Our daily trek around the world

🇨🇭🏦 Credit Suisse announced plans to borrow up to $54 billion from Switzerland’s central bank yesterday, after the company’s shares fell as much as 30%. While Credit Suisse’s stock has been on a steady decline for over a year, the catalyst for yesterday’s sudden dip was news that its largest shareholder, the state-run Saudi National Bank, would not invest any more money due to potential regulatory issues. In a statement, Credit Suisse said yesterday’s loan from the Swiss central bank represented a “decisive action to pre-emptively strengthen its liquidity.”

🇸🇦 Major retailers in Dubai have officially dropped a 30% tax on alcohol after it was repealed by the government. The new change, which was enacted on a one-year trial period, is intended to attract more foreign workers and tourists to the Saudi Arabian capital city. Though much like Michael B. Jordan, there doesn’t seem to be all that much room for improvement. In 2022, international visitors spent more than $29 billion in Dubai – nearly twice as much as any other city in the world, per new data from the World Travel and Tourism Council.

🇮🇷 Iranian authorities said 110 suspects have been arrested in connection with suspected mass poisonings of schoolgirls across the country. A total of 7,000+ female students across 25 of Iran’s 31 provinces have suffered from symptoms like nausea, shortness of breath, and vertigo in recent months, after reporting unpleasant odors on school premises. Iranian police told state TV yesterday that they confiscated thousands of stink bomb toys during the arrests, indicating that some of the alleged attacks may have been copycat pranks. Though officials noted that many of the attacks were more serious and left hundreds of students hospitalized.