tax credit such as the child tax credit and earned income tax credit are vital bipartisan mechanisms alleviating poverty in the united states. despite the support from across the aisle many challenges keep credits from achieving full potential. the recommendations will ensure the credits are assessable to all equitably distribute it and managed from the administered of auditing perspective. to speak further on some challenges around the tax credits, i like to introduce don, and academy fellow and former commissioner of internal revenue services, dedicated lifelong public service spent over 45 years working to support good government across agencies in all levels of government. in addition to his time at the irs, he worked as the city administrator for district of columbia, deputy director for management at the office of management and budget and chairman of the board director. thank you for being here today. >> thanks for the introduction. a summary of my employment career in the public sector, i'm delighted to talk about these important programs. i would note that the start bipartis

if you dare to take a credit risk, there is some interesting credit out there.hat is what we have been doing, buying bonds in europe. not exactly high yields yet but the move means you can get a longer and positive return. dani: i want to get to some more details. we are going to take a break and come back. don't go mads pedersen anywhere. mads pedersen, -- don't go anywhere. mads pedersen there, cio and founder of human edge investment. manus: 1.5 billion is coming from a capital raise. the interesting issue is in the form of a rights offering. 9.9% holding in credit suisse. dani: the s&b may take part. we are getting some more players. credit suisse was hesitant to do a rights offering because of the event. we will speak with the credit suisse ceo ulrich korner at 7:00 am u.k. time. this is bloomberg. ♪ dani: let's bring back our guest for this half hour. mads pedersen, cio of human edge investment. it is a tough time to invest in bonds. i feel like everyone that has had this call to buy bonds has gotten burned. you are interested in them again, white now -- w

who can apply for a credit holiday credit holidays can be used by a citizen, an individual or an individualpreneur who takes part in a special military operation . citizens who were called up for military service for mobilization contract servicemen citizens who voluntarily decided to serve and participate in a special operation border guards located on the territory of russia and ensuring the conduct of a special operation employees of federal bodies who, in accordance with the law on defense, are involved in solving certain tasks within the framework of a special military operation, as well as family members of such citizens, if before the start of participation in a special operation or before receiving a summons to mobilization. such citizens had loans or loans, they will be able to issue these loans and loans. we are talking about credit holidays, both about loans, loans of citizens for cash consumer purposes, and about loans taken by individual entrepreneurs for the purpose of developing their business. to whom a loan should be issued in order to be able to apply for a loan holiday, a

to stomach -- broader systemic risk because of credit suisse?o stranger to be troubles of credit suisse over the past year with the various challenges it has faced. broadly speaking, the banking sector doesn't necessarily see this as a potential for contagion across the sector. banks generally are still concerned about the broader interest-rate environment, the trading volatility, that a lot of the upheaval is bringing about. and while it is potentially good for business in terms of trading activity, the concern of her interest rates is looming over a lot of banks. francine: the ceo saying they are remaining discipline despite all the media attention, but could this snowball into something uglier? >> in terms of the attention being paid, we haven't seen questions of which bank is next in terms of similar troubles. the challenges are quite unique to credit suisse itself, not necessarily being replicated across other banks. the challenges for the banking sector we know what they are, interest rates, and consumer weakness in europe and the u.k. tha

credit suisse there reorganizing going badly. the ecb to talk about a busy day in europe, analysis starts, the countdown starts now. >> the countdown is on. this is bloomberg markets: european close with guy johnson and alix steel. >> let's deal with the numbers. european stocks flat again. we are going nowhere. energy stocks not looking good. the market is rewarding the energy sector. it is a leading but there are some notable anomalies. look at what is happening in zurich and with credit suisse today. down by 17% it has announced a big loss, big capital raise and a complicated restructuring price as the market feels unconvinced. we are now trading sub four on credit suisse. the ecb may be balanced or dovish today. you can see yields coming down sharply we are trading down by 24 basis points. 4.081 on a 10 year italian. alix: in the u.s., flat as a pancake so is the s&p but not compared to where we were. we are flat on the day. no surprise with the dow outperforming and tech underperforming. it highlights the caterpillar versus

what would it be if something is really going on with credit situ swiss? it means there is a hole in the derivatives market suddenly the other side is not there if something happens with credit suisse. suddenly they will not be on the verge of going out of business, but bigger losses than people thought. there is still a lot of pot holes out there or bigger concerns we have to worry about in the months ahead. >> what are the pot holes? what are the bigger pot holes we have to worry about? interest rates is that the prevailing major headwind that markets are trying to figure out right now? >> that is the concern you know, we said low interest rates are what helped the extended or higher valuation levels for many years now. interest rates stay high and that makes it a big problem. one thing i look for is if we get more concerning, you have the flight to quality and flight to safety in the treasury market we see whatever we get the second leg of the bear market, we get a blowup and that is no interest rates interest rates go down a little bit in the flight to

that was no credit suisse. that still cast -- is it specific to credit suisse? >> look at deutsche bank a lot of risk taken in these places i don't think the risks they have taken is what lehman brothers was doing it is not risky. the bigger issue is if you keep your money there the other piece is when you keep your money there, a lot of people say most of the stuff is in stocks. it should be safe. in equities or other assets. it should be safe. it shouldn't be going anywhere having said that, if you remember in the context of lehman at the time, everybody got the assets back. they were frozen for a period. this is the conversation that investors in europe that have their money there are talking about. >> it wasn't just lehman it seemed like a good move at the time still, i was talking to andy, who said it was still part of bank >> you know what the chairman's name is? lehman >> that's fun. what does the ring say today you were up until 11:00? >> high stress i have not looked at the oura ring prediction on how i'm doing. i did get sleep saturday night i was prou

there is talk about $4000000000.00 to $1.00 of the questions is how will a credit suisse arise? that money a probably a was a selling some assets and we might see a massive layoffs at the company in the next couple of years. there's also talk that credits with might be a bought by and another company em altogether, even if that seems a bit unlikely to me, at least them at this point and greatest this has been involved in so many signal to the past couple of years. i wonder who would really by the company where any 2nd theoretic me something else that could pop up. so i, i guess the best hope at this point is that the restructuring plan will work date against at test the chairs also to the hit on monday, falling as much as, as 7 percent after his sales figures fell below expectations was behind this disappointing production yet it was really a rear to see because some overall, a tesla actually had the best quarter in its company history when it comes to deliveries even if those deliveries a bit shy of expectations. but i guess that does not really explain as, as massive moves tha

if you look at credit suisse over all in march 2021. the company was worth more than 30000000000 or swiss francs, and now it's down to about 210. and there is a saying on wall street. companies usually have some weeks or months before they go belly up, but banks actually die over night. it's all about confidence, i'm not saying that credit scores will not live another day, but at least bets on wall street, the embed of the company my default on their bond payments. and the next, the couple of years spiked a quite a bit. there was of me more out from the see all over the weekend that over to the up obviously did not calm down the market. quite the contrary. it backfired because it was not very a in detail. somehow a to fix. the trouble of that accredits was, is it? so this is all about the, the future of credit suisse is now one of the scenarios that are facing the organization. i believe it's october 27th. so that sir, when the restructuring pan plan is supposed to be published and saw a one of 2 could be that this restructuring plan wo

and it noticeably worsens the credit history. is it possible to remove it and start everything from scratch, alexander blenikov found out. yeah, a couple of clicks and a solid amount already on the card, simplicity and affordability drugged valeria. and when euphoria passed, there were debts and a bad credit history that some professionals in touch with banks promised to fix her girl. you can take out a loan. we will clean up your credit history, that is, everything will be without problems, but the problems began immediately after leaving the office, the enterprising guys disappeared along with the money , dozens of offices work on the same principle, who promise to edit your credit history. yes, and this is how regular consultants from the top of the financial olympus were pushed aside by the police, the guys from rostov carefully created a positive image. and they allegedly practically didn’t even leave money for themselves, everything was put into action. clients were assured that part of the funds would be used to repay loan

there's also talk that credits which might be a bought by and another company em all together. even if that seems a bit unlikely to me, at least them at this point and greatest this has been involved in so many scheduled to the past couple of years. i wonder who would really by the company where any 2nd, theoretically something else could pop up. so i, i guess the best hope at this point is that the restructuring plan will work and date against at test the chair has also to hit on monday, falling as much as, as 7 percent after its sale as big as bell below. expectations was behind those disappointing production figures yet it's, it was really a rear to see of because some overall, a tesla actually had the best quarter in its company history when it comes to deliveries even if those deliveries were a bit shy of expectations. but i guess that does not really explain of this massive moves that we saw in the stock price of, i believe the big question is where tesla sold the cars and there were some signs that demand might be cooling in china, tesla, actually an exported some cars t

and credit suisse at the moment doesn't achieve both. feel to get into profitable territory they have to convince clients to stay with them. there are lots of choices in wealth management. and a lot of trust has been lost. francine: so what is the value of having credit suisse wealth management bank? >> i cannot answer this question. it remains to be a show me case. at the moment i don't think they have anything to offer that anybody else on the market doesn't offer. they have plans, they probably have good advice, a good chief investment office that's for sure. this whole pitch of having an integrated bank with investment banking capabilities helps ultra netware the -- net worth individuals, that's gone now. francine: i am the 90's, --how much value does that brand have for advisory? michael: it depends on the market environment. advisory has less value than in a flourishing market environment. it is interesting how they are coming back to the starting point of the whole series of problems. the starting point was probably -- now they ar

that is why we are extending -- expanding access to credit services for low income people.ision is for low-income families to have a fair chance to build wealth and buy a home of their own if that is their choice. we know student loan debt can have a profound impact on people's ability to qualify for a morgans -- for a mortgage and that is why we have neutralized the debt so that it does not prevent hard-working people from obtaining a mortgage through the federal housing administration. we know that advancing your education should not prevent you from becoming a homeowner. neither should your status as a renter. many first-time homebuyers are renters. if someone can regularly pay rent, there is a good chance they can pay a mortgage. so, the federal housing administration now allows a person's positive rental history to factor into its assessment of creditworthiness. and i am proud of our work to bridge the gap between renting and homeownership to further our economic justice agenda. for too many people, homeownership is a dream. at hud, we are doing everything in our power

let us now talk about credit suisse.ay as fears mount over the financial health of the swiss bank. its shares fell by about 10%, before recovering slightly, after the bank's boss failed to reassure investors. last week, chief executive ulrich koerner insisted, in a memo to staff, that credit suisse's financial position was solid. it comes ahead of a restructuring plan due when the bank reports results at the end of october. here's theo leggett with more detail. there has been no shortage of the past few days of rumour, speculation, press reports about the financial health of credit suisse, the swiss banking giant. but what's actually going on? well, a lot of this stems from something that happened on friday when the cost of buying product that insure against a default by acro one went up to levels not seen since the days of the 2008 financial crisis. that prompted the chief executive of credit suisse, ulrich koerner, to write of his own stuff to reassure them that the bank's financial position was solid. but if people be

we are talking about loans received in credit cooperatives in credit agricultural cooperatives in microfinance organizations, but please note that credit holidays are not provided automatically in order to suspend loan payments, you must submit an application to the organization where the loan or loan was previously issued. credit holidays are provided for the entire period of mobilization or service under a contract plus 30 days, while all this time you can still make feasible loan payments, and penalties and fines are not accrued. you can interrupt credit holidays at any time by notifying about this creditors. holidays are provided at the request of a citizen for the entire period of mobilization or service under a contract plus 30 days after the end of the service, if after demobilization a citizen is treated in a hospital, then the entire period of such treatment will also be included in the credit vacation period, interrupt the credit vacation and return to the usual payment schedule . it is possible at any time to simply notify the lender of this to the bank or other organization in whic

sticking with the credit, greg peters sang stress are still too tight.ake a listen. >> yields are up, that is great news, absolutely. but you have not seen a repricing in the cyclical part of the market, the fall and risk part of the market. so i think spread are still too tight. data has to soften, you have to start to see earnings rollover, margins compressed, so it has to become a fundamental story. as of now, it has been a central bank repricing story, not a fundamental story. lisa: still with us some happy to say, vishwanath tirupattur, rob waldner, and meghan graper. rob, i want to start with you, this question of where we are in terms of the credit cycle, put much everyone says they like investment grade credit, a lot of dispersion on high yields, infect more people dislike it. rob, where do you fall on that particular area? rob: you summed up our view i think he well which is the benefit of investment grade credit, it is little with near-term default risk. we think when we started the show duration starts to be her friend with yields where they a

credit suisse there reorganizing going badly.lk about a busy day in europe, analysis starts, the countdown starts now. >> the countdown is on. this is bloomberg markets: european close with guy johnson and alix steel.

without a credit score to.re to live your financial lead. >> steve: if you have a high credit score it shows you are good at going into debt. >> exactly the algorithm to use to create your credit score is 100% based upon how much you play qc face with the bank. you know, are you going to continue to play kissy face? they we know that they are screwing us. >> steve: that is what it's all about, george, having money for a rainy day. >> absolutely. we found 36% of americans can't cover a $400 emergency. what do they turn to, steve, a credit card and a plastic crutch with 22% interest rate and americans or $887 billion in credit card debt. that is half of the student loan debt and everyone started going "i will never go into debt but use it to build my score." it is a trap. >> inflation is so high and you are telling people on the radio show every day how to, you know my quoted earlier i was at the grocery store over the weekend and catch up was $8 a bottle. good lord. >> it blows your mind. and it is a little scar

we had enough money to make repairs for our own savings, or in poland they even a credit picture for banks, millions of ukrainians are unknown persons without reason to trust, we understand that we do not have a credit history in poland, if we had additional financing, yes, we could open not this one school yes, and a bigger one, we have more than 400 children who were registered yes, the application that the parents submitted so, unfortunately, we simply do not have premises, well, no, only in poland, a million, 200,000 temporary migrants from ukraine, 400,000 have found work, positive statistics, but usually it is the easiest job with minimal pay and with a difficult schedule, hundreds of thousands of ukrainians return home at the border of the czech republic already in the other direction, from those who could not adapt, it is difficult to work in minsk to match a small child because there are usually two shifts work and uh no one just takes you to the kindergarten and picks you up if you are a ukrainian. because you have temporarily moved abroad, you are always in a hurry. there

into private credit markets? >> great to see you again. absolutely. i think the more conservative strategist today certainly are the ones that are going to hold the day. the reality is that as we head towards potentially a rough year and we move into potentially a recessionary dynamic, the more conservative managers are going to be the ones in favorites i think that is the case with our capital rates. our investors are looking for us to focus on defensive industries and companies that are reasonably levers with traditional covenants and that is where we focus historically. that is the main reason why investors are attracted to our strategy. >> you reference to capital raise and it was a big one. in a year where you are not seeing a lot of ipo's on wall street, talk to us about what the mood has been like in your neck of the woods. >> it is surprising the level of investment activity we have seen the last quarter in the last year because it has remained extremely active. in the middle markets, you are still seeing

they have good credit. that's good news.also makes the fed's job tougher because they are trying to slow down the american consumer which is a very resilient thing. >> a lot of economists are saying the reason the consumer is so strong is because the balance sheets were so strong coming out of the pandemic. you don't see those balance sheets turning down as we get into next year? >> we don't see it yet. if you look back two quarters ago, people were like, the consumer is getting knocked out of the game. i think people are over anticipating the future. our research team has the third quarter positive, the fourth quarter negative, the first quarter negative, the second quarter of 23 negative, the third quarter negative, albeit at 1% to 1.5% gdp negative growth rate. we are producing a shallow -- predicting a shallow economy. we have the assumption we are going to have 5% unemployment. i don't know that that's going to happen. we build our balance sheet from an operating basis. you look at the consumer, there are not the signs

equities versus credit?ruce: we are moving from a golden era of equities and now we are entering the golden era of bonds. the golden arrow for credit is here. you can earn a 9% or 10% on high-yield bonds. you think about what that means for insurance companies, public pension plans, endowments, individuals, institutions, what they can now turn in their credit investing program relative to what they did earn is a game changer. when equities were going to the moon, bonds were getting lower and lower coupon. this imagined 18 trillion treasuries trading at negative yield -- just imagine 18 trillion treasuries trading at negative yields. i was just a year or year and a half goat or not we can earn a healthy rate of return. bottom line is it is going to beat the golden era for credit investing. guy: you sound excited. what kind of a year are you going to have year? -- next year? bruce: is a tale of two cities. if you -- on a commutative basis to 10%. it does mean that 90% of high-yield loans and bonds and will rec

that is why we are extending -- expanding access to credit services for low income people.ision is for low-income families to have a fair chance to build wealth and buy a home of their own if that is their choice. we know student loan debt can have a profound impact on people's ability to qualify for a morgans -- for a mortgage and that is why we have neutralized the debt so that it does not prevent hard-working people from obtaining a mortgage through the federal housing administration. we know that advancing your education should not prevent you from becoming a homeowner. neither should your status as a renter. many first-time homebuyers are renters. if someone can regularly pay rent, there is a good chance they can pay a mortgage. so, the federal housing administration now allows a person's positive rental history to factor into its assessment of creditworthiness. and i am proud of our work to bridge the gap between renting and homeownership to further our economic justice agenda. for too many people, homeownership is a dream. at hud, we are doing everything in our power

renaissance credit bank of all kinds 1.000 rub. move on right now.tly surprised prices for osago osago with a benefit of up to 60 percent. in a savings market, goods are cheaper than in a store, delivery is free, order profitably. do you know that you can apply for a loan at zero percent online and immediately think on the card, this is impossible. perhaps choose a loan at favorable conditions.

most people don't check their credit people who check the credit tend to have good credit.ght financial literacy it's what you don't know, you don't know if you have an error on your credit record, 90% of the time if you go to the credit bureaus, they can't confirm it, they must remove it. 90% of the time it gets removed, that pops your credit score 30 points what's that do to your self-esteem, confidence, belief in the system. what's banking a trust system now you're able to -- willing -- take it as a charge off. we found if a charge off is ten years old, they sold that to a payment agency, well, $1,000 bill, they want 50 bucks we'll give them 100. everybody wins you can move credit scores legitimacy by getting them engaged in their lives what's beautiful about this, andrew, i can't change a lot of things, i can't change bias, racism, political environment, where you work but you can change your credit score. and that's why this is so powerful every project in america should have a community credit score index rating next to it and so as you know how to move the needle >>

tom: i wonder about the corporate credit overlap. yes, we have seen robust balance sheets but as rates squeeze margins, what that means for higher yields? how are you thinking about corporate balance sheet vulnerability when it comes to fixed income? sharon: i have mixed views. i think the large-cap companies perhaps learned from the last cycle. they dated built -- didn't build up were some balance sheets through the pandemic, they kept conservative in many ways. they didn't up their payout ratios too much, their dividend policy was conservative and they didn't take on too much debt, so leveraged ratios are not to stretched. but the mid-caps, the unlisted sector has more debt. maybe that made sense when rates were low, but now rising rates will hit everybody. mid-cap businesses suffer when you get higher interest rates. tom: mid-cap something to watch in terms of vulnerability. and it will depend on the duration of the debt. sharon bell, fantastic to have you in the studio to kick off the week. she is goldman sachs' cohead of emea in

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so it's basically a moment of credit so higher vix would mean credit deterioration.is happening. >> its begun to happen the last couple weeks. charles: where would we go potentiallily historically north of 40, 50? >> i think north of 40. charles: okay. >> as a minimum standard for what you would see kind of at the culmination or some end to a bear market. charles: and real quick, we got 30 seconds. i can't leave without something to hold on to, right? merck acting pretty good, great. got a little bit of a triangle thing going but we're holding above that 200 day. >> in markets like this we need to be very mindful of where the leadership is coming from. it tends to be the leadership on the other side. pharma, murk is an example. you see it with some of the defense contractors as well, some of the financials and industrials too. charles: i love what you just said because we're going to come out of this and probably looking for new leadership. chris thank you very very much. great stuff appreciate it. folks the gop coming off strong, new polling as the economy and safet

so is credit suisse systemic risk? probably not. i don't think that they have a lot of the issues that could take down the system. however, i do think that there are other players and, and participants in the market that can have a balance sheet issues larger than credit suisse is the extent of their problems. i don't know, but what happens in a situation like this? well we've just lost our signal with mitchell 5000 investor and bank talking to us here on our team to national the very latest details on credit, which i think we've just got this ticket back me to mitchell i. i do apologize. technology today. you are in the middle of a thought, right? i could ask you to pick it back up. no, i guess not our mitchell yet. our connection is just too bad. today we're going to try to reestablish this connection. mitchell foster, investor and bank a. joining us ever so briefly on the international, we'll come back to mitchell in just a few moments. well, now apparently we've just re establish the signal and we're going to come back to him wh

>> the big portfolio flows are not going to go from equities to credit, probably skip credit altogethero into government bonds would be my guess. the story of this year has clearly been higher bond yields and weaker credit. at some point, that story probably transitions lower bond yields been associated with lower stocks. that's the point where you start to see the ecb and the fed pivot on the horizon. the growth weakness is so overwhelming that it weighs on earnings. the only thing you really by then our government bond yields. they are starting to compete come with even high-yield for a decent return. alix: what kind of default cycle do you think we will see? with the spread going 900 basis points? >> a shallower then normal default cycle. when we listen to the fed, they talk about higher for longer. what they are really saying is growth is going to slow. that means maturity will be closer and closer and corporate's will struggle to refinance. that is the lone part of the default cycle. we had a recession two years ago. that means the average company today is in better shape than it w

and they have good credit.e: let's bring in charlie wells, our expert and all things finance. i don't know if the pain is yet to calm. yesterday ed felt rosie but it will get worse in terms of the -- yesterday, it felt rosy but it will get worse. >> when you look away from the beneficiary of the fed's higher interest rates, when you look at equities trading, that was expected to underperform but it did less bad then one expected. 4% drop. j.p. morgan had an 11% drop. tom: was it moynahan that said you have to squint -- he had to squint to see any pressure on the consumer. will goldman continue this positive run? >> goldman reports in a few hours. there is going to be a big elephant in the room which is this potential restructuring. we see the bank potentially bringing together a number of business units. investment banking and trading in one unit. these are things that the ceo did not want to do. we see the potential of the consumer banking unit being disseminated across the firm. expectations are low. this is

who is interested in credit suisse? what we are also hearing is the likes of abu dhabi and saudi arabia are interested in putting some money into the investment bank now that prices are depressed. it's looking they could do that through their sovereign wealth funds. this is also very much in line with credit suisse's history of bringing in wealthy middle east investors. what we are also hearing is the investment bank ceo is set to leave and that is likely to be announced in the october 27 reshuffle. he is an interesting -- industry veteran, he could go to another institution. in line with what we've seen the past few weeks, this is another exit of top talent. manus: the question is, do they strategically reconsider the direction of their career or is one considered to strategically reconsider the direction of one's career? i am familiar with the line. charlie wells in london. the risk mood continues to build this morning in asia despite china's gdp figures being delayed. yulia saly is in singapore. you are on interventi

your thoughts on what this credit suisse news means for the broader market. >> credit problems are like pandemic, how contagious is it, i hate to use that analogy since we all recovered. how contagious is it, the reason the stock is trading higher, looks like a restructuring is in place in the whole thing about lehman, it is totally contagious throughout the entire system. now we've added all this money into the system, the monetary and fiscal spending, the thing is the fed is trying to take the money out of the system for inflation but you don't get to take the data out of the system. that is the thing, the credit swiss, so far doesn't look like it's terribly contagious but if it starts to look like there's a lot of contagion in the default risks are raising and i'm watching the corporate over the tenure, to look at the credit spreads things could unwind pretty quickly. >> that's why we want to watch credit suisse, great analysis, thank you for that. i want to point our viewers to the third migrant bus, this is the third of the mortar that is arrived at port authority this morning a mi

>> there were a lot of rumors about credit -- credit susie spreading come a look at the liquidity, theance strength, and you clearly saw the reaction is where the key objectives of the announcement. 81 spreads came significantly down. that is a very strong signal of comfort. >> there was a significant amount of outflows the first two weeks of out over. the firm has said things have stabilized, not quite reversed, you expect them to reverse? >> it is true with the beginning of october we had the social media storm we had outflows that clearly stabilized we had some inflows coming, i will anticipate you will have further inflows in the weeks and months to come. >> what are the risks of the outflows accelerating? >> i cannot see them at that point in time. they have come stabilized completely. as we are, anyway, we are not in a blackout period anymore. we might to access the overall market we have a lot of clients that told us they will come back. >> seems like you are exiting other businesses where profits are coming from. what is the logic in cutting, cutting, cutting when the other sid

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credit suisse is not going to fail.isse is going to succeed and turn around and i do not have any doubt in my mind about that. haidi: you make a sound so easy like it is a bank restructuring for dummies. great to have you with us. you can also turn to your bloomberg for the latest including the latest when it comes to goldman's earnings. tliv is where it is at. this is bloomberg. ♪ haidi: southeast australia is pressing for more rain and damaging floods. the ongoing devastation will have an impact on the budget. what we see -- what do we see the impact will be? >> consider the area of victoria that went underwater over the weekend, this is part of the country where a lot of australia's food comes from. you will see the impact in the supermarket aisles, the town of ross kester, 85% of that went underwater. there are two dead, two missing. another agricultural area was impacted. victoria was on target for eight record harvest and it has gone out the window. at the grain producing area, fuel will suffer there as well.

how robust is credit suisse? can you confirm that credit suisse is not in a doom loop?quare this away. andrew: credit suisse is not in a doom loop with respect to liquidity. we think there are strategic questions, there are questions around whether the bank can get its cost base down to what it says it can be. it can do. and questions about whether it has enough capital to grow after it has shrunk down its investment base which can be very expensive and absorb some excess capital. so it's about the equity story, and being able to grow the bank after that. dani: they've got to grow the bank and they say they'll lay out their plans for doing that on october 27. will the market give them the time, will it wait until october 27? andrew: the last few days would suggest it would prefer a plan earlier rather than later. and currently the bank is sticking to that date. so we'll have to wait until the bank and the, you know, relatively new management team are ready to present their plan. i can appreciate that there are pressures on the management to accelerate that. but at the s

these credit holidays are provided at the request of a person.s, it just does not turn on automatically. he is in any in this case, it will be necessary to notify the bank of a microfinance organization, or, for example, a pawnshop that you have such a situation , it is not necessary to attach documents confirming, for example, your status, because it is assumed according to this procedure that the lender has all the resources to to confirm this information, to request the ministry of defense , the law on credit holidays will apply to those involved in the special operation from february 24. this applies to military personnel of the national guard of the ministry of emergency situations of a number of other services and departments such like the fsb, the federal security service, the military prosecutor's office, the investigative committee also affects contract soldiers of the volunteers and border guards who ensure the security of the special operation. according to the law of payments on consumer loans. mortgage suspended for the period of mob

how much will it cost to restructure credit suisse?i: you have seen credit suisse have a little bit of an uplift in the shares of its last several days is a lot of news has leaked about potential plans the real curiosity they sell a structured product with what price they sell it at. will that get them to the place to stave off the -- a note offering and is that enough to soothe the markets. regardless of what is announced tomorrow, this is going to be a long turnaround plan and what does credit suisse look like. you've two questions which is both the plan itself the execution of the plan, of the investors behind the plan and the people between the top ranks to get the job done. a lot to telegraph tomorrow. it's one of the biggest stories on global wall street and it has been long anticipated. guy: we will wrap it up there. tom metcalf, sonali basak thank you very much indeed. of course we will have great coverage, both events taking place tomorrow. francine lacqua sitting down with credit suisse's ceo, that's good to be taking place i

credit suisse draws interest from two big names. wants a bid for sbg. ♪ manus: it is "daybreak: europe" with me, manus cranny, and dani burger. credit suisse a drawing interest from pimco and central bridge partners for a deal. it is a key pillar and they are trying to downsize and it could pay for restructuring pit we got that news flow. -- for restructuring. we got that news flow. dani: charlie, what is the appeal of this business? charlie: they buy and sell securities backed by assets, similar to mortgage loans, credit card debt and car loans as well. when you look at credit suisse's business line, by some measure this has $75 billion in assets and is possible -- and is profitable. the risk is it is a capital-intensive type of business. but what it could do for the likes of pimco and center bridge is to give them access to credit investments they may be hungry for. manus: everybody -- good to see you this morning -- focused on fire sale by credit suisse, major discount on assets they've got to sell, to downscaled the bank. is tha

we have credit suisse, which is a major global bank, a major financial investment firm. and it's basically having at this point, what is the worst annual sales drop? the biggest annual sales drop in its history just today is down 12 percent. now a, c, e o was on social media urging everyone not to panic. trying to reassure the public about the situation. here is what he said. i know it's not easy to remain focused timothy many stories you read in the media, in particular, given the many factually inaccurate statements being made. that say that trust the, you know, confusing our day to day stock price performance with a strong capital pace and liquidity position of the bank. now there are comparisons . people are making to lame and brothers and the infamous 2000 a crash ah, however, it'll of you the situation saying that there's not a reason to predict a full on crass just rather a long and painful recovery for grant credit suisse. now, i'd similar some say to what happened with deutsche bank in 2016. ah, but it's important to know, credit suisse is in a much stronger pos

we have got to talk about credit suisse as well. credit suisse down hard. tom: we are talking about this for the bloomberg world and wall street, this is painful and somewhat clear, as lisa was mentioning, and little opaque. i am focused on the stock down 16%. a further dilution. it is dilution. jonathan: the rights issues that a lot of investors wanted to avoid it. there are two other issues at play. yet the terrible earnings and the real. tom: yeah, they want to be james gorman. jonathan: that is going to be the spinoff for the investment bank. they are considering a ipl for that particular unit. lisa: they're looking far outside funding to go out and buildout. how much can they really. that using private capital without necessarily some of the consumer composites. i am curious about what kind of equity stakes some of the senior managers have. facebook is at 20% in the free market. tom: after meta, after what we saw with facebook google, after we saw there, amazon and apple are ever more important. i take issue with people who compare, even google with th

>> with credit suisse there's two specific stories there's the credit suisse story when you have an institution that has to go up against the jp's and the morgan stanleys of the world, are they essentially forced to, you know, take adverse selection with the clients? you look at what they did and of course this is a risk management story. if you look at what they did with green sell and archegos, they've had huge blowups that have to do with risk management and have to do with perhaps giving business to institutions and counterpartys that others would thumb their nose at. when you look at this history of blo blowups you to have to wonder what else is hiding under the balance sheet as global macro risk-off happens are there other things that have yet to blow up under balance sheet? >> i guess, leslie, when you're fifth in a four-horse race you've got a problem there hugh makes the point that some of the client list was not as blue chip as other banks have. >> well, i think it fendepends n which part of the bank the private wealth business is seen as pretty strong across europe in terms of other

and nun credit courses for students. i believe if we want to stroll line enroll am. we must stop politic dps elect the peep not [inaudible] i will be honored serve and i respectful low ask for your vote on november 8 of 22. thank you. clear clear >> hi i'm am [inaudible] running for reelection for trustee of city college of sudden front. i am prutd to have been the president and city college had we implemented free stele and increase the enrollment by 25%. we hoired a permanent chancellor who is cpa and have balancedor budget for the first time in i language time. hai want to do moving forward is make sure this we keep that balanced budget and get reacredited. i was here 7 years ago when credited i will make sure we get it again. i want to grow enroll am. i'm a marketing out reach and communication professional. i want to use those skill its make sure we grow our students and lost 30% of enroll am during covid and with the grouth we grow our program and grow faculty and staff. i want to continue to work on our transit pa

look at your credit history, and i climbed to find out what kind of credit history. me taken two loans in one place nine thousand. in the other place. 12,000 were taken according to her passport data, the money was sued, but the credit history was damaged, she wants to take a mortgage and now she will not be allowed to sue in order to restore her good name. where can you see your credit history? i contacted the security service of the bank it turned out that you could just go to the public services application and write in the search line, credit history. the first link, just to the right service to find out your bc, yes, to find out your bc and that is, the credit histories, opens a list of verified credit history bureaus. i choose any i make a request a year. so you can request twice for free, then for the money the credit history contains four parts. the first part is the title page, which contains the main information. about you the second part contains your credit score. here you can also see who asked for your credit history. if you did not give consent, it is

what money was enough, they did the repairs for their own savings, or in poland they even get a credit banks, millions of ukrainians are unknown persons without reason to trust us we understand that we do not have a credit history in poland, if we had additional funding, yes, we could open not this school yes, but a bigger one, we have more than 400 children who were registered yes , the application submitted by the parents so, unfortunately, we simply do not have premises, no only in poland one million 200,000 temporary migrants from ukraine 400,000 have found work positive statistics but usually it is the easiest job with minimal pay and a difficult schedule hundreds of thousands of ukrainians return home at the border of the czech republic already in the other direction from those who i couldn’t adapt, it’s hard to work in minsk to match a small child, because there are usually two shifts of work and uh, no one just takes you to kindergarten and picks you up. if you’re from ukraine and have temporarily moved abroad, you’re always in a hurry , there’s no time to learn the language we

during the organization's credit holidays.y any payments on the loan. the term of the credit vacation is equal to the entire period of mobilization of the citizen plus 90 days after the completion of mobilization, if after mobilization the citizen needs treatment, then the term of the loan vacation is extended for the entire period of such treatment. in order to arrange a credit vacation, the organization must contact bank, in which a loan was previously issued and this can be done before the end of the twenty-third year until december 31 , 2023. we watch to know everything about russia the best historical series, we watch for free without registration or on the website funding joint industrial projects for removing trade barriers and developing transport corridors speaking at a meeting of the eurasian intergovernmental council. mikhail mishustin noted that the cooperation of the member countries of the union has always been built on a systematic basis, which allowed the economies of countries to quickly adapt to external shoc