the federal reserve strikes a cautious tone as they navigate and the certain —— and uncertain path for the world's biggest economy. india rests a chinese employee in delhi as tensions flared between the two countries. welcome to asia business report. let's start with global markets. despite uncertainty caused by the israel hamas crisis, the mood on trading floors across asia, europe and the united states has improved compared to the beginning of the trading week. oil prices have fallen more than 2% as fears of disruption to supplies due to the conflict calmed down

a day after top opec producer saudi arabia pledged to help stabilise the market. overnight, the wall street major indices closed higher, the us central bank has hinted it might hold steady on another interest rate hike as well. federal reserve officials are embracing the higherfor federal reserve officials are embracing the higher for longer strategy, according to the newly released minutes from their september meeting. it shows that while officials are divided on the question of whether the us central bank will hike interest rates again before the year is out, they all seem to think rates will remain high for some time. what the fed decides to taste the cost of borrowing in the us and has spill—over for markets anywhere. higher rates make it more expensive for americans to take out a house loan or a car loan and makes it more expensive for businesses to borrow money, which all slows growth. meanwhile, the interest

paid on us government bonds is moving towards its highest levels in more than 15 years. that could end up having the same effect as a rate hike without the fed having to act. during the meeting, they viewed the economic climate including strong growth and a cooling labour market as positive indicators. since then, a red hot octoberjobs report beat expectations, and we've seen a full—blown conflict erupted between israel and hamas in the middle east, which could constrict oil supplies and lead to headline inflation. the next time it meets, there will wholly be a new set of circumstances to consider. the world bank _ circumstances to consider. the world bank has _ circumstances to consider. the world bank has told the bbc that after covid, extreme poverty increased for the first time in decades. their senior managing director said more funds were needed to tackle it. our business editor. 25

funds were needed to tackle it. our business editor.— our business editor. 25 years auo, our business editor. 25 years ago. extreme _ our business editor. 25 years ago, extreme poverty - our business editor. 25 years. ago, extreme poverty affected our business editor. 25 years i ago, extreme poverty affected a third of the world population. it is now around 9%. that is progress. we want to go to 3% by 2030. that is a challenge. largely because of covid and also crises. but there is progress. we see these partnerships between a bank and a country. earlier this year, i was in bangladesh celebrating 50 years partnership. it has been an amazing journey. this country has developed into a lower middle income country from a standard where they had barely $50 per capita per year in 1971. , , , barely $50 per capita per year in1971. ,, , ., in 1971. higher gdp per capita than india- — in 1971. higher gdp per capita than india. yeah, _ in1971. higher gdp per capita than india. yeah, higher- in 1971. higher gdp per capita than india. yeah, higher than| than india. yeah, higher than india. here _ than india. yeah, higher than india. here similarly - than india. yeah, higher than india. here similarly a -

india. here similarly a spectacular story. many years of partnership from a poor country to a middle income country to a middle income country that is competitive in the world. these are great stories. that should not hide the fact we still have challenges in many parts of the world, and when you say what is different, some of the crises that are now global crises, like climate, that are so consequential that we need to deal with them urgently. interesting you mentioned the climate, because there is a narrative that a lot of the western nations want to talk about climate and developing countries want to talk about development, and that is what they want your bank to do, and maybe you are muddying up those two things. maybe you are muddying up those two thins. ., , . ., two things. poverty reduction remains in — two things. poverty reduction remains in full _ two things. poverty reduction remains in full to _ two things. poverty reduction remains in full to our- two things. poverty reduction remains in full to our vision. l remains in full to our vision. however, you mentioned just before, covid has had a devastating effect. for the first time in decades, extreme

poverty increased again. there is another challenge. we expect over half of the extreme poor will live in fragile states by 2013. that means if we want to deal with it, we need to deal with some of the global challenges of fragility. but also climate. _ challenges of fragility. but also climate. in _ challenges of fragility. but also climate. in india, a financial crime probing agency has arrested a chinese national who works for smartphone maker vivo in a case of alleged money—laundering. vivo has denied wrongdoing but they and other chinese players have faced growing scrutiny after the border clashes in 2020. my colleague has the latest from mumbai. the arrest of the vivo employee by the indian financial crime agency is the latest in a spate of controversies that have dog—eared chinese companies in india in recent years. —— that

have dogged chinese companies. vivo says it is exercising legal options. money—laundering provisions under which this arrest has been made are very stringent and used to deal with criminal cases, not civil cases. vivo and other companies face separate tax evasion investigations in this country. the indian it minister has accused the firms are collectively not paying over $1 billion of taxes earlier this year. reports suggest indian authorities are keeping a strict watch —— a strict watch on chinese investments in the auto sector, with companies like mg motor obtaining difficulties —— having difficulties —— having difficulties obtaining visas. apps like tiktok are banned in india and journalists have been arrested over foreign funding from china, a charge that the sounders have denied. despite the ongoing tensions, indian

bilateral trade with china grew at a record pace in 2021, and 2022, a reflection of how difficult it is for new delhi to reduce economic attendance on chinese imports. preliminary quarterly results from the world's largest memory chip maker seems to show a recovery is under way after a post—pandemic downturn. samsung electronics estimates a quarter profits of $1.8 billion, 78% down on the previous year, but the company said it is a smaller than expected fall following a pandemic driven boom for electronic devices when remote working took off. demand tapered after the pandemic as more people came back to officers. however the situation should improve in the near future. situation should improve in the nearfuture. i situation should improve in the nearfuture— near future. i think these results are _ near future. i think these results are certainly - results are certainly encouraging in the sense that i think the drop in profitability

seem to be tapering out, and i don't see prices for chips dropping any more. so i think we are at the bottom of this cycle. looking at the next few quarters, and probably into 2024, i think we will see a recovery in the market. in indonesia, plans to develop an industrial park has with resistance from locals on an island close to singapore. it will displace them thousand 500 people to make way for industries including a chinese glass and solar panel factory. my glass and solar panel factory. my colleague reports. indonesia's strategy, inviting direct foreign investment into the manufacturing industry of the manufacturing industry of the country, which will see this village transformed into an industrial eco city. a chinese firm has agreed to build a factory here. to manufacture glass and solar panels. this island is rich with quartz sands, one of the

main components of solar panels. it is also strategically located very near to singapore, which you can see from here. there are 16 older villages here, and most of the people have been living as fisher for decades. people have been living as fisherfor decades. the development plans have been around for about 20 years, but were on pause until recently. the fresh push and the idea of relocating led to protests from the locals. the first phase of the factory will mean 900 families being displaced, but only one third have signed up for the government's alternative housing plan. translation: ., ., housing plan. translation: ., , translation: the location is read but translation: the location is ready but on _ translation: the location is ready but on 450 _ translation: the location is ready but on 450 hectares, i translation: the location is| ready but on 450 hectares, we will have public offices, health facilities, football fields, mosques, docks,

entrance roads, we will build them all. entrance roads, we will build them all-— entrance roads, we will build them all. , ., , them all. the designated place is still covered _ them all. the designated place is still covered with _ is still covered with vegetation. the promised settlement won't be ready for another two years. while waiting, families will be temporarily moved to another city, far from the ocean. this lady is among those reluctant to move. the centenarian had eight children, 30 grandchildren and 29 great grandchildren. all of them live in the same village. translation: iii in the same village. translation: , . translation: if my children have moved _ translation: if my children have moved out, _ translation: if my children have moved out, i— translation: if my children have moved out, i will- translation: if my children have moved out, i will come| have moved out, i will come with them. but if they refuse, if there is no place to go, no conversation, i try to stay. i'm already old. if i die, where will they bury me? out in the ocean? that's all we have on this

edition of asia business report, you can find much more on the bbc news website. thanks very much for watching, stay with bbc news. peter and janet share a passion forfencing, a passion they want to pass on. even before they started their own training, the couple turn up at stourbridge fencing club to have the coaches encourage and develop the next generation. people talk about football all the time, they don't see fencing, so any opportunity we get that we can promote this sport so a lot more young people take it up, that so much the better. it’s people take it up, that so much the better-— the better. it's essentialwe rive all the better. it's essentialwe give all the _ the better. it's essentialwe give all the helpful- the better. it's essentialwe give all the helpful future i give all the helpful future generations to come through. as you see — generations to come through. as you see tonight, how enthusiastic those little children, eight years and on,

are — children, eight years and on, are they— children, eight years and on, are. they really enjoy it. fencing _ are. they really enjoy it. fencing brought the couple together many years ago and they have been duelling their way to the top ever since, but this is the first time they have qualified for the veteran's world championship in the same year. janet finished fifth in 2022. she is determined to make it onto the podium in florida this time. hopefully notjust a bronze, i would — hopefully notjust a bronze, i would like silver, possibly gold. _ would like silver, possibly gold, but unfortunately the top seed _ gold, but unfortunately the top seed is — gold, but unfortunately the top seed is from the usa and she is extremely— seed is from the usa and she is extremely hard to beat. she has been _ extremely hard to beat. she has been the — extremely hard to beat. she has been the winner for the last 4-5— been the winner for the last 4—5 years. the israeli embassy in london has confirmed 26—year—old jake

marlowee, a british citizen missing since saturday, has died in israel. he was working as security staff at a music festival near the border with gaza when he disappeared. i7 festival near the border with gaza when he disappeared. 17 uk nationals are dead or missing since the militant group hamas launched its attacks on saturday. the prime minister in israel and the opposition leader have agreed to form an emergency government. the death toll in israel from the hamas attacks has reached 1200, and the un is calling for essential supplies of food and water to be allowed into gaza. the gaza health ministry says 1100 people have been killed in air strikes and its only power station have now run of fuel. the latest updates on this on the bbc website. next, london's luton airport has now reopened after a fire yesterday caused the car park to partially collapse. flights were suspended until mid afternoon, causing disruption for thousands of passengers. fire services say the blaze appears to

have been accidental. time for ten seconds of wildlife photographer of the year. laurent ballesta, this year's prize winner, won with this picture of a horseshoe crab. the other snaps are basically some of the other category winners. a bunch of incredibly talented photographers. you're all caught up, see you later.

hello there. welcome to sportsday with me, will perry. coming upforyou, a rohit sharma record—breaking century fires india to victory over afghanistan at the cricket world cup. wayne's world at st andrew's as rooney hopes to take birmingham city to the next level. and wales cruise past gibraltar in a friendly, with a debut for a son of a familiar welsh face.

welcome along.