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tv   Asia Business Report  BBC News  February 14, 2024 3:30am-3:46am GMT

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i'm arunoday mukharji. voters in southeast asia's largest economy — indonesia — have begun casting their votes for the country's next president. polls opened at 7am local time across the archipelago. but whoever wins will have big challenges ahead — including improving growth and creating jobs. injakarta, my colleague steve lai has the story. polling is under way and closes at one when counting will begin. you mentioned it's southeast asia's largest economy, ranks 15th in the world. it's just below spain and just above turkey. it's a sizeable country when it comes to its economic weight and what happens in indonesia obviously has an impact around the region as well. like most countries from the pandemic, key concerns our growth and unemployment. i've been speaking to young people here and they
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sayjobs are on their minds when it comes to choosing their candidates. earlier i spoke to ganjar pranowo who is the deputy chief of staff for president widodo and he was familiar with the goals and ambitions during his tenure. i asked about the challenges they will face. we are trapped in this middle income and there is no sign of when we can escape. to me as a technocrat i think this is the most challenging problem we have at the moment. i think we would need six to 7% growth if we want to escape this middle income trap.
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whoever becomes president of indonesia will face this challenge of moving indonesia up. in the downstream, it is the performance of a country the performance of a state _ what i notice is that the government has spent a lot in the upstream, but if you look at the downstream, that entrapment, being trapped in the middle income is included. i don't think it works well. so there must be a problem in the middle train upstream and downstream. and if i may understand this problem, i would say to governance problem. so governance to me is the biggest challenge of the moment through which i think we can leverage our development, our development performance. so, i think whoever wins the election in 2024, yes, the challenge remains,
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but i think the success would depend on how much the new government would be able to improve the government. so that the development can be achieved, that's what i believe. we will have more from steve through the day and you can also go online as you can see for the latest election updates. live updates coming up on the website. let's turn to the us, where inflation rose faster than expected injanuary. annual inflation, the pace at which prices rise, came in at 3.1%. that was higher than analyst expectations of 2.9%. higher housing and food costs offset a decline in petrol prices. it is the latest economic reading to suggest that officials are still in the process of getting inflation under control. major us stock indexes fell and the dow recorded its worst
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session in almost a year. the dollar and treasury yields climbed. here's what one analyst made of it. so the cpi came in hotter than expected. and why that is important is because obviously inflation expectations have come down so far and the market is priced in a lot more in terms of fed cuts than the fed has even implied. the fed isn't five three. the market is implied as much as six or seven at one point. so anything that goes against that narrative of lower inflation, lower rates the market doesn't like. meanwhile, china, the world's second largest economy, is showing signs of slowing down. unlike the us and many other countries, it is facing pressure from a dip in prices due to weak consumption, which has raised worries of deflation. julian evans—pritchard from capital economics told me what this could mean for growth. our next guest is concerned this will cause friction with other countries trying to compete by selling their own low—cost items. essentially china is in a different economic situation to the rest of the world. demand growth is pretty weak,
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supply growth is very strong and as a result you are getting a lot of excess supply, that is pulling down inflation domestically. but also, it is resulting in chinese exporters exporting under this inflation pressure overseas and we have seen export prices come down significantly over the past few quarters. almost entirely reversing thejump in export prices we saw during the pandemic. on the policy level, what more can be done which are what needs to be done is refocus on boosting the demand side of the economy other than supply—side. so far that is not really been the approach the officials are taking. they are still focusing very much on supporting investment and because of the concerns about economic security and the rights on foreign countries, they are very much focused on investing more money in manufacturing supply. obviously, when you do that, maybe reduce the need forforeign imports but a lot of that additional capacity gets exported abroad so you become more dependent
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on foreign demand. open ai says it's rolling out a new feature that will make conversations with its chat gpt bot more helpful to users. our north america business correspondent erin delmore is in new york with more on the story. chatgpt is getting a little bit smarter, orat least its memory is getting better. open ai announced in a blog post on tuesday its generative ai chat bot is gaining the ability to remember details from past chats. some users are getting to test the new feature in a limited roll—out. you will be able to ask chatgpt to remember specific information for future chats, and the chat bot will have its own ability to decipher pieces of a user's conversation worth remembering. this speaks to the heart of generative ai, artificial intelligence technology that is able to generate new content based on the content on which it is trained or in response to prompts.
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and it might be a boon for the company, which has 100 million weekly users. on the blog post, the company said users can explicitly tell chatgpt to remember something orforget something, or ask chatgpt to opt out of the feature entirely. we reached out to help an eye on the company said the new feature will be rolled out to a small portion of free and class users of chatgpt this week. and there are share plans for a wider roll—out but there is no time for that right now. in spain, the north—eastern region of catalonia has been in india there were protests between police and farmers in which there were barriers to prevent protesters from coming in. our correspondent has been in mumbai. what's the latest
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since we last spoke? the protest is expected to resume later today and sadly turned violent yesterday with tear gas being fired and farmers throwing stones. the situation was quite tense and it appears the impasse between the government and protesters continues. the key sticking point remains the demand for minimum support prices and a legal entitlement. the government says bringing in that sort of law is not possible immediately before state consultations. it is also potentially something very expensive. farmers are unlikely to give info. they have rations worth about six months and that tells you they are in this for the long—haul. but they seem to have gotten some support from the opposition leader who has
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said if indeed he is elected he will make sure —— there's a bit of match before the elections. this is something the current president wanted to avoid. there was also criticism about the heavy—handed manner in which the government has handled this such a ceiling borders and restricting internet access. another story making headlines... shares of ride—sharing company lyft surged after it reported quarterly earnings that beat analyst expectations. however, lyft�*s finance chief has since said the firm had misstated its profit margin for 202a. it had indicated growth of 5 percentage points instead of 0.5%. this caused shares to pull back, from an over 60%jump to under 20% in after—hours trading.
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but then the finance chief predicted at 0.5%. that's all for the moment, the news continues on bbc news. thanks for watching. bbc news — bringing you different stories| from across the uk. when darren was diagnosed with bone marrow cancer myeloma three years ago, his life was changed forever. since then, he's undergone chemotherapy in barnsley and is now about to start a round of stem cell treatments. it's a lifesaver. i mean, it might have been that like, say, 20 years ago, it might have been a couple of tablets. things like that, just to try to help. yeah, we do. we do get the best results from stem cell donors.
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he's having a tour of a new lab just off the mi in south yorkshire, where his healthy stem cells are being frozen and stored, ready to be re—infused into his body. when we give chemotherapy to somebody to cure their cancer, there is a risk that we might damage these stem cells or even killing them. so one way of treating cancer by giving lots of chemotherapy is to take these cells out of the person first and then give the chemotherapy you want. and then a day or two later, we put the stem cell back. this centre is thought to be one of the biggest in europe and serves hospitals across the north of the uk. people likejonathan rush the cells between hospitals and the lab, ready to deliver treatment at a moment's notice. in yorkshire, the demand for stem cells is high, which means the nhs needs more donors. for more stories from across the uk, head l to the bbc news website.
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hey, i'mjulia with the catch up. tonight — how to take 28 a—levels. the super bowl makes history. and biden has entered his tiktok era. but first, three women have been found guilty of terrorism offence after displaying images of paragliders at a pro—palestinian march in london last october. paragliders were used by hamas during its attacks on israel. hamas has been labelled a terrorist organisation by the uk government. the women were each given a 12 month conditional discharge, meaning they won't be punished unless they commit further offences during the same period. some other stories now. the super bowl set a new record on sunday. yes, it was the most watched show since the moon landing in 1969. it reached 123 million viewers in the us. "lol. hey guys." that is the first ever caption from presidentjoe biden�*s new tiktok account.
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his campaign launched it during the super bowl, even though the app is banned on most us government devices because of security concerns. and how would you like to take on 28 a—level exams? mahnoor cheema, a sixth form student from slough, is taking four through her school and is studying for the other 2a with her mum. i will leave you with ten seconds of ex—army seals. a grey seal colony has been using an ex—military base in suffolk as a breeding ground. the species was once under threat, but now it's absolutely thriving. that's you all caught up. have a good night.
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hello and welcome to sportsday. i'm chetan pathak. coming up on the programme: trying to win back to back titles — manchester city edge closer to the quarterfinals as the european champions league resumes. the most expensive women's footballer in history, zambia's racheal kundananji,
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is heading to america. and saudi arabia continues to spend big on sport — as world snooker announces a fourth major coming later this year. welcome along, thank you forjoining us. we start with the return of the european champions league and manchester city's quest to keep hold of their trophy. they're looking good to reach the quarterfinals after winning the first leg of their last 16 tie 3—1 at fc copenhagen. it wasn't entirely straightforward for them though. kevin de bruyne put them ahead inside ten minutes, but the danish champions took advantage of a poor clearance from goalkeeper ederson — as magnus mattsson equalised with a fantastic strike.

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