from" fossil fuels by 2050. this follows the rejection of the first draft because it did not call for a "phasing out" of fossil fuels. there were quite a few leaders at this event to a not happy with that at all. so will this latest proposed text lead to agreement? will it get across the line? countries are looking at this text right now, deliberating over every word. let's go live to dubai. our middle east business correspondent sameer hashmi is at the cop for us. we could hear quite soon, good way, on what the leaders think about this latest text?- about this latest text? sally, we don't know— about this latest text? sally, we don't know how - about this latest text? sally, we don't know how soon - about this latest text? sally, i we don't know how soon that would be, but, yes, the leaders and negotiators will be going into the room which is scheduled in about half—an—hour and they will discuss the latest text that has been released. we will have a discussion. there have been some agreement it seems like, it seems there has been consensus on some of the issues including fossil fuels, which is a big takeaway from the text, because the first time there is a reference to all fossil fuels. there is a reference to all fossilfuels. earlier fossil fuels. earlier effectively fossil fuels fossilfuels. earlier effectively fossil fuels has been the f—word. it has only been the f—word. it has only been at cop26 in 2021 glasgow that it was discussed for the first time, but even there they are to phase down call, that was the language adopted, which is the dirtiest of the fossil fuels. that is the first and it seems like that has been the middle ground because when the previous text came out on monday there was no reference to phasing away completely or phasing out fossil fuels. to phasing away completely or phasing out fossilfuels. there was a reference to the countries that could stop the production and consumption of fossil fuels. production and consumption of fossilfuels. there was production and consumption of fossil fuels. there was a furious backlash from a lot of western countries who push against that end i think now there seems to be a middle ground between those who were for the text and some against it, including some of the oil producing companies —— countries, that companies who have been against any reference to phasing out or phasing away from fossil fuels. so whether they would be a consensus on this, we still don't know. it could be over soon but it could go on for hours. if the presidency recognises there are still some contentious issues, they could ask these groups to discuss them and come back. it could go on for a long time, we still don't know. but could go on for a long time, we still don't know.— still don't know. but as you sa , still don't know. but as you say. there _ still don't know. but as you say, there has _ still don't know. but as you say, there has been - still don't know. but as you say, there has been a - still don't know. but as you say, there has been a shift| still don't know. but as you i say, there has been a shift in mood there, has it there? i am looking at the bbc website, there are comments from norway's climate minister saying quite positively that they feel this is a bit of a breakthrough. and that is the feeling, it was not going to be easy, but could they have just worded this right in order to get everyone on board? definitely the sentiment seems to be much more positive than what it was on monday. there was a furious backlash because the text was very weak according to many countries, but now there seems to be a middle ground, and some oil countries have also agreed on the text, that is a sense we are getting. we got a reaction from iraq earlier that the thing is fossil fuels from iraq earlier that the thing is fossilfuels has been the f—word so the fact it is in the f—word so the fact it is in the text, that is a big breakthrough for a lot of western countries who have been insisting on that. for a lot of other countries, especially oil—producing countries, they have been against that idea but i think they think is language kind of does not force them to a timeline where they have to get away from it. one issue is climate financing. the text has been weak on that and some reactions coming in on that that now countries would need more money in the years to come and there needs to be a stronger language on that, especially coming from the richer companies —— countries. we will beat you as a progresses in dubai. let's get more on this. i am joined by oliver cornock, global editor in chief at oxford business group. you were middle east editorfor some time so you are very familiar with this region, the key players, the key stakeholders. what do you make of the progress they are making?— of the progress they are making? of the progress they are makin: ? ,., ., ., , of the progress they are makin: ? ., , ., making? good morning. first and foremost, making? good morning. first and foremost. i— making? good morning. first and foremost, i think _ making? good morning. first and foremost, i think what _ making? good morning. first and foremost, i think what i - making? good morning. first and foremost, i think what i am - foremost, i think what i am struck by is this position of leadership that we are seeing from these hydrocarbons exported, a phrase i prefer to use and fossil fuels because fossil fuels have accommodations. but we are talking about oil and gas and these countries are huge contributors in the gulf. i think it is very positive, and the fact this has come down to semantics and nuances is a reflection of the enormity of this situation we are facing here. so i think it is a strong position of leadership from the gulf and obviously particularly from the uae that has the presidency this year for presidency this yearfor stopping the fact it has been scrutinised so closely as a reflection of that. equally, we can expect those countries at the other end that are suffering from that, the small islands for example, to be looking at it from the other angle. the fact it has come to the wire in the way that it has should really, in my mind, be no surprise. it should really, in my mind, be no surprise-— no surprise. it is no surprise. it went to — no surprise. it is no surprise. it went to the _ no surprise. it is no surprise. it went to the wire _ no surprise. it is no surprise. it went to the wire in - no surprise. it is no surprise. i it went to the wire in glasgow, there were literal tiers in glasgow, it was so tough to get to an agreement. it was so difficult to reach agreement with so many countries represented to have very different issues and needs and problems when it comes to climate. what do you make of how this whole event was run, it was so controversial when the chair was appointed because of because he is a ceo of uae�*s major oil company. do you feel it has actually gone well despite all the negativity that was surrounding this event at the beginning, the bbc reporting to say that it was being used to work a lot of oil deals? i being used to work a lot of oil deals? ~' ., being used to work a lot of oil deals? ~ ., ., , , deals? i think of yearsley there is — deals? i think of yearsley there is controversy - deals? i think of yearsley i there is controversy because people like to look for that. the simple fact is that the uae and many of the gulf country �*s are huge exporters of oil and gas. the fact that this event has been held in this region is actually a reflection of that. secondly, and i think perhaps more importantly, this is the first time that all hydrocarbons, coal, gas and oil, have been included in this negotiating draft. so i think that in health is a reflection of a huge shift and a huge position of leadership. i have seen equally the headlines around the next event scheduled to take place in azerbaijan, again raising eyebrows, and oil producer. perhaps this is taking the argument straight to the horse's mouth. these are the horse's mouth. these are the countries, the people that will hopefully be at the forefront of pushing some of those transitions, and i may add that countries like the uae and saudi arabia are actually at the forefront of some of the cleaner text that we are seeing in the oil and gas industry. good to get your take and nice to see you. let's now move on to see you. let's now move on to the united states. we mentioned, if you are watching yesterday, the inflation numbers that were coming out. if you look at the latest data, it is a bit of a mixed picture. 0n it is a bit of a mixed picture. on one hand, the pace of price rises even in the world's biggest economy. the headline annual inflation rate coming in at 3.1% for the year to november, slightly down from october. but the core price inflation — an important stat which strips out food and energy — rose slightly on the month. what do we read between the lines on this? erin delmore in new york has the details. november's consumer price index came in the nick of time for the federal reserve. members began their meeting on tuesday and rapped up on wednesday. deciding whether to hold interest rates that are yet again as they have for the past few months or whether to raise them also black with or over and over again between march 2022 and this summer. the consumer price index 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 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. the number has remained higher thanks in part to persistently high housing costs. raising interest rates is meant to combat inflation. 0ur interest rates make it more offensive to borrow money and thatis offensive to borrow money and that is most are tamped down spending, which in turn should tame runaway prices. president biden praised the data is good news and he 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 rises return to normal. that would mean holding interest rates steady and that is what they are expected to do on wednesday. but what investors really want to know is when the fed think there will be time to cut rates. they will be time to cut rates. they will almost certainly have to wait and hope for next year. keith hall is from the mercatus center at george mason university. previously, mr hall served as the director of the congressional budget office. you are well aware of the push and the pool on all of this. give us your take on what the fed may decide to do today. we are all assuming surely they won't do anything in terms of the cost of borrowing. that won't do anything in terms of the cost of borrowing.- the cost of borrowing. that is ri . ht. the cost of borrowing. that is riuht. i the cost of borrowing. that is right. ithink— the cost of borrowing. that is right. i think they _ the cost of borrowing. that is right. i think they are - the cost of borrowing. that is right. i think they are ready l right. i think they are ready to pause and yet another quarter, and the thing we are all looking at is the statement they make an they signal about they make an they signal about the future interest rates. so far, the statements have been released suggesting they will be on the watch follows rates again at some points their language needs to transition to a more neutral language, or maybe in some language about that they will be looking to lower rates in the future. following this inflation data that was just out and also of course we have the jobs date on friday as well, markets are kind of pricing in a spring cut in interest rates, and also we are seeing a real rally on wall street at the moment. your thoughts on that?— street at the moment. your thoughts on that? actually, i think the fed — thoughts on that? actually, i think the fed might - thoughts on that? actually, i think the fed might be - thoughts on that? actually, i think the fed might be a - thoughts on that? actually, i | think the fed might be a little more cautious, and if they are thinking about starting to lower rates back down again, they might wait a little bit, they might wait a little bit, they may not be ready to do that in the spring. that remains to be seen. 0nce that in the spring. that remains to be seen. once we see their statement and the new term protection, it will get some idea of what they are saying. if they are thinking about rate declines next year. give us your take on the year ahead for the us economy, 2024, from your perspective, what is it going to be like? we have this report out from the chicago fed saying they are thinking that consumers are fairly downbeat at the moment and that could impact growth next year. it and that could impact growth next year-— next year. it has been pretty stron: next year. it has been pretty strong so — next year. it has been pretty strong so far. _ next year. it has been pretty strong so far. we _ next year. it has been pretty strong so far. we had - next year. it has been pretty strong so far. we had an - strong so far. we had an impressive gdp growth in the third quarter, but it is likely to moderate quite a bit down the labour market is still holding up. it is still looking pretty strong given what we are going through in the interest rates and inflation. there aren't any real serious sign i think of a stretch yet.- think of a stretch yet. 0k. thank you _ think of a stretch yet. 0k. thank you very _ think of a stretch yet. 0k. thank you very much - think of a stretch yet. 0k. thank you very much indeed for being on bbc news. around the world and across the uk, you are with bbc news. voiceover: bringing you different storiesl from across the uk. hundreds of miners took part in this march to mark the end of this. 30 years on some still feel the closure was the same. i still firmly believe it was purely a political motive by the then government, it was industry they didn't like. it was a huge employer in the staffordshire village of huntingdon. nearly 2000 miners worked there at its height. you can see where _ worked there at its height. you can see where all _ worked there at its height. moi. can see where all the coal was being attracted. for can see where all the coal was being attracted.— being attracted. for some, it was more — being attracted. for some, it was more than _ being attracted. for some, it was more than just _ being attracted. for some, it was more than just a - being attracted. for some, it was more than just a job. - being attracted. for some, it was more than just a job. it i was more than just a job. it was more than just a job. it was a second home stop you felt comfortable.— comfortable. quite a lot of --eole comfortable. quite a lot of people would _ comfortable. quite a lot of people would think - comfortable. quite a lot of people would think it - comfortable. quite a lot of. people would think it was... but i enjoyed it. i actually enjoyed it. but i enjoyed it. i actually enjoyed it— enjoyed it. lifelong friendships - enjoyed it. lifelong friendships were i enjoyed it. lifelong i friendships were made enjoyed it. lifelong - friendships were made down enjoyed it. lifelong _ friendships were made down the pit stop on and raised elbow for a drink every friday with other fora drink every friday with other ex— for a drink every friday with other ex— miners. for more stories from across the uk, head to the bbc news website. you're live with bbc news. we are talking through the top business stories. we're now going to look more details at the announcement made in argentina. presidentjavier milei have announced sweeping new changes to shore up the economy. economic shock therapy, the evaluation of the peso, cuts in spending. katie silver has the details for us. short—term pain but the hope is that this could turn around argentina's economy. that is well and truly _ argentina's economy. that is well and truly the _ argentina's economy. that is well and truly the hope i argentina's economy. that is well and truly the hope and l argentina's economy. that is| well and truly the hope and of course we javier milei campaign on these austerity measures. it was incredibly popular. 0n was incredibly popular. on sunday when he came into office, people waving flags, the chain saws he campaigned on. while these measures are very dramatic, they are promising will be accompanied by long—term gain. the major announcement is the evaluation, bringing the peso in line with what it is actually worth. the central bank has no reserve left. it is incredibly expensive to prop up the currency and particularly at a ratio of two to one. as a result, it current reserves are in—depth. we. it does not have the depth to support it. in 2019, people were stopped from changing the peso into firing currency. we have been talking about the interesting element about the interesting element about different exchange rates for different items. the new government wants to get rid of all these artificial supports and it has been voluntarily welcomed by the imf. argentina owes it $42 billion. it cold these measures bold and an important step to restoring stability and rebuilding the country's economic potential. we also saw them completely cut any sort of expenditure to government advertising, having them as well as subsidies, likely to hurt those at the bottom of the food chain. aha, likely to hurt those at the bottom of the food chain. a lot more detail— bottom of the food chain. a lot more detail on _ bottom of the food chain. a lot more detail on that _ bottom of the food chain. a lot more detail on that on - bottom of the food chain. a lot more detail on that on our i more detail on that on our website as well. dramatic changes in argentina. to the uk now and the financial woes of thames water. the firm — which supplies around 15 million people across the south of england — says it doesn't have enough money to repay a 190 million pound loan due in april. during a grilling by mp�*s on tuesday, thames water's chairman said the company is facing a seminal moment. thames, along with its parent company kemble water, owes a total of £18 billion in debt. live now to swetha ramachandran, fund manager at artemis investment management. good to see you. the numbers are going in the wrong direction for thames water? absolutely and part of this is a large part of their debt power, 58% or so is linked to inflation which with inflation being high has meant the cost of servicing that debt has increased which has made it increasingly untenable for the company continuing to do so. it has been through such a tumultuous time with the chief executive resigning without notice, ten days before a change of chairman as well. financial markets took fright. a lot of talk that the government would have to take over thames water. what is the outlook now?— outlook now? the company is in rivate outlook now? the company is in private ownership _ outlook now? the company is in private ownership at _ outlook now? the company is in private ownership at the - outlook now? the company is in| private ownership at the moment so any possible restructuring could happen under the special administration regime which the formally failed provider bold was also taken over by the government in 2021. that appears and option open to the government. 0thers appears and option open to the government. others are facing the problem of taking on a lot of debt, rising reinvestment requirements and byzantine corporate structures which means that the dividends they pay out are being used to service the debt they have accumulated which limits the ability to reinves