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Swiss banks announce historic takeover

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UBS Group and Credit Suisse Group, two of the biggest names in European banking, are coming together in a government-brokered deal aimed at shoring up public confidence in the Western financial system and averting a global crisis.

UBS agreed on Sunday to pay 3 billion Swiss francs ($3.24 billion) in stock to acquire its embattled rival in a takeover underpinned by government guarantees and 100 billion francs in liquidity assistance from Switzerland’s central bank. The agreed price of 1 UBS share for each 22.48 shares of Credit Suisse values the latter bank at less than half its market closing price on Friday. The transaction requires UBS to absorb up to $5.4 billion in losses at Credit Suisse.

“I welcome the swift action and the decisions taken by the Swiss authorities,” European Central Bank President Christine Legarde said of the merger. “They are instrumental for restoring orderly market conditions and ensuring financial stability.” Although the region’s banking sector is “resilient,” she added, “our policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy.”

Switzerland considering nationalizing floundering bank – Bloomberg

The merger of Switzerland’s two biggest Swiss banks is scheduled to be completed by the end of this year. Western governments and central banks have sought to prevent a cascade of bank failures after the collapses earlier this month of Silicon Valley Bank and Signature Bank in the US.

Credit Suisse last month reported a 2022 net loss of 7.3 billion francs and warned that it would incur another “substantial” loss in 2023 before returning to profitability in 2024. With clients withdrawing their money in droves, Credit Suisse turned to the Swiss central bank for a loan of 50 billion francs last week.

The newly combined bank will boast more than $5 trillion of invested assets. UBS Chairman Colm Kelleher told reporters at a press briefing in Bern, Switzerland, that there are “no options” other than closing the acquisition and making it a success. “This is absolutely essential to the financial structure of Switzerland and… to global finance.”

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conic Smiths bassist dies aged 59

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The bassist with legendary English rock band The Smiths, Andy Rourke, has died at the age of 59, the group’s former guitarist Johnny Marr has announced.

“It is with deep sadness that we announce the passing of Andy Rourke after a lengthy illness with pancreatic cancer,” Marr wrote on Twitter on Friday.

“Andy will be remembered as a kind and beautiful soul by those who knew him and as a supremely gifted musician by music fans,” he added.

Mike Joyce, who was drummer for The Smiths, described Rourke as “not only the most talented bass player I’ve ever had the privilege to play with but the sweetest, funniest lad I’ve ever met.” The musical legacy of his former bandmate is “perpetual,” Joyce said in a tweet.

ABBA guitarist dies

Rourke was with The Smiths from 1982 to 1987, performing on all four of the band’s studio albums: ‘The Smiths’ (1984), ‘Meat Is Murder’ (1985), ‘The Queen Is Dead’ (1986), and ‘Strangeways, Here We Come’ (1987).

He also had an impressive career after the group split up, playing with Smiths’ frontman Morrissey on his solo projects and with the likes of Sinead O’Connor, The Pretenders, Dolores O’Riordan, Badly Drawn Boy, Killing Joke, and guitarist Aziz Ibrahim.

In 2005, Rourke put together a supergroup called Freebass with fellow bassists Peter Hook, who previously played with New Order and Joy Division, and Gary “Mani” Mounfield of the Stone Roses and Primal Scream. Among other things, he also worked as a DJ on the popular British rock radio station XFM, now known as Radio X.

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Village People demand Trump stop using their music

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A viral video emerged last week of Donald Trump dancing to a Village People song at his Florida estate

Village People, the disco act best known for 1970s hits like ‘YMCA’ and ‘Macho Man,’ has issued Donald Trump with a cease and desist order to stop using the band’s music at political events without express permission, according to a legal filing. The former US president has frequently played Village People songs at campaign rallies throughout his political career.

Last week, a video emerged online showing Trump dancing to a Village People tribute act during a poolside dinner at his Mar-a-Lago estate in Florida – leading to the band’s management issuing Trump with a legal request to abstain from using Village People intellectual property at any future events.

“The performance [in the viral video] has, and continues to cause public confusion as to why Village People would engage in such a performance. We did not,” wrote the band’s manager Karen Willis, the wife of singer Victor Willis.

Willis added that Trump’s use of Village People music was previously “tolerated” by the band but that it has decided to issue legal proceedings to prevent further use of its popular songs, for fear that it could be construed as an “endorsement” of Trump’s political ambitions. She also explained that the video had created confusion among fans who mistakenly thought that the real Village People had performed at Trump’s Florida estate.

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Trump’s legal team has issued a withering response to the band’s cease and desist request. Attorney Joe Tacopinca told TMZ on Monday that, “I will only deal with the attorney of the Village People, if they have one, not the wife of one of the members. But they should be thankful that President Trump allowed them to get their name back in the press. I haven’t heard their name in decades. Glad to hear they are still around.”

Village People music, particularly the song ‘Macho Man’, has been a regular soundtrack to Donald Trump’s political rallies in recent years.

Singer Victor Willis indicated in a post on social media two years ago that while Village People music is intended to be “all-inclusive,” its use by Trump has been problematic. “We’d prefer our music be kept out of politics,” he wrote in February 2020. Willis later requested that Trump stop using his band’s music in June 2020, following reports that then-President Trump intended to use the US military to stamp out Black Lives Matter demonstrations across the United States.

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Hollywood star pulls out of hosting awards show amid strike

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Drew Barrymore is stepping down as host of this year’s MTV Movie & Music Awards, due to be held on Sunday, in solidarity with the ongoing strike by the Writers Guild of America (WGA). The actress has agreed to host the ceremony next year instead, Variety reported.

Although the MTV awards are set to go ahead without a host, Variety said that arrangements for the show are in constant flux as producers are unsure which of the presenters, nominees, and guests will be willing to appear.

Organizers have already scrapped the red carpet as well as interviews that were supposed to take place before the ceremony.

In a statement quoted by Variety, Barrymore said she had “listened to the writers, and in order to truly respect them, I will pivot from hosting the MTV Movie & TV Awards live in solidarity with the strike.”

The actress added that “everything we celebrate and honor about movies and television is born out of their [writers’] creation,” and revealed that she is “choosing to wait” until a solution is reached on fairly compensating writers for their craft.

Although Barrymore will not be present at the live event in Santa Monica, California on Sunday, she is likely to appear in several pre-recorded short films created for the telecast.

Unions representing writers working in Hollywood and beyond officially began a strike on Tuesday. The move comes amid a dispute with major studios such as Paramount and Universal over working conditions and the shift brought about by the rise of streaming services such as Netflix and Amazon.

Hollywood writers go on strike

The WGA has complained that its members are being “devalued” and have received reduced pay despite significantly more movies and TV shows being in production than ever before thanks to streaming.

Aside from increased pay, the WGA has issued a list of demands to the Alliance of Motion Picture and Television Producers (AMPTP), which represents Hollywood’s major studios. Among them is a request for guarantees that scripts would not be generated using Artificial Intelligence, and that writers would not be asked to edit or rewrite screenplays generated by such technology.

The current strike is the first work stoppage in the US entertainment industry in 15 years. The previous writers’ strike in 2007 lasted for 100 days and ultimately cost Hollywood an estimated $2.1 billion.

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