challenges that many businesses are facing, rising costs, consumers feel the pinch on their wallets, and also fears around future recession and maybe england in the uk and us maybe england in the uk and us may be coming into which gives the core business sector in the us, we might not quite see it coming but the markets haven t seen it coming here, there was a scare around u tube there fastest growing part of the business from a small base but has grown rapidly to see that turn to a decline has been quite a shock for the company. let s get some of the day s other news. microsoft added to the gloom for the tech sector on tuesday as it warned of a marked slowdown in its cloud computing business in the coming months. its shares were down over 6% in after hours trade despite its results beating analyst s expectations. microsoft said first quarter revenues came in at over $50 billion. products such as outlook
pace not seen more than three decades ago- decades ago. higher cost with basic goods decades ago. higher cost with basic goods such decades ago. higher cost with basic goods such as decades ago. higher cost with basic goods such as petrol, i basic goods such as petrol, food and construction materials driving inflation higher and that means everyone is being affected, from consumers to businesses and also of course the government s spending plans. the labor government of prime minister albanese unveiled its budget earlier this week and the analyst we have been talking to say it is a lot more cautious than the budgets of his predecessor. this is a very different budget from this is a very different budget from what we saw back in march, when from what we saw back in march, when we from what we saw back in march, when we did see if the outgoing prime when we did see if the outgoing prime minister scott morrison offering prime minister scott morrison offering some relief
let s begin with natasha. why not with the ft? a reaction to this mini budget, the most dramatic for half a century and the markets haven t been very impressed. century and the markets haven t been very impressed- very impressed. you re completely ri . ht, the very impressed. you re completely right. they have very impressed. you re completely right, they have not very impressed. you re completely right, they have not reacted - very impressed. you re completely| right, they have not reacted hugely welded today s news. the pound is down to i think 37 year low against the dollar. the dollar is doing well against other currencies at the moment, but there have been slumping a lot in recent weeks as well. they are spooked by the package we ve seen today, i m probably worried about the levels of borrowing that we re seeing and what effect that might have and probably worried. it s definitely a gamble politically
and it seems the california way also is failing your competition. we ve never really thrived as a nation. the free markets haven t succeeded by making a certain products illegal. and what the government s doing here is it s not just saying, hey, electric vehicles are good, here s an incentive for them. and that alone seventy five hundred dollar tax credit that the owners are getting is criminal, but they re they re banning the competition. and i think it s really important. what you mentioned in your monologue is that the combustion engine is autonomy. it s agency electric vehicles can be shut down. a tesla has done this to tesla owners who they disagree with over social media posts. there are glitches sometimes in the software and your eighty thousand dollar piece of metal is just a piece of sculpture in your driveway and it doesn t function. what happens when you have these terrible hurricanes or floods and we have these mass exodus of millions of people trying to flee a natural disa
game changer and that would change the whole calibration of nato and everything else. i want to give you a couple headlines. these are things are going to read tomorrow morning. crude oil tops $100 per barrel. this is after vladimir putin launched the russian attack on ukraine. wall street journal reporting natural gas prices rose around the world after the invasion by russia. single biggest exporter of the fossil fuel globally. that s russia. europe experienced the sharpest rally. futures for gas delivered in the netherlands, the benchmark, jumped 30% in early trading. in the markets haven t even open. maybe they have. they have there. 30% in early trading, the equivalent of $129 a megawatt hour. in new york, u.s. gas prices rose 6%. and it s 2:47 in the morning at 9:00 tomorrow morning there are