lifting the curtain on the turmoil at us regional banks. first republic shares fall after it reveals it suffered a huge fall in deposits. plus, setting up a rum distillery in scotland? a business—minded couple tells us about the importance of location when setting up a new business. hi there, welcome to asia business report. i'm mariko oi. shares in the us bank first republic have dropped more than 20% in extended trading.

it comes after the embattled lender revealed that it suffered a huge drop in deposits during the first quarter. first republic came under intense pressure after silicon valley bank and signature bank collapsed last month. the bbc�*s samira hussain has more from new york. normally when a company's earnings for are released, executive hold a call with analysts where they take questions. but that wasn't the case for first republic bank. executives spoke for about ten minutes and then took no questions. it is perhaps an indication ofjust how bad things have become at the regional bank. during the first quarter, it lost $102 billion in customer deposits. that's way more than half of the $176 billion it had on hand at the end of last year. after silicon valley bank and signature bank were taken over by federal regulators, wall street worried that first republic could be the next bank to go down,

since it has similar clients to silicon valley bank — people in the startup space. on monday, the bank said it would cut about a quarter of its staff and slash executive compensation. samira hussain reporting there. and let's stay in the us. shares of fox corporation have dropped about 3% following news that one of the most controversialfigures in us broadcasting, the tv host tucker carlson, has left the fox news channel. the departure comes just days after the media conglomerate paid more more than $787 million to settle a defamation lawsuit in which carlson played a starring role. his show tucker carlson tonight is the highest rated cable news programme in the key 25 to sa age group on the most watched us cable news network. shares in bed bath and beyond ended the session more than 35% lower and that comes after the home goods retailer filed for bankruptcy. the company became popular

in the 1990s as a go to shopping destination for newlyweds and expecting couples, but demanded dropped off in recent years, as its strategy to sell more store branded products failed. walt disney has begun a second round of lay—offs as part of an earlier announced restructuring expected to result in 7,000 job losses. the media giant has been under pressure as its traditional television and film business shrinks, while its streaming unit continues to post big losses. chief executive bob iger announced the $5.5 billion cost—cutting drive in february. mr iger has said the firm needed to streamline its business. and we have just learned moments ago that south korea's economy has avoided a recession. gdp falls down back for the first quarter came in at 0.2% —— came in at. we've been talking about the slowing demand for semiconductor chips

which power everything from our phones to spacecraft. and south korea is one of the biggest producers of them. and we'll find out if that's affected the country's economy in the first three months of 2023 when it reports its latest data in less than an hour. that slowdown has affected its economy. exports have been declining for at least six months, and it's estimated that in the first 20 days of this month, the country's outbound shipments fell 11% compared to last year. and shipments of chips are down by more than a third in march. kang minjoo is at ing. she says the down cycle in the tech sector is weighing on the chip—makers at. there are two sectors we have to think about. first is the supply side effect, which is now currently, probably it will take a couple of quarters to unload those inventory, and then the production cycle will turn around. secondly, looking at the korean export data, on ships, actually, chips to china is the civil most important. however, not only are chips to china... —— single most.

we also seeing the chips to taiwan, us and europe all declining, which means we believe that the global it investment cycle is turning to a down cycle after the... during the pandemic era, they had increased a lot of other investments, so probably this will also lead to weak chipped demand for a while. you mentioned china, which of course is a hugely important market for those especially to producers as well, but been some tensions, haven't there, especially between washington and china, beijing, but also involving japan and other countries? yes, that is true, but the current chipped down cycle is more driven by the global weakness of falling demand on

chips, that rather than the tension between the us and china. however, going forward, this will have more significant impact in the coming months. this could be a warning, though, for asian economies which rely so heavily on exports and in particularfor south korea, taiwan, a specific industry like chips? yes, that is one of the major risks for taiwan and korea's economy. however, for korea's case, actually, the domestic demand cycle is also going to bottom out, so probably on gdp, overall gdp, it will be in second half next year, and also we believe the opening of china is going to boost some of the exports, the interregional exports.

now to india. like many countries, it too has begun evacuating its citizens from crisis—hit sudan. ships and aircraft are on standby to help bring them back. several indian companies have a presence in sudan and the country is home to nearly 4,000 indians. the bbc�*s arunoday mukharji reports from new delhi on india's economic concerns due to the ongoing conflict. india has been looking at the situation with a great deal of concern. in fact, this is one of the dominating headlines here in the country, and we've been seeing several updates that have been coming in from official government handles on social media, updating the public about the efforts that the government is currently undertaking to try and bring indians back to safety from sudan. india's foreign minister said that around 500 indians have already reached port sudan, where an indian ship is waiting and an indian air force aircraft is also on standby in

jeddah and saudi arabia as well. other countries like saudi arabia and france, had been carrying out evacuations as all of their citizens and helping other countries as well that with their citizens, fighting continues to rage on between the army and a paramilitary force in sudan. there are significant indian business interest there. india's oil and natural gas supplier had invested nearly $2 billion in the early to thousands in the oil industry in sudan. apart from that, we also have several indian companies having a presence in sudan, and this ranges from various fields, ranging from pharmaceuticals to auto, steel, mining, and in fact some of the big names in the form cynical industries, and when it comes to auto—makers, you have companies like mahindra, as well as tonto motors, gravity presence, so all of these factors making it even more crucial that india monitor the

situation very closely. location, location, location is what they say when it comes to choosing your home, but does this also apply to setting up your own business too? that's certainly what one entrepreneurial couple think. we spoke to them about why they relocated from london to scotland to set up a rum distillery. when you're starting a new business, finding the right location is everything. so, back in 2017, we made

the bold decision to move our young family 400 miles from london to livingston, which is on the outskirts of edinburgh in scotland. scotland in general is the centre of distilling in europe. the whisky industry is massive and it is very collaborative. their expertise has been invaluable in us setting up our business and it being a success. the quality of water is really important for this kind of operation, and the water in scotland is absolutely excellent. it is perfect for brewing and perfect for distilling. so my family's from jamaica. and rums from the caribbean are globally known and appreciated, but we are flying the flag for scottish rum because rum can be made anywhere around the world. the choice to locate our distillery in scotland means that we have the option to create a brand—new frontierfor rum. that's it for this edition of asia business report. i will be back with newsday at the top of the hour, so dojoin us if you

can, but for now, thank you so much for watching. lobby group aiming to raise awareness of the birds in flight. you are going to be sent a paper crown as a prize. will you be putting it on him?

no. he will not tolerate that. i've worked with him a long time and the only time i have handled him is that cheques a couple of times a year. if we need to put wing tags on or take them off. they will give you good old slap with the wing. you good old slap with the win. �* , ., wing. but there will be a secial wing. but there will be a special ceremony - wing. but there will be a special ceremony to - wing. but there will be a i special ceremony to honour spike. it planned for may six, the same day as the coronation. it planned for may six, the same day as the coronation. hey, i'mjulia, with the catch up! teenagers but first, teenagers could be more at risk of rare diseases because the number of people getting jabs at school has dropped since the pandemic. health bosses say that last year, 69% of 13 and ia—year—olds had a tetanus, diphtheria and polio jab. that's 7% less than the previous year. the number of meningitis vaccines has also gone down. every individual who is not fully protected does have a risk, particularly for meningitis. the concerns we have are when people start to mix,

start to go to university. the advice is to check in with your school or gp, and make sure you're up to date. less than a third of 18—to—24—year—olds want the monarchy to continue in britain, according to a new poll. ahead of king charles�*s coronation, the bbc commissioned the survey asking people if they'd rather the monarchy carried on, or be replaced with an elected head of state. there is still overall support. but for the youngest group, compare the results to 2013 and there's definitely been a shift. i wouldn't say i don't care but i would say it's not necessarily something i'm invested in. i'd say i wasn't invested in it. the only person i know who does support the monarchy is my gran, and she loves it.

and we'll leave you with ten seconds of a blazing show! crowds at disneyland in california watched a 45 foot dragon prop catch fire. nobody was injured. but you can hear crowds gasping during the live performance of fantasmic, where mickey mouse usually saves the day. you're all caught up now — have a good night!

time's up for tottenham's interim manager christian stellini afterjust four games — he's sacked following their 6—1 thurmping at newcastle. and a former spurs boss could be on his way to chelsea, with the club said to be in advanced talks to appoint mauricio pochettino. and four—times champion mark selby is through to the quarterfinals of the world snooker championship. tottenham have sacked interim manager cristian stellini after less than a month in thejob. it follows their 6—1 thrashing at newcastle in the premier league on sunday. former spurs midfielder ryan mason, who had a spell in charge whenjose mourinho left in 2021, takes over as caretaker. in a statement, chairman daniel levy said... spurs are six points off the champions league places.