another rise in the cost of borrowing? the bank of england looks set to hike interest rates — we'll get the decision in half an hour. with al rapdily evolving, the european parliament decides later on a strict and wide—ranging ai act. welcome to world business report. another day and another — expected — rise in interest rates, this time in the uk.

rates are expected to rise from 4.25% to 4.5% as the bank of england tries to rein in soaring inflation. inflation is still running at over 10% and at a as—year high, largely driven by soaring food and energy prices. the bank rate is already at its highest level for m years, and further increases will pile more pain onto borrowers, particularly homeowners through higher mortgage rates. let's look ahead now with azad zangana, senior european economist & strategist, schroders. this deal we will get in half an hour but it feels done and are priced n. it hour but it feels done and are riced n. , hour but it feels done and are priced n-_ hour but it feels done and are ricedn. ,, , . ,. priced n. it is pretty much expected end has been _ priced n. it is pretty much expected end has been flagged _ priced n. it is pretty much expected end has been flagged for _ priced n. it is pretty much expected end has been flagged for some - priced n. it is pretty much expected | end has been flagged for some time. with inflation still in double digit it is pretty difficult for the bank of england to ease back quite yet but we do think they are probably closer to this end of the hike in

cycle than the beginning. are closer to this end of the hike in cycle than the beginning. are pretty marked difference _ cycle than the beginning. are pretty marked difference between - cycle than the beginning. are pretty marked difference between what. cycle than the beginning. are pretty| marked difference between what we see in the uk versus that of the euro zone and the united states which was later to start hiking rates but much more aggressive. it had to be because it recognised it was behind and had to catch up with the high inflation they had in the united states but the difference between united states and europe and the uk is the united states didn't see a big eyes and home energy costs in the way we have here. the impact of the war between russia and ukraine did not lead to a spike in gas prices in the uk, —— in the united states, it did in oil but not in gas. they are starting to see inflation come down recently and now the federal zone may be at the end of its hike. ,., ., ., . ~ the federal zone may be at the end of its hike. ., . ~ ., ,, of its hike. good to talk to you, i know you — of its hike. good to talk to you, i know you will — of its hike. good to talk to you, i know you will stick _ of its hike. good to talk to you, i

know you will stick around - of its hike. good to talk to you, i know you will stick around for i of its hike. good to talk to you, i know you will stick around for us i of its hike. good to talk to you, i i know you will stick around for us on the bbc and there will be special coverage live at midday for those of you watching in the uk. we've been talking a lot about the boom in al, alongside the warnings from industry veterans about its potential dangers. but firms around the world are still racing to use more ai in their own businesses. google is introducing al to its apps, including its search engine, in response to microsoft's move to integrate the technology into bing. so have the ai wars really kicked off? our north america technology reporterjames clayton is in california. well, this is google's big tech annualjamboree. it's google's opportunity to burnish its artificial

intelligence credentials and show off its latest products. now, since it was launched by openai last year. it's sort of been widely regarded that google were caught on the hop. they didn't realise it was going to be that successful. and since then, they've been playing catch up. been playing catch—up. this was an opportunity for google to show off its artificial intelligence wares. and frankly, there were no big announcements here today. what we did get were a series of iterative so, for example, its flagship chat bot bard, that's going to be rolled out across 180 countries and territories. and they also announced their partnership with adobe firefly to create an ai image generator that will be connected to. but it also said it would add ai

into its highly popular search function, which will be called search generative experience. but this will only be available to a limited number of people for now. there were plenty of other announcements, too. for example, they announced a new phone that is foldable at the cost of $1800. now, lots of people here were wowing at that news at the same time. that is a very, very, very expensive price point. it'd be interesting to see how well that sells. and one other announcement that really caught my eye — airtags, apple airtags, little tracker devices that you can use to find your wallet or your keys. it's been well documented by the bbc and others that they can be used to stalk people. now, apple i0s already has a function that will alert people to an unwanted airtag, but that's not necessarily the case for android users. and google said today that they were going to bring forward a partnership with apple

that would proactively warn android users if they were being tracked by an airtag. that's a pretty important update there and a rare example of apple and google working together. the rapid adoption of ai techology has sparked fears overjob losses, threats to privacy and its potential use for misinformation. last week veteran ai developer geoffrey hinton announced his resignation from google, saying he regretted his work and wanted to speak freely about the risks of the technology he created. later today committees of the european parliament will vote on the european union's ai act — potentially the strictest and most wide—ranging laws on al in the world. joining me now is dessi savova, head of continental europe tech group at clifford chance. we have talked a lot about the role ai is playing, these proposals could be pretty strict. if ai is playing, these proposals could be pretty strict-— be pretty strict. if they go through. _ be pretty strict. if they go through, and _ be pretty strict. if they go through, and we're - be pretty strict. if they go through, and we're prettyi be pretty strict. if they go - through, and we're pretty sure they will go will be a game changer because the european commission and european institutions are going forwards, realfirst european institutions are going forwards, real first and european institutions are going forwards, realfirst and it's kind landmark regulation of ai which will apply globally. if the primary vote goes through next week of the european parliament it will mark the

mandate and the beginning of the negotiations between the parliament, european commission and european council which is the final stage before adoption of the eu ai act. by, before adoption of the eu ai act. a lot of critics would say if you start regulating too tightly and stifles competition and creativity and we don't embrace the good things ai could offer. it is and we don't embrace the good things al could offer-— ai could offer. it is all about strikin: ai could offer. it is all about striking the _ ai could offer. it is all about striking the right _ ai could offer. it is all about striking the right balance . ai could offer. it is all about - striking the right balance between not hindering innovation and ensuring some fundamental rights and values of the european society and the society globally are acknowledged and it is all about ensuring that al in developed and used like the example you are giving was a very good one and all about

ensuring ai the human centric, ethical, trustworthy, explainable and ethical. the debate around the ai is a clear —— act as a clear example of the difficulty in doing so. it example of the difficulty in doing so. , example of the difficulty in doing so, , , ., example of the difficulty in doing so. , , . h, example of the difficulty in doing so. ,, . ._ so. it is prevalent in so many different _ so. it is prevalent in so many different walks _ so. it is prevalent in so many different walks of _ so. it is prevalent in so many different walks of life - so. it is prevalent in so many different walks of life and - so. it is prevalent in so many| different walks of life and that so. it is prevalent in so many i different walks of life and that is perhaps a danger we take our eye off the most concerning things whilst focusing on the things like chat gpt. psi focusing on the things like chat gpt. �* , ., .,, focusing on the things like chat gpt. ~ , ., , gpt. ai it is almost everything around us _ gpt. ai it is almost everything around us and _ gpt. ai it is almost everything around us and algorithms - gpt. ai it is almost everything around us and algorithms and| around us and algorithms and recommendation systems and even an

excel spreadsheet can become ai so we need to ensure our life i will change it is protected from secure and legal point of view. if change it is protected from secure and legal point of view.— and legal point of view. if the legislation — and legal point of view. if the legislation is _ and legal point of view. if the legislation is pushed - and legal point of view. if the legislation is pushed through | and legal point of view. if the legislation is pushed through that would relate to the european union. do we expect similar moves in the united states and elsewhere? similar to what happened _ united states and elsewhere? similar to what happened with _ united states and elsewhere? similar to what happened with gdp _ united states and elsewhere? similar to what happened with gdp are -- . to what happened with gdp are —— gdpr this will have an impact because regulators will need their own example and global businesses will be affected because of europe adopting this legal strategy. realize adopting this legal strategy. really aood to talk adopting this legal strategy. really good to talk to _ adopting this legal strategy. really

good to talk to you. _ time to tell you we have had an update from walt disney over night where shares have been under pressure after it revealed its streaming service disney plus has lost another four million subscribers. investors were hoping for a rise. the good news though — disney plus is making more money from each user, and that's helped it lose less money than before. these are the first quarterly results from disney since veteran boss bob iger returned to lead the company. he is trying to slash costs by $5.5 billion this year as michelle fleury reports from new york.

interest rates are expected to rise to 4.5% and we will get those details from the bank of england. elsewhere the bank of england is dealing with rising inflation and trying to raise the cost of borrowing to try to ease the pressure on the cost of living. that coming up for you at midday it is time to tell you also we have had an update from foxconn whose first—quarter profits fell by 56%. foxconn suffered from the general decline in demand for electronics that we've seen around the world. after stocking up during the pandemic, people have generally been tightening their belts as inflation rises. but it's been a difficult last six months or so for foxconn. on top of these earnings.

back in november, they had to deal with mass worker protests at the world's biggest iphone factory in central china. now, the zero covid policies that sparked those protests, they were eventually abandoned. but the economic bounce back that many had hoped for hasn't really kicked in yet. and there are also longer—term risks looming on the horizon for foxconn. they're in the awkward position of being a taiwanese company whose biggest customer is american but whose manufacturing base is overwhelmingly in china. now, when things are good, that means making an awful lot of money out of the world's two biggest economies. but these are also the world's two biggest superpowers. so when things are tense between them, that means a huge amount of risk. and the fact that they're building a big new factory in southern india would suggest that foxconn is more than aware of those risks. worth keeping an eye and that number

as we look ahead to the latest interest rate decision in the uk. we will see you very soon. ronnie's passion has always been snickers. he initially opened the shop to provide an expert shoe cleaning service as the pandemic head. nobody was going out so nobody wanted that she's clean so i started reselling again and customising cartoon sort of things and that spiralled into be lot sing —— me watching lots of youtube and finding out how to do it. he

watching lots of youtube and finding out how to do it.— out how to do it. he has attracted customers — out how to do it. he has attracted customers from _ out how to do it. he has attracted customers from around _ out how to do it. he has attracted customers from around the - out how to do it. he has attracted customers from around the world | customers from around the world including famous rappers who send him their shoes and ronnie works his magic. him their shoes and ronnie works his manic. , , ., .. ,., him their shoes and ronnie works his manic. ,, ., ,. magic. this is doing a custom piece for a singer— magic. this is doing a custom piece for a singer coming _ magic. this is doing a custom piece for a singer coming to _ magic. this is doing a custom piece for a singer coming to bristol - magic. this is doing a custom piece for a singer coming to bristol and i magic. this is doing a custom piece for a singer coming to bristol and a | for a singer coming to bristol and a couple of weeks. these are super detail so they will be ready in about 45 days.— detail so they will be ready in about 45 days. from now on the rocess about 45 days. from now on the process becomes _ about 45 days. from now on the process becomes very _ about 45 days. from now on the | process becomes very secretive. about 45 days. from now on the - process becomes very secretive. he will not reveal the finished snickers until he has handed them over. with this international wrapper he got to do that in person backstage at one of his concerts. 0ther backstage at one of his concerts. other clients drop off their trainers for cleaning and repair. today we are looking at the state of british politics.

hello from the bbc sport centre. we're starting with the milan derby. and it's inter who hold the advantage, in their champions league semifinal. through edin dzeko and then jus a few minutes later former united and arsenal midfielder henrikh mkyiaryan made it two. inter now the firm favourties ahead of next weeks second leg. with the winner facing either real madrid or manchester city. joining us now is european football journalist nicky bandini. i think the manager might have sussed this out about