from new york, here is michelle fleury. the speech by us secretary of the treasury janet yellen outlined 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 imposed 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 would continue to press china for clarity on economic policy such as how beijing intends

to respond to local government debt 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 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 and she said she plans to visit china again next year, her second visit since july. china industrial output grew 6%, faster than the 4.6% gain in october. retail sales also grew but missed forecast chinese consumers have been reluctant to spend amid a deepening crisis in the country's property sector and economic slowdown. a majorfault line between

washington and beijing is the race to develop semiconductors. chips power everything from smartphones to military highend equipment and are increasingly seen as crucial to the global economy. south korea and the netherlands two keynotes south korea and the netherlands two keynotes in the global chip production, said they are partnering up. translation: our two countries have decided| to establish a semiconductor alliance encompassing governments, businesses and universities. the netherlands are the world's largest producer of semiconductor equipment and south korea the manufacturing powerhouse hold key positions in the global supply chain. by combining each other�*s strengths, we want to maximise the effectiveness and value of our cooperation on semiconductors. earlier i spoke to ray wang,

a tech expert who told me restrictions on chip exports to china seem to be having a limited impact. this has been a bone of contention for quite some time. advanced 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 ban, the export controls are not working and we have major weaknesses. it is slowing china down but it is also not necessarily slowing them down fast enough for the us perspective and creating havoc with trading partners in europe and asia. while we managed to produce those chips, with all those transport

controls. the agreement between south korea and the netherlands, how significant? it is a positive development. xml being banned from the market inside china needed another market. the creation of non— china market is important. the samsung asml relationship, 155 us dollars deal, us partners trying to work with other us partners so they do not lose out on the china market by opening up new markets that are non—chinese markets. how do you see 2024 shaping up for the global supply chain when it comes to semiconductors? the semiconductor market is really fraught and you can see that in the prices in terms of valuation. but not all chips are created equal. ai chips are in hot demand. as you look at generative ai.

companies are rushing into provide capability. 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, envidia, as well. as the demand 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? yes, there is still opportunities for industrial grade chips but the emphasis right now is on the ai chips but overall that means companies like asml companies they are in great positions as it world becomes more digital and electronic and more crazy about al. the shares in intel ended the session more than 1% higher

after the tech giant unveiled this latest computer chips including a working version of god 03 which it hopes will challenge rivals in the artificial intelligence market. it has dominated the market for large models like chat gpt. 2023 is drawing to a close so what is it hold for consumers across 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. their chief economist, david mann told me where the spare cash is coming from. what we are expecting to see in 2024, we will be coming out of the disorientating type of economic environment

that the world has been in since 2020, the tail end of the after ripple effects from covid and we will be starting to see what is the reality, the new type of normal patterns in the post covid environment. shaking off some of the key factors for example high 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 moves 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 the rate of increase in the price of essentials and that should also mean knowing that goods, 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 therefore the 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 still be going at a reasonable rate but the two will a converge towards each other as we head towards the newer steady state in the post covid—i9 environment. in europe it is a different story. consumers have been reluctant to spend money. my colleague aaron heslehurst has been talking to jp morgan's chief economist and asked him 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 euro consumer has increased spending 0%. the uk consumer has contracted by about i.5%. some of that is that is that us has had more

fiscal chances, some us has had better wealth gains 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. even more so than chinese consumers? even more so than 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. high hopes for the global economy next year. that is all the time we have for. check our

website for all of our stories. thank you for watching. bringing you different stories from across the uk. i hate to say it but if i had lost my life, i feel like more would have been done. alex fletcher was in a coma for five days after colliding with a concrete wall. he had to learn to walk again but his battle now is with the sport's authorities over the safety of players. now i have recovered and got back on the pitch, ifeel like it has been a bit swept under the carpet. all grounds have to comply with safety regulations regarding the distance between the edge of the pitch and the stands, but alex believes that's not enough. i think it's quite hard to disagree with someone saying would you put a brick

wall at the end of a hundred metre track, we can all agree that is not a wise idea and that is effectively what is happening. he's now working with the players union, the pfa, to talk to footballers around the country about their brain health. alex is back playing again, he scored on his fourth debut for weston but says he couldn't have made it without the support of everyone at bath city and the wider football world. thankfully, as you see, 13 months down the line, i'm much more like the person i knew before, which is really good. for more stories from across 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 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. for two decades, there had

been a steady decline of smokers in the uk that has almost ground to a total hault. 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 5.25%. in the premier league is about to have its first female referee. rebecca wells will take charge of the fulham versus burnley 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 lift 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.

i assume it is my weight but this is a goods lift so i do 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