and japan meet for the first time in 12 years, seeking to set aside historic differences. the european central bank has hiked interest rates by half of 1%, despite the impact of rising rates on the banking sector. it comes as central banks and governments around the world are nervously watching whether the crisis surrounding credit suisse will develop into a global banking crisis. shares in credit suisse have stabilised after the swiss national bank offered it a funding lifeline. so how did we get here? credit suisse was already in trouble before its biggest investor saudi national bank announced on wednesday that it could offer no more financial support. that lead to its share price plummetting by 30%. late wednesday the swiss central bank said it would provide financial support to the tune of $54 billion us dollars. that has reassured the markets for now but concerns remain about contagion from the collapse of the two us banks last week. it is all quite complex, it is all q
over the black sea. britain becomes the latest country to ban the chinese owned video sharing app tiktok from government mobile phones. the uk government has reached an agreement with health unions over a new pay dealfor nhs staff in england. the deal aims to bring to an end a winter of industrial action which has seen nurses, ambulance staff and physiotherapists all go on strike. the offer includes a rise of 5% for the next financial year starting in april and covers all nhs staff except doctors, who are on a different contract. for this year staff have been also offered a one off payment. members will now be consulted over the coming weeks and strike action paused. the uk health secretary steve barclay has been speaking in the last few minutes, here s what he had to say. the government has made a formal offer, just come at a meeting, i m pleased they ve agreed to recommend to their members, it will be for a 5% pay rise next year, 2023 24, but also an additional lump sum
that lead to its share price plummetting by 30%. late wednesday the swiss central bank said it would provide financial support to the tune of $54 billion us dollars. that has reassured the markets for now but concerns remain about contagion from the collapse of the two us banks last week. it is all quite complex, it is all quite complex, this. with me is our business presenter ben thompson. european central bank has put rates up european central bank has put rates up by european central bank has put rates up by half a 1%, what is the impact of that? it up by half a 196, what is the impact of that? , , . up by half a 196, what is the impact ofthat? , , . , up by half a 196, what is the impact of that? , , . , ., of that? it sends a message that inflation is of that? it sends a message that inflation is a of that? it sends a message that inflation is a big of that? it sends a message that inflation is a big concern - of that? it sends a message that inflation is a big concern for-
investor saudi national bank announced on wednesday that it could offer no more financial support. that lead to its share price plummetting by 30%. late wednesday, the swiss central bank said it would provide financial support to the tune of $54 billion us. that has reassured the markets for now but concerns remain about contagion from the collapse of the two us banks last week. the european central bank s interest rate rise is the sixth successive hike. that s despite wider fears of market uncertainty following credit suisse s bailout. but the ecb s president says the situation is being monitored. we are monitoring current market tensions closely and we stand ready to respond as necessary to preserve price stability and financial stability in the euro area. the euro area banking sector is resilient