The Big Story: How does the Credit Suisse crisis affect Singapore banks and their customers?

Catch the latest news reports on The Big Story, The Straits Times’ weekday online news programme.

Local bank stocks slumped when the market opened

on Thursday morning amid fears of wider financial contagion globally from the crisis engulfing Switzerland’s second-biggest bank and a string of United States bank failures.

The battering comes after

Credit Suisse sank as much as 30 per cent

on Wednesday after its largest shareholder Saudi National Bank ruled out investing any more in the bank on regulatory grounds.

Journalist Prisca Ang discusses the impact of the Credit Suisse crisis on Singapore banks and their customers.

Separately, Singapore and Indonesia have

jointly applied to the international body overseeing airspace management

to approve the realigning of both countries’ flight boundaries.

Both sides also

signed a slate of agreements

to cooperate in areas such as energy, sustainability, health and human capital development.