challenges, but critics say there's no detail on exactly how they plan to do so. and a strong earnings performance from streaming giant netflix, thanks to hits like bridgerton and the crown. hello, welcome to business today. i'm steve lai. leaders in china have promised to tackle major economic challenges like weak domestic demand, local government debt and a property crisis. the remarks came from an important meeting on the economy in beijing, which has now concluded. we've heard many of these promises before, but there's still no indication of exactly how the leadership plans to turn the economy around. katrina ell, director of economic research at moody's analytics, explains why beijing was short on specifics. i think it really goes down to the fact that china is struggling with a lot of severe and problematic structural concerns.

as you've mentioned, the property market, local governments�* indebtedness is high, households and more broadly domestic demand is weak. and these problems are not easy to solve, and so i think there was a lot of hope heading into this plenum that we would see some concrete measures that would lay out a nice, clear plan on how they're actually going to improve the significant challenges, but unfortunately we haven't got the detail that we are really craving, to get that sort of clarity. yeah, we've been keeping an eye on the plenum. we've also been keeping an eye on the republican national convention, where donald trump is expected to speak in the coming hours. do you think he's going to mention trade with china? where does he stand on that? so, what we've seen through this whole trump campaign is that china is really one of the focus areas, and it is particularly concerning given how hardline a stance trump is taking on the relationship with china. you know, we've seen these threats of a blanket 60% tariff

on all chinese goods heading into the us. we know from the trade war back in 2018 that such a damaging tit—for—tat tariff can be incredibly problematic, notjust for the us and chinese economy but also for the global economy too, so the hope is that that hardline stance won't actually flow through to real action, because we do see that there is sometimes a bit of a differentiation between the threats made and what's actually implemented on those tariffs. if we come back to the plenum meetings in china that arejust wrapping up, how do you think these trade concerns that they will have, with their trade partners raising import barriers on chinese goods, how that's going to impact how they address their already fragile economy? i think that's a fantastic question, and i think it's particularly concerning given what we've seen coming out of china's economic recovery, this clear focus on exports and manufacturing. so, if those foreign recipients of those goods continue to be reluctant to receive them,

that's really going to put a big question mark on china's ongoing economic recovery. katrina ell there. one of the car—makers that has been impacted by tariffs on vehicles made in china is volvo. the company's boss has been speaking to the bbc�*s jonathanjosephs about how he is navigating the higher duties for cars sold in europe. you have now arrived at your destination. i launched last year, the x30 is volvo's smallest ever suv and a big part of its plans to sell only electric vehicles by 2030. but global trade wars mean disruption to a company that, despite waning demand for evs, is selling more cars than ever and whose profits are accelerating. i think that maybe the most encouraging thing is that we're taking market share. we're now at the highest point in market share in europe than we've ever been. but there are some headwinds. obviously, the tariffs that were announced by the european union affects one of the cars that we bring into europe from ourfactory in china.

now, we'd already made plans in order to localise the production of that car for european demand into our belgium factory, and that's well under way, i'm glad to say. but it actually won't start production until early next year, so we have a short term problem, to get us through the rest of this year. are you going to have to put prices up in the eu? well, we're looking at that. we actually have a very strong brand in the eu. and the x30, we just released about four months ago, and already that's now one of the top three selling ev cars in europe. so there's huge demand for that car. the starting price for that car is 36,000 euros, so it's very competitively priced for a premium electric vehicle. so we have some options open to us. some of that is maybe price increases. but we're looking at all of those different eventualities right now. what sort of price increases might that be? i don't know. we haven't decided at that particular point in time. it certainly won't be enough to offset the tariffs. the tariffs went from 10%

to 30%, so that's a pretty decent—sized hike overnight. when it comes to the tariffs that the eu and the us has put on electric vehicles made in china, no retaliation just yet from china, but how concerned are you that this could become a vicious circle and that that could damage not just your business, but the whole industry? for us, because we've been building up this in—region, resilient supply chain, we actually have three manufacturing facilities in china, we have two right now in europe, which, you know, we're adding a third in slovakia and we have one in the usa which we continue to invest in. so i think we're well covered from a manufacturing point of view, from a supply chain and components point of view. i think we can navigate through most of the twists and turns that are likely to come, however they transpire. but i can understand that question, because i think that that will be a much tougher challenge for maybe some other people. as well as global trade, volvo remains concerned about the slow roll—out

of the chargers and other infrastructure needed for electric vehicles and says hybrids are helping it navigate the road ahead. jonathan josephs, bbc news. taiwan semiconductor manufacturing is forecasting even higher revenue growth this year, on the back of strong demand for al chips. the taiwanese chip foundry that supplies to major clients like apple and nvidia beat earnings expectations in the march tojune quarter and says us—china tensions won't hurt ai spending. netflix says it added more than eight million subscribers in the three months tojune, with the new season of bridgerton and baby reindeer boosting audience numbers. the gain was almost double what investors expected. and its new ad supported service saw membership rise by a third. as streaming analyst dan rayburn tells us, the streaming giant seems to be making all the right moves. the first thing is obviously their free cash flow. they're one of the few streaming services around the world that have

a direct consumer business that is profitable. so they're expecting approximately $6 billion of free cash flow this year, which is pretty incredible. the key thing to take away here is that their ad supported plans now account for more than 45% of their sign—ups in markets where it's offered, so interesting to see how they are shifting to ad supported, where there's a good amount of revenue from over time. it'll take a few years. and then also the fact that netflix is getting into live sports. in the us, here, nfl football is really large, and last year, nfl football made up 17 of the top 20 largest events viewed on broadcast tv. now netflix is going to have two nfl games on christmas globally, so it's pretty incredible, just how far they are ahead of everybody else. yes, they're coming from an area of strength, and to your mind, they're moving into an area of potentially good growth as well? so far, that's what we are seeing. they are moving in with the add supported tears. they can make more money over time.

they are making more in ads because ads can be tailored and custom. netflix is actually building their own ad stack, which they're going to roll—out last year, their own ad technology. getting into live sports — we know sports, no matter where you are around the world, that's where the viewership actually is. and they also have a gaming business, which they haven't talked too much about as of yet, but they are also talking about how the gaming business is setting them up for future growth down the line. so, netflix is the gold standard that everybody is aiming to copy and to be with their direct to consumer streaming business. in india, the government of karnataka — home of the so—called silicon valley of india — has rolled back a proposal for local job reservations. that's after a major backlash from business leaders. 0ur india business correspondent nikhil inamdar explains what's at stake. well, the controversial bill approved by the karnataka government had mooted 50% reservations for locals in managerial roles and some 70% in non—managerial positions. but what followed was a huge backlash from some of the country's top business leaders. india's it body nasscom called

it deeply disturbing and said the move would severely hamper the software hub�*s global brand image. bengaluru is home to india's biggest software companies that generate hundreds of billions of dollars in export revenues. meanwhile, ministers from several other neighbouring states quicklyjumped in, inviting private firms to relocate to their provinces. job quotas have become a political hot potato in india as the country faces an acute unemployment crisis. just this week, mumbai also saw a stampede—like situation, with more than 25,000 people turning up for some 2,000 airport loader vacancies posted by air india, reflecting the desperation among young indians for a well—paying job. 0ur india business correspondence bringing you that report. before we go... amazon has reportedly seen record sales over its two—day

prime shopping event. according to adobe analytics, us shoppers spent $14.2 billion. the ecommerce giant called it a record—breaking event but did not disclose figures. apparently consumer electronics and back to school products were the biggest sellers. shares of a youtube alternative name that conservatives has risen i7% this week as retail investors piled into the stock following the announcement that jade events would be trump's running mate. vance�*s venture capitalfirm running mate. vance�*s venture capital firm was an early stage investor in rumble, although it is unclear if they still hold a position. jade events was speaking at the republican national convention last night, we brought you coverage of that, and our coverage will continue of the convention in milwaukee when former president donald trump speaks in a few hours�* time. bye for now.

hey, i�*m lola with the catch up! tonight — ucas reform, strictly kick incident, and ncuti gatwa meets his doppelganger. ucas is giving their uni admissions a bit of a revamp. they are scrapping uni personal statements. from next year, instead of a personal statement, applicants will be asked to answer three questions. why they want to study their chosen course and how school and extra curriculars have prepared them. evie croll is 18 and has this to say about the change. i think the personal statement change is a good thing, but i think universities like 0xbridge or ucas themselves should set guidelines or examples for the different subjects because i feel they won�*t have examples online like we did for our old personal statements. and i think i�*d be quite worried as a student of how i should write it. a spokesman for graziano di prima has confirmed he kicked his celebrity dance partner zara mcdermott during strictly rehearsals last year. the incident led to his removal from the dance show.

the spokesman says graziano apologised at the time. zara says she finds videos of particular incidents "incredibly distressing" to watch back. some other stories now. would you take your fashion tips from an ai journalist? uk lifestyle and fashion platform sheerluxe is facing backlash after it launched an ai fashion editor on insta. some say it�*s replacing human jobs and creating unachievable beauty standards. sheerluxe has issued an apology. and time now for ten seconds of who�*s who? don�*t worry — you�*re not seeing double! doctor who star ncuti gatwa has come face to face with his waxwork after it was unveiled at madame tussauds in london. he was left shocked at the uncanny likeness. i mean, that is honestly the best wax work i have seen! you�*re all caught up now. have a great night!

hello, welcome along to sportsday. i�*m paul scott at the bbc sports centre. and here is what we�*ve got coming up for you. a day to remember for daniel brown, as the englishman leads the way after the first round of the open at royal troon. however, a day to forget for rory mcilroy, with the northern irishman 13 shots off the pace and in danger of missing the cut. while with the paris 0lympics a little over a week away, security takes centre stage for organisers. hello there, welcome along to the programme. let�*s start with golf. englishman daniel brown

is the sole overnight leader after the first round of the open