also on the programme — india gets its first rate cut an economic slowdown. lunch 3 hey? how about lunch a hey? how about that? with the superbowl taking place this weekend, we hear of its iconic tv spots. live from london this is business today. let's start in the uk where fears of stagflation are growing.

reducing the base cost of borrowing from 4.75 to 4.5%. but the bank has also slashed its growth forecast was good news for this family in selby the family in selby with the mortgage up for renewal in april were monthly april they were facing monthly of the rate cut means meanrsxm should: i means shun. means 515mb; able find a cheaper deal. any to find a cheaper deal. any decrease — to find a cheaper deal. any decrease take _ to find a cheaper deal. any decrease take - it. to find a cheaper deal. any decrease take - it is l to find a cheaper deal. any| decrease take - it is a decrease take strain. it is a lot of— decrease take strain. it is a lot of money for we lot of money for anyone. we have — lot of money for anyone. we have been trying to make

7 provisions for it, making cutbacks in savings £150 fit’inffifw fit’inffi'fii fitf_ffiwi 7t7_7777 77—77: £150 and it is a lot of money a £150 and it is a lot of money i a family— £150 and it is a lot of money a family of four. £150 and it is a lot of money - a family of four.- for a family of four. england for a family of four. i england said more of england governor said more rate cuts this year, i'm �*caution as �* caution as well. note of caution as well. we have been _ note of caution as well. we have been - today - note of caution as well. - have been today that we have been clear today that we use the words gradual, which used befoi'e 7 used befoi'e to lqed'béée’t’; describe 7 have used before to describe the but we have said the path but we have also said we will have to be and te that is because there is a lot more uncertainty. it does not take away my view that think take away my view that i think the path remains the about how quickly and question about how quickly and �* much, how much, there is uncertainty around that.— around that. part of the reason for cutting _ around that. part of the reason for cutting - is _ around that. part of the reason for cutting - is because - around that. part of the reason for cutting - is because of. uk economy. last; axsluggisfh uk economy- last the bank addicted the would grow by this economy would grow by1.5% this look economy would grow by 1.5% this look at 2025, growth is year. look at 2025, growth is �* expected to be year. look at 2025, growth is �*expected to be half it picks up next for it picks up next year. there have been mentioned in the budget?— the budget? f??? f f e the budget? f??? f f m the budget? f??? f f toda m the budget? f??? f f toda also m the budget? f??? f f toda also ickede the budget? f??? f f toda also icked this reported today also picked this up. i picked it up talking to business, there is question business, there is no question the increase in the

that the increase in the cost of employment an effect. in of employment has an effect. in the two main political leaders, the two main politicalleaders. take a different message. each take a different message. is good, = -:z isthethird 7 is the third part, 7 7 that is the third part, the third cut interest rates, the third cut since last year. sincejuly last'year. people this sincejuly last'yeer. people this will sincejoly lasl'yeer. people this will have watching this will have more money their and be money in their pocket and be better off. money in their pocket and be better off-— money in their pocket and be better off. ”they basicauysald . urowth is better off. they basicallysald - growth is halved from better off. they haslcallyeald - growth is halved from 1.5 meaning are going be poorer. be - poorer. at the to be getting poorer. at the docks in bristol, _ to be getting poorer. at the docks in bristol, the - to be getting poorer. at the l docks in bristol, the currents the flow of the werle! sewer", flee; this of the l-jerlel sewer", flee; this ship freely. this ship came from china and is on to laden 7 laden with 9000 cars. belgium laden with 9000 cars. but economic uncertainty is increasing domestic and inereeeieg demeetie one" sources. the uk disappointed at the �*end of year in �* end of year in the lower end of last year in the the assumption was that would be in recovery now. vie weele lee in reeeeef'r' nevi. are vie weele lee in reeevef'r' nevi. are clouds but there are clouds from tax rises domestically, from tax rises but also from 3500 miles away, uncertainty over donald total uncertainty over donald trump �*s trade policies. we

trump 's trade policies. 77 made judgement have not made anyjudgement about what should be because as we see implemented because as we see this it is highly 77 7 77 anything anythfngzthat uncertain. anything that fragments the world serieusly fragments the wes-4d is serieusly fragments the wgrld is not serieusly fragme-hll lh; "grld is not �* growth ”"w’oaa’ 7” ' w ' world economy. it 7 world economy. it is not the world economy. it is not good for growth here in the uk. so if the amount?— good for growth here in the uk. so if thl are iount?_ good for growth here in the uk. so if thl are the t?— good for growth here in the uk. so if thl are the governments policies are the governments but what i will always caution mm m -oli that leads to 7�* fragmentation 7 v�*fragmentation in? greater fragmentation in the world ., , wgrldngngmy costs are on the borrowing chls’are on the way the economy the across the economy but the of no growth continues period of no growth continues and even if do and even if we do not participate, the will be from a global trade war. we will talk more on that subject later on in the subjell létéféfi in lhe , , ~ but for now let's programme butfgt now let's to the united states.

quarter, that fell short of expectations. billion on its artificial intelligence initiatives this year, describing it as a �*once in a lifetime' business opportunity. has more. posted and profit in lusty�*s final quarter that jn lusty’sfinal quarter that f f " " " with a the analyst expectations with a shopping season strong holiday shopping season boosting its retail business. results 7 7 results were in the cloud by a weakness in lhe clea-d unit and on camputing unit and prafit an guidance for the current sales guidance for the current �*that sales guidance for the current �* that fell short sales guidance for the current the the . short sales guidance for the current the the company was estimalesertrhe samba ny was unit, web mcleodunit. amazon web a i9% mclegdunit. amazon web a i9% rise mclledjl unit. amazon web a i9% rise in services reported a i9% rise in revenue to $28.7 revenue to around $28.7 billion, shy of the billion, just shy of the expectations of wall expectatiomspfmgall. street. joined and a'mm" ie�*eed min-mm“ 315777 ~ ,,, , ,. .,.,,,

|n amaze" ie�*eesj ”ham“ £31517" ~ ,,, ~~ ~ ~~~ in reporting weak cloud s at s 7 ata 7 7 at a time? 77 at a timeéwhen numbers at a time when investors have grown increasingly impatient with egg zlioqzgmzgzeiliba! " , “gioig�*firn’g’zifiiza;;£ z tech, ploughing billions of into and dollars into ai investment and are hungry to reap returns. the company also with the from the china falleut fire"; the éhina 4355.55 . , ~ ~ new aia tetteet freh't the ehihe —!eeeee . , ~ ~ new aia the start—up new aia models the claimant can be built at a fraction of the cost. amazon, has already like microsoft, has already made the model of deep seek available via its platform. i'm joined from austin, texas by sky ca naves, thank you forjoining us today. we amazon's to well because it was a strong do well because it was a strong in general for do well because it was a strong in generalfor us christmas in generalfer us but i wonder how at retail but i wonder how much at this point is simply this point is amazon simply a bellwether for the health of qqlhnetherfor the health of consumers? it m , american consumers? it very much is and _ american consumers? it very much is and in _ american consumers? it very much is and in that _ much is and in that respect consumers keep american consumers keep and there is no

spending and there is no indication in their outlook that there are fundamental e health of with health of the "sef tt'ith the hea'th ef the . ~ , ~ ~ ~ �*or the consumer or that they would be outlook or that they would be there which is facing headwind there which is really core of their business. and the largest source of revenue for their i expectations a think expectations became a bit heavyin think expectations became a bit heavy in weeks and heevv ih recefiteeehaeéhe' that run up in their share saw that run up in their share price over the last of price over the last couple of weeks. i think now the reality has set in that they are tight the some tight wind from the currency, that was the main factor mentioned iforqi thecloud eetteehfer 9! arts! the steels! continues to be unit continues to be challenged by the same sorts of capacity constraints that face its rivals google and microsoft. but that eat it did indicate that hither" " " months, eat it did inditete that ih'thef” " " months, in coming months, particularly in the second 7 �* of the year would expect to see that aws accelerate once

7' it it can meet consumer once it can meet consumer demand. once it can meet consumer demand- — once it can meet consumer demand. ., ,, ., ~ ., 7 fa7tors that those factors that have clearly disappointed on wall disappointed investors on wall street? imagine the but 7 7 buti 7 7 buti 7 �*as 7 but i 7 �*as well7 dollar but i wonder as well have of them took have some of them took fright the scale the investment at the scale of the investment in artificial intelligence. in. artifitiat intettigeheet ~ million, not long after $100 million, not long after there market turmoil and there was market turmoil and concerns the ai concerns about the chinese ai player undermining investment in the sector.— in the sector. amazon is _ deepseek i in the sector. amazon is _ deepseek as| in the sector. amazon is - _ deepseek as well, —:= 77: 7 77it77 £5.71);an adding it to its bedrock platform which is essentially atettfirm’whjth e’eziéntlailf for atettfirm’whjth e’eziéntlailf and for atettfirm’whjth e’eziéntlailf and llm ststtsflfi’whjsh is’ssss fittistty a nd llm a nd ststtsflfi’whjsh is’ssssntlsiuf and llm and it moved 7�*s; 331653 55551?“ include it is; issssi if“? is include it so i4194in web sewice iliaieb sereice customers amazon web service customers the best value just can realise the best value just as it aims to satisfy its retail customers in the united find we see that states. and we see that sharp of spending

acceleration of spending on capital expenditure the acceleration of spending on capital exper ofure the acceleration of spending on capital exper of that the acceleration of spending on capital exper of that going a vast majority of that going towards ai at the same towards ai for aws. at the same it was noted that aws�*s revenue run rate is now in the $115 billion range �*the $115 billion range for the coming,,, ,, and expect to coming year and we expect to that growth accelerate. ii see that growth accelerate. if can, if you are in amazon, 7 in amazon, what in amazon, what is investing in amazon, what is going your mind when going through your mind when you �*these going through your mind when you �* these threats and better than many is better positioned than many of its rivals because most of sales come from its sales come trans thiraeeartu . . ., ,, . . ,, many of its sales come trans thiraeearty . . ., ,, . . ,, many of those sellers. many of those third—party sellers are from they bring their china but they bring their the states where risk whe7re risk of "we; 7 7r7isk7of7ta7riff and have to determine �* to those costs pass them onto or pass them onto the buyers. to take amazon'continues to take from sss sales as commissions from the sales as well as revenue from services and advertising services and fulfilment services. thank you

much for fulfilment services. thank you - much forjoining - fulfilment services. thank you - much forjoining us - the over stagflation after the of england cut after the berth—q? eng-lass cut cost after the bahhretesflg-�*sss cut cost of borrowing and the7 7 the7 growth 7 at hargreaves la nsdown. how real do you think the risk of stagflation is for the uk? the risk is real. growth was to be coming in, meant to be coming in, according to the previous forecast at 1.5% and that has been slashed to 0.75% and an inflation to take off inspects inflation to take off again 3.7%. the 7 is whether or not it 7ep—ed77 s be a prolonged period will be a prolonged period or will be a prolonged period or will a short whether this will be a short period of higher inflation and stagnant growth. for year stagnant growth. for next year the picture looks a little �* with growth expected

brighter with growth expected to ramp up again in 2026. but for now it look like a situation. more the factors that us more about the factors that are driving inflation upwards again? are driving inflation upwards auain? ~ are driving inflation upwards aiain? ~' , . , ., we 777 77 we likely to get an because we are likely to get an increase in energy bills and bills, that will push up on average but also we prices on average but also we still do not quite know what the knock—on will be of increase in national contributions, the insurance contributions, the tax have to pay tax that employers have to pay which is kicking in in april already there are signs, and already there are signs, certainly in the services �*that suppliers are passing on the wage 7bills to their in turn may customers which, in turn may be passed on in the form of higher 7 7 7 el 7 prices. that could be an pressure as well. inflationary pressure as well. on other it could

0n the other hand it could lead lower wage because if taxes forward because it taxes are employers may want to going up employers may want to reward their 777 bit less money and that little bit less money and that could actually bring down wage could actuallybring down—wage which the bank also inflation which the bank also has an ion. we has an. ion; this don�*t show """ where it has an. isht this dsh�*t shsw "ii'i' where it will land but has an. isht this dsh�*t shsw "ii'i' v for e it will land but has an. isht this dsh�*t shsw "ii'i' v for this nill land but has an. isht this dsh�*t shsw "ii'i' v for this yearand but pressures [jtessilii'qs are inflationary srssssrssars "s' . inflationary srasssrssara "s' . inflationary srossorssaro "s' . in a difficult situation multiple priorities, not with multiple priorities, not just controlling have 7 have7 to have7to keepjob have7to keep job and thss aushassts ssss iss ahs' creation so thss aushassts ssss jss ahs' creation so those l|7e77777 is e"? 7777 7l7i77e7?7they 7 lie? they have to prioritiss list thsy hats to at inflation and price look at inflation and price but they have to look down 7down the line down the line as 77down the line as well and if the economy is stagnating then the potential for inflation to under shoot is for inflation to under shoot the target in the future. what the target'inthesfuture. �*w’hat want to do is have a 7 act and 7 actand a act and a one balancing act and a tricky one now. it does look right now. it does not look likely but they immediately likely but they have enough growth

have'to keepenough'growth in the economy as well. i ie think the economy is going to take centre and it take centre stage and it certainly is already with this vote �* a cut certainly is already with this vote �*a cut and we expect vote for a cut and we expect more to come this more cuts to come this year three of them. potentially three of them. . you for trump. steel's to buy us steel. mariko 0i. what do \i trump i about . , .. what do \i trump i ab previously that he also lock said that he would also lock the deal but the two companies definitely to save the definitely trying to save the deal. for example the of

deal. for example the boss of us met with on us still met with them on thursday this comes one day thursday and this comes one day before the japanese prime minister meets us ou said, joe president. as you said. loe blocked the deal citing president. as you said. loe bl securitye deal citing president. as you said. loe bl security concerns ng president. as you said. loe bl security concerns and two 7 two firms 7 two firms sued the previous 7 7 7 the7 interesting about the deal is that the jt the deal is that the union deal is that the union is auainst it the union is auainst it, while the union is against it, even some workers also even some workers have also started to favour the deal us steel has been because us steel has been struggling financially and nippon steel has made numerous promises like in its mills 7 doroestic steel rsills and r— jobs. so when protecting jobs. so when lawmakers, �*example, said lawmakers, for example, said that it should remain american promise to keep its the? arms“: to toss its" american citizens leadership american citizens and when the union said import 7 import cheaper 7 import cheaper steel 7 import cheaper steel from may import cheaper steel from abroad and stop producing steel in the united states they made that it will not. not stop biden the deal but firms blocking the deal but the firms are hoping they convince mr that deal is for

trump that the deal is good for the us and it will be the us economy and it will be likely brought up in the 7 but but there 7 but there will be a achieve it there will be a achieve it there mr be a achieve it there mr trump had ofa of a romance, if you a bit of a romance, if you like...” on with the former 7min7ister us prime minister and the us president is aware president is reportedly aware of �* siva's president is reportedly aware of �*siva's not so friendly of mr siva's not so friendly relationship with the late relationship with the'late ~~ ~ ~ ~ ~ so will see - �*he7 , - ,, �*he can �* he can navigate 7 �* he 7can navigate this,77 how he can navigate this, as he tries to avoid especially as he tries to ayoid �* things like especially as he tries to ayoid �*things like economic from us tariffs on the fallout from us tariffs on the economy. this is bbc news.

welcome back to business today. to india now where the central bank has years, reducing it to 6.25%. the current fiscal year.

what is the context of this decision today?— what is the context of this decision toda ? , ., , , decision today? this was widely as ou decision today? this was widely _ as you rightly i anticipated and as you rightly said the first time in nearly five making it all the 7 importa nt.7the 7 important.7the time s7aw1portant.7the time saw a ortant.7the time saw a rate 1t.7the time saw a rate cut “he time saw a rate cut was time saw a rate cut was in time saw a rate cut was in may a sa\ soon :e cut was in may a sa\ soon after was in may a sa\ soon after wa: covid |y e 2020, soon after the covid pandemic out where the 7 7 77hiéti§tsey777 7 7 7 77hi$ti$seyhtéhers wallasey makers were to stimulus into trying to inject stimulus into flagging economy at that the flagging economy at that time. in tttt raised it time. in 2022 they raised it given geopolitical given. the geopolitisal—rrr—r , with given the geopolitisal—rrr—r , with was breaking uncertainties with was breaking out as well as inflationary pressures. essentially now what we see is something many we see is something that many experts even in the run—up to the meeting had said that the seems to be 7 seems to bejust environment seems to be just right for going in for a rate cut of 25 basis points primarily was primarily because inflation was somewhat within the comfort

of the reserve bank of zone of the reserve bank of and apart from the india and apart from that the indian government presented its budget on saturday budget earlier on satsrday' ~ ,., ~ ~ ~ 7 the was where the frost was on consumption led growth which is why revised a of the 7tax 7777taxlabs 77 taxlabsto77 tax labs to put more income tax labs'to'put more income tax labs'to'put more in the hands of so boost 757,7— e 7g”) oi the gdp and that nearly 60% of the gdp and that is why it is important. now what happens it is a big impact for middle and lower income who wanted to buy houses groups who wanted to buy houses because homelands are more affordable hope this affordable and they hope this will provide added in stimulus to indian economy. 0ne thing they are closing and on a day—to—day is the declining ruby and basis is the declining ruby and thatis basis is the declining ruby and that is a concern given the threat of a possibility "s—ss “29" �*t�*: —-aa�*s'i. " ~ ,,,, ~ . a donald trump tariff 7 a donald trump tariff hike7 7.7 the rupee to gecause the rupee weakened to all—time low because it inflationary pressures {pearls inflationary pressures come back and also ihiilatioh would also imported inflation would also reserve bank of india's impact reserve bank of india's monetary and that is monetary policy and that is something is being closely something that is being closely watched by policymakers something that is being closely watc ini by policymakers s”: something that is being closely watc in india. ilicymakers tttt something that is being closely watc in india. ill m i

russia will release its fourth quarter economic is currently at 21%. of its own creation. i'm joined now from moscow by chris weafer, chief executive officer of macro—advisory ltd. thank you forjoining thank you for joining what do thank you forjoining what do you expect to hear these do you expect to hear in these a. .,. s. ., do you expect to hear in these a. 77:5. ., ., do you expect to hear in these a. .t,.s— ., ., ., do you expect to hear in these 4 .-.st ., . . . . 7b7e7 a 7 77b7e7 honest.7we the to be honest; “owls sspsst the will to be hsnsstt �*w’s sspsst ths will be numbers will be fairly consistent with what we have been seeing for most of last year. is expected in year. growth is expected in the fourth be 7:2 the growth in first 3%. the growth in the first half of last year was much

stronger closer to 5% so overall for 2024 growth should gverall for 2024 growth should a somewhere just coming up 7 -77 what represent. 7 what represent. t7he 77