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
bloody war in ukraine. is that what was behind this week s confrontation with the u.s. drone and what does it say by him asking billionaires to save the russia economy. and the roller coaster on wall street shows no signs of stopping the s&p 500 is actually up what it all means for finances of everyday americans. and donald trump and his allying ramping up on ron desantis. and vladimir putin is under exterior and growing pressure both at home and abroad. mired in a war that s gone on far loster and cost more money and lives than nearly anyone had predicted. today putin addressed business elite in person, the first time he s done that since the war started. he called on them to invest in russian society, to put patriotism above profit. the latest sign of how badly russia s economy is suffering. it comes on the same day they released the have i i don t. nbc has learn that the pilots was on to harass the drone before ultimately colliding with it, forcing it to crash in t
republicans counter, of course, where have you been on this and the hypocrisy of all of this when you yourself have approved hundreds of such planes over the last year, two years year and a half i should say since he s been in power, approving migrants from all over mexico and south america, who have made their way here, sent oftentimes in the middle of the night to cities and states across the country. and there s no rage there. but again, we re just keeping you posted on these developments and there is rage about not only the people coming across the border, but all the drugs and the fentanyl problems that often times comes with them and that is a very, very big worry for nebraska s republican governor pete ricketts, joining other governors saying this has got to stop. this is from earlier. one of the things we ve seen biden administration as abdicated its responsibility to defend our southern border. a huge amount of fentanyl and other illegal drugs across the border.
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
Clear. people s deposits have set up a separate fund, any bank facing systematic risk problems, your deposits are safe. anyone worried like my gosh, absolutely not, your money is okay however, to say that we re in safe territory, no problem, that s no true think about the last ten years we had zero interest rates for way too long we had free money. that makes people take more risk, right? suddenly you saw the crypto craze, spacs, nfts, and then covid. the girl government flooded trillions into the system. we got a bunch of inflation. next things next, the fed jacks rates, and that s made things pretty francised, and that s made the lending environment to be more difficult. things are absolutely fragile,