the new president has announced measures to fix its worst economic crisis indicates that the most prominent measure is to devalue its currency by more than 50% and this puts the peso 800 per dollar. we have been watching for any spillover effect in emerging markets because here in asia when we last saw a massive currency devaluation it triggered a currency crisis in thailand which then lead to the asian financial crisis in the late �*90s. katie silverjoins us now to tell us more. why does argentina need to do this? a, why does argentina need to do this? i, a, a, l, why does argentina need to do this? a, a, a, a, a, , :: , this? that devaluation was 2096 this? that devaluation was 2096 this is in the — this? that devaluation was 2096 this is in the order _ this? that devaluation was 2096 this is in the order of _ this? that devaluation was 2096 this is in the order of 5096 - this? that devaluation was 2096 this is in the order of 5096 so i this is in the order of 50% so it is a very large one, the country does not have the foreign currency reserves anymore prop up the currency in this way. one big part of this

the central bank it needs these foreign currency reserves to enact firepower and effect the economy and it has run out of that lifeline. the other aspect is the that of capital controls, they are measures by the government to prevent people from changing their argentine currency into foreign currencies, it is very popular they have a black market, where people meet to exchange the currency to the us dollar and thatis currency to the us dollar and that is artificially changing the currency, what they want to do here is bring it back to market, reduce this propping up, this artificial inflation, see where it stabilises off it has been welcomed by the international monetary fund which argentina has a huge debt to, they called the move bold said it would bring its refinancing progress —— programme back on track. people who will feel this are those who will feel this are those who import goods, they will find things more expensive, we will see pain for small and

medium businesses in argentina who rely on those goods from abroad. ., , ., abroad. there were other bold measures _ abroad. there were other bold measures announced - abroad. there were other bold measures announced during i abroad. there were other bold l measures announced during the election campaign?— election campaign? they have only been _ election campaign? they have only been in — election campaign? they have only been in office _ election campaign? they have only been in office two - election campaign? they have only been in office two days i only been in office two days but already huge changes, halving the number of ministries, reducing or cut spending all together on government advertising and one of the more controversial decisions has been cutting subsidies for fuel decisions has been cutting subsidies forfuel and subsidies for fuel and transport, that subsidies forfuel and transport, that is subsidies for fuel and transport, that is likely to impact those at the lower end of the socio—economic food chain and when decisions like this are made in the past we have seen social unrest, we have seen social unrest, we have seen social unrest, we have seen a newly appointed economy mr saying he has inherited the worst economic legacy in the history of bargain gina. he has an unenviable task, there is inflation of 150%, growing rapidly, 40% of argentines are living below the poverty line and as a result we saw javier milel�*s campaign trail wielding a chainsaw, promising the tax cuts that were coming, huge

changes and two days in office and we are already hearing these big announcements. thank you for the update. let's move to the united states where the latest data showed inflation unexpectedly rose by 0.1% in november. the price of petrol fell which helped to offer an increase in rent and this is coming upjust a day for america's central bank decides on the cost of borrowing. will the federal reserve hold interest rates steady until the end of 2023? november's consumer price index camejust in the nick of time for the federal reserve. fed members began their two—day meeting on tuesday and wrap up on wednesday. they will be deciding whether to hold interest rates steady yet again as they have for the past few months or whether to raise them. like we saw over and over again between march 2022 and this summer. a consumer price index readout like tuesday's is yet another piece of evidence that inflation has cooled substantially from its summer 2022 peak. easing gas prices helped bring

november's headline inflation reading down but core inflation is the value the federal reserve looks at when it is making policy decisions. it excludes volatile food and energy prices. that number has remained higher thanks in part to persistently high housing costs. raising interest rates is meant to combat inflation. higher interest rates make it more expensive to borrow money and that is supposed to tempt down spending which in turn should tame runaway prices. president biden praised the data as good news and called on large corporations to pass the savings on to consumers. now it is up to the fed to decide whether they have done enough work to help prices return to normal. that would mean holding interest rates steady and that is what they are expected to do on wednesday. what investors really want to know is when the fed thinks it will be time to cut rates. they will almost certainly have to wait and hope for next year. some breaking news because the united nations climate summit

in dubai which was extended and continued overnight now published a new proposed text of the deal which countries hope to reach. it does include a reference to transitioning away from all fossil, beginning in this decade, there was a fierce debate over the word whether to include phasing out of fossil fuels, jessica jim is the founder of eco— business a company dedicated to sustainable development and she joins me now. what is your take on this new draft?— on this new draft? thank you for having — on this new draft? thank you for having me, _ on this new draft? thank you for having me, i _ on this new draft? thank you for having me, i think- on this new draft? thank you for having me, i think the - on this new draft? thank you | for having me, i think the new draft is a great progress from the last, there was a lot of debate and unhappiness when the last draft dropped the face up to fossil fuels and a huge outcry and the negotiators have worked really hard and now we are seeing language of transitioning away from fossil fuels, beginning this decade and i think this is a success because it is sending the right signals to the world and the

business community and i think negotiators are probably relieved they have been able to come to this point. this agreement _ come to this point. this agreement even - come to this point. this agreement even if- come to this point. this agreement even if they | come to this point. this agreement even if they manage to reach it is voluntary, isn't it, talk us through, what kind of impact this kind of agreement has on businesses? like the paris agreement on climate change that is voluntary there is no enforcement mechanism but what it does do is create a lot of international pressure and scrutiny, gives the electorate, the public and stakeholders to demand accountability from government and businesses and helps businesses understand what the policy direction is, without this text they could argue governments are not sure and governments are not sure businesses would not move ahead, so it is important this language was in it, it has the agreement of all the nations in the world as well as public support and so it then sets the road for all businesses and organisations to put in policy measures, business practices

that would get us to the 1.5 degrees they are looking for. they might finally be able to agree on this but critics were saying the summit was somewhat overshadowed by a very strong presence of fossil fuels lobbyists, you were there, do you agree with that assessment? this has been the largest gathering in history of the summit, 70 third thousand turned up, lots of lobbyists and advocates and complainers wanting their voices to be heard, the energy industry is no different, yes it has attracted a lot of controversy because of the presence of climate and gas but everybody needs to be at the table, it is good we have had this very open, rigourous controversial debate because it has enabled parties to recognise what the different points of view are to actually have that pressure being enacted on the parties while present at the negotiations. i would feel it is quite a successful outcome

41. g , , cc, is quite a successful outcome 41. ,, i, ~ is quite a successful outcome 41. jessica, thank you so much forjoining _ 41. jessica, thank you so much forjoining us— 41. jessica, thank you so much forjoining us again. _ 41. jessica, thank you so much forjoining us again. in - 41. jessica, thank you so much forjoining us again. in india i forjoining us again. in india the stock market has reached a new milestone. let's bring our report. tell us more about the new milestone?— report. tell us more about the new milestone? india has been a standout market _ new milestone? india has been a standout market of _ new milestone? india has been a standout market of the _ standout market of the asia—pacific region, both driven by domestic drivers as well as those in the global markets. according to bloomberg data, more than $12 billion worth of money has been pumped in by foreign investors into indian equity so far this year and it is only going stronger. recent drug is were a good show by the ruling party in the state elections which bolstered the investor confidence but backing that has been the strong economic growth in the last couple of quarters that we have seen. most of it again driven by the government's investment in infrastructure,

building roads, highways, airports but also the private domestic consumption story in india seeing the rising aspirational middle—class buying everything from high—end cars, two homes, to mobile phones and electronics, and thatis phones and electronics, and that is pushing and interest to the indian market from the foreign investors as well. you have seen manage fracturing also pick up in the last quarter, growth data has been stronger than ever and that has made most of the global brokerages, morgan and stanley to snp all upgrading india and the indian growth numbers, india is at the moment the fastest growing global economy in the world and with the upcoming elections and the push by the government in terms of investments, analysts feel it will continue to be the fastest growing in the coming quarters as well. inflation smaller than

expected, private investment in infrastructure is something thatis infrastructure is something that is a? , but it still a strong show by india. thank you for that. strong show by india. thank you for that- we _ strong show by india. thank you for that. we end _ strong show by india. thank you for that. we end that _ strong show by india. thank you for that. we end that edition - for that. we end that edition with the programme with that. thank you so much for watching. vmcsovsk: bbc news, - bringing you different stories from across the uk. winter often means high rates of illness in care homes, but here at burnham on sea, many residents likejoan say their recent health has improved. 100% better than i was last year. i can honestly say that and i have had no antibiotics this year at all. through good sleep, we have now got back and have a good chest which is great. but that came up through our brave ais. so from 28,000 people, l we can drill down to eight people who would be i of interest to the team.

brave ai looks at people's medical history and assesses how likely it is they'll end up in hospital. but medical personnel say it is essential that all decisions are made by people, not software. for reassurance, it is not machine learning in isolation, it is very much about having humans looking at the record and thinking what is right for that person, and how can we help? since healthcare teams using brave ai started visiting this care home, fewer residents have ended up in hospital. for more stories from across the uk, head to the bbc news website.

hello and welcome to sportsday. i'm marc edwards. here is what is coming up on our show. united crash out of europe, beaten by bayern but copenhagen's champions league fairytale continues. benzema and kante among the goals as al—itihaad beat auckland city in the club world cup. a referee punched and a club owner arrested as football is suspended in turkey. we'll bring you the latest on turkey's night of shame.

hello and thanks for joining us on sportsday. manchester united are out of the champions league after losing 1—0 to bayern munich. combined with copenhagen's win over galatasaray, it means erik ten hag's side don't even have the comfort of dropping into the europa league. they finish bottom of their group. it's a phenomenal run, though, to the knockout stages of the champions league for the danish champions, but manchester united's continental stay ends at the earliest possible point. ian dennis was at old trafford on a desperately disappointing night for the hosts. manchester united never looked like scoring, let alone winning for what was a must—win game. they looked one—dimensional and predictable while bayern munich carried a threat

and cruised through. the long—range effort was their only shot on target. scoring the only goal crafted by harry kane, clinically finished 19 minutes from the end. it is the fourth time in english side has finished bottom of the champions league group is manchester united face the embarrassment of an exit from europe altogether. never comfortable, we were never fully comfortable but i think we deserved the win. were you needed a reaction, got a reaction can play with personality and good energy and much more aggressive in a very higher level than in the last match. it was one of our best performances in the group stage, over 90 minutes, and we deserved to win. we can focus of course on the premier league, and, yeah, this is, ithink, the level we want to

play, champions league, so, yeah. — we have to be in the top four,