i'm steve lai. we begin with breaking news from hong kong by a high court judge has reportedly ordered the liquidation of chinese property china evergrande after the developer failed to come up with an acceptable restructuring plan for its overseas creditors. trading in evergrande's shares has been suspended on the hong kong stock exchange. let's bring in mariko oi. what does this mean for evergrande going forward? this is the big question, isn't it, steve? this news has been reported by various news agencies including reuters, afp and bloomberg and south china morning post, quoting the judge, saying that due to the obvious lack of the progress on the part of the company in putting forward a viable restructuring proposal this liquidation has been ordered. it basically means that its assets will be seized and sold off in order to repay some of

its outstanding debt. of course, evergrande has more than $300 billion worth of liabilities, reportedly, and it has been trying to come up with this restructuring plan and the judge has been postponing the decision up until now. whether or not this process will be followed remains to be seen because i have been speaking to a pot of expert to say that despite the one country to system slogan there are some thorny jurisdiction system slogan there are some thornyjurisdiction issues. so, even though, if this report is concerned, the liquidator will be appointed by a hong kong court, whether or not beijing would then recognise those liquidators remains to be seen. having said that, the ruling is confirmed is really significant and it will send a shockwave through china's financial markets because for many decades the real estate sector has been a main driver of china's economic growth and also there have been many other developers which have been defaulting just like

evergrande, and this ruling doesn't send a clear signal as to what they and also creditors and investors may be able to expect. and investors may be able to exect. , ., , expect. the implications could be significant. _ expect. the implications could be significant. thanks - expect. the implications could be significant. thanks for - be significant. thanks for getting across that. mariko 0i speaking from the newsroom in singapore. these developments come as chinese authorities made their latest attempt to stabilise financial markets by restricting shortselling. the chinese securities regulator has said is designed to create a fairer market order. short—sellers try to make money on shares, bonds or other financial instruments that they think will fall in price. by curbing the practice, regulators are hoping to halt a worsening sell—off. china's stock market tumbled for a third consecutive year in 2023. its benchmark csi 300 index of shanghai and shenzhen—listed stocks dropped 11% last year and has extended its slide in the new year. earlier, i spoke to the director for economic research at moody's analytics katrina ell, and she told me this latest measure is an attempt to address negative investor sentiment about china's economic

recovery. what we are seeing is the stock—market rout that has really gathered steam over the past couple of weeks is really a reflection of the fact that there is this unrelenting bearish sentiment when it comes to china — in particular china's economy — and so i don't think that curbing shortselling is really addressing the root cause of the problem that households, businesses, particularly in china, are not feeling exuberant about the economic recovery, and so this latest measure is really a band—aid solution rather than finding an actual solution to the problem. a bit more about the bigger problem at hand here then — china's economy — how deep do its problems go? incredibly deep. i think that there are some incredibly problematic structural concerns when it comes to china's economy, and i think the property market is one that is really front and centre, and what we are seeing is that the correction in the property market is manifesting in so many different areas of the economy,

particularly private sector investment is particularly weak. we have seen a rise in defaults as well, so what we are expecting over the course of this year is that we will see ongoing monetary but particularly fiscal stimulus directed to the property market, but not in a way that reinvigorates the property market, but in a way that works to try and stabilise it so that we can actually get a broader stabilisation in china's economy because what we have seen in this post—covid world is it that stimulus is really necessary for china to achieve its growth goals. china and the us have been battling over semiconductors stop the biden administration will award subsidies to chipmakers to boost semiconductor production in the united states. the plans, first reported

by the wall streetjournal, are part of the $53 billion chips and science act. both domestic and foreign chipmakers are expected to get a share of of the funds. social media platform x is hiring 100 content moderators for its new office in texas. the new team will focus on restricting child—abuse content. it comes just days before a us senate hearing about online child sexual exportation. x chief executive linda yaccarino is scheduled to testify along with the top bosses of meta, snap, tiktok and discord. and staying with the technology sector — more than 20,000 tech workers around the world have lost theirjob in the first month of this year. that is according to tracking website layoffs.fyi. google, microsoft, amazon and ebay are just some of the companies that have announced spending cuts. tom kang is a research director at technology market research firm counterpoint. earlier, he told me why leading companies in the tech industry are letting people go. it comes at a time where they are newly investing in al,

so on the surface it looks like they are shifting from other technologies to ai, but underlying is the fact that the interest rate is very high, which is the cost of investment. so, they have to prioritise the investments now, and the other factor is that the global economy, contrary to the us economy, is not doing that well. so, big tech has to brace themselves for the market not receiving their products that well. so, this is an underlying factor of the global economy going down and interest rates staying at a high point, and ai is definitely triggering this since last year. to india where thousands of men in the country are desperate for secure jobs and they have been going to recruitment

centres to sign up for work in israel. in a treaty signed last year, india's government promised to send more than 40,000 workers to the middle eastern country. 0ur reporter visited a recruitment centre in the northern indian state of uttar pradesh. braving a frosty winter morning, thousands gather at this government recruitment centre, willing to risk going to a country at war. the only hope — a well paying job. translation: we are just running around looking - forjobs. if we get one here, why would we risk going to a war zone? translation: we have families to take care of. j all this crowd is waiting here only for the hope of a good salary in israel. one of those is 24—year—old sugriv, who travelled 300km to try his luck as a carpenter. ajob in israel will get him six times the salary he makes here through ad—hoc jobs. translation: i want to break the cycle of poverty my - family has seen. if i get good money, i will go, even if it's risky. these skilled workers are meant to fill part of the labour shortage in israel's construction industry

after work permits of thousands of palestinian workers were revoked amidst the ongoing conflict in gaza. the jobseekers you see around me are part of india's sprawling and precarious informal economy. they do ad—hocjobs with no formal contracts or benefits. most of them, who are even college graduates, end up getting paid just $8 to $10 a day. this is a crisis that has not changed, despite india being the fastest growing major economy in the world. even prime minister narendra modi's focus on foreign investment and big—ticket infrastructure projects has not helped rising unemployment in the country. educated youth bear the the highest burden. the latest research by india's azim premji university shows 15% of all graduates and 42% of graduates under 25 years old have nojobs. what we need to do in a young country like ours where everyone is getting better

educated is to generate many more non—farm jobs. 0n the contrary, what we have seen happen in the last five or six years in particular is that manufacturing jobs actually fell in absolute terms and as a share of total employment, manufacturing as a share of gdp actually contracted despite all the talk about make in india. for these jobseekers, despite security concerns in israel, the chance to earn an income outweighs the rest, at least for now. before we go, let's get you a recap of that breaking story this hour coming out from hong kong where a high courtjudge has reportedly ordered the liquidation of chinese property china evergrande. it comes after the developer failed to come up with an acceptable restructuring plan for its overseas creditors. meanwhile,

trading in evergrande shares has been suspended on the hong kong stock exchange. although as you can see here it is not having too much of an impact so far. the hang seng is currently up far. the hang seng is currently up 0.8%. and that brings us to a close here on asia business report. we will have more on the fallout from evergrande's decision from hong kong in our later bulletin. bye for now. voiceover: bbc news - bringing you different stories from across the uk. reunited once again... speaks ukrainian ..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.

actually, it means 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 bit about it? seeing a lot of my family. and i slept with my dad all the time. it was a boys' room at that time during our stay because, yeah, they both snore. laughs no, i don't! yes, they do. no, i don't! 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. itjust felt as if it's unfair, so we need to do another thing for all the people as well. they've currently travelled more than 500 miles. we started there, and we have to get all the way over to palestine. for more stories from across the uk, head to the bbc news website.

voice-over: bringing you different stories i from across the uk. i think we started itjust to have a little seat and itjust seemed to grow up differently from there. lots of people visiting. it grew and grew and grew and just over the years each time mother

nature take it away again, we come back and put it back together. there's not a lot left at all. everyone who came along to help rebuild the bench has their own memories of the place. i used to walk with my wife on the beach. when she died last april, i used to bring these little stones with a message on it to remember her and now it's going to start over again. these are memorabilia . from the previous bench. people have written l their names on them. it might be nice to add some of those back so that - when people come back, they can see them. - it is not the first time that they have had to do this. the bench has been damaged by storms before and in the summer by a fire. this plaque donated then is now the centrepiece for the new bench once more. the group say they hope that more people come along and add more driftwood and mementos to build the bench up once again to the community hub it once was. for more stories from across the uk, head to the bbc news website.

hello and welcome to sportsday. i'm lizzie greenwood—hughes. the headlines tonight: a famous test victory for england in one of the toughest places to tour. klopp may be off, but liverpool are into the fifth round of the fa cup. and goalie lionel mpasi kicks the penalty that sends dr congo through to the quarterfinals of afcon. hello and welcome to a busy sportsday. and we are starting with cricket. england captain ben stokes says his side's incredible

opening test victory in india was their best under his leadership. facing an india side who'd only lost three times on home soil in the past decade, england somehow turned a i90—run first—innings deficit into a hugely unexpected 28—run win. before this, the biggest lead any touring team had previously overturned there was just 65, and that was by australia 60 years ago. england's vice—captain 0llie pope was player of the match after saving the game with a stunning knock of 196, while debutant spinner tom hartley took seven wickets to force the win. england lead the five—match series 1—0. we've been a part of some amazing games over the last two years. we've had some incredible victories. but i think considering where we are, who we played against, the position we found ourselves going into, our second — second innings of batting was just be able to sit here now and say we've gone 1—0 up. i think that's a big reason

as to why i feel this