From china. This is on top of the most favoured nation tariff of 6. 1 already slapped onto chinese produced evs that are imported into canada. Now, the government also intends to apply a 25 tariff on imports of steel and aluminium products from china. Canadas finance minister, chrystia freeland, says these measures were about protecting domestic producers. The reality is china has an intentional state directed policy of overcapacity and oversupply, designed designed to cripple our own industries. Talk to the steel sector. Talk to the aluminium sector to understand how effective that has already been. We simply will not allow that to happen to our ev sector. The auto tariffs bring canada in line with its southern neighbour. The us introduced 100 tariffs on chinese made evs in may whilst the eu is also imposing higher tariffs. It comes after Us National Security advisorjake sullivan, whos en route to beijing, touted the need for a united front on tariffs when he met Withjustin Trudeau and his cabinet over the weekend. There was no Immediate Response from china, but some predict the country could retaliate against canadian agricultural exports. As for canadians, this move may push up the cost of buying an imported carfrom china, but that is beside the point from the countrys government thats seeking to protect its auto Manufacturing Industry and the over 125,000 jobs it supports. The Chinese Embassy in canada has since responded to the tariffs, calling them a typical protectionist act in violation of World Trade Organization rules. It added that the taxes would undermine the normal economic and trade cooperation between china and canada. Chinese electric vehicles account for around 60 of wordwide sales, but only two of chinas estimated 100 producers byd and li aiup are currently profitable. The three that have released earnings in recent weeks xpeng, Zeekr Intelligent Technology and leapmotor reported a combined loss of 42. 9 billion yuan thats around us 6 billion. Now, one of the reasons for their financial woes is, as we mentioned earlier, the eus tariffs on chinese made evs. Xpeng is set to release a new model today. Lets discuss this further with my guest. Joining me now is dilin wu, Research Strategist at pepperstone. Welcome to the programme. Thank you forjoining us. Lets start off first with 100 tariff. What of reaction has been to this . ~. , this . Well, actually, personally, this . Well, actually, personally, given. This . Well, actually, | personally, given the this . Well, actually, personally, given the close relationship between canada and the us and early surprise they align with the us policies on automotive issues with the right now tesla is actually the only chinese ev making its way to canada and is actually outpacing be widely and mg to become the top exporter of chinese evs. It is interesting that canadas Trade Reductionism is seen to be heading tesla first. After the announcement yesterday, tesla stock dropped by 3. 2 and also personally i am not too worried about how chinese ev brands will fare. Because, for one, canada isnt the main market for this export or overall. Europe is. Plus, policymakers from canada have said that shifting the production to other countries will get around these tariffs. So byob, for example, is planning to set up a new ev Assembly Plant in canada next year, and this action will be affected by this higher tariff byd. Tesla may need to rethink its production and sales strategies. For domestic tv companies in china, looking at the canadian market, the impact is likely to be quite small and the real focus for most of these Chinese Companies in europe. figs for most of these Chinese Companies in europe. As we said, companies in europe. As we said. There companies in europe. As we said, there are companies in europe. As we said, there are only companies in europe. As we said, there are only two companies in europe. As we said, there are only two of l companies in europe. As we i said, there are only two of the ev producers that are currently profitable. What is chinas strategy on this . Just flood the Market Demand yes, actually, as you just mentioned, only two of the Chinese Companies are making profits, and we are expecting xpeng to release something new tonight. Xpeng to release something new toniaht. ,. , tonight. They ust released their tonight. Theyjust released their quarterly tonight. Theyjust released their Quarterly Report tonight. Theyjust released their Quarterly Report for l tonight. They just released i their Quarterly Report for the Second Quarter of yesterday, and based on their report, they did well in Revenue Growth and also margin gross, but they had also margin gross, but they had a really poor performance in overall income in the past quarter, that is a concern of china, as a National Strategy to export the evs and also for the company itself. The company itself. What sort of solutions the company itself. What sort of solutions could the company itself. What sort of solutions could we the company itself. What sort of solutions could we see the company itself. What sort of solutions could we see the | of solutions could we see the chinese Ev Manufacturers in response to all of these tariffs . Is it going to be a case of tit for tat increasingly . Case of titfortat increasinul . , ~ increasingly . Yes, i think we miaht increasingly . Yes, i think we might see increasingly . Yes, i think we might see some increasingly . Yes, i think we might see some retaliation l increasingly . Yes, i think we i might see some retaliation with china because of the insanely high tariffs for the evs produced in china, but actually, as ijust mentioned, canada or North America in general is not the main market of the chinese ev producers. They have germany, they have uk, and they have many European Countries to export this kind of product, and from the data, in 2023, 60 of chinese evs actually exported to the eurozone, so i think it is a strategic move for canada and the us to give a harsh attitude towards the chinese ev producers, and i do think china will retaliate somehow, yes. 0k, will retaliate somehow, yes. Ok, thank you very much indeed for that. Thank you. Now, we have the latest report card from one of the worlds top miners bhp. It has reported a 2 rise in its annual profit, helped by its iron ore and copper businesses. B recently failed in a bid to take over a rival company, anglo american. The company has been grappling with numerous issues, including persistently weak iron ore demand from china. Bhp was also in the headlines earlier this month after workers at its escondida mine in chile, the worlds biggest copper mine, went on strike. They have since reached an agreement with the labour union, which includes better working conditions and pay. Joining me now is todd warren, head of research on the Global Natural resources strategy, tribeca investment partners. Hello, todd. Welcome to the programme. 2 , a little better than expected, but the reaction to this is that the hp announcing they are really going to hone in on copper. Why copper . Going to hone in on copper. Why co er . ,. , going to hone in on copper. Why comer . , copper . That was interesting art of copper . That was interesting part of their copper . That was interesting part of their anglo copper . That was interesting part of their anglo earlier copper . That was interesting part of their anglo earlier in l part of their anglo earlier in the year. They are looking to grow their proper exposure. Copper is one of the pre eminent metals exposed to the whole electrification, Decarbonisation Schematics that will see play out really over the next couple of decades, and they see copper as being far more attractive and profitable, frankly, than really where they have historically made their money, being iron ore, obviously being the expected downturn coming from the chinese steel market from this point forward. Point forward. What is the link from this drop point forward. What is the link from this drop in point forward. What is the link from this drop in steel point forward. What is the link l from this drop in steel demand . There has been talk of bhp positioning and property in china . ,. , , china . Yes, that is it, it is the chinese china . Yes, that is it, it is the chinese property china . Yes, that is it, it is i the chinese Property Market, there has been lots of headlines around a slowdown in the chinese Property Market, the chinese Property Market, the steel they produce goes into the chinese Property Market and of course much of bhps iron ore that they export from australia finding its way into chinese steel. The obviously with the slowdown in that end market, they are seeing a slowdown in demand for their products. It leivo profitable part of the business, it generates a lot of cash, but they are looking to recycle that cash into perhaps better, as a term future facing commodities. Better, as a term future facing commodities. Talking about the future facing, commodities. Talking about the future facing, and commodities. Talking about the future facing, and what commodities. Talking about the future facing, and what to commodities. Talking about the future facing, and what to do i future facing, and what to do in Lessons Learned, the strike in Lessons Learned, the strike in july, what were in Lessons Learned, the strike injuly, what were the Lessons Learned there . Will that change how bhp operates moving forward chile. It how bhp operates moving forward chile. ,. , � , chile. It is the Worlds Largest chile. It is the Worlds Largest copper chile. It is the Worlds Largest copper mine, i chile. It is the Worlds Largest copper mine, it l chile. It is the worlds l largest copper mine, it has been around for a long time and does really form a backbone for bhps huge copper plans, and that said, it has obviously been seen by those who work there as an important part of there as an important part of the plans, so there are some Bargaining Chips to be played. Every year it seems we go through these same discussions, and in this case it was only a relatively brief it didnt take a lot of tonnage out of the market, but obviously, again, coming back to the assumed Tightness Building in copper market, those Bargaining Chips will only get more powerful for the unions to pay, and so bhp i think was keen to put a line on this one pretty quickly. Theyve sort of the Union Demands pretty quickly. Fascinating. Thank you very much. Have a great day. Lets get some of the days other news now. Oil pricesjumped by 3 on monday after libyas eastern based government said it would close the countrys oil fields. This comes as it struggles with its tripoli rival for control of the central bank. Libya has been torn for years between two Rival Governments in tripoli and benghazi. The escalating row added to concerns about oil production, which have been heightened with the war in gaza. Uber has been fined over 300 million in the netherlands for sending the personal data of european taxidrivers to the united states. The dutch Data Protection watchdog says this is a serious violation of the eus general Data Protection regulation, or gdpr as its known. The information included licence and payment details, medical and criminal records and photos. Uber has ended the transfer of data, but says it will appeal against the fine. Talk about a deal, and happy travellers. Australian Airline Qantas says that it has erroneously sold around 300 first class tickets mistakenly at a bargain price. The tickets for flights between australia and the us were offered at an 85 discount last week. But buyers will not be keeping their seats. They will be downgraded to Business Class or can choose to get a refund. That is not bad on qantas around the world and across the uk, this is bbc news. To the us now, and a week full of Economic Data reporting theres Consumer Confidence later today, unemployment claims and gdp on thursday, then the key core pce Inflation Figure on friday. This all follows on from Jerome Powells jackson hole appearance. Markets are now pricing in a whopping 2 decline in rates over the coming year. So the question is have markets been getting carried of late . Carried away. Im joined byjoshua mahony, chief market analyst, scope markets. Good morning to you. Answer that question. How have markets been reacting . The that question. How have markets been reacting . Been reacting . The big question at the moment been reacting . The big question at the moment is been reacting . The big question at the moment is whether i been reacting . The big question at the moment is whether we i been reacting . The big question| at the moment is whether we are seeing the us moving into a potential recession, and could that spark a move from the Federal Reserve, where they really dramatically cut interest rates, as you have alluded to, markets pricing and hundred basis points with Down Siding Rate over the coming year. But notably, 100 basis points of that, so 1 decline expected to come in the next three meetings. So in the remainder of this year seems like people are getting a little bit carried away with themselves to an extent, but, ultimately, the only way is down when it comes to rates. They have rated to such an extent that they have put pressure on the economy, and thatis pressure on the economy, and that is starting to show, certainly within the jobs market, so it appears that the time is now when it comes to the Federal Reserve pivoting onto a new pathway, and that should be good for and consumers alike. Should be good for and consumers alike. , consumers alike. 0k, we have the core capital consumers alike. 0k, we have the Core Capital Goods consumers alike. 0k, we havel the Core Capital Goods numbers coming out as well. Expectations there . When it comes to expectations there . When it comes to the expectations there . When it comes to the durable i expectations there . When it comes to the durable goods| comes to the durable goods numbers that we saw yesterday, that was an bag, where we saw a bumper 9. 9 rise in terms of the headline number, but that was really propped up by auto and aeroplanes, which generally do add greater volatility, and we saw the core number, which strips out some of the volatile elements we saw the negative territory, so a little bit of something for both. Today we are really going to focus on the Consumer Confidence side of things, but really it is all about thursday because we see the latest revision of the gdp figure and of course when everyone is talking about a recession, the fact that we are likely to see reiterated figure of 2. 8 really does sort of stave off those claims that we could be moving towards a negative growth environment. Thank you for the correction, that was yesterday. I was looking to figures coming up later in the week. A lot of talk about nvidia. Why the jitters . What can you tell us about that . It jitters . What can you tell us about that . About that . It is interesting if ou about that . It is interesting if you look about that . It is interesting if you look at about that . It is interesting if you look at us about that . It is interesting if you look at us markets i about that . It is interesting i if you look at us markets over the course of this week, so far, i yesterday, with a record highs for the industrial will double to 350 million by 2050. While an ageing population comes with its own set of challenges, the bbc� s Arunoday Mukharji takes a look at how companies are hoping to cash in on the Business Potential of a booming silver economy. Singing in their 60s and 70s, and on the road, venturing over 1,000km away from their home. With one aim checking things off their bucket lists. Travelling on a specially curated tour for Senior Citizens. Hip, hip. Hooray . These couples are visiting the city ofjepur in western india. Moving at a comfortable pace, taking in the sights and sounds of the city. Translation we spent our entire life working, caring for our children, giving them the best. We didnt have time to travel. Translation we also didnt have the money to do it i as well before. I felt we havent seen most of india. So why not do it now . And travel Companies Like veena world are cashing in. They can travel at any time during the year. They dont have to wait for a vacation to travel at any point. Like, when you think of the Younger Age Group or the families, the first thing happens is when school starts, you take the childrens calendar and then you mark out when is it that you can travel . The Senior Citizens age group is such you name it and they can travel it. Seniorworld too started as a travel company. But the Business Potential of this segment has now made them diversity into also making and selling special Mobile Phones for seniors. And now, their latest offering, its silver wings app, that helps the elderly socially network. It has now come to a stage where its getting attractive, the size is big, there are Micromarkets Emerging which are monetisable. And it creates a huge opportunity. It is a blue ocean. Virtually no one is focused on the segment. Especially in a country like india, where theres far more youngsters, its easier to target. So we think it makes for a compelling business opportunity, both from a social standpoint in terms of impact, as well as from a financial stand point going forward. But not everyone can afford the services of Companies Like veena world or seniorworld. According to the un, 40 of the elderly in india fall among the poorest of the poor, while one fifth have no income at all. While the government has come out with some policies to provide subsidised healthcare and aid for the elderly, experts say that Welfare Schemes for them are still largely regulated are still largely regulated to the private sector to the private sector and, hence, come at a cost. And, hence, come at a cost. And many in this and many in this Travelling Group Travelling Group acknowledge that privilege. Acknowledge that privilege. But as this group of seniors dances to Bollywood Hits at the end of their tour, at the end of their tour, can india keep pace with the needs of its ageing population . Of its ageing population . And rocket from was company and rocket tulon four astronauts into tulon four astronauts into space on a private mission the spacecraft and starlink, space on a private later this morning. Tulon four astronauts into spac� this a private 7771;. Tulon four astronauts into spac� this morning. 7771;. The team will become the first later this morning. The team will become the first privately trained individuals to take part in a spacewalk. F take part fl the team will become the first rer take part in eee e the team will become the first e take part in a eeeee the team will become the first e take part in a spacewalk. The capsule lacks an airlock the capsule lacks an airlock and will completely and will completely depressurize for the spacewalk, depressurize for the spacewalk, requiring all four crew members requiring all four crew members to rely on their suits to rely on their suits for survival. For survival. The astronauts will also the astronauts will also test laser based satellite test laser based Satellite Communication between communication between the spacecraft and starlink, all very exciting of course for this particular area of space travel. The communication link, which is the 6,000 strong constellation of internet satellites. That is what will be used as part of the test. The launch is scheduled for 0738 gmt and i do hope you stay with us here on bbc news for that because as we have done with a lot of these space launchers, we have what you all of that on bbc news. Letsjust we have what you all of that on bbc news. Lets just listen we have what you all of that on bbc news. Letsjust listen in to some of what was said. We are the four to some of what was said. Are the four lucky once i get to go on this ride but i cant tell you how many teams have been working non stop the last 2. 5 years building a new eva suit to do a spacewalk and the operations associated with it, vehicle changes, styling lasers, bunch of head of travel and tourism at euromonitor international. How do we compare to the us when it comes to camping and rvs . They are accused is now there. I rvs . They are accused is now there. , there. I would say the uk is one of the there. I would say the uk is one of the top there. I would say the uk is one of the top markets i there. I would say the uk is i one of the top markets they one of the top markets they are a huge business out there. Globally you are looking at sales of £15 billion around the world, and the uk alone is 888 million. We do see that europe is by far the largest destination where people are spending the money on camping, as you say, but, yes, definitely the uk is up there. We seem to have a problem with your connection, so i am going tojust call the your connection, so i am going to just call the interview to halt for the moment. If we can get you in the next hour, certainly coming back to this. But for now, thank you very much. Just to remind you also, one of the top stories is one of the biggest attacks by russia on ukraine overnight, more than 200 missiles, which also included drawings used as part of this strike, the second night that russia has been Targeting Care for its energy infrastructure. Stay with me because we have the latest on that right here on bbc news shortly. Hello there. Still very unsettled across the north and the west of the uk at times. More wet and windy weather to come here, but also some sunshine in the forecast and some late summer warmth, too, especially for southern and eastern areas of england. Now, through the night, this front has been Tracking Southwards and eastwards. On tuesday morning, its still bringing heavy downpours of rain for Northern Ireland, Western Scotland, some of that rain falling on already saturated ground, particularly across dumfries and galloway. So heavy downpours still here, windy up through these irish sea coasts, but its breezy wherever you are. A dry start to the day, though, for england and wales and very mild, particularly across Northern Ireland. Now, on tuesday, that front continues to slip further southwards and eastwards, The Rain Turning Lighter and more patchy. Behind the front, things will dry out and brighten up. Therell be some sunny spells and some showers. The front, by the time we get to the afternoon, is draped down from northwest england, wales and southwest england, so cloudy with outbreaks of rain here. But ahead of the front, therell be a lot of sunshine and the highest of the temperatures mid 20s perhaps, but also possibly 20 or 21 degrees in parts of aberdeenshire. Now, the position of the front could change on tuesday into wednesday, its moving very slowly as it bumps into the area of High Pressure and almost stalls. Its just a narrow band of cloud, really, as we head through wednesday, stretching down from, say, north yorkshire, through wales and into southwest england. Behind it, sunny spells, but also, some more heavy showers Pushing Eastwards from parts of Western Scotland and Northern Ireland. Again, more sunshine across many parts of east anglia, southeast england. Temperatures here could get to 27 or 28 celsius perhaps, but wednesday does look as if its going to be the warmest day of the week, because after that front clears on thursday, we draw in more of a westerly wind. So were getting that fresher atlantic air back again, and there will be a drop in temperature, but still, a lot of dry weather to come in the forecast. Again, some more showers affecting parts of northwest england, Northern Ireland and Western Scotland in particular, Pushing Eastwards, but further south, it is a mostly dry story. But temperatures are lower across the board, generally 16 to 23 celsius, north to south. Then a ridge of High Pressure may well build in as we head through thursday and friday, keeping things largely dry into the weekend and feeling a touch warmer. Good morning. Welcome to breakfast with ben thompson and sally nugent. Our headlines today. The Prime Minister says he wants to reverse what he calls a decade of decline, in a speech to mark 50 days in downing street. Investigators are trying to find out whether cladding played a part in a huge fire at a tower block in east london. You gotta roll with it. You gotta take your time. Whats the story . Could the wait be over for oasis fans hoping for a reunion . Good morning. From september there will be 15 hours of Free Childcare a week for those over nine months old. I come to this university in preston to find out how parents and staff are getting ready. A true gentleman of the game. Tributes are paid to the former england manager, sven goran eriksson, whos died at the age of 76. Good morning. Some heavy rain in the north and west of the country. Slowly pushing south and east. Behind a return to sunshine and showers. I had a very fine and dry but noticeably windy again. All of the details shortly
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