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South Koreas unadjusted current account was US$10.14 billion in May, compared with US$5.7017 billion in the previous month.July 4th, the U.S. Congress approved comprehensive tax and budget legislation on Thursday, which means that the $7,500 tax credit for buying or leasing a new electric vehicle will end on September 30, as will the $4,000 credit for used electric vehicles. These tax credits have benefited electric vehicle sales in recent years. The U.S. Congress first approved the $7,500 electric vehicle tax credit in 2008 and phased it out after automakers produced 200,000 electric vehicles. In 2022, the incentive was expanded to leased vehicles and the cap on each manufacturer was removed. Dan Levy, an auto analyst at Barclays Bank, said that phasing out the tax credit in less than three months means that electric vehicle sales will jump sharply through "pre-purchase" and then fall sharply in the following months.On July 4, a spokesperson for the Ministry of Foreign Affairs of North Korea made a statement on July 3, local time. The statement said that the United States recently took the opportunity of the "Quadrilateral Security Dialogue" Foreign Ministers Meeting to once again carry out serious political provocations, deny North Koreas legitimate sovereignty, and reiterate "denuclearization". The United States hegemonic behavior of relying on a minority of xenophobic groups to interfere in the internal affairs of independent sovereign countries, incite camp confrontation, and cause instability in international relations is a major dangerous factor hindering regional and world peace and security. The Ministry of Foreign Affairs of North Korea strongly condemns and opposes the United States brutal infringement on North Koreas dignity and rights, as well as its hostile consciousness towards North Korea, and expresses serious concern about the adverse consequences that this move will lead to.Barclays: We forecast that U.S. oil demand will grow by 130,000 barrels per day this year, 100,000 barrels per day higher than previous estimates.US President Trump: Iran wants dialogue.

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.

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