a defiant response from nippon steel after they are blocked by president biden. we steel after they are blocked by president biden.— president biden. we are committed _ president biden. we are committed to _ president biden. we are committed to working . president biden. we are - committed to working together through— committed to working together through this acquisition. the us has accused _ through this acquisition. lie: us has accused tencent through this acquisition. tue: us has accused tencent of aiding the chinese military. the electronic show kicks off in las vegas. welcome, this is business today. i want to start

with news from the japanese giant nippon steel. it has come out defiantly after his proposed purchase was blocked. chief executive has accused mr biden has caved to politically motivated lobbying. president biden comes a year after nippon steel first announced a $14.9 billion deal to buy its pennsylvania based rival. here is the boss of nippon steel speaking. is the boss of nippon steel speaking-— is the boss of nippon steel s-ueakin. , ., . speaking. due to the illegal olitical speaking. due to the illegal political intervention - speaking. due to the illegal political intervention by - political intervention by president biden, the committee for foreign investment in the united — for foreign investment in the united states fails to review it properly. it has led to the presidential order. we can never_ presidential order. we can never accept it. what president—elect trump has said

is that— president—elect trump has said is that he — president—elect trump has said is that he wants to make manufacturing strong again. and enrich _ manufacturing strong again. and enrich the — manufacturing strong again. and enrich the lives and future of manufacturing workers and working _ manufacturing workers and working class people. this is exactly — working class people. this is exactly in _ working class people. this is exactly in line with what we are doing. exactly in line with what we are doing-— exactly in line with what we are doing. exactly in line with what we are doinu. ,, ,, . . , ., are doing. the us secretary of state, are doing. the us secretary of state. antony _ are doing. the us secretary of state, antony blinken, - are doing. the us secretary of state, antony blinken, will. are doing. the us secretary of state, antony blinken, will be| state, antony blinken, will be in tokyo related to trying smooth over some of the tensions. the japanese prime minister has described the move as perplexing. let us took the deputy director of the hudson institute. a free think tank. tell me about who you think is right here. president biden does not want this deal to go ahead. that is protectionism. but nippon say that the us is acting and lawfully.— acting and lawfully. they are aood acting and lawfully. they are good trading _ acting and lawfully. they are good trading partners - acting and lawfully. they are | good trading partners despite the intervention of president biden. nippon steel has

promised to invest the $3 billion to replace ageing equipment. it will help us deal to continue to employ steelworkers. the us needs investment in technology to produce competitive steel. the accusation _ produce competitive steel. the accusation of _ produce competitive steel. the accusation of joe _ produce competitive steel. the accusation ofjoe biden is that he is caving to politically motivated lobbying. from who? i motivated lobbying. from who? i think a lot of the political lobbying is coming from the us steelworkers. the union. both of the unions —— neither of these have the best interest of these have the best interest of the steelworkers at heart. they

are not interested in investing in high quality steel. they are interested in trying to look after their own interests. the us national interests in terms of stronger manufacturing. irate of stronger manufacturing. we know that _ of stronger manufacturing. we know that us deal will have to close factories if they do not get this in investment. what is going on in the us steel market?— going on in the us steel market? ,, . , ., , market? us deal is not the size that it used _ market? us deal is not the size that it used to _ market? us deal is not the size that it used to be. _ market? us deal is not the size that it used to be. it _ market? us deal is not the size that it used to be. it helped - that it used to be. it helped build the united states in the 20th century. but it's only a fraction of what it used to be. it is a much smaller in organisation right now. nippon steel has promised to make 2.7 billion investment in us deal�*s productivity. without that investment, us deal cannot make

investments in ageing equipment to allow it to continue to operate its plans.- to allow it to continue to operate its plans. thank you very much- _ operate its plans. thank you very much. that _ operate its plans. thank you very much. that is _ operate its plans. thank you very much. that is relations| very much. that is relations between the us and japan. let us talk about what is happening between the us and china. tencent has been hit today by the us defence department. it has added to a list of companies. china says that it might amounts to a suppression of chinese companies. we heard from tencent — of chinese companies. we heard from tencent not _ of chinese companies. we heard from tencent not long _ of chinese companies. we heard from tencent not long ago - of chinese companies. we heard from tencent not long ago when| from tencent not long ago when it said _ from tencent not long ago when it said that its inclusion on that— it said that its inclusion on that list— it said that its inclusion on that list is clearly a mistake. it that list is clearly a mistake. it adds— that list is clearly a mistake. it adds we are not a military company— it adds we are not a military company or a supplier. unlike sanctions _ company or a supplier. unlike

sanctions or export controls, this— sanctions or export controls, this listing has had an impact on their— this listing has had an impact on their business. we are seeing _ on their business. we are seeing some reaction on the stock— seeing some reaction on the stock market. tencent's shares faiis _ stock market. tencent's shares faiis foul— stock market. tencent's shares falls foul today. it is the atl also called the designation, it is not military related _ designation, it is not military related. this is one of the actions _ related. this is one of the actions taken by washington in recent— actions taken by washington in recent years. it has strained relations— recent years. it has strained relations between the two worlds _ relations between the two worlds two biggest economies. it is worlds two biggest economies. it is to— worlds two biggest economies. it is to tell an american companies to be wary of doing business — companies to be wary of doing business with these chinese companies. tencent could get an exclusion — companies. tencent could get an exclusion through the us courts _ exclusion through the us courts. but they're very inclusion in the first place

can— inclusion in the first place can cause reputational damage. the world — can cause reputational damage. the world biggest technology fair is kicking off in las vegas today. the consumer electronics show is where big companies show off their latest wares. and new products are launched. they are trying to catch the attention of the tech world. it can make a unknown tech firm gain viral fame. from the latest _ tech firm gain viral fame. from the latest apps _ tech firm gain viral fame. from the latest apps to _ tech firm gain viral fame. from the latest apps to own - tech firm gain viral fame. from the latest apps to own manner| the latest apps to own manner of slick devices, there is something for everyone here. the event officially kicks off on tuesday. there will be 4500 exhibitors showing their wares across two and a half million square feet of convention space. we have been able to play with robot dogs, test out smart guitars and there is so much more in store from here in las vegas. politics looms large

over the event. whether the incoming champ events president will affect it. whether they will affect it. whether they will be able to buy some of the products that are on display here. cs have expressed their concern. they could be a 68% decline if tariffs are very stringent. they are hoping that the administration would take a lighter touch compared to what has been promised. taste lighter touch compared to what has been promised.— lighter touch compared to what has been promised. we will have more familiar _ has been promised. we will have more familiar is _ has been promised. we will have more familiar is the _ has been promised. we will have more familiar is the show - has been promised. we will have more familiar is the show gets i more familiar is the show gets under way today. that is head of the euro now. it there is a tough economic outlook. there is low productivity across the whole euro zone. to add to

those concerns, the latest inflation numbers show that the rate of price rises have ticked up rate of price rises have ticked up in december. it rose to 2.4% in december. the figures come on the back of pretty mixed results from germany and france. france had a pretty steady at 1.3%, below this target. it figures from germany show price rises gathering pace. at nearly 3% for december. that is a concern across the eurozone. let us speak to a senior european economist. good to have you here. tell us about this disparity. there is a lot of concern. how much of a concern is there about inflation? i think inflation numbers did to cap and — think inflation numbers did to cap and there is some disparity

between — cap and there is some disparity between the various countries. but they— between the various countries. but they are much more concerned about services inflation. headline inflation actually take step on energy rather — actually take step on energy rather than acceleration on other— rather than acceleration on other services. month on month sees _ other services. month on month sees that— other services. month on month sees that they are weakening. it is sees that they are weakening. it is good _ sees that they are weakening. it is good news for the ecb. we expect— it is good news for the ecb. we expect to — it is good news for the ecb. we expect to see them fall over the course of 2025. it should not stop _ the course of 2025. it should not stop the ecb from cutting in january. not stop the ecb from cutting injanuary. champ's not stop the ecb from cutting in january. champ's tariffs on europe — in january. champ's tariffs on europe is— in january. champ's tariffs on europe is much more concerning. i europe is much more concerning. i want _ europe is much more concerning. i want to— europe is much more concerning. i want to come on to those in just a second. you test on energy there. it has been such a story of inflation. what has happened in russia has caused

this in europe. in happened in russia has caused this in europe.— this in europe. in terms of the annual rate. — this in europe. in terms of the annual rate, monthly - this in europe. in terms of the annual rate, monthly energy l annual rate, monthly energy inflation _ annual rate, monthly energy inflation is about a 0%. that epic— inflation is about a 0%. that epic from _ inflation is about a 0%. that epic from —2% to this, it all comes— epic from —2% to this, it all comes down to the idea that the ntonth_ comes down to the idea that the month on— comes down to the idea that the month on month figure this time round _ month on month figure this time round is — month on month figure this time round is higher than last time around — round is higher than last time around. that is what is driving this— around. that is what is driving this annual— around. that is what is driving this annual rate. we should not worry— this annual rate. we should not worry about the monthly pace going — worry about the monthly pace going forward. in terms of energy— going forward. in terms of energy more generally, there is a prohtem — energy more generally, there is a problem with national gas prices _ a problem with national gas prices. they did rise over the course — prices. they did rise over the course of— prices. they did rise over the course of 2024 they reached 50 euros _ course of 2024 they reached 50 euros per — course of 2024 they reached 50 euros per unit. it is going to

be euros per unit. it is going to he at — euros per unit. it is going to he at the _ euros per unit. it is going to be at the forefront of many nrinds _ be at the forefront of many minds. we need to think about the impact on firms. they are mainly— the impact on firms. they are mainly affected by energy prices _ mainly affected by energy rices. . ., ., ~ mainly affected by energy rices. , . prices. let us look at those tariffs that _ prices. let us look at those tariffs that are _ prices. let us look at those tariffs that are likely - prices. let us look at those tariffs that are likely to - prices. let us look at those tariffs that are likely to be | tariffs that are likely to be in prose by the incoming president. what can the euro zone due to content with that? what can it do?— zone due to content with that? what can it do? one thing vanda lane has said — what can it do? one thing vanda lane has said is _ what can it do? one thing vanda lane has said is that _ what can it do? one thing vanda lane has said is that she - what can it do? one thing vanda lane has said is that she will - lane has said is that she will put in — lane has said is that she will put in place a task force to undergo _ put in place a task force to undergo shape with trent. he wants— undergo shape with trent. he wants to _ undergo shape with trent. he wants to impose tariffs on china _ wants to impose tariffs on china and 20% tariffs on the rest — china and 20% tariffs on the rest of— china and 20% tariffs on the rest of the world. in china, it witt— rest of the world. in china, it will have _ rest of the world. in china, it will have a _ rest of the world. in china, it will have a deflationary effect on europe. in terms of time's

tariffs — on europe. in terms of time's tariffs on _ on europe. in terms of time's tariffs on europe —— see you soon, — tariffs on europe —— see you soon, goodbye.

hello from the bbc sport centre. milan staged a remarkable comeback to beat internazionale 3—2 and lift the italian super cup trophy in saudi arabia. inter looked on course for a fourth consecutive triumph, after goals from lautaro martinez and and mehdi taremi gave them the lead in riyadh but theo hernandez and christian pulisic drew milan level before tammy abraham's injury—time winner handed them victory and their first trophy under new boss sergio conceicao. julen lopetegui is taking training at west ham today, despite rumours he's on the verge of being sacked and that the club has already held talks with graham potter about replacing him. lopetegui has been under huge pressure after two heavy

defeats at the hands of liverpool and manchester city.