hello and welcome to business today. i'm steve lai. let's begin in the united states where president biden has just delivered his farewell address, the outgoing president warned that oligarchy is taking shape in america. among a few wealthy people whom he says have amassed dangerous concentration of power. he added that artificial intelligence is to continue to be regulated and that the us must continue to lead the way on the technology ahead of china. we must make sure ai is safe and trustworthy and good for all humankind. in the age of ai, it is more important than ever that the people must govern. and as the land of liberty, america, not china, must lead the world in the development of ai. this comes as the us tighten its control of advance semiconductors and under the new measures, chipmakers like tsmc and samsung are required

to tighten their due diligence processes for customers and in particular, chinese firms. the commerce department have put sanctions on 16 chinese companies that said were acting quote at the behest of ageing. gregory allen, the director of ai centre at the centre for strategic and international studies. he summed up the biden administration latest move. the biden administration is not going out quietly, they are going out quietly, they are going out quietly, they are going out with a bang. just this week they are having three new major executive actions in the first three days of this workweek so on monday, we got the ai diffusion rule which puts in place new restrictions on the export of ai chips not just to china, which was already pre—existing, but the countries around the world and thatis countries around the world and that is designed to tamp down on the smuggling of chips to china which had been a major concern at the us national security establishment. on tuesday we had a new executive order designed to make it much easier to build new large—scale

data centres and new large—scale energy infrastructure that those data centres were going to need and to give you a sense of what this order does, it makes it easier to build new power generation capacity on federal lands with expedited permits and that is in anticipation of data centres that might consume up data centres that might consume up to five gigawatts, which is the equivalent of five hoover dam �*s. that is an extraordinary amount of power and it is really critical for leadership of ai and the biden administration is taking steps to do it. on wednesday, today, there was a new rule related to there was a new rule related to the founder restrictions and thatis the founder restrictions and that is designed to cut off china's access to the advanced chip making capabilities of taiwan, including what it is doing covertly using shell companies. three rules in three days, the biden administration is going out with a bang. speaking of president biden, he has originally stepped up

sanctions on russian oil companies and its trade. that's bad news for india as russian oil accounts for over a third of its imports. the bbc�*s correspondent talks us through this. how are refiners reaction to this latest move by washington? considering russia is such an important supplier of crude oil, refiners are definitely assessing. the sanctions came assessing. the sanctions came as a surprise so bloomberg said most refiners are now wanting to pay up quickly for all the trade they had signed up for forjanuary the 10th so they could get supplies before february 27, which is the wind down date that has been put in place. at the moment, what the indian government have told reporters is that the supplies until the end of march are sorted in india and they are not looking at any shortages but they would also not fall foul of the american sanctions and will not accept any

sanction vessels and that is the assessment that is yet being made. indian banks are now increasingly asking for more paperwork for these crude oil that is being delivered to india and bloomberg report was quoting data saying 4.4 million barrels of oil is currently en route in the sea from russia to india and the future of that hangs in the balance because how that would be delivered, where it falls into place is what is being assessed. it is actually the spot purchase of oil that accounts for 40 to 45% of all oil that india buys from russia. that becomes a little trickier for india because then the prices would go up and while russia may want to offer more discounts, considering the sanctions this time are also on insurers and trade and shipping vessels that transport these oils, the freight cost would add to the prices and india may have to look at other

oil—producing nations to buy oil—producing nations to buy oil at competitive prices and that could definitely have an impact on import for india. two other stories in the headline, the gaza ceasefire deal being reached, the focus has shifted to rebuilding a devastating region. in an interview with the bbc, head of the un development programme estimated that 14 million tons of rubble needed to be removed. he added that the war has "destroyed decades of infrastructure development livelihood and the economy in gaza." south korean next, where the bank of korea has kept its benchmark interest rate unchanged at 3%. the decision is the first since president yoon suk yeol tended to impose martial law in december. which plunge the company into political instability. could the central bank also said the country's gdp could fall below its earlier estimate of 1.9% for the year although it is not issued a new projection.

south korean financial markets have not reacted to this. in the us markets, the dow, s&p 500 and nasdaq all had their best day in more than two months. helped by strong bank earnings and encouraging inflation report. according to the labour department, inflation in the world's largest economy rose by 2.9% in december from a year earlier. prices of energy and eggs jumped but the cost of other items rose by a smaller margin than expected. ben harris used to work at the us treasury department and helped us to break down the numbers. markets still think the fed will not cut in march, the probability of a cut is about 28% but there is a fair amount of data that will come in between now and then. in particular on the labour side we will have to see whether or not we will get a strong reading like we did last friday. we saw an unexpectedly hot reading when it came to payroll and unemployment falling to 4.1%. the fed is in a wait—and—see mode. we need to

see what will happen with the labour market but today's information is unequivocally good news. information is unequivocally good new-— information is unequivocally aood news. ~ . ., good news. what about the fed auoin good news. what about the fed going forward — good news. what about the fed going forward for— good news. what about the fed going forward for 2025? - good news. what about the fed going forward for 2025? i - good news. what about the fed going forward for 2025? i think| going forward for 2025? i think the fed is _ going forward for 2025? i think the fed is watching _ going forward for 2025? i think the fed is watching the - going forward for 2025? i think the fed is watching the trumpl the fed is watching the trump administration. the expectation now is one to two cuts. if we have a very tight labour market moving forward or if we have an inflationary tariff policy, i think the fed will continue to pause. i think it's very unlikely the fed will begin hiking but the fed needs to see conclusive data in respect to the labour market and information before it will feel confident in cutting by more than 25 basis points over the course of the year. us president—elect donald trump is likely to follow through on his promise to impose blanket tariffs says one of his former economic advisers. he served as deputy director of the national economic council and the beauteous influence national economic affairs during the first jump administration. he told my colleague michelle fleury that drum could move very fast

once he is in office. — trump administration. so, in the first term, was part of these debates, we had a lot of deliberations about tariffs in whether they should be used, how they should be used, what statues should be used and today, we are in a position where it seems to be determined, they are going to be used so, there's not a lot of deliberation about that, it's how often and what gear they going to use. a lot of tariff talk from donald trump, he started to impose universal tariff from day one, his talk tough on china, mexico and canada and this week, we've seen reports that his administration will take a gradual approach. so what should we expect on the tariff run? they're going to implement tariffs on the idea that there are so many ideas out there flooding among his senior team around how they're going to do it makes me believe that universal tariffs are more likely.

when not hearing about how we're going to do this, it's how are we going to do this and what form are we going do it out. to me, that an indicator that universal tariff is probable in the next term. how should foreign governments, businesses prepared, what advice you have for them? foreign governments, it's important to, first lawyer — know your priorities, have an agenda, have a plan, understand the stakeholder relationships in the us and understand the legal options, not like litigation per se but if there is a process, how can you advise your company to take that. alphabet ceo willjoin a list of tech leaders who will attend the inauguration of us president—elect donald trump according to media reports. the google boss has reportedly spoken to mrtrump and madame that is mar—a—lago estate. the search giant has donated $1 million towards inauguration which has been supported by tech firms including meta and amazon.

the us has banned the use of synthetic dye, typically added to food and beverages to give them a cherry red hume. — hue. manufacturers will no longer be able to use the product called red dye three after studies to cancer in our laboratory. the dye is primarily used in sweets, cakes, frozen desserts and medicines. that's it for this edition business today. thanks for watching.

hey, it's lizzy with the catch up. tonight, news that many people have waited a long time for — a deal for a ceasefire in gaza has been announced. hamas and israel have reached a ceasefire deal to end 15 months of war in gaza. it's due to start on sunday. the prime minister of qatar, a country that was a key mediator in the talks, confirmed the deal. this follows months of talks and it aims to bring a ceasefire in gaza and the return of palestinian prisoners and israeli hostages. back in october 2023, hamas attacked southern israel, killing about 1200 people

and taking 251 people hostage. since then, israel launched a major offensive on gaza, during which tens of thousands of palestinians have been killed. the health ministry there, which is run by hamas, says more than 46,000 people have been killed. there's been a lot of reaction to news of the deal. these are the scenes in gaza tonight as palestinians in khan yunis celebrate the deal in the street. and israel, protesters in tel aviv are demanding the return of hostages taken in october 2023. a bit earlier on, president biden explained what's in that deal. the deal is structured in three phases. phase one will allow six weeks and includes a full and complete ceasefire, withdrawal of israeli forces from all the populated areas of gaza, and the release of a number of hostages held by hamas, including women and elderly and the wounded. in exchange, israel will release hundreds

of palestinian prisoners. and during phase one, the palestinians can also return to their neighbourhoods in all the areas of gaza. now remember, you can say across the very latest on the israel—hamas ceasefire on the bbc news website. from all of us here at the catch up, take care and have a good night. hello and welcome to sportsday. arsenal breathe new life into the premier league title race with victory over spurs in the north london derby. the world champion kyren wilson books his place in the quarter—finals of the masters. and rory mcilroy says he cautioned his northern irish

mentee tom mckibbin againstjoining liv golf. you are very welcome along to the programme wherever you are watching around the world. we'll start with the north london derby at the emirates where arsenal beat rivals tottenham 2—1 in the premier league to move just four points behind leaders liverpool. the gunners, who have played a game more than liverpool, were desperate to return to winning ways after successive losses in both the league cup and fa cup. and they went a goal down early, son heung—min�*s shot was deflected in off william saliba, but they got back on level terms when gabriel's header from a corner rebounded off dominic solanke, before leandro trossard put them ahead on the stroke