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...out when Credit Suisse collapsed last year....
...UBS agreed to rescue Credit Suisse last March in a deal orchestrated by Switzerland’s finance ministry, financial regulator and central bank....
...By contrast, CDFIs and credit unions managed more than $150bn in the US in 2019, according to a report by social impact investor Big Society Capital, which is also backing the fund....
...As rugby union starts to look beyond a period of financial turmoil caused by the pandemic, investors and executives in the game are now switching focus to how more fundamental changes might help it grow...
...More than a dozen smaller EU states fought back against efforts to unify Europe’s fragmented capital markets, highlighting the torturous politics around the decade-long financial reform effort....
...Iran is exporting more oil than at any time for the past six years, EU leaders are debating whether to unify the bloc’s fragmented capital markets, and the IMF warns that the US’s massive fiscal deficit...
...CREDIT: UAW Read a transcript of this episode on FT.com...
...Scope told the Financial Times that the issues raised by Esma “had no influence on individual ratings issued by Scope”....
...Credit: The Independent, The Times and the Sunday Times Mentioned in this podcast: Joe Biden’s speech to steel workers underscores union’s burgeoning influence Joe Biden calls for tripling of tariffs...
...Big bancassurers such as France’s Crédit Agricole and KBC of Belgium could capitalise on rule changes....
...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....
...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....
...Trying to copy the US Inflation Reduction Act, a package that includes $369bn of subsidies and tax credits for clean energy technologies, would permanently knock 0.6 per cent off EU gross domestic product...
...Banks forecast there would be a further “moderate net tightening” of credit availability but an increase in loan demand in the second quarter....
...CREDIT: PBS, ABC News Read a transcript of this episode on FT.com...
...Bank of England deputy governor Sarah Breeden has called for more research into non-bank lenders to stave off a “credit crunch” that could be triggered by a retreat of hedge funds, pension funds, insurers...
...Larger, healthy banks can extend more credit, which supports companies and overall economic growth....
...Extreme weather risked causing “reduced tax revenues, increased government expenditure, lower credit ratings and increased cost of borrowing”, it added....
...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....
...In the 15-plus years since the financial crisis, the western world has been through a protracted process of rewriting regulations to protect against another 2008....
...Crédit Agricole posted a 25 per cent drop in net income to €1.33bn, though it set aside less money than expected against soured loans....
...The squeeze — also driven by the expiry of the ECB’s cheap loans to banks — has hit the supply of credit to non-financial companies, which fell 0.3 per cent in the year to October....
...dry, the unions said....
...Isabel Schnabel, ECB executive board member, told the Financial Times this month that lower borrowing costs and increased lending could cause inflation to “flare up again”....
...“Things have dramatically changed,” said Zerlina Zeng, a senior credit analyst at CreditSights, adding that Ant’s expansion into the traditional financial services sector had been curbed....
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