gaza through the rafah crossing. the number of people allowed in is very small but we understand that egypt will keep the rafa crossing border open until they evacuate 7000 people. rishi sunak is giving a news conference now saying that like—minded countries had reached agreement on testing new artificial intelligence models before they are released. more than all of those headline stories in a moment. firstly, let's get the business news from the day. ben thompson is here. hello, matthew. we will start with news here in the uk. uk interest rates have been left unchanged for a second consecutive month remaining at their highest level for 15 years. the bank of england held rates at 5.25%. up until september, the bank had raised rates 14 times in a row to tame soaring inflation which has been squeezing households. it has led to increases in mortgage payments but also higher savings rates. the governor of the bank of england, andrew bailey, warned of the "risk" of energy instability should the conflict in the middle east spread. there are very big shocks going on in the economy, the first one i think is tragic from a base human level. it does create risks. interestingly, so far, i'll be honest with you — i thought the oil price would have gone up more in the last few weeks because of what's happened. i'm very pleased that it hasn't, but, you know, that risk is still out there, clearly because of course any tension, anything that happens out there obviously, people immediately look at the oil price, for instance. in its economic assessment, the bank forecast that uk economic growth will flatline in 2024, which mr bailey described as "a subdued outlook for growth", adding "getting inflation back to the point of price stability is the platform — if you like — for then doing other things to grow the economy, because it gets stability". earlier i asked victora scholar, who's the head of investment at interactive investor, to put this in context for us. estimates growth of not .5% this year, unchanged from its previous forecast but it downgraded the election next year 20 great. it also expects unemployment to rise more than its previous forecast and inflation is seen coming down to 3.4% by the end of next year, like i say, not dropping down to below 2% until the final quarter of 2025. i think this is another reason why they decided to keep rates on hold because we have seen signs of weakness in the economy, the service sector and the manufacturing sector, data has been a bit disappointing. we see the pick—up in the unemployment rate as well. it's really a fine balancing act from the central bank between taming inflation but also it doesn't want to inadvertently cause unnecessary economic pain, of course, higher borrowing rates are already causing pain for mortgage holders. interesting you use that word pain because all of this could come to a head next year in 2024, which is looking pretty set to be a general election year at some point we will go to the polls here in the uk. that will be pretty difficult for the government, given that we know that elections are won and lost based on how the economy is faring. yes, that is absolute right. that is why the bank of england independent from the government because it needs to make its choices regardless of where we are in the election cycle. but there is no doubt that many people are feeling the squeeze with the cost of living crisis, with inflation coming down but that doesn't mean that prices are falling. prices arejust doesn't mean that prices are falling. prices are just rising less quickly. whether that is filling up a tank of petrol, paying for a supermarket shop or energy bills, things are still elevated. now on top for consumers or businesses, they are dealing with much more expensive borrowing rates as well. of course, that is what interest of course, that is what interest rates are desired to do, take the heat out of the economy, deter spending, deter business activity to ultimately get price pressures under control. , ., disney has announced that it will buy the remaining stake in streaming service hulu. the company said on wednesday it would acquire the 33% stake it does not own from tv giant comcast. this would give disney full ownership of the streaming service and the ability to incorporate it into its own disney+ platform. to new york now and our north america business correspondent michelle fleury. we have talked about this before, haven't we because there are so many streaming services out there it's hard to know which to subscribe to. there might be a little bit of consolidation and this could be one of those things in action. weill. of those things in action. well, look, i think— of those things in action. well, look, i think you _ of those things in action. well, look, i think you are _ of those things in action. well, look, i think you are right - of those things in action. well, look, i think you are right to i of those things in action. well, | look, i think you are right to see this as sort of consolidation as media companies look at the future and look at people's viewing habits and look at people's viewing habits and acknowledge the fact that increasingly there is a whole new generation that aren't interested in watching linear television. they want to watch on demand, how they like it, when they want it so with streaming being the future, this move by disney reflects that shift that we are seeing. right now we are talking about hulu which is the subscription service set up by a number of media companies several years back but increasingly they have splintered off to focus on their own offerings, others focusing on the service called peacock. that is increasingly why these companies are trying to find their own branding under which they can offer streaming to people which they think clearly is the way of the future. and also, while we have got you, a belated payday for drivers at guba and lyft, just explain what has gone on here. and lyft, 'ust explain what has gone on here. , , ., , and lyft, 'ust explain what has gone on here. , , .,, , ., and lyft, 'ust explain what has gone on here. , , , ., _ on here. yes, this was brought by the new york _ on here. yes, this was brought by the new york attorney _ on here. yes, this was brought by the new york attorney general i on here. yes, this was brought by i the new york attorney general which concludes a couple of years of investigation and covers the period from 2014 to 2017 in which the new york attorney general says, essentially, massive wage theft took place from uber and lyft drivers that there were sales taxes as their deducted that shouldn't have been and other fees that were charge that shouldn't have been a customer shouldn't have been a customer should have been paying instead. as a result of this to settle this the two companies have reached an agreement with the new york attorney general�*s office that they are going to pay a combined $328 million. we've got uber on the one hand saying that this is good news, they are pleased to kind of resolve this issue and move forward with a model that they say reflects the way people are increasingly choosing to work. as for lyft, they also welcome the agreement saying that this is a win for drivers because this money is going to go into a fund and will pay current and former drivers who are owed this backpay. thank you, michelle. good to see you, michelle their life in new york. the oil and gas giant shell has reported its latest results — they show third—quarter earnings of $6.2 billion. that's up 4.5% on the last quarter as oil prices soared after russia's invasion of ukraine. but energy firms are generally making much less money this year after prices started to ease. our business correspondent theo leggett has more. it is a fact that energy companies earnings tend to reflect what's happening on the energy markets. so when prices are sky high like they were last year in the wake of russia's invasion of ukraine, the oil markets and the gas markets were thrown into turmoil, prices spiked. and at that point, we saw oil and gas companies around the world reaping in record profits. and that's that included shell. during this period last year, for example, shell made $9.4 billion. that's significantly higher than what it's earned this year. but in the intervening time, prices dropped off as the energy markets returned to some kind of sanity, if you like. prices dipped quite a lot during the summer months, during july in the period from...up untiljuly. and then since then they've been going up again. and that's largely due to actions by the 0pec+ group of producer companies, countries who decided to reduce their output. so that pushed prices up and we've seen earnings go up in tandem. the point now is, though, there is a war in the middle east that is putting pressure on prices. we still got the impact of the 0pec production increases. so there are predictions from the world bank, among others, that there could be a serious spike coming up again next year and that prices could even go as high for crude oil as $150 a barrel. so that would undoubtedly have an impact on consumers, but it would also, as we've seen, push up profits. the latest on those results there. in other news. delta air lines has announced that it will be cutting some corporate jobs. the us carrier says the move is to better manage costs, at a time when the industry grapples with higherfuel and labor expenses. delta did not specify how manyjobs it is cutting, but said the layoffs do not affect frontline workers like pilots or flight attendants. m and mands m and s has apologised after being accused of posting instagram post with party hat in the colour of palestinian flag on fire. the company remove the photo and they said that the ad that was filmed in august before the latest israel and gaza latest israel and gaza conflict latest israel and gaza conflict began. those are your business stories. you are watching bbc news. bbc news, bringing you different stories from across the uk. there is a new tea crave in london. there is a new tea craze in london. this is chai, india's most beloved tea. chai is made by brewing black tea and adding different spices, sugar and milk. in india, chai is a way of life. it is the drink for every occasion, morning, afternoon or night. this one street in walthamstow has five child shops and this one street in walthamstow has five chai shops and four of them opened in the last year alone. we've got more and more customers coming every day it's like costa or starbucks for them. mainly they are asian people or originating from india, pakistan or bangladesh. in the recent couple of years, we have seen a surge in other people coming as well. we have seen british people coming here from all ethnicities. as manyjoin the trend, only time will tell if london's love affair with chai is here to stay. for more stories from across the uk, head to the bbc news website. you're live with bbc news. let's turn to the us, where donald trumer — the former president's oldest son, is testifying for a second day in a new york civil fraud trial. donald junior and his brother eric are both senior trump organisation executives, and are co—defendants in the case — alongside sonald trump senior. alongside donald trump senior. the new york attorney general accuses the former president of misrepresenting his wealth by hundreds of millions of dollars, and is seeking a fine of $250 million — about £204 million — and a ban on him doing business in his home state. we will bring you more on that story here in the programme in the next hour. but let's spend the next few minutes looking at al. here in the uk, the first global summit on al safety is drawing to a close — after a group of political and tech leaders came to bletchley park, to the north of london, to talk about the potential dangers posed by artificial intelligence. the gathering has already agreed there's a need for co—ordinated to talk about the potential dangers posed by artificial intelligence. the gathering has already agreed there's a need for co—ordinated international action — today it's been looking at ways of dealing with what the tech entrepreneur elon musk descibed as an �*existential risk�* to humanity. let's go back alive to lewis vaughan jones who was at bletchley park. we just watch the prime minister give a news conference. take us through what he said. thanks, matthew. yes, the prime minister rishi sunak speaking just yards or so away from where i am, this is an exhibition. this is where the codebreakers were in world war ii, shifting the tide, interestingly, rishi sunak kind of echoed that moment of history. he said he hoped what that summit agreed tipped the balance in favour that's pretty grandiose language. he is laying out the threat potentially posed by ai. cyber attacks, biowarfare, bio attacks, big potential risks. so, what are the concrete solutions? he had a couple that he outlined to the press just in the last half an hour. 0ne that he outlined to the press just in the last half an hour. one of the things he's been talking about is not wanting tech companies to effectively mark their own homework. so he has a new idea, ta ke take a listen. until now the only --eole take a listen. until now the only peeple testing _ take a listen. until now the only people testing the _ take a listen. until now the only people testing the safety i take a listen. until now the only people testing the safety of i take a listen. until now the only people testing the safety of ai l take a listen. until now the only i people testing the safety of ai have been the _ people testing the safety of ai have been the very companies developing them _ them. that must them. — that must change. so building on them. that must chan-e. so buildin- on the that must change. so building on the g7 and _ that must change. so building on the g7 and the _ that must change. so building on the g7 and the global partnership on al, like—minded governments and ai companies had today reached a landmark— companies had today reached a landmark agreement. we will work together— landmark agreement. we will work together on testing the safety of new al _ together on testing the safety of new ai models before they are released~ _ new ai models before they are released. this partnership is based around _ released. this partnership is based around a _ released. this partnership is based around a series of principles which set out _ around a series of principles which set out the — around a series of principles which set out the responsibilities we share — set out the responsibilities we share. and it is made possible by the decision i have taken along with vice president kamala harris for the british— vice president kamala harris for the british and _ vice president kamala harris for the british and american governments to establish _ british and american governments to establish world leading ai safety institute with the public sector capability to test the most advanced frontier— capability to test the most advanced frontier models. in that spirit, i very— frontier models. in that spirit, i very much— frontier models. in that spirit, i very much welcome the agreement of the companies here today to deepen the companies here today to deepen the privileged access that the uk has to— the privileged access that the uk has to their models. 30, the privileged access that the uk has to their models.— the privileged access that the uk has to their models. so, rishi sunak talkin: has to their models. so, rishi sunak talking about — has to their models. so, rishi sunak talking about this _ has to their models. so, rishi sunak talking about this is _ has to their models. so, rishi sunak talking about this is a _ has to their models. so, rishi sunak talking about this is a concrete i talking about this is a concrete achievement. rememberthe talking about this is a concrete achievement. remember the early days of the internet? companies would come up with something, publisher and regulation would come afterwards. this is an attempt to do the opposite. to get the regulation and safety testing in before things are let loose around the world. something is happening in the us, something rishi sunak is claiming credit for her. this summit as a whole is about collaboration. of course, rishi sunak says there will be more to come.— be more to come. fulfilling the vision that _ be more to come. fulfilling the vision that we _ be more to come. fulfilling the vision that we have _ be more to come. fulfilling the vision that we have set - be more to come. fulfilling the vision that we have set to i be more to come. fulfilling the vision that we have set to keepj be more to come. fulfilling the i vision that we have set to keep ai safe is— vision that we have set to keep ai safe is not— vision that we have set to keep ai safe is not the work of any single summit — safe is not the work of any single summit. the uk is proud to have brought— summit. the uk is proud to have brought the world together and hosting — brought the world together and hosting the first summit but it requires — hosting the first summit but it requires an ongoing international process, — requires an ongoing international process, to stay ahead of the curve and to _ process, to stay ahead of the curve and to see — process, to stay ahead of the curve and to see through all of the collaboration that we have begun today~ _ collaboration that we have begun today so — collaboration that we have begun today. so we have agreed that bletchley park should be the first of a series of international safety summits — of a series of international safety summits with both korea and france agreeing _ summits with both korea and france agreeing to— summits with both korea and france agreeing to host further summits next yeah — agreeing to host further summits next year. the late stephen hawking once said. _ next year. the late stephen hawking once said, ai is likely to be the best— once said, ai is likely to be the best or— once said, ai is likely to be the best or worst thing to happen to humanity~ — best or worst thing to happen to humanity. if we can sustain the collaboration that we have fostered over these last two days, i profoundly believe that we can make it the best _ profoundly believe that we can make it the best. it profoundly believe that we can make it the best. , , it the best. it interestingly sinuain it the best. it interestingly singing to _ it the best. it interestingly singing to rishi _ it the best. it interestingly singing to rishi sunak i it the best. it interestingly i singing to rishi sunak talking it the best. it interestingly - singing to rishi sunak talking about collaboration because some eyebrows raised at the invitation to china but the prime minister had actually, the way this has turned out has vindicated the original decision. yes, he was claiming it is a success and i should point out that china's involvement was mainly yesterday, today there were meetings behind closed doors but broadly friendly nation. 0verall, closed doors but broadly friendly nation. overall, this is a global potential problem that needs a global solution in the eyes of the prime minister. that is why he nodded towards climate change and the governance of climate change, the governance of climate change, the way that is set up, mirroring that model here with the panel that will produce reports reinforcing that global effort to tackle ai. 0ne that global effort to tackle ai. one of the criticisms of this whole summit has been actually, there are real problems now with artificial intelligence, let alone the potential problem of artificial intelligence deciding to take control of itself and not listen to humans any more o