FT News Briefing Swiss central bank backs Credit Suisse
Mar 16, 2023
The Swiss central bank steps in to support Credit Suisse, following a dramatic drop in its shares. Meanwhile, UK Chancellor Jeremy Hunt unveils a bold budget plan, expanding free childcare to boost economic growth. Volkswagen is making waves with a hefty €180 billion investment in electric vehicles, aiming to adapt to changing regulations. These topics highlight the intersection of financial stability and ambitious governmental initiatives in a rapidly evolving economic landscape.
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Credit Suisse Plunge
- Credit Suisse's share plunge wasn't solely due to general banking concerns.
- The Saudi National Bank's refusal of further financial assistance significantly impacted investor confidence.
Banking Sector Anxieties
- The collapse of Silicon Valley Bank and other US banks triggered wider banking sector anxieties.
- Investors targeted perceived fragile banks like Credit Suisse, exacerbating the share price decline.
UK Childcare Reform
- The UK's expanded free childcare can prevent a population crash.
- The high childcare costs force many women to choose between career and family.