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Stability AI CEO Emad Mostaque predicts that most of the outsourced programmers in India will lose their jobs in the next year or two. Mostaque was quoted as saying on a call with UBS analysts at the Swiss investment bank last week. India is home to more than 5 million software programmers.

Switzerland's parliament kicks off its probe into the government-orchestrated takeover of the stricken Credit Suisse bank by its larger rival UBS. The parliamentary commission of inquiry aims to shed light on how Swiss authorities rapidly stitched together the merger of the wealthy Alpine country's two biggest banks over a weekend in March.

The Indian currency is expected to trade within the range of 81/$-83/$ in the near term, with the potential to strengthen towards 79 a dollar by the end of FY 2024. UBS suggests that the fiscal position of the Indian government appears favorable, with potential room for increased spending in a pre-election year.

UBS announced changes to the executive board of AG in an internal memo circulated after the bank announced it had officially closed the takeover of its former rival. Chief Financial Officer Dixit Joshi and General Counsel Markus Diethelm are among the executives leaving. The head of Credit Suisse's domestic business, will remain in his role.

UBS says it expects to complete its takeover of Credit Suisse as early as next week. The two Zurich-based banks are uniting in a 3 billion-franc ($3.3 billion) deal. The merger was aimed at stemming upheaval in the global financial system after the collapse of two U.S. banks.