the dowjones hits the 40,000 mark for the first time as investors hedge their bets on interest rate cuts. indian spices come under fire as regulators around the world investigate contamination allegations. hello and welcome to business today. i'm suranjana tewari. let's begin in the us where wall street has been on a record high this week. on thursday, the the dowjones reached an intra—day fresh record of 40,000, before shedding earlier gains. retail giant walmart raised its full—year forecast after reporting better—that—expected quarterly earnings. but this positive outlook isn't shared by everyone. the bbc�*s erin delmore explains. traders on wall street had reason to don their dow 40,000

baseball caps tdow passed the threshold riding high from encouraging inflation reports that sent indexes to record closes. are the good vibes making their way to main street? in a way, yes. many people are exposed to the stock market through their retirement funds. stock market gains like the ones we have seen this week, get real money for real people. consumers are not feeling row a survey out showed that they are forried about the economic outlook than last month. those feels are a boon for retailers like walmart that beat estimates in quarterly revenue. shoppers are flocking as inflation takes a bite out of budgets. shares hit a record close thursday. now much of their gains are coming from high income shoppers, making up a greater portion of the company's business. they're still spending on big tickets

like electronics, but low income shoppers are feeling more of the strain. that's especially amid elevated housing and gas costs. how they feel about the economy is sure to be a central issue when voters take to thele tos for november's presidential election. let's unpack the outlook for the world's biggest economy with carl tannenbaum, chief economist at northern trust right here in the studio. the primary thing is the same thing that's been going through their mind for three years, the job market is still doing very, very well. ample opportunities a lot ofjob creation, wages rising faster than the rate of inflation which improves real purchasing power. they're very hack tive in shopping. we purchasing power. they're very hack tive in shopping.— hack tive in shopping. we saw the stock _ hack tive in shopping. we saw the stock market _ hack tive in shopping. we saw the stock market gains - hack tive in shopping. we saw the stock market gains as - hack tive in shopping. we saw. the stock market gains as well. are investors only looking at the potential interest rate cuts? i the potential interest rate cuts? ., ., , the potential interest rate cuts? ., ., �*, the potential interest rate cuts? ., ., , ., �* , . cuts? i would hope not. it's a milestone — cuts? i would hope not. it's a milestone in _ cuts? i would hope not. it's a milestone in my _ cuts? i would hope not. it's a milestone in my home - cuts? i would hope not. it's a l milestone in my home country. i'm old enough to remember when the dowjones' average was

bumping at less than 700 — yes, 700. i think it's the strength of the economy that has grown faster than the developed market counterparts. many countries spent freely in the pandemic. the american government kept going that's been a differ say torn for our growth. while the anticipation of fed cuts helps, its not the only thing. of fed cuts helps, it's not the only thing-— of fed cuts helps, it's not the onl thin. ~ . , , , only thing. what is your sense? we are hearing _ only thing. what is your sense? we are hearing that _ only thing. what is your sense? we are hearing that the - only thing. what is your sense? | we are hearing that the economy is seeming to pick up but the feg is cautious about bringing down rates. feg is cautious about bringing down rates-— down rates. the strength of demand surprised _ down rates. the strength of demand surprised us - down rates. the strength of demand surprised us for - down rates. the strength of i demand surprised us for many down rates. the strength of - demand surprised us for many in a row. the federal reserve wants to be sure that inflation is in their words "sustainably" on the way to the 2% target, they chose to keep rates higher for longer. turning to asia now, a strong show of unity has been on display between china's xi jinping and russia's vladimir putin. the two leaders have been meeting in beijing during a two—day visit. this is an important trip

for russia, as they need max hess explains. it seems like the russia _ max hess explains. it seems like the russia state - max hess explains. it seems like the russia state gas - like the russia state gas company is not on the trip. secondly, it wants additional material in defence aid, particularly in technology for the military. there we have the potential for more progress. putin brought along his new defence minister, an economist and banker by training as well as his deputy prime minister who is overseeing the defence production. what they are talking about is remaining behind closed doors. third, finally, the thing he really wants is china's help on breaking dollar hedge money —— hedgem of, nie. covering in the context of the trade wars and

the trip that xi had to europe, putin will press these points. one of the world's largest exporters of spices — india — has been facing heat on contamination allegations against two indian spice brands. it has sparked concerns among regulators around the world. the uk foods standards agency has told the bbc it has tightened scrutiny of all indian spice imports. the bbc�*s archana shukla reports. at the heart is a pesticide used to contamination of spices. higher levels of this pesticide are being investigated. the uk food regulator told the bbc it's been issuing early warning alerts for a clean oxide in various spices from india since january 2023 and since the start of this year ramped up scrutiny to cover all spice imports from india. this is a stringent action. rememberso stringent action. remember so far two stringent action. rememberso far two popular indian brands were under the scanner. singapore and hong kong banned the spice mixes like the fish

curry marsala and curry, for high levels. now even the eu are investigating products from these companies. 0n are investigating products from these companies. on their part, though, both mdh and everest maintained their mixes are safe. this issue has led the indian government and food regulator to spring to action. they are testing samples. india is the largest consumer of spices and one of the largest exporters. the indian spice board that controls the exports hasissued board that controls the exports has issued guidelines to check for the use of pesticides. experts say maybe the checks are coming in a bit too late. india exports $4 billion worth of spices and quality concerns on leading brands and regulatory actions could have cascading effects on markets. the cost of olive oil is rocketing. increasing to 40% due to plant disease in italy and wild fires in greece and spain. while you might have spotted

some shop prices beginning to fall, there's one that's been going sky high. 0live fall, there's one that's been going sky high. olive oil. picked up this 500ml bottle of oil, in a plastic bottle and pretty much on the average price, which is £8.4for a bottle this size. way more expensive than wine. no wonder they call it liquid gold. it’s they call it liquid gold. it's extortionate. _ they call it liquid gold. it's extortionate. everything l they call it liquid gold. it's i extortionate. everything else went u -. extortionate. everything else went up. won't _ extortionate. everything else went up. won't last. - extortionate. everything else went up. won't last. i - extortionate. everything else went up. won't last. i will. went up. won't last. i will stop buying _ went up. won't last. i will stop buying it. _ went up. won't last. i will stop buying it. i— went up. won't last. i will stop buying it. i buy - went up. won't last. i will stop buying it. i buy the l stop buying it. i buy the spray _ stop buying it. i buy the sra . ~ , stop buying it. i buy the sra _ . , ., stop buying it. i buy the sra. ._, stop buying it. i buy the sh? . . , ., ,, " ., spray. prices have spiked over the ast spray. prices have spiked over the past year. _ spray. prices have spiked over the past year, yeah. _ spray. prices have spiked over the past year, yeah. saving i spray. prices have spiked over| the past year, yeah. saving for a small bottle. _ the past year, yeah. saving for a small bottle. $5, _ the past year, yeah. saving for a small bottle. $5, £6. - the past year, yeah. saving for a small bottle. $5, £6. i- a small bottle. $5, £6. eprefer a small bottle. $5, £6. i eprefer using olive oil but the costing is through the roof. d0 costing is through the roof. do ou costing is through the roof. do you avoid it? no, _ costing is through the roof. do you avoid it? no, not - you avoid it? no, not altogether. _ you avoid it? no, not altogether. i- you avoid it? no, not altogether. i like - you avoid it? no, not altogether. i like to l you avoid it? no, not i altogether. i like to use you avoid it? no, not - altogether. i like to use olive oil but too — altogether. i like to use olive oil but too expensive. - altogether. i like to use olive oil but too expensive. i - altogether. i like to use olive

oil but too expensive. i don't| oil but too expensive. i don't know what — oil but too expensive. i don't know what goes _ oil but too expensive. i don't know what goes into - oil but too expensive. i don't know what goes into making | know what goes into making olive oil. , _, olive oil. they call it colie oil in italy. _ olive oil. they call it colie oil in italy. who - olive oil. they call it colie oil in italy. who knows i olive oil. they call it colie i oil in italy. who knows about man the cost _ oil in italy. who knows about man the cost is _ oil in italy. who knows about man the cost is claire. - oil in italy. who knows about man the cost is claire. we i man the cost is claire. we carefully _ man the cost is claire. we carefully one _ man the cost is claire. we carefully one by _ man the cost is claire. - carefully one by one pick with our hands every olive. she and her husband _ our hands every olive. she and her husband own _ our hands every olive. she and her husband own a _ our hands every olive. she and her husband own a little - our hands every olive. she and her husband own a little olivel her husband own a little olive farm in southern italy. you harvest the _ farm in southern italy. you harvest the onlyives - farm in southern italy. ym. harvest the onlyives using these. , harvest the onlyives using these. i, harvest the onlyives using these. , , ., these. there they sell that here in the _ these. there they sell that here in the uk. _ these. there they sell that here in the uk. the - these. there they sell that l here in the uk. the weather these. there they sell that i here in the uk. the weather had a hue here in the uk. the weather had a huge impact- _ here in the uk. the weather had a huge impact. it— here in the uk. the weather had a huge impact. it is— here in the uk. the weather had a huge impact. it is a _ here in the uk. the weather had a huge impact. it is a lot - a huge impact. it is a lot hotter. 0ver a huge impact. it is a lot hotter. over 40 degrees in in the high summer is normal now. the risk of a hot summer could be then, few fewer or smaller olives? . , be then, few fewer or smaller olives?_ in - be then, few fewer or smaller olives?_ in spain| olives? that is right. in spain two summers _ olives? that is right. in spain two summers of _ olives? that is right. in spain two summers of drought i olives? that is right. in spain| two summers of drought have olives? that is right. in spain i two summers of drought have had a huge impact and they are europe's biggest olive oil producer. in wild fires roared through groves and as well as the heat claire and andy are facing a new disease. in italy we have the _ facing a new disease. in italy we have the bacterial - we have the bacterial infection, which has wiped out huge numbers of olive groves. with ehad to invest in saplings

that are mori sees tent to it. a lot smaller and will take time — a lot smaller and will take time to— a lot smaller and will take time to start producing. that issue — time to start producing. that issue will— time to start producing. that issue will continue to get worse _ issue will continue to get worse over the next few years. the cost — worse over the next few years. the cost of _ worse over the next few years. the cost of picking and pressing a are much more expensive. 30-40% expensive. 30—40% more, and fuel prices have gone up and bottling gone up have gone up and bottling gone up so tins are double what they were a few years ago.— were a few years ago. brexit rule changes _ were a few years ago. brexit rule changes mean - were a few years ago. brexit rule changes mean andy i were a few years ago. brexiti rule changes mean andy and claire have to ship the oil over little and often. to avoid the import — over little and often. to avoid the import tack, _ over little and often. to avoid the import tack, we _ over little and often. to avoid the import tack, we have i over little and often. to avoid the import tack, we have to l the import tack, we have to ship small amounts. when i first started shipping the olives for under 100 kilos of oil it would cost 100 euros. it's now 210 euros. that's no ship the same amount. it's more than doubled. 50. ship the same amount. it's more than doubled.— than doubled. so, we might not be able to _ than doubled. so, we might not be able to escape _ than doubled. so, we might not be able to escape the _ than doubled. so, we might not be able to escape the high i than doubled. so, we might not be able to escape the high cost| be able to escape the high cost of a bottle of oil, but you can make it go further. make sure you don't store your olive oil on a window or next to the oven

because it goes off faster with light and heat. lots of chefs recommend cooking with a different type of oil and using a highive oil to garnish. some people suggest storing whole olives in a cheaper oil to try to give it that flavour. another bad harvest this summer will keep prices high. 0live will keep prices high. olive oil slides from a staple to a luxury item. you can find more news on our website. and that's it for this edition of business today. thanks for watching.

welcome to sports day. here is what is coming up: 48 hours from the biggest heavyweight boutin from the biggest heavyweight bout in decades. both boxers face the media in riyadh. leeds united are 1—0 away from a premier league return at the first time of asking. and the lowest round in major history to make an electric start to the 106 pga championship.

welcome. we are two days from the heavyweight unification super fight in saudi arabia. tyson fury taking on usic, putting his wbo, wba and ibf world titles on the line. the winner will become the first four belt heavyweight world champion. the fighters have been rolled out for a news conference and both men surprisingly are are reserved. i will make this short. i want to thank god for the victory i received. i want to thank everyone. i want to thank usyk for challenging me. that's it. thank you to the fans who supported me. i know it's tough times at the moment. money is hard. i aim to put on a show. thank you. god bless. iii.

thank you. god bless. hi, people- —