ford's electric shock. the car giant says it will cut 4000 jobs in europe — blaming disappointing demand for evs. awaiting nvidia. traders braced for results from the ai giant — that could see trillions of dollars added to — or wiped off — us stock markets. also coming up — price pressure. uk interest rates could stay higherfor longer — as inflation rises above the bank of england's target. and trump's trade warrior. the president—elect picks wall street giant howard lutnick as commerce secretary — signalling a tough stance on china — and a boost for crypto. welcome to business today.

we start with some breaking news we've had in the last few hours — the announcement of majorjob cuts by auto giant ford. 4,000 jobs are to go across europe, as part of a major restructuring programme. 2,900 of those will be in germany, where ford has two large plants in cologne and zaarlouis. ford says it will also be cutting 800 jobs in the uk, which is around 15% of its workforce in the country. lisa brankin, the uk chair of ford, blames the transition to electric vehicles. i think we're seeing just the market conditions change. competition is becoming more aggressive as we've made the switch to electric vehicles. customer demand for electric electric vehicles hasn't kept up with what the previous forecasts were. so it's a much more competitive environment than we've ever seen before. and we need to take action now to make sure we're fit for the future.

let's bring in auto industry expert andy palmer — he's the former boss of aston martin and also held senior roles at nissan — but now consults for the industry. thanks forjoining us. it's notjust ford, it appears the whole industry is struggling? you have got to have sympathy with the people losing their jobs, ith the people losing their “obs, eseciall the 800 “obs with the people losing their jobs, especially the 800 jobs in the uk, “obs, especially the 800 “obs in the uk, trauic, no “obs, especially the 800 jobs in the uk, trauic, no other in the uk, tragic, no other word for it. and i think in the own release from ford, they talk about the industry facing uncompetitive headwinds and so this is not all aboutjust electric vehicles, although thatis electric vehicles, although that is part of it, but recently we have seen nissan and stellantis are also facing headwinds so your question is very relevant. in the case of

ford you need to look across europe, it has seen a halving of its market share, it is losing market share to others and part of the others, a substantial part of those, other chinese competitors, and the chinese have been more accurate in bringing affordable electric vehicles wearers ford pivoted away from a fiesta and a focus, moving to more expensive crossovers like the explorer and the capri, and those cars are more expensive, more expensive cars means lower volume, and probably gives you a good indication as to why they are losing market share. 0n the chinese element, many of those car—makers are relatively new to the market, they are nimble and efficient and able to do it cheaply, and they also able to do this at volume, but

are they really at the volume we have seen from legacy car—makers, the likes of nissan and toyota? iii car-makers, the likes of nissan and toyota?— and toyota? if you look at the total of the — and toyota? if you look at the total of the chinese _ and toyota? if you look at the total of the chinese volume, i total of the chinese volume, they are getting there, and they are getting there, and they are getting there, and they are certainly making big inroads into the market share of the european market, but they are not at the scale of some of those legacy manufacturers right now in europe but if you take their volumes globally, almost 50% of the volume in china, the home market, is already electric vehicles, and they have pivoted more quickly to the incoming technology and have grasped the economy of scale. they have also grasped incentives from their own government so let's not avoid that issue but they have been much more effective in bringing in affordable cars to the european market. you are seeing the european market trying to respond to that with tariffs and the us market as

well but ultimately, it is about the legacy manufacturers pivoting as quickly to electric vehicles. ., , vehicles. the government is settinu vehicles. the government is setting some _ vehicles. the government is setting some strict - vehicles. the government is setting some strict targets l vehicles. the government is i setting some strict targets for manufacturers. here in the uk, carmakers are also pushing the government to relax its zero—emission targets. are the carmakers protesting too much? or do they have a point, given most of the cars made here are for export? a lot of cars are sold for export, the majority made in the uk go into the export market, mainly into europe, and legacy manufacturers have been too slow to bring down their prices and their cars are too expensive which links to volume, and the mandate is forcing the reduction of cost to get the volume is up to the market share, and cheaper cars is not necessarily a bad thing for the consumer but it means that the legacy manufacturers

have responded a bit slowly and they need to catch up.— they need to catch up. thanks forjoining _ they need to catch up. thanks forjoining us. _ they need to catch up. thanks forjoining us. andy _ they need to catch up. thanks forjoining us. andy obama, l forjoining us. andy 0bama, former boss of aston martin —— andy palmer. to new york now where there's been a muted open on wall street — with investors on hold ahead of results from al chip maker nvidia after the bell. how well the tech giant is performing will be key to sustaining its record breaking rally — that has seen it triple in value this year to more than $3 trillion as well as the wider market. 0ur north america business correspondent is watching this for us. we have talked about this issue del have jut ford wrote seen as del have talked d wrote seen as del have talked about e seen as del have talked about this an as before, it is about the money del have talked about this issue the next big catalyst for the del have talked about this issue the nex it ig catalyst for the del have talked about this issue the nex it is catalyst for the del have talked about this issue the nex it is about st for the del have talked about this issue that has been piled into ai the nex it is about the >r the del have talked about this issue the nex it is about the money before, it is about the money that has been piled into ai development, so the big development, so the big question is, will it deliver question is, will it deliver results?— results?— question is, will it deliver question is, will it deliver results? , , ., results? , , ., results? exactly. it is about delivery but _ results? exactly. it is about delivery but _

results? exactly. it is about delivery but ford _ results? exactly. it is about delivery but ford wrote - results? exactly. it is about| delivery but ford wrote seen results? exactly. it is about delivery but ford _ results? exactly. it is about delivery but ford wrote - results? exactly. it is about| delivery but ford wrote seen results? exactly. it is about - delivery but ford wrote seen as the next big catalyst for the results? exactly. it is about - delivery but ford wrote seen as the next big catalyst for the market —— but nvidia really seen. we could see 8% in either direction which equates to around $300 billion and according to some strategists like bank of america, the results could be more important for the market that the federal reserve decision and the inflation data, because of the waiting the stock has within the major indices and nvidia has been a poster child for the ai trade, the stock has rallied nearly 200% this year so will be a litmus test for the trade and the broader market, at a time when investors are concerned about the heavy spending on al and the potential returns generated from that. shares have pulled back a bit heading into the earnings because there is more uncertainty than usual

earnings because there is more uncertainty than usu the ceo delays, even though the ceo said the demand for the particular chip is insane, and nvidia is trading at the repricing multiples so there is more room for disappointment. we will talk more about those results. thanks forjoining us. to the uk now where the rate of inflation has risen more than expected — leading markets to trim their bets on interest rate cuts. the annual inflation rate jumped to 2.3% in october — up from 1.7% in september — boosted by higher bomestic energy prices and the bank of england's target

for inflation is 2%. we asked economist simon french if 0ctober�*s figure isjust a blip — or a new trend that could prove to be a headache for the bank of england. it's possibly neither. it's probably just the first real assessment of where underlying uk inflation is. what we've had over the last two and a half years is a very elevated level because of energy prices going up very steeply because of the impact of the ukrainian war. and then coming down strongly, at least in price, year over year changes. this is the first time that number has levelled out, and you get a feel of what known uk components are doing. out, and you get a feel of what non energy components are doing. when you see the underlying uk inflation is above 2%, and that is why the bank of england sounds quite cautious about further interest rate cuts. having done two already. in the us, president—elect donald trump has made his latest pick for his future cabinet — naming the billionaire investor howard lutnick as commerce secretary. the

billionaire boss of cantor fitzgerald is a vocal supporter of digital currencies — and also of mr trump's plans for sweeping tariffs on imported goods. that's a controversial view on wall street — where some are worried tariffs could hit the us economy. policy analyst terry haines says it may mean tensions in coming the trump administration. what you're seeing in lutnick is the announcement, effectively, of a team of rivals approach in the trump white house. where he's part of the economic team, but he's not the whole economic team. and there will likely be sort of a collision course set up in economic policy. and this is exactly what markets don't want. where you have lutnick in charge of tariffs and trade on the one side, potentially also the united states trade representative's office. and on the other side, you've got treasury and the national economic team that are responsible for the broader economic agenda, including tax and fiscal policy. and there's no way in which, you know, those can be easily split up.

so there's a natural tension there. that may resolve over time, and it may not. but markets are looking for clarity and they're not getting it. let's return to big tech now — because google could face the prospect of being broken up following a court hearing that's under way in the us. in a landmark ruling in august, a judge found that google has an illegal monopoly in online search and related advertising. according to reports, prosecutors may push for its owner alphabet to be forced to sell off its chrome internet browser — or its android operating system — moves the company would certainly challenge. tech expert bob 0'connell told us the industry has moved on from these concerns because of ai. obviously, a lot of people are wondering what's going to happen here. i mean, you know, the challenge i see with this in particular is that this is so backwards looking because really, the market for internet search is changing dramatically as we speak.

generative ai is changing how we search for things. people are now searching through tiktok and other platforms that they never did before. so to be honest with you, part of me is a little concerned that this is looking the wrong way and really wouldn't have that much of an impact. but at the end of the day, we have to wonder, what happens here? and the thing to remember about chrome is while it doesn't generate income directly for google, it offers an avenue to their services. and that's the big question mark that's going on here. us media giant comcast is to spin off its the bulk of its nbcuniversal cable television networks — which include msnbc and cnbc. it's a reaction to the growing dominance of streaming over legacy cable tv and comes a decade after comcast gained control of nbcuniversal in a series of deals with general electric. that is it for business today.

stay with us here on bbc news.

rafael nadal has ended his glittering 23—year professional tennis career, bowing out after spain lost to the netherlands in the davis cup. he retires as the second—most successful men's singles player of all time. here he is — speaking to the crowds after that final match. just a kid that followed their dreams. worked as hard as possible to be where i am today. and at the end of the day, being honest, a lot of people work hard. a lot of people try their best every single day.