Systemically important financial institution

The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, the SonntagsZeitung weekly reported yesterday.

The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial meltdown, following fears of contagion from the collapse of banks in the United States.

Banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators to stave off further market-shaking turmoil in the global banking system.

Credit Suisse announced yesterday that it would borrow almost $54 billion from the Swiss central bank to reinforce the group after a plunge in its share prices.

The disclosure came just hours after the Swiss National Bank said capital and liquidity levels at the lender were adequate for a "systemically important bank," even as it pledged to make liquidity available if needed.

A financial prosecutor has ordered a freeze of the assets belonging to a chartered accountant of troubled Greek jewelry maker Folli Follie and those of an executive of the company's subsidiary in Hong Kong.

According to reports, prosecutor Yiannis Dragatsis ordered the freeze because the financial executive sent "falsified data from Asia" which the accountant "approved."

Sifis, the elusive crocodile that had become something of an attraction since he was first spotted last July at the area of the Rivers' Dam near Rethimno, Crete, unfortunately didn't make it through the harsh winter.

The famous 'Cretan Croc' was found dead last Sunday, floating on the waters near the dam, according to www.goodnet .gr.