hello and welcome to business today. hello and welcome i'm steve lai. us president—elect donald trump has confirmed tech billionaire, elon musk, will lead a government efficiency department. former republican presidential candidate vivek ramaswamy will also be in charge of the department, with trump saying their leadership will pave the way to dismantle government bureaucracy and slash excess regulation. elon musk became a key ally to trump during his campaign, reportedly spelling well over $100 million to help the republican win. i take out a list weighs in on what the appointment in particular means for us businesses. 1 appointment in particular means for us businesses.— for us businesses. i think that ou have for us businesses. i think that you have seen _ for us businesses. i think that you have seen what _ for us businesses. i think that you have seen what elon - for us businesses. i think that| you have seen what elon musk has been able to do with tesla and twitter and is really about trying to streamline the operations and i think we are in need of that in the us and has been a lot of polarisation in the us and whatever we can

do to help streamline that so we can focus on growth and opportunities makes a lot of sense. i'm sure this is why elon musk has supported donald trump since the start. over injapan, nvidia boss jensen huang is speaking at a fireside chat with the chief executive of softbank group masayoshi son. it's part of a two day artificial intelligence summit that nvidia is hosting — focused onjapan�*s ai ambitions. last month the american giant hosted a similar summit in india which followed a partnership with reliance industries to help build the country's ai infrastructure, the year before. mario morales explained why they are focusing on as you so much. they are looking for other markets to democratise, if you look at what is happening around the world in the space you see a lot of export control and regulation being pushed on china and that is having an impact on nvidia so they are looking for new market segments

where ai is just at the starting point and japan is definitely prime for that, especially because japan has a rich history in high—performance computing and that bodes well for the opportunity for an ai in that space. opportunity for an ai in that sace. ~ opportunity for an ai in that sace, ~ ., ., opportunity for an ai in that sace. ~ ., ., , _ space. we saw another summit by nvidia held _ space. we saw another summit by nvidia held in — space. we saw another summit by nvidia held in india _ space. we saw another summit by nvidia held in india last _ nvidia held in india last month, are these the two countries the main focus on edge when it comes to our development?— edge when it comes to our develoment? �* ., ., development? around the world china is such _ development? around the world china is such a _ development? around the world china is such a large _ development? around the world china is such a large market, - china is such a large market, it mirrors the us and potential. india is one of those countries that it is the fifth—largest gdp in the world and it has such a young population that is just beginning now to get its hands on al and i think there's a lot of promise for potentially india displacing china at some point in time in terms of opportunity and i think for japan it is taking advantage of the supply chain and also the legacy that they have had in

supercomputers and i think if they can turn that into ai then they can turn that into ai then they can turn that into ai then they can definitely drive a lot more growth injapan which has stalled for a long time and of course japan is also the fourth—largest gdp market in the world. fourth-largest gdp market in the world-— fourth-largest gdp market in the world. ., ., ., the world. you mentioned china, the world. you mentioned china, the have the world. you mentioned china, they have also — the world. you mentioned china, they have also been _ the world. you mentioned china, they have also been urging - they have also been urging local companies to avoid nvidia chips, is that too with their own detriment given nvidia is the market leader here? it will be tou . h the market leader here? it will be tough for — the market leader here? it will be tough for china _ the market leader here? it will be tough for china because - the market leader here? it will be tough for china because i i be tough for china because i think when you think about tanson and alibaba, there been depending on notjust nvidia but also a and e and intel are now not having access to that capability they will have to rely or on internal develop about doing and small start—up companies that for the most part have still had access to supply from taiwan. over the coming quarters and yet i think you will see more constraints and export control even on some of these start—up companies in china today so it will be a struggle for china overall. speaking of softbank, the conglomerate's latest

earnings report showed a profit of $7.7 billion in the three months to september. that's a turnaround from losses of more than $6 billion in the same quarter last year. that was mainly due to the collapse of wework, which softbank heavily invested in. meanwhile investments in chinese tech companies like didi and bytedance have helped softbank�*s balance sheet this year. the stock though is trading lower injapan this morning. meta has cut the price of ad—free subscriptions by 40% for users in the eu as it looks to meet regulatory demands designed to curb the power of big tech companies in europe. meta's ad—free subscription service was introduced in the eu in 2023 after the company was fined over $400 million for breaching privacy laws. the social media platform will also introduce less personalised adverts for people who use the free version of meta. jack was stopped selling new cars in the uk and its relaunch

as an electric only brand in 2026. any remaining cards in dealerships will be sold as secondhand vehicles and no new cars will be shipped to the uk. the manufacturer who are owned by india's company announced the transition to electric vehicles back in 2021. as the end of the year approaches wall street workers are awaiting their annual bonuses, this year they could see a pump in their pay packets. forthe see a pump in their pay packets. for the first time since 2021 wall st bonuses are set to grow back to booming financial markets and lower interest rates. and who is in mind for the biggest bomb? that depends on where they work as michelle fleury reports from new york. michelle fleury reports from new york-— michelle fleury reports from new york. , ~ , new york. investment bankers need debt _ new york. investment bankers need debt underwriting, - new york. investment bankers need debt underwriting, those | need debt underwriting, those folk who buy wet weather at a borrower qualifies for a loan of the big winners this season. according to pet consultants johnson associates this group could see the end of your bonus jump by could see the end of your bonus jump by as much as 35%. those who help companies sell stock could see increases of up to

25% while traders could see a jump 25% while traders could see a jump of 15 to 20%. not everyone is in line for a happy increase. retailand is in line for a happy increase. retail and commercial bankers aren't expected to see much of a change. bonuses often make up a big chunk of pay and financial firms make up a big chunk of pay and financialfirms and they make up a big chunk of pay and financial firms and they have gone down over the past two years. the banks to lower interest rates a pump in dealmaking and booming financial markets, the mood has brightened. with donald trump's return to the white house fuelling hopes for lower taxes and less regulation, many on wall street are hoping 2025 will be even better. turning to the oil market now, where opec—plus has cut its forecast for global oil demand growth yet again. in their latest monthly report, the group highlighted weakness in china and india for the fourth consecutive downward revision. china is the world's largest importer of oil and with its economy slowing, it's needed less of the liquid gold. this is also the first report by opec—plus following the us elections. here's what president—elect

donald trump has previously said about his energy policy. we are going to drill, baby, drill, right away. drill, baby, drill. ijust said, bobby, we've the oil to me. —— leave. energy analyst saul kavonic. is not sure it will impact supply group in a major way. that approach is quite premature to think that is really going to impact supply. the reality is trump doesn't actually have many letters to pull to increase oil supply in the united states, deregulating the united states, deregulating the sector, opening up federal lands, removing some of the omissions requirements and so on is actually not what is holding back supply group in the united states. we have seen in the last several years is

the rocks have evolved, the big major oil and gas companies moving to these basins and it is about capital discipline, returns to shareholders and so actually, the oil supply growth out of the united states is not likely to materially increase. as a result of second trump administration. we could see is some side effect could send oil prices higherfor other reasons. prices higher for other reasons. the prices higherfor other reasons. the trump administration is also talking about replenishing the strategic trolley in reserve and the could increase demand for oil over the next one or two years. we're also seeing a much more likely scenario with the united states placings type of sanctions and enforcement on the sanctions on iran that could remove up to one or even 1.5 million barrels a day or for the market and it could embolden israel's military posture as well which poses a heightened risk of a conflict

in the middle east which could more directly impact supply not just from a run out but in neighbouring states and through the straight which accounts for 20% of the world's oil and lng supply. you are seeing signs trump will pull away from lots of de kock and i session policies, parts of the inflation reduction act, removing the united states from the paris records and that could slow some of the rollout of green technologies which could be bolstering oil demand or further could be bolstering oil demand orfurther up the could be bolstering oil demand or further up the pressure of oil prices. while they are some negative risks such as that drill baby drill policy that could see oil prices subside, on balance i think there is more likelihood the risk is to the upside of oil prices as a result of a trump administration. inflation use in india, they increased at its fastest pace increased at its fastest pace in 1a months as food prices remain stubbornly high. the retail inflation for the month of october accelerated to 6.21%

the year on year up from 5.49% in september which in the central bank's target range for the first time in over a year. before we go a 37 ? emerald has sold at auction for $9 million breaking the record for the most expensive greenstone. the square jewel is set within a diamond brooch sold in geneva on tuesday with the auction house sang its huge size and colour and high degree of transparency made it exceptionally rare. thank you for your company, goodbye for now.

hey, i'mjulia with the catch up! tonight — theo james on the climate, gary lineker�*s big news, and a t—rex glow—up. but first, the archbishop of canterbury, the most senior leader in the church of england, has quit. it's after a report says he failed to take action about a child abuser — who was connected to the church back in 2013. he's apologised to the victims. the climate conference cop 29 is underway, and keir starmer said he wants to cut emissions by 81% by 2035. actor theo james will be there too, and he's calling for more support for refugees affected

by climate change, after he spoke to victims in mauritania. she had five children, and i asked her what she would want to convey herself. and she said, "tell world leaders "at cop that we are thirsty, we are deeply thirsty." some other stories now. gary lineker is stepping down from match of the day. the 63—year—old will have hosted it for 26 years by the time he leaves next may. he's come a long way since his first go, in 1999! hey, tell you what, football's back! any good? have i got thejob? and an "improved" pill is going to be on offerfor people wanting to quit smoking. the pill fights cravings, and nhs england says it's as effective as vaping, and more effective than patches and gum. and here's ten seconds of a festive dino! is it acceptable to don a christmas jumper yet? well, the t—rex at london's natural history museum thinks so! his new look was revealed today — complete with a santa hat.

you're all caught up now. see ya! hello and welcome to sportsday. i'm gavin ramjaun. sinner puts on a show for the home crown at the atp finals. the italian comes through a tough test against taylor fritz. no holding back the holders — as barcelona score 7 to underline their status as one of favourites again in this year's women's champions league. and trying to get more women behind the wheel in formula e. a british driver is top of the timesheets in spain.

hello there, and welcome along to the programme. it was always going to be a treat for the home fans in turin to see world number one jannik sinner in action at the atp finals, and he really turned on the style at the season ending event, to defeat taylor fritz. it was an entertaining 6—4, 6—4 win for the italian, who was pushed early on by fritz, but ultimately came out on top for his second win of the tournament so far. the win extends his great form on the indoor hard courts. sinner can make it three from three in the groups, when he takes on fourth seed daniil medvedev on thursday. fritz will be looking to secure a crucial win against alex de minaur in his bid to advance to the semi—finals for a second time. former champion daniil medvedev beat alex de minaur earlier in the day. the russian lost his first group game, but has kept himself in with a chance of reaching the knock—out stage. he won in straight sets and didn't face a single break point. there was no stopping the womens champions league holders barcelona —

who ran riot against st polten — winning 7—0.