this is the business briefing. i'm sally bundock. tech turmoil. global markets slump as investors dump technology shares. the nasdaq suffers its biggest drop in seven years. plus, human capital shortfall. almost two thirds of children fail to get a basic primary education. the world bank calls on governments to invest more in their people. on those markets, the sell—off continues in asia after that drop of more than 800 points on the dow. hong kong not far behind as asia ta kes hong kong not far behind as asia takes in that drop of more than 800 points. we start with the markets. asian shares are falling sharply, after a slump on wall street

led by a major sell—off of technology stocks. the dow fell more than 800 points and the nasdaq had its worst day of losses for seven years. we'll get the view from asia in a moment, but first here's kim gittleson on what happened new york. it was a bleak day in nearly everywhere you looked on wall street, with technology companies being particular hard—hit. we saw shares of amazon and netflix declined by more than 6%. while it is difficult to pinpoint one thing that led to the sell—off, investors are concerned about the looming fourth—quarter earnings season, which begins on friday. they are concerned that companies could be ha rd concerned that companies could be hard hit by inflation, rising interest rates, and the recently enacted import tariffs. unlike in the past where investors have fled to the relative safety of bond markets, the yield or the interest rate on us treasuries started to

decline, suggesting that there isn't much investor appetite for bonds in the us and leading to concerns by many investors that this might push up many investors that this might push up the cost of borrowing for us corporations. the question is whether or not this is a one—time thing, or if investors who have not been worried by rising trade tensions and increasing political turmoil in the us, are finally beginning to worry that the era of record corporate profits is about to come to a close. the sell—off has seen america's central bank, the federal reserve, receive another telling off from president trump. he has been vocal of his criticism of the fed forjeopardizing the us economic recovery by raising interest rates too quickly. on wednesday he put the blame for wall street's turmoil squarely on the fed. i think the fed is making a mistake.

they asked so tight. i think the fed has gone crazy. —— they are so tight. let's get the view from asia. sharanjit leyl is in singapore for us. it is really turbulent right now in asia. it is a sea of red. a sickly, stocks being sold off from across—the—board here, stocks being sold off from across—the—boa rd here, billions potentially being wiped out. japan's market falling as much as 4.4%, its biggest since march. we have the likes of the shanghai composite is down over 4%, really having its worst day since the euro 2016. in fa ct, worst day since the euro 2016. in fact, it it is at its lowest level since 2014. we haven't seen these rates for a couple of years. it is all due to those higher us interest rates, pumping investors to sell locally. very much taking their cue from wall street, suffering their sharpest one—day falls in mum on

wednesday. certainly not looking great for these markets. hang sang is another that has been falling. essentially taking a big hit, worries about ongoing trade tensions between the us and china. remember, us and in this season is about to begin as well and it wasn't helped by those comments you just heard from president donald trump. —— marquetry. thank you so much. -- earnings. let's go to the indonesian island of bali now, where the world bank and international monetary fund are holding their annual meetings. the world bank is well known for funding infrastructure in developing countries — roads, bridges, and dams. but in the last few hours it has called on nations to rethink their priorities — and invest more in their people. it's launching a human capital index to score countries on how well they are doing. according to world bank figures, almost a quarter of children under five are malnourished 60% of primary school children are failing to get even a basic education and 260 million kids in poorer countries get no education at all.

0ur asia business correspondent karishma vaswani is in bali and has been speaking to the head of the world bank. interesting, their focus interesting, theirfocus now is interesting, their focus now is on humans. absolutely. ithink interesting, their focus now is on humans. absolutely. i think the big message from the world bank with the release of the first ever human capital index, is that there is no better time, in fact there has never been an urgent time to invest in people, as in the current global economic environment, against the backdrop of that trade war, concerns being reflected in stock markets around the world today. what the world bank president said to me was

110w world bank president said to me was now is the time for countries to look at investing in healthcare and education, the two parameters where it you do put that money in, atkins —— that initial investment in from early stages of a child's life, that tra nslates early stages of a child's life, that translates into economic results. there is real physical evidence for this. in this index, we have seen east asian countries come to the top, the number one being singapore followed by korea. african nations are at the bottom, the us is at number 24 are at the bottom, the us is at number24 and are at the bottom, the us is at number 24 and the uk at number 22. in an exclusive interview with me, the world bank resident said he is really hoping this index will help to change the priorities of governments around the world. we tookjust four message, learning adjusted measures of schooling, not the numberof years, adjusted measures of schooling, not the number of years, but the —— what you learn to. education stunting. under five survival, just a simple fa ct, under five survival, just a simple

fact, do you survive until your fifth birthday? and adult mortality, which tells you how healthy you will be over the course of your life. four indicators and we look backwards to see whether this was correlated with economic growth looking backwards and it turns out to be extremely highly correlated with economic growth. if you don't invest in your people and get that outcomes, notjust throwing money invest in your people and get that outcomes, not just throwing money at it, but it better outcomes, you're giving up all this potential economic growth and you are not going to be able to compete in the future. is this a shift in strategy for the bank was that the priorities have always remained the same investing in healthcare and education. well we saw, first we will get rich and as a consequence of getting rich, we will have enough money to invest in our people. that is not the way south korea, japan, china, singapore, hong kong... none of those countries did it that way. those countries all said simultaneously, we will invest in out simultaneously, we will invest in our people and see where that takes

us. our people and see where that takes us. the focus has been on pushing donors to give more. we will continue to do that. instead of a supply driven approach, head of state, heads of government, ministers of finance, i hope, will come to me and say we get it, we understand as powerful correlation. tell us what we need to do to improve our outcomes. well, that was the world bank president speaking to me in an exclusive interview about the human capital in ex—. the main point to take away from this, sally, is that he said to me there is money around, there is a lot of lazy money that isn't doing very much and countries need to shift their focus from taking development funds, their own government funds, and spending that on the stuff we usually see, like roads and ports and highways, at putting it in their human capital, in people, that is what will ensure that if you invest in your people, at your future citizens, the children of the next

generation, will be able to find jobs and be employed in the new digital economy that the entire world is moving towards. some key m essa 9 es world is moving towards. some key messages against the very uncertain global backdrop at the imf and world bank's annual summit here in bali. really interesting, to set you think about that. —— tell us what you think about that. now let's brief you on some other business stories. 21st century fox boss james murdoch could be in line to head tesla's board of directors. according to the financial times, he is "the favourite" to replace elon musk, who currently serves as both board chairman and chief executive. mr musk though has taken to twitter to call the story ‘incorrect‘. he agreed to give up the chairmanship last month to resolve claims of fraud brought by us financial regulators. shares in sears holdings plunged by more than 30% on wednesday following a wall street journal report that the us retail chain is preparing to file for bankruptcy. sears, which also owns kmart, was once america's biggest retailer, but has struggled to compete with the likes of amazon and walmart and is grappling with a debt load of more than $5 billion. and now, what's trending

in the business news this morning? the wall street selloff is the big story. business insider has an eyewatering figure. the 5 hottest tech stocks saw a staggering $172 billion of market value go up in smoke on wednesday. bloomberg counts the personal cost to the world's 500 richest people, who lost a combined $99 billion in the market rout. amazon bossjeff bezos's net worth went down by $9 billion. and cnbc says there could be more pain to come later.

dow futures point to more than 100—point drop on thursday and don't forget, let us know what you are spotting online, use the hashtag #bbcthebriefing. the struggle by people to access nhs services across england is a growing ‘care injustice' which needs to be tackled now, that's the warning by the health regulator, the care quality commission. in their annual ‘state of care' report they say that although most still receive good care, for some, it's limited to providers with poor services, dependent on location. 0ur health correspondent catherine burns reports. in this room, there are nurses,

physiotherapists, charities and others, all working together to keep people who are at risk, healthy and out of hospital. mr and mr is robinson have moved into an extra ca re robinson have moved into an extra care scheme in our era following a house by. they arrange for an occupational therapist and social worker to visit an elderly couple who needed some extra help. worker to visit an elderly couple who needed some extra helplj worker to visit an elderly couple who needed some extra help. i have got eric with me. how do you do? ca re got eric with me. how do you do? care quality commission report picks out this scheme in wakefield as a positive example. it also says that most people across england generally do get good care. but this comes with a stark warning about a growing ca re with a stark warning about a growing care injustice. in some parts of the country, people are less likely to get the care they need and that is what we need —— mean by care injustice. the way to fix that is may —— make ensure funding is all aligned and all providers are pointing the same direction in the best interest of people. the report says this can be most visible in

overstretched amd departments, but it also highlights mental health and ca re it also highlights mental health and care for the elderly. it says that there is now an urgent challenge for all parts of the health and care system to work together, like in wakefield, and that a long—term funding plan is also vital. the department of health and social care says it will set up a £240 million fund for adult social care to ease pressures over the winter. katherine burns, bbc news. coming up at six o'clock on breakfast, dan walker and naga munchetty will have all the day's news, business and sport. this is the briefing from bbc news. the latest headlines: hurricane michael, the most powerful storm to hit the south—east of the us in decades, is moving on georgia after causing devastation in florida. wind speeds are up to 200 kilometres an hour. so far one death has been reported — at a home in gadsen county. president trump says he's had high—level talks with saudi

officials about the disappearance of a prominent saudi journalist and government critic. jamal khashoggi was last seen entering the saudi consulate in istanbul last week, but was never seen leaving. newly released cctv is said to show a saudi hit—squad arriving in turkey. a chinese intelligence official has appeared in a us court on espionage charges. yanjun xu is accused of stealing sensitive trade secrets from an american aviation company. he's an official from china's ministry of state security. he was extradited to the us from belgium. what is the world's media talking about today? if we start in the uk comedy front page of the daily telegraph. —— uk, the front page. theresa may will ask her cabinet

today to agree a backstop plan that would keep britain in a customs union with brussels until a permanent trade deal can be agreed. but the dup has reacted angrily, saying it will vote down the budget if the pm compromises over a hard border. now to the ft and "it's crunch time for angela merkel". it's the election in bavaria on sunday which will see 180 members of the 18th landtag of bavaria elected, but the christian social union party, the sister of angela merkel‘s party, could see historic losses which could, in turn, weaken ms merkel.