Tidbits, Banks, Economy, Politics, Rain Days Update 3/19/23
Oleksandr Kubrakov is Vice Prime Minister for the Restoration of Ukraine. He reported yesterday The Black Sea Grain Initiative (Ukraine’s corridor to export grain) has been extended for 120 days. Elena Faige Neroba is with Maxi Grain in Kyiv, Ukraine. She said Russia notified Turkey and the UN that the grain deal was extended for 60 days.
UBS AG is the largest Swiss bank. It has asked the Swiss government to cover about $6 billion in costs if it were to buy 167-year-old Credit Suisse, the country’s second largest bank, that is the world’s current “most likely to fail” bank.
Negotiations to hammer out a deal to restore confidence in the ailing Credit Suisse bank are ongoing through this weekend as regulators are racing to present a solution for the Credit Suisse problem before markets open on Monday. The complexities of combining two behemoths raises the prospect that talks will last well into Sunday night. One of the biggest obstacles is which bank will lose the majority of the 10,000 jobs to be cut if the banks merge.
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