for a new age a kind that has never been agreed before that s how uk prime minister rishi sunak is billing the atlantic declaration he signed with president biden at the white house on thursday. it promises cooperation on advanced tech, clean energy and critical minerals. but it falls far short of the comprehensive free trade agreement with the us that the british government has been hoping for, and had promised as a benefit of leaving the european union. our north america business correspondent michelle fleury has been looking at the details. gone was the mention of an all encompassing trade deal promised in the wake of brexit. in its place, a commitment to co operate on defence, trade, a deal on data protection and ways to regulate new ai deal on data protection and ways to regulate new al to ology. the uk prime minister failed this approach is a better response to the challenges the two countries face. . ., ., . challenges the two countries face. ., . ., ., , , face.
at verisk maplecroft. if erdogan continues down this path of policy that he has embarked upon, do you think turkey will be defaulting on its debts any time soon? thank ou. its debts any time soon? thank yom yes. its debts any time soon? thank you. yes, well, its debts any time soon? thank you. yes, well, the its debts any time soon? thank you. yes, well, the turkish - you. yes, well, the turkish lira partly as a result of economic policies under the current turkish government has lost about 80% of its value over the past five years. and in the lead up to the election, one of the ways in which the central bank was holding it off was drawing on its foreign exchange and gold reserves. although that props up the lira it is not necessarily sustainable in the long term and if turkey is no longer able to finance imports or to service its external debt it could end up default. there are corrective actions the turkish government can take to try and hold off that risk but we have
are the latest shipping companies to abandon the red sea area. the suez canal handles more than a tenth of the world s trade, but it s particularly vital for the movement of goods between asia and europe. the alternative is a long and expensive detour around the cape of good hope at africa s southern tip. because of the disruption, the cost to ship a container from china to the mediterranean has risen 44% this month alone. that s according to the online shipping marketplace, freightos. swedish homewares giant, ikea, is just one of the companies now warning of delays and possible availability issues for some of its products. shops in europe are already well stocked for christmas, but logistics experts warn there could be shortages in the new year if the crisis continues. we ll hearfrom one of the shipping companies in the moment, but first, let s get the background from our analysis editor, ros atkins. on the 19th of november, houthi rebels from yemen was an attack on the red
business stories. i m sally bundock. we start here in the uk, and what else but the coronation of his majesty king charles? as we ve been hearing, it s been an historic weekend, from the pomp and pageantry and a bit of rain on saturday to a day of street parties and a night of fantastic music to round off the celebrations. all driving some serious weekend spending, predicted by retailers to be worth something in the region of almost £1.8 billion. but as many continue to struggle with the current high cost of living, how long can the spending optimism last? katrina bishop is from consumer research company niq. let s talk this through. katrina, a warm welcome to you. morning. katrina, a warm welcome to you. morninu. ., . , , . morning. for many sectors in the uk that morning. for many sectors in the uk that have morning. for many sectors in the uk that have been - the uk that have been struggling, like hospitality, this was a huge boost, wasn t it? it this was a huge boost,
now, for the business news, i m victoria valentine. we start in the us where there is more evidence that, after tens of thousands ofjob cuts, big tech is pulling out of its post pandemic slump. amazon is the latest to reveal it s making much more money than wall street was expecting. sales hit more than $127 billion in the first three months of the year, and the online retail giant says that figure will be higher in the current quarter. it comes after alphabet, the owner of google and youtube, and meta, which owns facebook and instagram, both surprised investors with better than expected results. samira hussain reports from new york. this over the last year and is on has been aggressively cutting costs to help with profitability. it has already laid off 18,000 people and is currently about to eliminate another 9000 jobs. currently about to eliminate another 9000jobs. it currently about to eliminate another 9000 jobs. it would appear that some of those measures are already pay