Top headlines from last week

1. The shares of Credit Sussie have been falling—they are down 53% year to date.   The cost of insuring exposure to the debt it issued – has soared to its highest levels since 2008 after many risky bets turned sour and it suffered billions in losses.

Top headlines from last week

The credit rating firm Moody’s downgraded its rating on Credit Suisse in August and estimates the lender could suffer a loss of $3 billion in 2022.

Top headlines from last week

2. The prospects of global and Indian economic growth certainly seem to be going down, or more precisely, slowing down.   The International Monetary Fund (IMF) said Thursday it will downgrade its forecast for a 2.9% global growth rate in 2023.

Top headlines from last week

The World Trade Organization has cut its forecast for global trade growth to 1% in 2023 from a projected 3.5% in 2022.

Top headlines from last week

3. This week, tech investor Prosus, called off a $4.7 billion deal to acquire Indian payments firm BillDesk, citing a breach of conditions.   The deal was called off just hours before its deadline, taking the Indian company’s shareholders by surprise.

Top headlines from last week

4. The Tesla founder, Elon Musk has again made the acquisition offer to Twitter for $44 billion.

1. Although the markets corrected a bit on Friday, the benchmark Sensex and Nifty both ended the week solidly in the green with gains of around 1.4% each.   2. The Nifty 50 counters that gained the most were Coal India, JSW Steel, aluminium producer Hindalco and state-run ONGC.  

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