approaching for the us to hit the debt ceiling with treasury secretary janet yellen issuing yet another warning. a heatwave across china where the fears what soaring temperatures might mean for the country's economic recovery. hi there. welcome to asia business report. i am mariko oi. let's start in the united states where markets have edged higher, hopeful that washington will come to an agreement on the debt ceiling. the us secretary earlierjanet

yellen has sent a letter to congress warning the treasury would be unable to satisfy its obligations as early as 1june. presidentjoe biden will meet top lawmakers including republican house of representatives speaker kevin mccarthy at three pm local time on tuesday after that meeting was postponed from last friday. samira hussain has more from the ock. in less than two weeks the ock. in less than two weeks the united states could fail to meet its debt obligations if lawmakers in washington cannot come to some sort of agreement. republicans have continued to demand cuts to social spending before they will agree to raise the borrowing limit. us presidentjoe biden has repeatedly said he would not set conditions lawmakers must raise the debt limit because failure to do so would result in an economic catastrophe. some of the possible outcomes are job losses, those that depend on social security benefits were get paid, and the

most dire of outcomes would be the loss of confidence that america's ability to pay interest on its debt. the stakes are high. while the two sides seem far apart traders on wall street are finding some comfort in the two sides coming together to at least try and negotiate a deal. samira hussain reporting there. tyler thailand with youngest and most progressive party move forward has held a rally to celebrate what they see as their election victory. it is agreed with a thai party, the second—largest party to former coalition government, with four small opposition parties move forward so they have a clear majority and a mandate to government. i asked economist alex holmes if they can afford to pay populist policies that they promised. we not too policies that they promised. - not too worried about the fiscal position in thailand. government that has risen in

the pandemic but relatively low compared to gdp. some are short—term fiscal splurge probably isn't going to through the fiscal position of. of course what would be a problem is if these measures were more permanent. history shows us that giveaways are easy to give out but then hard to claw back after a certain period of time. the military has been seen by many experts as pro— big business. those new parties are rather untested as a government, so what is their view on those businesses? there is nothin: view on those businesses? there is nothing particularly _ is nothing particularly antibusiness in the opposition�*s policies, however, what is more generally a problem is the uncertainty of how the transition of power will go ahead, it's not converted who will form the next government. if things don't go smoothly and the incumbent tries to block the opposition for instance from forming coalitions, that will

probably weigh on business sentiment, and that really touches upon thailand's biggest problem, which is very low investment, and this potentially would see that drug god. i potentially would see that drug god. ., ,., potentially would see that drug god. ., , ., ., potentially would see that drug god. ., ,., ., ., potentially would see that drug god. ., ., ., ., potentially would see that drug god. ., ., ., god. i also wanted to ask you about turkey _ god. i also wanted to ask you about turkey because - god. i also wanted to ask you about turkey because there l god. i also wanted to ask you i about turkey because there was an election there as well. how would you assess the current state of their economy? their economy _ state of their economy? their economy has _ state of their economy? their economy has suffered - state of their economy? their economy has suffered from . state of their economy? their l economy has suffered from lots of policy mistakes which are directly tied to president erdogan, who has been expansionist in policies are not raised interest rates in the face of higher inflation, that seen the lira depreciate and lack of foreign investment. the former bosses of two us banks that collapsed in march say the failures were caused by unprecedented circumstances. the remarks from the former heads of silicon valley bank and citibank are due to be

delivered to congress in prepared testimony later today. the collapse of the banks triggered globalfears the collapse of the banks triggered global fears over the state of the financial industry with lawmakers keen to analyse what went wrong. former svp chief greg becker blames the bank was my downfall on a social media rumours and mixed messages about borrowing costs from the us central bank. eu regulators have approved a microsoft $69 billion attempts to purchase call of duty publisher. the european commission said the microsoft had addressed their concern on competition issues. it comes three weeks after the uk blocked the deal over worries it would hurt competition in the emerging cloud business. david wattel has more. microsoft may be batting for a suite of office products but it's very keen to make its mark in the game market as well. it's five activision it would be a game changer if it comes to pass giving acquittals to

compete with its main rival, sony. that would give it control of such globally popular titles as call of duty, world of warcraft and overlooked. what was to do is add them to its game pass surface, as egyptian offering perhaps better understood as like a netflix of the games market. microsoft regards the subscription model as the future of gaming and conclude it needs more heft in terms of the volume and calibre of new titles. the company faces a big hurdle. a few weeks ago britain's option market authority flocked the activision takeover say it would put microsoft in a dominant position in the sector. microsoft president fred smith said the decision was barred from britain. the cma stand firm and while the uk is a much smaller market than the european union, it can't be ignored by companies seeking to grow its market share in a boating industry. microsoft is satisfied european commission by agreeing to license

activision blizzard games on rival platforms. it's appealing the uk and waits a ruling from the uk and waits a ruling from the us federal trade commission. it could be many months before those questions are clarified. david wardell, bbc news. but in china because major cities across the country haveissued major cities across the country have issued heat advisories. china is basic record—breaking heat that could threaten electricity supply, crops and put further pressure on fragile economy. from beijing, stephen mcdonell. beijing is known for its freezing winters and boiling hot summers and certainly this year the heat has arrived. it is not only ethnicity, from shandong province on the east, down to yunnan province in the south of china, normally very mild when it comes to climate, official high—temperature warnings have high—temperatu re warnings have gone high—temperature warnings have gone out. scientists have also said people should brace themselves for more extreme heat this year and that could mean crops are failing in some

places, leading to an increase in the price of food, also the power grid struggling to keep electricity flowing, with 70 people using air—conditioners can lead to power shortages. in the long run the prognosis is even worse. 0n the one hand scientists are blaming this on climate change but on the other, the fight against climate change has the moment taken a backseat in china as the government gets the economy moving again following three years lost to the covid crisis. so all the good work that china had been doing starting to wean itself off coal—fired power, it's not that it's been totally lost but certainly that process is slowing down. policy makers will be saying that they hope this is only a temporary state of affairs, but right now the emphasis has to be on the economy and later on china can get back to fighting climate change. but naturally, every

day you waste, not fighting climate change now makes it so much harder to do it later on. let's stay in china because in a few hours we will get a read on china's unemployment as well as industrial production. that's a gauge of activities in manufacturing, mining and utility sectors. they should droplets zero covid restrictions at the end of last year, helping with industrial production since december. but manufacturing activity shrunk unexpectedly in april so nested and policymakers will be looking for any further signs of weakness. down one from hansen baker china that contrary cosmic industrial performance which would have and how it recovers from the pandemic. i’d and how it recovers from the pandemic— pandemic. i'd be most interested _ pandemic. i'd be most interested in - pandemic. i'd be mostj interested in industrial pandemic. i'd be most - interested in industrial and housing performance because in the past month the recovery has been concentrated in services sector like catering, tourism,

transportation. it's the industrial performance determine the chinese economic recovery since it stood. we said major weakness in the past month especially since the end of march, the utilisation rate of march, the utilisation rate of industrial capacity has reached the lowest point since 2016 and that means inventory has been building up for the economic system and it will be a major hardwood filament battery industry in china. before we go, a former executive is suing like touts, the company behind tick—tock say he was fired after criticising the company for having, quote, a culture of lawlessness. us head of engineering was hired in 2017 and he says tiktok was stealing videos published on other sites like instagram and snapchat and presenting them as its own. he says he sounded the alarm the practice continued and he was

fired following year. bytedance has called the allegation is baseless and that it will fight them. that's it for the show. you so much for watching. —— thank you. ronnie's passion has always been sneakers. initially opened the shop to provide an expert shoe cleaning service just as the pandemic hit. fiur just as the pandemic hit. our business _ just as the pandemic hit. our business was _ just as the pandemic hit. oi" business was affected massively and because nobody was going out so no—one wanted the shoes cleaned. so i started reselling again, selling shoes. i started customising, cartoon sort of things, spiralling into me watching loads in youtube, learning how to do it. his final social _ learning how to do it. his final social media - learning how to do it. his final social media posts of his i—of—a—kind designs have brought in customers from

around the world, including famous rappers. they send in their shoes and ronnie works his magic. their shoes and ronnie works his magic— their shoes and ronnie works his magic. this is a pair which i do a custom _ his magic. this is a pair which i do a custom piece _ his magic. this is a pair which i do a custom piece for, - his magic. this is a pair which i do a custom piece for, a - i do a custom piece for, a singer, will come to bristol in the next couple of weeks. these are super detailed, so i properly say and you'll be ready in about four or five days. ready in about four or five da s. ., ., ready in about four or five da 5. ., ., ., ready in about four or five das. ., ., ., ,, days. from now on the process becomes _ days. from now on the process becomes very _ days. from now on the process becomes very secretive. - days. from now on the process becomes very secretive. he - days. from now on the process| becomes very secretive. he will reveal finished sneakers until he has handed them over. with international wrapper he got to do that in person, backstage out his concerts. 0ther do that in person, backstage out his concerts. other clients drop off the traders for cleaning and repair. —— trainers. higher, i'm alice. tonight, toki's tight election,. first, we need to be more open about women and

confidence, it's foot with billions of people in the uk and she says she wants to help women overcome any embarrassment they might have talking about it. so embarrassment they might have talking about it.— talking about it. so many more --eole talking about it. so many more people are _ talking about it. so many more people are talking _ talking about it. so many more people are talking about - talking about it. so many more | people are talking about mental health, etc, all the problems going on, but women's leaves, incontinence, is still very diverse and i—in—3 women are struggling with it. diverse and1-in-3 women are struggling with it.— diverse and 1-in-3 women are struggling with it. some of the stories now. _ struggling with it. some of the stories now. toki's _ struggling with it. some of the stories now. toki's powerful. stories now. toki's powerful president will face its opposition rival in a run—off after no—one got 50% of the vote yesterday. this comes as people face rising prices and questions are asked about toki's response to a deadly earthquake in february. researchers spend more than 7a days at the bottom of a 30 foot deep lagoon in florida and its regular work of the longest time spent living underwater without depressurisation. and the uk minister in charge of migration has said there is no

good reason the uk can't train its own lorry drivers and food because to bring immigration down. but conference organised by us based right—wing group suella braverman was interrupted by hapless. —— hecklers. now, ten seconds of helping your mates. a legend has motor neurone disease and was carried over the finish line yesterday, by his teammate kevin sinfield. you're all caught up. bye for now. have a good night.

hello, i'm tulsen tollett, from the bbc sport centre. coming up on this programme: liverpool make it seven premier league wins in a row, while leicester take another step towards relegation. disappointment for french rugby league fans as their country pulls out of hosting the world cup in 2025. and carlos alcaraz tastes defeat on clay just two weeks before he heads into the french open as top seed. hello and thanks forjoining us.

we start with football.