is the worst over for big tech? microsoft and alphabet both beat expectations despite the downturn in the tech sector. in and we delve deep into joe biden�*s economics scorecard as the president asks for more time to finish the job. hi there. welcome to asia business report with me, mariko oi. we begin with the financial results of two us tech giants, google�*s parent company, alphabet,

and microsoft both unveiling quarterly report cards beating expectations. shares in alphabet jumping after hours as the company announced that quarterly revenue rose to $69 billion. —— meanwhile, microsoft a boost in extended trading with quarterly revenue mainly driven by growth in its clad competing businesses. dan ives is senior equity analyst at wentworth securities and says these are welcome news for the tech sector. some sunshine in a dark environment. this reflects the muscles moment for big tech in terms of what we saw from alphabet and microsoft, both on cloud and digital advertising. markets will be focused on these results tomorrow. the hottest thing at the moment appears to be ai, but is google�*s

market share at risk? this was a sigh of relief in terms of what we see on the ai front in terms of bard and ultimately focused on what google is trying to do. there is definitely a game of thrones going on in al. microsoft is leading, but google has all hands on deck despite the fact — there is gold at the end of the rainbow for big tech, google included. there were reports that samsung could consider switching default browsers to bing from google. for google, they are at the top of the mountain, but chatgpt is a threat. what does it mean for enterprise and market share? digital advertising and the overall business, it feels like there is some stabilisation

of swirling macro, and this is a big sigh of relief for investors in terms of what we see in big tech. what about job cuts? is the pain over? look, i think probably 70% or 80% of the cuts are over but these tech companies were spending like �*80s rock stars. they have cut costs, they have cut cost significantly and we see that ahead. investors want to see them rip the band aid off and i think it is put a bottom on these stocks, including amazon, meta and others. shares in first republic have fallen 50% as investors question its future. the falls came a day after the bank said customers have pulled more than $100 billion from their accounts during last month's banking panic. first republic had been seen as one of the bank's most at risk of failure after a series of bank collapses raised fears of a crisis in the sector. and the banking crisis has been one of several economic challenges faced by the us presidentjoe biden since taking office,

and now that he has confirmed he has signed up to star for the democrats in the next presidential election, it is a good time to look back at how he has done so far on the economic front. here is our correspondent michelle fleury. joe biden�*s reelection bid comes as america is navigating some pretty uncertain economic waters — where the us president can gloat is on the jobs front. look at this chart. employment is rising nicely until the pandemic, when the job market created. sincejoe biden took off as it has steadily increased. under his watch, over 12 and a half millionjobs have been created. the unemployment rate is at a 50—year low. the context in which these were created, in the middle of a pandemic, policies his administration put in place softened the economic blow of covid—i9, but the bounceback has been far from smooth. now, the worst economic metric on biden�*s watch has been inflation. this chart shows it

pretty steady until 2022, when inflation hit the highest rate in a generation over that summer, because as the us economy emerged from it, struggled with supply chain issues that pushed up prices and that strong jobs growth that we talked about contributed to the further price pressure. inflation is now ticking down, but it is still above the federal reserve�*s 2% target, posing an outstanding risk to the biden economy and one which the white house has very little influence over. joe biden needs voters to credit him for that as the economy, while ignoring the lows as he requests and raising of the low ceiling. he claims to be transforming the us —— court to his call for

re—election claims that he is transforming the us economy, bringing new life to manufacturing areas in the feminist rustbelt of america. —— he claims to be transforming the us economy, bringing new life to left behind manufacturing areas in the famous rustbelt 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. but the sheer scale of the investments are so big that allies such as the eu and the uk are now concerned that it will threaten jobs in their economies. 0ur economics editor, faisal islam, has this special report from kentucky. in the fields of west kentucky, the farms are giving way to a different type of green harvest. the spades are in the ground, the excavators are shifting tons of soil — the united states of america is digging for victory in the green high—tech industries of the future, and they are in a hurry. literally, we are shovel—ready to go with our project when — when we receive the support from the us government. it really is like the gold rush. this is, you know, it's so big.

this work started here at the ascend elements facility for electric vehicle battery parts the day after $500 million of government money was granted from their infrastructure plans and the new inflation reduction act. buyers of cars will also get subsidies — only if they are made in america. all of the lithium, the cobalt and the nickel that are in... the result is that these powders, the most expensive inputs into an ev battery — almost entirely made in china, up until now — will, thanks to recycling old batteries, be made in america, and here they say the us has leapfrogged europe, second only to china in this market. this is 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 carve—up of 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 now, too. so the eu is going to do exactly the 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. if the uk is going to compete with what is happening here in the us, you know, a similar level of incentives or favourable legislative environment or framework needs to be put in place. and so that has not taken place yet, but it certainly could. this facility is focused on electric vehicle battery inputs, but a similar strategy is at work for microchips and for green energy. indeed, the pylon servicing this facility transfers electricity from clean hydroelectric dams on the tennessee river. here comes the outline of the tennessee valley. in an echo of us history, those

tennessee valley authority dams were one of the landmark developments 90 years ago of roosevelt's new deal. he had in mind the tremendous national investment. but now, as then, the primary motivator here is not the environment, butjobs in left—behind areas. when they shut this mine down, and you see, this is just one of 100 mines that they shut down here in western kentucky. these coal areas of the usa have been long left behind and notjust because of the 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, a green form of america first. in some cases, old miners are being paid their union wages actually to fill in the mines and prepare the new green industry factories. the hope, to turn the rustbelt into a pan—american battery belt before the next election that there are some doubts.

faisal islam, bbc news, in kentucky. let's update you with other news this morning and sk hynek says market conditions of the industry will improve in the industry will improve in the second half of 2023 as production cuts take effect. —— they reported a loss ofjust over two and a half billion dollars in the three months between january and march. dollars in the three months betweenjanuary and march. the company's betweenjanuary and march. the compa ny�*s loss betweenjanuary and march. the company's loss has widened with slow down worsening and a memory chip clapped in that period. and we turn our attention to one of the largest cigarette because in the world, british american tobacco is painjust over $600 british american tobacco is pain just over $600 million plus interest to us authorities after its subsidiary admitted that it has been selling cigarettes to north korea in violation of sanctions. the boss of bat said they deeply regret the misconduct. the us has imposed severe sanctions on

north korea because of its nuclear and ballistic missile industries. that is of the programme. thank you for watching. the last time i saw him he was effectively dead.— effectively dead. david is at reading's — effectively dead. david is at reading's sel _ effectively dead. david is at reading's sel stadium - effectively dead. david is at reading's sel stadium to l effectively dead. david is at - reading's sel stadium to cheer on his beloveds luton. but more than that to think in person the royals fan who saved his life. pippa works for police and herfirst aid training kicked in when she saw he wasn't breathing following a low—speed car crash. i wasn't breathing following a low-speed car crash. i reserve him and with _ low-speed car crash. i reserve him and with a _ low-speed car crash. i reserve him and with a seatbelt - low-speed car crash. i reserve him and with a seatbelt pulledj him and with a seatbelt pulled him and with a seatbelt pulled him from the car and started cpr. . , ,, a , cpr. the emergency services were quickly _ cpr. the emergency services were quickly on _ cpr. the emergency services were quickly on the _ cpr. the emergency services were quickly on the scene, i were quickly on the scene, taking over and delivering

shocks to restart his heart. pippa, her dad and fiance headed home, fearing the worst, before receiving the best possible social media message. 0ne possible social media message. one of the paramedics sought the tweet and message to say he was alive and i cried. she the tweet and message to say he was alive and i cried.— was alive and i cried. she said m life, was alive and i cried. she said my life. it _ was alive and i cried. she said my life. it is _ was alive and i cried. she said my life, it is a _ was alive and i cried. she said my life, it is a simple - was alive and i cried. she said my life, it is a simple as - my life, it is a simple as that _ my life, it is a simple as that. probably about the best friend — that. probably about the best friend i— that. probably about the best friend i have got. you can't get — friend i have got. you can't get a — friend i have got. you can't get a better one, really. i would _ get a better one, really. i would be disappointed if we don't — would be disappointed if we don't keep in contact. we have said _ don't keep in contact. we have said we — don't keep in contact. we have said we will.— said we will. this evening's staff have _ said we will. this evening's staff have been _ said we will. this evening's staff have been at - said we will. this evening's staff have been at the - said we will. this evening's . staff have been at the stadium demonstrating the same cpr skills that pippa used to give other supporters the confidence to step up as needed. hi, i'mjuliet with the catch up. us presidentjoe biden has announced he will run for re—election in 2024 and that might

mean we could see another run between him and donald trump. we had been dropping hints, but things were made official, today, when he launched a campaign video. vice—president kamala harris will run alongside him again. at 80 years old, biden is already the oldest president in american history. he would be 86 after finishing anotherfull term. some other stories, now. sunday's emergency alert didn't reach one in five compatible smartphones in the uk — that's according to the government, is set overall it was a successful test. it was the first nationwide trial of a new system that is said to want people about dangerous events, like floods or terrorist attacks. if you phone was turned off or on aeroplane mode, you wouldn't have received it. tottenham hotspur players have offered to reimburse fans the costs of their match tickets after they lost 6—1 to newcastle united on sunday. after 21 minutes of gameplay,

the spurs were down 5—0. cristian stellini was acting as interim manager but has sacked. and pop singer grimes has asked musicians to clean her voice using artificial intelligence, offering a 50% royalty on any success, saying "feel free to use my voice without penalty". it comes an interesting time because universal music have just asked for a song to be removed from streaming platforms which used vocals from their artists drake and the weeknd, which were actually deepfakes. you are all caught up.

hello, i'm 0lly 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 0'sullivan holds a four—frame lead against brecel. and though their wimbledon bans have been lifted, russian and belarusian players have been given strict guidelines for the grand slam tournament. hello and thanks forjoining us.

we are here at the bbc sport centre.