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looking into the story and joins me. great to get you on the show. what is on the agenda could it s a three day meeting, as you mentioned in a resort town about two hours from tokyo. it s a meeting about the foreign ministers of the g7 nations. last night, at a dinner, we saw the video link committee eu s top foreign policy official, high representative address the g7 foreign ministries and he said that when it comes to china and its relationship going forward, china needs to decide how it wants to be seen and china needs to decide how it wants to be seen wants to be seen and how it wants to be seen and how it wants to wants to be seen and how it wants to continue wants to be seen and how it wants to continue to - wants to be seen and how it| wants to continue to interact with the international community. he said that china is a partner, a competitor, a strategic rival, and as it navigates going forward, particularly surrounding taiwan, that impact its relationship ....
surged 10% last year to $150 billlion. they have moved to reduce reliance on the us dollar by setting up payment clearing in the chinese currency, the yuan. former brazilian president dilma rousseff is to be sworn in today as head of the new development bank a rival to the world bank and imf set by by the so called brics countries of brazil, russia, india, china and south africa. let s speak now to william jackson, who is emerging market economist at capital economics. xi has been signalling the post covid reopening of china by hosting a series of world leaders. what can we read into the fact that brazil s leader has been among the first? you are absolutely right. as china moves into its postcode environment it seems to be wanting to spread its international wings. we have seen talks between saudi arabia and iran recently, and now we have cordial words with president lula, hayes and china at the moment. there is a big political angle to this, to find a way to cement r ....
a far cry from the 9% we saw in june but there are warnings of a possible recession or the pipelines our business reporter katie silva has been looking into the details of the story for us. it is always great to see you on asia business report at the seems like relatively good doesn t it? fit at the seems like relatively good doesn t it? of course. as we mentioned good doesn t it? of course. as i we mentioned a huge drop since lastjune. 5% inflation down from 6%, its well and truly been welcomed in high quarters, president biden saying it gives american families some breathing room in particular pointing to the fact that we ve seen the greatest reduction in the costs of gas as well as food and grocery expenses, things that are very important to american families. but the excitement should be tempered somewhat. up was the us like many major economies pursues an inflation target of 2% so 5% is still a long way off that and if we were to take out those impacts of the fu ....
civil servants. meanwhile, separate data from the bank of england shows british lenders reported a sharp increase in the rate at which households and businesses defaulted on loans such as mortgages. the chancellor said the economic outlook was still brighter than expected. let s bring in the chief economist at kpmg. the uk economy remains weaker than any other country in the g7. we still have twin drives of high inflation and rising interest rates. how resilient do the you think the uk economy is? the latest data has been think the uk economy is? the latest data has been more think the uk economy is? the latest data has been more positive - think the uk economy is? the latest data has been more positive than i data has been more positive than what we feared late last year so it seems like the overall economy is more resilient and the majority of the weakness that we saw more recently is related to strikes rather than any fundamental weakness of the economy but obvio ....
inauguration of a new bank on shanghai. the new development bank has been set up by the brix group, that s brazil, russia india and china and south africa and president lula said the new financial institution frees developing countries from established ones our business reporter has more on the significance of this trip. on the significance of this tri -. , ., ., , trip. the goal in his own words is to strengthen trip. the goal in his own words is to strengthen the is to strengthen the relationship. and at least when it comes to business ties our already pretty significant. china is brazil s biggest export market, each year buying tens of thousands of billions of dollars of natural resources and agricultural products, including soybeans, iron ore, oil and be for that while brazil according to chinese state media is the biggest recipient in latin america. president lula da silva needs more of it if these two bruised brazil s stagnant economy. that s why the brazilian ....