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On September 22, the Hong Kong Stock Exchange (HKEX) continued to advance its listing mechanism reforms and launched a 10-week public consultation. The consultation document disclosed that the reforms involve simplified arrangements for various listed company transactions and spin-off listings. Following the previous phase of listing mechanism reforms targeting new shares, this second phase focuses on ongoing regulatory requirements for issuers after listing, covering three main areas: disclosable transactions, connected transactions, and spin-offs. The new rules aim to make it more flexible and efficient for Hong Kong-listed issuers to conduct significant acquisitions, sales, and spin-offs of subsidiaries. Under the current Hong Kong Stock Exchange Listing Rules, transactions by listed issuers are categorized according to percentages of assets, profits, revenue, and consideration: transactions reaching 5% but less than 25% are classified as "disclosable transactions," requiring only an announcement; transactions reaching 25% but less than 75% (sales) or 100% (acquisitions) are classified as "major transactions," requiring a circular and shareholder approval; larger transactions are categorized into "very substantial acquisitions" and "very substantial sales."On September 22nd, at the 2026 Hangzhou Yunqi Conference, Pingtouge announced its plans for the Yitian server CPU. In 2027, it will launch two generations of server CPUs, the Yitian 720 and Yitian 730, with continuously improving single-core performance. In the future, Pingtouge will also launch the Yitian 750 based on its second-generation self-developed core. This chip supports Pingtouges self-developed ICN inter-chip interconnect bus protocol, allowing direct interconnection with the Zhenwu AI chip via the ICN bus, further improving the collaborative efficiency between the CPU and the AI chip and meeting the computing power demands of the Agentic era.September 22nd - According to a Wall Street Journal survey of ten economists, nine expect the Indonesian central bank to keep its benchmark seven-day reverse repo rate unchanged at 5.75% on Wednesday. One economist predicts the central bank will raise rates by 25 basis points to 6.0%. HSBC economists stated in a report that the stability of the Indonesian rupiah may give the central bank room to hold rates steady at its September meeting. However, oil prices, El Niño, and the dollars performance could pose risks to inflation, the fiscal deficit, and the trade balance, and could weaken the rupiah later this year. HSBC expects the next central bank rate hike to occur in the fourth quarter, bringing the benchmark rate to 6.0%.On September 22, the new generation of Qianwen AI hardware made its debut at the Yunqi Conference, including the Qianwen AI Glasses N1 and N1 Pro, and the Qianwen AI clip-on earphones. Online pre-orders for the three new products opened on the same day, and they will be available for immediate purchase on October 13.European Central Bank Chief Economist Lane: We have not yet seen a second wave of inflation. Rising energy prices will push up food prices, and pressure on the service sector should remain under control. The economy will grow at a stable but moderate pace.

As Investors Fear Credit Suisse's Recovery, Both Bonds And Equities Decline

Charlie Brooks

Nov 29, 2022 11:52

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Monday witnessed a decrease in Credit Suisse bonds and a rise in the cost of insuring its debt against default, as the Swiss bank fought to reassure investors in the wake of a withdrawal of client cash and in anticipation of further litigation.


The second-largest bank in Switzerland announced last week that it was on course for a pre-tax loss of up to 1.58 billion Swiss francs ($1.58 billion) in the fourth quarter and that wealthy clients had made significant withdrawals.


This has resulted in a substantial decrease in liquidity, which exceeds various regulatory constraints.


In an official petition for a capital boost, the bank also stated that the U.S. Federal Reserve wished to probe Credit Suisse for the failure of the U.S. investment firm Archegos.


On Monday, investors were still digesting the news.


S&P Global (NYSE:SPGI) Market Intelligence reports that five-year credit default swaps rose 53 basis points (bps) to a record high of 398 bps since Friday's close. Credit Suisse began the year with a CDS of 57 basis points.


Extra dollar-denominated tier 1 notes fell more than 2 cents to their lowest level in recent weeks.


On Monday, the share price of the Swiss bank also hit an all-time low.


The decision of the Federal Reserve indicates that the bank may be vulnerable to additional punishment for its links to Archegos, whose collapse shocked Wall Street when its highly leveraged stock bets collapsed.


Credit Suisse was the greatest victim of a $10 billion slaughter, which was a double catastrophe for a bank already reeling from the failure of a key affiliate, Greensill Capital.


The objective of Credit Suisse's 4 billion franc capital increase is to help the bank recover from the greatest crisis in its 166-year history.