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tv   Business Today  BBC News  May 10, 2024 11:30am-11:46am BST

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back to growth — the uk economy comes out of recession. a crushing experience for apple after an outcry over this ad. and attention eurovision fans — we'll find out why the contest could boost the fortunes of the host city malmo. welcome to business today. the uk economy saw faster than expected growth at the start of the year as it came out of recession. it grew 0.6% between january and march, and that's the fastest rate in two years.
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the news comes after the boss of the bank of england, andrew bailey, said the economy had turned a corner, but wasn't yet in a strong recovery. for more on this i'm joined now byjackie bowie, head of europe at chatham financial. where is this growth coming from? the good news is the surprise upside in gdp was actually very broad—based. if you look across the different components of gdp we saw a good recovery in the service sector activity. actually good recovery in consumer spending as well because obviously that's been a big focus with the cost of living issue and of course then with inflation that we have seen over the last year as well. so i pretty broad—based recovery and again it took some economists by surprise this morning. are you breaking out the champagne now, are the recession time is completely behind us? it certainly looks like we _ completely behind us? it certainly
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looks like we have _ completely behind us? it certainly looks like we have exited - completely behind us? it certainly looks like we have exited this - looks like we have exited this recession that we saw just at the end of 2023. i don't think we can lose sight of the fact that even though we will see full year gdp revisions in the uk start to inch up they will still not be above i%. so it's not because for big celebration but certainly looks like the recovery is gathering some momentum but the uk as a whole is still in what we would describe as a pretty low growth scenario. so what we would describe as a pretty low growth scenario.— what we would describe as a pretty low growth scenario. so we have this urowth. i low growth scenario. so we have this growth- i don't— low growth scenario. so we have this growth. i don't know _ low growth scenario. so we have this growth. i don't know about _ low growth scenario. so we have this growth. i don't know about you - low growth scenario. so we have this growth. i don't know about you but l low growth scenario. so we have this growth. i don't know about you but i | growth. i don't know about you but i know a lot of people will say it doesn't feel as if that growth is getting through to people in their daily lives. is that the case, do you think?— daily lives. is that the case, do ou think? �* ., ., , you think? again, looking at these quarter one _ you think? again, looking at these quarter one numbers _ you think? again, looking at these quarter one numbers it _ you think? again, looking at these quarter one numbers it looks - you think? again, looking at these quarter one numbers it looks like | quarter one numbers it looks like consumer spending has definitely improved and consumer sentiment, we are seeing through some surveys, has also improved. the other positive news for households is we have had pretty strong wage inflation in the uk which has been part of the
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challenge for the bank of england because it means inflation is becoming sticky through the wage cycle. there are reasons for those consumers and households to be more positive. everyone is focused on where those energy prices are and we will see those year—on—year improvements in that as well, which should help household spending. i wanted to ask about the interest rate scenario. what do these figures mean for that all—important decision, orseries mean for that all—important decision, or series of decisions, about the cost of borrowing here in the uk going forward? you commented on andrew bailey's _ the uk going forward? you commented on andrew bailey's statement - on andrew bailey's statement yesterday after the bank of england decided to leave uk interest rates at 5.25% but the door was definitely open for the first rate cut to come potentially in thejune meeting. i think what the gdp numbers show this morning is that there might not be quite the same pressure on the bank of england to cut interest rates
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because part of the dilemma was the economy is looking pretty weak, inflation is coming under control, why are the bank of england not cutting? so with this momentum in growth and recovery coming through there is potentially less pressure. but the market is definitely pressing in uk rate cuts this year and how quickly they will come and how big they will be is the question. look out for thejune question. look out for the june meeting question. look out for thejune meeting where question. look out for the june meeting where there is probably question. look out for thejune meeting where there is probably a 50-50 meeting where there is probably a 50—50 chance they will put the first 0.25 basis cut through. 50-50 chance they will put the first 0.25 basis cut through.— 0.25 basis cut through. thank you for “oininu 0.25 basis cut through. thank you forjoining us- _ apple has had to apologise after an outcry over one of its ads. the video showed books and musical insturuments being crushed by a giant hydraulic press. the actor hugh grant and other celebrities reacted angrily to the ad. michelle fleury has more from new york. the ad has only been out a couple of days butjudging by the reaction online, it's hit a nerve. in the spot, objects ranging
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from a trumpet, a piano, a piano, to a turntable, a sculpted bust and lots and lots of paint are all shown being squashed by an enormous metal rubbish compactor into the size of apple's thinnest product ever, the 13—inch ipad pro. now, critics say the ad celebrates the stifling of creativity rather than encouraging it. even british actor hugh grant weighed in on the social media platform x, labelling it "the destruction of the human experience. courtesy of silicon valley." actor and film—maker justine bateman, a vocal critic of the use of ai in the film industry, said apple's ad was "crushing the arts". while songwriter crispin hunt called the act of destroying musical instruments evocative of burning books. the criticism is particularly
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pointed because of concerns, especially in creative industries, about artificial intelligence taking people's jobs. now, it's a rare misstep by the company, which was behind a famous super bowl advert for its macintosh computers that was directed by ridley scott. it featured a dystopian world where conformity dominated and a single individual representing the apple brand, at the time its new macintosh computers, was seen as resisting. the ad today, well, that conveys the opposite message according to its critics, which is why it's getting crushed by creatives and consumers. michelle fleury in new york. today marks the end of the chinese leader's first tour of europe in five years. xijinping visited france, serbia and hungary and says he wants to improve relations with europe. but tensions over trade and his stance on russia's war in ukraine still persist.
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live now to zsuzsanna vague, from the european council on foreign relations. thank you forjoining us. we'll xi jinping see this tour as a success? are you hearing me? seam jinping see this tour as a success? are you hearing me?— jinping see this tour as a success? are you hearing me? am i speaking? you are live — are you hearing me? am i speaking? you are live on _ are you hearing me? am i speaking? you are live on air. _ are you hearing me? am i speaking? you are live on air. hello, _ are you hearing me? am i speaking? you are live on air. hello, i'm - you are live on air. hello, i'm sor . you are live on air. hello, i'm sorry- i _ you are live on air. hello, i'm sorry- i will — you are live on air. hello, i'm sorry. i will welcome - you are live on air. hello, i'm sorry. i will welcome you - you are live on air. hello, i'm i sorry. i will welcome you again, thank you _ sorry. i will welcome you again, thank you for— sorry. i will welcome you again, thank you forjoining _ sorry. i will welcome you again, thank you forjoining us. - sorry. i will welcome you again, thank you forjoining us. will. thank you forjoining us. will beijing see this tour as a triumph, do you think? i beijing see this tour as a triumph, do you think?— beijing see this tour as a triumph, do you think? i definitely think so. the chinese _ do you think? i definitely think so. the chinese government _ do you think? i definitely think so. the chinese government and - do you think? i definitely think so. the chinese government and their| the chinese government and their various —— is under various economic pressures so it's no surprise xi jinping visited europe altogether. and basically friendly leaders. i would also consider emmanuel macron from a chinese perspective one of the most open people of the european
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leaders. however, he was also meeting ursula von der leyen in paris. but the visit in budapest is definitely part of a success story, especially as it was at the opening of a number of newjoint hungarian chinese projects, basically huge, giant investment from china into hungary which is very necessary for china and also very tricky and interesting, because it's not without reason that xi jinping opted for hungary. viktor 0rban's government was really welcoming of this investment. now chinese companies, especially car manufacturing companies, will be able to provide electric vehicles within the territory of the eu. so if the european union tries to order
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chinese vehicles sold at a very cheap price in europe, that would not be possible if these cars will be produced in hungary, which is a member state of the eu. so for china that was a major success. indie member state of the eu. so for china that was a major success.— that was a ma'or success. we are out of time but _ that was a major success. we are out of time but thank _ that was a major success. we are out of time but thank you _ that was a major success. we are out of time but thank you so _ that was a major success. we are out of time but thank you so much - that was a major success. we are out of time but thank you so much for. of time but thank you so much for joining us. of time but thank you so much for “oininu us. . ~ of time but thank you so much for “oininu us. ., ~ i. of time but thank you so much for joining us-— sweden is staging the eurovision song contest this week. it's the world's biggest singing contest, with 37 countries taking part, and attracting millions of viewers around the world. the host city malmo is hoping there's long—lasting boost to business. adrienne murray reports. # waterloo, as long as you love me... it's 50 years since swedish pop sensations abba took eurovision's crown. now competitors from 37 nations are in the southern city of malmo, where only one winner can take it all.
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months of preparations have gone into staging this huge event, and malmo is hoping to draw in 100,000 visitors for what's billed as a week—long celebration of pop. fans from more than 90 countries are attending three sell—out shows, culminating on saturday's culminating on saturday's grand finale. we are going to tonight, we are going to the rehearsal on thursday and then we are going to the we are going to the grand jury on friday. so just a couple! yes. it's the biggest show of its kind, and last year more than 160 million viewers tuned in to watch as sweden took victory. whoa! the glitzy showcase is known for one—hit wonders, but it can be a path to stardom. you reach millions of people that probably would not have listened to your music otherwise. so it's an amazing opportunity. i started releasing music three years ago and i grew 1500 followers in three years.
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and now i'm at eurovision and, yeah, it'sjust all going straight up. i think the music industry i changes at a lightning pace and there are fewer and fewer opportunities to really- get your song out there, i to get that kind of exposure to hundreds of millions of people in one go. i that does not come around very often. i sweden's national broadcaster, together with the city, has spent around $12 million, or £10 million, on the event. svt is putting in about the same amount that we put in last time we did it. and then there is a contribution from the ebu each year for the host broadcaster. and there are revenues from sponsors and also ticket sales. local businesses are getting into the spirit, and this brewery is marking the occasion with a special beer. we wanted to be a part of what's happening in malmo and being involved in our local community. we need the city to do events like this, to have people coming here. hotels also hope it will attract more visitors. we have a lot of uk and a lot
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of southern european countries as well and people from as far away as australia staying with us. it's bigger, it's a lot more in the media. what it does, it puts a small town like malmo on the map. it's the third time malmo is hosting, but eurovision is now much bigger and officials here are betting on a lasting legacy. it’s a betting on a lasting legacy. it's a bi deal. betting on a lasting legacy. it's a big deal- we _ betting on a lasting legacy. it's a big deal. we know— betting on a lasting legacy. it's a big deal. we know from - betting on a lasting legacy. it's a big deal. we know from 2013 that it made _ big deal. we know from 2013 that it made a _ big deal. we know from 2013 that it made a huge difference for the city. the legacy— made a huge difference for the city. the legacy onwards has been very good _ the legacy onwards has been very good for— the legacy onwards has been very good for us. malmo arena has been able to— good for us. malmo arena has been able to refer to the eurovision song contest _ able to refer to the eurovision song contest when they bid for other big events _ contest when they bid for other big events. but contest when they bid for other big events. �* ., ., ., ., ., , contest when they bid for other big events. �* ., ., ., , ., events. but not all hotel rooms are fully booked _ events. but not all hotel rooms are fully booked and _ events. but not all hotel rooms are fully booked and many _ events. but not all hotel rooms are fully booked and many fans - events. but not all hotel rooms are fully booked and many fans are - fully booked and many fans are staying in nearby copenhagen. amid the war in gaza some are protesting israel's inclusion in the event and security is on high alert. how that affects turn out remains to be seen. for many fans here, though, it's all about the pop music, and the show
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must go on. adrienne murray, bbc news, malmo. that's it from me, see you again soon.
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hello from the bbc sport centre. i'm hugh ferris. bayer leverkusen are still on for what is being called the invincible treble after setting up a meeting with atalanta in the final of the europa league and continuing their unbeaten season, but a record 49th match without defeat only arrived after an extraordinary comeback. roma had wiped out the german champions' 2—0 aggregate lead in their semifinal second leg in leverkusen. but then an own goal from gianluca mancini would have been enough to send bayer through, before a 97th minute equaliser on the night from josip stanisic preserved their unbeaten record, which is now the longest in european football history.

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