an economic crisis has racked households for almost a year. also on our show, a visit gonna, where young artists and a small labels are giving new appeal, discarded clothing alone. welcome to our show. banks and regulators in europe breathed a sigh of relief at the markets. improved following plants were a 3 point. $2000000000.00 take over a swiss banking giant credit suisse by rival u. b. s. european indexes. continuing their gains early tuesday, led by recovering bank stocks. questions remain, however, with some investors bothered by the details of the credit suisse deal, which we'll see, bond and shareholders take big losses. the crisis began just 2 weeks ago in the u. s. with a sudden collapses of silicon valley bank and signature bank school . christy plots and, and frank for christy investors seems to have rediscovered the confidence in banks . can we say that the worst is over while there's been

a lot of shuffling around going on the last few days, even as you just said, i mean u. b. s. has taken over credits, we've signature bank in the u. s. has also been taken over. i mean, analyst in the space also decision makers have been saying to bang customers to investors that these words with instances of singular weak links try to convince them that this is not a greater systemic problem. and i mean, yes, what you do see, if you take a look at the docs index behind me, of course, germany's blue chip stock index is a lot of optimism since the morning bell rang this morning about building on a day of growth that we saw yesterday so, i mean, what we are seeing here, or what i should say is the fact that we're even talking about this problem with this, with bank, with these american banks, talking about it here from the german stock exchange, shows the global nature of this story. i mean, credit suisse is considered to be significant to the global financial system. so with this optimism that we're seeing in the markets today, it shows that the fire does seem to be contained, at least for now. you know,

at the same time the things can change very fast. what is most concerning when we look at this crisis, right, i mean, there, so plenty of concerns. the real question is whether investors and bank customers are convinced that this is not a greater systemic problem. we're seeing a lot of questions raised about how this was allowed to happen, how the situation could develop to this point. people are taking a greater look a closer look at other banks with renewed scrutiny. i mean, i'm already, we're seeing another california bank hang on for dear life after its credit rating was slashed over the weekend. another risk we're seeing as, of course, interest rates. i mean, in the us, in the years on and other countries as well, interest rates are continuing to go up. and this has been bad news for these banks . a lot of these banks hold a lot of government bonds when the cost of borrowing goes up. those bonds go down in value that essentially means these banks are poor, they're weaker. so there's a few different elements here that are really weighing on bags. and that could,

i could still have a negative effect. central banks walking, that's high blood, the tight line. all eyes are all the fed, which is mean right now to announce a new decision to morrow about interest rate. what can we expect briefly be sure, i mean, it would be 12 months of their fed raising rates to morrow. they were expected to do a big hike, a half a percentage point, but with the chaos we've been seeming seeing the last week or so, it's likely to be a weaker hike of a quarter of a percentage point. a height nonetheless. certainly still concerning for the banking system. right, chris plaza, frankfurt. thank you. over now to some of the other global business stories making headlines. banking giants deutscher, bank and jp morgan chase must face lawsuits over allegations tied to the late finance your jeffrey apps, apps d that's according to the u. s. judge, the 2 banks are accused them. series of lawsuits of enabling obscene sex trafficking. one suit as well by the u. s. virgin islands. the judge ruled that

banks must also face proposed class action suits by up seeds victims german car maker volkswagen will receive $1300000000.00 from the state of south carolina where plans to build a manufacturing facility for electric vehicles. subsidies are part of the u. s. inflation reduction act, which supports green investment. the u has been critical of the washington initiative, which it says disadvantages, europe as a destination for investment, tree lockers that's received the 1st batch of international monetary fund financing within the next 2 days. yeah, m f approving a nearly $3000000000.00 bill of the island nation and saying today that disbursements would be tied to reviews that are set to take place every 6 months. i my colleague, cassandra site is here in studio to help us understand the still more cassandra, we've been reporting a lot over sri lanka over the past year in the crisis there. let's start with this

deal. what are the conditions of the steel right. this is a deal many months in the making and from what i've been reading, they're essentially 3 big pillars holding up the steel. the 1st one is debt restructuring. the i m. f really wants you longer to get its debt under control, back down to sustainable levels. and there is expected next month in april to be a debt restructuring strategy. unveiled by the government. they've been starting to step up, are some talks as commercial lender, so we'll see the fruits of that labor next month. the 2nd pillar of the steel is inflation management. and now inflation is been hovering around 50 percent for a while. inflation is a word, a lot of us are used to hearing by now, but it means year on year if you bought something a year ago for 100 rupees, now it costs a 150 ruby is massive. and so why not an economic growth rate reported so far? there is a targeted inflation band that sri lanka is trying to hit by the end of the year. and that's between 12 and 18 percent. so functionally, she looked as to more than half its current inflation rate by the end of 2023. and

then the 3rd thing quickly is anti corruption measures which the government did agree to start to get into place in the next coming months. so the i mess is going expected to be really tough on all of these criteria with reviews, expected every 6 months. and disbursements are dependent on these reviews. the i m . f wants to see progress on all these fronts. so a lot of requirements here for sri lanka, what does this mean for the country's economy? all the economy, the outlook in the near future is, is not quite so bright. right now. they're expecting a 3 percent contraction in 2023. it's a little bit better than last year, which saw 7.8 percent contraction, which was a record. by the way, the light at the end of the tunnel is analysts so far are expecting some growth in 2024. but the big problem for the real economy with folks on the streets are going to be dealing with is still this inflation your, on your consumer. inflation has ease from 59 percent december to 53 percent in january. but these prices just probably still seem to be going up for a lot of people. we know that these i'm of plans are rarely popular on the streets

of these countries. at the same time, we've also report on the food shortages, electricity outages of fuel of runs. how is this likely to be greeted and sri lanka? well, it's from what i've been reading. it's not been met with great enthusiasm, so far as if these feelings include weariness. these deals. this big deal has been talked about for months now to this idea that this is a bitter pill to swallow, that things are going to get worse before they get better. and frankly, i don't think this help is going to be felt immediately by the average person very soon at the high, at the moment. we've still seeing high food prices, fuel prices, a high income taxes of up to 36 percent power has been going up. power prices had been going up by about $66.00 for cent. and analysts i've been reading of these kinds of i m f deals basically say that one of the things that really makes them effective is austerity. and that's not going to be welcome news for a lot of average reluctance or i this cassandra science here in studio. thank you

very much. sonya when estimated 20000000 items of clothing from western countries arrive and gone at every week, almost half ends up being discarded, filling up landfills and littering beaches. some fashion designers and artists are now tackling the issue during to up cycling, meaning that they add new value to those items. that means more jobs and hopefully less environmental damage. these fashions from the canadian capital, a young, urban, and above all mega hit. you can lift good and take responsibility. so that's the message from across young design is like in the shop awful and video behind the non profit label of the revival. yeah. iraq, papa and quote, may not darzy voice. and as we all know how much you're using clothing unknown by degradable, most of them, and then they have a very negative impact on the environment when it's being displaced. so we're

trying to deconstruct the idea off what waste to really means when it goes to textile, when it comes to fashion at this, dieter, in a crop, the 2 men mix different materials and pre left governments to create something new, use notes that arrived and gone up by the ton from the u. s. europe and asia are a source of inspiration. and this is where the men from the revival source, their materials come until the biggest market for 2nd hand clothing in ghana and across west africa is more than $15000000.00 items change hands each week though due to their poor quality. roughly half of them end up in the trash. i know it's not all that good. hey, so you open, it's an o d d. you get rocks that's given rise to flourishing up cycling business encounter man. so where many textile, mitch in still try to find,

take his within those on this you with some local initiatives, add a dash of color to faded fabrics to attempt to potential bias government. the mountains of 2nd hand textiles keep growing in ghana. what starts as fast fashion soon winds up here, often strewn on the beaches and in a sea to date in gonna it's been mainly activists or artists like michael. gov is given much thought to how to use the clothing waste that's already in the country. i thought is obese are owned, that people are no buying. so i took it upon myself to also buy them to create my pieces natalie for, for the beauty amazon. so i am greeting awareness for day and barrow. maint course

is our salvo m martinez that you finding in their beaches us waste. and they took our got as to sheep clothes can even be transformed into art. it's one of the creative ways of dealing with the waste, from fast fashion impulse. and finally, is a german icon running out of time while the country blew some $385000.00 clocks last year, according to new figures. that itself is a 16 percent drop between 20112020. to look at this is the production of handmade cuckoo clocks fell the most humbling by more than half. and the past decade in last year, less than $25000.00 of the time pieces were made. the cuckoo clock is especially of germany's black forest region, and it's become a popular souvenir for terse oh,

or it is reminder of our top story. banks and regulators in europe breathed a sigh of relief after market is approved. on the news of the 3200000000 dollar take over of swiss banking, giant credit suisse arrival u b u b. s. excuse me. european indexes, continuing their gaines early tuesday, led by recovering beg stocks. that's our show. you can always find out more online e, w dot com slash business. also check out our youtube channel. d w. news. like your file with a, with

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see the world as you've never seen it before. describe now t d w documentary. ah ah. business d w. news live from barely, china's president holds a 2nd day of talks and moscow. she's been paying says china prioritize. it cannot economic relations with russia. calling the 2 countries great neighboring powers. also coming off nato, a 2nd.