with india's election in full swing, we examine how women are playing a key role in that mammoth vote. and shares of e—retailer, ebay, sink after it presents a pessimistic outlook. hello, good morning, and welcome to our look at business news. america's central bank left its benchmark interest rate unchanged at 5.25% and 5.5% as stubbornly high inflation continues to hold off the timing of the first rate cut. the decision, which was expected, comes days after new government data showed that the pace of us economic growth is slowing.

from new york, here's the bbc�*s north america business correspondent, michelle fleury. stubborn inflation pushes back the timing of the first rate cut. the us federal reserve voted to keep its benchmark lending rate at a 23—year high on wednesday. officials have said they want more certainty that inflation is under control before they lower borrowing costs. they do not have that yet. here is chair, jerome powell, during his press conference. the economy has made considerable progress towards our dual mandate objectives. inflation has eased substantially over the past year, while the labour market has remained strong. and that is very good news. but inflation is still too high, further progress in bringing it down is not assured and the path forward is uncertain. we are fully committed to returning inflation to our 2% goal. while the prices of many goods have fallen, from cars to furniture, an increase in housing and petrol prices have contributed to a recent rise in consumer inflation.

with progress on inflation taking longer than expected, hopes for lower rates have dimmed. one scenario that could change that calculation? chair powell said if the labour market unexpectedly weakened, that could spur rate cuts. and sweetening the mood on wall street, the dowjones industrial average closed higher, after the fed chair implied that the central bank's next move was unlikely to be a rate hike. joining me now is steve blitz, chief us economist at ts lombard. good morning to you and welcome to the programme.— steady as she goes then for the us. i think, actually, ithink, actually, i i think, actually, i think the bond market got it right, it actually eased a little bit with what he did. on the one hand he said the economy was

very strong in the first quarter, inflation was higher than they thought but, you know what, we like where we are so we're going to take off out of the distribution of possibilities rate hikes and we will is conditions in the market, the coupon market by slashing the pace of qt. stocks rallied. they came off but it is more of a complicated story. what's that data telling us? there are some prizes that remain stubbornly high, others have dropped. what are we looking at?— have dropped. what are we lookin: at? ~ . �*, looking at? what he's looking at and what — looking at? what he's looking at and what most _ looking at? what he's looking at and what most economists| looking at? what he's looking . at and what most economists are looking at art service prices without rent and the reason is those most directly reflect wage growth because it is pretty much pastoral. but i tend to take a more holistic

view of this stuff. in any cycle, different things, and even within cycles, timing, things go up faster, things go down, you forget about all the special factors over time when you look back and you see a pattern and the pattern is that right now, three rates have in prices without food and energy are running ahead of the year the year over year price increase against a backdrop of really above very strong job against... go ahead, i'm sorry. i'm sure if the minutes are out yet of the meetings and will be interesting to see. we have the elections coming up. what are your thoughts on mr bell not buckling under political pressure to make a cut? ——

jerome powell. pressure to make a cut? -- jerome powell.— pressure to make a cut? -- jerome powell. that is well in kee - in . jerome powell. that is well in keeping with _ jerome powell. that is well in keeping with the _ jerome powell. that is well in keeping with the tradition - jerome powell. that is well in keeping with the tradition of i keeping with the tradition of the fed. they have never not hiked or not cut during a presidential election if the economy demands it. the problem is, this is a more nuanced event if they do cut. they are not going to cut because the economy is slowing down but they're going to cut because inflation is well below where they think the front rates should be and different rates need to adjust downward. it is easy to us, to the markets, to understand what is going on but from a political standpoint, it would look like the committee to re—electjoe biden. it is going to be much later if he does not get it injune but having said that, if suddenly unemployment skyrockets up or inflation skyrockets up, even if it is right in the middle of

the conventions, they will do what they need to do to stabilise the economy. thank ou ve stabilise the economy. thank you very much- _ stabilise the economy. thank you very much. thank- stabilise the economy. thank you very much. thank you. i the disruptions and diversions of container ships away from the red sea is potentially causing container ports in the western mediterranean sea to hit near capacity, which could cause more supply chain problems. a recent update by the danish shipping and logistics company, maersk, showed they are continuing to monitor storage density levels across western mediterranean hubs, especially in barcelona, tangier and algeciras. —— algeria. maersk also reports 01 results today and is expected to post lower earnings due to a drop in freight rates. so how is the situation in the red sea impacting maersk and the shipping sector overall? live now to peter sand, chief analyst at xeneta.

hello is there to you, peter. good bonding. what are we expecting from maersk and what impacts are we seeing? following two quarters of lossmaking performers in their liner business in 03 and 04 we should definitely expect profits return to the whole of the maersk as well as the ocean freight business because the situation in the red sea particularly have turned the market on its head. the container shipping industry was looking for a structural overcapacity that would hold the business for years ahead of us and now the red sea disruption comes about and we can see another platform where freight rates went to 5000 in a matter of weeks and we see the important long—term contracts jumping $200— important long—term contracts jumping $200- $300 important long—term contracts

jumping $200— $300 only from that crisis so it is kind of like a blessing in disguise. maersk say they are monitoring what impact it is having and the western mediterranean. how much longer do you think ports like this can absorb the shocks of what is going on in the middle east? indie of what is going on in the middle east?— of what is going on in the middle east? we have really seen a dramatic _ middle east? we have really seen a dramatic increase - middle east? we have really seen a dramatic increase in. middle east? we have really i seen a dramatic increase in the number of transit containers in a pot like barcelona up by 48% in the first quarter this year. —— port. they also need the smallerfeeder ships —— port. they also need the smaller feeder ships to get the boxes out and go to the eastern mediterranean. obviously, the parts of the mediterranean sea most impacted when you cannot transit the red sea right now so how much and can they go? well, they have been able to process more boxes than they do right now but obviously it is

clocking up and the longer this goes on, different solutions must be found by the carriers and shippers as they feel the brunt of it. do and shippers as they feel the brunt of it.— and shippers as they feel the brunt of it. do you think these are solutions _ brunt of it. do you think these are solutions that _ brunt of it. do you think these are solutions that are - brunt of it. do you think these are solutions that are going i brunt of it. do you think these j are solutions that are going to be implemented long—term, in a case of lessons learned and we're going to have to rethink so not not caught out again? i think we see more and more disruptions coming about with higherfrequency and many disruptions coming about with higher frequency and many of them are from political aspect so we talk more about the problems from a political aspect, globaltrade problems from a political aspect, global trade and everyone in the manufacturing factor are trying to find alternatives to the current business status quo but then again this is a massive efficient business already set “p efficient business already set up so that should not prevent anyone from making alternatives

but easy one is to fill up your inventory is ahead of anyone else but no—one has a crystal ball like that, it is expensive and do we have the money to spend on that when it works very well in a few months again and rates drop from the current level down to where they were only half a year ago at $1800? i doubt it. again, thank you very much for your analysis. you are welcome. politicians in india are recognizing women as a significant force in these elections. of the country's billion voters, nearly half are women. as more women head to the polling booths political parties are courting them with various pro—women schemes and policies. archana shukla reports from the southern indian state of karnata ka. an exhausting wait.

but chitra's daily commute in rural karnataka is easier once she hops on. women ride forfree in buses under a state government scheme. for chitra, it's a ticket to financial freedom. translation: i save at least 1096 to 1596 of my salary - and it helps in managing household expenses. besides, we can now travel for work or pilgrimages without thinking of budget. free bus rides are quite popular in several indian states, especially among lower income groups. this way more women access job opportunities. opposition leader rahul gandhi, whose party governs the state of karnataka, is hoping these voters will reward their efforts in this election. women now make up for nearly half of the country's voter base. and with a broader social change happening with better education awareness, most women now decide their vote

independently, making them a highly sought after electorate for all political parties. and this is why all political parties are out to woo them with incentives from cash handouts to free rations, money to build toilets, cheap loans and even cooking gas, which is one of prime minister modi's style project. subsidies have now ended, but the gas connection has transformed sarga's life. and she says this will be a key factor when she decides her vote. translation: i save a lot of time and cooking the gas is very expensive now, so i refill once in two months, but it is still helpful. more women are out voting, but not as many are seen in the workforce. just a third of working age indian women are formally employed. i think there's a lot that can be done by employers to reduce the barriers that women face in accessing work and also

think of more ways of creating work. that's the real reason why a labour force participation rate is low and therefore an election promise is not going to be able to solve that. cutting to the chase are those self—employed who want more than just the welfare schemes. translation: bank loans - and the government scheme need a lot of paperwork. can't it be made simpler? but politicians come during elections and then forget us. that's an ask women increasingly have, to be equal partners, notjust in the electorate, but also in the nation's economy. archana shukla, bbc news, karnataka. let's get some of the day's other news now. microsoft's chief executive, satya nadella, is on the final stop of his trip to southeast asia. he is in malaysia, where he announced a $2.2 billion ai and cloud investment in the country.

mr nadella was in indonesia and thailand earlier this week. he met officials and businesses and announced investments in al that the technology giant will be making in the region. johnson &johnson has outlined a new settlement to resolve nearly all of the lawsuits it faces over allegations that its baby powder and other talc products cause cancer. over the next 25 year, j&j will pay roughly $6.5 billion to former customers with ovarian cancer claims. whilst the pharmaceutical giant still maintains its talc powder does not cause cancer, the company is looking to put an end to this costly legal battle. around the world and across the uk, this is bbc news.

let's talk about the japanese currency — the yen. it's been hitting the lowest level in 34 years but it's surged against the us dollar in early asian hours. joining me now from our asia business hub is our resident �*yen geek�*, mariko oi. i hope you do not get upset by that but that is out nickname for you. so, did the authorities intervene? are men, can ijust say, i am feeling the love. i did not have to ask, your producer asked me to talk about the ns0 i'm feeling very happy. again intervention is not something that would admit the lust sommer intervened it took them almost six months to confirm it. many traders think that they did and that is because they did and that is because the japanese yen strength and shoving to about 153 from 157

that it shoving to about 153 from 157 thatitis shoving to about 153 from 157 that it is now weakening once again. several days ago, across again. several days ago, across a 150 monks since 1997 maybe thatis a 150 monks since 1997 maybe that is a line in the sand. —— mark. the reason it has been weakening against the us dollar is a big difference in the cost of borrowing between the us and japan. ourviewers of borrowing between the us and japan. our viewers might remember that japan japan. our viewers might remember thatjapan and that it negative rates policy back in march but of course the cost of borrowing there is still pretty much close to zero while the fed has aggressively been raising rates since the end of the pandemic and of course, higher rates tend to attract foreign investment and increasing demand and value of the currency. today's never happened while the us market was close and just after that federal reserve meeting that you talked about and that, when the dollar was already weakening slightly butjust weakening slightly but just like weakening slightly butjust like previous interventions, if they did indeed intervene if thatis, they did indeed intervene if that is, they cost a lot of money and the impact does not last for a very long time so we

will see forget the confirmation but i do not think we will get that today. qm. we will get that today. 0k, alwa s we will get that today. 0k, always a — we will get that today. 0k, always a pleasure. - we will get that today. 0k, always a pleasure. thank. we will get that today. ok, always a pleasure. thank you very much for that. ecommerce firm ebay has forecast second—quarter revenue below wall street estimates, as demand cools for its key product categories, like collector's items and auto parts. shares were down 5% in extended trading. the california—based company has been under pressure as inflation—hit shoppers are becoming increasingly choosy about their online purchases, as well as competition from larger platforms like amazon.com. live now to hitha herzog, retail analyst and author. hello and welcome to the programme. in terms of why this is happening, i thought that ebay was in a very specialised, unique spot. is emma's on really a threat to them? ——

amazon. really a threat to them? -- amazon-— really a threat to them? -- amazon. , ., ., amazon. about ten years ago it was in a specialised _ amazon. about ten years ago it was in a specialised spot - amazon. about ten years ago it was in a specialised spot but. was in a specialised spot but now it is not. now it is a place we have competition from amazon, walmart and you have so many other different resale sites where people can buy use goods and collectables, including tiktok which is on the rise and you are seeing this live streaming shopping happening that is taking market share away from ebay. does happening that is taking market share away from ebay.- share away from ebay. does it have any strength _ share away from ebay. does it have any strength at _ share away from ebay. does it have any strength at the - have any strength at the moment? what can do or has it started doing anything to try increase figures? we started doing anything to try increase figures?— started doing anything to try increase figures? we saw that 60 million _ increase figures? we saw that 60 million new— increase figures? we saw that 60 million new buyers - increase figures? we saw that 60 million new buyers on - increase figures? we saw that| 60 million new buyers on ebay during this quarter so that was a good spot in the earnings for the company is definitely investing in things like ai. basically every company is

focusing in on that but also this live streaming which i mention and zeroing in on what the customer wants. as i said before. the company was focused and collectables, specifically baseball cards and that was a huge market and they are now losing that market share and also in addition to car parts as well so they are really leaning into educated consumers, what car parts they need, manuals that they may need, manuals that they may need for cars and instructional is the people that are buying those paths. they almost want to be aside notjust for reseller but a place where consumers can get the information they need and buy the products so if they're going to lose market share did tiktok add amazon and different resale marketplaces, unless they can try to be something they can try to be something they can try to be something they can just go very narrow and go a depth of sale in one category and also provide the

knowledge for the consumer. those fees, was that a bit of a known golf, because not gone down well, have they? in terms ofthe down well, have they? in terms of the fees _ down well, have they? in terms of the fees that _ down well, have they? in terms of the fees that they _ down well, have they? in terms of the fees that they charge? i of the fees that they charge? yes. —— and own goal. of the fees that they charge? yes. -- and own goal.- of the fees that they charge? yes. -- and own goal. they have to be made _ yes. -- and own goal. they have to be made with _ yes. -- and own goal. they have to be made with what _ yes. -- and own goal. they have to be made with what the - yes. -- and own goal. they have| to be made with what the market is charging and again, because there are so many different ways that people can sell their merchandise, sellers... in the monopoly they once had just is not there anymore. monopoly they once had 'ust is not there anymorefi not there anymore. thank you very much _ not there anymore. thank you very much indeed. _ not there anymore. thank you very much indeed. thank - not there anymore. thank you very much indeed. thank you. think of london and you'll probably think of red double—decker buses and black cabs. the history of the london taxi goes back to the 17th century and for a long time they reigned supreme on the capital's streets. but in recent years they have seen increased competition. now 10,000 black cab

drivers are suing uber, after accusing it of breaching taxi—booking rules in london. the move could cost the ride—hailing giant more than £250 million. uber says these old claims are completely unfounded. uber operates lawfully in london, is fully licensed by tfl, and is proud to serve millions of passengers and drivers across the capital. live now to marc ostwald, chief economist and global strategist at adm isi. hello and welcome to the programme. what chance do you think the black cab drivers have got?— think the black cab drivers have not? . , . , have got? that is really quite difficult to — have got? that is really quite difficult to assess. _ have got? that is really quite difficult to assess. i - have got? that is really quite difficult to assess. i think - difficult to assess. i think this is going to be one of those long—running cases, the history of uber being challenged in various

countries. they settled in australia with local taxi drivers. on the other hand they held off a claim in france. the likelihood of success, i think the biggest problem is it relates to a period quite long ago, 2012—18 and this case has been a long time in the making. it was first mooted back in 2021 at the height of the pandemic. 2021 at the height of the pandemic— 2021 at the height of the andemic. . , ~ , ., , pandemic. has the likes of uber and other ride _ pandemic. has the likes of uber and other ride hhaving - and other ride hhaving companies eaten into traditional taxi markets? yes, one might _ traditional taxi markets? yes, one might observe, _ traditional taxi markets? yes, one might observe, this - traditional taxi markets? yes, one might observe, this is - traditionaltaxi markets? 1a: one might observe, this is more about uber or the strength of the black taxi lobby which has always been very, very strong in london and a very vociferous. i think there would be a certain determination but the world is moving on, uber is

not the only one, this happens to be a specific challenge and i am not convinced myself that this will actually get that much traction but the legal system is a legal system in the uk. , ., ., ., uk. uber have had quite a few problems _ uk. uber have had quite a few problems at — uk. uber have had quite a few problems at the _ uk. uber have had quite a few problems at the beginning - uk. uber have had quite a few problems at the beginning but uk. uber have had quite a few. problems at the beginning but i was speaking to a black cab driver and they also have apps we can actually hail them. is this a little too little too late for them? i this a little too little too late for them?— late for them? i think it probably _ late for them? i think it probably is. _ late for them? i think it probably is. it - late for them? i think it probably is. it is - late for them? i think it probably is. it is a - late for them? i think it - probably is. it is a determined effort to try and recoup some prior losses under previous operating conditions but to a certain extent, it is going to be appearing victory even if they do when which will be costly for uber, let's make no mistake about that, but the world is moving on, they have their own apps and that in

itself may actually be used by uber is an argument against them. ~ ., uber is an argument against them. ~ . ., ., them. we will leave it that for now. them. we will leave it that for now- thank — them. we will leave it that for now. thank you _ them. we will leave it that for now. thank you much - them. we will leave it that for now. thank you much indeed. j now. thank you much indeed. before we go, let's take a quick look at the asian markets. hong kong opened very, very strong. a lot of excitement. brent crude also offers that we were talking about the yen earlier. the nikkei is down by 0.09%. all the latest business news on the bbc news website. stay with me, i have all the top stories coming up. hello. on wednesday evening in france, we saw some pretty nasty storms with hail and thunder, gusty winds, and they have been drifting towards us.

if we look at the satellite picture over the radar superimposed, the rainfall, you can see these dark blue colours indicating the very heavy rainfall and drifting in from the south towards the uk. so i think through the early hours we will have had some downpours. if they haven't reached you already, they may be on the way, but of course not everybody is going to get them. it's near enough impossible to exactly predict where the storms will be, but north of that, it's a completely different picture across northern england and scotland. some clear skies overnight. now let's have a look at the early hours. this is widespread rain in the south—west. i think the more vicious brief downpours with hail, thunder and lightning and flash flooding in places will be further towards the east. and some of these heavy showers may last through the morning and possibly pop off during the afternoon as well again around here. but by the time we get to northern england, northern ireland and scotland, it's mostly sunny, but note windy weather on the north sea coast, a chilly breeze. so it will keep things cool here. maybe only 12 degrees on the north sea coast, 20 possible elsewhere across england. but i think the best of the weather for sure around the western isles

with light winds and sunny skies. now, the weather front�*s still with us on friday. i don't think that is going to be itself producing any thunder. the showers could be developing across more northern parts of england through the course of the day. and again, it's across the north and the north—west of scotland where we have the best of our weather. once again, 20 degrees celsius. compare that to so many other major towns and cities, only around 13 or 14 degrees. and this does sometimes happen when we have easterly winds, that sheltered part of western scotland tends to warm up in the sunshine. now, here's saturday. you can see a fairly cloudy picture with a few blobs of rain here and there, maybe sunnier skies for a time in the south. and the temperatures are recovering somewhat, typically the mid teens to the high teens. now, overall, the bank holiday weekend is looking quite mixed for most of us. temperatures stabilising around the average. i think the high teens across the south of the uk and not far off the average across many other parts of the uk, but for the time being,

watch out for those storms in the south.

good morning and welcome to breakfast with naga munchetty and charlie stayt. our headlines today. the concert arena plagued with problems — co—op live,

britain's biggest indoor venue, postpones its opening yet again, calling off more gigs and leaving fans furious. my first concert. i'm so excited. and then he just gives us cancelled, you know, not even like a couple days notice. 20 minutes. a man will appear in court this morning, charged with the murder of 14—year—old daniel anjorin, who died in a sword attack in east london. a face from the ancient past. british scientists rebuild the skull of a female neanderthal, who lived 75,000 years ago. tool theft on the rise — tradespeople say their vans are broken into more frequently, with thieves using increasingly violent tactics. i'll be taking a look at the impact it's having. good morning. a day of shocks at the crucible as the rocket misfires. - seven—time world champion - ronnie o'sullivan is knocked out of the world championship by stuart bingham in- the quarter finals.

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