About $17 billion of Credit Suisse's bonds have become worthless after a takeover of the firm by UBS.

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MARCH 20, 2023, MONDAY
CHAITRA, KRISHN PAKSHA, CHATURDASHI
सोमवार , चैत्र , कृष्ण पक्ष, चतुर्दशी , वि. सं. 2079

'TODAY AN EYE ON' by PBNS

• Japan Prime Minister, Kishida Fumio to be on a two-day an Official Visit to India, During visit, Kishida to hold talks with PM Narendra Modi, Both sides to discuss bilateral & regional issues of mutual interest

• PM Narendra Modi to meet with Japan ,Prime Minister, Kishida Fumio at Hyderabad House, New Delhi at 11:15 AM

• Union Health & Family Welfare Minister Dr. Mansukh Mandaviya to chair two-day Global Conference on Digital Health – ‘Taking Universal Health Coverage to the last citizen’ in New Delhi

• The Civil 20 (C20) inception meeting ,under India G20 presidency to begin in Nagpur, with more & 200 foreign delegates from civic groups & NGOs to participate

• Ministry of Women & Child Development to celebrate fifth Poshan Pakhwada from 20th March 2022 to 3rd April 2023 with various activities nationwide.

• Intergovernmental Panel on Climate Change (IPCC) to release ‘Climate Change 2023: Synthesis Report,’ at Interlaken, Switzerland

• Supreme Court to hear a petition filed by Telangana Government against Governor Tamilisai Soundararajan for creating a “constitutional impasse” by refusing to act on several Bills passed by the State legislature

• Budget Session of newly elected Meghalaya legislative Assembly to begin at Shillong

• First Session of newly elected Nagaland Legislative Assembly to begin in Kohima

• Tamil Nadu Finance Minister Palanivel Thiaga Rajan to present financial budget for year 2023-24 in the Assembly hall in Fort St George at Chennai

• Former Congress President & MP Rahul Gandhi to participate in the party's 'Yuva Kranti Conference’ at Belagavi ,North Karnataka region

• Farmers from Samyukt Kisan Morcha (SKM) to hold 'kisan mahapanchayat' at Delhi's Ramlila Maidan

• Indian Space Research Organisation (ISRO) Young Scientist Registration 2023 to begin, Interested students can check their eligibility & apply

• Twitter to charge for two-factor authentication from March 20

• Three –day , first Rajasthan International Expo (RIE) to begin at Jodhpur to provide an opportunity to handicraft exports of state to showcase their products at global level

• Delta Studies Institute (DSI) to organise a four-day field seminar , programme would end at Kakinada after completing field studies in Godavari Delta for four days

• Nepal Prime Minister Pushpa Kamal Dahal “Prachanda” to hold a vote of confidence in Parliament , Kathmandu

• Chinese President Xi Jinping to be on a three-day state visit to Russia, Likely to initiate peace talks to end & raging conflict in Ukraine

• Fourth Asian Kho Kho Championship for men & women to begin at Baksa district in Assam; Over 700 players & officials to participate in four-day event

• International Day of Happiness

• World Sparrow Day

Muzaffarnagar

Yogi ji and Modi ji help me get justice or I'll leave Islam and become hindu: A Pregnant Woman approaches UP Police alleging her husband and in-laws sexually abuse her, even force her to have sex with other men for money; FIR registered

https://twitter.com/MeghUpdates/status/1636985324562964482

During the financial crisis following the collapse of Lehman Brothers in September 2008, the funding markets dried up because of an extreme aversion to risk.

Under these circumstances it became difficult for euro area banks to obtain US dollars to fund their USD-denominated assets. To prevent disruptions, such as banks having to sell assets abruptly and thus provoking extreme price movements, the ECB and the Federal Reserve set up a currency swap line, allowing the ECB/Eurosystem to provide US dollars to banks located in the euro area.

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Many of these currency agreements act mainly as a safety net and have never been activated.

This statement came just hours after Swiss authorities orchestrated an emergency takeover of Credit Suisse by UBS.

Credit Suisse — one of the 30 most important financial banks was bleeding money last week after investors and customer confidence collapsed.

If banks are under stress, they might be reluctant to lend. As result we could see credit become more expensive and less available.

And Swap Lines will allow a central bank to obtain foreign currency from the central bank that issues it, and distribute it to commercial banks in their country.

From Monday through at least the end of April, the Fed and other central banks will make dollars available on a daily basis, rather than weekly.

I hope it helps understanding now....

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Admin Aditya will be travelling to South Africa today !!!

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