Hello and welcome to the Intelligence from the Economist.

In New York, I'm John Fassman.

Every weekday we provide a fresh perspective on the events shaping your world.

Russia is losing around 150 tanks a month in Ukraine, a piton compared to its second world

war losses, but because tanks today are more sophisticated, making them as harder, which

will pose an increasingly tough battlefield problem for Russia.

And Labrador retrievers, their lovable, energetic and good natured, spent 31 years as America's

favorite dog breed, but they've been replaced to top the charts.

By whom?

Stay tuned for our discussion of the warp and wooth of Canine popularity.

But first.

On Sunday, it was announced that Credit Suisse, a Swiss bank, was being taken over by

its longtime rival UBS, in a merger orchestrated by the country's financial authorities.

Axel Laman, chairman of the Embattled Bank, said he was happy about the deal and that

it would bring stability and security to its clients and employees.

But with UBS expected to make tens of thousands of layoffs at Credit Suisse, bankers will still

be feeling anxious.

So too are investors elsewhere.

As part of the deal, $17 billion worth of Credit Suisse's convertible bonds were written

often highly, or bailed in.

In recent days, other bank bonds have fallen, as people have realized that their value

too could be taken to zero in a crisis.

...