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after banking shares saw sharp falls on monday. the sell off continued in asia with japan s largest banks also seeing heavy losses. shares of mufg, miz uho and smfg were all down around 8% in trading. the nikkei exchange was down over 2% overall. here in europe, we ve seen credit suisse drop another 5% in early trading. on monday, major us banks lost around %90 billion in stock market value, bringing their loss since svb s collapse to nearly $190 billion. many are now speculating the federal reserve will pause its plans to keep raising interest rates, designed to tame inflation. we re nowjoined by greg swenson, who s an international investment banker, founding partner at brigg macadam. talk to me about the perception of rate rises being not only part of the cause of this but also now the federal reserve having a rethink about what it does for the cost of borrowing given what we have seen in the banking sector. great borrowing given what we have seen in the banking sect ....
straight week protesting benjamin netanyahu s proposed changes to the law. from the suburbs of paris to the river thames, meat the was boat race. the governor of mississippi has declared a state of emergency after tornadoes ripped through the us state. at least 25 people were killed. the authorities say the storm left a trail of damage for more than 150 kilometres. president biden has called the storms heartbreaking and vowed federal support. one of the worst affected towns is rolling fork, where entire neighbourhoods were flattened to rubble. our north america correspondent david willis reports. this is all that remains of the mississippi town of rolling fork. heavy vehicles were picked up and tossed around like toys after the twister touched down, all but wiping this tight knit community off the map. we ve got a new scan coming on as we speak. the storm struck at night, the warnings too late for the residents of rolling fork and nearby silver city. sighs. oh, man ....
Friday night dinner, a lot of people were in these properties when the tornado struck, one person coming back to search for belongings there is very little left, she said it happened so fast that is what i ve heard from everyone, i spoke to the man who had lived in this property he said the only warning he had was a sound, he could hear the wind was coming, he knew something was coming, he knew something was very wrong so he took shelter in his bathroom, and thatis shelter in his bathroom, and that is the only part the property that survived, that is how i asked him how he knew it was safe to come out, the roof had come off and he could see the tornado had passed. iam i am asked at effort on what have you been hearing i have ....
Of how much work is still left to do, what we are seeing from the data is that the composition, where the inflation is coming from, is shifting a bit. there is less inflation pressure from good but the cost of housing and renting, shelter, that remains very high, and thatis shelter, that remains very high, and that is an issue for the federal reserve. pressure from goods. mark zuckerberg, the boss of meta, called it a year of efficiency and he would like to cut 10,000 jobs. he: was reflecting back on what has been happening to revenue at the company, calling the cratering of revenue a humbling experience, as he announced the new year of efficiency, 10,000 jobs cut, on top of a huge cut they announced last november. roughly the same size. what they have stated that they will cut first from the recruiting and then he will see tech jobs go in april and then in may you ....