china launches a brand new investment fund to propel its domesic chip industry, and avert us restrictions. that friction between the us and china has allowed malaysia to step in as a new hotspot for semiconductorfactories. hello and welcome to business today. i'm steve lai. to our top story — china has launched a brand new semiconductor investment fund, its largest one to date. the fund is worth over $47 billion, and comes as china tries to boost development of its domestic chip industry, amid us restrictions on beijing's access to advanced chips. china's finance ministry is the largest shareholder of the fund, along with investments from various government enterprises and state—owned banks. those tensions between washington and beijing trade and technology have encouraged businesses to look beyond china for their factories. malaysia for one, is hoping get a larger slice of the semiconductor manufacturing pie. intel and globalfoundries are some firms that have recently expanded their operations in malaysia.

according to some official estimates, malaysia hopes to double its share of the global chips trade from seven to 14% by 2029. i spoke to the former deputy minister for trade and industry ong kian ming. he explained malaysia's role in the chips supply chain and also weighed in on china's new fund. i think there is challenge as well as opportunity. how do you go down to the innovative company that would be in the position to come out with new products in the semiconductor ecosystem? then there will be one challenge. also opportunities including opportunities including opportunities for companies in the region and southeast asia.

either investing or going to china or attracting chinese companies to come to malaysia and set up shop to invest in the semiconductor ecosystem. i'm glad you brought us back to malaysia, because that's the focus when it comes to chips. you were in office for several years from 2018. where tips a focus area for malaysia? it was, but i think focus area for malaysia? it was, but i think it was a start of realising that the us and china tensions were here to stay. i think the covert supply chain disruptions made everyone realise the importance of having a regionalisation in terms of the supply chain and as a result, we can see many more us european, japanese and european and even chinese companies coming into the region, to vietnam, singapore and malaysia to inquire, to invest �*s and also to have totally new investments in

malaysia. totally new investments in malaysia-— malaysia. what would we understand _ malaysia. what would we understand about - malaysia. what would we i understand about malaysia's roll? 1 understand about malaysia's roll? ~ , understand about malaysia's roll? ~' , _ ., roll? i think they occupy a crucial middle _ roll? i think they occupy a crucial middle ground - roll? i think they occupy a crucial middle ground in l roll? i think they occupy a - crucial middle ground in terms of the middle of his wife jane —— the supply chain. we are not of the top end of manufacturing, such as the face they occupy, but we are not at they occupy, but we are not at the bottom end as well, with is a lot more entry—level manufacturing. in the ems services, as well as in the assembly testing, malaysia is a very crucial supply chain and i think the malaysian government has identified areas where want to help the value chain, including in some elements of chip design including generative design, looking at advanced chemicals supplied to the semiconductor space and also the logistical know how we

have in terms of assembly and packaging that's also very important supply chain. it’s packaging that's also very important supply chain. it's a competitive _ important supply chain. it's a competitive space, _ important supply chain. it's a competitive space, but - important supply chain. it's a competitive space, but it's i competitive space, but it's also fast—moving. the us is also fast—moving. the us is also increasing tariffs on chinese made chips, and vehicles. do you see this tension working in malaysia's favour? i tension working in malaysia's favour? ~ , ., favour? i think it is a challenge _ favour? i think it is a challenge as - favour? i think it is a challenge as well - favour? i think it is a challenge as well as| challenge as well as opportunity. i would also throw in solar tvs into the mix. there have been actions taken notjust there have been actions taken not just against chinese, there have been actions taken notjust against chinese, but also complaints against dumping get some companies in the region. so the opportunity would be accompanied by the other parts of their world. my fear is that to what extent will the us start to focus

their attention on the chinese supply chain that is growing in south asia? in other news — elon musk�*s artificial intelligence startup x—ai says it has raised $6 billion in its latest fundraising round, taking the company's valuation to $24 billion. according to x—ai, the money will be used to improve its chatbot, grok — which according to mr musk, answers questions with "a little humour". mr musk was an early backer of rival 0penai, but later criticised the company and has since advocated for the potential dangers of the technology. travel businesses are spending tens of millions of pounds preparing for the eu's much—delayed new border control it system. in a major change to travel arrangementes, non—eu nationals will have to register fingerprints and a photo, alongside having their passport checked. the bbc�*s transport correspondent katie austin takes a look at the impact this change will have on travelers. dover, the busiest ferry port

in europe. more to come. this autumn, a new it system is due to go live the border. they root replace passport stamping and it will mean people have to register the fingerprints, have a photo taken and also answered some questions about their journey. the registration process will have to be done here at the poorin have to be done here at the poor in places like dover. people queuing for ferries will be handed an ipod to collect extra information. dover has already suffered from long queues at peak peer students. right now, it takes between 45 seconds in a minute varadkar to typically go to order control. a first—time traveller has to dredge register their details should anticipate a couple of minutes to register the details on the system. that depends on how many people are in the car, what nationalities are in the car as well. it will take a bit

longer. car as well. it will take a bit loner. , ., ., car as well. it will take a bit loner. ,., ., , car as well. it will take a bit loner. , ,, longer. the poor is spending about £10 — longer. the poor is spending about £10 million _ longer. the poor is spending about £10 million preparing, j about £10 million preparing, trying to make things go smoothly. coach loads of passengers will be processed in a separate area. there's also a plan to reclaim land from the sea from next summer to create more space. companies like this one in cornwall worry about bottlenecks getting worse. we find that a _ bottlenecks getting worse. we find that a lot of our customers have already had a fairly— customers have already had a fairly lengthy journey customers have already had a fairly lengthyjourney before they — fairly lengthyjourney before they even get to dover. we've also _ they even get to dover. we've also got — they even get to dover. we've also got to think about drivers' _ also got to think about drivers' hours on the cost. is not drivers' hours on the cost. not only drivers' hours on the cost. is not only dover is affected. your tunnel is putting £70 million towards new lanes to cards and machines to take people's details. space is tight to try to avoid long queues. it will install 49 new kiosks and expand to other areas in the station. behind

me, areas in the station. behind me. you — areas in the station. behind me. you have _ areas in the station. behind me, you have normally - areas in the station. behind me, you have normally the| areas in the station. behind - me, you have normally the check in today, — me, you have normally the check in today, and _ me, you have normally the check in today, and unfortunately, - in today, and unfortunately, this— in today, and unfortunately, this additional— in today, and unfortunately, this additional step - in today, and unfortunately, this additional step where l in today, and unfortunately, i this additional step where you have — this additional step where you have kiosks— this additional step where you have kiosks which _ this additional step where you have kiosks which will- this additional step where you have kiosks which will be - have kiosks which will be positioned _ have kiosks which will be positioned just _ have kiosks which will be positioned just around i have kiosks which will be. positioned just around the comet _ positioned just around the corner. also— positioned just around the corner. also a _ positioned just around the corner. also a huge - positioned just around the i corner. also a huge amount positioned just around the - corner. also a huge amount of people — corner. also a huge amount of people to _ corner. also a huge amount of people to guide _ corner. also a huge amount of people to guide our— corner. also a huge amount of l people to guide our passengers. eurostar— people to guide our passengers. eurostar insists _ people to guide our passengers. eurostar insists preparation - eurostar insists preparation will mean people don't need to turn up any earlier before a train. forthe turn up any earlier before a train. for the first six months, the eu is expected to allow ees text to be the reduced. still, travellers have nerves. the european central bank has hinted it will most likely lower the cost of borrowing at its policy meeting next week. with inflation falling in a sustained way towards the central bank's 2% target, governing council member 0li rehn said in a speech, the time is quote "ripe injune to ease the monetary policy stance and start cutting rates". to ease the monetary policy stance and start cutting rates'. this indicates the ecb will likely move before the us federal reserve. to india now — where

the country's food safety regulator has banned the unauthorised sale of breast milk across all states. the ban comes after after reports and representations were made that some companies were selling human milk in the open market. the bbc�*s arunoday mukharji has more on why they needed to crack down. this has been a concern as some have complained that there are some companies in the country which are involved in the practice of selling breastmilk. triggered along these complaints, india's top food regulator has come up with the directive saying that the unauthorised commercialisation of breastmilk is an offence and any company that is found to violate this order will invite punitive action. we've seen reports that there are these milk banks which are involved in the sale of breastmilk, but they operate as nonprofits. they are getting word from lactating mothers and this milk is sold at a profit. surprisingly, a lot of them have managed to get a licence from the relevant authorities, saying that they are involved in the business of dairy products, but is later on, it has been found of these dairy products consist of powdered breastmilk.

so, the food regulator issued a directed saying control needs to be contained still not canteen and no licenses should be given out to any company in such practices. global football icon david beckham has scored a new advertising deal with china's alibaba. the former england captain has been named the global brand ambassador of ali—express — alibaba's international e—commerce platform. ali—express is one of several high—profile chinese brands, like ev maker byd, that are sponsoring the uefa european soccer championship which kicks off injune. and that's it for this edition of business today. thanks for watching.

i'm marc edwards, welcome to sportsday. here's what we've got coming up. farewell to the french open for rafa? nadal beaten in the opening round in paris, but is that the last we'll see of him at the tournament he's won 1a times? with pochettino gone, is maresca on the move as chelsea target the leicester city manager? sweet child ofjoss's. england captainjoss butler set to miss the third t20 against pakistan for the birth of his third child.