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Transcripts For BBCNEWS World 20240704

speaking before squeezed by massive bills, there is still spending power out there. a lot of our customers are probably a bit older, so we don t feel the mortgage rate, although it creates uncertainty for them and that does and we do notice when there is a rate rise, everyone gets a bitjittery. does it feel like we are getting green shoots? i don t feel that there is green shoots, no, no. i don t feel that there is green shoots, no, no. i feel we are in a holding pattern. it could go either way. today, the bank of england said the tough medicine was beginning to work. less tha n less than two years they have over 14 steps raised interest rates to the highest level in 15 years in an attempt to drain spending powerfrom the spending power from the economy. the period of near zero interest rates now consigned to history with the bank warning that rates could remain at this level for some time. if you asked the question, yes, and when are rates going to come down? my answer is w

Transcripts For BBCNEWS World Business Report 20240706

now, for the business news, i m victoria valentine. we start in the us where there is more evidence that, after tens of thousands ofjob cuts, big tech is pulling out of its post pandemic slump. amazon is the latest to reveal it s making much more money than wall street was expecting. sales hit more than $127 billion in the first three months of the year, and the online retail giant says that figure will be higher in the current quarter. it comes after alphabet, the owner of google and youtube, and meta, which owns facebook and instagram, both surprised investors with better than expected results. samira hussain reports from new york. this over the last year and is on has been aggressively cutting costs to help with profitability. it has already laid off 18,000 people and is currently about to eliminate another 9000 jobs. currently about to eliminate another 9000jobs. it currently about to eliminate another 9000 jobs. it would appear that some of those measures are already pay

Transcripts For BBCNEWS World Business Report 20240707

of cheer on wall street: amazon shares soar as it racks up sales of $121 billion in the last three months. hello there. we start in the us, with fears of a recession in the world s biggest economy. in the world s biggest economy are rattling people. official figures out on thursday show it shrinking for the second quarter in a row. two quarters of negative growth are what many countries around the world would define as a recession. not so in the us, as we ll show you why in a minute. us gross domestic product declined at an annual rate ofjust under 1% between april and june. that comes after a steeper 1.6% decline in the first three months of the year. but that hasn t hit the labour market yet. us treasury secretary janet yellen said the economy is now at full employment with the unemployment ratejust 3.6%. meanwhile, prices for groceries, petrol and other basics are rising at the fastest pace since 1981. he s what president biden had to say. both chairman powell and many

Transcripts For BBCNEWS World 20240702

security adviserjake sullivan. blinken told the un security council on tuesday he would work with the chinese foreign minister to prevent the middle east conflict from spreading. but talks with china are also expected to focus on trying to solve disagreements other issues, including trade. only this week, tech giant nvidia said the us government has told it to stop shipping some of its advanced artificial intelligence chips to china immediately. the restrictions weren t supposed to come into force for a few weeks. it s the latest move in the ongoing technology dispute between washington and beijing. joining me now is anna ashton, us china director at eurasia group. good morning to you. this meeting that sounds positive, but give us the latest on this trade war as were all coloured, especially when it comes to technology. i especially when it comes to technology- technology. i mean, it is positive technology. i mean, it is positive in technology. i mean, it is positive in

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