after major concerns over the bank s finances. its shares fell by almost a third on wednesday at one point, forcing the swiss central bank to take action. it issued a statement saying credit suisse can borrow up to $54 billion us to boost its bottom line. today the shares have rebounded and are currently up just over 20%. the selling has continued in asia today, with japan s topix banks index falling more than 4%, after recording its worst day in three years earlier this week. we re nowjoined by craig erlam, who s senior market analyst at oanda. for the story to come out was unfortunate timing. it has the backing of the central bank. covering short positions? it keeps investors that they are holding onto something that is not going to become more innocuous. we will see more volatility over the coming days and now investors are going to be looking at more financial institutions to see if there are material weaknesses there as well. i don t think this is over at this point, i t
hello and welcome to bbc news. banks and governments around the world are nervously watching the european markets to see if the crisis surrounding credit suisse will develop into a global banking crisis. so far things seem reasonably calm with shares in credit suisse rising almost 30% after the swiss national bank gave it a lifeline. but there are concerns that a potential interest rate rise later on thursday by the european central bank could add further volatility to the situation. earlier our business presenter sally bundock explained why the situation at credit suisse was notjust important to the financial community but to all of us: a real worry about credit suisse. if that bank, which is 160 odd years old in switzerland, were to fail, it could have the same effect that the lehman brothers collapse had in 2008, which is it brings a huge amount of fear within markets about the stability of other banks. so people therefore act very quickly and remove their funds from banks
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
is outside the law . it is not the law of the land, it is the law of the jungle. and the uk s biggest horse racing festival is kicking off, with stricter rules around jockeys whipping horses. welcome to our viewers on pbs in america, and around the globe. the us has summoned the russian ambassador to express concern about a collision between russian fighter jets and an american drone over the black sea. washington has accused moscow of irresponsible behaviour, and said the drone was involved in a routine operation in international airspace. russia denied the us claims, instead saying the drone crashed after it lost altitude while manoeuvring sharply. this was the pentagon spokesman a little earlier. we are continuing to assess exactly what happened, but i think, based on the actions of the russian pilots, it s clear that it was unsafe, unprofessional, and i think the actions speak for themselves. what we saw again were fighter aircraft dumping fuel in front of this uav, and