turning off the tap. saudi arabia announces an oil production cut ofi million barrels per day. plus, a defining moment for augmented reality. apple is said to make an announcement that some say will bring the technology into the mainstream. hi there. welcome to a business report. let's begin this morning with oil prices because they arejumping by more morning with oil prices because they are jumping by more than $2 per barrel and brent crude futures are trading at about $78 a barrel and that is because oil producing countries

agreed to continue cutting production basically to push up prices which seems to be working so far. saudi arabia working so far. saudi said prices which seems to be working so far. saudi said it would make cuts of1 million barrels a day and targets would drop by 1.4 million barrels per day from 2024. 0pec+ accounts for crude oil and let's get more for our middle east correspondent. it more for our middle east correspondent.— more for our middle east correspondent. it was widely exected correspondent. it was widely expected before _ correspondent. it was widely expected before the - correspondent. it was widely| expected before the meeting started that 0pec+ would reduce oil production because it is hovering around $75 a barrel. there are concerns it could fall further with global economy struggling and demand wiggling. saudi arabia and some countries were really keen that the oil group goes ahead and makes another cut as a group

but many countries were against that because many would cut the oil revenue crucial for their economies. why is saudi arabia keen to make these cuts? if you look at oil prices as i was mentioning they are hovering around $75 a barrel. the saudi arabia it is crucial that oil prices remain above $80 because thatis prices remain above $80 because that is the breakeven point and saudi arabia needs hi all prices to find the multibillion—dollar infrastructure projects it is building in saudi arabia. it is building in saudi arabia. it is building new cities, economic zones, tourist destinations. for all of that it needs money and it is doing this to diversify the economy away from oil as the world reduces imports of fossil fuels. and thatis imports of fossil fuels. and that is why saudi arabia is worried that if oil prices continue to fall it could impact its other projects which

are ongoing now in the kingdom. analysts are not sure if this will impact on oil prices in the future. it might soften further given that demand has been weakening but it will be interesting to see if the group decides to make further cuts in the months to come because it has said that it will continue monitoring the price and the market situation and take a decision when it needed. there are a lot of _ decision when it needed. there are a lot of rumours _ decision when it needed. there are a lot of rumours that - decision when it needed. there are a lot of rumours that apple | are a lot of rumours that apple is launching a new virtual reality headset and it is not alone. many companies have been invested in augmented reality tack and it is something that they are all showing off at the industries world expo. here are the highlights from san francisco. when you arrive at awe you are greeted by a familiar sight, albeit much larger than usual. a snapchat screen with dozens of filters that can change how you look

but walk a bit further and what you will find might be a bit less familiar. people standing, waving and grabbing around with devices strapped to their face and hands. these are all examples of augmented reality a mix of real and digital and while it might look strange to the outside when i tried this flight simulator i could see the lower. it is captivating. all right. 0h! have to be gentle with this.- all right. 0h! have to be gentle with this. that is what developers — gentle with this. that is what developers are _ gentle with this. that is what developers are banking - gentle with this. that is what developers are banking on. l gentle with this. that is what j developers are banking on. it is great to be in this industry right now and our company, we started a headset ten years ago or something but the product was ahead of its time. we did not have enough computer memory and headsets.— and headsets. here on the floor ou will and headsets. here on the floor you will see _ and headsets. here on the floor you will see ar _ and headsets. here on the floor you will see ar devices - and headsets. here on the floor you will see ar devices being i you will see ar devices being pitched for everything from medical devices to flight and driving simulators and of course gaming and entertainment. that is where

china —based xreal are focused bringing the high quality entertainment experience to a pair of lightweight glasses. if you pair them pair of lightweight glasses. if you pairthem up pair of lightweight glasses. if you pair them up with your phone, gaming console, with your computer, it serves as a gigantic external display. it is like carrying a 65 inch tv with you. and aside from a cable running down behind your ear, they are comfortable. but not everything on display here feels polished and some devices feels polished and some devices feel like they are solving a problem that really exist. for me, ifind it hard to shake problem that really exist. for me, i find it hard to shake the feeling that putting a screen on your face just is not as practical as using a phone or a regular tv but that could all change later today as apple mac and annual developers conference where they have a much anticipated headset. here on the shop floor, developers are excited. we on the shop floor, developers are excited.— are excited. we need a lot of companies — are excited. we need a lot of companies to _ are excited. we need a lot of companies to beat _ are excited. we need a lot of companies to beat the - are excited. we need a lot of| companies to beat the drums are excited. we need a lot of- companies to beat the drums for a very important technological

transformation as augmented reality. so, the more big companies that come into it, the more attention they will generate. the more attention they will generate-— the more attention they will uenerate. ~ ., ., . generate. with the announcement in a few hours. — generate. with the announcement in a few hours, i _ generate. with the announcement in a few hours, i will— generate. with the announcement in a few hours, i will be _ in a few hours, i will be watching closely. ijust need to find out if it will be streaming to this headset. well, we will to be watching for that announcement and will bring you all the latest tomorrow so do tune in for that as well. of course, it is also the start of a busy economic week right here in a so let's talk you through some of the events that we are looking out for on tuesday. australia central bank will be deciding on the cost of borrowing and they have been under quite a lot of pressure to raise rates after inflation jumped by more than expected in april. staying in australia we will also find out how the economy performed in the first quarter and that gdp data is at mid week. then on thursday it is japan's turner to release its first—quarter performance and thatis first—quarter performance and that is the same day that india's central bank will also be deciding on interest rates.

and writing off the week the latest inflation reading from the world's second biggest economy, of course, china. our chief market analyst at kc m trader told me all eyes are now on the upcoming interest rate decisions. on the upcoming interest rate decisions-_ decisions. interest rates will be on the — decisions. interest rates will be on the mind _ decisions. interest rates will be on the mind of— decisions. interest rates will be on the mind of the - decisions. interest rates willl be on the mind of the market this week. we have a few banks around the asian region having interest rate decisions and we have the fomc so that is what traders will be looking at — the data from the us and how that will potentially impact with the fomc does next week. that was going to be my question. the fed meeting in ten days. what is your expectation? it seems like opinions are split on another hike or a possible pause? we had hike or a possible pause? - had bumper payroll figures in the us on friday but it was a good scenario for traders and that in a robust labour market, but the wage pressures were easing so that is a good sign for inflation. for next week, i think there is two camps in the

fed. the drone pal camp who want to go into paul's mode and wait and see and assess further data and there are others who are more hawkish and want to raise rates to address the stubbornly high inflation —— jerome powell. i think we will see a pause next week but a hike injuly is in place for the fomc. hike in july is in place for the fomc.— hike in july is in place for the fomc. ., �* , ., ., the fomc. what about australia which is facing _ the fomc. what about australia which is facing a _ the fomc. what about australia which is facing a similar- the fomc. what about australia which is facing a similar issue i which is facing a similar issue of high inflation pressure on the rba to do something about it. what are you expecting there? ~ ., ., it. what are you expecting there? . . . ., , there? we had a particularly hiuh cpi there? we had a particularly high cpi in _ there? we had a particularly high cpi in australia - there? we had a particularly high cpi in australia last - there? we had a particularly. high cpi in australia last week so i am expecting we could see the rba hike on tuesday. they have shown in the past they are not shy when it comes to surprising the market and we will probably see them stay on hold but i am thinking we could see a hike on tuesday because they have shown that they really want to address that inflation which is well outside of the 2—3% target band for the rba at the moment, so let's wait and see what the market does. pa, wait and see what the market does. �* ~' ., wait and see what the market does. �* ~ ., , does. a hike for tuesday, we will see if— does. a hike for tuesday, we will see if that _ does. a hike for tuesday, we will see if that happens. - there were a lot of

celebrations over the weekend to mark the start of pride month and some businesses are using it to put lgbtqia+ rights in focus because what is known as the pink economy or the consumption powerfrom as the pink economy or the consumption power from the lgbtqia+ community, it is really growing quickly. ten years ago, the spending power was less than 3 billion us dollars but this year according to one research it could grow to one research it could grow to $5.4 billion. timothy hindle byrne is an associate professor at the london school of economics and political science and earlier he told me that lgbtqia+ people continue to pay a penalty, particularly when they are openly gay. two-thirds ofthe they are openly gay. two-thirds of the world's _ they are openly gay. two-thirds of the world's population - they are openly gay. two-thirds of the world's population is - they are openly gay. two-thirds of the world's population is in l of the world's population is in a and presumably two—thirds of the worlds lgbt people are in a but the reality is the whole idea of the pink economy rests upon and that lgbt people have a higher disposable income, that they are ultimately more

affluent than the straight counterparts, but the reality is in most parts of the world, especially in asia, there is a real high economic cost to being openly gay. openly lgbt people pay a penalty for being there authentic selves, both in terms of education, employment, getting promotions, etc. even in the united states where the situation is particularly good for lgbt people, they are receiving roughly 90 cents per the dollar of their straight counterparts. so, long story short — they don't command as much power in the marketplace that a lot of these estimates would have you believe. before we no, would have you believe. before we go. let's _ would have you believe. before we go, let's quickly _ would have you believe. before we go, let's quickly check- would have you believe. before we go, let's quickly check on i we go, let's quickly check on the markets because japan's nikkei has started trading and they are up by more than 1%.

investors very happy the debt ceiling issue is now resolved. that is it for the programme. thank you so much for watching. bbc news — bringing you stories from across the uk. the signs of summer are everywhere. so, why is there still a christmas tree in beverly? it why is there still a christmas tree in beverly?— why is there still a christmas tree in beverly? it was due to come down — tree in beverly? it was due to come down early _ tree in beverly? it was due to come down early january. - tree in beverly? it was due to| come down early january. this is the first time this has ever happened but a bird actually decided to nest in the tree. that's did cause us quite a few complications which we are still living with at the moment.—

still living with at the moment. . ., . , , moment. the council put up sins moment. the council put up signs after— moment. the council put up signs after comments - moment. the council put up signs after comments were | moment. the council put up - signs after comments were made about the state of the tree and not everyone has a sympathy for the wood pigeon that has made it home. , it home. the thing is the tree is d in: it home. the thing is the tree is dying so — it home. the thing is the tree is dying so my _ it home. the thing is the tree is dying so my inclination - it home. the thing is the tree is dying so my inclination is i is dying so my inclination is that it should be taken away. yes, but the pigeon has a squatter�*s rights. it yes, but the pigeon has a squatter's rights.- yes, but the pigeon has a squatter's rights. it is a wood nieon, squatter's rights. it is a wood pigeon. sat — squatter's rights. it is a wood pigeon. sat on _ squatter's rights. it is a wood pigeon, sat on a _ squatter's rights. it is a wood pigeon, sat on a nest - squatter's rights. it is a wood pigeon, sat on a nest in - squatter's rights. it is a wood pigeon, sat on a nest in a - pigeon, sat on a nest in a piece _ pigeon, sat on a nest in a piece of— pigeon, sat on a nest in a piece of structure that we, society, _ piece of structure that we, society, has put their, and it is protected while it has got its nest_ is protected while it has got its nest in there. for is protected while it has got its nest in there.— its nest in there. for more stories from _ its nest in there. for more stories from across - its nest in there. for more stories from across the i its nest in there. for more | stories from across the uk, head to the bbc news website.

ina in a newcastle city stadium park the lawns have been liberated and the wildflowers are free. 50 liberated and the wildflowers are free. , . ., ., . are free. so beneficial to have pollinating _ are free. so beneficial to have pollinating insects, _ are free. so beneficial to have pollinating insects, bees - are free. so beneficial to have pollinating insects, bees and l pollinating insects, bees and butterflies would love to have in our gardens, when we put the grasses and flowers down we are producing the food sources who leave them there and let them go. leave them there and let them no. leave them there and let them i o, ., leave them there and let them no. . ., , , go. the team here hope the fees rovided go. the team here hope the fees provided for _ go. the team here hope the fees provided for pollinators _ go. the team here hope the fees provided for pollinators will - provided for pollinators will benefit the park's neighbours too. the changes are part of an all year plan to boost biodiversity. i all year plan to boost biodiversity. all year plan to boost biodiversi . , ., , ., biodiversity. i personally love this walk- _ biodiversity. i personally love this walk. so _ biodiversity. i personally love this walk. so much _ biodiversity. i personally love this walk. so much nicer- this walk. so much nicer walking along here than along the road. i saw a dragonfly actually that was this big the

other day so it is a really good idea. other day so it is a really good idea-— other day so it is a really aood idea. , w , good idea. the places where children play _ good idea. the places where children play should - good idea. the places where children play should be - good idea. the places where l children play should be mode but anywhere else can be kept a bit rough — but anywhere else can be kept a bit rough until it is a reasonable time to mow it. | reasonable time to mow it. mean, it is reasonable time to mow it. i mean, it is nice when the park is tidy— mean, it is nice when the park is tidy hut_ mean, it is nice when the park is tidy but if— mean, it is nice when the park is tidy but if you _ mean, it is nice when the park is tidy but if you have - mean, it is nice when the park is tidy but if you have just - mean, it is nice when the park is tidy but if you have just an i is tidy but if you have just an area — is tidy but if you have just an area to — is tidy but if you have just an area to go _ is tidy but if you have just an area to go wild, _ is tidy but if you have just an area to go wild, that - is tidy but if you have just an area to go wild, that is - is tidy but if you have just an area to go wild, that is veryl area to go wild, that is very nice — area to go wild, that is very nice. ., . , area to go wild, that is very nice. ., ., , ., nice. the to gardeners - leave them in the — nice. the to gardeners - leave them in the shade _ nice. the to gardeners - leave them in the shade a _ nice. the to gardeners - leave them in the shade a bit - nice. the to gardeners - leave them in the shade a bit longer if you can and enjoy springs up without much work. hello, i'm lizzie greenwood—hughes, from the bbc sport centre. coming up on the programme: novak djokovic reaches a record 17th french open men's quarter—final. red bull's max verstappen cruises to his fifth win in seven races to win the spanish grand prix and take control of the season. and a blow for england ahead of the ashes as bowler jack leach is ruled out of the series through injury.