us shares stage a bit of a recovery after two weeks of losses. fresh data eases fears that inflation is making a comeback ahead of tomorrow's consumer inflation number. plus — higher prices in the pipeline. brent crude trades at a four—month high above $80 a barrel — after a us sanctions crackdown — on russia's �*shadow fleet�* of tankers. charging ahead — global ev sales hit record highs — growing by a quarter last year. but can europe, where sales fell, keep up with the ev revolution? and the spoils of warhammer. how miniature orcs and goblins turned into a pile of treasure — and made games workshop a $5 billion company. welcome to business today, live from new york. us stocks are off to a strong start today at the opening bell, after new data eased inflation fears. the december producer price

index — which tracks prices at the �*factory gate�*— rose 3.3%, below expectations, raising hopes that the federal reserve can cut rates. additionally, reports suggest the trump team is considering a gradual approach to raising tariffs to avoid a sudden spike in inflation. let�*s cross live now to ed moya, senior global macro analyst at alphasense — that�*s an ai powered research and data platform. thanks forjoining us. let�*s begin with the ppi report. it�*s not cpi which is out tomorrow but this is a mild report — no increase in the cost of services. so is it a good sign on inflation? a lot of investors are breathing a sigh of relief, and it is ppi, and everyone will be focused on the cpi reading tomorrow, but there was an expectation because of the rise in energy prices throughout

december, and because the services report said prices paid rose significantly, there was an expectation it would be hotter than expected so markets are pleased that on the producer side we are not seeing the recent heating of prices continue. the recent heating of prices continue-— the recent heating of prices continue. , ,, , .,, the recent heating of prices continue. , ,, , ., continue. the pessimism has had a hue continue. the pessimism has had a huge impact — continue. the pessimism has had a huge impact on _ continue. the pessimism has had a huge impact on the _ continue. the pessimism has had a huge impact on the stock - a huge impact on the stock market. the stock—market rally fueled by donald trump�*s election win has been wiped out. what�*s driving that? how much of that is to do with fears that he will have protectionist policies like tariffs that could spark inflation further? we tariffs that could spark inflation further? we can see this clearly — inflation further? we can see this clearly because - inflation further? we can see this clearly because we - inflation further? we can see this clearly because we have | this clearly because we have had a few different proposals on tariff policies, and just last night we were assessing the idea of a more gradual approach which appears to be more market friendly, so maybe 5%, instead of a hard—hitting

tariff which would pretty much punish the us consumer but also hurt global trade. i think we will see a more measured approach and this is something the administration, they are trying to feel things out and they will ultimately get a sense of where the economy is at once donald trump is inaugurated and then we can see if they think they will be able to pass certain measures through congress. the expectation is we could have an emergency declaration where we could see an immediate imposing of these tariffs but there is uncertainty and we have got to wait, and i don�*t think he is going to disrupt american exceptionalism so we will probably see a more gradual approach. we probably see a more gradual approach-— probably see a more gradual approach. we will watch that s - ace. thanks to ed moya from alphasense. "pure fiction" — that�*s how tiktok has described reports it could sell its us operations to elon musk. it�*s just five days

until a new law comes into effect which would force the popular social media platform to either sell its us operations or be banned here. tiktok has repeatedly said it will not sell its us operation, but they may have to shut them down. the incoming president trump is seeking a stay of execution for the platform, pledging to work towards a �*political solution�*. let�*s turn to oil prices now — because brent crude is trading around its highest in four months— adding to worries about a resurgence of global inflation. that�*s after the move last friday by the outgoing biden administration to widen sanctions on russian oil. the us is now targeting two additional oil companies and 183 tankers which transport crude to key buyers in india and china. the so—called �*shadow fleet�* uses complex ownership structures as a loophole for russia to avoid sanctions. the crackdown has seen traders push up the price of oil sharply this week. reports on monday indicated some of these ships had dropped anchor and stopped operating

let�*s bring in david fyfe — chief economist at argus media which covers global energy markets. thanks forjoining us. do you think the new sanctions from joe biden will hurt russia? that is certainly what they are aiming to do, and data in over the last week shows oil and gas revenues from russia last year versus 2023 were up by about 26%. the timing is very interesting. most analysts expect a relatively well supplied oil market in 2025 and therefore this was probably seen as a window of opportunity to try and reduce some of those revenue flows that have been rising over the last 12 months.

i suspect there will be a hit on revenues but it is probably not going to affect the whole 1.5, 1.6 million barrels per day that is being shipped by these vessels that have been directly sanctioned.— these vessels that have been directly sanctioned. china and india are now— directly sanctioned. china and india are now potentially - directly sanctioned. china and india are now potentially in i india are now potentially in search of new suppliers, they have been the big customers here, so how will they respond? they will be very cautious. as well as the sanctions on the vessels themselves, there is also a tightening up in the pre—existing sanctions regime and it will affect a russian insurance company and traders as well, so chinese and indian buyers will be wary, and they are bidding up the prices of alternative routes from latin america and the middle east and

west africa. i suspect russia and iran will probably have to discount their crude to make sure that flows continue albeit likely at reduced levels. david, thanks forjoining us. thanks for your insights on this complex geopolitical picture. the uk government is considering plans to clamp down on ransomware by making it illegal for companies and services providing critical national infrastructure in the uk — to pay a ransom in the event of a cyber attack. it would include hospitals, data centres and ultility firms. daniel kohlberg is ceo of promon — a smartphone mobile security provider. he explained to business today why he would give the proposal a cautious welcome. it doesn�*t solve the root cause of the problem, and it deters the the attacker, and it deters the effort

towards another organisation that might be able to pay that ransomware. so from a global perspective, it doesn�*t truly solve the problem. but it takes the spotlight off some of the uk public sector organisations at the moment. ransomware in its nature, it is a money generating effort for attackers and in this instance, when it�*s under the uk government, it primarily hurts the weakest of the society. so i understand the effort and i welcome the effort because you�*re protecting the weakest individuals in society and you�*re shining the spotlight somewhere else. sales of electric vehicles around the world rose by 25% last year, according to new data from the research omapmy rho motion. but it�*s a mixed picture. in china, sales were up 40% and in europe down slightly, at 3%. in norway drivers have been incentivised to buy evs with generous tax breaks and they now outnumber petrol cars. adrienne murray went for a drive in oslo to see a vision of the future.

here in oslo, evs aren�*t a novelty. they�*re the norm. there are now more battery powered vehicles on norway�*s roads than petrol cars. and out of all new car sales, nine out of ten were electric. the revolution began years ago, with tax breaks driving up ev sales. norway had set a goal to phase out the sale of new petrol and diesel cars next year. so, can it get there? we are closing up on the target and i think that we will reach that goal, and i think that also the transition is already made. 0ther perks like free parking and discounted tolls have also helped drive change. with all the incentives we have in norway with no taxes on evs, that was also quite important to us money wise.

we figured out that for our day to day needs, an ev would be perfect. i'm one of the very first owners of a tesla. i really wanted a car that didn't pollute. it gave me a better conscious of driving. worldwide, electric cars now make up a fifth of all vehicles sold. china, by far the biggest market, has seen soaring sales. but in the us and europe, including the uk, demand has hit a speed bump. please jump in. thank you. so, are there lessons from norway? when they do european surveys or global surveys about this, norwegians are further down the list when it comes to being worried about climate change, for example. i don�*t think a green mindset has much to do with it. it has to do with strong policies. with around a million diesel models still on the road and a big used car market here, there�*s still a lot of work to be done.

i think the government accept that a few new diesel or hybrid cars will still be on the market. norway�*s electric revolution is shifting up a gear as sales of new fossil fuel cars tail off. but that journey to zero may take a little longer. adrienne murray, bbc news, 0slo. now to a phenomenal success story here in the uk — one that�*s seen miniature orcs and goblins turned into a pile of treasure. games workshop, which produces the warhammer series of table—top games and figures — has seen profitsjump by a third in the past six months. the firm, which recentlyjoined the ftse 100 share index, now has a stock market value of around $5.5 billion. long term investors would have made a return of 37,000% over 20 years. media specialist dr hailey austin explained warhammer for the uninitiated.

warhammer, and specifically warhammer40k, is a mixture of a tabletop kind of role playing game, but it�*s mostly a war strategy game with miniatures. so there�*s lots of points to the hobby, both in buying and collecting the miniatures, as well as painting them and then playing together with other people and using the miniatures in a war game setting. stay with us here on bbc news.

hello from the bbc sport centre. we�*ll start with the premier league with four fixtures to come on tuesday, the most eyecatching of them

perhaps at the city ground. nottingham forest are looking to achieve a league double over liverpool after beating them 1—0 at anfield in september. despite almost being relegated last season, forest find themselves third — six points behind arne slot�*s side who are top. i think they have already showed, in retrospect, how good a team they are, leading up to that game they had two draws and a victory, and that is why in general, when liverpool lose a home game, that is something we don�*t expect. looking back at that and seeing where they are in the league, it is not such a shock result as i thought back then. it such a shock result as i thought back then. it was in the beginning _ thought back then. it was in the beginning of— thought back then. it was in the beginning of the - thought back then. it was in | the beginning of the season, and every team was starting the competition, knowing each other, _ competition, knowing each other, assessing weaknesses and strengths, and maybe it was a surprise, _ strengths, and maybe it was a surprise, but it was a long time — surprise, but it was a long time ago _ surprise, but it was a long time ago and many things have

changed — time ago and many things have changed and both teams are now different— changed and both teams are now different so this is a