welcome to business today. the world's biggest economy is growing more strongly than previously thought. the second official estimate of economic growth in the united states in the second quarter of the year has been published today. it's 3% on an annualised basis. better than the 2.8% which was first forecast. there's also been some upbeat economic data on unemployment with the us labour department reporting 231,000 new claimants for unemployment benefit last week, which is lower than forecast. ritika gupta is in new york for us. ritika, break down the data today for us. what's it telling us? it is telling us that the

economy remains robust. americans filing for unemployment benefits came at 231,000, lowerthan unemployment benefits came at 231,000, lower than expected. 231 , 000, lower than expected. and 231,000, lower than expected. and us gdp was revised upwards to 3% from previously 2.8% and a big part of that was down to consumer spending, significant because it drives two thirds of the economy and there was a big advancement in the spending of goods and services particularly in areas like housing, utilities, recreation and health care. that offset downgrades in other areas like business investment, exports and private industry investment. spending is being supported in part by wages and we have seen momentum really slow as the labour market starts to shift gears. personal income rose only moderately. but i think overall this is good news today because it comes at a time when there has been growing concern about the health of the us consumer and a cooling jobs market, particularly of course as we

got that job particularly of course as we got thatjob is printed for the previous month which was a big disappointment.— disappointment. that's right. it was only — disappointment. that's right. it was only a _ disappointment. that's right. it was only a few _ disappointment. that's right. it was only a few weeks - disappointment. that's right. it was only a few weeks ago i it was only a few weeks ago when there was market chaos with the fears about a potential us recession. is this data and enough do you think to put those concerns at bay? growth has cooled this year and we have seen that in the labour market and forecasters are seeing a slowdown for the rest of the year and the high interest rates filter through the economy. today's data reminds us that things aren't as bad as they seem. the economy remains robust and most economists are not predicting a recession yet and we have a reserve setup lower borrowing costs next month which could provide relief in areas where borrowing costs are important like housing and manufacturing. thank you very much. let's turn to another story that's

been moving us markets. the reaction to an earnings report by the ai chip—maker nvidia, billed by many as the most important company earnings report in years. its shares have been trading lower despite reporting record revenues, the growth reported was just not enough. nvidia earned just over 30 billion dollars in revenue in the three months to the end ofjune, more than ever before. that figure was 122% higher than the same period last year. but this pace of growth is slower than nvidia's been seeing in recent quarters. and that's what's disappointed investors. to put that in perspective though — nvidia shares have risen 3000% in the last five years and more than 150% this year alone, taking the company's stock market value to more than 3 trillion dollars, more than microsoft and second only to apple. well, dan ives is the managing

director and senior equity analyst with wedbush securities. he says the boss of nvidia, jensen huang, thinks there's untapped demand in al. the godfather of ai, he spoke about it and he has the best perch in the world in terms of we see the ai revolution. we continue to believe it is a stock that should be up there. it's 9am in the party that goes to 4am. you are seeing real roi and even when you go to the second derivative, we are now starting to see the second derivative and i think the important thing, this is a industrial revolution. $1 trillion of incremental ai. right now the only game in town

is nvidia and those results last night, expect bears to come out of hibernation. nothing to poke at, super bullish. demand outstripping supply, bullish. demand outstripping supply, 10—1, if this continues, you are talking about numbers that will continue to go higher and i think a yearfrom continue to go higher and i think a year from now or less, we are looking at a $4 trillion market cap, notjust for nvidia but for apple and microsoft. the uk's plan to enter the trans pacific partnership trading bloc has overcome its final hurdle. peru has approved the uk's application, clearing the way for it to join on the 15th of december. it will give the uk tariff free access to the 11 countries currently in the bloc, although at first it will only apply to those that have formally ratified it. that'sjapan, singapore, chile, new zealand, vietnam and peru. the british government says it could boost the uk economy by £2 billion or 2.6 billion

dollars annually, but that annual boost won't be achieved until the year 2040. well, tomasz wieladek is chief european economist at t rowe price and earlier he told me about the significance of entering the trade bloc. £2 billion really isn't all that large if you compared this to the uk's gdp around 2.3 trillion, it doesn't balance. that doesn't seem so large. i think what is more important is the trajectory of the uk to rejoin more trade agreements and also agree more trade agreements with other nations and that in itself, the fact that the uk is now more willing to do that perhaps with the new government comment that in itself is perhaps much more important for potential growth and growth going forward. mit? and growth going forward. why is this figure _ and growth going forward. why is this figure so _ is this figure so insignificant? injapan alone insignificant? in japan alone is insignificant? injapan alone is the world's number three

economy. you might think that that kind of trade deal with japan alone would achieve a bigger result. 50 japan alone would achieve a bigger result.— bigger result. so there have been quite _ bigger result. so there have been quite a _ bigger result. so there have been quite a bit _ bigger result. so there have been quite a bit of - bigger result. so there have been quite a bit of trade - bigger result. so there have | been quite a bit of trade with japan. and that is why one would think we are not going to get such a big increase in the trade with japan, i think this is the key issue here. it is the fact the uk is already integrated well with many of these countries and the reduction in tariffs isn't necessarily that significant. having said that, economy is having to adapt trade agreements and what we see in the past is trade agreements usually had bigger impact than initially expected. so if anything the 2 billion figure, which i said that figure sounds probably small, but is also probably small, but is also probably an underestimate. haw probably an underestimate. how much further _ probably an underestimate. how much further and _ probably an underestimate. how much further and how many more trade deals will the uk have to do to make up for perhaps what

it sacrificed in leaving the european union? probably, i mean significantly _ european union? probably, i mean significantly more. - mean significantly more. clearly, with the european union remains our most important trading partner so i think having better trade agreements with them seems to be the most low hanging fruit here and i suspect that the news we got yesterday of the prime minister announcing in germany that they are going to improve their relationship, well, that is probably the right step in the direction to also reduce trade frictions with the eu, that would be a big one. but also the us is a very important trading partner for the uk and again using the freedoms that love provides for the uk to strike a particularly favourable trade deal with the us would be another way to undo the economic damage from brexit. all this week we've been looking at the challenge of ageing populations across the world. today we are in singapore

where people are both living longer than ever and having fewer children. soon, a shrinking young workforce will have to prop up an ever—expanding group of retirees, who also now live alone in record numbers. faced with a potential social and economic crisis, singapore's government has a simple solution for its senior citizens — keep working. nick marsh reports. ido i do nothing, at home, sleeping. when this chance comes by i grabbed it to make my life more fulfilling. loneliness is starting to be an issue in singapore. by 2026 the country is on track to become a super aged society with one in

five people being over 65. naturally people want to retire at an early age and enjoy their life. but from an economist perspective that is not sustainable and that is going to become a very heavy burden for the government. working into old age would solve a lot of problems, but for many, it is not exactly the most thrilling prospect. back into work as mac _ thrilling prospect. back into work as mac that _ thrilling prospect. back into work as mac that depends, | thrilling prospect. back into| work as mac that depends, i don't have to work any more. no use. you will employ you? layout looking for young guys, youngsters and all this. singapore's government knows this and it is paying governments to hire over 60s by offsetting part of their wages. the older they are, the more subsidies a firm receives. persuading the people he had to return to work is one thing, but getting employers to actually hire them, well, that is arguably an even bigger

challenge. you can keep throwing public money at the problem, but only for so long. what the government really needsis what the government really needs is for the private sector to start thinking very differently about age. can i help you? _ differently about age. can i help you? before _ differently about age. can i help you? before retiring, | differently about age. can i - help you? before retiring, edna worked at _ help you? before retiring, edna worked at one _ help you? before retiring, edna worked at one of— help you? before retiring, edna worked at one of singapore's i worked at one of singapore's biggest banks for 50 years. now she is back after signing up for a temporary work scheme. it means that when projects or part—time vacancies pop up, managers have a ready—made pool of experienced workers to draw from. in other news.... inflation in germany fell to 2% in august; a sharp drop from the 2.6% reading forjuly. it's the slowest rate of price rises in europe's powerhouse economy since march of 2021 and it's raised expectations that the european central bank could cut the cost of borrowing for countries that use the euro currency in september. if so, it would be the second cut this year. stocks in chinese ev

manufacturers fell in hong kong after disappointing earnings reports showed the impact of a tough price war for electric cars. li auto lost nearly 10% and rival firms xpeng and nio also fell. stay with us here on bbc news.

80 years ago, during the second world war, at least three million people died in a famine in bengal, in india. at the time, they were living in the british empire. the victims arent remembered anywhere in the world with a memorial or even a plaque. there are only a handful of survivors left. kavita puri travelled deep into the countryside in west bengal in india to meet some of those survivors. they were speaking about it for the first time. a warning that some viewers might find the recollections distressing.

this man is a survivor of the bengal famine of 1943. 80 years on, the fear of hunger is still so real he carries a plastic bag of food with him wherever he goes. the famine is a dark chapter in britain's colonial history, and it's still hugely contentious. british colonial policies, as well as a cyclone, were among the many complex causes. at least three million indians died. it's one of the largest losses of civilian life on the allied side during world war two. survivors like him have almost never been asked about their memories of the famine, but they never forgot it. to this day, the impact endures.