Transcripts For BBCNEWS World 20240704 : comparemela.com

Transcripts For BBCNEWS World 20240704

Thats down from 3. 9 in the three months to november. It marked the lowest level seen since the November 2022 to january 2023 period. Wage growth slowed again in the britishjobs market. But and this is key it is still outpacing price rises, according to the office for national statistics. Lets hear now from michael stull, director at manpowergroup uk. Michael, what are you expecting to see a little later on . Im always very excited for when the numbers come out. Im expecting a couple of things, one is i do think unemployment will take up a little bit, as you mentioned wage growth is going to slow. We will see vacancies down and underlying all of that in the Labour Market we have two bosses, a cold and hot going on. On the cold and hot going on. On the cold side we have sent a dropping, weve seen hiring slowing down and we are not out of the woods. We are blue business and consumer confidence. Manufacturing pmi is a very low, big into caters. 0n the hot side we see a lot of hiring going on especially in the skill shortage areas. It, engineering, care. Our Manpower Employment 0utlook engineering, care. Our Manpower Employment outlook is still pretty positive. Companies are doing one of two things. The companies that are hiring, some are going on the offensive, they are betting on a quick rebound and hiring for growth and strategic projects. We see about 60 in that camp and on the other side of the equation we see the other 40 really just standing and waiting to see what happens and backfilling the roles that they have and its a little bit of a Game Of Chess right now and im betting on when is growth going to come back into the economy. A lot of hiring going on from what you are seeing. Why does wage growth remain so strong compared to price rises . That is a great question. Is a great question. Traditionally what we have seen and we have seen it through this cycle as well is wage always follows pricing. Attacks always follows pricing. Attacks a couple of months to get wages in, and it takes a couple of months to get the wages out. You traditionally see three, four month lag between the two indicators, the slopes of the same, it isjust indicators, the slopes of the same, it is just pushed out a little bit further and thats why we will continue to see wages come down and get more in line with where inflation is sitting. Line with where inflation is sittina. M. , line with where inflation is sittina. A. ,. , line with where inflation is sittina. M. , sitting. Michael, why do you think the sitting. Michael, why do you think the bank sitting. Michael, why do you think the bank of sitting. Michael, why do you think the Bank Of England i sitting. Michael, why do you think the Bank Of England is | think the Bank Of England is reweighting the data and how will that change things . I think that we are in a bit of a turbulent time right now because we dont know it clear where the market is. They have changed because they are not getting the Survey Responses that they got before and they realised that the 0ns data was not exactly reflected in the market. Period of the period its comparable but when you go backin its comparable but when you go back in time and you try to compare it, it is not there and thatis compare it, it is not there and that is why they are reweighting to better understand exactly where the economy is and im looking forward to hopefully the rollout of the share of the new official data. Official data. Michael, director official data. Michael, director at official data. Michael, director at manpowergroup, thank you. Director at manpowergroup, thank you us President Joe Biden has proposed a 7. 3 trillion budget. He wants new social programmes and higher taxes on corporations and the wealthy. The plan offers a stark contrast with Donald Trumps Economic Vision ahead of novembers us president ial election. Heres more from the bbc� s north America Business correspondent Michelle Fleury in new york. President joe biden outlined his Election Year budget pitch which included tax breaks for families, lower healthcare families, Lower Healthca Re costs families, lower Healthcare Costs and a higher tax on the wealthy and corporations. As well as trying to get more money to help ukraine defend its topic and structure and for aid for israel. If the biden budget became law it would save 3 trillion through higher taxes of the ten years. Would also push us debt over 100 of gdp. By contrast Donald Trumps Economic Vision is for more tariffs to pump more oil and cut taxes. Joe biden has made kitchen sink issues a central part of his real action message, trying to win over american is unhappy with the post pandemic economy. Although this Budget Proposal has little chance of being approved by congress, it is a blueprint of what the future could hold if the democrats win in november. Global markets will be watching the us consumer Inflation Report for february later today. Its an important measure on how the worlds leading economy is faring. Us stocks slipped on monday in anticipation. As people look for any indication the Us Federal Reserve could lower Interest Rates if inflation continues to slow. The Us Central Bank next meets on the 20th march. Thats wednesday next week. For more on this i am joined by sarah hewin, head of research, europe and americas, Standard Chartered bank. Hello there. Sarah, what can we expect from the cpi report a little later . We are likely to see Headlining Inflation staying at 3. 1 and thatis inflation staying at 3. 1 and that is because theres been a pickup in Energy Prices in february. Core inflation, which strips out volatile readings of energy and food is likely to fall down to 3. 7 which will be living in the right direction. We had a january Inflation Report that surprised to the upside. Was a monthly pickup and inflation that was stronger than had been expected because of surfaces. They hope that this time, februarys Core Inflation is going to resume a downtrend. Weve seen some Market Reaction already so what can we read into that . There is a huge amount resting on this particular report. Because as you mentioned, the Us Federal Reserve is poised to cut Interest Rates in the coming months. The question is when does that happen . It is not likely next week but it is possible that come the may meeting of the start of may or mid june the fed may decide to start its Interest Rate cutting cycle. At the same time if inflation is not humming down inflation is not humming down in line with what they are anticipating, if it is looking like it will take some time to get down to target, the fed will then doorway the rate cuts. Delay. They will have brought into caches for other economies such as emerging market economies. Economies such as emerging market economies. Many people watchin market economies. Many people watching all market economies. Many people watching all around market economies. Many people watching all around the market economies. Many people watching All Around The World. Watching All Around The World and remind us how effects of commerce and why theyre watching so closely . Because for many central watching so closely . Because for many Central Banks, watching so closely . Because j for many Central Banks, there will be waiting for the fed to make the first rate cut before they can use their own Interest Rates. The risk is if another central bank decides to cut rates before the fed does, then that pushes the currency up against the us dollar and that makes them less competitive. A lot of Central Banks are waiting to see when the fed cuts and they would feel comfortable in cutting the rates for their own countries. The global game of wait and see. Sarah hewin, thank you for joining us. The value of the crypto currency, bitcoin, has risen to a fresh all time high. The new price is above 72,000. Earlier this year, us regulators made it easier for investors to trade the currency. Thats helped fuel the record breaking run. And now the uks financial watchdog says it will loosen some of the rules. Heres the bbc� s cyber correspondentjoe tidy. For the last two years, once charting the value of bitcoin have mostly been in one direction. In the last few weeks, it has all changed. Almost hourly now this Virtual Currency is sitting new all time highs. The reason, it is mostly down to this place. In january is mostly down to this place. Injanuary traders is mostly down to this place. In january traders from is mostly down to this place. Injanuary traders from Us Investment giants were given the green light by us watchdogs to start selling products links directly to bitcoin. As a result they spent billions buying up coins. Further stoking the fire, today the uk financial Authorities Say they are also open to allowing some trading based on crypto assets. Some are wondering how fathers will go. Some people think the potential of bitcoin is to replace all other currencies. There are shops and restaurant like this one in london except that coin. I bought the £7 burger which was 0. 0009 between. The way prices are going now, who knows what will worth tomorrow . I going now, who knows what will worth tomorrow . Worth tomorrow . I dont think we will see worth tomorrow . I dont think we will see bitcoin worth tomorrow . I dont think we will see bitcoin becoming i worth tomorrow . I dont think| we will see bitcoin becoming a genuine currency but what we ahsinger it become is a recognised and potentially widely used investment asset. People buying it to save for the longer term and benefit from the price rises. Mas from the price rises. Was created from the price rises. Was created by from the price rises. Was created by anonymous Internet Userin created by anonymous Internet User in 2009 to make sending money is easier sending an e mail, Orwithout Money is easier sending an e mail, or without needing any financial institutions. Transactions are processed by a huge network of volunteers who use computers to check transactions. As a reward they are automatically given new coins. Right now the demand for the coins seems to be higher than ever and many bands are celebrating their newfound riches. 0thers celebrating their newfound riches. Others are wondering with caution which way the notoriously unpredictable line will go next. American companies are set to announce investments amounting to more than 1 billion in the philippines. Thats according to the us commerce secretary Gina Raimondo who was speaking in manila. Shes heading a two day trade and investment mission, the first of its kind for the philippines. Lets cross live now to katie silver in our Asia Business hub. Hi katie. Hello. How significant an investment would this be . Well, whether or not its significant or symbolic is the big question here and it is certainly symbolic. The comments were made in the president ial palace outside after she had met with the president and in this she described it as being ironclad. Whos going to this trip . If the delegation that includes the delegation that includes the likes of alphabet, the Parent Company of google, microsoft as well as United Airlines which last week said they were going to be providing direct flights between tokyo and seafood. This investment will be across everything from solar energy, Electric Vehicles and digitisation but as you say, is more a question really of politics rather than business in some ways and big non spoken or not mentioned part of the equation is china. We have seen the philippines having increased tension over the South China Sea particular after a chinese vessel pointed after a chinese vessel pointed a laser and a philippines vessel about a year or so ago. Since then the philippines has been more outspoken scene there will be working on their network of alliances, 18 Different Countries have signed up Different Countries have signed up with the philippines since then and as for the philippines and the us relationship of course they have a shared interest when it comes to china and tackling chinas influence in the region. The two have a long standing defence relationship at 73 years ago they signed a mutual defence treaty, the oldest in the region and recently we have seen more and more cooperation when it comes to Military Cooperation for example recently the us was given greater access to Philippine Military bases. It was all part of the us strategy to build economic alliances in order to try and Counter China and as part of that we are seeing Gina Raimondo, her neck stop on the trip is thailand where we are respecting announcements on economic ties with Supply Chain Resiliency stop thank you. What resiliency stop thank you. What a multilayered a multilayered relationship there. Lets get some of the days other news now. The uk risks blackouts unless it builds new, gas fired power stations. Thats a warning expected later from Energy Security secretary claire coutinho. New gas stations will replace existing plants, many of them ageing and soon to be retired. But the government says the c02 produced will not be captured a measure which limits Climate Change. That could threaten a legally binding commitment to cut Carbon Emissions to net zero by 2050 according to critics. Bananas the worlds most exported fruit are set to get more expensive as Climate Change hits. Thats according to one of the worlds top industry experts. Pascal liu, senior economist at the world banana forum, says Climate Impacts pose an enormous threat to supply, compounding the impacts of fast spreading diseases. Some uk shops have recently experienced Banana Shortages due to sea storms. It had initially proposed an offer valuing the electricals chain at £700 million. Then rested to 757 million or 970 million but curries rebuffed the reproach saying they had significant the undervalued business. Currys has more than 800 stores globally and employs 28,000 people. In the uk, it operates about 300 stores with 15,000 staff. Lets hear now from will walker arnott, director of private clients at charles stanley. Thank you forjoining us. Its a tough market for retailers with Cost Of Living concerns affecting spending. Does that lie behind this discrepancy over valuation . Good morning. Its worth giving some background to the story. Curry� s came about in 2014 three merger between Carbon Warehouse and dixons and its been through a difficult period. It sends high end electrical goods and weep into a Cost Of Living crisis, the other issue it has is it had problems with its candidate in business and all in all the shares are down 60 of the last five years. There was a white knight on the horizon in the form of Activist Investment Manager elliott looking at the business as you point out, the made to bits but they walked away. They cited the fact that there was not enough information provided by the board and have now backed away. The larger shareholder of curry� s is company that supported the board saying that the two bids undervalued the business. If we went to see whether anyone else will come in. I whether anyone else will come in. ,. , whether anyone else will come in. , whether anyone else will come in. I also want to get your opinion in. I also want to get your opinion on in. I also want to get your opinion on another in. I also want to get your opinion on another story | opinion on another story because breaded, one of the most popular sites in the world is before evaluation of 6. 4 billion when it chairs go public next week reddit. It has never made a profit will flow chairs on the stock exchange, finding rebuild its investors are hoping to sell 22 million shares some are between 31 and 34 each. Many users worry that will fundamentally change the world. Do you think a move like this could fundamentally change the product . We will have to wait and see. 0ne we will have to wait and see. One of the great things about reddit is th

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