hello and welcome to business today. i'm arunoday mukharji. we've had a rare glimpse into the world's most reclusive state with russia's president vladimir putin visiting north korea for roughly 2a hours. during that time the two countries inked a mutual security pact, which mr putin described as a �*breakthrough�* deal. details of that pact though have not been made public. putin's visit comes at a time where russia is facing fresh sanctions aimed at cutting off its ability to fund the war in ukraine. the bbc�*s suranjana tewari takes a look at the impact that has had on the russian economy. russia has been facing economic challenges for several years now. ever since moscow annexed crimea from ukraine back in 2014. the country has been subject to sanctions when moscow launched a full—scale invasion of ukraine in february

2022, the west further tighten the screws. since then, the us— uk- eu, the screws. since then, the us— uk— eu, along with countries including australia, canada and japan have imposed more than the 16,500 sanctions on russia. and just last week, the us and uk imposed a tough new raft of measures. their main target has been russia's money, freezing foreign currency reserves and bank deposits. they have also banned exports of technology for making weapons, band flights and restricted wealthy business people linked with the kremlin. russia's oil industry has also been another major target. despite the export controls, russia seems to have continued to be able to fund its war machine in ukraine. the economy has largely withstood the shock and is expected to grow by about 1—2% this year according to the international monetary fund. that's partly because it is still selling oil to countries like india and china. and because moscow has

been able to impart sanctioned goods by buying them through countries like georgia, belarus and kazakhstan, there are reports that north korea is helping put in�*s war machine in some way. sanctions may not have made waging the war too costly for vladimir putin, but that has got a lot to do with keeping friends and allies like kimjong boone happy keeping friends and allies like kim jong boone happy and keeping friends and allies like kimjong boone happy and on his side. i spoke with angela mancini from control risks, and asked her if putin got what he wanted from this visit to north korea. this visit is really about ukraine. it needs weapons, it needs artillery shells and short—term range missiles that north korea has been providing and solidifying that is really important because that's really, really difficult to get. i think the challenge is what russia will then offer and return to north korea because there are limits to that. still waitin: there are limits to that. still waiting for— there are limits to that. still waiting for details _ there are limits to that. still waiting for details to - there are limits to that. still waiting for details to come out for the intricacies of that

deal. but president boudin also says he hopes to build a trade and payment system completely separate from the west. how does that work? is it realistic?— does that work? is it realistic? �*, ., ., , . realistic? it's not realistic. clearly there _ realistic? it's not realistic. clearly there will - realistic? it's not realistic. clearly there will be - realistic? it's not realistic. clearly there will be some | clearly there will be some trade that happens there. but unlike between russia and china where there is a lot of b2b and b2c type trade between russia and north korea you won't see that. this will be state to state trade. not a lot of russian consumers buying into north korea. you're not going to have trade between people and businesses. there is a limit there. currency is an issue as well. unlike what you see in russia.— see in russia. having said that, see in russia. having said that. one _ see in russia. having said that, one thing _ see in russia. having said that, one thing that - see in russia. having said that, one thing that reallyj that, one thing that really jumps out, despite the sanctions, according to the international monetary fund, forecasting russia's economy to grow this year, higher than advanced economies, what do you think is driving that? fix, 1th advanced economies, what do you think is driving that?— think is driving that? a lot of issues going _ think is driving that? a lot of issues going on. _ think is driving that? a lot of issues going on. primarily, l issues going on. primarily, russia already has a lot of money and also the sanctions are very hard to enforce. so russia had 9% of its gdp tucked away, it has a surplus, gdp surplus of 9%. it's a lot of

money. it's called the russian oligarchs back to keep their capital in russia. it's year, so even before you get into our sanctions working? russia has a lot of cash to push forward with though were in ukraine. at sanctions are, you know, really to enforce. they do a lot of work on sanctions enforcement and there is getting around the sanctions, which is a big challenge that firms are doing, but the problem is the fact that a lot of the sanctions don't work. there are 17,000 sanctions out there and companies are indeed trying to comply. but there's very little enforcement. so it's very easy for russia to get around those. he is now in vietnam, how significant is that and what are the aspects you are watching out for? i think that's more _ watching out for? i think that's more just - watching out for? i think that's more just attack l watching out for? i thinkl that's more just attack on watching out for? i think - that's more just attack on to this trip. vietnam is characterising that is the bamboo diplomacy, vietnam wants to show that it can have friends on both sides of what's happening international. for russia it is important because it is yet another country that it is yet another country that it is yet another country that it is meeting with. it sells a lot of defence if into vietnam showing that it is not isolated

as the west would portray it to be. in other news —jp morgan is scrapping the cap on bonuses of its bankers based in the uk. this follows a similar move by rival bank goldman sachs, and could see their bankers earning up to ten times their base salary. jp morgan defended the move saying in a statement that they have developed one of the most attractive and balanced pay structures in the industry. the uk government scrapped the cap on bankers' bonuses in october last year. sticking with the uk — the latest inflation print for may saw prices falling to the bank of england's target rate of two percent, for the first time in nearly three years. the economy and the cost of living have been one of the key issues in the run up to the uk election, to be held on july the fourth. inflation in britain hit a peak of 11.1% in october 2022, its highest level in more than 40 years. despite that, the bank of england is due keep the cost of borrowing steady at 5.25%

at thursday's policy meeting. turning to th us — american businesses and consumers started the year hoping the federal reserve would start cutting interest rates this summer. but last week's strong jobs report and still—high inflation means america's central bank is likely to leave rates unchanged, at a more than two decade high. and that is proving painful for many families and potentially politically costly for president biden's re—election chances, as the bbc�*s north america correspondent michelle fleury reports. 0n the outskirts of philadelphia, stacy ellis tells me she has had it with rising prices. me she has had it with rising rices. ., ., ., , ., , , prices. inflation has raised my stress level. _ prices. inflation has raised my stress level. i'm _ prices. inflation has raised my stress level. i'm constantly i stress level. i'm constantly trying to figure out ways to budget and prioritise and come

up budget and prioritise and come up with more money, and it is just tough. it is a debbie downer. it kills your spirit a little. a, downer. it kills your spirit a little. ~ , ., ~ little. a single mum working two “obs little. a single mum working two jobs while _ little. a single mum working two jobs while going - little. a single mum working two jobs while going to - little. a single mum working i two jobs while going to school. she still can't make ends meet. i make too much to receive any sort of assistance from the states but i don't make enough to be able to survive.— to be able to survive. what is the most _ to be able to survive. what is the most expensive - to be able to survive. what is the most expensive thing? i to be able to survive. what is - the most expensive thing? rent. transportation. _ the most expensive thing? rent. transportation. groceries. - transportation. groceries. those are the top three most expensive things. i live by a budget, i budget, a budget. and i prioritise. budget, i budget, a budget. and i prioritise-— i prioritise. prices are slowly beginning — i prioritise. prices are slowly beginning to _ i prioritise. prices are slowly beginning to come _ i prioritise. prices are slowly beginning to come down. . i prioritise. prices are slowly| beginning to come down. are i prioritise. prices are slowly - beginning to come down. are you seeing that?— seeing that? no. i haven't seen it or felt seeing that? no. i haven't seen it orfelt it- _ seeing that? no. i haven't seen it orfelt it. |_ seeing that? no. i haven't seen it or felt it. i am _ seeing that? no. i haven't seen it or felt it. i am looking - seeing that? no. i haven't seen it or felt it. i am looking for- it or felt it. i am looking for it, though stop at the cost of living crisis is pushing her into debt. i have had to do things i wouldn't do normally come i've had to get credit cards, sometimes payday advance loans, just to be able to make ends meet. loans, just to be able to make ends meet-— loans, just to be able to make ends meet. , ~ , ., ends meet. many americans are fed u- ends meet. many americans are fed up with _ ends meet. many americans are fed up with higher— ends meet. many americans are fed up with higher prices, - ends meet. many americans are fed up with higher prices, the i fed up with higher prices, the frustration is spilling over on social media.—

frustration is spilling over on social media. this is what $70 nets ou social media. this is what $70 gets you at _ social media. this is what $70 gets you at walmart. - social media. this is what $70 gets you at walmart. that's i social media. this is what s70| gets you at walmart. that's it. 1570 _ gets you at walmart. that's it. 1570 |— gets you at walmart. that's it. $70. ., ~ ., , $70. i make over three times the federal — $70. i make over three times the federal minimum - $70. i make over three times the federal minimum wage i $70. i make over three times i the federal minimum wage and i cannot_ the federal minimum wage and i cannot afford _ the federal minimum wage and i cannot afford to _ the federal minimum wage and i cannot afford to live. _ the federal minimum wage and i cannot afford to live. in - the federal minimum wage and i cannot afford to live.— cannot afford to live. in an election — cannot afford to live. in an election year, _ cannot afford to live. in an election year, this - cannot afford to live. in an election year, this spells l election year, this spells trouble for the incumbent. prices are up around 20% since joe biden took office. if prices are up around 2096 since joe biden took office.— joe biden took office. if you are in everyday _ joe biden took office. if you are in everyday consumer i joe biden took office. if you i are in everyday consumer khmer rouge spending about $1000 every month on the same goods and services, you know, today that would cost you an extra $208 they are did back then, and that is a huge price increase.— and that is a huge price increase. , ., , , ., increase. rising wages provide ho e, increase. rising wages provide hope. but _ increase. rising wages provide hope, but perhaps _ increase. rising wages provide hope, but perhaps not - increase. rising wages provide hope, but perhaps not in i increase. rising wages provide hope, but perhaps not in time| hope, but perhaps not in time for november's election, according to bank rater sarah foster. . , ., , ., ., foster. prices are slowing in a much faster— foster. prices are slowing in a much faster rate _ foster. prices are slowing in a much faster rate than - foster. prices are slowing in a much faster rate than wages, | foster. prices are slowing in a i much faster rate than wages, so at this point by the end of 2024 is, in theory, when americans are on pace to fully make up for the ground that they lost to inflation. the economy _ they lost to inflation. the economy is _ they lost to inflation. the economy is on _ they lost to inflation. the economy is on the - they lost to inflation. the economy is on the brink, | they lost to inflation. the economy is on the brink, and our— economy is on the brink, and our our— economy is on the brink, and our our economy is the envy of

the world _ our our economy is the envy of the world-— our our economy is the envy of the world. joe biden frequently touts the economy's _ the world. joe biden frequently touts the economy's strength, | touts the economy's strength, but it does not holding much sway, at least with voters like stacy and the pivotal state in pennsylvania, which could help decide the outcome of the election. decide the outcome of the election-— decide the outcome of the election. , ., �* ., election. joe biden, where are ou? election. joe biden, where are you? democrats, _ election. joe biden, where are you? democrats, where i election. joe biden, where are you? democrats, where are i election. joe biden, where are i you? democrats, where are you? a stark reminder ofjust how much americans hate inflation. turning to tech — amazon has announced it will be investing over ten billion dollars in to europe's largest economy — germany. this comes as demand for its cloud services continues to grow. german chancellor 0laf scholz welcomed the news, saying amazon's investment was proof that germany was still a good place to do business. mr scholz also added that this move would create over four thousand jobs this year alone. sticking with amazon, the national human rights commission in india has asked the government to look into allegations of labour law violations at an amazon warehouse near the capital new delhi.

earlier this month sentience media reported that amazon workers in manesar had complained of a lack of water and toilet breaks, as they were under pressure to achieve targets. in a statement, amazon said the safety and well—being of its associates and employees was its top priority. the human rights commssion has asked the sentience labour ministry to submit a report within a week. that is it from this addition of business today. do stay on with bbc news.

hello and welcome to sportsday — i'm paul scott at the bbc sport centre. here's what's coming up... scotland keep their euro 2024 hopes alive after a 1—1 draw with switzerland.

germany are the first side in to the last 16 — as the hosts see off hungary in stuttgart. and andy murray's participation at wimbledon is in doubt, after he retires injured in his second round match at queens. hello and welcome along to the programme, let's start with football, because, if scotland are to reach the last 16 at euro 2024, they now need to beat hungary in their final group game, that's after a 1—1 draw with switzerland in cologne. jane dougall was watching. an army of pipers led the way, carrying the hopes of more than 20,000 scotland fans who walked en masse

to the stadium in cologne. inside, a wall of noise, as the players sang their