Record fine over US basketball player’s wages

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1:07US Baskar Balls side, the LA Clipers are slammed with a record find over play away just but they're crying foul. It's world business express from the BBC World Service. I am busy at DeBio. Also as another central bag moves billions of dollars worth of gold out of the US will ask what's going on. And as Robert Taxes arrive on the streets of London, why is there still a driver behind the wheel at least for now? US Baskar Ball team, the Los Angeles Clippers, have been hit with a record 30 million dollar fine by the National Basketball Association for breaking its salary rules. The leak says the Baskar Ball team funneled millions of dollars to star player Kiwai Leonard. The NBA has also suspended the Clippers owner former Microsoft CEO Steve Barmer. Mike Vrockeneuve is a Baskar Ball business reporter for the athletic. A NBA investigation into the Clippers in alleged capture convention found that

2:11the Clippers and several of its top officials, including its owner, helped their star player Kiwai Leonard earn a significant amount of off court income by facilitating and creating endorsement deals with the number of team sponsors. And so the investigation found that what they did was in violation of the NBA's rules, the NBA has a salary cap so it limits how much teams can spend on their roster and how much players can earn and they found that the Clippers helped Kiwai Leonard earn more money off the court which would be in violation of those rules because it gave them an unfair advantage. $30 million is a record fine. So how significant a punishment is that for franchise as valuable as the Clippers? You know it's the largest punishment in NBA history. They took five first round picks for them which is probably the most significant part of this punishment. There's a $30 million fine for the team as well and obviously one year suspensions for Steve

3:14Gomer and a half year suspension for its team president ahead of its Baskar operations and they won your suspension for their team of business operations. And so it's a significant suspension that goes way more than just the money involved. Mike Vockenov, the Dutch central bank has transferred more than seven to eight tons of gold from New York to London saying it wants to be better prepared for growing geopolitical uncertainty. It is the second European country this year to remove its gold reserves from the United States after France did the same in January. Professor of Finance and Monetary Economics at the Frankfurt School of Finance and Management in Manel Munch explains the broader picture behind Netherlands decision. The Dutch central bank was very clear and that it said that it's really wanted to improve the tradeability of its gold stock and so geopolitical uncertainty was only one of the one of the reasons mentioned the tradeability of the gold stock is the primary one. So what are the other reasons then? It is much easier to trade gold in London. The Bank of England

4:20allows not just foreign central banks to hold gold but also private market participants. So basically dealers' brokers of gold also in London you basically have a certain quality of gold that you need to hold and the gold that's stored in New York is typically of poorer quality that was used traditionally and you cannot easily sell that type of gold in the marketplace. And I wonder whether the Netherlands could be the start of something bigger. Do you now expect Germany and other European countries to consider where they keep their gold? I do not anticipate that many many central banks will follow this route but certainly the French example early in the year and now the Dutch example show that some central banks have thought about how to strategically allocate their gold reserves and have acted. I really do not want to speculate whether other central banks will follow suit. Emmanuel Monch there well it's down to the markets now with Nicholas Hayard who is lead

5:24alternatives analyst at Hargriffs Lansdown. Nicholas it's been reported that Nvidia has agreed to buy AI model platform Hoganface worth 13 billion dollars. Tell us more about that. Well Nvidia tried to make a large investment company last year at a 7 billion dollar evaluation but Hoganface itself actually turned that down and that was to preserve its independence. You can see why that would matter Hoganface. There are repository for open source AI models and data so users can download the code and use it themselves. Those models might not be advanced as chat GPT or anthropic in traffic's Claude sorry but lots of every data staff actually need the power on frontier model to get the job done. So given the potential from Nvidia to exercise control over those new AI alternatives I don't think it'd be surprising if this deal faces a lot of scrutiny from regulators before it gets done. Now light of London is also in the news because it has released its latest results today and is also facing nearly two billion dollars in losses linked to the US Iran war. What does this tell you?

6:30Well context is really important here so natural disasters are usually the big loss events for the Lloyds. For example they paid out three billion dollars back in 2005 when Hurricane Katrina struck but it's actually been quite a benign year on that front with relatively few hurricanes and earthquakes that even in the context of recent conflicts this isn't a huge bill. For instance one one point four billion pounds I think is the amount of paying out if Iran US and that is any quarter of what Russia paid out on Russia Ukraine since 2002. Fewer ships will be allowed through the Panama Canal from today because of severe drought. Low rainfall linked to El Nino has reduced water levels, forcing authorities to gradually cut daily crossings from 36 ships to 32. Around 5% of global trade normally passes through the canal.

7:30Now would you get into a taxi with nobody driving it? Well London has become the latest city to introduce robot taxes with all the London 15 self-driving cars in the UK capital. There is still a human safety driver behind the wheel for now but the technology itself makes the decisions about navigating London's roads. Our technology editor Zoe Kleinman has been for a ride. Hi, today you'll be taking away the sun on this road. Usually when I get in a ride I kind of zone out and look out the window and check my phone but today I'm paying attention and that's because I'm the first British journalist to hail a self-driving car taking a little trip through central London and I want to make sure that this machine gets me from A to B in one piece. While my car navigates the city streets with my hands off human by the wheel this has been a long time coming in the UK nearly a decade in fact. Industry and government had indicated that self-driving rides without safety drivers could be available by Christmas. It's now looking increasingly unlikely.

8:32So what's taking so long? Christina Calderato is Transport for London's director of strategy. We need to make sure it's safe and we'll be making sure that anything that does come to London has all those things in place but we're not holding anything up. We're taking time to get it right. The text that's making my car drive itself was developed by a British firm called WAVE. Its founder is Alex Kendall. So it's creating a stiff change for the industry but it's been a long development. I think autonomy is the space race of our generation. The Uber Eimer is using AI to analyse lots of data in real time about the road as we travel along gathered by different sensors on the car. It isn't pre-programmed. It has managed lots of hazards on the road. There's been crowds, there's been people, there was a demonstration outside Westminster. But then we have actually had to activate the safety driver, Montseure. I'm not allowed to talk to him because he needs to concentrate but we did need him in this short distance to take control because where we were parked up a van suddenly opened at stores and he had to take hold of the wheel. WAVE which built

9:36the driverless tech used in my Uber later told me it had been the driver's decision to intervene and it was confident the tech could have handled it. But it's also perhaps the perfect illustration of exactly why the authorities are not in a rush. So, we climb and report in there. That's our show today. Please subscribe to get the latest I'm busy at Dubai.