World Economic Forum (April 1, 2023) – This week’s top stories of the week include:
0:15 What happened in the Credit Suisse takeover – The Swiss government has brokered an emergency takeover of Credit Suisse by rival bank UBS. Experts are calling it the ‘most dramatic moment in global banking’ since the 2008 crisis. The deal was worth $3.2 billion, that’s 6% less than what Credit Suisse was worth last Friday and wiped out $17 billion in additional tier 1(AT1) bonds. So what are AT1 bonds? AT1 bonds were created after the 2008 financial crisis when the banking industry became more regulated. They are a type of hybrid debt issued by banks. AT1 bonds can offer high returns. Watch to learn more about how the AT1 bonds were related to the Credit Suisse crisis.
1:48 The world’s lightest paint – It was inspired by butterflies’ wings. It’s so light that you could coat a Boeing 747 with just 1.5 kg of paint, rather than the 500 kg of paint typically used. Its inventors say it’s light enough to make cars and planes more energy-efficient. It absorbs less heat than standard paint and keeps underlying surfaces up to 16˚C cooler. So it could help us cut down on energy used for air conditioning
3:05 Belgium’s Artificial Energy Island – Belgium is building a new island in the North Sea to transform offshore wind energy. Princess Elisabeth Island will be 45km off the coast and will serve as a hub for the Princess Elisabeth Zone, a planned 3.5GW offshore wind farm. This artificial wind energy island will be 6 hectares in size, equivalent to around 12 football pitches. It will collect all the electricity generated by turbines, then send it to the mainland through undersea cables. The artificial wind energy island will also host interconnectors from the UK and Denmark, which will, in turn, connect to other North Sea wind farms. Construction is set to begin next year, and the island is due to be fully operational by 2030. Watch to learn more about Belgium’s artificial wind energy island.
4:11 Switzerland’s Solar Railway – Start-up Sun-Ways has collaborated with the Federal Institute of Technology Lausanne for a pilot project testing the panels on a section of rail near Buttes in Western Switzerland. If rolled out to the country’s entire 5,000km rail network they could supply 2% of Switzerland’s electricity. Sun-Ways believes 50% of the world’s railways could be equipped with its system.
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