let's unpack this with russ mould, investment director at aj bell. good morning to you. good to see yom _ good morning to you. good to see yom tell _ good morning to you. good to see you. tell us _ good morning to you. good to see you. tell us more. - good morning to you. good to see you. tell us more. what l good morning to you. good to l see you. tell us more. what are ou see you. tell us more. what are you hearing _ see you. tell us more. what are you hearing about _ see you. tell us more. what are you hearing about the _ see you. tell us more. what are you hearing about the offer? - you hearing about the offer? the intriguing thing looking from the narrow perspective of the financial markets is the share price, the parent company is trading somewhere below the offer price, which suggests that investors are not entirely convinced the deal will go through, even though the offer is a quarter of the shares and is a quarter of the shares and is offering a decent share price compared to when he bought the country. if price compared to when he bought the country.- price compared to when he bought the country. if you held shares, would _ bought the country. if you held shares, would you _ bought the country. if you held shares, would you sell? - bought the country. if you held shares, would you sell? my - bought the country. if you held | shares, would you sell? my dad used to work — shares, would you sell? my dad used to work as _ shares, would you sell? my dad used to work as a _ shares, would you sell? my dad used to work as a postman - shares, would you sell? my dad used to work as a postman so l used to work as a postman so might have some shares knocking around. i will have to ask what he is thinking. i think some will be reluctant is because they will be looking towards a short—term possible gain but also towards their long—term future. he has appearing five year guarantee on issues such as service, tax domicile headquarters. they may not view that as long enough. some may be tempted. the deal was controversial. it was controversial. it was controversial when royal mail was first loaded in 2013. the shares have struggled after a good run. some may be tempted to wash their hands of the shares and take a little profit while they can.— while they can. why do you think he — while they can. why do you think he is _ while they can. why do you think he is seeking - while they can. why do you think he is seeking to - while they can. why do you think he is seeking to be i while they can. why do you | think he is seeking to be the owner of the royal mail or the majority shareholder? fix, owner of the royal mail or the majority shareholder?- majority shareholder? a lot of eo - le majority shareholder? a lot of peeple asking _ majority shareholder? a lot of peeple asking a _ majority shareholder? a lot of people asking a question - people asking a question because if you look at the parent company, ids, there are two parts to it, royal mail, letters and parcels here in the uk, which loses money overall, losing money and letters but making money on puzzles. why would he want that when there is lots of competition? there is lots of competition? there is the communication workers union who are constantly defending the rights of their staff, and that is causing friction in the company at some stages. this the other half of the business as a european puzzle business which makes all the money the business makes. there was a thought at some stage that that was what mr kretinsky was after. the government will likely seek guarantees that he will not hive one business off and leave the uk business behind at another point.— another point. the plot thickens. _ another point. the plot thickens. thank - another point. the plot thickens. thank you . another point. the plot i thickens. thank you very another point. the plot - thickens. thank you very much, russ. russ mould there. more information on our website. the post office inquiry will continue to hear evidence from garethjenkins today. he's the former engineer at the technology firm fujitsu, who helped design the horizon it system, and told the inquiry on monday that he thought the software worked well — most of the time. mrjenkins was an expert witness for the post office in trials where branch managers were wrongly convicted. mrjenkins is under investigation for perjury and perverting the course ofjustice. emma simpson was at the hearing on monday. the man in the middle, spent his entire career at fujitsu. the made him a distinguished engineer. i the made him a distinguished enaineer. engineer. i called gareth jenkins- _ engineer. i called gareth jenkins. he _ engineer. i called gareth jenkins. he may - engineer. i called gareth jenkins. he may have . engineer. i called gareth - jenkins. he may have known more about horizon _ jenkins. he may have known more about horizon than _ jenkins. he may have known more about horizon than anyone - jenkins. he may have known more about horizon than anyone else. l about horizon than anyone else. so did he agree with what the judge said about it when sub—postmasters eventually took the post office to court? [30 i the post office to court? do i take it that _ the post office to court? do i take it that you _ the post office to court? do i take it that you accept - the post office to court? do i take it that you accept his i take it that you accept his first finding that legacy horizon was not robust? i don't acce -t horizon was not robust? i don't accept that- — horizon was not robust? i don't accept that. you _ horizon was not robust? i don't accept that. you don't - horizon was not robust? i don't accept that. you don't accept . accept that. you don't accept the finding — accept that. you don't accept the finding that _ accept that. you don't accept the finding that horizon - accept that. you don't accept l the finding that horizon online the finding that horizon 0nline was susceptible to accounting floors? , ., floors? there were some discrete _ floors? there were some discrete lines _ floors? there were some discrete lines that - floors? there were some discrete lines that cause | discrete lines that cause problems to the accounts, but they— problems to the accounts, but they were _ problems to the accounts, but they were very discreet and i believe — they were very discreet and i believe they were all well controlled and managed at the time — controlled and managed at the time. , u, controlled and managed at the time. , h, ., controlled and managed at the time. , u, ., , time. he became an expert witness for _ time. he became an expert witness for the _ time. he became an expert witness for the post - time. he became an expert witness for the post office, | witness for the post office, defending horizon in more than a dozen cases. 0ne defending horizon in more than a dozen cases. one was seema misra, who was sent to prison was pregnant. he knew about a bug in the system but didn't mention it at her trial. crucial evidence that should have been disclosed. he says nobody told him about his legal duties as an expert witness. all i thought i had to do was answer the questions i was being asked to answer and obviously the answers had to be truthful. he obviously the answers had to be truthful. ., ., , ., truthful. he apologised to seema - _ truthful. he apologised to seema - not _ truthful. he apologised to seema - not good - truthful. he apologised to. seema - not good enough, truthful. he apologised to - seema - not good enough, she seema — not good enough, she says, after seeing him for the first time in 13 years.- first time in 13 years. today i am here _ first time in 13 years. today i am here to _ first time in 13 years. today i am here to hear _ first time in 13 years. today i am here to hear from - first time in 13 years. today i am here to hear from mr- first time in 13 years. today i - am here to hear from mrjenkins am here to hearfrom mrjenkins — why he did what he did. that is what i wanted to hear. and is what i wanted to hear. and as ou is what i wanted to hear. and as you getting _ is what i wanted to hear. and as you getting those answers? not yet, not yet. 0nly as you getting those answers? not yet, not yet. only half a day gone, not yet. he has three more days of questions to come. emma simpson, bbc news, at the post office enquiry. if you watch the programme regularly you will be aware of the disruption to the vital shipping lane and the red sea as vessels come under houthi attacks. it's been reported that the first tanker since january, carrying liquefied natural gas — or lng — has been sailing through the red sea this week. this despite frequent attacks from militants, with a cargo ship being sunk earlier this month after it was damaged in a deadly sea drone strike. still a lot of risk, it will seem. henning gloystein is an energy expert from the eurasia group. good morning to you. does this mark a turning point in terms of traffic through the red sea or not? ., ., ., ~' or not? no, we do not think this marks _ or not? no, we do not think this marks a _ or not? no, we do not think this marks a turning - or not? no, we do not think this marks a turning point . or not? no, we do not think. this marks a turning point yet. 0verall volumes of shipping through the red sea are still about half of what they were before the crisis started late last year. so this is probably just a test cover in this case. lng tankers haven't yet been targeted by the houthi rebels. so for that sector it is probably a relatively low risk but we don't see this as a turning point because unfortunately the war in the middle east and the gaza is ongoing unabated. find middle east and the gaza is ongoing unabated.- ongoing unabated. and the houthi rebels _ ongoing unabated. and the houthi rebels have - ongoing unabated. and the houthi rebels have made . ongoing unabated. and the houthi rebels have made itj houthi rebels have made it clear they will continue with their campaign until that war is over. august through the impact this has had the energy market, then. the impact this has had the energy market, then.— market, then. the impact, long-term. _ market, then. the impact, long-term, initially - market, then. the impact, long-term, initially the - market, then. the impact, i long-term, initially the back long—term, initially the back was huge, people were fearing another supply chain crisis, especially for europe, which relies on oil and lng imports through the red sea into europe. at the oil and gas industry has been relatively fast to adjust to this. a lot took the detour around africa took the detour around africa to get to europe. so this initially meant that you would have delayed cargoes rather than disrupted cargoes. he could take oil and gas out of storage and wait until the delayed cargo made its way around africa. the bigger issue has been on the container market. container goods are usually just—in—time market. container goods are usuallyjust—in—time delivery goods, so you canjust usuallyjust—in—time delivery goods, so you can just take a delayed delivery out of storage and wait until your carpets or textiles or mobile phone parts arrive, so that was initially the market that was more affected. but over the last couple of months the entire shipping market has adjusted and — relatively well to this. 0verall, and — relatively well to this. overall, it does mean costs of shipping are higher and that has contributed to ongoing slightly higher inflation levels than we would like to have, given the relatively weak global economy. but have, given the relatively weak global economy.— have, given the relatively weak global economy. but as you say, industry proves _ global economy. but as you say, industry proves to _ global economy. but as you say, industry proves to be _ industry proves to be resilient, it has had the inflationary effect, but a huge loss for egypt and other countries along that shipping lane who have lost out in a major way, lane who have lost out in a majorway, haven't lane who have lost out in a major way, haven't they? yes, ou are major way, haven't they? yes, you are very — major way, haven't they? yes, you are very right _ major way, haven't they? yes, you are very right to _ major way, haven't they? yes, you are very right to point - you are very right to point that out. egypt is the one who has lost utmost in this. they get suez canal transit fees, of course, and any delivery to egypt that usually would go through the red sea and the suez canal, the detour around africa then back through the mediterranean costs a lot more money for any delivery for them, so for them it is an additional cost of delivery and additional cost of delivery and a loss of revenue that is pretty substantial and this is an economy that is already in quite a lot of distress over the crisis and its structural problems anyway. this is a major problem for egypt, yes. hanny hassan, thank you for your time. —— henning gloystein. to the us now where the electric vehicle giant tesla has issued two more recalls for its cybertruck. telsa continues to face challenges with its newest eye—catching electric pickup truck in the seven months since beginning deliveries, as michelle fleury reports from new york. the wheels may not be falling off the cybertruck but parts of the trunk are. according to the national highway traffic safety administration, pieces of trim on the back of the vehicle are prone to falling off stop not surprisingly the regulator worries about this happening while the pickup is out on the road, which could cause accidents. in addition, the windscreen wipers on some tracks are also not working properly. in total, tesla has had to issue four records for the cybertruck since it went on sale in november last year. much later than originally scheduled. tesla ceo elon musk seamlessly claimed that the drug looks like the future. he will be hoping that old—fashioned mechanical and electrical glitches don't hold it back. according to reports from the regulator, since november a total of 11,688 cybertrucks have arrived on american roads. that modest number also suggests a future that has taken a while to arrive. michelle fleury there. let's get some of the day's other news, now. the un secretary general has expressed deep concern about the violence that has marred kenya's mass protests against proposed tax rises. in a statement, antonio guterres said he had been saddened by reports of deaths, injuries and arbitrary detention, after at least five people were shot dead by police in nairobi after breaking through cordons. in an address on tuesday, president william ruto said the protests had been hijacked by dangerous criminals. german car giant volkswagen says it will invest up to $5 billion in rivian, a us electric vehicle maker. thejoint venture will allow the companies to share ev architecture and software. rivian shares surged by almost 50% in extended trading in new york after the announcement. it comes as ev makers face increasing competition and a slowdown in demand. aer lingus pilots have begun industrial action in an ongoing dispute with the airline over pay. members of the irish air line pilot's association began an indefinite work—to—rule at midnight on wednesday. an eight—hour strike is planned for saturday. separate meetings on tuesday at the labour court in dublin involving the union and aer lingus failed to reach a resolution. around the world and across the uk, this is bbc news. you are with business today. i am sally bundock. the creator of the ground—breaking generative ai chatbot chatgpt is taking steps to limit china's access to its software. 0penai, which is backed by microsoft, is reportedly cutting the use of some of its artificial intelligence tools to chinese developers who use it to build applications. suranjana tewari has the details from our asia business hub. tell us more, go to. certainly sounds like _ tell us more, go to. certainly sounds like openai _ tell us more, go to. certainly sounds like openai is - tell us more, go to. certainly sounds like openai is taking l sounds like 0penai is taking steps to restrict access to artificial intelligence software. there were reports but chatgpt has confirmed to the bbc it is enforcing an existing policy to block aba traffic to zones that don't support 0penai's services. api allows developers to build chatgpt, in this case, into their ai products. this will be applied to china as well as some other countries chatgpt is not available. chatgpt is available around there. but it isn't available in mainland china. that is why the story is a little confusing. many chinese start—ups, apparently, have been able to access the 0penai api platform and build its own applications. many received an e—mail with a warning that they would lose access soon. chinese ai companies are sensing an opportunity. china's leading ai developer, baidu, said it would offer an inclusive programme to welcome people onto its programme. alibaba card is doing something similar. so they are being cut off from some advanced us technology but it might not be so bad for chinese developers that want to incorporate ai into their products. —— alibaba cloud. and good news for discoveries wanting and hoping to make profits in the field. fiifi profits in the field. 0k, suranjana. _ profits in the field. 0k, suranjana. thank - profits in the field. 0k, suranjana. thank you l profits in the field. ok, i suranjana. thank you very profits in the field. 0k, suranjana. thank you very much indeed. —— good news for chinese companies wanting. to china, now, where the latest smartphone tech innovations will be showcasing at this years mobile world congress in shanghai. this year the focus will be on 5g and artificial intelligence. the market in asia is huge with most of the big names in the industry there to make their mark. so what can we expect? i am joined from the congress by mats granryd, to talk us through it. he is the director general of the gsma, the organization that represents mobile network operators worldwide, and one of the event organisers. good to have you on the programme. given what cloud was just talking about, talk us through how this impacts the industry in asia, particularly industry in asia, particularly in china, with limits to things like chatgpt, chips are going to find, etc, etc. —— given what suranjana good to be on the programme.— the programme. this year's conference _ the programme. this year's conference is _ the programme. this year's conference is going - the programme. this year's conference is going to - the programme. this year's conference is going to be i conference is going to be record—breaking, we believe. the interest in 5g, aia, and other applications has never been as big as it is today. 5g in china, we believe that is going to be around 1 billion 5g connections by the end of this year, suppressing any other country by a lot. ——5g, ai, and other. we know that 40% of the world's lies language models or better to have been built in china. so apis, the applications, are powerful. joan has gone from being a mass market to being an innovative market to being an innovative market as well. —— china has gone. market as well. -- china has one. �* ., market as well. -- china has one, �* ., ., , market as well. -- china has one. �* . .,, ., market as well. -- china has one. �* . ., ., ., gone. but china has to innovate and has to _ gone. but china has to innovate and has to create _ gone. but china has to innovate and has to create its _ gone. but china has to innovate and has to create its own - and has to create its own technology, doesn't it, because it had been limited drastically ijy it had been limited drastically by tariffs and restrictions imposed by the us, europe, and all