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- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
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- Asian markets mixed after Wall St drop, Shanghai dips before briefing
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- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
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- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
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- Uniqlo owner reports record annual earnings
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- Indonesia biomass drive threatens key forests: report
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- China opens $71 bn 'swap facility' to boost markets
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- 'Denying my potential': women at Japan's top university call out gender imbalance
Credit Suisse says it will borrow up to $53.7 bn from central bank
Credit Suisse announced Thursday that it would borrow almost $54 billion from the Swiss central bank to reinforce the group after a plunge in its share prices.
The disclosure came just hours after the Swiss National Bank said capital and liquidity levels at the lender were adequate for a "systemically important bank", even as it pledged to make liquidity available if needed.
In a statement, Credit Suisse said the central bank loan of up to 50 billion francs ($53.7 billion) would "support... core businesses and clients", adding it was also making buyback offers on about $3 billion worth of debt.
"These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," CEO Ulrich Koerner said in the statement.
"My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs."
Credit Suisse, hit by a series of scandals in recent years, saw its stock price tumble off a cliff Wednesday after major shareholder Saudi National Bank declined to invest more in the group, citing regulatory constraints.
Its shares fell more than 30 percent to a record low before regaining ground to end the day 24.24 percent down, at 1.697 Swiss francs.
Credit Suisse's market value had already taken a heavy blow this week over fears of contagion from the collapse of two US banks, as well as its annual report citing "material weaknesses" in internal controls.
- Mounting concerns -
Analysts have warned of mounting concerns over the bank's viability and the impact on the larger banking sector, as shares of other lenders sank on Wednesday after a rebound the day before.
Credit Suisse is one of 30 banks globally deemed too big to fail, forcing it to set aside more cash to weather a crisis.
Neil Wilson, chief market analyst at trading firm Finalto, said Wednesday that if the bank did "run into serious existential trouble, we are in a whole other world of pain".
In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, the bank has endured a barrage of problems that have eaten away at its market value.
It was hit by the implosion of US fund Archegos, which cost it more than $5 billion.
Its asset management branch was rocked by the bankruptcy of British financial firm Greensill, in which some $10 billion had been committed through four funds.
The bank booked a net loss of 7.3 billion Swiss francs for the 2022 financial year.
That came against a backdrop of massive withdrawals of funds by its clients, including in the wealth management sector -- one of the activities on which the bank intends to refocus as part of a major restructuring plan.
U.Ndiaye--CPN