towards an escalation between china and the us over taiwan? signs of inflation slowing in the will�*s largest economy but fears of a recession in the us are growing. plus the world bank is set for a leadership change at a time when it's under pressure from world leaders. analysis on what is next for the institution. hello and welcome to asia business report, i'm karishma vaswani. we start this morning and the will�*s largest economy, the united states, where inflation has dropped to its lowest level for nearly two yea rs. lowest level for nearly two years. consumer prices rose by 5% in the year to march, that's

a far cry from the 9% we saw in june but there are warnings of a possible recession or the pipelines our business reporter katie silva has been looking into the details of the story for us. it is always great to see you on asia business report at the seems like relatively good doesn't it? fit at the seems like relatively good doesn't it? of course. as we mentioned _ good doesn't it? of course. as i we mentioned a huge drop since lastjune. 5% inflation down from 6%, its well and truly been welcomed in high quarters, president biden saying it gives american families some breathing room in particular pointing to the fact that we've seen the greatest reduction in the costs of gas as well as food and grocery expenses, things that are very important to american families. but the excitement should be tempered somewhat. up was the us like many major economies pursues an inflation target of 2% so 5% is still a long way off that and if we were to take out those impacts of the fuel and food prices, that would leave us with a figure called core

inflation and core inflation actually rose, particularly driven by increasing costs when it came to housing as well as medical costs as well, so we are still hearing from the fed that they are likely to continue the process of raising interest rates. some analysts saying that we should see an increase the next opportunity increase the next opportunity in the order of about a quarter of a percentage point and we must remember that interest rate hikes are currently, interest rates are currently in the highest we have seen in northern for ten years and if we do see this hike it is going to be the 10th in a row. lats to be the 10th in a row. lots to be the 10th in a row. lots to net to be the 10th in a row. lots to get through _ to be the 10th in a row. lots to get through therefore - to be the 10th in a row. lots to get through therefore fed policymakers but also concerns about a possible recession looming? tell me more about that top yellow the minutes have also suggested that they are expect a recession by the end of this year, in part as a result of the fallout from the banking crisis, the collapse of course of silicon valley bank, signature bank as well as credit suisse in recent weeks. as a result we saw a strong first quarter but by the end we

are expected to be in a recession, 0.4 gdp growth and it should take about two years to get out of it, what this is suggesting is that the continuation of raising interest rates despite this is showing that it seems to be on the same song sheet that we have been hearing from the international monetary fund that their spring meeting, yesterday we heard them calling on central banks around the world to continue the pressure, to continue to hike interest rates to maintain inflation and to prioritise that over financial stability, that is banks. so it seems that the federal reserve and the banks are singing from the same song sheet when it comes to maintaining price stability overfinancial maintaining price stability over financial stability. let's ho -e it over financial stability. let's hepe it is — over financial stability. let's hepe it is a _ over financial stability. let's hope it is a merrier - over financial stability. let's hope it is a merrier tune - over financial stability. let's | hope it is a merrier tune and head. thank you forjoining us on the programme with your thoughts. despite the prices showing signs of moderating, inflation is still a concern for officials at the international monetary fund and it is not the only risk to the global economy the fund is worried about.—

global economy the fund is worried about. ., ., worried about. samaria hussain was speaking — worried about. samaria hussain was speaking to _ worried about. samaria hussain was speaking to the _ worried about. samaria hussain was speaking to the deputy - was speaking to the deputy managing director of the imf. we are seeing multiple claims of stresses, we are in an environment where inflation is still too high, it is well above central—bank targets which is why they are raising interest rates to bring it down. we saw in march the banking sector the turmoil that we had to make the us and in switzerland. that has calmed down for now but we know that after a decade of low interest rates, lots of vulnerabilities have built up and we could see much more stress going forward and that is a risk, it is not our baseline, but that is an important risk. and the other risks we do worry about is what might happen with energy prices. the war is definitely not over. climate risks are abundant, so these are many of the concerns that we have. the latest inflation _ the concerns that we have. tue: latest inflation numbers the concerns that we have. tte: latest inflation numbers in the united states have just released and it shows a bit of a mixed picture. should the

united states continue to raise interest rates? the united states continue to raise interest rates?— interest rates? the inflation numbers — interest rates? the inflation numbers have _ interest rates? the inflation numbers have come - interest rates? the inflation numbers have come in - interest rates? the inflation l numbers have come in mostly interest rates? the inflation - numbers have come in mostly in line with what was expect that. we have headline inflation that is now around 5% but core is at 5.6% which is what we have been worried about. this is something we are seeing pretty much all of the world which is why headline is coming down because energy prices and present have come down, core inflation which is what monetary policy cares about has been more stubborn and sticky. so our message on staying the course for central banks, bring inflation down, remain. meanwhile, the finance ministers of india, japan and france will hold a press briefing on friday on the sidelines of those imf spring meetings to announce the launch of debt restructuring negotiations for sri lanka. 0ur india business correspondent has more on what is expect it.

the launch of restructuring negotiations and some of its biggest creditors are in china stopping the press briefings will be addressed by the finance ministers of india, japan and france along the indian prime minister. to three creditor countries have been working closely towards the debt restructuring in a co—ordinated fashion stopping the international monetary fund has said what this precisely means, whether it is a reworking of repayment timelines or a haircut on loans is something that will be discussed in these talks and all of the countries will have to agree upon the same terms stopping the assurance from sri lanka's bilateral partners have been supported restructuring was a crucial precondition of a bailout that came last month. this is the country's 17th this is the country's17th bailout and was approved after an unprecedented financial crisis led to sri lanka defaulting on its external

liabilities. the country continues to be in the grips of soaring inflation as well as a shortage of essential commodities such as food and fuel with one in three sri lankan families experiencing food insecurity.— food insecurity. later today the world _ food insecurity. later today the world bank's _ food insecurity. later today the world bank's outgoing | food insecurity. later today - the world bank's outgoing chief is due to address the media he announced his resignation in february and will be stepping down at the end ofjune stopping the organisation will select a new president next month stopping the former chief executive of mastercard is the most likely candidate following his nomination by the united states, the bank's largest shareholder. there has been a lot of discussion around what lies ahead for the world bank which is also under pressure to focus more on global public goods like climate change. earlier i spoke with stephanie siegel from the centre for strategic and international studies and she told me the world bank isn't the only multilateral development bank facing the sort of pressure. there is a lot of pressure on

notjust there is a lot of pressure on not just the world there is a lot of pressure on notjust the world bank but on all of the development banks to really increase their work and their efforts on so—called global public goods and the two that really are sort of front and centre are pandemic preparedness and also climate change. so how exactly the institutions do that, i think, is a big question beyond just the mandate to do more on global public goods is the question of how additional work on that front is financed. so how much _ on that front is financed. so how much should we expect going forward or depend on multi— development banks like the world bank forfinancing development banks like the world bank for financing when it comes to things like climate change? are you seeing a shift there at all?— there at all? certainly the development _ there at all? certainly the development banks - there at all? certainly the development banks are l there at all? certainly the - development banks are important providers of finance thing in the tens of billions of dollars. the needs are only going to increase and i think the demands on those institutions for financing will continue to increase. but if

you've been listening to the discussions at the spring meetings, the needs are not evenin meetings, the needs are not even in the billions of dollars, they are actually in the trillions of dollars, so in terms of what the officials that are can bring, certainly very important financing by think it is the role that these institutions can have an additional private finance, what we really need to meet the moment and meet the needs that are stemming from these global public good is in order of magnitude that really requires the mobilisation of amounts of capital. the mobilisation of amounts of caital. ., �* ., capital. you've outlined the challenge — capital. you've outlined the challenge they're _ capital. you've outlined the challenge they're really - capital. you've outlined the i challenge they're really well, i think, because you do need more financing from the private sector but how do they go about getting that and working with the private sector to achieve this? ., ., ., , this? the banks are already doinu this? the banks are already doing this _ this? the banks are already doing this to _ this? the banks are already doing this to a _ this? the banks are already doing this to a certain - this? the banks are alreadyl doing this to a certain extent in terms of bringing the private sector to the table but what you hear is demand for them to do more and you will hear a lot of the use of the

word de— risking, so how can these institutions de— risk certain project so that it becomes more attractive for the private sector. they have mechanisms to do that now through the provision of guarantees but i think there will be a lot more pressure for them to do more and then as far as the type of risks that they can help to mitigate, that is a big question, i think there needs to be some innovation as far as the thoughts of a committee these banks can support and when we are talking about things like the energy transition, are there more creative ways that these banks can work to actually speed the transition by bringing in more private capital? the transition by bringing in more private capital?— transition by bringing in more private capital? the us says it wants to thirds _ private capital? the us says it wants to thirds of _ private capital? the us says it wants to thirds of all - private capital? the us says it wants to thirds of all new - private capital? the us says it wants to thirds of all new cars j wants to thirds of all new cars sold within a decade to be electric. the ambitious target as part of president biden's push to tackle climate change, under the plans a court new heavy trucks sold in the us by 2032 would also run on clean

energy. that's it from us, thanks so much for watching. do stay with bbc news. birkenhead park has always been at the heart of the community. from royal visit to rugby games. and today, it's in the running to be able unesco world heritage site. birkenhead park was the will�*s first publicly funded park. it opened its gates in 1847 and since then has become the blueprint for green spaces around the world, most famously for new york's central park and today the screen space welcomes around 2 million visitors every year. we do aet million visitors every year. - do get visitors coming from all over the world because of its links with central park. we want people to come in on the cruise ships, come to the park

and see what we've got here because i'm no central park is probably ten times bigger than this but we are special. we are a little oasis in the middle of a little oasis in the middle of a jungle, a little oasis in the middle of ajungle, really. taste a little oasis in the middle of ajungle, really.— ajungle, really. we used to come here _ ajungle, really. we used to come here when _ ajungle, really. we used to come here when we - ajungle, really. we used to come here when we were i a jungle, really. we used to - come here when we were young, now we _ come here when we were young, now we are — come here when we were young, now we are not writers young. we got _ now we are not writers young. we got the kids and grandkids, they are — we got the kids and grandkids, they are all here in quite with they are all here in quite with the site — they are all here in quite with the site shortlisted, there are 33 unesco sites in the uk, two inthe— 33 unesco sites in the uk, two in the north—west. and birkenhead park is hoping to 'oin birkenhead park is hoping to join them on the prestigious list which recognises cultural, historical— list which recognises cultural, historical or scientific significant. i'm cash catch up. biden in northern ireland, scotland reform and ariana grande has a message to herfans. first reform and ariana grande has a message to her fans. first up, us presidentjoe biden has been

in northern ireland 225 years since the end of the trouble is, a link that saw thousands of people killed. he met political leaders including rishi sunak before giving a short beach in belfast where he talked about the importance of keeping the peace.— talked about the importance of keeping the peace. every person killed in the _ keeping the peace. every person killed in the troubles _ keeping the peace. every person killed in the troubles left - keeping the peace. every person killed in the troubles left an - killed in the troubles left an empty chair at the dining room table. and a hole in the heart that was never filled for the ones they lost. piece was not inevitable. we can't ever forget that.— inevitable. we can't ever foruet that. , ., forget that. other news now, uk's government _ forget that. other news now, uk's government decision - forget that. other news now, uk's government decision to | uk's government decision to block legislation them aims to make it easier for people block legislation them aims to make it easierfor people in scotland to change their legally recognised gender is to be challenged in court stopping the scottish government argues that the current process is too difficult and evasive and causes distress to an already marginalised and vulnerable minority group. ariana grande has called on fans to be gentler on comments on her

another people's bodies, and a new study showed 63% of teenage girls can't name any of the lionesses, a 4x4 will be on board and suggested a lack of diversity in the england women's team is one of the factors. now i'm going to leave you with ten seconds of tech. scientists have designed a robotic 3d printed hand which can grasp and hold objects using movement of the wrist. that's it from me, see you.

hello, welcome to the bbc sport centre. coming up on the programme, real madrid have one footin programme, real madrid have one foot in the champions league semifinals, while ac milan hold off natalie in an all italian affair. the uk and the republic of ireland submitted their going to euro 2028, but two of the proposed state enzyme team — stadiums aren't even built out. the first—ever women's team, goaland out. the first—ever women's team, goal and the championships for great britain. thanks very much for

joining us on the programme, it