Im sally bundock. We start here in the uk, where the Chancellor Rachel reeves will pledge A Budget To Rebuild Britain in her speech to the Labour Party Conference in liverpool today. Shes under pressure to provide some optimism after labours gloomy messaging on the state of the economy they inherited from the conservatives. But her controversial decision to Axe Winter Fuel payments for 10 Million pensioners threatens to overshadow her speech, with a vote challenging the move also expected today. Lets get more now from joe nellis, whos economic adviser to mha a Uk Accounting Firm And Professor of Global Economy at cranfield university. Good morning. There good morning. There was good morning. There was a good morning. There was a lot good morning. There was a lot of pressure on Rachel Reeves to change the music, to be more optimistic, what do you think . I think she will struggle to change the mood music. We are in a difficult position, the economy has been flatlining for the last couple of years, and Tax Revenue must be her top priority if she is going to spend on the economy but there is the dilemma. How did she raise taxes, given the high already, and how does she spend more, given that we have a huge National Debt . I think she will struggle. National debt . I think she will stru ule. ,. , struggle. She will struggle. To be fair, struggle. She will struggle. To be fair. This struggle. She will struggle. To be fair, this new struggle. She will struggle. To be fair, this new government i struggle. She will struggle. To | be fair, this new government is open about the challenges that they are facing. With the September Consumer confidence figures are falling sharply across the country, it is important to encourage people and businesses to invest in spend, or not . And businesses to invest in spend, or not . No, you have said exactly spend, or not . No, you have said exactly what spend, or not . No, you have said exactly what i spend, or not . No, you have said exactly what i was spend, or not . No, you have said exactly what i was going to say. In every economy the consumer is king, the moment the consumer in this economy is a feeling rather low in terms of confidence, but you did mention investment and for me that must be the top priority, investment is the engine of growth and we have not been investing in many years at sufficient levels, so if i were the chancellor, i would really focus on the Business Sector and somehow stimulate both domestic and inward investment, how will she do they . There was only, for me, the main measure will be corporate tax. It is already very high repair to many other countries and if i were her i would take a risk, a small risk, reduce corporate Tax And Bruce Business Confidence. Tax and bruce Business Confidence. ,. , ~. , confidence. Do you think that is what the confidence. Do you think that is what the Business Confidence. Do you think that is what the Business Leaders | is what the Business Leaders want to hear today, this 500 of them there for what they are calling the business day, they have reported to have paid some £3000 to be there today in liverpool. What will they want to hear from liverpool. What will they want to hearfrom Rachel Reeves . I to hear from Rachel Reeves . I am quite sure they will want her to boost Business Confidence whether she would do with through cutting corporate tax is a difficult situation for her to be in, given she is just taken money of the pensioners this winter but i think it is also about regulation, freeing up the economy, to get moving again, because if we do do this we have a long Term Challenge ahead of us was that this is not one or two years, this is literally a ten year issue, and beyond that in terms of their prospects for the National Debt, exploding over the next ten or 30 years, for me it has to be get the Business Sector moving again on the Supply Side might boost their confidence in political Stability And Transparency and free up some of the regulations that are perhaps holding back some of that investment. Perhaps holding back some of that investment. Thank you very much forjoining that investment. Thank you very much forjoining us that investment. Thank you very much forjoining us from that investment. Thank you very much forjoining us from the much forjoining us from the cranfield university. We will be across the speech from Rachel Reeves when she delivers it later today. Rachel reeves when she delivers it latertoday. Lets Rachel Reeves when she delivers it later today. Lets show you what is happening live in a Sri Lankan i where the swearing in ceremony, you can see the pictures of the new president Anura Kumara Dissanayake, he is being sworn in as we speak now as the new president of Sri Lanka. He is a left Leaning Politician winning the president ial election. The poll which went to a second count for the first time in a Sri Lankan history was described as one of the closest. He has promised voters anticorruption promised voters Anticorru Ption measures, promised voters anticorruption measures, to revive the economy, the election on saturday was the first to be held since mass protests on a seated the leader in 2022 after Sri Lanka suffered the worst economic crisis. You can see here this is live now in colombo, the of Sri Lanka, where the new president. Has just been sworn in. Lets speak to our Business Correspondent now he has just returned from a Sri Lanka anne aly mumbai. Tell us more about the challenge he faces following the imf bailout in 2022 . , in 2022 . The new president takes over in 2022 . The new president takes over in in 2022 . The new president takes over in a sri in 2022 . The new president takes over in a Sri Lanka, i in 2022 . The new President L takes over in a Sri Lanka, the biggest challenge that he inherits is the Economic Recovery, so far Sri Lankan Economic Recovery has been a fragile while some indicators to show a positive, the country is on a Growth Path but still higher living costs have been burning people and that was one of the big reasons why Anura Kumara Dissanayake pledges on cutting income tax, slashing Sales Tax on Medicine And Food as well as renegotiating terms with imf and resonating with citizens. That would be a big challenge. How does Anura Kumara Dissanayake Balance Kumara Dissa naya Ke Balance delivering Kumara Dissanayake balance delivering on his promises as well as a balancing Sri Lankan fragile Balance Sheet . Remember the foreign reserves in Sri Lanka at the moment at a 6 Billion to last for only three months, the Aemo Programme is halfway through the revenue, boosting measures, still not solidified, and the Restructuring Plan has not been finalised, so the country is not back on track further loans from the market. Getting all of these in place and put in the country on Economic Recovery would be the biggest challenge at the same time keeping political stability in the country would be another. Briefly, what about his plans to deal with corruption . August through how easy or difficult that will be . Through how easy or difficult that will be . That was the Big Lank On that will be . That was the big plank on which that will be . That was the big plank on which Anura That will be . That was the big plank on which Anura Kumaraj Plank on which Anura Kumara Dissanayake has one of the election. Since 2023 when citizens went on the street to protest are asking for a proper System Change because people have been associating the economic mismanagement of the corruption in The System and with Anura Kumara Dissanayake are coming in as the new president , a left Leaning Party taking charge, it is only a big change and he is also promised to wipe out Fraud And Corruption from the top, there would be a complete overhaul of The System, but that could be a bit tricky and difficult experts say, considering the deep rooted nature of corruption in the country. Some of his rallies have spoken and related products for Business And Consumer rr some. Corruption in the country. Some of his rallies have spoken about big infrastructure about big Infrastructure Projects that have come in from projects that have come in from India And China that could have India And China that could have been the reason why the country been the reason why the country went to the economic crisis and went to the economic crisis and he has said he would look at he has said he would look at some of those. He is a foreign some of those. He is a Foreign Policy and how he Manoeuvres Policy and how he manoeuvres the bilateral partners, india Business And Consumer markets. The bilateral partners, India And China, on this regard would and china, on this regard would also be tricky to watch. Also be tricky to watch. Also be tricky to watch. Thank ou ve also be tricky to watch. Thank also be tricky to watch. Thank ou ve also be tricky to watch. Thank you very much you very much also be tricky to watch. Thank you very much. Thank also be tricky to watch. Thank you very much. Thank you also be tricky to watch. Thank you very much. Thank you for| you very much. Thank you for talking us through what is also be tricky to watch. Thank you very much. Thank also be tricky to watch. Thank you very much. Thank you also be tricky to watch. Thank you very much. Thank you for| you very much. Thank you for talking us through what is going on through Sri Lanka. Going on through Sri Lanka. There are growing rumours there are growing rumours that the Tech Giant Qualcomm that the Tech Giant Qualcomm has approached the chipmaker has approached the Chipmaker Intel with a takeover bid. Intel with a takeover bid. Intel designs, manufactures intel designs, manufactures and sells Computer Components and sells Computer Components and related products for and related products for Business And Consumer markets. Its been around since the late 1960s, and its one of the worlds biggest chipmakers by revenues, but its been going through a rocky period and its Share Price has fallen sharply by nearly 60 this year alone. The approach has being widely reported in the financial press. Intel has so far declined to comment on the approach. If a deal does go ahead, it would likely attract the attention of anti trust regulators in several markets. Joining me now is malcolm penn, chief executive of future horizons. Hello to you. Good morning. What do hello to you. Good morning. What do you hello to you. Good morning. What do you think hello to you. Good morning. What do you think about hello to you. Good morning. L what do you think about these reports to say that a deal could be in the making . It really is a riches to rags saga,it really is a riches to rags saga, it started a few years ago and went into a Loss Leadership and handed over the button to tsmc and allow them to the ahead from a technology and if you lose at the Technology Race and give up on that, then it really does put you back on the bad setting there, so i think they were going through this period of trying to recapture the lead. This is a longtime scale, takes a long time to do that, and they are ambitious to do so which requires good people and a lot of luck as well and then suddenly they lost their main market, when Chat Gtp hit the headlines a couple of years ago, the whole Emphasis Swing from the product they are good at making two ones are being made by their competitors, nvidia and amd, so is only they are coming from behind in technology but with no market to support them, and that is not a good recipe for success. It is interesting because as he is always the case when these rumours swell, other stories come to the fore, so bloomberg reported the us based Asset Management Company Apollo Global Management have offered to make an investment in intel, as much as 5 Billion. That may be more attractive do you think as opposed to a possible takeover . I as opposed to a possible takeover . Takeover . I am sure a possible takeover . I am sure a possible takeover is takeover . I am sure a possible takeover is one takeover . I am sure a possible takeover is one Thing Takeover . I am sure a possible takeover is one thing they takeover is one thing they really do not want to have but this is not as a question of throwing a lot of money at it because at the end of the day 5 Billion is a lot of money but not really a substantial enough to get them through the next five years of when they try to catch up even if they were able to carry on with our Design Part of the activity, catching up on technology, they have to attack good people in the best designers in the world do not want to work for a company that they think might be On The Rocks or laying off people, they want to work for success. You have this huge personal impact there was well, trying to attract the people they got to have two throwing they got to have two throwing the hours in technology and the expertise to cash up and they still have the problem of who will my customers be . It is a tricky challenge, Notjust About Money. Tricky challenge, not ust about moneyi about money. No, not ust about money but about money. No, not ust about money but often about money. No, not ust about money but often cash about money. No, Notjust About Money but often cash is about money. No, Notjust About Money but often cash is the money but often cash is the king in these situations. Malcolm, thank you for your time, good to get your take on this story, lots of reports in the financial media about that. The outlook for intel, a story that will develop this week we are sure. Around the world and across the uk, this is bbc news. Lets Ta Ke lets take a look at motorsport. Turning to motorsport the Singapore Leg of the formula i race wrapped up on sunday the formula i race wrapped up on sl� the; another aspect of the Cutting Edge Technology in formula i and we are using ai in our simulations, how would we prepare for a grand prix and it is a fascinating technology that we are only scratching the Surface Of. That we are only scratching the Surface Of Surface Of. There will be urists Surface Of. There will be purists who Surface Of. There will be purists who think Surface Of. There will be purists who think there L Surface of. There will be l purists who think there is Surface Of. There will be purists who think there is too much technology in the sport and want to get back to driver against driver and not have so many aides. What is your view on that . A, a, many aides. What is your view on that . , a, a, many aides. What is your view on that . , a,. ,. , ~ on that . The data is to make better informed on that . The data is to make better informed decisions on that . The data is to make i better informed decisions about the end of the day the because variable is the driver, and the driver still has an immensely important role to play and you can see the variance in a driver is that there are, so the driver is a key differentiator. It is finding the balance between a pure Driver Competition and a technology and the two having to merge. We cannot do it without our drivers, and the driver ultimately makes a difference, as we have with Max Verstappen. D0 difference, as we have with Max Verstappen verstappen. Do you see a day when formula verstappen. Do you see a day when Formula 1 verstappen. Do you see a day when Formula 1 moves verstappen. Do you see a day when Formula 1 moves away l verstappen. Do you see a day when Formula 1 moves away from Fossil Fuel . Fossil fuel . The sustainable fuels that Fossil Fuel . The sustainable fuels that we Fossil Fuel . The sustainable fuels that we have Fossil Fuel . The sustainable fuels that we have is Fossil Fuel . The sustainable fuels that we have is a Fossil Fuel . The sustainable fuels that we have is a big i fuels that we have is a big step and it is interesting that the fuel companies, they are investing significantly in its, and i think going to a sustainable Fuel Cars that an interesting path for the future. A, a, interesting path for the future. , a, a, a, future. You have had quite to mulch with future. You have had quite to mulch with year future. You have had quite to mulch with year compared i future. You have had quite to| mulch with year compared two years previous. Just wanted to get your thoughts on that and how you are moving on from that and looking forward . I how you are moving on from that and looking forward . And looking forward . I think as and looking forward . I think as a team we and looking forward . I think as a team we are and looking forward . I think as| a team we are wellpositioned, a team we are well positioned, very well positioned for the future, we continue to invest in young talent and develop talent, and there was an ethos that runs through our team that is usually competitive and that is usually competitive and that is why as a subsidiary of an Energy Drink we have been able to go on and it beat the likes of ferrari and mercedes and other automotive manufacturers. It is that dna this is within the team that drives us forward, and i am convinced particularly as we look introducing our own engine in 2026, which will be a massive milestone for the company. You have been milestone for the company. You have been in milestone for the company. You have been in charge of Red Bull for many years, has this year been a tough year for you personally . From a Leadership Point of view, going through these changes, losing someone, these changes, losing someone, the allegations that you faced which have been cleared . When ou come which have been cleared . When you come Off Which have been cleared . When you come off the which have been cleared . When you come off the back which have been cleared . When you come off the back of which have been cleared . When you come off the back of a you come off the back of a season like last year we absolutely dominated, of course, to match that was always going to be impossible but i think as a team we focused on the basics, but i think inevitably our competitors have looked to capitalise on. Any opportunity that becomes available to them. What i am particularly proud of his the way that the core of the team has stuck together. Next year will be 20 years that you have been with Red Bull . I came in at the beginning and it has been a hugejourney came in at the beginning and it has been a huge journey so far but in this business you never get a chance to really reflect the past and 120 grand prix now and 13 World Championships so far in the 20 years, so we have achieved a lot in a short phrase of time. I am the type of person that only looks forward, so, for me, it is about the next 20 years, what to the hold in store . To the hold in store . That was Christian Horner to the hold in store . That was Christian Horner there, to the hold in store . That was Christian Horner there, ceo i to the hold in store . That was Christian Horner there, ceo of oracle Red Bull racing. Lets take a look at motorsport. Now, the company behind Chatgpt Openai is in the midst of a 6 Billion funding round. The exercise values the company at 150 Billion, but an early investment from Thrive Capital a Venture Capitalist suggests it believes the company has the potential to grow to well over 1 trillion. Apple, nvidia and microsoft are also in talks to join this funding round. Lets explore this more with the independent Market Analyst Craig erlam. Good morning to you. It is not surprising to hear, is it, that there was a lot of interest in Open Ai . There was a lot of interest in Open Al . There was a lot of interest in Open Ai . Absolutely not, since it appeared Open Ai . Absolutely not, since it appeared on Open Ai . Absolutely not, since it appeared on the Open Ai . Absolutely not, since it appeared on the scene it appeared on the scene earlier last year there has been a huge amount of excitement around chatgpt and what the scope ultimately for al what the scope ultimately for ai will be. The possibilities are endless and this is where the excitement around funding opportunities like this come from. You have major companies looking to get involved, you have named Three Take Him Myths that i wanted to get involved in or interested at least in this particularfunding, and this particular funding, and others this particularfunding, and others as well who are very keen who see their Growth Potential for a company that is already valued or look to be valued at around 150 Billion and people still see a huge amount of growth for that. Microsoft already has a significant stake in openai, so it already has a slice of the cake. Many argue that if you had apple in there as well you have got the biggest Consumer Company on the planet invested. I wonder what the dynamics are like within internally when you have all these different very strong powerful players involved . Strong powerful players involved . Involved . That is one of the questions involved . That is one of the questions that involved . That is one of the questions that people involved . That is one of the questions that people have | involved . That is one of the questions that people have who are looking to invest in this, the corporate structure, what is the direction for the company, who was really the Driving Force and how can you take all of these different voices and powerful voices and find one common cause, One Direction beyond just looking to make multiples on a particular investment, but i think it is also important the other at the table as well because openai is going at it now with the likes of google and meta, and if they are going to compete with companies and the financial resources and the experience and the growth that they have repeatedly shown, then they will need people in then they will need people in the corner as well, and these companies in your company like apple and nvidia. Apple and nvidia. Craig, thank ou, See Apple and nvidia. Craig, thank you. See you apple and nvidia. Craig, thank you, see you again apple and nvidia. Craig, thank you, see you again soon. The price of Spot Gold has hit a Record High of 2,631. 73 per ounce in recent hours. Its been climbing for a couple of years as global inflation has been high. Gold has been historically recognised as a hedge against inflation. The price of gold is up more than a third on the value 12 months ago. More than Six Million visitors go to Munichs Oktoberfest every year, making the veezen, as the locals refer to it, the biggest public festival in the world. The best Selling Beer there is produced by paulaner, one of six munich brewers allowed to serve its wares at the festival. But oktoberfest is notjust about Beer And Fun it is a major source of the citys economic growth. Its actually a 1. 25 Billion euro economic powerhouse for the bavarian capital while contributing 2 of its gdp. Millions of visitors from around the world contribute significantly to Hotel Occupancy rates, food, shopping, and public transport. Lets cross live now to munich and hearfrom The Boss of Paulaner Chief Executivejorg beebernick. Good Morning Jorg good morning, thank you very much for having me. This good morning, thank you very much for having me. Much for having me. This is hue much for having me. This is huge for much for having me. This is huge for you much for having me. This is huge for you and much for having me. This is huge for you and it much for having me. This is huge for you and it is huge for you and it is interesting, i was talking to my producer and saying we are still in september but you do start early, i am told . The festival itself start early, i am told . The festival itself goes start early, i am told . The festival itself goes back i start early, i am told . Iie festival itself goes back to 18 at ten and they realise that if they do it in october they sometimes get a surprise of snow, so with they decided to keep the name because of the reputation but to move forward to september, that is why. Justin kees extreme weather, we have to take that into account. Talk us through how important is for you and your business . You are one of the key providers over the beer. What does it mean for you . Is this what you make most of your revenue . Revenue . We really do not define our revenue . We really do not define our Purpose Revenue . We really do not define our purpose of revenue . We really do not i define our purpose of merely Selling Beer, we want to bring people together to have a great time and there is no better than during oktoberfest, so from a financial Point Of View this is actually not very important, less than 2 of our sales are from a Marketing Brand Reputation and a traditional Point Of View, it is priceless. Is priceless. Talk us through what happens is priceless. Talk us through what happens and is priceless. Talk us through what happens and why is priceless. Talk us through i what happens and why people is priceless. Talk us through what happens and why people all converge in munich for this particular event . There are similar events, as you say this is probably the most established and historic Beer Festival globally but there is plenty of competition now . Were going back than 200 years, and we have been in oktoberfest pretty much as the beginning, since 1810, more than 200 years of tradition and it is true there are no more than A Hundred oktoberfest surround the work, amongst which i think we do seven or so in several countries. I will not concern or consider it as competition but i think it is spreading the word of beer uniting people and that we have more in common than separating us, so we look at as amplifying. Us, so we look at as amplifying us, so we look at as amplifying. Us, so we look at as amli int,. ,. Us, Sowe Lookatas Amli int. ~ amplifying. You also have 6 Million visitors amplifying. You also have 6 Million visitors expected i amplifying. You also have 6 Million visitors expected to | million visitors expected to come from All Over The World but for germany itself, how important is this event in terms of bringing germany together . You are going through a tough time politically at the moment. , a tough time politically at the moment. ,. ~ a tough time politically at the moment. , ,. ~. , moment. You speak from the heart of mine moment. You speak from the heart of mine as moment. You speak from the heart of mine as well moment. You speak from the | heart of mine as well because there was a lot going on in germany they can potentially divide the nation, you do not have to look further politically in europe and the world and there is a lot of things going on right now that i concerning so i think it is very important to have places like oktoberfest where we can get together and put our differences behind us, sit around the same table were it is common and important to share the table, so you cannot refuse when someone wants to sit down, and if we all had a bit more of Oktoberfest Spirit in the world we would be a better place so it is important for us, important for germany and engaging the atmosphere. We had a great start, the weather was fantastic, we had more than 1 Million people in the Opening Weekend visiting us, not only us but all breweries, so we are confident that this will be a good peacefulfestival. Confident that this will be a good peaceful festival. Thank ou for good peaceful festival. Thank you for your good peaceful festival. Thank you for your time good peaceful festival. Thank you for your time today. Good peaceful festival. Thank| you for your time today. Have good peaceful festival. Thank i you for your time today. Have a great oktoberfest. We appreciate you talking to us. We will have to have you ever seen i we will have to have you ever seen . ~. We will have to have you ever seen . , ~. Seen i do like lager, so there we are. Seen i do like lager, so there we are all seen i do like lager, so there we are. All the seen i do like lager, so there we are. All the best. Seen i do like lager, so there we are. All the best. Thank. We are. All the best. Thank you. Lets quickly see the markets before we wrap up. The chinese central i cut the key Interest Rate tied to the first time in an a year, so that it first time in an a year, so thatitis first time in an a year, so that it is out of the week for the markets. You are up to date. See you soon. Hello there. Big thunderstorms are on the way for monday and that brings the threat of some significant Flash Flooding. The storms that we had on sunday were heavy enough but didnt affect everyone. Western scotland, the skies have been like this for days in the highlands. Another still day, youll be wondering what all the fuss is about, im sure. But further southwards, the Radar Picture showed some intense storms, particularly going through the south midlands. And in woburn in bedfordshire, we recorded over the space of two hours 59mm of rain. Thats more than the average for the entirety of september. And over the 2a Hour period, the same site had 102mm of rain, so nearly double the monthly average rainfall. And nearby in dunstable, well, there was some severe flooding with the High Street underwater at one point. Now looking at the picture at the moment, lots of showers across england and wales again with some thunderstorms quieter weather further northwards. But the Met Office have got an Amber Weather warning out in force for monday. Some communities could see around 80mm 120mm of rain, and it could well be that this risk of extreme rainfall extends into central, Southern England as well. So through the day, some torrential thundery downpours focussed across parts of england, some communities having a high risk of Flash Flooding, probably some river flooding, some disruption. Its one of those days where you want to check on Travel Conditions before heading out. Northern ireland, west scotland, bright with some sunny spells. East scotland continues to be rather cloudy with mist. North scotland, were seeing a Weather Front Move in, bringing outbreaks of rain and ultimately Cooler Weather conditions. On into tuesday, well, the Thundery Rain Is Clearing out of the way across england and wales, so in that respect, its a drier kind of day. In scotland, we get this cold front continuing to push its way southwards, really dumping the temperatures here just ten degrees in aberdeen and 12 for glasgow. Still relatively mild, i suppose for northern ireland, england and wales. Middle part of the week sees active areas of low pressure bringing further heavy rain, particularly focussed again on england and wales. And once those systems have pushed through, well, then we get chilly northwesterly Winds Diving southwards, and so through the week it is going to stay unsettled, and through the week it is going to turn a Lot Cooler as well, with temperatures across the board well below average. But for monday, its that risk of Flash Flooding we really need to pay attention to. Stay in touch with the latest forecast, please. Good morning. Welcome to breakfast with Sally Nugent and jon kay. Our headlines today. Theyre the devastating weapons that carry deadly consequences. We have a Special Report on the rise of so called Zombie Knives before a new ban comes into force. Yes, this is the sort of weapon that will be banned from tomorrow. Our figures show that the police are dealing with almost twice as many swords, machetes and Zombie Knives as they were five years ago. This morning we are at the Border Force Centre where agents try to intercept weapons being sent in the male. 1150 weapons being sent in the male. Also this morning the Chancellor Rachel reeves will promise A Budget To Rebuild Britain at the labour conference today, but risks being overshadowed by the ongoing row over Winter Fuel payments. The final phase of the long Running Post Office inquiry gets under way today, with current Staff Set to deliver their verdict. Good morning. More
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