and openai changes direction. the chatgpt creator is reportedly abandoning its not—for—profit status. welcome to business today. i'm tadhg enright. we start in china, where president xi and other top leaders have admitted the economy is facing new "problems" and vowed to tackle the long running property crisis, pledging to deploy "necessary" spending and further interest rate cuts to make sure china meets its growth target of 5% this year. this, alongside further reforms to the banking and business sectors, comes hot on the heels of stimulus measures that came out on tuesday. and it appears markets like what they're hearing. let's have a quick look. the news has given a boost

to european markets opening up, and the close in asia saw significant gains in hong kong and japan. the picture there is across the world, that is last night but this is what we are drawing our attention to here, the hang seng up by almost 4% and then ak injapan up by 3% as well. for more, joining me now is rory green, chief china economist at t5 lombard. how significant are the new measures? it isa it is a significant step up in stimulus from beijing. what we have had announced so far, and we have got clarity on the monetary side and today the politburo set for september gave us an indication, we do

not yet know the size of a fiscal stimulus and that will be crucial to assess the acceleration of growth. as you touched on, until traders are loving these signs and china assets are ripping higher. observers have been saying for quite some time that beijing needs to do something dramatic to stimulate its economy. why has it waited so long or until this point to do so? it has it waited so long or until this point to do so?- this point to do so? it is a ureat this point to do so? it is a great question. _ this point to do so? it is a great question. it - this point to do so? it is a great question. it is - this point to do so? it is a great question. it is one l this point to do so? it is a i great question. it is one that many have been asking, why so long and why finally now? china's pressure that comes through to push the stimulus decisions, we look at it in a couple of different ways, one is risk at missing the growth target for gdp in the year, thatis target for gdp in the year, that is definitely at risk now. the other is financial stability. that is becoming

under pressure and the final one is social stability. a lot of discontent, protest rising. they have all been flashing signs of ageing needed to do something and finally we have seen a step up today —— beijing. and hopefully more in the coming weeks. pare beijing. and hopefully more in the coming weeks.— beijing. and hopefully more in the coming weeks. are there any risks in what _ the coming weeks. are there any risks in what had _ the coming weeks. are there any risks in what had been _ risks in what had been announced?— risks in what had been announced? , ., , announced? the risk is really that there — announced? the risk is really that there won't _ announced? the risk is really that there won't be _ announced? the risk is really that there won't be a - announced? the risk is really that there won't be a properl that there won't be a proper follow through on the fiscal side. we had a really good monetary starting point with the pdo see measures from tuesday and thus far, we don't have clarity on fiscal. if beijing was to disappoint there, we could see that low confidence return and an element of monetary policy, so—called pushing on a string, you can provide credit but if no one wants to borrow it, that does not feed through to economic activity. so the risk

is lack of fiscal stimulus. hopefully again we are looking for clarity in the coming weeks, there will be more but the size will be very crucial. thank you very much for that. to the us now — where the rivals for the white house, kamala harris and donald trump, have been outlining two very different visions for the world's largest economy. in a speech in pittsburgh, vice president harris insisted she is a "capitalist" who wants a stable environment for business. she promised tax incentives to make the middle class "the engine of america's prosperity". it comes a day after former president trump threatened to hit us firms with hefty tariffs on their goods if they move manufacturing abroad. donald trump has consistently polled better on the economy — a few short months ago, he was 12 points ahead ofjoe biden on the issue. but that lead has declined sharply since kamala harris became his opponent. our north america business correspondent michelle fleury has more.

vice president kamala harris laid out her vision for america's economy in the battleground state of pennsylvania. i have pledged that building a strong middle class will be a defining goal of my presidency. ms harris said her plan would lower costs for american families, invest in entrepreneurs and ensure america leads in future industries like artificial intelligence. built here in america by american workers. the focus on finance comes as several polls show donald trump's lead on the economy is narrowing with voters. the former president campaigned in the battleground state of north carolina, where he went after his opponent. kamala is not attacking me. she's attacking your furniture jobs. communities, she's attacking your factories, and she's trying to send all of those jobs to china with everything else. a day earlier, mr trump warned companies making products abroad would have to pay a substantial tariff, sparking criticism

within his own party. i'm not a fan of tariffs. they raise the prices - for american consumers. both candidates say they want to lift up workers and help the middle class. how they think that can be done is profoundly different. michelle fleury, bbc news, new york. a big shake up is under way at openai — the company behind chatgpt, which is at the forefront of the artificial intelligence revolution. it's reportedly planning to abandon the not—for—profit status of its core business in a move that the financial newswire reuters reports, is designed to make it more attractive to investors. the finer details of the shake up have not been confirmed paul armstrong is from tbd group and also writes the newsletter what did openai do this week? let's talk about what openai is in the process of doing. why are they doing this? it is in the process of doing. why are they doing this?- are they doing this? it is a move, are they doing this? it is a move. a — are they doing this? it is a move, a calculating -

are they doing this? it is a | move, a calculating move, really. when they first started, they didn't have many competitors. now they have got big companies like google and meta who have upped the anti and require billions when it comes to infrastructure research. openai is not a big company at the moment but it is certainly punching well above its weight. the shift really focuses them around pressure they are getting from existing investors but they also want to look more profitable to new ones, and they are raising billions of dollars, so this is one thing that they have to do to court these people. fine one thing that they have to do to court these people.- to court these people. one of the things _ to court these people. one of the things i — to court these people. one of the things i said _ to court these people. one of the things i said is _ to court these people. one of the things i said is that - to court these people. one of the things i said is that they l the things i said is that they want to get ai right on site social media is something that can happen when it doesn't happen correctly, what changes can this make? the happen correctly, what changes can this make?— can this make? the change is a hue can this make? the change is a huge construction _ can this make? the change is a huge construction from - can this make? the change is a huge construction from the - huge construction from the early days when there any messaging was really about part and public goods over profits. it is a complete 180, which is not what they need right now.

they are going through a lot of drama, and their chief technology officer just left yesterday. the company is in slight disarray, not unstable or anything like that but they've certainly got a lot of things to fix and it is a big one they have to get right. what do you think it says about the ethical approach? i what do you think it says about the ethical approach?— the ethical approach? i think it aoes the ethical approach? i think it goes against _ the ethical approach? i think it goes against their - the ethical approach? i think it goes against their original| it goes against their original focus, which was once championed by openai. chasing profits for stakeholders is undoubtedly going to increase privatisation for them for high revenue returns for those sort of people. it is another push really, against the trust and more drama that a company does not need. ., more drama that a company does not need. . ~ , ., ., not need. paul armstrong, that is what openai _ not need. paul armstrong, that is what openai did _ not need. paul armstrong, that is what openai did this - not need. paul armstrong, that is what openai did this week. l is what openai did this week. thank you very much for speaking to us on here. we are still waiting forformal still waiting for formal confirmation, but that details reported by reuters.

as the un's climate week continues in new york, a scientific review of the planet's health has concluded that it's "far outside its safe operating space for humanity". a series of "planetary boundaries", drawn up by the potsdam institute for climate research, is backed by a body of global leaders known as the planetary guardians. we are breaking away from the business news. you are watching bbc news. i am taking you straight to central london where england's chief medical officer professor chris whitty is facing questions as he appears before the uk covid lighting inquiry. he will be quizzed on the impact that the pandemic had on the nhs and this is the third time he is giving evidence to the inquiry. let's listen in to the inquiry. you have a number of other collocation set out in your statement. i won't go through

them. —— qualifications. you worked shifts, is this right, through the pandemic? i worked shifts, is this right, through the pandemic? i did, i decided to _ through the pandemic? i did, i decided to stick _ through the pandemic? i did, i decided to stick to _ through the pandemic? i did, i decided to stick to my - through the pandemic? i did, i decided to stick to my usual i decided to stick to my usual rotor— decided to stick to my usual rotor and _ decided to stick to my usual rotor and that for four men i worked _ rotor and that for four men i worked shifts in actually —— and — worked shifts in actually —— and therefore that meant i work shifts_ and therefore that meant i work shifts in— and therefore that meant i work shifts in the alpha wave, and then— shifts in the alpha wave, and then after the vaccine, a different phase.- then after the vaccine, a different phase. tell me about sa s different phase. tell me about says one. _ different phase. tell me about says one. was _ different phase. tell me about says one, was it _ different phase. tell me about says one, was it on _ different phase. tell me about says one, was it on covid - says one, was it on covid quality by working? i says one, was it on covid quality by working? i was on the tail end _ quality by working? i was on the tail end of _ quality by working? i was on the tail end of wave - quality by working? i was on the tail end of wave one, . quality by working? i was on | the tail end of wave one, said by this— the tail end of wave one, said by this stage a lot of learning had been _ by this stage a lot of learning had been done by my colleagues. there _ had been done by my colleagues. there was— had been done by my colleagues. there was a period of recovery, ithink— there was a period of recovery, i think what he described and i think— i think what he described and i think this _ i think what he described and i think this is accurate. i did two —

think this is accurate. i did two weeks over the christmas and new— two weeks over the christmas and new year period at the end of 2020, — and new year period at the end of 2020, which is in fact very similar— of 2020, which is in fact very similar to _ of 2020, which is in fact very similar to the time he was talking _ similar to the time he was talking about. that was an extraordinarily difficult time even — extraordinarily difficult time even in _ extraordinarily difficult time even in the relatively privileged environment in the hospital— privileged environment in the hospital where i work and i fully— hospital where i work and i fully agree with his point that actually, _ fully agree with his point that actually, in less resourced settings, the outcomes were even — settings, the outcomes were even more difficult.- settings, the outcomes were even more difficult. when you are working — even more difficult. when you are working on _ even more difficult. when you are working on the _ even more difficult. when you are working on the covid - even more difficult. when you are working on the covid was, j are working on the covid was, what kind of mask what you wearing? i what kind of mask what you wearin: ? what kind of mask what you wearing?— what kind of mask what you wearin: ? .. , ., wearing? i were exactly what was in the — wearing? i were exactly what was in the guidelines, - wearing? i were exactly what was in the guidelines, so - wearing? i were exactly what| was in the guidelines, so that was _ was in the guidelines, so that was a — was in the guidelines, so that was a surgical fluid resistant mask — was a surgical fluid resistant mask. �* ~ ., ., , mask. and thinking towards the end of your _ mask. and thinking towards the end of your work _ mask. and thinking towards the end of your work during - mask. and thinking towards the end of your work during wave i end of your work during wave two, whether any noticeable differences between wave one, surrey, wuhan and wave to? i think the scales of their second _ think the scales of their second wave was unappreciated by the _ second wave was unappreciated by the general public. i think you had _ by the general public. i think you had relatives, people you are sick—

you had relatives, people you are sick fully understood that this was— are sick fully understood that this was in fact a large wave in terms _ this was in fact a large wave in terms of total numbers of people — in terms of total numbers of people who are severely ill and indeed — people who are severely ill and indeed he sadly died. and the first two— indeed he sadly died. and the first two waves were the ones who _ first two waves were the ones who had — first two waves were the ones who had extraordinary mortality and the — who had extraordinary mortality and the very large numbers in i see you — and the very large numbers in i see you. by the time we got to them _ see you. by the time we got to them delta wave and the omicron wave, _ them delta wave and the omicron wave, vaccination has completely changed the pattern so although people were still getting covid in coming into hospital, it put enormous strain— hospital, it put enormous strain on— hospital, it put enormous strain on the system as a whole. _ strain on the system as a whole, the proportion who are going — whole, the proportion who are going to — whole, the proportion who are going to i _ whole, the proportion who are going to i see you and going on to die _ going to i see you and going on to die was _ going to i see you and going on to die was massively lower and that led — to die was massively lower and that led to a very different outlook _ that led to a very different outlook. ~ ., that led to a very different outlook. ~ . ., , outlook. what about the staff in wave two? _ outlook. what about the staff in wave two? they _ outlook. what about the staff in wave two? they had - outlook. what about the staff in wave two? they had been l outlook. what about the staff . in wave two? they had been free all the various ups and downs from march 2020 full stop was there any appreciable difference in the way they were feeling and behaving by the end of the relevant period? i feeling and behaving by the end of the relevant period?- of the relevant period? i think one thing _ of the relevant period? i think one thing in — of the relevant period? i think one thing in my _ of the relevant period? i think one thing in my experience i of the relevant period? i think| one thing in my experience did make — one thing in my experience did make quite a big difference is when — make quite a big difference is when staff knew that the

vaccine _ when staff knew that the vaccine was coming. until that point, — vaccine was coming. until that point, there was a sense of, this— point, there was a sense of, this could _ point, there was a sense of, this could go on for literally years— this could go on for literally years with wave after wave. the second — years with wave after wave. the second wave in particular was very— second wave in particular was very harrowing, but knowing that — very harrowing, but knowing that there was nothing that was going _ that there was nothing that was going to — that there was nothing that was going to significantly reduce that, — going to significantly reduce that, i— going to significantly reduce that, i think that for many people. _ that, i think that for many people, and least meant that there — people, and least meant that there was some light at the end of the _ there was some light at the end of the tunnel, although it was a very— of the tunnel, although it was a very long tunnel.— of the tunnel, although it was a very long tunnel. you set out in our a very long tunnel. you set out in your statement _ a very long tunnel. you set out in your statement the - a very long tunnel. you set out in your statement the role - a very long tunnel. you set out in your statement the role of. in your statement the role of the office of chief medical officer and i'm not going to go through it all but is this right, you are the senior adviser to government, you are independent of government and you can therefore write reports and make public statements which don't accord to government policy if that is how you consider the evidence to full? ., , how you consider the evidence to full? . , _, . how you consider the evidence to full?_ you i to full? that is correct. you have a small _ to full? that is correct. you have a small private - to full? that is correct. you have a small private office, | have a small private office, including public health specialty registrars, there were three deputy chief medical officers? ., .,

officers? there were, although one of them — officers? there were, although one of them was _ officers? there were, although one of them was many - officers? there were, althoughj one of them was many working for the — one of them was many working for the nhs. one of them was many working forthe nhs-— for the nhs. you said at its largest. — for the nhs. you said at its largest, there _ for the nhs. you said at its largest, there were - for the nhs. you said at its largest, there were 19 i for the nhs. you said at its i largest, there were 19 members of staff are typically you only have about 12 numbers of staff. try that is correct and i think the small scale a big advantage and a limitation. the the small scale a big advantage and a limitation.— and a limitation. the big advantage _ and a limitation. the big advantage is _ and a limitation. the big advantage is that - and a limitation. the big i advantage is that everyone understands what everyone is thinking — understands what everyone is thinking as a unit but the disadvantage is that it is quite _ disadvantage is that it is quite a _ disadvantage is that it is quite a small resource. in an emergency of the size, it meant we had — emergency of the size, it meant we had to— emergency of the size, it meant we had to be very careful about which _ we had to be very careful about which things we prioritised in terms — which things we prioritised in terms of— which things we prioritised in terms of what we did and what we didn't— terms of what we did and what we didn't do.— terms of what we did and what we didn't do. you do not have a direct role _ we didn't do. you do not have a direct role in _ we didn't do. you do not have a direct role in the _ we didn't do. you do not have a direct role in the organisation i direct role in the organisation or operation of the nhs, is that right? and so clinical advice to the nhs comes from within nhs england, is that correct? in within nhs england, is that correct? ., , , within nhs england, is that correct? . , , , ., ., , correct? in a purely statutory sense, correct? in a purely statutory sense. the — correct? in a purely statutory sense, the 2012 _ correct? in a purely statutory sense, the 2012 act - sense, the 2012 act significantly change the way in which — significantly change the way in which the chief medical officer interacted with the nhs and the nhs complete independence, in a sense _ nhs complete independence, in a sense. therefore, there is no role — sense. therefore, there is no role for— sense. therefore, there is no

role for the cmo in the structure. however, there would be situations where senior members of the nhs and other members of the nhs and other members of the nhs and other members of the nhs would talk to me _ members of the nhs would talk to me to— members of the nhs would talk to me to really talk through a problem _ to me to really talk through a problem as appear in a system. for example, i was in constant contact — for example, i was in constant contact with professor steve powys — contact with professor steve powys who i think you will be hearing — powys who i think you will be hearing from subsequently and also with — hearing from subsequently and also with jane hearing from subsequently and also withjane rees may he hearing from subsequently and also with jane rees may he you have _ also with jane rees may he you have a — also with jane rees may he you have a ready spoken to. you also with jane rees may he you have a ready spoken to. you may have a ready spoken to. you may have from _ have a ready spoken to. you may have from time _ have a ready spoken to. you may have from time to _ have a ready spoken to. you may have from time to time _ have a ready spoken to. you may have from time to time provided | have from time to time provided technical advice which may help nhs in the make decisions? yes. nhs in the make decisions? yes, and i nhs in the make decisions? yes, and i think— nhs in the make decisions? yes, and i think there _ nhs in the make decisions? yes, and i think there are _ nhs in the make decisions? yes, and i think there are two - nhs in the make decisions? yes, and i think there are two kinds of advice — and i think there are two kinds of advice i_ and i think there are two kinds of advice i would give in this but i — of advice i would give in this but i tried _ of advice i would give in this but i tried as far as i could to say, _ but i tried as far as i could to say, make clear who was telling _ to say, make clear who was telling the final decision making because otherwise things would _ making because otherwise things would get very confused. the first — would get very confused. the first form _ would get very confused. the first form was, i am a technical expert, sol first form was, i am a technical expert, so i would sometimes literally giving technical advice from my own personal— technical advice from my own personal professional

background. sometimes it was as a senior— background. sometimes it was as a senior member of the