Credit Suisse fined, incurs biggest loss since 2008

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Source: Bloomberg

Credit Suisse Group AG is prepared to announce its largest quarterly loss since the breakdown of the Lehman Brothers Holding Inc. following a fine of $2.6 billion for assisting american customers to avoid payments. The bank will report a loss of around 701 million Swiss francs and a 1.6 billion-franc fine. Credit Suisse's loss would be the biggest since the end of 2008.  

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Mon, 21 Jul 2014 14:30:11 GMT

Currency-swap agreement between Switzerland and China

This Monday, Switzerland and China agreed on a deal that allows either central bank (Swiss National Bank and People's Bank of China) to trade their currencies, limited to 150bn Yuan, or 21bn Swiss francs (corresponding to 23.4bn US dollars). The Swiss National Bank stated that the deal will also let them use foreign exchange reserves to participate in the Chinese

Mon, 21 Jul 2014 12:31:09 GMT

Aussie rises during Asian session

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