After the us justice department sued america's largest card network, accusing the company of illegally monopolising the debit card market and driving up prices for businesses and consumers. Lifting us financial markets, well, there was a sharp rise in al darling nvidia's stock price. That was after the company said its ceo, jensen huang, was done selling stock in the chip maker for now. And china's wave of stimulus to jolt its ailing economy, well, that also boosted us stocks that have exposure to china. So far this week, it has been light on the economic front, with investors still digesting that rate cut from the federal reserve. But on the economic calendar, things should pick up as the week goes forward. As michelle mentioned, the usjustice department has filed a lawsuit against visa. It says the world's largest payments processor illegally stifled competition to maintain a monopoly over the us debit card market, through means like paying off potential competitors. Visa says the claims are meritless and added that it will defend itself in court. Former cryptocurrency executive caroline ellison has been sentenced to two years in jail for her role in the collapse of ftx. She was convicted for helping her ex—boyfriend, ftx founder sam bankman—fried, steal $8 billion from customers of the now defunct crypto exchange. Ellison had testified against bankman—fried, who is currently serving a 25—year prison sentence forfraud charges. The chief executive is known for weight loss drug was grilled at a senate hearing in the united states. Senators accuse the company of treating the us like a cash cow by pricing drugs at over 15 times that of europe. The company did not commit to budding prices but said it would work towards helping asians. Australia's consumer watchdog is suing the country's largest supermarket chains. The accc says coles and woolworths broke the law by temporarily raising prices of goods, before lowering them to either the same or higher than original prices. Both firms have issued statements to the allegation. Coles said it would defend itself and that it had sought to strike an appropriate balance between higher prices and offering value to customers. Meanwhile, woolworths said it was important its customers trust the value they see when shopping in their stores. The chair of the accc took me through how the regulator discovered these false discount claims. We first discovered it from actual customers contacting us, and we then looked on social media and we found on reddit, x, tiktok, multiple examples of customers querying whether the price discount claims were genuine because they had seen a short period of price spike after a long—term regular price, and then the product was put on to what marketed in australia as long—term sustained price reduction programmes, prices drop, and they were returned at a higher price or no equal to the previous regular price. We also have evidence that in many cases, the supermarkets had planned the temporary spike in order to set up, in effect, the higher, new comparative price. We call the day was price, which then compares to the mal price, and in response to the response from woolworths about value, what we are concerned about here, and coles�* response about balance, but we understand, the supermarkets can set their own price. What is important, particularly at times of cost—of—living pressures, is that customers can rely upon it being genuine value and that a price discount claim is accurate. Tell us a bit more about the consumers here and some of the vulnerabilities they are facing in australia. We have had reasonable levels of inflation, but we have also had, with high interest rates, a situation where at least on recent surveys that the accc has done, 25% of consumers that have responded to our survey are facing pressures in terms of the grocery budgets. And they're looking to discounts or they are substituting, for example, frozen fruit, frozen vegetables in place of fresh, or in some cases, adults are skipping meals in a family. So we know there is both price pressure, budget pressure and, in some cases, food security pressure, and this is a very important context in which we take even more seriously the validity of price claims and discount claims. That was the chair of the australian competition and consumer commission. China's central bank announced a slew of stimulus measures to shore up its flagging economy on tuesday. The moves follow a series of disappointing data points, causing concern that the world's second largest economy might miss its 5% growth target this year. The people's bank of china has slashed interest rates for existing mortgages, and lowered minimum down payments on all types of homes. Report called on businesses in india to increase their investments in the country. Global ratings agency snp expects the indian economy to grow by 6. 8% in the current fiscal year. The bbc�*s reporter looked into it. Fiscal year. The bbc's reporter looked into it. — looked into it. India will continue _ looked into it. India will continue to _ looked into it. India will continue to go looked into it. India will continue to go ahead i looked into it. India will continue to go ahead ofi looked into it. India will. Continue to go ahead of its peers, that is a general consensus. The growth is being driven by one of the rats government spending. Lacking investments is a worry and even the finance ministry has highlighted this year and reading and you'd see snp global says private needs to do more. The government proud of building infrastructure has poured billions of dollars into sea bridges and expressways, the comment wrapped up capital expenditure by almost a third annually in the past three years boasting the country's gdp. Private makes up 37% of the country's total investments is dead muted. Manufacturing in india aims to be a global player is another peers. The prime ministers government get big tax cuts for corporations and lodged subsidy schemes to incentivise exports. The likes of apple and some electronic companies are making in india but economists say that is not substantial yet in the larger picture. More batteries need to come up even to create jobs for india's growing workforce. Private sector making profits, the balance sheet ilp but despite the positives there is reluctance. You investments fell 15% in 2324 reluctance. You investments fell 15% in 23—24 where manufacturing saw a 40% debt. Economists say it is either lower consumer demand or business reforms have not helped. In the long run, government investments are not devising alone. Budget ticketing strand and debt has risen. For prime ministers government, it is known to be pro industries, convincing private sector to invest is a crucial piece of the puzzle that it needs to get right. More of us are moving away from using cash, paying instead with cards or by using our phones. Banking industry data in the uk shows the majority of people aged under 35 make contactless payments regularly with a smart phone or watch. So will we need to carry a wallet or purse around with us any more, or is that tradition on the way out? our correspondent kevin peachey has been to find out. Deep in the leicestershire countryside, this barn isn't home to a trendy microbrewery but a business that's much more rare in the uk — a micro tannery. Out of these giant reclaimed drums come the beginnings of quality leather that's come from deer and goat skins that otherwise would have gone to waste. These big drums here are a bit like a large washing machine, basically. And inside these, we tumble the hides, and by the end of the process, we've got leather that we can turn into products, bags, wallets, that type of thing. Those wallets are carefully crafted in a nearby workshop, piece by piece, one by one. But is there much point in all this skill and intricacy to create a leather wallet when the majority of 20—somethings are using one of these, rather than cards and cash, to make their day—to—day payments? we pay contact us on our phone, don't we?— don't we? everything is in that, right? _ don't we? everything is in that, right? there don't we? everything is in that, right? there are don't we? everything is in i that, right? there are things ou that, right? there are things you need _ that, right? there are things you need money— that, right? there are things you need money for, that, right? there are things you need money for, we that, right? there are things| you need money for, we have just been to the barber so you do have cash for that. I just been to the barber so you do have cash for that. Do have cash for that. I don't aet aid do have cash for that. I don't get paid cash _ do have cash for that. I don't get paid cash so _ do have cash for that. I don't get paid cash so it's do have cash for that. I don't get paid cash so it's all get paid cash so it's all right _ get paid cash so it's all right. It's not about ross. We only— right. It's not about ross. We only take _ right. It's not about ross. We only take cash as well. Right. It's not about ross. We only take cash as well. Using a hone only take cash as well. Using a hone is only take cash as well. Using a phone is easier. _ only take cash as well. Using a phone is easier. I _ only take cash as well. Using a phone is easier. I don't only take cash as well. Using a phone is easier. I don't have i phone is easier. I don't have cash — phone is easier. I don't have cash anymore _ phone is easier. I don't have cash anymore. It's _ phone is easier. I don't have cash anymore. It's in phone is easier. I don't have cash anymore. It's in my. Phone is easier. I don't have| cash anymore. It's in my bag phone is easier. I don't have. Cash anymore. It's in my bag it may— cash anymore. It's in my bag it may change _ cash anymore. It's in my bag it may change or— cash anymore. It's in my bag it may change or in _ cash anymore. It's in my bag it may change or in my— cash anymore. It's in my bag it may change or in my bag. Cash anymore. It's in my bag it may change or in my bag. It. May change or in my bag. Never comes out? may change or in my bag. It never comes out? it may change or in my bag. It never comes out? it is may change or in my bag. It| never comes out? it is going mouldy probably. _ never comes out? it is going mouldy probably. Do never comes out? it is going mouldy probably. Do you never comes out? it is going | mouldy probably. Do you still carry one _ mouldy probably. Do you still carry one of _ mouldy probably. Do you still carry one of these? mouldy probably. Do you still carry one of these? a mouldy probably. Do you still| carry one of these? a wallet? alwa s. Carry one of these? a wallet? always. Refer _ carry one of these? a wallet? always. Refer a _ carry one of these? a wallet? always. Refer a wallet carry one of these? a wallet? always. Refer a wallet to carry one of these? a wallet? j always. Refer a wallet to with our always. Refer a wallet to with your phone? _ always. Refer a wallet to with your phone? probably always. Refer a wallet to with your phone? probably i'd always. Refer a wallet to with your phone? probably i'd say| your phone? probably i'd say so. Your phone? probably i'd say so over _ your phone? probably i'd say so. Over the _ your phone? probably i'd say so. Over the years _ your phone? probably i'd say so. Over the years we your phone? probably i'd say so. Over the years we have l your phone? probably i'd say so. Over the years we have seen demand for _ so. Over the years we have seen demand for a — so. Over the years we have seen demand for a classic _ so. Over the years we have seen demand for a classic wallet. So. Over the years we have seen demand for a classic wallet. We | demand for a classic wallet. We designed — demand for a classic wallet. We designed one of those and it's surprising how many were sold. So for now at least, it seems many still want to carry the physical money to make our world go round. And that's it for this edition of business today. I'll see you again in the next hour. Hey, i'm lola with the catch up! tonight — a railway station gets a name revamp, gaga's album announcement and an octopus packs a punch! but first we start in the middle east, where more than 550 people have been killed in lebanon in israeli strikes since monday, according to local officials. Israel's military say they are targeting an armed group called hezbollah, who are seen as terrorist by the uk and others. Monday marked the deadliest day since the end of the civil war in 1990. Us presidentjoe biden has said that a full—scale war is not in anyone's interest. Some other stories now. Home secretary yvette cooper announced a pledge to halve knife crime in a decade and open new youth clubs in a speech at the labour party conference. We caught up with labour's youngest mp, 22—year—old sam carling. One of the big challenges is the amount of abuse that young politicians get online. I'm dealing with quite a lot of it at the moment. People see that and it completely puts them off. Real life is not like that at all. People are generally very friendly and pleasant, even when they disagree with you. Brighton station will be temporarily named after paralympian bly twomey. Passengers arriving at the station will be greeted by a welcome to blyton sign, celebrating the 14—year—old's two bronze medals from paris. And little monsters are rejoicing as lady gaga is releasing a new album on friday. It's called harlequin and it's a companion album to thejokerfilm gaga stars in. It's out next month. Time now for 10 seconds of the muhammad ali of the marine world. An octopus has been caught throwing a uppercut at a fish who joined it on a hunting trip. I wouldn't want to get on the wrong side of him. You're all caught up now — have a good night! hello and welcome along to sportsday. I'm sarah mulkerrins. Coming up on the programme: mixed emotions for manchester city — a win in the league cup is followed by confirmation that rodri will be out for a long time. Harry brook produces a captain's performance to keep england alive in their one day series against australia. And marin cilic rewrites the record books as he celebrates in china with a long awaited win on the atp tour. Absolutely incredible. I'm so proud of this achievement — for myself, for the team.
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