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tv   Business Today  BBC News  October 9, 2024 4:30am-4:46am BST

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its growth target. plus, drinking wine from denmark or norway? why this is a growing industry. hello and welcome to business today. i'm katie silver. let's begin in china, where mainland stock markets are trading around 4% lower. the country is back on the radar after its golden week holiday, and authorities there have since announced plans to boost the economy, but provided few details. investment expert olivier d'assier told us that more stimulus is needed to boost growth. it is a drop in the bucket when you look at the size of the country. and the size of the problem. all engines of growth have stalled and are in reverse in some cases. there is a need for massive cpr here, not just fanning the flames. what can the government do? we talked again about
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the issues china is facing. short of these stimulus packages, we don't know a great deal about where the money is being spent. would you be looking for in order to try and turn these futures around 7 one of the big issues is the banking system is huge in china, it is loaded with bad debts. it's been forced to lend to bad projects for so long so the first thing to do is rescue the banks of this is something that the fed did after the financial crisis. —— system. instead of giving them more money to lend and using that money to set up a fund, buy from them all of the bad assets and let them go back to a clean balance sheet and start over. the government can hold this bad debt, these bad property investments for a very long time but the banks need to have
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a better capital base to start lending again and you need to stop forcing them to lend only to state owned enterprises which are not profitable and bad projects, bad infrastructure projects with a 1% return on assets. you need to get them to finance the productive sectors of the economy — the tech segments, the innovation segment, private enterprise which i know is politically hard to do but it's the only way to get china to avoid a lost decade. thisjust in — boeing says it has withdrawn its offer to striking workers after negotiations with the iam union fell through. it said the union didn't seriously consider the offer. boeing and its largest union said they would continue contract talks on tuesday, as both sides seek an agreement to end a strike by around 33,000 us west coast factory workers. the union said it refused to improve your on its term for bonuses and sick leave. the usjustice department is considering recommending that google should be forced to sell off parts
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of its operations. this comes as there are concerns about the tech giant's monopolisation of the online search market. the do] suggested this in a court filing on tuesday. the move could cause an historic antitrust break—up if it comes to pass. tiktok is being sued by more than a dozen us states which allege the app has knowingly contributed to mental health struggles among teenagers. lawyers representing the states say some of the platform's features are harmful and addictive. they include "challenge" videos that encourage risky behaviour, late—night push notifications and appearance—altering filters. tiktok called the lawsuit "disappointing" and said many of the claims were "inaccurate and misleading". brazil's supreme court has lifted a ban on x, formerly known as twitter. judge alexandre de moraes says he "immediately authorised" the return of the platform after it paid $5 million in fines and blocked accounts accused of spreading misinformation. the bbc�*s north america technology correspondent lily jamali has more.
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brazil's supreme court is giving x the right to return to brazil after a stand—off with elon musk. that stand—off played out over many months and culminated this summer with the company's decision to pull its legal representative in the country. and also refusing to pay a series of fines that had been levied against it. x and musk apparently capitulating on both those fronts. the biggest concession is the company's decision to start blocking a series of accounts on x that have been probed for spreading misinformation and hate speech on the platform in brazil. initially, musk had called it censorship and this is the issue that got twitter, now x, into hot water in brazil in the first place. brazilian authorities ultimately holding firm and getting their way on that issue. so, here we are, many months later, and x poised to return. this is a very big market for x.
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this is the company's sixth largest market in the world, it has more than 20 million users on the platform throughout the country. the company behind chatgpt will open an office in singapore. it opened its first asian office in tokyo earlier this year. the owner of 7—11 received another buyout offer. the buyer made an eye $38 billion bid which was rejected injapan. meanwhile, india's central bank will unveil its monetary policy decision on interest rates later today. the bbc�*s india business correspondent nikhil inamdar has more on what markets could be factoring in.
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the consensus from most economists seems to be tha interest rates will remain unchanged which means the central bank, the reserve bank of india will notjoin other central banks like the us federal reserve in reducing the cost of borrowing. there are two important reasons for this. one is that while inflation in india has begun to inch down in the past few consecutive months, food inflation continues to remain high. and second, of course, is the emergence of global geopolitical worries which could send crude oil prices spiralling. that is a particular a red flag for india, given we are net importers of crude. the other important reason is that growth appears to be strong enough for the reserve bank of india to maintain a status quo. the consensus is interest rates will only start going down by december. there is an added surprise element
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the markets will be watching for. the rate—setting panel or monetary policy committee which decides which way interest rates are going, has three new members, it is still unclear which way their thinking is geared towards. new zealand's central bank has slashed interest rates, the second straight cut from the reserve bank of new zealand and takes the cost of borrowing rate of 4.75%. in a statement rb nz says inflation has come off its highs and is within their one to 3% target range. think of the nordic countries and sipping on a glass of locally produced wine probably isn't what you would imagine, but this cooler northern region is now emerging as a new frontier in wine—making. 0ver recent years, dozens of new commercial vineyards have opened in denmark, southern sweden and even norway. but can this new industry break through? from zealand in denmark, adrienne murray has been finding out more.
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far north of bordeaux or tuscany, more than 10,000 vines are growing on this danish hillside. scandinavia is hardly known as a prime wine growing region. this small but growing wine industry is starting to flourish. a wave of nordic winemakers now stretches well into sweden. with the world's northernmost up in norway. this winery started 13 years ago. people found out it is possible to grow wine in denmark so of course newcomers are coming every year. here it is mostly white wine made from the grapes which thrive in this cooler region. the winery sells locally and supplies high—end restaurants in the capital. in the first years, we were making 3000 to 4000 bottles, now to 20,000 bottles.
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the interest is there, whether they can be scaled up remains to be seen. commercial wine growing has been allowed for just over two decades. now denmark has 150 vineyards. more than 1000 hobby growers. this winery produces red wine. these are grapes usually associated with france. it's very challenging. it's new for us, we have to learn it. it is not like south europe where they have generations after generations of learning. traditionally grapes grow well in southern europe but more frequent extreme weather events have affected harvests. temperatures in denmark have risen almost two degrees over the last 50 years. resulting in mild winters and longer fruit—growing season. experts say climate change is pushing wine production further north and south in each hemisphere. compared to established wine regions, cultivation here is still small—scale.
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but as local winemaking takes off, will consumers be convinced to buy it? there's a way to go before it is there. if you buy a french wine at 200, the danish wine is still too expensive. nordic winemaking will not rival france any time soon but perhaps in the years ahead, glasses of scandinavian wine will not be such a novelty. adrian murray, bbc news. chinese markets now down around five or 6% suggesting that expected boost up the golden week is not rarely materialise despite that extra stimulus from beijing yesterday. that is all we have time for. thanks forjoining us.
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hey, it's lucy with the catch up! tonight — would you wait a bit longerfor an uber? mcclaren�*s new team member.
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and pearl becomes a local celebrity. but first tonight, a murder investigation has been launched in northern ireland after the body of mary ward was found by police at her home in south belfast earlier this month. mary was a 22—year—old woman and a mother. she's one of four women who've been killed in northern ireland in the last six weeks. they are sophie watson who was 57, montserrat martorell who was 65, and rachel simpson who was a3. eve rosato is a reporter in northern ireland. if you have been affected by this report, you can find support on the bbc action line. some other stories now. people waiting for an uber should be patient enough to wait a few minutes longer for an electric car. that's what the boss
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of uber has said as his company attempts to encourage customers to choose electric cars. the taxi company says that waiting "a couple of minutes isn't going to kill anyone". and ella lloyd hasjoined the mclaren driver development programme. ella is 19 and from wales. she'll drive in formula e's women's test in november and then she'll represent mclaren in the 2025 f1 academy season. she says she's really excited. now, ten seconds of pearl the 5—year—old dog who was rescued by firefighters when she was trapped in a van after she chewed through a lock. don't worry she's safe, well, and afterwards was playing with the firefighters who helped save her! that's us for tonight, have a good one! hello and welcome to sportsday. i'm sarah mulkerrins. coming up on the program:
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it's goodbye to a great, spanish legend andres iniesta announces his retirement from football. it's advantage pakistan in the opening test against england, as they score more than 550 in their first innings in multan. and djokovic dominates in the opening round in shanghai, to move a step closer to a 100th career title. welcome to the program, wherever you are watching around the world. we start with football where, after a 2k year playing career, spanish footballing legend andres iniesta has announced his retirement from football.

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