american's central bank american�*s central bank in the spotlight this week as investors watch to see if the hiking cycle will continue. in the philippine president prepares to lay down his priorities for the coming months, with the economy expected to take centre stage. welcome to asia business report with me, mariko oi. it's a big week the global interest rate rises with key decisions in the us, europe and thenjapan stop the first and of course most consequential is the fed's decision on wednesday. us central bank officials have entered more rate hikes but of a sharper than it selected falling consumer inflation the world's biggest economy last month dampened expectations. that decision comes a day before second—quarter gdp figures are released and many

economists are expecting the us economy likely remaining in expansion during the april to june period. rounding of the week, will be the bank of japan. last month they saw core consumer prices excluding food rising higher than the bank's inflation target so that put extra pressure on the central bank to tweet its altar easy monetary policy. i earlier, i spoke to naim aslam and he told me how he expected the fed to go. i me how he expected the fed to no. ~' me how he expected the fed to .o_ ~ ., me how he expected the fed to io, ~ ., , go. i think the federal reserve isn't under— go. i think the federal reserve isn't under immense _ go. i think the federal reserve isn't under immense pressure, i isn't under immense pressure, before the inflation data, as you rightly pointed that out. because inflation is sitting at 3% and i'm speaking about the headline inflation which is not that much farther from the federal reserve's target of 2% and especially view compare with waether �*s number was. it wasn't too long ago when we saw this number in double digits and falling all the way to 3%.

where we sit on what we've seen in the market from the money market and the equity markets, we do see traders still anticipating another interest rate hike stop going into wednesday, the general expectations are number one, the federal reserve will increase interest rates by 25 basis points in number two, the hawkish tilt will continue to remain in the federal reserve's monetary policy. what does that mean? it means perhaps there could be another interest rate hike in the part of this year but we think this is going to be the last interest rate hike by the federal reserve stop what about the european central bank. , ., , , ., , what about the european central bank. , .,, ,, bank. opinion seems to be split on what they — bank. opinion seems to be split on what they are _ bank. opinion seems to be split on what they are going - bank. opinion seems to be split on what they are going to - bank. opinion seems to be split on what they are going to do, i on what they are going to do, whether they will pause or not. you're absolutely correct. and from various members of the federal reserve. but surely

they are not there. the european central bank is well behind in terms of controlling patient. it's still much, much higher the current target. we think the european central bank coming on thursday will increase the interest rate by 50 basis points and i think that there could be another three more interest rate hikes by the same amount for the rest of the year. why? because inflation is still immensely painful for the inflation is still immensely painfulfor the european painful for the european central bank. painfulfor the european central bank. yes there is a possibility that perhaps the first interest rate hike could be 25 basis points but coming soon, 50 basis points, it will remain wide open for another interest rate hike for at least another 50 basis points. interest rate decisions on the only things we are keeping our

eye on this week. it's also earnings season and on tuesday, two tech giants competing for al services will report their ai services will report their second—quarter earnings. microsoft and google parent alphabet. the world's leading aircraft makers, also boeing and airbus are also due to report a demand for new planes as flight traffic rebounds following the lifting of some of the last covid travel restrictions this year. also on wednesday, facebook�*s parent company, meta, is due to unveil its latest report. and of course, it recently launched threads, a platform that's very, very similar to twitter. and we'll also assess the earnings of major energy company shell and see how weak oil prices over the last few months might have affected its bottom line. and rounding up the week, we'll get the latest from samsung electronics in south korea. and according to its preliminary reports, the company expects the q2 profits to slump 96% year on year, no thanks

to a chip glut. now, over in the philippines, president ferdinand marcos jr is set to deliver his state of the nation address later today. and this will be his second such address. and the economy is expected to be a hot button issue as global headwinds intensify. and especially as manila relies on remittances. earlier, i spoke tojesus felipe, who specialises in developing economies in the region, and he explained at the country needs to take advantage of a young workforce. because i think that what the president is going to try to do today in his second sona address is to really get credit for the implementation of his comprehensive development plan that was announced last year. the reality is that the country during this year has been doing relatively well. that was manufacturing driven. that was manufacturing driven. that was manufacturing driven. that was mentioned that the marcos administration has an

ambitious plan that puts the economic and social transformation of the country at the centre of this agenda. key to this is achieving a growth at 6.5 —— 8%, that is the forecast on the key to sustain it is going to be very, very difficult unless there is a clear understanding that it requires a relaxing of the major constraints to growth, in particular the balance of payments, that the country needs to really change the structure of production and move up the redevelopment ladder. related to this is the focus on the transformation of the economy as you were mentioning. there are two key things here. one is there is still agriculture, from the point of view of employment, is a big employer. there are 10 million filipinos represented about 25% of total employment and still primary agriculture. the second is the country needs to produce and export what we call more complex products. it needs to move into machinery, chemicals, electronics, pharmaceuticals, automobiles. this is a country that does not

exporting any of these countries but in order to avoid balance of payments, particularly the current account deficit. and in other news this morning, twitter�*s iconic blue bird will soon be no more. that's according to the company's owner, elon musk. he's changing it to an x logo. the rebranding of twitter comes as mr. musk recently admitted that advertising revenue at twitter remains at half of what it once was. if you remember, he bought twitterfor $41; billion last october. now, the uk's economy may be struggling to gain momentum, but at least one sector is leaping into action. despite the impact of covid, the film and tv industry is seeing a frenzy of activity thanks to the growth in streaming services. theo leggett has more. hey, y'all played a heck of a game out there. ted lasso, the feelgood football comedy has been a hit for the us streaming service apple tv+.

and this is where it was made. well, what do we have here? okay, so this is a small stage in our current studio, so it's about 5900 square feet. at west london film studios based near heathrow airport, business is booming. 0wner frank khalid says demand is so high he's having to build a huge new facility 16m in height, 1250 square metres of space. let's face it, if you want to attract the biggest productions, you're going to need a lot of room. and that's what this place is all about. it's one of four brand new stages being built here in west london, and the idea is to tap into growing demand for studio space across the uk, including from some of the world's biggest players. since 2015, the uk has offered generous tax breaks for film and high end television. that's raised demand for studio space as well as ready to use facilities like this hospital set. it's a massive influence, the tax breaks here. in fact, when i first bought

the studios, there was no tax break at that time and a lot of film studios were closing down at the time. in fact, the studio that i bought was a closed down studio. but it seems the tax breaks have come along, the demand hasjust gone up by so much. dad told me you found something. on a train during the war. indiana jones and the dial of destiny is expected to be one of this year's biggest blockbusters, and much of it was filmed in the uk. spending on film and high end television in this country hit a record of more than £6.25 billion last year, but that creates new challenges for the industry. do we have enough. people working in the industry in the uk to satisfy the need? we need accountants, gardeners, carpenters, electricians as well as all the more well known jobs. and we need those jobs all across the uk. so we have calculated we probably need in the region of 20,000 jobs in addition to what we currently have by 2025.

0ther steep concerns include high inflation and competition from other countries, which also offer generous tax breaks. but people within the industry remain convinced that attracting more movies like this one certainly won't be mission impossible. theo leggett, bbc news. and speaking of movies, we're truly living in a barbie world. the movie has conquered the north american box offices in its debut weekend. it raked in $155 million with legions of pink—clad moviegoers swarming theaters. this means that barbie has scored the biggest opening weekend of any film this year. that's it for the program. thank you so much for watching.

this is vinny from cardiff. a former drug dealer, he was on heroin from the age of 14. he also took pills, benzo diazepam not once from his doctor, vagrancy report of the street and on line. the drugs, often called benzos our sedatives. you might know there were other names of diazepam, valium and xanax on there are concerns people are increasingly buying them on—line, thinking they are getting legitimate products. the latest statistics suggest there were 61 drug deaths in wales involving these drugs in 2021 up from 2020 and something drugs charities are concerned about. , ., , ., about. the problem with all these drugs, _ about. the problem with all these drugs, they _ about. the problem with all these drugs, they are - about. the problem with all these drugs, they are not i about. the problem with all. these drugs, they are not real. testing done. this lab run by public health wales reveals many drugs bought on line are often not what they claim to be. in the last year, two of every five samples they tested contain something different to

what they were sold as. vinny has now turned his life around and has been clean of drugs for five years. he hopes by speaking out he can make more people realise the dangers of drugs and of buying them on line.

she was six years old when she was taken into care. now 1a, she is using her voice to help change life for people like her. ., a' , change life for people like her. ., w , . her. to make sure children in care are _ her. to make sure children in care are seeing _ her. to make sure children in care are seeing as _ her. to make sure children in care are seeing as people, i care are seeing as people, really. care are seeing as people, reall . ,, , care are seeing as people, reall. ,, , ., ., really. she is part of a national _ really. she is part of a national campaign - really. she is part of a national campaign to. really. she is part of a - national campaign to ensure care experienced people have protection against discrimination. emotion by precious and old and council was passed by the local authority to ensure the needs of care experienced people are part of local decision—making. and last month, precious took a petition to number tend to push for more protection in law. terry galloway is leading the campaign to make care a protected characteristic like gender, race and sexuality. fist gender, race and sexuality. at the gender, race and sexuality. git the moment there is a big focus on children's social care but it doesn't end at 18. the care experience is for life. the government _ experience is for life. the government says - experience is for life. the government says they - experience is for life. the government says they don't believe making care are

protected characteristic would be positive. instead, they are extending corporate parenting responsibilities to all government departments. but the campaign will continue at a local level. hello and welcome to sportsday. i'm 0lly foster.

brian harman beats the weather and rest of the field to become 0pen champion at hoylake. a washout out on the final day of the fourth test means australia keep hold of the ashes. and this is what a point means forjamaica at the world cup. we'll have the latest from the tournament. welcome to sportsday. let's start with the golf because brian harman is the toast of hoylake after becoming the new 0pen champion. the 36—year—old american finished six shots clear of the field at hoylake to claim his first major title. it was his first tournament win in 6 years ben croucher sent us this from the royal liverpool course.