by about twice the global average. it s already increased by 2 degrees celsius. 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 fellow swiss bank ubs after a deal brokered by the swiss government. 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 markets. these three goals are very, very important to us. we
state of emergency as intense storms hammer the golden state. we can t live like this. atmospheric rivers washing out roads and bridges leaving people trapped in their mee joi management director from one of the hardest hit counties. the economy still red hot notching another strong jobs report. we ll tell you where the job gains are and why this complicates the fight to tame inflation. all the money is in the bank. i don t know what we re going to do now. reporter: a capital crisis, a stunning free fall leading to the second largest collapse of a financial institution in u.s. history. could there be a domino effect and what does this mean for those with accounts at svb? i think it was an overreaction to the destruction of property. large rocks, your only intent is to harm. police and protesters clashing over a controversial police training facility near atlanta. how things turned violent and why tensions remain high this weekend. can you feel that? it s the
people, including a 9-year-old. they say a tip led to his arrest. also happening today, the fed is expected to raise interest rates again. the big question, though, is whether the fed chair, jay powell, signals that a pause is to come. also, the biden administration now signing off on sending 1,500 troops to the southern border ahead of an expected surge in migrants. and the u.s. announced a new immigration deal with mexico aimed at deterring border crossings. and new and promising data just released on an alzheimer s treatment. details about the drug the company says significantly slows cognitive and functional decline. and the new york times reports that said, quote, it s not how white men fight. new information on how that text may have contributed to his firing. cnn this morning starts right now. we do begin with the texas massacre suspect accused of gunning down five of his neighbors. he is now under arrest after a huge manhunt. the fbi says it received a tip
and the rise of china. and, climate advocates bless the president for approving a huge drilling project in alaska. we will sit down democratic senator chris van hollen let what it says about progressive s wish list ahead of 2024. plus, the bite administration says the worst is over, after a high-profile bank failure spoils markets appear. our banking system is sound. but while makers, business leaders and consumers are still bracing ahead of a fed interest rate decision just days away. we will bring in mohamed el-erian one of the world s most respected investors on what this means for your economy and your money. then, former president donald trump says he expects to be arrested in manhattan on tuesday per bless the sunday panel of the looming charges could up and the 2024 campaign all right now on fox news sunday . gate hello from doctors in washington. global powers are flexing this week russian president putin is prepared to welcome his chinese counterpart judging p
and titans many charged with being woke, but the fact of the matter was, it was a bank that made the wrong bet on treasuries at the wrong time and bought tens of billions of those, the price of treasuries went down and flat-footed while people wanted their money. now it s in receivership and run by the federal deposit insurance corporation. it s a dramatic played out amidst talk there could be other problems out there. kelly o grady has more from los angeles. kelly. good morning to you, neil. yes, it s the second biggest banking collapse in u.s. history. the first major one since 2008 and it all happened in the span of 48 hours, what started this is svb found its self short on cash. the stock was plummeting. invests warned they might not be able to raise money and a bank run and loss of clients and simultaneously tried to withdraw fund. and the regulators have taken over it and insured depositors will gain access by monday. fallout could be dire. roughly 50% of venture capi