welcome to business today. chipmaker, advanced micro devices, plans to lay off about 4% of its global workforce, roughly 1000 jobs out of 26,000. the news comes as amd and other chipmakers like nvidia and intel are locked in a race to release newer, more powerful ai ships. we have more from new york. the powerfulai ships. we have more from new york.— from new york. the generator of ai craze has _ from new york. the generator of ai craze has been _ from new york. the generator of ai craze has been powered - from new york. the generator of ai craze has been powered by - ai craze has been powered by the nvidia graphics processing unit, turning the chipmaker into the world's most valuable company. as the second biggest producer of gpu, amd is playing catch up, with these layoffs part of the efforts to position itself to take advantage of that al boom. in a statement, the company told the bbc...

they would not say which areas or which sectors of the company these layoffs would affect but as everyone gets more excited about generative ai, it is clear the real action is shifting to chips. rival intel efforts are off to a rocky start while customers like microsoft, meta, 0penai, amazon and google have begun working on their own ai processes. this is shaping up to be a critical battleground for al supremacy. tesla has issued yet another recall of over 2000 cyber trucks in the united states, the regal will allow the company to fix a fault in the driver inverter that could lead to a loss in power and increased risk of a crash. this is their sixth recall since the vehicle went on sale last year. amazon has launched its alternative to china's tea move. amazon hall will give customers in the us access to

products rated $20 or less as it expands its footprint in e—commerce industry. the ceos as the initiative comes amid rising patterns customers opting for cheetah essential items. turning out to bitcoin and a digital asset that has benefited from the trump election win. 0n 4 november, one day before the election, the price of the currency was above $67,000 but a week later the price has surged by nearly 30%, dropping $87,000 yesterday. today nine days after the election, bitcoin continues to surgeon currently says just below 90,000. the campaign trail was says just below 90,000. the campaign trailwas a says just below 90,000. the campaign trail was a promise of deregulation, feeling the momentum. iii deregulation, feeling the momentum.— deregulation, feeling the momentum. . i, ., momentum. if crypto will define the future. _ momentum. if crypto will define the future. i _ momentum. if crypto will define the future, i want _ momentum. if crypto will define the future, i want it _ momentum. if crypto will define the future, i want it to - momentum. if crypto will define the future, i want it to be - the future, i want it to be mind, minted and made in the usa, it will be. it will be made anywhere else. we usa, it will be. it will be made anywhere else. we had a re scale made anywhere else. we had a greyscale manager _ made anywhere else. we had a greyscale manager says - made anywhere else. we had a greyscale manager says if - made anywhere else. we had a greyscale manager says if the l greyscale manager says if the

current upswing in the prices is here to stay.— is here to stay. the election outcome — is here to stay. the election outcome is _ is here to stay. the election outcome is quite _ is here to stay. the election outcome is quite positive i is here to stay. the election | outcome is quite positive for the digital asset industry in the digital asset industry in the us, and i think it is both macro and regulatory, unified republican control of government of the white house, the senate, the house of representatives, will mean that trump can pass most of his fiscal policy plans including tax cuts, so that might get us a faster growth, high inflation but also a bigger budget deficit, and that sort of thing can rock to mentor bitcoin. an obligatory side we can move ahead with innovation and areas like tokenisation, stable coins, decentralised finance, that require clear rules of the road. a positive outcome for the industry, and that is what you see reflected in the price. it is not as bitcoin, there are other cryptocurrencies that will benefit?— other cryptocurrencies that will benefit? yes, bitcoin has been leading _ will benefit? yes, bitcoin has been leading the _ will benefit? yes, bitcoin has been leading the way - will benefit? yes, bitcoin has been leading the way all- will benefit? yes, bitcoin has| been leading the way all year, in addition to the election it

was already a positive error for crypto, bitcoin trading at 70,000 prior to the election, starting the year of 40,000 or so, so a big era before the election, and that reflected developments related to bitcoin, the availability of spot bitcoin etv, the exchange products in the us, which have been popular, that has driven the price up as well as the broader requirement. after the election, we see other tokens, their theory all the other interesting projects in crypto catching up to the bitcoin leadership.— catching up to the bitcoin leadership. are there many es of leadership. are there many types of cryptocurrencies i leadership. are there many. types of cryptocurrencies are they? i would like your thoughts on some of them, late doge queen, which started as a medium queen but highly promoted by elon musk. how should such assets like that be viewed? i should such assets like that be viewed? ~ , ., , ., viewed? i think you should think of them _ viewed? i think you should think of them as _ viewed? i think you should think of them as cultural i think of them as cultural artefacts, much like artwork, and pieces of artwork can have

value because they are valued by a culture and they can add value especially if they are scarce. i encourage investors to think of it that way, if you think it will be a long—lasting cultural artefact and it is scarce, the maybe that is something that can maintain value. i would discourage most investors from beginning their journey with these coins, bitcoin, these are the assets that are available in the most widely distributed array of products in the us. it is the right place and most investors to begin theirjourney. meanwhile, inflation and the us picked up last month with consumer prices rising 2.6% in october. that is a slight 0ctober. that is a slight uptick to the 2.4% in august and comes amid higher housing and comes amid higher housing and food cost. investors and the markets will now be watching whether central bank doesin watching whether central bank does in the final meeting of the year in december, of the two consecutive rate cuts this year. now to hong kong with the stock exchange will continue treating today despite a typhoon warning as a tropical

storm approaches the city. this marks a change in policy for the exchange which has previously halted trading when the storms of signal number eight or above are an issue. it is currently open and down by over 0.5% this morning in early trade. let's have more on the incoming president of the us, who in the past week has been busy picking his cabinet. 0ne busy picking his cabinet. one of the key roles they countries around the world will be watching for is who will be the next us trade representative. this person will be the face of the trump's trade policy which is expected to heavily feature tariffs also ahead of his second term he has flagged taxes on goods from china at around 60% while imports from other parts of the world could face levies of up to 20%. a former us trade negotiator laid out the biggest implications of a trump presidency on global trade. i a trump presidency on global trade. ., ., ~' a trump presidency on global trade. ., ., ~ , trade. i do not think there is any question _ trade. i do not think there is any question that _ trade. i do not think there is

any question that when - trade. i do not think there is any question that when it. trade. i do not think there is - any question that when it comes to trump and trade, there will be little subtlety or nuance. looking at what will probably be the most protectionist us presidency in roughly 100 years. when he moves forward with those global tariffs you mentioned in those 60% tariffs on china, at a minimum, mentioned in those 60% tariffs on china, ata minimum, i do not think there is any question that we will probably be launched into the most significant global trade war since the 19305, and at that point in myjudgement at least, the rules—based global trade system which has been in place since the end of the second world war and has served us well, will for all intents and purposes to be dead and buried, unfortunately.— unfortunately. sounds like we're in — unfortunately. sounds like we're in for _ unfortunately. sounds like we're in for a _ unfortunately. sounds like we're in for a bumpy - unfortunately. sounds like we're in for a bumpy ride. | we're in for a bumpy ride. trade i5 we're in for a bumpy ride. trade is a 2—way 5treet. we're in for a bumpy ride. trade is a 2—way street. if trump doe5 impo5e the5e trade is a 2—way street. if trump doe5 impo5e these high tariffs he has been talking about, how will countries reaction will be the fallout? i do not think there was any question that if he moves forward with even just a portion of what he has talked

about, it will be so egregious in terms of economic impact and a violation of global trade rules, that most trade partners will be compelled to respond. at that point i think it is likely that trump will count to retaliate against the retaliation, and will be off to the races. 0ne retaliation, and will be off to the races. one important point to keep in mind is that trump envi5ion5 himself as the consummate negotiator, it is all about the art of the deal. there is at least a possibility here that he envi5ion5 the5e tariffs a5 negotiating leverage to bring countries to the negotiating table to attempt to negotiate the sort of tree deals, as he did with china in his first term with the phase i agreement, but is certainly a real possibility. it agreement, but is certainly a real possibility.— real possibility. it comes to negotiations, _ real possibility. it comes to negotiations, the _ real possibility. it comes to | negotiations, the negotiator will be key. do we have any ideas of who was in line to become the trade representative for the us? it

become the trade representative for the us? , become the trade representative for the us?— for the us? it is the favourite arlour for the us? it is the favourite parlour game _ for the us? it is the favourite parlour game in _ for the us? it is the favourite parlour game in washington, | for the us? it is the favourite i parlour game in washington, dc to try to speculate he will fill the key positions. like everyone else i do not know who will be trade representative, however, i am will be trade representative, however, iam much will be trade representative, however, i am much more confident in telling you who will be the most important voice in the front era when it comes to trade, and that will be his previous trade representative robert light hauser. there was a rumour he would go back to that position, talk about him going to treasury, which now does not seem to happen, does not seem likely, possibly to commerce, thatis likely, possibly to commerce, that is not seem likely. it is entirely possible that he has appointed as one of these white house czars. trump seems to have a tendency to want to appoint people to these white house positions that do not go through senate approval. these individuals will be very influential and i do not think there is any question that robert light hauser will be one

of robert light h