Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022

[Derby]

https://www.elconfidencial.com/economia/2023-03-19/confesiones-rafael-del-pino-mudanza-ferrovial_3595464/

Confesiones de Rafael del Pino en el IESE sobre la 'mudanza' de Ferrovial

Ha sido la primera vez que comparece en un acto público tras la polémica generada por el traslado de la sede social de la matriz

 Fiel a su compromiso, el pasado miércoles, el empresario Rafael del Pino Calvo-Sotelo acudió al campus que la escuela de negocios IESE tiene en las afueras de Madrid. Hace dos meses aceptó la invitación del profesor Jordi Canals, director general de la institución y un referente en cuestiones de gobierno corporativo, para participar en una conversación con el académico sobre la materia ante una representación de antiguos alumnos, antes de que se desatara la tormenta política y mediática por el traslado de la compañía que preside a Países Bajos.

Visto el revuelo montado en torno a Ferrovial, abriendo telediarios, es probable que Del Pino, como el personaje de Melville, hubiera preferido no hacerlo. Durante toda la tormenta política, quemó ante la opinión pública y los medios a varios de sus peones. El jefe se quedó en la cueva. Pero esta semana, ya con cierta calma, dio la cara en un escenario cómodo, donde a pesar de todo pidió que no se hablara del tema de marras. Habían quedado para conversar de un libro (Transformarse para durar) y llevaba notas de la lectura.

Había expectación por escucharle. Durante los días previos, circularon mensajes de WhatsApp sobre la convocatoria entre los antiguos alumnos del IESE. Esa jornada había partido del Real Madrid, pero casi se colgó el cartel de aforo completo en el fastuoso auditórium del campus en Aravaca, a la sazón levantado por Ferrovial. Del Pino jugaba en casa por muchos motivos, pues está vinculado a la escuela de negocios como integrante de su consejo internacional, aunque no ha sido alumno, porque en su día eligió las aulas del MIT y de Harvard.

Tras una hora de charla, no se bajó al barro hasta el turno de preguntas. La diplomacia de Canals no impidió hablar del elefante en la habitación. Del Pino, aunque midió sus palabras (sabía que había un "topo" entre los asistentes), explicó algunos detalles que ayudaron a entender lo ocurrido. Reconoció que el hecho relevante de marras, redactado por abogados, no midió las sensibilidades políticas que luego desató, pese a que la intención del comunicado, dirigido a los inversores, era solo explicar que "nos cambiamos de barrio y sus bondades".

Según aclaró a los asistentes, la mudanza de Ferrovial es neutra en términos fiscales y laborales (afectará solo a una treintena de personas). El salto a la plaza de Ámsterdam es solo un paso más en la internacionalización de la compañía, como viene ocurriendo desde hace algo más de dos décadas, poco después de asumir las riendas del negocio familiar, primero como consejero delegado (1992) y luego como presidente (2000), relevando a su padre y fundador, Rafael del Pino Moreno, que completó su mandato como líder hasta salir a bolsa en 1999.

Hasta esa fecha, la constructora era una compañía genuinamente española donde el patriarca e ingeniero de Caminos, Canales y Puertos amasaba el 90% del capital. 25 años después, la familia solo controla en torno a un 30%, estando el 80% del negocio fuera de nuestro país y el grueso de las inversiones para los próximos cinco años concentrado en EEUU, donde el ambicioso programa de renovación y ampliación de infraestructuras promete un horizonte de business muy atractivo. Países Bajos es el camino más rápido para sacar la green card.

Sin embargo, más allá de sus aclaraciones sobre la polémica, Del Pino desgranó algunas claves sobre su modo de entender Ferrovial. En la conversación con el profesor Canals, repasó los cambios en la gobernanza de la compañía para hacerla global, como la internacionalización del consejo (todos vivían casi en el mismo código postal) o el uso del inglés (pese a las resistencias internas) como idioma para las reuniones. Hasta las notas para esa charla apuntadas en unos tarjetones estaban en la lengua de Shakespeare.

Su vocación y su visión han sido siempre globales. Preferiblemente, anglosajonas. La nueva economía ha llevado a los grandes gestores de obra civil e infraestructuras a competir con gigantes fondos de inversión con capacidades financieras casi ilimitadas. Para atajar estos factores, hay que adaptarse a las condiciones que marcan los financiadores. Es la política del dinero. No atiende a razones patrióticas, aunque tal vez si geopolíticas. En ese tablero, Del Pino es un jugador más tratando de adaptarse a las reglas de juego.

[Derby]

https://finance.yahoo.com/news/much-money-live-comfortably-americas-160010757.html

You Need to Make This Much Money to Live Comfortably in America's 25 Largest Metros

It's hard to feel financially stable when the cost of living continues to take a bigger bite out of your budget. While salaries increased 5.1% between December 2021 and December 2022, wage growth couldn't keep up with inflation, which averaged 8% in 2022.

Ultimately, inflation has affected everything from the cost of housing to the price of eggs, making it increasingly difficult to live comfortably in America's largest cities. With this in mind, SmartAsset set out to uncover the after-tax income now needed to live comfortably in the nation's 25 largest metropolitan areas.

To determine how much money is needed to live comfortably in the largest metro areas, we used the 50/30/20 rule to define a comfortable lifestyle. This rule is a budgeting strategy that allocates 50% of after-tax income to basic living expenses (needs), 30% to discretionary spending (wants) and 20% for savings or debt payments.

"A budget is the bedrock of many people's financial plans. And it's especially essential to understand and track your spending when the cost of everyday items is rising," says Susannah Snider, a certified financial planner and SmartAsset's managing editor of financial education.

"Being able to stick to a 50/30/20 budget means you have enough to fund short- and long-term goals while paying for essential living expenses."(...)

Key Findings

St. Louis is the most affordable, again. The St. Louis metro area is the most affordable place for the second consecutive year, requiring $57,446 after taxes to live comfortably. The San Francisco Bay Area, on the other hand, once again requires the highest take-home pay – over $84,000 – to maintain a comfortable lifestyle.

Income demands in this Southern California metro area rose nearly 30%. None of the 25 places in our study had a more acute one-year increase in the after-tax income needed to live comfortably than Riverside-San Bernardino-Ontario. A year ago, $52,686 was required for a comfortable lifestyle. That number has since shot up 27.28% to $67,060 in 2023.

On average, you need $68,499 after taxes to live comfortably. The average after-tax income needed for a comfortable lifestyle across the 25 metro areas in our study increased roughly 20% from a year ago when it was just $57,013.

Five Places That Require the Highest Salaries

1. San Francisco-Oakland-Berkeley, CA

A single person with no children needs $84,026 after taxes to support a comfortable lifestyle in San Francisco-Oakland-Berkeley. Using the MIT Cost of Living Calculator, SmartAsset found that an individual spends an average of $42,013 on annual living expenses in the San Francisco area. A person following the 50/30/20 budget would set aside $25,208 for discretionary spending and $16,805 for savings or debt payments. Despite remaining the most expensive place in our study, San Francisco-Oakland-Berkeley had the smallest one-year increase in the after-tax income needed from a year ago (13.12%).

2. San Diego-Chula Vista-Carlsbad, CA

San Diego-Chula Vista-Carlsbad jumped up four spots in this year's rankings after the cost of annual living expenses increased by a whopping 21.32%, according to MIT. As a result, a single person must now earn $79,324 after taxes to live comfortably in that part of California. After their basic living expenses ($39,662) are covered, an individual could spend $23,797 on wants and set $15,865 aside for savings or debt payments.

3. Boston-Cambridge-Newton, MA

The metropolitan area that surrounds Boston and extends into southern New Hampshire requires the third-highest take-home pay for a comfortable lifestyle. A single person needs to earn $78,752 after taxes in order to cover basic living expenses ($39,376) and still devote half of their earnings to wants and saving/debt. Following the 50/30/20 budget, a person living comfortably would allocate $23,626 for discretionary spending and $15,750 to savings or debt payments.

4. New York-Newark-Jersey City, NY-NJ-PA

The New York metropolitan area may be the most populous in the country, but it's not where you need the most after-tax dollars to live comfortably. The New York-Newark-Jersey City area does, however, demand a take-home pay of $78,524, considering typical living expenses are $39,262 per year. That means a person following the 50/30/20 budget would set aside $23,557 of their income for discretionary spending and either save the remaining $15,705 or use it to pay down debt.

5. Seattle-Tacoma-Bellevue, WA

It takes $77,634 in after-tax dollars to live comfortably in the Emerald City and its surrounding areas. Living expenses for an individual in Seattle-Tacoma-Bellevue add up to $38,817. As a result, a single person would allocate 30% of their take-home pay ($23,290) for discretionary spending and the remaining $15,527 to savings or debt payments.

Five Places That Require the Lowest Salaries

1. St. Louis, MO-IL

Living comfortably in the greater St. Louis area means your after-tax income should be $57,446 – the least amount of money in all 25 metro areas. That can cover basic living expenses ($28,723) with enough left over to devote 30% to your wants ($17,234) and another 20% to savings or debt payments ($11,489).

2. Detroit-Warren-Dearborn, MI

A single person needs to earn $58,358 after taxes to live comfortably in the Detroit-Warren-Dearborn metro area. With basic living expenses adding up to $29,179 per year, a person following the 50/30/20 budget would have $17,507 left over for discretionary spending and $11,672 for savings or debt payments. While living comfortably in the Detroit area requires the second-lowest take-home pay in our study, that figure is 24.39% higher than it was a year ago.

3. San Antonio-New Braunfels, TX

To live comfortably in the San Antonio-New Braunfels metro area in Texas, a single person must earn $59,270 after taxes. Typical living expenses in this part of the Lone Star State add up to $29,635 per year, meaning an individual living comfortably would have $17,781 for discretionary spending and another $11,854 to put toward their savings or debt.

4. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

Typical living expenses in the Philadelphia-Camden-Wilmington metro area are $30,839 per year. That means a single person would need to take home at least $61,678 each year to live comfortably in the greater Philadelphia area, which spans four states. Doing so would allow them to spend 30% of their after-tax income on wants ($18,503) and have 20% left over for savings or debt payments ($12,336).

5. Charlotte-Concord-Gastonia, NC-SC

A single person can live comfortably in the Charlotte-Concord-Gastonia metro area in the Carolinas for $62,110. Average living expenses in the Charlotte area add up to $31,055 per year, meaning that a person adhering to the 50/30/20 budget would allocate $18,633 to their discretionary spending and either save the remaining $12,422 or use it to pay off debt.

https://smartasset.com/data-studies/salary-needed-to-live-comfortably-2022

[JENOFONTE10]

INMOCONTRADICCIONES GENERACIONALES DE 'TIEMPO LARGO' JUDEOCRISTIANO

'GLEICHSCHALTUNG', TERRAPLANISMO Y AUTOFAGIA.—
[...]
Luchar contra la 'Gleichschaltung' económica, y en particular la inmobiliaria (control totalitario de los individuos para conseguir su unificación, coordinación y sincronización) es una tarea espinosa, ya desde la familia de origen de cada uno, dado el enfrentamiento intergeneracional económico general, consustancial en el caso del timo inmobiliario.

En este domingo escuchamos en el libro del Éxodo:
«<Yo soy> me envía a vosotros» (3, 1ss).
En el mismo lugar donde le fue revelado el Nombre divino a Moisés
allí se realizó la alianza con los mandamientos.
[...]
http://www.mozarabia.es/cuaresma-catequeticay-primavera/#more-22678

"Honra a tu padre y a tu madre, para que se prolonguen tus días sobre la tierra que el Señor, tu Dios, te va a dar."
https://es.wikipedia.org/wiki/Diez_Mandamientos_en_la_Iglesia_cat%C3%B3lica#Cuarto_Mandamiento

"No codiciarás [...] nada que [...] sea de tu prójimo... No desearás su casa, su campo, su siervo o su sierva, su buey o su asno: nada que sea de tu prójimo."
https://es.wikipedia.org/wiki/Diez_Mandamientos_en_la_Iglesia_cat%C3%B3lica#D%C3%A9cimo_Mandamiento

Y les decía: «Por mantenerse fieles a su tradición, ustedes descartan tranquilamente el mandamiento de Dios.
Porque Moisés dijo: Honra a tu padre y a tu madre, y además: El que maldice a su padre y a su madre será condenado a muerte.
En cambio, ustedes afirman: «Si alguien dice a su padre o a su madre: Declaro "corbán" –es decir, ofrenda sagrada– todo aquello con lo que podría ayudarte...»
En ese caso, le permiten no hacer más nada por su padre o por su madre.
Así anulan la palabra de Dios por la tradición que ustedes mismos se han transmitido. ¡Y como estas, hacen muchas otras cosas!». [Marcos 7, 9-13]

Saludos.

[siempretarde]

Solo hay que esperar a que Yelena Isinbáyeva vuelva a batir el record de pertiga para dar por finalizada la transicion estructural y nada menos en en Zurich.

Pues ya diran si el salto fue valido

Las autoridades no pueden ser muy expresivas sobre sus intenciones pinchaburbujistas porque su trabajo actual es demasiada mala noticia para los pobres, que creyeron que la vivienda era su ahorro. Pero todos sabemos que, en el otograma capitalista, no consta en ningún sitio que los pobres tengan que ahorrar. Antes al contrario, lo que sí consta es, primero, que, si un trabajador se muere dejando algo es que hemos calculado mal; y, segundo, que para que haya acumulación de capital privada, los trabajadores no tienen que ahorrar. Podrá ahorrar algún cipayo 'bienpagao', pero en dinero en efectivo, depósitos o deuda pública: pocos y poco.

@Derby https://www.youtube.com/watch?v=KwIe_sjKeAY

[Cadavre Exquis]

Esta le va a gustar a Hynkel

SVB Employees Blame Remote Work For Bank Failure
Posted by EditorDavid on Sunday March 19, 2023 @07:34AM from the online-banking dept.

Long-time Slashdot reader BonThomme shared this article from Axios:

In a story in the Financial Times out Thursday, current and former Silicon Valley Bank employees cited the bank's commitment to remote work as one reason for its failure....

The banking industry has led the return to office charge for a while, and SVB was an outlier in its commitment to something different. The company's career site touted its flexible culture. "If our time working remotely has taught us anything, it's that we can trust our employees to be productive from wherever they work," the site says. The executive team at SVB was spread out around the country, with CEO Greg Becker at times working from Hawaii, according to the FT.

Yet, SVB included remote work as a risk to its business in its 2022 annual report — in part because of the IT issues posed when employees are dispersed around the country, but also for productivity reasons.

The FDIC, which now runs the bank, told staff they could continue working remotely — except essential workers and branch employees, per Reuters.

Axios ultimately blames SVB's run 11 days ago on its panic-inciting public communications about needing to raise capital, combined with its oddly high concentration of tech clients and a portfolio of long-term U.S. treasuries as interest rates rose. "It's certainly possible that if more executives were working in closer proximity those missteps would've been avoided. But it's hard to really know." Yet they warn workplace policies could change simply because the Financial Times ran a piece blaming remote work.

"Companies looking for a reason to bring workers back to the office may find it in this piece."

Saludos.

[CHOSEN]

https://twitter.com/lalalalia/status/1632674382941126658

Y también les pagamos el sueldo, los gelocatiles y hasta el abono transporte con un salario mediano de 1400€

[Derby]

https://www.bloomberg.com/news/articles/2023-03-19/credit-suisse-said-to-push-back-against-ubs-s-1-billion-offer

Credit Suisse Said to Push Back Against UBS’s $1 Billion Offer

UBS Group AG is offering to buy Credit Suisse Group AG for as much as $1 billion, a deal that the troubled Swiss firm is pushing back on with backing from its biggest shareholder.

Credit Suisse, which ended Friday with a market value of about 7.4 billion francs ($8 billion), believes the offer is too low and would hurt shareholders and employees who have deferred stock, according to people with knowledge of the matter.

The UBS offer was communicated on Sunday with a price of 0.25 francs a share to be paid in stock. UBS also insisted on a material adverse change that voids the deal if its credit default spreads jump by 100 basis points or more, the Financial Times reported. Credit Suisse closed down 8% to 1.86 francs at the close on Friday.

Swiss authorities are seeking to broker a deal that would address a rout in Credit Suisse that sent shock waves across the global financial system over the past week when panicked investors dumped its shares and bonds following the collapse of several smaller US lenders. A liquidity backstop by the Swiss central bank briefly arrested the declines, but the market drama carries the risk that clients or counterparties would continue fleeing, with potential ramifications for the broader industry.

The complex discussions over what would be the first combination of two global systemically important banks since the financial crisis have seen Swiss and US authorities weigh in, according to people with knowledge of the matter. Talks accelerated Saturday, with all sides pushing for a solution that can be executed quickly after a week that saw clients pull money and counterparties step back from some dealings with Credit Suisse.

[Derby]

Cambio de narrativa: la inflación sí es un problema que hay que abordar y que la Fed suba los tipos de interés genera credibilidad (tranquilidad).

https://finance.yahoo.com/news/el-erian-urges-25-basis-141908256.html

El-Erian Urges 25 Basis-Point Hike Saying Fed Shouldn’t Blink

(Bloomberg) -- Mohamed El-Erian called on the Federal Reserve to raise its main interest rate by 25 basis points at this week’s meeting and couple the move with an assurance of its commitment to financial stability.

“The worst thing they can do is blink in the eye — in the front of financial instability,” El-Erian, chief economic adviser at Allianz SE and a Bloomberg Opinion columnist, said on “Fox News Sunday.”

A 25 basis-point increase is needed “because we have an inflation problem and we need to get over this inflation problem,” he said. At the same time, the Fed needs to remind people “credibly that we have multiple tools — interest rate policy to deal with inflation and other tools to deal with financial stability.”

Fed policy makers begin a two-day meeting on Tuesday, the first since the collapse of Silicon Valley Bank and the resulting fallout shook markets and fueled speculation that the US central bank might pause its rate increases.

[Derby]

https://www.bloomberg.com/news/articles/2023-03-19/evergrande-is-said-to-get-creditor-support-for-restructuring

Evergrande Is Said to Get Creditor Support for Restructuring

*Winding-up petition hearing Monday may now lead to adjournment
*Evergrande’s distress became symbolic of broader property woes

The world’s most indebted developer has reached an agreement with a group of major creditors for a plan to restructure its offshore debt, just ahead of a key winding-up petition hearing Monday, people familiar with the matter said.

An ad-hoc group of offshore bondholders has expressed support for China Evergrande Group’s plan, and a restructuring support agreement was being drafted, according to the people, who asked not to be identified discussing a private matter.

The builder sweetened its preliminary proposal including terms of a debt-to-equity swap option and the amortization arrangement in a debt extension, the people said. Evergrande declined to comment on Sunday. Advisers to the ad-hoc group, Moelis & Co. and Kirkland & Ellis LLP, didn’t immediately respond to an email seeking comment.

An agreement would be a milestone in the saga of Evergrande, the poster child of woes in China’s real estate industry whose tumble into distress over the past two years set off contagion in the nation’s $150 billion junk dollar bond market. Indications of how much creditors can recover will serve as important reference points in the debt restructurings of other defaulted developers.

The development could also increase the chances of an adjournment in the hearing scheduled to start at 9:30 a.m. Monday in Hong Kong, which would potentially help avoid a potential court-ordered asset liquidation. Progress gaining support from the ad-hoc group is key for such an outcome.

The lawsuit hinges on an alleged financial obligation of HK$862.5 million ($110 million). The investor who filed the petition last June is seeking a winding-up of the firm if he’s not paid the alleged debt.

But there’s much more at stake. Evergrande had nearly 2 trillion yuan ($290 billion) in liabilities as of its latest public results in 2021, and the company’s fate will impact parties from home owners to banks.

At the case’s prior hearing in November, the judge urged the builder to present “something more concrete” about its restructuring plans at Monday’s proceedings. Court sessions were adjourned several times last year, and could be extended again.

Any winding-up order would result in both the company and investors losing control of the debt-restructuring process.

Hong Kong courts ordered two much smaller Chinese builders to wind up in late 2022 after they were sued for debt nonpayment, part of a series of actions taken by creditors in response to a record wave of bond defaults.

Evergrande missed several self-imposed deadlines to release debt proposals last year and as of several weeks ago had yet to reach an agreement with major creditors on a restructuring framework.

There’s been a de-facto shutdown of the Chinese junk dollar bond market that developers have dominated, following a government crackdown on excessive debt in the property sector. That caused a cash crunch for many builders and a slump in new-home sales. Evergrande first defaulted on dollar bonds in December 2021 after several months of not making interest payments by initial deadlines.

Authorities have unveiled myriad steps in recent months to stem China’s property woes. But investors have predicted the help will disproportionately aid stronger builders, leaving distressed ones and their creditors to go through what’s often a long and opaque restructuring process.

[Derby]

https://twitter.com/Schuldensuehner/status/1637457651163439105

@Schuldensuehner OOPS! Negative-yielding debt is back, so investors are again paying for the privilege of lending money to govts.

[muyuu]

https://twitter.com/lalalalia/status/1632674382941126658

Y también les pagamos el sueldo, los gelocatiles y hasta el abono transporte con un salario mediano de 1400€

a mí lo que me preocupa cuando veo esos reportajes es que la respuesta política sea la contraria a la deseable y se base en demonizar la figura del casero en general y de facto demonizar el alquiler, poniendo más trabas al mismo

al fin y al cabo esta lectura les permite simultáneamente hacer populismo y defender el ladrillariado

[Cadavre Exquis]

https://www.bloomberg.com/news/articles/2023-03-19/evergrande-is-said-to-get-creditor-support-for-restructuring

Evergrande Is Said to Get Creditor Support for Restructuring

*Winding-up petition hearing Monday may now lead to adjournment
*Evergrande’s distress became symbolic of broader property woes

The world’s most indebted developer has reached an agreement with a group of major creditors for a plan to restructure its offshore debt, just ahead of a key winding-up petition hearing Monday, people familiar with the matter said.

An ad-hoc group of offshore bondholders has expressed support for China Evergrande Group’s plan, and a restructuring support agreement was being drafted, according to the people, who asked not to be identified discussing a private matter.

The builder sweetened its preliminary proposal including terms of a debt-to-equity swap option and the amortization arrangement in a debt extension, the people said. Evergrande declined to comment on Sunday. Advisers to the ad-hoc group, Moelis & Co. and Kirkland & Ellis LLP, didn’t immediately respond to an email seeking comment.

An agreement would be a milestone in the saga of Evergrande, the poster child of woes in China’s real estate industry whose tumble into distress over the past two years set off contagion in the nation’s $150 billion junk dollar bond market. Indications of how much creditors can recover will serve as important reference points in the debt restructurings of other defaulted developers.

The development could also increase the chances of an adjournment in the hearing scheduled to start at 9:30 a.m. Monday in Hong Kong, which would potentially help avoid a potential court-ordered asset liquidation. Progress gaining support from the ad-hoc group is key for such an outcome.

The lawsuit hinges on an alleged financial obligation of HK$862.5 million ($110 million). The investor who filed the petition last June is seeking a winding-up of the firm if he’s not paid the alleged debt.

But there’s much more at stake. Evergrande had nearly 2 trillion yuan ($290 billion) in liabilities as of its latest public results in 2021, and the company’s fate will impact parties from home owners to banks.

At the case’s prior hearing in November, the judge urged the builder to present “something more concrete” about its restructuring plans at Monday’s proceedings. Court sessions were adjourned several times last year, and could be extended again.

Any winding-up order would result in both the company and investors losing control of the debt-restructuring process.

Hong Kong courts ordered two much smaller Chinese builders to wind up in late 2022 after they were sued for debt nonpayment, part of a series of actions taken by creditors in response to a record wave of bond defaults.

Evergrande missed several self-imposed deadlines to release debt proposals last year and as of several weeks ago had yet to reach an agreement with major creditors on a restructuring framework.

There’s been a de-facto shutdown of the Chinese junk dollar bond market that developers have dominated, following a government crackdown on excessive debt in the property sector. That caused a cash crunch for many builders and a slump in new-home sales. Evergrande first defaulted on dollar bonds in December 2021 after several months of not making interest payments by initial deadlines.

Authorities have unveiled myriad steps in recent months to stem China’s property woes. But investors have predicted the help will disproportionately aid stronger builders, leaving distressed ones and their creditors to go through what’s often a long and opaque restructuring process.

https://www.wsj.com/articles/chinese-developer-evergrande-nears-landmark-restructuring-deal-9c93286e

Saludos.

[Derby]

Whatever it takes...

https://www.ft.com/content/ec4be743-052a-4381-a923-c2fbd7ea9cfd

UBS agrees to buy Credit Suisse for more than $2bn

Swiss authorities engineer a deal that will combine the country’s two largest banks

UBS has agreed to buy Credit Suisse after increasing its offer to more than $2bn, with Swiss authorities poised to change the country’s laws to bypass a shareholder vote as they rush to announce a deal before Monday.

(...) Vincent Kaufmann, chief executive of Ethos Foundation, which represents Swiss pension funds that own between 3 per cent and 5 per cent of Credit Suisse and UBS, told the Financial Times that the move to bypass a shareholder vote on the deal was poor corporate governance.

“I can’t believe our members and UBS shareholders will be happy about this,” he said. “I have never seen such measures taken; it shows how bad the situation is.”

[senslev]

[sudden and sharp]

Madre mía... cómo está el patio:


Las empresas que utilizan ChatGPT están descubriendo algo preocupante: no sabe guardar un secreto
https://www.xataka.com/robotica-e-ia/empresas-que-utilizan-chatgpt-estan-descubriendo-algo-preocupante-no-sabe-guardar-secreto




El agua moja, señores.