Credit Suisse, Nomura, Us Fund

Credit Suisse, Nomura

Top banks warn of losses after US fund dumps stocks | Malay Mail

Top banks warn of losses after US fund dumps stocks | Malay Mail

29/3/2021 9:51:00 PM

Top banks warn of losses after US fund dumps stocks | Malay Mail

ZURICH, March 29 — Top global banks Nomura of Japan and Switzerland’s Credit Suisse warned today they could face significant losses following reports of their exposure to a US fund that sold billions in stocks last week. Neither bank named the client but the warnings follow a Bloomberg News...

Monday, 29 Mar 2021 09:38 PM MYTThe logos of Swiss banks UBS and Credit Suisse are seen at branch offices in Basel March 2, 2020. — Reuters picSubscribe to ourTelegramchannel for the latest updates on news you need to know.ZURICH, March 29 — Top global banks Nomura of Japan and Switzerland’s Credit Suisse warned today they could face significant losses following reports of their exposure to a US fund that sold billions in stocks last week.

Panggung wayang lengang | Harian Metro Seksyen 43.9 Jalan Simpang Pulai-Cameron Highlands ditutup | Harian Metro Man drowns trying to save friend in Kuala Kubu Baru | New Straits Times

Neither bank named the client but the warnings follow a Bloomberg News report that a little-known fund sold more than US$20 billion (RM82.8 billion) in stocks from US media and Chinese companies listed in New York on Friday.The unusually large sale by Archegos Capital Management, which looks after businessman Bill Hwang’s fortune, was carried out directly by major houses Morgan Stanley and Goldman Sachs.

Among the companies sold were top Chinese names such as Baidu Inc, Tencent Music Entertainment Group and Vipshop Holding — all under pressure at home as Beijing reins in the tech sector — plus US giants such as ViacomCBS and Discovery.The share prices all plunged as a result, reportedly causing Archegos Capital Management to seek fresh funding. headtopics.com

Today, Nomura shares plunged by 16 per cent in Tokyo after it warned of a potential US$2 billion (1.6 billion euro) loss while Credit Suisse shed 14 per cent. Investor concerns drove down stock prices of other European banks.With the global financial system awash in cash as central banks and governments try to keep their economies afloat during the coronavirus pandemic, there have been growing concerns that the money has helped fuel speculative bubbles.

“These developments certainly raise questions surrounding the rise of margin debt and over leveraging,” said Sophie Griffiths, market analyst at OANDA.Stephen Innes, chief global markets strategist at Axi, said investors “are looking with some concern to further large sales hitting financial markets” but the damage should be limited.

“It is essential to realize this is not a move inspired by economic fundamentals; instead, it is an isolated case of poor risk management and will ultimately have few if any lasting macroeconomic implications,” Innes said.‘Highly significant’ lossNomura notably referred to an “event” on Friday which could cause a “significant loss” at one of its US units, putting the price tag at around US$2 billion.

“Nomura is currently evaluating the extent of the possible loss and the impact it could have on its consolidated financial results,” the Japanese bank said in a statement.It said the estimate was subject to change depending on the unwinding of transactions and market fluctuations. headtopics.com

Over 2,500 people entering Langkawi screened, one tested positive for Covid-19, says Health DG Selangor police issue 423 compounds for disregarding SOP Covid-19: Army's Greater Klang Valley Task Force ceases operation, says Hishammuddin

Nomura said it would make a further disclosure once the impact of the potential loss was determined, but added it would not face any operational issues as a result of the loss.Bloomberg News, citing people familiar with the matter, said the unnamed client was Archegos.

Already hit by the collapse of British short-term corporate loan specialist Greensill earlier this year, Credit Suisse warned its losses could be “highly significant,” without giving a specific figure.The bank referred to links to an unnamed US investment fund which had defaulted last week on certain margin positions held by it and other banks.

A person familiar with the matter told AFP that the potential losses at Credit Suisse are linked to Archegos. Like its peers, the bank said it was trying to close its exposure to the fund and would make a further statement in due course. — AFP Read more: Malay Mail »

Unimap becomes first public university to conduct research on hemp cultivation

ARAU (Bernama) - Universiti Malaysia Perlis (Unimap) has become the first public university in the country to conduct research on hemp (a member of the cannabis sativa plant) as an agricultural product with the potential of being economically developed in the future.

US Customs determines forced labour at Malaysia’s Top Glove, to seize gloves | Malay MailKUALA LUMPUR, March 30 — The US Customs has found forced labour practices in Top Glove Corp Bhd’s production of disposable gloves and directed its ports to seize goods from the manufacturer, it said yesterday. In a statement overnight, US Customs and Border Protection (CBP) said it has...

Azmin: Miti to look into latest forced labour allegation by US against Top Glove | Malay MailKUALA LUMPUR, March 30 — Datuk Seri Mohamed Azmin Ali today said that the International Trade and Industry Ministry (Miti) would be studying the latest forced labour allegation by the United States Customs and Border Protection (CBP), against Top Glove Corp Berhad.  The CBP had yesterday... Senior minister 😂😂 Aiyoo where is consultant now any comment? miti should ask this consultant Obviously he didn’t do his job. Next!

Global bank losses may top US$6b on Archegos downfall | Malay MailTOKYO, March 30 ― Global banks may lose more than US$6 billion (RM24.9 billion) from the downfall of Archegos Capital, sources familiar with trades involving the US investment firm said yesterday, as regulators and investors feared the episode would reverberate more widely. Japan's Nomura and...

Top US fuel pipeline operator pushes to recover from cyberattack | Malay MailNEW YORK, May 9 — Top US fuel pipeline operator Colonial Pipeline worked today to recover from a ransomware cyberattack that forced it to shut down on Friday and sparked worries of a spike in retail gasoline prices. Colonial said yesterday it was “continuing to monitor the impact of this...

US import ban on Top Glove products tarnishes country’s image, says Human Resources minister | Malay MailBANTING, March 30 — The country’s image has been tarnished following the issue of Top Glove facing the latest import ban by the US Department of Customs and Border Protection (US CBP) on all its disposable gloves, said Human Resources Minister Datuk Seri M. Saravanan. This follows US CBP,... Not sure what you mean. Our image tarnished by Top Glove or the ban itself. If US is wrong, then send them a protest note. Never mind, politicians already tarnish the image of this country, nothing new. What about the image Najib created of Malaysia when he was CONVICTED of corruption?

US top diplomat: China acting more ‘repressively, aggressively’ | Malay MailWASHINGTON, May 3 — An increasingly powerful China is challenging the world order, acting “more repressively” and “more aggressively” as it flexes its influence, US Secretary of State Antony Blinken said in an interview that aired Sunday. “What we’ve witnessed over the last several... So what !!! Is all for world economic and power status!!!