live from london, this is bbc news. avoiding another banking crisis: us regulators race against the clock to find a buyerfor troubled first republic bank, whose shares plunged last week. more protests in france as unions call for further strike action against the government's pension reforms. and solving london's housing crisis: we'll tell you how one community is building its own solution by selling affordable housing to the locals.

hello. i'm mark lobel, here with your top business stories. let's start in the united states, where us regulators are racing to find a buyer for the troubled first republic bank. the federal deposit insurance corporation has reportedly asked six banks to bid for the lender, and wants a deal in place within the next 2a hours. shares in first republic plunged last week after it admitted customers had withdrawn $100 billion in deposits in march. at that time, its competitor silicon valley bank had collapsed, prompting fears of a wider banking crisis. also in march, a group of 11 us banks stepped forward to pump $30 billion into first republic in an attempt to stabilise the business. joining me now is mike ingram, who's the senior market strategist at active trades.

thanks so much forjoining us. this is a swift reaction isn't it to avoid what happened at silicon valley bank?- silicon valley bank? yes, exactly- _ silicon valley bank? yes, exactly- if _ silicon valley bank? yes, exactly. if we _ silicon valley bank? yes, exactly. if we see - silicon valley bank? yes, exactly. if we see first. exactly. if we see first republic bank go to the wall which seems pretty much 100% likely at this point, this will be the fourth bank in the us to fail so the federal deposit in co corporation want to stop any momentum here and really distort the fears there are in the us that we are seeing a regional bank collapse. if we look at a broad index they are down 25— 30% so there are a lot of investors out there quite worried and the authorities are keen to draw a line under all of this. ~ ., ., ,, ~ of this. who do you think looks like they could _ of this. who do you think looks like they could step _ of this. who do you think looks like they could step into - like they could step into rescue first republic bank? you mentioned there are reportedly

six banks in the frame. that is thought to include household names such asjp morgan and bank of america but also less well—known regional names in the us such as pnc financial. it properly felt some regional players would be a better fit in terms of saving what is left of first republic. on the other hand, the larger banks may help address some of the broader concerns about stability in the us so it is a bit of a balancing act but as you mentioned in your preamble time is of the essence.— is of the essence. there was a thou . ht is of the essence. there was a thought that _ is of the essence. there was a thought that perhaps - is of the essence. there was a thought that perhaps this - is of the essence. there was a thought that perhaps this deal would get inked over the weekend. now, i presume that the fdic will want to get this done before us markets open on monday because at the end of the day this is a share price

which has been absolutely hammered. first republic bank has lost over 98% of its share price from its peak 18 months ago so clearly it is in trouble, it is on the ropes and it needs to be rescued by someone. it needs to be rescued by someone-— it needs to be rescued by someone. ., , someone. looking a bit wider, how much _ someone. looking a bit wider, how much of _ someone. looking a bit wider, how much of a _ someone. looking a bit wider, how much of a problem is - someone. looking a bit wider, | how much of a problem is there currently for mid—sized us banks? currently for mid-sized us banks? ~ ., , currently for mid-sized us banks? ~ . , currently for mid-sized us banks? ~ banks? well, as i said, you have got — banks? well, as i said, you have got this _ banks? well, as i said, you have got this broad - banks? well, as i said, you have got this broad index i banks? well, as i said, you - have got this broad index down 25- 30% this have got this broad index down 25— 30% this year. i think obviously we have been in an environment now of rising interest rates for some time, and this has exposed a number of banks, perhaps subscale banks, which have some questionable business models by risk management has not been great, where perhaps they don't really have a very diversified portfolio either of loans or deposits and that has certainly been a feature of recent us bank collapses such as silicon valley bank back in march.

however, i would valley bank back in march. however, iwould put valley bank back in march. however, i would put this into perspective. i think that first public going to the wall would be the fourth bank to collapse in the us thus far this year. if you look back at the great financial crisis 2008— 2011 you had over 400 bank failures so, yes, first republic bailey is significant. it is the first since washington mutual in 2008 but is this indicative of a more systemic problem? i suspect not yet obviously at the margin there are some original players which are feeling a great deal of pain right now. mil feeling a great deal of pain right nova— right now. all right. brilliant. _ right now. all right. brilliant. thank - right now. all right. brilliant. thank you | right now. all right. i brilliant. thank you so right now. all right. - brilliant. thank you so much for your analysis there. let's get some of the day's other news now. uk transport secretary mark harper has accused the rmt transport union of "cynically targeting the eurovision song contest" by calling strikes on the day of the final. rmt members are due to strike on 13 may after the union rejected the latest pay deal from train operators. the rmt said the rail delivery group, which represents

the train operators, had torpedoed pay talks. adidas is being sued by investors who claim the firm knew about kanye west's problematic behaviour years before it ended their partnership. investors allege adidas failed to limit financial losses and take precautionary measures to minimise their exposure. the sportswear giant ended its collaboration with the designer and rapper, who is known as ye, last year following anti—semitic comments. in response, adidas said it rejected the claims. to france now, where the country is bracing itself for further strike action after president emmanuel macron raised the state pension age from 62 to 64. unions have vowed to continue opposing the reforms, and have called on workers across france to return to the streets to take part in protests today. airlines have been asked to cancel flights due to air traffic control strikes and journeys could be affected even if you are just

passing over the country. live now to france, where we're joined by axel persson, who's the general secretary of the cgt railway workers union. cani can ijust can i just start can ijust start by can i just start by asking can ijust start by asking you why passengers outside france are going to be affected by this action and whether you think and accept this criticism that it think and accept this criticism thatitis think and accept this criticism that it is unnecessarily affecting people who are not french? ~ ., affecting people who are not french? ~ . ., , . french? well, the air traffic control workers _ french? well, the air traffic control workers are - french? well, the air traffic control workers are on - french? well, the air traffic l control workers are on strike, so any flight that will of course across the french territory might be potentially affected by this strike and, of course, the travel is not from france and even the travellers in france are not the ones being targeted by the strike and they have nothing to do with this, but we have resorted to industrial action across both industries, both public and private sector today, in order to force the government to repeal the pension law that

they have been implementing forcefully without having a majority in public opinion, amongst its own parliament, and against the opinion of all trade unions in france. so, we are resorting to industrial action because that is the only tool we have at our disposal to defend our interest and that is true not only in france but will be true in the uk because as you mentioned there are strikes going on in the uk. so, they will be calling for renewed industrial action and because the situation is the same all across europe. we are being attacked and are defending ourselves by all means necessary.- defending ourselves by all means necessary. yes, you are callin: means necessary. yes, you are calling today — means necessary. yes, you are calling today an _ means necessary. yes, you are calling today an exceptional- calling today an exceptional mobilisation. how large you expect the protest to be? we exect it expect the protest to be? we meet it to — expect the protest to be? - expect it to be quite large and are feeling is confirmed actually by the police because they too are expecting major mobilisation in terms of turnout in the streets today. so, expect millions of workers to be taking to the streets today and we are already preparing in our workplaces for

the discussions in the coming daysin the discussions in the coming days in order to determine how to best pursue demobilisation we started injanuary because so far the government has refused to back down and we are refusing to back down as well, so we know that this confrontation which has engaged between the employers, the on one side and the employees on the other we have no choice because we will have to accept working an additional two years now. 50 working an additional two years now. . ., now. so much of the country's economic— now. so much of the country's economic output, _ now. so much of the country's economic output, about - now. so much of the country's economic output, about 1596, l economic output, about 15%, goes for pain pension benefits to retired people. this is a huge amount more than most except italy and greece. if you do not do this how do you balance the books? according to the government _ balance the books? according to the government statistics, - balance the books? according to the government statistics, the i the government statistics, the french government statistics, one must really underline the fact that this year and last yearfor fact that this year and last year for example the current pension system actually generated an excess amount of resources. what they are explaining is within ten years

for example the projected deficit of the global pension system might reach 10— $20 billion euro a year but when we put those numbers in perspective for example the profits generated by a single corporation, we have got corporations the last year posted 36 billion of profit, it means that sometimes single corporations in france cannot only pay for the entire deficit of the workers pension system and still keep all their own shareholders or their own owners, millions in terms of profit so we are underlining the fact that there is a lot of money. there is a huge amount of wealth being created by our labour and get the government are trying to explain to us that we must accept less pension conditions, worse conditions and attacks on the wages and public services. we are fighting for pension systems but also for a global overhaul of the system where society is getting richer and richer than it is those that hold it by their labour getting

poorer and poorer and seeing the terms and conditions, agreements, pensions being destroyed and that is something we cannot accept. 50. destroyed and that is something we cannot accept.— we cannot accept. so, quite a day ahead- — we cannot accept. so, quite a day ahead. axel, _ we cannot accept. so, quite a day ahead. axel, general - day ahead. axel, general secretary of the cgt railway workers union, thank you for joining us here on bbc news. thank you for having me. three bank holidays and two massive events in the coronation and eurovision look set to give the uk's hospitality trade a big one billion pound boost this month. our business correspondent hannah miller has been in stockport and liverpool to find out how some businesses are preparing for the two huge events. this is how robinson's brewery separately abated the coronation in 1953 with a commemorative fear bottle still on display in stockport. everyone was very keen to adorned with the flags, bunting, street parties, and therefore there was a feeling around the country that every —

this was excitement, this was new. ., ., , ., this was excitement, this was new. ., ., ., new. how do you hope that eo - le new. how do you hope that people celebrate _ new. how do you hope that people celebrate the - new. how do you hope that - people celebrate the coronation this time around?— this time around? have a pint. preferably _ this time around? have a pint. preferably hours. _ this time around? have a pint. preferably hours. will - this time around? have a pint. preferably hours. will you - this time around? have a pint. preferably hours. will you be l preferably hours. will you be havinu preferably hours. will you be havin: a preferably hours. will you be having a pint? _ preferably hours. will you be having a pint? and _ preferably hours. will you be having a pint? and while - preferably hours. will you be i having a pint? and while dennis is no longer running the brewery day—to—day. .. is no longer running the brewery day-to-day. .. what we ha - - brewery day-to-day. .. what we ha - is brewery day-to-day. .. what we happy is 120 _ brewery day-to-day. .. what we happy is 120 barrels _ brewery day-to-day. .. what we happy is 120 barrels of - brewery day-to-day. .. what we happy is 120 barrels of fear. - happy is 120 barrels of fear. they have correlated special edition beers to mark the occasion. edition beers to mark the occasion-— occasion. always give it a sniff. i occasion. always give it a sniff- i am _ occasion. always give it a sniff. i am not _ occasion. always give it a sniff. i am not a - occasion. always give it a sniff. i am not a pro. - occasion. always give it a | sniff. i am not a pro. that occasion. always give it a i sniff. i am not a pro. that is nice. sniff. i am not a pro. that is nice- it is — sniff. i am not a pro. that is nice. it is supersmooth. - sniff. i am not a pro. that is i nice. it is supersmooth. having these bank _ nice. it is supersmooth. having these bank holidays _ nice. it is supersmooth. having these bank holidays has - nice. it is supersmooth. having these bank holidays has helped to lift _ these bank holidays has helped to lift the mood and i think we do see — to lift the mood and i think we do see it _ to lift the mood and i think we do see it. we hope that the pubs — do see it. we hope that the pubs will— do see it. we hope that the pubs will be busy. we believe that they will be. we are doing everything we can to encourage people — everything we can to encourage people to — everything we can to encourage people to come and socialise because _ people to come and socialise because if you have got something as a reason for going ithink— something as a reason for going i think that should bring all the generations together. the

im act of the generations together. the impact of bank _ the generations together. tie: impact of bank holidays on the generations together. t'i2 impact of bank holidays on the economy is mixed. when the nation celebrated the platinum jubilee last year the office for national statistics suggested it may have contributed to a fall in output but the extra day off can provide a boost for sectors like hospitality and tourism where they hope people will take any opportunity to celebrate. in liverpool, they are looking further ahead for a chance to get people into this bar. eurovision events will be playing here for a whole week and peter hopes the booster to business will stick. we and peter hopes the booster to business will stick.— business will stick. we will have screens _ business will stick. we will have screens up _ business will stick. we will have screens up and - business will stick. we will have screens up and then. business will stick. we will l have screens up and then we will have a big viewing party for the finale and everyone will have scorecards and there will have scorecards and there will be special menus. it will bring a lot of people together for a good old party.- for a good old party. from a business — for a good old party. from a business point _ for a good old party. from a business point of _ for a good old party. from a business point of you - for a good old party. from a business point of you have l business point of you have become an opportunity is this? it is one of the biggest opportunities liverpool has had. notjust in the sense of the amount of visitors and what it means but the sense of

legacy moving forward. there will be an extra 100,000 people in the city and each of them go and tell five friends how great liverpool was then we have a great few years. all.- great few years. all. cheers. as many _ great few years. all. cheers. as many businesses - great few years. all. cheers. as many businesses are - great few years. all. cheers. i as many businesses are hoping that the weather plays its part two to lift the spirits and bring people out. around the world and across the uk, this is bbc news. chris arford has been a farmer in broken since he was a teenager. he's been a victim of rural crime several times over the years, losing tens of thousands of pounds in valuables, from a land rover to slates off a farmyard building. if you do get anything stolen,

you can probably write off the next week or two. you just can't concentrate on anything. anyone turns up on the yard, any strangers, you're wary. so itjust puts you on the back foot all the time. then you get over it and then all of a sudden it'll crop up again, just constantly on your guard all the time. the welsh government are collaborating with wales' four police forces to crack down on rural crimes, including theft. it's part of a new strategy which was launched at the royal welsh showground in llanelwedd. farmers and people living in the countryside, like chris, have welcomed this strategy and say it will hopefully prevent crime, but also give them peace of mind. you alive with bbc news. nearly a quarter of globaljobs will change in the next five years as technological advancements continue to change the working world. that's the finding of the future ofjobs report 2023 out today from world economic forum. some of the fastest—growing jobs are artificial intelligence, according to the report. but some are concerned about the influence of ai. in march a group of high—profile figures in the technology industry — including elon musk — called for training of powerful

ai systems to be suspended amid fears of a threat to humanity. we're nowjoined by margaret mitchell, who's a former ai researcher for google and microsoft and now works on ethical ai. delighted you can join us, margaret. thank you very much. i mentioned that letter which was signed by many big names warning of a risk of ai in the future. ~ , �* i. , future. why didn't you sign it? there is a _ future. why didn't you sign it? there is a lot _ future. why didn't you sign it? there is a lot of _ future. why didn't you sign it? there is a lot of reasons - future. why didn't you sign it? there is a lot of reasons tied l there is a lot of reasons tied up there is a lot of reasons tied up in why i didn't sign it, but one of the main reasons that the motivations for the pause were contextualised as we are having an ai summit right now, everything is great, so we need to have a pause so we can catch up to have a pause so we can catch up on things that are relevant to eventually being able to colonise space, these very weird orange beliefs behind a

lot of the reasoning in that letter ——ai summer. so it was from a strange group of people putting it together and it was also from the perspective of where and ai summer, which those of us who deal with things like dissemination and data, strongly disagree with. because you are concerned, as i understand it, but the short—term effects that we are now, you quite the summer, a british summer weather are lots of thunderstorms in between. give us an example of the short—term risks that are happening right now. short-term risks that are happening right now. one of the short-term _ happening right now. one of the short-term risks _ happening right now. one of the short-term risks now— happening right now. one of the short-term risks now is - short—term risks now is relevant to you as a news agency were a lot of news content is being swept up as data, and then used in systems like chatgpt or other kinds of chap assistance at this point, so users can't go through, click through, subscribe to actually get the original content. it is given to them

through this other sort of laundered system that removes the compensation from the original creators, so that's true for news, that's true for art, that's true for pros, for writing, essentially removing all the sort of compensation mechanisms for people who are producing content that the ai systems then soak up and regurgitate.— systems then soak up and regurgitate. who should be lookinu regurgitate. who should be looking at _ regurgitate. who should be looking at the _ regurgitate. who should be looking at the effects - regurgitate. who should be looking at the effects of. regurgitate. who should be| looking at the effects of the 300 million full—timejobs looking at the effects of the 300 million full—time jobs that is expected to go from this because of, and putting low earners at risk of their livelihoods, and regulation come from? we have norway, sovereign wealth fund, countries like italy putting in their own types of regulation, but worshipping look for safeguards?— but worshipping look for safe . uards? ,., ~' safeguards? right, so i think the eu has— safeguards? right, so i think the eu has been _ safeguards? right, so i think the eu has been doing - the eu has been doing relatively reasonable job at coming up with different kinds of mechanisms. there is recent proposals around how data can be covered in this kind of

thing. i think a lot of the job losses actually related to leaders jumping the gun a losses actually related to leadersjumping the gun a bit, making the decision that their employees can be replaced by automated systems and their falling prey to things like confirmation bias, automation bias where you tend to think that the output of a system is good or even better than a person is, so i feel like they really need to be a lot more justification for why a job could be replaced by some sort of automated system, and obviously currently there is not, so with a height and a lot of the misreporting of capabilities, a lot of companies are starting to assume they can do a lot more correctly and they actually can —— hype. correctly and they actually can -- h e. ., ., ~ correctly and they actually can --he. ., .,~ -- hype. you are ai researcher, forgivable- _ -- hype. you are ai researcher, forgivable. who _ -- hype. you are ai researcher, forgivable. who is _ -- hype. you are ai researcher, forgivable. who is winning - -- hype. you are ai researcher, forgivable. who is winning the l forgivable. who is winning the battle for al between google and microsoft?—

and microsoft? putting it in battle terminology - and microsoft? putting it in battle terminology is - and microsoft? putting it in. battle terminology is already sort of part of the problem, right, so this does not have to be a more. it may be erased, if you really want to make a sort of competitive things, but bring in the war terminology and accurate also called an ai arms race, i think i'm running these people down the wrong path in terms of what to develop. but to get to the spirit of your question, i think both microsoft and google are relatively well positioned in different ways with the kinds of technology that is possible now. google obviously dominates the search business and they have a lot of things they can do to make such friendlier and that sort of thing. microsoft has a lot of enterprise technology, so things like docs and accel and mail and these kinds of things, and they been working for a

long time on conversational interfaces where you can talk to your accel spreadsheet and haveit to your accel spreadsheet and have it organise things for you —— excel. i imagine they will do a greatjob at incorporating this kind of conversation to hook up, you're in a chat and you want a meeting created and that it will go to street your calendar and created and all these things. microsoft is relatively well—positioned from an enterprise perspective. google is relatively well—positioned from the information and access to information and access to information perspective. i do think a lot of this comes down to the personalities of how much they want to fight with one another. there is strength and weaknesses in both. i don't see a clear _ and weaknesses in both. i don't see a clear winner. _ and weaknesses in both. i don't see a clear winner. margaret i see a clear winner. margaret mitchell, _ see a clear winner. margaret mitchell, thank _ see a clear winner. margaret mitchell, thank you - see a clear winner. margaret mitchell, thank you for - see a clear winner. margaret mitchell, thank you for your | mitchell, thank you for your analysis. yes, no problem.

let's have a look at what impact it has had on commercial property. three years ago in the uk who in the midst of the first lockdown put in place to manage the covid pandemic. mitigation measures such as that presented big challenges for all sorts of business sectors. high street retail suffered especially hard, and office occupancy fell away sharply. while much has changed since then have some of the trends persisted? we're nowjoined byjennet siebrits, who's the head of uk research at cbre, which is a commercial property firm. the pandemic seemed to trigger a sharp drop in the appetite for both retail and office space. how far this has this recovered? it really has been very close to ride, hasn't it? capital values and commercial real estate held quite sharply, as you would imagine, during covid, but they did recover. the year from sort of mid 2021 to 2022, there is a sharp

recovery in investment volumes and capital values. but there has been a bit of a debt subsequently. this is reflected in the local challengers, recent challenges around inflation and interest rates, so now we're looking at capital values about 8% lower than they were before covid. bud values about 8% lower than they were before covid.— were before covid. and you mentioned _ were before covid. and you mentioned the _ were before covid. and you mentioned the interest - were before covid. and you. mentioned the interest rates because of the ukrainian war, the global slump that we are having an impact on the commercial space, having an impact on the commercialspace, but having an impact on the commercial space, but there is potentially a saviour comes to retail. experientialshopping. can you tell us about what that is and how it might help? there is and how it might help? there is been a trend _ is and how it might help? there is been a trend towards - is and how it might help? there is been a trend towards online i is been a trend towards online shopping and it has peaked during covid to about 38%. 20% of shopping pre— covid was online. it's doubtful about to about 25% despite people say they thought online shopping would continue at the same level during covid. that's because people want to get it

back to physical stores. but 50% of consumers want to go back into physical stores, seven out of ten product types people want to be able to touch the goods, buy the goods. experimental retail is about the experience, but notjust going to the shops about the whole shebang, going to the malls, by and having a lunch as well, it's all about sort of combined, notjust a shopping trip. combined, not 'ust a shopping tri. ., , ., , combined, not 'ust a shopping trip. lots of people watching this in the — trip. lots of people watching this in the uk _ trip. lots of people watching this in the uk are _ trip. lots of people watching this in the uk are about - trip. lots of people watching this in the uk are about to l trip. lots of people watching | this in the uk are about to go to work. how the nature of a space changing?— to work. how the nature of a space changing? that's been a real change — space changing? that's been a real change in _ space changing? that's been a real change in trend. - space changing? that's been a real change in trend. but - space changing? that's been a real change in trend. but the l real change in trend. but the extent of whether it is here to stay depends on the industry, on yourjob title, as some people might do two days in the office, some might do better five days. we know people want to about to the office. 80% of people want to be in the office at some point during their working week. —— 88%. people

also don't want a long commute anymore. also don't want a long commute an more. �* ,., also don't want a long commute an more. ~ ., , anymore. about three quarters want a 30 _ anymore. about three quarters want a 30 minute _ anymore. about three quarters want a 30 minute commute. i want a 30 minute commute. that's why working from home has picked up. we have to leave you there but they do so much for analysis. hello. sunday brought some pretty warm weather in parts of the uk, but it also brought some really heavy downpours. there are some further showers in the forecast for bank holiday monday, but equally some spells of sunshine. many of us will again feel relatively warm, particularly in the sunshine. but northern parts, particularly scotland, will start to turn rather chilly because of this cold front. now, it doesn't look like much here on the chart. it's just going to bring some extra clouds, a little bit of rain. but behind it, it will introduce some chilly air, particularly across parts of scotland. most of us, though, starting monday morning on a mild note, bit of showery rain across some eastern parts of england. across england and wales, we are going to see some spells of sunshine, scattered showers

which could be heavy and thundery, particularly from east wales eastwards, west wales, the south west of england, not seeing too many showers. northern ireland brightening up through the afternoon with some spells of sunshine. most of us temperatures between 14 and 17 degrees. but through the afternoon, those temperatures dropping across the northern half of scotland. behind our weather front, some cloud, the odd spot of rain, that frontal system sinking further southwards as we go through monday night. not much more than a band of cloud, really, but to the north of it, it is going to be quite a chilly start to tuesday. we could well see a touch of frost across some parts of the highlands. so for tuesday morning, a rather chilly start. for many, this band of cloud likely to be left across the uk. maybe the odd spot of rain, the odd shower breaking out. but most places, i think, will be dry and we should see some spells of sunshine, but a little on the cool side across northern scotland and down into the eastern side of england, ten to 12 degrees even further south and west, not as warm as it has been.

now, on wednesday, a weak front is likely to bring a bit of patchy rain through northern ireland and western scotland. some showers may start to develop down towards the south as the winds begin to pick up through the day. temperatures generally between ten and 16 degrees. as we head towards the end of the week, we will see frontal systems squashing in from the southwest, reintroducing the chance for some rain and for a time a brisk easterly breeze, which will make it feel rather chilly, particularly for some eastern coasts. but through the week, a lot of dry weather for a time through tuesday into wednesday, but then turning more unsettled.

good morning, welcome to breakfast withjon kay and nina warhurst. our headlines today. nurses in england begin a new strike. the royal college of nursing says it's their biggest yet. nhs bosses warn patients to expect disruption. uk nationals trying to escape the fighting in sudan have until mid—day to reach an extra rescue flight arranged by the british government. could may be a golden month for pubs like this? bosses think three bank holidays, the coronation and eurovision could be worth a billion pounds to the industry — i'll have the details.