let s now get down to business and the drama that let s now get down to business and the drama that has let s now get down to business and the drama that has been unfolding over the weekend in switzerland is dominating once again. they ve had fraught negotiations as the authorities, the central bank and leaders of two of its biggest banks tried to reach a deal to prevent another damaging financial crisis. late on sunday it was announced. the troubled bank credit suisse has been taken over by its rival ubs in a government backed rescue worth over $3.1 billion. that s less than half the value of credit suisse at the close of trade on friday. the deal s been widely welcomed, including by the bank of england, the european central bank and in the us. switzerland s central bank wanted to prioritise financial stability and protect the swiss economy. here s the chief executive of ubs. translation: it means we bring back stability translation: it means we bring back stability and
a weekend of fraught negotiations in switzerland, as the authorities there, its central bank and leaders of its two biggest banks tried to prevent another damaging financial crisis. late on sunday, it was announced the troubled bank credit suisse was being taken over by its rival ubs in a government backed rescue worth more than $3.1 billion. that s less than half the value of credit suisse at the close of trade on friday. the deal s been widely welcomed, including by the bank of england, the european central bank and by the us federal reserve. but not everyone s happy. credit suisse bondholders have lost $17 billion, shares in both banks have slumped, and there has been a sell off of banking shares across the markets today. here s the chief executive of ubs explaining the rationale behind the deal. translation: it means we bring back stability and security for credit suisse clients, but also that we keep the reputation of the swiss financial centre high. and finally it mea
Wiped out the last of its gains made for the year so far. Some of the heaviest losses came in from the big tech stocks which sent the Nasdaq Composite to a Market Leading Loss of nearly 1. 9 . Shares of chinese real estate Giant Evergrande jumped by 28 as trading resumed in hong kong, after being halted last week. We will put up those figures for you as well, and as you can see the debt laden Developers Stock market valuation has fallen by almost 99 sincejuly valuation has fallen by almost 99 since july 2020. Valuation has fallen by almost 99 sincejuly 2020. We should also point out that it is a penny stock at this stage, just to put those numbers in context as well. 0ver to put those numbers in context as well. Over the last year, it has come to light that the Evergrande Company is the worlds most indebted developer, with liabilities at over 300 billion. But its not alone. 0thersmaller over 300 billion. But its not alone. Other Smaller Developers have also defaulted on their debts, le
The dow wiped out the last of its gains made for the year so far. Shares of chinese real estate Giant Evergrande jumped by 28 as trading resumed in hong kong, after being halted last week. We will put up those figures for you as well, and as you can see the debt laden Developers Stock market valuation has fallen by almost 99 since july 2020. We should also point out that it is a penny stock at this stage, just to put those numbers in context as well. Over the last year, it has come to light that the Evergrande Company is the worlds most indebted developer, with liabilities at over 300 billion. But its not alone. Other Smaller Developers have also defaulted on their debts, leaving unfinished building projects across the country. The Chinese Government has announced more support for real estate companies, including encouraging banks to extend the repayment periods on loans. The Property Market accounts for around a quarter of the worlds second largest economy. That is why it is all the m
is on a four day trip, aimed at improving relations between washington and beijing. she s told chinese officials that many american businesses feel it s too risky to invest in china. but she said she didn t want washington to cut links with the chinese economy. this is something we will be looking at and a lot more detail in our business coverage, there is concern about the real estate giant evergrande and its future, all thatis evergrande and its future, all that is impacting markets, we will look at that a little later. russian state media say four military cargo planes have been damaged in a drone attack on an airport in the northwestern city of pskov. no casualties have been reported. the local governor said the military was repelling an attack. he uploaded video showing a large fire while an explosion could also be heard. all flights have since been cancelled as local officials investigate the scene.