china tax agenda as ministers from the group of seven major economies gather injapan. economies gather in japan. asia's economies gather injapan. asia's blooming beauty industry is embracing digital tools, but will it be enough to raise profits? hello. welcome. we start today in japan hello. welcome. we start today injapan where foreign in japan where foreign ministers injapan where foreign ministers from the group of seven major economies have gathered for a three—day meeting. china and its assertiveness within this region is expected to top the agenda along with the ukraine war. our business reporter is katie silver, she has been

looking into the story and joins me. great to get you on the show. what is on the agenda could it's a three day meeting, as you mentioned in a resort town about two hours from tokyo. it's a meeting about the foreign ministers of the g7 nations. last night, at a dinner, we saw the video link committee eu's top foreign policy official, high representative address the g7 foreign ministries and he said that when it comes to china and its relationship going forward, china needs to decide how it wants to be seen and china needs to decide how it wants to be seen— wants to be seen and how it wants to be seen and how it wants to — wants to be seen and how it wants to continue _ wants to be seen and how it wants to continue to - wants to be seen and how it| wants to continue to interact with the international community. he said that china is a partner, a competitor, a strategic rival, and as it navigates going forward, particularly surrounding taiwan, that impact its relationship with the international community. japan, the host nation, sees what's going on on its doorstep in the taiwan strait and the last week orso taiwan strait and the last week or so as something of top concern, clearly it wants that

to be the top of the agenda. we saw, for example, last week what was called a simulated encirclement, a huge high scale encirclement, a huge high scale encirclement of taiwan from beijing. many saying that this has been quite a provocative gesture. beijing, for its part, sees taiwan as part of its territory and hasn't ruled out reclaiming this territory whereas taiwan for its part of a democratically elected and they see the democratic governance as being vital to its continuation. the delicate balance here for g7 nations is going to be balancing politics and the economy. many countries, for example, have one that nick wanted to court beijing separately. we saw the president of france, and trying to build deals and ties committed apprentice coming across as a united front. we heard that it is a common and concerted effort, but as i say, it's that delicate balance

committees countries have to navigate versus the economy. indeed, particularly in china. thank you forjoining us. as katie was saying, that balance politics and the economy will be a tough act for many countries at here in this region. that's according to harry murphy cruz, and economic dignity economist that i spoke to a little earlier. it is dignity economist that i spoke to a little earlier.— to a little earlier. it is a real balancing - to a little earlier. it is a real balancing act. - to a little earlier. it is a| real balancing act. china to a little earlier. it is a i real balancing act. china is to a little earlier. it is a - real balancing act. china is a powerhouse economy when it is firing on all cylinders, the global economy is doing better. that is one of the benefits that we are seeing with china happening now. of course, the tensions that are there do make it tricky and when you throw in the decoupling traits or scenarios that we at the moment adding further to those tensions, but in the short term commencing china's reopening will add to the sum of the good news stories coming out of the beach and. news stories coming out of the beach and-— beach and. harry murphy cruz s-ueakin beach and. harry murphy cruz speaking to — beach and. harry murphy cruz speaking to me _ beach and. harry murphy cruz speaking to me earlier. - beach and. harry murphy cruz speaking to me earlier. in - speaking to me earlier. in other strays for you today, some of the biggest banks in

the us have reported their results for the first quarter. j. p. results for the first quarter. j.p. morgan said wales fargo released earnings that beat expectations on friday. they are have been growing fears of the health of the financial sector since the recent banking turmoil in the united states and europe. we will find out how other major lenders spared later this week. really i spoke with isaac poole, and he told me that although the latest results have been good, earnings may have peaked. they are aood earnings may have peaked. they are good results _ earnings may have peaked. they are good results for _ earnings may have peaked. tie: are good results for what are amongst the biggest banks in the us. we see that there has been some flight to safety from depositors looking to put their cash with things they know will be able to pay that back. and that has really helped those big banks boost their interest earnings and you saw that in the earnings numbers. i think looking out over the rest of this year, it is quite likely that these big banks, and we will see some more this week,

are experiencing, their peak earnings, and if we look out of the rest of the year, there are a few more storm clouds on the outlook that could be really challenging for the banking sector. ~ ., ., challenging for the banking sector. ~ . . challenging for the banking sector. . . sector. what are those storm clouds, those _ sector. what are those storm clouds, those pressure - sector. what are those storm | clouds, those pressure points as you have called them. it is getting down to the fact that interest rates and policy rates are at a very elevated level. it is restrictive for the economy. it's going to stay at an elevated level for some time. we are probably going to see another hike. that will exacerbate some of the positive stuff we have seen so far particularly from the smaller and medium—sized banks that will result in slower credit growth for the us economy and all of this is coming at a time in the us economy is already slowing. it's already trending towards recession. this is a scenario that is historically always challenging for banks, so coming out through first quarter, i think we are going to see those banks really try and guide earnings

expectations, probably moving towards negative earnings growth for the remainder of this yearfor growth for the remainder of this year for the financial sector and probably the us economy as a whole. the picture ou are economy as a whole. the picture you are painting _ economy as a whole. the picture you are painting is _ economy as a whole. the picture you are painting is pretty - you are painting is pretty grim. a healthy banking sector, of course, is the lifeblood of any strong economy. it comes life and credit through the economy, so when you talk about theissues economy, so when you talk about the issues facing the banking sector, the challenge is going ahead, what does that mean for economic growth in these major economies? it’s economic growth in these ma'or economies? it's credit growth, credit creation _ economies? it's credit growth, credit creation that _ economies? it's credit growth, credit creation that help - credit creation that help support the economic side, extending the economic cycle. at the moment, we are seeing credit growth slow. we see that credit growth slow. we see that credit impulse in the economy turned towards negative, that will put a hand growth, and i think over the course of this year, we will see more nonperforming loans, we will see some of those loans created over the last couple of years well off towards the default. it will mean that credit creation will be even further. credit conditions will tighten in the us economy, that is not

a good thing. it really does come at the same time as this hike. monetary policy is restrictive, credit growth will slow over the crest of this year, it really does increase the likelihood that we see a recession before 2023 ends, and thatis recession before 2023 ends, and that is the major risk facing the us economy right now. isaac poole speaking _ the us economy right now. isaac poole speaking to _ the us economy right now. isaac poole speaking to me _ the us economy right now. isaac poole speaking to me a - the us economy right now. isaac poole speaking to me a little - poole speaking to me a little earlier. the value of the global cosmetics industry is estimated to be around a whopping 90.4.2 billion —— 90 $4 billion. the majority of that growth is expected to come from here, and with the digital world already reshaping the way we live, brands are increasingly using tech to immerse customers in their portfolio of products. will that translate into more sales? are correspondent has been finding out. lights, camera, action. but to make it ai. in the world of beauty, personalisation the latest trend, and brands are turning

to technology to deliver. the worlds largest cosmetics co m pa ny worlds largest cosmetics company is investing heavily in apps and gadgets. asia is proving to be a fertile testing ground. proving to be a fertile testing round. , , . ., g; ground. this is a region with 3 billion consumers. _ ground. this is a region with 3 billion consumers. if- ground. this is a region with 3 billion consumers. if you - ground. this is a region with 3 billion consumers. if you look| billion consumers. if you look atjames e, millennialist, at james e, millennialist, we've atjames e, millennialist, we've got 6 billion people in this part of the world, they are hyper connected, digital, they are becoming more affluent, they spend more on beauty products.— beauty products. many of the tools available _ beauty products. many of the tools available on _ beauty products. many of the tools available on the - beauty products. many of the tools available on the market tools available on the market to rely on artificial intelligence or augmented reality. apps on e—commerce platforms that let you try and make up virtually. devices that use algorithms to recommend sinclair or foundation shades or ask how you are feeling to customise perfume according to your mood. 0r customise perfume according to your mood. or what about a device that mixes lipstick according to what you are wearing? i am going to try to find a shade that matches this outfit. i have to click here. take a photo of myself. the

smart technology generates shade recommendations depending on the colour harmony of your clothes. it then sends signals to the device which blends and dispenses a bespoke lipstick shade within a few seconds to finish her look. i'm quite happy with that. in asia, sales of beauty products have rebounded strongly after the pandemic. inflation is not curbing spending habits too much according to another. customers are keen to try new ways of buying cosmetics. some employers are really inclusive. zoe is a beauty and disability influence are based in singapore. the traditional shopping experience has always been a challenge for her. because i don't have the function of making various, it is extremely hard for me to actually pick up makeup and try it on. . , , ,

it on. inclusivity is the next frontier for _ it on. inclusivity is the next frontier for l'oreal. - it on. inclusivity is the next frontier for l'oreal. it - it on. inclusivity is the next frontier for l'oreal. it is . frontier for l'0real. it is launching the world's first hand computerised makeup applicator designed for users with limited hand and arm mobility. with limited hand and arm mobility-— with limited hand and arm mobili . , . mobility. some the times i have felt that just _ mobility. some the times i have felt that just because _ mobility. some the times i have felt that just because i - mobility. some the times i have felt that just because i am - felt thatjust because i am disabled i may not be as beautiful, and i think makeup and beauty can make me feel that. i hope that i am considered and everyone else in my community is considered that these technologies are going to be launched. these technologies are going to be launched-— be launched. beauty may be in the e e be launched. beauty may be in the eye of— be launched. beauty may be in the eye of the _ be launched. beauty may be in the eye of the beholder, - be launched. beauty may be in the eye of the beholder, but i the eye of the beholder, but technology is one way for the beholder to feel both included and immersed in the shopping experience. what a great story there. before we go, i want to tell you about how on tuesday, we expect a slew of data from china including gdp for the first quarter, which will offer a snapshot of how the world's

second largest economy is doing. for now, that is it from us. thanks for watching. birkenhead park has always been at the heart of the community. from royal visits to rugby games and today it's in the running to be a unesco world heritage site. birkenhead park was the world'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, this green space welcomes around two million visitors every year. we 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 know central park's probably ten times bigger than this. but we're special. we're a little oasis in the middle of what's a concrete jungle. really? we used to come when we were young. that was not quite your show. we got the kids, the grandkids. they're all here now and we love it. other sites shortlisted for the honour include york city centre and a collection of iron age settlements in shetland. there are 33 unesco sites in the uk, two in the north westjodrell bank and the lake district national park and birkenhead park is hoping tojoin them on the prestigious list, which recognises cultural, historical or scientific significance.

ian ward has turned his living room into a slot car racetrack.

i've got 105 cars now and probably another 26. it takes my mind off things. it's brilliant, all of that. he rediscovered _ brilliant, all of that. he rediscovered his childhood hobby a year ago and says it's really helped with his autism and mental health. the electrics _ and mental health. the electrics gives - and mental health. the electrics gives me - and mental health. the electrics gives me an i electrics gives me an opportunity to be flexible. so if i don't like the tracker if i get bored of it, i can take it down and put a different track up. my brain accepts that because it's something completely different. ian has also taken — completely different. ian has also taken his _ completely different. ian has also taken his track- completely different. ian has also taken his track out - completely different. ian has also taken his track out on i completely different. ian has. also taken his track out on the road, hosting monthly meets in the community centre. it is road, hosting monthly meets in the community centre.- the community centre. it is a treat the community centre. it is a great group- _ the community centre. it is a great group- it— the community centre. it is a great group. it brings - the community centre. it is a i great group. it brings together like—minded people. we like racing — like—minded people. we like racing cars. it's a great two hours — racing cars. it's a great two hours on — racing cars. it's a great two hours on a _ racing cars. it's a great two hours on a sunday evening. my first time hours on a sunday evening. tj�*i1: first time down hours on a sunday evening. ti1 first time down here to the club tonight, this is how big club tonight, this is how big club start. little small things

like a track on the floor, building into a big club. i wish in the best of luck. hello welcome to sportsday, i'm lizzie greenwood—hughes, at the bbc sport centre. coming up on the programme... arsenal drop points at west ham to put a big dent in their premier league title hopes. andre rublev aces in monte carlo — for his first masters 1000 win. and snooker history at the crucible, as neil robertson makes two 146 breaks at the world championship. we're starting with football and potentially crucial dropped points for arsenal in their quest for a first premier league title in nearly 20 years. they let slip a two goal lead — to draw 2—all at west ham.