reacted with anger. i strongly disagree with fitch's - reacted with anger. i strongly disagree with fitch's decision | disagree with fitch's decision and i— disagree with fitch's decision and i believe it is entirely unwarranted. it's flawed assessment is based on outdated data and — assessment is based on outdated data and fails to reflect improvements across a range of indicators, — improvements across a range of indicators, including those related _ indicators, including those related to governance, that we have _ related to governance, that we have seen _ related to governance, that we have seen over the past two and a half— have seen over the past two and a half years. gf —— of the democrats used the opportunity to point finger and republicans for their role in the recent debt limit fight of all republicans blame it democrats and joe biden for joins of dollars in new spending for the many economists dismiss the downgrade, includingjp morgan downgrade, including jp morgan chase downgrade, includingjp morgan chase ceo jamie dimon, quality ridiculous and said the decision ultimately did not really matter and he may not be wrong. us treasuries, government ious, remain the bedrock of the global financial system, despite this latest knock to its reputation. that is michelle fleury there. well, us stocks weren't the only ones affected by fitch's move. it was a sea of red on global stock markets on wednesday, including asia. japan's nikkei led losses in the region, closing 2% lower. analysts expect fitch's move will spark risk aversion flows, which could mean lower equities in asia, but said these should be short term moves. investors tend to be a bit reactive by nature, so it is not surprising if there is a short—term reaction. any time the foundation is shaken, which in a way something we are very used to is having the top rating, seeing any disruption like that is going to cause a reaction. that being said, the real underlying drivers of what determines the evaluation of companies stocks and how they do over time are not so much related to the rating of the us government, so what is really going to matter is business performance over time, economic growth over time, consumer spending over time. that in the end, those fundamental drivers, i really what is going to matter for stock valuations. well, later on thursday, the bank of england will announce its latest monetary policy decision. and expectations are high that they will raise interest rates yet again. if so, it could take the cost of borrowing in the country up to a 15—year high. consumer inflation has come down more than expected injune, but it still remains the highest among the g7 economies. still staying on the topic of the rising cost of living, and power prices for many australian households have surged in recent weeks. experts say the transition to renewable energy sources will eventually result in lower electricity bills. but as phil mercer finds out, that's cold comfort for many. home should be a cosy sanctuary in sydney for this woman, rising costs have made electricity almost unaffordable. so she does what she can to beat the winter chill, but worries about the future. ., , . , future. how prices will increase _ future. how prices will increase by _ future. how prices will increase by 20-25%, l future. how prices will increase by 20-25%, i | future. how prices will- increase by 20-25%, i cannot increase by 20—25%, i cannot afford that. i do not know how we are going to survive this time with a huge cost of living rising. the rise of energy bills and, you know, really extreme weather. western sydney's — extreme weather. western sydney's first _ extreme weather. western sydney's first community l sydney's first community battery stores excess solar energy from nearby houses. residence without rooftop panels can join the scheme that aims to reduce soaring bills. people need protection from the heat, from the cold, and at the end of the day, they are finding they cannot afford it. these batteries are to cross the board will played role in reducing costs for our communities. that is what is all about. in communities. that is what is all about-— all about. in australia's politicians _ all about. in australia's politicians are - all about. in australia's politicians are feeling l all about. in australia's politicians are feeling a all about. in australia's - politicians are feeling a sense of urgency. we politicians are feeling a sense of urgency-— politicians are feeling a sense of urgency. we 'ust have to do everything — of urgency. we 'ust have to do everything try — of urgency. we just have to do everything try and _ of urgency. we just have to do everything try and get - of urgency. we just have to do everything try and get a - of urgency. we just have to do everything try and get a dohis| everything try and get a dohis -- gaz— everything try and get a dohis —— gaz measure nubile energy to run as_ —— gaz measure nubile energy to run as soon— —— gaz measure nubile energy to run as soon as possible. we know— run as soon as possible. we know that _ run as soon as possible. we know that is the cheapest way to replace the old fired power. it is a — to replace the old fired power. it is a completed process. we are doing _ it is a completed process. we are doing the industrial revolution in 15 years. our role is _ revolution in 15 years. our role is to do our bit to reduce emissions _ role is to do our bit to reduce emissions as quickly as possible. emissions as quickly as possible-— emissions as quickly as ossible. . , ~ , ., ., possible. prices in australia are fuelled _ possible. prices in australia are fuelled by _ possible. prices in australia are fuelled by various - possible. prices in australia l are fuelled by various factors — high inflation has had a major impact. there been expensive upgrades to ageing transmission lines and dissipation networks. then there is volatility in global energy markets. because by the war in ukraine. it energy markets. because by the war in ukraine.— war in ukraine. it is a real pressure _ war in ukraine. it is a real pressure for _ war in ukraine. it is a real pressure for families, - war in ukraine. it is a real pressure for families, and businesses pressure forfamilies, and businesses as well could accommodate those rising costs, accommodate those rising costs, a fit or a quarter is a large jump. in the longer term what we are hoping is we will drive down because as we become more self—sufficient in australia. the artwork for the community battery explores indigenous concept that it is everyone's responsibility to care for the land. phil mercer, bbc news, sydney. over in south east asia, indonesia is stepping up efforts to attract investment from global electric vehicle manufacturers. it is finalising a set of incentives for companies while holding discussions with major firms like tesla and china's byd. our next guest is well—versed on the market's potential as well as the challenges. ari jahja is the head of indonesia research at investment firm macquarie capital. thank you so much forjoining us on the programme. just talk to us about what indonesia has going on for itself when it comes to the ev market. sure. thanks, monica, _ comes to the ev market. sure. thanks, monica, having - comes to the ev market. sure. thanks, monica, having me. i. thanks, monica, having me. i think ninja is well—positioned to transform the ev supply hub in the medium and long term. three reasons. you have the largest reserves, the biggest market in southeast asia and government policies that are getting more and more conducive to attracting investment and also stimulate and demand. in terms of development, has the country been holding back? they have had these reserves are quite some time what took them so long? i quite some time what took them so lone ? ~ so long? i think under the president. _ so long? i think under the president, we _ so long? i think under the president, we have - so long? i think under the president, we have seen i so long? i think under the - president, we have seen quite a few breakthroughs in policies, so starting in 2020, we basically started to see the end of the process nickel core. process facilities were built and as a result we are expert in iron and steel, and in the future the government plans to strengthen our expert expert base further. essentially, they are upgrading across— are upgrading across have investors _ are upgrading across have investors by _ are upgrading across have investors by excited - are upgrading across have investors by excited by . are upgrading across have investors by excited by alli investors by excited by all these development?- certainly we see more public offerings of a few companies in indonesia operating in the sector and also remember that there is big interest on the renewables, so there has been a lot of excitement in this sector. , , , ., lot of excitement in this sector. , ,, ., ., , sector. despite all of this, the efforts _ sector. despite all of this, the efforts and _ sector. despite all of this, the efforts and the - sector. despite all of this, - the efforts and the government in asia has made, is it too little, too late? because tesla recently named malaysia as the site of its regional headquarters? i site of its regional headquarters? site of its regional headauarters? ~ , ., headquarters? i think it is not too late- _ headquarters? i think it is not too late. the _ headquarters? i think it is not too late. the government - headquarters? i think it is not too late. the government is l too late. the government is actively in discussions with key players notjust from the us but also from china and we already have key players from china and south korea here already, and remember, a lot of auto—makers are out there, so i think with the roll—out of more government incentives for the additional imports for the battery, electric vehicles and also the more stimulative support of customer demand, there will be a market for additional players to enter. ari jahja, thank you very much on the programme. in other news this morning, qualcomm has reported its third quarter earnings, with revenue coming in at $8.4 billion, just missing estimates. the company forecasts that 04 sales will come in below market expectations as well. qualcomm said it could cutjobs, as consumer spending on gadgets like smartphones continue to remain weak as global growth slows. well, other chip—making giants like intel and amd reported their latest quarterly earnings earlier this week. and theirs suggest the slowdown in demand for personal computers and tablets may be easing. but a recovery could be some way off. market intelligence company idc estimates that shipments will fall by 15% globally this year, before rebounding in 202a. that's all for this edition of asia business report. keep up on the news website or download our bbc news app. i'm monica miller. thanks for watching. bbc news — bringing you different stories from across the uk. # when i take my sugar to tea # all the boys arejealous of me... # the blayze family are absolutely potty about teapots. they've spent a quarter of a million pounds on the biggest collection in the uk, everything from politicians to pop culture and some wild and wacky creations. i've got a favourite, which is a harley davidson teapot, that was made, and i saw the man make it and i saw how hard it was for him to make it. and your one is...? diana. because diana was my favourite person. people say, "why collect pots?" and i always say, "well, why not?"i there's so many different weird and wonderful things. - and once people get- into the museum and they can actually see the different. things that we do, we've got | ones that are size at this sort| of size and we've got a 12—foot teapot in the garden, | you never can believe the things that. people can make. this museum contains more than 8,500 teapots. it all started with these two here, given to sue and keith by her grandmother and aunt. and that sparked a passion between them that has become their lives and their livelihoods. but now, after a0 years, it is time for sue and keith to put their feet up and have time to share some pots of tea together in peace. they are looking for a buyer to take on the cafe and museum. hey, i'm zof with the catch up. tonight: wet weather, big wins forjamaica and a cash—sniffing dog. but first, lizzo, her production company and her dance captain are being sued by three former dancers. some of the claims include sexual harassment and creating a hostile work environment, and the singer is also accused of fat—shaming. lizzo's team hasn't responded to the claims yet. one of the dancers involved, ariana, said this... i'm so new to this industry, and for this to be my first experience is really...crazy. nobody speaks up because they're so scared for theirjobs. i was terrified for myjob. some other stories now. donald trump has been charged with trying to change the 2020 election result. the former us president has now been charged in three criminal cases, but experts say this could be the most serious. donald trump — who's trying to get his old job back at next year's election — says it's not true and described it as a "witch hunt". more bad weather's due this summer, then. warnings have been issued over strong winds and thunderstorms, but in true british style, these guys didn't let the wet weather stop them from dressing up for the races. and jamaica have qualified for the first time to the knockout stages of the world cup. a goalless draw was enough for them to progress and for brazil to go out in the group stage for the first time in 28 years, that is. time now, then, for ten seconds of a very clever dog. italian police dog elio sniffed out over one million euros' worth of cash in two suitcases at a bus station in florence. that is taking pets with jobs to an iconic new level! you're all caught up now. see ya later! hello and welcome to sportsday. i'm marc edwards. here's what's coming up on our programme: the reggae girlz find their rhythm — jamaica qualify for the knockout stages of the women's world cup and knock brazil out. and it's not the only shock, as south africa leave it late to beat italy and book their place in the last 16. and maisie summers—newton produces a magic performance in manchester to successfully defend her 200 metres para swimming world championship title. hello and thanks forjoining us. lots to get through. we start at the women's world cup in australia and new zealand, where the line—up for the knockout stages is almost complete, but the last 16 will be missing two majorfootballing nations. brazil and italy are both out after failing to get out of their groups, on a day to rememberforjamaica and south africa. imran sidat has more. not many observers gave jamaica a chance of making the knockout stages, but they knew a draw against brazil will see them qualify. and they were soon under the cosh, with the legendary marta going close. it was a game of few chances, with the jamaicans hoping they wouldn't pay for khadija shaw's miss. but the reggae girlz held firm despite a late scare