wall street brushes off inflationary fears after a global oil cartel announced surprise production cuts. plus, we check out an app in india designed in part to help those in remote areas access welfare schemes. hello and welcome to asia business report. i'm karishma vaswani. wall street closed broadly higher overnight despite concerns from the oil cartel to cut oil out, stoking fears of more inflation. i want to show

you how the markets fed overnight. as you can see on the screens, the dowjones and s&p 500 closed higher thanks to the energy sector index which surged after the announcement. inflation concerns have been tempered by expectations the us central bank could end its monetary tightening campaign. still, an oil output cut will mean higher prices. my colleague has more. many analysts — colleague has more. many analysts believe _ colleague has more. many analysts believe that - colleague has more. many analysts believe that they | colleague has more. many - analysts believe that they want to keep the price above $80 a barrel, even hovering around $90 a barrel. a higher price of oil has wide ranging implications. it will make producing goods more expensive for companies and if prices stay high for a while it will have an impact on the price of gasoline, and as many countries around the world are fighting high inflation, this move but opec could make this more difficult and the white house

has been pushing opec for more production, even making a trip to saudi arabia. washing did not take the news of the cut well, with the head of the security council calling it inadvisable. presidentjoe biden has been pushing for low gas prices to ease the cost of living burden on american pocketbooks.— living burden on american pocketbooks. samir hussein reporting — pocketbooks. samir hussein reporting for— pocketbooks. samir hussein reporting for us. _ pocketbooks. samir hussein reporting for us. i _ pocketbooks. samir hussein reporting for us. i want - pocketbooks. samir hussein reporting for us. i want to i reporting for us. i want to turn your attention to australia because later today the central bank will make its latest decision on the cost of borrowing. the reserve bank of australia has hiked rates ten times in a row to stem sky high inflation in the country. earlier, i spoke with a man who told me what he expected from the rba today.— the rba today. well, we think the rba today. well, we think the are the rba today. well, we think they are going _ the rba today. well, we think they are going to _ the rba today. well, we think they are going to stay - the rba today. well, we think they are going to stay on - the rba today. well, we think| they are going to stay on hold, and, clearly, inflation is still a problem in australia, but the way that we are looking at it right now is that

inflation is coming down. we have proprietary indicators of g ten inflation pressures and australia is seeing the weakest, among the weakest of the g10 weakest, among the weakest of the 610 inflation pressures so there is an opportunity to stay on hold. we have to think about it in a broader context as well. growth is slowing in australia. business confidence has weakened markedly in the last few months, and most importantly of all, the rba is very sensitive to this. there is a direct knock—on effect to mortgages in australia in terms of an adjustment in mortgage rates later on this year. another rate hike — all that simply does is it squeezes consumers and households even further. so, given the slowdown in inflation we are seeing the rba should stay on hold. excellent points about the tricky balance, rights, between trying to combat inflation, but

also trying to maintain or ensure that growth remains stable. it is notjust australia that is unit that difficult position, is it? other countries in this part of the world is also facing that issue. ~ ., , the world is also facing that issue. a,, _, , the world is also facing that issue. ~.,, _, , ., issue. most countries are facin: issue. most countries are facing that _ issue. most countries are facing that issue - issue. most countries are facing that issue because| issue. most countries are i facing that issue because we are also in the middle of what is — and there is a wide debate around this in terms of how deep the recession all the slowdown will be throughout various parts of the wealth — so you are tightening... i mean, that the saying is you are tightening into a recession, or into a slowdown. the central bank, which you have to avoid or try and avoid, is accelerating the process of the slowdown that we are seeing, and ensuring that you are not over tightening. of course, this is tricky because central banks have a mandate which is inflation as opposed to growth but when we look at the rest of the region, we look at — for example —, the emerging markets within asia. korea is one that stands out because there is a slowdown in terms of global growth. that

means there is a slowdown in terms of the export centre in korea — a vital part of the green economy and can at the central bank effectively engineer a slowdown? that was mr evans speaking _ engineer a slowdown? that was mr evans speaking to _ engineer a slowdown? that was mr evans speaking to me - engineer a slowdown? that was mr evans speaking to me a - mr evans speaking to me a little earlier. in other news for you this morning, a federal jury for you this morning, a federal jury in the us state of san francisco has ordered ev manufacture at tesla to pay $2.2 million to a former employee. it was found to have failed to prevent severe racial harassment at its flagship plant in california. hollywood actor leonardo dicaprio made his appearance in a us court on monday to testify in a trial of a member of a monday to testify in a trial of a member ofa hip—hop monday to testify in a trial of a member of a hip—hop group, the fujis. he is facing criminal charges for funnelling money to influence us politics. mr lowe is accused of looting billions of dollars from malaysia's sovereign wealth fund. and the french cosmetics

group loreal has stuck a deal with a brazilian brand to buy its australian luxury brand. the $2.5 billion deal will expand loreal�*s footprint in the luxury skincare market. it operates nearly 400 stores worldwide and reported double—digit growth last year. well, the french president emanuel macron and the president of the eu commission ursula von der leyen will leave for china later today and they are expected to arrive in beijing on wednesday and they are due to meet with the chinese president xijinping. for more on this we can speak to our business reporter who has been monitoring this visit for us. hejoins me now on the programme. always great to have you on the show. what can we expect from the visit? european leaders right — expect from the visit? european leaders right now _ expect from the visit? european leaders right now cannot - expect from the visit? european leaders right now cannot get - leaders right now cannot get enough of china. last week we had the spanish prime minister, perry sanchez, and now emanuel

macron on his way to china. the reason they are going there is, of course, trade. china is europe's second—largest trade and investment partner. bilateral trade amounted to more than $860 billion in 2021, and that is why president macron �*s travelling dozens of top country executives to beijing, but what makes trade so important right now is, of course, timing. europe isjust emerging from a painful breakup with russia, and itjust can't afford to lose such an important trading partner as trainer. now, for beijing, well, beijing is facing souring relations with the slightest training partner, the united states, so it can't afford either to lose europe or business ties. —— strongest training partner. both sides need each other but it is not just because of trade. european leaders realise the influence

that china has with russia right now. they want to make sure that china does not use that influence to support russia's war efforts in ukraine. russia's war efforts in ukraine-— russia's war efforts in ukraine. . ., ., , ukraine. thanks for “oining us. well, ukraine. thanks for “oining us. weu, meat ukraine. thanks for “oining us. well, india is home _ ukraine. thanks forjoining us. well, india is home to - ukraine. thanks forjoining us. well, india is home to over - ukraine. thanks forjoining us. j well, india is home to over 1.4 billion people, of course, and as you can imagine the challenges of running government programmes can be immense. one a start—up is hoping its app can address this. the indian government spent 7% of its gdp on benefits. there are schemes that 900 million indians can avail. anything from scholarships, pensions and healthcare, but the problem is people do not have the information about what they are eligible for. this start—up is using technology to connect beneficiaries with government welfare programmes. so, how does it work?—

does it work? you start by askin: does it work? you start by asking basic _ does it work? you start by asking basic demographic| asking basic demographic details, name, gender, where they live. these questions, ultimately, lead to an icon saying what are eligible government services and the documents required to get these things. documents required to get these thins. , ,., ., things. gungubaya is one of --eole things. gungubaya is one of people across _ things. gungubaya is one of people across 7000 - things. gungubaya is one of| people across 7000 benefits using the app to claim benefits. it got a grant for 20 mango saplings under the government fruit tree plantations keen for farmers. translation: i plantations keen for farmers. translation:— plantations keen for farmers. translation: i got $25 to buy the lans translation: i got $25 to buy the plans and _ translation: i got $25 to buy the plans and nugget _ translation: | got $25 to buy l the plans and nugget government help to keep them alive. when they are ready, it will help me supplement my family income. while the app might look easy to use for people like you and me, most of the beneficiaries are neither literate or tech savvy and that is why the company comes into the picture.

every day, the hub field agent uploads people's documents and submit them to the relevant government departments for processing. translation: , ., translation: in this village barely 100 — translation: in this village barely 100 people _ translation: in this village barely 100 people had - translation: in this village barely 100 people had a - translation: in this village . barely 100 people had a pension but i have helped five dozen of the 15,000 villagers claim it. ifeel very proud. it the 15,000 villagers claim it. i feel very proud.— the 15,000 villagers claim it. i feel very proud. it charges a minimum _ i feel very proud. it charges a minimum fee _ i feel very proud. it charges a minimum fee for— i feel very proud. it charges a minimum fee for its - i feel very proud. it charges a minimum fee for its services, barely a enough for cost. can they ever make money for this? financial service organisations, they can build on this and offer products. so, that we see in the next four, five years, really be able to monetise and get profitable. the aim in the next few years is to help 100 million indians claim what is rightfully theirs. it is a lofty goal, especially since funding for start—up has dried up and

getting corporate is to pay for welfare is getting tougher in a slow economy. that is it from us. thanks for watching. goodbye, and i will see you tomorrow. the latest way to improve safety for people at partying. the safe bus will be parked up every friday and saturday night outside bath abbey. saturday night outside bath abbe . ~ ., , saturday night outside bath abbe . ~ . , , ., abbey. we have this private area and — abbey. we have this private area and this _ abbey. we have this private area and this is _ abbey. we have this private area and this is for - abbey. we have this private area and this is for people l abbey. we have this private | area and this is for people to come if they need their own private space, need private medical treatment. find private space, need private medical treatment. and then we have not medical treatment. and then we have got a _ medical treatment. and then we have got a kitchen? _ medical treatment. and then we have got a kitchen? this - medical treatment. and then we have got a kitchen? this is - have got a kitchen? this is kind of like _ have got a kitchen? this is kind of like the _ have got a kitchen? this is kind of like the kitchen - have got a kitchen? this is l kind of like the kitchen area. we have got everything you would need if you wanted to keep warm and have a nice

drink, tea and coffee facilities. we have got sick bowls, emergency blankets, flip—flops which i have been told a really popular. spare clothing, phone charges. there will always be a paramedic. there will be a security marshal in the city, night marshals, and then they will be volunteers. there will be people who need first aid and a paramedic in that support. pressure on emergency services is known to be higher on weekends. if is known to be higher on weekends.— is known to be higher on weekends. , ., ., weekends. if you can deal with the situation _ weekends. if you can deal with the situation on _ weekends. if you can deal with the situation on the _ weekends. if you can deal with the situation on the ground - the situation on the ground where it has happened people don't have to do anything. it has been proven elsewhere and venues around bath asked for their own bus. vulnerable, tipsy, or maybe even lost. this bus is one that will always have a seat for you. hello. i am at rachel with the catch up.

first, to liverpool were olivia pratt—korbel�*s killer has been jailed for 42 years. nine—year—old olivia was shot ljy nine—year—old olivia was shot by thomas cashman as he chased another drug dealer into her home last august. the refused to appear in court. olivia's mom cheryl spoke afterwards. irate mom cheryl spoke afterwards. we welcome mom cheryl spoke afterwards. - welcome the sentence given, but what i can say is that my family and i have already started out life sentence, having to spend the rest of our lives without olivia.— lives without olivia. some other news _ lives without olivia. some other news - _ lives without olivia. some other news - russian - other news — russian investigators are holding a woman as a bombing killed a pro war blogger at a cafe in st petersburg. in a video released daria trip over is heard admitting she handed over a statue that later blew up. —— trepova. is your passport up today? workers have started a five week/ overpay and the demand for new passports has

gone up. the union's warning there may be delays in the lead up there may be delays in the lead up to summer. white shorts on your period does not sound ideal. that is what the england's lionesses had to play football in but for the women's world cup there will be a change, and pictures of the new blue shorts have been released after players called for a different colour. to finish off, let's have a look at ten seconds of a hero. this is the moment that a skeer spots and saves a snowboarder who was stuck upside down under a tree in america, and the whole thing was caught on camera two. incredible. you are all caught up incredible. you are all caught up now. have a good night.

hello, i'm tulsen tollett, live from the bbc sport centre. coming up on this programme: everton strike late to grab a point against tottenham and move out of the relegation zone. chelsea's search for a new manager will have a lot of top candidates but the time frame is unknown. and golf�*s big names play down talk that it's liv versus pga tour players at this weeks masters in augusta. hello, i'm tulsen tollett and this is your sports news where we start with football. everton and tottenham hotspur shared the goals and the red

cards at goodison park. after a lacklustre first half, abdoulaye doucoure was sent off