what she calls the "biggest pension reform in decades" in an attempt to boost the economy. the government wants to merge the uk's 86 council pension schemes into a handful of "pension megafunds". the council pension funds currently have investments worth around 354 billion pounds. reeves is keen for the uk to follow a similar pension model to canada and australia. in those countries, pensions of local government workers are pooled into a handful of funds, which make big investments around the world. separately, the government also wants to set a minimum size limit on defined contribution schemes in the private sector, which manage around £800 billion of investments. as faisal islam reports. after a chilly reception from some retailers to her budget tax rises,

the chancellor is now in search of some fast growth in the economy. so what's this machine doing? the budget brought stability back to our economy, brought stability back to our public finances, and also created the opportunity for the uk to boost public investment in things like energy and schools and hospitals. but we need, we know we need to do more to grow our economy. the chancellor was opening this london laboratory, experimenting with state—of—the—art personalised immune therapies. she says successful british companies like quell often don't get the very biggest investments needed to grow into world—beaters because our pension funds are too small. she's going to force them to merge into mega funds. this is the kind of decision that will help us get access to that capital and mean that we can actually build quell therapeutics out as a meaningful, uk—based biotech. made in britain.

so made in britain from the science in the first place to the founding investment to actually becoming a long term institution in the uk. so rachel reeves is still having to defend her budget tax and spend experiments, but now she wants to talk 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 plan that could upend 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 hit to british exports. i don't think we should jump to any conclusions about what an incoming us administration will do. the uk and the us trade is worth more than £300 billion a year. that's good for britain, but also, frankly, it's good for the united states of america. you can persuade donald trump, you think?

well, we have worked with a trump administration in the us before, and trade flows between the uk and the us grew during that period. i'm confident that we can work in partnership with the new trump government to ensure that those trade flows continue. so making pension funds big enough to back britain and persuading trump against a trade war are the chancellor's much—awaited big bang for growth. faisal islam, bbc news. to oil now, and a forecast that there will be more supply than demand next year. the international eneregy agency predicts an oversupply of about one million barrels a day in 2025, despite production cuts from the oil producers�* cartel, opec. joining me now is independent energy analyst, cornelia meyer. opec is very strategic in its decision to pump more or less according to how it wants the market to shape up.

what's led to this forecasted oversupply? if what has happened is that 0pec always is mandated to keep markets adequately supplied, that means you have to put barrels, all they need, and off when they need. 0pec currently has said that it would reverse some of the voluntary cuts of eight nations which would amount to 2.4 million barrels a day and uae is allowed to put another 200,000 million barrels another 200,000 million barrels a day. they are postponed that for the second time, it is supposed to come in injanuary. a gradual release, a programme to release over a year. now we will see how ministers react when they meet and have a full 0pec ministerial meeting on the

1st of december. in the meantime you are right, they have a different outlook than 0pec, 0pec plus sees about 1.8 million barrels of growth this year, and they look differently at the world. could it lead to lower prices? at this point it has led to lower prices but the future's prices are about expectations. right now we're back from about 78, 79 at the height of geopolitical to about 72 dollars per barrel. it can lead to it but we don't know what is happening in the middle east, and it is not done yet. we cannot fully take in the

release of the 2.5 million barrels a day on a pro rata basis, and we also don't quite know the iaea has pessimistic outlook in china, we don't quite know whether that comes through. the proof of that pudding is in the eating. thank ou. chip maker advanced micro devices plans to lays off about 4% of its global workforce — that's roughly 1,000 jobs. amd and other chip makers, like nvidia and intel, are locked in a race to release newer, more powerful ai chips. michelle fleury has more from new york. the generative ai craze has been powered by nvidia's graphics processing units, or gpus, turning the chip maker into the world's most valuable company. now, as the second biggest producer of gpus, amd is playing catch—up, and these layoffs are part of its efforts to position itself to take advantage of that al boom. in a statement, the company told the bbc, "as part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps

that will unfortunately result in reducing our global workforce by approximately 4%." now, they wouldn't 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 that the real action is shifting to chips. rival intel's efforts, they've got off to a rocky start, while customers like microsoft, meta, 0penai, amazon, and google, they've all begun working on their own ai processors. this is shaping up to be a critical battleground for al supremacy. staying with the influence of ai on tech comapanies, foxconn — the world's biggest contract electronics manufacturer — has just posted its latest numbers, showing a 14% jump in net profits in thejuly to september period. the taiwanese company made $1.5 billion in profit in the third quarter, driven by strong demand for its artificial

intelligence servers. the biggest maker of apple's iphones, foxconn has seen its share price almost double in the last year. the british luxury fashion house burberry has unveiled a transformation plan to reverse its ailing fortunes. it plans to leverage its british heritage, positioning itself as a leader in outdoor wear, focusing on trench coats and scarves and making its bags and shoes cheaper. burberry�*s been suffering from a downturn in demand for luxury goods, particularly from china. it lost almost $52 million in the first half of the year. investors like what they're hearing with shares climbing by as much as 15%. kathleen brooks is research director at xtb. a keen fashionista as well. why does this make sense?

you cannot blame them for that, certainly not in this part of the world. it does make sense, i think, the market is rewarding that because the push into handbags and the ultraluxury set, shoes and other leather goods, went into a crowded market. this was not the current ceo about previous management, they went into a crowded space and had to compete with others, including the owners of gucci, they couldn't keep up and were not the leader, always a follower and always behind. we have seen and always behind. we have seen a complete about turn, they will still sell those products but cheaper. the ceo was keen to stress this but not become unaffordable luxury brand, you will still have to pay up for your trench coats but you might get a bargain on the handbags. that is largely, they will move well away from handbags, just

to get rid of an inventory problem. how much of the problems being faced by burberry up until now are unique to it, or faced by all luxury brands? it has been a massive downturn in luxury over the last year, led by china. their china sales were down by 24% in the first half of the year, comparable to lvmh, but compared to those other companies, particularly the french fashion houses, burberry has underperformed, so there is a global issue but there is a global issue but there has been a structural problem, because they were concentrating on the wrong market. they were not focusing on their back to basics, trench coats and scarves, as you mentioned, and that didn't pay off. while burberry is at a low ebb, it's being eyed up for a takeover by the italian brand moncler. what's the latest on that? it was conspicuous bias absence in the call with the ceo, it

seems like, whilst that has been put to bed for now, moncler is another big outerwear provider of expensive products, so it bit potentially be complimentary. but i think the 15% rise in share prices the 15% rise in share prices the market is willing to give burberry another chance. the other thing that could boot a one off as it has become more expensive to buy burberry after today's results. they might see how this goes and that is probably something, give them six months or a year to see how this new strategy goes before they come back in again, but i think they were looking to pick up think they were looking to pick up a bargain and it has become a bit more expensive to buy burberry right now. fix, a bit more expensive to buy burberry right now. a bargain at burberry. _ burberry right now. a bargain at burberry, we _ burberry right now. a bargain at burberry, we haven't - burberry right now. a bargain at burberry, we haven't seen| at burberry, we haven't seen that before! the markets, the european indices are all climbing across—the—board, investors

digesting positive economic data for countries using the euro currency, showing employment in the eurozone grew by 0.2% in the third quarter and the economy as a whole grew by 0.4% in the third quarter. ireland leading the pack on 2% growth, germany and the back, 0.2%. goodbye.

hello from the bbc sport centre. i'm pippa horn. now it's all eyes on the football because tonight, england head to greece for an away clash in the nations league. this follows the withdrawal of nine england players for the matches against greece and the republic of ireland. captain harry kane says he isn't happy with the number of drop—outs, but interim manager lee carsley insists that there aren't any problems in the camp. this is the final selection made by carsley before thomas tuchel takes over injanuary.

the focus has been on the players here, it is important that we make the most of this situation. with the amount of players that have pulled out, it gives other players and opportunity to be here. we're really looking forward to the game, it will be a tough test, and with the amount of pull—outs we have had this window, historically it has been like that in the past. november has always been a challenging window. like you said, the culture and environment that gareth anscombe even the rest of the staff graded as made it a positive environment —— gareth anscombe de. the players here deserve to be here and are ready for the game. —— gareth and steve. also in group 2 of the nations league, belgium face italy on thursday while isreal have an away fixture against france. the aviva stadium will host finland, who are hoping to avenge their 2—1 defeat last month against the republic of ireland. plenty of other matches to bring you as well, and of course, live text coverage will be available on the bbc sport app and website.

mauricio pochettino will take charge of his first