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...More and more market participants and pundits are betting that stalling disinflation might stop the Federal Reserve from cutting rates at all in 2024....
...the chair of the Federal Deposit Insurance Corporation has warned....
...start cutting its benchmark deposit rate from its record high level of 4 per cent in June, there is more doubt over the pace and total amount of policy loosening that will follow — especially if the US Federal...
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...CREDIT: UAW Read a transcript of this episode on FT.com...
...Total household debt in the US climbed to another record high at the end of 2023, according to the Federal Reserve’s New York branch, with the continued rise in consumers struggling to pay down credit card...
...Capital One’s $35.3bn proposed takeover of Discover Financial Services would fuse two leading credit card lenders and give it control of a network that connects consumers, merchants and banks....
...Capital One Financial, which is buying rival Discover Financial Services, is up 50 per cent. Americans held more than $1.1tn on their credit cards at the end of 2023, an all-time high....
...JPMorgan Chase spent about a year discussing a possible deal with Discover Financial before Capital One agreed a $35bn bid for the credit card company....
...The private credit sector stepped in to the gap left by banks after post-financial crisis regulations forced them to scale back lending to small businesses....
...I am reading in the FT that Martin Gruenberg, chair of the US financial regulator, the Federal Deposit Insurance Corporation, has criticised the rescue of Credit Suisse (“Credit Suisse rescue deal was unhelpful...
...Scope told the Financial Times that the issues raised by Esma “had no influence on individual ratings issued by Scope”....
...Opinion: Trump’s financial difficulties pose risks for America as well as for himself, argues Edward Luce....
...Credit card balances are at a record high Voters are stressed about credit card debt: 28 per cent cited it as one of their biggest sources of financial stress in a poll for the Financial Times and Michigan...
...At some point, this risks leaving lenders without sufficient reserves and could cause unwanted volatility in short-term borrowing costs and even a credit crunch....
...Federal Reserve vice-chair for supervision Michael Barr had gold-plated the Basel rules, provoking a fierce backlash from Wall Street’s finest....
...As my colleague Harriet Clarfelt has reported, roaring investor demand has fuelled a record IG issuance wave, concentrated largely in banks and financials....
...Instead, banks would have to rely on more traditional, standardised assumptions that measure how risky assets are by using credit ratings from agencies....
...What now for the ‘golden age’ of private credit? It was a boom year for private credit....
...Big bancassurers such as France’s Crédit Agricole and KBC of Belgium could capitalise on rule changes....
...In his final State of the Union address before November’s election, Joe Biden last night outlined his legislative agenda for a second term in a pugnacious, overtly political speech....
...The report said government spending on the state pension, pension credit and winter fuel payment was expected to be £132bn in 2023-24, or 5.1 per cent of national income....
...credit risk concerns in stressed markets....
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