that comes with the hsbc name.he other point i would make on the movers today if you look at the board, process exposed to the technology world this is being seen as a win for technology that they don't have to think about it as we he heard f -- we heard from the guest, taking on the risk this is a transfer company which dropped off the boards it was up there. people are rapidly moving funds around puts in focus some things at companies at this point london stock exchange is rallying not surprising >> the futures board pointed to some sense of positivity we wouldn't necessarily see things go down too much. it seems there is the contagion effect here. you have to deal with the early part of the trading picture. it is early and things may change if you look where we are right now on the board, we are facing a bit of negativity. whether that continues to be the case for the rest of the day and having seen the solutions come through and investors are looking through or trying to find more detail the devil is always in

tom: hsbc buys the u.k. arm of svb for one pound after authority spent a weekend devising ways to avert the units collapse. u.s. authorities back stock depositors of failed lender svb as well as signature bank after it is shot. two year treasury yields plunging again as traders scale back rate high bets. bloomberg -- markets are such francine: this is what the futures are looking like. the collapse of good value bank was swift and brutal. everyone was in a panic about what would happen next. the u.s. and u.k. would not only sell the u.k. arm but guaranty off depositors. the question asked is what happens next for the fed. tom: here in the u.k. but also over in the u.s.. the question for investors will be to what extent are these moves particularly in the u.s. sticky masters -- measures. the equity markets in europe reflecting what's happening in terms of the steps made again to reduce the risks in the u.k. and with svb and the other bank sectors. we will zero in on the banking sector shortly. the ftse 100 of

hsbc's chief executive told the bbc _ economy. hsbc's chief executive told the bbc he'd _ economy.bc he'd inject - economy. hsbc's chief executive told the bbc he'd inject £2 - told the bbc he'd inject £2 million to inject the save the bank and as a question unsettling markets around the world. our benefits of another crisis? i world. our benefits of another crisis? ., �* ~' world. our benefits of another crisis? ., �* ~ ., crisis? i don't think we are. have strong _ crisis? i don't think we are. have strong liquidity - crisis? i don't think we are. have strong liquidity in - crisis? i don't think we are. have strong liquidity in the| have strong liquidity in the banking sector, strong capital, it is well managed an example a good example of that where we were able to make sure where a crisis in one institution did not become a systemic crisis and that's an important thing. the chancellor, regulators, banshees incest is not the beginning of a new financial crisis. this was not with swiftly and effectively but what the episode illustrates is when you reverse nearly 15 years of pract

will operate as normal under hsbc bank u.k..ack to what he was saying in terms of the re-think that is going on, when we look at the continuing ramifications for regional banks, will this not only be a flood of money out of deposits into something that yields more money, but out of regional banks into larger banks? does this put the is this model of regional banks under distress, especially if potential regulation comes as a consequence of this? octavio: i think the regional banks that have large depositor bases have come from corporations. they are fairly unreliable depositors, tend to pull their money out quickly, as we saw from svb and those banks that failed this week. the firms that are not covered by fdic insurance, so our regional bank in particular, they do not have the access to the range of resources and funding that a large money bank what have, but if you are a regional bank that has a large retail the client -- retail client base, if you are a small to medium-sized bank where you mostly have wholesale depositors and

hsbc is 3% higher and barclays is 3.4%. in terms of the u.s. banks and frankfurt listing today, don't forget the fears rearing their head yesterday some in the u.s. names faded and investors circled back to the earlier fears from the week. of the big banks, jpmorgan chase is the only one soggy at this hour stronger range on wells fargo in particular 1.6% higher on the frankfurt trade. goldman's is near 1% jpmorgan chase in the red to a .25% on bank of america. >>> the hsbc uk is reassuring clients deposits are safe and loans supported. the memo to staff is operations continue as normal as the takeover process continues in a first on cnbc interview, hsbc uk ceo walked us through what happened. >> woke up saturday morning and saw the announcement and after 10:30, we were in touch with the regulator offering help. myself and global ceo both in contact. it went a little quiet i think at that point, we were just trying to offer any assistance we could. rothschild's within a point on saturday got a hold of us and we had access on sunday at 6:00 p.m.

hsbc actually acquired the u.k.ssets of silicon valley bank but for the silicon valley bank emergency measures were used and we are talking about that this morning. they that was the house speaker kevin mccarthy joining me yesterday on sunday morning futures reacting to the country's second largest bank failure. joining me you now, new york sometimes best selling author, larry mcdonald. i want to get your take on these emergency measures. how do you see things? >> well, first, let's back up a second. when you suppress the cost of capital for longer and longer and longer periods of time, you enable, you incentivize bad behavior and as you know, i wrote the book on lehman brothers, new york times best seller, and what i saw inside of lehman and what we learned over the weekend as to the way the bank was managing itself, it's just -- it's blood curdling irresponsibility. the fed enable ad it. when they used rates higher, they're blowing up bad actors. maria: they're claiming they this is not a bailout, larry because th

the bank is now very safe backed by hsbc. it is a i very safe backed by hsbc.s a really good solution. _ very safe backed by hsbc. it is a really good solution. there - very safe backed by hsbc. it is a really good solution. there is . very safe backed by hsbc. it is a really good solution. there is a i very safe backed by hsbc. it is a i really good solution. there is a lot of calmness — really good solution. there is a lot of calmness now— really good solution. there is a lot of calmness now after— really good solution. there is a lot of calmness now after that - really good solution. there is a lot of calmness now after that we - really good solution. there is a lot| of calmness now after that we can. and i_ of calmness now after that we can. and i think— of calmness now after that we can. and i think we _ of calmness now after that we can. and i think we can— of calmness now after that we can. and i think we can go— of calmness now after that we can. and i think we can go back- of calmness now after that we can. and i think we can go back to- and i think we

hsbc is nuclear submarines.escue the british arm of silicon valley bank. it comes as the chancellor and the bank of england race to protect the uk tech sector from the biggest bank collapse since 2008. the bbc's preparing to announce a deal with gary lineker that could see the presenter return to match of the day. this weekend. insiders say the agreement could be announced as early as today and will include a review of the corporation's social media guidelines . the social media guidelines. the longest ever period of industrial action by junior doctors will kick off this morning. members of the bma will form picket lines outside hospitals in protest over pay and conditions. they say are threatening patients lives and at the oscars, sci fi, comedy, everything everywhere, all at once has swept the board, picking up seven awards, including best picture and best director . the film's lead, director. the film's lead, michelle jo, also won best actress, making her the first asian woman to take home the prize . and we'

looks like also for the upcoming meetings in may and after may >>> activist investors seek to spin off hsbcsian business demanding a vote at the meeting in may. >>> beijing holds up arms attempts to offload china and sending shares sharply lower. >>> and elon musk master plan fails to create a spark. tesla stock slides as he doesn't provide details as production costs are slashed in half. >>> good morning warm welcome to today's program. we are looking at muted trade in europe this morning. stoxx 600 off to a slow start. down .80 points right now. this is following a tough day yesterday. the stoxx 600 pulled back 0 .7% hitting a three-week low this came after a significant selloff in bond markets sparked by regional german inflation which showed acceleration in price growth and set the scene for the eurozone cpi that is coming out at 10:00 a.m. london time. that is a key focus for investors. if we get a hot inflation report, it could set the stage for price hikes from the european central banks a lot to play for in the trade and earnings on top of it. let's look at the boards from the regio

hsbc all4 percent. nothing much as far as commodity prices are concerned. things could have been much worse. this is where we are going into the thick of monday. yvonne: we take a look at how europe wakes up to this, futures still elevated. the fact a lot of these at1 bond holders are working up to the reality of the $17 billion worth of bonds are basically written off which goes against market convention. usually it is the shareholders the take the hit first. does this change the dynamics of the coco bond market and what does it mean for the credit spreads in the europe? rishaad: subordination of these at1 bondholders is key here. they are being i suppose -- equity -- as cheryl -- shareholders are the ones perhaps in a better position. don't forget credit suisse came in and they will have no say in this. shareholders will have no say on whether they will be allowed or -- i guess have say in whether this goes through. options with this ice does what we have right now, winding down there. probably ending up with winding down the bank. yvonne: we are hearing

the hsbc chief executive said _ for the uk economy. said he would inject £2 million to strengthen the bank and unsettle that answer the question unsettling markets around the world. are we facing another crisis? i are we facing another crisis? i don't that we have. we have. we have strong _ don't that we have. we have. we have strong liquidity, strong in the banking — strong liquidity, strong in the banking sector, it is well managed and i_ banking sector, it is well managed and i think— banking sector, it is well managed and i think today is a good example of that— and i think today is a good example of that where we were able to make sure that _ of that where we were able to make sure that a — of that where we were able to make sure that a crisis in one institution did not become a systemic— institution did not become a systemic crisis and that is a systemic— systemic crisis and that is a systemic thing.— systemic crisis and that is a systemic thing. the chance, regulators. _ systemic thing. the chance, regulators, bank— systemic thi

silicon valley bank has been hsbc. chancellor been sold to hsbc.old to hsbc. chancellor annowjeremy hunt. morning. been sold to hsbc. chancellor annowjeremy hunt. it orning. been sold to hsbc. chancellor annowjeremy hunt. it ornirput that's jeremy hunt. it was put into the weekend into solvency over the weekend had its assets seized by us regulators on friday. more than 200 tech companies faced cash flow risk because of this with around two and a half billion pounds capital in the pounds in capital locked in the lender jeremy hunt confirmed that all customer deposits would be protected under . the deal. be protected under. the deal. here's what he said. although really important, companies that had deposits with valley bank uk can access their deposits , can can access their deposits, can access normal banking services . access normal banking services. as of this morning, it's a very important outcome. no taxpayer money has been used and think as a result of a lot of hard work. but i also think it shows that the uk has great resilience in its finan

you. are looking at the situation, you saw that hsbc in the uk took over svb's saw that hsbc in the uks financials in the uk. there was an effort being made by regulators to try and find a buyer for svb in the united states, but they didn't find one. in this instance, we have already been hearing about janet yellen, the treasury secretary, who is picking up treasury secretary, who is picking up the phone and ringing round a bunch of bankers asking which ones would be willing to buy first republic. nobody stepped up to by the bank completely but they came up with the idea of getting together a consortium of ii with the idea of getting together a consortium of 11 banks to come in their mind, to shore up the confidence for investors in the banking system here in the united states. . ~ banking system here in the united states. ., ~' , ., , banking system here in the united states. ., ~ , ., , . banking system here in the united states. . ~ , ., , . ., states. thank you very much for that. the troubles of those american lenders have fuelled concerns about the value of some investments held

hsbc's - a solution. this is good news for the uk economy. hsbc's chief . the uk economy.f executive told the bbc it would inject £2 billion to strengthen the bank and answer the question that is unsettling markets around the world. are we in the foothills of another crisis? i are we in the foothills of another crisis? ., �* , ., ., crisis? i don't believe we are, not in the uk- — crisis? i don't believe we are, not in the uk- we _ crisis? i don't believe we are, not in the uk. we have _ crisis? i don't believe we are, not in the uk. we have strong - crisis? i don't believe we are, not| in the uk. we have strong capital, it is well_ in the uk. we have strong capital, it is well led, and i thinker example _ it is well led, and i thinker example today is a good example. we were able _ example today is a good example. we were able to make sure come in a crisis, _ were able to make sure come in a crisis. and — were able to make sure come in a crisis, and one institution, did not become _ crisis, and one institution, did not become a — crisis, and one institution, did not becom

so hsbc, as for all of one nominal pound, bought into this bank and the hsbc, big enough to have a high tech care bank in its portfolio, the customers all from the high tech sector. and of course the u. k. with the silicon valley bank. they reckon the government reckons that a, something like up to a half of the so called innovation economy was engaged by this bank. that small startup operations attracted by this bank. not for hi, a good deals on interest, quick killings on money, but more because it understood that the tech and that the nature of the businesses and a way of moving forward. but no, this was a disaster in many ways that sir bean all book resolved. it would seem, as phoebe an american bank with a global reach, we've seen very different approaches to the crisis depending upon which side of the atlantic you happen to sit. yeah, of course the bank here, the, the, the, the, the division of the bank here in the u. k is much smaller. pretty different in, in the way it's a dynamics work. but they have one thing in common and the major a cause of the difficulties was an over reli

the u.k., hsbc will by the local are muscle, valley bank for just over a dollar. u.s.ernment approves a controversial oil project in alaska. activists respond. >> just approved the project with 92% of what conocophillips originally wanted. millions of young people asked him not to do this trip >> is the leader of believers goes to iran, a look at the role of es.aine global t oar ill ancia merely clean sweep of everything all everywhere once -- merely a clean sweep of everything everywhere all at once. welcome. in u.k. and around the globe, wt biden has said americans should rest assured the u.s. banking system remains safe after the failure of the silicon valley bank. wall street wobbled today as regulators tried to contain the damage. here is what the president had to seven. -- to say. >> americans can have confidence that theanking system is safe. your deposits will be there when you need them. small businesses can breathe easier knowing they will be able to pay their workers and pay their bills. hard-working employees can breathe easier as well. >> let's look at why

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hsbc cutting the pay base it offers to some bankers in the u.k. by 25%. that's ahead of a rule change that would allow higher bonuses. joining us is michael moore. thank you so much for joining us. it's incredible the amount of flows. are we expecting more numbers like this from the big four? michael: there was definitely a rush to safety and the big guys are seeming safe both because of their size but also the diversification of their deposit base. i think you will see that and i think there've been those concerns at the end of last year about banks, the big banks profitability and some of those deposits are going to have to pass those rate hikes to depositors. i wonder if it changes the calculus if they are seeing these big flows. jonathan: we are also -- francine: what does this look like? >> the stress test some of them don't have to participate every year so you could see more banks added to that. there were 34 seen last year's dodd-frank stress test. you could see that number rise. the liquidity coverage ratio is something that all the big banks hav

to hsbc. i was speaking to the foreign secretary yesterday and i asked him whether the government is underestimating the risk of hsbc's exposure to china. take a listen. >> we want to make sure we protect the u.k. tech sector and make sure those incredibly innovative individuals and companies are still able to prosper. that is what has underpinned the decision, but we take all of these decisions very carefully and we look thoughtfully at the risks and benefits of course correction. lizzy: hsbc bought svb u.k. and you have got to wonder the benefits they were balancing when they picked it as the highest bidder. tom: thank you very much for that conversation with the u.k. foreign secretary, the preview of the chancellor's budget later today. we will have extended coverage of the u.k. budget announcement. that special is live for u.k. viewers from 12:15 p.m. sam -- 12:15 p.m. on bloomberg tv. at 9:00 a.m. u.k. time, the iea leases its oil market report for march. that as we see oil prices bounce

hsbc currently down 6.4%. manus cranny on the ground in zurich. thank you. among the biggest losers in the sale of credit suisse are shareholders in those risky parts of the bond markets, 81 -- at1's. let's bring in valerie tytel. what is the context and the precedents for this at1 right now? valerie: this is the largest ever loss in europe's at1 fond market and it is possible it might lead to an industry wide repricing, but it will take a while for the market to digest the impacts of this. many people are drawing parallels to the previous president we had in 2017. banco popular was absorbed by banco santander and there was one spot of their at1's. the important difference there was that the equity was entirely written off in that example. that is the opposite of what has happened overnight with the $3 billion going to the shareholders of ubs -- of credit suisse. tom: the other huge headline is and was of itself a huge significant moment for the central-bank action. the federal reserve leading the charge alongside five other central banks in providing additi

valley bank, the british government and the bank of england facilitate a private sale of its uk arm to hsbc, after the american federal reserve introduced emergency measures to shore up the banking system over the weekend. the uk prime minister is in california to discuss defence, and the potential threat from china, with leaders of the us and australia. china's national people's congress concludes, as the new premier tries to calm the business community after the recent crackdown on the tech sector. junior doctors in england will walk out on strike for the next three days, calling for a masive pay increase to reverse 15 years of below—inflation pay rises. and hopes of a deal between gary lineker and the bbc in a row over impartiality which disrupted sports programmes over the weekend. hello and welcome to bbc news. the us government says people and businesses who have money deposited at silicon valley bank, which collapsed last week, will be able to access all their cash from today. a statement from the us treasury and the federal reserve said depositors would be fully protected and said a

government cleared the way for hsbc to acquire the british arm of silicon valley bank.griffith told bloomberg that hsbc was given an exemption over rules that don't allow uncertain corporate customers to be housed within ring fenced banks. joining us now is our bloomberg u.k. correspondent lizzy burden. what do we hear yesterday? >> the interesting thing he said was hsbc was given no guarantees when it bought svb u.k. for one pound and as you say, the ministers cleared the way i removing some of the ring fencing requirements which of course forced banks to separate the retail from the investment banking and international divisions. thinking about the wider impact of this in the u.k., there was a note from callum pickering who says that if the impact of tightening financial conditions in the real economy is strong enough, it would reduce the need for the bank of england to tightening or even tighten at all further. that is reflected in market pricing and he says it is not inconceivable that the bank of england posits quantitative tightening next week would you be a real

hsbc speaking here in sydney.hey are commenting on the acquisition bet hsbc recently made, saying it made business sense. it was an opportunity not seen very often and it aligns where they want to be in dog european union tech market. -- in the european tech market. that was some of the earlier moves as we saw the collapse of svb. we have heard that there have been not insignificant inflows when it comes to that unit after its acquisition by hsbc. we are also watching for further reaction. we saw first citizens watching -- reaching that deal to buy svb after its failure. this is bloomberg. ♪ haidi: let's take a look at how australian and new zealand bonds are faring. yields surging off of these lows. a little bit of a pullback when it comes to the banking fees. a pretty significant rise in two-year yields. when it comes to australia, we are watching for the inflation report. before that, retail sales. this is bloomberg. vonnie: i'm vonnie quinn with the first word headlines. the fbi see is investigating the conduc

this comes on a day that hsbc cut volkswagen.y are saying to your point, there will be a slow down. the consumer will slow down at some point and mass-market producers will be hurt when that happens. hsbc is saying that we prefer premium carmakers because they will be less effective and they will continue to spend money on cars. they are shifting their focus to preferring some of those premium carmakers. volkswagen has premium cars. you have a host of businesses that are upper echelon. we will get to capital markets, will we hear about splitting the group further up? we also got a low down from festus. this company has had a good run recently. hsbc has said the market is optimistic they're going to have to reduce. again, it's on supply chain issues starting to ease so thus why the stock is done as well as it's done recently. two week highs, there's a lot of them in the market. associated british foods, lufthansa hitting a two week high. the european banks continue to hit high. the story throughout the week, there have been lots o

to huge sighs of relief, the chancellor announced this morning that europe's biggest bank, hsbc, waswith a situation where we could have seen some of our most important companies, our most strategic companies, wiped out, and that would have been extremely dangerous. that is why the prime minister and i and the bank of england were all rolling our sleeves up over the weekend to make sure we had a solution. this is good news. for the uk economy. hsbc�*s chief executive told the bbc he would inject £2 million to strengthen the bank and answered the question that is unsettling financial markets around the world. -- £2 —— £2 billion. are we in the foothills of another crisis here? i don't believe we are, i particularly not in the uk. we have strong liquidity in the banking sector, . strong capital, it is well managed. and i think our example today is a good example of that, - where we were able to make sure that i a crisis in one institution did not. become a systemic crisis. and that is an important thing. the chancellor, regulators, bank chiefs all insist this is not the beginning of a

it's been bought by hsbc, ensuring that deposits are protected.t—up technology companies, and there were fears many could have gone bust without this rescue deal. gn unexpected crisis s a hurried solution and the owners of businesses like this one are breathing a sigh of relief. they are trying to develop a new generation of supercomputer, like many small tech firm it's a member of silicon valley bank which collapsed last week, the boss says he feared his money would be lost for good. we have a money would be lost for good. - have a lot of our capita with svb and when the news broke, that, we heard on the grapevine that svb was in trouble we tried to get funds out, that was unuk sessionle so we had to scramble, to put mitigating strategieses in place, to survive as a company. for strategieses in place, to survive as a company-— strategieses in place, to survive as acoman . ., , a company. for the government, this crisis came — a company. for the government, this crisis came out _ a company. for the government, this crisis came out of— a company. f

hsbc has emerged as a potential white night for silicon valley banks u.k. arm. decision of the bank of england to put this into insolvency proceedings is still possible. >> let's get to the new premier in china here. talking by the country and hitting around 5% growth numbers. it has not been an easy task, they have redoubled efforts. growth in jobs and also high-quality development -- this was in 2012. he is clearly they are showing a degree of confidence. familiarity. he is not optimistic about the global economic situation. this is a challenge for all countries he says. great this is volatility across all of asia. things started out stable and then things quickly moved down once major market opened up. -- markets opened up. they are lifting a lot more parts. they have been crunching the numbers. did not see this as systemic. this could just be some idiosyncratic risk. we have inflation numbers out tomorrow in the u.s.. ♪ >> >> it is almost 11:00 a.m. in singapore and shanghai. welcome to bloomberg markets asia. let's have a look at the top stories. stomach is

deutsche bank is the worst hit among them down 7.6% hsbc in the overnight session flagged with steep losses. that bank down a5% it is broad based. investors selling the banks quickly and heavily this morning. frank. >> julianna tatelbaum live in london thank you. >>> sticking with the weakness across the banking sector, we watch silicon valley bank. silvana henao is here with more on that story. good morning, silvana. >> good morning, frank silicon valley bank is set to continue losses after shedding 60% yesterday. the stock now is set to open down another 30% today headwinds for the bank compounding in the past 24 hours, frank it looks to shore up the reserves peter thiel is looking to pull fund from the bank and it calls for calm union square and founders collective and as many as 15 others are pulling or considering withdrawing their money from silicon valley bank the lone standout is andreesen which is telling them to withdrawal all but $250,000 which is federally insured and bill ackman saying this could destroy the long-term driver of the economy. he is calling for a partial go

hsbc down 5%, deutsche bank also weaker right now. this is leading the broader markets to sell off in a big way. we are you can taking about it right now. joining me is bull's-eye american i think ingenuity funr adam johnson and ryan payne. we have a situation unfolding in real-time. brian, you've been real positive on the market. you've been right up until the last week or so with the bank collapse. how do you read the negativity. >> the question is what's really changed. we have a fed put which i think going back to 2008 i remembered how horrid it was when banks basically failed back then. you have the fed coming in and taking care of every depositor in the country right now. there's no run on banks. the bleeding stopped on friday after the weekend. bottom line, whats this says to me, the fed's probably going to pivot. either they'll do 25 basis points or maybe they'll pause on interest rate hikes. if they do they that, inflation's coming down. the job market's strong. i think it's the recipe for the soft landing i've been talking a

the uk branch was put hsbc.the uk branch was put insolvency last night after the california based parent had its assets seized by us regulators on friday. jeremy hunt says the government had worked urgently to look the tech sector more than 200 companies were facing to cash flow before intervention. with around two and a half billion pounds in locked in the lender , all those locked in the lender, all those really companies that had deposit it's with silicon valley bank uk can access deposits can access normal banking services as of this morning. it's a very important outcome no taxpayers money been used and i think as a result of a lot of hard work but i also think it shows that the uk has great resilience in its financial system that we're able to step in with one of our biggest uk banks in a situation like this. and a very important sector shadow work and pensions secretary jonathan ashworth gb news. the sale has the whole country. it's important that we've seen this this arrangement this morning. i mean, a l

hsbc suffering a weaker day in the asian markets down 2.8%. waiting for a trade on barclays. it is slow to open up. ubs/credit suisse is on our radar after the weekend events it was down 60% moving to the big price. you see barclays is still not opening. that is interesting as we talk about the global banks in europe today. let's take a look at the u.s. banks listed in frankfurt. one story in the last session is the consolidation of the depo deposits we hear from the big banks faring on the back of deposit inflows with the silicon valley bank and first republic and other banks stateside. 4.1% higher for bank of america. the deepest for the u.s. banks in frankfurt in contrast to wells fargo down 1.3%. so, we are still waiting for reaction in ubs and credit suisse we will bring those numbers up on the boards to show you. in the meantime, let's get analysis from geoff who is in zurich looking at the banking contagion here thanks to swiss regulators and the target companies here in the headlines with ubs and credit suisse geoff. >> reporter: karen, thanks very much indeed. i want

hsbc took over svb uk for a dollar to sense.ect close to $2.4 billion into the unit. david: 3% up on hsbc as we enter the last 40 minutes in hong kong. the latest surveys are out. from bank of america, the survey, i will not go into the details but it is certainly cautious. but if you had to bet the bank and the house on certain things that is how china is in a new credit cycle. it may provide a floor on things. positive on chinese equities. that is the crowd favorite. we'll leave you with a look. ev's are catching a bid. in a moment, we will preview tencent earnings. that's bloomberg. ♪ >> the reopening is supportive of the as spending. there is additional layers for tencent. the approval has resumed. we expect publishers and manufacturers will have higher willingness to spend --and expand their budget. this will be beneficial for large advertising platforms. >> we expect to be gaming to be back and loaded. that is one of the drivers of the fourth quarter. it will be around what the russians are doing and monetization. over the

max kettner, multi-asset strategist at hsbc.his is bloomberg. ♪ ♪ lomita feed is 101 years old this year and counting. i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com. lisa m.: it is time for the bloomberg business flash. i'm lisa mateo. in the u.k. home prices fell at the sharpest annual pace in 2009. according to the nationwide building society the average cost of a home felt we .1% in march to $318,000. rising interest rates increased the cost of borrowing. in canada the government has approved one of the biggest corporate takeovers in the country's history. rogers communications' 14.8 billion dollars takeover of shaw communications has cleared all legal battles. rogers had to come is to create 3000 jobs and invest more than $4 billion to expand 5g coverage

k. arm is bought by hsbc. ah, hello, i'm adrian fit again. this is al jazeera alive from dough. also coming up. seeing ping promise is to make china's military into a great pool of steel. as tension rises with the united states. north korea launches cruise missiles, hours before south korea, and the us begin the biggest military drill in years. ah, science fiction comedy, everything everywhere. all at once makes oscars. history with 7 academy awards. ah. the u. k is finance minister says the british all but the failed american bank s v b has been bought by hsbc holdings. it's the latest attempt to minimize the fall out from the crisis that began when the bank went bust on friday. meanwhile, you as president joe biden is said to address the impact on the banking sector in a speech later on monday. the federal government has announced emergency action to shore up deposits and cushioned the financial damage of the biggest bank failure in the country. since 2009 u. s. officials say that they'll also be supporting depositors of signature bank, which was closed by new york regulators

resort to your normal high street lenders that we are all familiar with such as barclays, lloyds, hsbcand for fintech companies going forward or technology start—ups going forward, it's important this needs to be dealt with well in order for you to see funding going forward? absolutely. svb, while they were considered the bank of fintech or tech, quite often they were the only provider who would give us initial loans when we needed for example a bridge between two venture loans, which are crucial stages for the wider tech industry. many people would know tesco's is a great british company. it was started with one market stall and we are little organs inside of a body that are growing and so mainstream banks would not provide us with those loans. . ~' , ., would not provide us with those loans. ., ~ , ., ., would not provide us with those loans. ., ~ i. ., ., loans. thank you for “oining us. britain's ability to compete as an electric vehicle production leader is at risk, that's the warning today from the society of motor manufacturers and traders. they call on the uk government to resp

now th ebanking giant hsbc has stepped in.s can access their money and avoiding the need for any kind of taxpayer—funded rescue. we were faced with a situation where we could have seen some of our most important companies, our most strategic companies, wiped out, and that would have been extremely dangerous, and that is why the prime minister, i, the bank of england, were all rolling our sleeves up over the weekend to make sure we had a solution. the government insists the collapse of svb did not pose a wider risk to the uk's financial sector. but some analysts believe it should be taken as a warning. the government generally and regulators have had a good weekend, in actually avoiding a crisis, but the irony is thatjust at the moment when the government is thinking of slackening off the regulations of the financial services industry, this incident happens and it's a powerful reminder that it's a very dangerous industry that can cause damage to a whole economy if it is not controlled properly. the effects of the sudden and dra

by hsbc.were prepared to take that on but there's clearly more uncertainty around this situation which is why we are seeing the government guarantee them. francine: one aspect was the fact switzerland yesterday, i was there that press conference change the law so ubs shareholders could not vote on this transaction. as a lawyer do you worry this sets a dangerous precedent sprayed i don't know the market is most worry about today. if there are three things ubs and company needs to come out and explain, what are they? joanna: they need time to get shareholder approval with this deal. he needed to be done quickly in a matter overnight. they were never going to be get -- going to be able to get the kind of shareholder they need for this kind of transaction so they had to change the law. in the u.k. this works in a similar way. the governor can force through a sale without needing that investor approval. that part is not unprecedented. the legislation in place in switzerland they needed to change it

the uk branch bank uk to hsbc.lvency last night after the california based parent company had its asset seized by us regulators on friday. jeremy hunt has confirmed all customer deposits would be protected with no cost to the taxpayer . the prime to the taxpayer. the prime minister has pledged a £5 billion over two years to the armed forces . rishi sunak met armed forces. rishi sunak met with his counterpart, anthony , with his counterpart, anthony, in san diego ahead of unveiling a major new yorkers defence pact between the uk . us and australia between the uk. us and australia plans to be announced with us president joe biden includes supplying nuclear powered submarines to australia . junior submarines to australia. junior doctors are staging days of industrial action . the british industrial action. the british medical association says staff in england have suffered a 26% real terms cut to their pay since 2008. the union says newly qualified medics earn just over £14 an hour less than some baristas in coffee sh

after emergency talks, europe's largest bank, hsbc stepped into rescue the british division of silicon valley bank. the u. k. banking system is extremely secure. it's well capitalized and i think we've demonstrated that resilience by what was happening over the weekend on the fact that we were able to come up with a solution. so quicker one of the saw to bring you from malawi, the government there is declared a state of dissolved disaster after a powerful storm in the country for 2nd time will ins. 60 bodies were found on monday after tropical flight from friday on east. more to renshaw, right, had strong winds over the weekend. 41st hit southern africa last month. now witness is the program coming out next. taking a look at the youth protests in iraq. an app that sees for the blind and a robotic arm for the disabled. a young australian engineer is inventing tools to help people gain independence look good. i mean, all side of that will put to the ability to recognize objects on the firm so that people with limited vision would be able to recognize every day of jag, women make science

the most striking thing for me speaking to him was he said no guarantees have been made to hsbc buying.k.. >> it was a successful bid at the end of the day. getting a quick conclusion to this to protect depositors to allow the really important firms to go about their work of building the u.k. economy. protect the taxpayers interest and also this outcome delivers a good benefit to u.k. financial services. one of europe's largest banks standing fully behind svb u.k. bank. >> have they given any guarantees of any sort? >> he would not tell us about the other bids or any of the other bidders asked for guarantees. we can note it was bought for a pound. the other thing we found was the government gave hsbc a bit of help by waving servant -- certain restrictions. that could spell trouble down the line. >> the latest on the u.k.. for all of our viewers on the u.k. special coverage on the budget tomorrow. >> after a turbulent day for european banks, eu finance ministers are urging calm as they stress the euro area has limited exposure to the collapse. still it has led markets to push back on th

you see modest range with the exception of hsbc. the bank which stepped in yesterday to soothe concerns to technology companies in the uk credit suisse is another concern over default swaps 3.4% down on credit suisse at this stage that is the bank we watch closely. santander in spain is down as well as commerz bank it is falling by .75%. >>> let's move on to earnings. volkswagen reported 22.5 billion euro in the annual profits with special items up 13% this year this is despite the 7% decline in deliveries. the cfo has told annette, our colleague, that 2022 was a decent year for the automaker. >> you have a big oversight in 2022 and profitability improving and the delivery of 70,000 electric vehicles. if you look at details on the kpi with the supply chain issues and semiconductor supplies, sales were down to 8.3 million the turnover, on the other hand, increased by 12% to 279 billion euro and our operating for special items increased to 22.5 billion euro net cash flow in the auto business achieved 43 billion which was driven by the

in the uk, the government has announced that hsbc will buy the uk arm of svb, meaning customers willar but a number of our most promising and important technology and life science companies had their money with silicon valley bank in the uk branch. we have been working over the weekend, in constant contact with the governor of the bank of england, the regulatory authority, to work up a solution. we have that solution, a sale has been agreed to hsbc which is europe's biggest bank, one of the most credit worthy institutions in the world. all those really important companies that had deposits with silicon valley bank uk can access their deposits, can access normal banking services as of this morning. it's a very important outcome, no taxpayers money has been used. i think it shows the uk has great resilience in its financial system, that we are able to step in with one of our biggest uk banks in a situation like this and protect a very important sector. , , south korea and the united states have begun their biggestjoint military exercises in five years. named freedom shield, they're due

hsbc took over for a dollar two cents earlier this month. has agreed to inject close to around $2.4 billion into the unit. nike says sales rose more than expected as a trimmed the gut in its inventory that forced the company to sell products at a discount. the sportswear brent said global revenue was up 13% in the fourth quarter, beating analysts expectations. the weakness and china persisted with revenues from the region falling almost 8%. up next, the harvard kennedy school's carmen reinhart joins us to weigh in on t these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app - [announcer] imagine having fuller, thicker, or upgrade to the speed that's right

i welcome the fact that hsbc have taken _ welcome the fact that hsbc have taken on — welcome the facthuge deal with credit— you know, a huge deal with credit suisse, have calmed things— credit suisse, have calmed things down. it certainly looks like that— things down. it certainly looks like that for now. but we've said — like that for now. but we've said to _ like that for now. but we've said to the government, they do need _ said to the government, they do need to— said to the government, they do need to look at the impact of rapidly— need to look at the impact of rapidly rising interest rates on financial substantial. we've not to on financial substantial. we've got to let _ on financial substantial. we've got to let you _ on financial substantial. we've got to let you go. _ on financial substantial. we've got to let you go. there's - on financial substantial. we've got to let you go. there's a . got to let you go. there�*s a takeaway curry waiting for you at home. laughter would you like to reveal that? which i�*m very much looking which i'm very much looking forward _ which i'm v

general sense with hsbc moving 5% into the red. societe gen moving heavily credit suisse cannot catch a break down 4% in lockstep with the banks. here is the european market picture. we noted there was negativity across that and that continues to still be the sense which has come off from the weakness we saw earlier on we expected to see a lot of the move toward 2% that has come off with the likes of the dax at 1.5% weaker. now seeing the ftse mib at the 2% level so is the ftse 100 speaking of the ftse 100, we did see the gdp number come from the united kingdom 0.3% growth for the month of january. it is better than 0.1% it seems to be evading that recession fear even if it is for now. let's continue with the banking picture. this is pre-market in the united states you are seeing negativity across the board to follow through the negligence trading picture on thursday $80 billion wiped ouptt across e financial picture in the united states that is a similar sense across today's trading picture. u.s. futures are headed in a slightly p

we can move on and see some of the banking shares here in london, hsbc.hese are some of the stocks at lost valley yesterday as those concerns grew about ubs and credit suisse and what it meant for that banking sector. our north america business correspondent samira hussain is in new york. what more has janet yellen been saying in this speech?— what more has janet yellen been saying in this speech? based on that cli - , the saying in this speech? based on that clip. the end — saying in this speech? based on that clip. the end it _ saying in this speech? based on that clip, the end it was _ saying in this speech? based on that clip, the end it was really _ saying in this speech? based on that clip, the end it was really the - clip, the end it was really the salient part of what you are saying. not only is she reassuring everyone that the american banking system is safe but that they are prepared to go in and help any other banks that are struggling. and that has given a lot of people much more confidence that the extraordinary measures that we saw take plac

financial services with hsbc headquartered in the u.k. standing fully behind svb you u.k.> has the government or the bank of england given any guarantees of sort? >> no. unicredit down by nearly 8%. european banks today have been hit very hard by the silicon valley bank story. the question is why and what should we read into that. let's get more insight into what is happening here. let's talk about what has happened and the contagion that has come from it. european banks have been hit hard today. is that logical given what has just happened in silicon valley? >> yes and no. whenever you have something that happens to a financial institution, svb, even i had quite a particular profile, it was a large financial institution. when something happens, a failure of a bank that size and then followed quickly by another bank failure, it is natural there will be repercussions felt globally. is there anything specifically for european banks that we should read across from that? i think that the story for european banks will take longer to come out. we're looking at the fundamentals a

rishaad: i was looking at what we have, hsbc is leading the pack.ngst all these industry groups, we have real estate as the big loser, 1.5% down. finance up 0.7%. consumer discretionary's up by 1.3 percent. we are looking forward to the trading day in europe and the middle east. "daybreak: middle east" is coming your way, next. ♪ we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com. ever better. it's when disruption hits your supply chain and ryder makes sure you're ever delivering with freight brokerage to transportation management, truckload capacity and dedicated trucks and drivers. get help reaching your goals with j.p. morgan wealth plan, a new tool in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside

after emergency talks, europe's largest bank, hsbc stepped into rescue the british division of silicon valley bank. the u. k. banking system is extremely secure. it's well capitalized and i think we've demonstrated that resilient spy what was happening over the weekend and the fact that we were able to come up with a solution. so quicker in our headlines, the bite and administration has approved a major oil and gas rolling project in alaska. the $8000000000.00 plan led by giant oil giant clinical phillips, very strong opposition from crime activists. they say it undermines the administration's place to combat climate change and reduce greenhouse gas emissions . in outlook comes a day off. the government said there would be limits on drilling oil in $16000000.00 acres in alaska, under the arctic ocean shabby towns. the asthma from washington biden had made a campaign promise that he would not allow any drilling on federal land because he would be the 1st president to take climate change. seriously no drilling on federal period. he's that same famously. he's already broken that promise.