Beijing has reacted angrily saying it� s gravely concerned about the order. A spokesman for the Chinese Embassy in washington said the curbs seriously undermine the interests of chinese and American Companies and investors. But republicans have said the restrictions don� t go far enough. From new york, Michelle Fleury has more. This is a new front in the tech war between two global superpowers. The restrictions prevent American Private equity and Venture Capital firms from investing in high tech sectors in china such as quantum computing, Artificial Intelligence and advanced semiconductors. The goal is to stop us capital and know how from speeding up the development of technologies that could help china develop weapons for use against america in a military conflict. It would also require firms making investments in a broader range of sensitive Chinese Industries to report that activity. Potentially laying the ground for more restrictions on investments down the road. The regulations aren� t expected to take effect right away and there will be a Public Comment period so businesses can weigh in on the proposals. China is the world� s second biggest economy, a vital market for American Companies and the concern expressed by some us execs may explain why this order, which was expected back in february, hasn� t been released until now. A Senior Administration official described the move as targeted, saying this is a National Security action, not an economic one. Adding that the us is not decoupling our economies. Still, the move is likely to upset beijing with analysts warning that the us should be prepared for china to retaliate. Some Breaking News in the last hour of you have been hearing. Wilko, the uk high street homeware retailer, has collapsed into administration putting 12,000 jobs at risk. The chain has been unable to find Emergency Investment to save its 400 shops across the uk. The firm� s boss, markjackson, said management had left No Stone Unturned in its attempts to save the business. Here in the uk, finally, some positive news on mortgage deals. The largest lender halifax is cutting it� s fixed Mortgage Rates by up to 0. 71 . From friday, a five yearfix will drop from 6. 10 to 5. 39 potentially saving hundreds of pounds for homeowners. 0ther lenders like hsbc, nationwide and tsb have already cut some rates too. So are we at the top of this rise in Housing Costs . Russ mould, is an Investment Director at aj bell, he joins us now. Firstly explain for people why rates are now around the Bank Of England rate. Typically they track half to one percentage point above. But a five year fix is now around the same. What does that suggest . The banks will be looking notjust that where Interest Rates are now but where they will be over the entire term of the deal and i think there is a hope, at least, that� s with a peak in Bank Of England Interest Rates, depending on where Interest Rates, depending on where interest finally settles. So it is notjust interest finally settles. So it is not just where interest interest finally settles. So it is notjust where Interest Rates are now but where they will be going forwards and if there is a chance of a peek at some stage in the next 12 months then after a peak you� ll get some cuts. Maybe the banks are looking towards that and also there is competition between them which is a good thing for consumers. What impact do you think this might have on the bank too . Are they more likely to pause rate rises now to see how this plays out for a few months at least . We would like to think so. That will come down to inflation. At 7. 9 , the last reading is still four times the Bank Of England� s 2 target. The good news is, that Headline Rate is down from a peak of ii. I . The bad news is that call rate of inflation that strips out to more volatile elements like oil and to a degree food and drink. That� s actually pretty static and isn� t coming down very quickly so i think a lot of the decline we� ve seen in deflation or inflation recently has been done to lower oil and gas prices and also government assistance with heating bills. The oil price is now go back up bills. The oil price is now go back up again so that could complicate matters considerably so we would like to think so but it would be unwise to the bank to promise it. Talk us through the potential bumps in the road. Inflation isn� t coming down in a straight line, if we get more surprises shuld homeowners brace again . That would be the worst case scenario. There is clearly political pressure to bring down Interest Rates on mortgages and for savers up. If you look at the bank� s net interest figure, the big four in the uk, hsbc, barclays, natwestand lloyds, their Net Interest Income has gone for a 10. 5 to 16 or £17 billion since Interest Rates that are going up. That is a huge increase, politically that is difficult for people to consider. You would expect competition to pick up. That should help mortgages, if inflation does what it is hoped it would do, that will help. I genuinely can� t promise it and if oil keeps going up that could bring some more pain. Oil keeps going up that could bring some more pain. Oil keeps going up that could bring some more ain. ,. Some more pain. Thanks very much, we are all keeping some more pain. Thanks very much, we are all keeping our some more pain. Thanks very much, we are all keeping our fingers some more pain. Thanks very much, we are all keeping our fingers crossed. Lets turn our attention to sri lanka now, because it� s betting its future on tourism. The country was brought to its knees just a year ago by the worst economic crisis in its independent history. After a 3 billion bailout from the International Monetary fund, the government is counting on Tourist Money to shore up its foreign currency revenue. Archana shukla reports. The tide has begun to turn in sri lanka. The Pristine Beaches in arugam bay are again buzzing with surfers waiting to catch the perfect wave. In this town on the eastern coast of sri lanka, the peak of the economic crisis coincided with their main tourist season, hitting local businesses hard and this Surfing Destination is still picking up the pieces. Krisantha, a surfing instructor, it� s back to giving daily lessons to tourist. A respite from last year when the economic crisis forced him into fishing to support his family. But he says a full recovery is still distant. Due to the price change, we are struggling a lot. Of course, we have to put prices up for our surf lessons and for accommodation, but still we pay quite a lot of money for the Electricity Bill and, you know, for other basic needs. Crowded beaches and busy hotels are promising signs for sri lanka� s Tourist Trade its biggest foreign currency earner. Tourism revenues are up 30 from last year. When i came last year to arugam bay, there were a few shops open and there were almost no people. To see now, like, the difference, it� s amazing. Like, so many new places opened up and the business is coming back and many tourists are coming back. It� s a good atmosphere now. Some of the bigger players are more optimistic about navigating the recovery. The recovery so far is quite magicalfor us. So, the emirates, the qatars, the singapore airlines, air india, all these big carriers are coming back and they are increasing their frequencies to the country, along with our National Carrier of sri lanka. However, very high cost of borrowing and a migration of the country� s skilled workers, from chefs to housekeeping staff, remains a major worry. I can� t see a lot of new development happening, construction happening. Until the cost of borrowing comes down. Most of our chefs are now in australia, new zealand, canada, so our biggest losses were in the kitchen. Then we lost engineering staff. We lost financial staff. Many say the crisis has set the country back by five years, leaving behind significant gaps which will take some time to be filled again. Archana shukla, bbc news, arugam bay, sri lanka. Looks very nice indeed. After a wet summer so far, brits are splashing out on last minute getaways. The Advantage Travel Partnership which represents around 20 of Travel Agents has found a massive uptick in bookings for august escapes. They� re running at 18 right now, instead of the usual 4 . 0ur Transport Corresponent katy austin has more. It hasn� t exactly been sunbathing weather here in eastbourne. If the wash out british summer has got you dreaming of a last minute escape to somewhere a bit warmer and sunnier, you are not the only one. Tour operators and Travel Agents say they have seen a definite trend as customers seek the sun in the likes of spain, turkey and greece. We ourselves have seen a 25 increase in last minute bookings and that� s from pre pandemic levels, so i think it� s a combination of things, the weather is obviously a big one because we have seen a big increase since we have been forecasting that we are not really getting a summer. Just round the corner at this hairdresser, the weather, or how to escape it, is a hot topic. We are just going to book a last minute holiday because i don� t want to book time off for me and my family and it be raining the whole week. I am not fussy as long as it is hot, good cocktails, good food, bit of a play area for my little boy, i dont mind. The weather was looking pretty iffy for the week my daughter is off school so, rather than herjust lay around being on her phone all day, we decided to do a quick five day trip. A holiday isn� t an option for everyone, especially during a cost of living squeeze, plus the price of flights and hotels is generally up on last year. And if you can go away, you might find there is not much choice left. Because this year in particular, many more people booked early because they hadn� t been away, in some cases for three years, there aren� t too many last minute deals at very good value, but you can get them if you are flexible, not too fussy about which country� s destinations you go to, but i also recommend going in september, 0ctober, even november. That is a trend one travel agent, who is on her own 11th hour break in portugal, told us is happening. I think people have been put off by the cost of holidays in august because they are higher than they have been in previous years, but also the heat and the fires that we have seen abroad, so people are waiting until september and we� re actually getting a lot of those last minute requests for then. Package holidays, especially all inclusive, have become very popular as people try to stick to their budgets. The miserablejuly here may not have been great for uk tourism but it has provided a boost for International Travel after a tough few years. Katy austin, bbc news. Disney is raising prices and expanding adverts on its streaming service in a bid to revive the business. The entertainment giant plans to lift the cost of its ad Free Streaming Service in the us in the autumn. It will also launch disney with ads in the uk, europe and canada in november. The firm is struggling with a drop in revenue from tv ad sales, and lacklustre performance at the box office for its big movie releases. That is it from me, you up to date with all your business headlines. This meeting in july this meeting injuly was supposed to be an opportunity for Birmingham City council to tell residents about their plans for a £2 billion regeneration of their area, ladywood. But it descended into farce as hundreds were locked outside. The residents feel left in the dark about the plans especially the dark about the plans especially the fact that the council has sanctioned the use of compulsory purchase orders, giving them powers to force people out. I purchase orders, giving them powers to force people out. To force people out. I want something to force people out. I want something for to force people out. I want something for my to force people out. I want something for my family. To force people out. I want l something for my family and to force people out. I want something for my family and friends and children that� s going to grow up. Where are you going to stick them . Are they going to be just pushed away and forgot . Them . Are they going to be ust pushed away and forgot . Birmingham University Lecturer pushed away and forgot . Birmingham University Lecturer laura pushed away and forgot . Birmingham University Lecturer laura moved pushed away and forgot . Birmingham University Lecturer laura moved to University Lecturer laura moved to the error a few years ago. She is joined a campaign to give residents a voice. ,. ,. , a voice. Over 2000 people are affected by a voice. Over 2000 people are affected by this, a voice. Over 2000 people are affected by this, they a voice. Over 2000 people are affected by this, they just a voice. Over 2000 people are | affected by this, theyjust dont know affected by this, theyjust dont know what is going to happen next. Its not know what is going to happen next. Its not as know what is going to happen next. Its not as if know what is going to happen next. Its not as if the council has sent us letters its not as if the council has sent us letters saying our homes are at risk of us letters saying our homes are at risk of a us letters saying our homes are at risk of a compulsory purchase order, instead risk of a compulsory purchase order, instead weve had to find out from the news instead weve had to find out from the news. �. ,. ,. The news. Birmingham city council sa the the news. Birmingham city council say the area the news. Birmingham city council say the area is the news. Birmingham city council say the area is deprived the news. Birmingham city council say the area is deprived and the news. Birmingham city council say the area is deprived and will i say the area is deprived and will benefit in the long run. This say the area is deprived and will benefit in the long run. Benefit in the long run. This is a lona benefit in the long run. This is a Long Term Benefit in the long run. This is a long term programme, benefit in the long run. This is a long term programme, 20 benefit in the long run. This is a long term programme, 20 a benefit in the long run. This is a long term programme, 20 a programme for an area that most needs it. No one is going to be turfed out their house. There will be on offer made at some point. Hello, this is your update from the bbc sport centre. Some Breaking News from football to bring it on the eve of the new Premier League season. Adeel has agreed in printable for Buying Munich to sign hurricane from tottenham. The offer is set to be over £95 million and would break the german transfer record. Hurricane is england� s all time leading scorer and for tottenham, 30 of those goals came losses in a campaign where they finished eighth. They remain without a trophy since 2008. Not a done deal, it is down to harry kane himself to decide. To the women� s world cup next and less than 2041 was until the quarterfinals commence with spain taking on the netherlands In Wellington first up. Australia have dreams of making the final four and a boost for them with Star Player Sam Kurt back in action. She is in aood Player Sam Kurt back in action. file is in good spirits and Player Sam Kurt back in action. Si2 is in good spirits and for us Player Sam Kurt back in action. Si2 is in good spirits and for us as a team is awesome to see her back and just a huge boost for us now going the tournament
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