germany say police spoke to the suspect in thursday s hamburg shooting a month before the attack. one of the strongest storms ever recorded in the southern hemisphere hits mauritius and madagascar twice and is now heading for mozambique for the second time. it may have broken the record as the longest lasting cyclone in history on record, it s been a named tropical cyclone now also 33 days. we start in the us, and regulators have shut down silicon valley bank, a major lender to tech companies after it ran into financial trouble. concerns triggered a sell off on global financial markets. it is the largest banking failure in the us since 2008. james clayton has been explaining how it happened. this will go down in silicon valley history, certainly one of the most stressful days for silicon valley founders in modern times. we have spoken to people today who have been able to withdraw their money from silicon valley bank, and some who haven t. one person i spoke to said they put
morning as katie silver and she has been looking into this story for us and joins us on the programme live. it was great to get you on the show. what is your sense of the key things they re hoping to discuss and achieve at this meeting? figs discuss and achieve at this meeting? discuss and achieve at this meetinu? a ., meeting? as you said, at the to of meeting? as you said, at the tap of the meeting? as you said, at the top of the agenda meeting? as you said, at the top of the agenda is - meeting? as you said, at the top of the agenda is china. . meeting? as you said, at the | top of the agenda is china. we have seen it already. we heard, for example, last night there was a working dinner to kick off this three day event and by video link we heard from the top foreign policy chief of the eu, the high representative josep borrell. he is basically called on leaders of the g7 to put china and particularly its behaviour when it comes to taiwan as the major focus that they
after banking shares saw sharp falls on monday. the sell off continued in asia with japan s largest banks also seeing heavy losses. shares of mufg, miz uho and smfg were all down around 8% in trading. the nikkei exchange was down over 2% overall. here in europe, we ve seen credit suisse drop another 5% in early trading. on monday, major us banks lost around %90 billion in stock market value, bringing their loss since svb s collapse to nearly $190 billion. many are now speculating the federal reserve will pause its plans to keep raising interest rates, designed to tame inflation. we re nowjoined by greg swenson, who s an international investment banker, founding partner at brigg macadam. talk to me about the perception of rate rises being not only part of the cause of this but also now the federal reserve having a rethink about what it does for the cost of borrowing given what we have seen in the banking sector. great borrowing given what we have seen in the banking sector. t
been some flight to safety from depositors who are looking to put their cash or bank they know will pay the back, that really has helped those big banks boost their net interest earnings and you saw that in the earnings numbers. i think looking out over the rest of this year it s quite likely that these big banks, and we will see some more this week, are experiencing, they are peaking in earnings, and if we look out over the rest of the year there are more storm clouds on the outlook that could be really challenging for the banking sector. the banking sector. what are the banking sector. what are the storm the banking sector. what are the storm clouds, the banking sector. what are the storm clouds, the - the banking sector. what are l the storm clouds, the pressure points, as you have called them. it points, as you have called them. , ., , points, as you have called them. , . , ., them. it is really getting down to the fact them. it is really getting down to the fact that them
about what it does for the cost of borrowing given what we have seen in the banking sector. great borrowing given what we have seen in the banking sector. the banking sector. great question. we saw speculation the banking sector. great question. we saw speculation in the banking sector. great question. we saw speculation in the - the banking sector. great question. we saw speculation in the markets| we saw speculation in the markets yesterday and there is a report from goldman suggesting they would not tighten at the meeting in a few weeks but the challenges, after the cpi print today, you have already seen the market pricing in a 25% basis increase, a likelihood of 85% probability, so i am not sure that they are going to have, i don t think they can turn around at this point, it is clear powell is dedicated to indicating that the rates will be higher for longer and even though there is a speed bump with the crisis over the weekend, the cpi print is indicating that 0k, they are no