where america leads others may follow — markets zero in on the us central bank for its latest interest rate decision. and protecting european consumers from soaring energy prices — the eu meets to review its controversial gas price cap. hello, i'm sally bundock. here with all your latest business news. we start here in the uk where world leaders and artificial intelligence experts are gathering for the first ever global ai safety summit. set to look at the risks of the fast growing technology and also consider how to regulate it. us vice president kamala harris and european commission president ursula von der leyen are among those attending, along with at least two

of the so—called godfathers of ai and elon musk. yes, he is coming as well. it's being hosted at the historic bletchley park as zoe kleinman reports. the secret work carried out at bletchley park once help the allies win world war ii. today the uk government will host a global summit to address a new kind of threat posed this time both superfast and supersmart computers. we both superfast and supersmart computers-_ computers. we can set up processes — computers. we can set up processes to _ computers. we can set up processes to really - computers. we can set up processes to really delve l computers. we can set up i processes to really delve into what the risks actually are so we can put necessary guardrails while embracing the technology. artificial intelligence comes with lots of officers, from creating new medicines to revolutionising the way you work but it also has the potential to cause harm. the focus of the discussion today will be a cybersecurity and unstoppable generated computer

virus and bioterrorism. could the same tool that could create new medicines also be misused to invent poisons? the founder of google de mine in london says those like him a bill and the technique to develop it with caution. i the technique to develop it with caution.— the technique to develop it with caution. i don't think we should move _ with caution. i don't think we should move fast _ with caution. i don't think we should move fast and - with caution. i don't think we should move fast and break. should move fast and break things. in this case i think we have built massive companies and great services but ai is too important a technology to do it in that way. instead, we should be looking at the scientific method and trying to understand each step of the way in a rigourous way. but understand each step of the way in a rigourous way.— in a rigourous way. but the money pouring _ in a rigourous way. but the money pouring in, - in a rigourous way. but the money pouring in, surely l in a rigourous way. but the i money pouring in, surely that makes new and fast things quite tempting? makes new and fast things quite tem -atin ? ., ._ tempting? even though there may be a temptation _ tempting? even though there may be a temptation and _ tempting? even though there may be a temptation and commercial l be a temptation and commercial reasons and opportunities to do that, i think this is much bigger than that and we have to get it right. for bigger than that and we have to get it right-— bigger than that and we have to get it right-_ get it right. for this canadian developer. —

get it right. for this canadian developer, the _ get it right. for this canadian developer, the big _ get it right. for this canadian developer, the big worry - get it right. for this canadian developer, the big worry is l developer, the big worry is controlling the impact right now. i controlling the impact right now. ., . ., . controlling the impact right now. . . ., now. i am concerned about the misuse in _ now. i am concerned about the misuse in terms _ now. i am concerned about the misuse in terms of— now. i am concerned about the misuse in terms of the - now. i am concerned about the misuse in terms of the broader conversation about existential risks or some sort of doomsday terminator scenario, risks or some sort of doomsday terminatorscenario, i risks or some sort of doomsday terminator scenario, i think thatis terminator scenario, i think that is sci—fi. the technology is not ready for instance to prescribe drugs to patients. there, and eric could cost a human life. end of scenarios, it is just human life. end of scenarios, it isjust inappropriate human life. end of scenarios, it is just inappropriate to have humans completely out of the loop. you have to preserve human presence in over sides of these systems.— these systems. elon musk will also 'oin these systems. elon musk will also join the — these systems. elon musk will also join the summit. - these systems. elon musk will also join the summit. with - also join the summit. with investment blowing it, rivals and reputation is at stake, there is no sign the booming sector is slowing down anytime soon. zoe kleinman, bbc news. and it's that booming ai sector that the uk is very keen to position itself at the forefront of looking to capture the huge

potential benefits which are set to transform the economy and could unlock greater productivity and growth in the uk. here's our economics editor faisal islam. although this week's ai safety summit is about catastrophic risks to lives, even, the uk's economic strategy here is a more open attitude with less regulation of more immediate risks around bias, discrimination and to jobs. welcome to a place where unicorns thrive. that's because rishi sunak wants those cutting edge ai innovations to happen here in the uk, with the creation of billion dollar tech businesses that are referred to as unicorns. this is quantexa, one of those british unicorns, an ai company which scans billions of bank transactions to find strange patterns typical of fraud. what the algorithm, the ai here is determining, it's spotting those suspicious patterns. forfounder, vishal, it's a record year — the only unicorn born in britain in 2023. what we've seen in the last 12,18 months, faisal, is a huge increase in scale,

being able to interpret data at a volume that's been unprecedented. so there's huge opportunity here for the united kingdom to be the frontier when it comes down to embracing ai and machine learning. the uk has a long history of innovation, famously so here at bletchley park, but has not always been the best at forging business success and growth out of it. it was the code breaking mathematical geniuses on this site, who, 80 years ago, cracked the enigma code and then formed the foundation of modern computing and artificial intelligence. and could it be that those same technologies are the key to unlocking britain's long standing productivity puzzle? ai is the biggest transformation of the economy since the internet. this government adviser says british strategy is to offer freedoms for al companies to experiment. what the uk government has decided to do is take

what they call this light touch approach, right? they're saying that we are really obviously very keen to look at how we ought to make ai safe across the board for consumers, right, for the british public. but what we have to do is do that on a case—by—case basis. europe and the us could put in more controls over actual new ai technologies. and so here at bletchley, the americans want to talk about that, notjust what rishi sunak referred to as a nuclear war style human extinction risk. everyone, notjust britain, wants to win the economic battle over ai. and we'll have more on that summit later in the programme including details about the ai executive order signed by president biden on monday. they've hailed it as the most significant action taken on al safety by any government so far. to the us now where its all

eyes on the central bank to the us now where it's all eyes on the central bank as the federal reserve is due to make its latest call on the cost of borrowing today. the fed is weighing up how to manage an economy that has surprised recently with its continued strength driven by the confidence of the american people who are spending their money. so what are the options? our north america business correspondent erin delmore has the details. what do you get when you add strong consumer spending, a tightjob market and remarkable growth? you get a resilient economy, an economy that defied earlier predictions of a recession and one not buckling under the weight of interest rate hikes. raising interest rates is the feds best tool to come back consistently high inflation. and while inflation has fallen by half from its june 2022 high of 7%, it is

still higher than the target of 2%. policymakers hinted they may hike interest rates once more before the year is out. they will have a chance this week or at the last meeting in december or they cannot do it at all. investors and economists are predicting policymakers will skip a rate hike this week and instead hold rates steady giving everything more time to work its way through the economy. she was cut off that too soon but she was going to say we will know later because the federal reserve will announce its decision later today. lets unpack this further with sarah hewin, head of research europe and the americas at standard chartered bank. we promise not to cut you off early. what are you expecting the fed to do today? do you believe they will keep rates on hold or will they make a move? i think they will keep rates on hold and that is widely expected as well if you look at

what the markets are expecting. the focus is much more on what fed president mr powell is going to be staying at the next meeting in december rather than any expectations that there will be another rate hike this month. ~ ., ., ,, ~' month. what do you think will ha en month. what do you think will happen next? _ month. what do you think will happen next? everyone - month. what do you think will happen next? everyone is - month. what do you think will| happen next? everyone is now looking ahead and trying to work out will the us put up rates again and if so how much and that is that it was back thatis and that is that it was back that is a sort of thinking now? absolutely. we get the sense that for a majority of fed policymakers rates are at about the right level and they do not think it is desirable or necessary to raise rates further but it is unlikely we will get that clear message today from jay powell. quite a lot of strength in the economy, the economy has done a lot better than expected and unemployment is still low. there is the risk that it could

accelerate. on the other hand, inflation is coming down, wage growth is slowing and we are seeing signs that the tightening in rates that the period of increases in interest rates is starting to have an impact. credit growth is slowing, the housing sector is starting to struggle and it is becoming more of a problem for any debtors in the us economy. and it doesn't take a while for high interest rates to have its effect. there is a lag but we are starting to see that kick in and out and we are hearing quiteafew in and out and we are hearing quite a few companies saying this is our results right now but looking ahead the higher interest rates will impact us. for example, elon musk saying people will be less likely to buy his cars. i

people will be less likely to buy his cars— buy his cars. i think that is riuht. buy his cars. i think that is right. consumers, - buy his cars. i think that is l right. consumers, consumer buy his cars. i think that is - right. consumers, consumer debt is going to become more costly to service for business, the cost of servicing the debt is getting more expensive as well. remember whistle march last year and july this year, five point to 5% increase in interest rates so that was a pretty sustained and sizeable increase, a big change from where we were just a couple of years ago. —— 2.5%. close to 0%. the squeeze is on and it is becoming more difficult and we think it will start to effect demand next year although so far the consumer led have been very resilient. indie far the consumer led have been very resilient.— very resilient. we will see how lona that very resilient. we will see how long that lasts. _ very resilient. we will see how long that lasts. thank- very resilient. we will see how long that lasts. thank you. - to europe now and the price of natural gas. the european commission is due to carry out a review today of the eu's gas price cap. brought in, in february, it limits the amount consumers

pay for gas, shielding them from soaring wholesale prices caused by russia's invasion of ukraine and the kremlin cutting off pipelines. prices have since stabilized and the bloc now has significant amounts of gas in storage. but the conflict in the middle east has seen prices ticking up again. i'm joined by massimo di odoardo, vice president of gas and lng research at consultants wood mackenzie. this price for gas took a while to negotiate. there were different arguments. how has it been going? it different arguments. how has it been going?— been going? it is always a very olitical been going? it is always a very political negotiation. _ been going? it is always a very political negotiation. there - political negotiation. there are countries opposing from the very beginning. that it could distort the market if prices were going to hit that cap

whereas others show willingness to back consumers if things get worse to where they are now. it is likely it will be extended but, yes, it will be interesting to see. at one level, it is going to be inaudible.— level, it is going to be inaudible. a inaudible. as you say some member states _ inaudible. as you say some member states were - inaudible. as you say some . member states were concerned, for example germany, austria, denmark, that a price cap would scare off supplies of energy. do we have any energy to show thatis do we have any energy to show that is happening? that do we have any energy to show that is happening?— do we have any energy to show that is happening? that has not ha--ened that is happening? that has not happened but — that is happening? that has not happened but the _ that is happening? that has not happened but the reason - that is happening? that has not happened but the reason is - that is happening? that has not happened but the reason is we | happened but the reason is we never really got close to the cap. prices have not really tested the implications of the cap. if the price was going to go across to the cap, that would be a number of negative effects into the market. the

gas price would be distorted, players would perhaps not willing to sell and the press cut could be lifted at some point. you are it would struggle to compete. it is politically attractive on one side but it could be detrimental to the market if the price will go too close to the price will go too close to the cap. i the price will go too close to the ca -. ~' ., the price will go too close to the ca. ~ ., i. the price will go too close to the ca. ~ ., ,, ., ., the price will go too close to the ca. ,, ., ., ., ., the cap. i know your area of expertise — the cap. i know your area of expertise is _ the cap. i know your area of expertise is gas _ the cap. i know your area of expertise is gas and - the cap. i know your area of expertise is gas and energy| the cap. i know your area of. expertise is gas and energy but the bank warning this week about the possibility of oil prices reach $150 a barrel. what are your thoughts on that? the oil market is obviously still quite tight. at the moment, the oil price has not reacted so much because there has not been any physical displacement, unlike what has happened to gas. but clearly, if the conflict was going to

escalate and the war was going to extend it would have implications in terms of how cargoes would transit and that could have quite dire implications in terms of the price of oil.— price of oil. thank you very much. let's get some of the day's other business news now. the panama canal will further reduce the number of daily shipping crossings in the coming months due to a severe drought. authorities managing the canal said slots will be cut to 25 per day from this friday — down from an already reduced 31 per day. this will be further cut to 18 a day by february. danish wind energy giant orsted have said that it will cease operations on two offshore projects in the us. the company said it had to stop the development of its ocean wind projects off the newjersey shore, citing high inflation, rising interest rates and supply chain bottlenecks. the announcement is a setback

for us climate ambitions. a federaljury in the us state of missouri has found some of the country's largest real estate brokers liable for nearly $2 billion in damages for artificially inflating commissions on the sales of homes. the class action argued that between 2015 and 2022, the commission that sellers were forced to pay to cover the costs of their buyers' brokers were anti—competitive and made transactions more expensive. around the world and across the uk, this is bbc news. voice-over: bbc, bringing you different stories _ voice-over: bbc, bringing you different stories from _ voice-over: bbc, bringing you different stories from across - different stories from across the uk. ., , ., ., i: ., , the uk. that is one of 50 meals on wheels _ the uk. that is one of 50 meals on wheels volunteers _ the uk. that is one of 50 meals on wheels volunteers are - the uk. that is one of 50 meals| on wheels volunteers are known as delivery angels at harrogate neighbours, delivery 150 hot meals a day into the community and with or without the tractor delivery they say the service

is more important than ever. it's been a great help and there _ it's been a great help and there are fantastic. i it's been a great help and there are fantastic.- it's been a great help and there are fantastic. i was sick to death, _ there are fantastic. i was sick to death, it's _ there are fantastic. i was sick to death, it's unusual, - there are fantastic. i was sick to death, it's unusual, the i to death, it's unusual, the food — to death, it's unusual, the food angeis _ to death, it's unusual, the food angels are _ to death, it's unusual, the food angels are always - to death, it's unusual, the food angels are always sol to death, it's unusual, the - food angels are always so happy if you _ food angels are always so happy if you want — food angels are always so happy if you want the _ food angels are always so happy if you want the cattle _ food angels are always so happy if you want the cattle filling - if you want the cattle filling with — if you want the cattle filling with waten _ if you want the cattle filling with water. is _ if you want the cattle filling with water.— if you want the cattle filling with water. �* , ,., , ., ., with water. as the population a . es with water. as the population ages demand _ with water. as the population ages demand for— with water. as the population ages demand for services - with water. as the population j ages demand for services like this is growing.— this is growing. budgets are cuts of the _ this is growing. budgets are cuts of the service - this is growing. budgets are cuts of the service is - this is growing. budgets are cuts of the service is really. cuts of the service is really important. people are isolated. last year we had carrots. this year we came up with something different. the mother of the owner of the tractor so she said we could borrow it. the team just — said we could borrow it. the team just have _ said we could borrow it. the team just have to _ said we could borrow it. the team just have to decide the form of transport to choose for next year's national meals on wheels. hello again. you're live with bbc news. the flexible workspace provider wework will reportedly file for bankruptcy protection

as early as next week, according to the wall street journal, citing sources familiar with the matter. a wework spokesperson told the bbc that it doesn't comment on speculation. the company has been grappling with losses and debt since 2019 when its plan to go public failed, worrying investors. joining me now is gervais williams, head of equities at premier miton. good to see you again. so wework, there were so much buzz about this company when it was the scene, it was seen as the disruptor to a degree in terms of workspace. now it looks like it could go bankrupt?— it could go bankrupt? that's riuht. it could go bankrupt? that's riht. it it could go bankrupt? that's right. it really _ it could go bankrupt? that's right. it really has _ it could go bankrupt? that's right. it really has come - it could go bankrupt? that's l right. it really has come down to a great height. in the past it was nearly $50 million in market capitalisation, a giant company, nowjust 0.2. i think that's out of three reasons. with interest rate rises substantial, persistent and the

cost find that will go up. what about the customers are being price sensitive, as you see with the slowdown companies are less likely to pay for accommodation so that's leading to becoming more price sensitive and thirdly banks themselves have run short of deposits but are getting more tight in terms of lending standards which makes it more difficult for companies like wework to continue borrowing. think the pandemic really was a massive and ella mccaughan for this company? i massive and ella mccaughan for this company?— this company? i think it's only was massively _ this company? i think it's only was massively unhelpful- this company? i think it's only was massively unhelpful -- i this company? i think it's only l was massively unhelpful -- and was massively unhelpful —— and ella mccaughan. we all work from home so from that view volumes came down. they were bridged to some degree by fellow payments which helped enormously but ultimately as we move back into work recently, they haven't taken market share and the profits they were expecting. and the profits they were expeeting-_ and the profits they were exectina. �* ., ~ expecting. also the way we work has completely _ expecting. also the way we work has completely changed, - expecting. also the way we work has completely changed, to - expecting. also the way we work has completely changed, to use | has completely changed, to use their actual name, wework, many do it from home. they have come

up do it from home. they have come up with a hybrid working measure whether a lot less, they are not paying for flexible working environments that wework provides anymore, they are at home for free. that's right. obviously a lot of staff work from home each day and so you don't need as many places in terms of workplace places and you have hot testing which helped enormously. effectively the demand for the wework service has reduced and as they say we have alongside that product companies being price sensitive some combination of those means they have not recovered the way they have not recovered the way they expected and they are in danger of falling into bankruptcy.- danger of falling into bankrut . ~ ., bankruptcy. we mentioned the word unicorn _ bankruptcy. we mentioned the word unicorn already _ bankruptcy. we mentioned the word unicorn already in - bankruptcy. we mentioned the word unicorn already in this . word unicorn already in this programme, the company that's worth $1 billion or more. you talked about zombie companies in our discussion of mine earlier. describe what that is and how wework applies to part. zombie companies is formally defined as a company not generating enough cash to even pay interest bills, that would

have a lot lower a few years ago when interest rates were lower so are a lot of companies which were not even generating enough cash to generate, pay the interest bills in those days and with interest rate a lot higher now there is a lot more zombies out there unfortunately i don't think wework will be alone, still be a good range of companies who fall into insolvency, an appointment will go up, it'll be really uncomfortable. the government and companies generally over the next few years. generally over the next few ears. ., ~' generally over the next few ears. . ~ , ., generally over the next few ears. ., ~ , ., y generally over the next few ears. . ~ ,, , . gervais williams. the us have directly targeted the main source of foreign revenue for myanmar�*s ruling junta in a new set of sanctions aimed at the countries oil and gas sector. joao da silva in our asia business hub has the story. over to you. these measures by the us treasury department will prevent americans from providing certain financial services to a state owned oil fund including basic services like loans, accounts, investment and insurance, so

it's a pretty big hit for myanmar�*s militaryjunta myanmar�*s military junta because myanmar oil and myanmar�*s militaryjunta because myanmar oil and gas enterprise is, as you've said, their main source of foreign revenue. it must be said that the white house stopped short of adding the company to its specially designated nationals list which would fully kick out of the us banking system, ban any trade with americans and freeze the company's assets in the us. it is unclear why us policymakers decided not to go all the way at this stage. human rights advocates have long been calling for more sanctions on myanmar�*s oil and gas sector and a report earlier this year un special rapporteur on even singled out the state owned firm as an important source of foreign currency that the jointer relies on to purchase weapons. so really during a direct line there between the company and the atrocities to human rights by relations committed by the ruling junta. thank you for

that really interesting. more now on the ai safety summit kicking off today here in the uk, which will focus heavily on the potential existential threats some governments fear artifical intelligence poses. to find out more i spoke to dr gopi katragadda, president of the institution of engineering & technology and leader in the field of artificial intelligence. what we need to make sure as we move forward as i's impact and ensuring we are considering that. and also ethical data, including making sure that we are paying the right amount for the right data, the data privacy aspects, inclusion and so on. these are matters we can really address why we bring the magic of ai really address why we bring the magic of al to the world. so the white — magic of al to the world. so the white house hasjust signed the white house has just signed a far—reaching executive order on al that puts the onus on companies to tell federal

government about the risks posed by ai, so opinion, is this necessary or is it more red tape? i this necessary or is it more red tape?— red tape? i think it is necessary. _ red tape? i think it is necessary. what - red tape? i think it is necessary. what is i red tape? i think it is - necessary. what is happening with the us announcement is similar to health and safety regulations to make sure that there the aspects of ai, which need to be thought about and uniformly discussed across companies, be it start—ups or not, so this is good. the ability to showcase and demonstrate that the companies are not only to give up all these aspects but have put in place policies that meet the need and standard for ethical ai data. ~ . . need and standard for ethical ai data. ~ ., ., ., ai data. what are you hoping to be achieved _ ai data. what are you hoping to be achieved in _ ai data. what are you hoping to be achieved in the _ ai data. what are you hoping to be achieved in the uk _ ai data. what are you hoping to be achieved in the uk this - ai data. what are you hoping to be achieved in the uk this week at this global event?— at this global event? yes, in the uk i _ at this global event? yes, in the uk i am _ at this global event? yes, in the uk i am glad _ at this global event? yes, in the uk | am glad that- at this global event? yes, in the uk | am glad that it - at this global event? yes, in the uk | am glad that it is i at this global event? yes, in j the uk i am glad that it is an international conference and country leaders are coming from

all over the world. it's important because ai, just like climate change, cannot evolve independently in each country from regulation standpoint. you cannot have one country have an advantage because of the fact that they are using it, let's say, which enable the researchers for their companies to use popular material, and another country has regulations which ruins. we need to get her plays or start off on an equal footing and create a world where ai provides the ability to take human health and comfort to the next level also thinking about the planet. so much to talk about. there is a summit on that this week here in london. see you soon. hello. after what was a very wet october for many places, the beginning of november promises more rain,

particularly through wednesday night into thursday thanks to storm ciaran — this storm named by the met office. it will bring widespread heavy rain, but in the south of the uk and the channel islands, there is the threat of damaging winds. on our earlier satellite image, you can see that storm just beginning to develop, this hook appearing in the cloud. that's an area of low pressure that is deepening, and will continue to deepen as it pushes in our direction. in the short term, this frontal system pushing its way north—eastwards through wednesday. that's going to bring some outbreaks of pretty heavy rain, some squally, gusty winds across the south—east corner first thing as this band of showers works its way eastwards. a band of heavy rain pushing out of northern ireland and northern england and then up across scotland, briefly some snow over high ground in northern scotland, then turning back to rain, windy in the north and in the west of scotland. sunshine and showers developing for northern ireland, england and wales. temperatures of 7—14 degrees in most places.

and then, as we head into the evening and overnight, this is where storm ciaran starts to make its move. very heavy rain swinging its way across the south of the uk and some really strong winds. see the isobars here on our pressure chart really squeezing together. there a met office amber warnings that have been issued for parts of southwest wales, more especially south west england, and then along the english channel coast and up into parts of east anglia. inland gusts of around 70 mph. coastal parts likely to see gusts of 70—80 mph. and not covered by met office weather warnings, but the channel islands could see the worst of the weather — gusts here could well touch 90 mph. with those strong winds, some very heavy rain across many parts of england, wales, southern and eastern scotland, perhaps fringing into northern ireland as we go through the day on thursday, and temperature—wise, ten, 11, 12 degrees. so that rain could cause some issues with flooding, those strong winds bring the risk of damage and disruption.

and our area of low pressure will still be with us as we move on into friday, weakening as it goes, so the winds should ease just a little. but it does remain very unsettled with more rain as we head into the weekend.

good morning, welcome to breakfast with sally nugent and jon kay. our headlines. mobile and internet blackout inin gaza as israel continues to strike the terratory overnight. devastation in in northern gaza — israel says it was targeting hamas infrastructure. people search through the rubble for survivors as israel's military plans to close ticket offices in england, after a backlash they will stay open. i england, after a backlash they will sta 0 en. , ., ., stay open. i will be hearing from industry experts _ stay open. i will be hearing from industry experts and _ stay open. i will be hearing from l industry experts and campaigners. saudi arabia were left as the only country willing to stage the world cup as the deadline passes and no rival bid emerges.

hello, i'm lenny. i'm going to bejoining you all today to do some funny things.