Your Thursday Briefing: Bank fears resurface

Also, South Korea’s leader visits Japan and Russia gears up for more cyberattacks.
Author Headshot

By Amelia Nierenberg

Writer, Briefings

Good morning. We’re covering stock markets hit by the banking turmoil and the first visit by a South Korean president to Japan in 12 years.

Credit Suisse has suffered blow after blow in recent years.Arnd Wiegmann/Reuters

Bank fears deepen

U.S. and European stock markets tumbled yesterday, as investors’ fears over the health of the banking industry resurfaced, undoing Tuesday’s tentative gains. Asian markets mostly closed up or held steady. 

The catalyst for the market turmoil appeared to be Credit Suisse, the mistake-prone Swiss bank. Its shares lost about 24 percent, setting yet another record low. Credit Suisse’s troubles are largely separate from the two failed U.S. banks, and of its own making. 

Trading in Credit Suisse stock was temporarily halted as prices dropped, dragging down shares of European banks. Credit Suisse’s largest shareholder, Saudi National Bank, ruled out providing more money but the Swiss National Bank said that it would financially support Credit Suisse, if necessary.

On Wall Street, the S&P 500 fell 0.7 percent as anxiety persisted over the collapse of Silicon Valley Bank and Signature Bank. The two banks were seized by regulators after runs on deposits.

Related: Nervousness was also apparent in the bond markets, with yields on U.S. government notes falling on expectations that the Federal Reserve could become more cautious about raising interest rates.

President Yoon Suk Yeol of South Korea, left, met Japan’s prime minister, Fumio Kishida, in Cambodia last year.Vincent Thian/Associated Press

South Korea’s leader visits Japan

In a sign that tensions between South Korea and Japan are thawing, President Yoon Suk Yeol is traveling to Tokyo today to meet with Fumio Kishida, the Japanese prime minister. It is the first such visit in 12 years.

The visit is a quick follow-up to last week’s ice-breaking announcement that South Korea would drop its demand that Japanese companies compensate Korean victims of forced labor during World War II. It is a strong indication that the two countries are now willing to cooperate to face rising threats from North Korea and China.

Officials have indicated that the meeting is unlikely to produce significant next steps on issues like lifting Japanese restrictions on technology exports to South Korea. Instead, it’s a test of how well the leaders can assuage domestic opinion about historical grievances.

Diplomacy: Local news media has reported that Kishida will take Yoon for a casual post-dinner drink and a snack of “omu rice,” a Japanese dish that Yoon says he enjoys.

EPA, via Shutterstock

Russia’s cyberoffensive

A hacking group with ties to the Russian government appears to be preparing new cyberattacks on Ukraine, Microsoft said in a report yesterday. The news suggests that Russia’s long-anticipated spring offensive could also include action in cyberspace.

Ukrainian officials say they have recently seen an uptick of more than 10 cyberattacks per day, focusing on the energy sector, logistic facilities, military targets and government databases.

The report also said that Russia appears to be stepping up campaigns to weaken Western support for Ukraine, as a faction from the Republican Party — and some Democrats — argue that supporting Ukraine is not a core U.S. interest.

For now, Germany remains the most decisive battlefield for influence operations, with Moscow hoping to make it more difficult for Berlin to keep sending military aid to Ukraine. Russia has also turned the focus of its influence operations to Ukrainian refugees in Poland, trying to erode support for the war.

Details: Ukraine’s defenses remain strong, U.S. and Ukrainian officials said. Recent evidence shows that the Ukrainians are often a step ahead of Russian efforts to coordinate cyberattacks with physical attacks.

Other updates: 

ADVERTISEMENT

Ad

THE LATEST NEWS

Asia Pacific
James Estrin/The New York Times
Around the World
Other Big Stories
Science Times
Cristobal Herrera-Ulashkevich/EPA, via Shutterstock
  • Giant pythons are spreading through Florida. A report called the problem “one of the most intractable invasive-species management issues across the globe.”
  • Our heartbeats may shape our perception of time, a study found. 
  • Marlena Fejzo’s doctor dismissed her pregnancy-related disease. She made it her life’s work to find its true cause.
A Morning Read
Michael Houtz

Millennials are hitting middle age, Jessica Grose writes in an Opinion essay. After overlapping economic crises, growing fears about democracy, multiple wars and a pandemic, the generation’s once-mocked optimism has deflated. In the U.S., a sense of precariousness has taken root instead.

“Who has midlife crisis money?” one person said. “That’s a boomer problem, not a millennial problem. We just increase our Lexapro.”

Subscribe Today

We hope you’ve enjoyed this newsletter, which is made possible through subscriber support. Subscribe to The New York Times with this special offer.

ARTS AND IDEAS

The joys of zero-waste cooking

Karsten Moran for The New York Times

How’s your vegetable drawer? Mine is … wilting. I’ve got wiggly celery and dried-out cabbage. I don’t know how to use them, but I don’t want to compost them, either.

I’m hardly alone, but I’ve got resources. Several new cookbooks celebrate the resourcefulness of breathing life into every last leftover. Even cookbooks that don’t focus entirely on no-waste cooking seem to be pushing its principles forward, with more recipes for using the entirety of fruits and vegetables — corn cobs, apple cores, spent lemons.

“Trying to waste as little as possible is a creative act, undervalued only because it happens in the realm of the home kitchen,” my colleague Tejal Rao writes. “No-waste cooking is just another way of maximizing the pleasures of your food, of making the most out of the least. It’s not a trend — it’s what cooking is, most of the time, without requiring any kind of special name.”

Try it: Check out “The Everlasting Meal Cookbook,” Tamar Adler’s new encyclopedia of frugal cooking. Tejal particularly liked the organization of “Use It All: The Cornersmith Guide to a More Sustainable Kitchen,” a 2021 Australian cookbook that groups recipes with a loose shopping list.

For more: Here are tips to reduce food waste.

PLAY, WATCH, EAT

What to Cook
Linda Xiao for The New York Times

Check out these 24 kid-friendly recipes.

What to Read

Books to take you through Miami.

What to Watch

Here’s where to stream the Oscar winners.

Wellness

Forget bubble baths and crystals. Here are real self-care tips.

Now Time to Play

Play the Mini Crossword, and here’s a clue: Blackens on the grill (five letters).

Here are the Wordle and the Spelling Bee.

That’s it for today’s briefing. See you next time. — Amelia

P.S. U.S. troops killed unarmed South Vietnamese civilians 55 years ago today in what is known as the My Lai massacre.

The Daily” is on the lab leak theory.

We’d like your feedback! Please email thoughts and suggestions to briefing@nytimes.com.

ADVERTISEMENT

Ad

Need help? Review our newsletter help page or contact us for assistance.

You received this email because you signed up for Morning Briefing: Asia Pacific Edition from The New York Times.

To stop receiving Morning Briefing: Asia Pacific Edition, unsubscribe. To opt out of other promotional emails from The Times, manage your email preferences.

Subscribe to The Times

Connect with us on:

facebooktwitterinstagram

Change Your EmailPrivacy PolicyContact UsCalifornia Notices

LiveIntent LogoAdChoices Logo

The New York Times Company. 620 Eighth Avenue New York, NY 10018

Key phrases

Older messages

Your Wednesday Briefing: A downed U.S. drone

Tuesday, March 14, 2023

Also, US markets seem to stabilize and Xi Jinping tightens his control over China's economy. View in browser|nytimes.com Continue reading the main story Marquee Ad Morning Briefing, Asia Pacific

Your Tuesday Briefing: A U.S. banking crisis

Monday, March 13, 2023

Also, Russia is set to face war crimes charges and China's new premier seeks to reassure investors. View in browser|nytimes.com Continue reading the main story Marquee Ad Morning Briefing, Asia

Your Monday Briefing: China’s Saudi-Iran deal

Sunday, March 12, 2023

Also, Xi Jinping loyalists stack China's leadership and Australia revives an Aboriginal alcohol ban. View in browser|nytimes.com Continue reading the main story Marquee Ad Morning Briefing, Asia

Your Friday Briefing: Australia’s U.S. nuclear submarine deal

Thursday, March 9, 2023

Also, Russia hits targets across Ukraine. View in browser|nytimes.com Continue reading the main story Marquee Ad Morning Briefing, Asia Pacific Edition March 10, 2023 Author Headshot By Amelia

Your Thursday Briefing: Covid origins hearing opens in the U.S.

Wednesday, March 8, 2023

Also, protests in Georgia and armed villagers in Kashmir. View in browser|nytimes.com Continue reading the main story Marquee Ad Morning Briefing, Asia Pacific Edition March 9, 2023 Author Headshot By

You Might Also Like

Numlock News: March 29, 2024 • Trading Cards, Kite Fights, Breadfruit

Friday, March 29, 2024

By Walt Hickey Have a great weekend! Kite Fighting A popular competitive sport in Brazil is kite fighting, where competitors try to cut down their opponents kites while avoiding getting their own kite

☕️ Floppy-haired fraudster

Friday, March 29, 2024

SBF is sentenced to 25 years... March 29, 2024 View Online | Sign Up | Shop Morning Brew PRESENTED BY Impact.com Good morning. Today marks one year since Evan Gershkovich, a 32-year-old American Wall

AI hallucinates software packages and devs download them – even if potentially poisoned with malware [Fri Mar 29 2024]

Friday, March 29, 2024

Hi The Register Subscriber | Log in The Register {* Daily Headlines *} 29 March 2024 Illustration of someone in a hoodie looking at a bench with a cloud over it AI hallucinates software packages and

What A Day: Clown by law

Friday, March 29, 2024

Trump's lawyers are having another rough one. And the mainstream media could learn a lesson from the legal world about handling corruption. Thursday, March 28, 2024 BY CROOKED MEDIA —Steve Bannon,

🌶️ Is it getting hot in here?

Friday, March 29, 2024

Introducing our theme for April plus fun stuff to read, watch, and click on. March 28, 2024 Open in new tab Did a friend forward this? Subscribe today! April's Theme is SPICY It was chosen by our

What 58 Famous People Smell Like

Friday, March 29, 2024

Here's what you missed on the Strategist. The Strategist Every product is independently selected by editors. If you buy something through our links, New York may earn an affiliate commission. What

Trump Would Need New Tactics to Steal the 2024 Election

Thursday, March 28, 2024

Columns and commentary on news, politics, business, and technology from the Intelligencer team. Intelligencer early and often Trump Would Need New Tactics to Steal the 2024 Election Many avenues Trump

Let’s go fast

Thursday, March 28, 2024

Plus: The worst cleaning tool we've ever tried ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Friday Briefing: Sam Bankman-Fried gets 25 years

Thursday, March 28, 2024

Plus, three video game adventures for the weekend. View in browser|nytimes.com Continue reading the main story Ad Morning Briefing: Asia Pacific Edition March 29, 2024 Author Headshot By Justin Porter

Elevate Your Events: Exclusive Discount Inside!

Thursday, March 28, 2024

Explore the future of events at #NWES2024, April 3-4 in Seattle! GeekWire is pleased to present this message to our Pacific NW readers. Explore the future of events at #NWES2024, April 3-4 in Seattle!