thank you forjoining industry. thank you forjoining me on business today. the chair of the us central bank appeared on capitol hill on tuesday for his second yearly report to congress. erin delmore has more detail on his testimony, including clues on where interest rates are heading. four monthsjerome powell has said he and other top committee members are waiting for inflation to head to the target before cutting interest rates. it has made its way to the testimony again today but they were close that times are changing. jerome powell said the us economy is no longer overheated and acknowledge that the once red—hot labour market is cooling. just the kinds of things that would pave the way for future rate cuts. it does not seem likely that the next policy move will be a rate increase. policy move will be a rate increase-— policy move will be a rate increase. ~ ., ., ., ~ , increase. we do not take things like that of— increase. we do not take things like that of the _ increase. we do not take things like that of the table _ increase. we do not take things

like that of the table but - increase. we do not take things like that of the table but that i like that of the table but that is not the likely direction. as we make more progress on inflation and labour market remains strong would begin to loosen policy. remains strong would begin to loosen policy-— loosen policy. around six cuts were expected _ loosen policy. around six cuts were expected over— loosen policy. around six cuts were expected over the - loosen policy. around six cuts| were expected over the course of this year back injanuary, trader expectations are down to one or two before the year is out. if we loosen policy to late or too little, we could undermine the progress on inflation so we are balancing those two risks and that is the essence of what we are thinking about these days. jerome powell knows this is not a usual year. some senators have the opportunity to do some political grandstanding, but also focus on the housing market, including high prices, closely aligned and low inventory and on the role that would acquire banks to keep

mock cash on. the fed has two opportunities to enact cuts before the presidential election at meetings injuly and september. jerome powell has more opportunities on wednesday before the house financial services committee. after hurricane beryl lashley us coast, texas is the largest us coast, texas is the largest us estate accounting for 40% of output and 20% of gas production. it appears now it has avoided substantial damage. the gulf of mexico combines to produce around 2 million barrels of crude oil, just under 2 million barrels per day of crude oil, which is around 15% of the total us production, which is just north of 13 million barrels per day. but the production here in terms of supply is mostly medium sour crude quality.

the gulf coast, in essence here, also contributes around 9 million barrels per day of pure refinery runs, which is more than 56% of total us refinery runs. this is mostly complex and semi—complex refinery capacity consuming mostly heavy and medium sour crudes to produce the valuable middle distillates in the form of diesel and gas. these metrics are all the more important when you consider the summer travel season. so, overall, considering the relatively tight us balance, any disruption on the supply side and refinery side could also provide upside to oil prices. now, supply could directly impact the brent price but refinery disruption could raise the product price through product shortages. something else that we have seen in terms of vulnerability is pipelines could be impacted by hurricanes moving forward. something else we have seen is

it could also be impacted by hurricane is moving forward. the labour union for workers in some sun electronic in south korea says it plans to go on strike indefinitely. —— samsung. members had already stopped waking since monday in protest for better pay and benefits. the strike was supposed to last three days. so far, the production capacity has not been disrupted. the latest on india's prime minister �*s visit to russia. he thanked vladimir putin for fulfilling its energy needs. the bbc has more on the highlights from the visit. a clear message, coinciding with a nato meeting in washington where they discussed the war on

ukraine. the leaders met. they called each other friends. ukraine. the leaders met. they called each otherfriends. in the face of sanctions, india has been one of the few countries to continue to bite discounted russian oil. targeting $100 billion in bilateral trade by 2030. mr modi also took up the issue of indians found fighting on the front lines against ukraine. international is desperate for work paid huge sums of money on the pretext of finding jobs in russia only to find themselves being sent to the front line to fight the war on ukraine. vladimir putin promised these indians would be identified and sent home. but as india look to forge a better ties, prime minister modi knows he is working a fine line and if you want both russia and the west and inside will need to continue to walk. dyson is

making cards to uk workforce. 0ne making cards to uk workforce. one third or a thousand employees will be laid off across all departments. the company known for products such as vacuum cleaners and hairdryers, claims it is part of a global restructuring exercise. staying in europe and spain's economy has been growing faster than most of its neighbours recently, in great part because of the tourist industry which country was around 13% of gdp and is once again breaking records but not everyone is happy about the growth of tourism in spain which are now seeing a backlash in many parts of the country. for more than half a century, a tourism model based on sun and sand has been a driving force for the spanish economy. and today, it is a main reason why the country's gdp is growing faster than almost all its european neighbours. this year,

nearly 100 million foreign visitors are expected. a, nearly 100 million foreign visitors are expected. a new record. visitors are expected. a new record- we _ visitors are expected. a new record. we have _ visitors are expected. a new record. we have been - record. we have been responsible in the last years of the most important percentage of growth of our economy. in 2023, we were responsible of 80% of the whole gdp growth has been because other sectors were not growing, neither at the speed or the level of tourism. but spain's relationship _ level of tourism. but spain's relationship with _ level of tourism. but spain's relationship with tourists - relationship with tourists seems to be at a tipping point. a backlash has started as a country count the cost of an industry which has been so lucrative. popular holiday destinations like the canary islands have seen protests by local people. upset at the impact tourism is having on their home environment. the southern city of malaga staged

a similar demonstration. much of the anger caused by the high number of apartments used for short—term tourist accommodation. in malaga, nearly a third of all properties are in this category. properties are in this category-— properties are in this category. properties are in this cateuo . . , category. in the city, it has been developed _ category. in the city, it has been developed in - category. in the city, it has been developed in a - category. in the city, it has been developed in a way i category. in the city, it has l been developed in a way that the prices are going so high that now, people who work and live here, cannot really afford an apartment. you feel like you're in a theme park, that everything is not really for living there.— everything is not really for living there. this discontent has triggered _ living there. this discontent has triggered discussion - living there. this discontent has triggered discussion ofl has triggered discussion of possible ways of arrivals or even rethinking spain's tourism model. iii even rethinking spain's tourism model. ., ., ., , model. if we want to really talk about _ model. if we want to really talk about sustainable - model. if we want to really . talk about sustainable tourism or a lower number of tourists, we should discuss limits and higher restrictions and more regulation of the sector, which until now has been kind of free to act but right now we need to start putting some limits.

malaga is one of several spanish cities which are planning on introducing restrictions on the granting of licensing is for short—term accommodation but barcelona is going even further. in 2028 implants to revoke the licenses of all its 10,000 or so tourist apartments. but spain's popularity as a tourist destination shows no signs of fading and many asking whether the country's success is still a good thing. the european space agency has launched a new generation rocket, ending a year—long hiatus without a viable vehicle. a 4.6 billion dollars combined effort and built by a joint venture. it shows in europe is now back in the space race. a market

dominated by elon musk�*s spacex. in sri lanka, the parliament has approved amendments to allow operations to set in the island. there were previous no regulations to allow service providers to operate in the country. however, after the approach to government, the process was fast tracked. they will have to pay terrace for the losses but details have not been publicly disclosed. i will see you again tomorrow. bye for now.

hey. i am zof with the catch up. tonight — starmer sworn in, junior doctors, and where is summer? sir kier starmer has addressed the commons for the first time

as prime minister. he says it is the most diverse in history with the most lgbtqia+ mps and has called for national renewal. rishi sunak says he has a huge task ahead. some of the stories now — talks between junior doctors unhappy over pay and the new health secretary has started. west treating says the government cannot commit to the rise that the doctors want to but they hope to end the dispute. it is hoped an agreement may be reached to avoid disruption for patients. an exam board is being fined more than £300,000 because of failings by the papers sat by the students back in 2022. unprecedented action was taken against the exam board ncfe to get over 1000 students' results recalculated.

and a strictly favourite is returning to the dance floor for its anniversary. ali ash joins the professionals in the series. the celebrity contestants are yet to be announced though. now, for ten seconds of england's bad weather — if you are missing the sun, you are not alone. check out these pictures from scarborough. it is hardly beach whether there, is it? some parts of england have seen one month's worth of rain injuly. i hope the sun comes out soon. you are caught up now. see you later. hello there. here is what is coming up for you on sportsday. teenage kicks — a record breaker helps spain through to the euro final. the top speed jannik sinner is out of wimbledon,

suffering sickness in his defeat to daniil medvedev. and as james anderson wins his final cap, england says this summer is all about winning the ashes even though they are 18 months away. welcome along. we have our first finalist at the european championship in germany. spain maintaining the 100% record at the tournament, beating france 2—1 in munich but they had to come from behind with the equaliser making history. lamine yamal, the 16—year—old forward, with an exquisite strike to become the youngest goalscorer at any major championship. 0ur reporter was watching the match.