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. we begin with breaking news — earlier we told you about tariffs with columbia but now we hear that they may not be taking place. mariko oijoins us. tell us about the progress. we were telling you about how quickly this tension escalated

but it seems like it managed to de—escalate quickly as well. we just saw a statement from the press sakkari of the united states saying the government of colombia has agreed to all of president trump's terms including that all illegal aliens from colombia to return on military aircraft without delay. the military aircraft was what presidents petro was complaining about, saying these people are not criminals and should be treated with dignity and should be returning in a civilian planes. he even offered to send his presidential plane to get them back home and that was when mr trump announced the key 5% tariffs on everything that gets imported from colombia into the united states which he said could be raised to 50% in a week and president petro then retaliated with a match in 25% tariffs. we have not seen the latest statement from president petro of colombia. i was just

looking at his social media and so on but it looks like he has decided to agree to mr trump's terms and conditions when it comes to the deportation of those migrants so even though we were talking earlier about concerns from economists about these tariffs possibly feeding into inflation, making the cost of living crisis even worse, especially on the prices of things like coffee, that seems to have been avoided by now and i assume that president trump will be seeing this as victory because he has always said that tariffs are a powerful tool in negotiation and it looks like you got what he wanted. thank ou for you got what he wanted. thank you for that — you got what he wanted. thank you for that. mariko _ you got what he wanted. thank you for that. mariko oi - you got what he wanted. thank you for that. mariko oi in - you got what he wanted. thank you for that. mariko oi in a - you for that. mariko oi in a newsroom in singapore. 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. jameel ahmad is a chief analyst at gtc global trade. he gave me his addiction on how they will approach this policy meeting. 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 bite 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 own job and that will be a reality. the fed cut interest rates three times in 202a. since then, growth has remained very resilient in the united states, far ahead of its developed fears. —— peers. gdp for 2024 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. however, what i think we can talk about is that after the blowout us monthly job support earlier this month, more than 250,000 jobs raided in december, markets completely dialled down their height on fed expectations this year. should these tariffs 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, then yes, the fed may cut more than once 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. a lot of the tech giants will be releasing their numbers. what are you expecting to see? earnings are starting to slow

in comparison to previous quarters, however, one of those trump playings is this we will now see stimulus and so forth which in the long—term improve profitability, notjust for tech, but other companies. should that come out in the earnings that actually with the upside potential for upcoming quarters, tech 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 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 do right now? translation: | know | president donald trump and 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. as you know, there is a big election in your neighbour germany next month. i know you will want to comment on that. you mentioned that if there

was a peace deal, business as normal might come back. are you worried 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? translation: | 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 back in 2019 and thanks to him those constructions were stopped. i can only hope that european leaders visible in the photo depicting leaders opening nord stream will have lessons for later after the opening of nord stream. they will learn lessons from russia's aggression against ukraine and will push through decisions to never restore the 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 slovakia, and also central european countries. it is a threat from the point of view of energy, the military but also it is a huge economic threat because it means the domination of russia over europe in the economic sense. the german industry is suffering, there is an election — that message may be heard. they may be tempted to go for the cheap gas again. translation: 0k. 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. india and indonesia have agreed to strengthen ties following a meeting between the country's leaders. indonesia's leader was meeting with narendra modi. he was also a guest at india's

national day celebrations. tell us why india and indonesia are looking to find areas of collaboration?- looking to find areas of collaboration? ~ ., collaboration? well, maritime trade and _ collaboration? well, maritime trade and defence _ collaboration? well, maritime i trade and defence manufacturer over the two key areas discussed this time around and also expanding their endeavours and their trade basket. remember indonesia in this region is a key ally for india as it seeks to position itself as it seeks to position itself as a counterbalance to china. more than half of india's trade travels through the south china sea and the malacca strait and this is something india wants to preserve and that is why the relationship between india and indonesia is crucialfor relationship between india and indonesia is crucial for india and that also was one of the key conversations between the indian prime minister and the indonesian president over the weekend. in fact, the indian prime minister said that ties with indonesia were crucial to

promote a rule—based order in the region. apart from this, they also spoke about expanding partnership and defence manufacturing, that india would support indonesia in a their defence fleet and a missile was one of the key conversations, according to media reports. thanks very much for that. speaking to us from mumbai. 0ne story to leave you with. jaguar land rover will invest over 80 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 drive to focus on bespoke cars. thanks forjoining me. bye for now.

hello and welcome to sportsday. these are the headlines. tense times for tottenham: another premier league defeat means postecoglou's problems mount. a daunting prospect for their rivals: chelsea parade their 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 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 poorest teams when it comes to form, and for the spurs boss ange postecoglou, the questions mount for him and his side that were beaten 2—1 in north london. the win for leicester city, though, takes them out of the relegation zone. while it has been a dreadful start to the year in the league for spurs. they have not won for seven games now and after that defeat on sunday they remain in 15th place — just eight points above the drop zone. richarlison gave them the lead only for two goals in quick second—half succession first from jamie vardy then bilal el khannouss, putting leicester city back in front. and that was how it stayed. ruud van nistelrooy�*s team surviving the late attempts to gain an equaliser, hanging on for a much—needed win, and the victory stops a run of seven—straight defeats for them. there is, of course, relief and celebration in the dressing room all together with players and all staff — everybody involved. we were really looking for this moment and it took a long time.

so, now, we can enjoy this for a day or two,