Business Arena 03.10

In Monday’s episode, the programme’s host Rafał Tomański started with the most relevant stories, namely the impending collapse of Switzerland's second-largest lender and the British tax axing plan being reversed quicker than expected.

Credit Suisse’s financial condition is deteriorating. Investors’ anxieties have been heightened by reports of the impending collapse of Switzerland’s second-largest lender, sending the share price down significantly.

To shed some more light on the issue, we were joined by Marcin Liberadzki from the Warsaw School of Economics.

What’s more…

-Researchers say that New York office buildings could see their value wiped out on a massive scale. It can reach even USD 50 bln, the reasons remain the current ones like the rising cost of living crisis as well as the consequences of the COVID-19 pandemic remote working mode.

-Polish Foreign Minister Zbigniew Rau has signed a diplomatic note to Germany concerning reparations for WW2. This move formalises Poland’s demand for compensation ahead of a visit by Berlin’s top diplomat to Warsaw.

-Turkish inflation tops 83 percent as Erdoğan promises more rate cuts. That is a new 24-year high as the country reeled from President unorthodox economic policy. Such a level was seen for the last time in July 1998.

-In Hong Kong, steps have been taken in recent days to reopen the city to the world, first by lifting mandatory three-day hotel quarantine, then announcing a global banking summit in November. Officials hope the move will revive Hong Kong's status as an international business and travel hub, but some locals feel the change may be too late.