in a few hours. what will the data tell us about when the ecb will start cutting interest rates? and lean back and relax, as i talk to an expert on how to reduce stress in the workplace. hello. i'm sally bundock with the top business stories. and on this programme we've been closely covering the effects of houthi rebel attacks on shipping in the red sea. one country keenly feeling the impact of shipping, now largly avoiding the route through the suez canal, is egypt, with revenues

they get from the canal almost halving. on top of that, and despite a recent bailout from the international monetary fund, the economy is facing pressures on various fronts, with the war in gaza also hitting tourism. really important egypt. egypt's president abdel fattah al—sisi begins his third term in office today after an election where he faced no serious challengers. during his inauguration speech the president emphasised his intention to maximize the economic role of the suez canal. with me is mohamed taha from our bbc arabic service. good to have you. to start, explain why this was canal is so important to the egyptian economy. so important to the egyptian economy-— so important to the egyptian econom . ,, ., ., , economy. the suez canal is the main source — economy. the suez canal is the main source of _ economy. the suez canal is the main source of foreign - economy. the suez canal is the main source of foreign currencyi main source of foreign currency to egypt, producing last main source of foreign currency t° egypt, producing last year to egypt, producing last year $9.4 billion. it

t° egypt, producing last year $9.4 billion. it comes out of around $35 billion, the total foreign currency income to egypt. you can imagine that there —— if there is any drop, there —— if there is any drop, the egyptian economy would suffer nothing can compensate. economy is suffering and we've talked about how the route and many international shipping companies are completely avoiding it at the moment with no foreseeable and to this conflict. . , conflict. india. the figures say that — conflict. india. the figures say that in _ conflict. india. the figures say that in january - conflict. india. the figures say that in january only i conflict. india. the figures| say that in january only the say that in january only the ships that pass to the suez canal were around 1200 ships compared to 2100 injanuary 2023. this is a big drop. if this drop continues to the end of the year, the revenue of the suez canal would be halved. that means more inflation, morais and prices in

commodities in egypt and more requirement for a structural adjustment policy to get more foreign investments to egypt and more suffering and general to the egyptian economy. the resident to the egyptian economy. the president starting his third term in office with lots of promises of course. but what can he do about this extremely challenging for him not least the conflict in gaza on the border of egypt, the impact that's having on tourism and the concern of gazans coming to egypt, what that might mean the future, etc? egypt, what that might mean the future. etc?— future, etc? many things. there is a mix between _ future, etc? many things. there is a mix between state - is a mix between state intervention and new liberal policies. state intervention, the state is trying to build supermarkets by the army and the police to sell commodities with less process to help people to get these commodities with less prices and push other

traders to make their prices less. the main drive is to bring foreign investments, whether from the world bank or international monetary fund, or even from gulf states. we saw recently that big investment the $35 billion, also $5 billion in the suez canal economic area, so the mantle now is how to convince foreign investors to bring their money to egypt, to try a little bit to egypt, to try a little bit to compensate the loss in the suez canal situation.- to compensate the loss in the suez canal situation. thank you so much for _ suez canal situation. thank you so much for talking _ suez canal situation. thank you so much for talking us - suez canal situation. thank you so much for talking us through | so much for talking us through what the situation is in egyptian now. we'll keep a close eye on this programme. the latest inflation numbers for the eurozone will be released in the next few hours, giving us an idea of when the european central bank may make its move and reduce the cost of borrowing. in february, the inflation

in the region was down to 2.6%. so, will inflation continue to ease? bob parker is senior advisor to the international capital markets association. good morning. morning. what do we expect? will prices ease again? it we expect? will prices ease auain? , , , we expect? will prices ease auain? ,, , again? it is slightly complex. the headline _ again? it is slightly complex. the headline inflation - again? it is slightly complex. i the headline inflation numbers probably stay at 2.6% but when i say slightly complex, the month one month numbers probably rise and we may get disappointingly higher number month on month. that's largely because of energy prices. as you well know, energy prices in the last six weeks have risen and today for example north sea brent guerra trading close to $90 a barrel, so that impact of energy prices in the last few weeks will have a negative impact. having said that, the underlying demand and activity numbers in the eurozone remain

relatively weak. core inflation may come down slightly so excluding food and energy, the inflation rate probably comes down to less than 3%. having said all that, the trend over the next three to six months is inflation that comes down and we could be looking at headline numbers less than 2.5% as we go to the summer months. qm. numbers less than 2.5% as we go to the summer months.— to the summer months. ok, so if a christian _ to the summer months. ok, so if a christian gal _ to the summer months. ok, so if a christian gal and _ to the summer months. ok, so if a christian gal and her _ to the summer months. ok, so if a christian gal and her team - to the summer months. ok, so if a christian gal and her team at i a christian gal and her team at the ecb, when do you think they might decide that they could reduce the cost of borrowing in the eurozone? if reduce the cost of borrowing in the eurozone?— the eurozone? if we look at recent speeches _ the eurozone? if we look at recent speeches by - the eurozone? if we look at i recent speeches by members the eurozone? if we look at - recent speeches by members of the ecb council, they've said they want wait until may and june until they get further confirmation that wage inflation is not rising significantly. that would imply that they don't collaborate at the meeting in april and that is next thursday 11 april, but they probably carry out their first cut interest rates in

june. i think the most significant amount is what they then say is going to happen in then say is going to happen in the second half of the year and it's entirely possible that we could get three or four interest rate cuts by the end of the year from the ecb so that would take the deposit rate down towards 3% of the current level of 4%. d0 rate down towards 396 of the current level of 4%.- current level of 4%. do you think they _ current level of 4%. do you think they will _ current level of 4%. do you think they will be _ current level of 4%. do you think they will be waiting . current level of 4%. do you | think they will be waiting for the fed to make its move first before they do? i the fed to make its move first before they do?— before they do? i think it's a very good — before they do? i think it's a very good question - before they do? i think it's a very good question becausel before they do? i think it's a | very good question because i think in contrast to what happened last year in the beginning of this year were central banks co—ordinated very carefully indeed, i think this year we're probably to see some divergence and by that i think the fed probably go slowly and the fed probably go slowly and the recent data out of the noted suggests there is no urgency from the federal reserve to cut interest rates, but if we look at the ecb i think the argument for cutting interest rates is much more powerful and therefore i think the ecb won't wait for the third and i think you will have

this divergence in policy between the fed and ecb, with the ecb taking an easy allied in its monetary stance. mice the ecb taking an easy allied in its monetary stance. nice to see you- _ bob parker is senior advisor to the international capital markets association. thank you. thank you. the leaders of the world's two biggest economies, joe biden and xijinping, spoke on the phone on tuesday in the first engagement between since they met in san francisco in november. this comes as the us treasury secretary embarks on her second trip to china in less than a year. 0ur north america business correspondent, erin delmore, has the details. the mark the one—on—one communication between us presidentjoe biden and chinese presidentjoe biden and chinese president xijinping presidentjoe biden and chinese president xi jinping since november. they had a lot of ground to cover. the risks linked with rapidly developing ai technology and military communications and the trafficking of illicit drugs like fentanyl. why how summary of the court included a few

others like china's unfair trade policies and preventing access to advanced us technology. 0n the chinese side president xi recorded called us support for any taiwanese independence effort a red light and accused the us of trying to suppress china's development of advanced technology. 0ver four days of meetings treasury secretary janet yellen is expected to meet some of the chinese top political and economic officials as well as business leaders and chinese professors and students. she is expected to want to run against flooding the market with cheap clean energy experts, things like electric vehicles with lithium ion batteries. the white house is trying to bolster the industry domestically by offering its own tax breaks and subsidies. well, let's stay with the us and china because the two biggest makers of electric vehicles — tesla and byd — have both reported a sharp fall in sales, confirming concerns there is a slowing demand for evs — tesla shares fell by almost 5% on the news. elon musk�*s electric vehicle—maker said it handed overjust under 387,000

electric cars to customers — the smallest quarterly figure in more than a year and less than market expectations. it's arch rival — byd — has slashed the cost of almost every model in its line—up since the start of the year, sparking a price war in china. it is the world's biggest market for evs currently. live now to susannah streeter, head of money and markets, hargreaves lansdown. good morning. times are tough tesla and byd because as elon musk wnt i remember last year he was saying with the cost of borrowing higher and cost of living difficult, it is hard to she“ living difficult, it is hard to shell out for an expensive electric vehicle right now. absolutely and that of course is one of the issues plaguing tesla at the moment as well as other ev manufacturers in the world. i think it was the scale of the drop that came as a

surprise, down 20% quarter on quarter at those sales. it is also production issues that have affected the company, they have affected the company, they have not been omitted the disruption in the red sea, there was also an arson attack at one of its bigger factories so all of that has meant that supply of vehicles has been affected as well is demand. and the competition is really accelerating in china, a really key market because of course there are so many rivals now jostling for a position. as a result, there have been bigger price cuts to leading models which is hurting margins but actually those who want to swerve into the fast lane feel it is the price to pay to grab more market share which is what the chinese ev manufacturers have been doing, although it has to be noted that byd, which stole the crowd of tesla, the

largest ev seller in the world, will now tesla has grasped it back because byd sales fell by 43% per quarter. it’s 43% per quarter. it's interesting - 43% per quarter. it's interesting to - 43% per quarter. it's interesting to see i 43% per quarter. it's - interesting to see what's happening when it comes to consumer demand for electric vehicles because across europe it depends where you are in the world because many in europe are waiting and the fundamentals put in place, the infrastructure in place where they are before they take that step and opt for a fully electric vehicle as opposed to combustion engine. absolutely and that is _ combustion engine. absolutely and that is one _ combustion engine. absolutely and that is one of _ combustion engine. absolutely and that is one of the - combustion engine. absolutely and that is one of the key - and that is one of the key points about manufacturers in the uk in particular but also elsewhere around the world, saying we need extra support to ensure that the infrastructure is there to give the consumers confidence to buy. i think once people have got their electric vehicles they say are not quite so anxious about range. range anxiety being such a thing

because actually it comes in many locations particularly in various different european countries, for example, a lot of fast charges are now being installed. it is more remote areas where there are still difficulties but certainly they need to have extra jolts of confidence particularly as evs are more expensive to buy than conventional cars.— conventional cars. thanks for our conventional cars. thanks for your time- — conventional cars. thanks for your time. see _ conventional cars. thanks for your time. see you _ conventional cars. thanks for your time. see you again - conventional cars. thanks for l your time. see you again soon. susannah streeter, head of money and markets, hargreaves lansdown. let's get some of the day's other news now. general electric has completed its breakup into three companies. the industrial giant's aerospace and energy businesses began trading on the new york stock exchange a separate entities more than a year after ge spun off its healthcare business. it marks the end of the 132—year—old conglomerate that was once the most valuable us corporation and a global symbol of american business power. european airlines have started to cut back on routes to asia since the pandemic, hit by tough competition from state—backed middle eastern carriers. gulf airlines can often offer

cheaper fares for passengers willing to catch a connecting flight in the middle east. european airlines are also banned from flying over russian airspace, resulting in longer journeys to much of east asia. taylor swift has made it onto the forbes world's billionaires list for the first time. the american pop star has joined elon musk as ranking among the world's wealthiest people. swift is entering the list with $1.1 billion along with sam altaman, creator of the ai chatbot chatgpt, who'sjoined on $1 billion. at the very top of the list of 2,784 billionaires is lvmh french luxury goods titan bernard arnault who, along with his family, topped the 2024 chart with an estimated $233 billion. still to come: lean back and relax, as i talk

to an expert on how to reduce stress in the workplace. around the world and across the uk, this is bbc news.

let's continue with the business coverage here on bbc news. the head of the un's intellectual property agency has told the bbc that there's not yet the appetite for new global rules to govern artificial intelligence. he was talking as new figures show that al is behind a growing number of the international patent applications that his organisation administers. however, the overall number of applications fell last year 1.6% — the first fall in 14 years. 0ur reporter, jonathanjosephs, asked world intellectual property organization director general daren tang if that means the difficulties in the global economy were getting in the way of innovation. i think what we're seeing for

the last two years is there has a difficult situation matter economically, interest rates have gone up, money supply has dried up and with the result that venture capital geo— flow has reduced considerably. i think what this means is that it may be resulting in a reduction of oxygen to the fire of innovation and we need to encourage policymakers to look at this and make sure that when people are innovative, they have the best right to bring the ideas to market. {line the ideas to market. one central banks _ the ideas to market. one central banks think - the ideas to market. one central banks think about the cost of borrowing, vinegar think sufficiently about innovation and the perhaps chilling effect that high costs of borrowing can have on innovation.— of borrowing can have on innovation. ., , ., , innovation. there are probably too where _ innovation. there are probably too where to — innovation. there are probably too where to look _ innovation. there are probably too where to look at _ innovation. there are probably too where to look at this - innovation. there are probably too where to look at this but i too where to look at this but in this moment of downtime what we tend to see is a focus on quality, not necessarily a bad thing for innovation ecosystems in the world. when the cycle turns up again, there will be game changing technologies into

the market like after the financial crisis in 2010. oney lorcan innovation _ financial crisis in 2010. oney lorcan innovation in - financial crisis in 2010. oney lorcan innovation in the - financial crisis in 2010. oney l lorcan innovation in the global economy at the moment, a lot of the talk is about artificial intelligence. what are the trends you are seeing, our company is coming up with ways to use this emerging technology?- to use this emerging technolo: ? , ., . ., ., , technology? digital technology is crowinu technology? digital technology is growing faster _ technology? digital technology is growing faster than - technology? digital technology is growing faster than other . is growing faster than other technology. in that right ai patenting activities growing at 700%. 20% of the 700% is generative ai patenting so we are seeing the ip data that a lot of the growth is coming from al and generative ai. i think we're starting to see these applications like we know that there has been an ai that has created millions of new materials, crystals, they can be used in all kinds of applications. it is early days and what i like to say about al is if any new technology, we

probably overestimate its impact in the short run and underestimate its impact on the long run. underestimate its impact on the lona run. , ., long run. interesting to get that take — long run. interesting to get that take on _ long run. interesting to get that take on what's - long run. interesting to get i that take on what's happening with innovation and patents, etc. the indian government has said they are monitoring the excessive flight cancellations by one of india's most prominent airlines, vistara. the air carrier, which is a joint venture of the tata group and singapore airlines, was forced to cancel and delay several flights due to non—availability of its crew. the bbc�*s arunoday mukharji reports. the element operates around 300 flights per day issued a statement saying that they had reduced the number of flights temporarily to ensure adequate connectivity. they also said they'd started using bigger aircraft to ensure the accommodation of more passengers. in the same statement they said they were working hard to try and ensure the situation is stabilised soon. the official statement

that it was hard to find true but there which have cited concerns by pilots and vistara about a revised salary structure had a demerger planned with air india. their india huge member was once india's national character, sold to tata group two years ago as part of the indian government's divestment plans to privatise the airline and generate more funds. experts say this also could be an impact of the planned merger. india's aviation regulator has stepped in because of the delays asking for daily reports from vistara and asked the airline to ensure their minimum inconveniences caused to the passengers and they should have a redress to get refunds and reschedule their flights. to give you contacts, vistara is nine years old in the indian aviation industry in a joint venture between tata group which owns 51% and singapore airlines which owns 49%.

arunoday mukharji. now let's talk about stress at work — do you experience it in the work place? has the working world become less stressful post pandemic as more people flex to a hybrid working model with less time in the office? well this week is stress awareness week so how are we doing? let's find out. i'm joined by anna eliatamby — director of healthy leadership. good morning. i guess you don't experience stress in the workplace, or do you? i have. i've workplace, or do you? i have. we retired — workplace, or do you? i have. i've retired now _ workplace, or do you? i have. i've retired now but _ workplace, or do you? i have. i've retired now but i - workplace, or do you? i have. i've retired now but i do i i've retired now but i do experience stress now and certainly identify with working. it is part of life for us to experience stress. it can't be avoided and sometimes it is necessary evil for whatever reason. but in general, in the working world, our people more stressed today or less when you compare to say

pre—pandemic? the or less when you compare to say ore-pandemic?— pre-pandemic? the levels are actually higher. _ pre-pandemic? the levels are actually higher. there - pre-pandemic? the levels are actually higher. there were i actually higher. there were some research done last year and this year that shows that stress levels globally, not just for working people buy for everybody, are higher than pre—pandemic levels. they have not gone down out and people's mental health and well being is down unfortunately. for mental health and well being is down unfortunately.— down unfortunately. for a variety of _ down unfortunately. for a variety of reasons. - down unfortunately. for a variety of reasons. took l down unfortunately. for a l variety of reasons. took us through the reasons why. some of it is the _ through the reasons why. some of it is the global _ through the reasons why. some of it is the global uncertainty i of it is the global uncertainty that exists right now in terms of the economics and we are hearing about conflicts and stuff, some of the stress is linked to work, especially around remote work and hybrid working. when you work remotely, the stress is a little higher than one in the office because you may have more problems, it may be harder to solve problems, you've got less collaboration perhaps, you're also dealing with home pressures more than you would if you in the office. you may not be getting the support you

need for the resources you need, so a lot of reasons, but the stress levels are high across the board.- the stress levels are high across the board. what can be done about — across the board. what can be done about that? _ across the board. what can be done about that? one - across the board. what can be done about that? one of- across the board. what can be done about that? one of the l done about that? one of the conversations, and we all discussed at length and i'm sure you did as well as post— pandemic, how can we improve the workplace mother has been a dramatic change for so many people who are forced to be at home, he would not necessarily used to working at home, and some people really welcomed that change and it meant they could have helped with work—life balance, picking up children after school, all these things, but you say stress levels have gone up and knocked down so what do we need to do? ., ., ., ., ., to do? from the organisational oint of to do? from the organisational point of view. _ to do? from the organisational point of view, in _ to do? from the organisational point of view, in terms - to do? from the organisational point of view, in terms of i point of view, in terms of where people, where organisations want people to work, the first question they should ask is what is the work that we need to achieve our purpose, then look at where. negotiate that with staff rather than imposing your version of what flexible

working hours. from individual person's point of view, and surely after yourself, you are maintaining a plan for yourself and yourfamily and also maintaining a plan for yourself and your family and also when you move into the organisation, make sure that the organisation has things in place that are meaningful, that are useful, but it's what people want beyond counselling, and allow people to look after themselves rather than try to ignore it. it won't go away. 0ur organisation is really trying to help or are theyjust kind of i want to use the word greenwashing, just talking about mental health the workplace but actually thou kind of not really that bothered? do you see a real shift in terms of managers and leaders on this?— shift in terms of managers and leaders on this? sometimes yes, but what i _ leaders on this? sometimes yes, but what i think _ leaders on this? sometimes yes, but what i think it _ leaders on this? sometimes yes, but what i think it is _ leaders on this? sometimes yes, but what i think it is a _ leaders on this? sometimes yes, but what i think it is a number i but what i think it is a number of things. i think it was big in covid times, my team doubled in covid times, my team doubled in covid times but i think it

is now off the agenda. some people who mean it and care about their staff are offering medical interventions but sometimes what's offered is not what staff want. some people are ignoring it. so it is very variable. unfortunately. and with some cutbacks in organisations, there are also cutting back or stopping. {line cutting back or stopping. one of my stresses _ cutting back or stopping. one of my stresses is _ cutting back or stopping. one of my stresses is getting off there on time, being alive programme. it is my daily stress moment so i have to say goodbye. thank you for getting up goodbye. thank you for getting up so early, we appreciate it. and thank you for your company. i hope you have a day that is not stressful. i will see you soon. hello, there. weather for the remainder of this week is going to stay very unsettled. it's going to be a frustrating week to try and make plans for those who have children off for the easter break. there will be some sunny intervals, but spells of wind and rain at times, and as we head into the weekend, it will turn windier, but milder. in fact, in east anglia,

we could see a high of 20 celsius — 68 fahrenheit — way above the average for this time of year in that area. bearthat in mind, but we are all starting to be aware that a warmer atmosphere means a wetter one, and you can see these areas of low pressure waiting in the wings to influence the weather story. so the first low is moving through on wednesday, bringing rain into northern ireland, southern scotland. behind it, there'll be a few sharp showers to come, as well, so by the middle part of the afternoon, expect some sunny spells, perhaps more than we saw on tuesday, and temperatures will peak at highs of 15 celsius. some of the showers across northern england, though, could still be quite heavy, and that showery rain will start to drift out of northern ireland, improving here into central scotland. the far north and east of scotland will stay largely fine and dry, with some showers, but a north—easterly wind will make it feel noticeably colder, temperatures a good ten degrees down on where they are further south. so that low pulls away, another one is going to replace it on thursday, and then another significant low waiting in the wings for the

start of the weekend. so on thursday, as that cloud and rain pushes its way steadily north through the night, it will be a mild start to thursday morning. we'll see showery outbreaks of rain pushing their way steadily eastwards throughout the day, so hopefully a slow improvement. but here's the next system already starting to show its hand across cornwall and south wales by the end of the day. ahead of it, with some brightness, we'll see highs of 16 degrees. but that north—easterly wind once again pegging those temperatures back — in aberdeenshire, a high ofjust 16. then, as we move towards the end of the week, this low could bring some very windy weatherfor a time, gales on exposed coasts, a spell of heavy rain moving its way steadily north, and it's this that will tap into that pretty mild air all the way down from the south—west, starting to push its way across scotland now, as well. but don't expect anything prolonged, settled and sunny. there will continue to be showers, longer spells of rain. windy but warm.

good morning, welcome to breakfast with sally nugent and ben thompson. 0ur headlines today. three british aid workers killed in an israeli air strike in gaza are named. john chapman, james henderson and james kirby were all part

of a charity's security team. israel is under growing pressure to explain the strike. rishi sunak has told the israeli prime minister, benjamin netanyahu, he is "appalled" by the killings. taiwan suffers its strongest earthquake in 25 years, causing landslides, and many buildings have collapsed. the prospect of more strike action from teachers in england and wales, as the national education union considers a formal ballot. a ferocious start gives nottingham forest a vital premier league win — three goals in the first half against fulham, three points for the team fighting a relegation battle. good morning. it is a cloudy and wet start for many but it should brighten up from the south a bit later. as we go through the rest of the way it remains unsettled, wet and windy, but much warmer on saturday. i will have all the details throughout the programme.