system to alibaba upgraded its system to a primary status, matching how its shares are listed in york. it acceded to help the company attract investments from mainland china, the plan was proposed a few years ago by alibaba founder when tensions between the uk and china will hide in. it was approved by shareholders. timing wise, this is happening as alibaba is facing multiple headwinds including a slow in china's economy and intends competition. from the blueshirt group, said the primary listing would help alibaba. i think it's a fantastic move. here is what i think is the rationale behind it. when these companies are dual listed, and they are not the only one, there are a number of chinese companies that have adr in the us and are traded in hong kong. but the adrs are still the driving force behind their evaluation and as we all know, almost all of these companies are having terrible

evaluations right now. with not having a lot of positive sentiment coming from us investors, the companies obviously are trying to figure out how to appeal to a new set of investors that can offer a better valuation or recognise better valuation. so obviously asia—based investors understand the company better, they understand china better. they are less worried about the environment in china in general again, more from a political and trade perspective as opposed to the economy, certainly the economy in china is not great. but to those investors buying in hong kong, there's not enough buying power, not enough ability to change the valuation relative to this big anchor, which is the adr positions. so, upgrading it to a dual primary gives it the ability, for first of all for money

to come in from the mainland through the connects and various channels like that, and then, the hong kong traded stock can start influencing the us adrs rather than vice versa. what are the main challenges they are facing? it's recently been seeing a hit in profits. even though it is traded in the us, it's a domestic company, right? so, nearly all of their revenue and business is based in china. so, they are the a bellwether of the chinese economy. so, all of us know, especially the people that live there, like myself, know that the economy is particularly weak. the consumer there is under pressure. youth unemployment is quite high, and by the way, the younger generation is the one that is driving more online commerce because, historically, and even now, they are the ones with the better paying urbanjobs. so, you have high unemployment amongst your primary market amongst consumers, and this is the other thing, we are still seeing a hangoverfrom the pandemic years. a lot of people depleted their savings during those three years of the covid lockdowns and the difficulties. and they are doing what

is natural, which is rebuilding their savings. so, when you are rebuilding your savings, you are not spending. so, it builds upon itself, right? to not only have the economy week in general and trying to recover and then there is a headwind of people trying to save money and get back into a better financial position as they were before the pandemic. gary with his thoughts from the blueshirt group. staying with china's e—commerce industry, jd.com says it will repurchase up to $5 billion in shares, starting next month. if the share price took a hit last week after walmart said it was selling its entire stake in the firm. the move so concerns about the show slowdown in the chinese consumer spending. china is vehicle maker xpeng

has launched its first budget ev, the entry—level minor hatchback is priced 16,000 —— $16,800. they expect to sell 100 every year as it looks a standout. us information technology giant hp will receive a $50 million in funding from the commerce department. this will go towards expanding and upgrading the company's factory in oregon and developed a semiconductor ten ulogie. the award as part of the chips act boosting the production of computer chip. you might think he is too busy running an election campaign and funding of legal cases but that hasn't stopped donald trump from attentive to cash in on his image. he'sjust launched his fourth collection of digital trading cards with some depicting him as a superhero and motorcyclist. the bbc has more from new york. in an attempt to win over crypto friendly voters ahead of november's election,

donald trump is offering a fourth collection of nonrefundable tokens. these cards show me dancing and even me holding some bitcoins. the new batch features 50 nfts for $99 each with an additional trading card showing trump as a boxer, dancing and even as a superhero. the release includes packages that promise physical gifts to buyers, purchases of 15 nfts can get a piece of trump's debate suit or buyers of 75 nfts will have dinner with trump in florida. trump says his sales have generated more than $4 million in revenue per release, though his cut isn't clear. the nft sale is happening as trump builds on the growing interplay between crypto and politics. trump has vowed to support bitcoin mining in the us and to work against creating a central—bank digital currency in the country. mark zuckerberg says he regrets

bowing to pressure from the biden administration to sense the content on facebook and instagram during the covid pandemic. in a letter sent to the us housejudiciary the us house judiciary committee, the us housejudiciary committee, the meta boss says he took down some material including humour and satire under pressure from senior officials. the white house is defended its action saying it encourage responsible actions to protect public health and safety. american weight loss drug maker eli lilly says it will sell a new vial over the seven found drug at around half the price. the drug was previously only available as injection pins. supply chains constraints have stopped the company from filling its pens leading to widespread shortages of the drug earlier this year. eli lilly said the move will increase consumers access to is about. sony is raising the price of its flagship playstation 5 injapan by 19%. starting from september the second, the console will be sold for around $550. the company says it has been hit by

a severe external environment. playstation 5 is around four years old and sales of the device fell in the most recent quarter. turning now to the uk where one company is trying to make budget flip phone is popular again. make budget flip phone is popularagain. hmd make budget flip phone is popular again. hmd says the features on its flip phone's could help parents trying to cope their children's access to harmful social media contents and they've tied up with barbie to make the phone is more appealing. the bbc is added looks at whether back to basic phones are the way forward. barbia, 65—year—old brand which was given a new lease of life last summer when the star—studded film hit cinemas is back again. this time, it's in the form of a flip phone made by the mobile phone company, hmd, the same budget brand behind nokia. it's a feature phone, also sometimes called a dumb

phone, meaning there is no access to social media and can only perform basic functions like texting and calling. as concerns about the pressures of digital life on young people grows, hmd hopes devices like this might prove popular with children and indeed adults looking for a digital detox. i asked the firm whether the handset will live up to expectations among young people as it tries to complete with smartphones. we say we are clear about this phone not coming with social media because we have seen this surge in young people wanting to have a digital detox. this is delivering on what they are demanding. i think when we are talking about barbie, there is also good values with barbie, yes, you believe in the brand. i made this my phone for one day and it certainly was an effective digital detox because there really isn't a lot you can do on it. you can get online but it's impossible to read. there's no app store no front facing camera and only one game. and while you can text, the barbie phone doesn't recognise the message setting that is on plenty of smartphones. so you might not get

many replies. while this may undoubtedly appeal to some parents, some industry experts question its broader appeal. perhaps in that 7—to—10—year—old you will secondary school and there is an expectation that smartphones are almost a birthright, that is an opportunity. however, the grim reality is when i talk to people who have got smartphones and explain to them the implications of giving up their smartphone for something much more basic, it it is a pretty tough sell. i already have tiktok. we try decided to put that phone to the test. so, i would like if there was things like google and you could take pictures and more games. i probably wouldn't use a phone like that because it doesn't have all the apps that i usually like to use. personally it's something i'm really worried about for my. daughter. in terms of- introducing children to using a phone with - restricted access to social media, i can get i on board with that. hmd said it would welcome apps like whatsapp on board

with barbie, but whatsapp says not all operating systems work with that service. for now, texting and calling is going to have to be enough. we should all be happy to be kenough. smart phones as a birthright, that's quite a statement. if you're interested in buying one, there are $129, they go on sale in october and we wish you all that bears with nostalgia trips and memory lane. that's it for business today. see you again soon.

hey, i'mjulia with the catch up. tonight — oasis—mania, a bridge for otters, and how to bat for both teams in one game. but first, keir starmer spoke about the budget that's coming up in october. it's the government's plans for the country's finances. and it wasn't a very jolly speech. in fact, he said it will be "painful" and that "things will get worse before they get better".

he blamed the conservatives for creating a £22 billion black hole in the public�*s wallet, which they strongly deny. i'll have to turn to the country and make big asks of you as well. to accept short—term pain for long—term good. some other stories now: paralympic gold medallist baroness tanni grey—thompson said she had to crawl off a train at kings cross last night because no staff came to help her, despite it being pre—arranged. lner has apologised, saying it'll investigate. catcher danny jansen made history as the first baseball player to bat for both teams in the same game. he was playing for the toronto bluejays when heavy rain suspended their game against the boston red sox. a day later, he was traded to the red sox, playing for them when the game continued!

and it's official — the gallagher brothers are reuniting and 0asis will go on tour in 2025. they said, "the stars have aligned, the great wait is over". uk tickets will go on sale on the 31 august. and we'll leave you with ten seconds of otter building works. yes, the otters of west sussex have been dodging cars to cross a busy road, so now, they're getting their own bridge — or shelf — under the road and above the water. you're all caught up now. see you. hello and welcome to sportsday. at the us open — jannik sinner puts the doping controversy behind him as the world number one takes to the court for his first round match. after surgey to his spine, 0lly stone credites pilates as he's named in the england test side to face sri lanka, three years after his last appearance. and as paris gets set

for the opening ceremony of the paralympics — we hearjust what keeps motivating sarah storey who already has 17 medals to her name. welcome along to the programme — and we'll start with the action at the us open. the men's world number one jannik sinner survived a scare to defeat mackenzie mcdonald in his first match since being embroiled in a doping test controversy. last week, it was revealed sinner had failed two drug tests in march, but he escaped a lengthy ban when officials decided he wasn't at fault

for the presence of banned anabolic agent in his system.