economic and financial catastrophe. janet yellen issues a dire warning over the us debt ceiling. plus leaders of south korea and japan meet as the two moves towards a new error in relations. hello and welcome to asia business report. i'm karishma vaswani. we start the united united states where the treasury secretary janet yellen has sounded the alarm. she says if congress fails to act on the debt ceiling could trigger a constitutional crisis. resident

biden has asked for the ceiling to be raised with no strings attached, something the republicans, of course, have been unwilling to budge on and time is ticking. secretary allen has estimated the government good run out of money to pay its bills by as soon as next month. take a listen. is soon as next month. take a listen. , ., , , soon as next month. take a listen. , ., ,, .,, soon as next month. take a listen. , ., ,, , listen. is congress was my “ob to do this. �* listen. is congress was my “ob to do this. if d listen. is congress was my “ob to do this. if they i listen. is congress was my “ob to do this. if they faili listen. is congress was my “ob to do this. if they fail to i listen. is congress was my job to do this. if they fail to do . to do this. if they fail to do it will have an economic and financial catastrophe that will be of our own making and there is no action that president biden and us treasury could take to prevent that catastrophe.- take to prevent that catastrohe. , ._ catastrophe. on tuesday, president _ catastrophe. on tuesday, president joe _ catastrophe. on tuesday, president joe biden - catastrophe. on tuesday, president joe biden will. catastrophe. on tuesday, - president joe biden will meet presidentjoe biden will meet with congressional leaders to try to resolve the crisis. if not know washington could be said into a debt default by june. remind you, the debt limit was created in 1917 and currently stands at over $31 trillion. the ceiling has been raised 78 times since 1960, a fun fact for you to ponder.

early with katrina al, a senior analyst at moody's and she said we need to find a solution as soon as possible. i we need to find a solution as soon as possible.— we need to find a solution as soon as possible. i thinkjanet yellen's warning _ soon as possible. i thinkjanet yellen's warning crystallises l yellen's warning crystallises that congress and the us government really does need to put their best foot forward and get this debt ceiling issue sorted as soon as possible. at the end of the day, the global economy and the us economy has gone through a lot over the past three years and this is just another potential really bad situation and if it isn't sorted out soon than the us economy will be unable to avoid a recession and the global economy will go down a dark path as well. it economy will go down a dark path as well.— path as well. it is fair to sa , path as well. it is fair to say. isn't _ path as well. it is fair to say, isn't it, _ path as well. it is fair to say, isn't it, that - path as well. it is fair to say, isn't it, that so - path as well. it is fair to l say, isn't it, that so much path as well. it is fair to - say, isn't it, that so much of this is political. you see this sort of back and forth from the two sides in the united states repeatedly, several times in fact in the last four years. in terms of real economic impact, do you think they will reach a point where they won't be able to resolve this? a£111" to resolve this? our expectation - to resolve this? our

expectation is - to resolve this? our. expectation is certainly to resolve this? our- expectation is certainly that they will reach a deal, whether it be at the latest possible minute or not, but our expectation is they will and we won't actually get into this dire situation. but the jitters and the uncertainty and the concern that goes along with the mounting pressure to reach a deal certainly isn't a good thing, particularly given how fragile the us economy is at this point. we have seen the fed has a significant amount of monetary tightening over the last year or so and households, businesses, they are under increasing pressure, financial markets as well are under significant pressure. so having this new concern it is certainly not ideal at this point. certainly not ideal at this oint. ~ . . certainly not ideal at this oint. ., , point. what is the worst case scenario we _ point. what is the worst case scenario we are _ point. what is the worst case scenario we are looking - point. what is the worst case scenario we are looking at. point. what is the worst case l scenario we are looking at here and how might that player or impact countries out here in asia? , . ., ., impact countries out here in asia? , ., , ., asia? our expectation is that the will asia? our expectation is that they will reach _ asia? our expectation is that they will reach a _ asia? our expectation is that they will reach a deal, - asia? our expectation is that they will reach a deal, but. asia? our expectation is that they will reach a deal, but ifl they will reach a deal, but if they will reach a deal, but if they don't the consequences would be dire. if the

government is no longer able to pay its debt than in a worst case situation we would see there is significantjob losses in the us, household consumption falls back, investment as well, financial markets would plummet, and this would have caused impact asia as well, which is very close trade ties, financial market linkages with the us economy as well. there would certainly be contagion over to the asia—pacific region. contagion over to the asia-pacific region. katrina else from _ asia-pacific region. katrina else from moody's - asia-pacific region. katrina | else from moody's analytics speaking to me earlier. in other news, the billionaire investor warren buffet has that he is more comfortable investing in japan he is more comfortable investing injapan rather than taiwan, given the growing tensions between us and china. last year, his investment company, berkshire hathaway, invested million dollars. mr buffett says it is a wonderful company and but he feels better putting money into japan instead. we can continue to

talk about japan because there are signs that relations between two oveser's largest economies may be thawing even further. japan's prime minister is in seoulfor a further. japan's prime minister is in seoul for a two—day meeting, it is the first trip by a japanese leader to the south korean capitol in 12 years, the two north asian economies are home to some of the bigger second manufacturing firms in the world, samsung, sony, toyota. the deputy directorfor sony, toyota. the deputy director for the asia programme at the wilson centre. she told me the leaders have so far talked about the possibilities of working together more closely a great deal of more cooperation and willingness to work together. 50 cooperation and willingness to work together.— work together. so at the “oint ress work together. so at the “oint press conference * work together. so at the “oint press conference the h work together. so at the joint press conference the two - press conference the two leaders acknowledge the fact that their economies were intertwined and they talked about possibilities for working closer together and strengthening the supply chain, especially when it comes to conductors, career is a giant

when it comes to this. japan is at the forefront of producing materials necessary for sunny conductors. that is a natural fit. they also talked about working together on advanced technologies such as ai, bio—tech, as well as on material sciences. so there are many opportunities for the two countries to work together and the political momentum is there. , ., . , the political momentum is there. ., ., ., there. on the politics of all of this and _ there. on the politics of all of this and the _ there. on the politics of all of this and the economic i there. on the politics of all- of this and the economic driver behind this, is china, isn't it, we have seen companies in this part of the will start to work together more closely given the concerns around the rise of china, both strategically as well as economically. strategically as well as economicall . ~ , , economically. absolutely. it is china, it is _ economically. absolutely. it is china, it is also _ economically. absolutely. it is china, it is also russia, - economically. absolutely. it is china, it is also russia, both | china, it is also russia, both japan and korea really need to import their energy, so they need to diversify their energy sources and russia has shown that economic coercion is very

real amongst authoritarian regimes and they really want to hedge their risks. also, i want to say they are both aware of the united states and the protectionist measures that the united states is taking on, so there are a confluence of issues that really bring these two countries together to really work together for a common interest even on the economic front.— common interest even on the economic front. speaking to me a little earlier. _ economic front. speaking to me a little earlier. since _ economic front. speaking to me a little earlier. since we - economic front. speaking to me a little earlier. since we have i a little earlier. since we have been talking about government visits, the uk has announced that it will conduct its first ministerial visit to hong kong in five years. the investment minister lord duncanjohnson�*s minister lord duncan johnson's trip minister lord duncanjohnson�*s trip is aimed at boosting trade in fintech and other services, the uk hasn't visited since the mass protests of 2019 since it condemned the national security law which was imposed by beijing in 2020. the move strained relations with china led to the creation of a pisa scheme allowing hongkongers to come to britain. another story for you today, why are we seeking to pigeonhole people in the world of work? big

question. after all, the engineer who has worked tirelessly on a web project could also have the missing creative inspiration to make the visual side shine. my colleague david harper went to meet lan island, he started in the it industry and in 1960s but went on to work for many years in the film industry, contributing to some legendary movies. ~ , ., movies. why was always interested _ movies. why was always interested in _ movies. why was always interested in business i movies. why was always i interested in business and figures on planning and organising things, and that also led me to the film industry, because they did the same thing there. you newsstand cu - ric same thing there. you newsstand cupric before... _ same thing there. you newsstand cupric before... an _ same thing there. you newsstand cupric before... an new _ same thing there. you newsstand cupric before... an new him - same thing there. you newsstand cupric before... an new him for i cupric before... an new him for five years _ cupric before... an new him for five years already _ cupric before... an new him for five years already -- _ cupric before... an new him for five years already -- you - cupric before... an new him for five years already -- you knew| five years already —— you knew stanley kubrick. i moved england a house with my wife and little son, my first experience in practice, they observed anai learns how to do it, and how to do financial things and planning things and getting things. you things and planning things and getting things-— getting things. you have

mentioned _ getting things. you have mentioned that - getting things. you have mentioned that you - getting things. you have mentioned that you are l getting things. you have . mentioned that you are less getting things. you have - mentioned that you are less of a creative input and more of an organiser, can you sum up was a born producer's role is in that way? born producer's role is in that wa ? y born producer's role is in that wa ? g ., ., born producer's role is in that wa? , ., way? my role, a film producer doesnt way? my role, a film producer doesn't mean _ way? my role, a film producer doesn't mean anything. - way? my role, a film producer doesn't mean anything. there j way? my role, a film producer. doesn't mean anything. there is the producer, that was stanley. my the producer, that was stanley. my role was to make deals, to get things, and have to be there on time at the right price. there on time at the right rice. ~ ~' ., price. we think of the film industry — price. we think of the film industry and _ price. we think of the film industry and the _ price. we think of the film . industry and the stereotypes, but in some ways it is just like any other industry. h0. but in some ways it isjust like any other industry. no, it isn't. like any other industry. no, it isn't- for— like any other industry. no, it isn't. for example, _ like any other industry. no, it isn't. for example, in - like any other industry. no, it isn't. for example, in eyes. isn't. for example, in eyes wide shut the people had masks, half masks, based on the book, it is ridiculous. they recognise each other, they don't want to recognise each other. we need full masks and let's get full masks, where do we get full masks? we go to venice. they went to italy and

bought 250 masks, i want to every masks shop and got everything in one weekend to get back to england.- everything in one weekend to get back to england. within the film industry — get back to england. within the film industry are _ get back to england. within the film industry are sometimes . get back to england. within the film industry are sometimes a i film industry are sometimes a bit suspicious of people who have come from outside, they feel they don't understand the challenges. feel they don't understand the challenges-— challenges. oh, yeah, absolutely, _ challenges. oh, yeah, absolutely, and - challenges. oh, yeah, absolutely, and they l challenges. oh, yeah, - absolutely, and they have to overcome it.— overcome it. how do you overcome _ overcome it. how do you overcome it? _ overcome it. how do you overcome it? i— overcome it. how do you overcome it? i don't - overcome it. how do you l overcome it? i don't know, overcome it. how do you - overcome it? i don't know, just overcome it? i don't know, 'ust b doinu overcome it? i don't know, 'ust by doing a fi overcome it? i don't know, 'ust by doing a good i overcome it? i don't know, 'ust by doing a good job. i overcome it? i don't know, 'ust by doing a good job. jan h by doing a good 'ob. jan nooland h by doing a good job. jan haaland speaking to my colleague david harper. before we go i want to take a look at what is happening in corporate america. we work will produces quarterly results on tuesday, they missed market expectations in the previous quarter. the co— working office space provider is in a challenging environment right now as mass layoffs in the tech sector have reduced the need for flexible working spaces. also on tuesday we will hear from airbnb, the company beat expectations for its previous quarter and was positive in its shareholder letter over the return of travellers as the opening up of economies takes place in the

post pandemic error. for now, it is it for us on asia business report. thanks for watching. maggs has raised eight guide dogs. spencerwhite maggs has raised eight guide dogs. spencer white with maggs for more than a year but covid restrictions prevented her from meeting's new owner and he was desperate to meet her. jerry quinn lost his eyesight four years ago and spencer has been his lifeline stop the bbc programme reunion hotel contacted maggs and made this moment happen.— contacted maggs and made this moment happen. hello! spencer! it was 'ust moment happen. hello! spencer! it was just amazing. _ moment happen. hello! spencer! it was just amazing. spencer - it was just amazing. spencer jumped all over me. we absolutely knew me. i didn't know if you would, you never

know if you would, you never know if you would, you never know if they will, but he did. after all that time. it know if they will, but he did. after all that time.— after all that time. it was a very emotional _ after all that time. it was a very emotional meeting - after all that time. it was a very emotional meeting for after all that time. it was a i very emotional meeting for all three of them.— three of them. just to think i was worthy _ three of them. just to think i was worthy to _ three of them. just to think i was worthy to have - three of them. just to think i was worthy to have him. - three of them. just to think i was worthy to have him. i. three of them. just to think i i was worthy to have him. i knew what i was worthy to have him. i knew what i had _ was worthy to have him. i knew what i had brought _ was worthy to have him. i knew what i had brought spencer - was worthy to have him. i knew what i had brought spencer up | what i had brought spencer up for, but you don't really, you know, take it to heart. he means the _ know, take it to heart. he means the world - know, take it to heart. he means the world to me. know, take it to heart. he l means the world to me. but mans means the world to me. but maggs refuses _ means the world to me. but maggs refuses to _ means the world to me. emit maggs refuses to take any credit for raising spencer. the rewarding part was actually doing it, because it'sjust such fun. the guide dogs community are amazing. ohm community are amazing. an operation — community are amazing. an operation stopped maggs from continuing her work with guide dogs, but she is now training ted, her dogs become a therapy dog and hopes to take him into hospices.

ladies, come over to me. this

is a co—chair at the women's high—performance football centre. while he works with the players, rosie watches him. you are t in: players, rosie watches him. you are trying to _ players, rosie watches him. you are trying to win _ players, rosie watches him. ym. are trying to win possession now and, lease, you are on the outside of here.— outside of here. this facility then used — outside of here. this facility then used in _ outside of here. this facility then used in the _ outside of here. this facility then used in the country - outside of here. this facility then used in the country is. outside of here. this facility. then used in the country is at then used in the country is at the university of assos, launched in september, it is all about developing coaches, nurturing talent, and creating opportunities. i’m nurturing talent, and creating opportunities.— opportunities. i'm really passionate _ opportunities. i'm really passionate about - opportunities. i'm reallyl passionate about working opportunities. i'm really - passionate about working within the women's game and i want to work at the very highest level, though it has been really great in terms of finding people who can really support me. european champions _ can really support me. european champions league. _ can really support me. european champions league. the - can really support me. european champions league. the success| champions league. the success ofthe champions league. the success of the lionesses _ champions league. the success of the lionesses just _ champions league. the success of the lionesses just the - of the lionesses just the launchpad needed to grow the game. from a darren hudson of these centres, teamed up with universities all around england. this is the only one in this region. we england. this is the only one in this region.— in this region. we have a lot of access — in this region. we have a lot of access to _ in this region. we have a lot of access to some _ in this region. we have a lot of access to some really - in this region. we have a lot. of access to some really good equipment facilities and some people to help us out. i equipment facilities and some people to help us out. i wasn't ola ind people to help us out. i wasn't playing football _ people to help us out. i wasn't playing football for _ people to help us out. i wasn't playing football for a _ people to help us out. i wasn't playing football for a while, i playing football for a while, so i — playing football for a while, so i think having it he has given— so i think having it he has given me _

so i think having it he has given me confidence to get back into it _ given me confidence to get back into it. ., ., ., j into it. you hear what they're doind is into it. you hear what they're doing is they _ into it. you hear what they're doing is they are _ into it. you hear what they're doing is they are looking - into it. you hear what they're doing is they are looking to i doing is they are looking to try to — doing is they are looking to try to win— doing is they are looking to try to win the _ doing is they are looking to try to win the ball. - doing is they are looking to try to win the ball.- try to win the ball. female coast development - try to win the ball. female coast development allows| coast development allows stu d e nts coast development allows students to pursue careers in the wide again. it’s students to pursue careers in the wide again.— the wide again. it's massive, is all about _ the wide again. it's massive, is all about opportunities. i the wide again. it's massive, l is all about opportunities. and if we can provide opportunities to coaches, two players, it will only benefit the game at the top. hello. coming upon the programme. arsenal beat newcastle in the premier league to keep the pressure on leaders manchester city. max verstappen charges through the field after starting ninth on the grid to win the miami grand prix. and the dominance of carlos alcaraz continues as he defends his madrid 0pen continues as he defends his madrid open title. you are very welcome along to

the programme. starting with