Filipinos now control AI, BPO is now dead? Not yet

It is more fun criticizing

At last, we can say Filipino teams are:

1.   More advanced;

2.  On time.  (product velocity) -  rapid deployment

3.  Safety

This post could not believe this

Credit Suisse problem is a worldwide financial malaise?

It is more fun criticizing

Ulongnuno on Credit Suisse malaise

Manila Times - bank fears spread to Europe

Credit Suisse share prices dived a quarter on account of bad news about Silicon Valley Bank closure

All ready the prices of shares of Paribas and Deutsche  Societe Generalebank dived.

France's Societe Generale SA dropped 12 percent at one point. France's BNP Paribas fell more than 10 percent. Germany's Deutsche Bank tumbled 8 percent and Britain's Barclays Bank was down nearly 8 percent. Trading in the two French banks was briefly suspended.

Credit Suisse is "a much bigger concern for the global economy" than the midsize US banks that collapsed, said Andrew Kenningham, chief Europe economist for Capital Economics.

It has multiple subsidiaries outside Switzerland and handles trading for hedge funds.

"Credit Suisse is not just a Swiss problem but a global one," he said.

Since the CSB has branches elsewhere in Europe and the world, its problems malaise is not confined to Switzerland but around the world.   Gladly the Swiss National Bank promised a liquidity support up to $54 billion

This post may bear marks of nega and being alarmist.  But is this the global collapse that pundits are predicting? Could this be the start of worldwide recession.  ?  Have we braced enough for this.?

Has our country institued countermeasures. ?  But surely not yet since we are so far away yet  

One of the aspects that we should be concerned about this is the foreign remittances by OFW.  With these bank malaise, banks may tighten lending and if closed cause domino effect on the industries they are supporting..   And this may mean reduced inward remittances   Lesser consumer spending locally

Bad for the local economy.  Should we not be concerned?  

Bank stocks being pummeled world wide - could be the start of global recession, sell off, crisis"?

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Credit Suisse Bank woes

Reuters - support from Swiss National Bank to CSB

Three banks closed in USA:   Silvergate, Silicon Valley, and Signature (3S) All ready their closure sent jitters across the globe and contagion might be spreading   Excuse for sounding pessimistic but this is just being realistic.

The CSB (Credit Suisse Bank) dived 30% after its largest  stockholder said it was no longer supporting the bank   The second largest bank saw exodus of deposits of as much as $120 b fled its balance sheet.

While it had no liquidity issues yet, the Swiss Central Bank said it would come to the rescue. The bank is in this situation because of some scandals and bad decisions 

It is not unusual for banks to experience liquidity issues once there is a run (a mass withdrawal) because the fractional reserve system and of lending is not fully backed by 100% liquidty -  it is fractional, hence there will be shortage of funds

They say that when big banks in US and Europe sneeze, the rest of the world goes into convulsion   It is hoped that Asian banks, Philippines are in isolation rooms and would not be affected  ($300 billion asset size failure is not just a sneeze after all!)