Top headlines: UBS to buy Credit Suisse for nearly $3.25 bn amid turmoil

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To calm turmoil, UBS to buy Credit Suisse in $3.25 billion rescue deal

Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in the US sparked concerns about other potentially shaky institutions in the global financial system. Read more

Esma to penalise but let European Union banks deal with India CCPs

The European Securities and Markets Authority (Esma), financial markets regulator of the European Union, will allow European banks to continue doing business with their Indian central counterparties (CCPs), even after its April 30 deadline, by imposing a “penal capital charge”. Read more

Amritpal Singh arrested by police, claims legal advisor to Waris Punjab De

Fugitive pro-Khalistan leader Amritpal Singh has been arrested by the Punjab Police at Shahkot police station, Imaan Singh Khara, the legal advisor to Waris Punjab De claimed on Sunday. Despite Punjab Police's statement that Amritpal Singh is still on the run and efforts are on to nab him, Advocate Imaan Singh Khara claimed that the Khalistan sympathiser has been arrested at Shahkot Police Station. Read more

Indian flag pulled down by Khalistani backers in London; diplomat summoned

The tricolour flying atop the Indian High Commission in London was pulled down by a group of protesters waving separatist Khalistani flags and chanting pro-Khalistani slogans on Sunday evening. Scotland Yard said it was "aware" of an incident in the area but is yet to issue an official statement. Read more

Credit Suisse's 9,000 job cuts are foretaste of UBS takeover amid crisis

Credit Suisse Group AG’s government-brokered takeover, the Swiss lender was in the process of cutting 9,000 jobs in an effort to save itself. That’s only the beginning after rival UBS Group AG agreed to buy the troubled bank, according to people familiar with the discussions, with one person estimating the final toll could be a multiple of that number. Read more