Bloomberg Business

A banking crisis in a matter of days has emerged to potentially choke off a red-hot economy, raising the odds of a recession that the Federal Reserve has been working to avoid.

Canadian taxpayers may end up taking a loss of C$20 billion (nearly $15 billion) on the government-owned Trans Mountain Pipeline after costs to expand it skyrocketed, according to Morningstar Inc.

On Sunday, one of Switzerland’s biggest newspapers featured a drawing of Credit Suisse Group AG’s headquarters in flames. The image, meant to evoke what the headline said were the bank’s “last days,” was also a metaphor for the embarrassment and consternation the lender’s swift unraveling has caused in its home country.

Switzerland’s banking association said the takeover of Credit Suisse Group AG by UBS Group AG and the measures taken by the Swiss National Bank and Swiss federal authorities to shore up the banking sector “make good sense” in a statement published on their website Monday.

GoTo Group reported a narrower adjusted loss for the fourth quarter, helped by extensive cost cuts at the Indonesian ride-hailing and e-commerce provider.

The Qatar Investment Authority’s stake in Credit Suisse Group AG isn’t the sovereign wealth fund’s only source of pain following UBS Group AG’s cut-price acquisition. It is also the bank’s major landlord in London.

The Federal Deposit Insurance Corp. extended the bidding process for Silicon Valley Bank after receiving “substantial interest” from multiple potential buyers.