DUBAI: Pakistan launched a three-tranche bond deal on Tuesday to raise $2.5 billion comprising tranches of five, 10...

ISLAMABAD: Ministry of Finance (MoF) has sought tax exemption on interest/profit payment accrued on foreign...

ZURICH: Top global banks Nomura of Japan and Switzerland's Credit Suisse warned Monday they could face significant...

• The pan-European STOXX 600 index gained 0.7pc, trading less than a percent below its pre-pandemic peak.

• Losses at Archegos, a family office run by former Tiger Asia manager Bill Hwang, sparked a sell-off in bank stocks on Monday as investors feared they would be forced to take big write-downs after extending billions of dollars in leverage to the fund.
• Global lenders may lose more than $6 billion on Archegos, sources familiar with trades involving the US investment firm have said.

• Oil prices finished with modest gains as traffic resumed on the Suez Canal after a massive container ship blocking the waterway was freed.

• Among major shares, SoftBank Group rose 1.44 percent to 9,211 yen.

• MSCI's all-country world index fell 0.17pc while Europe's broad FTSEurofirst 300 index added 0.19pc to close at 1,647.63.

• Credit Suisse at three-month low after flagging losses.
• Energy, travel stocks fall on virus concerns.
• CD Projekt tops STOXX 600 on leaked Cyberpunk 2077 DLC plans.

• Though appetite took a hit as banks warned on losses.

• Credit Suisse said it would provide an update on the matter in "due course."

DUBAI: Pakistan has hired a group of banks to arrange investor calls ahead of a triple-tranche sale of US...

• The peso rose 0.6pc to trade at 20.83 to the dollar, while other Latin American and broader EM currencies slipped, pressured by a strong dollar.

• The spread was set at 150 basis points (bps) over mid-swaps, tightening 20 bps from initial guidance, the document from one of the banks on the deal showed.
• ING, Barclays, Credit Suisse, Deutsche Bank, JPMorgan, Mizuho, MUFG and QNB Capital are arranging the deal, which is expected to launch later on Wednesday.

• "Following Sabadell's announcement last week that no sale process will be initiated in the near future and with TSB performing well, this is the right time for Richard to step down," TSB said on Wednesday.
• Meddings will stay on while the board searches for a successor, TSB said.

• The transition is expected to begin in the second quarter, the Swiss bank said.

• The European Commission had in July 2018 sent a charge sheet known as a statement of objections to Credit Suisse, Switzerland's second-biggest bank.
• "Credit Suisse continues to believe that it did not engage in any systemic conduct in the FX markets which violated the European Union's competition rules, and is contesting the EC's case," the bank said in a statement.

• Three senior asset management employees who helped oversee the Greensill funds, including the head of the unit's European, Middle East and Africa business, have temporarily stepped aside.

• Chief Executive Bjorn Rosengren said last month that ABB would exit the business towards the end of 2021, adding that the business generates around 75% of its sales form services, which made it very resilient.
• People familiar with the matter have said that the turbocharger business could raise fetch a price tag of $1.5 to $2 billion.

*"While these issues are still at an early stage, we would note that it is possible that Credit Suisse will incur a charge in respect of these matters," it said on Tuesday. * The bank also said on Tuesday that, "contrary to certain reports", its chief risk and compliance officer, Lara Warner, was not aware until Feb. 22 that insurance related to Greensill could expire on March 1.

• "The Qatari expansion should extend the period in which the market may need more new supply to beyond 2028," Credit Suisse's Kavonic said.

• Switzerland's second-biggest lender is facing questions from regulators and insurers as it contends with the insolvency of Greensill, for which it acted as a key source of funding.
• The funds held around $1.2-$1.3 billion as of Feb. 26, figures showed, and held between 2.24% and 9.59% of their assets in the defunct supply chain finance funds, amounting to just over $100 million of their assets.

• Revenue up 3% to 2.1 billion pounds.
• Adjusted operating profit up 5% to 1.1 billion pounds.
• Shares fall 12% after Citi downgrade.
• LSE CEO expects cull of senior leadership.

• MSCI Latam FX index on track for worst day in five months.
• Oil prices lift Colombian peso.
• Colombia's new deficit forecast raises downgrade prospect –CS.

• The fund boards have now decided to terminate the funds. Credit Suisse Asset Management's priority is to ensure a balance between a timely liquidation of the funds and maximizing value for the investors.
• Credit Suisse said the funds had experienced "reduced availability of insurance coverage for new investments", but declined to say if existing investments were protected.

• Swiss rival Credit Suisse is under investigation over whether it helped some 2,650 Belgians hide their accounts from tax authorities. Credit Suisse says it has strictly complied with all applicable laws.
• The bank has denied any wrongdoing. It has so far set aside a tenth of that amount, or 450 million euros, to cover the penalties.

• In a note to investors, Credit Suisse Asset Management said that "a certain part of the subfunds' assets is currently subject to considerable uncertainties with respect to their accurate valuation".
• Greensill, into which the SoftBank Vision Fund, part of Japan's Softbank Group, has invested around $1.5 billion in recent years, was not immediately available for comment.

• It gave initial price guidance of around 4.75% for the bonds, which are expected to launch later on Wednesday, said the sources, who declined to be identified as they are not authorised to speak to media.

• An unrated benchmark issuance may follow, subject to market conditions.