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Inflation in the U.S. rose to 2.4% year-on-year in November, while month-on-month inflation slowed to 0.1%. Despite this uptick, the Federal Reserve cut interest rates by 25 basis points, with concerns about future inflation driven by potential tariffs under President-elect Trump. The Fed now anticipates inflation will not reach its 2% target until late 2026.
UBS has upgraded FedEx to a 'Buy' rating with a target price of $311. However, trading in financial instruments and cryptocurrencies carries significant risks, including potential loss of capital. It is crucial for investors to understand these risks and seek independent advice if needed.
A shift in the US's stance on digital assets is anticipated under the upcoming Trump presidency, potentially leading major banks to adopt crypto custody services as a first step toward deeper involvement in the sector. Trump has nominated crypto advocate Paul Atkins to head the SEC, replacing skeptic Gary Gensler, and appointed David Sacks as the White House's lead on artificial intelligence and cryptocurrency.
A parliamentary inquiry has concluded that Credit Suisse's management is primarily responsible for the bank's collapse, which nearly triggered a global financial crisis in 2023. While the Swiss financial regulator, Finma, faced criticism for its ineffective oversight, the report found no wrongdoing by the authorities, who acted to avert a larger crisis. The commission recommended strengthening Finma's powers and highlighted the need for lessons learned from the debacle, emphasizing the importance of regulatory compliance for systemically important banks.
Around a thousand employees at Credit Suisse are affected as UBS completes its acquisition, marking the end of CS's 167-year history. The Swiss parliament debates the emergency takeover, while a Parliamentary Commission of Inquiry investigates the circumstances surrounding it. UBS has also terminated federal guarantees, and numerous complaints regarding the financial terms of the takeover have been filed.
The Parliamentary Investigation Committee (PIC) revealed that years of mismanagement at Credit Suisse (CS) led to a liquidity crisis, exacerbated by regulatory failures from FINMA. Despite extensive oversight, the authorities were exonerated, raising concerns about the effectiveness of existing "too big to fail" regulations and the need for improved coordination and crisis detection among Swiss financial authorities. The report highlights the inadequacies in supervision and the perception that larger institutions are treated more leniently than smaller ones.
The Parliamentary Commission of Inquiry has released a report on the handling of the Credit Suisse collapse, attributing primary blame to the bank's mismanagement while acknowledging shortcomings from authorities. The report outlines three crisis phases, highlighting inadequate supervision and the urgent need for regulatory reforms, including improved communication and capital relief limitations. It concludes with twenty recommendations for the Federal Council to enhance oversight of systemically important banks.
The Parliamentary Investigation Committee (PUK) report reveals that the collapse of Credit Suisse (CS) was exacerbated by ineffective oversight from FINMA and a lack of timely communication among Swiss officials. Despite years of significant losses, CS continued to pay out substantial bonuses, weakening its capital base. The report criticizes the regulatory framework that allowed CS to avoid necessary restructuring, ultimately leading to its merger with UBS under extreme pressure from international authorities.
The Parliamentary Commission of Inquiry (CEP) concluded that Credit Suisse's downfall was due to years of mismanagement, with no fault attributed to federal authorities. However, it criticized the Federal Council for delayed decisions and inadequate communication, particularly from former Finance Minister Ueli Maurer, during the crisis. The report emphasizes the need for improved regulations and coordination to prevent future banking failures.
El Salvador has purchased 11 Bitcoin, valued at around $1 million, increasing its total holdings to nearly 5,981 BTC. This move follows a $1.4 billion financing deal with the IMF, which imposes limits on the country's crypto policies, including making Bitcoin acceptance voluntary and restricting tax payments to the U.S. dollar. Despite these conditions, the government remains committed to its Bitcoin strategy, with plans for continued purchases and maintaining Bitcoin as legal tender.
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us inflation rises as federal reserve cuts rates amid economic uncertainty
10:35 20.12.2024
ubs upgrades fedex to buy with target price of 311 dollars
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credit suisse collapse attributed to management failures and regulatory shortcomings
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credit suisse takeover by ubs triggers investigations and employee layoffs
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credit suisse crisis reveals regulatory failures and management missteps in oversight
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credit suisse collapse inquiry blames bank and highlights regulatory failures
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