this is bbc news broadcasting in the uk and around the globe. i'm annita mcveigh. our top stories... european banking shares have dropped significantly, as the financial markets react to the emergency takeover of switzerland's second biggest bank, credit suisse. vladimir putin is preparing to welcome chinese president xi jinping to moscow for talks. it's the first visit by china's president since russia invaded ukraine. former uk prime minister borisjohnson submits evidence in his defence over whether he misled parliament over parties in downing street during covid. the most comprehensive study yet on the the impact of climate change is about to be released by un scientists after eight yea rs of research.

the temperature up here in the alps is rising by about twice the global average. it's already increased by 2 degrees celsius. and 20 years since the us—led coalition invaded iraq to topple dictator saddam hussein, we look at the legacy. hello and welcome to bbc news. the world's financial markets have reacted with unease following last night's emergency takeover of the troubled swiss bank credit suisse. shares in credit suisse fell by more than 60% this morning after european markets opened and the value of banking shares across europe have dropped sharply.

credit suisse was bought by rival swiss bank ubs in a deal brokered by the swiss government over the weekend. here's the chief executive of ubs explaining the rationale behind the deal. translation: it means we bring back stability and security _ for credit suisse clients, but also that we keep the reputation of the swiss financial centre high. and finally it means we are stemming the turmoil in the international financial markets. these three goals are very, very important to us. we are building a big ubs with less risk appetite. here's david blanchflower, a professor of economics at dartmouth college, on whether we should be worried there could be a repeat of the financial crisis of 2008. the big deal is that we're going to find out over the next couple of days if it really is like 2008. and the question is, can the authorities stop it? but my suspicion is they're not going to be able to.

not least because people are pulling deposits out of these regional banks in the united states and putting them into big banks. so these regional banks are going to tumble one after another, unless the united states actually guarantees all deposits. and so that would just be enormous. so the worry is that this is looking increasingly like 2008, but we're probably going to know by wednesday, i would say, when the fed meets. let's speak to our business reporterjonathanjosephs. why credit suisse? we have seen troubles with some us banks already but why credit suisse? and can these jitters in the banking world to be contained? figs jitters in the banking world to be contained? �* , jitters in the banking world to be contained?— jitters in the banking world to be contained? �* , , ., contained? as we 'ust heard there, it is auoin contained? as we 'ust heard there, it is going to — contained? as we 'ust heard there, it is going to be _ contained? as we 'ust heard there, it is going to be a — contained? as we just heard there, it is going to be a question - contained? as we just heard there, it is going to be a question of - contained? as we just heard there, it is going to be a question of time | it is going to be a question of time to see if the jitters in the banking sector can be contained. nobody quite knows the answer to thatjust yet but we are seeing a big sell—off

of financial stocks on european markets this morning. we are seeing big falls in the share prices in the likes of ba rclays, big falls in the share prices in the likes of barclays, prudential, standard chartered, natwest and hsbc here in london and german banks such as deutsche bank and commerzbank and similar moves in paris with the likes of bnp paribas. credit suisse, having these problems, it has had problems going on for a number of years. it had a chairman who resigned for breaking covid rules. it was involved in a bribery scandal in mozambique was a bit at multibillion—dollar losses in investment funds including us hedge fund. it was found guilty over allegations of laundering money linked to bulgarian drug traffickers will stop it has been involved in corporate espionage claims that it had to settle and tax evasion claims in the us. quite a list there and all these problems have ended up costing money and sapping investors�* confidence in what was switzerland�*s second biggest bank. what confidence in what was switzerland's second biggest bank.— second biggest bank. what does it mean for the _ second biggest bank. what does it mean for the regular _ second biggest bank. what does it mean for the regular person - second biggest bank. what does it mean for the regular person and l second biggest bank. what does it. mean for the regular person and what

impact might it have? in mean for the regular person and what impact might it have?— impact might it have? in the immediate _ impact might it have? in the immediate here _ impact might it have? in the immediate here and - impact might it have? in the immediate here and now, i impact might it have? in the l immediate here and now, that impact might it have? in the _ immediate here and now, that remains to be seen. again it will be a question of how things play out over the coming days and weeks. if people are watching this in switzerland they may at some point see some branch closures because ubs and credit suisse have both got big retail banking operations in switzerland but when we look at the falls on the stock markets that have been linked to this, people might have money invested in a pension fund for instance and that will have taken a hit because of this. we might also see moves in interest rates because of this being affected. because all of this is a reflection of risk and the banking sector more broadly is weighing up where the risks are and how exposed it is to various problems in the financial system. interest rates have risen pretty sharply since the 2008 financial crisis. they were quite low because of that and in the last year or so they have risen because of inflation, linked to the

coronavirus pandemic and the war in ukraine, but interest rates have risen pretty quickly and you make such big moves like that it�*s not surprising that there are some cracks appearing in the financial system as we have seen with these us banks and as we have seen with credit suisse. that might end up with the us federal reserve and the bank of england, which are both making interest—rate decisions this week having to take this into account because if banks are worried about losing money, and have seen some of these losses because for instance bondholders that credit suisse have been wiped out for some bonds as a result of this rescue package, then that means that the banks will be more averse to risk in terms of who they lend to. in the coming weeks and months they may think twice about loans to businesses or people seeking a mortgage because their appetite to risk might wane slightly because of what has happened here. thank you for that, jonathan _ what has happened here. thank you for that, jonathan josephs, - what has happened here. thank you | for that, jonathan josephs, business for that, jonathan josephs, business reporter.

i�*m joined now by the economist cornelia meyer in bern. thank you very much forjoining us. before ubs bought, took over credit suisse, credit suisse was being given credit by the swiss national bank. but that did not calm the nerves of investors who continue to withdraw money from credit suisse. is this take the best option looking ahead in terms of trying to calm the nervousness around what�*s happening in the banking world at the moment? i think it is the best. there were three options. either you let the banks go bankrupt. 0r three options. either you let the banks go bankrupt. or the state takes it over. all we have a private sector, state aid and private sector solution, and the latter was clearly, clearly the best solution. it's clearly, clearly the best solution. it�*s not the perfect solution but it�*s the best we can get at this time. i wanted to say, the credit suisse thing is really a matter of a

lot of roles that have accumulated ever since the bank took over and the first boss didn�*t understand the risk in 1990 and it has gone on and on since then. it�*s the interest rate linked, the svb, the us banks, thatis rate linked, the svb, the us banks, that is interest rates linked. you need depositors and investor confidence and if you lose that then you lose your shirt. you confidence and if you lose that then you lose your shirt.— you lose your shirt. you said credit suisse didn't _ you lose your shirt. you said credit suisse didn't understand _ you lose your shirt. you said credit suisse didn't understand the - you lose your shirt. you said credit suisse didn't understand the risk i suisse didn�*t understand the risk involved when it took over a us bank a number of years ago. but of course excessive risk taking was one of the characteristics of the financial crash of 2008 along with irresponsible lending. there were a number of the critiques of the banking sector at that time. have enough lessons being learned since 2008 to stop something of that order happening again? it�*s 2008 to stop something of that order happening again?—

happening again? it's very tough. in the case of — happening again? it's very tough. in the case of credit _ happening again? it's very tough. in the case of credit suisse _ happening again? it's very tough. in the case of credit suisse you - happening again? it's very tough. in the case of credit suisse you had . the case of credit suisse you had three ceos who didn�*t understand the position of the bank in the swiss system. foreign ceos and that accelerated the scandal. you had a rescue plan, a reorientation of strategy following a reorientation of strategy and nothing could get implemented. 0n the broader thing, i think they are torn between hubris and fear. hubris can take over and that�*s clearly what we have seen time and time again. for the regulator it is hard. i think they have done a good job getting the right capital structures in place. but they can�*t over regulate either. if you handcuff private sector institutions they can�*t do anything. if you are a regulator you are damned if you do and damned if you

don�*t. damned if you do and damned if you don't. s , , , damned if you do and damned if you don't. ., , , , , g, don't. can the ship be studied or are there other— don't. can the ship be studied or are there other banks _ don't. can the ship be studied or are there other banks that - don't. can the ship be studied or are there other banks that are i are there other banks that are potentially vulnerable at the moment? i potentially vulnerable at the moment? ., potentially vulnerable at the moment?— moment? i think the ship in switzerland _ moment? i think the ship in switzerland has _ moment? i think the ship in switzerland has been - moment? i think the ship in i switzerland has been steadied, moment? i think the ship in - switzerland has been steadied, so we hope. what really gives a bit of cause for concern is that you had the additional tieri bonds that cause for concern is that you had the additional tier i bonds that are now totally going under, and this is the first time to my knowledge in the first time to my knowledge in the history of capital markets that equity supersedes that in the capital structure. that�*s not usually what happens. so we have about 230 plus billion dollar market in europe, which is the 81 market thatis in europe, which is the 81 market that is really struggling. and we have other markets are really struggling. let�*s hope it was enough, but i have to say the swiss regulator and the government

couldn�*t have been faster and more swift. sometimes you just have needs must and you have to do what the situation demands.— situation demands. thank you for our situation demands. thank you for your analysis _ situation demands. thank you for your analysis of _ situation demands. thank you for your analysis of the _ situation demands. thank you for your analysis of the story - situation demands. thank you for your analysis of the story today, | your analysis of the story today, economists cornelia meyer. russian president vladimir putin is preparing to host his chinese counterpart, xijinping, in moscow on monday. it�*s the first visit by china�*s leader since russia invaded ukraine last year, isolating him from the west. so what is likely to be on the table? 0ur russia editor steve rosenberg reports. this is xijinping�*s this is xi jinping�*s first visit to russia since the russian invasion of ukraine and in that sense it is a demonstration of support for russia at a time when the kremlin is under huge international pressure over the war. basically by coming here i think the chinese leader is sending a very strong message globally that despite everything that�*s happened in the last year, despite russia

invading a sovereign nation, waging a war against invading a sovereign nation, waging a waragainst ukraine, invading a sovereign nation, waging a war against ukraine, despite all the nuclear sabre rattling we have heard from russia over the last few months, despite the fact there is now an arrest warrant with vladimir putin�*s name on it issued by the international criminal court, despite all of that china is determined to push on and expand cooperation and deepen its partnership with russia. not out of any love or loyalty to vladimir putin, but because china believes it is in china�*s interests to do that. the two leaders have already proclaimed a no limits partnership, but it�*s a partnership in which china is the senior partner. russia�*s economy is one tenth the size of china�*s economy. and russia under heavy international sanctions is increasingly dependent on china, on chinese markets for russian commodities. the kremlin may well want china to supply it with lethal aid to help russia win on the

battlefield in ukraine. so far china has been reluctant to do that. it doesn�*t want to spark secondary sanctions against chinese companies. the other question is can china help end the war in ukraine. there is some kind of chinese peace plan, not really a plan, kind of an initiative, or rather a chinese position on moving to a political settlement in ukraine. but that has been met with a lot of scepticism in the west. i don�*t think china really believes that ukraine and russia are ready at this moment to sit down and negotiate an end to the war. 0ur china correspondent stephen mcdonell has more about how chinese state media is portraying the trip. the interesting thing is that both of these leaders have had newspaper articles published in one another�*s countries. xijinping�*s article and vladimir putin�*s article both mention the ukraine war, so itjust shows that it is going to be front and centre when they have talks over the coming two days.

in vladimir putin�*s article, in the people�*s daily, and this is the mouthpiece of the communist party here, basically it�*s the party�*s organ, getting the word out, the line out, to the population, vladimir putin writes that the west is fading, that its influence is disappearing. he said that russia is open to a diplomatic solution, if, and he says, "if other parties are willing to engage in a serious dialogue." he also, though, spoke about how such an agreement "would have to take into account the current geopolitical realities." i�*m not exactly sure what that means but it sounds like he�*s trying to suggest that the facts on the ground, if i can put it that way, the land which russia has already grabbed, it�*s not going to give it up in ukraine, and that any talks regarding a peaceful settlement should in some way acknowledge this, take into account these gains that russia has realistically made in his mind.

earlier i spoke to dr yu jie. she is a senior research fellow on china, asia—pacific programme at chatham house. i began by asking her what both sides hope to achieve with the visit. i think on one hand putin is desperately hoping to have some sense of support. whether it is a political or economic from beijing but on the other hand we will see if beijing will somehow play a mediation role in russia�*s invasion of ukraine but that�*s much easier said than done in this case. china seeks to be both an ally of russia and the broker of an end to the war in ukraine and has put forward its 12 point peace plan. given vladimir putin�*s ambitions for ukraine haven�*t exactly gone according to his plan, how do you think president xi is recalibrating the relationship with russia?

reallyjudging by the written statements both leaders have done this morning, putin has done a piece in beijing and president xi has done a piece in moscow. it seems to me they strike different tones and terms. xijinping putting emphasis towards economics and politics in this bilateral relationship. however, putin gives so much stress and emphasis towards this war in ukraine and hoping that beijing would really endorse this invasion in full. however, if we look at the language very carefully, i think xi jinping has quietly withdrawn the so—called no—limit relationship between beijing and moscow so for me that is already quite a drift between the positions, on china�*s position from the beginning of this invasion to after this 12 months. what then do you think the implications of this conference could be for ukraine and for the west? the implication really

for ukraine is firstly that is whether xi jinping will make a shadow phone call with president zelensky. secondly, china simply can�*t afford to have the collective west against china. so china is also trying to play this card in here by saying we are extremely keen to resume the relationship with europe. not necessarily the united states but very keen with europe. i think china will continue to play the card that the utility of nuclear weapons should not be entertained in this case. i think beijing is going to have a very precarious balancing act to perform here but i think for the moment that beijing�*s performative neutrality is becoming more difficult as to be untenable. an interesting phrase, a precarious balancing act. clearly you think beijing wants to keep an eye to its relationship with the rest of the world. essentially russia and china are two very different types of powers. china exerts international influence

by integrating itself into the economic system and russia has done so through territory conquests. they are different powers but what bonds them together is that sense of common resentment towards the united states. that does not mean they see the world order in an eye to eye manner. so i think china will be very careful, but by having xijinping in moscow, i think it�*s a very risky business in this business. to show you live pictures from moscow, the plane carrying president she has touched down in moscow and we are waiting for his appearance on those steps as our russia editors steve rosenberg was commenting, this in its simplest form is a demonstration of support for russia, but as our last guest was just saying, this is a precarious balancing act for china. they want

to keep one eye on what russia is doing and this is an opportunity for president xi to hear first—hand from president xi to hear first—hand from president putin his view of the situation in ukraine. but nonetheless, china�*s economy is much, much biggerthan nonetheless, china�*s economy is much, much bigger than russia�*s, and china has put forward a peace plan for ukraine. there have been question marks over that expressed by countries in the west but nevertheless it has done that with an eye to itself not been placed under some sort of sanctions because of its support for russia. so really interesting to see what the two sides say about this. each president has an article in the other�*s state media today. we will keep a very close eye on developments there for you in this meeting in moscow between president xi and president putin.

the former uk prime minister boris johnson is to publish evidence in his defence before he faces questions from mps over whether he misled parliament about parties held in downing street during the covid lockdown. his own government brought in the laws, banning many gatherings at the time, but mrjohnson was fined for attending drinks parties. misleading parliament is seen by other mps in the uk as a serious breach of the parliamentary rules. borisjohnson will appear before a committee of mps on wednesday in a televised session investigating his actions. 0ur chief political correspondent, nick eardley gave this update. borisjohnson was afforded the opportunity by the committee to come up with a response to a report they did ten days ago when they suggested he should have known the rules were being breached, so it�*s not totally unheard of for evidence from someone who is appearing before a committee

to be published beforehand. but i think it will give us a rough idea of borisjohnson�*s argument, and importantly that he is going to fight the allegation that he misled parliament pretty vociferously. i think there will be two key parts to his argument. one will be that the advice he got from his aides is that rules were not broken and we will probably see some whatsapp messages that he think backs up that argument. secondly i think borisjohnson will also have some words to say about the fairness of the hearings themselves. there are some of his allies i have spoken to over the weekend who say they don�*t think it�*s fair that some of the mps who are sitting on this committee have already suggested that they think boris johnson misled parliament. there is also an argument about whether the burden of proof that is being applied here is too low, if it is too easy for mps to find borisjohnson broke the rules that he has to follow. for example, his lawyer has argued this process would be unlawful

if it was in a court. the committee says it�*s absolutely convinced it is treating this fairly. it has its own legal advice that suggests that what it is doing is correct. but there is no doubt that the evidence when we see it, maybe later today or first thing tomorrow, will give a good idea of how strongly boris johnson is contesting some of these accusations and also secondly that he is determined to try and clear his name. it�*s absolutely crucial for any future political ambitions he might have. it is, because if this committee was to find that he had misled parliament and decide to suspend him from parliament, that would go to a vote of all mps and if they endorsed it it could mean a by—election in borisjohnson�*s seat, he faces a vote on whether he stays in parliament or not. even the very fact of being found to have misled parliament would be pretty damaging for mrjohnson�*s

future political aspirations. there are a lot of mps in the uk who are convinced he didn�*t tell the full story, that he must have known we are cutting away from nick eardley to show you pictures of president xi arriving, his plane landing in moscow in the last few minutes, and being greeted there by the welcoming party as part of this state visit to moscow. the first visit by the chinese president since russia invaded ukraine last year. and of course, first and foremost, his visit here is a display of support for russia, a demonstration of that there has been talk of a no limits partnership but we will wait

to see what the precise outcome of these talks will be between president xi and president putin. as we heard from our russia editor, china is reluctant to provide lethal aid to russia in its fight in ukraine. it is concerned about any secondary sanctions that might be imposed on the chinese economy, and china has put forward a peace plan for ukraine, although there has been some scepticism around that in the west. president xi is treading a balancing act, it was described by one of our earlier guests as a precarious balancing act between reaching out a hand to russia to president putin, and also keeping an eye on the rest of the world and how it reacts to china�*s relationship

with russia. so president xi arriving in moscow in the last short while for this state visit. the kremlin is saying today that vladimir putin would provide president xi with what the kremlin described as clarifications on russia�*s point of view on the ukraine conflict. during a call with reporters, the kremlin spokesman said the two leaders would discuss themes in the peace plan for ukraine proposed by china. we are expecting some contact between president xi of china and president zelensky of ukraine as well after this state visit to russia. so what those

precise themes in the peace plan proposed by china that will be under discussion, of course we don�*t know yet, but this is obviously an opportunity for president xi to hear first—hand from vladimir putin. president xi arriving for a state visit to moscow. we will bring you much more coverage of that here on bbc news. we�*re just hours away from the release of the most comprehensive assessment yet on climate change. environmental scientists around the world spent the last eight years analysing evidence about the climate crisis. their work for the united nations will be revealed at a meeting in switzerland today. and as our climate editorjustin rowlatt has been discovering, in the alps there is already clear evidence of dramatic change. if you want to experience our future

climate, you need to visit the alps. europe�*s highest railway takes you high into the mountains. the greenhouse gases emitted since the industrial revolution have already raised global temperatures by a little over one degree celsius, but up here, the effects have been much greater. the temperature up here in the alps is rising by about twice the global average — it�*s already increased by two degrees celsius, and it is having a devastating impact on the snow and the ice up here. near the top of thejungfrau mountain in switzerland is an observatory and weather station. built almost 90 years ago, they�*ve been monitoring the changing alpine climate here for decades. it�*s even raining in summer up here now. 30 years ago, it was never raining up here — just snow. and there was a humidity, but now it�*s raining several days. and that is a big change.

that�*s a big change, yeah. last year, the ice melt hit a new record — the glaciers of the alps lost 6% of their total volume. the very best forecast for the future of alpine glaciers is that we can save about one third of the ice volume. this is the best case. and the worst case, we are going to lose everything. below the dome of the observatory, the biggest glacier in europe — the aletsch — stretches more than 20 kilometres into the valley. just look how it�*s expected to retreat over the next few decades in that worst—case scenario. it�*s why dr huss believes un scientists need to send a tough message to the world�*s politicians. action is now urgently needed for the glaciers. we see the effects of climate change — this is illustrating how urgent it is to act now. the high alpine landscape appears eternal — literally frozen in time. but the truth is, without dramatic reductions in greenhouse gas emissions, the ice up here at the top of europe

will be lost forever. justin rowlatt, bbc news, in the swiss alps. i�*m joined now professor sir dieter helm, chair of the natural capital committee, which advises the government on its environmental policies and is also an environmentalist and academic at new college oxford. tell us more about why this report is so significant. tell us more about why this report is so significant. the tell us more about why this report is so siinificant. ,., tell us more about why this report is so siinificant. , is so significant. the debate is niursuin is so significant. the debate is pursuing what _ is so significant. the debate is pursuing what you _ is so significant. the debate is pursuing what you might - is so significant. the debate is pursuing what you might call. is so significant. the debate is i pursuing what you might call two parallel universes. the work by the

scientists, who carefully document the data, revised their estimates, provide forecasts, including the subject ofjob provide forecasts, including the subject of job they provide forecasts, including the subject ofjob they can. nothing in the report from the ipcc has indicated anything other than the basic facts of climate change and the predictions are likely to unfold over the coming decades. and on the other universe there is what is going on in the world, so here we are, over 30 years since the baseline targets of 1990, we�*ve added about two ppm of carbon to the atmosphere every single year since then, with hardly a blip, and it is a concentration of carbon that matters. we have looked at emissions but not really taken it seriously but not really taken it seriously but we have the same proportion of fossil fuels, but we have the same proportion of fossilfuels, 80% making up our world energy supplies, as we had backing 1970. remember that 80% of a

much bigger number. so anyone who thinks that there is a parallel universe what is actually going on, big meetings in paris and glasgow and so on is making a difference, has to explain why it has not made almost any difference for 30 years. wright i was at the kop in glasgow reporting on that. if wright i was at the kop in glasgow reporting on that.— wright i was at the kop in glasgow reporting on that. if you could have bottled the — reporting on that. if you could have bottled the atmosphere _ reporting on that. if you could have bottled the atmosphere that - reporting on that. if you could have bottled the atmosphere that was i bottled the atmosphere that was there, you would have thought something was going to happen —— cop. the other side of the brain, the parallel universe, to use your analogy, thanks it is all very well talking about this at an event like a cop, to something else to put the policies in place on a governmental level to make change. so how do you think, do you think this ipcc report is going to influence government

policies in a significant way? then;i policies in a significant way? they have their role. _ policies in a significant way? they have their role. it _ policies in a significant way? they have their role. it gives _ policies in a significant way? tie: have their role. it gives 30 policies in a significant way? tte: have their role. it gives 30 or 40,000 activists the chance to get together and embrace a common cause, and it gives platforms for world leaders to say what is virtually the same thing every time a long, that they are really going to address the problems. forthe they are really going to address the problems. for the other 78 billion people out there, there is a world in which they have to make their energy and support lifestyles they want to live —— a 7—8,000,000,000. and help economic development around the world. the story has been the massive development of china and probably india now. the question is how is it that the world is going to contribute to helping when the big

climate change dawn —— they are in india, china, indonesia, nigeria, sub—saharan africa, the middle east, latin america... how exactly are those countries going to fill the desires and rightful objectives of the population to economically develop and do so without burning fossil fuels? develop and do so without burning fossilfuels? and develop and do so without burning fossil fuels? and the develop and do so without burning fossilfuels? and the real story develop and do so without burning fossil fuels? and the real story at 21 is the unwillingness of the developed world to help the developing world to make progress. the promise of $100 billion a year which has never been delivered is less than the annual dev around of saudi aramco, the saudi arabian oil company. we have not got serious yet. we have to think about a parallel path, bottom—up, coalition of the willing, bringing carbon into trades to make serious progress.

it's trades to make serious progress. it�*s time to get going, otherwise the ipcc will carry on opining as we go through 2 degrees, to my and they will say we told you so and they have told us so and we have done nothing about it. we will have more on that report winter is released —— when it is released. 3 winter is released -- when it is released-_ winter is released -- when it is released. . , ., , ., ., ., ., released. a summary of all the ma'or research on climate d released. a summary of all the ma'or research on climate change. i more now on our top story — last night�*s emergency takeover of swiss bank credit suisse. european bank shares have dropped sharply after the troubled bank was rescued in a 3 billion dollar purchase by its swiss rival ubs. i�*m joined now by the the head of investment at interactive investor, victoria

scholar, in london. bring is up—to—date on what�*s happening with shares across the banking sector as a result of all this. ~ ., , banking sector as a result of all this. i ., , ,, ,, this. we are seeing credit suisse shares down _ this. we are seeing credit suisse shares down today _ this. we are seeing credit suisse shares down today by _ this. we are seeing credit suisse shares down today by more - this. we are seeing credit suisse shares down today by more than| this. we are seeing credit suisse - shares down today by more than 60% and that reflects valuation that it was purchased for by ubs, over $3 billion computer market valuation last week of around $8 billion. we are seeing shares in ubs trade sharply lower and a contagion effect across the whole of the european banking sector, banking stocks like standard chartered and natwest and lloyds at the bottom of the ftse 100, and this is amid concerns about financial contagion and the broader risk to the banking sector and indeed the wider economy. we've been talkini indeed the wider economy. we've been talking about — indeed the wider economy. we've been talking about today _ indeed the wider economy. we've been talking about today about _ indeed the wider economy. we've been talking about today about the - indeed the wider economy. we've been talking about today about the 2008 - talking about today about the 2008 financial crash after which banks were criticised for risky behaviours and also for lending. we saw the sub—prime mortgage crisis, especially in the us, for people who could not afford those mortgages

were given credit by banks. any hint of volatility now makes people think of volatility now makes people think of that period. do you think the regulations are in the banking sectors are much better now than they were then?— they were then? well, i think it's clear there _ they were then? well, i think it's clear there are _ they were then? well, i think it's clear there are some _ they were then? well, i think it's clear there are some parallels i clear there are some parallels between what we are seeing now and 2008 of course. there�*s been a lot of turmoil in the sector, notjust with credit suisse, but also with the collapse of silicon valley bank and the wider ramifications of the regional banks stateside last week. like you say, the rate of saudi backed today is much stricter capital requirements for banks these days, and the restrictions on some of their riskier activities. secondly i think the woes facing credit suisse are rather idiosyncratic to the bank itself. it's idiosyncratic to the bank itself. it�*s been embroiled in a series of scandal after scandal relating to the collapse of green cell capital, another us hedge fund, allegations

it has been tied to money—laundering, this is led to huge client outflows and it saw its biggest financial loss since the 2008 financial crisis on the back of that. so although there are some parallels i do think the situation todayis parallels i do think the situation today is very different. t parallels i do think the situation today is very different.- parallels i do think the situation today is very different. i guess you can have lots _ today is very different. i guess you can have lots of _ today is very different. i guess you can have lots of regulation - today is very different. i guess you can have lots of regulation and i can have lots of regulation and logic applied to the banking sector, but that does not take account of human emotion like panic if investors feel their money is not safe for the particular bank and we have what is known as a run on the banks, as investors withdraw their money. so there is obviously a degree of panic around, isn�*t it? i suppose it is about trying to calm that? ., �* , ., , ., ., that? yeah, we've been any world of chea- that? yeah, we've been any world of cheap money — that? yeah, we've been any world of cheap money for— that? yeah, we've been any world of cheap money for very _ that? yeah, we've been any world of cheap money for very long _ that? yeah, we've been any world of cheap money for very long time, i cheap money for very long time, essentially dating back to 2008 when central banks around the world to slashed interest rates to try and p"°p up slashed interest rates to try and prop up the economies, as well as

markets. because inflation has come back we have seen a major sea change in the interest rate backdrop, the federal reserve and others all raising rates and that has created a huge change in a backdrop in terms of the lending environment and that is part of the reason why we saw the collapse of silicon valley bank, that has caused quite a bit of nervousness, and some panic. there was a run on that bank and now the woes facing credit suisse have intensified in the last few days, saying it faced material weakness in its financial statements, its biggest backer saying it was not ready to provide financial support, rather unfortunate timing that we have had these two events around the same time and of course that can lead to emotions amongst investors, like you say, can be an element of panic selling by the blessing to do is keep calm and carry on. finally, what does — is keep calm and carry on. finally, what does this _ is keep calm and carry on. finally, what does this mean _ is keep calm and carry on. finally, what does this mean for— is keep calm and carry on. finally, what does this mean for the i is keep calm and carry on. finally, | what does this mean for the regular person, we talked out little bit today about how lenders may be more reluctant to extend credit in the form of mortgages, what about

interest rates? what sort of impact could this have on the general public? it could this have on the general nublic? , could this have on the general unblic? , , could this have on the general nublic? , , , .. , public? it is interesting because we have the itank _ public? it is interesting because we have the bank of _ public? it is interesting because we have the bank of england's - public? it is interesting because we have the bank of england's rate i have the bank of england�*s rate decision on thursday and before that we will get the inflation date, the clues into how much price increases are starting to cool and there have been some suggestions that a banking crisis could weigh on the economy and in turn have a dampening effect on inflation, so there have been questions about whether or not the bank of england will continue to pursue as aggressive rate increases as it has been over the last year and a bit. we will have to wait and see until thursday but perhaps mortgage rates could go up a little bit less than we previously thought. that will partly depend on what we see in terms of the inflation data on wednesday as well, and if that is coming down significantly. almost 400 hotels across the uk are being used by the government

to house tens—of—thousands of asylum seekers. seaside resorts, airports and even retirement villages are among the locations being used, as part of a home office scheme which is costing more than six—million—pounds every day. our home affairs correspondent daniel sandford has more. welcome to the wiltshire — a hotel, golf course and retirement village set in rolling hills near royal wootton bassett, home to more than 100 mostly older residents. now also home to more than 80 asylum—seekers, who moved in in december. the leisure village residents pay to access the hotel�*s pool, gym and golf course, but have had to enter by the back door since the asylum—seekers moved in. down in the village, i found resident and former tv presenter christopher morris — now 84 years old and quietly fuming. we find it difficult now to access the facilities. we can�*t go in the front door — it�*s locked. there are security men shooing us away.

we have to go round the back. and the facilities are much more reduced, people don�*t bother to go there any more. the retired residents are unnerved by the arrival of lots of young men who mill around at night, but they�*re not the only ones who say the hotel is completely unsuitable for asylum—seekers. i found this 25—year—old from sudan heading to catch a bus to swindon. he�*s been in the hotel for three months, and says its isolated location means there�*s no way of learning about british society. there�*s nothing to do here. nothing. we stay the whole day at the room doing nothing. what do you do? nothing. nothing, actually. we started getting depressed. i�*ve been talking with them to see some therapist. the home office has rented hundreds of hotels to house tens

of thousands of asylum—seekers, but few can be as strangely located as this — wedged as it is between a retirement village and a golf course. to provide beds for more than 51,000 asylum—seekers — and rising — the home office has booked out hotels in seaside resorts and cities, in villages and the countryside, at airports and on golf courses — anywhere they can find willing hotel owners. there are 395 hotels in all — 363 in england and 20 in northern ireland — but far fewer in the other two nations — ten in scotland and only two in wales. the leicestershire village of kegworth is one of the latest places to have the local hotel�*s business model changed overnight to housing asylum—seekers. yew tree lodge was the local wedding venue, swimming pool and gym — as well as bringing in business from the nearby east midlands airport. but that all changed last month. fredricka reynolds used to do all the flowers for the weddings, but in an instant, that key part of her business was snatched away. they rang me on the thursday before the asylum—seekers came

on the monday, and cancelled all my weddings for the foreseeable. that�*s a huge amount of work and income to me. and she told me it�*s notjust the loss of thousands of pounds. me and my boys used to go swimming every saturday there. i�*ve got two little ones and every time we drive past there, they want to go swimming and, unfortunately, that�*s closed now. because of the small boats crossing the channel, the number of asylum—seekers in hotels has gone from 3,000 to 51,000 in just three years. it�*s the government policy that almost no—one is in favour of — not even the government — and it�*s costing the taxpayer £6 million a day. daniel sandford, bbc news, kegworth. exactly 20 years ago today, us forces, with the uk and other allies, invaded iraq in order to oust the dictator saddam hussein. it was part of the us called its "war on terror", begun by president george w bush in the wake of the 9/11

terrorist attack in 2001. 0ur international editor jeremy bowen has been taking a look back at the consequences of the conflict and sent this report from mosul. a lot of the old city of mosul hasn�*t been rebuilt yet. it was destroyed in 2017 during the war to eradicate the jihadists of the caliphate of islamic state. it was really nasty, house—to—house fighting. gunfire. and it went on for months. i was here at the time, and a lot of civilians, as well as fighters, were killed. the rise and fall of islamic state, also known as isis, was part of an unfolding catastrophe that engulfed iraq and was felt right across the middle east. a lot of it goes back to march 2003. that was when the americans and the british and their allies invaded iraq.

the americans called the massive air raids with which they opened the war shock and awe. they claimed, wrongly, that this was the way to make the middle east safer for everyone. within weeks they�*d removed the iraqi dictator, saddam hussein. another false claim was that he had weapons of mass destruction. the us navy flew president george w bush out to an aircraft carrier where he declared victory. the tyrant has fallen, and iraq is free. cheering. he could not have been more wrong. the americans hadn�*t worked out how

they were going to replace saddam hussein�*s regime. in the end they imposed a system that turned sectarian and ethnic groups against each other. in the years of chaos and violence that followed, hundreds of thousands of iraqis were killed. no one knows how many exactly, as armed groups fought each other, fought the americans, and killed each other�*s civilians. much of mosul, and other cities, has been rebuilt. there are bright spots. as for the west, the americans and the british, the invaders, a lot of the world just laughs when they talk about peace or international law, because of what happened here. but what matters most

is the effect on the lives of millions of people, notjust in iraq, but across the wider middle east, who suffered and died because of the invasion and its consequences. jeremy bowen, bbc news, mosul. earlier, jeremy explained the key consequences stemming from the lack of a plan. the americans that they would be in and out quite quickly, that they would knock down saddam, somehow be a democracy and could go home. it did not work out that way, they lost control very quickly, there was massive amounts of looting, settling of scores, revenge attacks, and quite quickly and insurgency built up quite quickly and insurgency built up against the americans. the americans did not have a plan, but even had they had a better thought out plan, it may not work then either because there is a lot of pent—up anger against the americans

in the british because of the way they are champion sections in the 19905 they are champion sections in the 1990s against iraq, against saddam hussein, which we can term that really hurt the iraqi people, and the consequences of what happened was there was this huge cauldron of violence, and these jihadist ideologies were nurtured within, and we�*re still seeing consequences. what does it feel like to be in iraq today, looking back on that period 20 years ago?— 20 years ago? well, first off, i want out _ 20 years ago? well, first off, i want out with _ 20 years ago? well, first off, i want out with some _ 20 years ago? well, first off, i want out with some young i 20 years ago? well, first off, i i want out with some young soldiers... paramilitary police, in fact, and thinking back on it, they were very small children, not even born when all this happen, so they have grown up knowing not much more than war. i think for a lot of young men the only realjob opportunities involved carrying a gun for someone and that�*s not a great way to live. baghdad and the other big cities,

i was in mosul as well, they are quite peaceful at the moment and touch wood it will stay that way but it might not because the foundations are not very strong. the ethnic, sectarian splits at the top of the government have encouraged a huge amount of people grabbing their slice of the cake, a massive and prodigious amount of corruption that weakens the thing the state can do. there is so much they do need to do. iraq used to have, and i�*m talking about the 80s and early 90s, it used to have... medical care and education systems on a par with some european countries and now they really don�*t and a lot of people suffer as a result. so while the invasion has influenced the present, the worry is it might continue to influence the future.

the french government will face a no—confidence vote later — after president macron used controversial executive powers to raise the state pension age from 62 to 64. the government says the changes are needed to avoid crippling deficits in the coming decades linked to france�*s ageing population. but opponents say the law places an unfair burden on low earners, women and people doing physically intensive jobs. sofia bettiza reports. chanting. another day of anger in the streets of paris. french people have been protesting for months against a government plan to raise the pension age from 62 to 64. but in the last few days, things have escalated. there is outrage at president macron. he�*s invoked controversial executive powers to force through his reform without a vote, essentially bypassing parliament. and outrage turning to violence in many cities across france.

more than 160 people were arrested on sunday. sirens wailing. and today the french government will face a no—confidence vote. but the vote is unlikely to pass, as it would require a united front across the political spectrum. which means that mr macron�*s pension legislation is likely to be adopted today. it�*s a deeply unpopular reform, which has led to months of strikes, including garbage collectors in paris. this is what the streets of the french capital look like now. more than 10,000 tonnes of rubbish piling up and left to rot. translation: this situation is catastrophic for the residents, for the tourists, for the whole of paris. the most beautiful city in the world — rats during the day, endless rubbish bins.

it�*s very, very dirty. translation: it's not the rubbish collectors�* fault. it is macron�*s fault, if he had let parliament vote — a vote which he must�*ve thought he�*d lose — we would be back at work and we wouldn�*t still be striking today. it is in no doubt that president macron is facing one of his biggest challenges, just less than a year into his second mandate. chanting. and with more crippling strikes to come, police are bracing for another week of anger and protests. sofia bettiza, bbc news. to celebrate the coronation of king charles, 1500 charities in britain will be

offering people the chance to volunteer during the bank holiday weekend in may. 0ur royal correspondent, sarah campbell has been to visit one of them — and has more on what�*s being called the �*the big help 0ut�*. across the uk, there is an army of volunteers, giving up theirtime and sharing their talents and expertise to the benefit of all. i�*mjane. i�*ve been involved in scouting for 23 years now. it�*s the satisfaction element, i think, of seeing them enjoy themselves and being part of it. it�*s like being one part of a big family really. my name is ian. i've been volunteering at london zoo for nearly seven years. my background, i was a public sector accountant, so something completely different to what i'm doing here. and it's just wonderful to get such new experiences, meet many new people, make many hundreds of new friends. i'm priti, and i volunteer- for the royal voluntary service. i've been volunteering _ because i love being around people. it gives me a sense _

of belonging to the community and it makes me happy. at the last count, there were 7 million people in england alone, who volunteered at least once a month. sounds a lot, but that�*s about a third down on pre—pandemic levels. and it�*s at a time when the most vulnerable really need the support volunteers so generously give. this charity, little village, provides free toys, clothes and baby equipment. we�*re expecting to support 2,000 more children this year than we did last year. and, for us to be able to do that, we need to have volunteers on sites to be able to help. so come and help. and that�*s the idea behind the big help 0ut — a national day of volunteering planned as part of the coronation weekend in may. download the app — the big help 0ut app. find those opportunities, find out what your passion is and how you can make a difference to your community and then select the opportunity that's right for you. and although it�*s about may 8th initially, what you really want is people to discover it, love it, carry on volunteering. that�*s right. it�*s more than one day.

take care, honey. there will be thousands of charities and organisations looking for new helpers. lots of sex in the city again. 0h, excellent. people like husband and wife team carol and andy, who spend a few hours a week in their local age uk shop. it's good fun. then we have a laugh and a giggle about the things that have gone in the shop today. we enjoy it. we like each other's company and that's good fun for us. keeps us young. this is suzanne. she spends her evenings rescuing wildlife as an rspca volunteer. my normal dayjob, it�*s very much sat down. it�*s very much behind a desk. so it�*s something that�*s that real hands on helping animals. and they�*re really rewarding for seeing the difference that you�*re making. it is a simple message — get involved over the coronation weekend however you can and find out where your help might be needed using the new app.

you can reach me on twitter — i�*m @annitabbc 0nce once in gen by day, which is conditioned by name. all of us will see some rain, this shows how rainfall totals will rise. brighter patches on hills in the west, we could see 75— hundred millimetres of rain. wet weather around so far today, the view from space shows all the cloud pushing its way north is, a northerly flow, from south to north, brings in the brightest weather. rain in scotland is cloudy this afternoon, outbreaks of rain and drizzle but brighterfor a time in northern ireland, northern england, the midlands and east anglia where you see some sunny

spells here, but gentle south—westerly winds, will feel warm for a march afternoon, 15 or 16 degrees they had. finish the day with rain into northern ireland, heavy showers across wales and england which will develop elsewhere into the evening and overnight. we will see rain at night, dry moments with clear skies to the us later on but the main story for many is that continuing mild theme, 7—10 , temperatures to start tomorrow probably a little bit higher than you would normally expect by the afternoon in the middle of march. after the spell of overnight rain and head of the next one pushing it for later on tuesday and tuesday night, a quieter slot, we will have persistent rain in 0rkney and shetland to be in with on tuesday, heavy and then the ratio was in the west transferring their way eastwards, but some of the voucher was altogether, stick with sunny spells, a lot more centring tomorrow compared with the day and more towards northern ireland later. 15-16 towards northern ireland later. 15—16 possible again even as far north as eastern parts of scotland.

0vernight rain tuesday into wednesday, clear through, when your conditions for wednesday with this air of low pressure dominating, but it will be back to sunshine and showers. heavy rain in the south—east, also across the north of scotland, the persistent rain and back to sunshine and showers, heavy and on the day with hail and the widespread story will be how much one year it is, widespread gales, not quite as warm as monday or tuesday but still temperatures significantly above average. for the rest of the week, we continue with a milder story, something colder in northern scotland this week and with a pew wintry flurries on the hills.

this is bbc news — welcome if you�*re watching here in the uk or around the globe. our top stories the chinese president, xijinping, has arrived in moscow for talks with vladimir putin — his frst visit since russia�*s full—scale invasion of ukraine last year. european banking shares have dropped significantly, as the financial markets react to the emergency takeover of switzerland�*s second biggest bank, credit suisse. former uk prime minister borisjohnson submits evidence in his defence — over whether he misled parliament over parties in downing street during covid. the most comprehensive study yet on the impact of climate change is about to be released by un scientists — after 8 yea rs of research.

the temperature up here in the alps is rising by about twice the global average. it�*s already increased by 2 degrees celsius. and 20 years since the us—led coalition invaded iraq to topple dictator saddam hussein — we look at the legacy. the chinese president, xijinping, has arrived in moscow for his first visit since russia�*s invasion of ukraine last year. the visit is a clear sign of support for russia — and its president valdimir putin — at a time when the kremlin is under intense international pressure. president xi�*s visit comesjust days after the international criminal court issued an arrest warrant for the russian leader for alleged war crimes. beijing has described it as a trip

"for friendship and peace". last month, china published a twelve—point plan calling for dialogue on the war in ukraine, but offered no concrete proposals to end the conflict. this is xi jinping�*s first visit to russia since the russian invasion of ukraine and in that sense it is a demonstration of support for russia at a time when the kremlin is under huge international pressure over the war. basically by coming here i think the chinese leader is sending a very strong message globally that despite everything that�*s happened in the last year, despite russia invading a sovereign nation, waging a war against ukraine, despite all the nuclear sabre rattling we have heard from russia over the last few months, despite the fact there is now an arrest warrant with vladimir putin�*s name on it issued by the international criminal court, despite all of that china is determined to push on and expand cooperation and deepen its partnership with russia.

not out of any love or loyalty to vladimir putin, but because china believes it is in china�*s interests to do that. the two leaders have already proclaimed a no limits partnership, but it�*s a partnership in which china is the senior partner. russia�*s economy is one tenth the size of china�*s economy. and russia under heavy international sanctions is increasingly dependent on china, on chinese markets for russian commodities. the kremlin may well want china to supply it with lethal aid to help russia win on the battlefield in ukraine. so far china has been reluctant to do that. it doesn�*t want to spark secondary sanctions against chinese companies. the other question is can china help end the war in ukraine. there is some kind of chinese peace plan, not really a plan, kind of an initiative, or rather a chinese position

on moving to a political settlement in ukraine. but that has been met with a lot of scepticism in the west. i don�*t think china really believes that ukraine and russia are ready at this moment to sit down and negotiate an end to the war. 0ur china correspondent stephen mcdonell has more on how chinese state media is portraying the trip. newspaper is portraying the trip. reels in china will have seen newspaper reels in china will have seen plenty coverage previewing president xi�*s visit to moscow and will have even noticed an article i vladimir putin just as readers will have even noticed an article i vladimir putinjust as readers in moscow have seen an article by present xi. putin�*s article speaks about the west how it is going

backwards and losing its influence, contrasted to china and vladimir putin said his government welcomed china�*s efforts to broker a peace in ukraine however it did say the talks needed to be genuine and also needed to reflect the current geopolitical reality, that expression could be talking about what the military observers say as facts on the ground, for example land which rush hour has already claimed from ukraine sounds could be suggesting we want to keep that as part of a peace deal. the government in kyiv will not go along with that, they have said rush hour needs to fullback of all those areas before talks can start, however the fact

both xi and putin have mentioned the ukraine one but also this process of peace talks means it is in all likelihood going to be front and centre when they have their talks in the coming days, you would love to be there when they are speaking behind closed doors, what will xi be saying to putin about the war really, will he be saying it is time for russia to pull back might he suggest you can keep going argo in hard up and beijing will find a way to back you. i�*m nowjoined by professor sergey radchenko, who teaches at thejohn hopkins school of advanced international studies. he�*s an expert in russia�*s foreign relations. i don�*t know if you could hear stephen there, but is your sense that president xi is there to show

not putin�*s position potentially to offer mother to help persuade moscow to pull back and try to push this towards peace. t to pull back and try to push this towards peace.— to pull back and try to push this towards peace. i think there is no doubt that _ towards peace. i think there is no doubt that is _ towards peace. i think there is no doubt that is the _ towards peace. i think there is no doubt that is the first, _ towards peace. i think there is no doubt that is the first, to - towards peace. i think there is no doubt that is the first, to shore i towards peace. i think there is no | doubt that is the first, to shore up his position and offer russia support symbolic and practical. russia is dependent on china, looking around to export more stuff to china, chaser supplies semiconductors to russia, that is usually important and we are not even broaching the question of lethal aid china might provide so for all those reasons the visit of xi as significant. ukraine will be part of the conversation but i do not see xi capping the work and forcing putin to negotiate, it will not happen. forcing putin to negotiate, it will not happen-— forcing putin to negotiate, it will not happen. forcing putin to negotiate, it will nothannen.~ , ., ., ., not happen. why do you say that and could china for _ not happen. why do you say that and could china for that _ not happen. why do you say that and could china for that position - not happen. why do you say that and

could china for that position enemy? j could china for that position enemy? china is not interested in escalation that is fair to say, it does not want this conflict to go beyond with it already is, on the other hand xi does not want to throw putin under the bus so russia�*s defeat is not in chinese interests or what they will push to once as a frozen conflict, that is an china�*s internet and aligned to the peace plan which seeks some kind of negotiated solution through dialogue but does not exclude territorial concessions. we do not see ukraine agreeing to this anytime soon not as putin and a position where he says i am so desperate negotiate, easter want to solve this conflict by military means.— want to solve this conflict by military means. why is it in the china interest _ military means. why is it in the china interest to _ military means. why is it in the china interest to be _ military means. why is it in the china interest to be frozen. i military means. why is it in the| china interest to be frozen. the other china interest to be frozen. t'te: other alternatives china interest to be frozen. tte: other alternatives are much was, one would be from the water escalate and

potentially become a europe—wide war on god forbid the use of nuclear weapons, that is not something china wants. the other possibility is russia could be pushed out of ukraine losing on the ground potentially followed by instability in russia, they could be fragmenting, civilwarand in russia, they could be fragmenting, civil war and god knows what we could have as a result of their defeat in ukraine so china in general is afraid of instability and does not want to see this happen to russia and moreover there is the practical consideration that is to say putin as a lightning rod for western action and a flasher work to be vanquished on the ground in ukraine xi might think he could be next and that would also constrain china�*s foreign policy. next and that would also constrain china's foreign policy.—

the world�*s financial markets have reacted with unease following last night�*s emergency takeover of the troubled swiss bank credit suisse. shares in credit suisse fell by more than 60% this morning after european markets opened — and the value of banking shares across europe has dropped sharply. credit suisse was bought by rival swiss bank ubs in a deal brokered by the swiss government over the weekend. here�*s the chief executive of ubs explaining the rationale behind the deal: translation: it means we bring back stability and security _ for credit suisse clients, but also that we keep the reputation of the swiss financial centre high. and finally it means we are stemming the turmoil in the international financial markets. these three goals are very, very important to us. we are building a big ubs with less risk appetite. lets speak to our business reporterjonathanjosephs.

we can see this concerted action by government to shore up confidence and we have had a statement from the bank of england. that�*s right, amongst the authorities reacting to the sell—off in european trading, big falls in the share prices of financial firms, big falls in the share prices of financialfirms, banks in financial firms, banks in particular, financialfirms, banks in particular, hsbc and natwest and barclays and also in germany and france. so widespread fears this could be a sign of a bigger problem and the banking industry despite the fact credit suisse has a deal socratic problems. the bank of angled statement is a measure to reassure that the financial system is stable, we have heard similar from the german chancellor who said they welcome the move by the swiss authorities to force ubs to buy credit suisse at the situation is not comparable to 2008, the

reference to the global financial crisis which led to widespread sell—offs and some might argue sewed the seeds from these problems. the fact we have seen this volatility today, what does it tell us about confidence. confidence is the key word because the banking sector works on confidence, investors want to know they will be able to get their money out of the bike when they want it, which is why resort central banks making a coordinated move, bank of england, us federal reserve making these moves shortly after the merger was announced saying we will make sure that out enough us dollars in the system because that is still the global reserve currency that people want to be able to get to and flock to an troubled times because they feel their money as a safe there so that is why it will take time to see how

this plays out and how widespread the fears allah because this is the unwinding of 14 years of low interest rates and evil see the bank of england lowering interest rates. i�*m joined now by katie martin, the markets editor at the financial times in london. tell us more about market reaction. when markets first opened it was quite jittery, when markets first opened it was quitejittery, so quite heavy when markets first opened it was quite jittery, so quite heavy falls nu nepean banking stocks across the board, obviously credit suisse shares fell heavily but also a decent amount of weakness and german and french banks. that has calmed down a little and it is early days and two soon to make strong pronouncements about what investors broadly think but it is at least comforting to see some of the sell—off have calmed down at now.

the market is in the icejittery, be have had a testing to weeks and global banking. credit suisse has had issues for years, seen as a problem child in european banking circles so it is not a huge surprise it should come to this but the speed with which the swiss authorities took control of the situation tells you we came quite close to a potentially problematic bank failure here and that is not a great sign for banking as a whole. it here and that is not a great sign for banking as a whole.- here and that is not a great sign for banking as a whole. if we were to see smaller _ for banking as a whole. if we were to see smaller regional— for banking as a whole. if we were to see smaller regional banks i for banking as a whole. if we were to see smaller regional banks in i for banking as a whole. if we were i to see smaller regional banks in the us, running into big trouble, remaining concerted action by central government, will that be basically 0k. moby go through further ripples but fundamentally the banking system will remain sound, can we say that? it is sound, can we say that? it is believed _ sound, can we say that? it is believed to _ sound, can we say that? it is

believed to assume - sound, can we say that? it is believed to assume the i sound, can we say that? it 3 believed to assume the situation is over, i think people see stress particularly in small regional banks. we are seen governments and central banks and regulators are coming together to put forward a show of force and strength to say we have got this situation and hand, we will look at it and make difficult decisions which is what happened with credit suisse to make sure the system is sound. there are some disagreement as to how it has been handled in terms of the treatment of some bondholders and credit suisse, nonetheless it is all about shoring up nonetheless it is all about shoring up confidence and showing authorities have the situation under control and trying to stop it spreading. there is no direct link between the issues of small us regional banks and the problems at credit suisse but it goes to show when markets get nervous especially when markets get nervous especially when interest rates have been rising quickly, people are looking for

cracks and vulnerability and that is what took down credit suisse when its biggest shareholder said we will not stump up any more cash to smooth over your problems so this is a nervous market environment and it is worth treading carefully.— the former uk prime minister boris johnson is to publish evidence in his defence — before he faces questions from mps over whether he misled parliament about parties held in downing street during the covid lockdown. his own government brought in the laws, banning many gatherings at the time — but mrjohnson was fined for attending drinks parties. misleading parliament is seen by other mps in the uk as a serious breach of the parliamentary rules. borisjohnson will appear before a committee of mps on wednesday — in a televised session — investigating his actions. i�*m joined now by our political correspondent rob watson. this is a pretty unprecedented case

to see a former prime minister being investigated and a procedural way despite the fact politics has ousted him from power, what are we likely to see? it him from power, what are we likely to see? , , . ., to see? it is unprecedented, i have been covering _ to see? it is unprecedented, i have been covering british _ to see? it is unprecedented, i have been covering british politics i to see? it is unprecedented, i have been covering british politics for i been covering british politics for 30-40 been covering british politics for 30—40 years and i have never seen anything like it. i think we will see borisjohnson deciding the best form of defence is attack and we have been heavily briefed about the nature of his defence which will have three prongs to it, numbered one to say it is not true, he did not mislead parliament because when he said lockdown regulations were being observed he genuinely believe that, that�*s what he was being advised. the second attack be this committee of mps, some of them are

biased against me, you cannot trust them and the third is the way in which this committee is operating, what might be called the level of proof needed is lower than you would expect any court of law, something like it will have to be more likely than not he misled mps where as his team are saying it should be significantly more likely than that so expect a robust defence from borisjohnson on wednesday. $5 so expect a robust defence from boris johnson on wednesday. as the nolitical boris johnson on wednesday. as the political risk — boris johnson on wednesday. as the political risk for _ boris johnson on wednesday. as the political risk for opponents - boris johnson on wednesday. as the political risk for opponents that i political risk for opponents that nixon may but of a matter that he was to end up facing a by—election, it is a complex route to get the but he has already out of power as prime minister so so there is a risk. it�*s minister so so there is a risk. it's an minister so so there is a risk. it�*s an interesting question, casting borisjohnson potentially an interesting question, casting boris johnson potentially as a donald trump figure borisjohnson potentially as a donald trump figure in british politics. the short answer as i do

not know, i think i would flame it slightly differently, the question is do the number of people who think good old borisjohnson, he had a hard time, everybody had a hard time and lockdown, do those people outnumber those who think we have had quite enough of borisjohnson these last few years and enter destiny the conservative party itself is split into two, one faction, probably smallerthanks itself is split into two, one faction, probably smaller thanks he is electoral magic, the only bloke who can do something about the mass of deficit the conservatives are experiencing competitive second group who think the public have had enough of borisjohnson and the drama that goes on around his undoubtedly large persona. the drama will continue- — undoubtedly large persona. the drama will continue. thank— undoubtedly large persona. the drama

will continue. thank you. _ we�*re hours away from the release of the most comprehensive assessment yet on climate change. environmental scientists around the world spent the last 8 years analysing evidence about the climate crisis. their work for the united nations will be revealed at a meeting in switzerland today . the report will become the benchmark for all discussions by politicians and governments on how to respond to the growing threat the planet faces. if you want to experience our future climate, you need to visit the alps. europe�*s highest railway takes you high into the mountains. the greenhouse gases emitted since the industrial revolution have already raised global temperatures by a little over one degree celsius, but up here, the effects have been much greater. the temperature up here in the alps is rising by about twice the global average — it�*s already increased by two degrees celsius, and it is having a devastating impact on the snow and the ice up here.

near the top of thejungfrau mountain in switzerland is an observatory and weather station. built almost 90 years ago, they�*ve been monitoring the changing alpine climate here for decades. it�*s even raining in summer up here now. 30 years ago, it was never raining up here — just snow. and there was a humidity, but now it�*s raining several days. and that is a big change. that�*s a big change, yeah. last year, the ice melt hit a new record — the glaciers of the alps lost 6% of their total volume. the very best forecast for the future of alpine glaciers is that we can save about one third of the ice volume. this is the best case. and the worst case, we are going to lose everything. below the dome of the observatory, the biggest glacier in europe — the aletsch — stretches more than 20 kilometres into the valley.

just look how it�*s expected to retreat over the next few decades in that worst—case scenario. it�*s why dr huss believes un scientists need to send a tough message to the world�*s politicians. action is now urgently needed for the glaciers. we see the effects of climate change — this is illustrating how urgent it is to act now. the high alpine landscape appears eternal — literally frozen in time. but the truth is, without dramatic reductions in greenhouse—gas emissions, the ice up here at the top of europe will be lost forever. i�*m joined now by dr ella gilbert a climate scientist, british antarctic survey. thank you forjoining us, tell us about your work and what you have seen that might worry you. the polar

reiions are seen that might worry you. the polar regions are also _ seen that might worry you. the polar regions are also forming _ seen that might worry you. the polar regions are also forming much i seen that might worry you. the polar regions are also forming much fasterj regions are also forming much faster than the rest of the planet, the article is warming for times faster than the global average so we are seeing dramatic changes taking hold even at the 1.2 celsius worth of warming we have seen and f.c. continue on the course we are going this will worsen and continue to reshape our arctic and antarctic. what are the implications of that for the rest of the planet? it is for the rest of the planet? it is vafied, for the rest of the planet? it is varied. it _ for the rest of the planet? it is varied, it has _ for the rest of the planet? it is varied, it has impact _ for the rest of the planet? it is varied, it has impact in - for the rest of the planet? it 3 varied, it has impact in the regions affected, so the arctic losing see iced dramatically impacts wildlife and people who live in the arctic, also impacts us because it has consequences for global weather patterns, and when we have a melting ice from greenland or antarctica which are the huge icecaps, when it

starts to enter the oceans and contribute to sea—level rise which impacts us all over the world. bore impacts us all over the world. are ou impacts us all over the world. are you expecting _ impacts us all over the world. are you expecting a big change as it is out of the report today? are you hopeful? t out of the report today? are you ho neful? ., out of the report today? are you honeful? ., ., , out of the report today? are you honeful? ., s, , .,, hopeful? i am always living in hope but there's report _ hopeful? i am always living in hope but there's report will _ hopeful? i am always living in hope but there's report will not - hopeful? i am always living in hope but there's report will not contain l but there�*s report will not contain any new science, this is a report bringing together research that has happened over the last decade and it is nothing we do not know already, it is the fact it is presented altogether and a comprehensive way that hopefully can communicate the key and most urgent findings to the people in a position to take urgent action and that is the most important point that we know enough and there is about putting into place the actual aussie measures and actions we can take to tackle it, it is about implementation rather than

learning more about how things are changing. flan learning more about how things are chaniiin. . ,, learning more about how things are changgin, ., y., ., learning more about how things are chaniiin. ., ,, ., ., ., changing. can you give me one or two measures that — changing. can you give me one or two measures that you _ changing. can you give me one or two measures that you think _ changing. can you give me one or two measures that you think governments are not doing that they should be. as a physical climate scientist this is not my specific area but comprehensive policy to make sure we meet the targets set out in the paris climate agreement, targets and pledges we have already promised to meet robbie absolutely essential and they have to touch every sector of society from energy to agriculture to industry, we cannot neglect any part of our economy on our society. thank you. we are back in a few minutes on a further update on a day when president xi is visiting moscow. the first state visit since the invasion

of ukraine is all lies in what might come out of that meeting. hello. it�*s a week for the spring flowers. some warm sunshine by day, the odd downpour, but some of the wettest conditions by night, all of us will see some rain. this chart shows how rainfall totals will be totting up darker colours with the wettest conditions for the week in the west, those brighter patches on the hills in the west we could see another 75 to 100 millimetres of rain and there�*s certainly been some wet weather around so far today. the satellite imagery, the view from space shows all this cloud pushing its way northwards. so it�*s a northerly flow actually from south to north that brings in the milder weather. brightest conditions continue in the far north of scotland. some sunny spells, mainly in scotland, cloudy this afternoon, outbreaks of rain or drizzle, but brighterfor a time in northern ireland, northern england, the midlands and east anglia. and where you see some sunny spells here with gentle south—westerly

winds, it�*s going to be feeling pretty warm for a march afternoon, 15, 16 degrees. the high finish the day low with rain into northern ireland and some heavy showers across wales and southern england which will then develop elsewhere into the evening and overnight. we�*ll also see rain at times overnight. some drier moments, too, with some clear skies out into the west later on. but the main story, i think for many is that continuing mild theme, 7—10 degrees, temperatures to start tomorrow, probably a little bit higher than normal. expect by the afternoon in the middle of march. but after that spell of overnight rain ahead of the next one pushing in for later on tuesday and tuesday night, we�*re in a sort of quieter slot. we will have persistent rain in 0rkney, shetland to begin with on tuesday. some heavy thundery showers in the west transferring the way eastwards, but some will avoid the showers altogether. stick with sunny spells. a lot more sunshine around tomorrow compared with today and then more rain towards northern ireland later. 15, 16 degrees possible again, even as far north as eastern parts of scotland. so another spell of overnight rain

tuesday and then into wednesday. that clears through windier conditions for wednesday with this area of low pressure dominating. but it will be back to sunshine and showers. rain in the southeast, also across the north of scotland, the persistent rain that is. and then, as i said, back to sunshine and showers show heavy thundery with hail. but the big widespread story will be just how much windier it is, widespread gales. that means not quite as warm as monday or tuesday, but still temperatures significantly above average. and then for the rest of the week, we continue with a mild story, maybe something colder in northern scotland this weekend with a few wintry flurries on the hills. take care.

this an emergency rescue — ubs buys credit suisse for half its market value in a deal brokered over the weekend. but so far, it�*s failed to calm markets. the world�*s leading central banks are co—ordinating their response, trying to restore confidence by boosting the flow of us dollars through the global financial system. welcome to world business report, i�*m tadhg enright. let�*s start with that unprecedented, historic banking deal agreed over a weekend of fraught negotiations in switzerland, as the authorities