Relief over Credit Suisse deal crumbles as focus shifts to bond risks
Banking stocks tumbled on Monday as initial relief over a historic state-backed rescue of troubled lender Credit Suisse by Swiss rival UBS Group gave way to new worries about the risks of high-yield debt issued by big banks.
In a package orchestrated by Swiss regulators on Sunday, UBS Group AG will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG and assume up to $5.4 billion in losses.
Major central banks, faced with the risk of a fast-moving loss of confidence in the financial system, also scrambled on Sunday to bolster the flow of cash around the world with a series of coordinated currency swaps to ensure banks have the dollars needed to operate.
Two S’wakians among 16 appointed as Senators
Two Sarawakians are among 16 individuals appointed as Senators of the Dewan Negara effective today.
They are Parti Keadilan Rakyat (PKR) Sarawak deputy chairman Abun Sui Anyit and Democratic Action Party’s (DAP) Sarikei branch secretary Roderick Wong Siew Lead.
They are joined by two Sabahan politicians, namely Datuk Seri Anifah Aman, who is former foreign minister and Sabah DAP vice-chairman Noorita Sual.
In a statement, Dewan Negara president Tan Sri Dr Rais Yatim said with the appointment of 16 new senators today, the number of members of the Dewan Negara now stands at 64.
He hoped the new senators will carry out their task in accordance with the Federal Constitution.
