does not sell its stake within a year. our business reporter this morning monica miller has more on the story. monica, is the writing of the wall for tick—tock? the monica, is the writing of the wall for tick-tack? the senator is wall for tick-took? the senator is exnected _ wall for tick-took? the senator is exnected to _ wall for tick-took? the senator is expected to take _ wall for tick-tock? the senator is expected to take up - wall for tick-tock? the senator is expected to take up the - wall for tick-tock? the senator is expected to take up the billl is expected to take up the bill over the next couple of days. previously, president biden said of the bill lands on his deskit said of the bill lands on his desk it will sign it. lawmakers in the us are bitterly divided, especially going into this election year. however, on this particular issue, they have had bipartisan support. really, what is at the heart of the matter is tiktok owner by tech. they are concerned the us data from its users is being passed along to the chinese government. they are also awoke the chinese government is using this as a platform for its own propaganda. this site is used by many young people who rely on this as one of the main forms of information. if this bill is passed the owner will

be forced to divest its state of the company. if not it will be banned. currently, this is what we're looking at in terms of the breakdown. bytedance holds about 20% stake in the country. 60% is owned by institutional investors. that us investment firms like cecil carter and the rest of the 20% is owned by employees around the world. china however says they are not going to sell their stake in this company and they are certainly are not going to hand over the technology behind it. monica, we know there _ technology behind it. monica, we know there are _ technology behind it. monica, we know there are a - technology behind it. monica, l we know there are a significant number of users in the us. there is plenty of state for tiktok. ~ ., there is plenty of state for tiktok. ~ . ., , there is plenty of state for tiktok. . ., ., , tiktok. what have they said? tiktok. what have they said? tiktok has — tiktok. what have they said? tiktok has come _ tiktok. what have they said? tiktok has come out - tiktok. what have they said? tiktok has come out again i tiktok. what have they said? tiktok has come out again asi tiktok has come out again as the bill has been bubbling along really incongruous for quite some time. they have said it will trample freedom of speech for its 170 million users. they have also pointed out there are millions of businesses that rely on the

platform and that the company says it read donna creates worth of $24 billion to us economy. we've been watching the developments in the middle east very closely, after last friday's strike on iran. us officials have claimed israel was behind the missile attack on military targets in the city of isfahan, but israel officials have yet to confirm that. we saw some volatility in the oil price after the attack, but things have settled now. i spoke with renowned strategist david roche of independent strategy, and asked him how further escalation of this conflict could impact the global economy. i think it will give momentary pause to escalation in the middle east of the israelis have done and there is no doubt that they were behind the strike, is that they have hit the military base close to isfahan but only about 110 kilometres away from the nuclear site. that is very significant because what they

did was to wipe out the radar and anti—aircraft defence missiles at that site which were missiles there to protect the nuclear facilities to the north. israel's messages very clear — you fire 300 missiles at us, nothing happened, nothing hit. we fire 300 missiles at you and we actually wiped out the defence your nuclear research and of course creation of plutonium for bombs just beside that facility itself. that is a big message and the mall know so i suspect they gave you run back room to kind of say, oh, it was nothing etc etc but most importantly it gave them room to backtrack and they have duly done that because they realise their defence against what israel could do to them.— defence against what israel

could do to them. how do you see this impacting _ could do to them. how do you see this impacting the - could do to them. how do you see this impacting the globall see this impacting the global economy? this conflict i mean? it looks like there is no's inside it will continue to rumble on. at inside it will continue to rumble on.— inside it will continue to rumble on. �* ., rumble on. at moment it will robabl rumble on. at moment it will probably quite _ rumble on. at moment it will probably quite down - rumble on. at moment it will probably quite down by - rumble on. at moment it will probably quite down by the i probably quite down by the escalation in the longer term is baked in the cake because israel will never accept a nuclear iran two. that is, an hour armed with nuclear weapons. therefore in the longer run we will see the sort of concentration which will cause inaudible the economic problems that go with that. but the economic problems that go with that. �* ., ., with that. but for the moment it is clear _ with that. but for the moment it is clear that _ with that. but for the moment it is clear that israel _ with that. but for the moment it is clear that israel has - it is clear that israel has allowed iraq room to back down but saying very clearly iran mac, if you strike out territory, there is no more proxy bail on deniable responsibility. we rip that fell apart. you strike us and we will strike you directly on your territory in iraq. it is an election _ your territory in iraq. it is an election year? - your territory in iraq. it is an election year? i -

your territory in iraq. it is an election year? i thinkl your territory in iraq. it 3 an election year? i think that is inaudible the election which i think the us is quite satisfied with that. ,, . , us is quite satisfied with that. ,, ., , ., that. the us has remained offensive _ that. the us has remained offensive for _ that. the us has remained offensive for israel - that. the us has remained offensive for israel but - that. the us has remained offensive for israel but it l offensive for israel but it will not take part in offensive actions like what happened on the weekend. that will remain the weekend. that will remain the policy. that will give biden enough room to say, well i'm supporting israel but i'm not involved in this offensive actions and i am critical of the human rights issues involved and urban warfare for example against hamas. are your thoughts on the us federal reserve and interest—rate state what is your outlook on that front? i what is your outlook on that front? ~ ., , ., front? i think it was to get cuts in interest _ front? i think it was to get cuts in interest rates - front? i think it was to get cuts in interest rates but l front? i think it was to get cuts in interest rates but i | cuts in interest rates but i suspect they will be two maybe three, but they will be delayed because they need further convincing. the last mile in reducing inflation has been run and won and they do not have that yet. so it will be slower, possibly once less cut this year but nevertheless i think that will be the trend.

in recent years, mexico has experienced a major uptick in capital investment, largely through the phenomenon known as nearshoring. amid the trade war between china and the us, scores of chinese companies have been taking advantage of conditions in northern mexico to get around us sanctions on chinese goods by making those same products in mexico instead. at the same time, some big us firms have relocated from asia to mexico too. while nearshoring has provided the mexican economy with a major boost during the global economic downturn, many are asking if the boom can last. 0ur mexico correspondent, will grant, reports from the northern city of monterrey made in mexico but owned by china. this furniture company is part of the buzzword in mexican business. this is one of scores of chinese companies relocating to industrial parks in northern mexico to bring production closer to the us market. as well as saving on

shipping the final product is considered 100% mexico and they avoid tariffs and sanctions imposed on china with the worsening trade war in the us. general manager says the move to mexico makes economic and logistical sense. they already employ 450 people and have ambitious plans to expand. translation:. we ambitious plans to expand. translation: ._ ambitious plans to expand. translation:. we have to quadrursle _ translation:. we have to quadruple production... - translation:. we have to quadruple production... in. quadruple production... in vietnam. quadruple production... in vietnam-— vietnam. whether it is furniture, _ vietnam. whether it is furniture, t-shirts - vietnam. whether it is furniture, t-shirts or | vietnam. whether it is l furniture, t-shirts or car furniture, t—shirts or car parks, the proximity to the us and the skilled labour force here makes mexico an attractive prospect to chinese companies. and is more chinese firms reach that same conclusion and set up factories here there has been important shot in the arm to the mexican economy, particularly post covid pandemic. factory is located

inside the chinese mexico industrial park in the city of my. demand for plots is skyhigh with every readable space already sold. little wonder many economists say china's interest in mexico is no passing fad.— interest in mexico is no passing fad. interest in mexico is no ”assin fad. , ., , passing fad. the question is, not if this — passing fad. the question is, not if this trend _ passing fad. the question is, not if this trend will - passing fad. the question is, not if this trend will continue j not if this trend will continue but rather how much of that trend we can take advantage of because just as mexico is thinking and we're having this conversation here, i am sure some people are having the same discussion in columbia, in vietnam, in costa rica. amid the nearshoring, _ vietnam, in costa rica. amid the nearshoring, us- vietnam, in costa rica. amid the nearshoring, us firms - vietnam, in costa rica. amid | the nearshoring, us firms like tesla have announced plans to set up in mexico too, helping the country replaced china as the country replaced china as the us main trading partner. the next kessler battery will be in mexico near monterey. it is a significant change but some urge caution over being drawn to the wider geopolitical struggles. the drawn to the wider geopolitical stru: ales. ., . , struggles. the old rich guy in town, struggles. the old rich guy in town. the — struggles. the old rich guy in town, the united _ struggles. the old rich guy in town, the united states, - struggles. the old rich guy in town, the united states, is l town, the united states, is having problems with the newer rich guy in town, china. mexico

does not have also the current administration we do not have a strategy vis—a—vis china and how to deal into this new triangular relationship. whether a backdoor to the us or part of a costly war between superpowers, nearshoring is here to stay and mexico must be pragmatic if it is to reap the long—term benefits of new often hostile trade arrangements. in other news, tesla has slashed the prices of its cars in some of its major markets, after similar price cuts in the us. the price of its model 3 was trimmed both in china and germany by about $2,000. all this comes after elon musk�*s company reported that global deliveries fell for the first time in four years last quarter. elon musk�*s company has also been grappling with a declining price war in the large auto market china.

and that's it for this edition of asia business report. i will be back in the next hour with a bit more news for you. goodbye for now.

hello and welcome to sportsday. i'm lizzie greenwood—hughes. the headlines tonight: manchester united survive one of the greatest fa cup comebacks ever. jude bellingham scores a late winner for real madrid in a classic el classico. and it's a world record—breaking london marathon for kenya's peres jepchirchir. also coming up on sportsday:

find out why kaspar ruud takes a dip, fully clothed in barcelona. lots of sport for you today is we're starting with an extraordinary game of football at wembley stadium today where manchester united survived one of the greatest fa cup comebacks to reach the final. they beat the championship side, coventry city, on penalties but only after first throwing away a 3—0 lead and being let off after coventry had a goal disallowed in extra time. and united very nearly lost the shoot—out as well. but coventry missed two to their one. so they scraped through to set up an all—manchester final next month. way we did it is not ok. because we should have managed it better. but it is a used performance and if you analyse

this game first 70 minutes totally in control and we