lawmakers could now be targeting homosexuality for political gains or to divert public attention from other pressing issues. darla sees that the new bill refuses hate, in an already homophobic country. if the situation was in his only safe choice, maybe to leave the country, you're watching j. w news coming up next. we got business for you with daniel winter. i'm terry martin. thanks for watch. with journalism help us in overcoming divisions. save the date for the d. w. global media forum 2023 in bonn,

germany and increasingly fragmented world with a growing number of voices, digitally amplified. we see where this clutter can lead what we really need, overcoming divisions into vision for tomorrow's journalism. save the date and join us for this discussion. at the 16th edition of d, w. c. global media forum ah, more bad news in banking this time, us lend up falls to republic, struggling to survive it. jazz, diving on monday as customers rush to withdrawal. that cash 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 to save credit suisse and a shotgun wedding overseen by the swiss government. is it bad news for investors in

both banks will speak to a next but also coming up, what happens to old car batteries, recycling and help harvest vital materials, the next generation of economy? it's that time again, d w. business. welcome. shares of us bank 1st republic have plunged more than 50, and despite an earlier move, by other banks to inject $30000000000.00 to keep it afloat, s and p global ratings is also downgraded the bank for a 2nd time in a week, causing investors to worry whether fuss, republic can survive. it follows the collapse of silicon valley bank and 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 there were being foolish, but that's a little too broad of an 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 the posit ratio at the end of last year. that means that loaned out more money that than it has and deposits that's, that's more like i can pretty much do math. that makes no sense. that something the 14th largest bank of the u. s. should be doing what they did and won't silicon valley bank went under the red flags were everywhere for the spank, as well. and even more interesting, several of 1st republics, top ranking executives selling $12000000.00 in the stock. and the 2 months leading up to this crisis. this is publicly disclosed information and back quite frankly. so 1st republic got into the smith down about 88 percent. this month so far? yes or less than stellar finances and broad oh, worries influencing that. but what happens next with 1st republic?

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 in 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 i'll probably give you a different if not the same incident. all right, but we've seen what silicon valley bank signature bank failing now 1st report 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 are and struggling. obviously if the u. s. bank is giving money

to 1st republic, you know, giving us some cash to keep afloat. is a good chance that bank giving the money is doing just fine. all i can really say is the following. the big banks, those that are one of the 11 that gave 1st republic, 30000000000 and deposit, it's 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 clothing back from last week's deep losses like pack with and pack west. and key core seems like they don't have the same amount of red flags 1st. republic has, and that's why i can probably say for now it's limited. the 1st republic though, either way, we will be watching with anticipation, james sweeney in new york. thank you very much. thank you. a copy, miranda, the ceo of financial consultancy, o. p mass. thank you very much for joining us. starting with 1st republic, struggling with investor confidence, can 1st turn things around what it seems, this stays basically the equity markets have written off 1st republic. i mean,

if you look at the stock price today 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 of a know there's not going to be any recovery really. ok, well that's quite extraordinary. i'm sure there will be a lot of worry there in the u. s over that and let's turn to another struggling bank. moving over to europe. now, credit suisse in a short move the swift government, arranging a hasty take over by competitor u b. s. but is this a good deal? well i suppose that you asked the, is it a good deal? i dare say the credit suisse shareholders think it's a very, very bad deal. and on the u. b. s side 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 trail that 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 criticisms any 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. okay, 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, certainly way of seeing it, i think u b s certainly has 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 only when you 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, u b s is not able to do that here. so they're basically buying this black box of stuff that they're not really sure it's in 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 it offers a fair price for the 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 have also been denied opportunity to vote on this kind of take over, which would be the norm way to do things. i mean,

the federal counselor 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 stand. we're going to of 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 planning 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 for its 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 israel anchors biggest credited china agreed to restructure its loans to the nation. russian authorities have orders that all assets of comic a fox bargain 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 nickel in this lab of 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 carts, 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 if and i'm 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 us bank 1st republic of plunged 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 g w business for more. check out our website, d, w dot com slash business and rule. so on youtube, under the d. w. news channel. thank you very much for watching. ah, all quiet on the western front. the german anti war film wins no less then for oscars. we take a look at how art struggles to survive in hard times. ukrainian artists are fighting against the war in their country and for the preservation of their cultural identity. a pulse has the beginning of a story that moves us and takes us along for the ride.

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