will unlock £80 billion worth of investment. as australia clamps down on international student numbers, universities warn it will usher in thousands of job losses. and we take a look at the multimillion—dollar necklace that became a symbol of marie antoinette�*s excess, and it didn't even belong to her. good to have you with us. it is such a busy programme. i'm sally bundock. we start with a look at global trade. us presidentjoe biden is bound laterfor the apec summit in peru, where he will meet chinese president xijinping on saturday. this is likely to be their last encounter before donald trump returns to the white house. there have been trade tensions between the united states and china since trump's last term

in office and the promise is, following his inauguration in january, fresh trade tariffs on chinese exports will be swiftly imposed. during his campaign, mr trump vowed he would tax all goods imported into the us if he won back the white house with imports from china singled out for swingeing 60% tariffs. now economists, businesses and governments around the world are scrambling to work out how serious he is. joining me now isjeff moon, president of china moon strategies, and also a former assistant us trade representative for china. good to have you on the programme. we have more nominations coming in, which is interesting, getting a sense of trump's team with him in the white house. talking of trade

what do you think this means? i think first of all the tariff threats were so prominent during trump's campaign that he has to make good on them quickly. i think he will roll out of the old playbook. i expect he will impose tariffs within days of taking office but i think at rates that are less than the maximum levels he is threatened during the campaign because his past practice has been to make such announcements, invite the parties to negotiations and then perhaps gradually raise those tariffs to maximise leverage if he doesn't get the results you want. the big question in my mind is what exactly is the and state that donald trump seeks? what does he want the trading partners to do or reduce or avoid those tariffs or is his desire to perpetuate chaos with regard to china? we don't have the answer

and i'm not sure donald trump does and that will be determinative of what happens going forward. determinative of what happens going forward-— determinative of what happens going forward. interestingly we have global _ going forward. interestingly we have global metres _ going forward. interestingly we have global metres meeting i going forward. interestingly we have global metres meeting in | have global metres meeting in south america, i mentioned the eight x south america, i mentioned the eightx summit, south america, i mentioned the eight x summit, president xi will meet with president biden on the weekend but after that there is a g7 gathering. —— apac summit. some say president xi will see this as a prime opportunity at two events in a short space of time before donald trump takes office for china to establish its position as a viable alternative to the us when it comes to trade because the us will be very aggressive with tariffs. your thoughts? _ aggressive with tariffs. your thoughts? this _ aggressive with tariffs. your thoughts? this has - aggressive with tariffs. your thoughts? this has been - aggressive with tariffs. your| thoughts? this has been the long—standing chinese position, that the us is an unreliable partner with regard to trade and so xijinping is making that argument with regard to

trade, politics, trade, culture, security, other areas so it would not surprise me if he does so. i think it is unfortunate donald trump has signalled he will withdraw from a lot of international organisations or not participating as much as the us did because that does play into the chinese agenda. fascinating. we will be watching and reporting on it. thanks for talking to us once again. chip—maker advanced micro devices plans to lays off about 4% of its global workforce — roughly 1,000 jobs — out of a total ofaround 26,000. the news comes as amd and other chip makers like nvidia and intel are locked in a race to release newer, more powerful ai chips. michelle fleury has the details in new york. the generative ai craze has

been powered by nvidia's cheepie use, turning it into the biggest company in that field. gmd —— the biggest company in that field. gmd -- amd is the biggest company in that field. gmd —— amd is playing catch up and it is positioning itself to take advantage of that al boom. the bbc was told: 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's efforts have got off to a rocky start while customers like microsoft, matter, 0penai and google have begun working on their own ai processes, shaping up to be a critical battleground for al supremacy.

let's get some of the day's other news now. the british consumer group which has launched a £3 billion claim against apple, claiming the tech giant has unlawfully forced its icloud services on customers. it says apple has stifled competition by encouraging its own users to sign up to icloud to store photos, videos and other data and is therefore favouring its own products. which says apple does not allow customers to store or back up all of their phone's data with a third—party provider. the homewares store homebase has collapsed into administration, putting 2,000 jobs at risk. its owner, hilco, had been looking to sell the struggling retailer, but has not managed to find an outright buyer. the owner of homeware chain the range will buy up to 70 stores and the brand, safeguarding about 1,600 jobs. but it leaves 49 stores without a buyer, and thousands ofjobs at risk in the stores and head office.

here's colletta smith. the at—risk stores will continue to trade while the administrator looks for a buyer, and there will be no immediate redundancies. big uk brands will need to rein in aggressive intellectual property claims after the supreme court found that the media company sky acted in bad faith by registering trademarks for a wide range of products it did not intend to sell. sky claimed intellectual property for a range of goods — including tuxedos and antiperspirants — so broad as to be unenforceable. now let's bring you the latest from cop29, where campaigners in baku are arguing for so called "green corridors" which are sustainable networks of infrastructure to get the renewable energy from where it's produced to where it's needed. experts say, for green corridors to succeed, they will need to be supported by a significant increase in clean energy infrastructure

and investment. let's go live to baku now. roman kramarchuk is there and among the speakers at the un gathering, and is head of future energy analytics at s&p global commodity insights. good to have you on the programme. green corridors — how critical are they in the fight against global climate change? fight against global climate chan . e? ~ fight against global climate chance? ~' ., fight against global climate chance? ~ ., ., , change? we know a big obstacle to makin: change? we know a big obstacle to making progress _ change? we know a big obstacle to making progress is _ change? we know a big obstacle to making progress is the - change? we know a big obstacle to making progress is the cost, l to making progress is the cost, the fact that there are major investments required and if you think about what they are, they form the basis of an opportunity. you have areas in regions of the world that are rich in solar, wind, hydro but perhaps don't have the demand and in other regions that value that green energy do not have the same abilities and we anchor off various examples around the world we can point

to. the challenge is then if you can overcome the jurisdictional issues, overcome the investment issues, the borders issues, you can get a lot more in the realm of emissions reductions at much lower cost and have both parties benefit. this is an arbitrage opportunity of lowering the cost of energy and emission reductions and fostering greater cooperation across regions, if possible. you are talking about this at a time when countries are looking at energy security, providing their own energy since the invasion of ukraine on the part of russia. that has been the conversation so how do you make that happen? i conversation so how do you make that happen?— that happen? i think we have a ositive that happen? i think we have a positive examples, _ that happen? i think we have a positive examples, examples l positive examples, examples across europe we have highlighted, examples in north america. a lot depends upon a degree of diplomatic and good relations between neighbours. another example we are looking at is in the house ta'kiya

young region, when you look at the cost differential is, malaysia and thailand versus singapore, we value and assess prices and see ten times higher prices and see ten times higher prices for racks in singapore because they cannot generate it themselves. —— asean. to bring it back to azerbaijan, there is a great opportunity to bring in the lower caste renewables and into europe. it is rewarding, creating that price for carbon and that sort of investment but also taking advantage of the fact the series, the georgians, the partners around here that are developing higher levels of renewables at low cost that they can actually deliver it. you are saying it is happening in some cases already and there are positive steps in that direction but do you think the era of trump, which could be

seen as protectionist and drill, baby, drill, could undermine what is going on already? i undermine what is going on alread ? ., �* ., ., already? i don't want to overstate _ already? i don't want to overstate that. - already? i don't want to overstate that. i- already? i don't want to overstate that. i think l already? i don't want to - overstate that. i think there is the trump factor but also trump is very deal orientated and where there is a deal to be made, but these are about, the carders there this have low prices and low production costs on one end and high demand on the other end and the beneficiaries are both sides and the planet because in the case of green corridors, a low—cost hydro coming in from bhutan can displace a high cost cold lips as... in bhutan can displace a high cost cold lips as. . ._ cold lips as... in india. iwas auoin cold lips as... in india. iwas going to _ cold lips as... in india. iwas going to ask— cold lips as... in india. i was going to ask you _ cold lips as... in india. iwas going to ask you another - going to ask you another question but have been told we have to move on. i will put it to someone else. thank you very much. too much to fit in. the uk chancellor will unveil plans later today for a big pensions shake—up.

rachel reeves wants to create pension "mega funds" designed to help unlock billions of pounds of investment in businesses and infrastructure. she says britain's pension funds are currently "too small" and are holding back the economy and has been outlining her plans to the bbc�*s faisal islam. after a chilly reception from some retailers to her by the tax rises the chancellor is in search of fast growth in the economy. search of fast growth in the economy-— search of fast growth in the econom . ~ . , , economy. what is this machine doinu ? economy. what is this machine doing? for— economy. what is this machine doing? for the _ economy. what is this machine doing? for the budget - economy. what is this machine doing? for the budget i - economy. what is this machine doing? for the budget i have i doing? for the budget i have brought stability back to the economy and our public finances and also —— created the opportunity for the u.k.'s to opportunity for the u. k.'s to boost opportunity for the u.k.'s to boost public investment in energy and schools and hospitals, but we need... know we need to do more to grow our economy. we need to do more to grow our economy-— we need to do more to grow our econom . ,, ., , ., , economy. --uk. she was opening this london _ economy. --uk. she was opening this london laboratory, _ this london laboratory, experimenting with state—of—the—art, personalised immune therapies will stop she say successful british companies often don't get the biggest investments needed to

grow into will metres because our pension funds are too small. she will force them to merge into mega funds. this is the kind of— merge into mega funds. this is the kind of decision _ merge into mega funds. this is the kind of decision that - merge into mega funds. this is the kind of decision that will. the kind of decision that will help us get access to that capital and will mean we can actually build this as a meaningful biotech, made in britain from the signs in the first place to the founding investment to becoming a long—term institution in the uk. long-term institution in the uk. ,, , , ., ., uk. she is still having to defend her _ uk. she is still having to defend her long-term i uk. she is still having to | defend her long-term tax defend her long—term tax experiments but now she is talking about how to grow the british economy with a series of big changes to pensions creating mega funds, for example. but at this precise moment, enter donald trump with his own client that could other end of the world economy as we know it. president—elect trump has said every import into the us including even from britain could face a 20% tax. experts

say it could see a £22 billion head to british exports. i don't think we should jump to conclusions about what an incoming us administration will do. the uk and the us trade is worth and more —— worth more than £300 billion a year, good for britain and the united states of america.- for britain and the united states of america. can you persuade _ states of america. can you persuade nominal- states of america. can you persuade nominaltrump? | states of america. can you i persuade nominaltrump? we states of america. can you - persuade nominaltrump? we have worked with _ persuade nominaltrump? we have worked with nominal— persuade nominaltrump? we have worked with nominal trump - worked with nominal trump administration before and trade grew during that period. i am confident we can work in partnership with the new donald trump government to ensure those trade flows continue. 50 those trade flows continue. so making pension funds big enough to back britain and persuading trump againsta to back britain and persuading trump against a trade war out the chancellor's much awaited big bang for growth. i'm joined now by independent market analyst craig erlam. good morning. managing pension funds in london is big

business. give us your take on this news. it business. give us your take on this news-— this news. it is an interesting idea from _ this news. it is an interesting idea from rachel _ this news. it is an interesting idea from rachel reeves - this news. it is an interestingj idea from rachel reeves who clearly wants to invest more in the uk and seat pension funds can help to deliver upon data and deliver greater returns. they said they believed the ideal pension fund size is between 20 and 50 billion in terms of generating returns so if you can combine that factor with the idea that we could see more investment in the uk in particular, in uk infrastructure it is an interesting idea. infrastructure it is an interestin: idea. . , . interesting idea. that is what needs to happen, _ interesting idea. that is what needs to happen, you - interesting idea. that is what needs to happen, you need l interesting idea. that is what - needs to happen, you need cause and effect, investment going into the british economy to deliver the promises she is telling us. deliver the promises she is telling us— deliver the promises she is tellin: us. ~ , ~' telling us. absolutely i think that is one _ telling us. absolutely i think that is one thing, _ telling us. absolutely i think that is one thing, a - telling us. absolutely i think that is one thing, a target i that is one thing, a target implemented as a result of this idea and this scheme and about who is investing the money and what talent and what that will attract in terms of the investments and it is the cover

——job investments and it is the cover —— job of the government to enable these investments and infrastructure projects to grow as these barriers to entry are removed, so a large number of things that need to go into making sure that this is something that works and when you're talking about pension fundsit you're talking about pension funds it has to work because if it does not, there will be a severe backlash.— it does not, there will be a severe backlash. thank you. see ou aaain severe backlash. thank you. see you again soon- _ around the world and across the uk, this is bbc news.

university bosses say australia's plans to limit the number of international students will lead to thousands ofjob losses and the closure of as many as 300 independent colleges. in 2025, the government plans to cap enrolments of overseas students to create what it calls "a better "and a fairer system" amid growing public concern about housing shortages and immigration. from sydney,

phil mercer reports. graduation is a milestone to savour but at the university of sydney not everyone is celebrating. casual academic staff fear planned limits on international students could cost them theirjobs. i international students could cost them theirjobs.- cost them their “obs. i am re cost them their “obs. i am pretty horrified _ cost them theirjobs. i am pretty horrified by - cost them theirjobs. i am pretty horrified by the - pretty horrified by the government's management of the university sector. i have no idea if i will get work next semester. we apply for contract and the number given out are dependent on the number of students that we are taking. but ministers say record levels of immigration including students have put more pressure on australia's housing rental market. there are concerned too that these loopholes allow some migrants into the country and not to work and stay indefinitely. it not to work and stay indefinitely.- not to work and stay indefinitel . , ., indefinitely. it is important to send a _ indefinitely. it is important to send a message - indefinitely. it is important to send a message of - indefinitely. it is important to send a message of the i indefinitely. it is important - to send a message of the world we want students to come here to study but we want a managed system not a free for all

system not a free for all system and want to make sure all institutions can benefit. after iron ore, coal and gas, international education is one of australia's most valuable exports. last year generated about $25 billion, the largest number of students coming from china and india, but the big question is will a limit on overseas enrolments damage australia's reputation? major universities believe the client reforms are economic vandalism. australia has one of the world's biggest international student markets that could change. student markets that could chance. , ., , ., change. options for the students _ change. options for the students are _ change. options for the students are quite - change. options for the students are quite a - change. options for the l students are quite a few. change. options for the - students are quite a few. now new destinations have come up in europe, asia and other places but most students not coming to australia will look at us and uk as alternatives. earlier this year australia hosted more than 700,000 international students, a record number. for many like this woman, a political economy

and law graduate, it can be a life changing experience. i am culturally a — life changing experience. i am culturally a chinese _ life changing experience. i am culturally a chinese person . life changing experience. i —.n culturally a chinese person for sure, but when i got back to china i noticed a lot of australian inaudible clients coming for me so i'm becoming more australian and i like the australian people.— australian people. they are su er australian people. they are super friendly _ australian people. they are super friendly and - australian people. they are super friendly and laid - australian people. they are | super friendly and laid back. superfriendly and laid back. can you see yourself living in australia?— can you see yourself living in australia? , ., , australia? hopefully, for sure, for the rest — australia? hopefully, for sure, for the rest of _ australia? hopefully, for sure, for the rest of my _ australia? hopefully, for sure, for the rest of my life. - australia? hopefully, for sure, for the rest of my life. it - australia? hopefully, for sure, for the rest of my life. it is - for the rest of my life. it is a ath for the rest of my life. it is a path that _ for the rest of my life. it is a path that might - for the rest of my life. it is a path that might not - for the rest of my life. it is a path that might not be . for the rest of my life. it is a path that might not be open to others, although the government insists limits on international student numbers would make migration levels more sustainable. before we go, let's talk about diamonds. the saying is diamonds. the saying is diamonds are forever. marie antoinette's possessions, along with those owned by the late princess diana, have been breaking records at recent auctions. yesterday, a diamond—studded necklace thought to be involved in a scandal that led

to the eventual downfall of the last queen of france, was sold in geneva for a huge $4.8 million, including commission and taxes. in fact, marie antoinette never owned the necklace, but came to be associated with it after it was acquired by a fraudster claiming to act on her behalf. it became a key factor in the story of her downfall ahead of the bloody french revolution. joining me now it tobias kormind, managing director of 77 diamonds. that is a stunning necklace. no surprise at all. were you surprised to hear how much it went for?— surprised to hear how much it went for? ., ~ , ., ., ., went for? thank you for having me. i'm speaking _ went for? thank you for having me. i'm speaking from - went for? thank you for having me. i'm speaking from the - me. i'm speaking from the geneva office. it was exciting at the auction. i'm not surprised at what it sold for but in some ways it was a fantastic price, nearly double the high estimate which is obviously a great price when something is sold at auction. if you look at the history of

some of the real marie antoinette pieces, you have, for example the pearl necklace, estimated at about $2 million and sold for almost $40 million and sold for almost $40 million and that was directly traceable to her. this piece, however, was made up subsequently to a former piece involved in the scandal but these diamonds, some of them that make up this piece, probably could only have come from the original piece made by thejewellers come from the original piece made by the jewellers obtained by french noblewoman who was also a thief and convinced a cardinal to put a deposit down to purchase it, pretending to be marie antoinette, the last queen of france. then when she obtained it, she broke it up and we believe some of those stones made it into this piece, created around the same time but we don't have an exact date of provenance. because of the tenuous link, it did not sell

for as much as some other pieces, for example, this one had 500 diamonds and it was 300 carats, so enormous, and at that time, that was exuberant as a piece. when it was made out marie antoinette had ordered it, obviously, this was one of the last straw is leading to her guillotine thing in 1793 because it was so opulent at the time when a lot of people were obviously suffering and had no food on the table. that is how it came about, but one of marie antoinette's bracelets sold for over 8 million and that was 140 carats, so had this been one of her directly owned pieces, i think it could have gone for even more but given the estimate, i think it is a fantastic price. it estimate, i think it is a fantastic price.- fantastic price. it is a fascinating _ fantastic price. it is a fascinating story, - fantastic price. it is a j fascinating story, the fantastic price. it is a - fascinating story, the intrigue and all going on and in some

ways, it almost makes it even more intriguing and valuable, but obviously not of the value as you say of the actual pieces that were known to be her pieces. but as you say, it underlies the opulence, all her jewellery, of which it has all been sold off. £30 jewellery, of which it has all been sold off.— been sold off. go on. absolutely. - been sold off. go on. absolutely. and - been sold off. go on. i absolutely. and actually the diamonds in the piece, so if you think about it, these diamonds, we could... could only have come from a mine which in its entire history, the amount of diamonds that came out of that mind is less than what you pull out of the diamond mines today in a year and that was probably the source of diamonds for the crown jewels, and source of diamonds for the crownjewels, and other place that started to produce some diamonds. so the provenance of

the most famous diamond mine in the most famous diamond mine in the world is where these stones would have come from, so that adds to the inaudible of it at adds to the inaudible of it at a time diamonds were incredibly rare. , . , a time diamonds were incredibly rare. , ., , , rare. they were and they still aet rare. they were and they still get everyone's _ rare. they were and they still get everyone's attention i get everyone's attention even now. thank you for talking to us. fascinating and thank you too or your company. i will see you soon. hello there. big changes on the way later this weekend — more on that in a moment. yesterday, well, we had some sunshine around. more of it more widely actually, but not everywhere, of course, towards northern ireland, some western parts of scotland, much more cloud. and that's moving its way southwards at the moment. it's coming in around this area of high pressure, a couple of weak weather fronts on the scene, too — this one here bringing a little rain southwards across england and wales. but because we've got more

cloud around, its not going to be as cold to start with on thursday morning. could be a few mist and fog patches, mind you, across southwest scotland and the northwest of england. those will lift, it'll cloud over in the northwest of england, turn more cloudy in western scotland, and we'll keep the cloud across northern ireland. elsewhere, there could be a bit of sunshine, but not as much sunshine as we had on wednesday. the cloud and any drizzle clearing southern england, and it should brighten up a bit in the afternoon. temperatures typically 11 or 12 degrees, maybe a bit higher than that in the far northwest, with the winds coming in from the atlantic around the top of that high pressure. that's going to get squeezed a bit, mind you, on friday, this weather front eventually bringing some rain towards the northwest of scotland by the end of the day. ahead of that, the southwesterly wind will be freshening, blowing in this cloud, a few spots of rain for western hills and coasts. further south, where the winds are lighter in south wales, the midlands and southern england, there could be some early mist and fog and then some sunshine around here. temperatures nine or ten degrees perhaps, but milder further north, where we've got the stronger winds. and that rain that's in the north west of scotland

will be pushing its way into england and wales on saturday again. it's quite light and patchy rain. and to the north the winds are picking up again, especially in northern scotland. and this is where we'll see the bulk of the showers getting blown in, and things are starting to get a little bit colder here across scotland, whereas further south temperatures still into double figures. so things are changing over the weekend. pressure is going to be dropping and we're going to find some weather fronts arriving and rain developing more widely on sunday. but what happens after that is the wind direction changes, the air coming, if anything, all the way down from the arctic, that colder air is pushing its way southwards. so a big change in the weather for the beginning of next week. it's going to be feeling a lot colder. daytime temperatures typically only six degrees. and i think overnight, we're going to have some frost around as well. and there could even be a bit of snow over some parts of scotland.

good morning. welcome to breakfast. the headlines: independent pharmacies in england, wales and northern ireland could refuse to openin northern ireland could refuse to open in the evening and weekends afterjanuary after voting in favour of industrial action for the first

time. donald trump will have full control of government up to his republican party retained its majority in the house of representatives. prostate cancer research calls for a targeted national screening programme to diagnose more people earlier every year. diagnose more people earlier every ear. , ., diagnose more people earlier every ear. , 4' diagnose more people earlier every ear. , ~ ., ., year. this may look like an ordinary house in an — year. this may look like an ordinary house in an ordinary _ year. this may look like an ordinary house in an ordinary street - year. this may look like an ordinary house in an ordinary street but i year. this may look like an ordinary house in an ordinary street but it i house in an ordinary street but it is no regular building at salford university's energy house where they can control the weather conditions. we find out about heat pods like this. ,., ., we find out about heat pods like this. , ., ., ., , this. good morning. unrest in the encland this. good morning. unrest in the england camp _ this. good morning. unrest in the england camp ahead _ this. good morning. unrest in the england camp ahead of— this. good morning. unrest in the england camp ahead of the i this. good morning. unrest in the england camp ahead of the must| this. good morning. unrest in the i england camp ahead of the must win game _ england camp ahead of the must win game in _ england camp ahead of the must win game in greece. harry kane is unhappy— game in greece. harry kane is unhappy that nine players had cried of sane _ unhappy that nine players had cried of sane country should come before cluh _ of sane country should come before club. . , of sane country should come before club. ., , ., ., , , , . club. the family of a triple olympic chamion club. the family of a triple olympic champion appealed _ club. the family of a triple olympic champion appealed for _ club. the family of a triple olympic champion appealed for the - club. the family of a triple olympic champion appealed for the return l club. the family of a triple olympic| champion appealed for the return of his gold medals after they were stolen for a second time.- stolen for a second time. some atch stolen for a second time. some patchy light _ stolen for a second time. some patchy light rain _ stolen for a second time. some patchy light rain and _ stolen for a second time. some patchy light rain and drizzle i stolen for a second time. some patchy light rain and drizzle to l patchy light rain and drizzle to clear england and south wales. frost

in northern parts of scotland. for