ZURICH (Reuters) – Swiss chief financial regulator FINMA questioned Credit Suisse over the risks involved with now-bankrupt financial firm Greensill Capital “months” before the bank was forced to close $ 10 billion in funds such as for Greensill, Swiss newspaper SonntagsZeitung reported Sunday.
Alongside formal discussions at a technical level between the bank and FINMA, chief supervisor Mark Branson privately discussed the risks with Credit Suisse Chairman Urs Rohner and Chief Executive Thomas Gottstein who walked out during a meeting on an undetermined date, the newspaper reported, citing information in his possession. . obtained.
FINMA declined to comment. Credit Suisse also declined to comment.
Switzerland’s second largest bank has staggered from its exposure to the collapse first of Greensill Capital and then Archegos Capital Management within a month.
Credit Suisse’s asset management unit was forced last month to close $ 10 billion in supply chain financial funds invested in bonds issued by Greensill after the British company lost credit insurance coverage shortly before filing for bankruptcy. The bank has suspended the fund manager and replaced the head of its asset management unit.
The massive loss to US investment fund Archegos this month also prompted Credit Suisse to replace its head of investment and compliance and risk banking after saying it would book first-quarter expenses of $ 4.7 billion from its exposure to affected companies.
Reporting by Brenna Hughes Neghaiwi; Edited by Rachel Armstrong and Susan Fenton
New Zealand Rugby boss Mark Robinson on the Silver Lakes All Blacks deal. Video / Provided
What continues to separate New Zealand Rugby from the New Zealand Rugby Players Association in their respective views of the Silver Lake proposal is their assessment of the potential risk and who carries it.
Under the terms of the Silver Lake deal, NZR asked NZRPA to agree to take a smaller share of the significantly larger potential revenue.
Players currently receive 36.5 percent of NZR revenue – known as Player Pay Pool (PPP) which has averaged around $ 190 million over the past five years.
The NZR pushes that percentage down to between 30 and 32 percent, but estimates that total revenue will surge to around $ 350 million by 2025 if Silver Lake takes part and will potentially climb again to somewhere closer to $ 500 million a year later. that.
Players will get a huge windfall if they agree to a deal in its current form and Silver Lake is able to make a transformational change in their promised annual income.
Both the NZR and NZRPA agree that it is imperative that there is enough money available to keep the salaries of New Zealand’s top players competitive and for the country to continue to retain talent.
But the NZRPA has a different view to the NZR on the level of risk inherent in the proposal and it is these issues that need to be resolved in the follow-up mediation discussions planned for this week.
Silver Lake has not detailed its revenue growth plans. They have made an ambitious forecast based on a broad concept that effectively boils down to making money from an offshore All Blacks fan base that is believed to be as high as 65 million.
The NZRPA is not exactly anti-Silver Lake or underestimating its ability to make money as it says it can but needs to look in more detail to have more confidence.
The player body would also like to have a better understanding of how the NZR could reduce the risk of a deal not generating as much revenue as it had anticipated.
The proposal is for NZR to sell 15 percent of its future revenue but continue to be responsible for 100 percent of the costs of running the game.
If growth is not as high as forecast, the NZR could find itself with less, not more money as it will only have an 85 percent share of future revenue but still be responsible for meeting the fixed costs of playing players and provincial guilds.
The fear is that if income growth fails, the NZR could be forced to sell more assets to save.
The NZRPA can negotiate to protect professional players from the downside, by including a clause that requires NZR to fulfill its agreed obligations to PPP.
But doing so would jeopardize the funding available for other parts of the game and would ultimately be catastrophic for everyone.
The two bodies, who spent Wednesday locked in mediation talks, are actually more in tune than has been described.
They agreed on the need to inject more capital into the game and found ways to use it to help foster and maintain community play.
However, they need to find ways to mitigate potential risks in such a way that they do not force larger sales or assets or jeopardize future investment at the grassroots.
M. Franck Riester, Minister for the Delegation of Foreign Trade and Economic Appeal, attached to the Ministers of Europe and Foreign Affairs, will meet on Monday, 29 March with Elizabeth Truss, the UK’s Foreign Minister for International Trade.
The ministerial delegation and Elizabeth Truss will discuss joint actions to be taken to strengthen the multilateral trading system, particularly in the framework of the G7 trade ministers meeting which will be held via video conference on March 31 under the British presidency.
The ministers will also discuss certain bilateral issues such as the situation of International Volunteers in Business (VIEs), in the context of effective Brexit implementation.
Military leaders say trade routes in the South China Sea face increased risk and New Zealand cannot be complacent about that.
The two-day Asia Pacific Security Innovation Summit has drawn military, diplomatic and other influential officials from around the world to discuss security.
The Covid-19 pandemic has not stopped the security threats faced in our region, said the chair of the Asia Pacific Security Innovation forum Dr Anita Abbott.
He said there was an increasing security risk at sea, particularly in the South China Sea.
“Many players are arming themselves. For what? Is it for cooperation, competition or for the common interest? For example, securing the sea from piracy or terrorism, or securing sea lanes for energy?”
The South China Sea lies between China, Taiwan, the Philippines, Vietnam and Malaysia.
Five years ago, an international court rejected China’s claim to sovereignty over a large portion of the water mass.
Sky Canopy Consulting founder Pamela Williamson said the conflict could not be ignored by Aotearoa.
“We are not that far away. Our supply chain depends on trade routes that remain open through Asia for us. There is real difficulty in assuming that because of our distance we can somehow be immune or distant from the global conflict in that area,” Williamson said.
Hunter Stires, of the Hattendorf Maritime Historical Research Center, said the US and its maritime partners – including Aotearoa – depend on access to the sea for security.
“So if China succeeds in canceling maritime freedoms and if it then succeeds in shifting trade overland to the continental trading ground they built in the interior of Eurasia to the Belt and Road, the United States and our maritime partners will be left outside,” Stires said.
Last month, China introduced a new Coast Guard law that allows them to forcibly board disobedient foreign vessels they claim to be illegally engaged in economic activity in waters it claims. This allows them to use all means necessary, including violence, to stop foreigners who are found to be violating Chinese sovereignty.
Hunter Stires says it’s designed to be intimidating.
“They are basically trying to say that whatever they claim belongs to them – that is 90 percent of the South China Sea, which they have codified – in their domestic law that they have undeniable sovereignty over it. That’s what I think they are trying to do. to knock hands – not even to knock hands, that’s what they basically say, is ‘we are ready to use force against any foreign, civilian or military ship’, “Stires said.
Retired Sergeant Major Anthony Spadaro said security in the Asia Pacific region needs to be on the radar of the people.
“When you look at the Asia Pacific in the world, it touches everywhere. So if there is one area we need to concentrate on – everyone matters – but when you look at the Asia Pacific region, it touches the world. So that should be how we found some answers. this, “said Spadaro.
He wants the public to become more involved with discussions about security and collaboration, saying it is damaging when these issues are not brought up.
“Then we will never grow, that’s devolution. I see it hurts us when we start closing borders, and that’s my fear, are we closing and we lose dialogue. We lose openness. We lose transfer of ideas,” he said.
Retired German Army Major General Gert-Johannes Hagemann says the world faces uncertain times, and 2021 will be a T-junction.
“A critical crossroads. “When it comes to risks, but also opportunities when we contemplate within 10 years, we will most likely look for the origin of the crisis or 2020 and the decisions taken this year,” he said.
Tomorrow’s summit will focus on strategic thinking, leadership and strengthening security resilience through alliances.
Nothing makes parents feel as relieved as the sound of the crying of their newborn baby. That first breath of air defines a critical moment in our lives, yet it is strangely one of the most under-understood human behaviors.
Most of what we know about the physiological activity in the lungs on the first breath comes from preclinical studies – often involving animals – or through invasive observations that risk disrupting the natural functioning of the lungs.
Now, using a fine sensory belt wrapped around the chest of term newborns, a team of researchers from Australia, Germany, Switzerland and Canada have recorded changes in lung volume that occur in the baby’s first minutes outside. womb.
“Term babies use very complex methods of adapting to air-breathing at birth,” the word clinical neonatologist David Tingay of the Murdoch Children’s Research Institute (MCRI) in Australia.
“There’s a reason parents, midwives, and obstetricians love to hear the first, life-affirming cry when a baby is born.”
The device produces images of the baby’s chest, which together with video and audio data contribute to a detailed description of the more than 1,400 breaths taken by 17 tiny humans all by elective caesarean section.
The results provide a statistical overview of pulmonary aeration process in newborns – physiological activity prepares and inflates the lungs to allow them to take over the role of the placenta in gas exchange.
Simply put, when babies are comfortable in the womb, they are busy exercising their lungs: Even though they are crammed with fluid secreted by the lining of the lungs, they still move like breathing to give the brain and muscles plenty of exercise. .
This training regime descends immediately before birth. The immense pressure that occurs when it is pushed through the vaginal canal forces some of the fluid out, while simultaneously delivering large doses of adrenaline that tell the lungs to absorb as much of that fluid as possible.
It still leaves a small amount of residue, especially if the delivery was by caesarean section. Most of it is pushed back through the tissue with the first airflow, with a soapy ingredient called a surfactant helping the tiny air sacs to shed their liquid layer more easily and expand as wide as possible.
It’s no wonder that our first moments hovering in the open air come with bubbling cries.
The data from this new study helps to refine the scene. The cry creates a unique gas flow pattern that helps maintain functional residual capacity; the air we store in our lungs after we exhale.
This breathing is not always balanced between the lungs, tends to favor the right side over the left.
Of all the breaths recorded, crying occurs most frequently in the first minute after birth when the baby is inflating his lungs; 6 minutes later, more than half of the baby’s breath has flowed regularly, which is called tidal breathing.
Having a characteristic respiratory pattern in healthy babies born by caesarean section provides the basis for exploring how pulmonary aeration is different in other cases, such as in premature babies.
About 1 in 10 newborns, and nearly all children born before 37 weeks of age, need help taking their first vital breath.
For those who find this kind of research really interesting, MCRI has put together a video clip that describes the research in detail but remains easily accessible, which you can watch below.
“Scaling up interventions in the delivery room requires first of all an understanding of the processes that determine respiratory success and failure at birth,” the word Tingay.
In emergency cases, this requires traumatic interventions such as intubation, which – while saving lives – can damage the airways and put the baby at risk of airway tissue damage, infection and respiratory disease.
Knowing when drastic action needs to be taken, and when not, can help avoid putting newborns at unnecessary risk.
The equipment used in the study was equally non-invasive, so it could be applied to most deliveries, caesarean section and vaginal delivery, with almost no risk to the newborn.
“This new technology not only allows us to see deep inside the lungs, but is also the only method we have to continuously image the lungs without using radiation or interfering with life-saving treatments,” the word Tingay.
“This study has shown that a baby’s lungs are much more complicated than the traditional monitoring methods suggested previously.”