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Policymakers should not exacerbate the risks of deglobalisation

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Policymakers should not exacerbate the risks of deglobalisation

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The writer is chief executive of UBS

As trade has globalised over the past 80 years, the role of banks has evolved with the needs of customers but remained relatively constant: providing the financial lubricant that keeps the world economy humming.

In an era where deglobalisation brings new risks, ensuring that capital flows to local and regional companies and communities is even more crucial to guarantee future prosperity. Yet divergent and often-burdensome regulatory constraints threaten to weaken, if not destabilise, the global financial system.

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For most of my nearly 50 years in finance, markets operated on the assumption that global capital would flow with increasing ease. This was the foundation of the world economy following the second world war, fostering growth, innovation and improved standards of living.

That dynamic is now being upended. Trade tensions between the US and China have led to declines in the flows of goods, services, investments, and labour.

It is not just geopolitical rivals who have been harmed by rising economic nationalism. Consider the political reactions in Germany and Italy to a potential takeover of Commerzbank by UniCredit, or bipartisan US opposition to the proposed acquisition of US Steel by Japan’s Nippon Steel.

Such protectionist measures reflect growing sentiments that purport to prioritise national interests over global co-operation, but instead lead to missed opportunities for innovation and growth.

In this environment, everyone tends to suffer. As protectionism grows, the flows of capital needed for regions to prosper peacefully are stymied. The result is an increasingly fragmented financial system, with a higher cost of capital for borrowers and a knock-on impact on competitiveness, jobs, consumer prices and household prosperity.

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Those in the most connected emerging markets stand to be particularly hard hit. And the implications of this fragmentation extend beyond economics, influencing social stability and international relations.

To prevent this from worsening, it is critical for policymakers and financial regulators worldwide to adopt a co-ordinated approach and ensure banks can operate effectively. Notwithstanding concerns around elements of the Basel III rules on bank capital, many of which I share, we are seeing a patchwork adoption of these reforms, with jurisdictions de facto charting their own paths.

This lack of cohesion creates inefficiencies and vulnerabilities in the global financial system and distorts competition. It also creates further potential for regulatory arbitrage that could produce new and unforeseen pockets of danger, such as with the uncontrolled expansion of shadow banking activities.

The need for strong, well-regulated banks capable of acting as engines of credit creation in their local communities should not come at the expense of nurturing globally connected and competitive institutions.

Moreover, a fragmented approach to rulemaking has the potential to be especially destructive at a time when many banks are faced with the need to restructure their operations and invest to ensure their future existence.

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For example, the industry will need to contend with increased cyber security risks — not to mention the potential disruption posed by AI — and play its role in helping fund the estimated $3.5tn per year in investment needed to transition the global economy to net zero by 2050.

The banking sector must navigate these complex challenges while maintaining its fundamental role in facilitating economic growth and stability. Sadly, however, fragmentation looks set to worsen.

In a recent UBS survey, nearly all global central bankers said they believe the world is moving towards a more multipolar system. Only a third said the international financial architecture was resilient enough to survive current challenges without reform. They also embraced a view that one potential outcome of the US presidential election would be a rise in global protectionism.

We are set for a potentially long period of deglobalisation — one in which the coming few decades will be very different from those that shaped today’s business leaders. 

Although banking’s crucial role remains unchanged, barriers are slowly coming up everywhere. It is important that policymakers do not build them in the wrong places, so that banks can continue to act as catalysts for growth, innovation and prosperity not only in their home markets, but around the world.

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Read Judge Schiltz’s Order

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Read Judge Schiltz’s Order

CASE 0:26-cv-00107-PJS-DLM

Doc. 12-1 Filed 02/26/26

Page 5 of 17

and to file a status update by 11:00 am on January 20. ECF No. 5. Respondents never provided a bond hearing and did not release Petitioner until January 21, ECF Nos. 10, 12, after failing to file an update, ECF No. 9. Further, Respondents released Petitioner subject to conditions despite the Court’s release order not providing for conditions. ECF Nos. 5, 12–13.

Abdi W. v. Trump, et al., Case No. 26-CV-00208 (KMM/SGE)

On January 21, 2026, the Court ordered Respondents, within 3 days, to either (a) complete Petitioner’s inspection and examination and file a notice confirming completion, or (b) release Petitioner immediately in Minnesota and confirm the date, time, and location of release. ECF No. 7. No notice was ever filed. The Court emailed counsel on January 27, 2026, at 10:39 am. No response was provided.

Adriana M.Y.M. v. David Easterwood, et al., Case No. 26-CV-213 (JWB/JFD)

On January 24, 2026, the Court ordered immediate release in Minnesota and ordered Respondents to confirm the time, date, and location of release, or anticipated release, within 48 hours. ECF No. 12. Respondent was not released until January 30, and Respondents never disclosed the time of release, instead describing it as “early this morning.” ECF No. 16.

Estefany J.S. v. Bondi, Case No. 26-CV-216 (JWB/SGE)

On January 13, 2026, at 10:59 am, the Court ordered Respondents to file a letter by 4:00 pm confirming Petitioner’s current location. ECF No. 8. After receiving no response, the Court ordered Respondents, at 5:11 pm, to immediately confirm Petitioner’s location and, by noon on January 14, file a memorandum explaining their failure to comply with the initial order. ECF No. 9. Respondents did not file the memorandum, requiring the Court to issue another order. ECF No. 12. On January 15, the Court ordered immediate release in Minnesota and required Respondents to confirm the time, date, and location of release within 48 hours. ECF No. 18. On January 20, having received no confirmation, the Court ordered Respondents to comply immediately. ECF No. 21. Respondents informed the Court that Petitioner was released in Minnesota on January 17, but did not specify the time. ECF No. 22.

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Chicagoans pay respects to Jesse Jackson as cross-country memorial services begin

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Chicagoans pay respects to Jesse Jackson as cross-country memorial services begin

James Hickman holds a photo montage of the late Rev. Jesse Jackson before a public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

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CHICAGO — A line of mourners streamed through a Chicago auditorium Thursday to pay final respects to the Rev. Jesse Jackson Sr. as cross-country memorial services began in the city the late civil rights leader called home.

The protege of the Rev. Martin Luther King Jr. and two-time presidential candidate will lie in repose for two days at the headquarters of the Rainbow PUSH Coalition before events in Washington, D.C., and South Carolina, where he was born.

Family members wiped away tears as the casket was brought into the stately brick building. Flowers lined the sidewalks where people waiting to enter watched a large screen playing video excerpts of Jackson’s notable speeches. Some raised their fists in solidarity.

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The casket with the Rev. Jesse Jackson arrives before a public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

The casket with the Rev. Jesse Jackson arrives before a public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

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Inside, Jackson’s children, Chicago Mayor Brandon Johnson and the Rev. Al Sharpton were among those who stood by the open casket to shake hands and hug those coming to view the body of Jackson, dressed in a suit and blue shirt and tie.

“The challenge for us is that we’ve got to make sure that all he lived for was not in vain,” Sharpton told reporters. “Dr. King’s dream and Jesse Jackson’s mission now falls on our shoulders. We’ve got to stand up and keep it going.”

The Rev. Al Sharpton speaks as Jesse Jackson Jr. listens after the public visitation for the Rev. Jesse Jackson at Rainbow/PUSH Coalition in Chicago on Thursday.

The Rev. Al Sharpton speaks as Jesse Jackson Jr. listens after the public visitation for the Rev. Jesse Jackson at Rainbow/PUSH Coalition in Chicago on Thursday.

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Jackson died last week at age 84 after battling a rare neurological disorder that affected his mobility and ability to speak in his later years.

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Remembrances have already poured in from around the globe, and several U.S. states, including Minnesota, Iowa and North Carolina, are flying flags at half-staff in his honor.

But perhaps nowhere has his death been felt as strongly as in the nation’s third-largest city, where Jackson lived for decades and raised his six children, including a son who is a congressman.

Bouquets have been left outside the family’s Tudor-style home on the city’s South Side for days. Public schools have offered condolences, and city trains have used digital screens to display Jackson’s portrait and his well-known mantra, “I am Somebody!”

People wait to enter the security checkpoint for the public visitation for the Rev. Jesse Jackson at Rainbow/PUSH Coalition in Chicago on Thursday.

People wait to enter the security checkpoint for the public visitation for the Rev. Jesse Jackson at Rainbow/PUSH Coalition in Chicago on Thursday.

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His causes, both in the United States and abroad, were countless: Advocating for the poor and underrepresented on issues including voting rights, job opportunities, education and health care. He scored diplomatic victories with world leaders, and through his Rainbow PUSH Coalition, he channeled cries for Black pride and self-determination into corporate boardrooms, pressuring executives to make America a more open and equitable society.

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“We honor him, and his hard-earned legacy as a freedom fighter, philosopher, and faithful shepherd of his family and community here in Chicago,” the mayor said in a statement.

Next week, Jackson will lie in honor at the South Carolina Statehouse, followed by public services. According to Rainbow PUSH’s agenda, Gov. Henry McMaster is expected to deliver remarks; however, the governor’s office said Thursday that his participation wasn’t yet confirmed. Jackson spent his childhood and started his activism in South Carolina.

Details on services in Washington have not yet been made public. However, he will not lie in honor at the United States Capitol rotunda after a request for the commemoration was denied by the House Speaker Mike Johnson’s office.

The two weeks of events will wrap up next week with a large celebration of life gathering at a Chicago megachurch and finally, homegoing services at the headquarters of the Rainbow PUSH Coalition.

Family members said the services will be open to all.

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“Our family is overwhelmed and overjoyed by the amazing amount of support being offered by common, ordinary people who our father’s life has come into contact with,” his eldest son, Jesse Jackson Jr., said before the services began. “This is a unique opportunity to lay down some of the political rhetoric and to lay down some of the division that deeply divides our country and to reflect upon a man who brought people together.”

The family of the Rev. Jesse Jackson arrives as Yusep Jackson wipes his eyes before public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

The family of the Rev. Jesse Jackson arrives as Yusep Jackson wipes his eyes before public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

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The services included prayers from some of the city’s most well-known religious leaders, including Chicago Cardinal Blase Cupich. Mourners of all ages — from toddlers in strollers to elderly people in wheelchairs — came to pay respects.

Video clips of his appearances at news conferences, the campaign trail and even “Sesame Street” also played inside the auditorium.

Claudette Redic, a retiree who lives in Chicago, said her family has respected Jackson, from backing his presidential ambitions to her son getting a scholarship from a program Jackson championed.

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“We have generations of support,” she said. “I’m hoping we continue.”

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As Nancy Guthrie’s disappearance nears one month, other Tucson families have been waiting decades for answers | CNN

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As Nancy Guthrie’s disappearance nears one month, other Tucson families have been waiting decades for answers | CNN

June 12, 1991, is a day Tammy Tacho will never forget. It was the last day she ever saw her 12-year-old little brother before he disappeared as she and her mother pulled out of the driveway.

James Hendrickson – known as Jimmy to his family – had reached into the car to kiss his mother goodbye, Tacho recalled.

“To me and my mom, that’s a horror movie to us, because that’s the last peck, or that’s the last kiss, and that’s the last hug, and that’s the last touching his hair that she got to do,” she told CNN.

More than three decades later, Jimmy has never been found, with his missing person case still open and cold.

Jimmy is just one of several people in the Tucson area who have been missing for over a decade without answers.

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A more recent disappearance in the area has drawn national attention: that of Nancy Guthrie, the 84-year-old mother of “Today” anchor Savannah Guthrie.

Nancy Guthrie vanished from her affluent neighborhood in the Catalina Foothills on February 1, and nearly a month after she disappeared, officials have yet to find the missing woman or charge someone in connection to her apparent kidnapping.

President Donald Trump posted on Truth Social he was “deploying all resources” to find her, and the Pima County Sheriff said he had “over 400 cops out here working every minute of the day” on the case. Her family on Tuesday announced they are offering up to $1 million for information leading to her recovery, and Savannah Guthrie also announced a $500,000 donation to the National Center for Missing and Exploited Children, saying she hopes the attention given to her family will extend to others still in limbo.

As the search for Nancy Guthrie stretches into its fourth week, families like Jimmy’s have been waiting years for any new information about their loved ones.

A ‘mama’s boy’ who loved church and playing outdoors

On that summer day in Tucson, Tacho and her mother were heading to Douglas, Arizona, to meet her then-boyfriend’s family, she said. Jimmy didn’t want to go.

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“He was at that age. It was summer, he wanted to be out there playing and doing what boys do, and so he stayed behind,” she said.

Tacho remembers her brother as a “mama’s boy” who loved going to church, playing outside and was usually sporting red sweatpants — his favorite color.

“The worst thing is to drive out and watch him just wave at us,” Tacho said.

They left him with a family friend they had known since they moved to Tucson in 1987, Tacho said, and their two-day trip stretched into three after the car broke down.

When they finally got back into town, that’s when “the nightmare begins,” Tacho said.

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Jimmy’s mother filed a police report immediately when she found out her son was missing, but Tacho said the case wasn’t taken seriously right away. She recalled police thought Jimmy was just a runaway, but she said her family knew that wasn’t true. It took several weeks for her brother to be recognized as a missing person, she said.

“It’s been brought up during the initial investigation and subsequent theories, and that was that Jimmy walked away of his own free will and just was a runaway. That’s absolutely not what happened in this case. He didn’t leave his family of his own free will. He had no money to provide for himself, no transportation,” Tucson Police Department Detective David Miller told CNN affiliate KOLD last year.

There are several stories about what happened the night of June 11 and the next morning, Tacho said, which has left her family with more questions than answers.

The family friend watching Jimmy let him and another child go to her relative’s house to fix a fence, Tacho said. The other child told police that Jimmy was playing video games when he went to bed and heard noises during the night, but didn’t think anything of it, according to Tacho. The adult at the house said Jimmy left in the morning to go eat breakfast at a nearby school, she said, which was not unusual for her and her siblings to do.

Now, nearly 35 years later, Tacho is still pushing for answers. She still calls the police department and has hosted vigils and events to bring attention to her brother’s case, she said.

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“I worked at the job my mom worked at and hope that one day Jimmy would walk in there,” Tacho said. “I’ve come to accept … I’m not going to find him alive, but we need to find him.”

When her mother died a few years ago, she “left not knowing” what happened to Jimmy. “I don’t want to leave this world not knowing,” Tacho said.

She said she still lives in Tucson, just in case Jimmy ever comes back.

It’s a heavy burden the family of Karen Grajeda, who was 7 years old when she disappeared from her apartment complex in Tucson in 1996, is bearing too: The balancing of hope and trying to grieve.

“I still hang our Christmas picture every year,” her younger sister, Alejandra, wrote in a message to Karen posted by the National Center for Missing and Exploited Children. “My daughter is named after you. If you’re out there, if you’re alive, we’re here. Your whole family loves you and if you can come home, please do. We’ll always be waiting for you.”

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Karen was last seen playing outside her home on January 11, 1996, according to CNN affiliate KOLD.

The FBI and Tucson Police Department began searching for her right away, and family and community members joined the effort, but after months with few leads, there is still no trace of what happened, the NCMEC said. The organization works with law enforcement and other officials to find missing children, including publishing age-progression images.

“She was just an innocent child. That’s the memory I have of her, an innocent child who was always smiling. As her father, that’s the image I hold onto,” Karen’s father, Andres, told the organization.

Karen’s case is “in long-term missing person status,” the Tucson Police Department told CNN, and law enforcement continues to investigate the case as a non-family abduction and asks people to come forward with information, according to NCMEC.

“There’s nothing more innocent than a child, and they’re the most vulnerable people that had everything in front of them to be happy about, and it was all taken away from them, from their families,” Miller, the Tucson detective, told KOLD of the case in 2023. “Anybody who has kids probably feels the same way and that level of trust, I think, in a community when something like that happens, it diminishes it.”

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Nearly 30,000 children were reported missing in 2024, according to NCMEC.

Adults in the 20-39 age group are also at risk for abductions and kidnappings in the United States, according to data from the FBI. From February 2025 to February 2026, 53% of all abductions were of people in that age range. Nearly half of all abductions happened between current or former romantic partners, the data shows.

Marlana McElvaine’s family believes she’s no longer alive but is still asking the public to come forward to help them lay her to rest.

The 28-year-old and mother of two was in a relationship where she experienced domestic abuse when she went missing in 2010, her sister told CNN affiliate KGUN. Her boyfriend, whom she was living with at the time of her disappearance, is in prison on unrelated charges, KOLD reported.

“It’s a matter of someone coming forward and being brave and giving information. We ask that if it was their sister, their daughter, their child’s mother, that they put themselves in our shoes,” Janean McElvaine, her sister, told KOLD in 2023.

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Marlana McElvaine’s car was found abandoned, with her keys and work badge still inside, the station reported.

“You have no closure and there’s just this void in our hearts. We go on, we do the things we have to do, but we have no answers and we’re just hoping that someday … we can give her the proper goodbye that she deserves,” her mother Dian McElvaine told KOLD.

Dian McElvaine said in 2023 the family was working on getting a death declaration to help with the grieving process. Tucson police told KOLD at the time that once it is signed, the case will change from a missing person case to homicide.

Tucson police told CNN that the case is still currently classified “in long-term missing person status.”

People do go missing, Tucson Police Detective Doug Musick told KOLD at the time of her disappearance, but “it’s pretty rare for people to just abandon their children, their job, their family, their life.”

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Marlana McElvaine’s family thinks so, too.

“I knew from that moment that I got that call, I knew she was gone. Because I knew she wouldn’t have walked away from her life, she wouldn’t have walked away from her kids, she wouldn’t have left us — we’re all so close. I knew from that moment, I started grieving from that point forward because you know what, there’s no way she would have just left,” Dian McElvaine told KOLD.

Her family still talks about her and celebrates her birthday, her sister told KOLD. They also planted a tree in her honor.

The families, including the Guthries, are going through trauma that only other families who have been waiting for answers can understand, said Jimmy’s older sister Tacho, seeking some kind of closure.

“Nobody knows how we feel unless we’re going through it,” she said. “It’s so much pain and ache.”

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“I look for answers like if it was the first day, the second day, six months, a year, you know — we’re just never going to give up. We’re never going to give up,” Tacho said.

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