Many of us struggle to live with uncertainty, despite it being one of life’s constants. International investors and the banking sector, it seems, struggle with it more than most, if the events of the past 48 hours are anything to go by.
The swift purchase of ailing Credit Suisse by its rival UBS for $3.23 billion, in an audacious attempt to steady the ship of global finance, will result in a wealth manager with more than $5 trillion in total invested assets. This has taken place with the backing of the Swiss state, which allowed the merger to go through without the approval of shareholders and agreed to guarantee 150 billion Swiss francs ($162 billion) of liquidity to Credit Suisse, well beyond the 50 billion francs figure that was announced publicly.
It is the first big test of banking regulation in times of stress since the anarchy of the 2007-2008 financial crisis. The emergency move has been welcomed by the European Central Bank, the US Treasury and the Bank of England.
And yet, no one is quite sure if these steps – coupled with recent US government intervention after the Silicon Valley Bank collapse – will calm the markets and prevent the contagion from spreading further. This is because banks rely on trust. As with much of our personal spending, financial decisions are often driven by emotion. When even a 167-year-old banking giant like Credit Suisse needs an emergency lifeline, it is perhaps understandable that investors and markets have a lukewarm reaction.
That said, the initial signs following the 11th-hour deal are positive and it may be that this intervention staves off wider chaos, avoiding a repeat of 2007-2008. In the US, a marker appeared to have been laid down when decisive action was taken over SVB, such as removing senior management and making sure American taxpayers were not left to foot the bill. President Joe Biden also took the time to hit out at his predecessor Donald Trump’s administration for gutting the banking regulations that were created during the fallout from 2008.
But is it clear that global markets are skittish and unsettled, reflecting the fitful and uneven recovery that has taken place since the Covid-19 pandemic largely ended. External factors such as international sanctions and the continuing war in Ukraine remain destabilising factors.
It is also important to remember that turmoil in the banking sector does not just affect high-rollers. Employees of many of the US start-ups affected by the fall of SVB saw their salary payments affected – that meant trouble for thousands of people trying to pay the bills and provide for their families. As Credit Suisse chairman Axel Lehmann said, the focus is now on the future and the 50,000 Credit Suisse employees, 17,000 of whom are in Switzerland.
Have the lessons of 2007-2008 been learned? In 2022, a paper from the Peterson Institute for International Economics found that “stability will be enhanced if the global community embraces reforms that elevate market resilience, rather than depending on skillful policymakers wielding aggressive but ad hoc policy interventions to ride to the rescue again”.
Sadly, it seems that last-gasp buyouts and emergency state intervention are still part of the international financial playbook. But it may be that SVB and Credit Suisse become the near-misses that proved the wisdom of not allowing failing banks to take down the financial edifice of entire economies. The future is far from certain but success here could be the first step on the road to restoring that most valuable banking commodity – trust.
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Killing of Qassem Suleimani
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Read more about the coronavirus
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Celta Vigo 2
Castro (45'), Aspas (82')
Barcelona 2
Dembele (36'), Alcacer (64')
Red card: Sergi Roberto (Barcelona)
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
