it's a big week for markets, with the federal reserve set to make its first interest rate decision with donald trump in the white house. plus, the president of poland tells the bbc that he's not in favour of restoring russian gas flows to western europe. hello and welcome to business today. i'm steve lai. it's a big week for markets with investors eyeing the federal reserve�*s first policy decision of the year on thursday. their meeting comes hot on the heels of us president donald trump's comments to attendees of the world economic forum in davos last week, where he demanded that interest rates drop immediately. also during the week, we get report cards from a tech giants microsoft, alphabet, meta and tesla. for more on the outlook for markets in the new era of trump, let's bring injameelahmad, chiefanalyst at gtc global trade.

the central bank is completely independent of any kind of outside interference and we have to take into account here that sometimes the bug is worse than the fight because last week, yes, interest rates, but in the lead up to the november 2024 presidential elections, he also said that yes, he can give an opinion, but the fed is left to do its ownjob and an opinion, but the fed is left to do its own job and that will be a reality. the fed cut interest rates three times in 2024. since then, growth has remained very resilient in the united states, far ahead of its developed fears. gdp for 20 24th was expected to be 2%. the reality is closer to 2.5%. so, we could argue that lower interest rate policy has provided the medicine the economy needed to kickstart which we cannot say for the european union, or the united kingdom, so the fed has done a good job. kingdom, so the fed has done a goodjob. however, what kingdom, so the fed has done a good job. however, whati kingdom, so the fed has done a good job. however, what i think we can talk about is that after the blowout us monthlyjob

support earlier this month, more than 250,000 jobs in december, markets completely dialled down their height on fed expectations this year. should these tabs come into play, should they impact consumer spending in the us economy, which is the highest contributor of gdp growth that impacts the everyday person on the street, and should that lead to a downside risk on economic growth this year, bed may cut more than once in the us in 2025. everyone is looking at inflation but not reality which is the direct impact on the ground and that is the economic matter that matters to the fed. g economic matter that matters to the fed. �* ,., economic matter that matters to the fed. �* ., economic matter that matters to the fed. ~ ., . the fed. a pot of the tech aiants the fed. a pot of the tech giants will _ the fed. a pot of the tech giants will be _ the fed. a pot of the tech giants will be releasing i the fed. a pot of the tech i giants will be releasing their numbers. what are you expecting to see? . , ., , ., to see? earnings are starting to see? earnings are starting to slow in — to see? earnings are starting to slow in comparison - to see? earnings are starting to slow in comparison to - to slow in comparison to previous quarters, however, one of those trump playing this we will now see stimulus and so forth which in the long—term

improved profitability, not just for text but other companies. should that come out in the earnings that actually with the upside potential for upcoming quarters, text can continue and we have to take into account that tech giants are so big. it is no longer the big five. it is the big seven and soon it will be the big 11 and soon it will be the big 11 and soon it will be the big 11 and so forth. they have a market capitalisation far more than major economies and i do not see that trend finishing. the president of poland has said that gas flows from russia to western europe should never be restored, even in the event of a peace deal between russia and ukraine. president duda told the bbc that the nordstream gas pipelines, which haven't been used since 2022, should be dismantled. that was just one of the issues he addressed in a wide—ranging interview with our economics editor faisal islam at davos. some look at russia and see the sanctions effort, which they seem to be resisting for the past year, the economy seems to be ok, but maybe just now it is

starting to hurt russia. is that what you see? do you think at this moment all of the sanctions are working? and what does that mean the west should does that mean the west should do right now? translation: i smile when i see politicians taking such decisive actions right now on russia and they are expressing their fear that donald trump might leave ukraine on its own and leave it to russia because they are the ones that recently did business with russia and there are some saying they would like to see business as usual being restored as soon as possible because that is being demanded of them by their own companies. figs demanded of them by their own companies-_ companies. as you know, there is a big election _ companies. as you know, there is a big election in _ companies. as you know, there is a big election in your- is a big election in your neighbour germany, next month. you mentioned that if there was a peace deal, business as normal like a comeback. are you worry that if there is a peace deal straightaway, for example the german businesses and industry will say "switch on

the pipeline again" and the same thing will happen again? or do you think that pipeline, the gas flows from russia, they should never come back again? i believe that the nord stream gas pipeline should be dismantled and i also want to say it was donald trump who stopped the construction on nord stream 2. that was his decision. he imposed sanctions on the companies involved in the construction of nord stream 2 and thanks to him those constructions were stopped. i can only hope that european leaders visible in the photo opposing nord stream will have lessons for later after nick the opening of nord stream. they will learn lessons from russia's aggression against ukraine and will push through decisions to never restore pipeline of gas to europe for one reason — because it poses a very big threat to the entire region of central europe, to ukraine, to poland, to supply kiel, and also central european countries. it is a threat from the point of view of the

military but also it is a huge economic threat because it means the domination of russia over europe in the economic sense. , ., , , over europe in the economic sense. , . , , , sense. the german industry is suffering. _ sense. the german industry is suffering, there _ sense. the german industry is suffering, there is _ sense. the german industry is suffering, there is an - suffering, there is an election, that message may be heard. they may be tempted to go for the cheap gas again. ange 0k. go for the cheap gas again. ange ok. but we cannot agree to the uk community being consistent and allowing russia to transport its gas to europe, and in this way, allowing russia to build its energy domination over europe. this is unacceptable. _ us president donald trump has announced tariffs and other measures against colombia, which then retariated with matching tariffs on the us, and it's all because of the deportation of migrants which we told you about on newsday. mariko 0i has been following the story. this has escalated quickly. talk us through what happened. indeed. it has escalated rather quickly, hasn't it? as we have been reporting about it, the united states has started deporting migrants back home in

military planes and the colombian president has barred those planes from landing, saying they are not criminals and they should be treated with dignity and respect and should be returned as a civilian planes. he even offered to send a presidential plane get them back home. that is when mr trump announced this 25% tariff on everything that gets imported from columbia into the united states, which he said will be raised to 50% in one week. gustavo petro though has basically retaliated, saying he would also match the 25% tariff on everything that gets imported into columbia from the united states, so what kind of products are we talking about? the united states imports about 20% of its coffee from colombia as well as crude oils, avocados and flowers and if it passed on to consumers that would make them more consumers. and economists have been warning

that inflation has only managed to cool down in the united states but those tariffs could actually make the cost of living crisis worse again. but mr trump has always said that tariffs are a powerful tool and this decision has clearly shown that he is not afraid to use them. . ., , them. thanks for getting us across those _ them. thanks for getting us| across those developments. mariko 0i in our newsroom. donald trump has vowed to impose tariffs and in his interview with fox news, he said he would rather not impose tariffs on the world's second—largest economy and just want a level playing field for american businesses. how chinese positioning themselves amongst the rhetoric the white house? how reporter has more on what chinese officials are expecting from the us president. i expecting from the us president.— expecting from the us president. expecting from the us resident. . , ., president. i have been in and out of china _ president. i have been in and out of china for— president. i have been in and out of china for 20 _ president. i have been in and out of china for 20 years - president. i have been in and out of china for 20 years and | out of china for 20 years and this is the topic this year, and especially into 2025, how chinese companies are dealing

with and facing — thinking about the trump administration. right now at this stage, it is actually some surprise and positive i guess because some cautious optimism from the chinese companies. for one main reason, the first day in office he did not impose 60% of 100% tariffs on anything china related and it seems like the relationship with china at this stage might even be better than canada. the discussions about tariffs and trades. so, the discussions, as chinese companies look at what trump says, everyone is looking at every word, every sentence at this stage, and the other thing we are looking at is on february one, it looks like we might have some policy decisions related to china, so thatis decisions related to china, so that is one side of things. the other is recent discussions about tiktok. my view on this is tiktok could be one form of an olive branch that trump could offer to china as a some sort of trade negotiation to say "hey, we will save tiktok.

you have to get back in some way on trade." it looks like there might be some cautious optimism on the china site. lots of cards in play, especially in the trump administration, and it is a very strong team that trump has put together in terms of — especially very hardline stances on china in general with the exception perhaps of elon musk. 0ne story to leave you with. jaguar land rover will invest over eighty million dollars to expand its luxury paint services in the uk and slovakia. range rover sv clients will now be able to paint their cars in any colour, including ones that match their private jets or yachts. this service is the latest initiative by the car maker to cash in on its endeavour to focus on bespoke cars. that is something to think about, isn't it? thanks for joining me. bye for now.

hello and welcome to sportsday. these are the headlines. tense times for tottenham. another premier league defeat means foster cog lou's problems mount. a daunting prospect for their rivals. chelsea parade a world record signing while also

extending their lead at the top of the table. and sinner celebrates going back to back in melbourne as he lifts grand slam a trophy number three. hello and welcome along to the programme with tottenham and leicester city. they both would have done anything for a win this weekend. two of the premier league �*s porous teams when it comes to form and for the spurs boss and postecoglou, the spurs boss and postecoglou, the questions mount for the side that were beaten 2—i the questions mount for the side that were beaten 2—1 in london. the windfall leicester city takes them out of the relegation zone. it has been a dreadful start to the year fought spurs. they have not one for seven games now and after

that defeat on sunday they remain in 15th place —