american, to see them game a fight in that way. we need to get back to business and growth. —— gamify it in that way. growth. -- gamify it in that wa . �* , growth. -- gamify it in that wa . h . ~' growth. -- gamify it in that wa. h ., way. let's talk about the perception _ way. let's talk about the perception of _ way. let's talk about the perception of the - way. let's talk about the perception of the us - way. let's talk about the perception of the us and abroad, how do you feel it is portrayed in terms of its status and power elsewhere? could you imagine the us would want to cast out into the international markets about its stability and debt? i mean, how stupid is that? in today's day and age, when we have rising issues with china, when we have opec meeting this weekend, gamifying this system and the us wants to politicise its own jet and call into question its capacity to meet responsibilities? it is short—sighted and i'm embarrassed. —— its own debt. the reality is the united states is a sound and strong place for business, the us dollar is still the reserve currency of the world, whether the chinese like it or not. we need to just persist. find the chinese like it or not. we need to just persist. and they certainly don't _ need to just persist. and they certainly don't like _ need to just persist. and they certainly don't like it. - need to just persist. and they certainly don't like it. to - need to just persist. and they certainly don't like it. to be . certainly don't like it. to be fair, president biden said very little about the debt ceiling in the weeks of negotiations and stuff. in fact a lot of his focus and comments are international, it's to do with foreign policy and the us�*s place in the world. foreign policy and the us's place in the world.- foreign policy and the us's place in the world. yeah, and he needs _ place in the world. yeah, and he needs to _ place in the world. yeah, and he needs to grow _ place in the world. yeah, and he needs to grow that. - place in the world. yeah, and he needs to grow that. part l place in the world. yeah, and | he needs to grow that. part of the critiques about his present has not been being able to do that, so he needs to step out of the way. —— about his presidency. they can do the debt limit and he will sign it, and then tomorrow night eastern time he's going to take a victory lap as if he did do it, but in reality he made the decision to distance himself from it until it's successful, and he will reintroduce himself and he will reintroduce himself and signed the fancy paperwork and signed the fancy paperwork and hold it up for everyone to see as if he is the hero. well, i almost _ see as if he is the hero. well, i almost want _ see as if he is the hero. well, i almost want to _ see as if he is the hero. well, i almost want to see - see as if he is the hero. well, i almost want to see your - see as if he is the hero. well, | i almost want to see your own fancy paperwork, thank you for your time and analysis. the united states and taiwan have just signed a new trade agreement, meant to strengthen the economic and trade relationship between the two countries. of course both have trade and political tensions with china. the move sparked a warning from beijing, which considers taiwan part of chinese territory. samira hussain has more. trade between the united states and taiwan amounts to about $75 billion a year. that number is dwarfed by china's trade with taiwan, which stands at a massive $120 billion a year. by signing this trade deal, the us is looking to build its presence in asia, and to rival china. taiwan, for its part, is looking to reduce its economic dependence on china, especially in light of the geopolitical tensions between it and beijing. unsurprisingly, china did not react well, saying the united states should stop any form of official exchanges with taiwan under the guise of trade. beijing has stepped up threats and rhetoric against taiwan in recent years, increasing military deals increasing military drills in the seas around the island and working to cut off its official ties with countries around the world. discussions between washington and taipei began in august of last year. this current agreement covers issues like customs with regard to trade, anti—corruption measures and investment opportunities for small and medium—sized enterprises. plastic pollution is a major environmental problem. every year, millions of tons of plastic waste end up in the environment, where it can harm wildlife, pollute waterways, and contribute to climate change. the global plastics treaty is being negotiated by the united nations environment assembly in paris, it's expected to be finalised by the end of 202a. the treaty is seen as a major opportunity to address the global plastic pollution crisis. it's expected to address the full life cycle of plastic, from production to disposal as well as put measures in place to reduce plastic production and improve recycling. live now to dr deborah brosnan, president of deborah brosnan & associates. thank you very much forjoining us all the way from antigua. we all know plastic is causing devastating effects on our oceans and waterways. we have known this for years, why are we waiting until 2024 for a treaty to deal with it? that's a really good _ treaty to deal with it? that's a really good point, - treaty to deal with it? that's a really good point, we - treaty to deal with it? that's a really good point, we havej a really good point, we have known for years. what's been happening is the problem has gotten worse and worse, so we are actually seeing plastic waste on the ground wherever we are travelling, and now the data is becoming clear that plastic is a climate risk. it is a biodiversity risk. and it's a human health risk. so all of a sudden, nations around the world are seeing we have to do something, and we are coming into this treaty with enormous positivity. into this treaty with enormous ositivi . �* ., ., , into this treaty with enormous ositivi . �* ., ., positivity. i've done a bit of work on — positivity. i've done a bit of work on this _ positivity. i've done a bit of work on this myself- positivity. i've done a bit of work on this myself in - positivity. i've done a bit of work on this myself in fact, and i actually went to some islands off the coast of canada, where there was a whole tidal plastic that had washed up tidal plastic that had washed up from japan. this just goes to the point that pollution in one country travels, there are no national boundaries, as such, across the ocean. so do you think this treaty is going to be taken seriously by every country, and will there be penalties imposed on those who don't follow the accord? i think so, because as you said it's a global problem. the plastic waste we are seeing in the arctic comes from other parts of the world, floating across the oceans. so yes, this will be taken seriously by nations and by communities. and what we are seeing in the treaty, two things, one, what does the treaty cover? but the second equally important part is how will this be enforced? will there be incentives, taxes on the producers of mastics? vico standards? so we are going to see a combination of incentives and penalties. —— on the producers of plastics? ec o standards? mil the producers of plastics? ec o standards?— standards? all of these things are compromised, _ standards? all of these things are compromised, as - standards? all of these things are compromised, as we - standards? all of these things are compromised, as we have j are compromised, as we have seen with the debt ceiling deal. we need every country to be involved on this. if there was one single thing that could not be compromised on, what would it be, that desperately needs to be in this accord? i think what desperately needs to be in this accord is we stop single—use plastics. half of the plastics produced today are single—use, they are used once and then they go into waste. the kind of plastic you see washing up on beaches and in drains. the number one thing is to stop single—use plastics. it can be done and it can be done easily. can be done and it can be done easil . ., ~' ,, , can be done and it can be done easil . ., ,, ,, , . ., easily. thank you very much for our easily. thank you very much for your time _ easily. thank you very much for your time and _ easily. thank you very much for your time and your _ easily. thank you very much for your time and your analysis. . let's go underground now, because chinese scientists have begun drilling a 10,000—metre hole into the earth's crust. the drilling is expected to take 457 days. but why are they doing this? let's go to nick marsh in our asia business hub in singapore who, i hope, has the answerfor us. good morning. i don't have the exact answer unfortunately. exact a nswer u nfortu nately. what we exact answer unfortunately. what we do know is there is plenty of oil injunjang province, its way out in the western reaches of china, it is a really economically important region. —— xinjiang province. it is deeper exploration, looking for oil, they could find minerals, natural resources, a lot of scientific experimentation as well could be on the cards. but yeah, this hole into the earth, it's huge. it's going to be 11,000 metres long, it's going to go through ten continental strata, it's going to hit the crustacea system. one member of the technical team has been quoted in chinese state media, he says the operation is like driving a big truck on two steel cables. the aim is to expand the boundaries of human understanding. it's going to take about 450 days to do. it's not going to be done overnight. but it's interesting, actually, that it happens just after china sent its first civilian astronaut into space from another desert, from the gobi desert. xijinping has been talking a lot about exploring new frontiers. there has been talk about a human mission to the moon. new frontiers in the sky but also below us, and this seems to be part of that. thanks very much, nick. let's get some of the day's other news now. sri lanka has cut its interest rate by a huge 2.5%. it's the first cut in three years, something the government says is a sign the country's economy is finally starting to recover from a crippling economic crisis. interest rates had been raised to record levels in an effort to calm spiralling inflation. and now to elon musk — he's being accused of insider trading by investors who lost billions by trading the cryptocurrency dogecoin. in a filing to manhattan federal court, a group of investors allege he used twitter posts, paid online influencers and even used an appearance on the tv show saturday night live to boost the value of dogecoin before selling $124 million worth. a lawyer for musk and tesla declined to comment. around the world and across the uk, this is bbc news. a group of children risking their lives on the tracks at a major railway station, shocking footage but something that rail bosses say happens all too often at stations across wales. but now there is a warning that the danger is even bigger. these are the new overhead cables carrying huge voltage above our heads.— cables carrying huge voltage above our heads. this system is now live and _ above our heads. this system is now live and it _ above our heads. this system is now live and it carries _ above our heads. this system is now live and it carries 25,000 i now live and it carries 25,000 volts of electricity. it's part of our metro, our tram and train system for the cardiff region. train system for the cardiff reuion. ., train system for the cardiff reuion. . ., .,, region. that will mean faster and cleaner _ region. that will mean faster and cleaner trains _ region. that will mean faster and cleaner trains in - region. that will mean faster and cleaner trains in the - region. that will mean fasterl and cleaner trains in the years ahead, but also a bigger risk. things like collecting your mobile phone if you drop it, going to get your football if you kick it over the fence, things like that now have an added danger. you don't actually have to touch the equipment to receive a shock. coming too close means the electricity can actually jump. the warning is also very clear and very visible. you're live with bbc news. let's see how the markets are faring today. quite an interesting month, things looking a bit different, the asian markets broadly higher. brent crude around $74 a barrel. 0n the us markets, the big news is going to be what happens with the job number a little later on today. you can see currently all in positive territory, so we will see whether that stays the same. and i should say, in the asian markets, the big mover was the hang seng, driven by tech stocks. let's take a breath. live now to michael hewson, chief market analyst, cmc markets. it's been an interesting month orso it's been an interesting month or so across may. lots of bank holidays, notjust in the uk but abroad as well. in the us, asia too. how is the trading picture shaping up at the moment? i picture shaping up at the moment?— moment? i think the big discussion _ moment? i think the big discussion at _ moment? i think the big discussion at the - moment? i think the big i discussion at the moment, victoria, is about the next move for central bank rates. there has been a growing shift, i think you could call it, that we might see a pause in the fed's rate hiking cycle when they meet onjune 14th. there is an awful lot of moving parts to past between now and then. —— passed between now and then. it's a very low possibility that that was going to play out in a different way, the debt ceiling agreement. as always, they push it right up to the deadline. that has now passed, and the real question is what's happening with inflation and how many more rate hikes have the central banks got in their respective lockers? 0ver the central banks got in their respective lockers? over the past week or so, we started to see evidence that inflation is starting to slow down quite significantly. i think that's what markets are looking for next. i'm quite interested in what's going on with japan. for years, we have had ultra—loose monetary policy there. but years, we have had ultra-loose monetary policy there.- monetary policy there. but this sort of shift — monetary policy there. but this sort of shift in _ monetary policy there. but this sort of shift in policy _ monetary policy there. but this sort of shift in policy could - sort of shift in policy could cause some trouble in the bond markets, couldn't it? this might really be an issue for people across the world. i know the ecb are looking at it. mi the ecb are looking at it. all central the ecb are looking at it. fill central banks are looking at it and are concerned, victoria. the bank ofjapan, unlike other central banks across the world, is still having a very easy monetary policy and there is a lot of uncertainty as to what might happen when they start to tighten their monetary policy. at the moment, there is no sign that they are looking to do that. but they could well start to do that in the next month or so. they have a meeting in the next couple of weeks, and that will be very closely scrutinised as to whether or not the new bank of japan governor will signal that the loose monetary policy is starting to shift away and starting to shift away and starting to shift away and starting to tighten up their great policy over the course of the rest of the year. you great policy over the course of the rest of the year.— the rest of the year. you said a shoe has — the rest of the year. you said a shoe has yet _ the rest of the year. you said a shoe has yet to _ the rest of the year. you said a shoe has yet to drop, - the rest of the year. you said a shoe has yet to drop, i - the rest of the year. you said i a shoe has yet to drop, i would argue there might be another one. china. the recovery there is not nearly as strong as people had hoped after the relaxation of their zero covid politics. that quick rebound hasn't materialised in the way people would want. what is that doing to the flow of money for foreign investors? i doing to the flow of money for foreign investors?— foreign investors? i think it's certainly making _ foreign investors? i think it's certainly making foreign - certainly making foreign investors very reluctant to push more money into chinese markets. you looked at the hang seng and you said it's up to 3% so far. a lot of that has been driven by tech. if you look at how the hang seng has done this year, it has significantly underperformed expectations. the chinese recovery, to a certain extent, is running on fumes. they have been in deflation for the last six months. i think there is a concern that they may struggle to hit their 5% gdp target later this year. to hit their 596 gdp target later this year.— to hit their 596 gdp target later this year. you mention tech there. _ later this year. you mention tech there. the _ later this year. you mention tech there. the staggering l tech there. the staggering outperformance, shall we say, of the mega techs looks like the run up before the pandemic, in the early days of 2020 and beyond. but are thing different this time around? i beyond. but are thing different this time around?— this time around? i think the concern i _ this time around? i think the concern i have _ this time around? i think the concern i have about - this time around? i think the concern i have about this - concern i have about this particular rally, particularly in the nasdaq, which is up over 20% on the year to date, is the narrow direct in the market. by that, i mean it's a very small cohort of companies that have driven the rally in the nasdaq and the s and p. without the tech sector, down 3%, so that sector is distorting the picture when it comes to stock markets. ., , picture when it comes to stock markets. . , . markets. thanks very much, michael- _ markets. thanks very much, michael. and _ markets. thanks very much, michael. and you _ markets. thanks very much, michael. and you know - markets. thanks very much, | michael. and you know what, this is a super geeky, but kind of interesting on the narrowness of the markets. i just wanted to let you know some data. there is a strong correlation that's been found between narrow markets and the weak index performance over the following year. this is some data that's been done by lpl financial, contrasting the s and p 500 stocks with the longer—term moving average. a bit of geeky knowledge to style out the market section. now let's talk about oil. lord john browne, who used to run bp, has said that if he was running a major oil company he would probably pull the company out of uganda following new anti—gay laws which include the death penalty. uganda has generous but under—developed oil reserves. lord browne said he couldn't talk for the companies, but would certainly consider stopping operations there if it was up to him. i do think it's completely wrong, what uganda's done. it's a bad example, it's a bad set of laws, and it defies any view people have of the right handling of human rights. totally wrong. so i think, if i were in business there, i would have to consider my position. and actually make sure first my team were safe. and secondly, ask myself why i should be doing business there. yeah. and probably pull out. right. so, 0k, let'sjust be clear. because if you were the boss of an oil major today, you would quite possibly boycott uganda? i think you have to be careful, you have to look to see what you can... the status in all the countries that you operate in. there are plenty of things going on that you have to ask yourself, can i be there and help change it? or am i there in the face of things changing in the wrong direction? right. and there, i think you have to makejudgments. there's nothing black and white about anything like this. it's full of ambiguity. and i think you've got to make good, balancedjudgments. but it is wider than uganda. in the gulf states, being gay is notjust illegal, it can be punishable by death. you've got others like nigeria, it's illegal, places in russia... even the united states in some ways feel like they are almost going backwards. so i'm just wondering, is it practical for anyone senior in the oil industry to be out, to be openly gay? it would be hard to operate, wouldn't it? well, i think it's possible and it's desirable today to be out if you can. the most important thing is not to say to people they should come out and then expose them to personal danger. yeah. that would be l a terrible thing to do. in business, for sure. so i think that bosses can come out, they will have a bit of a security blanket around them because of their position. and people will maybe talk to them but not acknowledge anything about them. and indeed, ithink that is the case. it would be ignored, as something that, you know, we don't talk about in polite society. let's talk business but forget about your own personal life. exactly. and you can see the full interview with lord browne as well as an interview with one of europe's leading transgender bosses on talking business weekly with aaron heslehurst this weekend. lets end on a high, shall we? the cannabis industry in the us is growing fast in terms of revenues and new markets opening. the cannabis world congress & business exposition, a business trade show for the legalised cannabis industry, has been taking place all this week. the global cannabis market could be worth $200 billion by 2028. live now to george mcbride, co—founder of hanway associates, a leading european cannabis consultancy. thanks forjoining us. it's curious, the numbers around the industry. on the surface it looks like it is booming, but the companies involved appear to be diminishing in value, so what's going on?— what's going on? thanks for havin: what's going on? thanks for having me. _ what's going on? thanks for having me, it's— what's going on? thanks for having me, it's a _ what's going on? thanks for. having me, it's a complicated picture — having me, it's a complicated picture. overall stocks in the sector— picture. overall stocks in the sector are _ picture. overall stocks in the sector are down more than 90% on their— sector are down more than 90% on their 2000 peaks. while, as you say, — on their 2000 peaks. while, as you say, revenues and new markets _ you say, revenues and new markets are growing rapidly. i think— markets are growing rapidly. i think there was a lot of cheap money— think there was a lot of cheap money sloshing around in 2021. more _ money sloshing around in 2021. more optimism about federal reform — more optimism about federal reform. the sector still faces some — reform. the sector still faces some regulatory headwinds over competition, high taxation, and as a result, _ competition, high taxation, and as a result, it is very challenging for these businesses to exit to larger multinational corporations. that— multinational corporations. that means they are struggling to receive the levels of funding they need to grow to the next _ funding they need to grow to the next phase. and even though revenues. — the next phase. and even though revenues, new markets are growing _ revenues, new markets are growing rapidly, the actual share _ growing rapidly, the actual share price of these companies is declining, and their ability to borrow— is declining, and their ability to borrow and raise funds is hampered significantly. so these hampered significantly. 5r these companies appear to be selling a lot of weed, but not very many shares, is that the overall picture?— very many shares, is that the overall picture? that's exactly it. which overall picture? that's exactly it- which is — overall picture? that's exactly it. which is the _ overall picture? that's exactly it. which is the inverse - overall picture? that's exactly it. which is the inverse of - overall picture? that's exactly it. which is the inverse of the | it. which is the inverse of the problem _ it. which is the inverse of the problem in the early days, when there _ problem in the early days, when there was— problem in the early days, when there was a hype in the cannabis sector in 2018, and everyone _ cannabis sector in 2018, and everyone was selling a lot of shares — everyone was selling a lot of shares and not very much cannabis _ shares and not very much cannabis. there have been two booms, — cannabis. there have been two booms, peaks in the cannabis industry. _ booms, peaks in the cannabis industry, and a lot of frustrated, exhausted investors, and a lot of challenges in rolling this out, while — challenges in rolling this out, while there was a lot of optimism in 2018 and 2021. we are in— optimism in 2018 and 2021. we are in a — optimism in 2018 and 2021. we are ina hit— optimism in 2018 and 2021. we are in a bit of a trust. but the — are in a bit of a trust. but the shares are cheap and it looks— the shares are cheap and it looks like we are at the bottom of the — looks like we are at the bottom of the market. | looks like we are at the bottom of the market.— of the market. i understand about 9096 _ of the market. i understand about 9096 of _ of the market. i understand about 9096 of the _ of the market. i understand about 9096 of the cannabisl about 90% of the cannabis market is in the us and canada. what is the rationale behind that? do you see a big boom coming to europe? irate that? do you see a big boom coming to europe?— that? do you see a big boom coming to europe? we have a lot of reform planned _ coming to europe? we have a lot of reform planned across - of reform planned across europe _ of reform planned across europe. a range of different european countries are trying to reform, including most notably— to reform, including most notably germany. their proposed regulations have been watered down _ regulations have been watered down a — regulations have been watered down a number of times. there are eu— down a number of times. there are eu issues with the legalisation of cannabis, and challenges that that presents to eu — challenges that that presents to eu law and policy. and as a result, — to eu law and policy. and as a result, it's— to eu law and policy. and as a result, it's somewhat harder to create — result, it's somewhat harder to create a — result, it's somewhat harder to create a legal cannabis market not for — create a legal cannabis market not for medical use in europe, and _ not for medical use in europe, and the — not for medical use in europe, and the reforms are slower. so we are — and the reforms are slower. so we are seeing growing medical markets, — we are seeing growing medical markets, growing decriminalisation, growing access— decriminalisation, growing access all round but it's hard to build _ access all round but it's hard to build taxable fully legal markets in europe, germany, the czech _ markets in europe, germany, the czech republic, netherlands and others, — czech republic, netherlands and others, who are all trying to do that— others, who are all trying to do that at— others, who are all trying to do that at the moment but with little _ do that at the moment but with little success.— little success. george, thanks very much _ little success. george, thanks very much for— little success. george, thanks very much for your _ little success. george, thanks very much for your time. - little success. george, thanks very much for your time. i - little success. george, thanks very much for your time. i did j very much for your time. i did romise very much for your time. i did promise we — very much for your time. i did promise we would _ very much for your time. i did promise we would end - very much for your time. i did promise we would end on - very much for your time. i did promise we would end on a i very much for your time. i did promise we would end on a tie. i'll be back with your headlines. the next couple of days should bring a bit more in the way of sunshine to some parts of the uk that haven't seen that much of it recently. the brightest and warmest of the weather has been found in the west of the uk, whereas some spots further east have had a lingering cloud and onshore breeze which has made it feel cool, even chilly. during thursday, some eastern parts only got to around 11 celsius under cloudy skies. parts only got to around 11 out west, 24—25 in some sunshine. but what is coming our way shows up clearly here on the earlier satellite picture — some thinner cloud, which will be in place for friday morning, particularly across england and wales. but because that cloud is thinner, it should break up a little more readily, so i'm hopeful that more places will see sunshine during friday. just a bit of cloud close to the east coast of england, and also some more cloud into the western isles. but otherwise, largely sunny skies overhead, still a little bit on the chilly side for some eastern coasts with the breeze off the sea, highest temperatures in the west 23 celsius. with more of us, though, seeing sunshine, i think high uv levels will be an issue pretty much wherever you are. and then, as we head through friday night, we'll keep largely clear skies overhead, a few patches of cloud will float in from the north sea, and a bit more cloud hugging the coast of north—west scotland. but unusually chilly for an earlyjune night — temperatures perhaps down to 3—4 celsius in a few places. but after that cool or chilly start, saturday will be a predominantly dry day, with high pressure still firmly in charge, and most of us should get to see quite a lot of sunshine. there will be some patches of cloud close to this eastern coast at times. a bit more cloud maybe for the north coast of northern ireland, certainly for northwest scotland, and there isjust the small chance, a very small chance of catching a shower in scotland, particularly over high ground. highest temperatures again in the west, up to around 22—23 celsius. now as we move through saturday night, our area of high pressure slightly changing shape, and i think we will pull a bit more of this cloud back around that high into some eastern counties of england. i don't think it'll linger in many places, it mayjust stay a little bit grey for some along the coast. but further west, again, lots of sunshine and highs of 23 celsius. and if you're looking for some rain, well, very little in the forecast next week — any that does turn up will be very short—lived. it'll stay predominantly dry with some spells of warm sunshine. good morning, welcome to breakfast with charlie stayt and naga munchetty. our headlines today. in his first interview since resigning from itv, phillip schofield says he feels nothing but sadness and regret, and denies that he groomed a younger colleague. i did something very wrong... ..and then i lied about it. consistently lied about it. and you can't when they've —— can't live