A signal we are entering a new phase of our economy and our recovery. I believe it is important for the country to recognise this progress because if we do not, progress made will remain locked in the fear of negative mindsets that dominate our economic outlook since the pandemic began. Investors are cheering the federal reserve�*s rate cut. Here in asia, japan's nikkei 225 index added around 1. 5% in early friday trading. Us stock markets have also jumped, with the dowjones industrial average and s&p 500 rising to new all—time highs. The bbc�*s ritika gupta has more from new york. Us stocks reached a fresh try and the 500 rose 17% extending the year again to 20% and the dowjones surged over 200 points topping 42,000 for the first time in the majority of industry groups closed out the session higher and big tech outperform dusty rate spurred investors to investors to return to a risk on mood and tesla gained 4%. Stocks traditionally tied to economic growth also jumped traditionally tied to economic growth alsojumped and growth also jumped and financial giantjp growth alsojumped and financial giantjp morgan chase and caterpillar and home depo saw gains and better—than—expected jobless claims data added to the optimism suggesting the labour market remains healthy despite a slowdown in hiring. Wall street has absorbed the message that a deep cut in a relatively strong economy will ultimately fend off the risk of recession and that has reignited hopes of and that has reignited hopes of a soft landing for the economy. Shares of nike have jumped by around 8 percent in after—hours trading, after the sportswear giant announced the retirement of its bossjohn donahoe. He will be replaced by former senior executive elliott hill. The leadership change comes as nike tries to revive sales and battle rising competition. Electric vehicles harris has come between the chinese trade commissioner. It is the latest of the engagements in europe and the blog has yet to vote on the import duty for china made electric vehicles which are subject to a standard 10% tax. Deborah elms gave us a sense of what lies ahead. — what lies ahead. One of the reasons why _ what lies ahead. One of the reasons why they _ what lies ahead. One of the reasons why they put what lies ahead. One of the reasons why they put these | reasons why they put these tariffs — reasons why they put these tariffs on or at least proposed tariffs — tariffs on or at least proposed tariffs on _ tariffs on or at least proposed tariffs on chinese electric vehicles is to give an opportunity in space forward dialogue and discussion and see if they— dialogue and discussion and see if they can — dialogue and discussion and see if they can come to resolution. They— if they can come to resolution. They carit— if they can come to resolution. They can't come to a resolution of the — they can't come to a resolution of the tariffs will be applied so this— of the tariffs will be applied so this is a key step as part of the — so this is a key step as part of the negotiated process. And ou think of the negotiated process. And you think china _ of the negotiated process. fific you think china will be successful at removing them altogether?— successful at removing them altogether? probably not, but it rives altogether? probably not, but it gives them _ altogether? probably not, but it gives them an _ altogether? probably not, but it gives them an opportunity l it gives them an opportunity for a — it gives them an opportunity for a dialogue and from the european perspective it might head — european perspective it might head off— european perspective it might head off retaliatory steps by the chinese against european products. The chinese against european roducts. . ~ , the chinese against european roducts. . , ~ ,. , products. Talk is through the im acts products. Talk is through the impacts the _ products. Talk is through the impacts the tariffs _ products. Talk is through the impacts the tariffs will products. Talk is through the impacts the tariffs will have l impacts the tariffs will have an of the economic impact they will have on the eu and china. They are relatively small and i say smatt— they are relatively small and i say small sitting where i'm not buying — say small sitting where i'm not buying an— say small sitting where i'm not buying an electric vehicle by between eight and 35% on top of the 10% — between eight and 35% on top of the 10% so not a small number but it's— the 10% so not a small number but it's hot— the 10% so not a small number but it's not 100% like the americans and canadians proposed, so there is enough margin— proposed, so there is enough margin on_ proposed, so there is enough margin on many of the chinese made — margin on many of the chinese made ev — margin on many of the chinese made ev is to entice european consumers to buy them. Sol think— consumers to buy them. Sol think it — consumers to buy them. Sol think it will have an impact but — think it will have an impact but it— think it will have an impact but it will not be catastrophic halt but it will not be catastrophic hait on— but it will not be catastrophic halt on chinese evs in the eu impact — halt on chinese evs in the eu imact. . , ,. . , impact. How significance are the chinese _ impact. How significance are the chinese evs _ impact. How significance are the chinese evs sales impact. How significance are the chinese evs sales in impact. How significance are i the chinese evs sales in europe and how important to europe are they? and how important to europe are the ?. �* , , and how important to europe are the ?. , �* , ,. , , they? that's why we are in this mess that _ they? that's why we are in this mess that the _ they? that's why we are in this mess that the european mess that the european producers are not generating enough — producers are not generating enough evs to meet demand in euroae, — enough evs to meet demand in europe, particularly if you want _ europe, particularly if you want to— europe, particularly if you want to hit net zero sewer chinese _ want to hit net zero sewer chinese made ev as a key part of the — chinese made ev as a key part of the strategy and even for european car manufacturers, many— european car manufacturers, many production facilities are acting — many production facilities are acting in— many production facilities are acting in china so it means that— acting in china so it means that the _ acting in china so it means that the chinese atvs are part of the — that the chinese atvs are part of the solution most likely in europe — of the solution most likely in europe to a net zero future. Seems — europe to a net zero future. Seems europe are in a bit of a problem where it moves towards net zero and has importing chinese cvs but doesn't want to do it. . , ,. , , , chinese cvs but doesn't want to do it. . , , , do it. The main problem is car production _ do it. The main problem is car production in _ do it. The main problem is car production in europe do it. The main problem is car production in europe is do it. The main problem is car production in europe is a do it. The main problem is carj production in europe is a huge part— production in europe is a huge part of— production in europe is a huge part of the economy so if you won't — part of the economy so if you won't import cars the jobs are at risk— won't import cars the jobs are at risk and _ won't import cars the jobs are at risk and there is the real issue _ at risk and there is the real issue. What will you do about jobs — issue. What will you do about jobs in — issue. What will you do about jobs in the automotive sector against — jobs in the automotive sector against the net zero commitments when european manufacturers in europe continue to be a small percentage. — continue to be a small percentage. Continue to be a small ”ercentae. . ,. , i. , percentage. How do you see it la in: percentage. How do you see it playing out — percentage. How do you see it playing out in _ percentage. How do you see it playing out in the _ percentage. How do you see it playing out in the weeks percentage. How do you see it l playing out in the weeks ahead? we have to see how it goes but i we have to see how it goes but i suspect— we have to see how it goes but i suspect it will be more complicated for awhile and eventually we will have to come to decisions about the importance net zero pledges versus— importance net zero pledges versus issues around evs not just— versus issues around evs not just for— versus issues around evs not just for the europeans but for the chinese and the americans as welt — the chinese and the americans as well. . , as well. Neo will deliver the first price — as well. Neo will deliver the first price car _ as well. Neo will deliver the first price car at _ as well. Neo will deliver the first price car at the as well. Neo will deliver the first price car at the end as well. Neo will deliver the first price car at the end of. First price car at the end of next week. The suv is currently only available in china with prices starting at around $29,000. Troubles continue for the india arm of vodafone. Its shares have plunged after the supreme court rejected a plea from telecommunications firms on the recalculation of fees owed to the government. Seeking how much they see the license fees or adjusted gross revenues. These companies were seeking to pay a much smaller amount and had argued the government had made errors in calculating those dues. The latest order from the court quashing the police means these telecom companies must pay billions of dollars more to the government than they had previously anticipated. This is something likely to significantly affect the vodafone expansion plans in india and remain an overhang on the company's stock price. The company will now need to raise more debt because its cash flows are likely to be severely affected by the ruling according to analysts. The british vodafone group owns a 23% stake in the indian subsidiary. Here in singapore, we are gearing up for a busy weekend with the return of the formula i grand prix. The night race is expected to draw more than 250 thousand fans including overseas visitors. Mark gallagher, a formerjordan grand prix and red bull racing executive, talked to us about the economics behind the race. Singapore resides in the world of terms of being a business up and then the night race aspect of singapore which generates a huge global audience because it's the evening in asia and mourning in europe and the americas lunchtime. It has a huge footprint and live audience and there is no question this has become established as one of the must see grand prix is for those in the region. It see grand prix is for those in the region— the region. It is a winwin as the region. It is a winwin as the f1 benefits _ the region. It is a winwin as the f1 benefits from the region. It is a winwin as the f1 benefits from having l the region. It is a winwin as the f1 benefits from having a the fi benefits from having a unique race. Yes with the singapore grand prix, it's certainly an interest because japan is such a measure because you can measure the tourist benefit, the tourist dollar in the hospitality and 5—star hotels and that is the kind of set of figures that you can look at and much larger one that is the benefit of singapore literally using headlines and sports news headlines around the world, promoting it as a destination that is a brand, if you like and there a huge impact there because it's highly talked about race and from personal experience, meeting people around the world and everyone likes to ask what is the singapore grand prix like. I think advertising singapore is a destination and promoting its nation if you like. We can talk more about south east there's been talks that he could be another race in the southeast asian league, would you think of that? very close to home that in vietnam and that fell away and we also looked at thailand and there's been a big push to have more grand prix in the region in singapore is a hard act to follow because the bar is very, very high but there's no doubt formula i is been on a roll over the last since 2017 with the media acquiring formula i and continuing to expand the calendar especially in asia but also in africa. They are keen to expand the calendar. They are keen to expand the calendar— they are keen to expand the calendar. ,,. , ,. , calendar. The singapore grand prix after then, _ calendar. The singapore grand prix after then, it _ calendar. The singapore grand prix after then, it moves calendar. The singapore grand prix after then, it moves to. Prix after then, it moves to the us and mexico. We will see you soon next week. Goodbye for now. Tonight, missing ankle tags, a footballer suitcase scandal and glasto goes s couture. But a trigger warning for the first one. Former harrods employees have contacted the bbc saying they were assaulted by mohamed al fayed when he owned the luxury department store and the bbc�*s sam harrison has more. The allegations come in a bbc documentary but now more than 20 former employees have come forward saying they were sexually assaulted. Harrods now has new owners who say the women who have come forward have been let down. Here is a snippet of the bbc documentary. I kicked and kicked and kicked and screamed and i thought i'd got him off and again i wasjust terrified. Al—fayed — predator at harrods is available now on iplayer. Some prisoners released early to tackle overcrowding injails have not been fitted with tags to track their movements. The thing is that was the condition for them to leave early. The ministry ofjustice have blamed the company serco, that makes the tags and they said it is working to speed things up. And the ex— arsenal footballer jay emmanuel—thomas has been charged with moving an attempt to move £600,000 worth of cannabis into the uk after airport officials found 60 kilograms in suitcases. His lawyer says the player wants to clear his name and trial. And here is ten seconds of ten fashion. This dress is made of tents left behind at glastonbury festival and alistair designer said it was a dream come true to see her creation at london fashion week. And that is you all caught up now. See you. Hello and welcome along to sportsday. I'm sarah mulkerns. Coming up on the programme. Barcelona's perfect start to the season under hansi flick is over as they are beaten by monaco in the champions league. It's an unbeaten 154 for travis head, as australia thrash england in the first one—dayer at trent bridge, and anthonyjoshua faces off against daniel dubois ahead of their ibf world title fight at wembley on saturday.