on an issue that impacts the global economy. us treasury secretary janet yellen says the us could run out of cash byjune 1st, prompting president biden to call a meeting with the top leaders in congress next week. in a letter to the leaders today, yellen warned: speaker mccarthy responded to yellen in a statement, saying. the republican controlled house passed a debt ceiling bill last week that includes steep spending cuts. senate democratic majority leader chuck schumer announced a process to pass a clean bill with no cuts just hours ago. meanwhile, a little relief in the banking sector. wall street giantjp morgan chase took over the troubled first republic bank in a $10.6 billion deal brokered by regulators. they seized first republic early on monday, after efforts to rescue the bank fell through over the weekend. the failure of the bank is the second largest in us history, and the third in the country since march. samira hussain has more. as of monday, first republic custo
to the federal insurance deposit corp, after officials shut down the smaller bank. first republic had been under pressure since last month, when the collapse of two other us lenders sparked fears about the state of the banking system. meanwhile, the managing director of the international monetary fund kristalina georgieva says she expects more weaknesses to be exposed in the banking sector. earlier, i spoke to oreana financial s chief global investment officer, isaac poole, who told me the turmoil will not end with the collapse of first republic. i think there is a real risk of that. this is probably not the end of bank failures. we are seeing these problems in the smaller, regional, medium sized banks, really exposed to higher interest rates. we are going to see another interest hike from the fed which might add extra pressure on depositors and so forth. as we look out, there is a real risk that initially what was a bank specific problem becomes a wider problem for the syste
we start with breaking news the former us president donald trump says he will be arrested on tuesday of next week. he made the announcement on his online platform, truth social. he did not give details of any charges he may face, but called for protest and for his supporters to take out nation back . mr trump is currently campaigning for the republican nomination for the 2024 presidential election. i m joined now by lynn sweet who works in washington for the chicago sun times. good to have you with us, thank you forjoining us on bbc news. just bring us up to date, if you would come on exactly what it is that donald trump has said.- come on exactly what it is that donald trump has said. well, he is sa in: donald trump has said. well, he is saying here. donald trump has said. well, he is saying here. he donald trump has said. well, he is saying here, he is donald trump has said. well, he is saying here, he is kind donald trump has said. well, he is saying here, he is k
thank you very much, stephen. it s a pleasure to have you on the show. as minister of defence in canada, how embarrassed are you that your country is still significantly failing to meet the collective commitment of nato member states to spend at least 2% of your gdp on defence? stephen, i m not embarrassed at all because canada, under our government, has been investing very significantly in defence and there s been a very strong upper projectory of defence spending. we ve just introduced our latest defence policy, which injects a significant amount of new investment into defence spending. it builds up greater capabilities, it moves us much closer to the target of 2%, and with some of the other things that we ve articulated in this defence policy, i think we are on a strong and inevitable path to achieving that 2% goal. canada is well aware of its responsibilities to our nato allies, to our continental allies, through norad in the united states, and even around the world, and,
bill blair in ottawa, welcome to hardtalk. thank you very much, stephen. it s a pleasure to have you on the show. as minister of defence in canada, how embarrassed are you that your country is still significantly failing to meet the collective commitment of nato member states to spend at least 2% of your gdp on defence? stephen, i m not embarrassed at all because canada, under our government, has been investing very significantly in defence and there s been a very strong upper projectory of defence spending. we ve just introduced our latest defence policy, which injects a significant amount of new investment into defence spending. it builds up greater capabilities, it moves us much closer to the target of 2%, and with some of the other things that we ve articulated in this defence policy, i think we are on a strong and inevitable path to achieving that 2% goal. canada is well aware of its responsibilities to our nato allies, to our continental allies, through norad in the uni