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