us markets defy geopolitical concerns, surging to a record high. we'll take a look at what's behind the optimism. plus: why americans pay twice as much for sugar than the rest of the world. hello, and welcome to asia business report. the us stock market surged to a new high on friday — signs investors are shrugging off global headwinds. the rally�*s being driven mainly by big tech and is seen spilling over to the s&p 500 - a and is seen spilling over to the s&p 500 — a benchmark index that investors closely watch. it ended friday's trading session at a record high, outstripping its previous record more than a year ago. the dow and nasdaq also closing

higher. i spoke to tribeca investment partners, who told me what was driving the rally. 2024 - me what was driving the rally. 2024 — we're heading to a good start. certainly the investor optimism has returned after the first couple of weeks of a little bit of weakness. investors have decided 2024 is going to be a year where interest rates will head lower locally and the economic activity will slow down, but not as bad as feared previously. so all that combined, it's good to see the nasdaq pushing higher, led by big tech, and everybody else heading the right way. big tech - we're hearing _ heading the right way. big tech - we're hearing some _ heading the right way. big tech - we're hearing some good - — we're hearing some good things, some lay—offs as well? sure. i do think big tech is going through — for 2024, certainly they've had a great start, but i do think they will slow down somewhat because of the things you talk to. their earnings were slowed somewhat because costs are higher. i do think that the ai—related sectors within the big tech will do betterjust because

there's a phenomenal amount of growth. but every part of big techis growth. but every part of big tech is going to experience slowdown because of high escalation in costs. on the other hand, i do think some of the more cyclical sectors like the more cyclical sectors like the consumer sector and everything else should start to do better this year, because the economy is not doing too badly. and with the interest rates potentially being cut towards the end of this year, we do think that those sectors will start to do quite well. not so much concern about all that conflict in the middle east? ., ., ~ , , east? look, there is, but what's interesting - east? look, there is, but what's interesting is - east? look, there is, but what's interesting is a . what's interesting is a barometerfor what's interesting is a barometer for investors' concern from the middle east conflict is the oil prices. interestingly, oil prices had been heading lowerfor the last few months, and this seems to have no stop to its arrest its fall. it's mainby because, in general, investors are now looking globally in terms of demand for oilforjet looking globally in terms of demand for oil forjet fuel and demand for oil for jet fuel and travel and everything demand for oil forjet fuel and travel and everything might be slowing somewhat, and that is offsetting the uncertainty in

relation to the middle east. staying with the middle east: russia has overtaken saudi arabia as china's top supplier of crude oil, according to customs data. china and india have continued buying oilfrom russia even after western countries put sanctions on moscow following its invasion of ukraine in 2022. since then, russia has been selling its oil at significant discounts compared to the rest of the market. now to some breaking news: injust the now to some breaking news: in just the past 30 minutes, china's central bank has decided to leave one of its key interest rates unchanged. that went against what investors had been hoping for, as the country continues to face an economic slump. they had been hoping for a rate cut, which would make borrowing cheaper, helping companies to expand. china's post—covid recovery has been hit by a property crisis, falling exports, and weak consumer spending. now for something different:

can you recognise this? many of you will know that's a qr code, the successor of bar codes. its popularity, especially in asia, has been rising. these jagged squares packin rising. these jagged squares pack in a lot of information, and can be used for everything from paying for groceries to filing your taxes. but is there enough cybersecurity infrastructure in place to make the region a truly cashless economy? i got some answers from capron asia, a financial consulting company. we started off seeing qr codes used for payments in china many years ago. it was really to address the problem of low card penetration, especially around credit cards. and it was very cheap and easy way to make payments. it took a while before it really started to pick up around the rest of asia, in particular here in south—east asia. but a lot of those characteristics still remain. qr codes are generally secure, very cheap, and understandable for a lot of the population. in developed

centres like here in singapore or in some of the other areas within south—east asia that are developing and have more of a financial exclusion problem, they are really a lifeline for many businesses and individuals as a way of making payments that's different from cards. it makes life easier, but there are risks with these kinds of payments, right?— payments, right? certainly there are. _ payments, right? certainly there are, like _ payments, right? certainly there are, like any - payments, right? certainly there are, like any other. there are, like any other digital payment. the benefit with qr codes is that china has been running an experiment for the last 15 years about using or codes for payments. so qr codes for payments. so there's a lot of lessons to be learnt around that. the technology itself is not that new. it's been around for 20 years, the qr codes in general. so there have been a lot of ways that producers of these qr codes' payment solutions have really tried to address the security concerns. that all being said, with generative ai and everything else that's happening within the technology space right now, 2024 will be a big challenge for cybersecurity in general but, in particular, around payments will be a big focus for banks and other

players in the market. find focus for banks and other players in the market. and on the theme — players in the market. and on the theme of _ players in the market. and on the theme of payment, - players in the market. and on the theme of payment, do - players in the market. and on| the theme of payment, do you know how much americans pay for sugar? well, it's twice as much as the global average. despite inflation easing, the commodity just keeps getting more expensive for us consumers. i thought it looks good! i think it looks good...! music plays every year, dave makes candy canes to sell at his shop in newjersey. but now, it's costing him more. newjersey. but now, it's costing him more.- newjersey. but now, it's costing him more. this year, i did have _ costing him more. this year, i did have a _ costing him more. this year, i did have a slight _ costing him more. this year, i did have a slight 496 _ costing him more. this year, i did have a slight 496 to - costing him more. this year, i did have a slight 496 to 596 - did have a slight 4% to 5% increase on the final product. i want to say sugar went up maybe 15% from last year. the maybe 1596 from last year. the cost of sugar _ maybe 1596 from last year. the cost of sugar is _ maybe 1596 from last year. the cost of sugar is rising - cost of sugar is rising worldwide, and in the us, where a protectionist policy props up domestic producers. music plays the us is the world's fifth—largest sugar producer, with sugar cane grown in the south and sugar beets in the

north. the us is also a top consumer. louisiana is the northernmost point i sugar cane is grown commercially. we're about a mile away from the mississippi river and thousands of years of flooding left naturally occurring fertile topsoil — perfect for growing sugar cane. topsoil - perfect for growing sugar cane-— topsoil - perfect for growing suuarcane. iif ., , ., ., sugar cane. 2096 of sugar grown in the us comes _ sugar cane. 2096 of sugar grown in the us comes from _ sugar cane. 2096 of sugar grown | in the us comes from louisiana. so, how does sugar go from being something you grow here and i buy on the shelf? itide]!!! and i buy on the shelf? we'll lant a and i buy on the shelf? we'll plant a stalk— and i buy on the shelf? we'll plant a stalk in _ and i buy on the shelf? we'll plant a stalk in the _ and i buy on the shelf? we'll plant a stalk in the ground, i plant a stalk in the ground, and the following year we'll harvest that cane. this is a jaunder gh—57 sugar cane harvester. all it does is cut sugar cane. it goes to the mill, and the mill presses the juice out of that sugar cane. that stalk is sugar cane. irate that stalk is sugar cane. we have to do _ that stalk is sugar cane. we have to do a _ that stalk is sugar cane. we have to do a lot _ that stalk is sugar cane. we have to do a lot of— that stalk is sugar cane. we have to do a lot of work to get from _ have to do a lot of work to get from cane _ have to do a lot of work to get from cane to sugar. we have to knive _ from cane to sugar. we have to knive the — from cane to sugar. we have to knive the cane, put it through

some — knive the cane, put it through some very— knive the cane, put it through some very large rollers under some — some very large rollers under some very large rollers under some very high pressure to extract— some very high pressure to extract the juice, then separate the mud from the juice. — separate the mud from the juice, and evaporate the water that's— juice, and evaporate the water that's in— juice, and evaporate the water that's in the juice, before we can start _ that's in the juice, before we can start crystallisation. then we have — can start crystallisation. then we have to start the crystals from — we have to start the crystals from the _ we have to start the crystals from the molasses. it's one of the most _ from the molasses. it's one of the most processed commodities you can _ the most processed commodities you can find. the the most processed commodities you can find-— you can find. the us department of agriculture _ you can find. the us department of agriculture protects _ of agriculture protects domestic sugar production from foreign competition by taxing imports. a report by the government accountability office in october found that the sugar programme creates higher prices, and that americans pay around twice the world price for sugar. while the sugarfarmers world price for sugar. while the sugar farmers benefit, world price for sugar. while the sugarfarmers benefit, it's not like they don't have other problems. not like they don't have other problems-— not like they don't have other roblems. , . . ., problems. last year, we had a very good _ problems. last year, we had a very good crop- _ problems. last year, we had a very good crop. the _ problems. last year, we had a very good crop. the problem | problems. last year, we had a i very good crop. the problem was input costs were, quite frankly, through the roof. the tasking, for example, $180 a tonne went to $1,000 a tonne. even though it could be a great crop, with an average or above—average price for your commodity, you're still queensland feeling the squeeze

and there's almost no way to plan for it. and there's almost no way to plan for it— plan for it. can a farm like ours plan for it. can a farm like yours compete _ plan for it. can a farm like yours compete with - plan for it. can a farm like | yours compete with foreign sugar? yours compete with foreign su~ar? yours compete with foreign su . ar? ., yours compete with foreign su . ar? . . ~ . . sugar? our farm, and american suuar sugar? our farm, and american sugar farmers _ sugar? our farm, and american sugar farmers in _ sugar? our farm, and american sugar farmers in general, - sugar? our farm, and american sugar farmers in general, can . sugarfarmers in general, can compete against any farm in the world — wejust compete against any farm in the world — we just can't compete against a farmer receiving direct subsidies.— against a farmer receiving direct subsidies. back in new jerse , direct subsidies. back in new jersey. dave _ direct subsidies. back in new jersey, dave deals _ direct subsidies. back in new jersey, dave deals with - direct subsidies. back in new jersey, dave deals with the l jersey, dave deals with the rising price of sugar when he can get his hands on it. there are still some _ can get his hands on it. there are still some supply - can get his hands on it. there are still some supply issues. | are still some supply issues. sometimes they're out of different types of sugar. we have to work our production around that to keep things going. around that to keep things anoin. ., around that to keep things going-_ you i around that to keep things i going._ you run around that to keep things . going._ you run a going. enough red? you run a business _ going. enough red? you run a business that's _ going. enough red? you run a business that's based - going. enough red? you run a business that's based around | business that's based around sugar. if the price goes up, what does it mean for your business? it what does it mean for your business?— what does it mean for your business? if prices go up, i increase — business? if prices go up, i increase prices. _ business? if prices go up, i increase prices. gas - business? if prices go up, i increase prices. gas prices| increase prices. gas prices rise up, people still drive. people don't mind spending that extra money for that good candy cane or good piece of chocolate. they know where to come. here's a list of things we'll be watching closely for you this week. on tuesday,

policymakers at the bank of japan will decide on the direction of interest rates. midweek, we'll get the latest quarterly results from tesla, which has been trying to increase its footprint in china. and then on thursday, we'll find out how the world's largest economy performed in the back quarter of last year. before we go, it's not a skyfall —— sky full of stars for philippines' president ferdinand marcosjr, who's been criticised for using a helicopter to get to the coldplay concert in manila. filipinos online have argued it is a misuse of taxpayers' money. in response, the president's security team says traffic complications had posed an unforeseen security threat. that's all the time we have for asia business report. thanks for watching.

east of eastbourne, the remains of fort fun. once a big attraction, but since the summer of �*21, it's been shut. it's a site defiant sports wanted to revive. their place is too small, and not suitable. so, claudia, this is our sports court. as you can see, it's not really the right size. unfortunately, we can't offer any tournaments or proper sporting events here, because itjust sporting events here, because it just doesn't sporting events here, because itjust doesn't meet standards, so the community can't get that opportunity. so the community can't get that opportunity-— opportunity. managing director loretta lock— opportunity. managing director loretta lock put _ opportunity. managing director loretta lock put in _ opportunity. managing director loretta lock put in a _ opportunity. managing director loretta lock put in a bid - opportunity. managing director loretta lock put in a bid for - loretta lock put in a bid for fort fun and believed the site had been earmarked for them. now, it's going to a leisure and hospitality business instead. �* . and hospitality business instead-— instead. it's absolutely heartbreaking. - instead. it's absolutely heartbreaking. and - instead. it's absolutely i heartbreaking. and again, instead. it's absolutely - heartbreaking. and again, it's another kick for the community we support for people with barriers to participation. and that's just not fair.— that'sjust not fair. there are community _ that'sjust not fair. there are community interest -- - that's just not fair. there are i community interest -- they're that's just not fair. there are . community interest -- they're a community interest —— they're a community interest —— they're a community interest —— they're a community interest company who promote inclusivity in sport, but they're also open to all.

louis is home—educated, and he's been coming for several years. he's been coming for several ears. ~ , . he's been coming for several ears. ~ , , . ., years. me myself, i come here “ust to years. me myself, i come here just to spend _ years. me myself, i come here just to spend time _ years. me myself, i come here just to spend time with - years. me myself, i come here just to spend time with my - just to spend time with my friends. but so many other people may have disabilities, but they don't — they try not to notice that and just let — they're here as a sports group. for more stories from across the uk, hadded to e the bbc news website.

reunited once again... theodore and his dad meeting in lviv. in the summer, theodore's school friends did a camping—out fundraiser to pay for his trips back to ukraine. translation:— for his trips back to ukraine. translation: ~ . . y ., , translation: actually, it means all the world _ translation: actually, it means all the world to _ translation: actually, it means all the world to us. _ translation: actually, it means all the world to us. it's _ translation: actually, it means all the world to us. it's so - all the world to us. it's so amazing when children of that age are thinking of the future or thinking of what is happening in the world. what was the best _ happening in the world. what was the best bit _ happening in the world. what was the best bit about - happening in the world. what was the best bit about it? - was the best bit about it? seeing a lot of my family. and i seeing a lot of my family. and i slept— seeing a lot of my family. and i slept with my dad all the time _ islept with my dad all the time. it— i slept with my dad all the time. ., . ., i slept with my dad all the time. . ,�* i slept with my dad all the time. ., . ,�* i slept with my dad all the time. . ,�* . time. it was a boys' room at that time — time. it was a boys' room at that time during _ time. it was a boys' room at that time during our - time. it was a boys' room at that time during our stay . that time during our stay because, _ that time during our stay because, yeah _ that time during our stay because, yeah — - that time during our stay because, yeah — they. that time during our stay. because, yeah — they both snore _ snore. i laughs no, i don't! . , laughs no,|don't! . , ., laughs no,|don't! , , m no, i don't! yes, they do. no, i no, i don't! yes, they do. no, ldon't---! _ i don't...! laughs theodore and his friend liam have started a new fundraiser — cycling the distance between manchester and the middle east to raise funds for children affected by the situation in

gaza. it affected by the situation in gaza. . affected by the situation in gaza. , . , �* , gaza. it “ust felt as if it's unfair. _ gaza. itjust felt as if it's unfair. so _ gaza. itjust felt as if it's unfair, so we _ gaza. itjust felt as if it's unfair, so we need - gaza. itjust felt as if it's unfair, so we need to . gaza. itjust felt as if it's unfair, so we need to doj unfair, so we need to do another thing for other people as well. , �* another thing for other people as well. f . , as well. they've currently travelled _ as well. they've currently travelled more _ as well. they've currently travelled more than - as well. they've currently travelled more than 500| as well. they've currently - travelled more than 500 miles. we started there, and we have to get all the way over to palestine.— to get all the way over to palestine. ., ., , ., , palestine. for more stories from across _ palestine. for more stories from across the _ palestine. for more stories from across the uk, - palestine. for more stories from across the uk, head i palestine. for more stories| from across the uk, head to palestine. for more stories - from across the uk, head to the bbc news website. hello and welcome to sportsday. i'm chetan pathak, coming up on the programme: liverpool score four at bournmouth to extend their lead at the top of the english premier league. forfeit matches when fans are racist. fifa's president calls for harsher punishments in the fight to tackle racism. and ten shots off the lead going into the weekend. rory mcilroy pulls off a remarkable comeback at the dubai desert classic.

welcome along, thank you forjoining us. we start at the top of the english premier league, with liverpool extending their lead to five points after a 4—0 win away at bournemouth. after a goalless first half amidst high winds on the english south coast, jurgen klopp's side pushed on with two goals from darwin nunez and a couple too from diegojota. the win moves them five clear of manchester city, arsenal and aston villa, though city have a game in hand. despite missing some big names through injury, the liverpool boss is pleased with how his side are reacting: everything was better. the counter press was better, and so we put them really under pressure and scored wonderful goals. we all know, sometimes the ball rolls in the corner and goes in the post,

but it was well played anyway. impact from the bench again as well.