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tv   Business Today  BBC News  June 26, 2024 1:30am-1:46am BST

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in a speech, chinese premier li qiang urged countries to oppose the "vicious cycle" decoupling from the world's number two economy. he also rebutted allegations that beijing was unfairly subsidising chinese companies making green technologies. eshwar prasad is a professor of trade policy at cornell university. he says decoupling is a real risk to china's technological ambitions. there are two important themes in this case, one as you correctly pointed out was about rebutting the notion that china has been protectionist or 25 to favour industries of the western economies like europe and the us are also counting on for their own electric vehicles and green energy revivals, but there was also a lot in a speech about the chinese economy itself, about how it is trying to move towards a more technologically sophisticated economy, how it is trying to deal with the root problem is, as he described it, besetting the chinese economy, and the
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two themes did seem to be linked in his speech, how technological upgrading could benefit from cooperation with other countries rather than conflict. �* , . ~ other countries rather than conflict. �*, . ~ . conflict. let's talk about decoupling. _ conflict. let's talk about decoupling. countries i conflict. let's talk about i decoupling. countries have conflict. let's talk about - decoupling. countries have been talking about it for awhile now. is it a significant concern for china? for china, it is an important _ concern for china? for china, it is an important matter- it is an important matter because they are trying to move into these new industries and they need foreign technology, because they have been trying to put in place a programme of domestic innovation. but the reality is china is much better at commercialising innovations from other countries, rather than creating innovations of its own to a significant extent, so they really need the new technology, they need access to computer chips and other sorts of technological equipment, so i think the notion of to cooperate with other countries is very important for china, and any measures taken by europe, the us, to restrict china's existing technologies on ships can really hurt china's progress in these areas, so this was a very strong push
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back by the premier against the sorts of tendencies. he back by the premier against the sorts of tendencies.— sorts of tendencies. he also said he expects _ sorts of tendencies. he also said he expects a _ sorts of tendencies. he also said he expects a growth . sorts of tendencies. he also said he expects a growth of| said he expects a growth of around 5%. he says it is achievable for china this year. do you agree? i achievable for china this year. do you agree?— do you agree? i think the government _ do you agree? i think the government has - do you agree? i think the government has enough l do you agree? i think the - government has enough room to be able to do this. there was much in the speech about trying to deal with what he called the symptoms of the underlying problems underlying the chinese economy but he did not go into many specifics about how china was going to promote this growth, and how it was going to square both pushing up short—term growth as well as maintaining long—term stability, but certainly i think there was a recognition that there is something that needs to be done and that the government is willing to do it. and when we talk about the threat of imposed tariffs on chinese evs and the sustainability sector from both the us and europe, how do you see that playing out? it the us and europe, how do you see that playing out?— see that playing out? it will be very important - see that playing out? it will be very important with - see that playing out? it will| be very important with china because the reality here is domestic demand is very weak and a lot of the growth recovery over the last two years has come from the production side, so if china cannot absorb the output it is
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creating, it will have to export the output, and this creates a lot of concerns in the western economies, leading to the protectionist measures. so the big question for china right now is whether it can generate enough domestic demand to be able to absorb all the output it is producing. this was mentioned in lee chang's speech but again the government will have to take some measures to be able to accomplish this. let's take a look at some other stories making the headlines. chatgpt creator openai is taking steps to limit china's access to its artificial intelligence software. according to screenshots posted on social media, developers in china were told they would be blocked from accessing tools and software from next month. a spokesperson from openai, which is backed by microsoft, told the bbc that the move falls under an existing policy to block users in countries that it does not support. german car giant, volkswagen, says it will invest up to $5 billion in us electric vehicle maker, rivian. the joint venture will allow the companies to share ev architecture and software. shares of rivian surged by almost 50% in extended trading in new york on the announcement.
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it comes as ev makers face increasing competition and a slowdown in demand. staying with the electric vehicle industry, tesla has issued two more recalls for its cybertruck in the united states. the company continues to face challenges with its newest electric vehicle, about six months after beginning deliveries, as michelle fleury reports from new york. the wheels may not be falling off the cyber truck, but parts off the cyber truck, but parts of the trunk are. according to the national highway traffic safety administration, pieces of trim on the back of the vehicle are prone to falling off. not surprisingly, the regulator worries about this happening while the pick—up is out on the road, which could cause accidents. in addition, the windscreen wipers on some tracks are also not working properly. in total, tesla has now had to issue four recalls for the cyber truck since it went on sale in november of last year, much later than
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originally scheduled. tesla ceo elon musk famously claimed the track looks like the future. he will be hoping that old—fashioned mechanical and manufacturing glitches don't hold it back. according to reports from the regulator, since november, a total of 11,688 cyber tracks have arrived on american roads. that modest number also suggests a future that is taking a while to arrive. the european commission says microsoft faces a potential fine of up to 10% of its global revenue. earlierthis fine of up to 10% of its global revenue. earlier this week its rival apple is also described as breaking the rules designed to rein in big tech companies. over in southeast asia, thailand's cabinet has agreed to waive operating fees for hotels for two more years,
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to support its tourism industry. thailand has seen weak exports and a slower recovery from the pandemic as compared with its regional peers. for more on this, let's speak to aris dacanay. he is an asean economist with hsbc. he says the stimulus measures will have a limited impact on the thai economy. these are actually ongoing measures. the thai economy is struggling. we don't think it will move the needle as much. demand is still slow, consumption is still a challenge, thailand still faces stiff competition from mainland china imports. so we don't think it will move the needle as much. the complicated part about stoking growth in thailand is the fact that household debt is so high, it is at 91% of gdp, the highest amongst upper middle income economies, the highest in the region, and if you have household debts are high, a lot of the income is being earned by thai nationals are allocated to servicing debt, which of
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course fixed amount. lufthansa will add an _ course fixed amount. lufthansa will add an environmental- will add an environmental charge of up to $77 to its fares from wednesday. it comes after years of warnings from airlines that regulators requiring them to use sustainable rate egg aviation fuel could drive up costs. have increased since the pandemic and there are fears additional charges could deter passages from flying. with inflation continuing to squeeze consumers�* wallets, some shoppers are paying for memberships at wholesale clubs that enable them to buy products in bulk at low prices. one of the largest in the united states is sam's club, a subsidiary of the world's largest retailer walmart. chris nicholas, its president and chief executive, told the bbc�*s erin delmore that he's seeing a change in who's coming in the door. the thing that is really interesting is we see in sam club in particular, we see gen zs and millennials really over indexing with us, we see
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significantly more growth in that gen z and millennial cohort than we have across the whole customer base, and we think that's because they are very discerning, but also they are really enjoying these digital experiences we are able to give them, whether that is in global online, it is really resonating, so although it is resonating, so although it is resonating across our customer base, it is really resonating without more digitally savvy, digitally native generation. when you talk about these digital applications, are we talking about me going onto my computer and placing an order for delivery or some of generative ai questions —— applications? we generative ai questions -- applications?— generative ai questions -- a- lications? ~ ~ applications? we think we give --eole applications? we think we give people convenience _ applications? we think we give people convenience of - applications? we think we give people convenience of the - applications? we think we give people convenience of the club is an online, and in the clubs, shopping online using a scan and go, using your phone to shop, that is more than 30% of our members today. if you combine that with the computer vision and artificial intelligence that allows people to just walk out using the computer vision exit, we have sped up the process of exiting
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the club by 25% and more than 55% of our members now have a completely friction free shopping experience for so we are really excited about that as an application for artificial intelligence and computer vision rate large in a mass retailer. we are taking millions and millions and millions and millions and millions of tasks are associates have to do out of the car by using artificial intelligence, and that means they have to chew fewer tasks they have to chew fewer tasks they don't have to do, so they get to spend more time connecting with the members. if you have employees doing fewer of the tasks they don't want to do, does that lead to you having fewer employees? it doesn't. a great example is with the exit technology i talked about. one of the things we're really excited is that the two associates that are at the two associates that are at the exit anyway, theirjob now is to thank people for being a member, to ask if they got what they wanted, theirjob now is to encourage people to download the app and connect with us on a deeper way. it is really profoundly potent thing that we connect with the community,
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that we connect with our members and this just frees people up to do the work they don't want to do, the mundane work they don't want to do so they can spend time adding value to the business and that just creates a much more meaning for those assessed —— days associates and i'm grateful for that. and that's it for this edition of business today. i will be back in the next hour. goodbye for now.
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hello. you're watching sportsday on bbc news with me, ben croucher.
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england top their group at the euros. but does another dour draw do anything to quieten the critics? in group d — austria defeat the dutch to finish top, ahead of france, too. and — how's that? afghanistan make history, reaching the last four at the men's t20 world cup. straight to the euros, then, where, if you're an england fan, the good news is they're into the last 16, as group winners. they kept a clean sheet and are now on the opposite side of the draw to the likes of france, germany, spain and portugal. the bad news — it was another highly unconvincing performance. their goalless draw with slovenia was watched by our correspondent,
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andy swiss. a lazy day in cologne, but only if you are a supporter. under sweltering skies at the stadium, there was one burning question, what england fans finally get a performance to cheer? . finally get a performance to cheer?- england i finally get a performance to i cheer?- england had cheer? england! england had already qualified _ cheer? england! england had already qualified for - cheer? england! england had already qualified for the - already qualified for the knockout stage, but hardly in style. now, they were hoping to win their group and silence their critics. cheering on paper, their opponents, slovenia, are the weakest in their group, and england soon threatened. bukayo saka putting the ball on the net, but it was offside, and it was no goal. in the first half brought only more frustration. phil foden went close, before a tantalising cross was so nearly touched in by harry kane. but england looked nervy. commentator: , �* commentator: doesn't look nearl as
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commentator: doesn't look nearly as accomplished - commentator: doesn't look nearly as accomplished as - commentator: doesn't lookj nearly as accomplished as the right back for slovenia does. come the half—time whistle, there were jeers from some fans. after the break, a change. 19—year—old kobbie mainoo was brought on, and england started to some pressure. slovenia were starting to scramble but england still couldn't find a way through. time for another fresh face, a first euros appearance for coal palmer, but still no breakthrough. a shot from declan rice flashed wide, as england searched desperately for a goal. but it was all to no avail, as slovenia held on for a goalless draw. delight for a goalless draw. delight for them, for a goalless draw. delight forthem, but for a goalless draw. delight for them, but for england, another is display and another difficult night. they might be through to the last 16 but they know they will need to find some form there, and fast. andy swiss, bbc news. well, you saw the likes of john stones and jordan pickford applauding the fans there. some booed them. plastic cups were also
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thrown onto the pitch. the england manager gareth southgate says he's

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