is the worst over for big tech? microsoft and alphabet beat analysts' expectations despite the downturn in the technology sector. and we delve deep into joe biden�*s economic scorecard, as the us president asks voters for more time to finish thejob. hello and welcome to asia business report. i'm mariko oi. we begin with the financial results of two us tech giants this morning — goggle�*s parent company, alphabet, and microsoft have both unveiled quarterly report cards that beat expectations.

alphabet shares jumped after—hours as the company announced that its quarterly revenue rose to more than 69—billion dollars — that's 3—percent higher than the previous year. microsoft stock also got a boost in extended trading, with a quarterly revenue beat that was mainly driven by growth in its cloud computing businesses. for more on this we're joined by daniel ives — managing director and senior equity analyst with wedbush securities. earlier, he told me this is welcome news for the tech sector. , ,., welcome news for the tech sector. , , , ., sector. yes, some sunshine in a dark environment. _ sector. yes, some sunshine in a dark environment. this - sector. yes, some sunshine in a dark environment. this is - sector. yes, some sunshine in a dark environment. this is a - dark environment. this is a flex their muscles moment for big tech in terms of what we saw from alphabet and microsoft. both on cloud and digital advertising. market is going to be focused on these results tomorrow. m going to be focused on these results tomorrow.— going to be focused on these results tomorrow. ai seems to be the hottest _ results tomorrow. ai seems to be the hottest thing _ results tomorrow. ai seems to be the hottest thing at - results tomorrow. ai seems to be the hottest thing at the - be the hottest thing at the moment. is google's actually at risk now? i moment. is google's actually at risk now? ~ , ,

risk now? i think this is the si . h risk now? i think this is the siuh of risk now? i think this is the sigh of relief _ risk now? i think this is the sigh of relief in _ risk now? i think this is the sigh of relief in terms - risk now? i think this is the sigh of relief in terms of i risk now? i think this is the i sigh of relief in terms of what we see on the ai front, in terms of ultimately focused on what google is doing, trying to gain share. there's no doubt there is a game thrones going on, microsoft is leading it, but google has an all hands on deck. this is what i view as an $800 billion market opportunity, golden end of the rainbow for tech.— rainbow for tech. there were re orts rainbow for tech. there were reports that _ rainbow for tech. there were reports that some _ rainbow for tech. there were reports that some could - rainbow for tech. there were reports that some could be l reports that some could be considering its default browser to being to google. could this kind of thing keep happening in the sector? i kind of thing keep happening in the sector?— the sector? i think for microsoft, _ the sector? i think for microsoft, chat - the sector? i think for microsoft, chat dpt . the sector? i think for microsoft, chat dpt is the sector? i think for i microsoft, chat dpt is a the sector? i think for - microsoft, chat dpt is a real competitive threat. now, for google, they are the top of the mountain. in terms of enterprise, and i think if you look at google and a digital advertising and the overall business feels like there is some stabilisation of swelling macro, and this is a big sigh of relief or overall investors in terms of what we see in big

tech. ~ ., in terms of what we see in big tech. ~ . ., .,, . tech. what about the 'ob cuts? is the tech. what about the 'ob cuts? .s the pain * tech. what about the 'ob cuts? is the pain over? _ tech. what about the 'ob cuts? is the pain over? i_ tech. what about the job cuts? is the pain over? i think - tech. what about the job cuts? is the pain over? i think 70 - tech. what about the job cuts? is the pain over? i think 70 or| is the pain over? i think 70 or 8096 of the — is the pain over? i think 70 or 8096 of the cuts _ is the pain over? i think 70 or 8096 of the cuts are _ is the pain over? i think 70 or 8096 of the cuts are over, - is the pain over? i think 70 or 8096 of the cuts are over, but| 80% of the cuts are over, but these tech companies are spending like 1980s rock stars. they have cut costs. that is something investors want to see. they want to see them rip the band—aid out. i think ultimately it is put the bottom of the stocks, including meta, amazon and others.— of the stocks, including meta, amazon and others. let's stay in the us, _ amazon and others. let's stay in the us, because _ amazon and others. let's stay in the us, because shares - amazon and others. let's stay in the us, because shares in l in the us, because shares in first republic and falling nearly 50% as investors question its future. the falls came a day after the mid—size us bank said customers had pulled more than ioo—billion—dollars from their accounts during last month's banking panic. first republic had been seen as one of the banks most at risk of failure, after a series of bank collapses raised fears of a crisis in the sector. that banking crisis has been, of course, one of several economic challenges faced by the us presidentjoe biden since taking office. and now that he has confirmed he's signed up to star

for the democrats in the next presidential election, it's a good time to look back at how he has done so far on the economic front. here's our correspondent michelle fleury with more. joe biden�*s reelection bid comes as america is navigating some pretty in certain economic waters, whether us president can gloat is on the jobs fronts. look at this chart. you can see employment rising nicely until the pandemic. that's when the job market cratered. sincejoe biden took office, it has steadily increased under his watch over 12 and a half millionjobs have i2 and a half millionjobs have been created. the unemployment rate is at a 50 year low. of course, you have to remember the context in which these jobs were created, in the middle of the pandemic. policies hit administration put in place softening the economic blow from covid—i9. but the bounce back has been far from smooth.

the worst economic metric and biden�*s watch has been inflation. this chart shows inflation. this chart shows inflation pretty steady until 2022 when inflation hits the highest rate in a generation over that summer. that's because as the us economy emerged from the pandemic committee struggled with supply chain issues that pushed up prices, and that strong jobs growth that we just talked about, well it's contributed to the further price pressure. inflation is now ticking down, but it is still above the federal reserves 2% target. this poses an outstanding risk to the biden economy. one of her which the white house has very little influence. joe biden wants to make sure that voters credit him for the improvement in the economy whilst at the same time drawing i can tryst with the gop ahead of a looming showdown over raising the country's borrowing limit, which, in extreme could inflict lasting damage on the american economy. as president biden seeks re—election the core of his offer is his claim to be transforming the us economy, bringing new life to left

behind manufacturing areas in the famous rust belt of america. under the "inflation reduction act" and other infrastructure plans, the us is now pouring hundreds of billions of dollars of public money into the green industries of the future

with our— later we are shovel ready to go with our project when we receive _ with our project when we receive the support from the us government. it is like the gold rush — government. it is like the gold rush this_ government. it is like the gold rush. this is so big. this government. it is like the gold rush. this is so big.— rush. this is so big. this work started here _ rush. this is so big. this work started here at _ rush. this is so big. this work started here at the _ rush. this is so big. this work started here at the ascent - started here at the ascent elements facility for electric vehicle battery paths that after $500 _ vehicle battery paths that after $500 million - vehicle battery paths that after $500 million of - after $500 million of government money was granted from their infrastructure plans and venue inflation reduction act. buyers of cars will also get subsidies on the if they are made in america.- get subsidies on the if they are made in america. how the lithium, cobalt _ are made in america. how the lithium, cobalt and _ are made in america. how the lithium, cobalt and nickel- are made in america. how the lithium, cobalt and nickelthatj lithium, cobalt and nickel that are in — lithium, cobalt and nickelthat are in... , , ., are in... the result is that these powders, _ are in... the result is that these powders, the - are in... the result is that these powders, the most| are in... the result is that - these powders, the most input into ev battery, mainly or even entirely made in china up until now will thanks to recycling old batteries, be made in america. here, they say the us is already leapfrogging europe in this market, second only to china. it's no less than a total transformation of the us economy with thousands of projects like this funded by trillions of dollars of public money. in order to wrest control of the industries of

the future from china. but it could also be the start of a giant carved up of global segment globaljobs in those industries because european governments are very worried that european manufacturers are also having their head turned and are setting up shop here in america so that the eu is going to do the exact same thing, which raises very serious questions for the united kingdom. whether to follow suit, whether we can afford to follow suit, or whether it is just too late. {lit follow suit, or whether it is just too late.— just too late. of the uk is auoin just too late. of the uk is going to _ just too late. of the uk is going to compete - just too late. of the uk is going to compete with . just too late. of the uk is l going to compete with what just too late. of the uk is - going to compete with what is happening here in the us, you know, similar level of incentives are favourable legislative environment or framework needs to be put into place. so that hasn't taken place. so that hasn't taken place yet, but it certainly could. , , , , could. this facility is focused on electric— could. this facility is focused on electric vehicle _ could. this facility is focused on electric vehicle battery i on electric vehicle battery input, up in a similar strategy as i work for microchips and green energy, indeed the pylon service in this facility transfers electricity from

clean hydroelectric dams on the tennessee river.— clean hydroelectric dams on the tennessee river. here comes the outline of the _ tennessee river. here comes the outline of the tennessee - outline of the tennessee valley _ outline of the tennessee valley. in outline of the tennessee valle . ., . ., ., ,, valley. in an echo of us history. _ valley. in an echo of us history, those _ valley. in an echo of us. history, those tennessee valley. in an echo of us - history, those tennessee valley authority dams one of the landmark developments 90 years ago ever is about�*s new deal. he had in mind the tremendous nationai— he had in mind the tremendous national investment. but he had in mind the tremendous national investment.— national investment. but now, has been _ national investment. but now, has been for — national investment. but now, has been for the _ national investment. but now, has been for the primary - national investment. but now, has been for the primary vote | has been for the primary vote that next motivator here is not the environment, butjobs in left behind areas. the environment, but “obs in left behind areas._ the environment, but “obs in left behind areas. when they set this down _ left behind areas. when they set this down for _ left behind areas. when they set this down for him - left behind areas. when they set this down for him and - left behind areas. when they| set this down for him and you see, this isjust one of set this down for him and you see, this is just one of the 100 minds that they shut down here in western kentucky. in here in western kentucky. in these areas of the usa have been long been left behind and notjust because of the transition to green energy. artefacts of transition to green energy. artefa cts of a transition to green energy. artefacts of a lost era, and so these massive investments are being channelled by the biden white house very purposefully into regions such as west kentucky and west virginia. in some cases, old miners being paid their union wages actually to fail in the mines or preparing the new green industry factories. the hope,

to turn the rust belt into a pan—american battery dealt before the next election, but there are some doubts. before we go, let's update you with of their business to me is making headlines for you. the farmer banking box has dismissed a lawsuit filed by his former employer, which blames him for its decision to do business withjeffrey epstein. mr staley said the wall street giant was trying to deflect blame from its own failures and use them as a public relation shield. it comes asj.p. morgan is fighting claims that it facilitated sex trafficking by epstein, its clients from 1998-2013. the bank epstein, its clients from 1998—2013. the bank has denied any liability. one of the worlds biggest cigarette makers, paying $635 million plus interest to use authorities after a subsidiary

admitted to selling cigarettes to north korea in violation of sanctions. that said for the programme. i will be back at the top of the hour, so dojoin us if you can. thank you so much for watching. it was a bit of a shack, really, because i thought i was going to be there forever, because i loved it there. but you've got to make the best of things, i suppose, you've got to make the best of things, isuppose, van you've got to make the best of things, i suppose, van life is my life. i sold everything in my flat and blocked this. my van is an ex airport to transport vehicle. extend 392,000 miles. it's quite well—equipped, but a lot of it i can't use unless i'm plugged in to a camp site.

the cost of living is just ridiculous with the gas going up, the electric going up. the more i live in my van, the more ifeel free. i decided to document my life in the van on tiktok. overnight, itjust went mad. the best thing about living in my van is having a cdo living in my van is having a cd0 every day, if i want to. cdo every day, if i want to. people can pay £1 million for a house with the view that i can wake up to. it is sad that the country is putting people in this position, but, you know, i have always looked on the positive side and i see a positive side and i see a positive from this negative of losing my flat. i'm a free spirit and i'm off, losing my flat. i'm a free spiritand i'm off, and, you know, it's another adventure in my life. i'mjulia with i'm julia with the catch up. us

presidential biden has announced he will run for reelection in 2024, and that might mean we will see another run between him and donald trump. he had been dropping hints, but things are made official today when he launched a campaign video. the vice president will run alongside him again. at 80 years old, biden is already the oldest president in american history. he would be 86 years old after finishing another fall term. some other strays now. sunday's emergency alert did not reach one in five compatible smartphones in the uk. that's according to the government who said overall it was a successful test. it was the first nationwide trial of a new system that up to warn people about dangerous events like floods or terror attacks. if your phone was turned off or on aeroplane mode, you want to warn people about dangerous events like floods or terror attacks. if your phone was turned off or on aeroplane mode, you won't have received it. tottenham hotspur players have offered to reimburse their fans the cost of their match tickets, after the last 6— went to newcastle united on sunday

afterjust to newcastle united on sunday after just 21 to newcastle united on sunday afterjust 21 minutes of gameplay, the spurs were down 5-0. gameplay, the spurs were down 5—0. christian was acting as interim manager, but he has been sacked. pop singer grimes has tweeted an open invite to meet citizens to clone her voice, offering 50% royalty on any success steps she said feel free to use my voice without penalty. invite comes at an interesting time comes and fast become a universal music petition to have a song removed from streaming platforms which used vocals from their artist, drake and the weekend that were actually deep fakes. you're all caught up now. have a good night.

hello, i'm olly foster here's what's coming up on sportsday. .. jamie vardy rescues a point for leicester at leeds, but they both needed more than a draw. we've reached the quarterfinals at the world snooker championship and io'sullivan holds a fourframe lead against brecel. and though their wimbledon bans have been lifted, russian and belarussian players have been given strict guidelines for the grand slam tournament.

hello there, welcome along, there's a full round of fixtures in the premier league this week.