Global stock markets sank Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes. Hong Kong's main index slid 2.7%. London, Frankfurt and Paris opened down more than 1%. Shanghai, Tokyo and Sydney also declined. Wall Street futures were off 1%. Oil prices plunged more than $2 per barrel. Swiss authorities on Sunday announced UBS would acquire its smaller rival as regulators try to ease fears about banks following the collapse of two U.S. lenders. Central banks announced coordinated efforts to stabilize lenders, including a facility to borrow U.S. dollars if necessary. Switzerland’s share benchmark was down 1.8%, while Credit Suisse’s shares plunged 63% and rival UBS, which is acquiring it, sank 14%. Also Read: UBS to buy Credit Suisse for nearly $3.25B to calm turmoil Investors worry banks are cracking under the strain of unexpectedly fast, large rate hikes over the past year to cool economic activity and inflation. Prices of bonds and other assets on their books fell, fueling unease about the industry’s financial health. “Investors are waiting to see where the dust settles on the banking saga before making any bold moves,” said Stephen Innes of SPI Asset Management in a report. In early trading, the FTSE 100 in London lost 1.6% to 7,220.62. Frankfurt's DAX fell 1.4% to 14,555.79 and the CAC 40 in Paris lost 1.2% to 6,842.36. On Wall Street, the future for the benchmark S&P 500 index was off 1%. That for the Dow Jones Industrial Average was down 1.2%. On Friday, the S&P 500 lost 1.1%. The Dow fell 1.2% and the Nasdaq composite lost 0.7%. In Asia, the Hang Seng in Hong Kong lost 2.7% to 18,879.20 after being down 3.3% at one point. The Nikkei 225 in Tokyo shed 1.4% to 26,945.67. The Shanghai Composite Index lost 0.5% to 3,234.91 after the Chinese central bank on Friday freed up more money for lending by reducing the amount of their deposits commercial lenders are required to hold in reserve. The Kospi in Seoul retreated 0.7% to 2,379.20 and Sydney’s S&P-ASX 200 lost 1.4% to 6,898.50. India's Sensex lost 1.3% to 57,241.45. New Zealand and Southeast Asian markets also declined. The Swiss government said UBS will acquire Credit Suisse for almost $3.25 billion after a plan for the troubled lender to borrow as much as $54 billion from Switzerland’s central bank failed to reassure investors and customers. U.S. regulators have also tried to calm fears over threats to banking systems. The Federal Reserve said cash-short banks had borrowed about $300 billion in the week up to Thursday. Separately, New York Community Bank agreed to buy part of failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said Sunday. The FDIC said $60 billion in Signature Bank’s loans will remain in receivership and are expected to be sold off in time. Investors worry about other lenders with shaky finances. Credit Suisse is among 30 institutions known as globally systemically important banks. Traders expect last week’s turmoil to push the Fed to limit a rate hike at this week's meeting to 0.25 percentage points. That would be the same as the previous increase and half the margin traders expected earlier. A survey released Friday by the University of Michigan showed inflation expectations among American consumers are falling. That matters to the Fed, which has said such expectations can feed into virtuous and vicious cycles. In energy markets, benchmark U.S. crude plunged $2.45 to $64.29 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.61 on Friday to $66.74. Brent crude, the price basis for international oil, lost $2.67 to $70.30 per barrel in London. It retreated $1.73 the previous session to $72.97. The dollar declined to 130.70 yen from Friday’s 131.67 yen. The euro retreated to $1.0647 from $1.0681.

The salvage operation of the MV-Sagar Nandini-2 vessel that sank carrying 11 lakh metric tonnes of furnace oil in the Meghna River, was launched on Thursday four days after its sinking. A team comprising members of river police, coast guard, divers and Bangladesh Water Transport Inland Authority (BIWTA) started the operation with the help of two barges---Jahura and Humaira this morning. Md Shahjahan, director of river protection and management division of BIWTA, said the furnace oil from the sunken vessel will be first extracted while the dredging work was going on to retrieve it. He said it is not certain how many days it will take to salvage the vessel as the operation depends on tide. The salvage operation will hopefully be completed within next Sunday, he said, adding that they were working carefully due to having explosive substances inside the vessel. On the other hand, fishermen were informed that they spotted fishes floating in the river and might have died due to oil spilled into the river. Read more: Ferry gets stuck in Meghna shoal, passengers rescued The fishers, however, said oil was seen in the river for the first two days since its sinking, though the water is now clear. The vessel named ‘Sagar Nandini-2’ from Chattogram port sank in Meghna as another vessel hit it at Tulatuli Majher Char while heading towards Chandpur Padma Depot around 4am on Sunday. The accident took place due to poor visibility caused by the dense fog. All the fuel spilled into the river. Local people later collected the fuel in containers. Fortunately, all 13 crew members of the vessel were rescued by another vessel passing through the area. The authorities concerned formed two separate investigation committees to unveil the reason behind the sinking. Meanwhile, a large area in the Meghna river has been polluted by furnace oil spill since the vessel with 11 lakh litres of oil sank in the river — posing threat to biodiversity and environment. Read more: Oil spill in Meghna river threatening environment, vessel still not recovered after 36 hours

Three agricultural labourers went missing as two small boats capsized in the Padma River in Talaimari area of Rajshahi district on Sunday morning. Those went missing were Naju, Nabi and Sadek, residents of Charshaympur area under Motihar police station in Rajshahi city. Zakir Hossain, deputy director of Rajshahi Fire Service and Civil Defense, said the boats carrying 27 labourers sank due to strong current in the river while they were heading towards Madhyachar from Jogar Ghat area.  Read: Kishoreganj boat capsize: 3 bodies recovered Twenty four of them managed to swim ashore while the rest went missing, he said. Divers of the fire service have been continuing the rescue operation, he added.  

A man went missing after a boat capsized in the Dhangoda river in Chandpur district on Friday , police said on Saturday. The missing man was identified as Hazrat Ali, 38, a boatman and a resident of Kawadi Nandanpur village of Daudkandi upazila (Cumilla). According to police, the brick-laden boat capsized in the river at Nandalalpur  around 5.30 pm on Friday. READ: Onrush of upstream water threatens Chandpur town protection embankment Locals said that the boat sank in the river as strong wave hit it while a speeding trawler was crossing the area.  He managed tosave his 4-year old son Hasib and 10-year old nephew Imran before he drowned. Officer-in-charge of Matlab Uttar Police Station Md. Shahjahan Kamal said that fire service divers have been conducting a rescue operation since Friday night but couldn’t find  his body yet. 

Twelve crew of a lighter vessel who went missing after a lighter vessel sank in the Bay of Bengal near Bhashanchar of Noakhali district were rescued alive on Saturday. “On information, a rescue ship of Bangladesh Navy was sent immediately to the spot but some private ships nearby had rescued the crew before it reached,” said Abdul Momin, media officer of the Navy told UNB. Also read: Lighter vessel sinks in Bay: 12 crew go missing ‘Sajal-Tanmoy-2’  a lighter vessel carrying coal sank in the Bay of Bengal, 12 nautical miles off the southern area of Bhashanchar around 9:30 am. Also read: Lighter vessel sinks near Ctg port: Another body recovered

As many as eight crew members went missing after a lighter vessel carrying cement and clinker sank in the outer anchorage area of Chattogram port on Saturday morning. According to Chattogram port sources, the lighter vessel -- Titu-14 -- sank in the Bay of Bengal following a collision with a dredger in the outer anchorage area of the port. READ: Coal-laden vessel sinks in Pashur river "The Coast Guard managed to rescue five of the 13 crew members of the vessel that overturned and sank following the accident. Remaining eight crew members are still missing," the sources said. Omar Faruq, secretary of the Chattogram Port Authority, said "rescue operations are on for the eight missing crew members". READ: Russia-Ukraine war: 28 crew of stranded Bangladeshi vessel call for help Coast Guard Contingent, Sangu Contingent, Kutubdia Contingent and Sadar Contingent are conducting a joint rescue operation, he added.

The death toll from the trawler capsize in the Turag River rose to five with the recovery of the bodies of two more children on Saturday afternoon. The bodies were retrieved one kilometre off the spot around 4:30pm but their identities could not be known yet, said in-charge of Aminbazar police outpost Sabur Alam. The sunken trawler has also been salvaged, he said. Earlier, the bodies of two children and a woman were subsequently fished out of the river. Kazi Mazharul Islam, officer-in-charge of Savar Police Station, said the Gabtoli-bound vessel with 15 people on board capsized in the river after hitting the bulkhead off the coast of Savar's Aminbazar on the outskirts of Dhaka in the morning. READ: Trawlers with 24 fishermen capsize in the Bay, one dies While eight people managed to swim to safety, seven others went missing. On information, divers from the local fire service station rushed to the spot and launched a rescue operation. Dinmoni Sharma, deputy director of Fire Service Dhaka Division, said the divers of fire service suspended the rescue operation at 6 pm and it will resume on Sunday morning. READ: 11 fishers rescued as trawler capsizes in Bay of Bengal