u. b. s. was inevitable and unavoidable. and the idea that this was a bank that was too big to fail has come up again. and again in the news conference, there was a whole raft of senior executives in that use conference. and some of the quotes are as follows. the finance minister saying that the top priority was to protect the financial sector and also switzerland's reputation for international banking. the president said that they believe that they come up with a very strong solution to a complex situation. 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 w

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 market saw a tanking a little bit when it comes to this that the news is emerging now. yeah, i think, you know, fundamentally, markets have a tendency to get very, very jumpy wayne things like this are happening any form of instability somewher

u. b. s. was inevitable and unavoidable. and the idea that this was a bank that was too big to fail has come up again. and again in the news conference, there was a whole raft of senior executives in that use conference and some of the quotes from it were as follows. the swiss finance minister saying that the top priority was to protect this risk financial sector and also switzerland's reputation for international banking. the swiss president said that they believe that they've come up with a very strong solution to a complex situation. 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 a take care of a enormous opportunities. he spoke off on that u. b. s will remain rock solid. now, the importance of that is to try and reassure investors. ah, just a day of the international criminal court issue, an arrest warrant for him. russia's present redeemer prisoners made a surprise visit to t

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 were

u. b. s. was inevitable and unavoidable. and the idea that this was a bank that was too big to fail has come up again. and again in the news conference, there was a whole raft of senior executives in that use conference. and some of the quotes are as follows. the finance minister saying that the top priority was to protect us 1st financial sector and also switzerland's reputation for international banking. the service president said that they believe that they come up with a very strong solution to a complex situation. 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 over making price as an economist and for the u. k. government economic visor as she joined us now via skype. will this emergency deal stem a global crisis of confidence? do

thanks to the freedom of information act for example that, that bradley burke and fell b u b s whistleblower was arrested in exchange for the government of switzerland agreeing to take 2 weaker detainees from guantanamo for example. we only know that things to wiki leaks. so i think you're exactly right that we really don't know much of what the, what the u. s. government has negotiated with other governments. it's still secret . what do you eventually? i'm sorry, go read quite fun to mental that they, that they literally don't have any rights. literally, they are there at the whim of the united states government, all the house, government, cold jurisdiction, making go to, to clarify what they're right. you know, and you see everywhere else around the world as well. john, when, when governments either under the pressure of the us government or from their own governments, come on the any kind of suspicion they can be harassed, they can be arbitrarily detain. i mean, most bank, for example, the british citizen had, is possible taken off him, was imprisoned for a while. and then you know, when it c

the failures of that massive drop was largely because the markets were responding to how you be ass sees the real value of credits we shares. and the fall in the u. b. s shares was largely down to concerns about how all of this is going to pan out in the near future. but of course, going forward, there are big concerns about what's gonna happen all the stuff for these 2 banks to some like 5000 credits, which stopped just based here in london, alone along with other banking desks across europe. 6200 stuff at u. b. s, we know we're when these banks merge, they'll be a degree of streamlining what that means for people's jobs, though is still unclear on this monday morning. the thank you very much indeed. neeve barker, bringing us up to date from london in activation is expected to restore warning on the need to tackle the climate crisis. on monday, the u. n. reports described as a textbook for addressing climate change. our environment editor nick clock explains you know, it seems almost every day we're reporting on the growing tragedy and unpredictability of climate change. this is mila away. hundreds dead. hundreds of thousands displaced. the cause. a

u. b. s shareholders, yes, it was 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 to be scratching the head saying wouldn't, we've been better office if they still have not gone through. it's not possible the criticism only 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, the bank has been years of discipline to work. i'm trying to sustain and strengthen its financial health. and now shareholders having this failed competitor foisted upon them. well, certainly way of seeing it, i think you've, yes, certainly has 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 migh

u. s. a dot drones was up roughly one percent. credit suisse shares with down 56 percent of clothes is biggest ever daily decline. u. b. s is paying $3250000000.00. a credit suisse about 60 percent less than the bank was worth when markets closed on friday. 167 year old bank was once worth more than $90000000000.00. the focker is in london with more on the european market reactions . the fading here in the british capital that we may have averted the worst of a financial crisis of the like, not seen in 2008 as a result of what happened to credit suisse. but at the same time, although the market seemed to have come slightly, there have been some jitters across europe as reflected in a turbulent share price for the european central bank. also. unsurprisingly, the shaft prices of bush as a to a credit suisse fell by 62 percent the biggest in its history. although many financial experts believe the markets were simply adjusting to what they believe was u. b. s. is real valuation of the shares, never less. you be, i suffered a tank in it shares as well, of 12 percent. the problem is at the moment this takeover is just gather

u. b. s. could be just down, was away. we'll find out what's behind the tank of a beat. ah, i'm jarrett rate welcome to the program. russian president vladimir putin has made what the kremlin is calling a spontaneous visit to occupy mary paul exiled authorities from the ukrainian city have condemned the trip, which came hours after another unannounced stop in crimea peninsula that russia illegally annexed in 2014. now that in turn came on the heels of an arrest warrant issued by the international criminal court on friday, accusing vladimir fusion of wolf crops. months with memorial during the unannounced trip build as a working visit by the kremlin. the russian leader travelled by car driving himself to several districts in mariel, pull, chatting with people outside and visiting them in newly built homes, of which he also received updates about reconstruction works in and around the heavily destroyed city. with little before returning to russia to meet with his top military commander, the port city of mario pole had been home to some 450000 people before the russian sieg

u. s. army and its allies invaded iran. a minimum of 7. was it m b a made a was 2003, u. s. president george bush declared victory in the iraq war id. the project are, you know what that would put up for july and i found the engine potential hired to december. the 30th 2006 said, i'm hussain was executed and results will shut down them. from december, the 15th 2011, a ceremony was held in baghdad to mom the end of the u. s. military mission. in reality, the u. s. army is still in iraq, a. she had the village are still a couple people, but there are oh, when i was showing wrong, when i just don't hold me well, yes. to see how this thing becomes the advocate and engagement equals the trail. when so many find themselves worlds apart, we choose to look so common ground a with the clinician with no go. you have to be on a deal. plus, you know, we do a lot. that was rude enough. i just wonder, was it a little record? what's in which it is work for those who will do a bite, b, loan all to something more, that will be less. would you do less hours . so on is it is jim being a bus

public economy news, our shares in european banks are plummeted as credit suisse was bought by its domestic rival, u b. s. the government backed rescue deal credit suisse shares slid more than 60 percent, while shares of u. b. f. a drop, 16 percent amid the purchase. it was the biggest one day full of market value full u. b. s. since the 2008 financial crisis. other leading european banks are also down between 3 and 6 percent depending no deep financial. i say concerns about the sensor. the world's financial markets have reacted with unease after one of the world's largest banks exit at the global stage. and of course, take over as initial relief about the rescue of credit suisse has given way to new worries about big banks, debt. the acquisition fell short of calming fears and now shaking up the market to the major way. the, the move was designed to protect the swiss economy by reinforcing financial stability. but the decision has raised more than a few eyebrows as major creditors have seen their obligations entirely written off . my colleague, roy sushi, discuss this issue with our tea contributor, chr

u. b. s will receive liquidity assistance from state. the turmoil was unleashed by the collapse of 2 banks in the us. the responsibilities here, switzerland, president alon burst, say, speaking as the deal was announced, the liquidity outflows and markets volatility shows that it was no longer possible to restore the necessary confidence. and the swift and stabilizing solution was absolutely necessary. and the solution is the takeover of crazy stories by u. b. s. it is supported by the for the rise until following several meetings with the states national bank. we've our regulator or the fema with credit series and you'll be us and pretty wide account. she welcomes the stakeholder and is supporting it by guaranteeing the framework conditions necessary for its success. steven beardsley from d. w a business is here to break this down for us safe, forced takeover of switch. one second biggest bang come power investors reacting? was he mentioned really already many european banks are taking it on the chin right now. we've seen the u. b. s. which of course i

this was finance minister kevin killer setter, says the u. b. s. credit suisse agreement was necessary for global financial stability. the bankruptcy of a global systematically important bank would have cost irreparable economic term oil in switzerland and throughout the world. for this reason, switzerland, how to take the responsibilities beyond its own borders. these efforts have paid off. the federal council is convinced that u b. s. takeover of credit suisse has laid the foundations for greater stability, both in switzerland and internationally. chinese presidents using being is traveling to moscow for a 2 day visit. russian president vladimir putin has welcomed what he calls china's constructive role in trying to end of the ukraine war and says he has high expectations for their talks. just one day after the international criminal court issued an arrest warrant for him, put in, made a visit to the russian occupied city of mario pole in ukraine. he drove around several districts and was shown restoration work at a theatre. and a university mario

u b. s has offered to buy credit was for up to a $1000000000.00 or more. could have patches happened today. i don't know exactly what the sequence will be, but that looks like this will mean classes will actually start class. chris is concerned. if your b as buys it, i think i should put an end to confirm immediate concerns about european banks because credit is really a category of that. so and then with the credit situation, presumably resort, i don't see that there should be much contagion or any u. b. s. one's help from the swiss government for a possible takeover, as we've already had what has been discussed. i don't know the details, but we know that this is sort of the stand to be pragmatic and this is a situation which is largely without precedent, but also without successor. there will be no need of that nature in the future because there were only 2 laws with bank at the end of this if it was according to plan, that will be only one. so there will not be a repeat of that kind of situation in switzerland, and therefore i think it's perfectly natur

u. s. to violence drone like this one from file video has been struck by a russian ball plane as it was flying out of the black sea b, u. s. s. the unmanned vehicles propeller was damaged, forcing it down in international waters. but the gravity assess the drug was in russia control, asked bass, moving towards the russian border. and it went down on its close up is next to look at the effects of climate change in the next. i'll be back at the top of the hour. have a good day with no one does coastal protection better than the dutch small wonder because large parts of the netherlands lie below sea level. the threat of flooding has long and still the spirit of innovation here, making the country a role model worldwide in combating rising ties. ah, close up next on d, w. e to india. sand mining at the ku c. m by the thriving lesson legal $1000000000.00 business with a devastating impact on the environment. activists to my abdulla lead stood up against the sons mafia and you threatened and attacked multiple times. ego, india. in 60 minutes on d, w. o. r, flying rivers created by waterfalls throwing water particles into

this was finance minister, karen keller, sorta says the u. b. s. credit suisse agreement was necessary to provide financial stability across the globe. the bankruptcy of a global systematically important bank would have cross irreparable economic term oil in switzerland and throughout the world. for this reason, switzerland had to take the responsibilities beyond its own borders. these efforts have paid off the federal counselors convinced that u. b. s. takeover of credit suisse has laid the foundations for greater stability, both in switzerland and internationally. chinese president shing pang is said to travel to moscow on monday for to day visit rushes president, let him in. person has welcomed what he calls china's constructive role and trying to in the ukraine war and says he has high expectations for the talks. which is one day after the international criminal court issued an arrest warrant for him to have made a visit to the russian occupied city of maria, poland ukraine. he drove around several districts on saturday and was shown restoration

b, s 5000 workers at credit suisse. 6200 u b. s. behind me. we know that u. b. s. wants to streamline its activities going forward. it wants to make, what was, what was left over of credits, where a little bit less risk. i'm a more risk averse rather. and whether that means cutting back jobs. well, this is still a very much a big question mark over that. but across the board, the feeling is this is averted, a major instability in the financial hearts like london and other centers across the europe as well. now, thank you very much indeed. that's me barbara talking to us from london. well, credit suisse isn't just one of switzerland's largest banks is also classified as a globally systemically important bank by the financial stability board. a managers around $1.00 trillion dollars around the world. its profits dropped significantly in 2022, falling nearly $8000000000.00 after losing $2000000000.00 in 2021. it shares have been in shop decline since 2021. they've now lost more than 95 percent of their value in the past 5 years. investors took their money elsewhere last week when the banks mean shareholder refused to offer financial help. afte

overall banking system. switzerland's government says it was left with very few choices and so it said supporting swiss global banking giant u b. s is take over of rival credit suisse was the best option to avoid a financial crisis. the bankruptcy of a global systematically important bank would have cross irreparable economic term oil in switzerland and throughout the world. for this reason, switzerland had to take the responsibilities beyond its own borders. the through a central bank has agreed to offer a $100000000000.00 loan, and the government will guarantee up to $9000000000.00 of potential losses. should you be s his losses from the take over exceed a certain threshold. was says for toys is, is means we bring back stability and security for credit suisse clients that is very important that city. and also we keep the reputation of switzerland as a financial center. hi weiss. and finally, it means that we are stemming the turmoil in the international financial markets. these are the 3 goals that are very, very important to us. the syndrome died spec, a to z, a z, a z of is to st. phones. credit suisse is balance sheet is aro

overall banking system. switzerland's government says it was left with very few choices and so it said supporting swiss global banking giant u b. s is take over of rival credit suisse was the best option to avoid a financial crisis. the bankruptcy of a global systematically important bank would have cost irreparable economic term oil in switzerland and throughout the world. for this reason, switzerland had to take the responsibilities.

from around will shows in european banks have plummeted as could credit suisse was bought by domestic rival, u, b. s. and a government back to rescue deal. shares of u. b. s is in particularly dropped 16 percent following the purchase. it was that mike's biggest one day full of market values since the 2008 financial crisis. the move was designed to consent to the swiss economy by reinforcing financial stability. but the decision has raised more than a few eyebrows as major creditors have seen their obligations entirely written off by calling rory sushi, discuss this issue with archie, contributor chris ems to just imagine being an investor, someone that you know in an institution or, or even individual who's out high net worth trusted, their money with credit suisse, which no way from an in the u. k. right? credit suite. the scene is the top tier of banks in which part to pass in. right? but that's clearly not the case. you know, we have even today that they are now talking about people, the bondholders, right for who are not just expensive use a home. these are people that have that the bank has bo

u. b. s will receive liquidity assistance from miss with state. the turmoil was on least by the collapse of 2 u. s. banks. the humbling end of the banking icon, the swiss government hastily forced through the takeover of credit suisse by rival u. v. s. at well below market value. switzerland is fearful that a failure to protect depositors could lead to a global banking crisis. the bankruptcy of a global systematically important thank would have cross irreparable economic term oil in switzerland and throughout the world. the federal council is convinced that u b. s. takeover of credit suisse has laid the foundations for greater stability, both in switzerland and internationally. switzerland 2nd largest bank had been in trouble for some time, suffering scoundrels, public legal battles, and mounting losses. these longstanding vulnerabilities were brought to the surface by the collapse of silicon valley bank and signature bank in the u. s. highlighting just how panicked investors are. there is hope that the financial problems were unique to credit suisse and could th

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 and it's shareholders who's disproportionate influence on the world's economy simply doesn't correspond with the servi

b. you're talking about generalize him an air? no, i'm talking about dental budge wise, the ex army chief. ok. he was conspiring, he was telling b. u. s. he had hired a lobby score. lasana county on up here on my government barrel. who was loving against bill washington during the americans. a look him on when do rush on is on a gordon as of the whole of foreign office. all, all the stakeholders were not on board and that was in the cipher today. and he campaigned that iran as anti american and general america and so level. now we just go and then they will poison against the big line above. good relationship with the trump administration. former prime minister, i'll stop you. the more from the 22nd prime minister pockets on the chairman of the p t. i m on con uh to this break. ah, blue, blue, blue ah, ah, ah, i ah, with what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms race is on offense. very dramatic development. only personally and getting to resist. i don't see how that strategy will be successful. very katy killed time. time you sit down and talk ah, welcome back to going unde

u. b. s. is said to be offering to buy credit suisse, which was founded in $1856.00, up to a $1000000000.00, or $935000000.00 euros. it's also reportedly asking the state for assistance. the term was on least by the collapse of 2 banks in the united states. well, steven beasley from dw business is here to break this all down for me. hi, steven. now, media report say u b. s is offered to buy credits with rapture $1000000000.00. what's the likelihood of a deal today, and would this help com markets tomorrow? it's hard to know what the likelihood of a deal is to do without being inside the negotiations are very, very close to them. we know that the swiss government is likely to want a deal today. however, it's probably going to be putting pressure on regulators and on u. b. s. to make this deal happen. and that's because it doesn't want a certain situation to be there as markets reopen again. and the preferred method to unwind is kind of just ations is for a take over from another bank. otherwise, regulators would have to step in and take over the bank themselves. it creates a much more clear pict

the, the collapses that we've seen in the last couple weeks, a few weeks, even that one of them s u b was the 2nd largest banking crash in history that saying i cannot make x, but which is, which is crazy that it's not having this follow on effect. and people are talking about it. i mean, we saw credit suisse go down, one of the largest banks in the world, one a bank, which is, you know, with trusted by millions of institutions and ultra high net worth individuals, specifically like s b, b. very, very interesting that these bags, the very cautious private banks like credit suisse. don't you know, down down the pam and what's happened, the us dollar is become weaker. what does that, does that mean that yellen, janet, and who we've seen, and we'll show you something in a 2nd. she's what she's done. she's decided we're going to print more money. yes. to get what she doesn't understand this. if you print more money, you increase inflation, right? so she's got that part right in a way. but on top of that she's, she's now announced that she's going to borrow another $500000000000.00 on top of t

b. you're talking about generalize him an air? no, no, i'm talking you my general badge. why is the ex army chief ok? he was conspiring, he was telling b, u. s. he had hired a lobbyist or who santa connie, on up here on my government barrel, who was loving against bill washington during the americans. a look in on when to rashawn is on a gordon as of the whole of foreign office. all, all the stakeholders were not on board and that was in the cipher too. and he campaign that iran is andy american and general america and so level. now he does go and then they will poison against the big line above good relationship with the trump administration. former prime minister, i'll stop you there more from the 22nd prime minister pockets on the chairman of the p t. i. m on con, up to this break. ah, blue, blue, blue, a blue, blue with blue. ah it ah ah ah, ah, welcome back to going underground. i'm still here with overthrown bug is sunny by minister emron con. as you know, the white house has been denying a lot of stories, not least the nord stream destruction story revealed by seymour hersh, but day, according to your allegations about the fact you we

u. s. had accused aging of a cover up the f b. i says a lab leak was likely the u. s. energy department agrees, though with little confidence, chinese officials have dismissed the findings as political height. some health experts say the hunt for patient 0 is an unhelpful distraction. we have been so distracted by trying to change the style that we're not faking the actions that we need to stop it from happening again. and so i think our focus should be on, let's think systematically about where we can reduce risks. but mark leo says he's just relieved his work and his family's lives have returned to normal or whether his hamburger weather is business. we're studies. okay. we're working harder than before. making up for lost time. like many living in the hunt. he wants to focus on the future and not the past. katrina, you out a 0 beating andy mark as a senior research fellow at the center for china and globalization thinktank. he says there are competing narratives about china's handling of the pandemic. i think the tensions and the even outright aggression unprovoke