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 moves demographically to moves towards a new era in relations. hello and welcome to asia business report. i'm karishma vaswani. ms duthie programme in the united states with the treasury secretary, janet yellen, has sounded the alarm. users of congress fails to act on the debt ceiling it could

trigger a constitutional crisis. president biden is asked for the ceiling to be raised with no strings attached, something the republicans have been unwilling to budge on. time is ticking. secretary yellen has estimated the government could run out of money to pay its bills next month. it money to pay its bills next month. , ., , , money to pay its bills next month. , ., ,, .,, money to pay its bills next month. , ., ,, , month. it is congress was my “ob to month. it is congress was my job to do _ month. it is congress was my job to do this. _ month. it is congress was my job to do this. if— month. it is congress was my job to do this. if they - month. it is congress was my job to do this. if they fail - month. it is congress was my job to do this. if they fail to l job to do this. if they fail to do it we will have an economic and financial catastrophe that will be of our own making and there is no action that president biden and the us treasury can it take to prevent that catastrophe.— that catastrophe. welcome on tuesday president _ that catastrophe. welcome on tuesday president joe - that catastrophe. welcome on tuesday president joe biden l tuesday presidentjoe biden will meet with congressional leaders to try to resolve the crisis stop but if not washington could be sent into a debt default byjune. limit was created in 1917, of course, and currently stands at just over $31 trillion. the ceiling has been raised 78 times since 1960, a fun fact for you to ponder as we continue with the

analysis on this story. earlier i spoke with katrina ell, a senior economist at moody's analytics who told me we need to see a solution as soon as possible. i to see a solution as soon as possible-— possible. i thinkjanet yellen's _ possible. i thinkjanet yellen's warning - possible. i thinkjanet| yellen's warning does crystallise the importance that congress and the us government really does need to put their best foot forward and get this debt ceiling issues sorted as soon as possible. at the end of the day, the global economy and the day, the global economy and the us economy has gone through a loss of the past three years and this is just another potential really bad situation and if it isn't sorted out soon then the us economy will be unable to avoid a recession and the global economy will go down a dark path as well. it is the global economy will go down a dark path as well.— a dark path as well. it is fair to say that _ a dark path as well. it is fair to say that so _ a dark path as well. it is fair to say that so much - a dark path as well. it is fair to say that so much of - a dark path as well. it is fair to say that so much of this i a dark path as well. it is fair| to say 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, over the last a few years, in terms of real economic impact, do you think they will reach a point where they will reach a point where they won't be able to resolve

this? , . ., ., , this? our expectation is certainly _ this? our expectation is certainly that _ this? our expectation is certainly that they - this? our expectation is certainly that they will l this? our expectation is - certainly that they will reach a deal, whether it be 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 that the fed has introduced a significant amount of monetary tightening over the past year orso tightening over the past year or so and households, businesses, they are under increasing pressure. the financial markets are also 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? , ., , ., asia? just to be here, our exaectation _ asia? just to be here, our expectation is _ asia? just to be here, our expectation is they - asia? just to be here, our expectation is they will i asia? just to be here, our. expectation is 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 then, in a worst case situation, we would see that there is significant job losses in the us, household consumption falls back, investment as well, financial markets would plummet, and this would impact asia as well, which has very close trade ties, financial market league —— linkages with us as well. there would be contagion over to the asia—pacific region. katrina ell is there from moody's analytics speaking to me a little earlier. the billionaire investor warren buffet has said he is more comfortable investing injapan, rather than taiwan, given the growing tensions between the us and china. last year his investment company mr berkshire hathaway, invested more than $4 billion in the taiwanese chipmaker tsmc only to with three months later, mr buffetts as it is a wonderful company but he feels better falling —— putting money into japan instead. we can keep talking

about japan, instead. we can keep talking aboutjapan, because there instead. we can keep talking about japan, because there are signs that relations between two of asia's largest economies would be thawing. japan's prime minister fumio kishida �*s and soulmate for a two day meeting, it is the mystery bay a japanese leader to the south korea into my careers, they are home to some of the biggest egg and manufacturing firms in the world, shihoko goto is the deputy director for the asia programme at the wilson centre and earlier 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, so at the joint press conference the two leaders acknowledge the fact that their economies are intertwined and they talked about possibilities for working closer together and strengthening the supply chain, especially when it comes to semiconductors, career is a giant when it comes to semiconductor construction,

japan is at the forefront of reducing materials necessary for semiconductors, so that is an obvious fit. but they also talked about working together along with advanced technology issues beyond semiconductors, 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. fin together and the political momentum is there. on the olitics momentum is there. on the politics of — momentum is there. on the politics of all _ momentum is there. on the politics of all of _ momentum is there. on the politics of all of this - momentum is there. on the politics of all of this and - momentum is there. on the politics of all of this and the j politics of all of this and the economic driver behind this is china, we have seen countries in this part of the world start to work together a bit 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 have to say 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 work together for a two countries together to work togetherfor a common interest, together for a common interest, even togetherfor a common interest, even on the economic front. speaking of government business, the uk has announced it will conduct its first industrial visit to hong kong industrial visit to hong kong in five years. the investment minister, lord dominic johnson's trip is aimed at fintech and financial services, the uk has not visited since the uk has not visited since the mass protests of 2019 authentic and down the national security law which was imposed by beijing in 2020. the move strained relations in china and led to the creation of a visa scheme to allow hongkongers to come to britain. in other stories for you, why are we seeking to pigeonhole people in the world of work? after all, the world of work? after all, the engineer who has worked tirelessly on a web project would also have the missing

creative inspiration to make the visual side shine. my colleague david harper went to meet jan haaland who started his career in the it industry in the 1960s but went on to work in the film industry, contribute into some legendary movies. i contribute into some legendary movies. ., , contribute into some legendary movies. . , , movies. i was always interested in business _ movies. i was always interested in business and _ movies. i was always interested in business and figures - movies. i was always interested in business and figures and - in business and figures and planning and organising things and so on. and that led me to the film industry, because they did the same thing there. you knew stanley _ did the same thing there. you knew stanley prue _ did the same thing there. you knew stanley prue bray before... i knew stanley prue bray before. . ._ knew stanley prue bray before... ~ ., before... i knew him for five ears. before... i knew him for five years we — before... i knew him for five years. i've moved _ before... i knew him for five years. i've moved to - before... i knew him for five i years. i've moved to england's. my years. i've moved to england's. my first experience in prac was, a observed and a practice and they learnt how to do it and they learnt how to do it and how to do financial things and how to do financial things and planning things and getting things. and planning things and getting thins. ., ., i. and planning things and getting thin.s_ ., ., y., ., things. you mentioned you are less of a creative _ things. you mentioned you are less of a creative input - things. you mentioned you are less of a creative input and - less of a creative input and more of the organiser. can you sum up what a film producer's role is in that way? mr;

sum up what a film producer's role is in that way?— role is in that way? my role, a film producer _ role is in that way? my role, a film producer doesn't - role is in that way? my role, a film producer doesn't mean i film producer doesn't mean anything. there is the producer, that was stanley, my role was to make a deal is, to get things. and they have to be there on time. and at the right price. there on time. and 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 no different to any other industry. different to any other industry-— different to any other indust . ., ,�* ., industry. no, it isn't. for example. _ industry. no, it isn't. for example. in— industry. no, it isn't. for example, in eyes- industry. no, it isn't. for example, in eyes wide . industry. no, it isn't. for- example, in eyes wide shut, the people had masks, half masks, based on the book, right? it is ridiculous, they recognise each other, they don't want to recognise each other, we need full masks. let's get full masks, when we full masks? you go to venice. i want to italy and bought 200 and masks. every masks shop and everything in one week and brought it back to england. one week and brought it back to encland. ., ,

england. people within the film indust , england. people within the film industry. they _ england. people within the film industry, they sometimes - england. people within the film industry, they sometimes a - england. people within the film industry, they sometimes a bit| industry, they sometimes a bit suspicious of someone who has come from outside, they feel they don't understand the challenges?— challenges? oh, yes, absolutely. _ challenges? oh, yes, absolutely. they - challenges? oh, yes, | absolutely. they have challenges? oh, yes, i absolutely. they have to overcome it. how do you overcome it. how do you overcome it? i don't know, by just doing a good job.- just doing a good 'ob. before we no, i just doing a good 'ob. before we go. i want — just doing a good 'ob. before we go, i want to i just doing a good job. before we go, i want to tell - just doing a good job. before we go, i want to tell you i just doing a good job. before| we go, i want to tell you what we go, i want to tell you what we are watching out for from corporate america this week for you, and we workers due to report its latest quarterly on tuesday. the company missed work expectations of the co— working office space is in a challenging environment is meth labs any 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 and rounding of the week of earnings we are watching, walt disney company media and entertainment giant, is due to post its second quarter results on wednesday. analysts are expected to assess the influence if chief executive

bob iger�*s return to the helm of the company. that brings us to the end of asia business report at the cell. thank you forjoining me. stay with bbc news and i will see you soon morrow. —— see you tomorrow. the railway of the future. gone are the signals. in the place, are the signals. in the place, a sophisticated system of sensors and monitors, pinpointing translates, the speed, and location, allowing them to travel faster with fewer hold—ups. them to travel faster with fewer hold-ups.— them to travel faster with fewer hold-ups.- them to travel faster with fewer hold-u s. ., ., ., fewer hold-ups. you go through a junction _ fewer hold-ups. you go through a junction and — fewer hold-ups. you go through a junction and we _ fewer hold-ups. you go through a junction and we get _ fewer hold-ups. you go through a junction and we get through i a junction and we get through the main and increase the speed to 75. , to 75. they call it the european _ to 75. they call it the european rail- to 75. they call it the european rail traffic i european rail traffic management system. strategically we are very involved in the port felixstowe and london gateway. it is a good interchange point for freight services coming in around london to go up north

and from the south coast. it is just a really good hub for us. if we are trying to prevent a train — if we are trying to prevent a train from _ if we are trying to prevent a train from going through a certain— train from going through a certain section you might have stou— certain section you might have stop it — certain section you might have stop it. the new system can anticipate a train —— train arriving, _ anticipate a train —— train arriving, slowing down in advance, _ arriving, slowing down in advance, so the other drinker makers — advance, so the other drinker makers move and then you continue _ makers move and then you continue with your move without the need — continue with your move without the need to stop and start. the first section — the need to stop and start. the first section of _ the need to stop and start. the first section of the _ the need to stop and start. tie: first section of the east the need to stop and start. tte: first section of the east coast main line between hitchen and wellen will go live next february, but it could be at least 30 years before the entire rail network becomes a signal is. at the moment, the railway struggles to cope with both freight and passenger services. going signal this, says baggers, will reduce delays and improve safety.

ladies, come over to me. this is ryman, a coach

at the women's high performance football centre. while he works with the players, rosi watches him. you're trying to win possession now and, elise, you're on the outside over here. this facility, the newest in the country, is at the university of essex. launched in september, it is all about developing coaches, nurturing talent, and creating opportunities. i'm really passionate about working within the women's game and i want to work at the very highest level, so it's been really great in terms of finding people who can really support me. european champions! the success of the lionesses just the launchpad needed to grow the game. from eight there are now ten of these centres, teamed up with universities all around england. this is the only one in this region. we have a lot of access to some really good equipment, facilities, and some people to help us out. i wasn't playing football for a while, so i think having it here has given me confidence

to get back into it. you hear what is they're| doing is they are looking to try to win the ball. female coach development allows students to pursue careers in the wider game. it's massive, it's all about opportunities. and if we can provide opportunities to coaches, to players, it will only benefit the game at the top. hello. coming up on the programme, arsenal beat newcastle in the premier league, to keep the pressure on leaders manchester city. world champion 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 open title.

you are very welcome along to the programme. arsenal have kept the premier league title race alive,