"the age of trickle down, trickle out economics is over." britain's new chancellor

lays out her plans for the uk economy. we take a look at how they stack up. take over or turn around? rumours mount over the future of struggling chip—maker intel. and still there for us. friends after all these years. how the hit show is doing after 30 years since monica, ross, rachel, chandler, joey and phoebe met in that new york coffee bar and made a fortune. welcome to business today. i'm mark lobel. we start here in the uk where the chancellor, rachel reeves, has been laying out her plans for the economy ahead of the new government's first budget next month. the first—ever female uk finance chief struck a positive tone. she is pledging a new era of stability after years of economic uncertainty. saying his is a pro—business, pro—worker government that will deliver a new industrial strategy to unlock growth and draw in investment.

i'm joined by chief uk economist at pantheon macroeconomics, rob wood. thanks forjoining us. what is your big takeaway from this speech ahead of next month's budget and also off the back of a dent in consumer consent —— confidence? a dent in consumer consent -- confidence?— a dent in consumer consent -- confidence? the main takeaway is that rachel _ confidence? the main takeaway is that rachel reeves _ confidence? the main takeaway is that rachel reeves changed i is that rachel reeves changed the tone a little bit from the warnings that we've heard over the past couple of months about tax hikes to focus a bit more on what the government could deliver positively for growth. so she talked about the need to boost investment, about the need for stability, but underlying all that not really very much changed. the government is still heading towards tax hikes in this next budget, they are not going to be an income tax or national

insurance or vat so they will be elsewhere, probably capital gains and inheritance tax. the government faces a difficult fiscal outlook which will require those tax hikes to balance. require those tax hikes to balance-— balance. just a green credibility _ balance. just a green credibility with - balance. just a green i credibility with global investments, we know what happened with liz truss, two years since her budget, she has been back on the airwaves saying she was blaming the economic establishment for undermining her. rachel reeves is planning an investment summit next month and she wants to bring in an industrial strategy. where could she go to restore the credibility? she strategy. where could she go to restore the credibility?- restore the credibility? she is startin: restore the credibility? she is starting off — restore the credibility? she is starting off of _ restore the credibility? she is starting off of course - restore the credibility? she is starting off of course by - starting off of course by raising the importance of the office for budget responsibility which is the uk fiscal watchdog. responsibility which is the uk fiscalwatchdog. liz responsibility which is the uk fiscal watchdog. liz truss sidelined that during her mini budget back in 2022. rachel reeves is making that more important. she's ensuring she is going to raise or likely raise the amount of headroom

left against her fiscal rules, the previous chancellor left a very thin margin of error of only £9 billion. which can easily get eaten up by anticipated spending. so she will look at those two to improve stability and clearly the uk has an investment problem and she has talked about that today, an industrial strategy will be geared towards trying to increase public and private investment and to boost the uk growth. private investment and to boost the uk growth-— the uk growth. thank you for our the uk growth. thank you for your analysis. _ it's been a busy few weeks for economic data in the us. last week we saw the central bank in the us cut rates by half a percent, a big move and the first rate cut for almost four years. prior to that there were fears that the world's biggest economy might be vulnerable with weakjobs data sparking fears of a recession. in the last couple of hours we've had another set of numbers out showing how businesses are feeling about the economy.

here to tell us more is michelle fleury, our north american business correspondent. what two of these latest numbers reveal? we what two of these latest numbers reveal? ~ ., , numbers reveal? we saw a slight decrease in _ numbers reveal? we saw a slight decrease in the _ numbers reveal? we saw a slight decrease in the purchasing - decrease in the purchasing managers index and it looked at the service sector and the manufacturing sector and in the service sector more than the manufacturing there was a slight loss of momentum. and what it shows is that increasingly there is concern about the future and there is less optimism and a lot of that is actually tied to the upcoming presidential election, not knowing what the outcome of that will mean for the us economy. that is what we are seeing reflected in the state. that being said, it's not terrible when you compare it to for example the data coming out of the euro right now. so it comes at a time when we have just seen thesejumbo

comes at a time when we have just seen these jumbo right decreases in america and we've had various fed officials speaking out today suggesting that more rate cuts are on the table. all of this comes at a time when investors here seem more focused on the inflation side of the picture and less on the recession side but obviously there is a sign the economy is cooling but not falling off a cliff. to the chip maker intel now as rumours grow over potential takeover bids. there were widespread reports last week of an approach by the tech giant qualcomm. reports over the weekend from bloomberg mentioned a multi—billion dollar investment approach from apollo global management. intel has so far declined to comment. since the 1960s intel has been one of the worlds biggest chip—makers but it's been going through a rocky period with the share price falling by nearly 60% this year alone.

chip expert malcolm penn explained some of the pressures intel faces. it really is a riches to rags saga _ it really is a riches to rags saga really _ it really is a riches to rags saga really. it— it really is a riches to rags saga really. it started - it really is a riches to rags saga really. it started a l it really is a riches to rags i saga really. it started a few years — saga really. it started a few years ago _ saga really. it started a few years ago when _ saga really. it started a few years ago when intel- saga really. it started a few years ago when intel lost. saga really. it started a few. years ago when intel lost the technological— years ago when intel lost the technological leadership - years ago when intel lost the technological leadership and | technological leadership and handed _ technological leadership and handed over— technological leadership and handed over that _ technological leadership and handed over that pattern - technological leadership and handed over that pattern toi handed over that pattern to tsmc — handed over that pattern to tsmc and _ handed over that pattern to tsmc and allow _ handed over that pattern to tsmc and allow them - handed over that pattern to tsmc and allow them to - handed over that pattern to . tsmc and allow them to steam ahead — tsmc and allow them to steam ahead from _ tsmc and allow them to steam ahead from the _ tsmc and allow them to steam ahead from the technology - tsmc and allow them to steamj ahead from the technology and if you _ ahead from the technology and if you lose _ ahead from the technology and if you lose the _ ahead from the technology and if you lose the technology- ahead from the technology and if you lose the technology race | if you lose the technology race and give — if you lose the technology race and give up _ if you lose the technology race and give up on _ if you lose the technology race and give up on that— if you lose the technology race and give up on that then - if you lose the technology race and give up on that then it- and give up on that then it does — and give up on that then it does put _ and give up on that then it does put you _ and give up on that then it does put you back - and give up on that then it does put you back on - and give up on that then it does put you back on a - and give up on that then iti does put you back on a bad setting _ does put you back on a bad setting so _ does put you back on a bad setting so i _ does put you back on a bad setting. so i think- does put you back on a bad setting. so i think they- does put you back on a bad i setting. so i think they were trying — setting. so i think they were trying to— setting. so i think they were trying to recapture - setting. so i think they were trying to recapture that - setting. so i think they were trying to recapture that lead j trying to recapture that lead but it — trying to recapture that lead but it takes _ trying to recapture that lead but it takes a _ trying to recapture that lead but it takes a long _ trying to recapture that lead but it takes a long time - trying to recapture that lead but it takes a long time to l trying to recapture that lead l but it takes a long time to do that— but it takes a long time to do that and _ but it takes a long time to do that and they _ but it takes a long time to do that and they were _ but it takes a long time to do that and they were very - that and they were very ambitious _ that and they were very ambitious to— that and they were very ambitious to do - that and they were very ambitious to do that. that and they were very i ambitious to do that which requires _ ambitious to do that which requires good _ ambitious to do that which requires good people - ambitious to do that which requires good people and| ambitious to do that whichl requires good people and a ambitious to do that which - requires good people and a lot of luck— requires good people and a lot of luck as _ requires good people and a lot of luck as well. _ requires good people and a lot of luck as well. then _ requires good people and a lot of luck as well. then suddenly| of luck as well. then suddenly they— of luck as well. then suddenly they lost— of luck as well. then suddenly they lost their— of luck as well. then suddenly they lost their main _ of luck as well. then suddenly they lost their main market i of luck as well. then suddenly. they lost their main market and they lost their main market and the whole — they lost their main market and the whole emphasis _ they lost their main market and the whole emphasis swung - they lost their main market and| the whole emphasis swung from the whole emphasis swung from the products— the whole emphasis swung from the products they _ the whole emphasis swung from the products they were - the whole emphasis swung from the products they were good - the whole emphasis swung from the products they were good ati the products they were good at making — the products they were good at making the _ the products they were good at making the ones— the products they were good at making the ones that - the products they were good at making the ones that were - the products they were good at i making the ones that were being made _ making the ones that were being made by— making the ones that were being made by their— making the ones that were being made by their competitors. - let's head to sri lanka now

where the left—leaning politician anura kumara dissanayake has won sri lanka's presidential election. the election on saturday was one of the country's closest and the first since mass protests unseated the former leader president rajapaska in 2022 during sri lanka's worst economic crisis. archana shukla has been covering the story. he has won on pledges of making it easierfor ordinary he has won on pledges of making it easier for ordinary sri lankans who have been reeling under high living costs and high taxes, he has promised to cut income tax and sales tax on essentials like food and medicine and he has also spoken of renegotiating the terms of the imf loan. how will he be realistically able to manage and deliver on these promises? while at the same time keeping sri lanka has balance sheet in positive, it will be a critical task. experts say could be difficult at the moment. now, it's been there for us for 30 years.

the american sitcom friends turned 30 on sunday. the show eventually paid its megastars each million dollars an episode. it gave us all comedy, therapy and one of the most protracted love stories in history. decades on, it is still considered one of the most popular shows of all time. it's also one of the highest grossing. it has generated an estimated $1.1; billion for its stars and creators since its debut in 1994. and close to $5 billion for its production company warner brothers. earlier i spoke to friends fan and branding expertjulie oxberry. i think the reason is it is still so popular today is it's full ofjoy and beautifully full of joy and beautifully written. full ofjoy and beautifully written. it's about the power of the storylines, it's about humanity and friendship, a new type of family which you might

call urban kin. it's about people seeking belonging and being part of the community so it a hugely relatable. it also hit people when they were in their 20s and they are just muddling through life and trying to figure out what they are doing so it's very relatable. i think also there was something about it now that is around nostalgia. it's very nostalgic and comforting and that appeals much these days. i think 15% ofjens ihis prefer to look to the past rather than the future and millennial is not far behind that.- not far behind that. you mention _ not far behind that. you mention the _ not far behind that. you mention the writers, . not far behind that. you j mention the writers, we not far behind that. you mention the writers, we had joey mention the writers, we had joey and chandler's bromas, rachels haircut, phoebe's song smelly cut, all these things came together brilliantly written. are there lessons for now? what would writers from today take from that?- today take from that? things ha en

today take from that? things happen very _ today take from that? things happen very in _ today take from that? things happen very in the _ today take from that? things happen very in the moment. | happen very in the moment. these episodes are only 20 minutes each and it was very quick and witty. but it was definitely also a product of its time so it's not alljoy in that it covered some incredible stuff. it was progressive in so many ways and that it dealt with same—sex marriages, surrogacy and so on. but nevertheless there is a lack of diversity in the arm the idea that both of new york as right is just ludicrous. that both of new york as right isjust ludicrous. some that both of new york as right is just ludicrous. some of the representation of the lgbt cu characters is problematic i would say and played for laughs sometimes. but i think the writers would probably deal with that differently now. it was very brave in some of the issues that faced head—on. you issues that faced head-on. you said it tackles _ issues that faced head—on. you said it tackles diversity in a way that would be questions today, there was also monica's cheap new york apartment which clearly would not be cheap today. nobody can still

understand how they could afford to live where they were living. how has the management and the branding of the show stopped it being cancelled? that's a really good question. i think because it balances the aspirational which her department certainly is even now with the relatable. they were muddling through, you could see them and the mistakes they were making, it focused on they were making, it focused on the relationships rather than on the items within the apartment. it was very much about warmth and humanity. the price of spot gold has hit a record high of $2,632 an ounce in recent hours. it's been climbing for a couple of years as global inflation has been high. that is business today.

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straight back to our main story and the situation in lebanon. health ministry says at least 274 people have been killed and at least a thousand injured in israeli strikes today the deadliest day of the israel hezbollah conflict in the past year. israel says it's "broadening" its strikes against hezbollah the lebanese have now started a wave of raids in the east of the country and the israeli prime minister saying the country was facing complex days changing the balance of power in the north. hezbollah says it has fired dozens of rockets at israeli military post. the former senior director of counterterrorism at the us national security council explained why we are seeing such a dramatic escalation of the conflict.— the conflict. what we are seeinu the conflict. what we are seeing play _ the conflict. what we are seeing play out - the conflict. what we are seeing play out on - the conflict. what we are seeing play out on the i

the conflict. what we are - seeing play out on the ground is that— seeing play out on the ground is that israel— seeing play out on the ground is that israel has _ seeing play out on the ground is that israel has made - seeing play out on the ground is that israel has made the i