the latest data is slightly encouraging, but dozens live from london, this is business today. i'm sally bundock. agreed the terms of a major minerals deal with the us. the precise terms of the deal are unclear but its reported that washington has dropped and a demand from ukraine for firm security guarantees has not been granted.

to continue defending its territory against it's a very big deal. it could be whatever. but it's rare earths and other things. a war that should have never, ever happened. that's a war that would have never happened if i were president. $350 billion and lots of equipment and military and originally the right to fight. but without the united states and its money and its military equipment, this war would have been over in a very short

period of time. let's explore this with jeff amrish ritoe who is an independent strategic adviser on critical raw materials. good to have you on the programme. so, how valuable are minerals has and what does it mean for us, this deal? ~ the us, this deal? well, the minerals _ the us, this deal? well, the minerals - are _ the us, this deal? well, the minerals - are in - the us, this deal? well, the minerals - are in the - the us, this deal? well, the minerals - are in the soil| minerals that are in the soil ukraine are criticalfor of ukraine are critical for basically any industrial application we know today. so for instance, for electrification and electric vehicles, batteries, but also aerospace and defence. so vehicles, batteries, but also aerospace and defence. ”7” great value to the zstatzes,: : z 1 states, shence: 1 states, shencezthis 7 7 statesfhencezthis deal united states, hence this deal thatis united states, hence this deal that is being between that is being done between trump and president president trump and president zelensky. is it a in zelensky. so is it a win—win in your opinion?

zelensky. so is it a win-win in your opinion? _ zelensky. so is it a win-win in your opinion? esttgthgrgaf of thins your opinion? hsfigthgrgm - of things - v?- we see that the us ”firiwerseeithatitheusrreallyv " ' ' know. we see that the us really wants to get access to natural resources ukraine's natural resources because it reduce because it can help reduce from a handful of actors days, most stateactors these days. most china which has notably china which has dominated and is dominating the w wraiw supply? on the j on the other 5 7 7 mo; theiotheirhandf on the other hand, we chain. on the other hand, we don't know rights the us get. 351533“? 355“? if; $59: n get. what 5341 53“? 355“? 5&1; hrs”: get. what we 351533“? 355“? if; $59: n get. what we do know is will get. what we do know is there will be a fund, the fund will basically receive 50% of future 7 ofthe 7 all future revenues of the natural resources that natural. resm, fees that ultra 1 rre but natural. resm, rcee that ultra 1 rre but we natewal resm, rezee heart ultra 1 ree but we don't reatwal. resm, rezee heart ultra 1 ree but we don't know reatwal. resm, rezee fieai ultra 1 ree but we don't know exactly has but we don't know exactly what rights the us will have in 2-44— 777fund7,7w7hat77 77 77 7 7 777fund7,7w7hat77 she}; 7 7 777fund7,7w7hat 7 7 sh7a7re7will 7 that fund, what its share will be and it will do to be and what it will do to prevent, for instance, china to become part of that industry. it is interesting, isn't it, how has changed the how this has changed the situation in the space of a weak? when you look at the

rhetoric going between rhetoric going on between president trump and president one ago. but in zelensky one week ago. but in terms of the outlook for ukraine, the fact they have critical minerals, as you these critical minerals, as you say, in their soil is extremely to them in terms of valuable to them in terms of their security guarantees going coming from forward; funding earning frexree but fdrward; fljdei’ng earning frame but also future the us, but also future redevelopment �* ukraine if a redevelopment of ukraine if a peace is brokered? redevelopment of ukraine if a peace - is brokered? peace deal is brokered? ii riuht. peace deal is brokered? ' right. ukraine has you're right. ukraine has really positioned this deal as we understand that supporting us costs money but we offer you us costs money but we effer yad a ue costs money but we effer yed a piece ue costs money but we offer you a piece of future basically a piece of future revenues. in return, it will basically a piece of future reve| some n return, it will basically a piece of future reve| some n return, it\ now, we seen the eggeeeeeg fieet tfee’eieeejfiee "1 —— ... — is haeeeeeee t'eet rheler-firfr: ,. , is not part haeeeeeee thet rheler-jrrfue: ,. , is not part of guarantee is not part of this deal. the us is very much pitching deal as a way to its economic ties strengthen its economic ties with ukraine and therefore increasing its interest in the country in the hope of

deterring anyone wants to deterring anyone who wants to attack ukraine the future of this vested interest because of this vested interest in this country. now, the big question is what the russians will accept. question is what the russians willaccept. because question is what the russians will accept. because as you know, a large chunk of ukraine, including some assets including some of the assets you have critical raw materials, is occupied by the russians. it materials, is occupied by the russians- — russians. 0k, it is _ thanki russians. 0k, it is- _ thank you russians. 0k, it is thank ou m fascinating. thank you for your time. appreciate time. we appreciate your on this. there is more time. we appreciate your on)n this. there is more time. we appreciate your on ourris. there is more time. we appreciate your on our websitee is more time. we appreciate your on our website as; more time. we appreciate your on our website as well, 5 detail on our website as well, so do take a look, and the bbc news app, on this. the united states is facing warnings of a worrying tipping point in its economic fortunes. biggest economy into a recession. wall street stocks slipped

on tuesday after a round of concerns that donald trump's tariffs will knock the world's biggest economy. a budget resolution that calls for trillions of dollars in tax and spending cuts. let's cross live now to janet mui, head of market analysis, rbc brewin dolphin. janet, lovely to see you. so, markets wobbling on wall reeerieete ere wefibfind ere �*e�*e’e" to a reeerieete ere wefibfing ere �*e�*e’e" to a great degree street which to a great degree is expected. they will be volatile for some time and we have seen after the election of trump huge increases on stock 77 stock markets77 as well, give fiee etfitkimereeteee’fieflgiee ’ your take on what is 7 at the moment. e at the moment. happening at the moment. good mornin: , happening at the moment. good morning. sally. _ happening at the moment. good morning, sally, - for - morning, sally, thanks for having me. we are well from

post—election where we saw that poetfeleation where we saw that confidence poetfeteatioh where we saw that confidence sky writer —: = -: it —— skyrocketed ff =-: of the optimism what heeaeeee of the oatirereierere ore what ., , ,, , in ministrations heeaeeee of the teatirereierere ore what ., , ,, , in ministrations could trump's in ministrations could do on tax costs and do on cutting tax costs and easing regulations and the tariff concerns currently the tariff concerns outweighed this optimism, can see this from the latest we can see this from the latest business surveys as well as consumer they are consumer confidence. they are worried about tariffs because it will cause higher inflation. so that is now what the so that is rightenowewhat the are worried so that is rightehowewhat the are worried about, they markets are worried about, they are more worried about growth actually compared to inflation the of these because the potentiatof these and impact on supply tariffs and impact on supply chain can impact growth. so i think this the prime market think this is the prime market at the moment and concern at the moment and that is in the market and also the recent volatility and also the recent down slide in us equity down slide in the us equity market. �* ., ., , down slide in the us equity mark obviousl ,. ., , down slide in the us equity mark obviously it is just a as down slide in the us equity mark obviously it is just the as

well, obviously it is just the beginning of a budget promise, fiscal policy changes that trump promised when he was in trump promised—when hewas in that he would §°.v.ejflfle1§nt that he would reduce massively reduce taxes, that will be something going through congress that will also tip the balance a lot in terms of the money coming into federal mm??? mm”? "it? e§§i§f§17 77 777 7 777777 and its debt g iti_me position? 7;;%:7;777w7i2e ”' ’ that position? jifzi;%—i;fe ”' ’ that the position? 7;;%:7;%71;t’ ”' ’ that the reublicans side is that the heeubtiearee "e " " ' e ,, of the side is that the heeeiatieares "w " " ' w w of the congress so is a reasonable there is a rest reasonabte ~ ~ that this tax cut can pass through but package can pass through but still some uncertainty and we are still not that yet. are still not getting that yet. but at the moment, what markets are concerned about is that right now the uncertainty, right now the economic uncertainty is uncertainty, right now the econom at |ncertainty is uncertainty, right now the econom at the rtainty is uncertainty, right now the econom at the highest; actually at the highest level since 1990, outside of the pandemic. when you have this uncertainty i uncertainty environment, i think businesses are just more anxiety and could getting more anxiety and could hold back on potential investment and hiring. and of investment andhhingjtred of they are

investment andhhingjtnd of they are also concerned course, they are also concerned of higher debt the us of the higher debt of the us and budget government and higher budget because to finance deficit because to finance these tax cuts, it is going to be derived from tariffs and these tax cuts, it is going to be d cuts d from tariffs and these tax cuts, it is going to be d cuts in rom tariffs and also cuts in government the department spending which the department government efficiency is of government efficiency is currently doing so currently doing but cutting so many governments are federal employees and contract emnloyeesand contract also amptoyeesand contract also causes emnloyeesand contract also causes concern employees also causes concern the spending power of these on the spending power of these employers and could potentially employers and could potentiatty anxiety amongst cause anxiety amongst consumers and affect potential spending this is what is weighing on so this is what is weighing on the market the moment. and e 7 7 77th7e7n71id7dl7e 77 77 7 7 7 77th7e7n71id7dl7eof7 77 7 7 7 77th7e7n71id7dl7eot7m7arch, be 7 algae; 77 7 77 7 be looking at 7 be looking at another7 7 is the is the big government shutdown is the big debate about government is debate about government debt is had once again. janet, thank for 77 77 7 for you7r 77 7 for you7r time. it's a big day for bp — the oil giant will announce and ramping up of the highly profitable oil and gas endeavours.

it follows recent announcements from shell and equinor who are following the same path. but bp had been the most ambitious about its renewables strategy that was laid out five years ago. dividends of 77% and the us oil giant exxonmobil has paid out profits totalling 149% of its share price value in that time. an industry publication.

hello to paul. so what are we expecting to hear bp we expecting to hear from bp today then?— today then? like you said, sall , today then? like you said, sally. it — today then? like you said, sally. it is _ today then? like you said, sally, it is the _ today then? like you said, sally, it is the great - today then? like you said, sally, it is the great reset. once had the mantra beyond bp once had the mantra beyond petroleum, now it looks like back petroleum. they will back to petroleum. they will abandon targets they had few abandon targets they had a few years ago, 40% cut in oil and abandon targets they had a few yea was o, 40% cut in oil and abandon targets they had a few yea was first )% cut in oil and abandon targets they had a few yea was first put:ut in oil and abandon targets they had a few yea was first put outn oil and abandon targets they had a few yea was first put out by il and abandon targets they had a few yea was first put out by 2030 a few years ago 7 a few years ago that 777 a few years ago that got but a few years ago that got back to 25%, now it is scaled back to 25%, now it is looking like that will looking like that target will be abandoned completely and oil and gas will be back front and centre �* its we have centre of its strategy. we have seen renewables will be centre of its strategy. we have si back, rewables will be centre of its strategy. we have si back, it nables will be centre of its strategy. we have si back, it is bles will be centre of its strategy. we have si back, it is clearly ll be centre of its strategy. we have si back, it is clearly a be gated back. it is clearly a that they have fact that they have been putting ideology above and beyond the economic reality and profits and like you said, they have lost leeway to of its have lost leeway to many of its and competitors and that is in its share price. reflected in its share price. this is a really critical end this is a reattserifieat w' for bp, isn't it? it has end this is a reattaerifieat w'

through p, isn't it? it has end this is a reattaerifieat w' through such 1't it? it has end this is a reattserifieat w' through such a: it? it has end this is a reattserifieat w' through such a to? it has end this is a reattserifieat w' through such a to much s been through such a to much worse time changes of worse time with changes of leadership, unexpected changes of leadership. but also, of course, the landscape has changed, you have precedent trump with his baby, trump with his drill, baby, policies but also as well drill policies but also as well we have this activist ease hatere this aetier'tst afeeee ' ' management, ease hatere this aetier'tst afeeee ' ' management, the elliott management, the influential wall street that has taken investor that has taken a near $4 stake in bp and $4 billion stake in bp and there is a lot of expectation about what their plans are. in many ways, it has been coming. new 7 7newbp 77 7 7new bp took 77 7 7 new bp took over when the new bp ceo took over about year ago, they when the new bp ceo took over about started ago, they when the new bp ceo took over about started to 3, they when the new bp ceo took over about started to make/ when the new bp ceo took over about started to make these already started to make these changes. the had changes. the mood music had already changed, they hived off their winter business, they been addressing some at have been addressing some of the costs within the company inking" 77 making those changes but and making those changes but now this investor coming on it really looks like they board it really looks like they will accelerate the timeline really much harder and really go much harder at oil and gas and really go much harder at oiland gas again, and really go much harder at oil and gas again, really looking at how to create

7 speculation it profitability. speculation it could cut off some of its around and as well and 7777375 nineteen; iuofuels as well and realty to tggftuels as well and really to reinvest back into oil look to reinvest back into oil and gas a more and there is and gas a lot more and there is already in that going on. i was in the energy week a couple of agoee ..,, nu-.. ~ ago and they made a deal an indian company out with an indian oil company out there, they have been big in there, they have been big in the caspian and deepwater as well. they are already starting to do that and it is more about timeline and a 777777a7l7ittl7e7777 7 7 77777é7fltil7975|i7 u u 7 77777a7uttl7e7bit7n71ore7 being a little bit more about making unapologetic about making money shareholders tor itststhareholders which shell and others been very much �* about have been very much clear about oil and gas still being very a nd 77 77 and centre. and 7 and centre. and yes, the front and centre. and yes, the us doesn't have the same mood as, say, in but 7 but at 7 but at the 7 but at the same time, europe. but at the same time, like you said, that shift even mm euro-e... thank euro-e. .. thank ou for euro-e...thank ou for our in europe... thank you for your time and on this. our

time and analysis on this. our business editor jack has business editor simonjack has written piece for online and business editor simonjack has wi the 1 piece for online and business editor simonjack has wi the bbc ece for online and business editor simonjack has wi the bbc news tr online and business editor simonjack has wi the bbc news app, ne and business editor simonjack has wi the bbc news app, do and business editor simonjack has wi the bbc news app, do take at the bbc news app, do take a look at that and we will be 7 7bp's meeting 7 7 bp's meeting and 7 7bp's meeting and when 7753755517 {netting and when 7 77h駧e7n7s77hér7e7 ting and when 7 77happe7n7shereong and when 7 antenna; on ma when 7 7 happens here on bbc news. en car maker sunk below one trillion dollars for in the european union and the uk have dropped. michelle fleury was watching all the action in new york. one number to keep in mind is tesla's share price on the day donald trump was re—elected after that, the price shot up to more than $479 in mid—december, or around 90%. in other words, the massive post—election gain in tesla's share price and some

of elon musk�*s paper fortune is close to being wiped out altogether. the sharp fall comes as demand for teslas in europe and the uk dried up, falling 45% injanuary even as rivals' sales rose. evs in the euro area. in slashing us government spending. pressure, it appears wall street is coming to terms with the reality that elon musk�*s electric car juggernaut could face a weaker than expected first quarter. this is bbc news.

is business today. the recent crypto rally seems to be running out of steam! thousand dollar mark — with other cryptocurrencies suchaeetber also will hold a hearing to discuss regulation that supporters say could herald a "golden age for crypto". top priority for this congress. let's hear now from katharine wooller, good to have you on the programme, catherine. as soon as donald trump was elected, cryptocurrency to surge cryptocurrency started to surge value, didn't they, in value, didn't they, because of that he said about it, own personal investment?

his own personal investment? but also, many on his team who investment in crypto. as had investment in crypto. as art of had investment in crypto. as part of a _ had investment in crypto. sis part of a slew had investment in crypto. is part of a slew of top jobs in american government going to people?” z’f ew people, having77777 people, having seen pro—crypto people, having seen more cynical incumbents after 7 after b7iden's exit, exitingafterfiiden�*s exit, the of the fcc and a bitcoin chair of the fcc and a bitcoin fan the chairthe... chair of the fcc and a bitcoin fan the chair the... more simply how to regulate crypto ::_—z7: a7slew of legal experts with a slew of legal experts and representatives from the crypto industry. a real sense that that would hopefully start a number of agencies working �* together 77 together and 77 together and a77 �*and clearer and clearer regulatory better and clearer regulatory framework. historically, the us has had quite fragmented 715755365171; 7 77 777777777 77e7s7sent7ial7lyusir71g7777777777 regulation essentially using that are fairly old regulations that are fairly old and not really tended not appropriate for modern aeetfiehate farfisgaamee lots technology. interestingly, lots of lawsuits the sec over

of lawsuits the sec had over,,,,,, have been dropped. we crypts have been droppede e-eie more to follow and it is goo; eeee eee e e good news for the areaeiis eeee heee ter the industry areaeiis eeee heee ter the industry as ereaeis eeee heee ter the industry as a whole and crypto industry as a whole and america is a huge america is potentially a huge market for crypto investors and a lot clearer. investors and market for crypto investors and institutions looking to do institutions looking to do business there. 50 business there. 50 institutions looking to do business there.— institutions looking to do business there. so what can we institutions looking to do business there.— institutions looking to do business there. ., business there. so what can we exect, business there. so what can we exoect. do _ business there. so what can we exect, business there. so what can we exoect. do _ business there. so what can we exoect. do you _ business there. so what can we exoect. do you _ expect, do you think? - business there. so what can we expect, do you - senatorl expect, do you think? senator tim scott saying this is my business there. so what can we expect, do you think? senatorl expect, do you think? senator tim scott saying this is my priority for this congress. it priority for this congress. it won't a smooth process won't be a smooth process won't be a smooth process though, will it? there is though, will it? there is plenty within who are plenty within congress who are plenty within congress who are very about crypto. very concerned about crypto. very concerned about crypto. yeah, i crypto is one of yeah, i think crypto is one of yeah, i think crypto is one of those contentious those slightly contentious those slightly contentious lots of love it issues, lots of people love it issues, lots of people love it lots of people don't. the and lots of people don't. the and lots of people don't. the us has been known as what we has been known as what us has been known as what we call regulation by enforcement, call regulation by enforcement, so essentially not really so essentially not really having appropriate regulation having appropriate regulation but using some quite aggressive using some aggressive but using some quite aggressive lawsuits to try and lawsuits to try and clarify those rules so there is a real e so there is a real those rules so there is a real sense that a lot �*those sense that a lot of those areas that were fairly grey will now sense that a lot of those areas that fairly grey will now be a lot clearer. example, what

= -7:: a lot cleare7r.7 7 exactly is caught in that regulation, things like staking, essentially an interest account for crypto, or things like nfts which are a digital way of proving

certainly a demographic one. people, those aged 65 and above make up about 20 % of the total. the government has called it a "national emergency". enough students to teach. let's go live to seoul — young—tay cho is professor in demography at seoul national university and director of its population policy research center. welcome to bbc news. hello. a bit of welcome to bbc news. hello. a - bit of good _ welcome to bbc news. hello. a - bit of good news - welcome to bbc news. hello. | a - bit of good news when a slight bit of good news when it comes to the population in korea but still you a south korea but still you are a long way away from where you need to be.

long way away from where you need to be- — need to be. right. actually, it is to need to be. right. actually, it is - to have _ need to be. right. actually, it is - to have an _ than a decrease but as just mentioned there, 0.75 you just mentioned there, 0.75 or 0.72 not much a does7n't7 7 doesn't seem 7 77 does7n't7seem bright. demographic time bomb in korea has been ticking south korea'has been ticking some time, the for quite some time. the base, various government has tried various measures to try and encourage to have7 77 77 7 1375555351177 7a; hat}; babieéfééufife} women to have babies, couples to get married and te eet matt'eeefie f1eeee77777 why te eet métt'eeefie re§e777 why is te eet metheeeee f17e�*ee777 why is it not children. why is it not working?— children. why is it not workinr? , ., working? may be, . ~ ...~. ... tried to find working? may befimtemmentimm _ tried to find the - the beginning tried to find the cause, a major cause of this low fertility. however, they —=7 to focus 7 to focus from 7 to focus from the 7 to focus from the welfare tried to focus from the welfare ddelene sometimes driven policies, sometimes they work but sometimes don't.

work: but sometimes they don't. people say sweden work:butsometimestheydon't. people say sweden terms work:butsometimestheydon't. the jeople say sweden terms work:butsometimestheydon't. the welfare ay sweden terms work:butsometimestheydon't. the welfare system en terms work:butsometimestheydon't. the welfare system e the :erms work:butsometimestheydon't. tt in velfare system e the :erms work:butsometimestheydon't. tt in the are system e the :erms work:butsometimestheydon't. tt in the world .tem e the :erms work:butsometimestheydon't. tt in the world .ten their e :erms best in the world but their fertility rate also decreases so it be the solution so it cannot be the solution but the south korean government wanted to solve this problem through the lends. wanted to solve this problem through the - lends. 7sayt7hrough7 7 7 say through7welf7are you say through welfare policies, i assume, you say through welfare policies, iassume, is you say through welfare policies, i assume, is this couples or with helping couples or parents with the of is it the cost of childear—ee—ie it~ , . , the cost of childear—ee—ie it~ , . , the cost of childear—ee—ie itee e e e the cost of childear—ee—ie itee e e e the cost of having about the cost of having children that is the main issue? fggf?§fffg main issue however there a ma'or a major or more fundamental is a major or more fundamental issue which is competition. the generations, among the younget generations, competition, among the youngetgenerations, competition, the rate and 72: the extra and 7f7e7éi 7777777777 7fe7ela7bart777 777 7f7e7e7l7 £61e7t777t7h7e77 7 how they feel about the with each other is gagtpetition with each other is high and intense in really high and intense in korean society, it makes people think survivor comes first than reproduction. i rather than reproduction. i think that the major cause. think; that is the major sense you talk think; that is the majer sense you talk about when you talk about competition, just explain what

mean by that? if they have is 7 is 7it 7 7 is 7it about 7 7 is 7it about the 7 7 is 7it about the fear 7 may is 7it about the fear 7 may not about the fear 7 may not look t the fear 7 may not look orhe f7ear 7 may not look or be f7ear 7 may not look or be as r 7 may not look or be as well they may not look or be as well or... what do you mean educated or... what do you mean ijy educated or... what do you mean by i educated or... what do you mean b ., ., mjiiu of the 777 mus , of the korean 7 by that? of the korean population by that? of the k the n population in“- of the k the ca - ital. :tion in“- of the k the ca - ital. that lives around the capital. that means they have all the resources and people are packed a very small area so they in a very small area so they have compete with each other have to compete with each other for all of the resources. particularly younger particularly the younger generation, 25—34, almost 67% 7i7— 7 them live 7 77themliv7e77 7 77th7e77777 m com-carin capital. is it 'ust comparing the capital. is itjust comparing - the cities _ capital. is itjust comparing - the cities and - within the cities and other compared to rural areas, cities compared to rural areas, is fertility rates higher in rural areas or not? overall in korean society, _ rural areas or not? overall inj korean society, - rates korean society, fertility rates are very low but compared to rural rate of fertility seoul, rural rate of fertility rate is higher. hong kong,

or singapore, they are macau or singapore, they are the three other countries where fertility rates very low fertility rates are very low just like career and the our countries so there is only city countries so there is only one place to go but they allow people living there so they people livingthere so they to compete with each other have to compete with eachother �* resources and. is over resources and. it is absolutely _ over resources and. it is absolutely fascinating. l over resources and. it is absolutely fascinating. thank you for us through what 90mg? e; e eee goings; ej ee wee? eee 7 77going7on7in7solit7h7 going on in7south korza. is going on in south korea, interesting. that brings really interesting. that brings to a close business today, we totaclose business today,,,we packed a lot in, having have packed a lot in, having we? there's so much on our 77 the 7 7 the bbc news app, do website, the bbc news app, do take a look. hello. as we look towards the end of february and the start of march. followed by a mix of sunny spells and showers.

in over the tops of the pennines, high ground in the southern uplands. but that band of rain should pivot its way following on behind into england and wales. bit of cloud lingering into the afternoon with some outbreaks of patchy rain. northern scotland doing perhaps best of all for dry 7—10 celsius. a few showers into the northwest of the uk — but where we see clearing skies, temperatures will drop as we head into thursday morning. some early splashes of rain, i think, across parts

of around 8—10 celsius. establishes itself more strongly, the winds will fall light, we will see quite a widespread frost and some through friday morning, it should clear. and then, a lovely—looking day, spells of sunshine, of around 9—10 celsius. so that's how we end february — what about the start of march? this is the forecast for the four capital

this is bbc news. ukraine says an agreement has been reached with the us on the joint exploitation of kyiv�*s mineral riches, a key demand of president trump. prime minister sir keir starmer will travel to the us after announcing a boost to uk's defence spending. reached for the release

of all the palestinian prisoners israel refused to free last weekend. that will appear at the same time. we'll tell you all you need to know. coming up on business today. on oil and gas after years of ramping details still aren't clear on exactly what each side will get, but ukrainian officials say they see

it as a good outcome. president trump described the deal as "very big" and said