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.