china's deflationary spiral. as millions head home to celebrate the new year — falling prices are a worry for the rest of the world. changing the script. disney entertains investors with new ideas, including cash hand—outs and better numbers — as it battles to win support for its turnaround plans. let's start with china where the price of goods is continuing to fall, raising alarm about the state of the world's number two economy. china's consumer price index forjanuary was 0.8 % lower than a year ago — the biggest contraction since 2009. the pace of deflation is accelerating too. chinese consumers are struggling with high youth unemployment and the fallout from a real estate

crash — hitting demand for goods and pushing down prices. joining me now is mark williams — chief asia economist at capital economics. these figures will not make for welcome reading once again. just looking at the stats there, the biggest contraction since 2009. why? critics succes what is going on here is yellow let's start with. the weeks ahead _ is yellow let's start with. the weeks ahead of— is yellow let's start with. tue: weeks ahead of chinese is yellow let's start with. tte: weeks ahead of chinese new is yellow let's start with. he weeks ahead of chinese new year, is yellow let's start with. me: weeks ahead of chinese new year, we often see quite big changes in prices in china. that's probably tucked down the date forjanuary a little bit but the big picture is that china has been in deflation for a while. that is pointing to widespread weakness in the economy. there is a lack of confidence there

and it is notjust consumer prices that have been falling, we have also been seeing equity prices falling. so it feels like household aren't too confident about the future. find too confident about the future. and et it is too confident about the future. and anhm too confident about the future. and yet it is in stark _ too confident about the future. and yet it is in stark contrast with what we are seeing in many other economies around the world, particularly in the us and europe where prices are still rising which means that money is still tighter in people's pockets. just explain the contrast? ., , , people's pockets. just explain the contrast? . , , ._ people's pockets. just explain the contrast? , ., ., ., contrast? the easiest way to do that as i think of — contrast? the easiest way to do that as i think of perhaps _ contrast? the easiest way to do that as i think of perhaps the _ contrast? the easiest way to do that as i think of perhaps the most - as i think of perhaps the most well—known example we have seen of deflation in the modern world which is japan in deflation in the modern world which isjapan in the deflation in the modern world which is japan in the 1990s, extended period of deflation there came after a big economic shock and it coincided with a sustained period of very weak and disappointing growth. i think that is what people in china are worried about. as is symbol that

china is heading towards a similar picture? of course, the demographics in china has some similarities with japan as well. so there are a lot of alarm bells ringing. notjust that the economy in china right now is weak but maybe we are entering a period of sustained weakness for the next few years. period of sustained weakness for the next few yew-— period of sustained weakness for the next few veere— next few years. what is the answer? what can policymakers _ next few years. what is the answer? what can policymakers do _ next few years. what is the answer? what can policymakers do about - next few years. what is the answer? | what can policymakers do about this? it is quite striking that policymakers haven't done a great deal. 0ver policymakers haven't done a great deal. over the past two or three weeks, there had been a number of measures aimed at trying to boost the stock market and that has had a positive impact? they haven't been doing much about improving the long—term output to the economy. ultimately, investors want to be

reassured that the economy is heading in the right direction. i thing the reason why there has been more for the economy is that this is very difficult. china has a deep rooted structural problems, a huge part of the economy is on its knees effectively. part of the economy is on its knees effectivel . �* ._ , part of the economy is on its knees effectively-— part of the economy is on its knees effectivel . �* , ., i. effectively. always good to get your insi . ht. effectively. always good to get your insight- thank— effectively. always good to get your insight. thank you. _ staying with china — its struggling economy is weighing on e—commerce giant alibaba — it disappointed investors with weaker than expected earnings — sending shares tumbling in the us and hong kong. alibaba is also facing growing competition from rival online sellers. monica miller has the details. alibaba is under pressure as customers have been cutting back on their spending as they face a challenging economic environment. the firm is facing stiff competition in the china e—commerce market from

rivals. 0ne analyst that we have spoken to said that the retail online market, which is worth around $3 trillion, grew about 11% in 2023. but there only grew about 9%. last march, the company had a major restructuring. it's that the firm into six units that covered e—commerce, streaming and logistics, each with its own board and chief executives. but it later scrapped a spin off of its cloud unit. it had created uncertainty is its listing. in its latest earnings, alibaba executive said edible grow the group's share programme, enemy they say will demonstrate confidence in the company's outlook. to energy and climate change now, because the boss of norwegian oil giant equinor has been defending its huge new investment

in the north sea, which was approved by the uk government last year amid widespread condemnation. rosebank is the uk's largest oil and gas project in decades — and has been criticised as a massive backwards step on the road to net zero. but speaking to our business editor simonjack — equinor boss anders 0pedal said that after russia's invasion of ukraine energy security has to come firs. you know, one of the key learnings from 2022 is that energy security needs to be on top of the agenda, together with affordability and sustainability. and each country needs to, i think, looking harder into making sure that they are producing the energy they need closer to home, front shoring, etc. and that's really what we're working on, making sure that we are able to supply europe and uk with gas and oil these days and for for decades to come. and yet, if you look at the international energy agency, fatih birol says that any new oil and gas fields are inconsistent with the target of one and one half degrees temperature rise.

is he wrong? he says there should be no new oil and gas fields. and the day after he said that, you announced you were going to develop rosebank in the north sea. you've got big new projects in canada. is that a collision course with climate disaster? we have a balanced view on this. we think we need to continue developing oil and gas while we are increasing our investments in renewables. and that's exactly what we do here in uk. we invest in rosebank, but also invest in the third largest offshore wind park, and also decarbonised energy. the world will need oil and gas for longer, while we're doing the energy transition. i've heard other companies, and your company has said this also, that you need the financial muscle that oil and gas gives you to be able to finance some of the renewables.

what people get annoyed about is in a year like 2022, when everyone made record profits, that money was not ploughed into renewables, it was ploughed into share buybacks and dividends for shareholders. you're not using your financial muscle in the right way. we are actually. we increased our share buy—backs, but we also increased our investments in renewables. and actually in 2023, 20% of all our investments were in renewables. so we're gradually increasing this. but the reason why we are investing in renewables is that we know that over time the demand for oil and gas will go down and then we are preparing our company for that future. unilever, the firm behind hellmans mayonaise, marmite and dove soap, has released its full year results this morning showing operating profit up 2.6%, but it was lower than markets were expecting. its boss said he was disappointed by his company's performance. as more market share was eroded.

speaking to me earlier — dani hewson from aj bell says he's had a big impact since starting the job over the summer. well, he has made quite a good start because for the first time in ten quarters, unilever actually saw volumes increase only a bit, but they are now selling more stuff. he does have a huge task ahead of him because while we saw inflation high, lots of companies, including unilever, pushed up prices, pushed those costs onto the consumer, and the consumer in turn, many of them traded down. you're also saying shareholders, a lot of them were rebelling by the fact that the former boss was very much focused on the products themselves having more of a meaning behind them, notjust selling shiny hair or white clothes, but actually also standing for something which led to a lot of shareholders saying that the company was too woke, that it was trying

to change the world when actually it should just be focused on making really good stuff. to the us now and the entertainment giant disney who have been battling to modernise in recent years. losing over half their share value since 2021 and fighting moves from some shareholders calling for disney to be broken up. on wednesday, disney came out swinging — with better than expected numbers — and hand—outs to investors — in the form of share buy—backs and bigger dividends. erin delmore is in new york for us. erin, investors will be happy with that boost to divident it announced? there is lots of good news in hither investors. the share buy—back which will amount to $3 billion, and as you mention, that dividend boast a 50%. as you can imagine, the company stock is up. more than 7% right now. it is a good time to be making

shareholders happy because the company is facing pressure over its return. we company is facing pressure over its return. ~ ., company is facing pressure over its return. ~ . ., ., company is facing pressure over its return. . ., ., ., , return. we have also got details about how _ return. we have also got details about how they _ return. we have also got details about how they may _ return. we have also got details about how they may try - return. we have also got details about how they may try to - return. we have also got details about how they may try to try i return. we have also got details i about how they may try to try this business around. gaming could be a big push for disney. like netflix, stopping the sharing of those accounts. tt stopping the sharing of those accounts. , ., ., , accounts. it is not the only similarity _ accounts. it is not the only similarity we _ accounts. it is not the only similarity we are _ accounts. it is not the only similarity we are seeing i accounts. it is not the only i similarity we are seeing with netflix. that crackdown on password sharing will take effect in spain. there is also an increase in costs, so it saw its numbers of subscribers full. its average revenue per user went up. that piece is a bit of good news for the company. we are also seeing that they will be a big foray into the gaming space to disney. in an announcement, the disney ceo said

that the company is acquiring an equity stake in fortnight games. that is on top of an announcement we already saw this week about the launch of the new streaming service that espn that is set to take effect in 2025. , ., , ., that espn that is set to take effect in2025. , ., ,, , in 2025. the problem for disney has been it has been _ in 2025. the problem for disney has been it has been trying _ in 2025. the problem for disney has been it has been trying to _ in 2025. the problem for disney has been it has been trying to flog - been it has been trying to flog these franchises. gaming could be a huge revenue source, moving away from traditional movies.— huge revenue source, moving away from traditional movies. exactly and that is also one _ from traditional movies. exactly and that is also one of _ from traditional movies. exactly and that is also one of the _ from traditional movies. exactly and that is also one of the criticisms - that is also one of the criticisms from activist investors. between that, theme parks and this game space, disney is looking to make some big gains. space, disney is looking to make some big gaine— space, disney is looking to make some bi aains. ., ,, , . some big gains. thank you very much. see soon.

anna gray is a true believer, no question for her the climate emergency is real, much more drastic action is needed. but she has a slightly different way of persuading people to her cause. every tuesday morning. she had been standing in the square with a placard, a peaceful vigil whatever the weather representing women of this town. t representing women of this town. i feel like we can act locally. we don't have any whistles or glue and we don't cause any disruption. so it isjust really a we don't cause any disruption. so it is just really a polite protest and i think that is actually what encourages other women to come and join us. encourages other women to come and 'oin us. ,, ., , encourages other women to come and 'oin us. ,, .,, , , _ encourages other women to come and 'oin us. ,, ,, ,, ., , join us. she was inspired by tales ofthe join us. she was inspired by tales of the baltic _ join us. she was inspired by tales of the baltic chain _ join us. she was inspired by tales of the baltic chain when - join us. she was inspired by tales of the baltic chain when people l of the baltic chain when people linked hands across estonia, lithuania and latvia to demand freedom. , ., ., , ., ,

freedom. there is a real beauty about it. peace... _ freedom. there is a real beauty about it. peace... people - freedom. there is a real beauty - about it. peace... people peacefully standing together as a clear sign. 0ther standing together as a clear sign. other women have started to join standing together as a clear sign. other women have started tojoin in the vigil. is it more likely to change people's mines? in the vigil. is it more likely to change people's mines? in might do. it mi ht change people's mines? in might do. it might make _ change people's mines? in might do. it might make people _ change people's mines? in might do. it might make people think _ change people's mines? in might do. it might make people think a - change people's mines? in might do. it might make people think a bit - it might make people think a bit harden —

alexander ceferin has sprung a surprise by announcing his will step down as uefa president when his tenure ends in three years time. less than an hour earlier at the annual congress, a motion was passed allowing him to stand for a fourth term. the english fa were the only ones to vote against it. i have decided, let say around six months ago, that i am not planning to run in 2027 any more. the reason is that after some time, every organisation, but mainly because i was away from my family for seven years now and i will be away from them for three more until 27. i actually didn't want to disclose my thoughts and that it. first, i wanted to see the real face of some people and i saw it. i saw good and bad parts. and of course, i didn't