yeah, off some merger between her, her credit suisse and a u. b. s. a is a kinder offer, hugged, and marriage between 2 lame dogs, of course, ah, to situation with a kid decrease, i was going badly, but u b. s. as now a longstanding aisd traits are also bad records are in banking and i'm, i don't believe that it's east kind of marriage a clue. so, in the long term, that crises for ordinary workers and communities, it essentially means that regardless of what your economy actually produces, be the cars, energy medicines are high tech services and all accounts for nothing. if a major bank fails, leaving ordinary citizens to face the catastrophic consequences of that failure, this leaves us to ask ourselves what the actual value of these vast financial institutions is to the societies they've so badly failed. while these institutions provide some payment and transaction services to their wealthy depositors and borrowers, the rest is essentially investment banking, which focuses exclusively on making money for guess who. that's right, the investment bank a

u. b. s and decreased before the magic words are mos too important. streets banks as a citizen, we at now is a kind of concentration, but not the concentration of good banks. the concentration of bad bags and heath this kind of situation is not good quickly at dress, giggle, ricky fixed by authority. b, z government b, z us sent a central bank. then we will go on for a long number off, recurrent fries, each. the widespread use of corporation tax to avoid far higher income tax rates now is reserved for audrey workers. it's also now widely exploited by institutional investors and their backers. this feeds into the bazaar reality that a global banking sector that should exist to serve economic activity has now grown to, to war. those very economies, they are supposed to support as ordinary taxpayers faced the very real possibility of yet again picking up the tab for these huge profit mills. it's time to ask ourselves, who's working for who and whether there's a better way to protect their societies

light of the current situation on this with financial system now will only have a single big bank, u b. s. and that is not good. it's good to have competition. and we won't have that anymore off some merger between her, her credit suisse and a u. b. s or a. is it kind of off a hug? good marriage between 2 lame decks, of course, ah, to situation with sir eric decrease was going badly. but u b s, as now, a longstanding is trade off bad records in banking. and i don't believe that he's kind of marriage cool souls in the long term, the crises for ordinary workers and communities. it essentially means that regardless of what your economy actually produces, be the cars, energy, medicine or high tech services. it all counts for nothing. if a major bank fails, leaving ordinary citizens to face the catastrophic consequences of failure. this leaves us to ask ourselves what the actual value of these vast financial institutions is to the societies they've so by the failed. while these institutions provide some payment and transaction services to their wealthy depositors and borrowers, the rest is essentia

u. b. s. and the issues in the u. s. are, are distinct as well. so moving this institution a, you know, behind you be as the shield is, is definitely the right play. and what's the reaction in the us, spain it's max out of people are waiting for marcus to open, so you know, some bon holders are going to lose some money on this deal. and i think there's a lot of uncertainty around that. and what that pretends for, for any future interventions that may be necessary. but, you know, i think the next move on the us side really be for, to see where wall street sort of stacks up against this, against this deal. i'm sure policymakers or encouraging them to, to come out and support and tell the world that it's business as usual with, with both credit suisse and you've. yes. and how do you think the markets are going to react when they open short term? i don't know. i mean, monday anything can happen monday long term. this is definitely stabilizing it if, if you know the marker gets a lot of deal certainty here, that this is going to go through. and it looks

u. b. s. and the government backed rescue. ah. good morning and welcome to our international broadcasting i from moscow just past the hour. and it's great to have you with us. i'm more at home on let's take a look at the top story. this our, the meeting between the ages of russia and china. ah, the chinese president is expedited on tuesday to hold official tools with his russian counterpart by them in person 1st in a small meeting and then in a broader gathering chinese leader, she ging ping is on a 3 day visit to moscow in his 1st trip abroad since he was reelected to historic that term. oh yes, i am very pleased to be in moscow at your invitation, especially after another reelection. and i chose russia as the 1st country for a foreign visit, the chinese side, please. great attention to relations between russia and china, as this has its own historical logic. since we are the largest neighboring countries, great strategic partners. for more details on other visit, less growth live to c, d t, and correspondent m bathing dong to jew

well, that's certainly way of seeing and i think u b. s certainly is not had the time to go look through the entire credit suisse portfolio of transactions, of loans, of all sorts of dubious things that they might have done. so you b as a sort of buying this site unseen. i mean, bear in mind then he really had a weekend to go through this and agree to it. so you b. s has been forced into this every bit as much as credit suisse as by the regulation, by the swiss government. so i think would narrowly, when you do this kind of merger between 2 banks, you're going to take a couple of months to go through and do your due diligence and make sure you feel comfortable with their risk management systems with a loan portfolio with their investment banking transactions within the trading positions, all those things you're going to go through when the find comb. uvs is not able to do that here. so they're basically buying this black box of stuff that they're not really sure in that they've heard some bad stuff about and they're about to find out what'

and stabilizing solution was absolutely necessary. the solution is the takeover of credit histories by u. b. s. it is supported by the federal council following several meetings with 3 national bank. we've our regulator, the feed mark with credit series and u b. s. and the federal account she'd welcome to the stakeholder and is supporting it by guaranteeing the framework conditions necessary for its success. idea. stephen beardsley from did up your best must explain why credits face brand trouble does really psychological. and what we're seeing is that once the depositors have heard that they, that, that these banks are losing, than they're running and taking their deposits out. and others viewing a bank run and going and doing the same thing. and it's something that you or i might do as well, or if we're not sure we get our money back, even if we believe the underlying value of the bank, the fundamentals are okay. we might also want to pull our assets out in fear of a bank run. so it's so psychological, we don't really know what to say about the what effect is going to have on the market. this

and the solution is the takeover of great histories by u. b. s. it is supported by the for the right on sale. following several meetings with national bank. we've our regulator, the feed map, we've tried histories and u b. s. and the federal con, she'd welcome these takeover and is supporting it's by guaranteeing the framework conditions necessary for its success. stephen beardsley from the w a business is with us now in the studio, steve of forced takeover of switzerland, 2nd biggest bank. how our investors reacting? yeah, we've seen today that investors have been trying to find their footing for the most part, looking for some stability. what we've seen now is that there is sort of a negative sentiment, asian markets falling. in particular, the scale of this deal is it's massive for these markets. and then also some of the details in the steel self is little worrying. for example, some bondholders are completely wiped out and that, that, that risks that there are, there is exposure elsewhere. and so we're seeing, for example, that shareholders in

u. s. over that and let's turn to another struggling bank. moving over to europe. now credit suisse in a short move the swift government, arranging a hasty take over by competitor u b. s. but is this a good deal? well, i suppose that you asked the is that a good deal? i dare say the credit suisse shareholders think it's a very, very bad deal. and on the u. v. s. i, it looks like a pretty good deal. they've got lots of guarantees in place. they able to sue, have credit suisse for a pretty low price. so i would say for u. b. s shareholders, yes, it looks like a very good deal. but for the credit suisse shareholders, it looks like a very bad deal. instead, a lot of the credit suisse trail that i think going be scratching the head saying wouldn't, we've been better office if the still had not gone through. it's not possible criticisms any worth about $3000000000.00 at the end of the day. it must be worth more than that to somebody anyway, so i think they're gonna be saying this is a very bad deal indeed for us. okay, but i mean, looking at u b. s shareholders. and yes, they got managed to get a cheap price here, but they are being punished in the way because, you know,

u. b. s. and here is the german chancellor commenting on the financial turbulence. let's finance the stem of boston. the european banking system is robust and stable, dashed on speed. we have the necessary oversight structures and thanks to the work over the years. and the effort of the banks themselves were in a robust and resilient position. and this is an incentive to make progress in the capital markets and the bank in union. yet. what's more important, we plan to full heartedly make progress for cannon. and i've also comes from hudson to doing it for until time i asked her, corresponded jack pyrrhic, in brussels, whether chancellor sholtes, whether not, he was on the defensive today. that's right. he was really trying to sort of calm the concerns around this. he said that it deutscher bank is a very profitable bank and there's no reason to doubt it's future. he said that he did thoroughly reorganized a modernized his business model and that it will be very profitable. now, this is a concern. did you say this shadow price? greatly reducing this morning over fears

and months of diplomatic tensions. the rate of men's group offices is likely to raise concerns among foreign companies, their u. s. prosecutors are investigating swiss banking giants, u b. s, and credit suisse, or allegedly helping russian oligarchs. evade sanctions. the to lenders, fe, significant vines, if the justice department finds evidence against them. us authorities began investigations before the beginning of the recent banking crisis, which saw you b. us agree to take over credit suisse. germany is bracing for severe transport delays and disruptions on monday. the country's 2 major trade unions verde and e v g have announced a nationwide public transport strike for it is now demanding a more than 10 percent pay raise for public sector workers. a chat, g p t being bar, just some of the most prominent consumer facing ai applications out there. but how do they get so advance? well, there's a learning process and that takes constant feeding of the job. and that work often tedious, is done far away from silicon valley, and it's created a small industry of its own. take a look. rashni is one of some, 200 women who work at this data center in southern india. the 25

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

u. b. s. and credit suisse for allegedly helping russian oligarchy. evade sanctions to lender faith significant finds, if the justice department find evidence against us or therapies began investigation before the beginning of the banking crisis. the saw us agree to take over critic stay in the war to finance the world's biggest crypto exchange. finance paused trading on friday due to a technical glitch. teddy australia got more in this for us from wall street. teddy . what went wrong? that's right. by nancy the world, the larger the crypto currency exchange appears to have suffered a glitch. so finance halted all trading for 2 hours. that also includes deposits and withdrawals. now you may be thinking, well, there's a lot of phone key business in the crypt overs right. we see a lot of glitches, but finance is really important. institution in the crypt overs it's huge and it's even larger after the collapse of f t x last year. that is the crypto currency exchange of the now disgrace sam bank meant

and russia, john s republic touring reconstruction projects. and the recently devastated city chose switzerland's biggest bank u. b. s. and credit suisse are and talks to merch as the contagion, and the recent banking collapse in the us spreads internationally. also ahead, i didn't see any issue with saudi arabia says the path is clear to restore bilateral ties with iran. following a deal brokered by china, which brought the 2 former rivals together with a ukrainian orthodox church, is rated in an ongoing clam down against was viewed in the country as a break away church with coming to live from the russian capital. this is the weekly on our key international. i'm rachel evans here with the top stories of this week. and today. welcome to the program. months after the city of mario paul and russia don escrow public was devastated. president vladimir putin made a sunday morning visit to discuss rebuilding efforts with local officials. he drove her on the port city on the as of seated to where several of the major reconstruction projects that have been under way following a referendum vote last year and, and on that score

u. b. s, and credits weights are reportedly considering a merger as a bank. he called lapse and the u. s. has impacted global financial market with good events. notable additional relationship with investment success on saudi arabia confirmed it could very quickly start investing in iran following the deal broker by china, between the 2 former bridal 80, to restore their diplomatic relations with chinese president dean. paying is that for his 1st warrant visit following his re election with moscow as the destination, it signifies a new era of strength in relation between china and neighboring russia. ah, good morning for martine are national studios in moscow, and welcome to the weekly with the hour and weeks tops, stories around the world. i'm paralyzed. russian president vladimir putin has made a surprise visit tomorrow. you pull in the don yet, for republic. the russian president drove around the port city on the as of the to look at the major reconstruction projects during his 1st visit since it was liberated from cabs forces last spring. russia considers are done yet for public as

u. b. s. and credits waste are reportedly considering a merger as a banking collapse in the u. s. has impacted global financial markets, a nation that would prevent a visual relationship with across investments. successful saudi arabia confirms it could very quickly start investing in iran, falling a deal brokered by china between the 2 former rivals aiming to restore their diplomatic relations. chinese president gigi, paying except for his 1st foreign visit, following his re election with moscow as the destination. it signifies a new era of strengthen relations between china and neighboring russia. ah, good afternoon for martine, are national studios in moscow, and welcome to the, our end week. stop stories world wide. i'm fear. eliza bell, russian president vladimir putin has made a surprise visit to mary. you both in the done yet for public. so the russian president drove around the port city on the as of see to look at major reconstruction projects. it was his 1st visit since the city was liberated from calves forces last spring. russia considers the don, yes, republic as its

[000:00:00;00] a for a certain biggest banks, u b. s. and credits with a reportedly considering a merger as a banking collapse in the us impacted financial markets around the world. i didn't see any issue with normalization. the relationship across investment, successful saudi arabia confirmed, they could very quickly start investing in iran, falling a deal brokerage by china for those 2 former regional tribals to restore their diplomatic relations. reports that you asked as resuming recognizance, thrown activity in the black. the region as a senior washington official suggest us down russian fighter jet with chinese president. she doing thing is that for his 1st floor and visit following his re election with moscow as the destination is, signifies a new era of strength and relations between china and neighboring russia. with good morning from martine or national studios in moscow, and welcome to the weekly with the hour and weeks talk new stories around the globe . the global financial system is shaken by the fallout from silicon valley ban

now 2 of switzerland's largest banks, credit suisse and u. b. s. are reportedly considering a merger that could be a catalyst for an overhaul of the global financial system. a sharp drop and credit suisse chairs this week raised further concerns across european financial markets with a slump and major indexes. the banking sector was down 13 percent this week, as spiraling fears dragged down the biggest banks across the board strategist that goldman sachs predicted the sector would remain under pressure unless they more forceful policy response is administered. u. s. markets are also powering through the crisis with banks being propped up with a $100000000000.00 bailouts by the federal reserve, the treasury and other financial institutions. a recent study said that more than $180.00 u. s. banks are in danger of collapse due to uninsured deposits. all the governments cash has helped prevent a complete meltdown. the feds failure to disclose all the banks receiving the aid has caused rumors to restoril many market watchers of express fears of the possib

u. b. s. and credits always are reportedly considering a merger as a banking collapse in the u. s. has impacted global financial markets. i didn't see any issue with our vision for the relationship with a custom vesman successful. saudi arabia confirms it could very quickly start investing in iran. falling a deal brokered by china between the 2 former rivals, amy to restore their diplomatic relations chinese president james saying except for his 1st born visit following his re election with.

u. b. s, and credits weeks are and talks to merge as the contagion from the recent baby and collapse in the u. s. spreads internationally also ahead. i didn't see any issue with normal or vision of the division should cross investment assessment. saudi arabia says the path is clear to restore bilateral ties with the wrong following and deal brokered by china, which brought the 2 for no rivals together. ukrainian orthodox church is rated an ongoing clamp down against what's viewed in the country as a pro russian church with coming to you live from the russian capital. this is the weekly on our t international. i'm rachel blevins here with the top stories of this week. and today. welcome to the program. months after the city of mario bull and russia, donuts republic was devastated. president vladimir putin made a sunday morning visit to discuss rebuilding efforts with local officials. he drove her on the port city on the as of seated to her several of the major reconstruction projects that have been

u. b. s will do its best. and the key thing is if you, the s is able to get a grip of the situation in credit suisse and bring credit suisse up to the standard that u. b. s. is operating at the fundamental problem that credit suisse had versus u. b. s. is that u b s was really badly hit in the financial crisis and it learn the lessons. it learn the lessons around. you can't go for making money at any cost. you have to have integrity, you have to have good risk management. credit suisse did not learn those lessons, and that's why since the financial crisis, credit suisse has got itself into this position. so the challenge for you, yes, is to ensure that any parts of credit suisse, which effectively enter the u. b. s. system have to be brought up to the u. the s standard for the customer. it's all about confidence in the bank and confidence for the bank customer be corporate, or the general public. i mean, do you think this buy out in general terms will settle the markets in switzerland because at the moment the mar

u. s, which required government intervention. and you said in europe, credit suisse being bought by u b. s. and the repercussions of that for other banks in terms of contagion on the shaft prices is something which i think has been taken into account. and the reason why we seeing just a point, 25 percent increase here and in the u. s. is partly because of that and inflation is gone up, but it hasn't gone up only in february in the u. k. has gone having a number of countries in europe as well, and that's probably why the europeans are bank raises, own rates by 50 basis points last week. the 1st national bank has also increased its interest rate by half the point. switzerland's. key rate now stands at 1.5 percent. the banks ignored more hikes were possible. the move comes on the heels of turmoil, the swiss banking system. the state broke at a deal for banking giant u. b. s to buy its trouble driving credit suisse on sunday. moving onto the news now and another 8 cases of mob. a virus have been confirmed by the world health organization and equitorial guinea that brings the total number of case

u. b. s. and the credit suite situation, but the market is leveled off also rather rapidly because people realize that it's not going to impact the region that much, at least at this stage of credit suisse is of assets in hong kong, i think are about 0.5 percent. of the total, so it's pretty minimal. the real question is going forward, whether there's an animal spirits reaction in asia, about the turmoil in europe in the united states. and whether high net worth people start getting nervous about keeping their cash in various banks. so the thing is over the last week, the new cycle has been no banks in trouble, and then it's ok containment measures have been take men. oh no, hold on. another bank is in trouble. so i suppose that's the question we're all asking is, where are we in the cycle? well, for the asian banking system, every country is going to be somewhat different. i mean, the real concern for all of us looking at banks in asia is the chinese situation. and that has more to do with the ov

and as a result of dismissal, taurus is knew that they had to do something. they knew that a takeover essentially by u. b. s was perhaps the best option in order to restore stability in order to protect the economy as they've said. and the other thing that's been mentioned to protect the swift switzerland's international reputation for financial a property and says that this deal has been done to china. we're still convince him markets now obviously keen to make this announcement to try and calm investors had of markets opening on monday. what is the analysis about whether it's gained her to work? was a couple of things. first of all, we don't know what the terms are yet. the financial times has been at the forefront of reporting some of this. they've got some good sources. it seems they were talking about a price of $2000000000.00 that u. b. s would pay for credit suisse that hasn't been mentioned in the news conference that's been taking place so far. neither has the actual numbers of what the deal will will, will be. the credit suisse shares were at $1.00 swiss francs when they closed on friday, reports

u. b. s. and credit rates are and talks to emerge as the contagion from their recent banking collapse in the us spreads internationally. also ahead, i didn't see any issue with saudi arabia says the path is clear to restore bilateral ties with iran. following a deal brokered by china, which brought the 2 former rivals together and moscow host, the 2nd annual russia africa international conference with delegation from over 40 african nations taking part in the event with coming to you live from the russian capital. this is the weekly on our t and national. i'm rachel lab here with the top stories of this week and today. welcome to the program. russian president vladimir putin made a surprise visit to mario paul and then don escrow public. on sunday he drove her on the devastated port city on the eyes of c on a tour of major reconstruction projects. there it was, his 1st visit to the city since russian forces took control last year. falling referendum though in the don that's republic. booting took

democracy. shares and european bangs plus made to as a credit suisse, is bored. domestic rival, u b. s. and the government back to rescue deal with gary rory. i welcome to our international broadcasting life from moscow. it's just past the hour. and as always, it's great to have you with us. i'm right. hm. mommy, let's take a look at top. so is this our, the meeting between the leaders of russia? i'm china. ah, chinese president. it's what i did on tuesday to hold official tools with his russian counterpart vladimir, put him versed in a small meeting and then in a broader gathering chinese leader, she ging thing is on a 3 day visit to moscow and his 1st trip abroad since he was reluctant to historic term, i am very pleased to be in moscow at your invitation, especially after another reelection. and i chose russia as the 1st country for a foreign visit. the chinese site base, great attention to relations between russia and china as this as its own historical logic. since we are the largest neighboring countries, great strategic partners position visit to moscow is obviously attracting a lot

a with her linds biggest banks, u b. s. and credits with a reportedly considering a merger as a banking collapse in the u. s. impacted financial mark around the world. i didn't see any issue with normalization of the relationship. close investments, successful saudi arabia confirmed. they could very quickly start investing in iran, falling a deal brokerage by china for those 2 former regional tribals to restore their diplomatic relations reports that you at the resuming recall.

west philippine see we hope to be able to resolve that to this, to a matic and political means certainly not through the u. s. b s. and us troops on our shores because i think that would all the girl made the problem and will not lead to any meaningful resolution that has been official to defend people . and that's all for now. be sure to check out our t dot com for all the latest breaking news and updates. we'll see you right back here at the top of the hour. the titans for medius believed in men and sided with them. oh, he stole fire from the cruel gods and gave it to humanity. ah, the gods chained the titan to a rock. and a huge eagle devoured his liver every day. but the darkness where men had wandered before had already been dissipated by the bright flames. they had obtained from him. ah, dear, if we say we're strong. if we say we're brave, well, we should be looking out for people that are less fortunate or that can't defend himself. oh, there are always people who think this way but it's only in hollywood movies in which the brave expose those in power and they are rewarded with fame, money, prestigious

and the u. b. s. chairman, who is the person who is going to be helping the new entity coming out with some very strong, very reassuring quotes. saying that this was an integration, as opposed to take care of enormous opportunities. he spoke off that u. b. s will remain rock solid. now, the importance of that is to try and reassure investors. well, going to racism. just one of switzerland's largest banks is also classified as a globally systemically important bank, but the financial stability board managers around $1.00 trillion dollars around the world. it's profit dropped significate in 2022, falling nearly $8000000000.00 after losing $2000000000.00 in 2021. it shares have in his shop decline since 2021. they've now lost or was 90 percent of the value in the past 5 years. investors took the money elsewhere last week when the banks mean shareholder refused to offer financial help. and after that, even a $54000000000.00 lifeline from switzerland central bank couldn't stem pessimism that has left the

and the u. b. s. chairman, who is the person who is going to be helping the new entity coming out with some very strong, very reassuring quotes. saying that this was an integration as opposed to take care of a enormous opportunities. he spoke calls that u. b. s will remain rock solid. now the importance of that is to try and reassure investors are cornelia maya is an economist. you joined us from been in switzerland . thank you very much for being on al jazeera. how necessary do you think this deal was? well, i think it was absolutely necessary and it was the best of very few solutions that i deal solution, but it's the least best solution. um, you know, the other solution would have been to let the bank go box, which have a huge ramifications both in the global financial system and in the slits economy as a whole lot of the financial sector and or the state ought to nationalize the bank . so this was the most elegant, and the least solution. do you think it's going to quell the, the turmoil, steam,

and political means. certainly not through u. s. b s. and us troops on our shores because i think that with all the made the problem and will not lead to any meaningful resolution that has been official to defend people. that's all for now. be sure to check out our t, v dot com for all the latest breaking news and updates. we'll see you next time with the in the west. it's called a marriage of convenience, but for russia and china, their relationship is strategic and an alternative to the west, so called the rules based order. what the west refuses to recognize the russians in the chinese practice. it is called multi polarity. the information oh most all the independent journalists who pointed out that nato and the u. s. were directly responsible for initiating the military conflict in ukraine, our casualties of it. we are old and in the east to west. i don't have a possibility to go safely. so there is no way for me to go back to the traits are real and own. i also have already load last few french under wary about circumstances. i have

principles of democracy in european bangs plus made to as a credit suisse is bought for domestic rival, u b. s. and the government back to rescue deal with.