Giant us steel have fallen sharply, after President Biden weighed in to oppose a near 15 billion takeover of the firm by a japanese company. Us steel is based in pittsburgh, pennsylvania a key battleground in this years election. The takeover deal, agreed in december, has caused major controversy there. But any move to block it could raise tensions with japan a vital ally for the us as it tries to counter the growing power of china. From new york, erin delmore reports. President biden is taking a stand against a deal in the making. Us steel, an american company, is set to be bought by nippon steel, a japanese company. But President Biden says that us steel should stay in the us. L115 says that us steel should stay in the us in the us. Us steel the stronger in the us. Us steel the stronger america in the us. Us steel the stronger america is in the us. Us steel the| stronger america is made in the us. Us steel the stronger america is made here. The president praised the iconic 123 year old American Steel company and said its vital that the company remain owned and operated in the states. This is a big deal, and notjust politically. Nippon steel is set to pay 14. 9 billion to acquire the us giant. But politically, this is territory President Biden knows well. He has cast himself as a champion of the working class, and called himself the most pro Union President in history. He made headlines for walking the picket line with striking Auto Union Workers last fall. Unionised Steel Workers could lend the president support in his election bid. They form north americas largest industrial union. For his part, former President Donald Trump pledged to block the deal if he retakes the white house. The president of the united Steel Workers international welcomed a call from biden on thursday, agreeing that Foreign Ownership would leave the us vulnerable when it comes to prioritising its own defence and infrastructure. Its bound to be a topic of conversation between key allies when japanese Prime Minister Fumio Kishida and his wife visit the white house for an official state visit next month. Hopefully well be getting Market Reaction and a look at some of the issues with our guest shortly. In the meantime, we are going to stay in the United States the former Treasury Secretary in the Trump Administration Steven Mnuchin has told The Business Channel Cnbc hes putting together a group of investors to try and buy tiktok. The chinese owned social media app faces being shut down in the us unless it is sold off under a bill passed by the House Of Representatives on wednesday. Its not clear when the bill will go before the senate which still needs to pass it. I think the legislation should pass, and i think it should be sold. I understand the technology. Its a great business. And im going to put together a group to buy tiktok. Youre trying to buy tiktok . I am. Because this should be owned by us businesses. Theres no way that the chinese would ever let a us company own Something Like this in china. I dont think this should be controlled by any of the big us tech companies. I think there could be antitrust issues on that. And this should be something thats independent. So we have a real competitor. And users love it. So it shouldnt be shut down. The technology i wont go into all the details, but the app needs to be rebuilt in the us. It needs to be us technology. I think theres a lot that could be done in six months, but i would work closely with the us and with china. Lets speak to daniel ives, Managing Director at Wedbush Securities in new york. Jumping the gun somewhat as far as beijing goes, sale of tiktok is a red line. According to beijing, sale of tiktok is a red line . Tiktok is a red line . Look, i mean, tiktok is a red line . Look, i mean. The tiktok is a red line . Look, i mean, the chances tiktok is a red line . Look, i mean, the chances that tiktok is a red line . Look, i j mean, the chances that this would ever be sold with the source code is essentially impossible. And thats the issue,is impossible. And thats the issue, is that its a siono operation. Mnuchin could join the club. It all comes down to how beijing will sell this. We still believe only 25 chance a ban actually happens. Ban actually happens. Weve discussed ban actually happens. Weve discussed the ban actually happens. Weve discussed the issues ban actually happens. Weve discussed the issues widely l discussed the issues widely here on bbc news. Letsjust look very quickly at the economic model that tiktok offers its users. They will not be happy if it disappears from the United States. There is a lot of money generated using this app . Lot of money generated using this a 7 � � , lot of money generated using thisau . � this app . And theres 170 million this app . And theres170 Million Consumers this app . And theres170 Million Consumers and| Million Consumers and growing. Were talking one of the most popular social media apps out there. But thats the problem here. I mean, this is a third issue that the house ultimately up leashed. The words retaliatory its a slippery slope. What happens to other social media . Do you start to investigate meta, google and others . Thats the issue here. This is really, i think, a broader issue that i think, a broader issue that i think many in tech dont want to see this happen. Think many in tech dont want to see this happen. There are a number of to see this happen. There are a number of us to see this happen. There are a number of us investors to see this happen. There are a number of us investors within l number of us investors within tiktok, arent there . Number of us investors within tiktok, arent there . Yeah if ou tiktok, arent there . Yeah if you look. Tiktok, arent there . Yeah if you look, theres tiktok, arent there . Yeah if you look, theres many you look, theres many investors in tiktok, and also you talk about this football thats why you have donald trump thats not for a ban, biden thats for a ban. This is a soap opera playing out in the beltway. Its great for political theatre, beltway. Its great for politicaltheatre, but beltway. Its great for political theatre, but the problem is retaliation could come from beijing if this actually goes down this path. It keeps coming down this will not be sold with the source code. Its like buying an f1 car without the engine. 0k. Daniel, well leave it there for now. Thank you very much indeed. Well return to our top story news that President Biden has intervened, and that us steel should stay american. Lets discuss this further with swetha ramachandran, a fund manager at artemis investment management. Hello to you, swetha. The price tag that were hearing was a near 15 billion bill. How much does us steel need this investment . Lie does us steel need this investment . Does us steel need this investment . ,, investment . Us steel indeed,. Lobal investment . Us steel indeed, global steel investment . Us steel indeed, global steel investment . Us steel indeed, global steel is investment . Us steel indeed, global steel is suffering global steel is suffering from overcapacity, which has been plaguing the industry for the better part of five years now, which is also one of the reasons why another foreign owned us steel manufacturer Biarselow Metal Divested Ownership Last year. Foreign ownership of us steelmakers is not new. However, this timing is somewhat unfortunate because it coincides with an election year. The name of the company, of course, iconically us steel, invokes a lot of patriotic pride. And i think thats the main Stumbling Block here to what is a solid economic plan put forward by nippon steel to modernise and make more efficient the plants of us steel. ~. , ~. , steel. When we talk about timin steel. When we talk about timing steel. When we talk about timing some steel. When we talk about timing some analysts i steel. When we talk about l timing some analysts have timing some analysts have pointed to the fact that a review was underway by the committee on Foreign Investment. Just how unprecedented was it that a president would make these comments at such a time . Yeah, it is definitely comments at such a time . Yeah, it is definitely quite comments at such a time . Yeah, it is definitely quite unusual, it is definitely quite unusual, but i think given the sensitivity of the election year, the fact that us steel is headquartered in pittsburgh, which of course is in pennsylvania, a swing state some of this appears to have been politicised, which made the intervention, while unusual, not entirely unpredictable. Unusual, not entirely unpredictable. Unusual, not entirely un redictable. ,. , unpredictable. 0k. Steel and National Assets unpredictable. 0k. Steel and National Assets and unpredictable. 0k. Steel and National Assets and nationall National Assets and National Security were hearing a lot on this particular subject. In the uk, we have Port Tollbert for our steel industry, and we have discussed that. It does, essentially, signal distrust, mistrust, in an ally, doesnt it . I mean, how isjapan likely to view this . It . I mean, how is japan likely to view this . To view this . Indeed. Today, ni on to view this . Indeed. Today, nippon steel to view this . Indeed. Today, nippon steel came to view this . Indeed. Today, nippon steel came out to view this . Indeed. Today,. Nippon steel came out swinging and said one of the reasons it wanted to pursue the deal and was determined to close it is that it provides a defence against china, which is the Elephant In The Room contributing to about 80 of global steel production. So the fact that evin japan and global steel production. So the fact that evinjapan and the us as the third and fourth largest producers respectively want to shore up their defences against china, for that to be taken negatively is somewhat unprecedented. Just. Ive is somewhat unprecedented. Just cive us an is somewhat unprecedented. Just give us an indication, inyou could, of the material impact, economic impact, ifjapan does retaliate reminding viewers, of course, that japan retaliate reminding viewers, of course, thatjapan is retaliate reminding viewers, of course, that japan is the largest foreign investor in the United States. How much could this cost the us . I United States. How much could this cost the us . This cost the us . I think its preliminary. This cost the us . I think its preliminary, because this cost the us . I think its preliminary, because on this cost the us . | think itsj preliminary, because on the face of it, steel itself is a 15 billion deal. So we mustnt lose sight of that in terms of materiality and its a relatively small change in the scheme of things. I guess its more in terms of what it signals going down the line in the uss trust in its allies. I suspect this is more about electioneering than it is about a long term shift in the us perspective towards its allies. 0k. Swetha, thank you very much indeed, from artemis investment management. Lets return to russia now because as you have been hearing, voting is underway in the countrys president ial elections, which will almost certainly see Vladimir Putin extend his quarter of a century in power. Since its invasion of ukraine, western allies have tried to pile pressure on russias economy with sanctions on an unprecedented scale. But to what extent is this being felt by ordinary russians . Lets speak to timothy ash, from rbc bluebay asset management. When we look at ordinary russians, whats more important ukraine, orthe russians, whats more important ukraine, or the economy . Certainly putin went into this war knowing it would happen. He built russias buffers. Russia had lots of Foreign Exchange reserves, Running Trade and budget surpluses. And those resources have been used to help support russians. Russians are not feeling much of an impact of that, but those buffers are being reduced now, and interestingly putin has been talking about raising taxes after the election. So its going to get more difficult for russians. Itll be interesting to see whether that sees more social and political unrest. That sees more social and political unrest. How are we on inflation . Political unrest. How are we on inflation . Earlier, political unrest. How are we on inflation . Earlier, a political unrest. How are we on inflation . Earlier, a number. Political unrest. How are we on inflation . Earlier, a number of| inflation . Earlier, a number of hours ago, there had been a comment from Vladimir Putin saying that inflation in russia is stabilising. Is it . Is stabilising. Is it . Well, its high is stabilising. Is it . Well, its high. Its is stabilising. Is it . Well, its high. Its been is stabilising. Is it . Well, its high. Its been one i is stabilising. Is it . Well, its high. Its been one ofj is stabilising. Is it . Well, its high. Its been one of the problems. Russia has labour shortages. A lot of russians have died in ukraine. A lot of russians workers, Young Workers particularly, have left. Theres been a diversion, also, of workers to the defence industries, which has left ordinary industries short of labour. So its definitely a problem. The currency� s also devalued, which has caused inflation. So thats certainly hurting russians. The central bank had to raise rates again, thats been problematic. But theres not a lot russia can do. I think its going to get worse after these elections for ordinary russians. This get worse after these elections for ordinary russians. For ordinary russians. As you mentioned for ordinary russians. As you mentioned there, for ordinary russians. As you mentioned there, taxes for ordinary russians. As you mentioned there, taxes a l for ordinary russians. As you l mentioned there, taxes a tax mentioned there, taxes a tax hike already mentioned. How important is Foreign Investment going to be for Vladimir Putin . Well, sanctions have had an impact. Gross lower, foreign capital has left the country. Again, putins been able to use those buffers to buoy the economy. But i think this message that the long enduring wealth in russia means that theres very little Foreign Investment coming into the country. And that means long term decline. Low growth. Labour shortages. Long term decline. Low growth. Labourshortages. Capital labour shortages. Capital flight. Human labourshortages. Capital flight. Human flight. The long term outlook for russia is not particularly good. Russia is sanctioned and theres been a lot of criticism that sanctions are not aggressive enough. Sanctioned economies get by they learn to adjust. You think of iraq, iran, north korea. But theyre not particularly great places to live. And its about decline. Theyre able to divert resources from consumption to defence. They can be quite effective at that. But in the end, theyre not great places to live. Long term decline is the underlying story of sanctioned economies. There will be pressure on russia and is pressure on russia. Putins having to make difficult choices. Ultimately, longer term, that will create social and political pressure. Thank you very much for your time. Thank you. Around the world and across the uk, this is bbc news. In this sleepy corner of surrey, something strange is afoot. Luckily, these investigators are first on the scene. ~ �. ,. , investigators are first on the scene. ~ �. ,. , scene. Were able to see fingerprints. Scene. Were able to see fingerprints. Any scene. Were able to see fingerprints. Any little i scene. Were able to see| fingerprints. Any little bit scene. Were able to see i fingerprints. Any little bit of it. Not too much. If we change the lightish we might be able to see a bit more the length of the smudge. To see a bit more the length of the smudge. Of the smudge. After it was closed for of the smudge. After it was closed for renovation, i of the smudge. After it was closed for renovation, this | closed for renovation, this student flat has been given a new lease of life by surrey universitys new criminology with forensic investigation corps. Here, students put the practical skills they learn in lectures to the test. We have a practical crime scene every single week. We dont just want them to teach them theory we want them to be able to apply that and go forwards in their chosen career path. Forwards in their chosen career ath. ,. ,. ,. , path. Estimated time of death early saturday path. Estimated time of death early saturday morning. Early saturday morning. Pathology report . Anyone . To aet pathology report . Anyone . Get the pathology report . Anyone . Trr get the flat opening, someone who is no stranger to a fake crime scene vera actress brenda blevin. Youre live with bbc news. To japan now, where the Finance Minister says the economy is no longer in deflation. Since the Japanese Investment bubble burst more than three decades ago, it has battled with falling prices and a stagnating economy. But last year, japans Consumer Price index rose 3. 1 the biggest gain since 1982. This week, japanese firms have been negotiating annual pay deals with Labour Unions and japanese workers are in line to get the biggest pay rises since the early � 90s. Yuuichiro nakajima is the Managing Director of crimson phoenix, a Corporate Finance advisor based in london and tokyo. Wonderful to have you here on the programme with us, mr nakajima. Why does this matter . Well, it matters because when inflation runs out of control, then that becomes an issue, a problem, ratherthan then that becomes an issue, a problem, rather than a Good Development for the japanese government. So the government has been putting a lot of pressure on the corporate sector to agree generous wage rise deals with the unions, but the bank ofjapan is rise deals with the unions, but the Bank Of Japan is trying very hard watching developments to see if the timing is right to see if the timing is right to raise Interest Rates so that there is, you know, a good spiral of wage rises and a steady and controllable inflation of around 2 , and that can be maintained. Widening this, globally, regionally, how important is japans Economic Health . Even thou h japans Economic Health . Even though japan japans Economic Health . Even though japan is japans Economic Health . Even though japan is now japans Economic Health . Even though japan is now the i thouthapan is now the fourth largest economy, not the third anymore, in the world, it is a giant in asian regional terms still, therefore its impact is huge on the economies in china and korea and south east asia. So it does matter. And of course, as you were saying in an earlier report, japan and the us have very, very strong and significant economic ties. So, howjapan does does significant economic ties. So, how japan does does have a major impact on economies around the world. Yuuichiro nakajima. Around the world. Yuuichiro nakajima, thank around the world. Yuuichiro nakajima, thank you i around the world. Yuuichiro nakajima, thank you very. Around the world. Yuuichiro i nakajima, thank you very much indeed, joining us from crimson phoenix. Thank you. To australia now where the country is dealing with a rather interesting dilemma it has far too much wine. Sounds like a nice problem to have but it is a serious issue. A fall in Global Demand has been exacerbated by political tensions between australia and china, cutting off what had become a major market for aussie wine. Grape growers are now being forced to pull up millions of vines to try and rebalance the market. Jeremy cass is the ceo of riverina wine Grape Growers in griffith, new south wales. Q1. Thank you forjoining us here on the programme, jeremy. Just how badly have you been hit . Its been very bad. Some of our modelling is showing that our growers are actually delivering grapes to wineries this year at a cost to them of 2,000 a hectare. So, yeah, its a very bad place to be in at the moment. We are severely worried about the Mental Health of our growers going forward. Share about the Mental Health of our growers going forward. Are you caettin growers going forward. Are you getting any growers going forward. Are you getting any support growers going forward. Are you getting any support from i growers going forward. Are you getting any support from the i getting any support from the government . Getting any support from the government . Well, we havent been u government . Well, we havent been up to government . Well, we havent been up to date, government . Well, we havent been up to date, but government . Well, we havent been up to date, but theres i been up to date, but theres just been a task force announced on monday from the government, so hopefully that will develop into something that might help us out in the long run. I that might help us out in the long run long run. I dont know if youre long run. I dont know if youre aware long run. I dont know if youre aware of long run. I dont know if youre aware of this i long run. I dont know if. Youre aware of this news, jeremy there is news that china has moved to dump the tariffs on 1 billion worth of wine exports, recommending that it drops those tariffs on australian wine, and its worth 1 billion. Are you aware of this . ,. ,. ,. ,. ,. , this . Yes, we are aware of that the recommendation this . Yes, we are aware of that the recommendation came i the recommendation came through the other day. Were still waiting for it to be finalised. We are hopeful and welcome that news. We recognise that it wont be the same as we left there. We were exporting 1. 2 billion worth of wine into that country, and their consumption has dropped. If we can get back to half of what we were putting into there, well be very, very happy. I5 were putting into there, well be very. Very happy be very, very happy. Is this a chance be very, very happy. Is this a change in be very, very happy. Is this a change in taste, be very, very happy. Is this a change in taste, consumer. Change in taste, consumer habits, that has driven this . Or has it really been those tariffs that have hit you . Well, yeah, the tariffs basically started it all, and thenit basically started it all, and then it was exacerbated by covid and supply chain issues. But, yeah, we are seeing a difference in consumption worldwide alcohol consumptions dropping, and were actually seeing competition from other alcohol sectors like Boutique Beers and boutique spirits. And, you know, then youve got to take into account that china produces a hell of a lot of wine on its own now, and its Getting Better and better. fiiq Getting Better and better. Ok. If these tariffs Getting Better and better. Ok. If these tariffs are Getting Better and better. Ok. If these tariffs are dropped, i suppose for many vineyards like yours, its too little, too late . What are your plans moving forward . Late . What are your plans moving forward . Our plans movin moving forward . Our plans moving forward moving forward . Our plans moving forward is moving forward . Our plans moving forward is to i moving forward . Our plans moving forward is to try i moving forward . Our plans moving forward is to try to | moving forward is to try to bring our industry back into balance as soon as possible. The oversupply means that what was getting exported and 40 of our exports were heading to china has now ended up on the dest make market. And thats depressed the bulk market, which means that were seeing wine on that market as low as 25 cents a litre. Wineries are telling us it costs 40 cents a leter to produce. And theyre getting pushed around by the big supermarkets, who are just suggesting that they buy off their buyers own brands with low prices and, suggest if the buyers growers cant meet those prices, theyll lose business. Those prices, theyll lose business. � ,. ,. ,. , business. Australian wine had fantastic reputations, business. Australian wine had fantastic reputations, with i business. Australian wine had | fantastic reputations, with low preservatives. Do you think it can ever retain or get that position back again . Position back again . Yes, certainly position back again . Yes, certainly i position back again . Yes, certainly. I think position back again . Yes, certainly. I think its i position back again . Yes, certainly. I think itsjustl position back again . Yes, | certainly. I think itsjust a certainly. I think its just a remodelling of the whole thing. Weve probably got to downsize in the short term to bring that back to balance and find a way of ridding excess wine in tanks thats starting to age and degrade a little bit to take that pressure off the bulk market and bring it back into balance. When those sort of things happen, i think well be back on a good footing again. But it might take some time for us to grow back to where we were. ~ us to grow back to where we were. , ~ ,. , us to grow back to where we were. , ~ i. ,. , were. 0k. Thank you for oining us today. I were. 0k. Thank you for oining us today. Thank i were. 0k. Thank you for oining us today. Thank you i were. 0k. Thank you forjoining us today. Thank you very i were. 0k. Thank you forjoiningj us today. Thank you very much. Finally to the world of fashion because from 1920s starlets to the supermodels of the � 90s, the fashionistas bible British Vogue has seen it all. Now, the glossy magazine has a new boss. Chioma nnadi, has replaced edward enninful, to be become the first ever black woman to sit in the editors chair. Ahead of her first publication, noor nanji, went to meet her. Style, famous faces, outlandish outfits. For decades, vogue and its editors have informed us of the biggest fashion trends. Now the british magazine has a new woman in charge determined to make her mark. Yeah, his show was one of the best. Youre the first woman of colour to hold this post. What does that mean to you . Its obviously an incredible honour. And i think, thinking about the sort of younger baby chioma, thinking about what she might have thought and i know how meaningful it is for, for younger people to see someone like me, who looks like me, in a position like this. My first Childhood Memories Isjust Fixating on a pair of shiny shoes, these Patent Leather shoes, when i was a kid. And ijust remember getting my dad to buy them because my mum wouldnt. And ifeel that getting dressed is one of the mostjoyful things i get to do every day and i like to bring a sense of colour and joy and optimism. Chioma spent the last 14 years working at vogue in new york before returning to london, where she grew up. The thing i brought to american vogue was a sense of british style and that eccentricity and that sense of Cherry Picking from different things. And i think leaving the uk made Me Realisejust how much of a london girl i was. I really love this cover image. For her debut issue, nnadi chose to feature the singer fka twigs a nod to her early days as a musicjournalist. That colour was all over the runways this season. The Magazine Circulation has remained steady over recent years, but it does still face challenges. Vogue has been criticised for being out of touch and for displaying fashion that is unaffordable to most people. What would you say to that . For me, when i open a magazine, thats really what i want to see. And there is obviously a Fantasy Aspect of fashion, and thats obviously what drew me in, too, as a young person. And how would your colleagues describe you . Are you sort of a terrifying, Devil Wears Prada type editor, or are you more easygoing . I hope im not terrifying. I would say im pretty easygoing, but i also have a really strong sense of what i like. Her new chapter starts now as she takes the helm of the industrys fashion bible. Noor nanji, bbc news. Stay with us here on bbc news. Hello. Well, the weather has been very mild in the last day or so. In london, temperatures on thursday reached 18. 1 degrees celsius, so spring is definitely in the air. How about friday . I dont think its going to be quite as warm and if anything, a lot of cloud and a good chance of catching some rain. Now, currently, an area of low pressure is crossing us with its Weather Fronts and that spells a lot of rain bearing cloud. And in fact, through the night, it will have been a wet picture across many parts of scotland. Rain also around the Lake District and elsewhere weve got showers crossing the uk. Temperatures early in the morning on friday double figures for london and norwich and many of us around 9 10 degrees. A bit colder there in scotland 5 for aberdeen. The forecast, then, for friday, and a lot of cloud first half of the day, very few glimmers of sunshine. Showers possible through the morning and afternoon across england and wales, cracks of thunder likely, but out towards the west and in some other areas as well therell be some bright spells. Temperatures well, from Yorkshire Southwards i think were still talking about the mid teens, but further north and west, closer to around 10 or 11. And then friday night the skies clear, and into saturday morning with lighter winds, it is going to be a chilly start. So crisp sunshine early on saturday with temperatures in parts of scotland around 3 degrees celsius. I dont think its going to be frosty in the south. So saturday, lots of bright if not sunny weather across many northern and eastern areas. But this Weather Front is approaching its southwesterlies pushing the rain bearing clouds so there will be some damp weather for the south west, for wales, the irish sea and into northern ireland. Temperatures though, around 10 13 degrees. And then for the rest of the weekend, while Weather Fronts keep on crossing the uk, notice that the winds are blowing out of the southwest thats a mild direction. So if anything, despite all the cloud and the early outbreaks of rain, i think on sunday with that even southerly, i think the temperatures are going to rise. Were talking around 15 16, maybe even 17 degrees celsius in one or two spots across the east and the southeast. Lets have a look at the outlook. It is going to be a mixed bag, every weather icon you can possibly imagine. But those temperatures are going to remain on the mild side. Mid teens across the south around, say, 8 13 in the north of the uk. Thats it from me. Bye bye. Good morning, welcome to breakfast with Charlie Stayt and naga munchetty. Our headlines today. Children first see violent content online whilst still at Primary School the media regulator describes it as inevitable and unavoidable. Deputy labour leader Angela Rayner has said she would like to see diane abbott back as a labour mp, following her suspension over comments she made aboutjewish people. Young men are four times more likely to be convicted of Dangerous Driving , but would graduated licences save lives . Good morning. Is the male grooming market giving high streets a makeover . An increase in the number Of Barber Shops in town and city centres. I am Of Barber Shops in town and city centres. Iam in Of Barber Shops in town and city centres. I am in manchester this morning to find out why. Good morning from cheltenham. Where theyre celebrating 100 years of the gold cup today and ive been to see the Oldest Living Winner of the famous trophy