ZURICH—UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbor Credit Suisse—a surprise move to take advantage of the Swiss banker’s experience rebuilding the bank after the global financial crisis. The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit…
Sergio Ermotti Returns as UBS CEO to Steer Credit Suisse Takeover
March 29, 2023
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US Mortgage Refinancings Hit 6-month High on Rates Drop, MBA Says
U.S. residential mortgage refinancing activity climbed to a six-month high last week, a trade group said on Wednesday, fueled by a third straight weekly drop in borrowing costs on the heels of a pair of major bank collapses that have clouded the outlook for interest rates. The Mortgage Bankers Association’s weekly index of overall home…
UK to Step up Regulation of Video Streaming Giants to ‘Level the Playing Field’
The UK government is planning to exert more regulatory control over streaming platforms in order to “level the playing field” and make British public service broadcasters more competitive in the media market. Under the draft Media Bill published on Wednesday, video-on-demand services such as Netflix, Amazon Prime Video, and Disney+ will be brought under rules…
Shares Rise as Bank Support Emboldens Investors
March 29, 2023
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LONDON—Global shares rose on Wednesday, as investors took heart from a greater degree of stability in the banking sector, but the sense of optimism wasn’t robust enough to severely knock safe-haven assets like bonds or gold. Meanwhile, shares in Asia rallied on Wednesday after Chinese conglomerate Alibaba’s plans to split into six units lifted tech…
Arkansas Sues Meta, TikTok for Designing ‘Addictive’ Platforms, Exposing Personal Data
March 29, 2023
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Social media giants Meta and TikTok are being sued by the state of Arkansas for allegedly intentionally designing their platforms to be manipulative and addictive to children, Gov. Sarah Huckabee Sanders and Attorney General Tim Griffin announced on March 28. Griffin has filed three separate lawsuits against the social media companies in state court: one against Meta,…
The Guardian Newspaper Apologises for Slavery Links
March 29, 2023
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AustraliaBusiness & MarketsCompaniescritical race theoryEducation & Family NewsMedia & Big TechslaveryThe GuardianUKUSWorld
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The Guardian newspaper has apologised for its founder’s role in the transatlantic slave trade. The Scott Trust, which owns the Guardian Media Group, has pledged 10 million pounds (US$12.3 million) to communities linked to the activities of John Edward Taylor, the journalist who started the paper in 1821. “The Scott Trust Legacies of Enslavement report,…
Sam Bankman-Fried, Prosecutors Reach New Bail Agreement
NEW YORK—Lawyers for Sam Bankman-Fried said they reached an agreement with U.S. prosecutors on Monday on revised bail conditions, after a judge raised the prospect of sending the indicted FTX cryptocurrency exchange founder to jail pending trial. Under some of the proposed new conditions, Bankman-Fried would have a new phone with no internet capability and…
Japanese Lawmakers Eye Ban on TikTok, Others If Used Improperly
March 28, 2023
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TOKYO—A group of Japan’s ruling Liberal Democratic Party (LDP) lawmakers plans to compile a proposal next month urging the government to ban social networking services such as TikTok if they are used for disinformation campaigns, an LDP lawmaker said on Monday. Many U.S. lawmakers are calling on the Biden administration to ban the Chinese-owned social…
Barclays Calls Allegations Against Former CEO Staley ‘Serious and New’
LONDON—Barclays has said recent allegations against its former Chief Executive Jes Staley are “serious and new”, after U.S. lawsuits alleged he had a close relationship with Jeffrey Epstein and alleged involvement in his sex-trafficking operation. The British bank said in a notice ahead of its annual general meeting scheduled for May 3 that it had…
CVS Expects to Close $8 Billion Signify Deal This Week
CVS Health Corp. said on Monday it expects to complete its acquisition of healthcare services company Signify Health this week, subject to certain conditions, potentially ending months of antitrust scrutiny on the $8 billion deal. CVS’ potential acquisitions of two healthcare service providers Signify and Oak Street Health, along with other such deals, have been…
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