plus, diversity of opinion. us firms row back or cancel their equality programmes amid pressure from conservative groups. cou;ld the debate be heading this way? live from london, this is business today. all of the top money stories with me. we start here in the uk, where government borrowing costs have fallen sharply on bond markets, reversing much of their surge this year and easing pressure on chancellor of the exchequer rachel reeves. investors have been worried about the weak state of the uk economy as well as the chancellor's borrowing plans and the impact of her tax rises on business. a surprise fall in inflation last month though has allayed some of those concerns. all eyes now are on uk gdp

figures out in the next couple of hours that could show the economy returned to growth in november after shrinking in october. here's our economics editor faisal islam. at this hotel and restaurant at ennio�*s hotel and restaurant on the southampton quayside, quayside, inflation may well have stabilised, but they're still feeling the cost squeeze. last year was a good year. it was — it was as expected, as expected. but pressures, including from the budget, loom over this industry. we need to increase our menu prices. but how far do you increase that? for example, we'rejust, we were talking today about a valentines event. and, you know, we're looking at the price of a menu for last year and the offering, and we think, well, we can't do that any less than £10 more than we did last year how employers likejohnnie respond to the rise in national insurance raising prices or limiting wage rises will matter for where inflation goes now.

while the main rate of inflation dipped to 2.5%, the actual positive news today came from significant falls in underlying measures of inflation, such as the service sector and core inflation, now at a four year low. this suggests there's less inflation in the system. this was seen in a sharp fall in the effective borrowing costs for the uk government after the inflation figures here this morning, and then again with better than expected us inflation figures this afternoon. the fact that we've seen a drop in inflation, particularly in services inflation, will encourage the bank of england to cut interest rates next month, i think. borrowing costs remain elevated, however, and were the centre of exchanges between the prime minister and the leader of the opposition. his budget means fewerjobs, lower growth and higher borrowing costs. mr speaker, as she knows, the global economy is experiencing volatility and higher borrowing costs. back at southampton port, global and domestic currents are still expected to push up inflation a bit

in the coming months. while nobody expects a repeat of the giant inflationary shock we saw a couple of years ago, the donald trump impact on the global trading system has clearly unsettled global markets for now, leading to a focus on countries on economies perceived to be vulnerable from slow growth, countries like the united kingdom, and while we await precisely what donald trump is to do with the global trading system, these uncertainties will remain. so some safe harbour for the uk in today's figures. but out on the open seas, conditions remain turbulent. faisal islam, bbc news in southampton. let's bring injeremy stretch, chief international strategist at cibc capital markets. good morning. we are waiting for the growth _ good morning. we are waiting for the growth figures - good morning. we are waiting for the growth figures to - good morning. we are waiting | for the growth figures to come out. what are you expecting? we have seen — out. what are you expecting? - have seen consecutive months of negative growth so it is

important there is a return to growth this month, in particular led by the consumer. if you look at the retail sales sector that was recently constructed in the month, we should see an uptick in gdp of around 0.2% and if you combine that with the cpi numbers you've just been talking about yesterday, those stagnation fears which were roiling markets over the course of the first couple of months of the year should diminish. first couple of months of the yearshould diminish. it first couple of months of the year should diminish. it will be a case of looking for a costed number driven by services and consumption to extend this short—term boost of recovery sentiment in the uk. of course, the markets reacted positively to the surprise reduction in inflation but when you look at the detail into the numbers, i.e. that optimistic about the shift in inflation in the uk? ., . ., about the shift in inflation in theuk? , the uk? concerned about sticky

inflation dynamics, _ the uk? concerned about sticky inflation dynamics, including i inflation dynamics, including wage growth, we know from anecdotal evidence that the labour market is softening but also services sector has proven to be remarkably resistant in terms of market dynamics, significant pullback that we have not seen since spring 2022 on an annual basis is encouraging psychic money in the bank of england will be relieved of that move. i think that should guarantee that the bank of england cut rates in february but more importantly should amplify rate cut expectation through the rest of this year because if we are going to see rates falling more than 0.5% then that should be good for growth and more importantly for things like the housing market and that was one of the points that the chancellor made today. briefly, do ou chancellor made today. briefly, do you think — chancellor made today. briefly, do you think we _ chancellor made today. briefly, do you think we might - chancellor made today. briefly, do you think we might see - chancellor made today. briefly, do you think we might see a - do you think we might see a physical event in the spring if things become more difficult for rachel reeves? the pressure on her has eased in the last 2a hours. your thoughts on what she might have to do going

forward? 2&1 she might have to do going forward? ., , . she might have to do going forward?— she might have to do going forward? ., , ., ., forward? 24 hours a long time in politics _ forward? 24 hours a long time in politics and _ forward? 24 hours a long time in politics and economics - forward? 24 hours a long time in politics and economics but i in politics and economics but if we were to see these bond yields remaining at elevated levels up around the 480 mark, and the risk of needing to adjust will be critical. the government will be hoping and looking for in moderation in long—term uk interest rates to avoid the necessity of a fiscal event around that 0pr update around the 26th of march. when we aet around the 26th of march. when we get the _ around the 26th of march. when we get the uk — around the 26th of march. when we get the uk growth _ around the 26th of march. when we get the uk growth numbers i we get the uk growth numbers which come out at seven o'clock local time, we will give you that analysis here on the bbc news channel. to new york now, because after a wobbly start to the year. the bulls are very much back with the dow, s&p 500 and nasdaq racking up their best day in more than two months. as well as encouraging news on us inflation, bumper profits at some

of wall street's biggest banks have set the scene for a strong earnings season as michelle fleury reports. this was the best trading session for us stocks since the day after the election. the start of this year has been pretty ugly for investors. they had a big inflation and interest rates scare that wiped out most of the gains of the last two months. 0n out most of the gains of the last two months. on wednesday, they breathed a sigh of relief. even though prices edged up in december, you inflation data showed the core number that stretched out volatile food and energy prices rose less than expected. coming market fears that the us central bank may have to act more aggressively to stabilise prices. shares surged and bond yields and us government debt fell. the latest earnings season also got a boost from strong bank results. jp and goldman sachs reported a surge in profits.

all of the data fuelling the markets optimism that may be that post—election rally was justified after all. joshua mahony is chief market analyst at scope markets. relief all around if you look at what was going on in london and the us. give us your take on what has been happening in the last day or so. the focus of late has been of a potential reflation as we see donald trump coming into office, the potentialfor his tariffs have a knock—on impact and the fact that the pound has been weakening so within the uk certainly there is a perception that we could be importing inflation from the us. we are not necessarily out of the woods. there are still question marks about what will happen when donald trump comes into power and question marks about whether we see the impact of the labour policy to raise national insurance contributions by businesses and the minimum wage. there are still some question marks to be

answered. this feels like a relief rally. it has been the best cpi day since late 2023 so really, it feels like markets have somewhat got a bit carried away in one direction and are now swinging back and the other direction. coming in the same day that we see a bumper stock for earnings season with the big banks reporting and continuing today. it feels like we are now able to move into this period as we head towards trump's inauguration with potentially more of an upbeat tone. ~ ., ., potentially more of an upbeat tone. ~ . ., ., potentially more of an upbeat tone. . ., ., ., tone. what are you and your colleagues _ tone. what are you and your colleagues doing _ tone. what are you and your colleagues doing right - tone. what are you and your colleagues doing right now? j colleagues doing right now? between now and april as you mentioned, there is still a lot of concern and uncertainty out there about the uk economy and there about the uk economy and the impact budget changes will have this year and also when trump does take office, what he does immediately when it comes to tariffs. w , , does immediately when it comes to tariffs. , , ., to tariffs. exactly. it is a case of _ to tariffs. exactly. it is a case of being _ to tariffs. exactly. it is a case of being cautious i to tariffs. exactly. it is a l case of being cautious and being nimble and the fact of the matter is one good day

doesn't necessarily mean we would hit record highs and everything will be hunky—dory. there is still a huge amount of questions that need to be answered and a lot of that is going to come when trump comes into power. i think what is notable is the strength we have seenin notable is the strength we have seen in terms of treasury yields and a rising borrowing costs and the fears have recently surfaced have at least provided a nod to donald trump if he is to try to boost the markets, which he is so keen to do. you will have to take inflation seriously. certainly his approach to growth and doing so in a way that won't necessarily drive up inflation is going to be absolutely key as we go forward but suddenly volatility easy to stay and anyone who has been following the markets over the course of �*s previous period empower will know that it is going to be a bumpy ride, as we see daily the talks of a potential trade war with china.— talks of a potential trade war with china. our seatbelts are fastened- — with china. our seatbelts are fastened. we _ with china. our seatbelts are fastened. we will _ with china. our seatbelts are fastened. we will see - with china. our seatbelts are fastened. we will see you . with china. our seatbelts are i fastened. we will see you again

soon. there's been a "meaningful shift in ceo confidence," particularly after the us election. the words of goldman sachs ceo david solomon, one of the most powerful people in global finance, speaking to investors on wednesday. his wall street rival, jp morgan boss jamie dimon has also been talking about business optimism for a "more pro—growth agenda" just days before the inauguration on donald trump, with his plans for lower taxes and lighter regulation. well, as michelle mentioned, the trump affect is already being felt by wall street bankers. goldman reporting its biggest quarterly profit in more than three years boosted by buoyant markets and fees on deal making. it was a similar story for jpmorgan as well as citigroup and wells fargo, who all reported a surge in profits. frances coppola is an

independent banking analyst. is it time for the wheeling and dealing and to make big profits at the banks? it dealing and to make big profits at the banks?— at the banks? it looks like it. this is all— at the banks? it looks like it. this is all about _ at the banks? it looks like it. this is all about the - at the banks? it looks like it. this is all about the election | this is all about the election of president trump. there is an expectation in the banking world this is going to lead to a relaxing of regulations. we have had 15 years of really tight regulations around banks and i believe among banks and investors now there is a belief that will start to be relaxed now which will free banks to do more of the wheeling and dealing and trading that brought them big profits in the past. investment banking has had a bad few years, really. as for big banks, particularly big american banks, that is a significant driver of their profits. that is really why they are starting to recover

now is thinking that things are going to get better.— going to get better. 2008 is not that long _ going to get better. 2008 is not that long ago, _ going to get better. 2008 is not that long ago, we - going to get better. 2008 is not that long ago, we all. not that long ago, we all remember the global financial crisis extremely well and the cost to all and many remember that part of the problem was the light touch regulation, the antics going on at the banks that led to a global recession. absolutely and i'm sure in the minds of regulators that will be very much what they are thinking about is how to walk this tight rope across the abyss of the sub—prime crisis. how do we relax regulation enough to please the new us administration and to free banks to make more profits, to do more deals? without setting

up do more deals? without setting up another dangerous spiral lack we had in 2008? it was aood to lack we had in 2008? it was good to talk _ lack we had in 2008? it was good to talk to _ lack we had in 2008? it was good to talk to you, - lack we had in 2008? it was good to talk to you, thank. lack we had in 2008? it was l good to talk to you, thank you for your time. around the world and across the uk. this is bbc news.

social media giant tiktok is making plans to shut down its us operations on sunday, when a federal ban on the app takes effect, according to reports. the us supreme court is currently deciding whether to uphold, overturn or delay the ban. but could president—elect trump give tiktok a reprieve? the washington post reports that he's is planning to suspend enforcement of a shutdown for up to 90 days. congress voted to ban the tiktok on national security ground unless its chinese owner sells off its us operations. elon musk, former us treasury secretary steve mnuchin and even online personality

mr beast have all been named as possible buyers of tiktok�*s us business if it were to go on the market. let's cross to foster city, california and speak to bob 0'donnell, president of technalysis research. we are on a knife edge about this and we will be until sunday. give us your take on the latest news that donald trump may give tiktok another 90 days. if i trump may give tiktok another 90 da s. ., , ., trump may give tiktok another 90 da s. . , ., , 90 days. if i was a betting person. — 90 days. if i was a betting person. i— 90 days. if i was a betting person, i would _ 90 days. if i was a betting person, i would probably. 90 days. if i was a betting i person, i would probably bet that it person, i would probably bet thatitis person, i would probably bet that it is going to happen. there are a lot of decisions are still having to be made and are still having to be made and a lot of this is in real time and as you were just discussing, we are entering into uncharted waters when the trump administration comes into play because it is different to last time and there is a different feeling around it thanit different feeling around it than it was last time so there is a sense they could be somewhat dramatic things

happening. there are a lot of big questions around this and everybody is focused on tiktok like it is this one thing and everything else but i think the reason why people have been so concerned about is that for many young people in the us and around the world, it has become their primary news source and i think that is by the challenges there, why many other countries have already banned tiktok and why it still could get banned here in the us. i do think it will be delayed a bit and then we will see how it plays out. what is its value? has anyone come up with a number? there have been _ come up with a number? there have been all— come up with a number? there have been all kinds _ come up with a number? there have been all kinds of- come up with a number? there have been all kinds of # - come up with a number? there have been all kinds of # out i have been all kinds of # out around there but one of the big questions is whether or not bytedance will sell it and if they did sell it, with a include the infamous algorithm that provides the ability to feed people the content they want on a regular basis? they have said they would not. there's a lot of question about

how much value there without the algorithm, bits of discussion of potential suitors saying, we are fine without the algorithm, can take the existing audience, which is huge, and do something with it. tens of billions of dollars is certainly around the kinds of numbers being grown around and my guess is that is what it would eventually go for if it is sold. , ., , is sold. trump was with congress _ is sold. trump was with congress on _ is sold. trump was with congress on the - is sold. trump was with congress on the vote i is sold. trump was with j congress on the vote to is sold. trump was with - congress on the vote to banned tiktok originally and then a post election when he saw the influence that had to get him into office, he sort of changed his mind and that has been a saving grace for bytedance, would you say? i saving grace for bytedance, would you say?— saving grace for bytedance, would you say? i would say it has been _ would you say? i would say it has been and _ would you say? i would say it has been and he _ would you say? i would say it has been and he also - would you say? i would say it has been and he also had i would you say? i would say it has been and he also had a i would you say? i would say it. has been and he also had a big supporter who is a major investor who also said, hang on a second. and we have seen already that is the way donald trump tends to work. if he has supporters with a lot of money who want to have some influence, they clearly seem to be able to have some degree of influence and i think that also was an impact. it suddenly

influence the election, they know that so that would be another reason why they would consider extending any ban. i’m consider extending any ban. i'm sure we will— consider extending any ban. i'm sure we will talk about this again. thank you very much. 0utgoing us treasury secretary janet yellen has warned that the trump administration's plan to tax imports will raise costs for us consumers. trump has proposed a 10% tariff on all imports, rising to 25% on goods from canada and mexico until they clamp down on drugs and migrants coming into the us, and a 60% tariff on all chinese goods. michelle fleury has been speaking to everett eissenstat, deputy director of the national economic council under the last trump administration. he told her the president—elect is serious about tariffs and could move very fast once in office next week. in the first term that was part of these debates, we had a lot

of these debates, we had a lot of deliberations about tariffs and whether they should be used, how they should be used, what statute should be used and today we are in a position where it seems to be determined they are going to be used, so there is not a lot of deliberation about that. it is how often and to what degree they will be used. has how often and to what degree they will be used.— they will be used. has been a lot of tariff _ they will be used. has been a lot of tariff talk _ they will be used. has been a lot of tariff talk from - they will be used. has been a lot of tariff talk from donald l lot of tariff talk from donald trump, he threatened to impose a universal tariff from day one and talks tough on china, mexico and canada and this week was seen in reports that his administration will take a gradual approach. what should we expect on the tariff front? they are going to implement tariffs and there are so many ideas out there floating about his senior team about how they are going to do it and that makes me believe the universal tariff is more important. we're not hearing deliberation about how are we going to do this, it is —— not hearing deliberation about whether we are going to do this, it's about how. i think it is probably the next

term. ., , ., think it is probably the next term. ., ,, ,, term. how should businesses and foreian term. how should businesses and foreign governments _ term. how should businesses and foreign governments prepare? i l foreign governments prepare? i think it is important for foreign governments to know their priorities. have an agenda, have a plan, understand your stakeholder relationships in the united states, not so much understanding the legal options like litigation per se but if there is a legal process, how you advise your companies to take advantage of that. finally, to the growing controversy over diversity policies in the workplace. major us firms from mcdonald's to facebook owner meta to banking giantjpmorgan have rowed back or dropped their diversity, equity and inclusion or dei programmes amid rising pressure from conservative groups ahead of a second trump term. it comes after the us supreme court ruled against affirmative action policies in universities in 2023. tech giant apple has been

urging its shareholders to reject a proposal to end dei programmes at its annual meeting next month. but is it a debate that will soon spread to workplaces outside the us. amanda arrowsmith is people director at the cipd, which is the uk's hr professional body. good to have you on the programme. we this trend in the uk? ., ._ programme. we this trend in the uk? ., . uk? not in the same way. when something _ uk? not in the same way. when something happens _ uk? not in the same way. when something happens in _ uk? not in the same way. when something happens in the i uk? not in the same way. when something happens in the us i something happens in the us there is a ripple effect over here but we have different protections here in the uk and we have protection around diversity in law through the equality act so we are seeing it slightly differently here but we do know that organisations are looking at diversity and are continuing to talk about how they can best do inclusion that aligns with their business goals. there is so much scientific— their business goals. there is so much scientific evidence . their business goals. there is| so much scientific evidence to show that when you increase

diversity, you increase profits, isn't there? exactly and businesses _ profits, isn't there? exactly and businesses want i profits, isn't there? exactly and businesses want to i profits, isn't there? exactly and businesses want to be l and businesses want to be successful but they also want the best people and they can do that through inclusion and diversity. you don't want to leave good talent on the table so therefore looking at inclusion and having an environment where you can allow people to be successful, where you can attract different talent is really important so inclusion weaves through everything that is happening in an organisation, be it recruitment, training, how you are developing your people, opening up can only be good for business. �* , ., .., . business. are you concerned about what _ business. are you concerned about what is _ business. are you concerned about what is going - business. are you concerned about what is going on i business. are you concerned about what is going on at i business. are you concerned | about what is going on at the likes of mcdonald's, matter and other organisations? big, very influential organisations in the united states. of course mcdonald's is global and we at the bbc have done our own investigations into what is going on at mcdonald's. within the profession _ going on at mcdonald's. within the profession and _ going on at mcdonald's. within the profession and at _ going on at mcdonald's. within the profession and at the i going on at mcdonald's. within the profession and at the cibc| the profession and at the cibc within our own research, the el has been something that is at

the heart of what we do but what we are seeing from our own members is actually it is about being part of how they work and their organisation. —— day. it is about how they use inclusion everywhere. it is to this antiworker sentiment and while this can be concerning, our members are telling us in their businesses and every day they are working together best people for their organisations and that includes keeping inclusion important in what they do but they need to align it with their business priorities. where it is successful and where it works is where businesses can show how it helps them to achieve their business priorities and then how they are making progress and how they are measuring not overly relying on data. i think concerning is how some of the anti— statement and rise in perhaps aggression and what that can cause in terms of diversion within a workforce and potentialfor diversion within a workforce and potential for disruption but right now we're seeing ripple effects. we haven't seen in the same way the uk.-

in the same way the uk. thank ou for in the same way the uk. thank you for your — in the same way the uk. thank you for your take _ in the same way the uk. thank you for your take on _ in the same way the uk. thank you for your take on that i you for your take on that story. stay with us here on bbc news. at the top of the hour, those of you watching us on bbc one will bejoining bbc of you watching us on bbc one will be joining bbc breakfast on the news channel, we will continue here on bbc as well as outside in the united kingdom. we are watching closely in business, the uk growth numbers, which will bring you just after seven o'clock, when those numbers hit the wires. stay with us on bbc news. hello there. after a wild wintry start to the new year, the weather story has quietened down. and in fact, we had sunshine topping and tailing the country. it was warm as well in eastern scotland, 16 degrees through the afternoon on wednesday in aberdeenshire, with eight hours of

sunshine in cornwall. that is because we've got an area of high pressure with us, keeping things very quiet indeed. this weak weather front brought a little bit of showery rain into the northwest, but with light winds and clear skies, unfortunately, at this time of year, that allows fog to form. so we could have some dense fog around as we go through the early hours of thursday morning across parts of england and south wales. visibility dense in places, less than 100m, so there could be some disruption to travel first thing. this is where we're likely to see the fog. there will be quite a lot of cloud across southeast england, a murky start here, and more cloud up into the north—west. but sandwiched in between the two, where we've got those clear skies and the fog forming, temperatures may well fall just below freezing, so a chilly start to thursday as well. so as we go through thursday, the fog will gradually lift and thin. by around 11:00, we're expecting most of it to have eased away, some of the cloud across southeast england will break up, but it

will stay rather grey. the best of the sunshine then sandwiched in between the two. that cloud continuing to be a nuisance across the far north—west of scotland. where there's cloud, we'll see 9—10 degrees. under clearer skies, you've got the sunshine, but a little cooler with 6—7 degrees. now, the high pressure is starting to drift its way over into europe, allowing these weak weather fronts to push in. so there will be some showery outbreaks of rain moving their way across scotland and perhaps northern ireland. a bit more of a breeze, hopefully breaking up the cloud, allowing for some glimpses of brightness into the afternoon, but generally a quiet day for many, and temperatures again between 7—12 degrees. now, as we move into the start of the weekend, the high continues to drift its way steadily east, and so the wind changes direction a touch. we lose the south—westerly, drag in more of the southeasterly, which will block this weather front from making that much of an impression, and it will also make it feel a little bit colder as we go into the weekend, so temperatures falling away once again.

live from london. this is bbc news. after 15 months and more than 46,000 people killed, there are celebrations across gaza as israel and hamas finally agree a deal on ceasefire and hostage release. in israel families of the 94 hostages gather in tel aviv. it's not known how many of those being held are still alive.

in his farewell address, president biden warns of a dangerous new oligarchy taking shape in america. it literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead. we see the consequences all across america, and we've seen it before. south korean authorities have paused questioning impeached president yoon, as a court decides whether his arrest was appropriate. these are live pictures from hawaii's kilauea volcano which has erupted for the fourth time in three weeks. hello and welcome, i'm sally bundock. political leaders have welcomed a ceasefire agreement and hostage release deal between israel

and hamas raising hopes of an end