Georgian billionaire wins $926 million from Credit Suisse after fraud

By John Revill

May 26, 20237:51 PM GMT+5

"Singapore's International Commercial Court said a unit of Credit Suisse had not acted in good faith and neglected to keep the assets of Bidzina Ivanishvili safe, in the latest blow to the troubled bank, which is being taken over by UBS (UBSG.S).

Credit Suisse immediately said it would appeal the decision.Billionaire businessman Ivanishvili, who was Georgia's prime minister in 2012 to 2013, had placed $1.1 billion under the custodianship of Credit Suisse Trust in 2005, the court heard."

SOURCE

https://www.reuters.com/world/europe/credit-suisse-ordered-pay-926-million-georgia-prime-minister-case-2023-05-26/

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UBS SHARES FELL AFTER A REPORT OF COMPLIANCE FAILURE AMID RUSSIAN CLIENTS

https://drive.google.com/file/d/18EvHeQCCcRJJPEaonc8pby64KA6fD0Xh/view?usp=drivesdk "ZURICH, Sept 27 (Reuters) - UBS shares fell on Wednesday after a report that the U.S. Department of Justice has stepped up scrutiny into alleged compliance failures that helped Russian clients evade sanctions . UBS declined to comment to Reuters when asked for a response to the Bloomberg News report, which said the alleged compliance failures related to UBS and Credit Suisse, which was taken over by its larger rival UBS (UBSG.S) earlier this year." " Trading in UBS shares was temporarily halted after they fell nearly 8% following the report. The Swiss bank's shares later recovered to trade 3.3% lower at 1500 GMT." SOURCE: https://www.reuters.com/business/finance/ubs-credit-suisse-face-wider-us-probe-over-russia-sanctions-bloomberg-news-2023-09-27/

TAMING INFLATION WHILE BEATING THE ECONOMY RESULT IN BANKING CRISIS , PREDICTION OF A SEVERE RECESSION IN 2023

" Around this time last year, Nouriel Roubini, the famed economist who has earned the sobriquet Dr. Doom on Wall Street for his gloomy outlook on markets, warned that it would be “ mission impossible ” for the U.S. to avoid a severe recession in 2023." " The comments mark a big shift in tone from Roubini, who in July 2022 said that his peers predicting a short and shallow recession at the time were “ totally delusional .” But a lot has changed since last July. Fed Chair Jerome Powell has managed to cool inflation to from its 9.1% pandemic-era high to just 3.7%, all while maintaining U.S. GDP growth; supply chains, which were thrown into chaos during the pandemic, have mostly healed ; and despite a short-lived regional banking crisis in March, the S&P 500 is up over 16% year to date." SOURCE: https://fortune.com/2023/09/18/dr-doom-nouriel-roubini-short-shallow-recession-soft-landing/

IMEC. LACKS LOGICAL JUSTIFICATION.

"Critics argue that India’s new corridor lacks logical justification. India opting for a rail and shipping corridor when the existing and cheaper Suez Canal and maritime routes are available does not make sense . Secondly, building railways through desert terrain requires elevated tracks with deep support to withstand shifting sands and hard bedrock. The political landscape in the US adds another layer of uncertainty, as opposition to investment in this corridor could increase if the Biden administration loses power. The Republicans, on the other hand, would oppose putting money into a failing project just like they did not want to put money into the Ukraine war. On the other hand, the US and India have previously announced initiatives like the Chabahar Corridor, the International North-South Corridor and the US Blue Dot Network, but the status of these projects remains uncertain." "...Moreover, IMEC passes through Jordan and Israel, introducing complex geopolitical ch

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