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UBS buys Credit Suisse in bid to stave off banking crisis

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UBS buys Credit Suisse in bid to stave off banking crisis


London
CNN
—

Switzerland’s biggest bank UBS agreed earlier this month to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming the financial market panic unleashed by the failure of two US banks.

“UPS today announced the acquisition of Credit Suisse,” the Swiss National Bank said in a statement. It said the rescue would “protect financial stability and the Swiss economy”.

UBS is paying 3 billion Swiss francs ($3.25 billion) for Credit Suisse, about 60% less than the bank was valued at when markets closed on Friday. Credit Suisse shareholders will be largely wiped out, receiving the equivalent of just 0.76 Swiss francs in UBS shares worth 1.86 Swiss francs on Friday.

Unusually, the deal does not require shareholder approval after the Swiss government agreed to change the law to remove any uncertainty about the deal.

Swiss debt

(CS) Losing the trust of investors and customers over the years. In 2022, it posted its worst loss since the global financial crisis. But confidence plummeted last week after it admitted to “material weakness” in its accounting and the demise of Silicon Valley Bank and Signature Bank fueled fears of weaker institutions at a time when rising interest rates undermine the value of some financial assets.

Shares of the 167-year-old bank fell 25% in the week as money poured out of the investment funds it manages and at one point account holders were withdrawing more than $10 billion in deposits a day, the Financial Times reported. A nearly $54 billion emergency loan from the Swiss National Bank failed to stem the bleeding.

But Swiss officials said on Sunday night that they had “bridged” until the end of the week to allow rescue efforts to be coordinated.

“This acquisition is attractive to UBS shareholders, but, as far as Credit Suisse is concerned, it is an emergency rescue,” UBS chairman Colm Kelleher told reporters.

“This is absolutely necessary for Switzerland’s financial structure and … for global finance,” he told reporters.

Desperate to prevent the spread of the global financial system on Monday, Swiss authorities began a search for a private-sector solution, with limited state support, reportedly considering Plan B — full or partial nationalization.

“In the recent unusual and unprecedented circumstances, the announced merger represents the best available decision,” Credit Suisse Chairman Axel Lehman said in a statement.

“These are very challenging times for Credit Suisse, and while the team has worked tirelessly to resolve a number of significant legacy issues and implement its new strategy, we are compelled today to reach a solution that delivers a lasting result.”

The emergency takeover was agreed after a day of frantic negotiations involving financial regulators in Switzerland, the United States and the United Kingdom. UPS

(UPS) And Credit Suisse ranks among the 30 most important banks in the global financial system, with assets of nearly $1.7 trillion.

Financial market regulators around the world cheered UBS’s move to take over Credit Suisse.

US officials said they supported the move and worked closely with the Swiss central bank to facilitate the acquisition.

“We welcome today’s announcements by the Swiss authorities to support financial stability,” US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell said in a joint statement. “U.S. capital and liquidity levels. The banking system is strong, and the U.S. financial system is resilient.

European Central Bank President Christine Lagarde said the banking sector remains resilient, but the ECB is ready to help banks hold enough cash to fund their operations if needed.

“I welcome the swift action and decisions taken by the Swiss authorities,” Lagarde said. “They are instrumental in restoring orderly market conditions and ensuring financial stability.

The Bank of England said it welcomed measures taken by Swiss authorities to “support financial stability”.

“We have been closely engaged with international counterparts throughout the preparations for today’s announcements and will continue to support their implementation,” it said in a statement. “The UK banking system is well capitalized and funded, and is safe and sound.”

The global headquarters of UBS and Credit Suisse are just 300 yards away in Zurich, but the banks’ fortunes have recently taken a different path. Shares of UBS have risen 15% over the past two years, and are forecast to generate $7.6 billion in profits by 2022. According to Refinitiv, the stock had a market capitalization of $65 billion on Friday.

Credit Suisse shares have lost 84% of their value over the same period, and last year it posted a loss of $7.9 billion. It was worth just $8 billion at the end of last week.

The newly merged giant will be led by UBS CEO Ralph Hamers.

Since 1856, Credit Suisse has its roots in the Schweizerische Kreditenstalt (SKA), which was set up to finance the expansion and industrialization of Switzerland’s railway network.

As well as being Switzerland’s second largest bank, it oversees the wealth of many of the world’s richest people and provides global investment banking services. It will have more than 50,000 employees by the end of 2022, 17,000 of them in Switzerland.

The Swiss National Bank said it would lend 100 billion Swiss francs ($108 billion) to UBS and Credit Suisse to boost liquidity.

UBS Chief Executive Ralph Hammers will be CEO of the combined bank, and Kelleher will serve as chairman.

The acquisition will strengthen UBS’s position as the world’s leading wealth manager with $5 trillion in invested assets, and boost its growth in the Americas and Asia. UBS said it will generate $8 billion in annual cost savings by 2027. Credit Suisse’s investment bank is at a crossroads.

“Let me be clear. “UBS intends to divest Credit Suisse’s investment banking business and align it with our conservative risk culture,” Kelleher said.

UBS is offering to buy Credit Suisse for up to $1 billion, the Financial Times reported.

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UBS is offering to buy Credit Suisse for up to billion, the Financial Times reported.
  • The sale to UBS, which could be signed this evening, values ​​Credit Suisse $7 billion below its market value at Friday’s close.
  • It comes after Credit Suisse shares posted their worst weekly decline since the start of the coronavirus pandemic.
  • This is despite an announcement that it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss central bank.

Sep. A customer walks towards an automated teller machine (ATM) inside a Credit Suisse Group AG bank branch in Geneva, Switzerland, Thursday, Jan. 1, 2022.

Jose Sendon | Bloomberg | Good pictures

Swiss banking giant UBS on Sunday offered to buy rival Credit Suisse for up to $1 billion. According to the Financial Timesciting four people with direct knowledge of the situation.

The deal, which the FT said could be signed on Sunday evening, values ​​Credit Suisse about $7 billion below its market value at Friday’s close.

The FT said the price per share paid in UBS stock was 0.25 Swiss francs ($0.27). Shares of Credit Suisse closed at 1.86 Swiss francs on Friday. The fast-moving nature of negotiations may mean that the terms of any final agreement may differ from those announced.

Credit Suisse is reportedly rejecting the offer, however, arguing that it is too low and would affect shareholders and employees. People familiar with the matter told Bloomberg.

Credit Suisse declined to comment on the reports when contacted by CNBC.

The UBS offer comes after Credit Suisse shares posted their worst weekly decline since the start of the coronavirus pandemic, despite an announcement that they could borrow up to 50 billion Swiss francs ($54 billion) from the Swiss central bank.

It was already struggling with a series of losses and scandals, and last week’s collapse of Silicon Valley Bank and the closing of Signature Bank in the US sent shares tumbling.

Credit Suisse’s size and potential impact on the global economy far exceeds that of American banks. The Swiss bank’s balance sheet is more than double what it was when Lehman Brothers collapsed, at around 530 billion Swiss francs at the end of 2022. It is highly interconnected with many international subsidiaries – making the orderly management of Credit Suisse’s position even more critical.

Credit Suisse lost about 38% of its deposits in the fourth quarter of 2022, and revealed in its delayed annual report earlier last week that the outflows had not yet reversed. It reported a full-year net loss of 7.3 billion Swiss francs for 2022 and expects a further “significant” loss in 2023.

The bank previously announced a major strategic shift in an effort to address these chronic issues, with current CEO and Credit Suisse veteran Ulrich Koerner taking over in July.

This is a growing story. Check back for updates.

Trey Turner’s grand slam sent USA into the semifinals

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Trey Turner’s grand slam sent USA into the semifinals
MIAMI, FLORIDA - MARCH 18: Trey Turner #8 of Team USA hits a grand slam in the 8th inning during the 2023 World Baseball Classic quarterfinal game between Team USA and Team Venezuela on March 18, 2023 at Lone Depot Park in Miami. Florida (Photo by Gene Wang/Getty Images)
Trey Turner delivered for Team USA with an eighth-inning grand slam on Saturday in Miami. (Photo by Gene Wang/Getty Images)

Trey Turner blew up an arena on Saturday in Miami.

Behind an eighth-inning grand slam from the Philadelphia Phillies shortstop, Team USA defeated Venezuela 9-7 to advance to the semifinals of the 2023 World Baseball Classic.

The Americans entered the inning 7-5 and six out of elimination after taking a three-run lead in the fifth. Venezuelan reliever Jose Quijada, who halted an American rally in the previous frame, quickly ran into trouble with Pete Alonso’s single, Tim Anderson’s walk and JD Realmuto’s hit-by-pitch.

Venezuela then replaced Silvino Bracho, who faced a daunting task: bases loaded, going to face Turner, Mookie Betts and Mike Trout, if Paul Goldschmidt and Nolan Arenado were ugly. He started well, going 0-2 on Turner, but then he hung a changeup, well, see for yourself:

Turner knew it right off his bat, and he made sure the American dugout knew it too:

Turner was asked after the game what place the moonshot held in his career. he said “It might be No. 1 homer-wise,” and he couldn’t think of a better one.

So good for the quarter-finals of a tournament that it doesn’t matter.

Venezuela beat the USA from there, but had to make up two runs. They were already on their way to a big win as they scored four runs in the fifth inning after Daniel Bart lost his command and opened the door for Venezuela to take the lead. However, they lost star second baseman Jose Altu on a hit-by-pitch in the process.

Before Turner’s slam, most of Team USA’s runs came in the first inning, and they should have scored more. The U.S. opened the game with five straight singles, but Kyle Tucker’s one out on the basepaths gave Venezuela a break and stopped the bleeding.

The win sets the USA up for a semifinal game against Cuba at 7 pm ET Sunday (FS1).

Biden calls arrest warrant for Putin ‘justified’: Ukraine Live Updates

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Biden calls arrest warrant for Putin ‘justified’: Ukraine Live Updates

Trump said he would be arrested on Tuesday

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Trump said he would be arrested on Tuesday


Washington
CNN
—

Former President Donald Trump is expected to be arrested next week in connection with an investigation by the Manhattan district attorney, and has called for protests as a result.

In a social media post on Saturday, Trump, referring to himself, said, “The leading Republican candidate and former President of the United States will be arrested next week on Tuesday.”

“Resist, take back our nation,” he wrote.

While Trump has not provided any details on why he expects to be indicted, his legal team expects it to happen soon and is preparing behind the scenes for the next steps. The former president is expected to present himself in Manhattan following the formal allegations, and he has expressed interest in giving a speech, although it remains to be seen if he ultimately does.

According to a source familiar with Trump’s statements, Trump has privately complained that he believes he is going to be indicted because he thinks Manhattan District Attorney Alvin Brock “hates him.”

Some of Trump’s advisers have privately urged him not to call for protests, such as the optics of a mass protest on the streets of Manhattan growing out of control, or the January 6, 2021, attack on the US Capitol.

CNN previously reported that meetings between city, state and federal law enforcement agencies have been underway in New York City all week about how to prepare for a possible indictment of Trump.

This is a breaking story and will be updated.

Fairleigh Dickinson, rarely in the NCAA Tournament, upset Purdue in a shocker

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Fairleigh Dickinson, rarely in the NCAA Tournament, upset Purdue in a shocker

COLUMBUS, Ohio – Fairleigh Dickinson, the No. 16 seed in men’s college basketball, delivered a stunning NCAA Tournament upset over top-ranked Purdue and its 7-foot-4 big man Zach Eddy on Friday. March Madness is the underdog.

The game brought excitement and frenzy to Nationwide Arena, the NHL home of the Blue Jackets, where thousands of Purdue fans from across the border in Indiana flocked to watch their Big Ten championship-winning team begin a long march to the Final Four.

Instead, when the final buzzer sounded, Fairleigh Dickinson players ran to midcourt, shouted wildly and formed a scrum in front of their fans using cell phone cameras to record the most important victory in the school’s athletic history. The team’s coaches and staff jumped into each other’s arms. Most of the crowd stood there and watched.

“I can’t even explain it. I’m in shock right now,” junior forward Sean Moore, who led Fairleigh Dickinson with 19 points, said after the game’s final, with his team on top 63-58. “I couldn’t believe it.”

It was just the second time a No. 16 seed has defeated a No. 1 men’s single-elimination tournament since the University of Maryland Baltimore County beat Virginia by 20 points in 2018. On the women’s side, 16th-ranked Harvard defeated No. 1 Stanford in the 1998 tournament.

FDU, located in Teaneck, NJ, across the Hudson River from upper Manhattan, had never advanced to the second round of the tournament before Friday. The Knights had to defeat Texas Southern in a play-in game on Wednesday for the right to play winner Purdue in the Big Ten Tournament on Sunday.

“If we had played them 100 times, they could have beaten us 99 times,” FDU’s first-year coach Tobin Anderson said after the game. His team — short, young and a 23-point underdog — “has to be unique,” he said. “We have to be unconventional.”

Purdue struggled in every facet of the game. Usually sharp from long range, the Boilermakers shot less than 20 percent from the 3-point line. And while they outscored their narrow opponent, FDU grabbed 11 crucial offensive rebounds that slowed Purdue as it tried to regain control.

Purdue often allowed FDU’s rotation of small guards, who entered and exited plays like a hockey team, sliding around screens to get easy looks at the basket. However, FDU, which led most of the game, was inconsistent, shooting less than 40 percent.

But its defense ran more than 250 plays against Purdue’s elaborately designed offense, including routine full-court presses and double teams from Eadie.

“A lot of times they have a guy guarding from behind and a guy basically sitting on my lap,” Edey, the national player of the year, said with frustration after the game. He finished with 21 points and 15 rebounds, a normally commanding stat line that felt meaningless Friday night.

said Matt Painter, Purdue’s coach since 2005. “They played better than us,” he said. “They coached better than us.”

“They are wonderful,” said the painter.

It’s the third year in a row that Purdue has lost by double digits in the NCAA Tournament, a sign that Friday’s loss may not have been complete. But its loss to FDU amounts to the worst defeat for an organization that prioritizes local, unheralded recruits without the NBA hype of top-ranked players drawn to other college basketball powers. Purdue, which has focused on developing players for years, has largely rejected the transfer portal that other top programs have traded with to deepen their rosters.

That idea was a stubborn point of pride for Painter, who has reached the round of 16 six times but never advanced to the final four. His team “did things the right way” this season, he said Friday.

After being ranked the nation’s top team for a total of seven weeks this season, the second year in a row the program reached the top spot, Purdue’s players believed they were in position to win a national championship. Mason Gillis, a starting forward, said Thursday as much as his team is ready for FDU “We have the pieces,” he said confidently.

FDU has one of the most unlikely wins in college basketball. It’s the shortest team in Division I — 363 out of 363 teams — averaging just 6-foot-1. Almost every Purdue player gained significant height, including Eddy, a guard who was a full foot shorter.

FDU finished 4-22 last season and was ranked sixth in its conference’s preseason coaches poll. Rebounded with 20 wins this season. The Knights claimed the Northeast Conference’s automatic bid, but they didn’t actually win their conference tournament. They fell in the finals to Merrimack, which is transitioning from Division II and did not qualify for the NCAA Tournament.

Anderson, FDU’s coach, warned that his team could match Purdue in a postgame celebration after Wednesday’s win, a belief that ranked Purdue ahead of the competition. “The more I watch Purdue, the more I think we can beat them,” Anderson said in the team’s locker room after Wednesday’s game.

He said Friday that he felt bad about the perceived slight. But his players suggested their coach was checked. “We showed why we’re here,” said 5-foot-8 guard Demetrius Roberts, who ran around Purdue’s taller guards en route to 12 key points.

“We all have a chip on our shoulder,” Anderson said.

A year ago, Anderson was the head coach at St. Thomas Aquinas, a Division II school in New York, NY, where he coached Moore. Painter praised Andersen as a “grinder” after Friday’s upset.

Purdue’s fans outnumbered FDU’s supporters, filling the arena with noise as its iconic Purdue Pete marched around the court to inspire the school’s many followers. But as the game progressed, FDU kept it close, and chants of “FDU” began to ring out from the Knights’ modest fans and the partisans of Memphis and Florida Atlantic. Friday night.

Purdue regained control of the game in the first 10 minutes of the second half, which hinged heavily on Eddy, who often threw craps balls toward his teammates like a volleyball player.

Anderson described the recipe for neutralizing Eddie: stifling his teammates. Eddy, Anderson pointed out, has performed similarly well in Purdue’s wins and losses. The difference is having a group of talented players around ED to control them from deep or when ED is double- or triple-teamed to the hoop. When Eddy’s supporting cast struggles, his team struggles, Anderson said.

Eddie made several emphatic dunks in the second half as he worked to take control of the game, roaring after layups. The Boilermakers took a 6-point lead that was seemingly insurmountable. The apprehensive looks Purdue coaches shot at each other seemed easy.

But FDU, brave and relentless, scored 8 unanswered points to take back control. The rest of the game was a tense back-and-forth, with the score mostly within a single possession. Fletcher Lower, Purdue’s short-shooting freshman guard, hit two crucial 3-point shots. Moore answered with a 3-pointer of his own with a minute left, effectively sealing his team’s lead.

Painter said he failed to adjust as his team was badly shot and struggled to break free from FDU’s defensive traps. “When people pressure you like that, you’ve got to get layups,” he said. “You have to get wide-open shots.”

He seemed to absorb the shock waves that Purdue’s loss sent through the contest: More than 96 percent of fans picked Purdue to win the game in the ESPN bracket, and Zero correct men’s brackets were left On site after Friday night.

“You’re going to be made fun of. You’re going to be embarrassed,” Painter said. “It’s basketball.”

Purdue had a chance to tie the game with 10 seconds left. But FDU mounted a final stand of its ferocious defense, trapping Lauer, who attempted a desperation shot that Edey missed badly as he watched from the low post.

Lower sat alone at his locker after the game, staring ahead, stunned. It was the kind of shot he had dreamed of, he said.

Billy Witts contributed reporting.

Lance Reddick, star of ‘The Wire’ and ‘John Wick,’ dies at 60

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Lance Reddick, star of ‘The Wire’ and ‘John Wick,’ dies at 60

Lance Reddick, who rose to fame playing the police chief in the Baltimore crime drama “The Wire” and later starred in the “John Wick” film franchise and the Amazon series “Bosch,” died Friday. He is 60 years old.

His death was confirmed by his publicist Mia Hansen. No reason was given.

Lt. Cedric Daniels, the principle head of the investigative unit on “The Wire,” Mr. Reddick gained widespread attention, the hit HBO series, praised for its realistic and often gritty portrayal of policing, crime, education and other aspects of life. Premiere in Baltimore, June 2, 2002.

Mr. Reddick appeared as Philip Broyles on the Fox drama “Fringe,” as General Caulfield on “White House Down,” and as police officer Irwin Irving in more than 60 episodes of the Los Angeles police show “Bosch.” The Harry Bosch Novels by Michael Connelly.

He also worked on video games, most notably Horizon Zero Dawn and its sequel, and the Destiny franchise.

In 2019, Mr. Reddick says, “Range is always what I strive for. The characters I play, even in their diversity, are very intense. But they’re all very different guys.

He is survived by his wife, Stephanie Reddick; a daughter, Yvonne Nicole Reddick; and a son, Christopher Reddick.

A full obituary will appear soon.

Bowden: After Edwin Diaz’s injury, the Mets have trade options

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Bowden: After Edwin Diaz’s injury, the Mets have trade options

The Mets have a legitimate shot at winning the World Series. Even after the devastating injury to their closer Edwin Diaz, that’s why they need to explore the trade market soon. Rather later.

They were aggressive in the offseason and struck early to prevent Diaz from reaching free agency, signing him to a five-year, $102 million contract. But Puerto Rico’s worst nightmare came Wednesday when Díaz, arguably the best in the game, injured his right knee during a celebration after a victory propelled them into the quarterfinals of the World Baseball Classic. On Thursday, he underwent surgery on his right patellar tendon, which comes with a general recovery timeline of eight months, ruling him out for the entire season.

The margins are pretty tight in the National League East, the toughest division in baseball. The Mets won 101 games last year, but were edged by the Braves at the wire. This year, the East is expected to be a season-long battle, with the Braves and Phillies capable of winning the division and the World Series.

Therefore, it is important to address the closer role for the Mets. They have options to fill the void left by Diaz’s injury, including a pair of in-house relievers: David Robertson, 37, has 157 career saves and totaled 20 last season for the Cubs and Phillies; Adam Ottavino, 37, has 33 career saves, including 11 for the Red Sox in 2021. Robertson may be eligible for the first shot in this role, but if the Mets go with in-house options early on, I’m guessing manager Buck Showalter will use some. Group based on best matches.

However, I think the Mets’ best play would be a closer trade. I’m not suggesting they do it right away, nor that they “overpay” by offering any of their top five prospects. But I think their farm system is deep enough to make trades appealing to both teams if they focus strictly on trade targets over non-contending teams that are rebuilding.

Here are six trade targets general manager Billy Eppler could consider as the Mets begin the 2023 season without Diaz.

(Statistics are for the 2022 season unless otherwise noted. WAR is by Baseball Reference.)

1. Daniel Bart, RHP, Rockies

Age: 37
HT: 6-4 WT: 215
War: 3.8 WL: 6-4 Era: 1.79 SV: 34
G: 57 GF: 48 IP: 60 1/3 Therefore: 69 BB: 25 whip: 0.994

The Rockies are picked by most to finish last again, so there’s little reason for them to keep the 37-year-old closer. Daniel Bart had a tremendous 2022 season, averaging 98 mph on his fastball, and posting an average of 88 mph on his slider. Bard’s fastball spin rate and fastball velocity each ranked in the 97th percentile. His xERA/xwOBA was in the 95th percentile and his barrel% was in the 89th percentile. He posted a 1.59 ERA on the road and a 1.97 ERA at home, a split close to the Coors Field factor. Bart signed a two-year, $19 million contract through 2024.

2. Alexis Díaz, RHP, Reds


Alexis Diaz (Charles LeClair/USA Today)

Age: 26
HT: 6-2 WT: 224
War: 3.1 WL: 7-3 Era: 1.84 SV: 10
G: 59 GF: 20 IP: 63 2/3 Therefore: 83 BB: 33 whip: 0.958

I’m not sure there’s a better way for the Mets to replace Edwin Diaz in a closer role than to temporarily buy out his brother Alexis. If the Reds are “all-in” on their rebuild and they can “win” a prospect trade, GM Nick Krall needs to pull the trigger. If the Mets land Alexis Diaz, he could be used primarily as a set-up man in front of Robertson and given a chance to earn the closer’s role. Díaz is a two-pitch reliever with a 96 to 98 mph fastball and a hard 87 mph slider. Last season, opponents hit .127 against his four-seamer and .133 against his slider. His fastball spin rate is in the 100th percentile and his whiff% is in the 97th percentile. The trade cost for Diaz, who is not arbitration eligible until 2025, would be steep.

3. Scott Barlow, RHP, Royals

Age: 30
HT: 6-3 WT: 210
War: 2.8 WL: 7-4 Era: 2.18 SV: 24
G: 69 GF: 47 IP: 74 1/3 Therefore: 77 BB: 22 whip: 0.996

Scott Barlow relies heavily on his secondary pitches, throwing his 84 mph slider nearly 45 percent and his curveball 31 percent, and for good reason: Opponents are hitting just .189 against the slider and .138 against the curveball. He was solid in the closer role for Kansas City, converting 24 of 28 save opportunities last year. The Royals signed Aroldis Chapman in the offseason and could use him as their closer if they deal Barlow, who is under team control for two years.

4. David Bettner, RHP, Pirates


By David Bettner (Charles LeClair/USA Today)

Age: 28
HT: 6-1 WT: 250
War: 1.3 WL: 3-4 Era: 2.61 SV: 19
G: 45 GF: 34 IP: 51 2/3 Therefore: 69 BB: 16 whip: 1.123

David Bettner has two of his best secondary pitches, the curveball and split-finger, in the 96 to 97 mph range. Last year opposing hitters hit .245 against his fastball, .190 against his curveball and .182 against his split-finger. His whiff% ranked in the 92nd percentile, his fastball rate was in the 89th percentile and his K% was in the 94th percentile. Several teams have inquired about Bednar’s availability over the past year, but the Pirates’ asking price is high. (Bedtner remains under team control for four more seasons.) Still, with Pittsburgh rebuilding and still having ways to compete, it’s hard to imagine the Mets couldn’t find a way to land him.

5. Alex Lange, RHP, Tigers

Age: 27
HT: 6-3 WT: 202
War: 0.4 WL: 7-4 Era: 3.41 SV: 0
G: 71 GF: 11 IP: 63 1/3 Therefore: 82 BB: 31 whip: 1.232

President of baseball operations Scott Harris traded his two best relievers — Gregory Soto and Joe Jimenez — in the offseason to improve the Tigers’ everyday position-player group. With Detroit in the midst of a complete team overhaul, there’s no reason to stop dealing Harris now. Alex Lange is the best reliever left in the Tigers’ bullpen. He throws a 96 to 97 mph fastball, an 85 mph curveball and a hard changeup. Last year his Whiff% was in the 100th percentile, his chase rate was in the 95th percentile and his average exit velocity was in the 93rd percentile. Opponents hit .190 against his curveball and .118 against his changeup. Lange will not be arbitrator eligible until 2025.

6. Aroldis Chapman, LHP, Royals


Aroldis Chapman (Joe Camporeale)

Age: 35
HT: 6-4 WT: 218
War: -0.2 WL: 4-4 Era: 4.46 SV: 9
G: 43 GF: 19 IP: 36 1/3 Therefore: 43 BB: 28 whip: 1.431

If the Mets don’t like the asking prices on the five relievers above, do what the Royals are doing now and look at Aroldis Chapman. I recently asked Royals GM JJ Piccolo about Chapman, and he was positive: “Aroldis has worked really hard this offseason to get a repeat of his delivery from a few years ago, and so far (this spring) he’s been great. The fastball tops out at 98 to 99 (mph) and his slider is good. He uses both his transition and split effectively and gains a lot of confidence. If the Mets can’t make a deal with Kansas City for Barlow, how about Chapman? We know he can handle the New York market and he has a chip on his shoulder and wants to prove he can bounce back. Well, maybe the Mets would consider a trade if he agreed not to get a tattoo in the offseason?

(Top photo by Daniel Bard: Robert Edwards / USA Today)

Banks take advantage of central bank crisis loan schemes

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Banks take advantage of central bank crisis loan schemes

Signed outside Signature Bank Branch in New York, USA on Monday, March 13, 2023.

Stephanie Keith | Bloomberg | Good pictures

Financial institutions took billions in short-term loans from the Federal Reserve this week as the industry grapples with a severe crisis of confidence and liquidity, the central bank said Thursday.

Banks looking for cash infusions borrowed $11.9 billion from the Bank Term Fund program, using tools the central bank released on Sunday. Under the facility, banks can get a one-year loan on favorable terms in exchange for high-quality collateral.

Most banks took a more traditional route, using the central bank’s discount window under slightly less favorable terms, borrowing at $148.2 billion per week. The discount window offers loans up to 90 days, while the BTFP period is for one year. However, the central bank relaxed the conditions in the discount window to make it more attractive to borrowers who need operational funding.

There was a big jump in bridge loans, made over a short period of time, totaling $142.8 billion, primarily to now-shuttered companies so they could meet their obligations to depositors and other expenses.

The data comes days after regulators shut down Silicon Valley Bank and Signature Bank, two firms favored by the high-tech community.

Fearing that customers who exceeded the $250,000 Federal Deposit Insurance Corporation guarantee would lose their money, regulators offered to withdraw all deposits.

The plans boosted the total amount on the Fed’s balance sheet by about $297 billion.

US threatens to sanction Chinese parent company Byte Dance if it doesn’t sell shares

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US threatens to sanction Chinese parent company Byte Dance if it doesn’t sell shares
  • Washington has asked TikTok’s Chinese parent ByteDance to divest its stake in the short video app or face a ban in the US, CNBC has confirmed.
  • A person familiar with the matter, who requested anonymity due to the sensitivity of the situation, told CNBC that TikTok had been contacted by CFIUS.
  • The US has several concerns about TikTok and the app poses a national security risk.

Washington has asked TikTok’s Chinese parent ByteDance to divest its stake in the short video app or face a ban in the US, CNBC has confirmed.

TikTok spokesperson Brooke Oberwetter said Reuters The company recently applied to the Committee on Foreign Investment in the United States (CFIUS). The committee told ByteDance to sell its stake in TikTok or face a US ban on the app.

Neither Oberwetter nor the US Treasury Department were immediately available for comment when contacted by CNBC.

A person familiar with the matter, who requested anonymity because of the sensitivity of the situation, told CNBC that TikTok has been contacted by CFIUS, but that the company is seeking further clarification from Washington.

The Wall Street Journal was first reported American action.

The US has several concerns about TikTok and the app poses a national security risk. Washington is concerned that US user data on TikTok could fall into the hands of the Chinese government if the companies are required to hand over information to Beijing because of a law in China. TikTok has repeatedly said it does not store US user data in China where those laws apply.

Washington is also concerned that TikTok could be used for China’s influence activities.

A TikTok spokesperson said divesting the business would not address U.S. concerns.

“If the goal is to protect national security, debundling does not solve the problem: a change in ownership does not impose new restrictions on data flows or access,” the spokesperson said.

“The best way to address national security concerns is transparent, U.S.-based protection of U.S. user data and systems, along with the robust third-party monitoring, verification, and validation we already have in place.”

This is not the first time that TikTok has faced an outright ban, with former US President Donald Trump trying to ban the short video app in 2020 and then removing TikTok from Byte Dance. US courts blocked Trump’s efforts.

Washington has reportedly told TikTok that its Chinese parent company, ByteDance, must ditch the short video app or face a ban in the US.

CFOTO | Future release | Good pictures

TikTok tried to reassure US lawmakers that US user data was safe. In June of last year, it moved all of its US user traffic to Oracle’s cloud. Reuters reported in December that TikTok also gives Oracle the ability to inspect some of the app’s code. Oracle has also been tasked with ensuring that TikTok’s technology infrastructure is separate from ByteDance, Reuters reported.

So far these measures appear to have done little to calm US fears. In February, the White House gave government agencies 30 days to ensure that TikTok was not installed on official devices.

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