The Financial Stability Board designated Switzerland's two biggest banks as so critical to the world that they must not be allowed to fail.
BERN, Switzerland (AN) — In a stunning development, Swiss authorities forced the nation's biggest bank, UBS, to acquire its junior rival Credit Suisse in a bid to restore confidence in the financial system.
Swiss President Alain Berset announced the hastily arranged merger deal between the two banks after Credit Suisse shares plunged and depositors looked for the exits, stoking fears of collapse at one of the world's 30 banks that the Financial Stability Board designated as "too big to fail."
Minimum wage workers in the E.U. had the most purchasing power in Germany and the least in Estonia.
The South African president invoked Nelson Mandela's emphasis on global 'interdependence' and cooperation.
Billionaires' wealth 'surged' by US$2 trillion in a year, while 44% of the world population lives on less than US$6.85 a day.
The global organization forecasts some improvement in the world economy but says Trump's plans cloud the outlook.
The Trump administration's erosion of U.S. policy as Europe's main protector played out in a series of U.N. votes on Ukraine.
The coalition Merz forms will greatly influence his ability to govern the country or to strengthen multilateral institutions.
Trump's embrace of Putin and contempt for long-established transatlantic ties is an existential crisis for Europe and NATO.
More than 30 years later, Ukraine is fighting for its survival as it laments the Budapest Memorandum's broken promises.
