International
Central banks to boost flow of US dollars
Central banks have moved globally to keep credit flowing after an unsettled period in the US banking sector and the Credit Suisse merger.
Six central banks, including the Bank of England, announced they would boost the flow of US dollars through the global financial system.
On Sunday the struggling Credit Suisse was taken over by UBS in a Swiss government-backed deal.
The US dollar liquidity “swap line” arrangement will run from Monday.
In a statement the Bank of England, Bank of Japan, Bank of Canada, the European Central Bank, US Federal Reserve and Swiss National Bank launched the co-ordinated action to “enhance the provision of liquidity”.
The announcement said it served as an “important backstop to ease strains in global funding markets” and to lessen the impact on the supply of credit to households and businesses.
Instead of borrowing on the open market, British banks will be able to go direct to the Bank of England, and it will borrow from the US Federal Reserve.
It will work in the same way for banks in the eurozone, Canada, Japan, Switzerland and the US.
Banks will be able to access this funding on a daily basis.
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The arrangement, adopted during the 2008 financial crisis and the Covid pandemic, will start on Monday and continue until “at least through the end of April”, the Bank of England said.
The facility hasn’t been used in the UK since the financial pains at the onset of the pandemic exactly three years ago. This is not as dramatic a move as, for example, the Bank of England had to deploy after the mini-budget last autumn. But it is a clear sign that, although the past week has been dominated by specific issues in identifiable banks, the fall of a former giant such as Credit Suisse might be enough to ignite a more general concern.
The fear is less about the direct impact of problems at Credit Suisse or Silicon Valley Bank, but instead that a set of common factors are affecting some other institutions. For example non-insured deposits pouring out of some institutions and into larger ones at incredible speed, without anyone visiting a branch, thanks to technology, and influenced by social media commentary. There has also been an uncertain response by some regulators.
The bigger picture is, as I have said before, that rapidly rising interest rates were always going to set off some ticking timebombs under some institutions, and in some murky corners of the financial plumbing, where the players had started to become a little too reliant on very low interest rates. This is now happening.
The more calming news is that, for example here, British banks are well capitalised and have significant funding, or as the Bank of England put it on Sunday “safe and sound”. But the fact it has joined forces with its counterparts around the world represents a show of force and an attempt to prevent risks from spilling over.
In particular there is a concern that rising rates on the funds that banks lend to one another could rapidly filter into the economy and have a very real impact.
Global banking stocks slumped following the collapse of Silicon Valley Bank, despite reassurances from President Joe Biden the US would do “whatever is needed” to protect the banking system.
Since SVB’s collapse, the smaller Signature Bank also fell by the wayside and First Republic needed rescuing.
On Sunday, following the takeover of Credit Suisse by its rival UBS, the Bank of England said British banks were “safe and sound” and were well capitalised with significant funding.
International
Trump Halts Minnesota Immigration Crackdown After Fatal Shootings, Protests
Trump Halts Minnesota Immigration Crackdown After Fatal Shootings, Protests
The Trump administration has officially halted Operation Metro Surge, a controversial immigration enforcement operation in Minnesota, following widespread protests, political backlash, and the deaths of two U.S. citizens. The decision was announced by Tom Homan, the U.S. “border czar,” who confirmed that President Donald Trump approved ending the monthslong crackdown.
Operation Metro Surge, launched in December 2025, focused on the Minneapolis–St. Paul metropolitan area, deploying nearly 3,000 federal immigration officers at its peak. The operation aimed to detain undocumented immigrants, which the Department of Homeland Security (DHS) described as targeting “criminal illegal aliens.” However, reports indicate that many detainees had no criminal records, including children and U.S. citizens, raising concerns about the operation’s scope and fairness.
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The crackdown drew intense public opposition after anti-ICE protesters Renée Good and Alex Pretti were fatally shot during separate incidents in Minneapolis. The shootings intensified calls for accountability and prompted local and national criticism of federal enforcement tactics.
In a statement, Homan said, “I have proposed and President Trump has concurred that this surge operation conclude.” He noted that a drawdown of federal personnel had already begun, with a smaller contingent remaining temporarily to transition operations and coordinate with local authorities.
During the operation, DHS reported over 4,000 arrests, though critics highlighted the disproportionate impact on communities and families, emphasizing the humanitarian and civil liberties concerns arising from the surge.
Minnesota officials, including Governor Tim Walz and Minneapolis Mayor Jacob Frey, welcomed the decision, calling the operation an overreach that harmed communities and strained trust between law enforcement and residents. Civil rights groups also praised the halt but urged comprehensive immigration reforms to prevent future abuses.
The end of Operation Metro Surge marks a significant development in the national debate over immigration enforcement, sanctuary policies, and federal authority, highlighting the challenge of balancing border security with human rights and community safety.
Trump Halts Minnesota Immigration Crackdown After Fatal Shootings, Protests
International
Russia Escalates Digital Control with Attempted WhatsApp Block
Russia Escalates Digital Control with Attempted WhatsApp Block
WhatsApp has accused the Russian government of trying to completely block its messaging service in the country, a move aimed at steering users toward the state-backed app MAX. The Meta-owned platform said the effort, reported on February 12, 2026, threatens over 100 million users and undermines private, encrypted communication in Russia.
In a statement, WhatsApp said: “Today the Russian government attempted to fully block WhatsApp in an effort to drive people to a state-owned surveillance app. Trying to isolate over 100 million users from private and secure communication … can only lead to less safety for people in Russia. We continue to do everything we can to keep users connected.”
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The attempt is part of a broader crackdown on foreign tech platforms in Russia. Authorities have previously restricted access to Facebook, Instagram, and targeted other services like Telegram. Reports indicate that Roskomnadzor, Russia’s communications regulator, removed WhatsApp from its national internet directory, forcing users to rely on VPNs to access the platform. Critics warn that such measures are designed to expand state surveillance and control over digital communication.
The government is actively promoting MAX, a domestic “super-app” similar to China’s WeChat, which combines messaging with other services. Rights advocates caution that the push toward MAX could compromise privacy protections that platforms like WhatsApp provide. Meanwhile, Kremlin officials have indicated that WhatsApp and other restricted apps could be restored if Meta complies with local data storage and regulatory laws.
WhatsApp’s statement emphasizes that the company will continue to work to keep its service accessible where possible, but the attempted block highlights Russia’s ongoing effort to enforce digital sovereignty and shift users toward state-controlled technology platforms.
Russia Escalates Digital Control with Attempted WhatsApp Block
International
Tumbler Ridge Massacre: Canada Investigates Shooter’s Mental Health, Police History
Tumbler Ridge Massacre: Canada Investigates Shooter’s Mental Health, Police History
Canadian authorities are intensifying investigations into the mental health history and prior police interactions of Jesse Van Rootselaar, the 18-year-old who carried out a deadly mass shooting in the remote mining town of Tumbler Ridge, British Columbia, on February 10, 2026. The tragedy has left the small community in mourning and raised national questions about gun control, mental health support, and law enforcement interventions.
According to RCMP Deputy Commissioner Dwayne McDonald, authorities are still unclear on the motive behind the attack, which is one of the deadliest school shootings in Canadian history. Van Rootselaar, a transgender woman who had dropped out of Tumbler Ridge Secondary School four years ago, first killed her mother and stepbrother before opening fire at the school, where she shot six more victims. The shooter later took her own life at the scene.
Investigators have confirmed that Van Rootselaar was known to police and had previous interactions with the public health system due to mental health concerns. Authorities are reviewing prior incidents, including earlier firearms seizures and her lapsed gun licence, to understand how warning signs were addressed before the massacre. British Columbia Premier David Eby said officials are working with the health system to determine “what interactions may have taken place” in the past.
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The victims include a 39-year-old female teacher and five students aged 12 and 13, with one child, 12-year-old Maya Gebala, in critical condition after trying to lock herself and classmates in a library during the attack. First responders arrived within minutes, but the scale of the violence left the tight-knit community of about 2,700 residents reeling. Hundreds gathered for a candlelight vigil to honour those killed and injured.
Prime Minister Mark Carney addressed parliament, describing Tumbler Ridge as a resilient, compassionate community of miners, teachers, and construction workers, and emphasised the need to learn from the tragedy. Flags across Canada have been lowered to half-staff for seven days in remembrance of the victims. Britain’s King Charles and Queen Camilla also expressed shock and sorrow over the massacre.
Schools in the area will remain closed for the remainder of the week as authorities continue their investigation into Van Rootselaar’s mental health background, police interactions, and access to firearms, seeking to understand how similar tragedies can be prevented in the future.
Tumbler Ridge Massacre: Canada Investigates Shooter’s Mental Health, Police History
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