turning off the tap, saudi arabia since the level of production cut of the million barrels a day. plus, a defining moment for augmented reality. sent to make a reaction to bring the technology into the mainstream. while there. welcome to the business report. let's begin with oil prices in thejumping by more than $2 a barrel in early trade. there are now at around $78 per barrel and that is basically after countries to

continue cutting production basically to push prices which seem to be working so far in saudi arabia said they will make cuts of over a million barrels per day injuly and targets would drop by after a one point million barrels. it accounts for about 40% of the rules crude oil and decisions can have a major impact on oil prices. let's skip more for my middle east business correspondent. —— let's get more. before the meeting started in the oil production and oil production where around $5 a barrel, they have been falling and concerns they could fall further with they could fall further with the global economy and demand weakening. in saudi arabia and some countries were very keen that the group, goes ahead and ask another cut as a group of most countries were against that idea because any cut would

lead her impact their oil revenues which is crucial to their economies in saudi arabia was in when they could afford to make the cut and managed its national budget. when they came to make these cuts, looking at the prices, hovering around $25 a barrel. for saudi arabia, it is crucial that oil prices remain above $80 because that's the break even point in saudi arabia needs high oil prices to fund some of the multibillion—dollar projects and infrastructure projects that it and infrastructure projects thatitis and infrastructure projects that it is building in saudi arabia, building and cities, new economic zones, and the tourist destinations and he needs money because saudi arabia is doing this away from oil and as the world reduces imports of fossilfuels. oil and as the world reduces imports of fossil fuels. that is why saudi arabia is worried that if oil prices continue to fall, he could impact up to the projects which are ongoing right now in the kingdom. but

analysts are not sure that these cuts will make or have any impact in the immediate future and in fact, it might soften further given demand has been weakening. the be interesting to see if they make further cuts in the months to come because it will continue monitoring the price and the market situation and take action when needed. he will keep an eye on the oil prices as well. at the start of another busy economy here in asia, let's talk through some of the looking out for. australia's central bank will decide on the cost and quite a bit of pressure to raise rates after inflation jumped to more than expected in april. staying in australia, we also played out of the economy performed in the first quarter and the gdp data is of that week. none thursday is japan's turned to show their quarter performance

and will keep an eye on that end and he central bank will decide on interest rates as well. reading of the week, inflation reading from the biggest economy, china. chief market analyst at the trade and he told me all eyes are now on the upcoming interest rates decision. . , ., decision. that will be on the mind of the _ decision. that will be on the mind of the market - decision. that will be on the mind of the market this - decision. that will be on the l mind of the market this week. and the — mind of the market this week. and the region and next week we have _ and the region and next week we have the — and the region and next week we have the traders looking at this — have the traders looking at this. how that will potentially impact — this. how that will potentially impact what they do next week. in about — impact what they do next week. in about ten days, what is your expectation it seems like opinions are split on another hike possible pause. taste opinions are split on another hike possible pause.- opinions are split on another hike possible pause. we had to . um . hike possible pause. we had to -um- the hike possible pause. we had to pump the payrolls _ hike possible pause. we had to pump the payrolls and - hike possible pause. we had to pump the payrolls and a - hike possible pause. we had to pump the payrolls and a robustj pump the payrolls and a robust wa of pump the payrolls and a robust way of the _ pump the payrolls and a robust way of the market, _ pump the payrolls and a robust way of the market, the - pump the payrolls and a robust way of the market, the way - pump the payrolls and a robustj way of the market, the way the pressures— way of the market, the way the pressures easing that is a good side _ pressures easing that is a good side of— pressures easing that is a good

side of inflation. and going into— side of inflation. and going into pulse mode and this further— into pulse mode and this further data but there are others _ further data but there are others who want to raise rates how _ others who want to raise rates how to — others who want to raise rates now to address that stubbornly hi-h now to address that stubbornly high inflation and the applause hext _ high inflation and the applause next week and a hike injuly it certainly— next week and a hike injuly it certainly is in place. next week and a hike in july it certainly is in place.— certainly is in place. what about australia, - certainly is in place. what about australia, facing i certainly is in place. what about australia, facing a l about australia, facing a similar issue behind inflation pressure to do something about it, what are you expecting there? ~ . . it, what are you expecting there? ., ,, it, what are you expecting there? ~ ., ., . , , ., there? we had a crisis that he make incident, _ there? we had a crisis that he make incident, we _ there? we had a crisis that he make incident, we will- there? we had a crisis that he make incident, we will a - there? we had a crisis that he make incident, we will a hike | make incident, we will a hike on tuesday. and suppressing the market— on tuesday. and suppressing the market and the consensus is that— market and the consensus is that we _ market and the consensus is that we can see them and we could — that we can see them and we could see _ that we can see them and we could see a hike on tuesday because _ could see a hike on tuesday because they really want to address— because they really want to address that inflation which is well— address that inflation which is well outside the target band for them at the moment. but some — for them at the moment. but some of— for them at the moment. but some of the market does. it�*s

some of the market does. it's over them _ some of the market does. it's over them we _ some of the market does. it�*s overthem we can, some of the market does. it�*s over them we can, they were marking the start of pride month and some businesses are using it to put lgbt rights and focus and that is because what is known as the consumption power from the lgbt demographic is growing. ten years ago, the spending power was less than 3 billion us dollars but this year, when research shows that the connection grew to $5.1; billion. timothy is an associate professor at the london school of economics and political science and he told me that lgbt people continue to pay a penalty particularly when their openly gay. pay a penalty particularly when their openly gay-— their openly gay. presumably, two thirds _ their openly gay. presumably, two thirds of _ their openly gay. presumably, two thirds of the _ their openly gay. presumably, two thirds of the lgbt- their openly gay. presumably, two thirds of the lgbt people | two thirds of the lgbt people are in asia. but the reality is that the whole idea of the pink economy rests upon the assumption that lgbt people have higher disposable incomes that they are ultimately more

affluent than the straight counterparts. the reality is most parts of the world, especially in asia, there is a real economic cost to being openly gay, openly lgbt people pay a penalty for being their authentic selves both in terms of education and employment and getting promotions, etc. even in the united states of the situation was particularly good for lgbt people, their receiving roughly 90 cents per the dollar of their straight counterparts. long story short, they don't command as much power in the market that a lot of these estimates would have you believe. of these estimates would have you believe-— you believe. there are lots of rumours _ you believe. there are lots of rumours that _ you believe. there are lots of rumours that apple _ you believe. there are lots of rumours that apple could - you believe. there are lots of rumours that apple could be | rumours that apple could be launching a new virtual reality headset this week ended this

many companies investing in augmented reality tech and it is something that they are all showing up at the industry world expo taking place right now. bring this skylights in san francisco. when you arrive here, you're greeted by a familiar sight, albeit much larger than usual. a human sized snap chat screen with dozens of filters that can change how you look. but walk a bit further to the show floor and which will find this may be and which will find this may be a bit less familiar. people standing, waving and grabbing around with devices strapped to the face and hands. these are all examples of augmented reality. the mix of real and digital and although it may look a little bit strange in the outside, when i tried this augmented reality flight simulator, it was captivating. we have to be very gentle with us. and that is what developers are banking on. it is

us. and that is what developers are banking on.— are banking on. it is great to be in this — are banking on. it is great to be in this industry _ are banking on. it is great to be in this industry right - are banking on. it is great to be in this industry right now| be in this industry right now and — be in this industry right now and ten _ be in this industry right now and ten years ago, the product was ahead of its time because he didh't— was ahead of its time because he didn't have enough computer memory— he didn't have enough computer memory and headsets. you he didn't have enough computer memory and headsets.- memory and headsets. you will see a device — memory and headsets. you will see a device is _ memory and headsets. you will see a device is being _ memory and headsets. you will see a device is being pitched i see a device is being pitched for medical devices to flight and driving simulators and of course, gaming and entertainment. that is where they are focused. i entertainment experience, with the gaming console in the computer, and it is like carrying a 65 inch tv running down the glasses behind your year to a remote, they're fairly comfortable. but not everything to feel so polished and some devices feel like they're solving a problem that doesn't really exist. if i did hard to shake the feeling that

putting a screen on your face just isn't as practical as using your phone as a regular tv. like cannot change later today as apple are holding their conference where rumours are swirling that the tech giant will be announcing the much—anticipated ar headset. here, developers are excited. it's here, developers are excited. |t' ., , ,, ., here, developers are excited. |t' .,, ,, ., ., it's transmission, augmented reali . it's transmission, augmented reality- the — it's transmission, augmented reality. the more _ it's transmission, augmented reality. the more big - it's transmission, augmented i reality. the more big companies that come into it, the more attention they will generate. with the announcement in a few hours, i'll be watching closely. i decide to find out if it impeach streaming to this headset. —— find out if it will be streaming to the —— find out if it will be streaming to the headest. quite a lot of optimism over the senate at the time and president biden made

it happen. so, no more defaults will see. the signs of summer are everywhere. so, why is this still a christmas tree in beverly? it still a christmas tree in beverly?— still a christmas tree in beverl ? ., beverly? it was due to come down early _ beverly? it was due to come down early january - beverly? it was due to come down early january and - beverly? it was due to come down early january and for. beverly? it was due to come i down early january and for the down early january and for the first time that this is ever happened but we actually decided to nest in the tree that the bird. s that cost by the few complications that we are still living with at the moment stop by the council put

up moment stop by the council put up signs after comments were made at the state of the tree and not everyone has sympathy for the wood pigeon that is made at home.— made at home. the tree is dinin: made at home. the tree is dining make _ made at home. the tree is dining make dying - made at home. the tree is dining make dying so - made at home. the tree is dining make dying so my. made at home. the tree is - dining make dying so my opinion is that— dining make dying so my opinion is that it — dining make dying so my opinion is that it is _ dining make dying so my opinion is that it is. it dining make dying so my opinion is that it is— is that it is. it is a piece of structure _ is that it is. it is a piece of structure which _ is that it is. it is a piece of structure which we - is that it is. it is a piece of structure which we society is that it is. it is a piece of. structure which we society of put there _ structure which we society of put there. and _ structure which we society of put there. and it _ structure which we society of put there. and it is - structure which we society of| put there. and it is protected white — put there. and it is protected while it— put there. and it is protected while it is— put there. and it is protected while it is that _ put there. and it is protected while it is that nest. - put there. and it is protected while it is that nest. for- put there. and it is protected while it is that nest. for more stories across _ while it is that nest. for more stories across the _ while it is that nest. for more stories across the uk, - while it is that nest. for more stories across the uk, had - while it is that nest. for more stories across the uk, had to | stories across the uk, had to the bbc news website.

in newcastle, the lawns of been liberated and the wildflowers left free. so beneficial to pollinating insects bees and butterflies that we all like to see a movie did those flowers down, we saw pollinating insects. as it coming around here it beenifs as it coming around here it been it's lovely. i saw a dragon fly is like this big the

other day. and anywhere else, could be kept a bit rough until it's a reasonable time. it is tidy but if you have just an area. the month—end, the pleated gardeners with them in the shed a bit longer if you can and enjoy what comes up without much work. from the bbc sportscenter coming up on the programme. novak djokovic edges closer to a record 23rd career grand slam title, as he eases in to the last eight of the french open.