raise safety concerns of two iconic brands. hello and welcome to business today. i'm suranjana tewari. let's begin in the us, where wall street has been on a record high this week. on thursday, the dowjones reached an intra—day fresh record of 40,000 before shedding earlier gains. retail giant walmart raised its full—year forecast after reporting better—that—expected quarterly earnings. but this positive outlook isn't shared by everyone. the bbc�*s erin delmore explains. treat on wall street finally had a reason to don their 40,000 baseball caps. they 40 , 000 baseball caps. they cross 40,000 baseball caps. they cross the threshold in mourning

trading, writing have an encouraging inflation report that said all three major indexes to record closes on wednesday. 0ther indexes to record closes on wednesday. other good vibes on wall street making their way to main street? in a way, yes, many people are exposed to the stock market through their retirement fund so stock market gains like the ones we have seen this week will get real money for real people. consumers are not feeling so rosy. a survey last week so they are significantly more worried about the economic outlook than they were last month. those feelings ari burnu for some retailers like walmart which reported quarterly earnings that beat estimates on those the morning. shoppers have been flocking to the discount retailer as inflation has taken a bite out of household budgets. four shares in a record close on thursday. now much of their gains are coming from high income at shoppers who are making up a greater portion of the company business. they are still spending on big—ticket items like electronics but low income

shoppers are feeling more of the stream, especially amid elevated housing and gasoline costs. how they feel about the economy is or to become a central issue when voters see to the polls for the presidential election in november. carl tannenbaum is the chief economist at financial services firm northern trust. he explains what is driving the world's largest economy. the primary thing is the same thing that has gone through their mind for the last three years and that is the job market is still doing very well, ample opportunities, a lot ofjob creation, wages rising faster than the rate of inflation which improves real purchasing power.— purchasing power. certainly very active _ purchasing power. certainly very active in _ purchasing power. certainly very active in their- purchasing power. certainly. very active in their shopping. we saw the stock market gains as well. investors only looking at the potential interest rate cuts? i at the potential interest rate cuts? ., , ., at the potential interest rate cuts? ., ., at the potential interest rate cuts? ., . . . , cuts? i hope not and certainly a milestone, _ cuts? i hope not and certainly a milestone, i _ cuts? i hope not and certainly a milestone, i am _ cuts? i hope not and certainly a milestone, i am old - cuts? i hope not and certainly a milestone, i am old enoughj cuts? i hope not and certainly i a milestone, i am old enough to remember when the dowjones average was bumping along at less than 700, but i think it

is also the fundamental strength of the american economy which has grown faster than its development counterparts are part of that as well many countries spent freely the pandemic, the american government kept on going and that has been one of the differentiating is that ugly three. the anticipation helps but that is not the only thing. helps but that is not the only thin. ~ . ., ., thing. we are hearing that the economy is — thing. we are hearing that the economy is seeming _ thing. we are hearing that the economy is seeming to - thing. we are hearing that the economy is seeming to pick i thing. we are hearing that the | economy is seeming to pick up bites the fed is still cautious about bringing down those interest rates.— about bringing down those interest rates. the strength has arises _ interest rates. the strength has arises and _ interest rates. the strength has arises and because - interest rates. the strength has arises and because the | has arises and because the federal reserve was to be sure that inflation is in their words sustainably on the way to the 2% target they have chosen to keep rates higherfor longer. turning to asia now. a strong show of unity has been on display between china's xi jinping and russia's vladimir putin. the two leaders have been meeting in beijing during a two—day visit. max hess is a fellow at the foreign policy research institute, an american think—tank. he explains what moscow hopes to get out of his trip.

vladimir putin has wanted three things from china, a deal on a new gas pipeline, it looks like nothing on that is happening, even the head of the company is not on this trip. second it once additional material intervenes a particularly on the technology side for its military, there we do have potential for more progress, vladimir putin has brought along his new defence minister and economist by training as well as his deputy prime minister who is overseeing a lot of the defence production. he has brought that on, not an announcement on that, what they're talking about is remaining behind closed doors. finally what he really was is china's health on breaking dollar, building the new brick system, we have seen no material announcements there but, of course, within the context of these tariffs and the to your ref, they will be pressing those points.

one of the world's largest exporters of spices — india — has been facing heat on allegations against two indian spice brands. it has sparked concerns among regulators around the world. the uk foods standards agency has told the bbc it has tightened scrutiny of all indian spice imports. the bbc�*s archana shukla reports. at the heart of the crackdown is a cancer—causing pesticide. it has contamination on spices. higher levels of the pesticide are being investigated, the food regulator has told the bbc it has been issuing early warning alerts in various spices from india since january 2023 a side of this year has ramped up scrutiny to cover all imports from india. this is a stringent action. so far two popular brands were under the scanner, singapore and hong kong have banned these mixes collectively scurry for high levels of the pesticide. now

australia new zealand are investigating products from these companies. 0n investigating products from these companies. on their part, they have maintained their spice mixes are safe, the issue has led the indian government and food regulator to spring into action, they are testing samples. it is the largest consumer of spices and one of the largest exporters of spices and the indian spice for they control these exports has issued guidelines to check use of pesticides. maybe the checks are coming in a bit too late experts say. the export $4 billion worth of spices and quality concerns and leading brands and regular reactions would have cascading effects on export markets.— would have cascading effects on export markets. while some food rices export markets. while some food prices have _ export markets. while some food prices have fallen, _ export markets. while some food prices have fallen, the _ export markets. while some food prices have fallen, the cost - export markets. while some food prices have fallen, the cost of - prices have fallen, the cost of olive oil is rocketing. it has increased 40% because of a disease in italy and wildfires in greece and spain. you might

have spotted some shop prices beginning to fall, there is one a stable that has been going skyhigh. 0live a stable that has been going skyhigh. olive oil. i have picked up this 500 millilitres bottle, it is in a plastic bottle, it is in a plastic bottle and pretty much on the average price at the moment. that is £8 and four repents for a bottle this size. way more expensive than wine, no wonder they call a liquid gold. it is extortion. _ they call a liquid gold. it is extortion. i would not be l extortion. i would not be surprised. extortion. i would not be surprised-— surprised. changing to alternative _ surprised. changing to alternative products. | surprised. changing to alternative products. i| surprised. changing to - alternative products. i will sto - alternative products. i will step buying _ alternative products. i will stop buying it. _ alternative products. i will stop buying it. i— alternative products. i will stop buying it. i will- alternative products. i will stop buying it. i will buy i alternative products. i will. stop buying it. i will buy the spray— stop buying it. i will buy the spray instead.— spray instead. prices have s - iked. spray instead. prices have spiked- just _ spray instead. prices have spiked. just for _ spray instead. prices have spiked. just for a - spray instead. prices have spiked. just for a small i spiked. just for a small bottle, it can be up to £5. i prefer olive oil but the cost is through the roof.- prefer olive oil but the cost is through the roof. you avoid altogether? — is through the roof. you avoid altogether? i— is through the roof. you avoid altogether? iwill— is through the roof. you avoid altogether? i will only - is through the roof. you avoid altogether? i will only guess. altogether? i will only guess it is yvonne _ altogether? i will only guess it is yvonne offer. _ altogether? i will only guess it is yvonne offer. i - altogether? i will only guess it is yvonne offer. i like - altogether? i will only guess it is yvonne offer. i like to l it is yvonne offer. i like to use it but _ it is yvonne offer. i like to use it but it _ it is yvonne offer. i like to use it but it is _ it is yvonne offer. i like to use it but it is too - it is yvonne offer. i like to i use it but it is too expensive. i use it but it is too expensive. i don't — use it but it is too expensive. i don't know what goes into

making it. i don't know what goes into making it— making it. they call it holy oil in italy. _ making it. they call it holy oil in italy. someone - making it. they call it holy oil in italy. someone who l making it. they call it holy - oil in italy. someone who does know why it costs more is claire. ., , know why it costs more is claire. . , ., _ know why it costs more is claire. . _ ., claire. carefully one by one that with — claire. carefully one by one that with our _ claire. carefully one by one that with our hands - claire. carefully one by one that with our hands every l that with our hands every olive. ,, ., , ., , olive. she and her husband only farm in southern _ olive. she and her husband only farm in southern italy. - olive. she and her husband only farm in southern italy. you - farm in southern italy. you harvest the _ farm in southern italy. you harvest the olives - farm in southern italy. you harvest the olives using i farm in southern italy. gm. harvest the olives using these. they sell the oil in the uk. they sell the oil in the uk. the weather has had any face, it has gotten hotter, over 40 degrees in summer. it it has gotten hotter, over 40 degrees in summer.- it has gotten hotter, over 40 degrees in summer. it the risk of a hot summer— degrees in summer. it the risk of a hot summer could - degrees in summer. it the risk of a hot summer could be i degrees in summer. it the risk. of a hot summer could be fewer olives or small olives? that of a hot summer could be fewer olives or small olives?— olives or small olives? that is ri . ht. olives or small olives? that is riuht. in olives or small olives? that is right. in spain, _ olives or small olives? that is right. in spain, drought i olives or small olives? that is right. in spain, drought has i right. in spain, drought has had a huge _ right. in spain, drought has had a huge impact - right. in spain, drought has had a huge impact on i right. in spain, drought has had a huge impact on the l right. in spain, drought has i had a huge impact on the other biggest olive oil producer in europe. in greece wildfires have rolled through and as well as the heat in eau claire and antifreeze a new disease. in italy we have the service bacteria infection, which has wiped out heat numbers of olive groves. we have had to invest in saplings that are more

resistant. if} in saplings that are more resistant.— in saplings that are more resistant. :: , , �* resistant. 50 trees put in. a lot smaller _ resistant. 50 trees put in. a lot smaller and _ resistant. 50 trees put in. a lot smaller and take - lot smaller and take time to start— lot smaller and take time to start producing. that issue will — start producing. that issue will continue to get worse over the next — will continue to get worse over the next three years. the will continue to get worse over the next three years.— the next three years. the cost of picking _ the next three years. the cost of picking and _ the next three years. the cost of picking and pressing - the next three years. the cost of picking and pressing a i the next three years. the cost| of picking and pressing a much more expensive as well. 30-40 resent more expensive as well. 30-40 present more. _ more expensive as well. 30-40 present more, prices _ more expensive as well. 30-40 present more, prices have i more expensive as well. 30-40| present more, prices have gone out, containers have gone up. teens are double what they were few years ago. teens are double what they were few years ago-— few years ago. brexit rule changes _ few years ago. brexit rule changes means _ few years ago. brexit rule changes means andy i few years ago. brexit rule changes means andy and | few years ago. brexit rule - changes means andy and colette have to reship the oil over little and often. to have to reship the oil over little and often.— have to reship the oil over little and often. to avoid the im ort little and often. to avoid the import tax — little and often. to avoid the import tax we _ little and often. to avoid the import tax we have - little and often. to avoid the import tax we have to - little and often. to avoid the import tax we have to ship i import tax we have to ship small amounts. when i first started shipping them over for under 100 kilos of olive oil, it would cost 100 euros. now it is 210 euros. to ship the same amount. it is 210 euros. to ship the same amount. ., , ., ., amount. it has more than doubled- _ amount. it has more than doubled. we _ amount. it has more than doubled. we might i amount. it has more than doubled. we might not i amount. it has more than | doubled. we might not be amount. it has more than i doubled. we might not be able to with have the high cost of a bottle of olive oil that you can make a stretch further. make sure you do not store your olive oil in a windowsill or next to the oven because it

goes off much faster with light and heat. it is recommended to cook with a different type of oil and using a high—grade olive oil to garnish it at the end. some people suggest storing whole olives in a cheaper oil to give it some of the flavour. another bad harvest this summer will keep prices high as olive oil slide three stable luxury item. plenty more on our website. that is it for this addition of a business today. thank you for watching.

hello, and welcome to sportsday with me, will perry. here's what's coming up: 48 hours from the bigest heavyweight bout in decades, both boxers face the

world's media in riyad. leeds united are one win away from a premier league returns at the first time of asking. and xander schauffele shoots the lowest round in major history to make an electric start to the 106th pga championship, in valhallas. we're just two days away from the heavyweight unification super—fight in saudi arabia. tyson fury, the wbc champion, taking on 0lexander usyk, who is putting his wbo, wba and ibf world titles on the line. the winner would become the first four belt heavyweight world champion. the fighters have been rolled out for a news conference, and both men were surprisingly reserved.