the white house has confirmed the gathering a lot of leaders have confirmed a plan to build infrastructure in the world s poorest areas. it is the brainchild ofjoe biden who came to the summit promising to form alliances to counter china s growing influence. let speak to the bbc s correspondent in carbis bay. joe biden has spoken about the concerns around china and in the past he played down the threat of china and said that it was not something he believed the us was in competition with. he s now changed his mind and once this global alliance against china s glowing influence growing influence. china spent billions in infrastructure around the world and things like railways and ports and train stations and this is the thing thatjoe biden wants to push up against so they have introduced multibillion dollar plans which they say is a higher quality alternative to china s belt and road infrastructure project. it will cost billions and there is a question of who will fund it.
warning over the country s debt ceiling. this is the amount of money the us government is allowed to borrow to pay for pretty much everything they do. without an agreement to increase what the federal government can borrow, it could run out of money by earlyjune. at that point the federal government might not be able to make wage, welfare and other payments. our north america business correspondent michelle fleury is live in new york for us. we have been here before but once again, a stark warning that if nothing is done, it causes huge repercussions around the world. this is because as repercussions around the world. ti 3 is because as you say it is going to affect the jobs of government employees in the united states and have a knock on effect on the border economy, but then there is beyond the shores of the united states, the kind of ricochets it will have around the global financial system and that is why you have had this increasing drumbeat as we get closer to the kin
we begin in the us, where the treasury secretary janet yellen has sounded a stark warning over the country s debt ceiling. this is the amount of money the us government is allowed to borrow to pay for pretty much everything they do. speaking to abc, she says that if lawmakers fail to raise that ceiling the us could be left unable to pay its bills by the beginning ofjune. it is congress s 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 take to prevent that catastrophe. russ mould is investment research director at aj bell. we have been here before. all of the same warnings that the us could tape off a cliff if it doesn t raise the debt ceiling and yet more warnings. yes, we have and i think the us debt ceiling has been raised 75 or 80 times in its history and we have had eight government shutdowns while a new debt ceiling has been wor
anger and uncertainty had buyer s annual meeting putting the german chemical giant on the defensive the legal troubles of its recent acquisition monsanto have shareholders up in arms. and u.s. first quarter economic growth beats all expectations but investors were missed in their response the financial correspondent tells us why. also on the show japan has a notorious work till you drop business culture or the country s labor shortage is now giving workers in one sector some leverage to challenge those expectations to give the details. and student peers in berlin thanks for joining us german chemical multinational buyer faces shareholders at the group s annual meeting friday in bonn and as expected it was a tense affair the company s share price has lost nearly half its value following last year s takeover of u.s. agra tech for months and in particular after two american court cases linked that
company s popular weed killer round up to cancer cases and that s put buyer in the crossh
Similar meetings with uk ministers. but of course, it s the political backdrop to all of this that makes it so contentious. rewind three or four years. during the protests in 2019, britain was a vocal supporter of the demonstrators. it was highly critical of china, its crackdown, the national security law then jump forwards here in 2023, and it s back in hong kong asking for investment. so a reflection of economic reality perhaps, and certainly a reflection of the uk government s softening stance towards china, which is all about trying to engage beijing rather than isolate it. the taliban has come to an agreement with china and pakistan to extend the belt and road infrastructure project to afghanistan. the deal could mean that billions of dollars could stream