Strongly disagree with fitchs decision, and i believe it is entirely unwarranted. Its flawed assessment is based on outdated data, and fails to reflect improvements across a range of indicators, including those related to governance that weve seen over the past 2. 5 years. That weve seen over the past 25 yeas that weve seen over the past 2. 5 ears. ,. , , 2. 5 years. Other democrats used the downgrade 2. 5 years. Other democrats used the downgrade as 2. 5 years. Other democrats used the downgrade as an 2. 5 years. Other democrats used the downgrade as an opportunityi the downgrade as an opportunity to point the finger at republicans. While Republicans Blamejoe Biden and democrats for trillions of dollars in new spending. Many economists dismiss the downgrade, Includingjp Morgan dismiss the downgrade, including Jp Morgan Chase ceo who called it ridiculous and said that the decision ultimately didnt really matter. And he may not be wrong. Us treasurers, that is government ious, remain the bed rock of the Global Financial system, despite this latest knock to the reputation. Well, us stocks werent the only ones affected by the fitchs announcement. Japans nikkei opened lower. Asia, along with the other Global Stock Markets closed in the red. Analysts expect that fitchs move could mean lower equities in this region, but said that those should be short term moves. Said that those should be shortterm moves. Investors tend to be shortterm moves. Investors tend to be a shortterm moves. Investors tend to be a bit shortterm moves. Investors tend to be a bit reactive shortterm moves. Investors tend to be a bit reactive by l tend to be a bit reactive by nature. So its not surprising if there is a short term reaction. Any time the foundation is shaken, which in a way, something were very used to as having the top rating. So seeing this, any disruption like that, is going to cause a reaction. That being said, the real underlying drivers of what determines the valuation of Company Stocks and how they do over time are not so much related to the rating of the us government. So whats really going to matter is Business Performance over time, Economic Growth over time, Consumer Spending over time. Thatin Consumer Spending over time. That in the en, the fundamental drivers are really whats going to matter for stock valuations. Later, the Bank Of England will announce the its latest monetary policy. And expectations are high that it will raise rates again f so, it could take the cost of borrowing in the country up to a 15 year high. Consumer inflation has come down more than exexpected injune, but it still remains the highest amongst 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 found out, thats cold comfort for many. Home should be a cozy sanctuary in sydney for diana. But rising costs have made electricity almost unaffordable. So she does what she can to beat the winter chill. But worries about the future. Winter chill. But worries about the future the future. Power prices will increase by the future. Power prices will increase by 2096 the future. Power prices will increase by 2096 to the future. Power prices will increase by 2096 to 2596. The future. Power prices will increase by 2096 to 2596. I i increase by 20 to 25 . I cannot afford that. I dont know how were going to survive this time with a huge Cost Of Living rising. The rise of energy bills and you know, really extreme weather. Western 5 dne s really extreme weather. Western sydneys first really extreme weather. Western sydneys First Community sydneys First Community battery stores excess solar energy from nearby houses. Residents without roof top 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, theyre finding they cannot afor them. So i believe that these batteries across the board will play a dynamic role in reducing costs for the communities. Thats what it is all about. What it is all about. And australias what it is all about. And australias politicians i what it is all about. And | australias politicians are feeling a sense of urgency. Look, wejust feeling a sense of urgency. Look, we just have to do everything to try to get as much everything to try to get as much Renewable Energy into the ground much Renewable Energy into the ground as much Renewable Energy into the ground as soon as possible. We know ground as soon as possible. We know thats the cheapest way to replace know thats the cheapest way to replace the aging and retiring coal fired power. Its a complicated process. Were doing complicated process. Were doing the Industrial Revolution in about doing the Industrial Revolution in about 15 years. Our priority in about 15 years. Our priority in new in about 15 years. Our priority in New South Wales and mine as the minister for Climate Change is to the minister for Climate Change is to make sure that we do our bit is to make sure that we do our hit to is to make sure that we do our bit to reduce our emissions as quickly bit to reduce our emissions as quickly as bit to reduce our emissions as quickly as possible. Quickly as possible. Energy rices quickly as possible. Energy prices in quickly as possible. Energy prices in australia quickly as possible. Energy prices in australia are quickly as possible. Energy i prices in australia are fueled by various factors. High inflation has had a major impact. There have been expensive upgrades to aging Transmission Lines and Distribution Network and then volatility in Global Markets caused by the war in ukraine. Its a real pressure for families and businesses as well to accommodate those rising costs. A fifth or a quarter is a largejump. In the longer term, what were hoping is that renewable electricity will also drive down the costs as we become more self sufficient in australia. ,. , ~. , australia. The artwork for the community australia. The artwork for the Community Battery australia. The artwork for the Community Battery explores i australia. The artwork for the i Community Battery explores the indigenous concept that its everyones responsibility to care for the land. Turning to earnings season now and singapores largest bank, dbs group, has posted an almost 50 surge in the Second Quarter profits. That came in at a quarterly record high of almost 2 opinion 7 billion, beating expectations. The surge was driven by a stronger net interest income. Now, qualcomm has reported the Third Quarter earnings with revenue at 8. 4 billion, just missing estimates. The Company Forecasts that Fourth Quarter sales will come in below Market Expectations as well. Qualcomm said that it could cutjobs as Consumer Spending on things like smartphones continue to be weak as Global Growth slows. Well, other Chip Making Giants like intel reported their Quarterly Earnings and they suggest that the slowdown for demand in personal computers and tablets may be easing, but and tablets may be easing, but a recovery could be some way off. Market intelligence company, idc, estimates that shipments will fall by 15 globaly this year before rebounding in 2024. Earlier, i spoke with the firms mario morales, on how close we are to the bottom of the slump of the pc market. We the bottom of the slump of the pc market pc market. We think probably some time pc market. We think probably some time in pc market. We think probably some time in the pc market. We think probably some time in the septemberl pc market. We think probably some time in the september time frame, maybe into 0ctober. Some time in the september time frame, maybe into october. I think that there are some areas like the Cloud Service provider space where youre still seeing some rationalization of inventory. The Automotive Industry is resilient. But the pc and Phone Industry have been suffering for over a year now. So i think that those are the markets that were hoping to see a lot more improvement, especially because theres a lot of new products coming out by the end of the year. And microsoft with windows 11 should have a good migration in 2024, especially if it is infused with al. Theres so much interest infused with al. Theres so much interest right infused with al. Theres so much interest right now. Infused with al. Theres so much interest right now in| infused with al. Theres so i much interest right now in al chips. Which companies do you think will be the likely winners in this race . I think at this point, winners in this race . I think at this point, you winners in this race . I think at this point, you look winners in this race . I think at this point, you look at i winners in this race . I think at this point, you look at a l at this point, you look at a tremendous amount of success in the data center area. But ai is have you enuke in the sense that we look at it more like a workload, but its going to continue to proliferate, especially across end point devices. So youll see it in your vehicle. Youll see it in your vehicle. Youll see it in your smartphone. And what were going to start seeing is refining these very Large Language Models to make them and integrate them directly into the devices at the edge. 0nce into the devices at the edge. Once we start doing that, youll see a proliferation of more ai and i think that it opens up the opportunity for other players to participate, whether it is a qualcomm or media tech or some of the companies that you dont hear about, but have already been investing years of development and technology around ai. I want to talk to you about the us china trade war. This is a massive cloud over this industry. So how is that playing into the development of the chips . I playing into the development of the chi s . ~ the chips . I think it definitely the chips . I think it definitely is. The chips . I think it definitely is. Rightl the chips . I think it definitely is. Right now, a lot of it isjust definitely is. Right now, a lot of it is Just Movement that were seeing. Suppliers trying to understand what they can leverage still within the region. But you know, when you look at the space, its a very integrated environment. And so, you cannotjust get out of china when you look at Companies Like intel. They put 25 of their business coming from china. Someone like qualcomm is 60 of their business. So theyre going to continue, these us Based Companies And EuropeanBased Companies And European based companies are going to continue to lobby their governments to ensure that they can continue to provide the products and technologies that their customers need within that region. But you will see Supply Chains still evolve, and i think that were seeing some of that now. Where certain customers are forcing their suppliers to migrate some of their production of their products to other regions just to mitigate some of the risks that were seeing today. And thats it for this edition of Asia Business report. Keep up of Asia Business report. Keep up with the latest headlines by visiting our news website. Im monica miller, thank you for watching. Bbc news, bringing you different stories from across the uk. � , different stories from across the uk. M different stories from across theuk. � , y. , different stories from across theuk. � fiiiiy. , the uk. Its 100 years since the uk. Its100 years since the first the uk. Its100 years since the first mg the uk. Its100 years since the first mg rolled the uk. Its100 years since the first Mg Rolled Out the uk. Its100 years since the first Mg Rolled Out of i the first Mg Rolled Out of Morris Garages in oxford. Aha, Morris Garages in oxford. A century on, theyre still drawing a crowd. Century on, theyre still drawing a crowd. The appeal, certainly when drawing a crowd. The appeal, certainly when i drawing a crowd. The appeal, certainly when i was drawing a crowd. The appeal, certainly when i was young, l drawing a crowd. The appeal, | certainly when i was young, it was certainly when i was young, it was a certainly when i was young, it was a sports car. It was a 2seater. Was a sports car. It was a 2 seater. And you could have fun with 2 seater. And you could have fun with it 2seater. And you could have fun with it fun with it. But a wet day could dampen fun with it. But a wet day could dampen all fun with it. But a wet day could dampen all of fun with it. But a wet day could dampen all of that. Fun with it. But a wet day could dampen all of that. Its not a car could dampen all of that. Its not a car at could dampen all of that. Its not a car at all could dampen all of that. Its not a car at all for could dampen all of that. It� s not a car at all for the rain, no. No, most definitely not. This is the first outing in the rain since completing its four year restoration. Yeah, as i say, its totally original. And ive done all of the work myself. And ive done all of the work m self. ~ ,. , g; myself. Voiceover mg for 35 ears, a myself. Voiceover mg for 35 years. A magic myself. Voiceover mg for 35 years, a magic name myself. Voiceover mg for 35 years, a magic name to myself. Voiceover mg for 35 years, a magic name to all myself. Voiceover mg for 35 years, a magic name to all who i years, a magic name to all who love years, a magic name to all who love it years, a magic name to all who love it. ,. ,. , love it. For years, it was the ultimate love it. For years, it was the ultimate boys love it. For years, it was the ultimate boys toy, love it. For years, it was the ultimate boys toy, and love it. For years, it was the ultimate boys toy, and so i love it. For years, it was the ultimate boys toy, and so itj ultimate boys toy, and so it remains today. I ultimate boys toy, and so it remains today. Ultimate boys toy, and so it remains today. I can understand the fascination, remains today. I can understand the fascination, but remains today. I can understand the fascination, but i remains today. I can understand the fascination, but i am remains today. I can understand the fascination, but i am a the fascination, but i am a person who as long as it gets me from a to b, i dont really care. ,. , care. The factory finally closed in care. The factory finally closed in 1980. Care. The factory finally closed in 1980. It care. The factory finally closed in 1980. It was i closed in 1980. It was devastating, closed in 1980. It was devastating, wasnt i closed in 1980. It was| devastating, wasnt it. Absolutely devastating. But then, look how many manufacturers have gone. find manufacturers have gone. And whats this . Manufacturers have gone. And whats this . Built manufacturers have gone. And whats this . Built in manufacturers have gone. And whats this . Built in china, some purists will argue this isnt a true mg. But. That isnt a true mg. But. At least its isnt a true mg. But. Git least its keeping the mark alive and bringing new people into the mg car club. For more stories from into the mg car club. For more stories from across into the mg car club. For more stories from across the into the mg car club. For more stories from across the uk, i stories from across the uk, head to the bbc news website. 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. Lizzos team hasnt responded to the claims yet. One of the dancers involved ariana said this im so new to this industry. And for this to be my First Experience is really crazy. Nobody speaks up because theyre so scared for their jobs. I was terrified for my job. 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 whos trying to get his old job back at next years election says its not true and described it as a � witch hunt�. More bad weathers due this summer. Warnings have been issued over strong winds and thunderstorms, but in true british style, these huns didnt let the wet weather stop them dressing up for the races 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. Now ten seconds of a very clever dog Italian Police dog elio sniffed out over1 Million Euros worth of cash in two suitcases at a bus station in florence. Youre all caught up now seeya hello and welcome to sports day. I am mark edwards. The reggae girls find their rhythm. To make a qualifierfor the of the womens world cup, and knockis the womens world cup, and knock is ill out. That is not the only shock as south africa lead it late to defeat italy and book their place in the last 16. And Maisie Summers Newton produces an amazing performance in manchester. Hello and thanks forjoining us. There is a lot to get through. Starting at the womens world cup and australia and new zealand where the lineup for the Knockout Stages is almost complete. The last 16 will be missing two major footballing nations, brazil and italy are both out after failing to leave their group on a day to rememberforjamaica and south africa. Not many observers gave jamaica a chance of making the Knockout Stages but they knew a draw against brazil would see them qualify and soon the legendary martyr went close. It was a game of few chances but the jamaicans were hoping they would not pay