impact of these floods. the flooding so far in the month ofjuly is estimated to have cost around 25 billion usd. and of course the season for these sort of extreme weather events is not yet over. august and september, historically, have also often had severe weather events, such as typhoons and floods, as well as drought. last year, china was also hit by a very severe drought. so what we're seeing is increasing impact of severe weather events on china. and this is, of course, linked to rising temperatures globally. climate change is very much linked to what we're seeing at present in china and in recent years. and there's a lot of concerns that as global temperatures rise further towards that global target of one and a half degrees centigrade, that the impact and economic costs of these severe weather events will actually increase significantly further. so in your view, should there be more investment in infrastructure in order to prevent devastations that we saw? i think, given the expectations that rising temperatures will result in more severe climate events and create more economic costs and losses, particularly in the rural sector in china, i think there is a very strong reason why the chinese government needs to invest a lot more in infrastructure resilience to severe weather events such as typhoons, and also for water management to provide additional water in the event of droughts or water storage systems. so there is a lot of infrastructure investment that is needed. historically, china has been very good at investing heavily in infrastructure, but i think these increasingly severe weather events will probably accelerate the shift towards more investment in infrastructure. but other mechanisms are also needed, such as greater insurance, both through government insurance schemes and private sector insurance schemes, to compensate for losses that are incurred due to severe weather events such as typhoons and droughts. rajiv biswas. away from china now — and here in southeast asia, economies have taken a hit from weakening external demand and falling commodity prices. but there's one bright spot — indonesia. for the three months tojune, its economy expanded just over 5% slightly more than what we saw in 01. economist katrina ell explained what led indonesia's growth. so it was actually a number of factors. we saw that domestic demand in indonesia held up a lot better than expected. in particular, private consumption maintained its march quarter pace, which was surprising given that households have been grappling with still elevated inflation, as well as borrowing costs being elevated. but we also saw that the government sector actually contributed a lot too. and part of that came on the back of the government actually accelerating infrastructure spending and broader spending initiatives as well. but some of the expected weak spots were there — in particular, goods exports, commodity exports, were weak, which was to be expected. but on the other flip side, we saw service exports were strong, and that driver of that strong service exports was the return of international tourism, because we're seeing that, you know, international arrivals, including from china, are increasingly coming back to indonesia, which is an important source of growth, particularly prior to the pandemic. so it's starting to ramp up again. meanwhile, the rest of south east asia, including here in singapore, economies have been hit by those weakening demand overseas. how are economies coping and when can we see things turning, in your view? so what we're seeing is that, you know, the export picture amd the merchandise trade picture right across southeast asia is weak. we're seeing that the tech cycle is still in that downswing and commodity prices are still, of course, very weak as a result of that weakened demand offshore. we're expecting that things, unfortunately, aren't really going to materially improve until early next year. i mean, in the us as well as europe, those economies, their domestic demand is incredibly weak as a result of the monetary tightening schedules and the aggressive monetary tightening schedule, as i should say, that have taken place. and so we'll increasingly see the impact of those rate hikes in weakened domestic demand through the second but the good news is that things should start to improve in 2024 for the export picture in south east asia. in other news this morning, japanese conglomerate toshiba said a $14 billion tender offer to take the firm private will be launched later today. at least two thirds of shareholders will need to tender their shares for the bid to succeed. the effort if successful could result in activist investors being bought out and effectively return toshiba to domestic hands. the firm has been embroiled in a range of crises since 2015. meanwhile, tesla's finance chief has stepped down after 13 years at the electric car—maker. his departure was a surprise, because some analysts had considered him a possible successor to his boss, elon musk. michelle fleury explains. it was a bit of a surprise. in a linkedin post, zach kirkhorn confirmed he was stepping down from his role as chief financial officer and would leave the electric car—maker at the end of the year. he also expressed gratitude to his boss, elon musk, and to his colleagues, saying, quote, "they had "accomplished things many thought not possible." mr kirkhorn had been with tesla for 13 years. he took over the finance role in 2019. during that time, tesla's profits and its market valuation soared. no reason was given for his exit, but his departure does raise questions about who will succeed elon musk, a busy man who also runs spacex and the former twitter platform x. accounting head vaibhav taneja will take over the role of cfo. but no word yet whether he will inherit the title of master of coin, a name that was given to mr kirkhorn back in march 2021. michelle fleury reporting there. the australian company meant to buy failed battery maker britishvolt has missed the deadline to pay for the business. filings from britishvolt�*s administrators showed that recharge industries have yet to pay some $10 million which was due in april. the move has cast doubt on the deal. britishvolt had planned to build a massive battery plant in england but went into bankruptcy after running out of money. a home—grown label in singapore is looking to expand its global footprint...in the nightlife scene! zouk pioneered the clubbing scene here. and 30 years later is looking to venture overseas. we caught up with the company's chief executive andrew li. 32 years, you have people, you know, who are the founding fathers and mothers of singapore have clubbed at the same brand as now the children. honestly, it was extremely daunting. i think i had a huge imposter syndrome, i think, at the beginning. he is still a legend in the field. i mean, he basically brought house music from ibiza and took this warehouse which became so iconic. but i think when i saw the brand and i myself took that kind of emotional connection to it, i realised that we needed to have a spokesperson and i wanted to help lead that charge, as we grow into kind of this global and lifestyle hospitality group. when we firs started, we were just this one kind of nightlife clubbing establishment. now we span about 35 concepts around the world. during covid, we changed our club into a live streaming studio. we also made it into a spin studio with one of the big spin studios here in singapore. and upstairs we changed capital, which is one of our club concepts, into a restaurant as well. we realised we wanted to just branch out in very key gateway cities, right? and i think tokyo and la actually both have very strategic purposes. la, being the fact that it's actually one of the big feeder markets to las vegas, right, so you have a lot of people coming in from the west coast, obviously, into las vegas. tokyo, on the other hand, is a completely new project. we're partnering with luna, which basically operates hotels as well in japan. and so we're going to be inside a new hotel in ginza. with this new project, we can really custom make a nightlife experience that i don't thinkjapan has ever had before. and that's it for this edition of asia business report. thanks for watching. meet the cheshire ghosts gearing up for meet the cheshire ghosts gearing upfora meet the cheshire ghosts gearing up for a home world championships. fix, gearing up for a home world championships.— gearing up for a home world championships. a whirlwind of emotions. _ championships. a whirlwind of emotions, not _ championships. a whirlwind of emotions, notjust _ championships. a whirlwind of emotions, not just the - emotions, notjust the adrenaline. you focus during the flow state and your crossline before your note. i absolutely buzzing because i did the world for 11 years ago now and i had an awful accident in which i broke my hip, could not walk for seven years. i recently got back into it and then qualified again and then it is amazing. no stopping me getting back on. if you look at kids under ten they are probably the most fearless leader have to get up and go to work in the morning.— work in the morning. here at this bmx _ work in the morning. here at this bmx track— work in the morning. here at this bmx track the _ work in the morning. here at this bmx track the club - work in the morning. here at this bmx track the club have | work in the morning. here at. this bmx track the club have a total of eight rioters qualified for the world championships in glasgow the youngest being nine years old. i started when i was about three _ i started when i was about three. my dad did it first and i thought— three. my dad did it first and i thought maybe it would be interesting that i tried it. the — interesting that i tried it. the races 30 to a minute all sorts of burning, ego flat out into you at the finish line, very much a context work. people are going to go into you and vice versa and it is about being prepared for that mentally. hey, i'm zof with the catch—up. let's start with some football. and england have scraped through to the quarterfinals of the women's world cup with a dramatic penalty shoot—out against nigeria following a 0—0 score. but it wasn't such a great game for star scorer laurenjames, who got a red card because she stamped on nigerian player michelle illuzzi and aberdeen uni student anastasia miers, who said she feels on top of the world as she prepares to visit space with her mum. they'll board the virgin galactic spacecraft on thursday. they actually won this trip from a competition from fact they'll be the first mother and daughter ever to make the journey. some other stories now on the first group of asylum seekers have boarded the controversial stockholm housing barge. up to 500 people will eventually live on the vessel in dorset. they'll stay there while they await the outcome of their asylum applications. some human rights groups have called the scheme inhumane, but ministers insist it is safe and will actually save money. and the new barbie film has just hit the billion dollar markjust 17 days after its release. it will finish the weekend with £1 billion in ticket sales at the global box office. it means greta gerwig has become the first woman to reach the milestone as a solo director. time now, then for ten seconds of a rare black jaguar called inka, arriving at chester zoo. she arrived from the big cat sanctuary in kent as part of a special programme that aims to protect the species. and you're all caught up now. see you later. hello and welcome to sportsday. england into the last 8 at the womens world cup — but the lionnesses ride their luck against nigeria. and the matildas march on — they're too strong for denmark — the co—hosts putting their early tournament wobbles to bed. and joe marchant makes england's rugby world cup squad but there are some notable absentees. hello there — and welcome along to the programme — it's been a women's world cup full of twists and turns so far, with big names like the usa, germany and brazil knocked out.

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