The Russian ruble fell Thursday to its lowest level in a year as Moscow’s weakening oil revenues and fears over capital flight weigh on the currency, the Wall Street Journal reported. The ruble was recently down 1.7% against the U.S. dollar and was on track for its lowest closing level since April 21, 2022, with 81.6 rubles buying $1. The currency has fallen 4.4% this week against the dollar and 5.2% against the euro. The ruble’s weakness runs counter to a broader trend among global currencies, which have gained against the dollar in recent weeks.

UBS faces big risks as it prepares to absorb its longtime archrival, Credit Suisse, the bank’s chairman warned shareholders at its annual meeting on Wednesday, the New York Times reported.

Scandinavian airline SAS AB said on Thursday it had initiated steps to raise equity and would seek bids as part of its ongoing chapter 11 bankruptcy proceedings in the U.S., Reuters reported. The embattled carrier filed for bankruptcy protection in the U.S. last year as it sought to slash costs and debt amid strikes from pilots after wage talks collapsed. The airline, which earlier aimed to raise SEK 9.5 billion ($911.20 million) in equity financing, now said the final sum would be dependent on the bidding process and generation of additional liquidity by the airline.

The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally, the Associated Press reported.

After announcing the largest rounds of layoffs in their history, U.S. big tech companies are now learning how difficult it is to reduce headcount in Europe, Bloomberg reported. In the U.S., companies can announce widespread job cuts and let go of hundreds if not thousands of workers within months — and many have. Meanwhile, in Europe, mass layoffs among tech companies have stalled because of labor protections that make it virtually impossible to dismiss people in some countries without prior consultations with employee interest groups.

Complaints from consumers about banks and other financial firms in Germany rose by a fifth last year, official data shows, as regulators flex their muscles to shore up trust in the sector, Reuters reported. BaFin, Germany's financial watchdog, has been increasing its focus on consumer protection in the wake of the collapse of Wirecard, the blue-chip payment company that folded in an accounting scandal.

German technology and stock photography company EyeEm has reportedly filed for bankruptcy and is insolvent, PetaPixel reported. The company originally set itself apart from competitors through its innovative use of artificial intelligence. But Business Insider in Germany reports that it has filed for bankruptcy, the latest in a string of issues that have plagued the company for the last several years. EyeEm attempted to restructure itself internally in 2020, which resulted in the company’s two founders leaving the business.

Switzerland’s banking regulator said it considered putting Credit Suisse Group AG into bankruptcy before deciding on the takeover by UBS Group AG, as the risk of contagion was too great, Bloomberg reported. Finma scoped out various rescue options before the day the bank was sold in the government-backed deal. The lender had faced an “unprecedented” bank run, Finma President Marlene Amstad said at a press conference on Wednesday in the Swiss capital Bern.

A month after being dismissed on live television as chief executive officer of Portuguese airline TAP SA, Christine Ourmieres-Widener remains at the helm of the state-owned carrier, without any guidance from the government on how to run the company, Bloomberg reported. Portugal’s Finance Minister Fernando Medina sacked Ourmieres-Widener at a March 6 press conference broadcast on national television, following criticism about a severance payment of €500,000 ($547,000) to a departing executive board member.

The FTSE 100 lost almost 40 points and ended lower on Tuesday at 7,634.52 points, TipRanks reported. The index opened on a stronger note after reaching a three-week high on Monday. However, towards the closing hours of trading, the stocks went down in sync with their U.S. counterparts. The U.S. equities felt pressure from higher oil prices and weaker employment data. The pound gained strength against the dollar and traded at its highest point above $1.25 since June 2022. This came as a blow to U.K. companies with greater exposure to international markets.