NEWSLETTER – OCT 30, 2022

Elon Musk now in charge of Twitter, CEO and CFO have left, sources say

• CNBC’s David Faber reported that Tesla CEO Elon Musk is now in charge of Twitter.

• Twitter CEO Parag Agrawal and finance chief Ned Segal have left the company’s San Francisco headquarters.

Sourced from CNBC

Bank of Canada raises interest rate again — but the pace of hikes may be slowing

• Canada’s central bank continued its campaign to wrestle high inflation into submission on Wednesday, raising its benchmark interest rate by 50 basis points to 3.75 per cent.

• The Bank of Canada’s rate — officially known as the target for the overnight rate — is the amount that retail banks are charged for short-term loans.

• But it filters down into the economy by influencing the rates that Canadians get from their own lenders on things like savings accounts and mortgages.

Sourced from CNBC

Credit Suisse shares plunge 18% as bank announces huge third-quarter loss and strategic overhaul

• Credit Suisse has been plagued by sluggish investment banking revenues, losses relating to its business in Russia and litigation costs following a host of legacy compliance and risk management failures, most notably the Archegos hedge fund scandal.

• The embattled lender posted a third-quarter net loss of 4.034 billion Swiss francs ($4.09 billion), compared with analyst expectations for a loss of 567.93 million Swiss francs. The figure is also well below the 434 million Swiss franc profit posted for the same quarter last year.

Sourced from CNBC