china tops the agenda as ministers from the group of seven major economies gather in japan. plus, a's booming beauty industry is embracing digital tools, but will it be enough to raise profits? —— a's. hello and welcome to asia business report. i'm karishma vaswani. we started japan where foreign ministers from the group of seven major economies are gathering for a three day meeting. dinah and its assertiveness within the region is expected to drop the agenda along with the ukraine war. our

business reporter this morning is katie silver has been looking into the story for is and joins us on the programme. always going to get you on the show. what is your sense of the key things to look out for today? key things to look out for toda ? ,, ~ ., ., ., today? sure. we have heard from the a-rou today? sure. we have heard from the grow) and _ today? sure. we have heard from the group and the _ today? sure. we have heard from the group and the key _ today? sure. we have heard from the group and the key things - the group and the key things are the war in ukraine and then china, particularly when it comes to china is its relationship and how is it —— how it plays our going forward when it comes to taiwan. the meeting began at the end of last night, a working dinner between the foreign ministers. we also saw the eu's top foreign policy chief, josep borrell, addressed the group by video link. is said basically when it comes to china they have the decision was the relationship is going to be going forward with the international community and thatis international community and that is on the basis of how it chooses to behave, particularly when it comes to taiwan, he said that china is a partner, competitor, and systemic rival. as part of all this, and as a manager, it is a three—day meeting being held about two

hours outside of tokyo in a resort town, comes one month before we see the leaders of the g7 nations meet. china without a doubt and taiwan are going to be a big part of this conversation, in part in response to what we saw from china, beating last week, we saw this simulated encirclement, as it was called, of taiwan, by air, basie, huge numbers of vessel simulating what an encirclement of taiwan would look like, we ran need to remember that beijing sees taiwan as part of its territory and hasn't ruled out retaking it by force. taiwan for its part is democratically governed and sees this is usually crucial. the issue going forward for these g7 leaders meeting in the foreign ministers in particular is going to be how to balance that important issue of diplomacy versus politics. many are calling, for example, of the international community to come together in a concerted way including that eu high representative i mentioned, but there are different goals. the

us, for example, is very strong when it comes to china, because it is bound by law to help taiwan protect itself militarily. then we have the likes of germany, france, all with different goals and exactly how they balance that political versus economic decision is going to be what we will be watching.— will be watching. indeed. katie silver, i know— will be watching. indeed. katie silver, i know you _ will be watching. indeed. katie silver, i know you will - will be watching. indeed. katie silver, i know you will be - silver, i know you will be watching that closely for us on asia business report. the delicate art of balancing politics and the economy will be a tough act for many countries out here in this region. that is according to karie murphy cruz, from murphys, who spoke to little earlier. �* , . . murphys, who spoke to little earlier. �*, . ., ., . earlier. it's a real balancing act, earlier. it's a real balancing act. not _ earlier. it's a real balancing act. not only _ earlier. it's a real balancing act, not only the _ earlier. it's a real balancing act, not only the region - earlier. it's a real balancing act, not only the region by| earlier. it's a real balancing i act, not only the region by the global economy as well. china is a powerhouse economy when it is a powerhouse economy when it is firing at all cylinders the global economy is doing better. that is one of the benefits we are seeing with china's reopening happening now. of course, the tensions that are there to make it tricky when you throw in some of the decoupling trays or scenarios we are seeing it as further to

those tensions. but in the short—term i think china �*s reopening will add to some of the good news stories coming out of the region.— out of the region. that was karie murphy _ out of the region. that was karie murphy cruz - out of the region. that was karie murphy cruz from - out of the region. that was - karie murphy cruz from moody's analytics speaking to me earlier. in other news, some of the biggest banks in the us have reported their results for the first quarter. jpmorgan, citigroup, and fargo released earnings that beat expectations on friday but they have been growing fears of the health of the financial sectors of the recent banking turmoil in the us and europe. we will find out how other major lenders will fare later this week. i spoke to isac paul a little earlier, the global chief investment at oriana financial services, he told me the latest results look good, but the earnings may have peaked. good, but the earnings may have eaked. , , ., ., peaked. these were very good results for _ peaked. these were very good results for what _ peaked. these were very good results for what are _ peaked. these were very good results for what are amongst l results for what are amongst the biggest banks in the us. and we see there has been some flight to safety for depositors who are looking to put their cash with banks they know will be able to pay the back. and that really has 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 is quite likely that these big banks, and we will see some more this week, are experiencing experiencing the picken earnings and if we look out over the year there are some some flowers on the outlook for the banking sector. what are the storm clouds, the pressure plates, as you have called them. it pressure plates, as you have called them.— pressure plates, as you have called them. it is getting down to the fact _ called them. it is getting down to the fact that _ called them. it is getting down to the fact that interest - to the fact that interest rates, the fed funds rate and the policy rate is at a very policy level, is restrictive for the economy and is going to stay at an elevated level for some time. we will probably see another hike. that will exacerbate some of the deposit like we have seen so far, particularly from the small and mid banks that will result in smaller credit growth for the us economy and all of this is coming at a time when the us economy is already flowing, it

is already trending towards recession —— slowing. this is a scenario that is historically always challenging for the banks and so coming out through the first quarter think we're going to see those banks really try to guide earnings expectations. we're probably moving negative earnings growth for them remained of this year for them remained of this year for them remained of this year for the financial sector and probably the us economy as a whole. , . , ., ., whole. the picture you are painting — whole. the picture you are painting is _ whole. the picture you are painting is pretty - whole. the picture you are painting is pretty grim, - whole. the picture you are painting is pretty grim, a l painting is pretty grim, a healthy banking centre is the oxygen of any strong economy, it pumps life and credit through the economy, right, so when you talk about the issues facing the banking sector, the challenges going ahead what does that mean for economic growth in these major economies, the us in particular?— economies, the us in articular? , . ., particular? its credit growth, credit creation _ particular? its credit growth, credit creation was _ particular? its credit growth, credit creation was really - particular? its credit growth, | credit creation was really help support the economic cycle and can extend the economic cycle. at the moment we are seeing credit growth slow, whizzing the credit impulse in the us economy turn towards negative, thatis economy turn towards negative, that is going to put a handbrake on economic growth. i

think over the course of this year we will see more non—performing loans, we will see some of those loans they were created of the last couple of years roll off towards default. it will mean credit creation will be slowed even further, credit positions will tighten, and for the us economy thatis tighten, and for the us economy that is not a good thing. it really does come at the same time as the fed has hiked a lot, monetary policy is restricting, credit growth will slow, over the course of the year it increases the likelihood we see a recession before 2023 ends, and that is the major risk facing us economy right now. issak paul from oriana — economy right now. issak paul from oriana financial - economy right now. issak paul from oriana financial services | from oriana financial services speaking to me earlier. the value of the global cosmetics industry is thought to be a whopping 90 pt it billion us dollars by 2030. the majority of the growth is expected to come from right here, the asia—pacific region, with the digital world already reshaping the way we live brands are increasingly using tech swimmers customers in their products. the translated two

more —— will that translate into more sales? lights, cameras, action, but make it ai, in the world of beauty, personalisation is the latest trend and brands are turning to technology to deliver. there will�*s largest cosmetic company is investing heavily in app and gadgets and asia is proving to be a fertile testing ground.— testing ground. this is a reuion testing ground. this is a region with _ testing ground. this is a region with rebuilding i region with rebuilding consumers and very young, if we look at genzon, millennials, over 1.6 million people in this part of the world, they are hyper— connected, very digital, becoming more affluent, they tend to spend more on beauty products. tend to spend more on beauty roducts. , ., tend to spend more on beauty products-— products. many of the tools available — products. many of the tools available on _ products. many of the tools available on the _ products. many of the tools available on the market - products. many of the tools | available on the market rely products. many of the tools . available on the market rely on artificial intelligence or augmented reality. app on e—commerce platforms that let you try on make up virtually. devices that use algorithms to recommend skincare or foundation shades or ask how you are feeling to customise perfume according to your mood.

or what about a device that mixes lipstick according to what you are wearing? i’m mixes lipstick according to what you are wearing? i'm going tot and what you are wearing? i'm going to try and find — what you are wearing? i'm going to try and find a _ what you are wearing? i'm going to try and find a shade _ what you are wearing? i'm going to try and find a shade that - to try and find a shade that matches this outfit. so a have to click here and take a photo of myself. to click here and take a photo of myself-— of myself. the smartest technology _ of myself. the smartest technology generates i of myself. the smartest - technology generates shade recommendations depending on the colour harmony of your clothes. then sensor signals to the device which blends and dispenses a bespoke lipstick shade within a few seconds to finish your look. i'm quite happy with that. in asia, sales are beauty products have rebounded strongly after the pandemic and inflation is not curbing spending habits too much, according to kanter. the inserts firms as customers are keen to drive new ways of buying cosmetics.- buying cosmetics. some employers _ buying cosmetics. some employers are _ buying cosmetics. some employers are really - 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 full because they don't have the function of all my fingers it is extremely hard for me to actually pick up make up and try it on. inclusivity is the next frontier for l'oreal. it is launching the first hand—held computerised make up applicator, designed for users with limited hand and arm mobility. 50 with limited hand and arm mobility-— with limited hand and arm mobili . , , , mobility. so many times they have felt like _ mobility. so many times they have felt like just _ mobility. so many times they have felt like just because - mobility. so many times they have felt like just because a l have felt like just because a disabled i have fellowjust because a disabled eye might not be as beautiful in society and i think make up a beauty can help me feel that. and i hope i am considered and everyone else in my community is considered when these technologies are going to be launched. technologies are going to be launched-— technologies are going to be launched. �* . , , launched. beauty may be in the e e of launched. beauty may be in the eye of the _ launched. beauty may be in the eye of the beholder, _ launched. beauty may be in the eye of the beholder, but - eye of the beholder, but technology is one way for the beholder to feel both included and immersed in the shopping experience. there that's it

from us. tanks for watching. to stay with bbc news. birkenhead park has always been at the heart of the community. from royal visits to rugby games and today is in the running to be a unesco world heritage site. birkenhead park was there will�*s first publicly funded part. it opened its gates in 181t7 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 2 million visitors every year. irate million visitors every year. we do aet million visitors every year. - do get visitors coming from all around the world because of its links with central park. we want people to come in on the

cruise ships, coming on the part, and what we have got here, because they know central parkis here, because they know central park is probably ten times bigger than this, but we are special. we are a little oasis in the middle of what is a concrete jungle, recently. in the middle of what is a concretejungle, recently. we concrete “ungle, recently. we come concretejungle, recently. we come here — concrete jungle, recently. we come here when we were young. now we're — come here when we were young. now we're not quite as young we have — now we're not quite as young we have the _ now we're not quite as young we have the kids, grandkids, they are here — have the kids, grandkids, they are here now and love it stop it includes— are here now and love it stop it includes york city centre and — it includes york city centre and a _ it includes york city centre and a selection of ina settlements in shetland. there are 33 unesco _ settlements in shetland. there are 33 unesco sites _ settlements in shetland. there are 33 unesco sites in - settlements in shetland. there are 33 unesco sites in the - settlements in shetland. there are 33 unesco sites in the uk, two in the north—west. birkenhead park is hoping to join them on the prestigious list which recognises cultural, historical, scientific significance.

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

i've got over 105 cars now, 1a box sets upstairs in my bedroom and probably another 20 sets that are loose. it takes my mind off things, it's brilliant. he rediscovered his childhood hobby a year ago and says it has really helped with his autism and mental health. electrics gives me the opportunity to be flexible. can take it down if they don't like a track and get bored of it, can take it down and put a completely different track up and my autism accepts that because it is something completely different. ian has also taken his track out on the road hosting monthly meats in this local community centre. it's a great group, brings together like—minded people, we like racing cars. and it's a great two hours on a sunday evening. my first time down at ian's club tonight. this is how big clubs start. small things like a track

on the floor builds into a big club. and i wish ian 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. hello and thanks forjoining us. we start 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—2 at west ham.