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stories and we started in the us. congressional leaders are due to meet with president biden for emergency talks on how to deal with the debt ceiling. reports are coming in the treasury secretary janet yellen has been personally calling chief executives to warn them of the dire consequences a default could have on the us and the global economy. so how did washington get here? samira hussain has been investigating. first of all, this debt ceiling crisis is actually a political crisis, itjust happens to hinge on a must pass piece of legislation to save the country from economic catastrophe, so what is happening here? major consequences for the economy. the us could default on the economy. the us could default on the dead in a metabolic. weeks on the dead in a metabolic. weeks to on the dead in a metabolic. weeks to go before the federal government weeks to go before the federal government is weeks to go before the federal government is unable - weeks to go before t ....
we start with the latest market action and as the trading day began in asia the pound started to slide down nearly 5% at one point against the us dollar that s on top of the 3.6% dive on friday. investors are running for the exits as fears mount the new government s shock and awe tax plans for the uk economy are too big a gamble. on friday the chancellor, kwasi kwarteng, announced historic tax cuts, and the biggest increase in borrowing since 1972 to pay for them. there is now calls for the bank of england to take emergency action to calm rattled markets and bolster sterling. so let s look at how the pound is trading now. it has been hovering around just over $1.05 but one hour ago we were looking at the pound buying $1.03 so it has recovered a tiny bit but not much and you can see that the markets in asia are fairly mixed and we have the price of oil edging lower as well. joining me now is simon french, chief economist at panmure gordon. is at panmure gordon. thi ....
Debt crisis in greece is back in focus. Well tell you all you need to know. And well be getting the inside track on one mans effort to make musical millions. It might look like a kids toy, but with some of the biggest names in music want to get their hands on it, we meet the man behind the lightblock pad. So today we want to know, what was your first Musical Instrument . Did you learn at school . Let us know. Just use the hashtag bbcbizlive. Welcome to Business Live. Violin. It was good, bad and ugly we begin with us President Donald Trump who is about to leave saudi arabia on his way to israel. Thats his next stop on his foreign tour. Over the weekend in riyadh he signed agreements Worth Hundreds of billions of dollars between saudi and american firms. T ....
South korean prosecutors say theyre seeking a warrant for the arrest of the countrys former president. Park geun hye, who was impeached earlier this month, is accused of bribery, abusing her president ial power and leaking government secrets. Now for the latest Financial News with and World Business report. Extending the cuts to oil production. Major Oil Countries consider a plan in a bid to boost sagging prices. And first day in the office for hong kongs new leader, carrie lam. Well be looking at the business reaction and challenges ahead. Welcome to World Business report. Im sally bundock. Also in the programme bt has been hit with a record fine from the uks telecoms regulator. Details in a moment. But first. It was a key weekend for the oil industry. Members of th ....