UBS to acquire Credit Suisse amid market turmoil
Credit Suisse shares plunged as Swiss regulators approved a deal with UBS to buy the bank for 3 billion francs. Analysts warn the rescue may blunt losses but risk unsettled ties across the global banking system while UBS stock rebounds slightly and markets assess broader fallout.
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Banks rally as UBS buys Credit Suisse and regulators act
Stocks rise on Wall Street after regulators orchestrated a bank deal and coordinated dollar-liquidity moves. UBS agreed to acquire Credit Suisse for about 3.25 billion dollars amid investor jitters. First Republic Bank faced a rating cut as big banks deposited billions to support the sector.
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Biden vetoes Republican retirement plan investment ban
President Biden issues first veto, striking down a GOP measure that would bar considering climate, social impact, or lawsuits in retirement fund decisions. White House says it protects savers while signaling confrontations with a GOP House and looming fights over spending and debt. In parallel, Amazon plans 9000 more layoffs, adding to 18000 announced in January, affecting AWS, ads, Twitch, and HR units as the company adjusts after a pandemic hiring surge.
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