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tv   Business Today  BBC News  August 6, 2024 2:30am-2:46am BST

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since black monday. the rest of the asian markets also in recovery mode. a us federaljudge has ruled that google�*s online search monopoly is illegal, which could shake up how the tech giant operates. welcome. japan's saw its worst day since the 1987 black monday crash. it is regaining ground, up crash. it is regaining ground, up 8% in south korea's currency trading higher. let's recap all the action over the last 2a hours and more, especially on wall street, another brutal session with the dowjones falling over 1000 points, its worst day in nearly two years. a similar story for the s&p 500 as well as the nasdaq as fears
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of a us recession continue to grip the stock markets. investors seem worried the federal reserve has waited too long to lower the cost of borrowing. for more on what is going on in the japanese markets, let's bring in our reporter. take us through what we are seeing in terms of numbers. it we are seeing in terms of numbere— numbers. it is a crazy rollercoaster - numbers. it is a crazy rollercoaster ride - numbers. it is a crazy| rollercoaster ride day. numbers. it is a crazy - rollercoaster ride day. the next k up by more than 10%. this is the biggest daily rally on record injapan. yesterday we were talking about the biggest points fall on record, even bigger on black monday, so definitely a much better day for investors injapan, a sigh of relief we can probably hear because the country now has many more retail investors than ever before because the japanese government has been encouraging people to invest in the stock market. the key aside from the weakjobs data from the united states last friday, the united states last friday, the biggest concern for
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japanese investors yesterday was the sudden jump in the value of the japanese currency, the yen because we have been talking about its weakness being a huge issue for the japanese economy. the authorities intervened, spending $100 billion to prop up spending $100 billion to prop up the value of the currency. then the rate hike last wednesday. the bank ofjapan raise the cost of borrowing to 0.25%, triggering this massive sell off yesterday, but now we are starting to see the recovery and inaudible shares up recovery and inaudible shares up by recovery and inaudible shares up by more than 10%. we will continue to see but it seems quite a lot of bargain hunting going on, but many economists say the fundamentals of japanese companies are quite strong, that their earnings have been solid and the economy is doing quite 0k. have been solid and the economy is doing quite ok. we have been solid and the economy is doing quite 0k.— is doing quite ok. we will leave it there. _ is doing quite ok. we will leave it there. thank - is doing quite ok. we will leave it there. thank you | is doing quite ok. we will. leave it there. thank you very much for putting all those numbers, breaking them down and putting them in perspective. use from the us. a federal judge has ruled that google
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acted illegally to crush competition and maintain a monopoly on online search and related advertising. our north america business correspondent with all the details. google just lost a high—stakes battle with us government. a federal judge ruled that payments the tech giant made to apple and samsung to make google �*s search the default option on smart phones and web browsers violated us anti—trust law. in its 277 page ruling, thejudge in washington wrote: it concluded: it blocked rivals from succeeding the market. it represents a major setback for google and its owner, alphabet, which plans to appeal the decision. a spokesperson for the company, can talk it, told the company, can talk it, told the bbc this decision recognises google offers the best search engine, but concludes we shouldn't be allowed to make it easily
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available. now, the routeing is vindication for america's anti—trust regulators. the justice department with file that has nearly four years ago when donald trump was president, hailed the outcome as a historic win and said it will continue to vigorously enforce anti—trust laws, no doubt sparking fear in the corporate offices of some of the big tech giants. it is not yet clear what this will mean for the future of google �*s business. this decision only about google's liability, not about google's liability, not about remedies. more tech news. elon musk has revived his lawsuit against open ai and its past sam altman. according to court filings, musk is still alleging that 0penai is putting its own commercial interests ahead of the public good. the suit also targets microsoft's exclusive partnership with the chatgpt owner.
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musk had founded 0penai back in 2015, and two months ago unexpectedly dropped a similar lawsuit against the company. tiktok says it will permanently withdraw a rewards feature from use in the european union after the bloc complained that it could "stimulate addictive behaviour". tiktok lite is a smaller version of the video—sharing app, and has been available in france and spain since april. but the european commission said its rewards feature, which enables adult users to earn points to exchange for goods, breached eu's digital services act. now the chinese—owned company has given a legally binding commitment not to include the feature in europe — the first time the eu has accepted such an agreement. the unrest in bangladesh that ousted the long—serving prime minister is rooted in the country's struggle with rising unemployment and a flagging economy, both of which remain on even shakier ground amid the ongoing political uncertainty. the bbc�*s archana shukla
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with more on the economic impact of the developments in bangladesh. the current unrest started againstjob quotas but the underlying economic distress has fuelled it further. youth unemployment is high, nearly 32 million young bangladeshis, about 20% of the population, are out of work. and the private job market has been stagnant for years. add to that of flagging economy, deemed a failure of the government in recent years. inflation hovers around 10%, fuel and food prices have been soaring affecting households dealing with low incomes. country's foreign exchange reserves are shrinking at its garment sector, a key earner of dollars, struggles to fully reopen. the country is under $4.7 billion financial bailout programme from the international monetary fund and the current unrest has shaken the ground further. frequent long bouts of internet shutdowns have brought financial and business transactions, even exports, to a standstill. the foreign—based as chamber of commerce and industry has
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estimated these curfews and internet shutdown could cost about $10 billion to bangladesh's economy at the least. economists i spoke with say the current political uncertainty would add to the economic pressures. important to see how capable is the interim government and the need to seek confidence from the private sector and the public to bring back non—... it remains an uphill task. china's heavily indebted property giant evergrande together with its liquidators, is seeking to recover about $6 billion in remuneration from seven people, including its founder. according to its filing with the hong kong stock exchange, the amount is claimed for the damage caused by alleged misrepresentations of the company's financial position between 2017 and 2020. evergrande was once china's biggest real estate firm, that helped propel the country's rapid economic growth during recent decades. australia is a world leader in residential rooftop solar
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but a third of the population is locked out of the benefits. so—called solar gardens could allow rental properties, apartment buildings and social housing to enjoy the savings from renewable energy but a vast majority of australians in rental accommodation do not have access to solar panels. sydney's annual vivid festival is a celebration of light and innovation. this solar commons exhibition highlights the barriers faced by households that are shut out of the transition to green energy. so far we have been a great solar success story in australia because we already have more than 30% of households the solar on their roofs but it is now about getting that solar to the rest of the population. we are about the democratisation of power. we want more people to have access to cheap power and reduce the cost of living.
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australia's first large—scale solar garden is 500 kilometres from sydney. it can power about 700 homes. residents in apartments, for example, can buy or lease solar panels. the electricity it generates is credited on energy bills. the plan is to build smaller projects in towns and cities. i am a renter, cannot get solar. i have lived in apartments, could not get solar. in the beginning it was definitely important to have localised renewable energy embedded within the city to provide energy resilience, energy independence, stabilise the grid. it has many benefits. but some experts believe many community solar projects will not save residents much money or make a meaningful contribution to decarbonisation. they insist, however, landlords should be required to install rooftop panels or make their properties far more energy efficient. however, as housing becomes more dense
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in sun—loving australia, many tenants simply want to feel part of the big switch to renewables in any way they can. i do feel a bit frustrated because i feel like i do not really have access to the solar boom and i cannot participate other than in the projects like this where we can put solar panels in the public spaces for the whole community, including the tenants. about a third of australia's energy comes from renewable sources. an 82% target has been set for 2030. there is much work to do. campaigners say booming solar gardens would help to illuminate a brighterfuture. phil mercer, bbc news, sydney. that is all for now. thanks for watching.
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hello and welcome to sportsday. i'm 0lly foster. great britain have their first 800m olympic champion for 20 years. keely hodgkinson lights up the stade de france. reaching new heights, duplantis retains his 0lympic pole vault title with another world record. biles is strangely off balance on the beam as she fails to add to her golden tally on the final day of the gymnastics.
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it's been another really good day for great britain at the olympic games, keely hodgkinson�*s 800m gold, moving them back up to fifth in the medal table and after taking silver three years ago in tokyo, and also finishing second at the last two world championships. she's now the olympic champion, finishing ahead of ethiopia's tsige duguma and kenya's mary moraa. hodgkinson had set the fastest time this year and by the second lap had moved to the front to set the pace, kicking on down the final straight. hodgkinson is the first british 800m champion since kelly holmes completed the 800/1500 double in athens in 200a. i think for me with the calibre we have in the women's 800, nothing is cemented until you have crossed
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the line. i wanted to get out hard. a lot of the girls get out hard and i thought it would be a bit of a battle to get in position which i think it was. yes, it didn't pan out how i thought, but that is 800m racing for you. i wanted to stay out of trouble. it can be brutal out there. i stuck to my lane, kept composed and kept kicking for that line. mondo duplantis says "the party is going to be "pretty big" after retaining his 0lympic pole vault title at the paris games. the swede proved once again that he is in a world of his own as he cruised to victory at the stade de france with a clearance of 6m, sam kendricks won silver, greece's emmanouil karalis bronze. duplantis is the first man to retain the olympic pole vault title since the american bob richards in 1956 but a sell—out crowd then watched duplantis break the old 0lympic record before clearing 6m 25 to better his own world record. that's the ninth time that the 24—year—old swede has bettered the world mark.

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