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BBCNEWS World July 6, 2024

to protect commercial ships in the red sea. countries joining the security group include the uk, france, canada, bahrain, norway and spain. it comes after the energy giant, bp, suspended its shipping operations through the red sea because cargo vessels are being attacked by houthi rebels from yemen. this is the route taken by around 12% of world shipping which then passes through the suez canal. but several major freight companies have now stopped passing through here. because of the risk. instead they are taking the much longer route all the way around africa via the cape of good hope. that adds costs and delays. here s the us defense secretary lloyd austin. these attacks are reckless, dangerous and they violate international law. we are taking action to build an international coalition to address the threat. i would remind you that this is not just a us issue, this is an international problem and it deserves an international response. joining me now is marc 0stwald, c ....

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BBCNEWS Asia July 6, 2024

countries will include the united kingdom, bahrain, canada, france, italy and spain, among others. this is notjust a us issue, this is an international problem and it deserves an international response. and that s why i m convening a meeting tomorrow, a ministerial meeting, with fellow ministers in the region and beyond to address this threat. for exactly what this shipping disruption might mean for the global economy, i spoke to hung tran, who s a seniorfellow at the atlantic council and also former deputy director at the international monetary fund. this area of the red sea leading to the suez canal is quite important in terms of the volume of trade passing through it. about 12% of global trade passes through the red sea, including 30% of the container shipping. all together, it accounts for about us$1 trillion per year of world trade, so it is quite significant, and a disruption there would cause damage to world trade. aside from avoiding this area, what can companie ....

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BBCNEWS Asia July 6, 2024

there is a roughly one in four chance that the us will hit the so called x date, when the us government runs out of money to pay its bills without a deal to raise the debt limit. that is according to the banking giantjp morgan chase. and they say the odds are getting worse. that forecast comes after house speaker kevin mccarthy said on wednesday that he thought progress could be made, but warned the two sides remain far apart. republicans are warning that any deal must cut future federal spending in exchange for raising the debt ceiling a red line for the white house. on wall street, us stocks fell as investors have been watching these talks closely for any sign of an agreement. and even if a deal is done in time, economists say that depending on the details, cuts to government spending are likely create economic headwinds that could bring down inflation a possible silver lining for the federal reserve, which has been raising interest rates to fight inflation. fed o ....

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BBCNEWS Verified July 6, 2024

volcano erupts in a peninsula in iceland after weeks of intense seismic activity. as aid agencies voiced frustration on worsening conditions for civilians in gaza that the un security council prepares to vote on a new ceasefire resolution. this is the scene live in new york where members of the council are grappling with the language they can agree on. ukrainian president apology ms zelensky is holding an end of year news conference and he thanks ukrainian soldiers for black sea victory against russian navy. volodymyr zelensky. aid workers say that the situation in sudan is a humanitarian catastrophe. time for a look at the business news now with ben thompson. will start with news in shipping because there are problems in one part of the world. a lot more transport time and a lot more fuel. the words from the shipping firm hapag lloyd who havejoined a number of other major carriers to re route some of their vessels away from the red sea. this is in the wake of attacks on ....

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BBCNEWS Asia July 6, 2024

italy and spain, among others. this is notjust a us issue, this is an international problem and it deserves an international response. and that s why i m convening a meeting tomorrow, a ministerial meeting, with fellow ministers in the region and beyond, to address this threat. for more on what the shipping disruption might mean for the global economy, i m joined from washington by hung tran, a senior fellow at the atlantic council and former deputy director at the international monetary fund or imf. thank you so much forjoining us on the programme. firstly, if you can explain how important this area is to global trade? important this area is to global trade ? important this area is to global trade? important this area is to ulobaltrade? , ., ., ., global trade? this area of the red sea leading global trade? this area of the red sea leading to global trade? this area of the red sea leading to the - global trade? this area of the red sea leading to the suez l red ....

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