The US Federal Reserve and other major central banks announced on Sunday a coordinated effort to improve banks’ access to liquidity, hoping to calm worries rattling the global banking sector.

The Indian rupee declined on Monday as relief from the Credit Suisse rescue deal proved to be short-lived, with investors dumping risk assets on worries over a contagion in the global financial sector.

Gold topped $2,000 per ounce for the first time in more than a year on Monday on haven demand as investors fretted over global bank fears despite the buyout of Credit Suisse.

UBS Group emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender.

UBS will take over Credit Suisse, Swiss authorities said on Sunday, in a deal to combine Switzerland's top two banks designed to contain a widening crisis of confidence in global finance

Dozens of Afghan businesswomen took part in an exhibition in Dubai remotely this week to promote carpets, jewellery, dried fruit and other handmade goods as part of a push to access international markets after work options for women shrank in Afghanistan under the Taliban administration.

The lightning speed at which the banking industry descended into turmoil has shaken global markets and governments, reviving eerie memories of the financial crisis. Like 2008, the effects may be long lasting.

Talks between French oil major TotalEnergies and Iraq to resolve sticking points in a long-delayed $27 billion energy deal “have reached advanced stages”, Iraqi oil minister Hayan Abdel-Ghani said on Sunday.

A deal allowing the safe Black Sea export of Ukrainian grain was renewed on Saturday for at least 60 days - half the intended period - after Russia warned any further extension beyond mid-May would depend on the removal of some Western sanctions.

ECB Governing Council member Pierre Wunsch does not expect a repeat of the 2008 financial crisis despite turbulence caused by the collapse of Silicon Valley Bank, arguing European banks were subject to tougher rules than regional US banks.

The US banking system remains sound despite market anxiety over the recent collapse of Silicon Valley Bank (SVB) and Signature Bank, Treasury Secretary Janet Yellen told members of Congress on Thursday.

Indian startups had deposits worth about $1 billion with embattled Silicon Valley Bank and the country’s deputy IT minister said he had suggested that local banks lend more to them going ahead.

The OECD raised its global economic growth forecast on Friday as inflation eases and China emerges from Covid restrictions but warned of vulnerabilities as seen in the US bank sector turmoil.

The lobbying will start from next month

SVB Financial Group said on Friday it filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by US regulators

Zara owner Inditex, the world’s biggest fashion retailer, reported record profits for 2022 despite halting operations in Russia and soaring global inflation.

Asian markets slid Thursday, led again by banks, with contagion talk sweeping across trading floors owing to fears about European giant Credit Suisse.

The government will soon formulate a guideline for “insurtech” so that fintech firms and insurers can jointly boost insurance penetration, said Mohammad Jainul Bari, chairman of the Insurance Development and Regulatory Authority (IDRA), yesterday. 

China will set up a financial watchdog run by the Communist Party, state media reported on Thursday, as part of a broad reorganisation of governing bodies set to give the ruling party direct control and supervision over financial affairs.

The People’s Bank of China said on Wednesday it will  “appropriately” respond to U.S. and Western  “containment and suppression”, in a rare warning by the central bank following calls by President Xi Jinping to safeguard national security.