the texas, we assess the impact on the us energy industry. thanks forjoining me. i am steve lai. jerome powell appeared at capitol hill for his second yearly report to congress. aaron delmore has more details on his testimony including clues about where interest rates are headed. for months, jerome powell has said that he and others are waiting for more evidence that inflation has hit down to the sustainable target before they cut interest rates. to be sure that line made its way into its testimony today, but there are also clues this time is changing. he said the us economy is no longer overheated and acknowledge the once red—hot labour market is cooling. just the kinds of things that would pave the way for future rate cuts. things that would pave the way forfuture rate cuts. here is mr powell. it for future rate cuts. here is mr powell-— for future rate cuts. here is mr powell. it does not seem likely that — mr powell. it does not seem likely that the _ mr powell. it does not seem likely that the next - mr powell. it does not seem likely that the next policy i likely that the next policy move would be a rate increase.

we do not take things like that of the table but the likely direction does seem to be, as we make more progress with inflation and as the labour market remains strong, we loosen policy at the right moment. loosen policy at the right moment-— loosen policy at the right moment. �* ,., , loosen policy at the right moment. �* , ., moment. and some insight into his thinking- — moment. and some insight into his thinking. wessex _ moment. and some insight into his thinking. wessex cuts - moment. and some insight into his thinking. wessex cuts were | his thinking. wessex cuts were expected over the course of the yearin expected over the course of the year injanuary, trader expectations are now down to one or two before the year is out. if one or two before the year is out. ., ., , one or two before the year is out. _ ., out. if we loosen policy to late or too _ out. if we loosen policy to late or too little _ out. if we loosen policy to late or too little we - out. if we loosen policy to late or too little we could | late or too little we could hurt economic policy and undermine the progress on inflation so we are balancing those risks and that is the essence of what we are thinking about. ., ., ~ ., , , about. chair powell knows this is not a usual— about. chair powell knows this is not a usual year. _ about. chair powell knows this is not a usual year. some - is not a usual year. some senators took an opportunity to do political grandstanding, skewing bidenomics. they also talked about high house prices, costly loans and low inventory

a nd costly loans and low inventory and a rule that would allow banks to keep more cash on hand. he fed has two opportunities to reduce cuts at meetings injuly and september. powell has one more opportunity to appear before a congress that appears on wednesday before the house financial services committee. we are also tracking the oil industry after hurricane beryl latched the coast. texas is the largest oil and gas producing state, accounting for 40% of the output in 20% of gas productions. it appears now that infrastructure has avoided damage. oiland that infrastructure has avoided damage. oil and gas experts explain the complications this has had on oil production and prices. the gulf of mexico combines to create 2 million barrels per day of crewed oil which is around 15% of the total us production which is just north of 13 million barrels per day but the production in terms of supply

is mostly medium quality. this also contributes around 9 million barrels which is around 56% of total refinery runs. this is complex and semi— complex refinery capacity consuming mostly heavy and medium to produce the valuable middle distillates. these metrics are all the more important when you consider the summer travel season. so, overall, considering the relatively tight us balance, any instruction on the supply side and refinery side could also provide upside to oil prices. now, supply could directly impact the price but refinery disruption could raise the product price through product shortages. some signs we have seen a vulnerability is

pipelines could be impacted by hurricane is moving forward. let's get you the update on indian prime minister marin remotely�*s visit. he sought assurance that indians working for the russian army would be sent home. the bbc has more on the highlights from the visit. pictures from moscow after a nato meeting in washington where they discussed the war in ukraine. he where they discussed the war in ukraine. . ., , where they discussed the war in ukraine. u, , ., ukraine. he called rusher an old weather _ ukraine. he called rusher an old weather friend _ ukraine. he called rusher an old weather friend and - ukraine. he called rusher an old weather friend and india | old weather friend and india has been one of the few countries that is continued to buy discounted oil. both are now looking at $100 billion in bilateral trade by 2030. prime minister modi also took up the issue of indians fighting on the front line against ukraine.

there have been instances where indian nationals desperate for work have paid money to agents on the pretense of finding jobs in russia only to find themselves sent to the front line to fight the war in ukraine. vladimir putin promised to these indians will be identified and sent home. as india looks to forge better ties with russia, prime minister modi knows he is walking a fine line he will have to continue to walk if he wants both russia and the west on its side. china's domestic car sales fell by 6.9% injune compared to a year earlier. this marks iii straight month of decline in the domestic car market driven by weak demand. despite policies by the government to revive the economy the latest indicators suggest more work is needed to bolster the economy. consumer electronic company dyson will make cuts to its workforce. employees will be laid off,

around 1000, across departments. the company known for backless vacuum cleaners and hairdryers says it is part of a global restructuring exercise. more than half of dyson comes from a and in 2019 its head office was moved to singapore. spain's economy has been growing faster than most of its neighbours and that is because of the tourist industry which contributes around 13% of gdp and is once again breaking records but not everyone is happy about the growth of tourism in spain which is seeing a backlash in many parts of the country. the bbc�*s i hedgecow reports. a tourism model based on sun and sand has been a driving force for the spanish economy and today it is the main reason why the country's gdp is growing faster than nearly all of its european

neighbours. this year, nearly 100 million foreign visitors are expected — a new record. we are expected - a new record. we have been _ are expected — a new record. - have been responsible in the last years of the most important percentage of growth of our economy. in 2023, we were responsible of 80% of the whole gdp growth of spain because other sectors were not growing, neitherat because other sectors were not growing, neither at the speed nor at the level of tourism. m5 nor at the level of tourism. ms bain's relationship with bain�*s relationship with tourism seems to be at a tipping point. a backlash has started as the country counts the cost of an industry which has been so lucrative. popular holiday destinations like the canary islands have seen protests by local people, upset at the impact tourism is having on their home environment. the southern city of malaga staged

a similar demonstration. much of the anger is caused by the high number of apartments used as short—term tourist accommodation. minute malaga, nearly one third of all properties are in this category. properties are in this category-— properties are in this category. properties are in this cateuo . . , , category. in the city, it is developed _ category. in the city, it is developed in _ category. in the city, it is developed in a _ category. in the city, it is developed in a way - category. in the city, it is developed in a way that l category. in the city, it is i developed in a way that the prices are going so high that now people who work and live here cannot really afford an apartment. you feel like you are in a theme park, that everything is not really for living there.— everything is not really for living there. this discontent has triggered _ living there. this discontent has triggered discussion - living there. this discontent has triggered discussion ofl has triggered discussion of possible ways of controlling arrivals or even rethinking spain's tourism model. if we want to talk _ spain's tourism model. if we want to talk about _ spain's tourism model. if we | want to talk about sustainable tourism or a lower number of tourists, we should discuss limits to the activity and higher restrictions and more regulation of the sector, which, until now, has been kind of free, but now we need to start putting some limits.

malaga is one of several spanish cities which are planning on introducing restrictions on the granting of licences for short—term accommodation. but barcelona is going even further. in 2028, it plans to revoke the licences of all of its 10,000 or so tourist apartments. but as explain's population as a tourist destination shows no sign of fading, many are asking whether the country's success is still a good thing. we have also been tracking the nato summit in washington. the war in ukraine has been top of the agenda up withjoe biden sankey is confident. he has also pledged to sent defence systems to ukraine in coming months. that was echoed by volodymyr

zelensky calling on leaders. you can see my pictures where president zelensky is answering questions. let's have a look at how the markets closed overnight. it was a how the markets closed overnight. it was a steady session asjerome powell said he was cautious about keeping interest rates too high for too long. investors are now awaiting june's inflation prince which is due on thursday. bye for now.

hello. i am zof with the catch up. tonight — starmer sworn in and where is a summer? sir kier starmer has addressed the

commons for the first time in his time as prime minister. he says it is the most diverse in history with the most lgbtqia+ and rishi sunak says he has a huge task ahead. some of the stories now — talks between junior doctors unhappy over pay and the new health has started. west treating says the government cannot commit to the rise that the doctors want to but they hope to enter the dispute. it is hoped a agreement may be reached to avoid disruption for patients. an exam board is being fined more than £300,000 because of papers sat by the students back in 2022. unprecedented action was taken against the exam board ncfe to get over 1000 students' results recalculated. and a favourite is returning to the dance floor for strictly�*s

anniversary. ali ashjoins the dance floor for strictly�*s anniversary. ali ash joins the professionals in the series. the celebrity contestants are yet to be announced though. now, for ten seconds of england's bad weather — if you are missing the sun, you are not alone. look at these pictures from scarborough. it is hardly beach whether there, is hardly beach whether there, is it? some parts of england have seen one month's with the rain in july. have seen one month's with the rain injuly. i hope the sun comes out soon. you are caught up comes out soon. you are caught up now. see you later. hello there. here is what is coming up there. here is what is coming up for you on sportsday. teenage kicks — a record breaker helps explain through to the euro final. the top speed jannik sinner is out of

wimbledon, suffering sickness in his db2 daniil medvedev. and as jane anderson wins his final, england says this summer is all about winning the ashes even though they are 18 months away. welcome along. we have ourfirst away. welcome along. we have our first finalist at the european championship in germany. spent maintaining the 100% record at the tournament, beating france to happen one but they had to come from behind with the equaliser making history. lamine yamal, the 16—year—old forward, with an exquisite strike to become the youngest goalscorer at any major championship. 0ur reporter was watching the match.