a semiconductor superpower. our asia business reporter monica miller has more. it is a major setback. prime minister narendra modi has made chip making a top priority for india s economic strategy in pursuit of what they say is a new era of electronics making. it doesn t get much bigger than foxconn, which makes roughly 70% of apple s iphones. india estimates that its semiconductor market could be worth $63 billion by 2026. now, we need to go back a little bit to explain how this partnership happened. that was in september 2020 to the taiwanese firm and the indian mining giant agreed to this deal. and part of it was because foxconn was looking at the situation then, which had strict covid restrictions in china, where a lot of these phones are made. they are also concerned about the geopolitical tensions we ve mentioned many times on this programme between the us and china. so it was looking to partner up, which is with the country which is now the largest in the world. but un
record set by chatgpt, signing up more than 100 million users in under five days. that was just last wednesday that threads went live on apple and android app stores and 100 countries. mark zuckerberg said he couldn t believe the milestone had been reached so fast but if it feels like lots of people are already on it, well that is partly because it is connect to instagram. meta isn t creating an app from scratch, it is benefiting from its 2 billion instagram followers and that s giving it a massive shot in the arm. analysts are calling this the first serious threat to the elon musk owned twitter. according to similar web, twitter s web traffic was down 11% from the year prior, that s in the days immediately after threads launched. it s worth remembering threads is not the first attempt to challenge the microblogging app but others such as mastodon, bluesky and truth social remain small. history shows that creating a social media platform is hard but when it works, it really w
prices will stay high for longer. and we take a look at the biggest deal in golf, ahead of a us senate hearing into the pga liv merger. welcome to world business report. let s start here in the uk where the government is facing another big setback in its battle against inflation. new data show that average wages have risen at a record annual pace of 7.3% in the march to may period, compared with the same period last year. british headline inflation is running at 8.7%, staying higher for longer than many had forecast. and there are concerns that after 13 consecutive interest rate rises, that the bank of england could need to raise it even further to bring price rises under control. let s hear now from janet mui, head of market analysis at rbc brewin dolphin. thank you for being with us. inflation has not been coming down at the expected pace. what does this data signal about how things could pan out? good afternoon. thank you for having me. which group is still pretty strong,
set by chatgpt, signing up more than 100 million users in under five days. that was just last wednesday that threads went live on apple and android app stores and 100 countries. mark zuckerberg said he couldn t believe the milestone had been reached so fast but if it feels like lots of people are already on it, well that is partly because it is connect to instagram. group three isn t creating an app from scratch, it is benefiting from its 2 billion instagram followers and that s giving it a massive shot in the arm. analysts are calling this the first serious threat to the elon musk owned twitter. according to similar web, twitter s web traffic was down 11% from the year prior, that s in the days immediately after threads launched. it s worth remembering threads is not the first attempt to challenge the microblogging app but others such as mastodon, blue sky and truth social remain small. history shows that creating a social media platforms hard but when it works, it really wo
by 11 of the 31 members of the alliance. uk prime minister rishi sunak is expected to urge nato allies to learn the lessons from russia s invasion of ukraine and invest more in defence. joining me now is hugo brennan, research director at the risk intelligence company verisk maplecroft. good morning to you, hugo. so, just talk us through the level of defence spending going on at the moment. because this has been a contentious issue for years within nato, hasn t it? it very much has been, yeah. i mean, the first thing to say is the question of who foots the bill to pay for the alliance? as you say, that s long been a question mark. you ll remember back to 2019, when donald trump made it very much top of the agenda. and again, it s going to be in this latest nato summit. as you said, we re expecting some sort of agreement that will make it a requirement for nato member states to spend at least 2% of their gdp on defence spending, which would build on that 2014 agreement you r