’s Investigative Committee says the ICC has knowingly accused an innocent person of a crime, in another show of defiance against the court.

Russia retaliates after Putin arrest warrant

A damning report by an independent member of Britain's House of Lords has found that London's Metropolitan Police force is institutionally racist, sexist, and homophobic. In her report, Louise Casey says officers are not properly vetted and calls for wide-ranging reform.

London Police 'racist, sexist and homophobic'

Anticipation is building over reports that former U.S. President Donald Trump could be indicted as early as today. Barriers have been erected around a Manhattan courthouse in anticipation of protests after Trump called on his supporters to protest any moves to arrest him. 

New York

U.S braces for 'unprecedented' Trump arrest

China's Xi Jinping received a warm welcome from Russian president Vladimir Putin in Moscow. Western allies will be watching this visit closely for signs China may be considering supplying weapons for Russia’s war in Ukraine, despite China’s claims of impartiality.

Xi Jinping calls for Ukraine ceasefire

Top climate scientists released their final assessment report on climate change, declaring this is the last chance to limit human-caused global warming to 1.5 C above pre-industrial levels before the damage becomes irreversible.

Climate Crisis

Report finds global warming 'likely' to hit 1.5C

The French government has survived two no-confidence votes in the lower chamber of parliament after its push last week to raise the retirement age to 64.

Macron survives no-confidence votes

New York City police officers erected security barricades outside Manhattan Criminal Court and Manhattan District Attorney Alvin Bragg's office Monday ahead of a possible indictment of former President Donald Trump and potential civil unrest from his supporters.

Manhattan

NYPD prepares for potential Trump indictment

 A U.S. judge said on Monday JPMorgan Chase & Co (JPM.N) and Deutsche Bank AG (DBKGn.DE) must face lawsuits accusing them of enabling Jeffrey Epstein's sex trafficking.

Banks sued over Epstein trafficking

The entire area along the San Joaquin River became subject to an evacuation order after record rainfall and snow melt raised the river to hazardous levels, according to the San Joaquin Sheriff's Department. Local John Gould rigged a rope system after his property was flooded, so he could pull himself home through the high waters. 

Manteca

Evacuations after record rainfall hits California

North Korean leader Kim Jong Un called for the country to stand ready to conduct nuclear attacks at any time to deter war, accusing the U.S. and South Korea of expanding joint military drills involving American nuclear assets, state media KCNA said on Monday.

Pyongyang

Kim Jong Un demands nuclear 'readiness'

Amazon says it will axe another 9,000 roles, piling on to a wave of layoffs that has swept the technology sector as an uncertain economy forces companies to get leaner. It follows 18,000 layoffs announced earlier this year.

Seattle

Amazon announces more mass layoffs

Xi Jinping has arrived in Moscow to present a 'peace plan' to Vladimir Putin, his first visit to Russia since it invaded Ukraine. The Russian President says he will 'look at' the proposal for a ceasefire, as Western experts warn it could allow Russia to resupply its forces ahead of an expected Ukraine counter-offensive.

Putin to 'look at' China's peace plan

Xi Jinping is set to arrive in Russia for talks with Vladimir Putin, amid reports the Chinese President will push his Russian counterpart to enter into peace talks to end the War in Ukraine. Beijing has already indicated a willingness to broker peace, an effort that has been met with scepticism in the West given China's continued support for the Kremlin during the 

Will Xi, Putin summit deliver peace?

Heavy rain is causing a large number of landslides across Peru, putting thousands of lives at risk. The collapse of hillsides is not uncommon during the rainy season, but a cyclone and warmer sea waters are making matters worse.

Chaclacayo

Peru: Heavy rain, landslides put thousands at risk

Former U.S. president Donald Trump claims he will be arrested tomorrow and is calling on his supporters to protest. He faces possible criminal charges related to the Manhattan district attorney’s investigation into a hush money payment to adult film star Stormy Daniels.

Tulsa

Trump calls on supporters to protest his 'arrest'

Switzerland’s government has fast-tracked approval for the country’s largest bank, UBS, to take over its ailing rival Credit Suisse to prevent a banking crisis. Experts say it’s a reflection of tough financial times.

Bern

UBS to acquire rival bank Credit Suisse

Russian President Vladimir Putin visited occupied Ukraine for the first time since launching his full scale invasion. Western analysts say it sends a message ahead of a pivotal visit to to Moscow from China's president Xi Jinping.

Mariupol'

Putin visits 'scene of the crime' in Mariupol

Football commentator Gary Lineker is back at the BBC following last week's controversy surrounding his views on the U.K. government's asylum policy.   
Welcoming Lineker back, fellow host Alan Shearer said it has been a "really difficult situation for everyone concerned."

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Banking Crisis