The Swiss government brokered a deal for UBS to take over Credit Suisse.
1. UBS agrees to buy Credit Suisse
Sooo… a major, 166-year-old Swiss bank got bought out this week after a shocking drop in its share price.
That’s right. You’d think they would have got their house in order after 166 years.
But after a string of scandals, UBS swooped in to save the day with a historic $3 billion (A$4.5 billion) government-brokered deal to acquire its embattled banking competitor, Credit Suisse.
To put things into perspective, a merger between Credit Suisse and UBS has been mooted before, but it was ruled out due to monopoly concerns.
So this deal was done to contain a crisis of confidence in the country’s financial sector.
Now, UBS is gearing up to reshape Credit Suisse thanks to the swift go-ahead from the Swiss National Bank.
2. Mighty Craft is out on the town
You might not have heard of ASX-listed brewer Mighty Craft (ASX: MCL).
But you’re surely familiar with its flagship investment, Better Beer. (Hint: It’s the brand co-owned and popularised by the guys from the Inspired Unemployed, who also have a 42% stake in the business.)
Well, the company is now eyeing growth for its spirits range with a $7.7m capital raise.
Meanwhile, Better Beer is also looking to raise a separate $20 million off the back of rocketing sales in its first 18 months. Talk about a shot of capital.
3. Surf’s up for Ripcurl and Kathmandu
There are plenty of companies riding the wave of international travel right now. And KMD Brands (ASX: KMD), the name behind Rip Curl and Kathmandu, is one of them.
The parent company delivered a record half-year thanks to resilient consumer spending.
KMD chief executive Michael Daly says while its flagship stores were still performing well, bargain hunters were taking full advantage of its outlets.
4. All that glitters is gold
Remember when gold prices shot through the roof during the Covid-19 pandemic?
Well, some gold investors believe the commodity could set a fresh record. (Assuming that global banks keep struggling and central banks ease off interest-rate hikes.)
This week was the first time in 12 months that prices for the haven-asset hit US$2,000 an ounce.
Following a rather rocky unveiling last month, Google has rolled out its artificial intelligence chatbot Bard to the U.S. and U.K.
Google admits its Bard technology isn’t perfect.
But it’s facing stiff competition with other tech giants in the fast-moving AI space, all while defending its title as the most lucrative search engine on the planet.
It will be interesting to see how Bard fares in the near future. But for now, it’s looking like the chatbot mum said you already had at home.
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