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UBS takes over Credit Suisse in move to calm the markets

UBS to acquire Credit Suisse for $3.25 billion in a bid to prevent economic turmoil from spreading throughout Switzerland and beyond, with the deal receiving support from Washington, Frankfurt, and London. The acquisition creates Switzerland’s largest banking giant, raising concerns over possible layoffs.

China’s Xi plays peacemaker on Russia visit

Chinese President Xi Jinping is visiting Russia, with hopes of resolving the conflict in Ukraine as part of a broader push to establish China as a peacemaker. Xi has been instrumental in mediating the surprise rapprochement between Iran and Saudi Arabia this month. Reports suggest that Xi may use his meeting with Russian President Vladimir Putin to lean on him to stop the bloody invasion in Ukraine, which has raised hopes in Western capitals. China, a major Russian ally, has long sought to position itself as a neutral party to the conflict.

UBS in talks to acquire embattled Credit Suisse: Financial Times

UBS is in talks to purchase all or part of Credit Suisse as Credit Suisse faces a crisis of confidence, according to an unnamed source. Swiss regulators have suggested merging Credit Suisse with UBS as a plan A to stop the crisis of confidence. However, UBS is reportedly cautious, wanting to assess the risks that such a takeover would pose to its own business.

War crimes court issues Putin arrest warrant

The International Criminal Court (ICC) has issued an arrest warrant for Russian President Vladimir Putin over war crime accusations of unlawfully deporting Ukrainian children, as well as a warrant against Russia’s presidential commissioner for children’s rights. The move was welcomed by Ukraine, with President Volodymyr Zelensky calling it a “historic decision”. Russia dismissed the ICC’s order as “void”, while the Kremlin said the ICC had no meaning for Russia.

Blinken defends Taiwan after Honduras snaps ties

US Secretary of State Antony Blinken stated that Taiwan has a “lot to offer” the world, following Honduras’ decision to cut ties with Taiwan and recognise Beijing. Blinken reiterated the US’s One-China policy but said that Taiwan had a role to play in international institutions. Honduras said it changed sides after Taiwan refused to increase financial aid to the country.

European banks ‘extremely solid’: French central bank chief

European banks are in “extremely solid” shape, unlike some US lenders, due to the effectiveness of the Basel III rules, said Francois Villeroy de Galhau, France’s central bank chief and a member of the European Central Bank’s governing council. Troubled European banking giant Credit Suisse was a “special case” due to business model difficulties and internal control system failures, he said. The ECB is ready to provide liquidity to ensure financial system stability, but the priority remains the fight against inflation, Villeroy de Galhau added.

New Zealand to ban TikTok from MPs’ devices: parliament

New Zealand is set to ban TikTok from all parliamentary devices due to security concerns, joining other Western nations such as Canada, Britain, and the United States. The ban will begin on 31 March and is based on the analysis of New Zealand’s own experts and consultations with colleagues across the government and internationally. TikTok has faced global action since India barred it in 2020, while the US accused it of spying for China.

Canada to deport 700 Indian students found to have used fake college acceptance letters in visa application

Over 700 Indian students are facing deportation from Canada after the Canadian Border Security Agency discovered they had entered the country using fake admission offer letters to study. The students had applied for study visas via an agency in Jalandhar, paying at least INR1.6m ($19.4k) each for expenses, including admission fees for Toronto’s Humber College. However, when they landed in Toronto, they were told the courses were full, and were advised to enrol at another institution, which the CBSA has deemed fraudulent. The fraud was discovered when the students applied for permanent residency after completing their courses.

Protests rock France after Macron rams through pension reform

The French government controversially passed a pension reform without a vote, raising the retirement age from 62 to 64. This move led to angry protests in Paris and other cities, with critics claiming it undermines the law’s democratic legitimacy. The legislation was passed using a special constitutional power as the government lacked a majority for the reform.

TikTok facing ban on UK govt devices: media

TikTok faces an imminent ban on UK government phones due to security concerns; Cabinet Office minister Oliver Dowden is expected to address MPs later today. The move would follow the European Union and United States in banning the Chinese-owned video sharing app on official devices.