the world's biggest producers have agreed to extend production cuts for an additional three months. opec plus members led by saudi arabia and russia agreed to continue to cut oil by 2.2 million barrels each day. this puts pressure on prices already feeling the heat from the attacks in the red sea. saul lavonic from mst marquee says the meeting has sent a strong signal. i think a degree of expanding the cuts was expected but at expansion and stronger cuts for russia is actually something stronger than perhaps consensus in the market was. and what you are seeing is it really is a very strong signal from opec plus was only a matter of several weeks ago,

unified opec plus group d are particularly after and also someone left the cartel. now we're seeing that there and it also a sign that opec plus are really showing a strong defence of $80 a barrel floor in pricing. what they've done here is really built a fence, surplus will keep the market in deficit with a view for demand and return more strongly in the second half allowing cuts to be unwound and actually deficits to be sustained through the course of the year, keeping that curve, keeping prices elevated. is this cut priced in then or are we likely to see a bit of impact on brent prices? we have already seen thejump in the immediate aftermath of this. there is already uncertainty as to how this plans out but a structurally bullish outlook for the rest of year where,

if demand does recover, particularjet fuel and some emerging economies in the second half, sustained deficits on top of what was on already precarious with stocks and on geopolitics. but, if the market does end up being weaker on the demand side, what we are seeing is opec could very well extend and keep the market in deficit anyway. a lot of this also feeds into the geopolitical solution, particularly with tensions in the middle east, where opec keeps expanding capacity on hold, to be able to release a little bit more if needed because all of this, all of the deficits that are now happening, despite the fact not actually seeing a supply disrupted from the middle east conflict but that is something — an eventuality that still could play out and then tighten things up to much stronger degree. the philippines has said it hopes to launch formal

free—trade negotiations with the european union very soon. the country has been in preliminary talks with a 27 nation bloc four months after a previous attempt almost a decade ago fell apart. the southeast asian nation depends heavily on its trade with china but has been having tensions over the south china sea. it has said it wants to expand its economic relations to have greater resiliency. dozens of delegates are preparing to meet in beijing as china kicks off its annual parliamentary meeting on tuesday. it is a time where the government outlines its economic plan for the year but the country is facing a number of challenges with many hoping they will unveil some bold policies to help give the economy a much—needed use. our business reporter katie silva explains. when it comes to the economy, china's officials are in a difficult position. the country's post—pandemic economic recovery has been disappointing. youth unemployment is high, governments are saddled with debt and oh, people aren't having babies. it's raising questions about the future workforce. let's not forget that is all before that downturn in the real estate sector which accounts for about a quarter of the economy. that has been going on for almost three years, and falling

property prices are hurting consumer confidence. people are less willing to spend and also, unlike in much of the rest of the world, prices in china are falling. although that may feel welcome in the short—term, it also signals that things are not well with the economy. that's just what's happening inside china. from the outside, restrictions on ship exports are the country's tech ambitions. all in all, it's a very tricky situation to make policies for. but beijing has been trying. the country's central bank has been cutting key interest rates to boost the economy. state—owned banks have promised they'll keep lending to those struggling property developers. but beijing hasn't been willing to spend any money to turn the economic fortunes around — and experts say there are limited tools and their arsenal to fix things. premier li keqiang speech will be closely watched. he is expected to announce the growth and many

are hoping a roadmap to get the country back to boom times again. for what lies ahead in the chinese economy, i spoke to the form of resident of chinese bank subsidiary and he says he is not expecting big spending from the government. i see this basically is rallying the troops to double down on xi jinping's goalfor a new technocratic, sort of software — hardware—driven economy that is going to conquer the world. and i think he is kind of dreaming. overcoming the difficult problems within china requires a different path and he is not going in that direction. we heard just then from katie about the chinese government having limited options and trying to stimulate the economy. is that something you agree with? yes, i do. they have the highest debt to gdp in the world. they have the property market that was up to 30% of gdp and has basically fallen by 70% in the last couple of years. huge debt levels. they had a debt—fuelled boom over the past decade and instead

of letting the markets try to grow and get, like, the amazon of china, alibaba to move forward, they are putting $1 trillion or more into semiconductors which is a great idea except it is going to take a decade for that to bear fruit. other areas like the electronic vehicle industry which has been a success story for china are really too small to help the economy very much — and given the pushback from the eu and the us, is unlikely to result in large exports. they don't have a choice at this point. what is your opinion? a lot think the — what is your opinion? a lot think the numbers - what is your opinion? a lot think the numbers are - think the numbers are fabricated so the idea of 5.2 or 5.5% growth is unlikely to be true, it is more like 1% or 2%. you have a situation where instead of letting individuals form businesses and the efficient use of capital, the state sector is doubling down. i think china is in very very

difficult road which potentially influence their global foreign potentially influence their globalforeign policy potentially influence their global foreign policy because they desperately need the us dollar, they need exports, and at some point, not yet, it may soften their tone internationally. dubai airport is the busiest international airport in the world outside of the united states. the boss says he considers the pandemic recovery to be over, and that the airport will see the passenger numbers above levels never seen before. the bbc�*s caught up with paul griffiths and asked how soon the experts to see that record growth. we are more than 100% of where we were pre—pandemic, so recovery, for us, has already happened. and our growth, actually, is already looking very, very strong. ourjanuary numbers were very strong indeed. so in month one of 2024, we have already revised up what our projection for the year — it was 88.8 million,

it is now over 90 million. so expectations are pretty strong, and we do think we will exceed our record passenger numbers that we recorded pre—pandemic during the course of this year. there are a lot of global headwinds at the moment. high interest rates, staff shortages, and plane groundings. how are you dealing with all those headwinds? we are in a very fortunate position, and an incredibly globally spread business. with 240 destinations within four hours. having a business which serves all four corners of the earth makes us incredibly resilient and despite what happens across the geopolitical scene and to the world economy, we find that there is some sort of counterbalance that normally happens. one region may suffer a little

bit, but others rebound very quickly. big growth markets, at the moment, are india, saudi, the uk — traditionally very large markets for us have been our top three for some considerable time. and i think the thing is, because we are slightly challenged with space, this is why the impetus to invest in technology is so strong, and that enables us to continue to grow our customer base and allow more slots and more capacity for our airlines. next, let's see how the japanese stock market is performing. the benchmark index, the nikkei 225, is trading at the highest of all time — it's the first time ever it has breached now of the 40,000 mark. tech stocks are driving against today. it has hit levels not seen since the

economy was in a bubble three decades ago. it is being held by a weak yen but also the ongoing artificial intelligence rally in us stocks. we can also look at how the s&p 500 and the nasdaq finished the day on friday and also hitting record highs as injapan. earnings season is also still under way and a couple of retailers are due to announce their latest financial report card. us retail giant target is due to announce on friday and analysts are suspecting 2023 results to surpass pre—pandemic levels. we will have more on the week ahead in the next asia business report. vioce-over: bbc news, j not bringing you different stories from across the uk. with pageantry, with pagea ntry, a with pageantry, a new bishop is welcome. ., , ., . welcome. now this ancient churches — welcome. now this ancient churches in _ welcome. now this ancient churches in the _ welcome. now this ancient churches in the middle - welcome. now this ancient churches in the middle of. welcome. now this ancientj churches in the middle of a very modern row. the cathedral wants to build a new £8 million annex, but 11 trees will have to be cut down. campaigners are fiuuhtin to be cut down. campaigners are fiaahtin to to be cut down. campaigners are fighting to save _ to be cut down. campaigners are fighting to save them. _ to be cut down. campaigners are fighting to save them. this -

to be cut down. campaigners are fighting to save them. this is - fighting to save them. this is a conservation area. some of these — a conservation area. some of these trees are over 150 years old. _ these trees are over 150 years old. 0ur— these trees are over 150 years old. our client is these trees and — old. our client is these trees and we — old. our client is these trees and we want our grandchildren to see — and we want our grandchildren to see these trees and see the benefits— to see these trees and see the benefits of ungainly benefits of trees in the open city. it of trees in the open city. [it isn't of trees in the open city. isn't the of trees in the open city. it isn't the only objection. the new annex would be home to a bigger shop and a new cafe, rehearsal rooms, toilets, and storage. some think it could attract tourists away from existing businesses. the dean disa . ree. existing businesses. the dean disagree- we _ existing businesses. the dean disagree. we expect - existing businesses. the dean disagree. we expect a - existing businesses. the dean disagree. we expect a 3596 - disagree. we expect a 35% increase _ disagree. we expect a 35% increase in the number of visitors _ increase in the number of visitors alone, apart from the growing — visitors alone, apart from the growing number coming to worship _ growing number coming to worship and coming for concerts. they bring extra business _ concerts. they bring extra business into the city. the row has been _ business into the city. the row has been rumbling _ business into the city. the row has been rumbling for- business into the city. the row| has been rumbling for months. business into the city. the row i has been rumbling for months. a planning application has been submitted but not yet considered.

on the way this summer, and emergency department's 60% larger— emergency department's 60% larger than the one it will replace _ larger than the one it will replace here at the great western in swindon. this hospital— western in swindon. this hospital is barely two decades old, _ hospital is barely two decades old. fine — hospital is barely two decades old, fine you are many in the region — old, fine you are many in the region. but parts of it had been _ region. but parts of it had been too _ region. but parts of it had been too small to cope with swindon— been too small to cope with swindon public growth. the pepuiation _ swindon public growth. the population will _ swindon public growth. tue: population will have swindon public growth. tte: population will have grown swindon public growth. "tte: population will have grown by 40% by the point the hospital is built and the end of this decade. in that sense we are

playing catch up. the decade. in that sense we are playing catch urn-— playing catch up. the new facilities _ playing catch up. the new facilities won't _ playing catch up. the new facilities won't just - playing catch up. the new facilities won't just allow. facilities won't just allow more _ facilities won't just allow more patients to be treated, there — more patients to be treated, there will have more privacy, like _ there will have more privacy, like with— there will have more privacy, like with doors instead of curtains _ like with doors instead of curtains. they will be more space — curtains. they will be more space for— curtains. they will be more space for relatives, separate areas — space for relatives, separate areas for— space for relatives, separate areas for patients in mental health— areas for patients in mental health crises, and much improved and welcoming children's facilities, too. you know the _ children's facilities, too. you know the care _ children's facilities, too. you know the care you _ children's facilities, too. you know the care you can - children's facilities, too. tm. know the care you can provide is better and that is huge to us. it is used to all clinical even our receptionists, the ability to support patients and do more for them because of the environment, and that they are in a better environment, there better supported. find in a better environment, there better supported.— in a better environment, there better supported. and while the cash is therefore _ better supported. and while the cash is therefore the _ better supported. and while the cash is therefore the new - cash is therefore the new facilities, it doesn't bring with— facilities, it doesn't bring with it _ facilities, it doesn't bring with it more staff, but it does give _ with it more staff, but it does give the — with it more staff, but it does give the chance to rethink how patients— give the chance to rethink how patients are cared for in more efficient— patients are cared for in more efficient ways.

hello and welcome to sportsday. i'm chetan pathak. coming up on the programme: fantastic phil foden scores twice in the manchester derby, as city edge closer to the top of the premier league. and derby day delight, too, for bayer leverkusen as xabi alonso's side go ten points clear at the top of the german bundesliga. and armand duplantis survives a scare, as he retains his world athletics indoor championships title in glasgow. welcome along, thank you forjoining us. it remains tight at the top of the english premier league. manchester city are back to within a point of the leaders

liverpool, after coming from behind to win the manchester derby. phil foden scoring twice. he's now up to 18 goals this season. he turned the game around after marcus rashford had given united the lead. erling haaland wrapped up a 3—1 victory in stoppage time. the result means if city beat liverpool when both sides play at anfield next sunday, they'd go top. city manager pep guardiola wasn't eager to talk about the title race afterwards — but very happy to heap praise on his star striker foden. he is the best player, right now, in the premier league. so for the amount of things he does, he is unbelievable. there was a moment just towards the end when he raced down back towards the left and made a tackle, does that give you as much pleasure as the other stuff? i will be honest! the guy who doesn't do that, he is not allowed to stay in this team, so you have this physicality because — i think he loves to play football, he lives for football.