on tariffs and immigration could fuel inflation and keep interest rates higher for longer. as the us and ukrainian presidents trade blows, fund its war effort? is it a liquid, a solid or a gas? none of the above. microsoft invents a new substance for the next generation of computing. live from london, this is business today. minutes from the latest meeting of the us federal reserve —

inflation progress. for more, let's get to new york and our north america interest rate unchanged in a range of 4.25% to 4.5% at that meeting. growth down to the 2% target. in 2025, with the possibility of a second, according some officials also expressed concern over the potential for another debt—ceiling

showdown in washington. month without reinvesting the proceeds. a review of the central bank's policy framework. school of management. thank you �*joining us. what stood out for you the most in minutes? the minutes? the thing that is alwa s the minutes? the thing that is always tap _ the minutes? the thing that is always tap i a _ the minutes? the thing that is always top i a discussion - the minutes? the thing that is always top i a discussion of l always top is a discussion of monetary and it mangtafy egligg ané'thgr’g; it" ' striking. the minutes was striking. the minutes confirm the committees

where they are with comfortable where they are with rates where they are. they are m -..- £55522 no to make in no hurry to make adjustments, they see the 5—2 -: e—z economy is still solid, inflation. policy is somewhat so the key question for tight. 59 the key questienfar' ., ,....,......,..., is, tight. 59 the key questienfar'r . , ~ ~ ~ , is, will tight; se the key qeeetiehrferrr . , ~ ~ ~ , is, will get clear them is, will they get clear indications that is indications that inflation is coming down to target over time? if so, can cut rates time? if so, they can cut rates but if inflation stays high will be higherfor rates will be higher for longer and they seem pretty flexible, and they seem pretty flexible. happy with just waiting pretty happy with just waiting seeing. there is a lot of and seeing. there is a lot of uncertainty, of course, partly because of the new administration. it is another impetus to wait and see exactly impetus te wait and see exectty �* things shape out impetus te wait and see exectty �*things shape out before how things shape out before moving on to next rates. [30 moving on to the next rates. do ou moving on to the next rates. do you think it is speculative at this stage, or are we yet seen any of the any evidence ef the ,, pressures inflationary pressures caused by donald policies? i

by donald trump's policies? i don't think are seeing 575 2:7 7 ii. net that i get that reflecté anything get that reflect those there 7 there. if there were 7 risks there. if there were substantial tariffs in place 525.5}; fitiét tariff; ifi. elsi? a igfiitéfitiét téfifig ifi. étéié a and that 5e§5§5fi§i5t §5fift5 ifi. $5555 a and that could fer awhile and that cauld inflation. far awhile and that cauld inflation. if there were boost inflation. if there were big fiscal action, very large unfunded tax cuts, that could uhfuhdetj tax—eete, that see!!! boost uhfuhdetj tax—gate, that seals! boost demand, boost ahfahees! tax—sate, that seals! boost demand, boost the also boost demand, boost the economy. these take a economy. these things take a little while to play out and i =z= the administration think the administration has beenin think the administration has been in place for less than a zn: so don't think we are month so i don't think we are seeing anything yet. but the effects of tariffs could show through in the next months, through in the next few months. be get to see something we may be get to see something on that. late we may be get to see something on that. ~ i, , we may be get to see something on that. ~ . , i, ~ on that. we have been talking obviously _ on that. we have been talking obviously about _ on that. we have been talking obviously about tariffs, - on that. we have been talking obviously about tariffs, but. obviously about tariffs, but what about that crackdown on immigration, undocumented immigration? you think 7 attention is being sufficient attention is being paid the potentially paid to the potentially inflationary consequences of

inflatienary senseqaeneeeefe a, ,, a. that? people are very aware that? people are very aware that immigration _ that? people are very aware that immigration has - that? people are very aware i that immigration has mattered that? people are very aware - that immigration has mattered a that immigratien has mattered a but with the last couple lot. but with the last couple of years, the market of years, the labour market went from being very tight to asset tram aeiha sass t'ahtts ' more aseht tram aeiha sass t'ahtts ' more or aseht tram aeiha sass “shits ' more or less in being more or less in equilibrium and a big piece of was immigration, which that was immigratien, whish the that was immigratieni whish the size of increased the size of the labour you may remember couple of years ago a couple of years ago businesses had huge numbers of unfilled vacancies, they wanted s is adage), they couldn't hire, to hire, they couldn't hire, and that was putting upward andgthat was patting'apward on wages. the pressure on wages. the unemployment rate was unsustainably low. those things have normalised partly ,have normalised partly because has grown. going forward we see that 5 see that because won't see that because immigration has come immigration has already come down and presumably be down and presumably will be more limited ”filthinkfl ” 7 7 7777i7thi7r71k7tha7t77777 7 7 i think that given 77 i think that given wh7ere but i think that given where the labour market is now, that the laboar market'is'ntzxw. that as the laboar market'is'ntxw. that as big a —:

7 it might have 77 it might have over the of ears has we've not couple of years has we've not had immigration. ibiiiii e55 th5t ififafiffléffilfih you e555 th5t ififafifaléf5�*i-ih you �*that. english, thank you for that. you are welcome, thanks. presidents trump and zelensky continued to trade insults wednesday after us and russian officials met to discuss counterpart had been influenced by russian disinformation, however, both sides have talked about using ukraine's minerals to compensate the us for its military support. i'm joined byjohn herbst, senior director of the atlantic council's eurasia center and former us ambassador to ukraine. thank you forjoining us.

of all, please clarify, when it to 7 to minerals, does have to 7 have to offer? 7 ukraine have to offer? well, i have seen _ ukraine have to offer? well, i have seen serious _ ukraine have to offer? well, i have seen serious estimatesl they rare earths and critical minerals 7 7 7�* critical minerals worth other critical minerals worth as as $26 on territory. it is not their territory. it is not clear what percentage of that under the control at ii

in 77757 7in777 7777577 of7both greatly in the interest of both the us and ukraine. trump is much, is the value of doing? he has said he what i'm doing? he has said he wants to achieve a durable peace between russia and and minerals are of tjjgaine and minerals are one of very concrete for that. china is reason for that. china is another source. trump's team a 7777755155777" 777777777 a clumsy effort 77a glass 7eff7o7r7t withfl 7 77 77 77a glass effort with}; 77 77 made a clumsy effort with far too much for does not too much for ukraine. does not mean that ukraine's reviews for the efforts it is over, the efforts means it is over, the efforts means it is over, the real negotiation is getting started. you have been an to started. you have been an _to ukraine, i started. you have been an| _to ukraine, us ambassador to ukraine, us ambassador, ambassadorto ukraine, us ambassador, so a thing ambassador, so you know a thing or about diplomacy. what your at ::**z* your thoughts about the are your thoughts about the war of words between recent war of words between present and president gtegghttrump and president how it affects the zelensky and how it affects the prospect of doing a deal like this? , ,

this? this is destructive but it need this? this is destructive but it need not _ this? this is destructive but it need not prevent - this? this is destructive but it need not prevent an - this? this is destructive but - it need not prevent an eventual successful deal to end russian aggression and achieve a durable the trump durable peace. the trump administration, trump administration, president trump to realise, that as he needs to realise, that as he said in his first or second or said ira his: first er “he'd e- www said ira his first er ease-ad ef ,. ~ ,. day in office, the third day in office, the impediment to peace is putin. z ay 7—— way to get putin to the way to get putin to change mind and move towards his mind and move towards peace is to put pressure on russia. all putin sees now is all putin sees right now is trump trading insults with zelensky. trump trading insults with zelensky- _ trump trading insults with zelens . ,, a, zelensky. john herbst, former us ambassador _ zelensky. john herbst, former us ambassador to _ zelensky. john herbst, former us ambassador to ukraine, i zelensky. john herbst, former. us ambassador to ukraine, thank you for us on bbc news. you forjoining us on bbc news. thank you. microsoft has invented a new state of matter as part more powerful computers that will solve our senior technology reporter

chris vallance explains. microsoft will help new company microchip will put them backin company microchip will put them back in contention in the multi—billion dollar race to build a quantum computer of putting the knack of capable of putting the knack of solving important real—world programme director problems. wanting computing is based on l's-st" "ms-st" is he'e“ "as ~ ~ ~ ,,, ~ a principle of 7 "a""�*: "mast": is ea'e�*! "s " ~ " w " . principle of particle the principle of particle physics and working a fundamental different way to the computers your phone, it 7 it is 7 it is hoped7they will laptop. it is hoped they will be able to solve problems, computers as they are 77557156777 7 77 ”assist? 7 7 77simply7can�*t.7and777 7 7 77sih71ply7ca7rft.7/7\n7d77lea7d7 777d7eve7l7op7me7nt7s71't.7and7 as 7 777d7eve7l7op7me7nt7s7in .7an7d7 as 7 developments in medicine, �* batteries and perhaps ways of more efficient ways of producing key chemicals like fertilisers, for it it'f'75’fd75’h’t75fti li5757f75 if??? m i c ros oft it itf5ff§75fitft75fti li55f5 ff5f microsoft has it i55575573753.i li55f5 ff5f microsoft has been example. microsoft has been by its own admission a pursuing by its own admission a high risk, high reward strategy 7 this new 7

7 this new chip. 77 7 this new chip. it 77 to develop this new chip. it wanted to develop topological relying discovering qubits, relying on discovering new that were capable new materials that were capable of entering a topological state of entering a topological state of matter. that is a different of matter to the ones you about 7 about in 7 about in school. 7 learn about in school. gas, liquid or solid. they also had , discover and liquid or solid. they also had . discover and the liquid or solid. they also had , discover and the elusive to discover and use the elusive majorana particle, the majora na particle, the existence majorana particle, the existence of which has only majorana particle, the existence of until1 has only and been theory until recently, and it remains controversial. but with this new microsoft with this new chip, microsoft it is back in race feels it is back in the race with its rivals, and ready 7 7rapid7 7 7 7rapid 7progress. 7 7 7rapid7progress. it 7 malts. raeid’etegfsss. it it is a question of believes it is a question of years, not decades, before it is able to quantum is able to produce quantum computer is capable of is able to produce quantum computer scale able of solving is able to produce quantum computer scale meaningful ing but 7 but still has a problems. but it still has a way to go before it will catch with its rivals, and there ap with its rivals, and there ap with its rivals, and there a big ap with its riisals, and there a big difference between a

is a big difference between a chip, as this one, which has eight topological qubits, and one that has thousands of times qubits, which will be more qubits, which will be if it is to do useful required if it is to do useful work. and many experts we have spoken to greeted this announcement with a degree of caution. they say they will to more data before need to see more data before they are ready to say what this will mean for progress in the computi7ng in oi’ or indeed77 or indeed 7for general, or indeed for microsoft itself. chris vallance, there. in other business... costing around $600. than most apple buyers. but a much simpler camera than apple's premium phones. rival huawei already features ai in all of its phones the new us commerce secretary says that the trump administration wants to abolish the internal revenue service — which collects taxes in the usa — saying "let all the outsiders pay".

on wednesday that the external revenue service could raise money through tariffs, which are paid by companies is reportedly preparing to close at least 200 shops it's looking for a buyer for its remaining stores but that they will close too if a deal can't be done. the brand is owned separately and its clothes would continue to be sold by other retailers. to be sold by other retailers. when we come back... when we come back... 0n national leadership day, we talk to the man who says that business has a lot to learn from bees. around the world and across around the world and across the uk, this is bbc news. the uk, this is bbc news.

welcome back to business today. tariffs on automobiles, chips, pharmaceuticals and even lumber. i'm going to be announcing tariffs on cars and we're bringing our businesses back. if they don't make their if they don't make their product in america, then they very simply, product in america, they have to pay a tariff, but if they do make but if they do make their product in america, they don't have to pay any their product in america, tariff, which will bring... it's all going to bring it's pretty simple. trillions of dollars into our treasury, or it's into our treasury, or it's going to mean that there won't going to mean that there won't be any taxes because we want to have a fair base. if they don't have it, if they don't have it, we don't have it. we don't have it. if they don't pay, if they don't charge us, we don't charge them — we don't charge them —

it's pretty simple. the european union's top trade official says the bloc is interested in making mutually beneficial trade deals with president trump, and is ready to discuss the potential for reducing or eliminating tariffs on motor vehicles and other goods. maros sefcovic, who is commissionerfor trade and economic security, told an american enterprise institute event in washington that he would tell us trade

institute event in washington that he would tell and :rade institute event in washington that he would tell and about 4 of them, outside the million of them, outside the mexico and canada area, so they mostly coming lrom japan. are mostly coming from japan, south korea and germany. so it is really they can keep is really vital they can keep those going. because, those markets going. because. there are for example, there are other markets, such as europe, that are quite heavily regulated and china has been weak for them so tchina' has'heenwea ksfor them so us has tchina' hasheenwea ksfor them so us has a real the us has been a real powerhouse of those german oars makers. could be german sou-smokers. could be any pushback from they could be any pushback from european car—makers or will see this as a positive? l 7 think will... what dgn't think they will. .. what you mean? they will see any do you mean? they will see any of negotiation as a ”if ithi. because 7 i7think. because they positive, i think. because they will want to see those markets he ill”? “ . tr .. 37" 7�*77 $5 them. so. yes. you will hope that they will be able to so, that they will be able to make some kind �*resolution to i they might not the idea of lower tariffs

like the idea of lower tariffs on us car imports into on us car imports coming into the eu, but that said, europe .e 1. buy 7 f buy many buy many american cars. doesn't buy many american cars. i wonder, do think, doesn't buy many american cars. iwonder, do think, is i wonder, do you think, is reciprocity, mutually agreed reciprocity.mutuallyagreed ,, . . tariffs, reciprocity. mutually agreed ,, . . tariffs, the reciprocity, mutually agreed ,, . . tariffs, the name reciprocity. mutually agreed ,, . . tariffs, the name of identical tariffs, the name of the game here, or could you imagine a world where perhaps imagine a world'whereperha as trump is that the currencies complicated deals imagines worldwhereperha as are ai complicated so trump is that the currencies are ai complicated deals are complicated deals are more complicated deals are on one sector more complicated deals are done, compromise on one sector done, compromise on one sector for a better deal on another for a better deal on another for a better deal on = - , sector? , ~' ., sector? yes, i think, though, it is sector? yes, i think, though, sector? yes, i think, though, it is sector? yes, i think, though, it is quite _ sector? yes, i think, though, it is quite hard _ sector? yes, i think, though, it is quite hard to _ it is quite _ sector? yes, i think, though, it is quite hard _ sector? yes, i think, though, it is quite hard to _ sector? yes, i think, though, it is quite hard to do - sector? yes, i think, though, it is quite hard to do that, i it is quite hard to do that, and what it leads is quite a sector? yes, i think, though, it is quite hard to do - sector? yes, i think, though, it is quite hard to do that, i it is quite hard to do that, and what it leads to is quite a and what it leads to is quite a lot of uncertainty �* the lot of uncertainty for the =t manufacturers. trump once the trump once the manufacturers. trump once the to kind of manufacturers. trump once the manufacturers to kind of make manufacturers. trump once the in to kind of make, , , , manufacturers. trump once the cars in america, but you can't in america, i kind of make, , , , manufacturers. trump once the in america, i kir you make, , 7 7 manufacturers. trump once the in america, i kir you can'te, 7 7 7 set up a plant in just set up a plant in a few setup a plant in a just set apa plant in a few and he is talking about months. and he is talking about months. and he is talking about coming in at tariffs coming in at the tariffs coming in at the beginning of just a few beginning of april, just a few beginning of april, just a few weeks away. we have already weeks away. we have already us, . seen us, because they are also us, because 7 us, because are seen us, because they are also effective, making cars effective, making cars and german overseas, and german overseas. and german the share car—makers, the share prices have already been quite weak. _7 been quite weak. what i think is tricky for =-—:= =-—= i think7 is tricky for what i think is tricky for trump is that the currencies trump is that the currencies

are also so are also responding, so we have been the mexican peso devalued by about 20% over the last year, and that goes some way to mitigate the effects of those tariffs, so that is a bit trickier for tariffs, so that is a bit trickierfor him to tariffs, so that is a bit trickier for him to negotiate. interesting stuff. anna macdonald from aubrey capital management, thank you very much. ., ~ management, thank you very much. ., «i it's been a bad start to the year for aviation

to safety and recent crashes. and companies here are looking to capitalise on that. are promising to change the way we fly. so imagine this. you've had your beautiful hotel breakfast, you then don't this goes on my bag, which is sealed, and i won't see it again until i reach my final destination. and these are smart glasses, which would mean for ground could go hands—free.

well, there's a lot of applications for al manage emissions for aircraft. but there's also smaller things about how people go through an airport, really the customer focus what is everyone talking about, as well? in on that market. previously it was china was the big outbound market. that's coming back, but it's a lot slower

the way to the boarding gate. finally on business today, what does it take to bee a leader? or queen bees. we can all learn something about leadership from bees. philip atkinson is a leadership expert and also a beekeeper. hejoins me now live from basel in switzerland. fascinating subject. your research zoning in, i believe, researsh aeningsin, ! believe. bees' researsh aeningsin, ! believe, bees' survival instincts. on bees�* sarvivsl instincts. have survived for millions bees have survived for millions of years but they are co nsta ntly of years but they are constantly evolving to meet the of years but they are consta of y evolving to meet the of years but they are consta of the olving to meet the

of years but they are consta of the different meet the needs of the different environmental, is needs of the different environme with is needs of the different environme with the is and happening with the flowers and the systems, for happening with the flowers and the and istems, for happening with the flowers and the and michaelior happening with the flowers and the and michael to action example. and michael to action is all leaders to keep is fs all [sides ts heee’ ..., "fl " *"” ' "’ new ways of evolving with new ways of working society at the working in society at the moment. working in society at the moment _ working in society at the moment. , ., ., working in society at the moment. ou ., ., working in society at the moment. i you think to working in society at the moment. you think to limit �*he working in society at the mo think you think to limit �*he working in society at the mo think business ink to limit �*he working in society at the mo think business leaders nit �*he the think business leaders could actually lead from bees their 7 their behaviour. and the ir behaaiear you. ans! their behaaiear you. i think there thank you. i think there are things. the first is three things. the first is actuallyjust three things. the first is actually just to take three things. the first is actuallyjust to take more notice of what is happening a complex system. inside a complex system. businesses today have many, many different moving parts and stakeholders, as we have heard -== the news today already. and cannot is today already. and cannot use day already. and cannot use old already. and cannot use old already. an to we cannot use old frameworks to understand a simple hierarchy of command and control. we encourage readers to stop, pause, think and understand more what is in order effect 77 effect change 77 effect change and 77 effect change and ev77olve and to effect change and evolve and �* with the change to effect change and evolve and �*with the change rather grow with the change rather than fighting against it. obviously this is a subject your - -- g, 77 777y7our7he7ai7't77 77 777your7he7ai7't7and 77 77your7he7ai7't7andl 77 777your7he7ai7't7and i am close to your heart and i am sure you business about are there any other of it. are there any other kind of comparisons you can direct comparisons you can point between things that

do 77 do that 77 do that business77leaders bees do that business leaders could adopt in their workplace? we are not pretending everyone should work like but one should work like bees but one key thing is about communication. we know in this world we need to communicate 7 satin.” 7 7 7 sheets; 7 7 effectively and the bees communicate notjust what effectively and the bees communicate not just what they commanicatenotjastwhatsthey but how com manicate not jastwhatsthey but how they say they say but how they say it. they communicate with passion, emotion, and in energy, emotion, and in the dark, in a busy, noisy beehive the bees get their message where 7 where to understood about where to find flowers. . ,., . . flowers. what about managing conflict? - is _ conflict? that is obviously something many people in the business world are concerned about, even in our personal bis as hoyt do bees lives, as well. how do bees their conflict between manage their conflict between them and lessons can be them and what lessons can be learned from that?— them and what lessons can be learned from that? thaoie is all learned from that? teatime; - is an aounfi learned from that? teatime; - is all arounmfi learned from that? teatime; - is all around us in i conflict is all around us in nature and is conflict nature and there is conflict for resources and space and how the bees work. and in work today, again, iwould the bees work. and in work today, again, i would like to the bees work. and in work toda people , i would like to the bees work. and in work toda people step ould like to the bees work. and in work toda people step back ike to the bees work. and in work toda people step back ike just help people step back and just observe and not get and observe and not get stung and notice what is happening, pull it out, be more self

gettjngf .e’ :: e getting into before caettin intoconflict. , before, caettin intoconflict. , situations. fifii eff- out for me from situations. fififii eff- out for me from our stood out for me from your research is that a lot of the examples you use relate to female bees rather than males. female sees ratherthanmales: ~ , , . do you think that is? female eees .ratltestlted—maleol— e - - do ou think that is? ' i: , i the [in worker bees of theshardrworking worker bees hive are and in the hive are female and only a percentage are the a tiny percentage are male. the males actually cannot even feed themselves, and at the end of autumn female bees kill off autumn the female bees kill off the male bees.— the male bees. well, there you no. the male bees. well, there you go- lessons — the male bees. well, there you go. lessons for _ the male bees. well, there you go. lessons for all _ the male bees. well, there you go. lessons for all of _ the male bees. well, there you go. lessons for all of us - go. lessons for all of us there. philip atkinsonjoining from with all us from switzerland with all the insights that we can learn bees in the thank you for joining the thank you forjoining us on business today. stay with us on bee bee news.

hello, there. in pateley bridge, north yorkshire, the cloud just a maximum afternoon high of two celsius. yes, it clouded over into the afternoon, and that's exactly what's happening. we've got showery outbreaks of rain drifting north and east. mild air for this time of year. but look at these temperatures. first thing on thursday morning, widespread double quite a misty, murky story. as we go through the day.

quite a lot of cloud across the south and east, but those temperatures well above where they should be for this time of year, 12—14 degrees. of thursday into friday, accompanied by gale—force gusts of winds as the isobars squeeze together. very windy indeed on those exposed west coasts, and there will be further outbreaks of rain. so, gale—force winds out to the west. coming through here, temperatures are likely to respond. that we see 16 somewhere across south—east england. in proceedings before yet

another significant low pressure arrives on sunday. the bbc weather app for more. but as you can see, a better day on saturday.

live from london,

this is bbc news. repeats his comments about volodymyr zelensky, calling him a dictator. he refuses to have elections. he's low in the real ukrainian polls. is being demolished? zelensky better move fast or he's not going hostages whose bodies will be returned today. await the handover. the parents of a nine—year—old girl who was killed school. people from 30 properties in a surrey village have been