the us federal reserve moves chaired by president biden and wall street. and here in singapore we are drifting into an f1 weekend. we'll look at the economics behind the race. hello and welcome to business today. i'm steve lai. why make entering a new phase of economic recovery in the speech promoting his policies to bring down inflation. let us be clear. _ to bring down inflation. let us be clear, lowering _ to bring down inflation. let us be clear, lowering interest - be clear, lowering interest rates is a declaration of victory in the declaration of progress. entering a new phase of our economy and our

recovery. i believe it is important for the country to recognise this progress because if we do not, progress made will remain locked in the fear of negative mindsets that dominate or economic outlook since the pandemic began. investors have cheered the cut, the dowjones industrial the dow jones industrial average the dowjones industrial average 500 rising to a new all—time high. more from new york. record high, a day after the federal reserve kicked off its easing cycle. the 500 euros i.7% easing cycle. the 500 euros 1.7% and extending this years gains 20% meanwhile, 500 points topping 42,000 for the first time and the majority of industry groups close of the session higher and sharing outperformed as the rate cuts spurred investors to attend to a risk on mood and tesla gained

4% and more than 7% respectively in stocks traditionally tied to this also jumped in the giant industrial home depot also gains and better—than—expected to data adding to the optimism suggesting the labour market remains healthy, despite the slow down and hiring. wall street has the message with a deep cut of relatively strong economy and ultimately fending off the risk of recession. and reigniting hopes of a soft landing for the economy. shares of nike havejumped around 8% of nike have jumped around 8% in of nike havejumped around 8% in after—hours trading after the sportswear giant said the retirement of the chief executive, he will be replaced by a former senior executive in �*senior �* senior executive in the leadership change comes as by a former senior executive in the leadership change comes as nikejust to revive nikejust to revive the leadership change comes as nike just to revive sales in the leadership change comes as nike just to revive sales in battle rising competition. battle rising competition. planned tariffs on made in planned tariffs on made in

china vehicles, this comes china vehicles, this comes after a meeting between the commerce minister and europe's trade can minister in brussels. these are is subject to a standard 10% tax and trade expert steve gave us a sense of what to expect. steve gave us a sense of what to meet-— steve gave us a sense of what to exect. ~ , , . , to expect. why they gave these tariffs to chinese _ to expect. why they gave these tariffs to chinese ev's - to expect. why they gave these tariffs to chinese ev's is - to expect. why they gave these tariffs to chinese ev's is to - tariffs to chinese ev's is to give opportunity at a space for dialogue and discussion deceive the can come to some resolution. if they cannot come to resolution, the terrible be applied and this is a key step is part of the negotiation process. is part of the negotiation process-_ is part of the negotiation rocess. , ., ~ ., process. do you think china will be successful— process. do you think china will be successful at - process. do you think china will be successful at luring l will be successful at luring these planned tariffs or removing them altogether? probably not but lisa gives them an opportunity to have a dialogue about it and crucially from a european perspective, it may head off or tell by the chinese against european

products. chinese against european products-_ chinese against european roducts. . ~ ., products. talk about the impact this will have _ products. talk about the impact this will have on _ products. talk about the impact this will have on both _ products. talk about the impact this will have on both the - products. talk about the impact this will have on both the eu i this will have on both the eu and china when it comes to this? ., , and china when it comes to this? . , , ., ., this? relatively small and i say small — this? relatively small and i say small between - this? relatively small and i say small between eight. this? relatively small and i l say small between eight and 35%, i think. say small between eight and 35%, ithink. on say small between eight and 35%, i think. on top of the 10%, that is not a small number but it is not 100% tariff like the americans and canadians are proposed. there's enough margin on many of the chinese made tvs to to entice european consumers to to entice european consumers to buy them and so, i think it will have an impact but they would not be so catastrophic on chinese ev sales in the eu kind of impact. in chinese ev sales in the eu kind of impact-— of impact. in how significant are the ev _ of impact. in how significant are the ev cells _ of impact. in how significant are the ev cells in _ of impact. in how significant are the ev cells in europe i of impact. in how significant i are the ev cells in europe and how important to europe are they? how important to europe are the ? ., , , how important to europe are the ? . , , ., they? that is why we are in the bit - manufacturers, .

european car manufacturers, many of the production facilities are actually in china. that means the chinese evs are a part of the solution, most likely, in europe for a net zero futures.— most likely, in europe for a net zero futures. europe seems to find itself— net zero futures. europe seems to find itself in _ net zero futures. europe seems to find itself in a _ net zero futures. europe seems to find itself in a bit _ net zero futures. europe seems to find itself in a bit of- net zero futures. europe seems to find itself in a bit of a - to find itself in a bit of a problem or wants to move towards net zero and it has means to do that by importing chinese evs by the same time, does want to do that. the main roblem does want to do that. the main problem that — does want to do that. the main problem that in _ does want to do that. the main problem that in europe, - does want to do that. the main problem that in europe, car - problem that in europe, car production, whether it is cars or parts, etc, is a huge part of the economy and so, if you're going to import cars, then that means those jobs are at risk and i think there is the real issue. what are you going to do aboutjobs in the automotive sector versus your net zero commitments when european manufacturers are manufacturers of evs in europe continued to be pretty small percentage. continued to be pretty small percentage-— continued to be pretty small ”ercentae. ., ., ,, , , percentage. how do you see this -la in: percentage. how do you see this playing out? _ percentage. how do you see this playing out? will— percentage. how do you see this playing out? will have _ percentage. how do you see this playing out? will have to - percentage. how do you see this playing out? will have to see - playing out? will have to see how this goes _ playing out? will have to see how this goes by _ playing out? will have to see how this goes by suspect - playing out? will have to see how this goes by suspect willj how this goes by suspect will be more complicated for a while and eventually, we will have to

comes to some sort of decision about net zero pledges versus issues around evs and it's not just for the europeans, through the chinese, the americans, etc. hollywood award season kicks off, the programme could it ever went best them and what that meant for the movie industry including its actors, directors and other creative talent to? my colic is been speaking to the lead negotiator at the union at the heart of last years hollywood actors strike. i last years hollywood actors strike. ., _ last years hollywood actors strike. ., �*, ., strike. i would say it's not about whether _ strike. i would say it's not about whether or - strike. i would say it's not about whether or not - strike. i would say it's not about whether or not ai i strike. i would say it's not l about whether or not ai will strike. i would say it's not - about whether or not ai will be used in the business, it is about how ai will be used in the business and what kind of guard rails and limits there are the can be put on it. ai is not implementing itself. humans are making decisions about al, how it is implemented and we can decide to do it in a way thatis can decide to do it in a way that is more forward thinking and cares about its impact on people but the idea that somehow we are going to block ai, stop it from happening come as much as some people would like that to be the case, that

is just not possible and past history of technology, from the invention of electricity to the invention of electricity to the invention of electricity to the invention of the internet, they approved that over and over again. approved that over and over a . ain. approved that over and over aaain. ., , , , again. the movie industry is alwa s again. the movie industry is always evolving _ again. the movie industry is always evolving and - again. the movie industry is always evolving and have i again. the movie industry is i always evolving and have been developments that are game changing everything from the move from silent movies to the talking movies, to black—and—white, to technicolor. how you describe the significance of this revolution, ai in the movie industry?— industry? each of those developments - industry? each of those developments did - industry? each of those | developments did wreak industry? each of those - developments did wreak havoc on the industry and certainly did change who were the winners and the losers out of that advancement but what was really unique about this moment is this was the first time really have the technology that can make it appear as though you have done something that you didn't really do in a very intimate sort of way and a close and personal sort of way and it has all kinds of

implications of having to compete against forjobs which compete against for jobs which is compete against forjobs which is horrifying but having people attribute things to them that they did not agree to be part of, that is not something we have had to face before. in singapore there giving up for a busy weekend for the return of the formula i grand prix drawing more than 20 50,000 fans including overseas visitors and mike gallagher from the grand prix racing executive talk to us about the economics behind the race. i executive talk to us about the economics behind the race. i think there's no question that think there's no question that singapore has maintained its singapore has maintained its position as one of the key position as one of the key racers in the calendar and that racers in the calendar and that is arguably due to the economic is arguably due to the economic powers singapore where it powers singapore where it literally resides in the world literally resides in the world in terms of being a business in terms of being a business hub and then of course, the hub and then of course, the night race aspect of singapore night race aspect of singapore which generates a huge global which generates a huge global audience because it is in the audience because it is in the evening and it's europe and evening and it's europe and it's in the morning in europe it's in the morning in europe and the americas lunchtime and and the americas lunchtime and it's morning and it's morning it's morning and it's morning in the americans. it is a huge in the americans. it is a huge

footprint and a very the footprint and a very large liability and there's no question that it's become well and truly established as much sea grand prix for those in the region. sea grand prix for those in the reuion. �* �* , , . sea grand prix for those in the reuion.�* �*, , . ., region. and it's very much a win-win _ region. and it's very much a win-win and _ region. and it's very much a win-win and the _ region. and it's very much a win-win and the benefit - region. and it's very much a win-win and the benefit of. win—win and the benefit of having such a race, street races as it is and also, singapore benefits from all the surrounding tourism that comes along board with that? yes surrounding tourism that comes along board with that?- along board with that? yes with the singapore — along board with that? yes with the singapore grand _ along board with that? yes with the singapore grand prix, - along board with that? yes with the singapore grand prix, it's .

about race and from personal experience, meeting people around the world and everyone likes to ask what is the singapore grand prix like. i think advertising singapore is a destination and promoting its nation if you like. we a destination and promoting its nation if you like.— nation if you like. we can talk more about — nation if you like. we can talk more about south _ nation if you like. we can talk more about south east - nation if you like. we can talk| more about south east there's been talks that he could be another race in the southeast asian league, would you think of that? , . ., asian league, would you think ofthat? , . ., ., of that? very close to home that in vietnam _ of that? very close to home that in vietnam and - of that? very close to home that in vietnam and that. of that? very close to home | that in vietnam and that fell away and we also looked at thailand and there's been a big push to have more grand prix in the region in singapore is a hard act to follow because the bar is very, very high but there's no doubt formula i is been on a roll over the last since 2017 with the media acquiring formula 1 and continuing to expand the calendar especially in asia but also in africa. that is it for business _ also in africa. that is it for business today. _ also in africa. that is it for business today. thanks . also in africa. that is it forj business today. thanks for

watching.

hello. the catch up. tonight, missing ankle tags in the suitcase scandal a trigger warning for this first one. former employees of contacted the bbc saying they were assaulted when he on the luxury department store and the department store and the department store and the department store owner has more. ., ., ., z: ., more. now, more than 20 former employees _ more. now, more than 20 former employees of _ more. now, more than 20 former employees of come _ more. now, more than 20 former employees of come forward - employees of come forward saying that they were sexually assaulted. mohamed the women who say they have come forward have said they have been let down. i kicked and screamed _ have been let down. i kicked and screamed and _ have been let down. i kicked and screamed and again, - have been let down. i kicked and screamed and again, i l have been let down. i kicked i and screamed and again, i got him_ and screamed and again, i got him off— and screamed and again, i got him off and and screamed and again, i got him offandl and screamed and again, i got

him off and i wasjust terrified. him off and i was 'ust terrifiedi him off and i was 'ust terrified. , , ., terrified. some prisoners who released early _ terrified. some prisoners who released early to _ terrified. some prisoners who released early to tackle - released early to tackle overcrowding have been fitted with tax to track the movements but the thing is, that was the condition for them to leave early. the ministry ofjustice of plaintiff the company that makes the tags and said they are working to speed things up. thomas has been organising an attempt to move £600,000 worth of cannabis into the uk after airport officials found 60 kilograms in suitcases. the player wants to clear his name at trial. his ten seconds of fashion. the stress is made of tenants that were left behind a glastonbury festival. the designer said it was a dream true to see her creation at london fashion week. that is

you all caught up now. see you. hello and welcome to sportsday — barcelona's perfect start to the season under hansi flick is over, as they're beaten by monaco in the champions league it's an unbeaten 154 for travis head, as australia thrash england in the first one—dayer at trent bridge. and anthonyjoshua faces off against daniel dubois ahead of their ibf world title fight at wembley on saturday.

hello. we'll start with a busy evening of champions league football