that the country s biggest bank, ubs, has taken over its troubled rival credit suisse in an emergency measure designed to protect the swiss economy. credit suisse has seen its value plummet over the last week due to fears about the company s financial health. regulators in switzerland had spent the day trying to pave the way for a deal to be struck before the financial markets open tomorrow. here s the swiss president alain berset speaking at a press conference a short time ago. on friday, the liquidity showed that it was no longer possible to restore the necessary confidence, and the swift and stabilising solution was absolutely necessary. this solution is the takeover of credit suisse by ubs. it is supported by the federal council following several meetings with the swiss national bank, with a regulator, credit suisse and by ubs. the federal council has every confidence that in this difficult situation, the takeover of credit suisse ubs is to restore the confidence that
devastated in the early months of the war. # i ll take the world apart to find a place for a peaceful heart. and we hear from yusuf cat stevens about music, faith and performing at glastonbury. it s 7am in singapore, and midnight in switzerland where the government has reached an emergency deal with the country s biggest bank, ubs, to take over its troubled rival credit suisse. the annoucement comes just before global financal markets open on monday, in an attempt to settle nerves in the global financial sector. credit suisse has seen its value plummet over the last week due to fears about the company s financial health. credit suisse had been caught up in the market uncertainty triggered by the collapse, nine days ago, of america s silicon valley bank. here s the swiss president alain berset speaking at a press conference earlier. on friday the liquidity and volatility showed it was no longer possible to restore the necessary confident and that the swift and stabilising solu
the government of switzerland says that the country s biggest bank, ubs, has taken over its troubled rival credit suisse in an emergency measure designed to protect the swiss economy. credit suisse has seen its value plummet over the last week due to fears about the company s financial health. regulators in switzerland had spent the day trying to pave the way for a deal to be struck before the financial markets open tomorrow. here s the swiss president alain berset speaking at a press conference earlier. on friday, the liquidity outflows and market volatility showed that it was no longer possible to restore the necessary confidence, and that a swift and stabilising solution was absolutely necessary. this solution is the takeover of credit suisse by ubs. it is supported by the federal council following several meetings with the swiss national bank, with our regulator, with credit suisse and ubs. the federal council welcomes the takeover and is supporting it by guaranteeing
hello and welcome to bbc world news. the government of switzerland says that the country s biggest bank, ubs, has taken over its troubled rival credit suisse in an emergency measure designed to protect the swiss economy. fears about the possible collapse of credit suisse sparked falls in stock markets around the world over recent days, and raised fears of another global financial crisis. the rescue deal follows a weekend of emergency talks between the two banks, after credit swiss saw its value plummet over the past week. the swiss national bank said the deal was the best way to restore the confidence of financial markets and to manage risks to the economy. our geneva correspondent imogen foulkes explains the significance of this merger on the global stage. it s early days. but i don t think it s going to be easy. ubs is the bigger of the two, but both of them are already huge. if you lookjust in switzerland, both of them have at least one branch, more in a big city like bern
through his controversial pension reforms. we start with increasing warnings from western governments over the use of the chinese social media platform, tiktok. today the british government banned it on all government and civil servants devices. take a listen. we re also going to ban the use of macro when devices. we will do so with immediate effect. mr speaker, this is a precautionary move. we know that there is already use of tiktok across government, but it is also good cyber hygiene. on the face of it the app might not look like a threat to national security. it s exploded in popularity as a platform to share short videos of viral dances and comical voice overs. and has become a part of today s youth culture. tiktok claims to have more than one billion monthly users worldwide. and last year it was the most downloaded app in the world. the app is owned by the chinese company byte dance. and that s what s worrying governments. because the app can collect data stored on t