president xi tells president biden — as the two try to ratchet down tensions between the world's largest economies. president biden says there has been "real progress". the united states will continue to compete vigorously with the prc, but we'll manage that competition responsibly so it doesn't veer into conflict. also coming up — trouble brewing at starbucks as workers plan a walkout on red cup day — one of the chain's busiest days of the year. plus, what now for uk interest rates? despite inflation falling sharply, economists warn the bank of england won't be in a hurry to cut the cost of borrowing. and chocoholics beware — why your favourite bar could be getting smaller, or more expensive — or both — as cocoa prices surge to a record high.

hello, if you havejustjoined us, you are very welcome. let's crack on with the top business stories. we start in san francisco — where, as you have been hearing, president biden has hailed "real progress" following four hours of talks with china's president xi — on the sidelines of the apec summit. they agreed to reopen communications between the military on both sides — and work together to stem the flow of the opioid drug fentanyl into the us. but there was no concession from the us on lifting trade sanctions on china — including the export ban on advanced computer chips — which president xi had complained is harming china. the united states will continue to compete vigorously with the prc, but we'll manage that competition responsibly so it doesn't veer into conflict, or accidental conflict.

and where it's possible, where our interests are...coincide, we're going to work together like we did on fentanyl. that's what the world expects of us. the rest of the world expects — notjust people in china and the united states — but the rest of the world expects that of us. our technology correspondent james clayton is in san francisco, and says the two presidents made no progress on some of the most difficult issues between the us and china. well, it was exactly what we were expecting. we were pre—briefed that the militaries were going to start talking again — that's exactly what they've said. we were also pre—briefed there was going to be some kind of ai announcement — that's exactly what's happened. it's going to be a working group between china and america to better regulate ai. and one that really interests me — another working group, this time on fentanyl — that really addictive drug. a lot of the elements are made in china and brought over to mexico and then come across the mexican border to the us. and fentanyl has devastated cities like san francisco.

and, by the way, just in 2021, there were more deaths from fentanyl in this city than covid. so it's a really big problem for us cities, and they're trying to do something there. but really this was everything that was pre—briefed — there was no spectacular things that we didn't think were going to happen. and, frankly, these are low—level agreements. there was nothing agreed that you would put in the sort of difficult category. jake colvin is president of the us national foreign trade council which represents american businesses on trade and taxation issues. he's at the summit in san francisco. so what do you make of it from your perspective, how successful was this fa ce—to —fa ce successful was this face—to—face meeting? successful was this face-to-face meeting? successful was this face-to-face meetin-? . ~ face-to-face meeting? thank you for havin: face-to-face meeting? thank you for having me- — face-to-face meeting? thank you for having me. clearly _ face-to-face meeting? thank you for having me. clearly this - face-to-face meeting? thank you for having me. clearly this was i for having me. clearly this was highly choreographed and i don't think anyone really expected any kind of grand

bargain that would get at some of those long—standing and difficult issues you previewed. certainly china's property rights, cyber espionage, china continues to complain about us terms. but the tone was clearly different and that was important. you heard today a narrative about coexistence and competition. president xi said something along the lines of the earth is big enough for the us and china. significant in that this is the first time the chinese president was in the us in i think six years, and since that time the relationship has really deteriorated and so this was a chance to reset. it was a tricky balance for both leaders because they were both

clearly but also desire. he is beafina clearly but also desire. he is bearing in — clearly but also desire. he is bearing in mind _ clearly but also desire. he is bearing in mind there - clearly but also desire. he is bearing in mind there is - clearly but also desire. he is bearing in mind there is an l bearing in mind there is an election in the us next year and the us relationship with china, what the us gets out of that relationship is always a hot topic among voters, isn't it? �* ., ., , , hot topic among voters, isn't it? ., ., ,, it? among voters but also politicians. _ it? among voters but also politicians. throughout. it? among voters but also| politicians. throughout the week you saw president biden but also treasury officials clearly emphasising that our national security and economic posture towards china is non—negotiable. but there was a clear interest in maintaining an open dialogue and so on the one hand there is this basic goal to avoid misinterpreting actions in a way that would lead to conflict and so you

think back to the washington moscow hotline during the cold war but there was also a real emphasis this week on finding areas where you can claim opportunities for the us and china to cooperate. flan opportunities for the us and china to cooperate.- opportunities for the us and china to cooperate. can i ask ou china to cooperate. can i ask you about — china to cooperate. can i ask you about the _ china to cooperate. can i ask you about the trade - china to cooperate. can i ask l you about the trade sanctions? china really wants those lifted to a great degree and president xi hasjust been to a great degree and president xi has just been at a glitzy dinner in the palace hotel in san francisco, where many big business leaders who were there, reportedly tim cook, boss of apple, many us businesses are in china. what was the outcome of this meeting in the us of the chinese leader from their perspective? i in the us of the chinese leader from their perspective?- from their perspective? i want to unpack _ from their perspective? i want to unpack the _ from their perspective? i want to unpack the idea _ from their perspective? i want to unpack the idea of - from their perspective? i want to unpack the idea of trade - to unpack the idea of trade sanctions because there are export controls on sensitive technologies that could be used for military purposes and i

think that the us has been crystal clear that the us government is going to decide on those, irrespective of anything else that happens in the relationship. whether ultimately it will be some flexibility is on these that president trump had put in place when he said china can make progress in addressing some of the concerns that the us government and businesses have about playing by the rules. ., , . ., have about playing by the rules. . , . . ., rules. can i be clear, on the computer— rules. can i be clear, on the computer chips, _ rules. can i be clear, on the computer chips, that - rules. can i be clear, on the computer chips, that is - rules. can i be clear, on the computer chips, that is a i computer chips, that is a president biden tariff, not president biden tariff, not president trump.- president biden tariff, not president trump. sure, buti don'tthink— president trump. sure, but i don't think that _ president trump. sure, but i don't think that is _ president trump. sure, buti don't think that is up - president trump. sure, buti don't think that is up for i don't think that is up for grabs. there is nothing that president xi can say that will change the us with respect to those export controls. it is aood to those export controls. it is good to talk _ those export controls. it is good to talk to _ those export controls. it is good to talk to you, i those export controls. it is good to talk to you, very l good to talk to you, very fascinating. jake colvin, president of the national foreign trade council. let's stay in the us, because trouble is brewing for starbucks as thousands of unionised staff say they will walk off the job today, on one of the coffee chain's busiest days

of the year. thursday 16th is red cup day — when starbucks gives out festive reusable cups, often attracting huge queues. the action is the latest attempt to pressure the company to bargain with the union and address issues such as understaffing. michelle eisen is a national leader of starbucks workers united — who helped launch the union. she's been speaking to my colleague michelle fleury. today is what the company refers to as red cup day. it is probably the largest promotional day all year for the company, and it is a horrible day if you are a starbucks worker. stores are continually understaffed, constantly running out of product. there's long wait times for customers and the workers on the floors of these shops, they bear the brunt of that. and it's time that our voices be heard, and the strongest voice we have right now — the strongest weapon we have right now — is our labour. we've won the first unionised

starbucks in us history. michelle eisen worked at the first ever starbucks to successfully organise. and she's still a key figure in starbucks workers' efforts to unionise. what do you hope to achieve? what i hope to achieve is that the company starts paying attention. and we're seeing a lot of different groups who are joining us in front of these stores this year, and i think that's what's going to set this apart. and i think that's what should scare the company. their reputation is. . . everything. and if your customer base has now decided that you are a union—busting company that mistreats its workers just for simply wanting to organise their workplace, they're going to start to feel that. the coffee chain, which operates roughly 10,000 stores across america, said in a statement that it remains ready to progress in—person negotiations with the unions, and blamed any delays on union organisers. starbucks says workers united hasn't agreed to meet to progress contract bargaining

in more than four months. what's your response? i'd say that's simply untrue. they have not come to the table in any meaningful way. i've been in this fight nearly the longest. i'm at the first store that unionised in the us almost two years ago. if they do manage to come to any sort of bargaining session, they're not there in any sort of meaningful way. they're not there to reach any sort of agreement. workers at the big american car—makers secured major gains recently. so, too, did ups workers. a bittersweet moment, says michelle. this campaign really lit a fire under the labour movement in this country, and we are still sitting here, fighting super hard, and not getting that contract. to the uk now, where there was a rare bit of good economic news on wednesday as official data showed inflation fell sharply in october to its lowest rate for two years. the annual rate of price rises slowed to 4.6% — lower than expected, and down from a peak of more than 11% a year ago.

prime minister rishi sunak said he'd delivered on his pledge to halve the rate of inflation. economists say it's largely down to lower energy prices — and warn that the bank of england won't be in a rush to cut interest rates. here's our economics editor faisal islam. at high tide, from the high seas, lower inflation. a tanker full of natural gas frozen and compressed into liquid form travelling 6,000 miles from peru. a third of the uk's entire supply comes through the estuary at milford haven in this way. the lower world price of gas delivered here in west wales now filtering across the country. and while the headline inflation numbers are down sharply, at the local foodbank project, they are stocking up for a tough winter. the energy cost has come down but we are not seeing our demand getting any less. i think people may be playing

catch—up with the bills that they maybe sort of shelved or paid a bit less off whatever they are paying off. but i think fundamentally i don't think much has changed for people on low incomes, no. over at the hake inn chippy, pricey haddock is off the menu. whilst some food prices and energy prices are down, they are still well above levels two years ago. it's just really hard. we are getting by, to be honest. good job we use our own potatoes that we grow... that keeps the prices down? yeah, because we can sell them cheaper then that way. at milton haven marina they are yet to feel a substantial change to bills. a lot of things have gone up, got car insurance, council tax. we are going through a lot more gas and electricity even though we are trying to use less. we are reducing the amount of time we might have the heat on, if we put it on at all. a seventh of all of britain's petrol, diesel and airline fuel

is also refined here on this coast from imports of crude oil. the massive global energy shock that hit the uk economy over the past couple of years is now on the turn. you can see it here in the giant ships of gas from the americas that fuel people's homes and the power stations up the coast. in the tankers of crude oil being turned into petrol. inflation is now sharply lower, but it isn't yet low and there are still concerns about the inflationary pressures generated here in the uk, not from around the world. there's lots more work to do, we still have to bring inflation down to its target level of 2%. but now we are beginning to win the battle against inflation. we can move to the next part of our economic plan, which is the long—term growth of the british economy. of course it's welcome that inflation has come

down from record highs, but the truth is, during the course of this parliament the cost of living crisis has hit hard for working families. the government says it's delivered on the pm's promised to halve inflation, but actual deliveries promise to halve inflation, but actual deliveries of cheaper gas from afar, at places like this, are the biggest reason inflation in general — not defeated yet. faisal islam, bbc news, in milford haven. susannah streeter is head of money and markets at hargreaves la nsdown. good morning to you. lovely to see you. the bank of england have been clear for some time, unless they feel inflation is really under control they will not make a new move in terms of lowering the cost of borrowing. absolutely. the chief economist of the bank of england has been speaking this week and he stressed again that rates would

have to stay pretty restrictive for an extended period. that is monetary policy overall and what huw pill means by that its interest rates. although the bank has pressed pores and there was not another rate hike, it will have to stay at that level for quite a while. so we are not expecting cuts certainly before the middle part of next year. so from june onwards. that is still a long time that the cost—of—living crisis for many people, for businesses and for households is going to continue raging. there have been some glimmers of hope. mortgage deals have edged down a little bit after a shooting sky high, but we are not actually expecting really big jumps down until the prospect of cuts really do become on the cards. i wonder, now, if economists _

become on the cards. i wonder, now, if economists are - become on the cards. i wonder, now, if economists are saying i now, if economists are saying we still have another rate rise to come. a month or so ago they were saying we still did.- were saying we still did. well, the bank of — were saying we still did. well, the bank of england _ were saying we still did. well, the bank of england has said i the bank of england has said that it has to keep the door open. but i think it depends. there will be descent around the table, the monetary policy committee, about what to do. the feeling is you keep the rates at that higher restrictive level for some time rather than pushing them up and perhaps cutting more quickly almost might do the same job but will perhaps do the job a bit better and so i think there is going to be a debate about what should happen going forward, and the key thing is what is happening to wages because they are still rising really strongly. 7.7% in the year to october. that is what the bank is worried about, that feeding through to services inflation in particular. that is what they will keep an eye on. forthe is what they will keep an eye on. for the moment it doesn't look like we will have those higher interest rates hanging

around for an extended period. 0k, thank you very much indeed. susannah streeter, there. around the world and across the uk, this is bbc news. bbc news — bringing you different stories| from across the uk. this for 32 years, this portable building on an raf base was home, but now the midlands air ambulance charity has flown the nest. overtime, thejob has changed. medics here described this as a hospital in the air. the £11 million facility, entirely funded by grants, will be able to provide a 24—hour—a—day service from january. this is really useful for that repetitive task training. she's going to have lots of attempts. she's going to be able to practise it multiple times. the new headquarters also brings all the staff together under one roof. the driving force of this was the one—team culture and bringing everybody together, and we've managed to achieve that. and it's had a dynamic effect on morale. it's been fantastic. for the crews themselves,

the new facilities are less than a mile away from the old. ultimately, it's about 4,000 patients a year treated from here or air bases in staffordshire and worcestershire. for more stories from across the uk, head l to the bbc news website. you're live with bbc news. let's continue with the business news. now for some worrying news for chocolate—lovers around the world. the price of cocoa has surged almost 80% on the london market this year to hit a record high — in new york it's trading at its highest level since 1977. what's driving the price rises, and what does it mean for consumers? especially at the time of year, there is so much chocolate out there is so much chocolate out there to snap up. pauljoules is a commodity analyst at rabobank here in london. good to see you. why such a spike in cocoa prices? like you sa , we

spike in cocoa prices? like you say. we have _ spike in cocoa prices? like you say, we have reached - spike in cocoa prices? like you say, we have reached these i say, we have reached these astronomical highs in terms of prices in both london and the new york contract. a lot of it is to do with west africa. we see 60% of global production take place in two countries. ivory coast and ghana. 0ver there we are seeing a number of production issues. ageing trees, disease, and there is also a risk because we just entered and el nino year, with surging temperatures. there is a risk that in 2024 we could have lower production. there is a correlation between strong el nino events and lower cocoa production in west africa, which adds an additional risk premium. which adds an additional risk premium-— premium. how high will the rices premium. how high will the prices go. _ premium. how high will the prices go, given _ premium. how high will the prices go, given what i premium. how high will the prices go, given what you i premium. how high will the i prices go, given what you have said? , . ., prices go, given what you have said? , . , said? they could potentially move higher. _ said? they could potentially move higher. this _ said? they could potentially move higher. this is - said? they could potentially move higher. this is not i move higher. this is not completely fundamentally driven. we are seeing speculative activity in the market, so we are seeing the managed money and funds heavily invested in cocoa. because of

that could exasperate further. the other reason price could remain high, in north america it has to climb somewhat more but in europe it has held up pretty well. but in europe it has held up pretty well-— but in europe it has held up re well. ~ . . pretty well. what about cocoa farmers? _ pretty well. what about cocoa farmers? there _ pretty well. what about cocoa farmers? there are _ pretty well. what about cocoa farmers? there are a - pretty well. what about cocoa farmers? there are a lot i pretty well. what about cocoa farmers? there are a lot of i farmers? there are a lot of fair trade products out there where the farmer is prioritised, but is this high price scenario really hitting farmers hard?— price scenario really hitting farmers hard? that is part of the issue- — farmers hard? that is part of the issue. in _ farmers hard? that is part of the issue. in those _ farmers hard? that is part of the issue. in those two i the issue. in those two countries, west africa and ivory coast, we have a set price, set by the government, and that is a fixed price. we do see it adjusted to move in line with commodity prices but it is not fully related to commodity prices so they are not seeing these prices and as a result there is less incentive to increase production.- incentive to increase production. incentive to increase roduction. . . production. thank you so much. pauljoules _ production. thank you so much. pauljoules from _ production. thank you so much. pauljoules from rabobank. i to the rise of the "side hustle" — because a recent study shows

one in four adults in the uk has an extra job on the side. in the us it's as many as one in three — and for those in their 20s it's a way of life — with 70% of so—called gen—zs holding down an extra job or business. this is airtasker! a decade ago, the app airtasker was launched to bring together people needing a task done with people looking for a bit of work — anything from assembling furniture to gardening to decorating a christmas tree. airtasker now has almost five million members around the world, and is looking to expand further in the uk. injune, channel 4 invested in the company's uk subsidiary and now has a 20% stake. tim fung is founder and ceo of airtasker — he's in sydney, australia. good to have you on the programme. so, most people, as

we say, have some sort of side hustle. there are so many platforms and apps out there that link up people with those who need things done and those who need things done and those who can provide that help. two, how have you managed to make this a successful, given the competition? i this a successful, given the competition?— this a successful, given the cometition? ~ ., ., competition? i think one of the big differences _ competition? i think one of the big differences between - big differences between airtasker and some of the apps that exist out there in ridesharing orfood that exist out there in ridesharing or food delivery that exist out there in ridesharing orfood delivery is that those are very specific. it is all about if you have a car you can be an uber driver, if you have a bike and you can do food delivery. the difference with airtasker if you can get anything done. when you can get anything done. when you come to our browsing tasks page, everyone can access that and you can see all the different kinds ofjobs that are out there that people in your community need help with. i think a really cool thing is that every single person has unique skills and so there is pretty much a job or a way of

being able to earn some extra money for everyone out there. tell us about your business model, how do you make money? also how do you guarantee safety? a lot of people who need things done in the home i may be people who cannot do those jobs, may be people who cannot do thosejobs, they may be people who cannot do those jobs, they may be elderly or vulnerable. those jobs, they may be elderly orvulnerable. how those jobs, they may be elderly or vulnerable. how do you go about these basic points? sure. airtasker is _ about these basic points? sure. airtasker is really _ about these basic points? sure. airtasker is really simple i about these basic points? sure. airtasker is really simple to i airtasker is really simple to use, you can download on iphone or android or go to airtasker.com. it is free to post a task. you can see for no cost to the people who are willing to do yourjob and you can look through the profiles of those people, but for things like police checks, id badges, do they have the right trade licence for the job you need done? 0nly licence for the job you need done? only when you are comfortable with the person you are going to choose to do your job, you pay into our secure escrow system. then once the job is done, only once you are happy that thejob job is done, only once you are happy that the job is done and the tasco, the person doing the

job, has confirmed, do we release the money to the tasker and only at that point does airtasker make money. the important thing is that it is a win—win business model for our workers. we are not asking for you to pay upfront advertising fees, like a lot of these other platforms do. you can look at all thejobs, get all the access to all the jobs, get all the access to everything, completely risk—free, but when you get a job airtasker will earn a commission. we are very much aligned with all of our users. ~ . . much aligned with all of our users. . . . , . , users. what are the pitfalls for you? — users. what are the pitfalls for you? i _ users. what are the pitfalls for you? i think _ users. what are the pitfalls for you? i think the - users. what are the pitfalls for you? i think the biggest itfall for you? i think the biggest pitfall is. — for you? i think the biggest pitfall is, we _ for you? i think the biggest pitfall is, we have - for you? i think the biggest pitfall is, we have the i for you? i think the biggest i pitfall is, we have the hardest job ever of trying to inspire all the different types of tasks that could exist which don't exist right now. you talked a bit about somebody paying someone £1800 to get a 14 foot christmas tree installed, ora 14 foot christmas tree installed, or a man used airtasker recently to get a chair that had flown up onto his rooftop during the storm

down via airtasker, so there are so many things that people could get done but it is a pretty hard job to inspire and open up people's minds to all of these different things. it is an app for everything but also you have to be inspired and creative about how you will use our platform. if and creative about how you will use our platform.— use our platform. if they are unusual tasks, _ use our platform. if they are unusual tasks, how - use our platform. if they are unusual tasks, how do i use our platform. if they are unusual tasks, how do you l unusual tasks, how do you monetise that, figure out what it is worth? we have run out of time, i'm afraid, but thank you forjoining us. good to talk to you. tim fung, founderand chief executive of airtasker. tell me what you think. do you use these apps or are you a little bit, i don't know, reluctant for various reasons? do tell. i am at @sallybundockbbc on x. if you are watching in the uk, bbc breakfast is next. elsewhere, i will see you soon. hello. thursday will bring us a day of contrast across the uk.

in the south we're going to be feeling the impact of storm frederico, which is mainly down across france, bringing strong winds but still producing some wet and windy weather generally towards the south. brightest conditions across the north and north—east of the uk. but we're going to see some fog patches clearing to sunny spells later on. so we've got this area of low pressure moving across france. that's storm frederico and another weather front moving in to the west as well. but really windy conditions for the isles of scilly, the channel isles. gusts could reach in excess of 50 miles per hour. some really heavy rain through the likes of the isle of wight towards sussex, stretching up towards pembrokeshire for instance, as well through the morning. to the north of that, most places predominantly dry. there'll be some heavy showers just working in around the east coast of england, perhaps eastern scotland and later on some rain working into northern ireland from the west. but elsewhere, some sunshine just breaking holes in the cloud and lifting gradually that morning mist and fog. but it could linger all day for some of the sheltered glens of scotland. so pretty chilly there. generally looking at temperatures about 6 to 12 degrees. through thursday evening

and overnight, this weather front in the west starts to edge its way eastwards, tending to peter out as it does so. so still a few showers moving in from the west, but some clear spells as we move through into friday morning. and it's going to be fairly chilly. in fact, we could see temperatures below freezing once again in the sheltered scottish glens. heading through friday, though, a small ridge of high pressure for a while tries to nudge in. so that will bring us a window of drier and brighter weather, too. not completely dry. there'll be one or two showers perhaps around western parts of england, scotland and wales as well. further east, you're more likely to stay dry, i think on friday. cloud and rain moving into the far south—west later in the day. pretty chilly ahead of that, only about 5 to 12 degrees. and again, some mist and some fog possible. but head on into saturday and this area of low pressure moves in from the atlantic — a lot of isobars on that system showing us that we're going to have a blustery day with some fairly heavy showers rotating around that area of low pressure. so i think nowhere immune to showers, probably drying up a little bit in the south later on in the day. but sticking with the heavy potentially thundery showers, but it's going to be milder —

temperatures around about 9 to 15 degrees. sunday, again, we've got the airfrom a milder direction. so not as cold saturday night into sunday. sunny spells, some heavy showers, could be the odd thunderstorm. temperatures around 10 to 14. bye— bye.

good morning, welcome to breakfast with charlie stayt and naga munchetty. 0ur headlines today. ministers say they're in the final stages of negotiating a new asylum seekers treaty with rwanda, as the government tries to save its flagship policy which the supreme court declared unlawful. labour leader sir keir starmer has suffered a major rebellion over his refusal to call for a ceasefire in gaza — ten frontbenchers have left theirjobs over the vote. there has been a lot of anger over standing charges, and now the energy regulator 0fgem says it's looking at an alternative. and it'll be giving you the chance to have your say. controversy in the champions league — the chelsea women's manager claims her team were robbed of a win by two refereeing decisions on a frustrating night against real madrid in spain.

how tom hanks is hoping to take people on a virtualjourney