a huge event for the semiconductor industry kicks off in taiwan, just as china shows advancements in its chip technology. we'll have analysis. and a look at how india is struggling to find a balance between development and managing its climate goals. hello and welcome to asia business report, i am arundoday mukharji. the big story we are tracking, one of the largest events for the semiconductor industry is under way in taiwan. the self—ruled island is the largest producer of the world's most advanced chips, which are manufactured by domestic heavyweight tsmc.

however slower demand and trade restrictions on chip—making technology have put businesses under pressure. those restrictions only apply of course to high—end chips currently. for more on the industry i spoke to stacy raskin, a senior semiconductor analyst. these export controls were fairly targeted. the only things that were actually impacted were high—end artificial intelligence chips, chips for supercomputers and equipment that was capable of manufacturing high—end logic and memory. in terms of actual revenue impact the only ones that really saw was the equipment vendors. the reason is from the high—end chips it was nvidia they were able to backfill with other products that came in below the control thresholds that were legal to sell in china.

the customers bought lot of those in backfill and did not see any revenue hit. the equipment vendors did see a hit. again limited in their abilities to sell tools for advanced logic and advance memory and it was several billion dollars across the various players. so far it is the equipment vendors that have borne the direct revenue impact of the sanctions as they are now. a recent report by software form techinsights suggest there has been investment in chip production in china, how do you see that? you're probably referring to the new huawei chip, they're a domestic handset manufacturer handset manufacturer put under sanctions during the trump administration. they were prohibited from, they may use to make their own fairly advanced chips and made by other foundries and they were prohibited from making those chips or having them made for them. huawei apparently is now making domestically designed and domestically produced 56 handset chips at a chinese foundry known as smic. for what they are, i suppose

they look pretty good. i don't think that they are necessarily competitive with the us based chips that they are likely replacing. they are likely bigger, burn more power and everything else. but they may be serviceable. this is one thing about these restrictions in general, i don't think that china can quote unquote catch up to the us, but we are forcing china to do is to become creative. to find ways to exist and work within the nature of the environment that they find themselves in. if they can't go through than they will go over or around. we are forcing them to figure out and discover new ways to do things, whether or not those ways are as competitive as the old ways may not matter. as long as they are good enough and it's for local consumption, they may do it. that is what we are seeing and huawei

and the chinese manufacturing semiconductor industry overall. what is the plight of the global semiconductor industry at the moment? do you see any recovery in sight? semiconductors have a very strong years in the wake of covid, and we are in a down turn now. it depends on which parts of the market you are talking about because different parts are correcting for parts peaked at different times in different parts correcting. so for example most of the stuff strong during covid was work from home, play from home stuff, pcs and game consoles and graphics cards and all of that stuff was very, very strong. it has since collapsed and pretty much corrected back to pre—covid levels. the sorts of things, pcs and the like will have likely reached bottom and probably through most of that correction. we are at a lower level than we were already out but versus pre—covid, we are normal. there are other parts that are not as good in the market. for example enterprise spending is pretty weak.

traditional data spending is weak. artificial intelligence is off the charts though. other markets like industrial and auto have been more robust in holding up through thick and thin, but are now showing signs of cracking. industrial showing some issues again depends on part of the market you're talking about, but we strength is an issue particularly areas like in china where they are going through some economic problems right now. and then automotive which is one of the most robust of all of the markets, was most affected by the shortages during covid. and the entity demand has been the most sustained. that is now starting to show cracks as well. so it will depend on what part you are talking about. it is an asynchronous cycle and the effect that is it stretches out the whole thing as you have different parts of the market that both peak and correct at different times. this year will be a downturn. stacy rasgon. now in taiwan, mark liew the chairman of tsmc has been

speaking giving an update on the company project in arizona which has been delayed with reports attributing it to worker shortages and union disputes. translation: | would| like to say a few words. we do not need it for church building a new place, it will not be running as some of the entire want but the morale of our arizona colleagues is high and they have made fast products in the last few months. like many developing nations, india is struggling to find a balance between development and managing its climate goals. the country has seen a surge in climate—related disasters in recent years. from floods to landslides and even droughts. ahead of the 620 summit that is coming up this weekend, my colleague looked at the cost of climate change. what was once a bustling defence training academy

in the town of uttarakhand, now lies in ruins. the academy�*s founder ashish could only watch it crumble from afar. the saving grace, all 120 students and staff were rescued in time. translation: all of our dreams were broken at once _ when we saw it sink. we've not seen such heavy rains earlier. some houses in the village ahead were also washed away. unusually heavy rainfall has heightened the risk in these terrains. frequent landslides in this tourist hub has also hurt businesses. translation: small transporters make their annual profits - during the season of religious tours, but this year we have lost 80% business. in the past three months, unforgiving weather in northern india has claimed

hundreds of lives and displaced thousands. economic losses in the region are estimated to be at around $2 billion. it's not restricted just to the hills. so far this year, almost every day has been marked by extreme weather events in different parts of the country. and not just as flash floods and overflowing rivers, but also heatwaves and severe drought. adapting to this climate crisis comes at a high cost. over $1 trillion by 2030, according to india's central bank. experts say funds are woefully short despite pledges of support from wealthy nations. the money for climate change which is coming largely from mitigation is not even going to the countries who need it most. it is going as loans, as equity, which means that indebted countries are being made further indebted through the name

of climate change. and then there is absolutely no money for loss of damage. money for loss or damage. india, like other developing nations, faces a challenge. balancing economic growth for its one billion people with managing climate goals. while richer nations�* climate pledges are welcomed, turning promises into actions is crucial. meanwhile, workers at chevron�*s liquefied natural gas facilities in australia have agreed to pause their planned strike action for a day. industrial action had been scheduled to begin on thursday but will now be delayed until friday morning. a chevron australia spokesperson confirmed the delay in an e—mail to the bbc. unions and chevron have been participating in mediation talks over ongoing disputes

over pay and conditions. australia is one of the world's largest exporters of lng along with qatar and the us. interest rates in the uk may be close to their peak. that's according to the bank of england governor, who told mps, quote, we are much nearer now to the top of the cycle. but he also warns that rates may still have to rise further. the bank has hiked rates 14 times in a row as it tries to slow the fastest piece of price rises among the world's big economies. meanwhile the head of ryanair has slammed a report on flight chaos seen over the bank holiday as rubbish. he told the bbc that the disruption on the 20th of august will cost ryanair between 15 and £20 million. hundreds of flights were delayed or cancelled that day, after the uk's air traffic control system was brought down. you can find more

on our website. that is it on this edition of asia businees report, thank you for watching. bbc news, bringing you different stories from across the uk. this is the village of butterton, near leek in staffordshire. they take the tradition of a scarecrow competition to a whole new level. so our festival that's been going on for hundreds of years is to celebrate, normally, the end of the holidays for what was our traditional copper mines within the area. we felt a scarecrow festival fitted in really nicely. it's been running for three years now. to be fair, we've had a really, really good number of scarecrows. it's probably got a little bit more competitive every year. this scarecrow was the design of my five—year—old little girl. it is "row, row, row your boat, and if you see a crocodile, don't forget to scream." the theme of the competition is voted on by residents of the village in a facebook poll. however, they have been a bit loose with the definition of a nursery rhyme.

i think it's taken very seriously with a pinch of salt, to be fair! we have a lot of fun with it. it's just about trying to bring people together, give the kids something to enjoy. just generally bring everyone together, raise some money, make a bit of a community feel. i've been particularly taken with humpty dumpty, who is sitting just on the wall, because he actually has all the king's horses and all the king's men hidden in the wall. i drove past about five times before i noticed them, so it was good to discover them hidden away! for more stories from across the uk, head to the bbc news website. hey, i'm zoph with the catch up. tonight — somewhat arrived in the uk, a first for scientists and a surprise pop star. but first, our top story tonight. a manhunt has been launched for a former soldier suspected of terror offences. daniel abed khalife escaped from wandsworth prison

on wednesday morning. the 21—year—old has been accused of leaving fake bombs at a military base. he's six foot tall and last seen wearing a white t—shirt, red and white chequered trousers and brown boots. we finally got summer here in the uk. about time, temperatures above 31 degrees are hitting various areas in southern england, yorkshire and devon. if you are going out, don't forget to slap that suncream on. some other stories now. scientists have managed to grow something that closely resembles an early human embryo. that's without using sperm, eggs or a womb. they used stem cells and it looks like an example of a real ia—day—old embryo. and you've probably seen the nta awards have been trending just about everywhere. our very own sarah lancashire won two awards and happy valley won best returning drama. this morning was beaten by the bbc�*s repair shop. the full list of winners are of

course on the bbc news website. and time now for ten seconds of an iconic moment in eastenders, stacey slater�*s granddaughter has been named after a pop star. check it out. her name is charlie. oh, after uncle charlie. oh, no, after charlie xcx. oh, get with it, jack. it's a singer. i love it. charlie xcx is a fan of that as well. you're all caught up now. see you later. welcome to sportsday. i'm mark edwards. here's what's coming up on our show. best of buds off the court, but russian duo daniil medvedev and andrey rublev slug it out in tough conditions at the us open with a semi—final place at stake. no sets dropped and soon

to be world number one — aryna sabalenka is into the semi—finals of the us open. history made as sri lanka's women beat england in a t20 series for the first time in their history. thanks forjoining us on sportsday. we're going to start at flushing meadows. it's the us open, where heat and humidity provided for a grueling battle between lifelong friends daniil medvedev and andrey rublev in their men's quarter—final. before the meeting of the muscovites, the pair had talked about a friendship dating back to when rublev was just six years old. but all of that put aside and everything centred around the conditions, with medvedev particularly vocal about the brutality of it all.

cannot imagine.