welcome to our look at the top business stories. i'm lukwesa burak. today, global markets will be watching the latest us inflation data for clues as to whether the federal reserve might move again on interest rates. inflation was 3.7% over the 12 months to september — which is the same rate recorded for august. while inflation has cooled significantly from last year, it remains higher than the 2% target. this month, the us central bank held its key interest rate at its current 22—year high as it seeks to stabilise price rises, which had recently reached near—record levels. joining me now is steven blitz, chief us economist, ts lombard. hello and welcome to the programme. hello and welcome to the programme-— hello and welcome to the - programme._ what are programme. thank you. what are ou programme. thank you. what are you expecting _ programme. thank you. what are you expecting later _ programme. thank you. what are you expecting later today? - programme. thank you. what are you expecting later today? not i you expecting later today? not that different _ you expecting later today? iirrt that different from consensus. looking for month over month 0.3, which equates to about a 3.3% -- 3.5% 0.3, which equates to about a 3.3% —— 3.5% annualised rate, the basically mid threes is the three—month rolling basis, year over year core inflation is what i'm looking for. and it is that good enough for the fed? in the short run the answer, to jump in the short run the answer, to jump ahead of your questions, the answer is yes. they have no intention of hiking if inflation is in the threes. they have already told us they have a 2— three year window basically for inflation to get back to 2%, there is no interest in creating a recession. in fact, interest in creating a recession. infact, if anything, their bias is to ease more quickly than to hike in the coming months if the economy starts showing some unexpected weakness.- unexpected weakness. earlier this week _ unexpected weakness. earlier this week we _ unexpected weakness. earlier this week we were _ unexpected weakness. earlier this week we were asking - unexpected weakness. earlier| this week we were asking that question of the uk economy, you know, whether we were about to enter a recession here. just how close is the us economy to a recession? i know you have touched on it, but could you expand? touched on it, but could you exand? . touched on it, but could you wand?— expand? yeah, i don't think doesiust— expand? yeah, i don't think doesjust there _ expand? yeah, i don't think does just there always - expand? yeah, i don't think does just there always little j does just there always little signals in each direction, i would say it's not as close as the uk or europe, but there are a lot of things heading sort of in that direction, but arrival at recession is not really assured and that's basically because the fed is, rather than looking at three and saying we need to take more to get it into the twos in terms of equation —— revelation, they will sit with where they are now and liquidity conditions have eased a bit in the markets as well because of some action that treasury took, so i think we heading in that direction, but it certainly not a sure thing. but it certainly not a sure thin. , , , up thing. gers very quickly, there is uuite thing. gers very quickly, there is quite a _ thing. gers very quickly, there is quite a big _ thing. gers very quickly, there is quite a big meeting - thing. gers very quickly, there is quite a big meeting coming | is quite a big meeting coming up, xijinping and joe biden. xijinping has economic troubles at home. how important are meetings like this for the markets? i are meetings like this for the markets? ~ are meetings like this for the markets?— are meetings like this for the markets? ~ , ., , markets? i think they are very important _ markets? i think they are very important. not _ markets? i think they are very important. not so _ markets? i think they are very important. not so much - markets? i think they are very important. not so much in - markets? i think they are very i important. not so much in terms of what's going to come out of its, there will be some happy press release of some sort or another, but i think the idea that there is direct conversation, you know, i'm old enough to remember, you know, when the leaders of the soviet union, the president talked and there was a hotline. the idea that the leaders can talk and establish a dialogue takes the tension down, it doesn't reverse anything very quickly necessarily, but i think markets like the idea of reduced tension. there are differences and those aren't going to be resolved in one conversation, they may never be resolved, but agreeing to disagree and coexisting can be just as good of an outcome. qm. just as good of an outcome. 0k, steven blitz _ just as good of an outcome. 0k, steven blitz of _ just as good of an outcome. 0k, steven blitz of ts _ just as good of an outcome. 0k, steven blitz of ts lombard, thank you. thank you. later today we'll get the latest uk wage and unemployment figures. the unemployment rate was 4.2% betweenjune and august — up from 4% in the march to may quarter, but unchanged from last month's data. businesses appear to be hiring less as the impact of rising prices and higher interest rates starts to bite. live now to neil carberry, chief executive at the recruitment & employment confederation. lovely to have you with us here. when we say that witnesses are hiring less, just how much less, what are you seeing? how much less, what are you seeinu ? ,., ., how much less, what are you seeinu ? h, ., ., ~ how much less, what are you seeinu ? ., ~ ., seeing? good morning. we are definitely seeing _ seeing? good morning. we are definitely seeing businesses i definitely seeing businesses gently turning down hiring for permanent roles, we have seen it for about a year now. what's interesting just in the last few weeks has been that seeing businesses that maybe we thought was slowing down may be heading for a bit of a turn in the labour market, and while they have been slowing those permanentjobs, what we are also seeing is them leaning on temporary work. so there is demand there in the economy. businesses choosing to meet that from temp work. but importantly also, big sectoral differences. hospitality, healthcare, still lots of demand, construction, it, far less. ., , demand, construction, it, far less. . , ., , less. 0k, as well as the employment _ less. 0k, as well as the employment figures, i less. 0k, as well as the employment figures, or less. 0k, as well as the i employment figures, or other unemployment figures, we are also getting the wage figures out, and throughout this, certainly of the last few months, we have kept saying, have we, employees are actually getting pay rises. if companies are going for temps or freelancers, does that mean they will pay them less was no absolutely not. in fact, often people are moving temp for higher wages. people are moving temp for higherwages. if people are moving temp for higher wages. if you look at some sectors like hospitality, where there are actually more people working in hospitality now than before the pandemic, but fewer hours being worked, because there is a real shortage of labour and because of that shortage of labour wages are continuing to rise. they not raise —— rising as fast as they were last year, but they are still going up. what does the autumn statement need to contain?— need to contain? well, one of the most _ need to contain? well, one of the most important _ need to contain? well, one of the most important parts i need to contain? well, one of the most important parts of i need to contain? well, one of i the most important parts of the uk labour market picture is economic inactivity. while unemployment is rising it is historically quite low, we have a large number of people who have disappeared from the labour markets, we need to think about activation from welfare to work policy, but also the labour market is really marking time waiting for growth to return, as we've heard earlier, central banks were squatting growth to get inflation down, we need a plan for as inflation comes down that growth gets going and that's what we will get employers back into the hiring market. ., , , market. 0k, neil carberry, thank market. ok, neilcarberry, thank you— market. 0k, neil carberry, thank you very _ market. 0k, neil carberry, thank you very much i market. 0k, neil carberry, i thank you very much indeed. thanks. all eyes will be on san francisco later this week, whenjoe biden and xijinping meet at the apec trade summit. with the us and china locked in a battle for global economic dominance, plenty of countries are paying close attention to what it might mean for them. one of them is indonesia — a resource—rich, fast—growing nation that's caught between old and new allies. from jakarta, here's our asia business correspondent, nick marsh. this is a country on the move. super high—speed rail has come to indonesia. it was built by chinese engineers and financed with chinese loans. 0nce chinese engineers and financed with chinese loans. once upon a time, indonesia's largest trading partner was the united states but that train has left the station, now it's china. they were given the nod to build this over america's ally and the master trademark —— rainmakers japan. this train is notjust a testament rainmakers japan. this train is not just a testament to joanie's engineering, the fact that it was chosen overjapan�*s offer is a vote of confidence in china. the truth is, countries like indonesia are hungry for infrastructure and china is more than happy to provide it. but china can't provide it. but china can't provide everything. this is boeing's brand—new office in jakarta. boeing's brand-new office in jakarta. , , jakarta. the present, we started meeting - jakarta. the present, we started meeting when i jakarta. the present, we | started meeting when he jakarta. the present, we i started meeting when he was governor. started meeting when he was covernor. started meeting when he was governor-— started meeting when he was covernor. ., ., , , ., , governor. the relationship goes back a long _ governor. the relationship goes back a long way. _ governor. the relationship goes back a long way. indonesia i governor. the relationship goes back a long way. indonesia is i back a long way. indonesia is wary of china's military power. when it comes to defence, is too friends, buying commercial and military hardware. american companies _ and military hardware. american companies including _ and military hardware. american companies including boeing i and military hardware. american companies including boeing get| companies including boeing get that this region is important, nestled next to china and india, to make reviews markets that american companies care about, boeing has deeply about, indonesia matters and indonesia is an incredible market today, but we see the future as even brighter. but we see the future as even briahter. �* r' but we see the future as even briahter. �* , brighter. ask young people, thou . h, brighter. ask young people, though. and _ brighter. ask young people, though, and they _ brighter. ask young people, though, and they will i brighter. ask young people, though, and they will tell. brighter. ask young people, | though, and they will tell you that the future lies with china. these students in jakarta are learning mandarin. translation:— translation: china is our neighbour _ translation: china is our neighbour and _ translation: china is our neighbour and is _ translation: china is our | neighbour and is progressing fast. i think china will be a variable —— powerful country in the future, so think it makes sense to learn chinese. china is also streets _ sense to learn chinese. china is also streets ahead - sense to learn chinese. china is also streets ahead when i sense to learn chinese. china is also streets ahead when it | is also streets ahead when it comes to electric vehicles. and in one of the world's most polluted cities, indonesians are betting on beijing. our sales have been amazing, this car dealer told me. there are people in indonesia he never imagined they would be able to own an electric vehicle, but we can offer value for money. the world that longed for american brands and products is changing. now, the aspirational lifestyle is increasingly made in china. dick mast, bbc news, jakarta. if you would like to read more into this and put this into context as joe into this and put this into context asjoe biden and xi jinping meet, a direct you to this article on the bbc website, explains why it is key these two countries start to work together, analyst say why businesses are pulling billions in profits from china, great article, written by annabelle lee yang. sri lanka's government has unveiled an ambitious budget for 202a. the crisis hit island nation is aiming for a fiscal deficit target of $8.7 billion — orjust over 9% of gdp. that's a smaller deficit than requested by the international monetary fund under its bailout programme. our business correspondent, archana shukla, joins us live now with more from mumbai. hello there to you. archana, this seems ambitious for the sri lanka government. can they achieve their financial goals under this new budget? it certainly seems ambitious, but he has tried to balance two things in this budget, meeting conditions of the imf bailout package and keeping an eye on the upcoming presidential elections in 202a. so you see the targets that here for revenues have been quite steep, remember in september, in september, you know, breaking up september, you know, breaking up state revenues has been one of the key elements in this budget where they are putting the entire onus on tax revenues. it is expected to go up revenues. it is expected to go up by 47% in 2024 and that largely would be taxes on goods and services. you know, the government is also, on the expenditure side, has increased expenditure side, has increased expenditure by 33% and a large chunk of that, almost 50%, would go on repaying debt as well as repaying interest payments. but a second largest section would be increase in government servant salaries as well as state pensions, and thatis well as state pensions, and that is keeping an eye on the upcoming presidential elections in 2024, because, remember, at this time the government is fighting a drop in its approval rating, so why bringing the economy back on track and they are projecting a growth of three x 3%, while that is on focus the government also needs to, you know, spend money on state expenditure, on welfare schemes to keep the election in focus as well —— 3.3%. schemes to keep the election in focus as well -- 3.3%.— focus as well -- 3.3%. archana shukla, thank— focus as well -- 3.3%. archana shukla, thank you. _ around the world and across the uk, this is bbc news. bbc news, bringing you different stories from across the uk. ., ., , , different stories from across the uk. ., ., ,, ., the uk. the golden tops tower on the edge — the uk. the golden tops tower on the edge of _ the uk. the golden tops tower on the edge of bath, - the uk. the golden tops tower on the edge of bath, rescued i on the edge of bath, rescued from decay with almost £4 million of heritage lottery fund money. beckford's tower todayis fund money. beckford's tower today is wrapped up for renovation, but nearby in the grounds a stone grotto has been excavated. the team have removed almost 100 tons of soil to reveal it. removed almost 100 tons of soil to reveal it— to reveal it. most people won't know that _ to reveal it. most people won't know that this _ to reveal it. most people won't know that this is _ to reveal it. most people won't know that this is here, - to reveal it. most people won't know that this is here, so i to reveal it. most people won't know that this is here, so they| know that this is here, so they will be able to discover this, they will be able to visited when the tower reopens in the spring, and they will be able to come down and see this amazing arch above it, so beautifully built, it is a perfect arch with bath stone on the size of it. but perfect arch with bath stone on the size of it.— the size of it. but why did the writer and — the size of it. but why did the writer and collector _ the size of it. but why did the writer and collector william i writer and collector william beckford held it was yellow he was a very private man, he didn't like interacting with the public, so he had a footpath built to the tower, by going under the road by this tunnel hejust kept going under the road by this tunnel he just kept away from the general public. you're live with bbc news. there seems to be no end in sight to the successive rounds of lay—offs targeting workers in the tech sector this year. one of the companies that is undergoing a massive restructuring is amazon. in the latest round of lay—offs, there are reports the e—commerce giant has cut around 180 jobs in its games division. our north america business correspondent erin delmore has the latest from new york. for the second time this year and a son's games division is the target for layoffs and it is the second set ofjob cuts by aum is on in under a week. the last round targeted jobs in pod casting and a few in human resources. it is according to an e—mail viewed by writers. the layoffs are part of a broader restructuring by amazon. the company cut more than 27,000 jobs in the last year. the e—commerce and streaming giant is not immune to the layoffs that hit the tech industry earlier this year. after the onset of a pandemic issued in the work from home here are technology companies expanded to meet growing needs and in early 2023 layoffs were rampant as companies layoffs were rampant as com pa nies reflected layoffs were rampant as companies reflected on over hiring and slowing demand. amazon is not the only one downsizing. google and snaps that so as well. shares of novo nordiskjumped 3% in the last trading session. it comes after data released by the drug maker over the weekend seemed to confirm its popular obesity wonder—drug wegovy has heart protective benefits that are not solely due to weight loss. it follows preliminary results released in august showing wegovy significantly reduced the incidence of heart attacks and strokes. live now to fiona cincotta at city index. hello to you, fiona. the markets got very excited with this. , , , , ., this. yes. it 'ust seems to be the tatest _ this. yes. itjust seems to be the latest piece _ this. yes. itjust seems to be the latest piece of _ this. yes. itjust seems to be the latest piece of good i this. yes. itjust seems to be| the latest piece of good news for novo nordisk which has become the biggest company in europe. the share prices up over the past 12 months and it has been based on the success of its anti— obesity drug wagovy and its diabetic drug and its seeming to show similar success with weight loss. we had the results from novo nordisk the other week and they showed revenue was up 29% and half of those sales were because of wagovy and not only are we thing it seems to have the benefit of weight loss but we have got an additional benefit of reducing heart attacks and strokes and i think thatis attacks and strokes and i think that is going to make it much more appealing for insurers and state health systems to use this jug so it state health systems to use thisjug so it is no longer just an aesthetic thing. there is actually some benefit to it as well for the heart which i think could encourage insurers and health systems to pay for the drug as well.— and health systems to pay for the drug as well. many people will