CS Group Research Articles

OGC P30 Prophylactic HIPEC and Intro-Operative Radiotherapy (IORT) in the Management of Gastric Cancer: An international retrospective case-control study

Abstract Background The combination of surgery and peri-operative chemotherapy is a well-established cornerstone of treatment with curative intent for gastric cancer in the UK. However, this approach has not necessarily been adopted globally. Hyperthermic intraperitoneal chemotherapy (HIPEC) and intraoperative radiation therapy (IORT) may improve survival amongst patients with advanced gastric cancer, however the evidence base for its use is limited and its efficacy remains unclear. The present study investigated the effectiveness of prophylactic HIPEC and IORT compared to peri-operative chemotherapy and gastrectomy in patients with gastric cancer. Methods A retrospective study including patients with gastric adenocarcinoma (stages 1-3) between 2014 and 2020 was undertaken. All patients received peri-operative chemotherapy and radical gastrectomy in an academic surgical centre in the Kingdom of Saudi Arabia or a regional tertiary oesophago-gastric centre in the North-West of England. Two groups were formed – one (study group – KSA; HIPEC-IORT) which also received combined prophylactic HIPEC and IORT and one which did not (control – UK; CS). Three parameters were utilized as control variables (age, gender, tumour stage and location). 2:1 matching between the control and study group (86 vs 43 patients) was performed. Results Mean age was 60 (SD = 14.5; 81.5% male). R0 rates were 74.5% in the HIPEC-IORT group vs 82.5% in the CS group. LVI and PNI rates were higher in the HIPEC-IORT group (55.8% vs 32.6%)(55.8% vs 32.6%) as were rates of diffuse-type morphology (39.5% vs 17.5%). Pathological stage distribution in the study group was different (37.2% II and 62.8% III) vs (31.4% I, 34.9% II, 33.7% III). Cox regression analysis which controlled for age, gender, and cancer stage, found no difference in survival between HIPEC-IORT and CS groups (p=0.219). Conclusions The findings of the present study suggest that the combination of prophylactic HIPEC and IORT following radical gastrectomy cancer does not significantly improve survival. Further exploration which compares the short-term outcomes of both approaches is required. These results should be interpreted with caution as the groups showed morphologically different tumour-types. A larger prospective study which controls for more variables may be warranted.

Banking Crisis: An Insight from the Collapses of SVB and Credit Suisse

The financial industry has long been a source of fluctuation and instability, and the recent events have further complicated post-COVID economic performances. This paper generalizes the theory of bank failures, the banking crisis, and the following economic consequences from past literature. It then analyses recent bank collapses and government responses, paying particular attention to Silicon Valley Bank and Credit Suisse. Finally, the conclusion draws on the validity of the theories in terms of being applied to the post-COVID banking system, yet current prudential policies and rescue plans need to be reviewed and upgraded.

Banking Risk Assessment under COVID-19 Pandemic

Since the banking industry is a crucial component of the financial markets, how to manage it is an important issue, especially the aspect of risk management, in which, some commercial banks perform poorly. This research uses the definition and some cases introduce what is the meaning of liquidity risk, credit risk, market risk, and systemic risk. Then this paper takes some big-name banks such as SVB, and Credit Suisse as examples and researches their management ways when facing risk to prove the necessity of risk management and why banks should deal with the risk. Additionally, the author cites Basel III to emphasize the importance of the capital adequacy ratio which can obtain the capital markets stable. This research draw a conclusion that how the banking industry should manage the risk and what measure should they take when facing corresponding risk, only by managing the risk reasonably, the banking industry can maximize risk reduction and increase the revenue to obtain operation. With this, in the future without covid-19, the banking industry can be more stable.

Risk Management in the Banking Sector During the COVID-19 Crisis: Challenges & Responses

The COVID-19 pandemic has significantly impacted the banking sector worldwide, exposing vulnerabilities and leading to the collapse of major banks, such as Silicon Valley Bank, Signature Bank, First Republic Bank, and Credit Suisse. Concerns about a potential systemic banking crisis have been sparked by the circumstance, which also emphasizes the necessity for risk management techniques to change with the times in order to handle key risks in the banking industry, such as credit, liquidity, market, and systemic risks. This study intends to look into how the COVID-19 epidemic affected risks in the banking industry and how banks responded. According to the findings, the pandemic has increased market, credit, and liquidity risk as well as systemic risk due to the interconnection of financial markets and institutions. To address these risks, banks have adopted various measures, such as increasing capital buffers, adjusting lending policies, and enhancing risk management systems. However, the study suggests that risk management tools need to evolve further, and banks need to develop proactive strategies to identify and mitigate potential risks before they become systemic. Banks can increase their resilience to upcoming crises and help to general financial stability by comprehending how the pandemic will affect various risks and implementing proactive risk management techniques.

The Effects of COVID-19 on Regulatory and Banking Risk Management Frameworks

As the impact of COVID-19 on people's daily lives is decreasing, its contribution to risk tol-erance in financial markets, especially banking risk management, will remain and continue to live for a long period of time. Due to the difficult economic climate, banks in particular have higher default rates, which puts the stability of the banking system at risk. The primary fo-cus of this study is on the risk management of banking systems following the outbreak of COVID-19 and identifying Basel III's implications on the function of banking crisis preven-tion. Examining both the interior and exterior banking risk supervision in European and the U.S., it can be seen why the bank insolvency incidents have not affected the global financial systems as the 2008-2009 financial crisis did. This paper demonstrates the different risks of commercial banks and summarizes the problems in risk management of commercial banks through the bankruptcy cases of Silicon Valley Bank and Credit Suisse Bank.

Banking Risk Assessment During the COVID-19 Crisis

The COVID-19 outbreak has had a profound impact on the global banking industry and poses a variety of risks. Through an analysis of the global banking industry, this paper examines in detail the impact of COVID-19 on liquidity risk, credit risk, market risk, and systemic risk. The study finds that liquidity risk is mainly related to the recent Fed's interest rate hike, which, overlaid with the impact of the epidemic on the economy, has exacerbated banks' liquidity risk. Credit risk is mainly related to the increase in non-performing loan ratio and banks' credit management while studying Credit Suisse which plunged due to credit management. Market risk is mainly reflected in changes in interest rates and stock market volatility, which in turn contributed to a series of large bank losses and the bankruptcy of Silicon Valley Bank. Factors such as climate change and the development of digital currencies pose the systemic risk to banks, and the role of Basel III in insulating banks against systemic risk is significant. Based on these findings, the authors recommend that governments and regulators should take steps to address these risks and provide additional policy support.

Improved phenotyping of cardiogenic shock after out-of-hospital cardiac arrest

Abstract Background Cardiogenic shock (CS) is an important cause of mortality after out-of-hospital cardiac arrest (OHCA). The SCAI classification is a simple grading system to reflect the spectrum of CS but fails to reflect phenotypes of CS based on haemodyamic/haemometabolic criteria [1,2]. Purpose We applied the SCAI grade and features of tissue hypoperfusion (i.e., elevated lactate) to develop a phenotypic classification of CS after resuscitated OHCA of cardiac aetiology and evaluate its association with outcome. Methods Patients with resuscitated OHCA of presumed cardiac aetiology were included in the King’s Out-of-hospital Cardiac Arrest Registry (KOCAR), and Uniwersyteckie Centrum Kliniczne w Gdańsku, Poland (UCK) between 1st May 2012 and 31st December 2020. Patients were classified into phenotypes of CS according to a combination of SCAI grade and lactate concentration on arrival at the hospital. Patients were then placed into one of 4 groups - those with SCAI grades A-B, i.e., no CS, were termed non-shocked if lactate <5, hypoperfusion group if lactate ≥5. Amongst those with CS (SCAI grades C-E), those with lactate <5 were considered to be in haemodynamic shock, and those with lactate ≥5 were in haemometabolic shock (Figure 1). The primary endpoint was mortality and cause of death at hospital discharge. Amongst surviving patients, the neurological outcome was defined by the Cerebral Performance Category (CPC) score. Results Of 627 patients (median age 62.9 ± 20.7, and 76.4% male), 218 patients (34.8%) were classified as non-shocked, 116 (18.5%) as hypoperfused, 106 (16.9%) as haemodynamic shock, and 187 (29.8%) as haemometabolic shock. Low flow time increased as the shock classification deteriorated, with the shortest time in the non-shocked group and the longest in the haemometabolic shock group (p <0.001). There were lower rates of initial shockable rhythm in haemometabolic shock followed by hypoperfused patients (p <0.001) and higher rates of adrenaline use in these groups (p< 0.001). Survival with good neurological outcome was most common in the non-shocked, then in haemodynamic shock groups, followed by the hypoperfusion group and with significantly less favourable survival in the haemometabolic shock group CS (Table 1; Figure 1; p<0.001). Modes of death differed significantly by shock classification group. Patients in the non-shock and hypoperfusion groups had low rates of cardiac multiple organ dysfunction syndrome (MODS) death, with the highest rates of neurological death seen amongst the hypoperfused group (35.7%). Patients in the haemodynamic shock group had substantially higher cardiac death rates, and those in the haemometabolic shock group had the highest cardiac and MODS death rates. Conclusion A classification based on SCAI grade and lactate levels identifies distinct phenotypes of CS after OHCA and may identify specific sub-groups for selection of mechanical circulatory support devices.Table 1Figure 1

Metagenomics-Based Analysis of the Effect of Rice Straw Substitution for a Proportion of Whole-Plant Corn Silage on the Rumen Flora Structure and Carbohydrate-Active Enzymes (CAZymes)

The purpose of this study was to investigate the effects of replacing a portion of whole-plant corn silage with straw on the rumen microbial community structure and carbohydrate-active enzyme activity. The experiment employed a single-factor randomized trial design, with eight late-lactation Chinese Holstein dairy cows being randomly divided into two groups of four replicates each. The control group (CS group) was fed a diet consisting of alfalfa silage and a mixture of alfalfa and whole-plant corn silage, while the experimental group (RS group) received a diet in which one-third of the corn silage was replaced with straw while keeping the other components unchanged. The experiment lasted for a total of 21 days, with a pre-feeding period of 14 days and a formal period of 7 days. The rumen fluid collected on day 21 was used for the rumen fermentation parameters and metagenomic analysis. The concentrations of acetic acid, propionic acid, butyric acid, and total volatile fatty acids (TVFA) in the rumen of RS group cows were significantly lower than those in the CS group (p < 0.01). The ratio of acetic acid to propionic acid was significantly higher in the RS group compared to the CS group (p < 0.01). Metagenomic sequencing revealed that at the genus level, compared to the CS group, the abundance of unclassified bacteria, Bacteroides, Alistipes, Butyrivibrio, Chlamydia, Fibrobacter, unclassified Ruminococcaceae, and unclassified Bacteroidetes in the rumen of RS group cows increased, while the abundance of Eubacterium decreased ([LDA > 3.6], p < 0.05). Compared to the CS group, the enzymatic activities of α-L-arabinofuranosidase (EC3.2.1.55), β-xylosidase (EC3.2.1.37), β-glucosidase (EC3.2.1.21), β-glucosylceramidase (EC3.2.1.45), xylanase (EC3.2.1.8), and arabinanase (EC3.2.1.99) in the rumen of RS group cows increased (p < 0.05). According to the correlation analysis, Alistipes, Bacteroides, and Butyrivibrio showed a significant negative correlation with propionic acid (p < 0.05) and a significant positive correlation with the acetic acid-to-propionic acid ratio (p < 0.05). They also showed a significant positive correlation with GH2, GH3, GH20, GH29, GH43, GH78, GH92, CE1, GT4, β-glucosidase (EC3.2.1.21), α-L-arabinofuranosidase (EC 3.2.1.55), β-xylosidase (EC 3.2.1.37), β-glucosylceramidase (EC 3.2.1.45), xylanase (EC 3.2.1.8), and arabinanase (EC 3.2.1.99) (p < 0.05). In summary, straw can not only alter the composition and structure of the rumen microbiota in cows but also affect the relative abundance of CAZymes at different levels within the rumen. Cows may, thus, potentially improve the degradation efficiency of straw diets by increasing the abundance of certain rumen microbiota and enzymes.

PSV-18 Host Transcriptional Changes Detected in the Feces of Dairy Calves Supplemented with Condensed Solubles from Milk Permeate

Abstract Newborn dairy calves are exposed to an environment characterized by multiple challenges, such as pathogen load and nutrient delivery adaptations. Nutritional strategies can help young animals to face these challenges. Hence, we proposed that feeding a type of oligosaccharides (condensed solubles from milk permeate; CS) to dairy calves from birth to postweaning will improve their inflammatory response. This study aimed to perform real-time (RT)-qPCR in RNA isolated from fecal samples to assess the molecular changes relative to inflammation in dairy calves. To address this, 2-days old (d) Holstein calves were randomly assigned into two groups (n = 12/group): control with no supplement; or treatment with 50 g/d of CS. Both groups were fed pasteurized waste milk during the preweaning period. Calves were fed pasteurized waste milk 2×/d during week 1-5, 1×/d in week 6, and weaned at week 7. For the CS-treated calves, at each milk feeding during week 1-5, 25 g of CS was added to the pasteurized milk. At week 6, 25 g of CS was added to the milk morning feeding and 25 g were top-dressed on the starter pellets. Starting at week 7 until the end of the trial at week 12, 50 g of CS were top-dressed on the starter pellets offered to CS calves. Healthy scores were recorded daily. Fresh fecal samples were collected weekly and immediately frozen until RNA extraction. Statistical analysis was performed using MIXED procedures (SAS 9.4) with repeated measures. Significant differences were declared at P < 0.05. The average fecal score postweaning was less in the CS calves relative to the control. Overall, the mRNA expression of the transcription factor of inflammation, NFKB, was less in the feces of the CS group compared with the control. However, the membrane receptor for gram-positive bacteria, TLR2, was upregulated in CS calves relative to control during the postweaning stage (week 8). The fecal gene expression of the membrane receptor for gram-negative bacteria, TLR4, and the proinflammatory cytokines, IL1B and TNFA, did not differ between groups. In summary, the lack of difference in the gene expression of proinflammatory cytokines IL1B and TNFA, along with the TLR4 expression in the feces of the calves, indicate that there was no severe inflammation during the trial. In contrast, TLR2 gene expression findings suggest that some mild local infection might have affected those calves. In conclusion, feeding oligosaccharides to dairy calves might improve the response to inflammation.

Design and application of zirconium-based coordination polymers for selective capture of copper

The heavy metal copper in the wastewater is extremely harmful to human and ecological environment. The new metal coordination polymer (Zr-TPTA) adsorbent is prepared to capture copper ion from aqueous medium. The effects of reaction time, initial concentration of Cu(II) ion, pH value and temperature on adsorption efficiency of Cu(II) ion by Zr-TPTA are studied. The maximum adsorption capacity of Zr-TPTA is 148.32 mg/g at pH 3.0. The thermoisopleth and kinetic data conform to Langmuir and pseudo-second-order models, indicating that the adsorption mode is monolayer chemisorption. The capture of Cu(II) ion on Zr-TPTA surface is a spontaneous exothermic process according to thermodynamic parameter calculation results. The strength of interaction force between adsorbent and Cu(II) ion (15,649 mL/g) shows that the Zr-TPTA adsorbent has selective adsorption for Cu(II) ion. The consecutive adsorption-desorption experiment demonstrates the excellent reusability of Zr-TPTA. The X-ray photoelectron spectroscopy (XPS), zeta potential and density functional theory (DFT) prove that the adsorption mechanism is the complexation reaction of Cu(II) ion with CS and CN groups. This work illustrates the value of self-designed novel metal coordination polymer in adsorbent materials with selective capture of copper ion.

A Novel Strategy for Emergency Treatment of Coronary Perforations by Placing a Drug-Eluting Stent before Sealing off the Leakage with a Covered Stent to Improve Long-Term Outcomes in Patients with Coronary Artery Perforations.

We aimed to investigate the safety, feasibility, and long-term results of drug-eluting stent implantation before covered stents for treating coronary artery perforation (CAP). Between 2015 and 2020, 12,733 patients undergoing percutaneous coronary intervention (PCI) were retrospectively analyzed. The primary endpoint was 1-year target lesion revascularization (TLR), whereas secondary endpoints included the rate of major adverse cardiac and cerebrovascular events (MACCE) and all-cause death at 1 year. A total of 159 patients with CAP were identified during the study period, of whom 47.2% (n = 75) were treated with a covered stent (CS group) because of complex and/or severe CAP and 84 (52.8%) without (non-CS group). In the majority of patients, emergency drug-eluting stent placement before covered stent implantation was feasible (n = 69, 82%). There were no significant differences among patients treated with or without a covered stent in terms of primary or secondary clinical endpoints: a similar rate of TLR (18.67% vs. 21.43%, p = 0.6646), MACCE (25.33% vs. 22.62%, p = 0.6887), and 1-year mortality (12.00% vs. 11.90%, p = 0.9853) were identified comparing cases with covered stent implantation and without. In conclusion, our study implicates that the use of covered stents for sealing coronary perforation might not impact the 1-year clinical outcome if used properly. Moreover, the emergent use of drug-eluting stents before covered stent implantation in CAP is a safe and effective method to avoid target lesion revascularization in patients treated with covered stents.

Time for a paradigm change: Problems with the financial industry's approach to operational risk.

Organizational and risk cultures in the financial industry are argued to be the root cause of banking problems. It is concerning that financial regulators and practitioners still consider the industry to be seriously fragile in several respects, particularly to operational risks and risks associated with digital transformation and innovation-not that the risks of organizational misconduct have disappeared. The rescue of Credit Suisse in 2023 confirms this. This paper employs extant theories of organizational culture, learning, and action to critically evaluate the existing risk paradigm in banking and to highlight its deficiencies, which practitioners can only address by questioning the flawed assumptions and dysfunctional values and behaviors found to be endemic in banks. However, business and risk practitioners are also married to institutional approaches that focus on assessing risk and measuring historical losses to allocate regulatory capital, rather than forward-looking approaches to measure and manage risk. This requires a paradigm change. This paper presents a novel risk measurement and accounting methodology, Risk Accounting, to help underpin such change. Risk accounting measures risk exposure in quantitative and qualitative terms and can be implemented using an AI-enabled digital architecture that could solve endemic problems with risk data aggregation and analysis. Significantly, risk accounting enables a financial value to be placed on risk exposures at a granular level. This level of transparency provides an incentive to change behaviors in banks and support cultural change while providing a basis for a paradigm change in the way operational risk is managed.

Are differences in caesarean section rates between countries in Europe decreasing or increasing?

Abstract Objective Caesarean section (CS) rates differ greatly between European countries, but whether these variations in practices between countries are increasing or decreasing has not been investigated. Improved scientific evidence to underpin CS indications as well as common trends in maternal characteristics could lead to convergence of rates. This study aimed to analyse trends in CS rates between 2004 and 2020 for all births and for specific risk sub-groups. Methods The study uses data from the Euro-Peristat network which collected national-level routine data on CS overall and by sub-group using a standardised protocol on births in 2004, 2010 and 2015-2020. Sub-groups were: parity (nulliparous, multiparous), multiplicity (singleton, multiple), previous CS (yes/no), breech (yes/no) and preterm/term. 25 countries had data at all time points. We divided countries into terciles based on 2004 rates and analysed trajectories in these three groups. Results The CS rate ranged from 14.4% to 37.8% in 2004 and from 16.2% to 44.8% in 2020. Cutoffs for the terciles in 2004 were 19% et 25%. Countries in the first tercile (low rates, 9 countries) continued to have low rates with flat or mildly increasing trajectories. In the second tercile, there were two trajectories - flat or mildly increasing (3 countries) or sharper increases over time (4 countries). Countries in the highest tercile had increasing rates (8 countries). These patterns were observed most clearly in singleton and nulliparous pregnancies. For sub-group analyses, patterns varied, with some low CS countries having high CS rates for breech or preterm births, but practices within sub-groups were relatively stable over time. Conclusions Differences in overall CS rates between European countries over time have widened with more marked clustering into high and low CS groups. These analyses suggest a lack of progress in developing an evidence-base that would lead to standardisation of practice.

Intermittent cold stimulation affects energy metabolism and improves stress resistance in broiler heart

To investigate the effect of intermittent cold stimulation on cardiac energy metabolism and cold resistance of broilers, 288 broilers were divided into 3 groups: control group (CC) and 2 cold stimulation groups (CS3 and CS9). The CS3 and CS9 groups received cold stimulation at temperatures of 3°C and 9°C lower than CC group for 5 h from d 15 to 35. Three groups were subjected to acute cold stress (ACS) of 10°C for 12 and 24 h at 44 d. Performance, cardiac histopathological changes, heat shock proteins (HSPs), and lipid metabolism levels were measured. Results showed that the performance was not different among groups at 22 and 29 d (P > 0.05), but the mRNA levels of Acyl CoA synthase long-chain family member 1 (ACSL1) and acyl-coenzyme oxidase (ACO) in CS group were upregulated compared to CC group (P < 0.05). At 36 d, the performance of the CS3 group was better than the other 2 groups, myocardial structure was normal and other lipid metabolism indexes, except for peroxisome proliferator-activated receptor coactivator 1α (PGC-1α) levels, were similar to those of CC group (P > 0.05). The myocardial fiber disorder, Triglyceride (TG), and leptin (LEP) contents were significantly lower in CS9 group than in CC and CS3 groups at 36 d (P < 0.05). The HSP protein levels were significantly higher in CS group than in CC group before ACS (P < 0.05). After 24 h of ACS, the mRNA of lipid metabolism genes, the protein levels of HSP40 and HSP60, and the contents of TG and LEP in the CS3 group were upregulated compared to other groups. The CC and CS9 groups showed myocardial structure was destroyed, with lower TG and LEP levels compared to before ACS (P < 0.05). Therefore, cold stimulation at 3°C lower than the normal feeding temperature for 5 h did not impair performance but can increase the resistance of broilers to ACS by promoting lipid metabolism.

Minimally invasive versus conventional mitral valve surgery: A propensity score matching analysis

Background: This study aimed to compare the outcomes of minimally invasive mitral valve surgery and conventional surgery in terms of mortality and postoperative complications. Methods: A retrospective analysis was conducted on consecutive minimally invasive and conventional mitral valve surgeries performed between January 2019 and December 2022. Patients undergoing concomitant procedures were excluded from the study, and 293 patients (149 females, 144 males; mean age: 53.8±12.9 years; range, 18 to 82 years) were included in the study. Of these patients, 96 underwent minimally invasive surgery (MI group), and 197 underwent mitral valve surgery via conventional sternotomy (CS group). Propensity score matching was utilized to minimize the biases and confounding factors. After propensity score matching, 55 patients were included in each group. Results: There was no statistically significant difference in terms of mortality between the propensity score-matched groups (p=0.315), and no statistically significant difference in postoperative complications was observed between the groups. However, it was found that postoperative new-onset atrial fibrillation was lower in the minimally invasive group (p=0.022). Conclusion: This study demonstrates that minimally invasive mitral valve surgery is a safe alternative with similar mortality and postoperative complication rates compared to conventional surgery. Additionally, the study suggests an association between minimally invasive surgery and postoperative new onset atrial fibrillation.

Bank crisis management and resolution after SVB and Credit Suisse: Perspectives from India and the European Union

AbstractThe March 2023 bank failures of Silicon Valley Bank, Signature, and Credit Suisse, which caused turmoil in financial markets and led to regulatory and central bank intervention, revived the debate about the effectiveness of the bank crisis management, resolution, and deposit insurance legal framework established after the Global Financial Crisis. Although the March 2023 events did not escalate into a full‐blown financial crisis, they drew attention to certain areas of the current framework, where improvements may be needed. These areas include the need for financial regulation and supervision to focus more on small‐ and medium‐sized banks as potential sources of systemic market events; to review the adequacy of the current deposit insurance regime and the treatment of uninsured deposits; and to provide more clarity about the order of creditor claims in case of bank resolution/insolvency. This article reviews the events of March 2023 and the key lessons from these events and discusses how these lessons could shape the frameworks for bank crisis management and resolution in India and the European Union. The two jurisdictions are in the process of updating their laws in this area, and the March 2023 events could influence the relevant decisions.

What Makes the Swiss Banks Special?

The Swiss banking sector has long been famous for its success in attracting foreign assets and wealthy clients. This article aims to analyze the reasons behind the success of Swiss banks by considering various factors. The research paper includes a literature review, methodology, and examination of key elements such as foreign assets, Indian 'black money,' the largest Swiss banks, the impact of the coronavirus crisis, Swiss banking secrecy, overall country stability, stable currency, and globalization. The study reveals that Swiss banks have historically been a preferred destination for people from politically and economically unstable countries seeking secure storage for their wealth. The existence of banking secrecy laws, dating back to 1930s, has played a significant role in attracting international clients, although other factors have also contributed to the success of the sector. The analysis of foreign assets shows a substantial amount of money held in Swiss banks, accounting for a significant portion of global cross-border assets. Indian 'black money' has also found its way to Swiss banks, although efforts to disclose account information have been ongoing. The largest Swiss banks, including UBS and Credit Suisse, have played a pivotal role in the country's financial sector. The impact of the coronavirus pandemic on the Swiss banking industry was analyzed, showing that despite challenges, the industry managed to offer new jobs and maintain profitability. The study emphasizes the importance of Swiss banking secrecy, which has been a key factor in attracting wealthy clients for centuries. However, it argues that secrecy alone does not fully explain the success of the Swiss banks. Other factors, such as overall country stability, a stable and easy convertible currency like the Swiss Franc, and the role of globalization in facilitating international operations, have all contributed to the sector's prominence. In conclusion, the success of Swiss banks is a result of multiple factors working together. While banking secrecy has played a significant role, other favorable conditions such as political stability, a strong currency, and global outreach have also contributed to Switzerland's status as a global financial hub. Understanding the interplay of these elements sheds light on the reasons behind the exceptional performance of the Swiss banking sector.

Novel paradigms for the gut-brain axis during alcohol withdrawal, withdrawal-associated depression, and craving in patients with alcohol use disorder.

Patients with alcohol use disorder (AUD) exhibit symptoms such as alcohol withdrawal, depression, and cravings. The gut-immune response may play a significant role in manifesting these specific symptoms associated with AUD. This study examined the role of gut dysfunction, proinflammatory cytokines, and hormones in characterizing AUD symptoms. Forty-eight AUD patients [men (n = 34) and women (n = 14)] aged 23-63 years were grouped using the Clinical Institute Withdrawal Assessment of Alcohol Scale (CIWA) as clinically significant (CS-CIWA [score > 10] [n = 22]) and a clinically not-significant group (NCS-CIWA [score ≤ 10] [n = 26]). Clinical data (CIWA, 90-day timeline followback [TLFB90], and lifetime drinking history [LTDH]) and blood samples (for testing proinflammatory cytokines, hormones, and markers of intestinal permeability) were analyzed. A subset of 16 AUD patients was assessed upon admission for their craving tendencies related to drug-seeking behavior using the Penn-Alcohol Craving Score (PACS). CS-CIWA group patients exhibited unique and significantly higher levels of adiponectin and interleukin (IL)-6 compared to NCS-CIWA. In the CS group, there were significant and high effects of association for the withdrawal score with gut-immune markers (lipopolysaccharide [LPS], adiponectin, IL-6, and IL-8) and for withdrawal-associated depression with gut-immune markers (scored using MADRS with LPS, soluble cells of differentiation type 14 [sCD14], IL-6, and IL-8). Craving (assessed by PACS, the Penn-Alcohol Craving Scale) was significantly characterized by what could be described as gut dysregulation (LBP [lipopolysaccharide binding protein] and leptin) and candidate proinflammatory (IL-1β and TNF-α) markers. Such a pathway model describes the heavy drinking phenotype, HDD90 (heavy drinking days past 90 days), with even higher effects (R2 = 0.955, p = 0.006) in the AUD patients, who had higher ratings for cravings (PACS > 5). The interaction of gut dysfunction cytokines involved in both inflammation and mediating activity constitutes a novel pathophysiological gut-brain axis for withdrawal symptoms and withdrawal-associated depression and craving symptoms in AUD. AUD patients with reported cravings show a significant characterization of the gut-brain axis response to heavy drinking. ClinicalTrials.gov, identifier: NCT# 00106106.

The impact of Credit Suisse takeover on Indian banking and financial services sector stocks: an event study analysis

PurposeThe present study aims to comprehensively examine the impact of the Union Bank of Switzerland (UBS) takeover of Credit Suisse on the banking and financial services sector in the Indian stock market. To fully comprehend the impact of the event, the study separately investigates the response of private sector banks, public sector banks, overall banking companies and financial services companies to the takeover of the second-largest financial institution in Switzerland.Design/methodology/approachThe study employs event study methodology, using the market model, to analyze the event's impact on Indian banking and financial services sector stocks. The data consists of daily closing prices of companies included in the Nifty Private Bank Index, Nifty PSU Bank Index, Nifty Bank Index and Nifty Financial Services Index from the National Stock Exchange (NSE). Furthermore, cross-sectional regression analysis has been conducted to explore the factors that drive abnormal returns.FindingsThe empirical findings of the study suggest the event had a heterogeneous impact on the stock prices of Indian banks and financial services companies. While public sector banks experienced a significant negative impact on select days within the event window, the overall Indian banking sector and financial services companies also witnessed notable declines. In contrast, Indian private sector banks were relatively resilient, exhibiting minimal effects. However, the cumulative effect is found to be insignificant for all four categories across different event windows. The study also observed that the cumulative abnormal returns (CARs) were significantly influenced by certain variables during different event windows.Originality/valueTo the best of the authors' knowledge, the present study is the earliest attempt that investigates the impact of the UBS takeover of Credit Suisse on the Indian banking and financial services sector using event study methodology and cross-sectional regression model.

European bank credit risk transmission during the credit Suisse collapse

The effect of Credit Suisse collapse on the credit risk spillover across banks is understudied and unclear. Using the tail-event and network dynamics framework on weekly data covering 15 large European banks from March 11, 2020 to March 28, 2023, we show that the credit risk has a strong spillover effect on major banks, increasing systemic risk significantly after the collapse of Credit Suisse. This is notable for non-EU (Swiss and UK) banks in the post-collapse era. The findings are useful for policymakers and regulators concerned with contagious credit risk and the stability of the banking sector under extreme events.