prices will stay high for longer. and we take a look at the biggest deal in golf, ahead of a us senate hearing into the pga liv merger. welcome to world business report. let s start here in the uk where the government is facing another big setback in its battle against inflation. new data show that average wages have risen at a record annual pace of 7.3% in the march to may period, compared with the same period last year. british headline inflation is running at 8.7%, staying higher for longer than many had forecast. and there are concerns that after 13 consecutive interest rate rises, that the bank of england could need to raise it even further to bring price rises under control. let s hear now from janet mui, head of market analysis at rbc brewin dolphin. thank you for being with us. inflation has not been coming down at the expected pace. what does this data signal about how things could pan out? good afternoon. thank you for having me. which group is still pretty strong,
to india now, where the asian tech giant foxconn has pulled out of a £19.5 billionjoint venture to build a factory for semiconductors, the increasingly valued microchips that drive modern technology. the taiwanese company had signed a pact with the indian company vedanta to set up semiconductor and display production plants in gujarat, the home state of indian primeminister narendra modi. it s a huge setback for modi s plans, as our asia business reporter monica miller explains. prime minister narendra modi has made chip making a top priority for india s economic strategy, in pursuit of what they say is a new era of electronics making. it doesn t get much bigger than foxconn, which makes roughly 70% of apple s iphones. india estimates that its semiconductor market could be worth $63 billion by 2026. now, we need to go back a little bit, to explain how this partnership happened.