let's start in the united states, where legislation to raise the us debt ceiling has passed its first hurdle in the house of representatives. a revolt by hardline republicans could not stop the bill advancing to a full vote, which is due to take place on wednesday. the deal introduces cuts in federal spending in return for increasing the amount of money the government can borrow. if it isn't approved by next monday, the united states risks defaulting on its debt. speaking immediately after the vote, the republican house majority leader steve scalise expressed support. something you haven't seen in a long time in this town is that when a major bill comes to the floor, we actually give our members time to read the bill before you vote on it. we have a 72 hour minimum that we allow every member to read the bill, and the more that people read in this bill, the more they find, in terms of real conservative victories that are going to help us get

spending under control and get our economy back on track. and you have to do both. joining me now is ed price, principal analyst at ergo intelligence. both parties in full campaign mode on this legislation. do you foresee it being passed? ido i do foresee it being passed, i think that is also the conventional wisdom and i have no reason to doubt it. it would be spectacular if the us decided to default on its debt. but there was something about this merry—go—round this time that seems just this merry—go—round this time that seemsjust a this merry—go—round this time that seems just a little bit worse than previous times. i would suggest that if lawmakers in the us are really concerned about avoiding fiscal collapse and avoiding debt, they should also really worry about what this makes the country look like, what it makes its creditworthiness look like at least in politics. in creditworthiness look like at least in politics.— least in politics. in terms of o tics, least in politics. in terms of optics, president _ least in politics. in terms of optics, president biden - least in politics. in terms of optics, president biden is i least in politics. in terms of. optics, president biden is very much committed to

bipartisanship here but there is so much noise internationally about this and as you say it does feel like a merry—go—round. we are here again with the us debt ceiling. is it politically the right system, is there another way, a third way so that we don't end “p third way so that we don't end up in this situation again again and again where people question whether or not the us government can actually pay its bills on time? is government can actually pay its bills on time?— bills on time? is an englishman in america _ bills on time? is an englishman in america should _ bills on time? is an englishman in america should be _ bills on time? is an englishman in america should be careful. in america should be careful about suggesting a brand—new system for the united states. you make a very lucid point, which is that the united states is quite a market place, it thinks about itself first for better and for worse but the rest of the world is watching and the rest of the world i think is scratching its head. if you worry about things like the war in ukraine, which i think we allare, the war in ukraine, which i think we all are, this debt ceiling issue is related. if uncle sam can pay his bills he will not be helping out his

allies and fighting with his adversary. so it's a bit of a concern. adversary. so it's a bit of a concern-— adversary. so it's a bit of a concern. �*, ., . ~ ., , concern. let's roll back a bit and talk _ concern. let's roll back a bit and talk about _ concern. let's roll back a bit and talk about the _ concern. let's roll back a bit and talk about the us - concern. let's roll back a bit - and talk about the us economy. how well—placed is the us economy to absorb what are potentially quite modest budget cuts that are being proposed? the us economy is pretty robust. both intrinsically and right now, there are also some slightly strange things going on in the data and i think if you look at the fed and the economic community out here, they are themselves scratching their heads about what exactly when and if the us will hit a recession. there wasn't anything on the bill that i looked at the thought, 0k, looked at the thought, ok, that's the trigger. it is a bit of a win for president biden when you scratch the surface. but there's this questionable whether the us economy is robust, it is an ongoing question and i think it is wait and see, but recession does appear to be a little bit more likely now. ed

appear to be a little bit more likely nova— appear to be a little bit more likely now. ed price, our man in new york. _ likely now. ed price, our man in new york, thank _ likely now. ed price, our man in new york, thank you - likely now. ed price, our man in new york, thank you very l in new york, thank you very much. for a few minutes on tuesday, chip—maker nvidia was part of the elite club of us companies worth a trillion dollars. the company's share price shot past $412 on tuesday, after rising more than 30% since last week. other companies part of the trillion dollar club are apple, amazon and alphabet. the bbc�*s north america business correspondent samira hussain explains why. for a brief few moments nvidia was able to call itself a trillion dollarfirm. the surge in the company's share price came after the chip maker shocked analysts by forecasting a surge in demand for its products because of advances in artificial intelligence or ai. the hardware made by nvidia underpins most ai applications today, with one report suggesting it has cornered 95% of the market for machine learning. over the past 12 months, nvidia's share price has more than doubled.

investors are betting the company will be able to profit from its foresight in developing chips that are easily adaptable. and of course ai is the next hot thing in tech and certainly an area with a lot of growth potential. but now there are questions about whether nvidia has ability to keep up with this demand, especially as other chip—makers like intel and amd try to get in the game. let's speak now to fiona cincotta, analyst at city index. fiona, wall street plus mac sales estimates for this farmer out by almost 50%, just looking at some information from morgan stanley, they described the outlook upgrade last week as the largest dollar revenue upside in the history of the industry. we simply, they said, have no historical precedent for the magnitude of this step function. just who is this

company and how did they get to this position? {lilia company and how did they get to this position?— this position? ok, so this is a company _ this position? ok, so this is a company that _ this position? ok, so this is a company that has _ this position? ok, so this is a company that has been - this position? ok, so this is a company that has been very l this position? ok, so this is a - company that has been very much focusing on chips. it has been very much involved with the chips that we use for unencrypted —— my cryptocurrency and the chips it has created are those that are very much used for generative ai. that is very much where it has been directing itself. it has been directing itself. it has been directing itself. it has been directing itself in this direction for a long time, perhaps even before other chip makers and other parts of the industry were even considering. so it is very much behind the ai drive, if you like. that is what has made it the poster boy, if you like, for this wave of enthusiasm for al. that is what as well has seen these share prices absolutely rocket on this expected demand but it isn't the first time we have seen the share price rocket in

this company. if you have a look at their chart, it's been a company which has had some very strong gains followed by very strong gains followed by very big losses across the years. over the past five years, the share price is up 500% so that to say quite a lot over what it has achieved in recent years.— over what it has achieved in recent years. you mention it, the volatility _ recent years. you mention it, the volatility in _ recent years. you mention it, the volatility in the _ recent years. you mention it, the volatility in the share - the volatility in the share price and just looking at what happened last year, shares lost half their value last year, investors were fretting about the whole slowdown in corporate spending on things like data centres and also i guess you could call it the post—pandemic freefall that we saw in crypto and in gaming as well. i guess my question is, how much intrinsic value is there to this firm and how much of this is hype because of what's going on in the world on what people are interested in and where the money is currently flowing?

yes, that's the million—dollar question or the trillion dollar question or the trillion dollar question if you like. trying to figure out exactly how much of this is actual hype, how much of this is actual foreseen demand. they have increased their revenue outlook on the back of increased orders so there is definitely something behind here. and they have cornered the market, is very much that they are the stocks that are able to ride that wave as we speak. that's not to say that that will not change in the future, that there will not be other competitors which i'm sure there will be, especially in technology, how quickly the landscape can change. but this seems to be the stock that is going for them that's on the back of what they say is a huge rise in orders. so they do appear to be some numbers but this is still guidance as to perhaps until these numbers actually start coming through, which they will be very quickly, we're not talking about waiting ten years to see whether this will pan out, this

is something we will be seeing in the coming quarters, then that's when we will really have a good idea as to whether this is just a a good idea as to whether this isjust a bit a good idea as to whether this is just a bit more a good idea as to whether this isjust a bit more or a good idea as to whether this is just a bit more or hot a good idea as to whether this isjust a bit more or hot air or whether there is something substantial to it.— substantial to it. thanks very much, fiona. _ the first trade agreement negotiated by the uk since it left the european union comes into effect from today. the bilateral trade deal with australia would, the government claims, add £2.3 billion to british exports. but uk farmers warned they could be undercut by cheap imports, which could costjobs. let's speak now to marco forgione, director general of the institute of export and international trade, based in london. where do you stand on this deal? visit overall an opportunity or a threat british business? ~ opportunity or a threat british business?— opportunity or a threat british business? ~ ., ., ., business? well, good morning, the institute _ business? well, good morning, the institute has _ business? well, good morning, the institute has been - business? well, good morning, the institute has been speaking j the institute has been speaking to hundreds of uk businesses over the last couple of months to really understand their

perceptions and views. it is clear that the business community is overwhelmingly positive about the agreements with australia and new zealand. there are caveats, though. those are particularly around theissues those are particularly around the issues on food standards and it's really important that the uk government stands by its statement that uk farm standards, both of animal welfare and environmental standards, are not compromised. but the results also the issue of price and australia and new zealand are among the world of�*s biggest producers of lamb for example. do you share the concerns of the national farming union with regard to imports? farming union with regard to im orts? ., ., , imports? the government has made clear— imports? the government has made clear that _ imports? the government has made clear that uk _ imports? the government has made clear that uk standards| made clear that uk standards will not be compromised, and we also need to bear in mind that the seasons for growing between the seasons for growing between the uk and australia and new zealand actually to some degree complement each other. there is the real potential to reduce

the real potential to reduce the cost for shoppers when they are buying products. if you look at current figures, they show that food inflation is running currently in the uk at about 15% so anything that can be done that reduces that cost to the consumer is positive. but it must be done in the context that protects uk growers and farmers and absolutely protects the standards for animal welfare and the environment. the comment to make here, that is their commitment and we felt that there should be an independent analysis and review of all the data so that we are clear and any impact that is taking place. clear and any impact that is taking place-— taking place. and briefly, if ou taking place. and briefly, if you make. _ taking place. and briefly, if you make, how— taking place. and briefly, if you make, how important. taking place. and briefly, if. you make, how important are these respective markets to each other? the big goal here is a us trade deal for the each other? the big goal here is a us trade dealfor the uk and it doesn't look like rishi sunak when he visits washington

next week is actually going to do anything like that. iliiui’ith do anything like that. with re . ard do anything like that. with regard to _ do anything like that. with regard to american - do anything like that. it? regard to american trade do anything like that. try regard to american trade deal, president biden has been clear thatis president biden has been clear that is not a priority for the us. if you look at specifically the australia and new zealand agreements, is notjust about access to the market for food and product, there is huge potential for and product, there is huge potentialfor uk food potential for uk food exporters, we have seen the impact of a similar deal with japan, where since 2021, food and drink exports from the uk into japan have increased by 50%. so the impact of these deals can be really significant.- deals can be really siunificant. ., , ., , ., significant. that is only a small percentage. - significant. that is only a small percentage. you . significant. that is only a i small percentage. you can significant. that is only a - small percentage. you can have a very large rise from a very small margin. these markets are very small. small margin. these markets are very small-— very small. japan is the world's _ very small. japan is the world's largest - very small. japan is the | world's largest importer very small. japan is the i world's largest importer of food and drink so it is an important market. but if you look again at australia and new zealand, is notjust about food

and products but also about services, and the uk's world leading services will now head unfettered access into australia and new zealand and to the government contracts so there is massive potential here for uk businesses to really grow and develop in new and exciting markets. {lilia grow and develop in new and exciting markets.— grow and develop in new and exciting markets. 0k, we will have to leave _ exciting markets. 0k, we will have to leave it _ exciting markets. 0k, we will have to leave it there - exciting markets. 0k, we will have to leave it there for - exciting markets. 0k, we will have to leave it there for the | have to leave it there for the moment. thank you, marco. around the world and across the uk. this is bbc news. one minute it's yourfood — the next minute, it's theirs. they're absolutely evil. they come from nowhere. they glide in over your shoulder. they snatch it out your fingers. and before you know it, you've lost it. very annoyed. that's all i've got to say! but the challenge for our east coast

seaside resorts is what to do about gulls who are desperate to feast on your chips. in north yorkshire, this is whitby�*s answer to the problem. but what about east yorkshire? could this be the solution for bridlington? a bird scaring kite. we have this problem every year with the seagulls. and it's education, education, education. if you feed the seagulls, they know they've got a food source that they can use all the time. just don't feed the gulls. your live with bbc news. tesla boss elon musk is in china for his first visit to the country in three years. he's been meeting chinese government officials, which will raise some eyebrows in the us. in april, musk announced a new battery factory would be built in shanghai. let's get more on this with our asia business reporter mariko oi.

good to see you. we have not heard from mr musk at all since heard from mr musk at all since he arrived, that's kind of unusual. he arrived, that's kind of unusual-— he arrived, that's kind of unusual. .., , he arrived, that's kind of unusual. _, , , unusual. of course, twitter is banned in _ unusual. of course, twitter is banned in china _ unusual. of course, twitter is banned in china so _ unusual. of course, twitter is banned in china so maybe - unusual. of course, twitter is banned in china so maybe he| banned in china so maybe he doesn't want to upset the chinese by using vpn to access twitter while he's there. but judging by the pictures release, he met with the chinese foreign minister shortly after his arrival yesterday, where he reportedly told him he is keen to expand the presence of tesla in the country and he then had dinner with the chairman of china's battery maker and also a key tesla supplier and also this morning, i'm starting to sound like a stalker, but he left with —— script the hotel with employees but he declined to answer when asked about the aim of his trip but his car was spotted parked outside the

commerce misses —— my ministry and i saw that he met with the industry minister and talked about smart connected cars. he is also believed to be visiting tesla's shanghai plant later this week so it seems like he is there to talk about investments in tesla are not about twitter.— investments in tesla are not about twitter. 0k, and all of this coming _ about twitter. 0k, and all of this coming at _ about twitter. 0k, and all of this coming at a _ about twitter. 0k, and all of this coming at a time - about twitter. 0k, and all of this coming at a time when l this coming at a time when there are some raised eyebrows more generally about what's going on with china and the economy there. where are we at with china's recovery post—pandemic? with china's recovery post-pandemic?- with china's recovery post-pandemic? with china's recovery --ost-andemic? ~ ., , post-pandemic? we have been talkin: post-pandemic? we have been talking about _ post-pandemic? we have been talking about china's _ post-pandemic? we have been talking about china's recovery i talking about china's recovery after those restrictive lockdowns which lasted for almost three years. we saw the latest manufacturing data from china this morning and factories haven't been as busy as expected, partly because of weakening demand for chinese products and that has been weighing on the markets across asia but especially in china and hong kong. of course it is emerging from those adamic lockdowns and we have seen

consumers are spending a lot more but aside from manufacturing, the property sector and export—oriented sectors are not coming back strongly so investors are waiting for some kind of policy response, but we have not had any substantial moves and that's why we are seeing this negative impact on the stock markets there.— markets there. thanks very much. markets there. thanks very much- we _ markets there. thanks very much. we will— markets there. thanks very much. we will have - markets there. thanks very much. we will have a - markets there. thanks very much. we will have a quick| markets there. thanks very - much. we will have a quick look at the asian markets at the end of the programme. enviromental campaigners are calling for limits on the use ofjet fuel made from animal by—products. a new report says surging demand for the fuel, which is expected to triple by the end of the decade, is unsustainable. airliners are increasingly turning to animalfats because they're considered a waste material in some parts of the world. but campaigners say there aren't enough pig, cattle and chicken by—products to go round. the former head of wells fargo retail bank has agreed to pay a $3 million penalty to settle the us securities and exchange commission's fraud charges. carrie tolstedt was charged

in 2020 for her role in allegedly misleading investors about the success of wells fargo's core business. does africa need to rethink its relationship with business? that's the view of one of the continent's leading economists and philanthropists, tony elumelu. he's promoting what he calls "africapitalism", the idea that the private sector can transform africa's economy and society for the better. he spoke to our reporter peter macjob and began by explaining what continued to drive him. asa as a person, i believe is a person hasn't —— manned as an african, i believe that there is so much we can do to uplift humanity. i believe that africa

is not understood and everyday want to see everything as an opportunity to showcase what africa is made of and to tell the world that in africa, we have entrepreneurs, economy, business people, we have people who actually work in a very straight way. a lot of people associate in your name and your brand with the phrase africapitalism.- brand with the phrase africaitalism. , ., africapitalism. tell us about that because _ africapitalism. tell us about that because it _ africapitalism. tell us about that because it is _ africapitalism. tell us about j that because it is something you're quite enthusiastic about and you have been driving this message for quite awhile. what does it really mean in the sense of it?— does it really mean in the sense of it? across africa, i not to sense of it? across africa, i got to see _ sense of it? across africa, i got to see and _ sense of it? across africa, i got to see and appreciate . sense of it? across africa, i i got to see and appreciate the commitment of all of us, the success of the private sector is not out of line with what

people want to achieve. people found this an inspiration for africa. africapitalism is about the private sector, of course. investing, you know, in critical sectors of the african economy. it will help us ultimately to drive economic prosperity and improvement. investment in power, when you invest in power in africa in order of profitability, it is more about creating prosperity and uplifting africa, because without electricity... we do not develop as a continent. the people who we support, the young entrepreneurs, i said to them, tell me how your business can help create prosperity for you and prosperity for society. it's one of the eligibility

criteria that we use. so because we just want to bring it into the subconscious and to note that is just not about you succeeding, it is about you succeeding in business that uplifts everyone. you, your business, communities you are involved with, and everyone. because that is how we can help develop africa. now, you may be familiar with the phrase "diamonds are a girl's best friend", well perhaps not for much longer, now men are increasingly getting their bling game on. thanks in large part to influencers, celebrities and the blurring of gender lines, men'sjewellery is becoming more and more popular with global sales in the category growing 8% year—on—year in 2022. joining me now to talk about this is fflur roberts, head of luxury goods

at euromonitor international. this is interesting. is this a long—term trend, has been coming on for a while or is it post—pandemic? has it come from? i post-pandemic? has it come from? ~ . . post-pandemic? has it come from? ~' ., ., ., from? i think at an age where men are really _ from? i think at an age where men are really embracing - men are really embracing diversity, inclusivity and really kind of wanting to celebrate jewellery, much like other things like make up in a similar way. although this trend possibly started pre—pandemic, this is very much something we are seeing that started increasing during the pandemic where men really kind of wanted to celebrate fashion and maybe try and —— might try new things, but in a post—pandemic world where we really want to maybe dress

differently and really celebrate coming out into the world as well so i think there's quite a few things going on here, but also a lot of it is on the back of celebrity endorsements, particularly in asia. a lot of maybe younger men looking at street fashion or other celebrities that might be driving this trend so quite a few things going on but obviously on the back of that, lots of brands are embracing this trend as well, the likes of tiffany introducing men's engagement rings, pandora introducing unisex jewellery, so there is lots come into play here, think. so there is lots come into play here. think-— so there is lots come into play here, think. one thing that you didn't mention _ here, think. one thing that you didn't mention is _ here, think. one thing that you didn't mention is wearable - here, think. one thing that you j didn't mention is wearable tech and i think that's really interesting, the number of people now who are wearing wearable tech, men and women and it is because ijewellery, it might be monitoring your heart rate or maybe your sleep. —— qualityjewelry. that seems to be interesting in terms of

the blurring of lines of jewelry. the blurring of lines of jewelry-— the blurring of lines of jewelry. the blurring of lines of “ewel . , , . ., jewelry. definitely. we are livina jewelry. definitely. we are livin: in jewelry. definitely. we are living in a _ jewelry. definitely. we are living in a world _ jewelry. definitely. we are living in a world where - jewelry. definitely. we are living in a world where of l living in a world where of wellness, whether it is luxury wellness, whether it is luxury wellness or spiritual, whatever form it is, it's really being embraced. and that again is, it started pre—pandemic but during the pandemic it really kind of picked up pace. looking across, watches for example when we look at smartwatches, their growth is you can't compare that but obviously has grown from very little to kind of where we are now more again it is notjust about where we are now more again it is not just about wearable watches, it is necklaces, wigs, also of wearable goods that can monitor our health or other things to improve our lives in some shape orform. or indeed purely as a fashion statement. absolutely. we will have to leave it there, thank you very much indeed. really interesting to see what's going on with that. let's have a quick look at the markets. the us stock

system has been wobbling about my investors focusing on what's going on with the debt ceiling. the tech shares are buoyant. nvidia consent —— continues its recent rally to join the trillion dollar club. in turkey there leera we can see it for there leera we can see it for there economists warn of erdogan's and sustainable policies. join me for the headlines in about five minutes. hello there. 25.1 celsius was the high in porthmadog in north—west wales on tuesday, making it the warmest day of the year so far across the country. and for the rest of the week, it does stay mainly dry thanks to high pressure, always the warmest and the sunniest of the weather towards western parts of the uk, always a bit cooler and cloudier further east. now, this is the blocking area of high pressure which will continue to bring this mainly dry weather. but if you cast your eyes down towards southern europe, it's a different story. here, we've got daytime showers

and thunderstorms breaking out for the rest of the week. so rainfall totals will continue to mount here. could even see some localised flooding in places but further north, thanks that area of high pressure, it's going to stay almost bone dry, but we could see some drizzle at times across eastern england under the thickest of the cloud as we start early wednesday, and under that cloud blanket, which will spread across much of england and wales, temperatures won't fall much below seven to ten degrees, but chilly under the clear skies in the northwest and a little bit of mist and fog, but it's here where you'll see the sunshine from the word go for wednesday morning. the clouds tending to thin and break and burn back to the coast, could linger across parts of the midlands, eastern england once again. and it'll be chilly along north sea coasts and the northern isles down to the southeast, mid—teens there, but up to the mid—20s, central belt of scotland, low 20s for northern ireland and parts of wales. wednesday night the low cloud rolls back into eastern scotland, much of central, southern, eastern england and also parts of wales. and again, those temperatures ranging from around six to nine

degrees, but a few chillier spots under the clear skies in the northwest. we do it all again for thursday. best of the sunshine again across northern and western areas, eastern scotland, eastern england will see that cloud burn back to the coast. but again, with the onshore breeze, which will be quite fresh across the east, and the south east, it'll feel cooler here, as opposed to western areas which will see temperatures again into the low 20s celsius. similar picture on friday, most of the cloud across northern and eastern areas. again, more of a breeze in across the southeast. that'll temper the temperatures somewhat. i think temperatures are a little lower across the board. we're in the low 20s out west in the sunshine, as opposed to the mid—20s. but into the weekend it stays largely fine. dry, plenty of sunshine again. best of the sunshine out west, always a bit cloudier and cooler along the north sea coasts.

good morning, welcome to breakfast its first—ever spy satellite. good morning, welcome to breakfast with sally nugent and jon kay. with sally nugent and jon kay. our headlines today. our headlines today. days of fresh rail days of fresh rail strikes get under way — strikes get under way — culminating with industrial action culminating with industrial action that'll affect this weekend's that'll affect this weekend's epsom derby and the fa cup final. epsom derby and the fa cup final. siren. siren. south korea on high alert after north korea tries, but fails, to launch