with the s&p 500 and the nasdaq ralling to their highest closing levels since last year. investors are looking ahead to inflation data from the us, due later on tuesday. the world's largest economy has been battling stubbornly high inflation rate. and those figures will be closely watched by the us federal reserve... as it begins its two—day meeting on tuesday. samira hussain reports. consumers in america are feeling more confident that inflation is on its way down. that's according to the latest report by the federal reserve bank of new york. in fact, near term inflation expectations in may fell to their lowest levels in two years. now, this survey is a closely watched metric because if consumers believe inflation will fall, it will or they will already adjust their spending patterns in anticipation of what is to come. now, those consumer expectations happen to jive pretty closely

with what economists are expecting for the latest inflation figures that they will likely show that inflation went up slightly month over month, but it will drop year over year. numbers like that would be encouraging for the us federal reserve as it debates whether or not to make a change to interest rates. well, the us central bank started hiking rates aggressively last year. authorities have hiked rates ten times — marking the fastest tightening cycle since the 1980s. expectations are high that this time , they might pause. earlier, i spoke with market strategist charu chanana, and she gave me her outlook for the us federal reserve. expectations are built—in for the next two quarters. this time. i think the markets are being complacent about that slow down in information that you just talked about as well

as a potential fall or skip, whatever you might call it. if you remember, last week we got some hock wish trends in the market from the reserve band of australia and reserve bank of canada. these are central banks that already taught that inflation was on the way down and they pause there cycles and then there was a realization that inflation is not moving exactly like their expectations. so, that's the kind of setup we should be prepared for with the fed as well, so even if we do get a pause we should be prepared for some hawkish surprises that could come in the form of members not voting for a possible some we heard from some who are not supportive of pause at this point and it also could come from policymakers who are expected to update

their forecast for the economic outlook as well as the policy from here. in other news this morning — the us federal trade commission has asked a judge to temporarily block microsoft... from closing its $69 billion dollar deal to acquire gaming company activision blizzard. the ftc warned that if the deal went ahead, the combined company could impact activision�*s game development. the regulator earlier argued the merge would leave other game platforms out in the cold. microsoft on the other hand, said the deal would benefit gamers. chinese ev manufacturer nio is slashing prices for all of its cars by some $4000 and ending free battery swapping services for new buyers. this is as the vehicle maker posted continued losses this year. china's car landscape is extremely competitive and over a0 auto brands there havejoined a price war in a fight for market share as vehicle demand slumps. customers of binance�*s us affiliate are running

out of time to withdraw their greenbacks. they have until today to take out their funds after the platform moved to halt dollar deposits. america's securities regulator recently stepped up its crackdown on the crypto sector suing two of its main players — binance and coinbase. i spoke with stephen innes of spi asset management earlier and he explained the impact of binance us�* move on customers. ita it a us—based ecosystem and that's a bad about it. the us is a huge market when it comes to crypto and obviously it would trigger some exodus of deposits from the companies and we are seeing that along with that you will see a number of exchanges to supply clients. it's a chain effect that you have. this is a government agency raising the issue

whether it's legal to operate a script to exchange in the us. it's not unusual for the sec, they have done it for the retail foreign exchange markets and through smo. a decade ago and through smo. a decade ago and and result was the system was almost completely close down with the exception of a couple of brokers.— down with the exception of a couple of brokers. crypto was aaivin couple of brokers. crypto was giving the _ couple of brokers. crypto was giving the benefit _ couple of brokers. crypto was giving the benefit of - couple of brokers. crypto was giving the benefit of the - couple of brokers. crypto was | giving the benefit of the doubt over the last decade or so and that's it she's not cracking on and that was up why is it taking regulators so long to get to this point? it’s taking regulators so long to get to this point?— taking regulators so long to get to this point? it's a good question- — get to this point? it's a good question- i _ get to this point? it's a good question. i think— get to this point? it's a good question. i think there's - get to this point? it's a good | question. i think there's been a build up and getting their ducks in line to get go after and look at where the deposits are being held, where the being held in a safe area. but i think it's all part and parcel of the ftx debacle and iran run—on effect of where the sec is still worried about effects on the market. they are going after the big box big boys coin

base and binance and a trickle—down effect will be negative for other companies so if client base and binance can operate in the us, who can? and this agitate the regulators are taking right now. thousands of reddit forms of gone dark. it would affect some of the social media giants long it largest online communities. the process came after reddit unveiled plans to charge for third—party apps to access the platform. global lenderjp—morgan chase will pay some $290 million dollars to settle a class action suit by alleged victims of convicted sex offenderjeffrey epstein. the lawsuit accused america's largest bank of ignoring the warning signs about its client during

a 15—year relationship... because he had been a valuable client. epstein killed himself in 2019, while awaiting trial on sex trafficking charges. a mega $40 billion oil refinery complex in india has been hit by a fresh wave of protests after authorities began testing the soil for the project. nikhil inamdar reports from the village, where hundreds of women led the standoff. angry and determined. these women are fighting to save their lands. we don't want this project. why should we damage our environment to clean dirty oil coming from an arab country? many of them were arrested last month while leading a peaceful protest against a single, complex refinery dubbed to be the world's largest. it's going to be built by a group comprising of india's public sector,

oil companies and global giants, saudi aramco and adnoc. this is the massive plateau where the proposed refinery complex is expected to come up. it's flanked by plantations and jungles on either sides and the ocean beyond. the government says it will bring crucial industrialisation and jobs to this economically backward region. but it's an argument that's failed to convince many of the villagers that we spoke to. we have been fishing here for four generations. if they dump hazardous chemical waste into the water, it will have a terrible impact on the fishing community. it will destroy our livelihood. this fishermen�*s fears are echoed by villagers across this ecologically fragile farming dependent region home to the famed alphonso mangoes. the area is also home to hundreds of prehistoric rock carvings, making

it archaeologically important. but a few kilometres into the local town, there is support for the project. thousands of young men have to go to mumbai and pune every year to make a living. entire villages are being emptied out. this project will bring them back home. the government says the refinery is critical for the region's development and won't damage the environment or the local heritage. this is a green refinery. i firmly believe villagers are being misled by external forces. as the industries minister, it is myjob to clear their misunderstandings. we have already had to reduce the size of the project because of these delays. but the villagers aren't ready to back down, and there's growing support for their goals. localwriters, poets, activists and resistance groups have vowed to galvanize 100,000 people to march through mumbai

later this month to mount pressure on authorities. this isjust the beginning of what looks like a long battle ahead. nikhil inamdar, bbc news in western india. and that's it for this edition of asia business report. thanks for watching. bring you different stories from across the uk. this year marks the 75th anniversary of the empire windrush. the black cultural archives and serco have teamed together to bring us a collection of memories. we wanted to celebrate the archival memory of this important generation by inviting photos, memories, which could be written or recorded. we will then edit that together collectively into a ten minute film that will play on piccadilly lights.

this first one is of the delroy stevens and the commandos, four brothers, a jazz band, therefore men who were on that ship, empire windrush, coming over in 1948. and for its managing director at the black cultural archives this year is significant. it's important for us to recognise the impact that people who came from different countries, from the commonwealth, who saw the uk as home and contributed to the fabric of the united kingdom, whether it's economically, culturally, politically or otherwise, and if there's any part of society that people from the windrush generation haven't positively impacted, the uk that we know today wouldn't be the same without them. for more stories from across the uk, head to the bbc news website.

hi. i'm ellis with the catch up. it's been a dramatic weekend in politics. so what's happened 7 the former prime minister boris johnson stood down as mp on friday over a report on parties held in government hq during the pandemic. but it was hours after the government released its honours list. that's for people giving awards after a prime minister steps down. borisjohnson was unhappy a panel which vets this list rejected eight of his nominations. today, current prime minister rishi sunak says his old boss asked him to overrule this decision before one time mayor of london says he's talking rubbish. also, scotland's former first minister nicola sturgeon, was arrested and released without charge on sunday as part of an investigation into the snp�*s finances. some other stories now. an update on 21—year—old chloe mitchell, who went missing in county antrim, northern ireland earlier this month. a man has appeared in court charged with her murder.

he has serious mental health problems, the court heard. wales will press on with plans for a refundable bottles and cans fee days after the uk government blocked a similar scheme in scotland. if they return them empty people in wales will get money back. but london says glass can't be included. and two brides' coach broke down on the way to their wedding and arrived minutes to spare after getting a lift in a police car in hampshire. time now to leave you with ten seconds of party. as a man city supporter, i was in istanbul myself and the blues have been paraded in the league cup and champions league trophies in the thunderstorm here, manchester. you're all caught up before now and have a good night.

hello, i'm betty glover... hello, i'm betty glover... coming up on this programme... coming up on this programme... investigating the planned deal thousands of fans celebrarate thousands of fans celebrarate manchester city's historic manchester city's historic treble, as pep guardiola treble, as pep guardiola and his players stage and his players stage an open top bus parade.... an open top bus parade.... celebrations too for pace celebrations too for pace bowler kate cross, who's been bowler kate cross, who's been included in the women's ashes included in the women's ashes squad, after recovering squad, after recovering from a parasite infection from a parasite infection

and the us senate is