, markets. change and financial markets. from new york, here is michelle flurry. the speech but you are secretary janet yellen highlights how america hopes to minimise a drama between the world's two biggest economies after what is after all a presidential election year. she said that when we disagree, when shocks occur, we prevent misunderstandings from leading to escalation and causing harm. her remarks come as the biden administration is continuing its review of the tariffs that former president donald trump impose on more than $300 billion worth of chinese goods, to decide whether or not any changes should be made. janet yellen did not address the tariffs directly but said the us was not seeking to decouple from china. the treasury secretary said the biden administration would continue to press china for clarity of economic policy such as how beijing interns to respond to

local government that and real estate troubles. another priority is to get financial regulators to work more closely together so they can co—ordinate the event of an economic shock. janet yellen is a slowly emerging as a key player in the biden administration's handling of this challenging relationship between the world's two superpowers and she said she plans to visit china again next year, a second visit since july. a majorfault line between washington and beijing is a race to develop semiconductors. chips power everything from smart on stuani and military equipment and are increasingly seen as crucial to the global economy. —— smartphones to eye hand equipment. career and the netherlands to keynotes in the global chip production, said they are partnering up as well. —— south korea. translation:

0ur —— south korea. translation: our two countries have decided to establish a semiconductor alliance encompassing governments, businesses and universities. the netherlands are the worlds largest producer of semiconductor equipment and south korea the manufacturing powerhouse hold key positions in the global supply chain. by combining each other�*s strength we want to maximise the effectiveness and value of our cooperation on semiconductors. earlier i spoke to a tech expert who told me restrictions on cheap exports to china seem to be having a limited impact. —— chip. advance us technology versus what has been going on in terms of industrial level espionage and the processes used on the huawei phone for example showed exactly is

happening. even though there is a bank, the export controls are not working and we have major weaknesses. it is a slamming china down but it is also not necessarily slowing them down fast enough for the us perspective and creating problems with trading partners in europe and asia.— in europe and asia. while we managed _ in europe and asia. while we managed to _ in europe and asia. while we managed to produce - in europe and asia. while we managed to produce those . in europe and asia. while we - managed to produce those chips, the agreement between south korea and the netherlands, how significant? it korea and the netherlands, how significant?— significant? it is a positive development. _ significant? it is a positive development. xml - significant? it is a positive development. xml being l significant? it is a positive - development. xml being banned from the market inside china needed another market. the samsung asml relationship, 155 us dollars deal, us partners trying to work with other partners so they do not lose out on the china market by

opening up new markets that are non— chinese markets. haifa opening up new markets that are non- chinese markets.— non- chinese markets. how do ou see non- chinese markets. how do you see 2024 _ non- chinese markets. how do you see 2024 shipping - non- chinese markets. how do you see 2024 shipping up - non- chinese markets. how do you see 2024 shipping up for l you see 2024 shipping up for the global supply chain when it comes to semiconductors? the semiconductor _ comes to semiconductors? the semiconductor market comes to semiconductors? tta: semiconductor market is comes to semiconductors? tt2 semiconductor market is really fraught and you can see that in the prices in terms of evaluation. but not all asia business report are created equal. ai chips are in hot demand. as you look at generative ai. other chips are not as hot so organisations like amd, google and microsoft and amazon are alljumping into the chips market and they will benefit and the leader in the market as well. figs benefit and the leader in the market as well.— benefit and the leader in the market as well. as the demand for al chips _ market as well. as the demand for al chips skyrockets - market as well. as the demand for al chips skyrockets the - for al chips skyrockets the demand for the chips that go into our cars and microwaves is not going away so smaller

economies could benefit from that still? , , , that still? yes, there is still opportunities _ that still? yes, there is still opportunities for _ that still? yes, there is still opportunities for industriall opportunities for industrial grade chips but the emphasis right now is on the ai chips but overall that means companies like a xml companies t ms c, they are in great positions as it world becomes more digital and electronically and more crazy about al. the shares in intel ended the session more than 1% higher after the tech giant unveiled this latest computer chip including a working version of go d3 which it hopes will challenge rivals in the artificial intelligence market. it has dominated the market for large models like chat activity so far. 2023 is drawing to a close so what is it hold for consumers across

the asia—pacific? according to the asia—pacific? according to the mastercard economics institute, we will have more spare money to spend on some of the good things in life such as travel and other forms of entertainment. the chief economist told me where the spare cash is coming from. what we are expecting to see in 2024, we will be coming out of it disorientating type of economic environment that the bill has been in, the tail end of the after ripple effects from covid—19 and we will be starting to see what is the new reality, the new type of normal patterns in the post covid—19. shaking of some of the key factors for example hi access saving and in certain economies it has not been used up. high levels of inflation and cost of living are coming down and we have seen some clear signals from central banks that their

next move are likely to be reducing interest rates rather than raising them so that should be giving eventually some more relief to consumers alongside the drop in at the rate of increase in the price of essentials and that should also mean knowing that good, and particular we were talking about trade, external goods trade has been so weak this year, we think that would be improving in 2024 and manufacturing sector will start to do a little bit better, relative to services which has been doing very well, particularly in travel and tourism around the region. that will be going at a reasonable rate but it was such a converge towards each other as we head towards each other as we head towards the newer steady state in the post covid—19 environment. in europe it is a different story. consumers have been reluctant to spend money. we have been talking tojp market chief economist and asked them

whether consumer spending could tip the balance towards growth next year. since the pandemic us consumers have increased spending in real terms by 10%. the uk consumer has contracted by 1.5%. some of thatis has contracted by 1.5%. some of that is that us has had more physical chances, some us has had better wealth games but a lot of it is that european consumers have been much more cautious. the hope is that inflation is coming down now. wage gains have remained elevated and the hope is that consumers will now start to begin picking up. we saw that in the third—quarter gdp report for the euro area but european consumers are clearly the weak link in the global economy as we have gone through the past year. we have gone through the past ear. ., ,., ., , year. even more so than chinese consumers? _ year. even more so than chinese consumers? even _ year. even more so than chinese consumers? even more - year. even more so than chinese consumers? even more so - year. even more so than chinese consumers? even more so than l consumers? even more so than chinese consumers. _ consumers? even more so than chinese consumers. they - consumers? even more so than chinese consumers. they were |

chinese consumers. they were sluggish and chinese housing has been weak and choppy and i think it is fair to say that 2023 was a year in which pretty much every region in the world did reasonably well except for western europe. western europe is by far the weakest link and the biggest threat at this moment to the global expansion. you can see more of that interview on talking business weekly this weekend. the a quick check of the markets overnight in the us. largely flat. the dowjones up zero point for 3%. china home prices havejust come out point for 3%. china home prices have just come out so we will take a look at how the asian market respond to that. that is

all for now. thank you for watching. bbc news, bringing you different stories from across the uk. �* ., ., ., different stories from across the uk. ~ 2, 2, a, 2, the uk. an emotional day for homeowners _ the uk. an emotional day for homeowners who _ the uk. an emotional day for homeowners who found - the uk. an emotional day for - homeowners who found themselves living on the edge, far earlier than they expected to. t living on the edge, far earlier than they expected to.- than they expected to. i am still in shock. _ than they expected to. i am still in shock. i _ than they expected to. i am still in shock. i have - than they expected to. i am still in shock. i have been . than they expected to. i am | still in shock. i have been for the last week. i am not in tears or anything, i'm the last week. i am not in tears oranything, i'm not the last week. i am not in tears or anything, i'm not that sort of person but, you know, i guess, if i was that sort of person i will be sitting down with my head in my hands not knowing what to do.— with my head in my hands not knowing what to do. land under houses has _ knowing what to do. land under houses has been _ knowing what to do. land under houses has been badly - knowing what to do. land under houses has been badly affected | houses has been badly affected over the past decade. storms last month sort 100 metres section of the road fall onto the beach. trying to remove the most dangerous houses from this side of the cliff and they are

trying to work around the tires, weather and restricted lighting. mil tires, weather and restricted liuuhtin. �* , tires, weather and restricted liuuhtin.�* , , . ., lighting. all this destruction ou see lighting. all this destruction you see around _ lighting. all this destruction you see around us - lighting. all this destruction you see around us is - lighting. all this destruction you see around us is caused lighting. all this destruction i you see around us is caused by one box and that is what we're with with local governments and the environment agency to change, wejust are the environment agency to change, we just are fighting one box, one spreadsheet. almost £500 million has been spent since 2013. but for those here it is too little, too late. ., ., , here it is too little, too late. ., ., late. for more stories across the uk, _ late. for more stories across the uk, head _ late. for more stories across the uk, head to _ late. for more stories across the uk, head to the - late. for more stories across the uk, head to the sac- late. for more stories across i the uk, head to the bbc news website. hey, i'mjulia with the catch up. tonight: the latest for your money. th premier league makes history. and the bbc lift strikes again. but first, a teenager who's been missing for six years has been missing for six years has been found in france. alex batty is from oldman and he

went missing with his mum and granddad when they went to spain in 2017. they haven't been located, but they've been wanted in connection with his disappearance ever since. alex has now been in contact with his grandma via facebook. he's with social services, waiting for british police to take him home to england. the amount of 18—24 —year—olds who smoke has gone up since the pandemic. the two decades, there had been a steady decline of smokers in the uk that has almost ground to a total hold. research is that it is probably because people have been more stress and isolated. interest rates, a.k.a. the amount it costs to borrow money, will stay the same for now. that is a decision by the bank of england but it is still the highs they have been for 15 years at five point to 5%. in the premier league is about to have its first e—mail referee. rebecca wells will take charge of the fulham versus burnley

match on the 23rd of december, thatis match on the 23rd of december, that is after she was the first woman to referee a men's championship game earlier this year. and we will leave you with ten seconds of yet more famous faces getting stuck in the left at the bbc. yes, michael gove was victimised last year and on wednesday, stephen fry and sheridan smith got stuck minutes before they were meant to appear on the one show. t were meant to appear on the one show. . , , , , show. i assume it is my weight but this is _ show. i assume it is my weight but this is a — show. i assume it is my weight but this is a good _ show. i assume it is my weight but this is a good left - show. i assume it is my weight but this is a good left so - show. i assume it is my weight but this is a good left so i - show. i assume it is my weight but this is a good left so i do . but this is a good left so i do not know what went wrong. we really need _ not know what went wrong. we really need to do something about that. you are all caught up. see you.

hello and welcome to sportsday. i'm lizzie greenwood—hughes. the headlines: brighton score late to beat marseille to an automatic place in the last 16 of the europa league. it's a lifetime ban for the former turkish football president who punched a referee. and a perfect double for dujardin as britain's greatest ever dressage star cleans up in london.

so, lots to get through and we're starting with a busy night of european football. and all four british sides topping their groups in the europa league. brighton were celebrating after a very late goal at home to marseille meant they beat them to an automatic place in the last 16. it finished 1—0 at the amex. brighton willjoin west ham who also topped their group after beating freiburg 2—0. rangers, who beat real betis to keep sparta prague in second place, and liverpool, who went through regardless of their defeat to union saint gilloise. elsewhere, villa real beat rennes which means they take the top spot in group f but despite winning tonight, roma will have to play off after slavia prague stayed top of their group. so liverpool were already safely through which gave the managerjurgen klopp the opportunity to give some of his star names a rest and take a look at the club's

talented youngsters.