For more win win results. Hes expected to be making the case for the enabling of a self driving feature on tesla cars in china as the Electric Car Giant faces falling sales and increased local competition. For more on this, we can go live to our china correspondent Stephen Mcdonell in beijing. It was quite a few are when he arrived. He wasnt expected and he showed up in china. figs arrived. He wasnt expected and he showed up in china. 5 a arrived. He wasnt expected and he showed up in china. He showed up in china. As a bit of a mystery he showed up in china. As a bit of a mystery as he showed up in china. As a bit of a mystery as to he showed up in china. As a bit of a mystery as to what he showed up in china. As a bit of a mystery as to what this of a mystery as to what this trip is really all about. If you have a look at elon musk� s feed on his own acts formally twitch our Social Media Site and just scroll through the last 2a hours, it is all the right wing conspiracy theories and various subjects relaxed to post on, and only one thing really concrete about the china trip, which is a photo of him meeting chinas number two leader and saying they go back quite a long way. That is true, they do because when lee chung was the Party Secretary in shanghai, he was in charge at the time when tesla started up there li qiang. It has a mystery. Nothing in detail. What it seems to be all about is tesla trying to find a way to keep competing in this market with all these new chinese models coming on stream. I mean, they are locked in a big price war in china and tesla has said they will come out with some cheaper models to compete with the chinese models, but what it is all about is data in a way, and it is a bit of a reverse of the tiktok debate. So tesla says we dont send our chinese users data out of china back to the us, we have got this data in shanghai. Elon musk would be able to do that because he wants to teach his cars to be able to automatically drive on chinas roads whether conditions are different, there are more bicycles for example, or scooters, different types of roads, and to teach the algorithm how to operate, it wants to send the data to the us. The Chinese Government has said, no, we dont want you to do that because we dont want this data leaving china. If that has been discussed, again, we dont have any detail over this, except that late on sunday this Chinese Auto Association announced, we have had a look at these various cars, they have all passed the test in terms of data protection, and guess what, two tesla models are on the list. 0k, interesting, very interesting. Thank you so much. It is interesting as well, the surprise trip to china, elon musk a scheduled trip to india that he cancelled. This trip to china comes hot on the heels of the worst Quarterly Results from tesla for some time with profits plunging by 55 in the First Quarter and sales sliding. As weve just been hearing, the fierce competition in china is a key reason why, but elon musk has also been pointing to the high us Interest Rates impacting spending on big ticket items such as a tesla car. Joining me now is victoria scholar, head of investment at interactive investor. Good morning to you. This is so interesting how elon musk has suddenly arrived in china, he is really trying to renew investor confidence, isnt economic in tesla and its direction . Economic in tesla and its direction . ,. , direction . Yes, you are right, interesting direction . Yes, you are right, interesting because direction . Yes, you are right, interesting because he interesting because he cancelled the trip to india now he has turned up in china. It does coincide with a 2024 beijing airshow, even though he hasnt got any new models to display, that is not to say tesla doesnt have significant ties with china. Tesla has a major factor in ties with china. Tesla has a majorfactor in shanghai and it is developing its most cutting edge driving technology there. Also, china is a key market for tesla, its second largest market, but market has been dropping to about 7. 5 because of intense competition from rivals like vy d, which is backed by Warren Buffett and has about 33 market share. But, clearly, elon musk is trying to drum up support by investors, trying to convince them it is a wedding proposition by existing ev market is a ai company and with talk of a plant Oboe Taxi Service as well byd. Talk of a plant Oboe Taxi Service as well byd. And also he service as well byd. And also he has service as well byd. And also he has on service as well byd. And also he has on many service as well byd. And i also he has on many occasions in his conversation with investors after earnings are released at the high Interest Rates the us are really hitting tesla sales. We have got the fed meeting this week, and now the conversation is about the fact that the fed might not cut rates this year at all. What are you hearing about this . Yes, absolutely, the conversation is extremely dynamic when it comes to the outlook for Interest Rates. At the start of the year investors were expecting many cuts from the fed, which would support Companies Including tesla, like you say, high Interest Rates has been a key headwind that tesla has discussed as well as competition from china and slowing ev demand, but now it looks like investors and markets and fed members as well are all peering back their forecast for how many cuts to expect this year. Some even talking about the next move potentially being higher on Interest Rates. The being the Basecase Butterfat that is being discussed shows how much the outlook for rates really hangs in the balance. Thank you so much was hangs in the balance. Thank you so much was you hangs in the balance. Thank you so much was you again hangs in the balance. Thank you so much was you again soon. I so, it is a big week forfinancial markets with investors worldwide on fed watch again the Us Central Bank begins its two day meeting tomorrow. But here in the uk, traders are wondering if the bull run seen on the ftse 100 will continue this week. The index closed at a record high on friday, gaining some 3 across the week. Investors have apparently been buoyed by the hope of potential upcoming Interest Rate cuts as inflation slows and some Strong Company results. All of this marking something of a shift from the recent gloom surrounding the uk stock market as International Investors return. Lets get the view of bob parker, Senior Adviser at icma Asset Management and investors council, a Market Veteran who has been watching the rise of and fall of the ftse for some time. Give us what your takers. If you look at the last year, the last three years, the last ten years, the ftse has underperformed Global Equity markets. What we are seeing in the last month or two to some extent is a catch up, and against the background of long term underperformance just recently the li qiang ftse has underperformed and is one of the best Equity Markets recently. 0ne also needs to add that the ftse was very under owned just by domestic investors but by global investors, and therefore it is extremely cheap compared with the number of other markets and if you look at the ftse against the american markets and the snp, the snp, the valuation is around 20 on a Price Earnings Ratio in the ftse was around 11. That valuation is now starting to pull farms into the uk market, and as you havejust referred to, Macroeconomic Which was obviously negative last year, the macroeconomic picture is now improving with inflation trending lower growth is starting to pick up and eventually we will get Interest Rate cuts and potentially we will get Interest Rate cuts aligned with the ecb and the head of any eventual cut by the federal reserve. [30 head of any eventual cut by the federal reserve. Federal reserve. Do you think this is turning federal reserve. Do you think this is turning the federal reserve. Do you think this is turning the tide federal reserve. Do you think this is turning the tide on federal reserve. Do you think this is turning the tide on the | this is turning the tide on the negative narrative about the city, about london, pose brexit, for example, the concern that there would be less attractive place to do business, also today we have got the news that Chief Executives in the us are paid a lot more than they are in the united england, the latest statistics coming out to show that, and therefore, this could attract out of bosses over to the united states, there is always the conversation, isnt there . ,. ,. , there . Yes, there was one longterm there . Yes, there was one longterm worry there . Yes, there was one longterm worry in there . Yes, there was one longterm worry in fact there . Yes, there was one longterm worry in fact for long term worry in fact for Capital Markets here in the uk in london, which is that given that cheaper valuation of the uk relative to america, we are increasingly seeing uk companies or companies which would want to quote or list on the London Stock Exchange are very much motivated to switch their listing to new york, and in addition, we are seeing increased merger and acquisition activity, whether it be from private equity or from overseas companies wanting to buy a cheap uk assets, and two examples over the last few days have obviously been the bhp bid for anglo american, weve also seen dark trays being bought by a private equity firm, and one long term factor, which is of concern, is this cheaper valuation here in the uk means that companies are not motivated to list in london because they can get a higher valuation elsewhere. Because they can get a higher valuation elsewhere. Thank you for exolaining valuation elsewhere. Thank you for explaining all valuation elsewhere. Thank you for explaining all of valuation elsewhere. Thank you for explaining all of that. For explaining all of that. Have a good weekend we will see you again soon. To ireland now, where the latest figures for economic output gdp are due out this morning. Now, ireland has managed to attract many of the tech giants, the likes of apple, google and facebook parent meta to base their Regional Headquarters there, drawn in by low taxes and some of the most productive workers on the planet, all helping bolster irelands finances and the government coffers. But critics warn of a twin track economy overreliant on a small number of companies as the country struggles with a Housing Shortage and lack of investment in infrastructure. Plus, a very recently appointed Prime Minister simon harris following the abrupt resignation of leo varadkar. Elections there soon. There is a lot going on. In the last ten minutes we were talking about the migrant prices, impact on island. Ireland. For more on this, live now to dublin with the independent economist david higgins. Tell us about the growth figures. Tell us about the growth fiaures. ~. ,. ,. , figures. We are going to get the quarter figures. We are going to get the quarter one figures. We are going to get the quarter one number figures. We are going to get the quarter one number this morning. To give you a sense of what last year look like in the fourth quarter, we were down 3 of gdp compared to the prior quarter of the same year and down 2 for the full year. It was mainly due to a slowdown in the tech and pharmaceutical sector, but the quarter release coming up today suspected to be a return to growth. In the first two months of the year where we have exported numbers, we have seen the tech and pharmaceutical figures rallying back. In february we had 15 increase in the pharmaceutical side and accounts for 40 of the exports. The domestic economy continues to be strong at this time. Economy continues to be strong at this time at this time. Where are you out, at this time. Where are you out. David. At this time. Where are you out, david, in at this time. Where are you out, david, in the at this time. Where are you out, david, in the debate. At this time. Where are you out, david, in the debate about how ireland is doing . The Finance Minister says we are in good shape, a good place. Are you in agreement with that . Yes, the outlook for this year is that return to growth will hold and then you will have i growth in gdp for the year, but 2 growth in what we call modified domestic demand, which strips out of that international, multinational sector that we have. When we look at the budget which is going to be set later this year, we are accepting a surplus of over 8 billion euros, that is the equivalent of around 3 of national income. That will give the government flex ability going into a general election to be able to address issues like housing prices, issues like migration and to be able to keep overall Living Standards relatively buoyant. Qm. Keep overall Living Standards relatively buoyant. Keep overall Living Standards relatively buoyant. 0k, we will kee an relatively buoyant. 0k, we will keep an eye relatively buoyant. 0k, we will keep an eye on relatively buoyant. 0k, we will keep an eye on those relatively buoyant. 0k, we willj keep an eye on those statistics when they do come. Lets get some of the days other news now. We must look at the value of the japanese yen. It has plunged today versus the us dollar to its lowest value in over 30 years, going past 160 yen to the dollar for the First Time Since 1990. The devaluation of the currency has seen a drop in the level of Outbound Travel from japan, while the number of inbound tourists has hit record highs. Manufacturers will have to follow stricter rules if they want to sell smart gadgets in the uk after a new law came into effect. The rules are designed to ensure there is better security around devices such as baby monitors, televisions and speakers that are linked to the internet. These gadgets can pose a hacking risk. The government said the new law should give consumers peace of mind. Still to come counting the cost of your favourite cuppa. We take a look at whats behind the recent surge in tea and Coffee Prices. Around the world and across the uk, this is bbc news. Hello again. We are looking at the top business stories. To energy now, and the boss of one uk company who has gone from being a new age traveller to a Green Energy Business tycoon. Hes the founder of ecotricity, which is one of the uks leading suppliers of green energy. Its a not for dividend company, which means it reinvests its customers payments in what they dub from � bills into mills, Building Solar Parks and wind turbines. Earlier, i spoke to ecotricity� s Chief Executive and founder dale vince it all started. I spent ten years living on the road off the grid in trucks and trailers, an alternative lifestyle, and towards the end of the decade i had some power in my trailer, we are talking about 1990, and the first big windmills appeared in the world and i was conscious of the Climate Crisis and the way we made electricity in our country was the vehicle biggest single cause, and i decided that i should drop back in and try to change how that happened, i could spend another ten years living a low impact last myself and Build Windmills and change the way electricity is made in our country. Is made in our country. Yes, ou is made in our country. Yes, you have is made in our country. Yes, you have done is made in our country. Yes, you have done that you have done that successfully, for example, you are providing power via 75 windmills to Something Like 117,000 homes, was statistics that i have read, correct me if im wrong, but what needs to happen across the country . We have a legally binding carbon and emissions targets. How do we reach those . This and emissions targets. How do we reach those . And emissions targets. How do we reach those . As soon as we dont have we reach those . As soon as we dont have a we reach those . As soon as we dont have a conservative dont have a conservative government that have banned onshore wind and made it difficult for solar, some as we dont have that, then we have an abundance of resource and another wind and sun to power the country ten times over. It needs no public money, so within a decade we can go from where we are now it is 50 to 100 . ,. ,. , 100 . You have faith in the labour party. 100 . You have faith in the labour party, you 100 . You have faith in the labour party, you are 100 . You have faith in the labour party, you are investing in the labour party, you believe they will deliver on this if they are in government . I dont see it as an investment. I have been giving money to them for ten years and the greens, the lib dems and greenpeace and all kinds of good causes, trying to good in the world. 50 good causes, trying to good in the world the world. So what is next as far as ecotricity the world. So what is next as far as ecotricity is the world. So what is next as| far as ecotricity is concerned . You have really pushed through in wind power. Wha