The financially troubled Credit Suisse says it would borrow up to 50 billion francs ($54 billion; £44.5 billion) from the Swiss central bank.
The institution declared that as part of its effort to become a simpler bank, it was acting decisively to increase its liquidity.
Following the announcement that it had discovered “weakness” in its financial reporting, shares of Credit Suisse dropped 24% on Wednesday.
Fears of an expanding financial crisis resulted from this, which caused a major sell-off in European markets.
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The failure of Silicon Valley Bank, the 16th-largest bank in the nation, and the failure of Signature Bank two days later revealed issues in the banking system in the US last week.
After the share price of Credit Suisse fell on Wednesday, a significant shareholder, the Saudi National Bank, announced it would stop investing in the Swiss company.
Concerns extended throughout the financial markets, causing a severe decline in all major indices.
In an effort to assuage investor concerns, the Swiss Financial Market Supervisory Authority and the Swiss National Bank stated that they were prepared to assist Credit Suisse if necessary. Switzerland’s national bank is the Swiss National Bank.
In order to “guarantee their stability,” strict regulations are applied to Swiss financial institutions. According to the regulators, Credit Suisse satisfies the criteria for systemically important banks.
Akufo-Addo leaves Ghana for state visit to Guinea-Bissau
At the invitation of the president of Guinea-Bissau, His Excellency Umaru Sissoco Embalo, Chairperson of the Authority of Heads of State and Government of ECOWAS, President Nana Addo Dankwa Akufo-Addo, led the Ghanaian delegation out of the country on Sunday, May 14, 2023.
The visit’s goals are to further solidify the already close ties between the two nations and look into potential new areas of cooperation for their mutual advantage.
The President will meet with President Embalo in private during his visit to Guinea-Bissau. He will also receive the Amilcar Cabral Medal, the country’s highest honor, speak at the law school of the Amilcar Cabral University, and interact with the Ghanaian soldiers serving in Bissau as part of the ECOWAS Stabilization Support Mission.
The Hon. Shirley Ayorkor Botchway, Minister of Foreign Affairs, as well as representatives from the Presidency and Foreign Ministry, accompanied the President.
On Tuesday, May 16, 2018, the President will return to Ghana. During his absence, Alhaji Dr. Mahamudu Bawumia, Vice President, would carry out the President’s duties in accordance with Article 60(8) of the Constitution.
At Bortianor, a three-story church edifice collapses
In Bortianor, in the Greater Accra Region, frantic rescue efforts are under way to locate any bodies that may be trapped under a three-story church structure.
On May 9, the Word in Action Church structure fell.
There are concerns that some churchgoers may have been present when the tragedy occurred.
The Ghana Police Service had representatives on the scene.
The National Disaster Management Organization (NADMO) and the Ghana National Fire Service sent employees to the scene to assist with rescue operations.
Thousands of locals flocked to the area to assist in saving loved ones who might have been inside the church when the structure collapsed.
Re-election of Apostle Nyamekye as head of the Church of Pentecost
On May 4, Apostle Eric Nyamekye was chosen once again to lead the Church of Pentecost for the ensuing five years.
With a staggering 99.45 percent of the voting, Apostle Nyamekye was re-elected.
The 46th General Council Meetings of the Church took place in the Pentecost Convention Center in the Central Region, where the elections took place.
Apostle Prof Opoku Onyinah was elected to succeed Apostle Nyamekye on May 3, 2018, exactly five years ago. At the time, he served as the area head of the Church of Pentecost in Koforidua. He succeeded as the Church’s sixth leader.
Voting results on Thursday showed that Apostle Nyamekye had earned the conclave’s support.
On Thursday, he received 1,255 of the 1,262 “Yes” votes. Five years prior, he had received 994 of the 1009 “Yes” votes.
At the same council meetings, Apostle Samuel Gyau Obuobi was also chosen to serve as the church’s general secretary.
Apostle Kumi Larbi, who held the position for 10 years, is replaced by him.
Apostle Obuobi, 53, received 1,256 ‘Yes’ votes out of 1,262 total ballots, or 99.6%.
The following five years will be his tenure.