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tv   World Business Report  BBC News  November 17, 2023 5:30am-6:01am GMT

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also coming up — the moderate lawyer or the right—wing radical? argentina chooses its next president as it battles 1a0% inflation and the worst economic crisis in decades. plus, we're going to need a bigger box! amazon to start selling hyundai cars from next year as part of a partnership with the south korean auto—maker. and the new macho — how global brands are changing the way they market to men. hello and welcome to our look at the business news. we start here in the uk — where there are still almost a millionjob vacancies sitting unfilled. that's according
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to the latest estimates. britain's labour shortage is weighing on the economy and making it harder to control inflation as it pushes up wages. so on thursday the government's finance chief — chancellor of the exchequerjeremy hunt — outlined plans to get more people into the workforce. it could mean benefits being cut for healthy people who aren't in a job, as well as more support to get sick people back into work. meanwhile, the person who hopes to take his job after the next election — shadow chancellor rachel reeves — has told the bbc that the answer is more spending on the nhs to alleviate massive backlogs. here's our economics editor, faisal islam. ahead of a crucial autumn statement next week, there are a couple of economic facts the shadow chancellor and actual chancellor agree on. people in here will be admitted to hospital... the economy has a workforce problem related to health, and in turn, a growth problem.
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they disagree on the surgery required. we've got to fix our nhs to get britain working again. so you see a link between the long waiting lists and the difficulty to get people intojobs? absolutely, because, for so many people, their life is put on hold whilst they are waiting for the operation or the scan or the appointment. if we can clear that backlog in the nhs, we can help start getting people back to work again. that is about fixing our nhs so we can fix our economy. a different approach at a london job centre from jeremy hunt... and is it mainly anxiety and depression? ..announcing a new policy, £500 million a year, on support for those sick and off work, including phone apps for mental health, but also slashing the benefits of some healthy non—workers. these policies are a combination of carrot and stick. we are spending {2.5 billion, for example, to help over half a million people with mental health conditions get the treatment they need to make them able to get back
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into the world of work, which of course is much better for their mental health condition. but also, we are being very clear, people who don't have a health condition, if they don't engage with the system, after six months, their benefit will be stopped. tough medicine from the chancel on benefits. but with an election likely within a year, labour tough medicine from the chancellor on benefits. but with an election likely within a year, labour under pressure to reveal more about its plans. if you become chancellor, are you going to follow conservative spending plans? we're going to raise £2 billion by getting rid of the non—dom tax status to invest in our nhs and into breakfast clubs at primary schools, so we're not signing up to the tories' spending plans. we have announced some targeted closing of tax loopholes on non—doms, on privates schools not paying vat or business rates. as the election battle over a shrunken workforce and sluggish economy hots up, some clear blue water emerging. faisal islam, bbc news.
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jane foley is head of foreign exchange strategy at rabobank here in london. hello to you. great to have you on the programme. just listening to what faisal was trying to explain, there two individuals i very much focusing on the health aspect of the labour force. it is not as simple as that, is it? what are the other causes behind what the uk is experiencing? irate what the uk is experiencing? we have to what the uk is experiencing? - have to first of all point out that this isn'tjust have to first of all point out that this isn't just a have to first of all point out that this isn'tjust a uk problem, many of the oecd countries have this issue with not enough workers and this is a demographic issue. in the last census, i think it was about 18.6 of us said we were over the age of 65 so a lot of us are retired, which is a fundamental problem. a survey by the ons in the uk did show last year that there are many people in the uk in the 50 bracket, 58 years of age
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bracket, 58 years of age bracket, not working, and many of those were because of ill health. there were tweaks in the budget to get doctors back to work on their pensions, get them back to work, trying to help with the queues to the nhs. of course you could say, well, why don't we just import more workers and have more immigration? australia, canada have been quite successful at doing that but that does create another issue, aside from the politics, and that is related to housing. we already have many places where there is a shortage of housing, so that is another issue thrown up by this and if the government wants to try and use the work is that we have and make them more productive, and that i think you're starting with trying to get people back into work, it is not going to be easy. that was a very — is not going to be easy. that was a very useful _ is not going to be easy. that was a very useful background to the causes. i am really interested to hear what you have to tell us on this idea of the hide to fill vacancies because there is a definite split between the public sector
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and private sector. why is the public sector really struggling question about the figure is 41% of question about the figure is a1% of all the employers that were surveyed, it was actually 51% of those were public sector and they were having real problems filling their vacancies, why is that? it is often the — vacancies, why is that? it is often the type _ vacancies, why is that? it is often the type of— vacancies, why is that? it is often the type of work. - vacancies, why is that? it is often the type of work. for| often the type of work. for instance the government has a list of preferred jobs and i think this list is related to people who will find it easier to get immigration visas into the uk and at the top of that list are health workers. health workers, care workers. there is really associate of those and we know in the care industry wages are not attractive —— because there is really a shortage. also on that list by the likes of fishermen and construction workers, various types, and i think we lost a fair amount types, and i think we lost a fairamount of types, and i think we lost a fair amount of construction workers due to brexit. notjust because of brexit but also because of brexit but also because wages were going higher in countries like poland. so
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there is a fundamental issue here about the shortage of workers but there are many reasons creating that and there will be, equally, a lot of types of solutions that can help ease this problem. the chartered — help ease this problem. the chartered institute - help ease this problem. the chartered institute of personnel and development have pointed out in analysing the uk government, interestingly, that the expected pay now in the public sector matches that in the private sector. does that not put more pressure on employers and the economy? absolutely, and i think probably what we will have, and this really feeds into this issue of inflation, are probably a period when wages go up probably a period when wages go up because workers will be able to bid their wages higher because there are shortages. this will be sector to sector. some sectors will feel more pressure than others and right now we are going into a cyclical downturn so some of that pressure will loosen as the labour market looseness but
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structurally we are facing a tight labour market and we have in previous downturns, meaning that over the next decade or so, that wage pressure is likely to increase. but what that also means is that there will be some employers that look at their wage bills and think, you know what? wages are a lot more expensive perhaps than they used to be, and therefore some of these employers will invest in new robots and new technology and that will help, it will help ease the shortage of labour but also increase productivity which is output per head and thatis which is output per head and that is something this country desperately needs. we that is something this country desperately needs.— that is something this country desperately needs. we will see what happens _ desperately needs. we will see what happens in _ desperately needs. we will see what happens in the _ desperately needs. we will see what happens in the autumn i what happens in the autumn statement. thank you very much indeed. let's stay with some of those themes — because the world's top bankers are meeting in frankfurt today, where they'll be discussing the risks facing the global economy. inflation is finally starting to come down in the us and europe. on thursday the boss of walmart told investors he was seeing the price of many household goods falling, compared with last year. but rising interest rates have hit consumers hard,
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with a recession expected in europe — and possibly in the us and uk. sylvain broyer is chief economist for europe at s&p global ratings. hello, sylvain, welcome to the programme. what is going to be top of the agenda for the central bankers in trying to push for global growth, do you think? ,., ., ., ,, think? good morning. ithink for central _ think? good morning. ithink for central banks, _ think? good morning. ithink for central banks, this - think? good morning. ithink for central banks, this is - think? good morning. ithinkj for central banks, this is very much about how to navigate in a world that is at risk of fragmentation. we will all face multiple source of fragmentation risk, geopolitical, technological. many of them are consequences
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of the pandemic not only, so how to navigate for central banks especially navigating in this world. the other question of inflation, not only in the labour market but also supply chains, if the world is about to de—globalise, how to react. higher interest rates, the right answer to supply problems. another aspect is financial stability in a fragmenting world, can central banks or should central banks provide more liquidity than in the past? and aspects is coordination. so if you need to attract or to reassure supply chain, for the digital transition, you need to invest,
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take public money and that is an issue central banks. sylvain, thank you very much indeed, we'll start to get those top lines from that meeting in frankfurt later today. thank you. to the online retail giant, amazon now — because it has announced it will be adding some new items to its product line from next year, and it might need to find some bigger boxes. erin delmore is in new york with the details. you can buy a lot of things on amazon. after all, it's nicknamed the everything store. but come next year, customers in the us can buy what is likely the largest, most expensive and certainly heaviest amazon purchase of their lives. the everything store is adding cars to its menagerie of goods, starting with hyundai. it's a major upgrade to hyundai's digital showroom on amazon. right now, customers can browse models, customize a car and get contact information for a dealer, or follow a link to the dealer's site. but, come next year, customers
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in the us will be able to buy a hyundai and scheduled delivery from the dealer, all through amazon. and in 2025, new hyundai will add access to amazon's alexa voice assistant. this capitalises on a trend we saw during the pandemic, when stuck—at—home shoppers turned to buying cars online. hyundai and amazon announced the big news thursday at the los angeles auto show. that was erin delmore, there. to argentina now — which is in the grip of the worst economic crisis in at least two decades, with inflation running at more than 140%. so it is not surprising that the economy tops the list of concerns for argentines, as they vote to choose their next president on sunday. it's a run—off between career politician sergio massa — the current finance minister, who won the first round — and the right—wing libertarianjavier milei. mr milei — a former tv pundit who has lambasted the country's political elite —
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is proposing a radical agenda including ditching the battered argentine peso, closing down the central bank and adopting the us dollar. let's discuss this further. mariano machado is principal americas analyst at the risk consultants verisk maplecroft. lovely to have you with us. first off, the likely winner, do you think, and what that will mean for argentina? thank ou for will mean for argentina? thank you for having _ will mean for argentina? thank you for having us, _ will mean for argentina? thank you for having us, always - will mean for argentina? thank you for having us, always a - you for having us, always a pleasure. exactly as you said, we are looking at an election thatis we are looking at an election that is going down to the wire between two widely different candidates and the race is extremely tight. there is a 50-50 extremely tight. there is a 50—50 chance according to pollsters. within the margin of error. a lot of voters will make up their minds on decisions not only in the last
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hours but perhaps in the voting box, as well. a sergio massa victory would entail some sort of continuity with current policies, even if there is a degree of more openness to market and investment reforms. we are not expecting a radical shift whereas a javier milei victory would imply a radical shift in terms of the economy and other measures that will face a lot of resistance in initial stages at least. let's -ick initial stages at least. let's ick u- initial stages at least. let's pick on on _ initial stages at least. let's pick up on those _ initial stages at least. let's i pick up on those suggestions initial stages at least. let's pick up on those suggestions by javier milei. he is not an economist, is he? some of his suggestions, many people who don't understand how all this works might be aligned. can you really eliminate the central bank and dollarise the economy? how does that sit with argentines? it how does that sit with argentines?— how does that sit with argentines? how does that sit with araentines? , ., , argentines? it is a very well instructed — argentines? it is a very well instructed economy - argentines? it is a very well instructed economy but - argentines? it is a very well| instructed economy but what argentines? it is a very well- instructed economy but what he is has in terms of economic experience he lacks in political experience. should
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you want to close the central bank you would need a constitutional reform and that to pass through congress. should you want to dollarise the economy, ditch the peso, rather than just one currency you need a reform in congress. should javier milei win the election, it is a spread out of these more harsh measures, an initial period of reforms but more harsh reforms after time. argentina could well be facing a brain drain. how much of a concern is this? than a brain drain. how much of a concern is this?— concern is this? an extreme concern- _ concern is this? an extreme concern- we _ concern is this? an extreme concern. we are _ concern is this? an extreme concern. we are talking - concern is this? an extreme i concern. we are talking about roughly three quarters of young people in the countryjust expressing their willingness to abandon the country should they have the opportunity. most of them do not have that because of the cost. a reversal of the brain drain is a very
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challenging issue that starts with providing economic stability to this infinite pool of talent that is just going away from the country. the first part of industry is bringing macroeconomic uncertainties and providing long—term development. everything boils down to stabilising the economy over the next few years.— stabilising the economy over the next few years. 0k, mariano machado. _ the next few years. 0k, mariano machado, thank _ the next few years. 0k, mariano machado, thank you _ the next few years. 0k, mariano machado, thank you very - the next few years. 0k, mariano machado, thank you very much i machado, thank you very much indeed, thank you. around the world and across the uk, this is bbc news. bbc news — bringing you different stories| from across the uk. sugar — that's what it's all about. sugar trapped in leaves changes their colour as the tree prepares to shed them. this clever chemistry encouraged one of the owners to curate an autumn display that remains of international importance. the creator of our garden, arthur soames — in the 1900s, he hand—picked a lot of our trees. so he went and he looked for ones that had the best autumn colour, and then he brought them here, and
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that's why they look so great. even the reflections in the lake are deliberate. it's all rather a painting. we've had a really staggered year for autumn colour this year, so some of them have turned earlier and have dropped their leaves in the stormy weather we've had, whereas some have turned later because of the warm september we had. and that means that we've still got a spectacular show at sheffield park a lot later in the season than we would normally. for more stories from across the uk, head l to the bbc news website. you're live with bbc news. iam i am lu kwesa i am lukwesa burak. in the last few days we've been reporting on those talks between president biden and china's president xi — who have been trying to ease some of the tensions between the world's top two economies. america's largest business organisation, the us
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chamber of commerce, has been speaking to the bbc for this week's talking business weekly. its head of international policy has been telling the bbc�*s tanya beckett that the us needs to do more to support its exporters. today, about half of everything us manufacturers make is destined for export markets. so the us really needs to take trade policy a lot more serious than it has in recent years. you know, the european union has been negotiating free trade agreements around the world with 80 or 90 countries. the uk is active, canada and of course all across the indo—pacific we see new trade agreements coming into force. the united states, however, hasn't negotiated a new trade agreement in about a decade. and our ability to access foreign markets where we might hope to sell our manufactured goods is compromised by the fact that we don't have many of those trade agreements and we have to pay high tariffs in those markets. so, clearly, we need to redouble efforts to get a market—opening trade agenda going here in the united states. much more on that on talking business weekly
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this weekend here on bbc news. well, let's get more on whatjohn murphy was talking about there with our asia business correspondent nick marsh. president biden was speaking at the apec summit earlier and said that progress was being made on those trade agreements in the indo—pacific, tell us more. in the indo-pacific, tell us more. . , . in the indo-pacific, tell us more. . ,, more. yeah, he said progress was being _ more. yeah, he said progress was being made. _ more. yeah, he said progress was being made. i _ more. yeah, he said progress was being made. ithink- more. yeah, he said progress was being made. i think if- more. yeah, he said progress| was being made. i think if you are being charitable, he is trying to put a brave face on things because if you look objectively, not much progress has been made, to be quite honest. we have been hearing about this indo—pacific economic framework for about a year and a half. it's quite a sort of loose agreement, it's not like a proper free trade agreement which is enshrined in law. it is an idea that asian countries and the us should work more closely together. so
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far they haven't really been able to agree on that. the latest stumbling block apparently was about workers' rights and environmental protections. i think this really goes to the heart of what is so hard about this apec summit. forall the what is so hard about this apec summit. for all the progress on the diplomatic front that we have seen from the us and china, the mood music there has been very positive. the actual thorny issues, the point of this summit, trade, that is a lot harder. the us knows that china dominates this region economically, it is nearly every country's largest trading partner. the united states wants to get in on that act. you just heard from john murphy that they are second best to the chinese. 60% of all us exports go to asia and the us wants to be seen as a pacific trading partner, they really want to compete there. saying thatis want to compete there. saying that is a lot easier than doing
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that, can they compete with china with their manufacturing capabilities, their economies of scale, the cost, although sorts of things? those are the sorts of things? those are the sort of things, as well as those workers' rights and environmental protections, that is what is holding them back. as president biden said, progress being made, but he also said there is a lot more work to be done and he is right. work to be done and he is riuht. . ~ work to be done and he is riuht. w' . ~' work to be done and he is riuht. w ., ~ i. right. 0k, nick, thank you. that was— right. 0k, nick, thank you. that was nick _ right. 0k, nick, thank you. that was nick marsh. - finally, are brands stuck in the past when it comes to portraying — and marketing to — men? over the years advertisers — especially luxury brands — have spent billions constructing an image of manhood defined by strength, wealth and success. but a recent study here in the uk found two thirds of millennial men — in their 20s to early 40s — said advertising made them feel worse about themselves. research by the same creative agency found that male values are changing. since the pandemic, it says, men are defining successful living less though money, possessions or fame, and more on the quality of their relationships, their health and wellbeing.
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and it seems many brands are slow to catch on to this shift. fernando desouches is managing director of new macho — part of the creative agency, bbd perfect storm, which specialises in marketing to men — and has been doing this research. lovely to have you with us here on the programme, fernando what surprised you the most about this research in terms of what men want?— about this research in terms of what men want? well, we didn't exect what men want? well, we didn't exoect that _ what men want? well, we didn't expect that massive _ what men want? well, we didn't expect that massive change - what men want? well, we didn't expect that massive change in l expect that massive change in how they define success themselves. it was very interesting. we asked all of them 18 to 75 years old, why they think what makes them successful in the past and what makes them successful today. they said in the past, it was about having a lot of money,
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having a glamorous lifestyle, frame and positions, but when we asked today, no, it is about that change, it is about the everyday, the type of relationship i have with my friends and my family, and taking care of my health and well—being. as you correctly said, there is a turning point during the pandemic and experience of the lockdown that acted as a wake—up call for many men. acted as a wake-up call for many men-— acted as a wake-up call for man men. ~ . , many men. we are 'ust looking at images * many men. we are 'ust looking at images here _ many men. we are 'ust looking at images here of_ many men. we are just looking at images here of advertising i at images here of advertising for example, and men are often depicted within the family, in family environments. have brands picked up on this yet or are they very slow, either accepting it?— are they very slow, either accepting it? are they very slow, either acce-utin it? , ., ., , accepting it? just a few, to be honest. there _ accepting it? just a few, to be honest. there are _ accepting it? just a few, to be honest. there are brands - accepting it? just a few, to be honest. there are brands that| honest. there are brands that are adjusting but many others not yet. this is what people are saying. men are thinking that it are saying. men are thinking
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thatitis are saying. men are thinking that it is still, what we call that it is still, what we call that successful man, those visuals, for then it is stuck in the past. they still believe that brands show that the successful man should have a lot of money, possessions, fame and the glamour of lifestyle, which is affecting their mental health. these are affecting brands because they are not connected with those brands. {lin connected with those brands. on the connected with those brands. 0n the subject of brands, sorry, what sort of brands are we talking about as you might did you look at that as part of your research?— you look at that as part of our research? ., , your research? yeah, the luxury brands, automotive _ your research? yeah, the luxury brands, automotive brands, - your research? yeah, the luxury brands, automotive brands, we| brands, automotive brands, we believe that success and how we portray successful men is as harmful as we used to portray beautiful women before the brands changed that or started to challenge that. so we focused on those brands building desperation is because those are the ones that can relax the pressure that men are
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having on the way they look and what they have and start opening to look at who they are under the impact they can make to the world.— to the world. very quickly, what is new _ to the world. very quickly, what is new macho? - to the world. very quickly, what is new macho? the l what is new macho? the combination _ what is new macho? the combination of _ what is new macho? tue: combination of integration what is new macho? tte: combination of integration from the traditional masculinity and the traditional masculinity and the progress in masculinity. we see that masculinity is moving from something progressive and traditional and in the end it doesn't exist. we as men are individually a mix of sometimes more traditional behaviours and more traditional behaviours and more progressive behaviours. 0k, fernando desouches, thank you very much indeed. very interesting, thank you. we have been having a look at the top business stories here on bbc news. more of our top stories coming up at the top of the hour. i will be backs shortly. hello there. it's a very mixed picture of weather across the uk on thursday and the rain
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and the winds will return along with the milder feeling air over the weekend. but on friday, it's looking largely dry. a few showers out towards the west, plenty of sunshine around. temperatures now close to the seasonal average. so we're between weather systems on friday. these fronts clear into the north sea. this is the weekend's weather, a deep area of low pressure approaching from the southwest, we'll be seeing that by the time we get to the end of the day. but most of the day, it's certainly looking dry. the early cloud will clear away into the north sea a few showers across north west england, the isle of man down through wales and possibly the south west of england. and here it will cloud over, also northern ireland as we head towards the end of the afternoon. but plenty of sunshine around, temperatures close to the seasonal average, generally eight to 13 degrees. but still that cold air lingers across northeastern areas of scotland. as we head through friday night and into saturday morning, that wet, windy weather spreads in from the southwest, brisk southeasterly winds, spells of heavy rain, the temperatures rising unusually through the night. so this is how we're set to start off saturday morning, between 12 and 1a degrees celsius out towards
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the south of england. the rain gradually clears its way eastwards, so it will turn a lot drier across much of england and wales, eastern scotland. as we head through the afternoon, some showers further west. temperatures very mild, rising to 15 or 16 degrees celsius in the south, ten to 13 degrees celsius further north. now, that deep area of low pressure is still spinning its way eastwards as we head through sunday. the focus of the rain on sunday will tend to be towards the north. so across northern england and much of north—west scotland, also northern ireland seeing some hefty showers at times, a few showers out towards western wales perhaps. further south across much of england and wales is dry. but here we'll see some very blustery winds, gusts of a0 to 50 miles an hour. temperatures perhaps just that little bit lower. now, as we head through sunday night, the area of low pressure starts to clear away, but it does leave a legacy of showers. still, the milder air hangs on for part of monday, but you can see we draw down more of a northerly wind.
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so the temperatures are set to turn cooler as we head through into the start of next week. a drop in temperature, turning more settled, too, as we head into the middle of the week for most of us. bye for now.
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good morning, welcome to breakfast with naga munchetty and charlie stayt. 0ur headlines today. the un says no aid will enter gaza from today because of a communications blackout and a lack of fuel. the israeli prime minister benjamin netanyahu claims hamas leaders left the al—shifa hospital in gaza, shortly before forces raided the site. the prime minister has promised £8 billion to fix, promised £8 billion to fix what he's described as the "scourge" of potholes on england's roads. campaigners say it doesn't go far enough. good morning. it's one of the newest and fastest growing shopping apps, but today a new report suggests dangerous items are being sold on temu without the proper checks. i'll have all the details. in sport, the fight of a generation is on — tyson fury will face 0leksandr usyk in february in saudi arabia and the winner will be crowned, the undisputed heavyweight champion
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