arm did not reveal the number of shares it was selling or the pricing of its offering but it is reportedly looking for a valuation of between 60 to 70 billion dollars. ahead of the ipo, the cambridge base company revealed revenue was down 1% from a year earlier. the company, which is currently owned by japan's softbank, is a chip designer whose technology powers most smartphones around the world, including iphones. in 2020, silicon valley chip maker nvidia tried to buy arm but the deal fell through because of regulatory scrutiny. despite that setback, nvidia is apparently in talks to take a major stake in the company when it goes public. other possible big investors also include apple and microsoft. since acquiring arm in 2016, softbank has touted the role it will play in the ai revolution. this offering to american investors will be a test of that claim. let's begin in china, because an incremental cut to a one—year lending rate on monday has raised concerns that the world's second biggest economy is weaker than expected. the one—year loan prime rate has now been reduced twice this year... and stands at 3.45%, ....down from 3.65% in may. the aim is to nudge businesses and individuals to borrow money. hong kong—based market strategist vincent chan of al theia capital told me the market thinks the chinese government is not doing enough. the company seems to be more concerned about growth but it is not doing enough as the market expected to boost growth. market expected to boost urowth. _, ., , market expected to boost urowth. ., , ., ., . growth. the economy data which shows weak _ growth. the economy data which shows weak growth _ growth. the economy data which shows weak growth and - growth. the economy data which shows weak growth and record i shows weak growth and record high unemployment and economy in deflation and a securing crisis, some have compared the situation in china to that of japan in the 1990s, can you talk us through the similarities?- talk us through the similarities? , , similarities? the biggest similarity _ similarities? the biggest similarity is _ similarities? the biggest similarity is in _ similarities? the biggest similarity is in the - similarity is in the overlapping economy intranet which is similar to japan at that time. there are similar situations and these are the biggest similarity in the underlying inflation is used. are different to emphasise between china and japan, most important is the japanese economy doing its lowest gross age in the market economy and not being cut off from the global supply chain but china could potentially be more hostile to domestic market capital as well as the western world which in turn could be isolated from the global supply chain. this is the major difference between china and sub japan. now to thailand, and as we told you on newsday, efforts to form a government to replace military rule have been stalled since elections were held in may. the uncertainty has taken a toll on the economy. but today's parliamentary vote could name a new prime minister from the pheu thai party, which is linked to the billionaire shinawatra family. katrina ell, senior economist with moody's analytics, she told me the political uncertainty is impacting consumer sentiment. i think if we finally have some news on who the next leader will be that will revive activity a bit and will also help with external app as well. foreign investors have been watching this uncertain political situation so stability is good news. considering the history, a new coalition that this could be vulnerable couldn't it? what are the biggest risks for tile and economy right now? in are the biggest risks for tile and economy right now? in the short term _ and economy right now? in the short term it — and economy right now? in the short term it is _ and economy right now? in the short term it is instability - short term it is instability from knowing the next leader, medium to long term is about the stability of the government, given its an amalgamation of several different people and groups and thatis different people and groups and that is a concern which comes at the challenging time for thailand's economy. their economy is likely to grow a bit stronger this year on the back of improved international arrivals and services but it is coming at a time when goods exports are struggling and that is an important general and impact for thailand's economy. it's an ongoing challenge for the economy at the moment. the brics group, made up of brazil, russia, india, china and south africa, are meeting injohannesburg for their summit of major emerging economies. 0ver a0 countries, including saudi arabia and iran want tojoin the group — as it's seen by some as an alternative to established western institutions. one hot topic is whether they can work together on alternatives to the us dollar in global trade along. archana shukla has more from mumbai. well, over the last years, brics has seen its influence and economic significance grow. it now accounts for over 17% of global trade. for india, the summit is crucial, both from its economic and security interests. now, russia is its largest arms supplier and now is also a key energy supplier. china continues to be the second biggest trade partner to india while being in a border dispute. but the brics has given india a status as a global power in league with russia and china and a voice to be for the global south. this is what india would like to establish even in the current brics summit. so while issues like economic cooperation, food security and expansion of the brics will be discussed, but amidst the geopolitical flux post the russia—ukraine war issues of global peace terrorism will also be taken up. and here the meet will be an opportunity for indian prime minister. right ahead of the g20 leaders summit next month, where india as a host is seeking a consensus on global issues, especially with russia and china now with china in attendance at the brics summit. political observers say pm modi is expected to reiterate his stance on how brics members need to respect each other�*s security interests. all eyes will also be on a probable india—china bilateral meeting on the sidelines. while there has been no formal confirmation so far. if this happens, it will be the first since the border standoff intensified between the two countries in 2020. over the last few months, the saudi pro league has shaken the global football industry by signing a host of high profile football players from european leagues for record salaries. last week, brazilian star player — neymar became the latest prominent name tojoin the saudi league. neymar left ps6 to join riyadh based al hilal in a deal worth almost $100 million. sameer hashmi reports from riyadh. the rapturous welcome for neymar at his new club al—hilal. a volley of fireworks was followed by a drone show projecting the brazilian player's face in the sky as the staff would follow was unveiled in front of thousands of ecstatic supporters. al—hilal is one of asia's most successful clubs. but for many fans, neymar�*s arrival marks the beginning of a new era. it means a lot for us. neymar is a mega star player. uh, brazilian leader. he will bring a lot of fans for like al—hilal we are so happy that stars like cristiano name are playing here in saudi. we hope that the saudi league will become as good as the other leagues in europe. the ambitious project to make saudi arabia a football powerhouse started with the arrival of cristiano ronaldo at al—nasr last year. this was followed by another record deal when karim benzema moved to al—ittihad from real madrid injune. since then, there has been an influx of foreign players. a couple of months ago. the top four saudi clubs were bought over by the piff, which is the country's cash rich sovereign wealth fund. now, what it's done is that it has enabled clubs like al—hilal to offer eyewatering salaries to attract some of the biggest names in global football. sports is one of the main pillars of the country's vision 2030 economic diversification programme, which aims to reduce saudi arabia's reliance on oil revenues by building new industries and attracting foreign companies in line with that objective. the saudi pro league plans to continue spending big to sign more international players. we have commitment to support this for however long it takes. however, the responsibility that we have against that commitment is to also take that commercialisation element of the strategy and start increasing that so that we can be responsible for our own financial growth in the future and not to be wholly dependent on the government. saudi arabia's target is to elevate spill is to elevate spl in the world stopped in in terms of revenues by 2030. it's still early to judge whether these bold investments would pay off in the long run. but the strategy has demonstrated the gulf nations ambition of becoming a major international football hub. sameer hashmi, bbc news, riyadh. it is invested in other sports like golf as well. and that's it for this edition of asia business report. thanks for watching. bbc news bringing you different stories from across the uk with these, these and these. there are more options than ever to pedal around the capital. london's original bike hire scheme was launched by former mayor borisjohnson in 2010, but the numbers using so called boris bikes are not what they were. figures suggestjourneys made between january and july were down by a third on the same period last year and are at their lowest for a decade. and some believe it's the price. last september, tfl changed the annual subscription and the fee for single journeys. i would usually have four journeys for the cost of £2.50 per a journey. i went to hire a bike and found it was 1.65 perjourney. 0thers point to the rise of rival hire bikes. reducing usage of the santander scheme is the competition from all the doctors hire bikes. there are now four main doctors hire bikes among these riders, though ease and comfort is key. i actually don't have my own bike any more because it got stolen so many times. those backs are heavy. those bikes are heavy. in response, tfl said it's working to make cycling more accessible and is increasing the number of e—bikes in the scheme. for more stories from across the uk, head to the bbc news website. hey, i'm zoff with the catchup tonight. lucy letby is jailed for life. spain's world cup win and cat cuteness. but first, our top story. manchester united striker mason greenwood will leave the club by mutual agreement after an internal investigation into his conduct. the 21—year—old was arrested last year following allegations of rape and assault linked to material which was published online. all charges were later dropped, but united have been carrying out a six month investigation before making a decision on his future. in a statement, the club said "that whilst they were satisfied that greenwood did not commit the acts he'd been charged with, he has made mistakes which he took responsibility for". some other stories now. ajudge in britain has sentenced neonatal nurse lucy letby to life in prison for murdering seven babies and attempting to murder six others. and in london, has returned to the stage in his first uk gig since two people were crushed at his concert last year. khumalo and gabby hutchinson died after a crowd surge outside 02 academy in brixton in december. and to football. england's lionesses are returning home after finishing runners up at the women's world cup and winners, spain have continued their celebrations on the plane home. it's the first time the team have ever won the trophy. and time now then for 10 seconds of cat cuteness. karen and her daughter lauren live with over 70 cats at their home in wales. 60 of those they actually rescued. i absolutely love it. i'm a crazy cat lady, so that is my dream house. you're all caught up now. see you later. hello and welcome to sportsday — i'm tulsen tollet. mason greenwood is to leave manchester united by mutual consent — following an internal investigation by the club over his conduct. spain return home from australia after claiming the women's world cup and sha'carri richardson claims world championship gold for the first time winning the 100m title in budapest welcome to the programme. manchester united and the striker mason greenwood