the us central bank sees more interest rate hikes on the horizon. but at a slower pace than before. and the us treasury secretary heads to beijing — the second cabinet member to visit the chinese capital in two months. hello and welcome to asia business report. i'm mariko oi. meanwhile, it looks like more interest rate hikes are on the horizon. minutes from the us federal reserve�*sjune meeting showed almost all officials expect more tightening ahead, but at a slower pace from before. the central bank held the cost of borrowing steady last month after ten straight increases. michelle fleury explains. more rate hikes but at a slower

pace, that is the message from the federal reserve. america's central bank. the policymakers says they intend to raise interest rates practice in its july after taking a break last month to assess the impact of ten brevis increases. it comes as americans are having to pay more for basic goods, but while officials seem to be an agreement are for what to do next, after the meeting on wednesday, there was disagreement over the decision to hold off untiljune. some say they could've supported a rate rise last month because inflation remains well above its 2% target. the minutes show how policymakers are grappling with how to tame inflation after it hit a high last year, even as they left the benchmark rate unchanged in a five to five and a quarter percent, almost all officials believe more rate hikes are needed. i had of thejuly meeting, there are two marquee pieces of economic data that is due out

to the statement a chapter practice friday and consumer inflation next week. us treasury secretary janet yellen is expected to arrive in the chinese capital later today. she is the second high—level us cabinet member to do so — after secretary of state antony blinken�*s visitjust weeks ago. but her trip also comes after beijing moved to limit the exports of certain rare earths just days ago. earlier, i spoke with harvard economic professor kenneth rogoff, who explained what we can expect. i think she really wants, as she said, to get communications open. we are trading a lot with china. china depends on the us. us dependence on china, but at the same time, security and geopolitical interests are coming into conflict. i would say that it is a little bit like good cop bad cop. and going in as the good cop trying to say, look, we have a lot in common, let's see what we can

do together. but back home in the united states, both the democrats and the republicans are bashing on china. trump put in hundreds of billions of chinese goods and president biden, who has reversed every trump posse he can has kept that one. trump posse he can has kept that one-— that one. despite those contentions _ that one. despite those contentions to - that one. despite those contentions to trade - that one. despite those - contentions to trade between the two has actually been growing, beijing announces those expert on rare metals and introducing new laws on foreign relations. beijing playing hardball? or could these moves actually backfire? i hardball? or could these moves actually backfire?— actually backfire? i think bei'ina actually backfire? i think beijing sees _ actually backfire? i think beijing sees themselves | actually backfire? i think. beijing sees themselves as countering what the us is doing, putting on export controls on things, as your listeners heard, on quantum computing, artificial intelligence, areas where the us has the cutting edge and doesn't want beijing to catch up. in the us has, no, we are

just doing that for security, not for competitive advantage and beijing is saying the same thing. they are absolutely growing tensions here before ukraine, and since ukraine, it's no doubt it's gotten worse. ~ ., ., ~ worse. what do you think bei'in: worse. what do you think beijing is _ worse. what do you think beijing is hoping to - worse. what do you think beijing is hoping to get . worse. what do you think. beijing is hoping to get out worse. what do you think- beijing is hoping to get out of this trip while looking for further talks, this trip while looking for furthertalks, may this trip while looking for further talks, may be, impacting those tariffs that you mentioned. i impacting those tariffs that you mentioned.— you mentioned. ithink president _ you mentioned. ithink president biden - you mentioned. ithink president biden would | you mentioned. i think- president biden would like the chinese president to come to the united states in november when he has the other pacific leaders. theyjust haven't been meeting. we haven't been sending high—level officials to beijing. they haven't been eating as much. and i think both sides would like to open a dialogue. but there are very high tensions. and yet, you know, theirfear on both sides, beijing fears the us is trying to contain china, to hold them back. the united states more or less is worried that china

wants to eat their lunch. professor speaking to me a little earlier. well, ms yellen's visit to china isn't the only story making the news there. shanghai will host the world artificial intelligence conference today. american companies like microsoft and amazon are expected to take part as well. earlier, i spoke with wei sun of counterpoint research. well, speaking of artificial intelligence — two authors have filed a lawsuit against the research lab behind chatgpt. since the rise of chatterjee pt, the domestic players realise there is a recipe to replicate this success, so they are looking to the technology into the vertical market, and that is what i think makes the chinese companies good is to be more application driven. so definitely they are catching up. i think for the conference, they are showcasing... there

will be like 20 specifically designed to talk about chapped gpt related technologies and applications-_ gpt related technologies and applications. there has been a lot of excitement _ applications. there has been a lot of excitement about - applications. there has been a lot of excitement about this, | lot of excitement about this, but also some concerns about misinformation, also whether or not and i will start to steal ourjobs. do you think these will come up during the conference? i will come up during the conference?— will come up during the conference? ~ ,., , conference? i think so. they will be focusing on _ conference? i think so. they will be focusing on different| will be focusing on different aspects of the developments of large language models. i think there will be a focus on the ethical issues of these technologies and also the societal impacts you just mentioned. societal impacts you 'ust mentionedi societal impacts you 'ust mentioned. ., mentioned. how about tensions? are they affecting _ mentioned. how about tensions? are they affecting the _ mentioned. how about tensions? are they affecting the ai - are they affecting the ai industry as well? i are they affecting the ai industry as well?- are they affecting the ai industry as well? i think right now the industries _ industry as well? i think right now the industries per - industry as well? i think right now the industries per se, i now the industries per se, it is very exciting about the success about the technology, those in china have the potential for a those in china have the potentialfor a market those in china have the potential for a market it needs to fail, and there are collaborations between companies from the us and china just to see how physical this

technology will be. so i think there will be more collaborative efforts. there will be some friendly competitions for sure, but must they think it's just how to bring the most potential out of this technology. well, speaking of artificial intelligence — two authors have filed a lawsuit against the research lab behind chatgpt. they alleged that their copyrighted books were used to train openai's chatbot wihtout their consent. last month, both openai and microsoft — which backs the lab — were sued in a class action lawsuit for allegedly stealing private information from online users. the boss of energy giant shell says cutting oil and gas production would be dangerous when international demand risks outstripping supply. he made the commons to the bbc�*s business editor simonjack. the reality is the system of

today continues to desperately need oil and gas. and before we are able to let go of that, we need to make sure that we have developed systems of the future and we are not yet accurately moving at a pace to require that to happen. the chief of the un said that it is economic and moral madness to continue to look for new oil and gas. what would you say to him? i disagree with and respectfully. i think what would be dangerous and irresponsible it is actually cutting out the oil and gas production so that the cost of living as we sawjust last year starts to shoot up again. not to mention, the fact that many countries last year, countries like bangladesh, like pakistan, because he or could afford to import in a way that lng, and children had to work or to study and the light of candles. it needs to be a just

transition, it needs to be a responsible transition, everyone feels very relieved, are we being complacent about this winter and beyond? i think there is a _ this winter and beyond? i think there is a danger— this winter and beyond? i think there is a danger and _ there is a danger and to recognise last winter i lot of the reprieve came from what was a warm one into china wasn't as high as it traditionally has been, which allowed a lot of liquefied natural gas to actually be shipped over to europe. one can only depend on that as a... if we have a cold winter and energy demand and many other locations including china goes back up, then there will be a strain on resources coming here. will be a strain on resources coming here-— coming here. are we seeing double, triple, _ coming here. are we seeing double, triple, will we - double, triple, will we get back to the spikes he saw in the summer of last year? i really hope not, but the

broader market both for oil and gas means more shifts can has magnified effect. if i canjust bring that to life, last year, the overall energy production was taken out because of the russian invasion was i% of global supply. that is what created the massive volatility last year. so if you get a... of last year. so if you get a... of production, then that volatility can be. facebook�*s parent company meta will launch its latest app in about an hour or so. threads has been described as a "text—based conversation app" and is widely seen as a major rival to twitter. but its release in europe has been delayed over regulatory concerns — after all, facebook has been criticised before, for its handling of personal data.

and that's it for this edition of asia business report. thanks for watching. bbc news — bringing you different stories from across the uk. jamie reeve is showing me a video that no parent should ever have to film. it's of his eight month old daughter, halle, on an emergency medical flight from spain, where the family had been on holiday, back to birmingham, where doctors then diagnosed with a rare form of leukaemia. since lastjuly, it's been hell. i don't think there's been a week that's passed where we haven't been in hospital. i think it's been...the most we've done is about three or four days. halle's had two stem cell transplants, the most recent one in april. neither has worked. her medical team says they're not prepared to do a third transplant. in all honesty, i thought last week when we weren't seeing any of her counts come up, i was getting really worried. i started to think in my mind, maybe that could be it. her family has been told their best option might be to pay for a highly specialised treatment called car t cell therapy in america, as it's not currently available on the nhs.

but the treatment�*s expensive, and the family's now on a mission to raise £1 million. the clock is ticking. time is not on our side, so the sooner we can get over there, the better. for more stories from across the uk, head to the bbc news website. hi, i'm here for the catch up. tonight, concerns over rail ticket office cuts, calls for six forms sex ed to be compulsory and forest green making football history. but first, happy birthday to the nhs. the uk's free at the point of use health care system turns 75 today. there have been celebrations across the country. this was in my home region in merseyside. against a backdrop of long waiting lists, the effects

of the covid pandemic and falling staff morale, a study from the government's data office says that more than half of people are satisfied with the health care system. some are concerned it won't reach its 100 birthday without reforms and spending to tackle the ageing populations health care needs. some other stories now. train companies want to close hundreds of ticket offices across england over the next three years. but the plans have been criticised by disabled people who say it will make it harder to get the help they need to travel. sex ed should be compulsory in six forms and colleges, mp say, they want teacher training to tackle distorted ideas of masculinity, sexual harassment and gender violence. and league two's forest green and made footballing history after naming the first woman to manage a uk men's professional football team. hannah dingley�*s their new caretaker boss. time now to leave you with 10

seconds of fireworks. these spectacular sparklers were used at us independence day celebrations in washington, dc, the us capital. you're all caught up. bye for now!