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tv   World Business Report  BBC News  February 14, 2024 5:30am-6:01am GMT

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and we'll be live at europe's highest ski resort to explore the impact of climate change on winter sports. welcome to our look at the top business stories on bbc news. in indonesia more than 200 million voters are headed to the polls, in what some consider to be the world's largest single—day election. the candidates have set ambitions growth targets of up to 8% annually in the world's 16th largest economy. but there are several roadblocks. at home — there are major concerns over youth unemployment. and beyond its borders, geopolitics and global economic uncertainty may get in the way of indonesia's lofty goals.
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for more on the mood around the election, let's cross to my colleague, steve lai, joining us live this morning from suropati park in centraljakarta. how is it going, where are you? i am how is it going, where are you? iam in how is it going, where are you? i am in centraljakarta at one of the many polling stations in indonesia, there are 820,000, an incredible number. but that any i needed to facilitate an election of this size. you mentioned 200 million eligible voters for this election, all casting ballots in the polls which are set to close at one b in local time, just under half an hour away. it has been smooth sailing at this station, everyone is calm and moving around behind me, getting ready to cast their ballots. as we were talking about the economy of indonesia, that is something thatis of indonesia, that is something that is a concern when it comes to what will be happening going forward. to give you some
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perspective, in terms of gdp, forbes has indonesia ranked 15 in the world, with about 1.5 trillion us dollars, just below spain, just above turkey. a sizeable country when it comes to gdp. indonesia is the largest economy in southeast asia so what happens here reverberates around the region. coming out of the pandemic, it is understandable that the two main concerns like most countries will be growth and unemployment which you looked into earlier. i spoke to someone earlier who is the deputy chief of staff to the president, back in 2015 to 2019. he has great insight into what has been happening over the last decade in indonesia under the president. let's listen to his concerns. we are tra ed listen to his concerns. we are trapped in — listen to his concerns. we are trapped in this _ listen to his concerns. we are trapped in this middle - listen to his concerns. we arej trapped in this middle income trapped in this middle income trap for— trapped in this middle income trap for 30 years and there is no sign — trap for 30 years and there is no sign when we can escape from this trap —
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no sign when we can escape from this trap i— no sign when we can escape from this trap. i think this is the most — this trap. i think this is the most challenging problem we have — most challenging problem we have at — most challenging problem we have at the moment. i think we would _ have at the moment. i think we would need 6% to 7% growth if we want — would need 6% to 7% growth if we want to escape this middle income — we want to escape this middle income trap. we want to escape this middle income trap-— we want to escape this middle income trap. whoever becomes the next president _ income trap. whoever becomes the next president of— income trap. whoever becomes the next president of indonesia | the next president of indonesia will face this challenge of moving indonesia up. lets me use this in _ moving indonesia up. lets me use this in the _ moving indonesia up. lets me use this in the allergy. - moving indonesia up. lets me use this in the allergy. it - moving indonesia up. lets me use this in the allergy. it is i use this in the allergy. it is the — use this in the allergy. it is the upstream and downstream. the upstream concerns human development and the downstream, it is the _ development and the downstream, it is the performance of a country. _ it is the performance of a country, performance of a state _ country, performance of a state. what i notice is that the — state. what i notice is that the government has spent a lot in the _ the government has spent a lot in the upstream, but if you look— in the upstream, but if you took at _ in the upstream, but if you look at the downstream, being trapped — look at the downstream, being trapped in the middle income countries _ trapped in the middle income countries included, i don't countries included, idon't think— countries included, i don't think that it works well. so there — think that it works well. so there must be a problem in the middle. — there must be a problem in the middle. of—
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there must be a problem in the middle, of the upstream and downstream. and if i may understand this problem, i would _ understand this problem, i would admit a governance problem. governance to me is the biggest challenge at the moment, through which i think we can— moment, through which i think we can liberate our development performance. the bigger question is, whoever wins the election— question is, whoever wins the election 2024, yes, the challenge remains, but i think the success would depend on how much _ the success would depend on how much the — the success would depend on how much the new government will improve — much the new government will improve the governance so that the development can happen. that— the development can happen. that is— the development can happen. that is what i think. he means that to be _ that is what i think. he means that to be transparency - that is what i think. he means that to be transparency and i that to be transparency and accountability to the actions that the government takes.
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moving forward from the president who has been in power for two terms now so the next president, whoever that may be, we will have to look for what they are going to do. the frontrunner is looking at development and the top priority for him and the other candidates will be indonesia's young population because over half of the population is under 40, so there are a lot of people out there who are very young, very hungry and looking for work and to progress and social mobility comes into place, as well.— social mobility comes into place, as well. very quickly. pollin: place, as well. very quickly. polling stations, _ place, as well. very quickly. polling stations, this - place, as well. very quickly. polling stations, this is - place, as well. very quickly. polling stations, this is an . polling stations, this is an incredibly logistical election, over three time zones. stations in the easterly time zones have closed but remind us of when we can get a result.— can get a result. yeah, so, as we mentioned, _ can get a result. yeah, so, as we mentioned, 1pm _ can get a result. yeah, so, as we mentioned, 1pm local - can get a result. yeah, so, as| we mentioned, 1pm localtime we mentioned, 1pm local time when they close. it is a six hour window. all 200 million
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plus eligible voters. we are expecting results to come in, sample counts, in the early evening, six to 8pm at local time. 0fficial evening, six to 8pm at local time. official results may not be available to us by the election commission until up to 35 days later, if you can imagine they have to be collated from the 17,000 islands spread across indonesia's archipelago. it is notjust presidential elections was also legislative and parliament. it is a huge undertaking. we might have a clearer picture of who will be the next president sometime this evening.— the next president sometime this evening. four in 30 days! incredible. _ this evening. four in 30 days! incredible. thank— this evening. four in 30 days! incredible. thank you - this evening. four in 30 days! incredible. thank you very - incredible. thank you very much. later this morning — at 7:00 gmt — we'll find out whether the rise in uk inflation to 4% in december is going to continue when the figure forjanuary is released. the rate at which prices are rising was pushed up partially because of a spike in tobacco and alcohol prices.
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in a bid to curb inflation, the bank of england has been pushing interest rates up sharply over the past couple of years to 5.25% — but has held rates at its last four meetings. live now to melanie baker, senior economist at royal london asset management. hello to you. first, what are the expectations once we get this report released? this report released ? expectations this report released? expectations this morning ifor an rise in inflation. consensus is for about a tenth to 4.1%, a little bit higher. generally a bit of an increase in inflation on the data forjanuary will not come as a surprise. i don't think it will refract and movement in underlying inflation pressure, i think this will be mostly about volatile components like energy, for example. 50
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volatile components like energy, for example. so many --eole energy, for example. so many peeple are _ energy, for example. so many people are watching _ energy, for example. so many people are watching what - energy, for example. so many people are watching what we | people are watching what we read or what is shown in that report because it may well give a hint as to when. it is the timing. we start to see hopefully the first interest rate cut from the bank of england. rate cut from the bank of england-— rate cut from the bank of encland. . �* , england. that's right. if we aet a england. that's right. if we get a big — england. that's right. if we get a big surprise - england. that's right. if we get a big surprise upwardsl get a big surprise upwards today that will challenge expectations that we could get an early rate cut from the bank of england. what i will be looking at, and the bank, is what is happening to underlying inflation here. it's not really about what the headline inflation is doing, but looking at services inflation in particular and stripping out the more volatile bits like airfares and trying to get a sense for that underlying inflation pressure.- inflation pressure. you mentioned _ inflation pressure. you mentioned a _ inflation pressure. you mentioned a short - inflation pressure. you | mentioned a short time inflation pressure. you - mentioned a short time ago, inflation pressure. you mentioned a short time ago, but underneath that, we are still looking at this as a general downward trend? i looking at this as a general downward trend?— looking at this as a general
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downward trend? i think so. we are expecting — downward trend? i think so. we are expecting electricity - downward trend? i think so. we are expecting electricity and - are expecting electricity and gas bill cuts, which should bring headline inflation down in april tojune two around the 2% mark, i think. in april tojune two around the 2% mark, ithink. in in april tojune two around the 2% mark, i think. in terms of the underlying trend, the forecast of core inflation, a decline over the year. reflecting in large part the interest rate increases we have seen from the bank of england. how is that wage picture looking like unemployment? {line looking like unemployment? one where ou looking like unemployment? one where you judge _ looking like unemployment? que: where you judge what looking like unemployment? iez where you judge what is happening to undermine inflation pressures what is happening to the drivers and the key driver is tied to the local market and pay grades. unfortunately on the data we got yesterday it looks like the unemployment rate is falling so a tighter labour market and pay is not slowing as fast as expected, but this part of the
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year is important for things like pay negotiations and settlements for the next few months, so we should get some really key data to help us gauge what is happening. 0k. gauge what is happening. ok. melanie baker, _ gauge what is happening. 0k. melanie baker, thank you. 0pen ai says it's rolling out a new feature that will make conversations with its chat gpt bot, more helpful to users. 0ur north america business correspondent, erin delmore, is in new york with more on the story. chatgpt is getting a little bit smarter — or at least its memory is getting better. 0pen 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. they'll be able to ask chatgpt to remember specific information for future chats, and the chat bot will have its own ability to decide what pieces of a user's conversation are worth remembering. this speaks to the heart of generative ai — artificial intelligence technology that's able to generate new content based on the content on which it's
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trained, or in response to prompts. and it might be a boon for the company — which has 100 million weekly users. in the blog post, the company said that users can explicitly tell chatgpt to remember something orforget something, or ask chatgpt what it remembers, or turn off the feature entirely. we reached out to 0penai and the company told us the new feature will be rolled out to a small portion of free and plus users of chatgpt this week, and that it will share plans for a wider roll—out — but there's no timeline for that right now. let's get some of the day's other news now. performers of disney's cartoon characters at its disneyland theme park are seeking to join actors' equity association — a union representing theatrical performers. the union said it would seek voluntary recognition from disney resort entertainment when a majority of the workers have signed union authorization cards.
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the us ride—share company lyft has beaten estimates for its latest quarterly profit and predicted it would generate positive free cash flow for the first time in 2024. shares surged by 67% largely because of an error in an early statement by the company. when that was later corrected, the share price fell back somewhat in after—hours trading. multi—billionairejeff bezos has sold more of his shares in amazon, bringing the total value of sales in recent days to more than $4 billion. the e—commerce giant, which he founded 30 years ago, said mr bezos has sold 24 million amazon shares this month. mr bezos, who is the firm's executive chair, last sold amazon shares in 2021. mr bezos remains amazon's biggest shareholder and is one of the richest people in the world, with an estimated fortune of more than $190 billion.
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one of the uk's best—known tea makers has revealed its monitoring tea supplies on a daily basis — as imports reach what it calls a "critical period". tetley tea, the country's second—biggest tea brand, said supplies were "much tighter" than it would like amid disruption in the red sea. it comes after sainsbury�*s supermarket issued warnings about the availability of black tea. live now tojoshua mahony, chief market analyst at scope markets. lovely to have you with us. just how much of a disruption are we talking? it has been described as temporary. yes, this is a good _ described as temporary. yes, this is a good time _ described as temporary. yes, this is a good time to - described as temporary. yes, this is a good time to be - this is a good time to be talking about tea. what we are seeing essentially is that we are seeing pockets of disruptions. as you alluded to,
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tetley is talking about a tighter picture than they would have liked. specifically one of to sainsbury is clearly having issues at the moment. but if you look elsewhere, the likes of the uk tia, a trade group which accounts for 90% of providers in the uk, said they have good stocks in place at the moment and in terms of the british retail consortium they are saying that they are going to see, or they would expect to see, minimum disruption to consumers when it comes to supplies of tea. it is questionable how much we will be hit but people in sainsbury�*s might have noticed some empty shelves. hat sainsbury's might have noticed some empty shelves.— some empty shelves. not 'ust the consumer i some empty shelves. not 'ust the consumer on i some empty shelves. not 'ust the consumer on the i some empty shelves. notjust - the consumer on the supermarket shelves, it is also why do business in the sector because i don't know if many people in the uk are aware, the uk is the fifth largest importer of tea but it is also the tenth largest global exporter of tea adults. so it is impacting, it
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could impact the sector quite badly. could impact the sector quite badl . , could impact the sector quite badl. , , , could impact the sector quite badl. , i, ., badly. exactly, yes. the value oftea badly. exactly, yes. the value of tea to _ badly. exactly, yes. the value of tea to the _ badly. exactly, yes. the value of tea to the uk _ badly. exactly, yes. the value of tea to the uk is _ badly. exactly, yes. the value of tea to the uk is around - badly. exactly, yes. the value of tea to the uk is around £2| of tea to the uk is around £2 billion but, as you alluded to, we are the tenth biggest exporter. of course we don't grow tea and it is about that value added of brewing loose—leaf tea, repackaging it to something we can sell to the rest of the world. so suddenly this is having a potential knock—on implications for businesses like that. but certainly i think the interesting point here is that ultimately we are talking about disruptions to the supply chain and that can add on, say, two weeks to the travel time as ships don't necessarily pass through the suez canal any more and instead go around the south coast of africa. that has been in place for around two months now, and so i think the disruption here is more a case of that additional time
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allowing them less ability to shift with demand patterns. very quickly, there is also news of shipmentsjust very quickly, there is also news of shipments just sitting in ports in india, as well. very quickly, this is one of the first food items caught up in the supply chain crisis. are there any other items that analysts are watching closely because of this disruption in the red sea? i because of this disruption in the red sea?— because of this disruption in the red sea? i think tea is a particularly _ the red sea? i think tea is a particularly interesting - the red sea? i think tea is a particularly interesting one i particularly interesting one just because we rely on the likes of china, sri lanka, india, kenya, all of which pass those exports through the suez canal so we are not really looking at anything at the moment along those lines but, as you have highlighted there, this is the first we are seeing on the food and drink side of things and previously we have been hearing from the likes of next, primorac talking about similar tightness in terms of supply —— primark. it will not be the last item we will hear
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about. , .,, ., be the last item we will hear about. , ., ., , be the last item we will hear about. ., ., about. joshua mahony from scope markets, thank _ about. joshua mahony from scope markets, thank you, _ about. joshua mahony from scope markets, thank you, have - about. joshua mahony from scope markets, thank you, have a - about. joshua mahony from scope markets, thank you, have a good| markets, thank you, have a good day. around the world and across the uk, this is bbc news. bbc news, bringing| you different stories from across the uk. after almost ten years as a cornerstone for the local lgbtq+ community, the glory has decided to move out of its home in haggerston. the developers, they want us to stay, but the building work schedule means that we can't operate in the same way that we'd need to. 0ur profit margins aren't high, cost—of—living crisis, coming out of the pandemic, the expensive of goods because of brexit — it's a firestorm. the black cap in camden closed in 2015 — just days after it was declared an asset of community value — to block attempts to develop the building into luxury flats. alex green and his fellow campaigners have been coming here every saturday since then, and they've just had some good news. the black cap will be reopening unless something terrible happens! night czar amy lame said city hall is working with camden council to reopen the venue, and is committed
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to ensuring london's nightlife thrives. for more stories from across the uk, head l to the bbc news website. you're live with bbc news. the catalan government in the north—east of spain has declared a state of emergency in response to a record—breaking drought. this means the introduction of tough restrictions on the use of water across the region. guy hedgecoe reports from catalonia on how it's affecting businesses. after three years of drought, the baells reservoir is atjust a fifth of its capacity. it supplies water to barcelona and surrounding towns. with the average water level in this area's reservoirs falling below 16%, a state of emergency has been triggered in catalonia. for the government of catalonia and according to records, we consider it the worst drought for 100 years or more.
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the situation of drought affects mainly more than 50% of the catalan territory — mostly the coastal area, which is also the most populated area with six million people. the state of emergency means that water use is being tightly restricted. town halls have to limit the amount of water per inhabitant to 200 litres per day. swimming pools cannot be refilled, and industry must cut back water use by a quarter. those who flout the restrictions will face fines. in addition, the flow of water along several major rivers is being heavily reduced. in recent years, catalonia has diversified its water supply, meaning it now depends less on rainfall and more on recycled and desalinated water. however, as the drought deepens, it is having to take some more drastic measures, with the port of barcelona preparing to receive boatloads of water from other parts of the country.
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canaletas is a company that makes and exports fountains for drinking water. it's currently finding ways to reduce water consumption in its factory in barcelona, to ensure its in line with the new rules. translation: that 25% reduction in water use - | i think industry can adapt to it. not all, but most industry, at least, if it's for a short time. but if this goes on indefinitely, it's going to be a serious problem. but the impact could be much greater for rural catalonia, where livestock farmers must cut water use by half, and crop farmers by 80%. these farmers occupied central barcelona, protesting at eu farming regulations. but they're also dismayed by the drought and the new
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water restrictions. translation: right now, - it's a moment when you think, either i try and get through this, or i will close down my farm. we have to cut the use of water for our crops by 80%. i am thinking about closing the business down. 0nly rain can solve this crisis — but, after more than three years of drought, catalans don't know when it will come. guy hedgecoe, bbc news, catalonia. in the uk, february half—term holidays mark peak skiing season in europe. after the hottest european january on record, ski resorts are reporting less—than—ideal snow conditions. lots of the lower ski resorts in europe are closed and some resorts are only partly open. so is global warming ruining ski season? vincent lalanne is director of val thorens ski resort tourist office.
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val thorens is in france, it's the highest ski resort in europe at 2,300 metres and was recently voted the world's best ski resort. congratulations on that! thank you and welcome to the programme. to start off, how is the snow in val thorens? the snow isiust — the snow in val thorens? the snow is just perfect _ the snow in val thorens? tie: snow is just perfect and the weather is beautiful, we have a lot of clients. it is a generous media and they like to panic the public but honestly we do not have any snow problems. five metres of accumulated snowfall in the resort. another eight metres on the slopes. the quality of the snow is perfect.— the slopes. the quality of the snow is perfect. you are very, very lucky _
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snow is perfect. you are very, very lucky because _ snow is perfect. you are very, very lucky because you - snow is perfect. you are very, very lucky because you have l very lucky because you have what has been described as an exceptional natural environment which has probably helped you with the snow, is that correct? yes, it is correct because we are high in altitude. most of our resort is over 2000 metres so we are not really concerned about the warming but, in fact, it is true that in the lowest altitude for the snow, the resorts in europe, we have really high temperatures at this time and now at the moment we have temperatures as in april. we have temperatures as in aril. ., ., april. you are so confident that you — april. you are so confident that you guarantee - april. you are so confident that you guarantee snow i april. you are so confident - that you guarantee snow at the resort! i understand that tourists can get their money back if they don't find snow. how important is it for resorts like yourselves, and i know you
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have other activities, to diverse a tie —— diversify? irate diverse a tie -- diversify? we have a lot _ diverse a tie -- diversify? we have a lot of _ diverse a tie —— diversify? - have a lot of things to do in the resort but most of our clients do ski and they come to val thorens to ski. we have the longest season in europe. we are opening mid november and closing the first week of may and we are full between these two dates so it is a huge season for us this year. before i let ou season for us this year. before i let you go. — season for us this year. before l let you go. i— season for us this year. before i let you go, i am _ season for us this year. before i let you go, i am wondering, i i let you go, i am wondering, are you off to race cars on the snow, snowboarding, skiing or just apres—ski? i snow, snowboarding, skiing or just apres-ski?_ snow, snowboarding, skiing or just apres-ski? i have meetings this morning — just apres-ski? i have meetings this morning but _ just apres-ski? i have meetings this morning but i'm _ just apres-ski? i have meetings this morning but i'm going - just apres-ski? i have meetings this morning but i'm going to i this morning but i'm going to ski. it is a big day today for
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the french so i am going to go on the piste at midday.- the french so i am going to go on the piste at midday. love on the slopes! _ on the piste at midday. love on the slopes! thank _ on the piste at midday. love on the slopes! thank you - on the piste at midday. love on the slopes! thank you very - on the piste at midday. love on. the slopes! thank you very much indeed. thank you. you are watching bbc news. we have taken you through the top business stories. stay with me. all the world's stories coming up all the world's stories coming up at the top of the hour. hello. it's wet, it's mild. if anything, it's going to get even milder across some parts of the country. but this story is not true for scotland — it's been quite the opposite. at the moment we've got clear skies. it's very cold in the highlands. and early on wednesday morning, temperatures in some spots could be as low as —8 degrees celsius — but not in northern ireland, england and wales. the air current is coming in from the southwest. weather fronts are crossing us here. a lot of cloud and
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outbreaks of rain. so the clear skies will be across scotland through the early hours, and this is where we've got also light winds. we recently had some snow showers, as well, in the last 24 hours. so hence the temperatures are pretty low, close to the ground. but just to the south of that, we have the weather fronts, that thick cloud, layers of cloud, outbreaks of rain. 10 degrees in the south, around about 6 by the time we get to belfast, and a couple of degrees above freezing in the morning in glasgow and edinburgh. so here's the forecast for wednesday. now, these weather fronts or rain—bearing clouds will be shifting northwards through the course of the day. again, some wintriness across the highlands. i think to sum up wednesday, rain possible almost at any time, almost anywhere across the country. but also one or two glimmers of sunshine. temperatures should reach 14 or 15 degrees celsius, i think, across parts of england. and then on thursday, a more substantial area of rainfall crosses scotland. this is actually a cold front, so the air behind it is slightly cooler. ahead of it, here around east anglia, lincolnshire, the south east, where the sky's clear with a bit of sunshine,
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it is possible that temperatures may reach 16 or 17 degrees celsius. not unheard of this time of the year. in fact, it's happening more and more often. so, why so mild? well, if we track this airstream, you can see the air�*s coming in all the way from portugal and spain, in fact, the canaries. and you can even trace it back all the way into the subtropical atlantic — a really mild air mass streaming our way over the next few days. but i mentioned something about a cold front. here it is, as it moves over the uk during the course of friday and then introducing something a little less mild. it's not going to get cold, it'sjust not going to be as mild. let's have a look at the outlook, then, over the next few days. so, the peak of this mild spell will be around thursday. but after that, it looks as though those temperatures will ease a little bit. staying on the mild side, and overall, the weather very changeable with rain at times.
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good morning, welcome to breakfast with sally nugent and ben thompson. 0ur headlines today. today we have a lot of stuff for you. tributes pour in for the legendary radio dj steve wright, who has died suddenly
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at the age of 69. how much are you feeling the financial squeeze? we find out this morning if inflation — how fast prices are rising — has gone up. in the same week we learn if we officially entered recession. i'll bring you the details. sir keir starmer faces questions about party discipline after a second labour candidate is suspended over comments he made about israel. new figures show uk shop workers face 1300 incidents of violence and abuse a day. in sport. lift—off for manchester city as the holders score three and set their sights firmly on the quarterfinals of the champions league. good morning, most will ccloudy weather and outbreaks of rain. the exception tonight is northern scotland it is drier, brighter and
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cooler. it's wednesday the 14th of february.

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