middle of arts is the highest official accolade in the u. s. for advancing arts and culture. this was biden's 1st awards ceremony since taking office because a panoramic this restrictions you're watching dw news from berlin coming up next. we've got business for you with daniel winter. i'm terry martin. thanks for watching guardians of truth, my name is john dinner and i have paid almost every price of being a journalist in a country like to key taking on the powers that be they risk everything

john don't dar? asks activists, journalists and politicians living in exile too much on my shoulders, but i have to hold this weight because i'm responsible for the future of our country for the people who are behind the past. they live for their mission. people need to know what is happening in our series guardians of truth watch. now on youtube, d. w documentary ah, all banks bouncing back banking stops, rise as investors in the beleaguered 1st public and p. a should treasury sector janet yellen saying that the government is ready to provide more support to struggling small lenders will get the view from wolf freight. also coming up, fishermen from the you are left in a pinch. norway says no to crap capturing around its waters around small bod

and we'll visit, gone away, young artists and a small label giving you appeal to discarded clothing. it's that time again dw business, welcome. the u. s. banking sector is stabilizing after recent worries over the state of u. s. banks and some high profile collapse is rattled the industry. the upbeat assessment comes from us treasury secretary, janet jaelyn, speaking at a bankers association, meeting on tuesday, saying the steps taken to protect deposits, had shown us banking system oh, safe, and had strengthened public confidence. she also said, authorities were ready to take similar actions to protect small institutions if they suffered, runs on deposits. and james sweeney is in new york with more on this. james yelman's comments appear to be helping to lift a banking stocks in tuesday, trading with 1st republic leading the pack that's. that's correct.

janet yellen is pretty much come into the rescue today. her comments a low lead the way for more than 50 percent in today's search today for 1st republic, a much needed bounce back for that company. and for those wondering what you said, well, yelling pretty much pledged supports of the u. s. banks in a bit. the ease the financial for the fears of financial contagion. you'll him told members of the a, b, a that's the american bankers association. that the federal government is ready to step in to help out other trouble lenders after the collapse of silicon valley bank and signature bank. saying that the steps we took, we're not focused on eating specific banks and that our intervention was necessary to protect the broader us banking system. and more importantly, she said that similar actions could be warranted if smaller institutions suffer. deposit runs that post the risk of contagion. so if you're wondering what does this mean? treasury secretary, you're pretty much taking a val today to come to the rescue of troubled regional banks and regional lenders and the response positive as expected the. busy belgians closing up nearly one

percent 1st republic soaring just under 30 percent, that a key core us bank or jumping more than 8 percent pack was of nearly 18 percent and a big change from us that well let's fix this for right now. but there also early suggestions on there are like new possible permanent safeguards with the banking system. what do you see? what suggestions are on the table? are there suggestions? yes, there are. are there guarantees? no, there are none right now what i'm seeing, what's what i'm seeing and what i'm hearing is that jenny dylan is indicating that investigations of this crisis, the bank failures in particular, they're coming and then apparently includes discussing the effectiveness of the current rules. she wants a full account of what happened the review was coming in, in our own words. she said that we will need to reexamine our current regulatory and supervisory regimes and consider whether they are appropriate for the risk that banks face today. and what does this mean? it means that just like back in 2008, don't be surprised to see some post crisis reforms after these investigations are

complete. changes were made to adjust to the risk of the that they faced back then and the same will likely happen. no. could this mean a permanent expansion of the the i see the positive protection above 250000. possibly. it was just lifted. right? to protect customers of the field, silicon valley bank. but again, it's just a suggestion, not a guarantee. in their own words there's, there's a lot of talk going on here, but we should find out more of the facts on the coming weeks or maybe months. all right, well let's look ahead to wednesday because it looks like the fed as good as the biggest old rather most difficult decision that has had to make an a while. does it keep right? steady and risk inflation or height crates and risk hurting banks? i have to be straight forward here. it's not going to be easy being fencher probably tomorrow at 2 pm eastern, which is when the fed will make a decision. listen, is a case to be made for and against the $25.00 basis point rate. i care simple, the fed live rates that your competence hurry, the fetch, and then say it's managed to contain confidence so far and that it compressed the

head with its great fight against inflation. at the same time, lifting rates could possibly increase concerns about the status of the stability of the banks themselves. why high grades when this may put more pressure on these regionals? is the fed really that convince that recent efforts to support these smaller banks or more than enough? i mean, the fed could also put hikes on poles this go around to, you know, do no harm. but some can also, you know, action as a reason to be concerned about the banks that come in. like look, they did nothing, you know what that means. they're doing nothing. obviously there's an issue here. simply put, we'll find out tomorrow, but whatever is announced, it's pretty much unknown how the markets will react and fed. sure, jerome power, he's going to be front and center tomorrow guarantee and all eyes will be on the fed tomorrow. but james sweeney. it's been a pleasure. thank you very much. thank you. now to some of the other global business stories making news, staying with banks. switzerland has ordered credit suisse to suspend paying bonuses, awarded before last year. unions had demanded

a stop to the payments after the trouble bank was taken over by rival u. b. s. and a deal involving billions of dollars of public money. but the government says some bonuses will still be allowed. the european court of justice has expanded the rights to compensation for owners of diesel car's equipped with illegal emissions, cheating devices. so far they could own only sou if carmakers intentionally deceive them. now in a case against mercedes benz, the court says, negligence is all that's required and opens the door to wait fresh wave of diesel gate compensation claims. german comic hopes wagner received $1300000000.00 from the state of south carolina where it plans to build a manufacturing facility for electric vehicles. the subsidies are part of the us inflation reduction act, which supports green investment. the u has been critical of the washington initiative, which it says disadvantages, europe as an investment destination. now to

a new norwegian court decision that's making waves abroad, the country's top court has rejected the case brought by a latvian fishing company. it ruled that only norwegian fishermen are allowed to catch snow crabs off a group of islands in the arctic sea. but it doesn't just stop. a crustaceans ruling has changed the game for natural resource extraction and the region. in the depths of these arctic waters of snow, crab scramble across the sea bed. they are considered a delicacy in asia and can fetch fishermen a good price. but norway supreme court has ruled that unless you're a norwegian vessel, you're not allowed to catch them off the country's fall bard archipelago. the decision has implications way beyond the shellfish at the center of the case. it's a pretty simple decision. it means that so all sort of resources that this,

this interpretation will, will affect the fisheries will affect oil and gas and all, all the resources. so it's not just the snow crap. it's um, is the principal decision amounting to also so. ready resources actually that, that exists or are, are in the, in the water situation to, to small. but judges agreed that norway can ban foreign vessels from fishing. a central treaty of firms where we can sovereignty over the archipelago, but grants other nations, the right to extract natural resources. crabs and also oil gas and minerals. only russia now does. it operates a coal mining community there, but the tree doesn't define boundaries. russia has long taken it to mean the whole continental shelf. thanks to the snow crap case. norway has taken a much more restrictive view. an estimated 20000000 items of clothing from western countries arrive and gone every week. almost half is

discarded, filling up landfills and littering beaches. some fashion designers and artists are tackling the issue, turning to up cycling, not simply recycling, but adding new value to the items. that means more jobs and less environmental damage. these fashions from the dna in capsule, a young oven on the above all mega hit. you can look good and take responsibility. that's the message from across young design is like elisha both and the idea behind the non profit label of the revival euro papa and quote, may not does the voice. and as we all know, what you're including on by credible most of them and, and they have a negative impact on the environment when it's being displaced. so we are trying to deconstruct the idea off what waste really means when he comes to textile when he

comes to fashion at the studio in a crop, the 2 men mix different materials and pre left governments to create something new, used clothes 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. i'm going to use more than 15000000 items change hands each week though due to their poor quality. roughly half of them end up in the trash. i is not all that good. hey, so you open it's and not only did you get rocks that's given rise to a flourishing up cycling business in come to monta where many textile mitch and still try to find, take his were there no fantasy ways? some local initiatives added dash of color to faded fabrics to attempt to potential

buyers. hello job. the mountains of 2nd hand textiles keep growing and gonna what starts as fast. fashion soon winds up here, often strewn on the beaches and embassy to date in gonna it's been mainly activists or artists like my co guy who's given much thought to how to use the clothing waste that's already in the country. i thought is obese are owned or people are no buying. so i took it upon myself to also buy them to crate my peaches natalie for, for the beauty almost all reaching awareness for day and barrow maint because the thought salvo m martinez that you finding in their beachy sauce waste and the joke i got as to sheep clothes can even be transformed into art.

it's one of the creative ways of dealing with the waste, from fossil fashion imports. remind of our top business story, us treasury secretary, janet yellen says the banking system is stabilizing in the wake of the collapse of 2 banks, saying authorities were ready to take further action if needed and job to date with the d w business. thank you very much. for watching in good shape ah, being in a good mood and a bad move. both are part of a healthy life. how do we maintain a positive disposition? how do we protect our mental state from being knocked off kilter?

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