the temperature up here in the alps is rising by about twice the global average. it s already increased by 2 degrees celsius. and 20 years since the us led coalition invaded iraq to topple dictator saddam hussein, we look at the legacy. hello and welcome to bbc news. the world s financial markets have reacted with unease following last night s emergency takeover of the troubled swiss bank credit suisse. shares in credit suisse fell by more than 60% this morning after european markets opened and the value of banking shares across europe have dropped sharply. credit suisse was bought by rival swiss bank ubs in a deal brokered by the swiss government over the weekend. 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 means we are stemming the turmoil in the international financial
meanwhile, in pennsylvania, police are now expanding their manhunt for a convicted killer who has been on the run since escaping from prison a week ago. on capitol hill, senate republicans are hoping for answers today about minority leader mitch mcconnell s health after he apparently froze twice in two months. and excessive heat is expected to break records across the country today while we have got our eyes on tropical storm lee expected to become a major hurricane in just a couple of days. and we begin this morning with the very latest on the legal drama surrounding former president donald trump. the judge overseeing the case will hold a hearing today on motions by co-defendants kenneth chesebro and sidney powell to separate their positions, their portions of the case, from other defendants. it comes after all 19 defendants in the case pleaded not guilty and waived their arraignments originally scheduled for today. and today s hearing also comes as there are new devel
Markets. because inflation has come back we have seen a major sea change in the interest rate backdrop, the federal reserve and others all raising rates and that has created a huge change in a backdrop in terms of the lending environment and that is part of the reason why we saw the collapse of silicon valley bank, that has caused quite a bit of nervousness, and some panic. there was a run on that bank and now the woes facing credit suisse have intensified in the last few days, saying it faced material weakness in its financial statements, its biggest backer saying it was not ready to provide financial support, rather unfortunate timing that we have had these two events around the same time and of course that can lead to emotions amongst investors, like you say, can be an element of panic selling by the blessing to do is keep calm and carry on. finally, what does is keep calm and carry on. finally, what does this is keep calm and carry on. finally, what does this mean is keep cal