another one bites the dust —— first republic becomes the third bank to collapse in the us since last month. will it be the last? and.. what does uber look like in the post—pandemic era? we zoom in on the ride hailing giant before it announces quarterly results. hello and welcome to asia business report. i'm karishma vaswani. we begin with the banking turmoil in the us. shares of several regional banks have closed in the red on monday. it signals concern about the health of the sector, following the collapse of first republic and its acquisition byjp morgan chase.

the wall street giant said it would pay $10.6—billion—dollars to the federal insurance deposit corp, after officials shut down the smaller bank. first republic had been under pressure since last month, when the collapse of two other us lenders sparked fears about the state of the banking system. meanwhile, the managing director of the international monetary fund kristalina georgieva says she expects more weaknesses to be exposed in the banking sector. so just how vulnerable is it? let's ask the chief global investment officer of oreana financial, isaac poole. isaac, great to get you on the show. in the first instance, how much of a risk do you think there is of a failure amongst other us banks in the system? i failure amongst other us banks in the system?— failure amongst other us banks in the system? i think there is a real risk of that- _ the system? i think there is a real risk of that. this _ the system? i think there is a real risk of that. this is _ the system? i think there is a real risk of that. this is probably - the system? i think there is a real risk of that. this is probably not i risk of that. this is probably not the end of bank failures. we are seeing these problems in the smaller, regional, medium—sized banks, really exposed to higher

interest rates. we are going to see another interest hike from the fed which might add extra pressure on depositors and so forth. as we look out, there is a real risk that initially what was a bank specific problem becomes a wider problem for the system. problem becomes a wider problem for the s stem. ~ ., problem becomes a wider problem for the s stem. ~ . , , the system. what is driving these risks auoin the system. what is driving these risks going forward? _ the system. what is driving these risks going forward? is _ the system. what is driving these risks going forward? is it - the system. what is driving these risks going forward? is it higher. risks going forward? is it higher interest rates as you are talking about or something more like a lack of regulation and oversight contributing to into this? that has certainly contributed _ contributing to into this? that has certainly contributed to. _ contributing to into this? that has certainly contributed to. the - certainly contributed to. the regulation re—environments and that is likely to tighten up. i think that could add further pressure to the us economy and banking system. we will see, i think, more revelation added on the small and medium—size banks. that will tighten credit positions even further and banks will be cautious about who they lend to going forward. that, of course, would put downward pressure

on the us economy which is a doom loop for banks because if the economy falls into recession banks will not benefit from that and exposed banks will find themselves in risk of trouble. i5 exposed banks will find themselves in risk of trouble.— in risk of trouble. is there any way to arrest this _ in risk of trouble. is there any way to arrest this doom _ in risk of trouble. is there any way to arrest this doom loop _ in risk of trouble. is there any way to arrest this doom loop as - in risk of trouble. is there any way to arrest this doom loop as you i to arrest this doom loop as you describe it but you mark we are at three banks right now and not the entire sector. is there a way for officials to say we are going to make things stable going forward? i think the acknowledgement that the larger banks are in pretty good shape here, and isjust a smaller and medium—sized banks that are at risk. there are some actions that can be taken. for example, more depositary insurance for businesses and extending the deposit insurance beyond the current limits and i think the fed think very cautious being forward and also easing some of the risk in the banking sector. the final rake rake rate type, perhaps this week, which can give

the banking sector some time to play it through. the banking sector some time to play it throu~h. ., ~ the banking sector some time to play it throu~h. . ~ i. the banking sector some time to play it throu~h. ., ~ i. ., it through. thank you isaac for “oininu it through. thank you isaac for joining us _ it through. thank you isaac for joining us on _ it through. thank you isaac for joining us on the _ it through. thank you isaac for joining us on the programme. | well, the turmoil in the world's largest economy is not limited to the banking sector. it's playing out in congress as well with the two sides of the aisle once again involved in a bitterfight over the debt limit. the us treasury secretary janet yellen said in a letter to congress that the agency will be unlikely to meet all us government payment obligations "by earlyjune, and potentially as early as june one" without action by congress. in 2011, a similar debt ceiling fight took the country to the brink of default and prompted a downgrade of its top—notch credit rating. to australia now, where the country's central bank is due to make its monetary policy decision in the next few hours. the meeting comes ahead of the much anticipated us federal reserve own monetary policy decision later this week. in the last few months, some asia—pacific central banks have started to hit the pause button on rate hikes , australia included...

but the us central bank has continued raising its key interest rate, despite the banking turmoil there. so what lays ahead ? lets bring in catherine birch from a—n—z now for more. it is good to get you in the programme, catherine. what is your sense of what will happen today? will we see more rate hikes or a bit of a pause?— of a pause? financial markets and most economists _ of a pause? financial markets and most economists are _ of a pause? financial markets and most economists are experts - of a pause? financial markets and most economists are experts in i of a pause? financial markets and | most economists are experts in the rba to pause but we think the decision would be a still far too high but the key safety data shows inflation is coming down and probably was in line or slightly below what the rba forecast and there is economic data that will feed into their decision today. that will feed into their decision toda . ~ ., that will feed into their decision toda . ~ . , that will feed into their decision toda .~ . , , that will feed into their decision toda . ~ . , , ., ~ today. we have 'ust been talking about how the — today. we have just been talking about how the us _ today. we have just been talking about how the us economy - today. we have just been talking about how the us economy has i today. we have just been talking - about how the us economy has been impacted by higher interest rate,

and particularly the banking sector. how much has australia's economy being adversely affected by the cycle? being adversely affected by the cle? ~ , . ., cycle? the banking sector in australia — cycle? the banking sector in australia has _ cycle? the banking sector in australia has been - cycle? the banking sector in australia has been very - cycle? the banking sector in - australia has been very resilient we look across the economic data and see signs of softening but it seems there is a lot of momentum in inflation. the labour market remains tight as well and even though spending, continued spending, is starting ease and business indicators are cited ease as well we are expecting that momentum was on the slow gradually stopped while we do see gdp growth slowing and being below trend by the end of this year, we don't expect things to deteriorate sharply here which is in mind with some of the data we are seen overseas in the us where rates and inflation have been sticky with overall demand. find and inflation have been sticky with overall demand.— and inflation have been sticky with overall demand. and your outlook for next ear overall demand. and your outlook for next year in — overall demand. and your outlook for next year in terms _ overall demand. and your outlook for next year in terms of _ overall demand. and your outlook for next year in terms of economic - next year in terms of economic growth in australia? we next year in terms of economic

growth in australia? we expect that the riba will— growth in australia? we expect that the riba will increase _ growth in australia? we expect that the riba will increase the _ growth in australia? we expect that the riba will increase the cash - growth in australia? we expect that the riba will increase the cash rate| the riba will increase the cash rate for the 25 basis points this year. not today but perhaps in august in response to stickiness in non—services. we also think that will keep the cash rate as a restrictive level until late next year. to ensure that gdp growth slows enough and continued spending growth slows enough to bring inflation but as a target. we think there will be a trade—off between weaker economic growth and tougher conditions for households and businesses next year as well to make sure that inflation gets back to target. sure that inflation gets back to taruet. ., ~' ,, sure that inflation gets back to taruet. . ~ ,, ., sure that inflation gets back to taruet. ., ~' ,, . ., target. thank you catherine for “oininu us target. thank you catherine for joining us on — target. thank you catherine for joining us on the _ target. thank you catherine for joining us on the programme. l staying in the us where it's another big week for quarterly results. we're looking at uber today , which reported. for its fiscal first quarter. the ride hailing giant has emerged in a stronger position from the pandemic, partly due its food delivery service and a global ride—hailing business. for example, uber owns 14% of singapore—based grab 14.3% per the reuters

after the us company sold its business in southeast asia to grab in 2018. for more insights into uber and the global riding hailing business, lets bring in rolf buck from new street research. great to get you on the show rolf. give us a sense of how wilbur is investment in south east asia has paid off so far? it’s investment in south east asia has paid off so far?— paid off so far? it's been an interesting _ paid off so far? it's been an interesting dynamic - paid off so far? it's been an interesting dynamic for - paid off so far? it's been an l interesting dynamic for huber paid off so far? it's been an - interesting dynamic for huber and south east asia. initially like with many markets they went all in but fairly quickly they realise that they had a competitor in grab that was most formidable and they exited the market several years ago partly because grab was able to offer a solution that was much more tailored towards the southeast asian market. so grab is now the undisputed leader in right hailing and southeast asia and wilbur continues for the state

they have in second or for and wilbur continues for the state they have in second orfor some it's a competitive market in terms of saturation. d0 a competitive market in terms of saturation-— a competitive market in terms of saturation. , ., ~ , saturation. do you think we can see new players — saturation. do you think we can see new players emerge _ saturation. do you think we can see new players emerge offering - saturation. do you think we can see new players emerge offering the i new players emerge offering the thing that consumers always want when it comes to right hailing, cheaper prices? it is when it comes to right hailing, cheaper prices?— when it comes to right hailing, cheaper prices? it is a competitive market absolutely _ cheaper prices? it is a competitive market absolutely but _ cheaper prices? it is a competitive market absolutely but in _ cheaper prices? it is a competitive i market absolutely but in ridesharing it's a global phenomenon and it's all about a network. so how many writers and drivers can you have on your platform at the same time? grab as a leader has a much more efficient network and its utilisation of its network is higher which means that when a driver uses grab there was earned more than they would with competitors and for writers it means they do not need to wait for a ride that long. so, while we might see new entrants into the market, we expect that over time this market will converge towards a duopoly similar to the us with wilbur and left.—

duopoly similar to the us with wilbur and left. ., ,., ., , wilbur and left. how important it is for the company — wilbur and left. how important it is for the company to _ wilbur and left. how important it is for the company to evolve - wilbur and left. how important it is for the company to evolve with - for the company to evolve with services beyond right hailing to survive and have longevity in their business? aha, survive and have longevity in their business? �* , , survive and have longevity in their business? , ., ., ., business? a typical combination of riahts business? a typical combination of ri . hts and business? a typical combination of rights and food _ business? a typical combination of rights and food delivery _ business? a typical combination of rights and food delivery is - business? a typical combination of rights and food delivery is a - business? a typical combination of rights and food delivery is a strong one because it allows drivers for grab and other businesses to work for both of those services which again improves their earning power. in addition to that, what we have seen for uber but also for grab is that it allows them to retain their users a lot more efficiently. people who use grab for rides will use it for delivery as well and other services. they are more brand loyal as well. ., . ,, as well. indeed, rolf back there from new street _ as well. indeed, rolf back there from new street talking - as well. indeed, rolf back there from new street talking about i as well. indeed, rolf back there i from new street talking about the global right—handed business and its evolution. and that brings me to the end of the programme at this hour. thank you so much forjoining me.

stay with global bbc news for the latest headlines and analysis. just four years ago, lucy humphrey was facing up to the fact that unless a kidney donor could be found, she had just five years to live. she'd been diagnosed with lupus, was having dialysis three times a week and couldn't enjoy the camper van she and her partner had bought. we were going to go to aberystwyth, but because i didn't feel very well, we changed our plans. i had a shower, felt a little bit better, so we'd sayjust to stay local and come to the knap here in bari. that decision was one that would change her life forever. we pulled up in our van and my partner was setting up our deckchairs and india our dog kept running off towards where katie was parked. it turned out katie,

a total stranger, didn't mind indy going over to her at all. katie offered me a drink and my partner said she can't drink. she's having dialysis. and what's that for? and my partner said she needs a transplant. and katie said, you know, i'vejust gone on the transplant list and the donor list to donate to anyone as an altruistic donor. i didn't think that we'd necessarily be a match because it was such a coincidence for us to just randomly meet at the beach. the transplant took place last october. there were some complications, but both katie and lucy are now doing well. now, as friends, they're sharing their story in the hope that more people think about becoming organ donors. hello, i'm jack with the catch up. the mum of the student who killed himself days after sharing his suicidal thoughts with his university said it could have been different

if the university had told told his family he was struggling. charlie macleod was found dead in his student accommodation in february. the university said it was in touch with charlie throughout the year. if you feel you need to talk with someone, guidance on how and where to seek help can be found online. just search for bbc action line. some other stories for you now. first to ukraine, where russia has launched a second missile attack in just three days. these scenes in dnipro where a logistics warehouse was hit. a majorfire broke out and hours later air raid siren sounded across the country, including in the capital, kyiv. fighting continues in sudan, particularly in the capital, khartoum. opposing sides said they would extend a previously agreed truce by three days but air strikes have continued. more than 500 people are reported to have died with the actual number believed to be much higher. millions of people remain trapped in the city.

heartbreakfor arsenal tonight as they are out of the women's champions league after losing 3—2 in extra time to german side wolfsburg. and how would you fancy being told you are top of the pecking orderfor thisjob. you would have to bat off 200 other people who have all gone for the roan wearing this costume for seagull scaring duties at the blackpool zoo. applicants even had to send in an audition video. you are up—to—date now. see you later.

hello, i'mjane dougall, from the bbc sport centre. coming up on the programme. belgium's luca brecel is the first player from mainland europe to lift snooker�*s world championship trophy. two—time winners wolfsburg knock arsenal out of the women's champions league in extra time. and leicester city draw a chaotic match with everton, which leaves both in deep trouble in the premier league. there was an exciting finish to the final of the world snooker championship — belgian luca brecel winning it for the first time. he beat the four time champion, england's mark selby.