international monetary fund for the inner statement we heard them say this is going to help, a bold move that would help stabilise the economy and set the basis for more sustainable and private sector led growth. the first group we have seen by the newly appointed economy minister and when mrjavier milei be sworn in as president on sunday. it has been quick. a huge roof. whenjavier milei huge roof. when javier milei came huge roof. whenjavier milei came into office he promised shock measures. he walked around with a chainsaw promising that is going to indicate the spending cuts and tax cuts he was promising. seen as a libertarian and very ultralight leader. this is the first of the measures. other measures announced as they will cut transport and fuel subsidies and cutting any spending by the government on advertising. huge reforms and all of this as part of living up all of this as part of living up to those campaign pledges made byjavier milei. one of the most controversial of these was the valorisation or basically making the argentine peso, getting rid of it altogether and moving towards using the us dollar in the country. as well as getting rid of the central bank. a hugely controversial decision and we will have to wait and see how that plays out. watching the market for reaction here in asia. thank you for the update. let's move to the united states where the latest data showed inflation unexpectedly rose by 0.1% in november. the price of petrol fell which helped to offer an increase in rent and this is coming upjust a day for america's central bank decides on the cost of borrowing. will the federal reserve hold interest rates steady until the end of 2023? november's consumer price index camejust in the nick of time for the federal reserve. fed members began their two—day meeting on tuesday and wrap up on wednesday. they will be deciding whether to hold interest rates steady yet again as they have for the past few months or whether to raise them. like we saw over and over again between march 2022 and this summer. a consumer price index readout like tuesday's is yet another piece of evidence that inflation has cooled substantially from its summer 2022 peak. easing gas prices helped bring november's headline inflation reading down but core inflation is the value the federal reserve looks at when it is making policy decisions. it excludes volatile food and energy prices. that number has remained higher thanks in part to persistently high housing costs. raising interest rates is meant to combat inflation. higher interest rates make it more expensive to borrow money and that is supposed to tempt down spending which in turn should tame runaway prices. president biden praised the data as good news and called on large corporations to pass the savings on to consumers. now it is up to the fed to decide whether they have done enough work to help prices return to normal. that would mean holding interest rates steady and that is what they are expected to do on wednesday. what investors really want to know is when the fed thinks it will be time to cut rates. they will almost certainly have to wait and hope for next year. inflation has been a big topic for many economies around the world this year. it is a different picture in china where we just found out last week the economy is slipping further into deflation, that's falling prices. with a deepening property crisis too, credit ratings agencies have recently lowered its outlook for china this month. in august a rival agency also cut the us government credit rating after lawmakers there flirted with default as they wrestled over raising the nation's debt limit. frederick newman is hsbc�*s chief asia economist. he told us what we can expect from the world's two biggest economies in the new year. the data is a reminder that inflation is still with us. not disappearing overnight. the numbers are steadily declining but not at the speed many investors had hoped. the fed may hold for the time being, watch the data come in and maybe start to cut next year but it is not a done deal at this point. given we actually still have inflation. that means interest rates will remain elevated, it is hurting consumers in the us and probably will mean we get a gradual slowdown in the us economy over 2024. it is a bit of a different picture. in china where we have falling prices but also a property crisis. as we mentioned, the recent outlook downgrade made news headlines. president xijiping sounds very confident about china's economy. what is your outlook for china's economy? you're right, it is the opposite problem in many ways because prices are falling at the moment. suggesting the economy is very weak, consumer spending is not strong enough to push up prices. that suggests the government will have to do more to stabilise growth and look at the interest rate cuts but not just that, more fiscal support. key will be in 2024 whether the chinese government can succeed in stabilising the housing market. it is a huge sector of the economy that continues to deflate and that is a drag on consumer spending and investment. really need to fix the property sector before we see stabilisation come in in the chinese economy. the un climate talks in dubai have continued overnight as delegates from almost 200 countries try to reach that final agreement. there has been a furious debate about the wording, whether to include phasing out of fossil fuels. jessica cheam is the founder of eco—business, a company dedicated to sustainable development and she told me she is not surprised negotiations are dragging on. i think the agreements would send the right signal. we have seen in 2015 when the landmark paris agreement climate change treaty was signed, that was also involu nta ry. volu nta ry. what is studied was it sent to regulars all over the world as well as businesses really respond to the right signal, that we do need to transition away from fossil fuels to address our climate crisis. i think it is important the government today choose the strong language because it does give businesses the right direction and the impetus to put in the policies and practices we really need to see. we have been speaking to some critics and protesters at cop28 pointing out the summit has been, has had an outside influence of fossilfuel lobbies, do you agree with that? what kind of impact does that happen on businesses? this presidency is attracting a lot of controversy and yes we have seen the president has had accusations of conflict of interest because of his position. the truth is we really need everyone at the table for negotiation like this to be successful. what has happened is the energy intensive economies and energy heads are all speaking to the activists and entire spectrum trying to hash out a language that is acceptable. i think this summit that has been the largest gathering ever in cop history has got everybody talking about what it would take for us to address the climate crisis. even if we don't see the language around phase out of fossil fuels which was originally suggested, we are now seeing language around transitioning away from fossil fuels which i think is a good compromise. it is an extremely difficult position to reach because we have developing economies, energy intensive economies that are worried about livelihoods and jobs. i think getting everyone on the table is the first step to success. i think this cop has been successful in that regard and perhaps we can see success coming out of the negotiations today. let now update you with other business news making headlines this morning. the world bank says it is getting another $20 million to help people in gaza. it will go towards food, medical care and other supplies. the organisation has delivered $15 million in support to gaza since the conflict between israel and hamas started two months ago. it says economic activity in gaza has come to a near complete standstill with the war. and staying with israel and gaza, high—street fashion retail zara is in progress the misunderstanding around its advertising campaign which has been criticised for using images assembling the war. the campaign featured mannequins wrapped in white plastic. they have pulled the images which it says were taken before the war started. added that customer saw something far from what was intended when they were created. let's see how the japan market is doing. the spillover effect from argentina having an effect. and that is it that today, thank you for watching. vmcsovsk: bbc news - - bringing you different stories from across the uk. they risk their lives to save others in peril at sea. last year, it cost the rnli £188 million to run its life—saving service. the donations mean the charity can keep improving its service, which includes building a new lifeboat station in cleethorpes. it's costing £3 million. it should've been opened in the summer but the build's on hold after the first contractor went bust. the building site takes up 2a parking bays here and north east lincolnshire council has charged the rnli just over £38,000 for the use of these while the building takes place, albeit the charges are on hold until the construction here resumes. north east lincolnshire council says the agreement with the rnli over the £38,000 reimbursement fee is in line with arrangements for similar building projects around the country. one opposition councillor is furious. it should be accepted as a loss because the rnli are providing a brilliant service for this area and this town. the rnli says it negotiated the fee and that it always seeks to make best use of funds. for more stories from across the uk, head to the bbc news website. hello and welcome to sportsday. united crash out of europe, beaten by bayern but copenhagen's champions league fairytale continues. benzema and kante among the goals as al itihaad beat auckland city in the club world cup. a referee punched and a club owner arrested as football is suspended in turkey. we'll bring you the latest on turkey's night of shame. hello and thanks for joining us on sportsday. manchester united are out of the champions league, after losing 1—0 to bayern munich. combined with copenhagen's win over galatasaray, it means erik ten hag's side don't even have the comfort of dropping into the europa league. they finish bottom of their group. it's a phenomenal run to the knockout stages of the champions league for the danish champions, but manchester united's continental stay ends at the earliest possible point. ian dennis was at old trafford, on a desperately dissapointing night for the hosts. manchester united never looked like scoring let alone winning for what was a must win game. they looked i—dimensional and predictable while buying munich carried a threat and cruised through. short long—range effort was the only shot on target. scoring the only goal drafted by harry kane, clinically finished 19 minutes from the end. never comfortable, never fully never comforta ble, never fully co mforta ble never comfortable, never fully comfortable what we deserve the win. were you needed a reaction, got a reaction can play with personality and good energy and much more aggressive in a very higher level than in the last match. it was one of our best performances in the group stage of 90 minutes, and we deserved to win. we can focus of course in the premier_ we can focus of course in the premier league, and this is a think— premier league, and this is a think the _ premier league, and this is a think the level we want to play. _ think the level we want to play, champions league, so yes, we have — play, champions league, so yes, we have to — play, champions league, so yes, we have to be in the top four, so next — we have to be in the top four, so next year we're back in the champions league and of course we have — champions league and of course we have the fa cup, so there are still— we have the fa cup, so there are still many things to pay for~ — let's bring you up to date with the other results on tuesday. we've mentioned it, but the surprise package of the group stages, fc copenhagen, joining bayern munich in the last 16 courtesy of their win at home to galatasaray. in group, c napoli go through with real madrid — worth noting that napoli's second goal was scored by the newly crowned african footballer of the year, victor osimhen.