shelter and housing. and particularly you mentioned the cpi numbers earlier. while the headline cpi did increase, core cpi — which excludes volatile inputs such as food and energy — is actually higher. it's at 4.3%. and that's illustrating that underlying inflation seems to be a lot stickier than anticipated, which, as far as fed policy goes, means that rates likely have to continue to stay higher for longer. the federal reserve has been keeping rates high, and that is likely to be the strategy we are expecting to see? exactly, yeah, and there is other tools that potential they could leverage, such as reducing the size of the balance sheet, through so—called quantitative tightening, and that could push yields up and increase borrowing costs which, in essence, has similar effects to raising interest rates. as far as markets go, they are expecting the fed to raise rates not at this upcoming meeting, i believe, next week but actually more likely in december. dimitri, how have consumers and businesses really responded to the rising cost of living there and what is, in your opinion, going to be the short and long—term impact on the american economy? as far as the impact goes, the thing about monetary policy is that there's a tremendous lag effect, which is why we had that so—called hawkish pause earlier in the middle of this year. it allows fed officials, essentially, to assess the impact that fed policy is having on domestic economic growth. certainly, higher inflation is pinching the wages of workers. but if you look at, for instance, the eurozone and china, certainly, they are in a far worse off place than the us. when it comes to gdp, second—quarter gdp, on a quarter on quarter basis, it came in at around 2.1% versus the eurozone and china, which came in at 0.1% and 0.8% respectively. as far as the consumer goes, as long as inflation continues to remain high, certainly it'll eat into their wages. i think some things to look at in the future will be the resumption of student loan payments, for instance, which actually may take away from some of the economic dynamism that's been fuelling the us economy, because those payments now, instead of going towards disposable goods orjust using that disposable income to purchase goods and services, it will then go to the debt service payment. so i think that's another headline risk to certainly be watching for and its impact on the us economy, both in the short and medium—term. and as the world's largest economy debates whether to raise interest rates, central banks in china and japan have gone in the opposite direction. both the yuan and yen have been weaker agains the us dollar this year. kelvin wong is a market analyst. if you look at from a japan perspective, the japanese yen has been since the start of this year, what we see is pretty much as you would expect from the performance and economy. we start to see the experts improve slightly, however, manufacturing actually slowed down injapan, so we start to see inflation has started to actually pick up in japan with the potential cost which has been pretty much a confident forecast forjapan, confident forecast for japan, meeting confident forecast forjapan, meeting the target of 2% before the end of 2023. one of the hottest ipos will begin trading later today. uk chip designer arm has secured a $54.5 billion valuation in its us initial public offering. arm has already signed up many of its major clients as cornerstone investors like apple, nvidia, alphabet and samsung electronics. arm priced its ipo at $51 per share, which will trade on the nasdaq. the bbc�*s erin delmore has more from new york. if you have a smartphone, there's a 99% chance it's powered by a chip designed from the softbank—owned company arm. shares in the company are expected to begin trading thursday in the year's biggest ipo, which could raise up to $5 billion, taking the company's market value up to more than $50 billion. this is the first time in seven years that the company is selling shares to the public. last year marked the slowest yearfor american ipos in three decades, due in part to high interest rates, recession fears and geopolitical tensions. that's on the heels of a few tough years for ipos, prompting questions about why the british chip designer didn't get listed in london. analysis by the london stock exchange group showed that the 260 ipos that debuted with stock market values above $1 billion over the past four years are down 29% from their offering prices. that's according to reuters. for companies that are considering going public this year or early next, arm's ipo would offer some insight into whether the waters are warm or whether they're better off waiting on the sidelines. and more broadly, a successful foray into the market would inject some confidence into the wider financial world. this weekend, singapore plays host to formula 0ne�*s night race for the 14th time. 0rganisers have pledged to halve energy emissions by 2028, as the fi group is aiming for net zero by 2030. and that's a far cry from where they are today. our business reporter katie silver went on a mission to find out why. trackside this year, the bright lights are a little bit brighter. they're not the traditional metal bulbs — they're led, which organisers say will reduce energy consumption by about a third. you have more brightness with less power, which light will last for ten times more. it's quite an interesting and big operation because we are working for three and a half months before the race, so the installation process is quite massive. in just a few days, the world's best drivers will be here in singapore, racing down these streets under these led lights. and while the lights may be a step in the right direction, the question is whether a sport that's based on fast cars, plenty of petrol and flying all over the world can ever be truly sustainable. we have to look across our entire sport from the cars going around the track, which are actually less than 1% of our carbon footprint, all the way through to the travel and logistics of how we get to these great events. when you look at our cars and road relevance, they are already the most efficient hybrid engines in the world. they also will be powered by 100% sustainable fuel in 2026. last year, singapore's grand prix emitted a whopping 2,300 tonnes of carbon dioxide. it's pledged to halve energy emissions over the next five years. increasing the use of renewable energy around the circuit — this is true, for example, solar panels that have been installed onto the pit building as well as increasing the use of biofuels within our generators which power the temporary power circuit. one of the major criticisms though, when it comes to f1 and sustainability is the race schedule and at times how geographically nonsensical it is. it starts in the middle east before dashing to australia, to azerbajan, next stop miami and then to monaco for the start of the season in europe. this then gets interrupted by a date in canada, a journey of some 6,000 kilometres, only for the drivers to go back again to europe. then it's off to asia, singapore and japan before a stop in the middle east, then to the us, all the way down to south america, back to the us for las vegas, a new street circuit, before the final in abu dhabi. that's right — back to the middle east, which you might remember is where it all began. it's something the fi sustainability head says they're already tweaking. that is the real challenge that we have as a world championship. two thirds of our carbon footprint is travel and logistics and that is something that we will be delivering against from now until 2030. supporters of f1 say it could help drive technology to make fuel more sustainable, but the finish line is still a long way off. katie silver, bbc news, singapore. in other news making headlines... a gathering of who's who in the tech industry have been meeting with us politicians in washington over the future of artificial intelligence. tesla's chief executive elon musk has called for a us "referee" for al. he was joined by meta's mark zuckerberg and alphabet�*s sundar pichai. they are looking for ways to mitigate dangers of the emerging technology, which has boomed in investment and consumer popularity since the release of 0penai's chatg pt chatbot. google parent alphabet is laying off employees from its global recruiting team as the tech giant continues to slow hiring. the company says the decision to let go of a few hundred employees is not part of a wide scale lay—off and will retain a significant majority of the team for hiring critical roles. it will also help the workers search for roles within the company and elsewhere. and that's it for this edition of asia business report. you can find more on the bbc news website. thanks for watching, stay with bbc news. bbc news, bringing you different stories from across the uk. a brand new vending machine at school, but you won't find any snacks here. instead, a different kind of nourishment — forthe mind. got it! i think it's pretty cool. it's about avengers. and i think... i think saving the world, i think _ what do you need to do to get one of these books from the vending machine? well, you have to work hard to get one of the tokens. this scheme offers children a book to keep, which the teachers say makes a difference. 31% of our children didn't have access to a book at home that was appropriate to their needs. by having a book vending machine and providing books in this way, it gives students a sense of ownership. why don't they have access to books at home? for some of our families, it's a combination of things like deprivation and the area that we're but also literacy skills with some of our parents and carers themselves. the idea is to help these students prepare for further education and work. just a tiny fraction of adults with learning disabilities are in paid employment. 0ur theory is that actually it's going to give them encouragement at home and reallyjust start them off on that journey of reading. for more stories from across the uk, head to the bbc news website. hey, i'm stephen with the catch up! we're starting with calls for new trans guidance for schools. it's something that's been promised for five years, but still hasn't been finished by the government. it would cover things like what toilets and changing rooms students could use, where they'd sleep on school trips and how much parents should be told. we've been hearing from the parents of children questioning their gender identity. some want schools to tell them if their child wants to change their name or pronoun. others are worried that outing trans children to theirfamilies could lead to rejection. the government says it wants to take more time so the guidance gives proper clarity — in the meantime, it says parents should always have a say in decisions about their children. you can read loads more about this on the bbc website. some other stories now. and an update on the death of 10—year—old sara sharif. she was found dead at her home in woking last month — the day after her dad, step—mum and uncle had left the uk. they've now been arrested on suspicion of murder after arriving on a flight here from pakistan. next — you've probably seen this shocking video of an american bully xl attacking people in birmingham. a 60—year—old man's now been arrested. ii—year—old ana paun was bitten by the dog and told us she was really scared. she is now out of hospital. you've heard of toad in the hole — tonight it's ten seconds of a cow in a hole. the bullock — and no, i didn'tjust swear — fell into a sinkhole on a farm in county durham. the good news is it's been winched out and is now back in the field with its pals. you are all caught up. have a good night. hello, i'm marc edwards. welcome to sportsday. here's what we've got coming up on our show. super stokes smashes his way into the history books. there's a new one day batting record for england. the sub squad for the springboks including four scrum—halves, as south africa ring the changes ahead of their match with romania. and it's a dream davis cup debut for draper as he downs kokkinakis to help great britain beat australia. hello, and thanks for joining us on sportsday. and we're going to start with cricket, where it's been another record—breaking day for ben stokes. the all—rounder smashing his way into the history books with the highest score by an england batter in a one—day international, as he hammered a brutal 182

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