the swiss credit bank served the german nazis until 2020, an investigation has been published. flies the us senate one of the human rights organizations revealed information about 12,000 nazis who fled to argentina. many had, believing that the swiss bank where the money confiscated from the jews was kept according to information and the credit in the visa serviced the accounts of almost a hundred people who were either high-ranking nazi officials in germany or members of nazi-linked groups in argentina seventy accounts were opened after forty fifth year, at least 14 of them continued to be served in the 21st century as a separate point. this news contains banking secrecy, which, to its former form themselves and are alive. usa a whole series of emergency accidents occur from us after another right in the center of new york, a covered multi-level parking collapsed, one person died, six more were injured, witnesses report that they heard an explosion before the collapse. you heard a roar. at first you thought that something happened in our building, but when we ran out into the

now we have the other big swiss historic bank, credit suisse basically going under. ass swiss person particularly of the older generation you would invest some of your money for your old age in stocks, what ones do you think are safe, the big swiss banks. there are safe, the big swiss banks. there are a lot of normally very quiet, very calm people very angry in zurich today and i think it is another knock to that swiss image of responsibility, probity, careful with money because pert credit suisse to end up like this, they clearly haven't been.— suisse to end up like this, they clearly haven't been. good to talk to ou clearly haven't been. good to talk to you and _ clearly haven't been. good to talk to you and thanks _ clearly haven't been. good to talk to you and thanks for— clearly haven't been. good to talk to you and thanks for following i clearly haven't been. good to talk. to you and thanks for following that agm for us. it looks beautiful there in switzerland. richard branson�*s virgin orbit has filed for bankruptcy. the satellite launch company failed to secur

the swiss rice credit bank is accused of servicing the accounts of german nazis who left for argentinastigation. and be writes about it. the new york times, in general, somehow so unexpectedly, as if they had only just found out, in general, there is an assumption that not only european banks decided and the americans ended. well, all swiss money is a bunny, and family members. john biden has created a network in which he is at the center. joe biden network aims to get straight financial benefits from his being in power , money from many foreign countries went to the personal accounts of the biideno family , congresswoman mard said.

the us senate budget committee said that the swiss credit suisse bank prevented an investigation into subject of whether he actually served until the twentieth year previously unknown accounts of clients associated with the nazi regime in a report that is published on the day of remembrance of the victims of the holocaust , the us senate budget committee writes that 70 accounts in argentina, probably related to the nazis, were opened in crisis after the forty-fifth year, and at least 14 of them remained open into the 21st century in march of the twentieth year, as the committee writes , the simonavtali center reported that it had found hitherto unknown accounts related to nazism the bank launched an investigation, but according to the budget committee last june, it actually curtailed it, and the female hyphen says that there was not enough evidence of the simonale center's claims that the russian stock market from a slight decline at the start of today's trading. moved to the same neat growth. in the foreign exchange market , the dollar is also worth 81.58 euros, 8921 without any clea

security, by the way, the kingdom has become one of the largest, affected by the collapse of the swiss credit suze banknt bankrupt after the american banks and saudi arabia is not forgiving american tv discusses how the saudis entered into a multi-billion dollar energy deal with china and this happened immediately after saudi arabia and iran agreed to restore diplomatic relations. this was perceived by the world as bringing eternal rivals and china and iran today are countries that support russia in many aspects , including in energy from the summer of 2022. he sees it ended in complete failure at the place of increasing oil production, that is, instead of helping the americans try to destroy the russian economy instead of saudi arabia, in fact , it was done with russia. diplomacy in this area. the next general meeting of opec plus, and not just us, of the intuition committee is scheduled for june 4th. well, what 's the time to take stock again draw attention to those quotes from our speakers behind them in a huge whirlwind of news and the main nine members remain, guardians. plus, we went for an addit

security, by the way, the kingdom has become one of the largest, affected by the collapse of the swiss credit suze bankwent bankrupt after the american banks and saudi arabia , this does not forgive american tv discusses how the saudis entered into a multi-billion dollar energy deal with china and this happened immediately after saudi arabia agreed to restore diplomatic relations with iran. this was perceived by the world as bringing eternal rivals and china and iran today are countries that support russia in many aspects , including in energy from the summer of 2022. sees it ended in complete failure at the place of increasing oil production, that is, instead of helping the americans to try to destroy the russian economy instead of saudi arabia, in fact, it became mediated. with russia and ah, you know something production cuts, this is evidence of the failures of american energy diplomacy, evidence of the success of russian energy diplomacy in this direction. the next general meeting of opek plus, not just us internet committee is scheduled for june 4 in vienna well what time to sum up again we pay a

security, by the way, the kingdom has become one of the largest, affected by the collapse of the swiss bank creditwhich went bankrupt after american banks and saudi arabia does not forgive this american tv discusses how the saudis entered into a multi-billion dollar energy deal with china and this happened immediately after saudi arabia agreed to restore diplomatic relations with iran. this was perceived by the world as a ghost of eternal rivals, and china and iran today, countries that support russia in many aspects, including in energy, in the summer of 2022, see it ended in complete failure at the place of increasing oil production, that is, instead of helping the americans try to destroy the russian economy instead of this work was essentially done. with russia and a. you realize they're cutting prey. this is evidence of the failure of american energy diplomacy, evidence of the success of russian energy diplomacy in this area. the next general meeting of opeks plus, and not just us of the intuitional committee, is scheduled for june 4th in vienna . well, time to sum up again, we pay attention

switzerland here and we're supposed to have a fantastic banking market with ubs and credit suisse, we have one single mega bank that will serve the needs of all swissustomers. think about before the merger where we had three universal banks in switzerland one operated in zurich only and now we have just two in the region where i live and ubs/credit suisse is the only bank to give us service. >> reporter: so do you think there is any possibility this deal actually doesn't go through because the public are so opposed to it and of potentially mounting legal cases from shareholders and bondholders >> to me, it is more on the national assembly that needs to approve the 109 billion support plan for ubs/credit suisse i think all of the other legal matters will be secondary. my perception is they don't have much ground. there is anger and potential litigation by at-1 bondholders, which is not associated. there is not much more to it what happens at the national assembly is key because you will show what is the public opinion in switzerland regarding the merger >> professor, laet's assume the deal goes ahead. switzerland will go ahead with one monster bank

and the senator of the united states of america conducted an investigation and stated that the swiss bank creditt allegedly service the accounts of the nazis until 2020 , the bank had the accounts of at least 99 people who were by high-ranking nazi officials in germany or by members of nazi-related groups in argentina, where the nazis evacuated after the second world war, 70 accounts with possible connections to the argentine nazis were opened for credit after the year 45, 14 of them remained open in the 21st century some, even in 2020, among them was the account of a commander convicted in nuremberg, and his account was closed only in 2002. at first, the center of samonavisenthal was caught for this, then the bank began to put sticks in the wheels. and finally, the budget bank joined the committee of the us senate, the us ministry of justice is checking that subways and ubs loans helped russian oligarchs avoid sanctions. well, this is just a story, the bank said so. well, we opened accounts after 45 years ago, obviously there could not be money from the victims of the holocaust or other victims

bloomberg. ♪ dani: if credit suisse had not been sold to ubs, it would have gone bankrupt the next trading day, causing a global financial crisis, according to the swiss national bankpresident. credit suisse holds its agm today, and it is an opportunity for shareholders to speak directly to the board. oliver crick is outside in zurich, what are we expecting today? oliver: they are speaking face-to-face, which is notable in the wake of what has happened the last three weeks, but notable in what has happened over the last four years. this is the first time they meet face-to-face at an agm since april 20 6, 2019. 93% of shareholder value has been wiped out from a $35 billion company that sold for $3 billion. shareholders have a lot to say to the board this morning. everything will begin at 10:30. the chairman will speak, then the ceo, then it opens to the shareholders. probably in equal measure of statements and questions today. a fairly uncomfortable position for the board. this institution will not exist as a standalone and a couple months. dani: what is the focus for shareholders? it is not like they have a say of this merger can happen or not? oliver: this is one

swiss national bank. the central bank saving credit suisse. now, why can't we have a digital wallet with the fed? if you're an american resident or with this who sweets national bank, if you're a swiss resident or with a european central bank, if you live in the eurozone, where your savings are completely safe, it's just the utility money. when you pay for your coffee, you know, if you dollars or euro, whatever go from the row on the legit of the central bank that correspond to you to the over the corresponds to the coffee shop. savings can be absolutely safe, no question of even ensuring them because they would be sitting on the ledger over the central and then ask you a question about that though, because you know, bank serve other functions as well. in addition to holding cash from, from lending to various forms of investment. is it possible to resolve this destabilization problem purely by relocating our funds into the sort of centralized spaces that you're talking about? yes, absolutely. because if, if your savings is a savings of a corporation of a startup, offer a cooperative. if those savi

last month, swiss regulators moved to ring—fence credit suisse after a collapse in confidence in the bankingors withdraw billions of dollars in assets. the swiss national bank agreed to lend ubs up to 100 billion swiss francs to help secure the deal — the combined banking group is now estimated to be twice the size of the swiss economy with invested assets of $5 trillion. i'm joined by alpesh patel, chief executive of praefinium. good morning to you. so, ubs results, due out in the next ten minutes or so, what you think they will tell us? 1 would be a buyer before the results are out because there is so much negative news out there and low expectations that anything will be positive. but they will shed more light on job losses, how they are going to shore up that wealth management business, which is actually why they bought credit suisse. they bought it at a significant discount, don't forget, the swiss regulator had no joint other than to nationalise or bankrupt creditors, so they bought it at a fraction of book value, 50% of the value of what was the real value of the company at the time o

no matter how we've any our eye off the ball in asia, there's an opportunity there for city bank or credit swiss or whatever bank we're talking about. wild. >> wild indeed, laura. i was really struck by just the profagacy and i was looking at some of the other segments from gina ra manned 0, upwards of $4 billion and the united states is in the lead. that's a lot of money and you've been you can taking about the size of the national debt and how we need to pay more attention to it and this administration is saying china's going to be the priority but to your point fortunately the vast majority of republicans want a financial standard bearerer who looks after their interests first and foremost. the secretary of commerce saying we're going to be there as long as it takes basically saying there's no limit to the financial support let alone the military support and i don't see how that's america's best interest when europe can handle that and we have bigger problems in the pacific. >> laura: the reconstruction effort you alluded to, the war in ukraine 200 billion and counting, just watch what we're

the swiss credit slime bank is accused of servicing the accounts of german nazis who left for argentina. after the war began an investigation. and be writes about it. the new york times, in general, somehow so unexpectedly, as if they had only just found out, in general, there is an assumption that not only european banks decided and the americans ended. well, swiss all the money is a bunny, and members of the john baydan family created a network in the center of which is he joe biden himself is aimed at obtaining direct financial benefits from his being in power, money from many foreign countries went to the personal accounts of the biden family, congresswoman marja said. taylor green in congress, new york times investigating national interest states the failure of united states diplomacy, the reason lies in ideological moss. wow turnover. what an ideological mossiness of the american elite, unable to work in a multipolar world , they are the inevitability of the arrival of a new russian foreign minister sergei lavrov said during his visit to venice look, everyone knows very well, the

swiss prosecutors are investigating the evs takeover of credit. susie, the swiss attorney general will investigate potential crimes by executives of both banks. the banks agreed on a merger last month just a week after the swiss government bailed out credit. susie for 54 billion dollars. prosecutors are saying what they are specifically looking for. the prosecutor leading the probe says they want to set up for the monitoring of the merger and they did not say how long that would take. we've actually seen many ways artificial intelligence has changed the way we do things for him, painting are now stu delivering food, even writing essays. but how about parking your car? marvin scott reports from queens ai is being used to valet your vehicle. >> working your car's never been so easy. thanks. the state of the art technology known as artificial intelligence, the rowan garage in the the first of its kind in queens. once you drive it onto a pallet, the ai system scans to measure the car to determine its size and shape before lower in 3 levels to it's a lot of parking space. the system utilizes a cutting edge ai technology. advanced sensors the park,

woman, the denouement of this family drama is close to the result watch at 19:00 on ntv, the swiss bank credit in crimea , terrorists who were preparing to blow up energy facilities infrastructure. who is he and who was recruited in mariupol, where large-scale restoration work is underway , test trips have begun, trams for a century of history tram service. the city stopped only twice, when the german fascists and ukrainian nazis retreated. the main news of the day at 19:00 on ntv and on the website and in the application is now the country of talents, the new season is on saturday at 21:20 on ntv meet the new card for life from vtb venarus the right choice for millions of women one tablet in the morning two components three actions protects blood vessels reduces capillary fragility increases the tone of the veins and just like one two three times is not a hindrance when you want to be in a hurry with a haze. and when you want to be funny roses, start with melodics, roast beef, big steak, cheese, instant sauce-delights. you are not afraid of lightning. she that you are ready to try. magnet ric

doubts about the stability of the banking industry a few weeks ago, investors became increasingly fearful for the future of credit suisse. it was eventually bought by its swisss, in what was described as "an emergency rescue." the $3 billion price tag was a mere fraction of what the bank would have previously been valued. let's get more now from russ mould, investment director at aj bell. worryingly for the bank, desposits are still being withdrawn. how significant is that? hello, yes, they did say they feel that the outflows are stabilising, but not stopping. you are quite correct. after that $69 billion outflow in the first quarter, money is still seeping out. to look at the money in swiss francs, the deposit peaked at 4 billion swiss francs two years ago, they are 166 billion now, so clearly it wasn'tjust investors losing faith in the bag, it was its customers and that was the most important reason why it eventually fell into the hands of its bitter rival, ubs.— fell into the hands of its bitter rival, ubs. �* ., , rival, ubs. and for the time being, althou:h rival, ubs. and for the time being, although ubs _ rival, ubs. and for the time being, although u

the drama of swiss banking continues as credit squeeze hold its agm today. tomorrow it ubs's turn.ined by oliver crook in zÜrich with a shareholder. oliver: we are joined by the ceo of the ethos foundation, a proxy for shareholders representing three to 5% of both credit suisse and ubs. we are joined now by him. thank you for joining us today. we are outside of the agm for a company that will not exist in a couple of months. would you hope to get from the agm day? >> some answers. it has been two weeks since the announcement of the acquisition and we have a lot of questions like who should bear the responsibility for the situation in which we are? covid of course but one question is is the bank doing his job now to look for cleaning up from the past year. oliver: what would be a good outcome? vincent: some of the bond members which have been serving for more than two years -- board members have responsibility in the scandals we have faced and they should not be reelected because those people do not have objectivity and independence to inquire regarding the situation. we need indepe

kriti: we are taking about credit suisse and ubs and the swiss banking system. love to macro it out and i will go real macro because as we talk about the recessionary chances, european banking consolidation is a big part of that. a lot of people are asking, is it credit suisse and ubs story, both banks that have struggled for some time, some sort of harbinger for other european banks, like santander, unicredit? do we see that in the european space and what point is it what people have to pay attention to? jon: how does it impact the rest of their businesses. the advisory revenue for credit suisse down sharply, something the ubs was quite interested in. we will see what happens on that front. big developments in the media landscape. tucker carlsen out at fox news. the primetime host, that news coming out earlier today, weighing on the stock. fox shares down roughly 3%. we will get the latest details. this is bloomberg. ♪ jon: this is bloomberg markets. i'm jon erlichman with kriti gupta. fox news confirming they have parted ways with primetime anchor tucker carls

banks to lend out money as well. it's all about trying to get people to go out and spend. swiss federal prosecutors have opened an inquiry into the ubs takeover of its banking rival credit suisseo any potential breaches of the country's criminal law by those involved in the emergency merger. that takeover in march was arranged by the swiss government to head off a potential financial market meltdown following the collapse of two us banks. fiona cincotta is a financial market analyst at city index. i think switzerland is going to be very keen to protect its reputation and to be looking into these details to make sure that if everything was as it should have been in the fact that the deal was done so quickly, so any wrongdoings by banking officials, by regulators, by the government officials, that's what they're going to be looking for. just anything that suggests that this deal isn't perhaps as it should be. i mean, we mustn't forget at the end of the day, this deal was done extremely quickly and it was done at a time where there were a lot of concerns whether the bank would actually survive another few days or not. but that doesn't mean that things shouldn't be done properly.

banks, some of them captured more market share. perhaps from ubs or credit suisse. do we expect european banks to see similar flow if credit suisse is announcing over 61 billion swiss ranc's in outflows? will it go to european rivals? leo: what the barclays ceo said is they've seen a boost from outflows at kreis weise and investment bank clients so i think yes, they could see a boost. dani: manus, let me bring you in. we did see the u.s. bank report, some of the inflow when it came to credit suisse. you're going to be going to ubs and deutsche bank. what will the readthrough for these numbers be with these other banks you will be speaking to? manus: take the morgan stanley numbers -- this is a video syncretic but there with me -- engaging with new wealth management clients, that's what really drove the engagement wealthy families, wealthy individuals. skittish about who they are with. the door is open. this is a gift to any wealth manager out there, any guy or girl trying to build their book. this is a gift moment where they will engage in families will engage. you can be sure. they told us in switzerland this all assets under management and money flow in i will get

swiss banking. every week now feels like a big week for swiss banking. this time, compensation is in focus. top credite executives will have outstanding bonuses canceled or cut as much as 50%. that's a direct order from the swiss government following the rescue by ubs. oliver crook has been covering the story in zurich. what exactly does this step entail? >> this is really an extension of something they already put in place in the 21st of march where under the swiss banking act, if a systemically important bank takes government funds, they have control over remuneration. this was government has said it decided all of the outstanding variable remuneration from last year is gone. from one level down, 50% is gone, and the level below that, 25% is gone. that is about 1000 people. this was a big topic at both agms, the ubs concern being how much will sergio ermatti cost? they brought him out under a crisis situation, but also what is the expectation for pay for executives? compensation is one of the main issues at credit suisse, and all of the risk-taking. that is one thing that chairman was forced to conc

the stability of the wider banking industry, just a few weeks ago investors became increasingly fearful for the future of credit suisse, it was eventually bought by the swiss in what was described as an emergency rescue. the $3 billion price tag a mere fraction of what the bank would have been previously valued. this crop looked cross live to the head of investment at interactive investment. for being with us. what's interesting is that we also heard from credit suisse today that withdrawals are still continuing, although not as at a dramatic pace as they were in the first quarter. you are right and we continue to see withdrawals and suffered a 67 billion swiss francs drop in customer deposits and 61 billion returns a net outflows and a considerable shrinking in terms of the size of its wealth management division which is meant to be the bright spot of this lender. clearly it suffering from huge lack of investor confidence. there is a lot of disgruntled shareholders, particularly after a lot of its bonds were written down to zero following its first acquisition from ubs and there's a lot of uncertainty and horizon as this marriage comes to fruition. ,, , .

also for switzerland and the global financial industry credit suisse will no longer be an independent company it was an icon of the swiss economy, a bank that played a vital role in the economic development of switzerland and a global and respected player. we recognize and honor credit suisse's achievements over its 167-year history at the same time this means a new beginning as a whole. under the ceo sergio ermotti, we will build on the strengths of both firms let me now look back on the past year 2022 was another extraordinary year, one marked by tragedy and uncertainty. the war in ukraine caused immense suffering and loss and it continues to do so. it is a stark reminder of how fragile the world is we also face another area of inflation includes a rise in geopolitical tensions. despite the difficult environmental we reported strong results for 2022 ralph will cover these in more detail let me just say that i'm proud of our results with all figures in line with the targets laid out. our performance last year once again demonstrated the effectiveness of our strategy, which i will briefly outline for you. firstly, we are the leading sw

emergency session debating and discussing the takeover of banking giant credit suisse by its rival ubs. the takeover was forced through by the swiss, this is a big day for switzerland because my president, who will help to explain and defend their involvement in this? —— switzerland's president. he their involvement in this? -- switzerland's president. he should be on his feet _ switzerland's president. he should be on his feet at _ switzerland's president. he should be on his feet at any _ switzerland's president. he should be on his feet at any moment - switzerland's president. he should | be on his feet at any moment now, switzerland's president. he should - be on his feet at any moment now, he will apologise it had to come to this but the position of the swiss government as this was the least worst option and had that not been forced through over the weekend the markets would have opened on monday, shares which have fallen again, credit suisse would have gone bankrupt and that would have had massive implications and damage not just to the swiss but to the global economy. what are members of parliament will be saying today is m

committee today published a shocking report on the work of the second largest swiss bank, as follows from the investigation credit clients involved in the nazism until 2020, we are talking about at least 99 shields opened by high-ranking officials of the third reich, in particular. these are the ones who managed to escape justice in argentina. and some belong to the german economic enterprises convicted in nuremberg by a soviet officer and one of the representatives of the company, which were specially founded at the beginning of world war ii to benefit from the use of slave labor of concentration camp prisoners. right after the big news today, watch the premiere of serial melodramas on our channel the road to happiness is at the heart of the plot of the story young girls love, intrigue, unfulfilled dreams, a very difficult choice , something ekaterina already knows. unlike some, they don’t smile at everyone, the princess of the blood is the mother, only the graduate, and not kalinina, dreams of moving over. to the city and become a doctor to help others, but fate has prepared another path for her. let 's sell ou

swiss banks in focus this week with credit suisse today and ubs tomorrow on that note, let's look at the sectors and see how the banks are faring financial services out in front. up .60%. retail up .6%. we are seeing selling in oil and gas and autos and gas. no major movers. we are seeing significant moves stock wise this masks outsized moves. philips up 11% after the up beat q1 earnings. ae is sharply up and futures. wall street showing all three majors with a weaker start to trade this morning as investors gear up for the major earnings alphabet and microsoft and meta and amazon all due to report this week. a lot of insight we will gain into the health of the u.s. tech sector >>> back in europe, credit suisse reported net outflows of 61 billion francs in the first quarter. outflows had not reversed by the 24th of april, but moderated from high levels around the time of the emergency takeover by ubs. that line particularly interesting and they are continuing to see outflows that has implications for what will happen to ubs as the takeover actually happens. here is the look at shares

angered credit suisse shareholders and swiss taxpayers for whom the rescue could end up costing around 260 billion euros. a swiss regulator says the nation would have faced a nationwide bankrupt -- bankun if credit suisse would have been allowed to go bankrupt. the euboea ceo says while the situation is not ideal, he expects it to pay off for investors. >> this acquisition preserves the financial center as a pillar of swiss prosperity. it provides a stable and sustainable solution. credit suisse's clients will benefit from the additional value, services, and global reach the combination with ubs will bring and the other way around. and while we did not initiate these discussions, we believe the transaction is financially attractive for ubs shareholders. i'm convinced we made the right choice. >> pharmaceutical giant johnson and johnson is offering nearly $9 billion to settle tens of thousands of lawsuits in the u.s. alleging its talcum powder cost cancer. if approved, the payout would be one of the largest liability settlements in u.s. history. >> as long as i can remember, johnson's baby powder made me feel soft, fresh, and loved. >> it has been a staple in bathrooms for decades sin

lines we are getting from the snb chairman, the swiss central bank the chairman thomas jordan has been saying banking regulation needs review after the credit suisse crash in depth analysis is needed and measures need to be put in place so liquidity can be provided without the need for swiss emergency law. he says emergency liquidity provided in credit suisse rescue was not a gift this is all coming around the events surround the kwez bailout. we saw a lot of emergency assistance coming in the final hours from snb with the credit lines as well as indemnities from the government for the deal to go ahead. this is the first time since that bailout that snb chairman had the chance to speak talking about why they got involved and how banking regulation needs to be updated in the future one last thing he is saying on swiss inflation. it is higher than desired. leaving that door open for more rate hikes sticking to the hawkish comments. >>> i want to come back to the data we have italian gdp numbers crossing the wires in contrast to the disappointment from germany, italy's gdp has come in 0.5% quarter on quarter growth. ahead of 0.2% expected year

s banks failed, swiss authorities engineered the rescue of credit suisse american consumers wary of bankrama still too high inflation and recession worries pulled back. spending less on gas, electronic groceries and department stores. spending a little more online may be a sign of being budget conscious. we learned this week, the staff of the federal reserve raised the risk of a mild recession later this year because of that bank stress, but current vitals on the economy overall are pretty strong job growth still better than normal layoffs arising but they're still relatively low. inflation is showing meaningful signs of cooling and earnings from the big banks, meanwhile, beat expectations showing strong revenue. they're aymara victor. all right. thank you so much. christine romans, the city of minneapolis has settled to excessive force lawsuits against former minneapolis police officer and convicted murderer derek chauvin for more than $8.8 million in prison for killing george floyd. you remember he put his knee on floyd's neck for more than nine minutes, well, three years before that t

barrels per day production cut appeared a swiss newspaper reports ubs will cut the workforce by 30% after completing the takeover of credit suisse. both banksareholders this week. tesla deliveries hit a record but fall short of elon musk's goal of 50% annual growth. we also look at the chief economist at the bank of england was always interesting and forward-looking. he has been talking about inflation being much too high. i don't know whether it is having an impact on the sterling 1.2311. the banks are well-capitalized he says and that will help the combat -- combat inflation. he is giving an interview to the swiss newspaper. we will have more from the bank of england. he is saying inflation is still much too high. one of the main stories in the u.k. is not only this but also overall what the bank of england has been doing. it's clear when you speak to mohamed el-erian and also people from pimco they put the bank of england in a different camp to other central banks because they came out front talking about the convocations. although it was tricky for the bank of england, makes or seven months ago, it does in the air on a better footing ma

this is due to unfavorable market conditions, the march bankruptcy of two us banks, but also the emergency sale of swiss credits had a significant impact on investment activity, which actually affected the operations of golden sax. after publication of quarterly reports, its shares on the stock exchange fell by 2% and at the end of the issue. i will remind the exchange rate today the dollar is 81 rubles. 60 kop. euro 89 57. and that's all for now. roman your thank you we continue. at blagoveshchensk airport , the final stage of construction of a new runway has started, on the basis of which they have been preparing for 2 years. more than a million cubic meters of soil had to be processed. and finally, the pouring of concrete began. according to the builders, the structure will be very durable and will be able to receive any aircraft without weight restrictions, maria gumlevaya saw how the work was going. this is a batch of concrete, as well as many others, that the special equipment will bring here to form the basis of the preparatory layer for the new runway , followed by a reinforced coating, which is reinfo

banks merging to take over of the legal rival. credit suisse was a mass of challenge with many risks, but insisted it was still the right decision. switzerland's biggest bank is absorbing craig swiss in a hastily assembled deal amid recent turmoil in the banking sector. it is to france now where the summer's can be quite hot. so the number of more than 3000000 swimming pools in the country may not come as a surprise. what's more concerning as that this figure keeps increasing. even as growing water shortages and periods of drought are affecting the country, the picturesque french countryside dotted with red roofed homes and pools thought his lawyer. so it's still a dream. it's really a pleasure to spend time in the garden in the pool to be able to enjoy the freshness. michelle, currently there over 3200000 individual swimming pools within france. but the pool industry here is booming. in cut north of off in the south of the country pool manufacture. i lou p. seen says orders have jumped 30 percent this year that despite a harsh environmental reality, france is in a state of alert. the country experienced a historic drought last summer followed by a winter that was its driest in mo

we have earnings this morning from ubs, the swiss banking giant, the one remaining after the deal with creditt quarter they attracted wealth management dollars, massive inflows, and $7 billion of those inflows in the 10 days after the takeover of credit suisse was announced. the next line was a mess in terms of net profit. if you warnings around geopolitics. manus cranny sat down with the ceo of ubs sergio ermotti. >> were very pleased with the fact that at times of distress and the market generally the first quarter it very challenging. we still saw clients looking

credit suisse. a lot of this could have been done 10 or 12 years ago and that is exactly what ubs -- liquidated then and do it again. lisa: did you make of the swiss national bankaying credit suisse could not have lasted another day without filing for group c and this combined entity will not be a government-back to bank? marcus: convenient is the first word that comes to mind. they are all off of the same song sheet and we can expect that. a very rigorous program -- rigorous probe of everything will find every nook and cranny. tom: i had the great privilege yesterday of talking to a senior credit suisse manager in the u.s. he was shellshocked, extremity tentative about not only the days ahead about the hours ahead. let us be clear, is credit suisse an entity at this time? i. the end report meeting was bordering on a hollywood comedy in its survey on this. -- on its surrealness. are they an entity? marcus: i think they are and i think it would be a mistake for ubs to completely wipe them off the map. i used to work at a swiss bank sbc which became a name. that was perhaps a mistake. credit suisse does mean something for certain people on the private wealth side

swiss bank. yes. this is profits for all sharp lever says it's reluctant to take over. at credit suisse is not to blame. and mechanical cooks in the canteen, meet the robot chef that could revolutionize how companies feed back date of your business on what's in berlin. welcome to the program. the world bank is calling for better migration policies across the globe and its latest world development report. it says, there's an opportunity to make migration work better for both wealthy and low income countries. the report says that many industrialized countries are facing diminished populations and intensifying global competition for workers. while low income countries are expecting rapid population growth, adding pressure on young people to find jobs, the world bank is also pointed to the number of refugees tripling over the last decade with climate change threatening to feel more my question. well, let's bring in savvy a direct or the co director of the world development report. so one of the authors of what we've just been hearing about and can i ask you, are governments failing t

swiss bank, u. b. s. is its profits fall sharp leave? it says it's reluctant to take over. of credit suisse is not to blame. and mechanical cooks in the canteen, meet the robot chef that could revolutionize how companies feet. there is a state of your business on robots in berlin. welcome to the program. the world bank is calling for better migration policies across the globe and its latest world developer report. it says, there's an opportunity to make migration work better for both wealthy and low income countries. therefore, it says that many industrialized countries are facing diminished populations and intensifying global competition for workers. while low income countries are expecting rapid population growth, i think pressure on young people to find jobs. the boat bank is also pointed to the number of refugees tripling over the last decade with climate change threatening to fuel more migration.

a three day emergency session debating the takeover of banking giant credit suisse by its rival ubs. the takeover was forced through by the swissernment last month. 0ur correspondent imogen foulkes told me more about what we're likely to hear from switzerland's president. i doubt there will be an apology that it had to come to this, but the swiss government's position was that this was the least worst option and had that they'll not be enforced through over the weekend the markets would have opened on monday, shares in vodafone again, credit suisse would have gone bankrupt and that would have gone bankrupt and that would have gone bankrupt and that would have had massive implications, damage notjust to switzerland but also the global economy. what members of parliament will be saying is maybe you are right, it was the only option, but this must never happen again. i know that there will be a push for stricter too big to fail banking laws to ensure that big banks can't get into this situation. i think there will also be a push for a closer eye on how senior bankers operate, how much they get paid, and that includes bonuses. thos

credit suisse says 61 billion swiss francs and $61 billion swiss francs and $61 billion in us dollars left the banknk run but was under way, that actually caused the 167—year—old institution to crumble and forced its state engineered rescue by ubs, of course, and the bank reports its results are what is likely to be the last time as a consequence of its shot marriage with rival ubs, so that was $68 billion that was, that was $68 billion that was, that left the bank which is a huge sum of money. we have not actually got the figures yet in terms of the earnings yet but we will, as soon as we get those, bring them to you and when i'm back with our top business stories next, we will have analysis from france's —— france coppola independent reporting artist but that gives you a sense of the scale and pressure that credit suisse was under after that time in the last month or so. more later. now, the safety of bangladesh's garment factories is still in the spotlight. that's ten years after the worst industrial accident in the country's history. more than 1100 people died and thousands more were injured wh

swiss federal prosecutors have opened an inquiry into the ubs takeover of its banking rival credit suisses criminal law by those involved in the emergency merger. that takeover in march was arranged by the swiss government to head off a potential financial markets meltdown, following the collapse of two us banks. joining me now is fiona cincotta, city index. fiona — what might prosecutors be looking for? they are looking for any criminal activity, any criminal offences, any wrongdoing. if we think about the speed of which this takeover went through it when very fast, although it has saved the bank to a degree, saved the bank to a degree, saved lots ofjobs, it has also angered taxpayers and also shareholders, who said they didn't get to vote on the agreement. let us not forget at the time this went through it was a very full—time there was concern the bank was going to collapse and the swiss bank said this was the best way forward. having this investigation into it to make sure all eyes were dotted and all the tees were crossed and it went through in such a short amount of time will help t

year >>> in the banking space, swiss lawmakers will hold a special session to question the government on its decision to provide up to 109 billion swiss francs for the swiss takeover of credit suisse. lawmakers were not consulted on the use of taxpayer money to save the bank. now shares in ubs and credit suisse are trading higher this morning. >>> in the tech space, shipments of apple computers fell in the first quarter of the year 40.5%. the share of the pc market dropping to 7.2%. all top computer makers suffered from falling consumer demand apple shares fell which results in a drop for the last quarter of the year in 2022. >>> shares in micron jumped after the cuts announced samsung will cut to a meaningful level after previously resisting following competitors in reducing output as demand s softens. >>> alibaba reveals a chat ba.i. bot. it will start with the workplace communications and software. china's regulator said measures should be taken to prevent discrimination and false information on services. providers will be held responsible for the legitimacy of data to train the systems arjun has been covering this story and joins me on set. arjun, how does alibaba's cha

swiss commercial bank. there's a big opposition within switzerland to having ubs and credit suisse retail businesses in switzerlandat business form part of the perimeter merged credit suisse ubs business? and possibly most importantly i think investors will be looking for details around strategies that ubs has gotten place to retain a talented staff. alix: do you like ubs on this deal? guest: yes on long-term prospects definitely. the purchase price is not fully reflect our belief that the underlying value of the credit suisse business is the sum of the parts, this is a much better place than credit suisse was to absorb the material restructuring costs that will be needed for winding down the unprofitable part of the investment bank. guy: we don't know what the risk is. we don't know how big of a challenge this is going to be. they broad and old management to try to make this work and then, it's when to be a struggle. how much of a discount do you have to apply to ubs simply for execution risk? this is going to be large and complicated in terms of the deal that needs to be done. guest: definitely this want to be a

now economy news alexandra swiss bank ubs plans to cut up to 30% of employees after the completion of the deal with creditshe reduction affected about 36,000 employees. for now, i'll start with other topics. oil quotes started the working week with a sharp rise in the first minutes of trading, the cost of a barrel of brent jumped 5% , exceeding $85. this is the maximum impact on world prices since the beginning of march, the unexpected initiatives of some participants in the opec plus agreement before today's meeting. they announced the reduction in production, all the details and forecasts from rustam kasumov. a number of opec plus countries did not wait for the meeting monitoring committee and announced in advance an additional production cut of 1,650,000 barrels per day from may to the end of 2023 , the production leaders under the agreement assumed a long share of the reduction. in particular. russia extends the current decision to cut quotas by half a million barrels until the end of the year. it was supposed to expire in june. saudi arabia also cuts production by 500,000 bpd iraq by 211,000 united ar

swiss parliament. we will have continuing coverage of that. these are live pictures. the stories there is about gps and credit suisse. switzerland's parliament has begun a three day emergency session debating and discussing the takeover of bankingrespondent imogen foulkes is in the capital, bern. she told me more about what we're likely to hear. the swiss government's position is this was the least worst option. and that had that deal not been forced through over the weekend, the markets would have opened on monday, shares would have fallen again, credit suisse would have gone bankrupt and that would have had massive implications, damage notjust to switzerland's economy but to the global economy. so i think today, what members of parliament are going to be saying is, "ok, maybe you're right, it was the only option but this must never happen again." i know that there will be a push for stricter, too—big—to—fail banking laws to ensure that big banks can't get into this situation. i think there will also be a push for a closer eye on how senior bankers operate, how much they get paid and that includes bonuses. so those are things that members of parliament will be asking. can they undo this deal? no. i think the main impetus now f