us presidentjoe biden will reportedly block the nippon steel takeover of us steel. we'll explain why the deal has become such a contentious election issue. and we'll have a special report from bangladesh, on how the country's bustling textile sector is navigating political turmoil. hello and welcome to business today. i'm steve lai. us presidentjoe biden is planning to block the takeover of us steel by japan's nippon steel on national security grounds — that's according to multiple us media reports. the $15 billion deal would have created one of the world's largest steel companies outside of china, and had been hailed by investors as an answer to the us compa ny�*s financial woes. compa ny�*s financial woes. shares in us steel fell shares in us steel fell more than 20% after more than 20% after reports of the decision. reports of the decision. here's ritika gupta with more. here's ritika gupta with more.

nippon steel's $14 billion bid to acquire united states steel has been caught in the cross hairs of an election year and in the crucial swing state of pennsylvania where us steel is based. us presidentjoe biden has long pledged that the iconic american company, headquartered in pittsburgh, should remain domestically owned and run. presidential nominees kamala harris and donald trump have also both committed to keep us steel american, though any move to block the deal could potentially be subject to litigation. proponents of nippon steel's bid say the us shouldn't reject a bid from a company based in an allied country such as japan, especially one that could create an entity with the scale to compete with china. if the deal is successfully blocked, the fate of us steel is unclear.

$1 million or more to 28% — instead of president biden�*s 39.6% proposal. the vice president told supporters in new hampshire she would also push for a $50,000 tax deduction for new small businesses — which would be a major tax breakfor them. we're on inflation watch this we're on inflation watch this morning, with the latest morning, with the latest figures due from thailand figures due from thailand and the philippines. and the philippines. prices in the region prices in the region seem to be tapering off, seem to be tapering off, taking away some cost taking away some cost of living pressures. of living pressures. with the us federal reserve with the us federal reserve widely expected to lower widely expected to lower borrowing cost this month, borrowing cost this month, there's a question there's a question mark over what central mark over what central banks in asia will do. banks in asia will do. let's get some answers let's get some answers from hsbc chief economist — from hsbc chief economist — fred neuman. fred neuman. yes, ever so gradually, we see yes, ever so gradually, we see the cost of living pressures the cost of living pressures ease in large part because ease in large part energy prices are starting to come off, but also food price the cost of living pressures ease off, �*ge part the cost of living pressures ease off, but)art the cost of living pressures ease off, but also food price pressures to stop particularly come off, but also food price pressures to stop particularly in southeast asia, south asia, in southeast asia, south asia,

food is the largest expenditure for many fossils, poor households in particular, and when we see food prices come down, this really eases the pressure on the average consumer and opens a doorfor rate cuts for central banks in asia. ~ . , . ., , asia. we are expecting to see the fed cut — asia. we are expecting to see the fed cut rates _ asia. we are expecting to see the fed cut rates in _ asia. we are expecting to see l the fed cut rates in september, do problem of too low

china has a problem of too low inflation, perhaps in deflation, price pressures there are extraordinary low and thatis there are extraordinary low and that is not good either because if you have too low inflation it means corporate revenues are stagnating and it means it is harder to push the salary increases, so if anything, china needs to still try to move up inflation, and they would cut interest rates as well in order to try to stoke economic growth and thereby stabilize inflation at a slightly higher level than currently. slightly higher level than currently-— slightly higher level than currentl .~ . , currently. which countries in asia are on _ currently. which countries in asia are on track _ currently. which countries in asia are on track to - currently. which countries in asia are on track to recoverl asia are on track to recover and bounce back from inflation and bounce back from inflation and the cost crisis? the philippine _ and the cost crisis? the philippine standout, - and the cost crisis? the philippine standout, wej and the cost crisis? tie: philippine standout, we had high inflation here, but because of the decline in food price in particular there is relief coming through and across southeast asia, you look at malaysia for example, if you look at vietnam, inflation should come out —— come down, and of course india is whether has had higher inflation than

other economies but signs of infection coming down there led by decreased food prices. indian prime minister narendra modi is in singapore for a two—day visit. the city—state is the latest destination in the indian leader's whirlwind tour, which included stops in italy, russia, ukraine, poland, and brunei. let's bring in asia economist priyanka kishore to find out more about modi's priorities. it's seen as a testimony of broadening and deepening ties between two countries. we are probably going to look at the greater emphasis cooperation in manufacturing and sectors like health care and logistics, advanced manufacturing —— my infection particularly, semiconductors, and alongside that, there will be talks of cooperation in sustainability and security in the prime minister meetings.- and security in the prime minister meetings. health of india at the moment when you talk about the economy, a few economic indicators note, did gdb data, manufacturing, and what is your

outlook? it manufacturing, and what is your outlook? , ., , ., ., outlook? it used to be one of the fastest — outlook? it used to be one of the fastest growing _ outlook? it used to be one of. the fastest growing economies globaly, and that probably makes prime minister morty comfortable undertaking these foreign visits so soon after the election. if all goes well this year, yes, we might have a growth slipping slightly below 7% but that is mostly due to the global factors and some statistical boots —— boost fading out. we saw the latest gdp that consumption is reviving it so unless a monsoon deals a negative blow to crops are inflation, the markets are due to be good in the coming year. volkswagen's management and workers locked horns on wednesday at the company's general meeting in wolfsburg, germany. this comes following the possibility of closing its german plants.

one month after the dramatic ouster of prime minister sheikh hasina, bangladesh's clothing factories that supply to big fast fashion brands like h&m, zara and hugo boss are limping back to normality. but its new interim government faces long term economic challenges that will take years to fix. nikhil inamdar has this special report from dhaka. back up and running after political turmoil roiled the world's second largest source market for ready garments. at this company, workers are in a race against time to finish up these christmas sweaters. the big concern at garment factories like these is not so much the short term monetary losses, but it's really the reputational damage that bangladesh may suffer on the international stage. and the worry now is that long—term political instability could mean cancelled orders and supply chains relocating to other parts of the world.

this man, whose family founded this export unit 20 years ago, is worried. translation: bangladesh doesn't have enough dollar reserves. - how will we pay for imports of yarn from india and china if we don't have forex? customers aren't able to visit for order placements either because they aren't getting travel insurance. we might see a hit in the spring summer season if there is a loss of confidence about the economy. outside the garment factories, these students were part of the dramatic protests that brought down sheikh hasina's government. they've all been unemployed for more than two years. translation: the government should encourage the youth - to join the private sector. we are hopeful because the new leader is an entrepreneur himself. translation: right now, | we do not get the right skills from our universities to get private jobs. we need to be better trained.

bangladesh's failure to do this comes into sharp focus at this deserted it park. an ambitious project launched in 2015, it was meant to house thousands of skilled techies who would help the country diversify and reduce its overreliance on garments. ten years on, it's almost completely empty. we have been investing in physical infrastructure, but how much we have invested in human infrastructure, right? human resource are the raw material of this industry. from the new government, we need proper planning and investment in developing the right human resource. 0n the streets, there's still simmering anger against the previous regime for all that's been lost. but this young nation of 170 million people has now pinned its hopes on a new interim government. it has a monumental task ahead.

nikhil inamdar, bbc news, dhaka. spotify has won a high profile court case involving eminem's music. the lawsuit was filed by eminem's publisher eight mile style. it sought 26 million us dollars in damages. eight mile style claimed the rapper was not fully paid for billions of streams of �*lose yourself�* and �*without me' without proper licensing. 0asis has hit out at dynamic pricing from ticketmaster with fans being significantly more than expected or ticketed their shows, and there's been destruction of the week and as fines where accept the more than $300 more than advertised due to the mind. and that's it for this edition of business today. thanks for watching.

hey, i'm lola with the catchup. hey, i'm lola with the catchup. tonight, the final report tonight, the final report into the grenfell tower fire, into the grenfell tower fire, two more dates for oasis, two more dates for oasis, and a mediaeval knight takes and a mediaeval knight takes on the great north run. grenfell tower published on the great north run. it was the worst disaster it was the worst disaster of its kind in recent of its kind in recent british history. british history. on wednesday, more than seven on wednesday, more than seven years on, the public inquiry years on, the public inquiry

into the fire that destroyed into the fire that destroyed grenfell tower published its final report. it found that all 72 deaths were avoidable and the fire was a result of dishonest cladding and insulation companies, successive governments, and a lack of strategy by the fire service. speaking earlier, the prime minister apologised to the families. the country failed to discharge its most fundamental duty to protect you and your loved ones — the people that we are here to serve, and i am deeply sorry. a group representing survivors and the bereaved spoke just after the report was published. human life was never a priority, and we lost friends, neighbours and loved ones in the most horrific way

added two more nights at wembley with tickets on an invite only ballot. it's after huge demand for their reunion tour. time now for 10 seconds of sir runs a lot. he's a self—proclaimed knight of newcastle castle who is taking on the great north run on sunday while wearing a 25kg suit of armour. good luck sir runs a lot. you're all caught up. have a great night.

hello there. i'm 0lly foster. here's what's coming up for you on sports day. new york state of mind. jack draper says he felt no nerves at all as he reaches his first us open semifinal england are looking to reach the top teir of the nations league, and of six their players have been nominated fo the balon d'0r and ahead of the nfl season, we hearfrom louis rees—zammitt, dropped by the chiefs but now looking to get a game with the jaguars jack draper, the british number one, is celebrating

the biggest win of his career.