Troubled banking giant Credit Suisse will borrow up to £44.5bn from the Swiss central bank

Spring Budget winners and losers: key points and analysis following the UK Chancellor's announcements

The US government has threatened TikTok with a nationwide ban unless it is sold

A tsunami warning has been issued following a 7.1 magnitude earthquake off the coast of New Zealand

A strike by rail workers today will affect routes in England and services which
run into Scotland and Wales

Credit Suisse Is 'Tip of the Iceberg'

Credit Suisse's major drop in share price on Wednesday is unlikely to be the end of Wall Street's current pain, prompting some experts to say that it is the "tip of the iceberg" for the economy going forward.

"If you think about where we were a year ago, the Fed was just starting its rate-hiking cycle. So over the next couple of quarters you're going to get those long and variable, cumulative and lagged impacts hitting the market further," Bob Michele, the global head and CIO of fixed income at J.P. Morgan Asset Management, told Bloomberg TV. "So I think this is the tip of the iceberg. I think there's a lot more consolidation, a lot more pain yet to come."

Nouriel Roubini, an economist and CEO of Roubini Macro Associates, told Newsweek Michele's "tip of the iceberg" remark is "not an exaggeration." He added: "It's a huge bank in a small country, too big to fail, too big to be saved, and if it were to collapse it will be liminal, not just for Europe but also globally."

Michele's and Roubini's comments came shortly after the share price of Credit Suisse, a global investment bank based in Switzerland, dropped by over 20 percent on Wednesday morning. Last week, the U.S.-based Silicon Valley Bank, collapsed prompting widespread concerns about the health of the U.S. banking sector.

Train carrying hazardous materials derails in Northwestern Arizona

A train carrying hazardous materials derailed in northern Arizona late Wednesday evening, according to local officials.

The Mohave County Sheriff's Office said the train derailed at the Topock Bridge near Interstate 40, but there was no indication that the potentially dangerous chemicals spilled.

Authorities have not yet reported any injuries or deaths relating to the derailment.

The crash happened just north of Lake Havasu City, Arizona, near the border of California. Its cause is also unknown at this time.

China, Iran and Russia hold drills in Gulf of Oman

The exercises come amid heightened tensions between the US and China.

Naval forces from China, Iran and Russia — countries at odds with the United States — are staging joint drills in the Gulf of Oman this week, China’s Defense Ministry announced, according to The Associated Press.

Other countries are also taking part in the “Security Bond-2023” exercises, the ministry said without giving details. Iran, Pakistan, Oman and the United Arab Emirates all have coastline along the waterbody lying at the mouth of the strategic Persian Gulf.

“This exercise will help deepen practical cooperation between the participating countries' navies ... and inject positive energy into regional peace and stability,” the ministry said in a statement which was made public on Tuesday.

The exercises scheduled for Wednesday through Sunday come amid heightened tensions between the US and China over a range of issues, including China's refusal to criticize Moscow over its invasion of Ukraine and continuing support for the Russian economy.

The three countries held similar drills last year and in 2019, underscoring China's growing military and political links with nations that have been largely shunned by the US and its partners.

The drills also come days after China hosted talks between Iran and Saudi Arabia that resulted in an agreement between them to restore full diplomatic relations after seven years of tensions.

Iran regularly holds drills in the Persian Gulf, near the strategic Strait of Hormuz, the narrow waterway at the mouth of the Persian Gulf which has seen a number of tense encounters between the US and Iran over the years.