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Home Blog Page 8628

Credit Suisse to be sold to UBS, historic deal brokered by Swiss government

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Image Wikimedia twicepix

Credit Suisse has seen its worst decline in the past week, after the collapse of two US banks. Although Credit Suisse has been facing problems in the past, the issues seem to multiply, and the bank is in desperate need of a savior. According to reports, rival bank UBS AG (UBS) has offered more than two billion and the deal has been pushed through with the help of the Swiss government. The bank has global operations, and it was imperative that a decision had to be taken as Credit Suisse faces a major crisis of confidence.

People with knowledge of the matter, who had preferred not to be identified as the deal had not been made public, said that it would be an all-share deal. On Friday close, Credit Suisse was valued at about 7.4 billion francs which is equivalent to $8 billion. However, rival bank UBS AG will pay a fraction of its price and the deal will close at more than $2 billion.

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The Financial Times, which was the first to report the deal said UBS will get a $100 billion liquidity line from the Swiss National Bank, as part of the deal. The FT also reported that the country’s authorities would change Swiss laws to bypass a shareholder vote, so that an agreement could be reached.

UBS CWEB Stock Chart

The Swiss central bank provided a liquidity backstop mid-week. However, the crisis continued through the week and there were weekend talks. Earlier on Sunday UBS had offered more than a billion but Credit Suisse pushed back against the offer and the buyout was reportedly increased to more than two billion.

Credit Suisse, a 167-year-old bank, survived the 2008 financial crisis but faced many challenges in the past few years including blowups and scandals. Leadership changes and legal issues also added to the turmoil. When news of its financial health spread, clients withdrew over $100 billion of assets in ninety days. Outflows also continued despite a recent 4-billion-franc capital raise.

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U.S. authorities and international counterparts including Britain have worked with Swiss counterparts to broker the deal. The deal is of significant importance as Credit Suisse has global operations. The impact of the deal will be seen when markets open on Monday.

According to a report in Reuters, the Swiss central bank said, “With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation.”

Groupon Shares Attractive After 15 percent Drop Post Q4

MLS News: Rapids captain Jack Price (Achilles) out for season

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Colorado Rapids midfielder Jack Price will miss the rest of the season with a ruptured right Achilles tendon.

The 30-year-old club captain will undergo surgery later this week, the team announced Monday.

Price was injured during Saturday’s 2-1 loss to Minnesota United in Commerce City, Colo.

Including two games this season, Price has two goals and 35 assists in 123 MLS matches with Colorado since 2018.

–Field Level Media

NHL News: Canes seeking first win over red-hot Rangers


The New York Rangers look like one of the hottest teams in the NHL. So, this could be a good chance for the Carolina Hurricanes to measure how they’re playing.

The Hurricanes are still trying to adjust to new lineup combinations after the loss of All-Star forward Andrei Svechnikov to a season-ending knee injury.

Carolina visits the Rangers for Tuesday night’s game in a clash between two of the top teams in the Eastern Conference.

The Rangers (41-19-10, 92 points) have won four in a row by a combined score of 22-5, including the weekend domination of Pittsburgh by 6-0 and Nashville by 7-0.

“You just want to make sure the guys keep playing well,” Rangers coach Gerard Gallant said. “It’s really coming together the last couple of games.”

The Rangers and Hurricanes will meet in a rematch Thursday night in Raleigh, N.C.

The Hurricanes (45-15-8, 98 points) might want to get something going against the Rangers, who eliminated them last spring in seven games in the Eastern Conference semifinals.

Further, New York won 5-3 on Jan. 3 at home and then 6-2 on Feb. 11 on the road in the first matchups of this season.

The Hurricanes have been shaky the past couple of outings, falling at Toronto on Friday before pulling out a stunning comeback to secure a 5-4 overtime victory Saturday at Philadelphia.

“It was a good lesson,” coach Rod Brind’Amour said. “We’ll take the points this time of the year.”

The Hurricanes took a break from the three-game stretch of road contests. With two days between games, they returned home prior to heading back on the road for the New York assignment.

Carolina players have acknowledged that the manner in which they won their latest game can’t become a staple. The Hurricanes needed a goal in the final second of regulation to extend the game.

“We can’t play like this every night,” forward Sebastian Aho said. “We don’t give ourselves the best chance to win these games. But obviously it’s a little bit of a confidence builder to get the late goal there and be able to come out as the winner.”

Aho’s overtime goal gave him his third hat trick of the season. Teammate Martin Necas has three game-tying goals in the last minute of regulation this season.

The Hurricanes need boosts from players who can score with Svechnikov out of the lineup.

“It’s the nature of the game, they know they need to score for us to win,” Brind’Amour said. “With the guys we have out now, you count more and more on your top guys. (Aho) is one we have left as far as a game changer.”

Both teams have had notable numbers for defensemen.

K’Andre Miller of the Rangers became the first blueliner in franchise history with four points in a period in Sunday’s game.

“He’s coming every game,” Gallant said. “He wasn’t cheating the defensive side of the game. He made his rushes and made his plays.”

First-year Carolina defenseman Brent Burns has 52 points for the single-season franchise record for a defenseman.

–Field Level Media

NHL News: NHL roundup: Streaking Rangers blow by Predators


The New York Rangers remained red-hot Sunday night when they rode a six-goal first period to a 7-0 rout of the visiting Nashville Predators.

The Rangers, who blanked the Pittsburgh Penguins 6-0 on Saturday night, have won four straight by a combined score of 22-5. They have scored 15 unanswered goals in their last three games, the longest streak in the NHL this season.

K’Andre Miller scored twice in the first, and Filip Chytil, Mika Zibanejad, Tyler Motte and Artemi Panarin also collected goals as the Rangers tied the franchise record for most goals in a first period, set most recently against the Los Angeles Kings in an 8-3 win on Dec. 15, 1999. Goalie Jaroslav Halak stopped all 22 shots he faced one night after Igor Shesterkin recorded the shutout with 33 saves.

The Predators have lost three straight (0-2-1). They entered Sunday five points behind the Winnipeg Jets in the race for the second wild card in the Western Conference. Goalie Kevin Lankinen was pulled after allowing four goals on just five shots in the first 9:09. Juuse Saros went the rest of the way and made 26 saves.

Bruins 7, Sabres 0

Boston received another strong performance from goaltender Jeremy Swayman and extended its winning streak to three games by blasting host Buffalo.

Swayman, who recorded 36 saves in a 3-0 victory over Winnipeg on Thursday night, stopped 27 Buffalo shots to collect his fourth shutout of the season and the ninth of his career. Patrice Bergeron, Garnet Hathaway, Jake DeBrusk, Hampus Lindholm, David Pastrnak, Charlie Coyle and Charlie McAvoy scored for Boston, which completed a five-game road trip with a 3-2-0 record.

The loss was the beginning of a three-game homestand for the Sabres, who received 19 saves from Ukko-Pekka Luukkonen.

Wild 5, Capitals 3

Matt Boldy had a hat trick, and Minnesota defeated Washington in Saint Paul, Minn.

Ryan Reaves and Brandon Duhaime also scored for the Wild, who were playing the second half of a back-to-back after a 5-2 loss to the Boston Bruins on Saturday. Marc-Andre Fleury made 33 saves. Minnesota moved ahead of the Colorado Avalanche for sole possession of second place in the Central Division, but the Wild have played two more games.

Alex Ovechkin scored twice for the Capitals, who have lost three of four. Charlie Lindgren made 35 saves. Washington trails the Pittsburgh Penguins by five points for the second wild-card entry into the Stanley Cup Playoffs from the Eastern Conference.

Golden Knights 7, Blue Jackets 2

Jack Eichel had a hat trick and Vegas scored four times in the span of 6:22 in the second period to pull away for a five-goal victory over Columbus in Las Vegas.

It was the fourth hat trick of Eichel’s career. Phil Kessel and Pavel Dorofeyev each had a goal and an assist, Alex Pietrangelo tied a team record for defensemen with four assists and Zach Whitecloud and Paul Cotter also scored goals for Vegas, which broke a tie for first place in the Pacific Division with the idle Los Angeles Kings with its fifth win in its last six games.

Kirill Marchenko and Liam Foudy scored goals and Patrik Laine had two assists for Columbus, which suffered its seventh loss in eight games. Daniil Tarasov made 24 saves on 29 shots before being pulled with 3:03 left in the second period. Michael Hutchinson finished up and made 10 saves.

Blues 3, Jets 0

Joel Hofer and Thomas Greiss combined for a 34-save shutout as St. Louis defeated visiting Winnipeg.

Hofer made 33 saves in his second game filling in for Jordan Binnington, who completed his two-game NHL suspension Sunday. Greiss stopped the only shot he faced while Hofer was out of the game for a skate repair. Kasperi Kapanen had a goal and an assist for the Blues, who have won four of their last six games. Nathan Walker and Jakub Vrana also scored for St. Louis.

Connor Hellebuyck made 14 saves for the Jets, who suffered their third loss in their last four games.

Devils 5, Lightning 2

Jesper Bratt notched his first career hat trick, and Nico Hischier netted the game-winner in a three-goal second period in New Jersey’s comeback win over host Tampa Bay.

The Devils trailed 2-0 in the second period but got three goals from the two forwards in less than six minutes to win for the first time in four games (1-2-1). Bratt and Hischier, who added an assist, each reached 30 goals in the win as New Jersey improved its stellar road record to 26-5-4.

For the Lightning, Nikita Kucherov reached 100 points with a goal, and Alex Killorn scored. Andrei Vasilevskiy (31-18-4) made 34 saves. New Jersey held Tampa Bay’s third-ranked power play scoreless on four attempts.

Canucks 2, Ducks 1

Elias Pettersson scored his career-high 33rd goal of the season as visiting Vancouver beat Anaheim and took both games of a two-game California swing.

Pettersson eclipsed his previous season best of 32 goals from last season. Canucks goalie Collin Delia stopped 17 shots. Delia grew up just north of Anaheim, home of the Ducks, in Rancho Cucamonga.

Ryan Strome scored the lone goal and John Gibson stopped 38 shots for Anaheim, which is halfway through an eight-game homestand.

–Field Level Media

PGA News: Justin Thomas to skip Match Play, citing past struggles

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The WGC-Dell Technologies Match Play event boasts a strong field for its final showing in Austin, Texas, this week, but Justin Thomas won’t be among them.

While 64 of the top 77 players in the Official World Golf Ranking will tee off on Wednesday in the five-day event, Thomas cited his “really bad” play as a reason to take a pass.

Thomas is coming off a T10 at the Valspar Championship this past weekend at Innisbrook Resort in Palm Harbor, Fla. He’s the only player in the Top 10 — aside from banned LIV golfers — who will not be in this week’s field.

“(Innisbrook) is a place I love. I really, really love the golf course,” Thomas said. “I just I feel like I have a really good chance to win there if I go play. I just, I simply don’t feel that way about Austin Country Club. It’s nothing against the course. I’ve just, I’ve played it six times and I’ve played it really bad five of them.”

Thomas advanced out of the round-robin stage just once in six WGC events at Austin.

Austin is losing its PGA Tour stop after this week. It will be replaced in 2024 by the Cadence Bank Houston Open, an event not associated with the World Golf Championships.

Austin Country Club has played host to a WGC event since 2016, with the once premier series going by the wayside in recent years since bursting on the scene in 1999.

In 2021, the WGC-Mexico Open was converted to a regular PGA Tour event. Also in 2021, the WGC-FedEx St. Jude became the first event of the FedEx Cup playoffs.

–Field Level Media

XFL News: Renegades edge Brahmas in low-scoring game

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De’Veon Smith’s 1-yard touchdown run late in the third quarter vaulted the Arlington Renegades to a 12-10 win over the host San Antonio Brahmas on Sunday night.

Smith finished with 44 yards on 19 carries, and quarterback Kyle Sloter went 14 of 26 passing for 148 yards with an interception. The Renegades (3-2) won for the first time on the road this season.

San Antonio’s Reid Sinnett completed 13 of 19 passes for 97 yards, including an 18-yard scoring pass to T.J. Vasher late in the first quarter. Jack Coan added 42 yards passing on 7 of 15 completions. Sinnett was intercepted once and Coan twice.

The Brahmas (1-4) remained winless in two home games. Arlington is one game behind the Houston Roughnecks in the league’s South Division.

–Field Level Media

NFL News: Report: Falcons signing WR Mack Hollins to 1-year deal


The Atlanta Falcons are signing wide receiver Mack Hollins to a one-year, $2.5 million deal, NFL Network reported.

The contract includes a signing bonus of $910,000 for the 29-year-old free agent, according to Sunday’s report.

Hollins enjoyed a breakout season with Las Vegas in 2022, setting career highs in catches (57) and yards (690) in 17 games.

A fourth-round pick by Philadelphia in 2017, he has 113 receptions for 1,440 yards and 10 touchdowns in 82 games (24 starts) with the Eagles (2017, 2019), Miami Dolphins (2019-21) and Raiders.

–Field Level Media

NFL News: Bills add WR Trent Sherfield on 1-year deal


The Buffalo Bills added another weapon for quarterback Josh Allen, signing free-agent wide receiver Trent Sherfield to a one-year deal on Monday.

Sherfield, 27, played with AFC East rival Miami in 2022, catching 30 passes for a career-high 417 yards and two touchdowns in 17 games (four starts).

Sherfield began his career with the Arizona Cardinals and played with the San Francisco 49ers in 2021.

In five seasons, Sherfield has appeared in 78 games (nine starts) and has 67 receptions for 844 yards and four TDs.

–Field Level Media

NFL News: Report: Cardinals to sign WR Zach Pascal


The Arizona Cardinals are signing wide receiver Zach Pascal to a two-year contract, NFL Network reported Monday.

Financial terms were not revealed.

Pascal, 28, undrafted out of Old Dominion, joined the Indianapolis Colts in 2018 and spent four seasons there before signing with the Philadelphia Eagles ahead of the 2022 season.

In his career, Pascal has played in 81 games (46 starts) and caught 165 passes for 2,038 yards and 16 touchdowns. He also has returned 26 kicks for 597 yards.

Pascal played in all 17 regular-season games (two starts) for the Eagles last season and caught 15 passes for 150 yards and a touchdown.

New Cardinals head coach Jonathan Gannon was on the coaching staffs of both the Colts and Eagles during Pascal’s tenure with the teams.

–Field Level Media

NFL News: OLB Romeo Okwara takes $9M pay cut to stay with Lions


Edge rusher Romeo Okwara agreed to take a $9 million pay cut in a restructured deal to remain with the Detroit Lions, multiple outlets reported Monday.

Okwara missed most of the 2022 season recovering from a torn Achilles. He’s played in just nine games (four starts) the past two seasons.

Okwara, 27, agreed to a base salary of $2 million for 2023, down from $11 million. It reduces the Lions’ cap hit from $14.5 million to $5.65 million. The Lions would have saved $7.5 million against the cap by cutting Okwara.

Okwara returned for the final five games of the 2022 season and recorded two sacks.

He has 23 career sacks in 76 games (32 starts) with the New York Giants (2016-17) and Lions.

Also Monday, the Lions announced they re-signed safety C.J. Moore to a two-year contract extension and offensive lineman Graham Glasgow to a free agent deal.

Moore, 27, is mostly a special teams player for the Lions. He’ll enter his fifth season with the team in 2023.

The Lions didn’t announce contract terms for Glasgow, who returns to the team after three seasons with the Broncos. He spent his first four NFL seasons with Detroit after the Lions selected him in the third round of the 2016 NFL Draft. The 30-year-old has appeared in 99 games (91 starts) and played 82 percent of the snaps for Denver last season.

–Field Level Media