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tv   Business Today  BBC News  May 14, 2024 5:30am-6:01am BST

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openai unveils its new chatbot that can teach maths and even flirt as it seeks to get ahead of google and apple. us—china trade tensions ratchet up: president biden is set to announce new tariffs on chinese—made evs and solar equipment. also on the programme, india's two—month long election reaches the halfway point: we report from the city of ayodhya where faith, politics and business converge. and talking rubbish: we speak to the company helping to deal with europe's two billion tonnes of annual waste. you have just joined us, you havejustjoined us, you are in time for business today. i'm sally bundock. we start in the us where the race for dominance in generative artificial intelligence has just stepped up a gear. one of the leading companies
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in the field, openai, has unveiled its latest chatbot called gpt—lio. it has advanced capabilities, including seeing, hearing and talking in similar ways to a person. our north america business correspondent erin delmore watched the launch from new york. 20 years ago, the biggest battle in tech was over who would win the war for search engine dominance. google took the prize and it isn't nowjust a multitrillion—dollar company — it's also a verb. so now, enter the latest fight over who will lead on generative ai. the start—up openai took the tech sector by storm with its chatgpt chatbot in late 2022 — that could answer users�* queries and carry out like human conversation. you are not a vacuum cleaner! as of monday, we are seeing that conversation happened out loud. the company demoed a chatbot that can field questions
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and give out answers via voice. ex hale slowly. in the demonstration, the chatbot was asked to help someone prepare for a presentation by taking calming breaths. that is it. how do you feel? i feel better, thank you. and a bedtime story, even changing its tone from singsong to robotic. it also help the user solve a maths equation — not solve it exactly, but teach them how to solve it. openai got out ahead of a few unexpected announcements, including one from google this week, microsoft next, and apple injune. that is ehren delmore giving you a taste of this latest launch. -- erin. let's speak now to mike coop from morningstar investment management. i have seen and heard other bits about this latest bot. i find it a bit creepy.- find it a bit creepy. good morning- _ find it a bit creepy. good morning. it _ find it a bit creepy. good morning. it is _ find it a bit creepy. good morning. it is incrediblyl morning. it is incredibly humanlike, and it is also available in 50 languages. things that were formally
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limited to english speakers are now available everywhere. it is hard to keep — now available everywhere. it is hard to keep up. _ now available everywhere. it is hard to keep up. what does this mean for you guys in the stock markets? it mean for you guys in the stock markets? , , mean for you guys in the stock markets?— markets? it is 'ust a reminder of how quickly— markets? it isjust a reminder of how quickly the _ markets? it isjust a reminder of how quickly the technology | of how quickly the technology is developing. this move is potentially going to really accelerate the take—up by making it free and widely available. it can give openai access to a whole lot of clean, new date on which to train the model without those copyright infringements that we are seeing play out at the moment. there is a couple of key things here to bear in mind. firstly, when you get a period of change like this, it is hard to be confident about forecasting exactly what will happen in the future. we can see that this immediate implication for many jobs as companies take and apply this technology, and so thatis
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apply this technology, and so that is going to probably bring forward some of those productivity benefits we were all expecting from the take—up of technology, which will health also relieve some inflationary pressures. that is the good news. the other side of the coin, though, is when you get these periods of rapid change, you have to be humble and overpaid your assets, and there has been a lot of further around ai so investors need to make sure they are not overpaying. make sure they are not overpaying-_ make sure they are not overpaying. make sure they are not overa inc. ,., overpaying. there is also the issue of refuelling _ overpaying. there is also the issue of refuelling demand . overpaying. there is also the l issue of refuelling demand for new devices that can handle this newer tech as well and use it brilliantly in a way that we want to. but talking about the stocks themselves, microsoft owns almost half of openai, google, apple up poised to compete and watch their new tech. where is the smart play when it comes to ai for financial markets? markets are
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- re financial markets? markets are pretty good _ financial markets? markets are pretty good at _ financial markets? markets are pretty good at sniffing - financial markets? markets are pretty good at sniffing out - pretty good at sniffing out short—term, who the big beneficiaries are, and nvidia of course have been the market darling and it is absolutely exceeding expectations. in fact, it even got a mention in the launch of chat gpt—iio. i don't think there is too many obvious surprises. it is really some of the other companies which are going to find themselves struggling to keep up themselves struggling to keep up and compete with this. so, for us, we look at the stocks, a lot of this is already factored into many prices. i think it is probably the second and third round of acts of companies who are quickly applying the technology and reaping productivity awards, company by company about the application of this rather than focusing only on those who are leading the charge. interesting. thank you. have a good day. i will see you again
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soon. let's stay in the us, where presidentjoe biden is expected today to announced new tariffs on chinese—made products. it's thought the tariffs will hit electric vehicles and solar equipment. on monday, treasury secretary janet yellen warned the us could see a significant response from china following any us tariffs. so what does this all tell us about the state of us—china relations as we approach the us election later this year? let's speak now to mark schaub, international partner at the law firm king & wood mallesons, who specialises in foreign direct investment and private equity investment in china. good to talk to you. what do you make of this latest move on the part of the biden administration? ., administration? good morning. i think it is clearly _ administration? good morning. i think it is clearly the _ think it is clearly the politics in america has already attacked tvs, increasing the tariffs from 2.5 to 27.5 ——
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evs. that effectively killed the us market for chinese ev manufacturers. i think whatever they do now can't really affect very much. i think the first quarter of the year, china only exported 2000 vehicles, which is less than half a percent of turnover of ev vehicles. america is a big market, but if you only have 0.5% of your market in america, i don't really think people can expect much to happen from tariffs on ev vehicles in the american market. ~ ., ev vehicles in the american market. ~ . ., ., , , ev vehicles in the american market. ~ . ., ., ', ., market. what about tariffs on solar equipment? _ market. what about tariffs on solar equipment? i _ market. what about tariffs on solar equipment? i think - market. what about tariffs on | solar equipment? i think again it is a similar _ solar equipment? i think again it is a similar issue. _ solar equipment? i think again it is a similar issue. china - it is a similar issue. china has much more ev vehicles, such an overwhelming advantage in manufacturing of solar panels, etc, and i think even though we are talking about america and china, probably the more relevant market is europe, and it is more complicated. so as we try to move to a net zero economy, it will be very
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difficult for europe without solar panels. america could potentially build it at great expense but it is very difficult to see how europe can grasp, grapple with net zero, but also, neuro's auto industry is dependent on china. it is a much more complicated trading relationship, both in vehicles and also the solar panels. who and also the solar panels. who do ou and also the solar panels. who do you think — and also the solar panels. who do you think china _ and also the solar panels. who do you think china prefers as president, joe biden or donald trump? president, joe biden or donald trum? ., ,, trump? probably neither i . uess. trump? probably neither i guess- the _ trump? probably neither i guess. the american - trump? probably neither i - guess. the american population, i think it is difficult to say, it is one of the rare sources of big between the american candidates as far as i can tell is a relatively hawkish towards america. the chinese feel they have two with whoever comes afterwards, but probably things will reset slightly after the
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elections. i think this is probably not sustainable because even though it is not as complicated as a european chinese relationship, the american and chinese economic relationship is too difficult to unravel, and though so i think china is looking forward tojust think china is looking forward to just having perhaps calmer waters ahead of the election is over. �* ., ., .., over. but what would calmer waters look _ over. but what would calmer waters look like? _ over. but what would calmer waters look like? a - over. but what would calmer waters look like? a lot - over. but what would calmer waters look like? a lot of. over. but what would calmer| waters look like? a lot of the tariffs that have come into play and sanctions that have come into play in terms of chip technology, they are unlikely to change regardless who comes into power, do you think? i don't think those things will change. there is much more trade thanjust those trade than just those technology issues, so i think china's response, when it comes to chips, technology response so they are working on their own ships. they have developed a very powerful chip. in relation to evs, problem that
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is very obligated is a german car manufacturers came out against europe imposing similar tariffs and the reason is china is a big market for them, it is also a source for a lot of their vehicles for europe and a lot of parts than sources, and when we talk about evs, one of the core part of the vehicle �*s batteries, and there, we are all relied to a degree on chinese supply chains and supplier, and also technology. i think we should perhaps bear in mind that china has in the last year started to build battery factories in europe and evenin battery factories in europe and even in america, and that is to address a bit of a concern of being... these countries being too overly reliant on such core materials. it will probably make more sense for europe to acquire chinese technology and then to do production in europe rather than try to stop them coming in through tariffs. fik. coming in through tariffs. 0k. mark, coming in through tariffs. 0k. mark. thank— coming in through tariffs. 0k. mark, thank you. _ coming in through tariffs. 0k. mark, thank you. good to get
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your taken what is going on. in just over an hour's time, we will get the latest figures on the state of the labour market in the uk. unemployment has risen by less than economists feared in recent months, but that, in part, is down to higher numbers counted as inactive — neither seeking for nor available for work — with long—term sickness a particular problem. 0ur chief economic correspondent dharshini david has been to jaguar land rover to see how one of the uk's biggest car makers is helping staff to get back into the workplace. the smallest details matter at the test centre near coventry. and notjust for its cars. across the site, the centre aims at stopping injuries and illnesses in their tracks. drive your need to your chest and come into a crunch. aha, and come into a crunch. a weekly fitness class led angela
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to treatment for an early ankle problem. it to treatment for an early ankle roblem. ., to treatment for an early ankle roblem. . ., ., , , problem. it made a massive difference — problem. it made a massive difference actually - problem. it made a massive difference actually how- problem. it made a massive difference actually how i - problem. it made a massive j difference actually howl can difference actually how i can walk and run on it. previously i was have a lot of issues doing that.— i was have a lot of issues doing that. i was have a lot of issues doinu that. ~ ~ . ., , doing that. while michael hopes to avoid disruptive _ doing that. while michael hopes to avoid disruptive surgery - doing that. while michael hopes to avoid disruptive surgery on i to avoid disruptive surgery on his achilles tendon. l to avoid disruptive surgery on his achilles tendon.— his achilles tendon. i went alon: his achilles tendon. i went along to — his achilles tendon. i went along to my _ his achilles tendon. i went along to my gp _ his achilles tendon. i went along to my gp who - his achilles tendon. i went along to my gp who said l his achilles tendon. i went i along to my gp who said they have got a very good rehabilitation centre, and you should speak to them, and they will sort you out some physio before we go down operation route. jll before we go down operation route. , ., , , ., before we go down operation route. , ., , ., . , route. jli has several centres set u- route. jli has several centres set up by _ route. jli has several centres set up by its _ route. jli has several centres set up by its chief _ route. jli has several centres set up by its chief medical i set up by its chief medical officer to compliment the nhs. we cover a whole range of conditions. we do have physiotherapists and they are very traditional. we also have mental health practitioners so they will look after people from a mental health, and then we have a physiologist offering iq whole range of programmes including nutrition advice, including nutrition advice, including sleep advice, including sleep advice, including trying to get people fitter. , ., ., , , , fitter. the state to spend tens of billions _ fitter. the state to spend tens of billions of _
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fitter. the state to spend tens of billions of pounds - fitter. the state to spend tens of billions of pounds on - of billions of pounds on benefits linked to illness. of those assessed, almost half at the likes of bad backs orjoint issues, musculoskeletal problems, only mental health disorders were mentioned by moore. when you are aiming to build leading vehicles of the future, having a workforce that is fighting fit makes commercial sense. and notjust commercial sense. and not just here, commercial sense. and notjust here, because the uk is the only major economy with fewer people in employment than prior to the pandemic because of our problem with long—term sickness. now, the government's measures including welfare reform and also more occupational health support, should help milder cases, but how do we stop this chronic issue learning? medical experts say intervention from an overstretch nhs can come too late, half of those not working due to illness have been signed off for more than three years. more schemes like this may be needed to keep us on the road. dharshini david, bbc news.
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the latestjob numbers will be published in just over an hour's time. economists are expecting a rise in the unemployment rate to 4.3%, as well as a slowdown in wage growth. let's speak now to neil carberry, chief executive, recruitment & employment confederation. good morning to you. interesting to hear that report, if you work forjli, you are lucky. that kind of support in the workplace, that is not common —— jlr. support in the workplace, that is not common ——jlr. in support in the workplace, that is not common -- jlr. in larger firms, the _ is not common -- jlr. in larger firms, the jlr _ is not common -- jlr. in larger firms, the jlr example - is not common -- jlr. in larger firms, the jlr example is - is not common -- jlr. in larger firms, the jlr example is a - firms, thejlr example is a particularly good one, but lot of firms are thinking about this now in terms of occupational health, because why would i have people taking days off sick, once you become sick in a long—term way, you tend to struggle to get back, nhs backlogs and lack of health provision. more and more large companies actually are investing in that because they see that as getting upstream and avoiding cost in the long—term, especially the
quote
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context as you mentioned earlier that unemployment hasn't risen very much despite the fact that we have had a recession. and as we saw last week, the labour market is going to be tight because we have less supply than we had. why? we are the only major economy in the world where we haven't got the workforce back post covid because of this issue of long—term sickness. why do we have this problem in the uk? i why do we have this problem in the uk? 4' ., the uk? i think we need to define our _ the uk? i think we need to define our terms _ the uk? i think we need to define our terms before i the uk? i think we need to| define our terms before we the uk? i think we need to - define our terms before we talk about it as a problem. we need to remember the uk actually buy comparisons started with a much higher employment rate than most other countries, so while we are not in the position we were before the pandemic, we actually started in a better place. some of this is about the return to work structures that we have in the long—term, and there is lots of work to do there. some of it is also about companies thinking more about how they bring people back, but
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we also have a challenge, which is the baby—boom generation is a big generation, it's coming towards the end of their working life, people are working life, people are working longer. as people get older, they do have more acquired conditions and keeping them in the workforce and you not to retire is a big challenge.— not to retire is a big challenge. not to retire is a big challenue. ~ . ., challenge. what are you expecting _ challenge. what are you expecting today's - challenge. what are you i expecting today's numbers challenge. what are you - expecting today's numbers to tell us, do you think? the labour market _ tell us, do you think? the labour market lacks - tell us, do you think? the labour market lacks the l tell us, do you think? tie: labour market lacks the economy a bit in terms of numbers, we had a recession and we expect to see that continue to play out, unemployment up a little bit but not very much, and employment relatively flat. what we've seen more recently is indications and that we are hoping to hope see hiring pickup in may, june and july and the economy is starting to turn. certainly our surveys of companies saying they are feeling a lot more positive about the second half of the
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year. so while today we are likely to see the trends of the last few months continue, i think we might be outjust see me in. think we might be out 'ust see me in. ., ~ think we might be out 'ust see me in. . ,, i. ., , me in. thank you for getting up earl for me in. thank you for getting up early for us- — me in. thank you for getting up early for us. see _ me in. thank you for getting up early for us. see you _ me in. thank you for getting up early for us. see you soon. - around the world and across the uk, this is bbc news.
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you are with business today. we are looking at the top business stories. india has crossed the halfway mark of its two—month long election, and in the next phase of polling, the politically sensitive city of ayodhya will be voting. this is where prime minister narendra modi inaugurated a hindu temple at the start of this year, calling it india's �*cultural reawakening'. the bbc�*s arunoday mukharji reports from ayodhya. ayodhya —
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where the devout descend to meet the divine. believed to be the birthplace of hindu god ram, it's also where faith, business and politics converge. earlier this year, the bjp delivered on its decades—old promise by building a ram temple here worth $200 million. the temple replaced a i6th—century mosque torn down by hindu mobs in 1992, sparking riots in which nearly 2,000 people died. the temple hailed by prime minister modi as a political and economic milestone. ayodhya has always been this old, dusty town in northern india, but by building this temple, the ruling bjp wants to pitch this town as a pilgrimage site
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on similar lines to the vatican and mecca. less than 2km away, this restaurant is seeing a spike in visitors. translation: business has gone up 8-10 times| since the temple was built. we've expanded the restaurant to cater to the rising number of visitors we have seen as of late. the modi government is spending over $160 million to develop over 50 tourism projects at hindu pilgrimage sites. among the many brands, these hotels are also building several hotels across many destinations, including three new hotels and ayodhya. potential is always been massive. you go to all these places, both in good times and bad times, and celebration and in mourning times. so i think there is a huge influx of people going into these places. economic gains aside, politically speaking, experts say this is nothing but an attempt at reviving
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hindu nationalism by the bjp — and it's coming at a cost. india has — what — almost 18—20% of its population is minorities. if you're going to exclude this 20% by just constantly focusing entirely on 80%, the danger really is the destruction of our social fabric. india is not new to political campaigns on religious lines. but as mr modi's bjp looks for a third term in power, on test is notjust the party, but also india's secular credentials. arunoday mukharji, bbc news, ayodhya. now, let's talk rubbish. every year, 2.1 billion tonnes of waste is generated in the eu. and while there has been a shift to more recycling and less landfilling, it is still a major problem. the eu has adopted ambitious targets on recycling and landfill, with the goal
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of shifting towards a more sustainable, circular economy. the waste management sector is set to be worth around 800 billion euro by 2030, led by companies such as the german platform resourcify, which works with companies such as mcdonald's and johnson&johnson, and connects them with local recycling firms to optimise their waste management. i'm joined now by gary lewis, co—founder and ceo of resourcify. gary, good morning to you. tell us how this works. mcdonald's, johnson &johnson, other big corporate names, they generate a huge amount of waste. absolutely. our goal is to help them reach their net zero circular targets. them reach their net zero circulartargets. net them reach their net zero circular targets. net zero being 2050, a huge part in reaching that in these companies really struggle to bring these goals, reach these targets, recycle more, save
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money, make money, and we are building a platform, calling it the operating system, which is really a digital foundation which helps them to unlock and bring these goals to life, transparency, digitisation, all in one platform. 50. transparency, digitisation, all in one platform.— transparency, digitisation, all in one platform. so, you've got a diaital in one platform. so, you've got a digital solution _ in one platform. so, you've got a digital solution for _ in one platform. so, you've got a digital solution for the - a digital solution for the likes of mcdonald's. talk us through the practicalities of it. how does it work? is this just for mcdonald's across germany or a particular part of germany? what are we talking about? it germany? what are we talking about? , ., ., about? it is important to remember _ about? it is important to remember that - about? it is important to remember that these - about? it is important to - remember that these companies, it is really important for them to secure their raw materials, we have a huge dependence on russia and china when it comes to rorted aerials, so that strategy is how do we not recycle more but close the loop, how do we get materials back, how do we get back in town we do that in way that is scalable and efficient? and cost—effective. this is a waste management recycling, a huge cost pressure to this than they
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need to do this in a way that doesn't cause more but ideally that they actually earn money out of doing this. so what we try and solve his complexity. meaning we remove all of the legal hurdles, you think about europe, we have regulations in different countries, different languages, it is very difficult for a company like mcdonald's for a company like mcdonald's for example, johnson &johnson for example, johnson & johnson to scale for example, johnson &johnson to scale up any type of recycling or circular initiative and so what we really provide this digital foundation which helps them to reach these net zero circular goals, meaning they can see all of their materials, what have i got, letters ago, who gets it, what are they paying for it and what are they paying for it and what can they be doing frily? we heard earlier, raw materials is an important topic so how can the ring these circular goals that they have to live in one platform? i goals that they have to live in one platform?— goals that they have to live in one platform? i presume, in the uk for example _ one platform? i presume, in the uk for example depending - one platform? i presume, in the uk for example depending on i uk for example depending on where you live depends on where it works and who does what. that is part of the
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complication. across the whole of europe i assume is very complicated.— of europe i assume is very complicated. absolutely. zero transparency. _ complicated. absolutely. zero transparency, no _ complicated. absolutely. zero transparency, no digitisation l transparency, no digitisation in this space, which means in the uk it looks completely different than it does over in france or germany. there are a zero standards, it is completely analogue, fax, phone, e—mail. a company with 100,000 cups a year or 3000 locations spread across the world, it is incredibly challenging for them to even know what is going on let alone to take the steps to move forward and change it. so that is a transparency layer that we want to enable for them so they can really bring these goals to life. , ., ., ~ ., life. interesting to talk to ou life. interesting to talk to you about _ life. interesting to talk to you about that. _ life. interesting to talk to you about that. bringing l life. interesting to talk to i you about that. bringing to a close the programme. have a lovely day. i will see you soon. hello. the weather looks decidedly
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mixed over the next few days, just as it was on monday. for some of us, there was a little bit of sunshine and some warmth — 2a degrees, or at least very close to it, in parts of northern scotland. compare that with 1a degrees in southwest england, with cloud, with outbreaks of rain — all in association with this area of low pressure and this slow—moving frontal system. now, this weather front is now slowly on the move, northwards and eastwards. you can follow that weather front here for tuesday morning. that's where we'll see outbreaks of rain across parts of eastern england, for a time across the midlands, certainly some rain across northern england, southern and central scotland. rain tending to pull away from northern ireland, and for wales in the southwest, it's a mix of sunny spells and heavy showers. northern scotland should see some dry and bright weather. we could well see the highest of the temperatures here, around 21 degrees, more generally, 16—20. and then, through tuesday night, here's our weather front continuing its very slow journey northwards and eastwards. much of the rain, though, i think fizzling out.
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it'll be a bit misty and murky in places as we start wednesday morning, temperatures generally between 9—12 celsius. our weather front still in play, still a band of clouds, some splashes of rain — we may see some heavier rain pushing back in across some eastern and northern parts of england. elsewhere, some spells of sunshine, a scattering of showers — we could possibly see the odd heavy thundery shower breaking out in the northwest of scotland. temperatures in northern scotland likely to touch 22—23 degrees, but in sunny spots elsewhere, we will be in the high teens or the low 20s. for thursday, still the remnants of that weather front providing cloud and a focus for some showers. but we will see some showers breaking out quite widely on thursday, some heavy, thundery ones in places. but again, in the sunshine, temperatures getting into the low 20s celsius — not bad at all for the time of year. now, as we head into the end of the week and the weekend, this area of low pressure tending to weaken, the centre of the low tending
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to be to the south of the uk. so spots further north actually may escape most of the showers and see a decent amount of dry weather. temperatures could still get into the 20s celsius for some. more showers further south, some of those heavy and thundery, but still with some spells of warm sunshine in between.
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good morning, welcome to breakfast withjon kay and sally nugent. our headlines today. a medical breakthrough similar to statins — a government health tsar says a study which suggests obesity drugs could cut the risk of heart attacks and strokes is a game—changer. as russia claims to have advanced towards ukraine's second city, the us secretary of state, antony blinken, makes a surprise visit to the capital kyiv. the isle of man is expected to move a step closer today to legalising assisted dying — it could be the first part of the british isles to pass such legislation. the number of people out of work due to long—term sickness hit a record high in february. we'll get updated figures this morning and find out what support there is for people who want to get back to work. in sport, a nervous night ahead for manchester city in the chase for the premier league title, as aston villa bring the drama — coming from 3—1 down to draw 3—3 with liverpool.
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