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a few hours ago, maersk also announced it will re route some of that red sea vessels around the cape of good hope, on a case by case basis. around 10% of global trade passes through the red sea, that s around 17,000 ships a year. but several major freight companies have now stopped passing through here. instead they are taking much longer route all the way around africa by the cape of good hope. that adds costs and delays. here is the us defence secretary lloyd austin. these attacks are reckless. they are dangerous and they violate international law and so we are taking action to build international coalition to address this threat and i would remind you that this is not just a us issue, this is an international problem and it deserves an international response. well that international response being asked to resolve those concerns? we are nowjoined by russ mould, who is an investment director at aj bell. the question, is it enough? will it work? i the question, is it e ....
are on, so let s get started. time now to focus on the top business stories. i m sally bundock and we begin in turkey where, as you ve been hearing, most ballots are counted in this crucial general election and there does not appear to be a clear winner. official figures indicate that president recep tayyip erdogan has fallen short of of the crucial 50% of the vote. his secular opposition rival, kemal kilicdaroglu, is on around 45%, with a run off contest in two weeks time looking likely. turkey has been grappling with a cost of living crisis with inflation running at 44%, a key factor in turkish sentiment right now. let s talk to our reporter in ankara victoria craig who has spent much of the night at the headquarters of mr kilicdaroglu. good to see you. first of all, talk us through the feeling, the sentiment among those who are supporting the opposition. it was very, very long night for anyone who was keeping track of what was happening in turkey. i didn t get ....
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 be ....
let s start in the us, where there is growing footsteps. 0k. let s get started, shall we? the cameras do not want to play ball but i can walk back to this position. let s start in the us, where there is growing nervousness in financial markets over the possibility the us could default on its debt. a stand off in congress over plans to lift the federal debt ceiling which is currently at an eye watering $31.4 trillion has led to the cost of buying insurance against a us government default has moved to its highest level in more than a decade this month. so, later today, the republican speaker of the house kevin mccarthy will give a speech at the new york stock exchange, where he s expected to lay out the conditions republicans want democrats to agree to in exchange for movement on the debt ceiling. it sounds like a stand off. scott anderson is chief economist at bank of the west in san francisco. welcome to the programme. what will kevin mccarthy say? what is he goin ....
quarter of this year the bank s last quarter before it had to be rescued by swiss rival ubs. and they illustrate the scale of the crisis which was around the corner. between january and march, credit suisse made a pre tax loss of nearly $1.5 billion. to add to its woes, a massive amount of deposits were withdrawn in the three month period. total outflow was nearly $69 billion. and to remind you what happened next, when there were fresh doubts about the stability of the banking industry a few weeks ago, investors became increasingly fearful for the future of credit suisse. it was eventually bought by its swiss rival, ubs, in what was described as an emergency rescue. the $3 billion price tag was a mere fraction of what the bank would have previously been valued. let s get more now from russ mould, investment director at aj bell. worryingly for the bank, desposits are still being withdrawn. how significant is that? hello, yes, they did say they feel that the outflows ....