Of cracking the uk market. Live from London, This is business today. It This is business today. IS Packed. Im saLLy bundock. This is business today. Lets get going. We start with AL Chip maker nvidia. Its Record Rise to one of the worLds most vaLuabLe companies has wowed WaLL Street. Now, its breaking records again, but not in the way it wanted. On tuesday, nvidia Lost the most Stock Market VaLue in a day of any company in us history aS Part of a steep seLL off that Hit Tech shareS ParticuLarLy hard. Nvidia continued to faLL after hours as bLoomberg reported that it has received subpoenas from the Department Ofjustice, which is investigating whether it has been abusing its dominance of the market for AL Chips. Lets just show you the numbers because they are pretty staggering. ALmost 279 BiLLIon that was the amount wiped off the vaLue of nvidia over the course of the trading day. It adds to Losses Last week after the companys forecasts disappointed investors. Nvidia has been the cornerstone of the Tech RaLLy on WaLL Street. Is it aLL about to come unstuck . Dan ives is Managing Director at wedbush securities. Hes been one of the biggest enthusiasts for the Tech Sector on WaLL Street. Today, hes in seouL. Dan, are you worried . I ,it , it was cLearLy a Nightmare Day for nvidia as weLL as chip companies, but in my opinIon, This Ai RevoLutIon and the fundamentaL story for nvidia is unchanged. This remains what i beLieve is the earLy days of an revoLutIon, i think This is a goLden Buying Opportunity despite aLL the white knuckLes we are seeing. Despite aLL the white knuckLes we are seeing. What about the department we are seeing. What about the department of we are seeing. What about the Department Ofjustice Department Ofjustice investigatIon into whether using itS Power . InvestigatIon into whether using itS Power . Look, ithink it is a scary using itS Power . Look, ithink it is a scary headLine using itS Power . Look, ithink it is a scary headLine but using itS Power . Look, ithink it is a scary headLine but they| it is a scary headLine but they joined the cLub of appLe, googLe, amazon in terms of big, and i think nothing happens for and i think nothing happens for a number of years, and even if it does, ijust dont a number of years, and even if it does, i just dont see from anti Trust Perspective that they couLd aLter a business modeL, that is one, a scary headLine on a bad day but it is not anything that gives us causaL reservatIon. Not anything that gives us causaL reservatIon. When you are today causaL reservatIon. When you are today in causaL reservatIon. When you are today in south causaL reservatIon. When you are today in South Korea, causaL reservatIon. When you L are today in South Korea, they are today in South Korea, they are having a tough time as weLL, shares down nearLy Io . Tronics for samsung down nearLy 10 on aLL of This. This Tronics For Samsung down nearLy 1096 on aLL of This. 1096 on aLL of This. This is, and we 1096 on aLL of This. This is, and we wiLL 1096 on aLL of This. This is, and we wiLL see 1096 on aLL of This. This is, and we wiLL see a 1096 on aLL of This. This is, and we wiLL see a risk 1096 on aLL of This. This is, and we wiLL see a Risk Of. And we wiLL see a Risk Of environment in september, the third backdrop eLectIons couLd go into november, but if you Look here, these seLLoffs are temporary. I dont think. This is not the end of This ai trade, This is not a BubbLe Stop i beLieve This is a 1995, i996 stop i beLieve This is a 1995, 1996 moment, we wiLL go through white knuckLes, these are the Wind Opportunities for nvidia, for the microsoft, for appLe, not the time to hit the eLevator and get out. Thank you so much eLevator and get out. Thank you so much. Stand eLevator and get out. Thank you so much. Stand joining eLevator and get out. Thank you so much. Stand joining us eLevator and get out. Thank you so much. Stand joining us from| so much. Stand joining us from souL. Danjoining us from seouL. That rout on WaLL Street has been rippLing through asian markets. Lets Take A Look at the numbers. You can see japan is down 3. 5 , the main market in tokyo. Hong kong aLso down, and the big Losers other tech stocks. The next page shows you what is happening in the us, the Nasdaq ILLustrating and the snp 500, the red arrows, the broad seLL off that took pLace on WaLL Street, and that sparked to a degree as weLL by the concern about the us economy. Is it sLowing down too fast . Rikita gupta has more. The S P 500 saw its biggest sLide since an earLy august meLtdown, ending the sessIon down 2 . This comes after a raLLy that put the benchmark within a striking distance of its aLL time highs. TechnoLogy stocks, the gauges most infLuentiaL group, took the brunt of the decLine. The Nasdaq Index cLosed down by 3 , whiLe the Dowjones Index sLipped by 1. 5 . One of the biggest Losers on the day was nvidia, the high fLying ArtificiaL InteLLigence darLing, which raised more than 2110 biLLIon in market vaLue. The chip makers shares cLosed down over 9 . Other semiconductor stocks, incLuding micron, inteL and Advanced Micro Devices feLL in sympathy. The market aLso took a Leg Lower after manufacturing productIon data shrank for a fifth month in august. The institute for suppLy managements Manufacturing Gauge edged up to 47. 2. A reading beLow 50 indicates contractIon. The data reignited concerns around sLowing growth within the us economy, which heLped drive a seLL off earLy Last month. The actIon comes ahead of us governments augustjobs report, which traders wiLL be watching cLoseLy, and WaLL Street wiLL aLso have to contend with seasonaL headwinds, as september has historicaLLy been a chaLLenging month for stocks. That is some of the contact. Lets unpack This further. The context. Sunaina Sinha HaLdea is gLobaL head of private CapitaL Advisory at Raymond James here in London. Dan was famous as a prime time bIotech stocks such nvidia. What do you think . I bIotech stocks such nvidia. What do you think . What do you think . I think Bu Er what do you think . I think buyer beware. What do you think . I think buyer beware. WiLL what do you think . I think buyer beware. WiLL be what do you think . I think buyer beware. WiLL be a i what do you think . I think| buyer beware. WiLL be a Lot what do you think . I think. Buyer beware. WiLL be a Lot of voLatiLity in the financiaL markets because september historicaLLy is a voLatiLe month, and i think there is a cautIon to the wind here for market saying that, Listen, perhaps we are no Longer going to vaLue things on their promise because ai is very exciting and very promising but it is just that, that Cash FLows matter, actuaLLy fundamentaL vaLuatIon, a basis for things to be worth what they are matter most in right now the buyers of the chips are tech companies. Companies buying from nvidia and Ai Promise Hasnt Spread to other industries outside of tech yet, and unLess that happens, perhaps Lower stock. What are our perhaps Lower stock. What are yourthoughtS Perhaps Lower stock. What are your thoughts on perhaps Lower stock. What are your thoughts on the perhaps Lower stock. What are your thoughts on the us your thoughts on the us economy . Once again, This time yesterday i was saying the Fear Factor seems to have gone about a hard Landing Right now it seems to be back again. MoLar seems to be back again. Now there is a seems to be back again. Now there is a questIon, seems to be back again. Now there is a questIon, are seems to be back again. Iirw there is a questIon, are we going to get This soft Landing Right or not . The Manufacturing Data as you just heard came in softer than expected, but was not mentIoned was the it showed some Price Increases in the manufacturing sector, which faLLs in the face of the fed s infLatIon measures and something the fed wiLL be Looking at. ALso, thejobs report. Are we going to see a big uptick in moment here . Therefore, showing a much faster softening of the us economy than expected. ALL of This uncertainty iS PLaying into what the markets did yesterday and today. Thank you so much. Have yesterday and today. Thank you so much. Have a yesterday and today. Thank you so much. Have a good yesterday and today. Thank you so much. Have a good day. Seej so much. Have a good day. See you soon. Now to germany where voLkswagen is thinking the unthinkabLe. Europes biggest Car Maker is facing the prospect of having to cLose down a factory or factories in germany for the first time in its 87 year history. Vw is being squeezed by fierce competitIon from asian rivaLs that is forcing it to consider scrapping a Job Security DeaL with staff that has been in pLace since the 1990s, promising no Lay offs. Vw empLoys more than 600,000 peopLe. Bosses wiLL be facing some of them at a Works CounciL Meeting in the coming hours to discuss the situatIon. UnIon Leaders have said they wiLL fierceLy oppose the pLanned cuts. Professor Dr Ferdinand Dudenhoffer is director of the Center For Automotive Research in bochum, germany. Hes a former senIor executive at porsche, opeL, peugeot and citroen. WeLcome to the programme. For vw to say we wiLL not Lay off staff, is This the probLem in This environment we are in right now, such hot competitIon from china . From china . Yes, china is important. From china . Yes, china is important, Lets from china . Yes, china is important, Lets Look from china . Yes, china is important, Lets Look at i from china . Yes, china is. Important, Lets Look at the brandon we Look at in germany we see two things. On one hand we see two things. On one hand we see two things. On one hand we see high energy prices in germany, higher Loans and aLL the things, and it is very difficuLt to Lay off empLoyment and manpower, for exampLe. It is one thing. We have a reaL german robber with the cost structure. There is an additIonaL Cost ProbLem, and the Cost ProbLem is at vw because they have higher wages as the usuaL empLoyees in the manufacturing and automotive business, its very compLicated because it has its own suppLier companies and owners suppLying companies and owners suppLying companies to offer things, parts and components at higher prices than the usuaL Market SuppLiers over the. A few things which stress vw more than any other company, you can compare it with skoda. It is very profitabLe. Compare it with skoda. It is very profitabLe. Can i ask you, sor to very profitabLe. Can i ask you, sorry to interrupt, very profitabLe. Can i ask you, sorry to interrupt, how very profitabLe. Can i ask you, sorry to interrupt, how many L sorry to interrupt, how many jobs do you think are LikeLy to have to go at vw, and how wiLL This work with a much we are aLready hearing the unIons are ready to fight any attempt to cutjobs. I ready to fight any attempt to cut obs. ~ , cut jobs. I think it is difficuLt cut jobs. I think it is difficuLt at cut jobs. I think it is difficuLt at the cut jobs. I think it is i difficuLt at the Moment Cut jobs. I think it is difficuLt at the moment to cut jobs. I think it is difficuLt at the moment to make a guess, however think they wiLL cLose a pLant, and then you can say about 5000 to 10,000 peopLe, probabLy 20,000 peopLe, but it is just germany. The Big ProbLem is in germany. Just briefLy, how wiLL it pLay out of the unIons say they wiLL fight This, how does it end, do you think, very briefLy . Very difficuLt to you think, very briefLy . Very difficuLt to say. You think, very briefLy . Very difficuLt to say. I you think, very briefLy . Very difficuLt to say. I think you think, very briefLy . Very difficuLt to say. I think that L difficuLt to say. I think that they wiLL find a soLutIon outside, a pLant couLd be cLosed outside Lower saxony. ThatLL be a soLutIon to the Big ProbLem. ThatLL be a soLutIon to the big ProbLem ThatLL be a soLutIon to the Big ProbLem. ThatLL be a soLutIon to the bi robLem.. Big ProbLem. 0k, thank you for our Big ProbLem. 0k, thank you for your time Big ProbLem. 0k, thank you for your time. Here Big ProbLem. 0k, thank you for your time. Here on Big ProbLem. Ok, thank you for your time. Here on bbc Big ProbLem. 0k, thank you for your time. Here on Bbc News L Big ProbLem. 0k, thank you for i your time. Here on Bbc News we wiLL be a Crossover DeveLopments as the meetings get under way Later today in germany. WeLL, just as VoLkswagen Cuts back, chinas Car Makers are expanding. Vw wiLL have two more rivaLs to contend with now. The chances are youve never heard of omoda orjaecoo. Yet theyre among the fastest growing automotive brands in the worLd. They beLong to the chinese giant chery, and theyre about to target the european market. But what about the euS PLans for hefty taxes on chinese ELectric Cars . Theo Leggett has been speaking to Omoda And Jaecoos boss here in the uk. At This moment, it hasjust started. We are stiLL evaLuating at This moment. But i think for chery, we have more preparatIon. We have spain to do the LocaL productIon, so This is maybe one of our strategies to heLp us. But for omoda orjaecoo, the Long term, it is to bring the best products and to be LocaLised. You say you are pLanning some LocaLised reductIon in barceLona. TaLking about other factories around europe as weLL, possibLy one in the uk. Can you eLaborate . BarceLona is something can you eLaborate . BarceLona is something we can you eLaborate . BarceLona is something we are can you eLaborate . BarceLona is something we are committed i can you eLaborate . BarceLona is something we are committed Toj Something we are committed to doing. For uk, we are aLso evaLuating. Open for optIon and opportunities. It isjust evaLuating. Open for optIon and opportunities. It is just a matter of time if everything is ready, we wiLL do it. Its just a matter of time, yes. You say you are evaLuating a Lot of optIons. Does that mean the most attractive offer from whatever government wiLL secure productIon in that country . It is more Like a combined factors, as you know, for such a big project or investment. Its notjust a common poLicy or incentives, its aLso you need to Look at the Market VoLume itseLf and the educatIon, because we need good technicaL peopLe, engineers and factory workers. And aLso others Like the suppLy chain, Logistics. So its a matter of combined factors. To heLp us make the finaL decisIon. When you Look at the european market, its a very crowded market. The estabLished manufacturers and a Lot of brands coming in from china, yourseLves incLuded. What makes you think that you can succeed and gain a stake in the market . For us, ithink, as you know, chery, we are the biggest Car Exporter among aLL the chinese brands. We are doing the internatIonaL market for over 20 years. So we have gained a Lot of experience. A singLe one of the most one of our biggest advantage is that we want to make fuLL use of our peopLe, our own team, and aLso, we want to be LocaLised, and we treat our partners as the reaL partner. For exampLe, here in the uk, we use traditIonaL deaLerships so we have deveLoped over 60 deaLers now. Where do you see Omoda Or Jaecoo in ten years time . I hope gLobaLLy of course we want to be a very successfuL, for uk, especiaLLy here, we want to be the next korean brand. This is my personaL wish, but aLso i hope and i am confident we wiLL have a certain Market Share in uk. Lets get some of the days other news now. The uks financiaL reguLator is expected to sLash the amount of Fraud ProtectIon consumers wiLL get from banks. Under new ruLes, banks and Payment Companies wouLd have had to reimburse fraud victims up to 615,000. But after strong pressure from ministers and the industry, that is set to be cut to 85,000. Hong Kong AirLine cathay pacific has canceLLed dozens of fLights after a pLane bound for zurich was forced to turn around due to an engine component faiLure. The carrier says it has now inspected aLL 48 of its Airbus A350s and found 15 aircraft with fauLty parts in their RoLLs Royce engines that need to be repLaced. Cathay says disruptIons wiLL continue untiL at Least saturday. Does big tech give you a big headache . Why many bosses are afraid to admit they dont understand technoLogy. Around the worLd and across the uk, This is Bbc News. You are with business today. Japans Nippon SteeL has been on a Pr Push to try and saLvage its 15 biLLIon deaL to take over Us SteeL. The deaL now Looks in troubLe whoever wins the us eLectIon with both DonaLd Trump and kamaLa harriS PLedging to keep Us SteeL american. Vice president harris made her the pLedge during a Labor Day Campaign raLLy she heLd with President Biden in pittsburgh, pennsyLvania on monday. PennsyLvania is home to Us SteeL and a key swing state. President biden had aLready committed to bLocking the japanese takeover. Heres what she said. Us steeL is an historic american company, and it is vitaLfor our natIon to maintain vitaL for our natIon to maintain strong vitaLfor our natIon to maintain strong american steeL companies, and i couLdnt agree more with President Biden. Us steeL shouLd remain american owned an american operated so, is Nippon SteeL giving up . ApparentLy not. Mariko oi has more on what they are saying. TeLL us more. As you said, it is not giving teLL us more. As you said, it is not giving up. TeLL us more. As you said, it is not giving up. I teLL us more. As you said, it is not giving up. I think i i is not giving up. I think i said yesterday the deaL seems a bit doomed, i stand corrected. Yvonne steeLe on a huge Pr Push by saying if the purchase goes ahead, it