Credit Suisse expects to take a roughly $450 million impairment on alternative investment firm York Capital Management's retreat from its core hedge funds business, the Swiss bank said. The Wall Street Journal on Monday reported the New York-based firm had informed employees and investors about plans to leave its original line of business, wind down its European hedge funds business and convert its U.S. hedge fund into one primarily managing internal money. Credit Suisse, which has been an investor in York Capital since 2010, said on Tuesday it expected to take an impairment on its stake in billionaire hedge-fund manager Jamie Dinan's firm in the fourth quarter, which would hit its main capital metric - or common equity tier 1 (CET1) capital ratio - by roughly 7 basis points.
The fourth Mastercard Index of Women Entrepreneurs, which compares the impact of the pandemic on women across 58 economies, found that 87% said they had suffered a knock due to the pandemic.
The Chinese foreign ministry on Tuesday dismissed Pope Francis's criticism of China's treatment of Muslim Uighurs as groundless. In a new book "Let Us Dream: The Path to A Better Future," Pope Francis said: "I think often of persecuted peoples: the Rohingya, the poor Uighurs, the Yazidi." It was the first time he had called China's Uighurs a persecuted people, something human rights activists have been urging him to do for years.