as investors pored over the latest comments from us federal reserve chairjerome powell. that's after he said he did not rule out another hike to the cost of borrowing or that the fed could raise interest rates even higher. mr powell made the comments at an european central bank forum. if you remember the us central bank paused its hiking cycle this month. the only thing we've decided is not to raise rates at the june meeting. we have not made a decision to go to that. it may work out that way. it may not work out that way. but i wouldn't take moving at consecutive meetings off the table at all. still staying on the topic of the federal reserve and big american banks have sailed through its annual health check. the feds "stress test" showed lenders like morgan stanley and citigroup have enough capital to weather a severe economic slump. the 23 banks tested have more than 100 billion dollars in assets each. the results are a vote of confidence for the financial sector after the collapse of silicon valley bank earlier this year.

elsewhere in the us presidentjoe biden has vowed in other news china has passed its first foreign relations law aimed at providing a legal basis to hit back against sanctions and what chinese media called "western hegemony." the law on foreign relations gives beijing the right to take quote "countermeasures and restrictive measures" against acts that endanger china's security and development interests. the move comes as the us and china becoming increasingly locked in a dispute spanning politics and trade. china has seen parts of its country gripped by a historic heatwave this month. but it's not the only country in asia affected india too, is sweating under a prolonged heatwave. the weather is putting stress notjust on people's health the climate was a topic discussed at the world economic forum gathering in the chinese city of tianjin this week. dr melissa lott — an energy researcher with new york's columbia university talked to us earlier. she explained what needs to be done. 3 she explained what needs to be done. �* ., ., _, .,

done. a lot of the conversation here is about _ done. a lot of the conversation here is about renewables - done. a lot of the conversation here is about renewables and l here is about renewables and how we build all of the things we need to to actually get to net zero, so clean energy while making sure the energy is reliable and affordable. this is not a conversation just in china but around the world. what is the electrical grid that they have up to the task was meant all of the electrical grades here in china include need additional investment. we are need additional investment. - are having to try to deal with the changing environment and also changing demands, more electric vehicles, more appliances, etc. so we need more investment.— appliances, etc. so we need more investment. what kind of solar or green _ more investment. what kind of solar or green energy - more investment. what kind of solar or green energy is - more investment. what kind of solar or green energy is china i solar or green energy is china investing in? fix, solar or green energy is china investing in?— investing in? a whole host of different renewables - investing in? a whole host of| different renewables certainly solar and wind and looking to bring as much as they can on board. in the conversations we are having here with the number of different folks in the private and public industries, it is and all of the above approach. how do we think about some main technologies but really were all of the different technologies combined.— combined. with those technologies - combined. with those technologies do - combined. with those technologies do you l combined. with those l technologies do you see combined. with those -

technologies do you see any of them being able to really provide the energy that china needs? it is the worlds second largest economy.— largest economy. took about china but _ largest economy. took about china but when _ largest economy. took about china but when we _ largest economy. took about china but when we talk- largest economy. took about china but when we talk to - largest economy. took about | china but when we talk to any country around the world you need three different sets of technologies to have reliable and affordable electricity to power all the things that we will try to power. that is what of renewables, litter variable renewables like wind and affordable electricity to power all the things that we will try to power. that is what of renewables, litter variable renewables, litter variable renewables liquid in about, batteries that can do different storage and special power plants and nuclear has been the top of the composition as well. president xijinping has top of the composition as well. president xi jinping has an omission goal setting by 2030 he was have the country have p carbon emissions is he on track for that? , ., ., ., carbon emissions is he on track forthat? ., ., ., ~ ., for that? does a lot of work to be done when _ for that? does a lot of work to be done when it _ for that? does a lot of work to be done when it comes - for that? does a lot of work to be done when it comes to - be done when it comes to different things that we needs to do the single word and will say is build, build a lot of stuff to get online as quickly as possible if he wants to reach those goals. still staying on the mainland and a recent report from moody's investors service suggest a fall in long term savings in the us and china the world's two largest economies could pose a risk to prospects

for emerging markets. to help us understand why martin petch of moody's joined us. he explained why the savings are important. but we look at long—term savings behaviour in china and that our expectation as the ageing publishing continues the older people dropped the savings that they made to meet their retirement needs to cover their retirement needs to cover their old age health care and so you will get it declining savings from that angle. the same time the chinese try to boost a role in consumption and growth. younger cohorts of households are likely to save less for that precautionary through old age or for health care, unemployment benefit as the authority starts to build out social safety nets. so overall in the medium to long term we expect china's savings rate to decline and a little bit faster than their investment rate. ., investment rate. right now china is the _ investment rate. right now china is the country - investment rate. right now china is the country that i investment rate. right now i china is the country that saves the most something like 20%, why is that?—

why is that? thing is largely because there _ why is that? thing is largely because there are _ why is that? thing is largely because there are not - why is that? thing is largely because there are not those kind of social safety nets that there for old age, unemployment, for unexpected health care needs as a people savedis health care needs as a people saved is to make sure that they can cover those. the same time there savings are directed very much and towards the housing market and fairly limited alternatives for savings there. before we go explain how this will have an impact on the markets. will have an impact on the markets-— will have an impact on the markets. as we see the us continue — markets. as we see the us continue to _ markets. as we see the us continue to draw— markets. as we see the us continue to draw on - markets. as we see the us continue to draw on global| continue to draw on global savings to fund its current account deficit, i savings in china start to decline the share of gdp more rapidly than investment shared gdp than global investments attorney savings will start to the clients the global savings which is available for investment in emerging markets will tend to be less. so it will tend to be less. so it will be more difficult to find the public infrastructure that they need to boost productivity. health care is

facilities, education, etc. but as we the issue for some emerging markets particular with those with weak macroeconomic policy frameworks with significant political risk. they will find it more difficult to fund the investment that they need, to fund the development path that they want to pursue. a quick look at other news before we go british water firm thames water is in talks to secure extra funding. the company serves a quarter of the uk population, has billions of dollars in debt and is under pressure after its boss resigned suddenly earlier this week. the british government said it was ready to act but reassured residents that water supplies will continue as normal. meanwhile, spain is gearing up to hold a general election next month. the conservative opposition party are hoping to unseat the current left wing coalition. and the issue of the spanish economy is front and centre for voters and politicians alike.

guy hedgecoe reports from madrid. as summer begins spain's tourism and catering industry is coming into their own. finally, the sectors and many others have bounced back fully from the pandemic. spain has one of the fastest growing economies in the european union. it's outperforming the likes of germany, the united states and the uk. its unemployment rate remains relatively high at i3% but it has come down substantially since the height of the pandemic. the government of socialist attributes much of this to its reforms and to the 70 billion euros the country had is receiving in direct support from the eu's post pandemic recovery fund. thanks to the recovery _ pandemic recovery fund. thanks to the recovery plan _ pandemic recovery fund. thanks to the recovery plan b _ pandemic recovery fund. thanks to the recovery plan b have - to the recovery plan b have been able to undertake a massive investment and reform programme. but there are two

physicians which for sure will mark the economic performance going forward. the digital transformation and to the challenge of facing and trying to mitigate and adapt to climate change.- to mitigate and adapt to climate change. but as a general _ climate change. but as a general election - climate change. but as a - general election approaches, the conservatives of the opposition popular party said the government is being overly complacent. translation: ., translation: the government boasts of its _ translation: the government boasts of its economic - translation: the government boasts of its economic record i boasts of its economic record but what is the reality? we are poor at them we were in 2019, the economic reality is that we are in the country that has increased taxes the most during the pandemic. spaniards have never paid as much in taxes they do now. never paid as much in taxes they do nova— never paid as much in taxes they do now. the conservatives are proposing _ they do now. the conservatives are proposing tax _ they do now. the conservatives are proposing tax cuts - they do now. the conservatives are proposing tax cuts and - they do now. the conservatives are proposing tax cuts and a . are proposing tax cuts and a reduction in public debt. 0n the streets of madrid, opinions about the economy are mixed. the gap between the rich and poor— the gap between the rich and poor is— the gap between the rich and poor is even bigger and is becoming worse and worse. the euro ean becoming worse and worse. tie: european central bank and other

cetaceans european central bank and other cetacea ns say that european central bank and other cetaceans say that spain's economy is growing fast and doing well, since this man, but i think you will have less and less buying power. ilil" less buying power. our government _ less buying power. our government has - less buying power. our government has a - less buying power. our government has a lot l less buying power. 0ur| government has a lot of criticism on them, but i do not think— criticism on them, but i do not think that _ criticism on them, but i do not think that they did that bad. he had _ think that they did that bad. he had a _ think that they did that bad. he had a difficult times with the pencil back, with unemployment, they struggled but they did what they could —— pandemic _ but they did what they could -- pandemic— but they did what they could -- andemic. _, , ., , ., pandemic. the conservatives are the favourites _ pandemic. the conservatives are the favourites to _ pandemic. the conservatives are the favourites to win _ pandemic. the conservatives are the favourites to win the - the favourites to win the election but securing a majority will be difficult and that they are likely to need the support of the euro sceptic far—right party. while spain's economy is forecast to keep performing well, this year and next, his politics are much harder to predict. bbc news, madrid. a reminder of our top story this morning wall street closed mixed as investors pored over the latest comments from us

federal reserve chairjerome powell. the nasdaq ended the day higher... thanks to tech stocks like apple. mr powell has said he did not rule out another hike to the cost of borrowing and that the fed could raise interest rates even higher. and that's it for this edition of asia business report. thanks for watching. bbc news bringing you different stories from across the uk. welcome aboard a cruise ship cabin in the 1950s. but this isn't a museum. this is the invicta court care home in maidstone and it was specially made for this lady, mary savage. i think it's wonderful. it's very much like the cabinet i had, but i have to say it was a poor birth. mary's story begins in 1952, aged 23, she boarded her majesty's troopship empire

to marry herfiance, colin. the trip took five weeks. an hour after she arrived, she was getting married in front of people she'd never seen before. when mary told brian her story, he decided to recreate and build the ship's cabin. that mary travelled in more than 70 years ago. it was all built at home, in pieces in my workshop. i suppose the hardest part was sourcing all the vintage materials. mary volunteered at a school before the couple came back to kent a year later. collins started an engineering business, which is still run by the family, and it all began when a young woman travelled halfway across the world to be with the man she loved. for more stories from across the uk, head to the bbc news website. hey, i'm zoph with the catch up. tonight, queens uni ends their marking boycott.

eid celebrations take place around the world and a wholesome chimpanzee moment. a committee that monitors the government's action on climate change says the uk is no longer a world leader on climate issues. in 2019, the uk set a target to cut greenhouse gas emissions to net—zero by 2050, meaning it would no longer add any additional greenhouse gases to the atmosphere. but the climate change committee says the government's efforts to reach this are worryingly slow. in particular, it criticised ministers for supporting new oil and coal projects and said plans to expand airports don't fit with the uk's climate commitments. some other stories now. parts of a tourist submersible that imploded whilst on a dive to the titanic shipwreck have been brought ashore in canada. all five people on board were killed and staff at queen's uni in belfast have ended a boycott on marking

after several months of industrial action. marking will now be completed by the 7th of august so results can be finalised by the end of summer. people have gathered around the world to celebrate eid, one of the most important events in the islamic calendar. this was in liverpool. celebrations included prayers and a funfair at a local park. time now for 10 seconds of chimpanzee cuteness. this is the moment vanilla sees the outdoors for the first time after 28 years in a medicine lab. thankfully, she's now at her animal sanctuary home. you're all caught up now. see you later.

hello and welcome to sportsday — i'm 0lly foster. a protest disrupts the start of the second ashes test at lords as australia end the day on top. maddison gets his move to spurs but he's not the only premier league transfer of the day. and with the paris 0lympics one year away, is simone biles on the comeback trail?