the uk tightens up controls on indian spices — amid fears they could contain pesticide residues linked to cancer. and china makes a big move to stabilise its property market; pledging to buy up unwanted apartments. welcome to business today, i'm erin delmore live from new york, where us shares have opened flat — after the dowjones index hit a record high thursday and after other indicies notched fresh records through the week. it comes as investors grow more confident that the us is heading for an economic soft landing, where the federal reserve is able to tame inflation without restricting growth. also this week, we've seen the return of the meme stock — with shares in gamestop spiking on monday. joining me now is sean o'hara — president at investment firm pacer etfs. we saw the dow top 40,000, now on

pace for its fifth positive week in a row, why the rally?— pace for its fifth positive week in a row, why the rally? what we are auoin a row, why the rally? what we are going through _ a row, why the rally? what we are going through right _ a row, why the rally? what we are going through right now _ a row, why the rally? what we are going through right now i - a row, why the rally? what we are going through right now i think- a row, why the rally? what we are going through right now i think is| going through right now i think is that the broader market, s&p 500 and nasdaq, reliant on a small number of names, dow is more industrial oriented. leadership this year, names and the energy sector, utilities sector for example that have done very well and so energy has done better than the broad market and so i think that is what is boosting the dow.— is boosting the dow. let's talk about some — is boosting the dow. let's talk about some of _ is boosting the dow. let's talk about some of the _ is boosting the dow. let's talki about some of the enthusiasm is boosting the dow. let's talk- about some of the enthusiasm we are seeing materialise around the idea that the fed could cut interest rates this year, i remember in march 2022 when rates were hiked, the dow had its biggest decline since 2008 so how much of this is a surprise to read to you?— read to you? what is surprising to me is the excitement _ read to you? what is surprising to me is the excitement about - read to you? what is surprising to me is the excitement about the i read to you? what is surprising to i me is the excitement about the fed

cutting continuing up to six cuts, thatis cutting continuing up to six cuts, that is because inflation is fairly strong. we saw it come down quite a bit in the recent readings, sort of reading back—up. that scarcely fed a little bit. if we have interest rates higherfor longer, that is not supportive of the s&p 500 trading at 26 and the nasdaq trading at 36 times. if we get any cuts this year it might be one unless we see a significant change to what is going on with inflation. i think investors need to be a little less optimistic about the fed cutting and focus more on overall market pes and whether the earning stories can save the day. if we see earnings increase, we can support the higher valuations but if we see a slide combined with the fed keeping interest rates

higher, i think investors would be better suited to trying to lower their overall portfolio before the market does it to them. name stocks is riding on optimism. soaring including afc and gamestop, what is behind the rally? the including afc and gamestop, what is behind the rally?— behind the rally? the roaring kitty cu or behind the rally? the roaring kitty guy or whatever — behind the rally? the roaring kitty guy or whatever his _ behind the rally? the roaring kitty guy or whatever his name - behind the rally? the roaring kitty guy or whatever his name is, - behind the rally? the roaring kitty| guy or whatever his name is, there is public record sonic who short—circuit stocks. is public record sonic who short-circuit stocks. some of the bi hedue short-circuit stocks. some of the big hedge funds, _ short-circuit stocks. some of the big hedge funds, this _ short-circuit stocks. some of the big hedge funds, this band - short-circuit stocks. some of the big hedge funds, this band of- short-circuit stocks. some of the i big hedge funds, this band of robin hood —type investors essentially forcing stocks up and forcing the hedge funds to cover it so i do not think the hedge funds learned much the last time and so if we see a rejuvenation of that approach with small investors pushing these stocks are, it could be trouble for some of

the big hedge funds.— are, it could be trouble for some of the big hedge funds. thank you, sean o'hara. just over 5,000 employees at a mercedes—benz plant in alabama began voting on whether to join the united auto workers union this week. the result of that vote is expected later today the uaw is coming off a landmark win last month in tennessee, where it unionised the volkswagen plant after two previous failed attempts. it's part of a wider movement in the industry of workers joining the union's ranks — and you can bet it's captured attention in washington. joining me now is dave jamieson, labour reporterfor the huffington post. i know you have been speaking to mercedes workers in alabama, why do they want to organise? mahala} mercedes workers in alabama, why do they want to organise?— they want to organise? uaw had their bi strike they want to organise? uaw had their big strike last — they want to organise? uaw had their big strike last year _ they want to organise? uaw had their big strike last year against _ they want to organise? uaw had their big strike last year against the - they want to organise? uaw had their big strike last year against the big - big strike last year against the big three, ford, federal motors

compressed alliances, got a lot of attention leading to a strong contract at those auto—makers,. it caught the attention of autoworkers elsewhere including the nine union plans in the south where the contracts were very attractive to them. we rapidly saw workers signing union cards in tennessee and alabama and workers want racist but there is more to it, a lot of the workers i talked to said they wanted a voice on thejob, talked to said they wanted a voice on the job, they have talked to said they wanted a voice on thejob, they have been in the planter while. when there is discipline they want records, a grievance process, one said to be a study he has seen a lot of executives come and go over the years that the plan, has seen broken promises, as he called them. a lot of workers want to unionise and get a union contract.—

a union contract. mercedes stated the have a union contract. mercedes stated they have a _ a union contract. mercedes stated they have a proven _ a union contract. mercedes stated they have a proven record - a union contract. mercedes stated they have a proven record of - they have a proven record of compensating to members and providing many additional benefits, i want to ask you, we have seen other unionisation efforts in the south so, what has changed? mahala} other unionisation efforts in the south so, what has changed? uaw has tried and failed _ south so, what has changed? uaw has tried and failed to _ south so, what has changed? uaw has tried and failed to organise _ south so, what has changed? uaw has tried and failed to organise a _ south so, what has changed? uaw has tried and failed to organise a lot - tried and failed to organise a lot of plants in the south in recent years. having covered some of those, i can say a lot of workers in those earlier campaigns just didn't see the added benefit ofjoining the first night. after the 2008—9 financial crisis the uaw made a lot of concessions to the big three, creating the two tier wage systems, newer workers coming in a lower pay scales —— pay scales, very contentious, closing the gap between union and nonunion plants when it came to competitions, and the unions dogged by corruption scandals, guilty pleas. a lot of stuff really soured a lot of people. a pretty

dramatic change really a matter of months with the strike under new leadership, sean fine has risen into the most high profile labour leader in the country right now and the talk is a lot... there are a lot of veterans in there who want to see things change, they are frustrated, i think this is why it is taking hold in the way the uaw has struggled with in the past. thank ou, dave struggled with in the past. thank you, dave jamieson. _ china has stepped in on the property sector, making $138 billion

available in extra funding and easing mortgage rules, set to buy some apartments to boast of the crisis at sector working as a drag on the whole economy. duncan wrigley described the skill of the problem. the chinese property market has been in the slow crash really since the second half of 2021, it hasn't been the same kind of systematic massive financial crisis as we saw in the us in 2008, it is a bit different, as chinese characteristics, the big feature in china is it has hit economic growth, jobs, we haven't seen the same systematic financial crisis and i do not think it will have the same kind of effect with the rest of the world, one key reason is the financial system of china isn't as integrated as america's with the rest of the world, without these crazy leveraged instruments that featured in that

crisis. to boeing now. the company is facing its shareholders today for its annual meeting. it comes as the aeroplane manufacturer manages the fallout from crises on multiple fronts: from potential criminal prosecution, over two fatal 737 max crashes in 2018 and 2019 , to this years door panel blow out on an alaska airlines flight. and its own future leadership. among the votes: whether departing ceo dave calhoun should remain on boeing's board. leadership expert chris roebuck says, boeing needs change from the top. the biggest point about the cycle, it is a salutary warning to all organisations and ceos about what happens if you forget your organisation's key values, your own moral compass and focus on profits. as for dave calhoun being on the board, he was brought in to fix the culture, he was paid $33 million to

fix the culture. and plainly with what happened earlier in the year with the blow outs and whistle—blower reports he failed to do what he was being paid for and how any shareholder can accept the suggestion that that individual should now move onto the board, i think it is incredible. one of the world's largest exporters of spices — india — is facing contamination allegations against two spice brands in the country. it has sparked concerns among regulators around the globe. the u—k �*food standards agency�* has told the bbc it has tightened scrutiny on all indian spice imports. at the heart of this crackdown is a pesticide used to avoid contamination of spices. higher levels of this pesticide are being investigated but the uk food regulator has told the bbc it has

been issuing early warning alerts on spices from india since january 2023 and since the start of this year has ramped up discreetly to cover all spice imports from india. this is a stringent action, two popular indian brands were under the scanner. the fish curry mrcela and another have been banned in singapore and hong kong. products are being investigated from these two companies. everest and the other company have maintained their spices are safe. the indian government and food regulator has sprung into action in their testing. india is the largest consumer of spices, the largest exporter. the indian spice board that controls these exports has now issued guidelines to check for the use of pesticides. but perhaps these chicks are coming into

it, $4 billion worth of exports of spices, this could have cascading effects on export markets. european markets in the red at the moment with the ftse down .2%. in asia, a mixed picture. more news, you can stay here with us on bbc.

hello from the bbc sport centre. hello, we'll start in kentucky in the united states, an extraordinary story developing. world number one scottie scheffler was earlier detained by police outside the valhalla golf club before the second round of the us pga championship after what they say

was "a misunderstanding with traffic flow". 0ur golf correspondent iain carter is in kentucky. we know the world number one golfer was detained by police officers who were dealing with a pedestrian fatality early this morning at 5am at the gates of valhalla leading to major traffic problems. players and coaches teeing off earlier today, scottie scheffler was among those, were allowed onto the property but scottie scheffler went around it is reported as saying the stacked up traffic, was stopped by police, ordered to leave his car and then led by —— away by two officers in handcuffs. social media footage shows him being led away, as i say, in handcuffs. two times have been