holding off, for now. the european central bank keeps interest rates on hold for the fifth consecutive time, leaving the rates at a record high of 4%. and it's time to roll out the red carpet — the bafta gaming awards take place tonight in london. welcome to world business report. i'm ben thompson. we begin in europe where, in the last hour, the european central bank has announced it will be keeping interest rates where they are at 4%. they hinted that a cup interest rates is coming soon if inflationary pressures continue to fall. here is

a little of what christine lingard said. —— lagarde. the governing council decided today to keep the three key ecb interest rates unchanged. the incoming information has broadly confirmed our previous assessment of the medium—term inflation outlook. inflation has continued to fall, led by lower food and goods price inflation. most measures of underlying inflation are easing. wage growth is gradually moderating, and firms are absorbing part of the rise in labour costs, in their profits. that was christine lagarde. tomasz wieladek is chief european economist at asset management firm t rowe price. we spoke before this announcement and no great surprise, what we are looking at closely as the detail, the comments, the forecast about what may happen next. what do you read into this?—

read into this? well, i think today the ave read into this? well, i think today they gave a _ read into this? well, i think today they gave a little _ read into this? well, i think today they gave a little bit _ read into this? well, i think today they gave a little bit of _ read into this? well, i think today they gave a little bit of what - read into this? well, i think today they gave a little bit of what we . they gave a little bit of what we call forward guidance on interest rates. they said that if things turn out as they think they will be a probably going to cut interest rates and myself i think that they will be cut in june and myself i think that they will be cut injune regardless of what and myself i think that they will be cut in june regardless of what the federal reserve does, for instance. regardless of what the federal reserve does, and that speaks to the widening gap in policy given the different responses to inflation, inflation in the united states proving to be much more sticky than in europe. explain what is going on there. ., ., _, , , there. the demand from consumers in there. the demand from consumers in the us is still— there. the demand from consumers in the us is still very _ there. the demand from consumers in the us is still very strong _ there. the demand from consumers in the us is still very strong on _ there. the demand from consumers in the us is still very strong on the - the us is still very strong on the other hand in europe, because of the growth differential, we are seeing also the underlying inflation data, the inflation in the us has surprised all forecasters to the upside and in europe it is now the other way. and for march, the

latest, there was an easter effect, and this has enabled the ecb to cut. we spoke about that widening gap between the us and europe. and so, all eyes will be on brain back—up comes. remind us what back tuck could mean for business and decisions day to day oil businesses across the bloc. in decisions day to day oil businesses across the bloc.— decisions day to day oil businesses across the bloc. in the latest banks are very sore _ across the bloc. in the latest banks are very sore that _ across the bloc. in the latest banks are very sore that a _ across the bloc. in the latest banks are very sore that a lot _ across the bloc. in the latest banks are very sore that a lot of- are very sore that a lot of businesses are holding back on investment, complaining about the high rate of interest so when the rate of interest comes down in europe, it has to come down significantly, by about a base point also, then we will see investment in

the euro area and help growth to recover from the euro area and help growth to recoverfrom its the euro area and help growth to recover from its current very weak levels in the euro area especially in the manufacturing sector. tomasz wieladek, thank you for your time. let's turn to the us now — yesterday we had inflation figures from the us which showed that prices rose 3.5% over the 12 months to march, which was up from 3.2% in february. so lots of questions being asked over whether the fight to slow inflation in the us has stalled a little. and in the last hour we've had more data out on prices in the us. michelle fleury, our north america business correspondent is in new york. producer price index figures — what do they tell us? that measures wholesale goods. looking at the figures we can see a 0.2% month on month increase, better than expected, there was a forecast for 0.3%. on an annual basis it was

2.1, versus expectations of 2.2. so it came in slightly better than expected, because we are seeing a lower reading on producer prices, and as you point out, this comes one day after we have got this sort of report on consumer prices suggesting that people are still paying more than people would like to, certainly, but more than economists were expecting, driven by things like rent. what does this mean going forward? that has economists reassessing what the fed will do next, build a cup rates by as many times as they have indicated in the past, perhaps as many as three times this year? after the data yesterday people thought it might be two, maybe even less agger commentators like larry summers, former us treasury secretary, saying that the move might not be down under could be an increase in rate cuts, so this provides a little bit of relief stop the other people watching this closely is washington. this is an

election year, and questions are being asked about what this means for the real action bit of president biden. he is trying to tell a story that the economy is improving, and so the timing of rate cuts is something that his team will be watching closely. the sooner they are the better that is poor him, the further out, that helps the republican side, when they have been trying to make the case that inflation is a real problem and that the biden administration has not been doing enough, so for now, this data brings some reassurance, but not too much. we data brings some reassurance, but not too much-— not too much. we are in that sliuhtl not too much. we are in that slightly perverse _ not too much. we are in that slightly perverse situation i not too much. we are in that. slightly perverse situation about the economy is doing well and that is a problem. it kind of music said when the economy can be doing well but it means that, day to day, we see prices going up and interest rates going up and that isn't welcome news for business trying to keep a lid on some of that extra expectation. keep a lid on some of that extra expectation-_

keep a lid on some of that extra expectation. keep a lid on some of that extra exectation. ., ., ~ ., ., ., , expectation. looking ahead, that is why keeping _ expectation. looking ahead, that is why keeping an _ expectation. looking ahead, that is why keeping an eye _ expectation. looking ahead, that is why keeping an eye across - expectation. looking ahead, that is. why keeping an eye across corporate profits and how they are doing will give you some sense of how the economy is doing at that level. it is a bit ahead of what the consumer feels, but the anticipation of what they are planning for, that will give a clearer sense of what direction the economy is headed in. thank you, michelle fleury in new york. now, it's a big day in the games industry — the bafta gaming awards take place tonight in london. gaming is big business here in the uk — sales topped more than £4] billion last year — more than double that of the music industry. this marks the 20th year of the gaming baftas, and 2023 was widely considered to be one of the best years ever in the industry. joining me now is conor clark from the gaming company boneloaf. good to have you with us. so much to talk about. when you look at the nominations for best game, what stands out for you? so

nominations for best game, what stands out for you?— nominations for best game, what stands out for you? so many, as you mentioned. — stands out for you? so many, as you mentioned, 2023 _ stands out for you? so many, as you mentioned, 2023 was _ stands out for you? so many, as you mentioned, 2023 was an _ stands out for you? so many, as you mentioned, 2023 was an all-time i stands out for you? so many, as you i mentioned, 2023 was an all-time with mentioned, 2023 was an all—time with the amount of amazing games that have been released. dave the diver was a personal favourite, have been released. dave the diver was a personalfavourite, the have been released. dave the diver was a personal favourite, the marvel spider—man two was well received, my pick for the awards will be baldur�*s gate 3 which has been sweeping the walls of the past few months and i expect to see the same tonight. {lin expect to see the same tonight. on that point, we would come in and say how wonderful that gains were getting these awards, but now it is a mainstream industry, we know that, it creates jobs and economic growth, and so much economic revenue. talk to me, though, about what the past 12 months has brought, we have seen some lay offs and consolidation. all the glory days behind, is this a settling of the industry into something more normal? i

settling of the industry into something more normal? i think a reset would _ something more normal? i think a reset would be _ something more normal? i think a reset would be a _ something more normal? i think a reset would be a fair— something more normal? i think a reset would be a fair way - something more normal? i think a reset would be a fair way of- reset would be a fair way of describing what has been going on for the last 12 months. there have been a large number of lay—offs across the whole industry, notjust in the uk back in the us and across the globe, but to say that the glory days are behind us is perhaps going slightly too far. from a camargue level, gains are still selling more and more every single year. more units sold across europe than in the previous year, so, after the pandemic we did see an explosion in popularity in games, and that has slowed, however, it is still growing and we are seeing more players picking up games every single day. the bafta gaming awards in its 20th year, recognising the contribution that the sector plays. why is that recognition so important? i that the sector plays. why is that recognition so important?- recognition so important? i think

names recognition so important? i think games has _ recognition so important? i think games has always _ recognition so important? i think games has always felt _ recognition so important? i think games has always felt like - recognition so important? i think games has always felt like a - recognition so important? i think- games has always felt like a younger brother to music and the tv and movie industry in some way, but actually as an art form, it is one that brings in so many kind of different creative practices, and it has some incredible artistic experiences over the past 20 years and even longer before then so it is nice to see recognition for all of the amazing people that do work in games and create these amazing experiences, whether that is in the uk or across the globe. the experiences, whether that is in the uk or across the globe.— experiences, whether that is in the uk or across the globe. the way that the industry — uk or across the globe. the way that the industry has _ uk or across the globe. the way that the industry has changed _ uk or across the globe. the way that the industry has changed so - uk or across the globe. the way that the industry has changed so much i the industry has changed so much with new technology, what is the thing we should be looking out for in the industry? iii thing we should be looking out for in the industry?— in the industry? if i was to make a rediction in the industry? if i was to make a prediction it _ in the industry? if i was to make a prediction it will _ in the industry? if i was to make a prediction it will change _ in the industry? if i was to make a prediction it will change within i prediction it will change within just a few weeks or months. that is what is most exciting about the games industry is that i generally have no idea where it is going to do next, whether it will be vr, ar or the metaverse, some of these have been great but some have been impossible to predict but that is

what makes games so exciting. conor clark from the game company boneloaf, thank you for your time. in other news.... elon musk has announced on his social media platform x, that he will visit india to meet prime minister narendra modi, without giving a date. the tesla boss is expected to announce major investment plans in the country soon. last month, india cut import taxes on electric vehicles for global carmakers. japan's fast retailing co — owner of the clothing brand uniqlo — says it's on track for its third straight year of record profits. fast retailing says profits jumped by more than 7% in the three months to the end of february. uniqlo's business in mainland china — where it has 922 stores — has bounced back from shares in astrazeneca are up more than 2% as the drugs giant announces a 7% hike in its dividend. the move comes ahead of the firm's agm, where shareholders will vote on whether to boost pay for its boss, pascal soriot,

to around $23.5 million. there has been debate — and condemnation — over whether the pay package is too high. the daily telegraph is reporting that fake postage stamps from china are causing a rise in complaints from customers in the uk. the newspaper has identified four chinese suppliers offering to print up to one million counterfeit royal mail stamps a week. the fakes have also been found on amazon and ebay, the newspaper said. a quick look at the numbers, given what we have heard from the european central bank. everyone reading into one that got me happen with a real divide opening up between what is happening in the us and what is happening in the us and what is happening in the us and what is happening in europe. i cannot show you the numbers at the moment. oh, i can, they are teasingly. one to keep an eye on is oil, which is pushing up an eye on is oil, which is pushing up prices, and sticking inflation, particularly in the us. you are up to date, goodbye.

hello i'm chetan pathak with your latest news live from the bbc sports centre. because of adverse weather, thunderstorms at augusta national, the start of golf�*s first major of the year has been delayed. play is scheduled to begin in 45 minutes, withjon rahm hoping to defend his title — having won his first green jacket last year. thejump the jump from the majors to the us open was from the masters. it is the biggest tournament in the world, probably the most followed by people that don't have play golf. jon rahm won't get out there for a few hours yet —

these are some of the updated tee times for round one.