samira hussain, bbc news, york, pennsylvania.arket giant carrefour is scaling back its presence in china. europe's biggest retailer is selling 80% of its struggling chinese operations to local rival suning.com. sharanjit leyl is following this from our asia business hub in singapore why is it struggling? a number of reasons but, as you say, it is exiting its chinese business selling a majority stake to suning.com. the deal valued at $1.6 billion. it is also one of the biggest food retailer and it is in the middle of a major reorganisation and has had to deal with a lot of competition in china. we know that it operates 210 hypermarkets, 224 convenience stores. it has been in china since 1995 but despite the outward potential for the chinese market, 1995 but despite the outward potentialfor the chinese market, it has spent years battling fierce local competition and a strong on line market. last year, for instance, 5.9% fall in sales. the agreement will allow it to sell the remaining 20% it holds into the chinese subsidiary and lea

samira hussain on the slack ipo debut in new york.adlines, apple has several corporations warning the trump administration against raising ta riffs trump administration against raising tariffs on chinese goods. it comes as talks resume aimed at ending the trade war. the countries' presidents are expected to meet at the g20 summit injapan next the new chief executive of airbus claims an ideal brexit is a threat to the industry, the uk and the eu. he called for proper preparations to be put in place to help businesses draw up their strategies. remember, before march we were very vocal on the risks of an ideal brexit. at that time it was about a no deal brexit by accident, well, i know deal brexit still would be very bad news for industry. but if it becomes more likely, then we have to prepare. we need to prepare to limit the damages that are no deal brexit would cause in the short term. for instance, on logistics, on the movement of parts, and then in the long—term, we need to see what it means, but obviously this would be bad news for

samira hussain, bbc news, york, pennsylvania.'s most distinctive landmarks, a gateway to the mall and buckingham palace. after being sold as part of government cost—cutting, it will re—open soon as a luxury hotel. but building work revealed that the arch was an entrance to a network of secret tunnels. mark easton went to have a look. familiar backdrop to a century of british ceremonial — the secrets of admiralty arch are now being unearthed. we've been granted exclusive access to see what's happening to one of london's most famous landmarks. inside, edwardian opulence and memories of old battles. the ghosts of navy commanders haunt the corridors. winston churchill, louis mountbatten, reminders that admiralty arch was the residence of the first sea lord when britain ruled the waves. it is also where ian fleming, working for naval intelligence, created james bond, and down in the basement one discovers a network of secret tunnels stretching beneath westminster, filmed for the first time. there are strange corridors, bunkers with he

samira hussain has been speaking to some of them in pennsylvania.k, pennsylvania were built on manufacturing. heavy industry remains essential to the local economy. and it is communities like these that acutely feel the impact of president trump's trade wars. bob wilson's business is selling electrical wire and cable. it has been hit by duties on the material it buys overseas and the finished product he sells to his customers. plans to hire two new fulltime staff have been put on hold. not knowing what the future is going to hold, those plans have since been put on the shelf. up until last year, bob wilson was a ca rd—carrying republican. he says the party has forgotten its pro—trade routes. we reallyjust truly don't know what's going to be happening. it seems to be, changes from day—to—day, depending upon a tweet. the uncertainty is particularly difficult for small companies to weather but york is also home to some big manufacturers who have already said they've been badly hurt by tariffs. so what our businesses are really looking for to be success

the bbc‘s samira hussain looks at the issues the us central bank will be taking into consideration.t the beginning of 2019, the people who sat interest rates at the us federal reserve were talking about raising rates by as many as three times this year. well, back then, the us economy was growing fast and the us economy was growing fast and the concern was how many rate hikes they would have to incorporate. us interest rates have been stuck at 2.596 interest rates have been stuck at 2.5% since then and now everyone is talking about whether they need to be cut. so, what changed? growth is one thing. the economy's still seems in robust shape, but data shows rough times ahead. and of course there is the president. mr trump's enthusiasm for trade disputes with eve ryo ne enthusiasm for trade disputes with everyone from china to mexico is being watched carefully for the damage they could do to the global economy. mr trump says the fed was wrong to raise rates last year and should definitely be cutting them 110w. should definitely be cutting them now. that's the kind of political pressure

significantly, they have dropped a reference to being patient over future moves, as samira hussain reportsning of may, the federal reserve felt that the labour market was strong inflation was near its 2% objective, consumer confidence was also strong and it seemed that the trump administration was close to inking a trade agreement with china. asa inking a trade agreement with china. as a result, america's central bank unanimous in its decision to keep interest rates unchanged. and to exercise patience when considering any further moves to the federal funds rate. but injust any further moves to the federal funds rate. but in just a view weeks, the mood has shifted. nearly half of all voting members now believe there should be at least one cut to interest rates this year. jerome powell says there could be some risks to the economy ahead. growth indicators from around the world have disappointed on net, raising concerns about the strength of the global economy. apparent progress on trade turned to greater uncertainty and our contacts in business and agriculture report heightened concerns over

the bbc‘s samira hussain has the latest from new york.timistic tone from the trump administration was enough to send us financial markets higher, a clear sign that investors are really looking for a trade deal between the us and china. that said, similar notes of confidence have been uttered in the past. but, as we know, those talks ultimately fell apartand know, those talks ultimately fell apart and resulted in an increase in duties on some products going in and out of china. now, many trade watches are feeling somewhat optimistic about the upcoming meeting between us president donald trump and chinese president xi jinping on the sidelines of the upcoming 620 summit. there is little expectation of a deal being signed at this meeting, but mr mnuchin did suggest that one could come by the end of the year. meanwhile, donald trump has directed criticism at another target, the european union. the us president launched a scathing attack on the block, saying it, quote, treats us worse than china, and that is making 6erman carmakers nervous, not

the bbc‘s samira hussain has the details.eeting in may, the federal reserve felt that the labour market was strong, inflation was near its 2% objective, consumer confidence was also strong, and it seemed that the trump administration was close to inking a trade agreement with china. asa inking a trade agreement with china. as a result, america's central bank was unanimous in its decision to keep interest rates unchanged, and to exercise patience when considering any further moves to the federal funds rate. but considering any further moves to the federalfunds rate. but injust a few weeks, the mood has shifted. nearly half of all voting members 110w nearly half of all voting members now believe there should be at least one cut to interest rates this year. fed chairjerome powell says they could be some risks to the economy ahead. growth indicators around the world have disappointed on net, raising concerns about the strength of the global economy. apparent progress on trade turn to greater uncertainty, and our contacts in busin

and samira hussain has the details of what's ahead on wall street today.quarter on thursday. analysts are expecting high demand for women's clothing will have boosted profits for the sportswear company. nike ma nufa ctu res for the sportswear company. nike manufactures 25% of footwear and close in china so the company may also comment on any particular impact on washington's proposed ta riffs impact on washington's proposed tariffs on chinese imports —— clothes. the us federal reserve on thursday will report results for its annual stress test of large banks and the commerce department will release its third reading of the gdp for the first quarter. joining us now is james bevan, chief investment officer at ccla investment management. thank you for coming in. great to be here as always. shall we talk 620, big market moving event, how are things shaping up? the big challenge is what will president trump say on trade and there is a lot of gossip. demonstrating he believes we are getting closer to a deal, 90% done, he thinks. the last 10% of any negotiation is

some more about these markets in detail ina more about these markets in detail in a moment, and samira hussaintoday. tesla will be holding its annual shareholder meeting on tuesday. since the last time they got together in 2018 tesla's market value has dropped more than 30%. in part a result of a tweet from chief executive elon musk suggesting he would take the company private, a social media post which resulted in a $20 million fine for himself and the company as part of a settlement with the federal regulators. also weighing on the stock is falling deliveries and the company's quarterly earnings in the first half of 2019. that said, in the past tesla stock has risen dramatically following announcements at the company's annual meeting. also happening on tuesday, the labor department is expected to report producer price is went up 0.1% may after a 0.2% increase in april. joining us is rebecca mcvittie, investment director at fidelity international nice to see and welcome to the programme. let's stay in the us and start with what we've heard from president trump and we've heard a lot that's bee

and samira hussain has the details of what's ahead on wall street today.states, the federal reserve meeting per two days beginning on tuesday. barnes and noble will be reporting earnings on wednesday. a big tech company slack will start trading on the new york stock exchange on thursday. and of course on friday at the commerce department will be releasing the latest home sales numbers. but before we can get to any of that we need to deal with monday and that is when the office of the us trade representative will begin public hearings on the list of more than 3000 product categories of chinese imports that could be subject to duties of up to 25%. busy week. joining us is sonja laud — deputy chief investment officer, legal & general investment management good morning. so what are you watching this week about saddam central banks —— banks. watching this week about saddam central banks -- banks. whatever the fed will tell us will depend on what happens at the 620 the week after. as we've heard already, the market is focusing on this idea that there will be an

the bbc‘s samira hussain looks at the issues the us central bank will be taking into consideration.sally. with us now is candice bangsund, portfolio manager for fiera capital. good morning. so, where are you on what the fed might do today and then maybe injuly? what the fed might do today and then maybe in july? lots of speculation about the meeting today and i think the fed is going to have to be very careful in its message so as not to spook the markets, there are lots of dovish expectations going into the meeting today, so they will have to strike a fine balance between acknowledging the risk out there and the willingness and readiness to act if necessary, but without succumbing to what the market is pricing right now. and the market is pricing in a cut injuly? now. and the market is pricing in a cut in july? fully priced forjuly until the 2023 rate cuts, which in oui’ until the 2023 rate cuts, which in our view is quite aggressive, considering the us fundamental economy is quite sound. and will he be trying to keep across the trade discussions that will happen next week injapan?

samira hussain nowjoins us from new york harbour. these are big claims that the chinese are making. are making. can they back it up with hard evidence that tariffs are impacting on the global economy? it certainly is having an impact on the global economy. if you speak with any economists that i sort of looking at these headwinds, they would say that these kinds of create tensions do not bode well for the global economy because everything is just so interlinked. we are standing just so interlinked. we are standing just by the water here and further down from the port in new york, there are a lot of goods that come in and out of this area. it really highlights how important trade is and the fact that we are seeing president trump and xiejin ping speaking at the end of the g20, that is being seen here as a very good sign in terms of these eu negotiations between these two countries. mr trump is a new yorker, saw other people who work at the port, i'm sure. do they have some sympathy with the president's position on tariffs and his desire to see more business brought into the us? when

samira hussain has the details. develop into a profitable company, it really has to be able to capitalise on this d riverless has to be able to capitalise on this driverless technology and this is where they're putting a lot of their efforts. and of course this comes a year after it had a fatal accident and some of the testing it was doing with this driverless technology that happened in arizona. the government there found that they were criminally responsible but they have now decided to take some additional safety steps. not only are they going to have a driver in the car, there are a second driver as they go through some of this testing. soon, we're going to see that these cars will be testing into cities and in san francisco. there also a of competitions, they are also trying to develop their own driverless technology. will also be focusing on the ebola outbreak because it has spread into a second country, the world health organisation has called this an emergency meeting and will have much more on that coming u

samira hussain in new york.ember, this is really done by a committee of people, so it's not a decision made by one person, but there is a bit more than a dozen people that make these decisions and what they do is look at all the information from around the country, interns at the kinds economic data that they are looking at, and so almost unanimously, people said love, we should not be raising their rates this time, but it seems that there are almost half of these voting members that believe that down the line, we should see another rate rise, so they had held steady now but there could be another one coming at some point this year. what's it about the state of american guy economy that makes us but it's thinking it's necessary send. what we are seeing, and what we have heard from the chair of the federal reserve is that there has been some uncertainty when it comes to economic growth, globally. and that's of course some uncertainty with regards to the trade negotiations between the united states and china, and

samira hussain is in new york. so what did mr mnuchin say?united states and china as possible sometime by the end of this year, that in fact both sides are 90% of there. so this kind of optimistic words, the optimistic tone coming from a prominent member of the trump administration, someone who is part of the negotiating team we china, well that said the us financial markets assign, they were up financial markets assign, they were up by financial markets assign, they were up by about .2%, clearly & investors really wa nt up by about .2%, clearly & investors really want to see a trade deal between the united states and china. so we can expect them to me when it comes to the g20 summit? so we can expect them to me when it comes to the 620 summit? it will be meeting and that's going to be a lot of eyes on the meeting between the president of both countries, the presidents. that said most black not expecting it to be a trade deal that's agreed upon this meeting. let many people are saying is that look, the fact that we are seeing this high level

samira hussain is in new york for us. someone won't like that particular suggestion.ike, warning students and for performances and i think we have seen the bell sounded quite time spoke earlier in the year, the spring meeting they cautioned that trade tensions between the us and china are more broadly speaking at protectionist trend and would be harmful to the global economy, now as we are starting to see more tariffs imposed, they are continuing to repeat that whining and now obviously place some figures behind that basically saying that trade tensions between us and china could cut and weld economic growth next year by about half a protectionist trend and would be harmful to the global economy, now as we are starting to see more tariffs imposed, they are continuing to repeat that warning and now obviously putting some figures behind that basically saying that trade tensions between us and china could cut world economic growth next year by about half percentage point. this obviously is amounting to less than about $455 billion as mentioned, just putting it in context

as part of the bbc‘s ‘global trade war‘ series, samira hussain has been to meet some small business ownerstely feel the impact of president trump's trade wars. bob wilson's business is selling electrical wire and cable. it has been hit by duties on the material it buys overseas and the finished product he sells to his customers. plans to hire two new full—time staff have been put on hold. not knowing what the future is going to hold, those plans have since been put on the shelf. up until last year, bob wilson was a card—carrying republican. he says the party has forgotten its pro—trade roots. we really trulyjust don't know what's going to be happening. it seems to be changes from day to day depending on a tweet. the uncertainty is particularly difficult for small companies to weather, but york is also home to some big manufacturers who have already said they been badly hurt by tariffs. so what our businesses are really looking forward to be successful is a stable, predictable business landscape. they are not looking for drastic policy changes, they are not looking for uncertainty. just dow

samira hussain now joins us from new york. what is it?y in the air but as it stands right now, reports suggest the faa would not feel confident taking these planes in the current form up in the airforany these planes in the current form up in the airfor any testing, so these planes in the current form up in the air for any testing, so it's back to the drawing board for belling to try and mitigate the kind of risk that they have found. while this is bad news for boeing, it could be seen as a of confidence by the blind public for the faa, remember, the faa is the regulator, and they were under quite a lot of scrutiny because it was seen as if they were to close and didn't have enough tabs on the company, before for these max jets were allowed to fly. the fact that the faa were the ones to really find this could lead itself to regain some of the reputational advantage that it may have suffered in the last several months. i suppose a lot of viewers will be thinking has boeing identified will cause a crisis and fixed it. exactly, but ultimatel

let's talk to samira hussain in new york.s are slipping. it is a really difficult time to see someone who was so crucial in revolutionising apple and was really out of the forefront of all the design aspects of their products to be leaving. you can tell that investors are a bit worried about that because out of the news, we sure that the share price fell, losing some $200 on its price. it's really significant because it now compound these fears about what happens next for apple. are they really going to be able to make another product that will captivate people as much as the iphone, ipad, imacs have? that more do we know about this new company — lovefrom? it has been reported this company will go home a lot more creative freedom. he wants to work on projects, which also include some working with apple. i think a lot of people will be looking to try to get some of his expertise, if he can be light revolutionary arm for apple, who knows what other companies will be doing to try and get his expertise. thank you forjoining us. d

let's speak to samira hussain in new york.oil reserves passes absolutely. 30% of the world's oil reserves passes through. if there is any instability in the region and there is a risk to any ships going through that straight, that will certainly have an impact on oil prices, which is something that we are absolutely seeing today. remember that this comes at a timing which actually all prices have been falling quite a bit. there has been demand for oil and as we see there is so much uncertainty in the global economy, especially when it comes to theissues economy, especially when it comes to the issues of trade, there is a lot more hesitancy within the market, so you really have seen the price of oil falling somewhat. and this is really pushing it up because people are worried about the risks this is posing to potential oil routes. and there have been several similar incidents in that area now within recent months. exactly. this is the second time that we are seeing something like this happen. back in may, we saw some old tanker

joining us now is our north america correspondent, samira hussain.lavours and these sweeter mango flavours which have become very attractive to kids so some have become very attractive to kids so some people have suggested they have seen a 36% increase in the numberof have seen a 36% increase in the number of young people that are getting hooked on tobacco, so that is the big push and why san francisco has decided to make this move right now. when does the band ta ke effect? move right now. when does the band take effect? the mayor of the city has ten days to sign the bill and by all indications it seems that she will do so, and after that stores which have have the product, they have 6—7 months to get rid of the product before the ban comes into place, so there is still a bit of time, but it is clear during that time, but it is clear during that time you can expect that there will be some legal challenges being mounted against this bill. what about the rest of the us? other states may follow suit? what is interesting about this is that san francisco

let's speak to samira hussain in new york.atter? businesses are making an economic argument. they say, if we want to attract a diverse pool of people into their businesses, they can't have these kind of restrictive laws, because when it is trying to bring people to work for them, there are lots of people who would say i don't wa nt lots of people who would say i don't want to work for a company that operates in this particular state, because of those restrictive abortion rules. it is also difficult for them to argue that you want to have equal rights for both men and women when there is this kind of disparity when it comes to reproductive rights for women, and the kind of difficulties that are put on women and terms of also attracting a diverse pool of people. so that is the argument, and you have more than 200 businesses, the ceos have more than 200 businesses, the ceos of some very well— known companies including jack dorsey of twitter, and square have signed onto this. there seems to be some momentum building because big me