is that people are happier in countries where that difference, that gap is smaller, in addition to finland, the other nordic countries are well represented. they make up 4 of the top 10 happiest countries in the world, not to get have something to do with being so close to san if will tell you what you need to be. news business needs is up. next. the daniel winter, i will see you tomorrow. with that as to who did you do the food? i changed to jenna. fantastic. ah, she survived auschwitz, thanks to music. he was the nazis favorite conductor,

to musicians under the swastika, a documentary about the sounds of power and inspiring story about survival. music in nazi germany. watch now on youtube. d. w documentary. we've got some hot tips for your bucket list. romantic corner chat. hot spot for food chairs and some great cultural memorials to bood. d w, travel off we go with . oh, more bad news in banking this time, us land up falls republic struggling to survive it. shes dining on monday as customers rush to withdrawal. that cache j. p. morgan's has its cooking up a rescue plan will get the view from wall street and the banking shops don't stop you vs swoops in it to save credit suisse and

a shotgun wedding overseen by the swiss government. is it bad news for investors in both bank? we'll speak to an expert, also coming up, what happens to old car batteries? recycling can help harvest vital materials. the next generation of e commerce is that time again, d w. business, welcome. shares of us bank 1st republic have plunged more than 50 percent. despite an earlier move, by other banks to inject 30000000000 dollars to keep it afloat as and p global ratings is also downgraded the bank for a 2nd time in a week, causing investors to worry where the 1st republic can survive. it follows the collapse of silicon valley bank in new york based signature bank on the weekend fears over an ailing european bank. credit suisse were allayed after the swiss government pushed for a takeover by its competitor, u b. s. go get to credit suisse in a moment. but 1st, james sweeney is in new york. james, how did 1st republic get into this mess?

well, i could say that they were being foolish, but that's a little too broad. a ben answer truth is similar to the now defunct silicon valley bank, which you mentioned 1st republic, bank deposits, mostly uninsured, about 2 thirds of them making matters even worse, according to s and p. global 1st republic also had a 111 percent loan to deposit ratio at the end of last year. that means that loaned out more money that than it has in deposits. that's not smart. like i can pretty much do math. that makes no sense. that's something the 14th largest bank of the us should be doing what they did and won't silicon valley bank went under the red flags were everywhere for this bank as well. and even more interesting, several, the 1st republics, top ranking executives selling $12000000.00 in the stock. and the 2 months leading up to this crisis. this is publicly disclose information and quite frankly, so 1st republic got into the smith done about 88 percent this month so far. so less than stellar finances and broader worries influencing. that's what happens next

with 1st republic. oh, that's the big question and there's really no answer yet. it's like every morning we wake up here in wall street, there's a new update on the banking sector that dictates the market direction. like today, 1st republic, down about 40 percent heading into the close. this at the receiving $30000000000.00 and the pilots from 11 of the nation's largest banks last week to ease liquidity concerns. a move that was meant to lift up confidence at 1st republic. but yeah, that obviously had that happened. and today the wall street journal reported the j . p. morgan at c e o. working with others in the industry on a solution for the bank. that's all we know a solution. and what happened, the bank is still down. so if you're asking what's next for the bank, a buyout to fill your bill out. no one really knows yet and let's just find out what the headline is in tomorrow's market and probably give you a different if not the same answer them. all right, but we've seen what silicon valley bank signature bank failing now, 1st of all, because it's struggling all, all the us banks going to be next. what do you, what do you seeing? well,

some are and some aren't struggling obviously for us bank is giving money to 1st republic, you know, giving us some cash to keep afloat. there's a good chance that bank giving the money is doing just fine. all i can really say is of the following, the big banks, those that are one of the 11 that gave 1st republic, 30000000000 and deposits a safe to say that they're doing. all right. it's the others, those us regional banks, banks. those are the banks that are on the radar, but today they look to be also be calling back from last week's deep losses like pack worth in pack west. and key core seems like they don't have the same amount of red flags 1st republic hours. and that's why i can probably say for now it's limited. the 1st republic will either way we will be watching with anticipation james sweeney in new york. thank you very much. thank you. auto of your marin c a c e o, our financial consultancy, o. p mass. thank you very much for joining us. am starting with 1st republic struggling with investor confidence. can 1st turn things around what it seems at

this stage. basically the equity markets have written off 1st republic, i mean, if you look at a stock price, the day is down almost 50 percent. that's a staggering loss after a staggering week and month of losses already. so it's basically looking as if the market written is bank off and no, there's not gonna be any recovery really. okay, well that's quite extraordinary. i'm sure am. there'll be a lot of worries there in the u. s. over that unless turn to another struggling bank moved over to europe. now credit suisse in a shock, move the swiss government, arranging a hasty takeover by competitor u. b. s. but is this a good deal? well, i suppose especially you asked who is it a good deal? i dare say the credit suisse shareholders think is a very, very bad deal. and on the u. b. s, i, it looks like a pretty good deal. they've got lots of guarantees in place. they able to sue, have credit suisse for a pretty low price. so i would say for u. b. s shareholders, yes, it was like a very good deal. but for the credit suisse shareholders, it looks like a very bad deal. instead, a lot of the credit suisse shareholders,

i think going be scratching the head saying wouldn't. we've been better office if they still have not gone through. it's not possible that credit is only worth about $3000000000.00 at the end of the day. it must be worth more than that to somebody anyway, so i think they're going to be saying this is a very bad deal indeed for us. ok, but i mean, looking at u b. s shareholders and yes, they got managed to get cheap price here, but they are being punished in the way because, you know, the bank has been years of discipline to work on trying to sustain and strengthen its financial health. and now shareholders having this failed competitor foisted upon them. well, that's certainly way of seeing and i think u b. s certainly is not had the time to go look through the entire credit suisse portfolio of transactions, of loans, of all sorts of dubious things that they might have done. so you b as a sort of buying this site unseen. i mean, bear in mind then he really had a weekend to go through this and agree to it. so you b. s has been forced into this every bit as much as credit suisse as by the

regulation, by the swiss government. so i think would narrowly, when you do this kind of merger between 2 banks, you're going to take a couple of months to go through and do your due diligence and make sure you feel comfortable with their risk management systems with a loan portfolio with their investment banking transactions within the trading positions, all those things you're going to go through when the find comb. uvs is not able to do that here. so they're basically buying this black box of stuff that they're not really sure in that they've heard some bad stuff about and they're about to find out what's really in there. but what's the systemic risk to the swiss economy? really significant enough for the government to bypass credits, we shareholders and to make this deal go through no matter what, after all and credits we, shareholders have been denied even the right to scrutinize the deal to see if office a fair price for their equity. the argument being well it could go bankrupt anyway, but for whatever parts of the bank survive, they would at least have the right to to see whether the deal is going to be at that somewhat good for them. i agree with you 100 percent them in this case the

sales have been denied that opportunity the u. b. s. shareholders and also been denied or produced to vote on this kind of take over, which would be the norm way to do things. i mean, the federal counseling was basically made use of emergency powers within the constitution to ram this through. now i think it's very questionable whether that's actually constitutional legal under swiss law. i mean, basically those emergency powers are supposed to deal with an incoming invasion of some foreign power or something. and that's or is not the case that is designed to deal with a bank being valued at the wrong valuation and the federal council thinking it might be better off if you gave that bank to somebody else. that's not the kind of emergency those emergency powers are designed to deal with. so i think this is not going to stand up the legal challenge by necessarily i think the credit suisse channels are going to be run into the courts and say, this is not going to us that we're gonna have challenges and try and reverse this decision. this was unconstitutional and the legal action on the part of the federal

council. so this deal could still fall flat. very interesting, octavio mirandi, thank you very much. now to some of the other global business stories making news, natural gas prices in europe fall below 40 euro's per megawatt hour. that's the lowest in 18 months. analysts say the decline in european gas prices is due to the warmer than usual temperatures. amazon says it's planned to cut an additional $9000.00 jobs that comes months after it slashed its workforce by $18000.00 employees. the new round of layoffs will include staff working with cloud services and twitch, gaming streaming platform. international monetary fund has approved a nearly $3000000000.00 beneficiary lanka, which in facing a severe economic crisis. after running out of cash reserves, the i m. f. move comes after 3 lank as biggest editor, china agreed to restructure its loans to the nation. russian authorities have

orders that all assets of comic fox ogden be frozen within the country. a russian car maker filed a lawsuit against v w. after the german group ended its corporation with them in august. the company puts the damages at the equivalent of a 194000000 euros. europe is not a resource rich continent. the words of european commission vice president valdez dombrowski recently the you get close to all its lithium and magnesium from china, critical materials for the likes of batteries and solar panels. it's for that reason that the e you presented plans last week to revamp its policies on raw materials, hoping to get at least 15 percent of what it needs from recycling. one company and france is showing how it's done. the liquid lithium bubbles in the mixing machine, then that settles as a whitish paste on the bottom of the glass tube, surrounded by a green oily layer, the nickle in this lab south of paris,

french mining company. if a man is testing separated metals that come from used electric car batteries, o'quinn take a small electric cars. it contains 30 kilos of nickel, almost the same amount and lithium carbonate. these are metals that need to be recycled to be able to support the industry and produce new batteries a little bit better. after a series of filtering, seething and cleaning substances like nickel cobalt and lithium, carbonate are extracted all to be used again in the production of new batteries. unlike the fuel consumed by internal combustion engines, these materials are up to 95 percent recyclable. the global demand for di carbon ization means we're cycling as a worthwhile endeavor. one that will likely expand it and i met plans to process around $50000.00 metric tons of battery modules per year,

starting in 2027 pioneering a very different future for mining companies. and the quick reminder laptop story before we go shows of u. s. bank 1st republic of plunge more than 50 percent, despite an earlier move by the banks to inject $30000000000.00 to keep it afloat. and you're up to date with a d w business for more checkout website d, w dot com slash business and roll. so on youtube, under the dw news channel, thank you very much for watching. ah, mobile luxury made in china the way coffee one or this plugin hybrid is set to go. 150 kilometers on only one charge. to report that to the test. and what

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