Thursday☕️

Mar 16, 2023 • 3 min read

Trending:

Markets/Economies:

Credit Suisse:

Credit Suisse (CS), Switzerland's second-largest bank, announced that it found "material weaknesses" in its financial reporting, which caused liquidity concerns and issues.
As a result, the bank will borrow 50 billion Swiss Francs from the Swiss central bank, which is equivalent to approximately $53.66 billion US dollars based on the current exchange rate.
Credit Suisse has $580B in assets, which is more than double the $209B of Silicon Valley Bank (SVB), which collapsed last week.

FedNow:

The Federal Reserve has announced the FedNow Service will start operating in July.
The FedNow Service is an instant payment system being developed by the Federal Reserve. It will allow businesses and individuals to instantly send and receive payments through their financial institutions, 24/7, 365 days a year.
Recipients will have immediate access to the funds. The service will be accessible through the Federal Reserve's network, serving more than 10,000 financial institutions.

Business:

Silicon Valley Bank's new CEO has announced, "We are open for business." However, the bank is currently under investigation by the DOJ and the SEC.
Smartwatch shipments grew 12% in 2022. Apple was the leading brand, increasing shipment share from 32.6% to 34.1%.
Pfizer is acquiring the cancer drug maker Seagan for $43 billion.
T-Mobile is buying Mint Mobile for $1.35 billion.

Statistic: