:00:19. > :00:23.Good evening. The Swiss banking giant UBS says it may have lost $2
:00:23. > :00:28.billion. An alleged rogue Trader is being questioned by police. How
:00:28. > :00:34.could this happen again at a big bank?
:00:34. > :00:39.And banks are to help the failing economies by opening up short-term
:00:39. > :00:45.bank loans. The head of the IMF has issued a stark warning.
:00:45. > :00:50.Without us -- without bold action, there is a danger that economies
:00:50. > :00:55.slip back instead of moving forward. David Cameron and Nicolas Sarkozy
:00:55. > :01:00.visit Libya. Colonel Gaddafi said he would help
:01:00. > :01:06.-- hunt you down like rats but you showed the courage of lions. We
:01:06. > :01:10.salute your courage. And monks on wheels. I knew
:01:10. > :01:20.documentary by three skateboarders that shows a different perspective
:01:20. > :01:25.
:01:25. > :01:31.Questions are being asked as to how much the big banks have learnt from
:01:31. > :01:37.the financial crisis and whether the current regulatory systems are
:01:37. > :01:43.rigorous enough. Three years ago, the Lehman Brothers filed for
:01:43. > :01:49.bankruptcy. UBS says it may have lost around $2 billion.
:01:49. > :01:53.Unauthorised trading by one of its traders is suspected. It trader in
:01:53. > :01:59.London has been arrested on suspicion of fraud.
:01:59. > :02:07.I new entrant to the bankers' Hall of fame, or should that be hall of
:02:07. > :02:12.shame? He is alleged to have racked up unauthorised losses of �1.3
:02:12. > :02:18.billion. Hours after the UBS uncovered the eye-watering loss,
:02:18. > :02:23.the man was arrested. We have contact -- we were
:02:23. > :02:29.contacted by UBS about an allegation of fraud and at around
:02:29. > :02:33.2pm, we arrested a 31-year-old man on suspicion of fraud by abuse of
:02:33. > :02:40.position. Here in the heart of the City of
:02:40. > :02:48.London is where the alleged rogue trader worked. His colossal rock --
:02:48. > :02:56.colossal losses are liable to tap this bank back into the red. After
:02:56. > :03:00.the Great Crash of 2008, this bank claimed it was taken much less risk.
:03:00. > :03:08.UBS was one of the bank's worst hurt by Derek banking crisis
:03:08. > :03:13.incurring losses of more than �35 billion. Bailed out by the Swiss
:03:13. > :03:18.government, it has changed the way it does business.
:03:18. > :03:21.You can Putin limits on the way people trade, but if you are
:03:21. > :03:28.employed end intelligent people and they want to get around these
:03:28. > :03:31.systems, there is a chance they will find a way. A moral compass is
:03:31. > :03:35.needed from the top of the organisation so that people know
:03:35. > :03:41.what is right and wrong and do not think about doing these things.
:03:41. > :03:47.If it turns out that this is a big time rogue trader, I will this loss
:03:47. > :03:54.rank against other rogue traders? The biggest loss of �1.3 billion
:03:54. > :04:00.was racked up in 2008. That is rather more than the �827 million
:04:00. > :04:07.loss of Britain's most famous rogue trader.
:04:07. > :04:10.After this arrest, the British regulator the Financial Services
:04:10. > :04:16.Authority put pressure on the banks to tighten up their scrutiny of
:04:16. > :04:21.traders. Unless you set up -- separate that
:04:21. > :04:26.Wild West casino tight organisation from the ordinary men and woman on
:04:26. > :04:29.the high street, we are in real trouble. That is what the Banking
:04:29. > :04:34.Commission suggested earlier this week and we must implement that as
:04:34. > :04:44.fast as possible. This advertisement is how UBS likes
:04:44. > :04:45.
:04:45. > :04:49.to see itself. It has been humiliated by one of its bankers.
:04:49. > :04:54.The developments at UBS show just how risky the banking business can
:04:54. > :04:58.be. Central banks are trying to ensure they have adequate
:04:58. > :05:08.supervision and regulatory structures, they are also deeply
:05:08. > :05:09.
:05:09. > :05:15.enmeshed in trying to steer past -- steer a path to economic recovery.
:05:15. > :05:23.Co-ordinated action would enable banks to address short-term needs
:05:23. > :05:33.in the eurozone. Christine Lagarde warned about a vicious circle.
:05:33. > :05:34.
:05:34. > :05:39.There is still too much debt in the system. Uncertainty about many
:05:39. > :05:43.advanced economies, household income in the United States, weak
:05:43. > :05:48.growth and the weak balance sheets of government and financial
:05:49. > :05:53.institutions, households are feeding negatively on each other,
:05:53. > :06:00.feeling a crisis of confidence and holding back investments and job-
:06:00. > :06:07.creation. This vicious cycle is gaining momentum and frankly it has
:06:07. > :06:09.been exacerbated by policy uncertainty and a lack of political
:06:09. > :06:19.resolve and collective determination.
:06:19. > :06:22.
:06:22. > :06:25.That was Christine Lagarde has a bid, the head of the IMF. There is
:06:26. > :06:29.a police investigation going on, but in general terms, are you
:06:29. > :06:34.satisfied that current banking regulations are sufficiently
:06:34. > :06:39.rigorous? I am not. I think what we are
:06:39. > :06:47.seeing today with these two announcements, liquidity crisis and
:06:47. > :06:51.to the UBS announcement, there are three things going on. A European
:06:51. > :06:59.sovereign debt issue that is exacerbated in the banking sector
:06:59. > :07:04.by under capitalisation. Basically a lack of regulation of these banks.
:07:04. > :07:09.We can see these things coming together in a very negative way.
:07:09. > :07:14.will look at one particular thing. The co-ordinated action between
:07:14. > :07:20.central banks to ensure that banks in the eurozone can get loans in
:07:20. > :07:26.order to keep them going for a short time. Explain to us in simple
:07:26. > :07:30.terms the thinking behind that. Basically, what has happened is
:07:30. > :07:35.that the European sovereign debt crisis has caused a lot of angst
:07:35. > :07:40.amongst investors about the solvency and the help of various
:07:40. > :07:48.European institutions, so these institutions are having a difficult
:07:48. > :07:54.time getting access to money, to finance their day-to-day operations.
:07:54. > :08:00.As a result, central banks have stepped in as a last resort to help
:08:00. > :08:08.fund their operations. But it sounds like a short-term solution,
:08:08. > :08:14.and not a long-term one. That is right. The real problem is that the
:08:14. > :08:20.European sovereign debt crisis will continue. This is the same sort of
:08:20. > :08:27.panic, and angst, that you will seek in the marketplace until a
:08:27. > :08:31.long-term solution is put in place by the Europeans. Greece and other
:08:31. > :08:39.peripheral European nations like Ireland, Portugal, and potentially
:08:39. > :08:43.Spain and Italy, where we also see contagion from those three.
:08:43. > :08:46.Christine Lagarde and her warning there, about not wanting to
:08:47. > :08:56.jeopardise the wrote but you have to deal with debt, easier said than
:08:57. > :09:04.done. Very much. At the end of the day, this problem is about the fact
:09:04. > :09:08.that the euro currency acts like a gold standard and it requires eight
:09:08. > :09:12.deflationary solution for the countries with then. They cannot
:09:12. > :09:17.devalue and therefore worked their way out of trouble that way. They
:09:17. > :09:20.have to go through austerity and wage and price cuts and that is a
:09:20. > :09:27.very negative scenario for economic growth.
:09:27. > :09:30.Thank you very much. Britain and France have been at the forefront
:09:30. > :09:34.of the international military operation against Colonel Gaddafi
:09:34. > :09:38.and today, David Cameron and President Sarkozy were the first
:09:38. > :09:48.Western leaders to visit to Italy to give their backing to the new
:09:48. > :09:51.
:09:51. > :09:55.Libyan leader. They were given enthusiastic backing.
:09:55. > :10:01.Not quite mission accomplished. The French and British leaders are
:10:01. > :10:05.right in Libya today inclined to celebrate. A very good day for us.
:10:05. > :10:14.We are very proud to be here. Britain played a role that I am
:10:14. > :10:22.very proud of. But in the end, this is what the Libyans did themselves.
:10:22. > :10:28.A helicopter ride into the heart of Tripoli. The country is still at
:10:28. > :10:36.war with Colonel Gaddafi's dwindling band of loyalists. But
:10:36. > :10:42.listen to the adulation that this hospital. -- at this hospital. It
:10:42. > :10:48.is genuine. Without NATO support, they know that their mission might
:10:48. > :10:52.have stumbled. Some of the injured will now come to British hospitals,
:10:52. > :11:02.part of a much bigger plan to gnat while Richard Libya back on its
:11:02. > :11:07.
:11:07. > :11:12.feet. -- to nudge oil-rich Libya. They helped us from the beginning
:11:12. > :11:17.and I hope they continue helping us until we get back to normal.
:11:17. > :11:24.It is seven years since Tony Blair first came here to try to bring
:11:24. > :11:28.Colonel Gaddafi in from the cold. Today, David Cameron is visiting
:11:28. > :11:33.what feels like a completely different country. There is still
:11:33. > :11:40.serious fighting and plenty of political instability but, in many
:11:40. > :11:45.ways, this is a country that is stabilising every day. What I have
:11:45. > :11:49.seen is impressive. This is people who want to take the lead and sort
:11:49. > :11:55.out their country. It is important to help them rather than lecturer
:11:55. > :11:58.them. There was swapping of gifts. There
:11:58. > :12:04.were strong hints today that Britain and France might be
:12:04. > :12:12.rewarded with oil contracts. President Sarkozy insisted no deals
:12:12. > :12:17.were done. Mr Cameron said that to Libya's war was not over.
:12:17. > :12:23.This work is not done yet. The message to Colonel Gaddafi and all
:12:23. > :12:29.those still holding arms on his behalf, it is over. Give up. The
:12:29. > :12:36.mercenaries should go home. There is no sign of that. The
:12:36. > :12:42.frontline is outside Gaddafi's home town. The loyalists there could
:12:42. > :12:46.still destabilise things. But in Benghazi this afternoon, it felt
:12:46. > :12:50.like a victory parade. Colonel Gaddafi said he would hunt
:12:50. > :12:57.you down like rats but you showed the courage of lions and we salute
:12:57. > :13:03.your courage. And moment of elation and Libya's
:13:03. > :13:08.history. A spokesman for antique Gaddafi
:13:08. > :13:13.forces has said that one of their military units has entered the
:13:13. > :13:21.outskirts of Colonel Gaddafi's home town. He said they had reached the
:13:21. > :13:26.south-western edge of the town and encountered resistance.
:13:26. > :13:36.In Libya itself, David Cameron announced hundreds of thousands of
:13:36. > :13:37.
:13:37. > :13:41.pounds of eight to get rid of mines planted during the conflict. -- aid.
:13:41. > :13:48.We are joined by a spokesperson from the mines Advisory Group. How
:13:48. > :13:55.bad is the problem in Libya? It is a big problem. There are reports of
:13:55. > :14:01.minefields laid by Gaddafi forces, in defensive areas, around where
:14:01. > :14:06.the fighting was happening. But there are also minefields going
:14:06. > :14:16.back to the Second World War. The big issue is unexploded ordinance.
:14:16. > :14:20.A lot of stuff that is dropped does not go off. You say they are all
:14:20. > :14:27.over the place. Are they in heavily populated areas or more remote
:14:27. > :14:37.parts of the country? It is a mixture. Central Misrata at need to
:14:37. > :14:37.
:14:37. > :14:44.be cleaned. Everywhere where there have been protracted conflict,
:14:44. > :14:50.along the front lines, there is a lot of contamination and also the
:14:50. > :14:54.stockpiles of weapons and ammunition that is being looted,
:14:54. > :15:01.and needs to be secured. We are in the process of helping the
:15:01. > :15:04.authorities on the ground to do that. There are funds from the
:15:04. > :15:09.Department for International Development to help us enable
:15:09. > :15:14.people to rebuild in safety. Public education and awareness is very
:15:14. > :15:23.important. How well aware are the ordinary Libyans about these
:15:23. > :15:26.dangers? They are not very aware. When I was there recently, I sold
:15:26. > :15:32.locals handling cluster bomb submissions questioning whether
:15:32. > :15:36.they were dangerous. It is important that we spend time with
:15:36. > :15:42.the community and develop materials and work with them to ensure they
:15:42. > :15:46.reduce the risks they are faced with. Also, children are naturally
:15:46. > :15:52.inquisitive all over the world and Libya is no different. When they
:15:52. > :15:58.find a shiny metal object, they do not know what it is, they pick them
:15:58. > :16:08.up and the results are unfortunately often very tragic.
:16:08. > :16:09.
:16:09. > :16:16.Staying with conflicts in the Middle East, a Syrian activists
:16:16. > :16:24.have come up with a list of members of their National Council giving a
:16:24. > :16:31.public face to President al-Bashir. Their names have not been revealed
:16:31. > :16:35.to protect their security. It is six months since the protests began.
:16:35. > :16:39.The UN Secretary-General has emerged World readers - might lead
:16:39. > :16:49.us to make faster progress on a two-stage solution in the Middle
:16:49. > :16:52.
:16:52. > :16:57.East. -- to make faster progress. At least 20 people have been killed
:16:57. > :17:03.in a bomb attack in Pakistan. A bomb went off during the funeral of
:17:03. > :17:09.a tribal elder. The villagers were pro Government and had formed an
:17:09. > :17:13.anti- Taliban militia. Rescue teams in South Wales are trying to reach
:17:13. > :17:18.four miners trapped underground for nine hours at a flooded colliery
:17:18. > :17:24.near Swansea. Three other men trapped managed to escape. It is
:17:24. > :17:28.not known how the accident has happened.
:17:28. > :17:31.The world's leading central banks have agreed to improve the
:17:31. > :17:38.availability of dollars to make it easier for banks to obtain short-
:17:38. > :17:41.term loans. In the run-up to the financial crisis in 2008, a small
:17:41. > :17:47.community in the United States became the unlikely frontline in
:17:47. > :17:51.the battle against the global economy. Berkshire County in
:17:51. > :18:01.Massachusetts come -- created an alternative to the dollar known as
:18:01. > :18:02.
:18:02. > :18:07.Berkshares. We have been investigating how it is doing.
:18:07. > :18:14.It is hard to escape the global economy. But the Red Lion Inn in
:18:14. > :18:22.Stockbridge is a bit of a haven. Many people here feel her cushioned
:18:22. > :18:29.by Berkshares, the region's local economy. At one time it was a joke
:18:29. > :18:34.when it first came out. You had this worldwide crisis going on. It
:18:34. > :18:39.almost saved us because we were in a bobble at the time. We want to
:18:39. > :18:47.survive and do what we have to do to keep money in the area. To keep
:18:47. > :18:55.farmers, artists etc afloat. Red Lion's owner says Berkshares
:18:55. > :18:59.helped to strengthen the home front. They are to me an indication that I
:18:59. > :19:09.support Anne macro small local businesses, that might dollars will
:19:09. > :19:16.be so -- spent within Bird Show. Berkshire. More than 400 businesses
:19:16. > :19:21.here accept Berkshares. 120,000 remain in circulation. Some traders
:19:21. > :19:28.say they are is a real alternative. Endless Parade is unsustainable. It
:19:28. > :19:33.is unsustainable economic and environmentally. The idea is to
:19:33. > :19:40.highlight that we can block the system by having our on local
:19:40. > :19:47.currency. We can create everything we need locally. Home-grown food
:19:47. > :19:52.and products emphasise the drive to keep things local. Berkshares are
:19:53. > :19:57.often used here instead of dollars. The ultimate goal is to decouple
:19:57. > :20:01.Berkshares from the dollar. The cost of producing half a gallon of
:20:01. > :20:06.maple syrup, for instance, would determine the value of the
:20:06. > :20:10.Berkshire. That is a long way away. Also a long way off his finding a
:20:11. > :20:16.way to make Berkshares viable for a bigger businesses, like this
:20:16. > :20:20.excavation company. Few customers are able or willing to exchange
:20:20. > :20:25.huge amounts of cash for Berkshares. The employers do not take them
:20:25. > :20:31.either. I found myself looking for places to spend them. It is not
:20:31. > :20:38.easy. With our bills being so high, people do not have that amount of
:20:38. > :20:41.cash. We did not end up getting a lot of payment. The point of
:20:41. > :20:47.Berkshares is to keep money circulating within the community.
:20:47. > :20:51.That is its weakness, too. Anything bought from outside must be
:20:51. > :20:58.purchased in dollars. Most of these bikes are made in China and the
:20:58. > :21:02.Chinese do not take Berkshares. At least not yet.
:21:02. > :21:05.Clearly Berkshares still in existence. A quarter of the people
:21:05. > :21:10.charged in connection with the recent riots in England had
:21:10. > :21:16.committed more than 10 previous offences. New figures also revealed
:21:17. > :21:21.more than half of those accused were aged 20 or under.
:21:21. > :21:26.How was this dealt with? Could it have been prevented? After the
:21:26. > :21:30.turmoil on the streets, deep thinking is taking place in an
:21:31. > :21:40.attempt to tackle those questions. Today, more evidence was questioned
:21:41. > :21:52.
:21:52. > :21:57.in answer to another question. What Existing criminals on of the
:21:57. > :22:03.rampaged, was how the Justice Secretary summed it up. But not
:22:03. > :22:06.necessarily members of gangs. not sure that the rioting was as
:22:06. > :22:12.organised as this gives the impression it was. The gang culture
:22:12. > :22:17.has to be challenged. I am not sure what the police do to disband the
:22:17. > :22:22.gangs. It starts in the education service, the home, the local
:22:23. > :22:27.community. For the Government, the fact most rioters were known to
:22:27. > :22:31.police, poses an enormous challenge. For the police, the challenge was
:22:31. > :22:36.explaining this. You basically lost control of the streets of
:22:36. > :22:41.Manchester. Is there no responsibility for what happened?
:22:41. > :22:47.Absolutely. We treat this very seriously. We were horrified on the
:22:47. > :22:52.night. More snatch squads might have made a difference, says the
:22:52. > :22:55.Manchester Chief, but not water- cannon or rubber bullets. The Chief
:22:55. > :23:00.Constable's generally agreed what works best where the basics, moving
:23:00. > :23:04.in, making an arrest, creating a deterrent.
:23:04. > :23:09.Skateboarding monks are not the usual images you would associate
:23:09. > :23:14.with are. Although there are severe media restrictions, three
:23:14. > :23:19.skateboarding France from Britain managed to gain entry to film a
:23:19. > :23:23.documentary. The film maker spoke to the BBC to give this first-
:23:23. > :23:29.person account of his time in a country tightly controlled by the
:23:29. > :23:33.ruling military. As three film-makers interested in
:23:33. > :23:39.the political situation in Burma, we wanted to see what Burma was
:23:39. > :23:48.like on a day-to-day basis. As skateboarders, we explored the city
:23:48. > :23:54.from different perspectives. One of the advantages we had was that we
:23:54. > :24:01.all look quite young. We are in skateboard clothing. A journalist
:24:01. > :24:06.does not walk into a country with a skateboard. I think that was one of
:24:06. > :24:12.our biggest advantages. Especially going through passport security. We
:24:12. > :24:16.went through with a camera bag. That was the hairiest moment. This
:24:16. > :24:23.was the point were we thought we would get turned away. But nobody
:24:23. > :24:28.that's it an eyelid. All too often, what is great about Burma, the
:24:28. > :24:33.scenery, the rich culture, the kindness of the people, is
:24:33. > :24:38.overshadowed. Potential is left unexplored, life one documented,
:24:38. > :24:42.and future uncertain. One of the good things about the film is it is
:24:42. > :24:48.a different angle from the normal angle on a per match. It is quite
:24:48. > :24:51.positive. It is looking at how people get on with their lives and
:24:51. > :25:01.our not Tokely or pressed. That is one of the reasons we went out
:25:01. > :25:01.
:25:01. > :25:07.there. We did not go out there as a journalist. One surprisingly, they
:25:07. > :25:14.were intrigued by our skateboards. We tried to explain how to stay on
:25:14. > :25:22.the board. Such simple experiences which are normally be on them, make
:25:22. > :25:26.you realise how fortunate we are in the West. -- beyond them. One thing
:25:26. > :25:31.we found really interesting was that a lot of the skateboarders had
:25:31. > :25:34.watched the same of videos that we have watched, knew the same
:25:34. > :25:38.companies and professional skateboarders. Under this regime
:25:38. > :25:48.that is Super or oppressive and does not let Western media in, it
:25:48. > :25:52.
:25:52. > :25:58.is interesting to know they know One of the great things the film
:25:58. > :26:03.highlights is that we take a lot of things for granted. Are a lot of
:26:03. > :26:09.youth who are not politicised and just want to grow up as kids. --
:26:09. > :26:17.there are. It was a fantastic experience meeting those people.
:26:17. > :26:24.James Holman. The main news today. The Swiss banking giant, UBS, says
:26:24. > :26:29.it may have lost $2 billion because of aura of the waste trading. -- on
:26:29. > :26:34.a Authorised trading. A trader has been arrested on suspicion of fraud.
:26:34. > :26:40.Jubilant scenes in parts of Libya today as David Cameron and Nicolas
:26:40. > :26:44.Sarkozy flew in for talks with the National Transitional Council. Mr
:26:44. > :26:54.Cameron told the cheering crowds they had showed the courage of
:26:54. > :27:00.
:27:00. > :27:07.Lyons in standing up to Colonel Good evening. Many of us have had
:27:07. > :27:14.in lovely date today. Winds have been lighter. Overnight, things
:27:14. > :27:21.will change. Tomorrow there will be a fair bit of rain. It is courtesy
:27:21. > :27:25.of this weather system. It brings a wet start to Northern Ireland. Then
:27:26. > :27:31.the rain will spread to Wales, northern England and Scotland.
:27:31. > :27:36.First thing, the rain across England will be like. It turns
:27:36. > :27:44.heavy through the day. Outbreaks of rain through the Midlands and
:27:44. > :27:50.Lincolnshire. In the south-east it should be mild. Some sunshine. A
:27:50. > :27:53.bright and breezy day in the south- west. A few showers. After a pretty
:27:53. > :28:01.cloudy start across Wales, with some rain in the morning through
:28:01. > :28:05.the afternoon, showers. It will be a pretty wet start first thing in
:28:05. > :28:10.Northern Ireland. Showers will pushing from the West. A brisk wind
:28:10. > :28:14.should move through quickly. Some parts of Scotland will cloud over