ofjobs at risk. and swiggy delivers on its stock market debut. the indian grocery delivery app is a hit with investors, despite its delayed profitability. welcome to business today, i'm tadhg enright. let's start in the us, where the latest cpi figures have been announced, and they show us inflation accelerated slightly more than expected in october. prices rose for the fourth month in a row, rising to 2.6% last month. let's bring in our north america business correspondent, michelle fleury. what are the factors behind this rising inflation?- this rising inflation? yes, i mean we _ this rising inflation? yes, i mean we have _ this rising inflation? yes, i mean we have started - this rising inflation? yes, i mean we have started to l this rising inflation? yes, i i mean we have started to see improvement in things like the cost of used car, something people have been waiting a long time, you know, insurance has been high and that is starting to come down but you still have

the prices of food and rent continuing to climb. the net effect looks like progress while inflation stalled in october. that being said, even though the progress seems to have run out of steam last month, in general there is a sense on wall street at least that this is to be expected so you haven't seen a massive market reaction is people kind of feel at least on wall street a sense of relief that things weren't worse even though we did see inflation pick up again as i mentioned before the election. as i mentioned before the election-— as i mentioned before the election. , , ., , election. the big question is whether it — election. the big question is whether it throws _ election. the big question is whether it throws the - election. the big question is whether it throws the us - whether it throws the us federal reserve's rate cutting plans off course.— plans off course. yes, that's the interesting _ plans off course. yes, that's the interesting thing. - plans off course. yes, that's the interesting thing. on - plans off course. yes, that's| the interesting thing. on the one hand you have wall street thatis one hand you have wall street that is relieved, on the other hand consumer very frustrated and that was borne out in the election results as well. but for the federal reserve of course the question is where do

they go? i think nobody expected inflation to move in a linearfashion and expected inflation to move in a linear fashion and that is certainly what we are seeing, a few bumps along the road. i spoke to an economist earlier from rbc and his suggestion was that the federal reserve would proceed with a 25 basis in part because although this is a bit of a setback, it's not too significant. the question is longer run does the fed move perhaps as fast at cutting rates as the markets had hoped for? and that is still not clear, especially when you take into account the fact donald trump has talked about tariffs and that could boost inflation further in the future. michelle, thank you. here in the uk, a major shake—up of the post office has been announced. its new chairman nigel railton is briefing staff today on the outcome of a review launched earlier this year — aimed at putting the business on a firmer financial footing. the bbc understands that 115 loss—making branches

wholly owned by the post office could be closed with around a thousand jobs at risk. hundreds ofjobs are also under threat at post office headquarters. the bbc�*s ben king has more. post offices reeling from the scandal that has been going on for a decade now, where 900 of these individuals who run post offices were unfairly prosecuted because of problems with their it system. as well as that specific problem, it's been struggling to make money because a lot of services it used to provide are now being delivered online and we send fewer letters than we used to. so this is the start of a process where the incoming labour government is looking to fix the business model for the post office effectively. we heard the new business secretary yesterday saying that that would see a smaller centre for the post office and more

power delivered to the people who actually provide the services, and that's why they are looking at slimming down the head office, hundreds of jobs at risk there, and also reviewing the future of the crown offices that they themselves provide. so this is themselves provide. so this is the beginning of a journey and it's all balanced out by a plan to give the individual franchisees a big increase in the amount of money they make because lots of them say they just cannot balance the books the way things are. they are promised a 30% increase in the amount of money they receive next year and more going ahead in 2030. let's head to baku now where on the third day of the cop29 climate conference a new report warned that the world must reach carbon neutrality much sooner than planned. planet—warming carbon dioxide emissions from oil, gas and coal rose to record highs this year, according to preliminary research from an international network of scientists at the global carbon project.

the report came as talks continue on reaching a deal to boost funding for poorer nations so they can adapt to climate shocks and transition to cleaner energy. let's speak now to mike hayes, who is global head of decarbonisation and climate change at kmpg. that advises many clients on a net zero future. thanks for joining us. what do you make firstly of this report which suggests we need to hit net zero even sooner than we had originally hoped for?- originally hoped for? well, delighted _ originally hoped for? well, delighted to _ originally hoped for? well, delighted to join _ originally hoped for? well, delighted to join you - originally hoped for? well, delighted to join you this l delighted to join you this evening. this report amongst many other reports are quite worrying, and there is one reality which is very clear, we are not moving fast enough. the news from the science is getting worse every year, depending which report you look at, and the reality is the net zero agenda is not happening quickly enough and that is one

of the big themes being discussed in baku this week. your company whose clients turn to you for advice on how to change things for the better, reduce their admissions, how would you describe there are to be tied to do so at this particular moment in history —— their appetite? particular moment in history -- their appetite?— their appetite? there is no doubt the _ their appetite? there is no doubt the challenge - their appetite? there is no doubt the challenge of - doubt the challenge of decarbonising a company is a vast one because it requires a lot of change and cost. but there's one point that seems to be lost in all this narrative and that this is about opportunity. we are in the course of creating a whole new type of economy which we call low carbon economy and it will be full of opportunity. customer sentiment is changing, investor sentiment is changing, legislation will work in favour of companies who pursue a greener agenda. of companies who pursue a greeneragenda. so of companies who pursue a greener agenda. so it's about talking to companies and persuading them there is a real value around decarbonising

their operations. imilli their operations. will companies _ their operations. will companies continue l their operations. will. companies continue to their operations. will - companies continue to cut their operations. will companies continue to cut even if the us withdraws from the paris agreement? has if the us withdraws from the paris agreement?— paris agreement? as we all know, there _ paris agreement? as we all know, there is _ paris agreement? as we all know, there is a _ paris agreement? as we all know, there is a very - paris agreement? as we all know, there is a very real l know, there is a very real possibility that the us will withdraw from the paris agreement and that happened before, but a couple of points. first of all, and this is something i have been discussing with many people over the last couple of days, there is a real sense of momentum. we have gone too far. the progress that has been made in the last four or five years is phenomenal and it's got to a stage where irrespective of what the us does, i don't see us slowing down. the second thing which is interesting and relevant to the uk, i have seen other countries react in a much more positive and determined way. we have seen the announcement from the labour government about their plan to reach 81% cut in emissions by

2035. turkiye has come out with something and we understand there will be more announcements this week. there is a potential negative around the trunk factor but there are lots of positives and other government is prepared to do something quite significant on this agenda. something quite significant on this agenda-— this agenda. mike hayes in baku, thank _ this agenda. mike hayes in baku, thank you _ this agenda. mike hayes in baku, thank you for - this agenda. mike hayes in baku, thank you for that. l to india now, and it's been a strong stock market debut for the grocery delivery app swiggy. its shares closed 15% higher on its first day of trading on the bombay stock exchange. swiggy is one of two dominant delivery apps in india, the other is zomato, but unlike its rival it still isn't making a profit. our correspondent nikhil inamdar has been taking a closer look. so it looks like i've run out of milk for my morning coffee. so, as always, what i'll do is i'll place a quick online delivery order. i have at least three what are called quick,

apps in my phone. swiggy instamart says it will do the delivery of my milk injust 11 minutes. blinkit, owned by zomato, is doing it in about ten minutes and zepto is much quicker, it's ready to deliver injust six minutes. doorbell rings so there you go, my order is here already. it didn't cost me very much money, and this sort of instant delivery has now become a three—plus billion dollar business here in india. in fact, the streets of indian cities such as mumbai and delhi are full these days with riders delivering everything from garlic to green tea to consumers like me. it's created millions ofjobs for young gig workers, but not everyone is happy. so this is the high street right under my building, but with online deliveries becoming so easy and convenient, i myself have not come here to buy things such as fruits and vegetables,

for instance, or soap and shampoo even, for the last one year or so. retailers like anish, whose family have been running this shop, for instance, for the last 71 years, have been feeling the impact of these trends. translation: footfall is down by half in the last year or so, i and we can't compete on prices either. the online retailers have cash to burn and can offer big discounts. we are seriously considering closing down. one estimate suggests that as quick commerce has grown at some 300%, over200,000 mom and pop stores have shut down in just the last one year. for now, though, these delivery companies seem to be having a bit of a moment under the sun, raking in billions of dollars from the stock market. there are concerns, however — they haven't yet turned a profit and they are not really charging very much money for these deliveries. also, this is a growth story that is premised upon paying low wages to riders and the jury is still out on whether the model can work in smaller towns and villages

where the operating costs are much higher. in other news... volkswagen has sealed its new partnership with the electric carmaker rivian. after originally announcing a 5 billion dollar investment, vw has now put 5.8 billion on the table to use rivian�*s technology in its cars. it comes as the german carmaker considers closing factories in germany for the first time ever. the first vw models equipped with rivian technology are expected to be available to customers as early as 2027. the retailer homebase fell into adminstration earlier today and 70 stores were sold immediately to the range, which is the owner of cds. the aquistion of the 70 stores is expected to save around 1,600 jobs. hoembases's 49 other stores will continue to remain open while rescue talks continue. britain's guardian newspaper has announced it will no longer post on x, the social media site formally known as twitter.

it said that benefits of being on the platform were now outweighed by the negatives, citing content that's "often disturbing" including far right conspiracy theories and racism. us broadcasters npr and pbs withdrew from x last year. markets now, and the mood on european markets turned sour halfway through the trading day, most likely linked to us inflation which rose for 11th month in row. a sea of red across the board. in the united states it's a more mixed picture. the dow accelerating, the nasdaq in retreat. that is business today, goodbye.

welcome back to bbc news. if you were watching in the last half hour, donald trump has met with president biden at the white house for a traditional meeting to start the transition of power. let me show you the pictures live from just one of the entrance and exit from the white house. you can see the assembled journalists. we don't

know if donald trump will come out after the meeting and speak to the journalists. out after the meeting and speak to thejournalists. it's out after the meeting and speak to the journalists. it's a possibility, it's also a possibility, it's also a possibility he heads straight back to the airport because he is heading back to florida. that meeting as far as we know is still going on, has been going on for the last 30 minutes or so, so we will continue to monitor those live pictures. president biden has told mr trump who was looking forward to a smooth transition, while donald trump assured president biden it would also be a smooth transfer of power. let's have a listen to some of the things said as they got together. the things said as they got together-— together. congratulations. lookinu together. congratulations. looking forward _ together. congratulations. looking forward to - together. congratulations. looking forward to having | together. congratulations. | looking forward to having a smooth transition so you are accommodated, everything you need, and we will get chance to talk about some of that today. thank you very much, and

politics— thank you very much, and politics is—