Transcripts For BBCNEWS Business 20240618 : comparemela.com

Transcripts For BBCNEWS Business 20240618



in tuesday's hearing in front of a senate subcommittee, mr calhoun plans to speak directly to the families of the 346 people killed aboard two boeing flights more than five years ago. according to his prepared remarks, mr calhoun expects to speak directly to the family of the people killed. he will also express regret about a january incident that led to a door panel blowout mid flight aboard a 7a7 max 9 aircraft, as well as gratitude there were no fatalities. mr calhoun had served as president and ceo of boeing since january 2020. he plans to tell senators he understands the gravity of boeing's responsibility to uphold aerospace safety and that the company will take action to ensure its safety standards are met and will hold itself accountable. but he will be asked to answer for the company's failures, including criticism that the company put profit over safety. a recent meeting between boeing executives and the united states chief aviation watchdog ended in a plan for systemic change, and no plans from the watchdog to allow boeing to increase production of its 737 maxjets. it comes amid a trying chapter for the aerospace giant and the end of a chapter for mr calhoun himself. he has announced that he will be stepping down later this year and the search for his successor is under way. boeing has, in recent months, shaken up its senior leadership team, and the firm's shares have fallen around 30% year—to—date. let's speak now to patrick edmond, managing director of altair advisory, an aviation strategy and sustainability consultancy. hello, patrick. welcome to the programme. once again being questioned. is there anything that dave calhoun can say to help restore trust in boeing? i don't think there is anything he can do at this point to restore trust. it will be a very long process. he can express once more and there will be a performative aspect to today plasma hearing. senators want to express their angen senators want to express their anger, they want to be seen to be doing so because boeing is a champion of us industry and they are angry it has come to this. ., ., ., , this. how it -- how has it impacted _ this. how it -- how has it impacted boeing's - this. how it -- how has it - impacted boeing's business? 737 is a cash impacted boeing's business? 7757 is a cash cow in the us regulator has said it actually the number of 737 is that boeing is allowed to build until its controls are better so that is actually restricting boeing's ability to earn money so over the last five years boeing has lost $32 billion, thatis boeing has lost $32 billion, that is more than any other company on the snp. earlier this year. — company on the snp. earlier this year, there _ company on the snp. earlier this year, there was - company on the snp. earlier this year, there was another| this year, there was another committee hearing, wasn't there? what came out of that? i am trying to work out what will happen at the end of today's hearing. happen at the end of today's hearinu. ., . f, . happen at the end of today's hearinu. ., ., , hearing. today's hearing is really more _ hearing. today's hearing is really more about - hearing. today's hearing is really more about getting l hearing. today's hearing is - really more about getting some more information from the outgoing ceo rather than making any specificjudgement. boeing any specific judgement. boeing is any specificjudgement. boeing is really facing a whole series of processes and restrictions at the moment, and one of the other ones which you may be referring to is that after the two 737 accidents, boeing entered into a probation agreement to avoid prosecution as long as it changed processes, and the alaska airlines door blowout this year came two days before the end of approbation that means the department ofjustice is now investigating boeing again to see if they will bring a prosecution. it is rather —— really one thing on top of the otherfor boeing. really one thing on top of the other for boeing.— other for boeing. there were also questions _ other for boeing. there were also questions about - other for boeing. there were also questions about the - also questions about the federal aviation administration's capacity to oversee boeing. where are we with that?— oversee boeing. where are we with that? ., ~ ., ., with that? the federal aviation administration _ with that? the federal aviation administration was _ with that? the federal aviation administration was perceived l with that? the federal aviation| administration was perceived to be a little bit too close to boeing and was outsourcing some inspections to boeing staff, so from the faa's point of view, it has to be seen to be cracking down, and therefore it is not going to allow boeing to increase its capacity for production or it is not going to loosen the reins let's call it until it sees very, very clearly that boeing has really changed its ways, and that is a multiyear process. they are not out of the woods yet. we multiyear process. they are not out of the woods yet.— out of the woods yet. we will leave it there. _ out of the woods yet. we will leave it there. patrick, - out of the woods yet. we will leave it there. patrick, thank| leave it there. patrick, thank you for your time. let's head to japan now where the world's top carmaker toyota has been holding its annual general meeting. in a vote that's just taken place, shareholders backed the chairman akio toyoda and nine other members of the automaker�*s board despite concerns about governance raised by two leading proxy advisers. toyota was recently at the centre of an industry scandal where it admitted to providing incorrect or manipulated data for safety certification tests. i'm joined now byjames hong, director at macquarie group. hello there to you, james. any surprise that mr toyota retaining his position? hat retaining his position? not reall . i retaining his position? not really. i think _ retaining his position? not really. i think this - retaining his position? not really. i think this is - retaining his position? iirrt really. i think this is widely expected. even last year when inaudible he actually managed to get appointed with 85% approval. i guess what is important is the actual approval rate which will be probably disclosed tomorrow, so if the approval rate continues to fall, obviously toyota will have much pressure and obviously need to some changes which can regain approval and support for the when approval rate, who and what are we referring to exactly? basically, how many shareholders approve the election of chairman followed up. they want 85%.— election of chairman followed up. they want 85%. thank you for that. how _ up. they want 85%. thank you for that. how has _ up. they want 85%. thank you for that. how has business - up. they want 85%. thank you i for that. how has business been doing for toyota?— doing for toyota? business itself is great. _ doing for toyota? business itself is great. i— doing for toyota? business itself is great. i mean, - itself is great. i mean, obviously the hybrid group in the us and some of the development market help their sales, and on top of that, the profit earnings last year the historical hire, it is also backed by, supported, so the business itself is ok, especially in the us market which we expect to be resilient in coming months. visibility on earnings, although sales is quite strong as well. the only concern we currently have is mostly china due to the competition from local chinese companies who are basically coming up with more affordable cars to the consumers. it is embarrassing _ cars to the consumers. it is embarrassing from - cars to the consumers. it is embarrassing from toyota, but from what you are saying, business has continued, storming in fact. has reputational damage been done in japan reputational damage been done injapan itself? that reputational damage been done in japan itself?— in japan itself? that has been our concern _ in japan itself? that has been our concern and _ in japan itself? that has been our concern and investors - our concern and investors concern, but having said that, with the market mainly dominated by the japanese local companies, it is notjust toyota with these issues. other companies like suzuki also had, honda has a similar issue which means the consumer at the end of that i doesn't have much option. the total number of volume affected is only around 150,000 units for the automaker who builds 10 million units a year. the volume impact is not big. overall earning impact as mentioned is not that severe. james hong, thank you that —— very much indeed. we stay with carmakers. shares of hyundai motors hit a record high in seoul, jumping as much as 6% on monday after the korean automaker announced that it was looking to raise up to $3 billion through an ipo for its india subsidiary. our india business correspondent nikhil inamdar has the latest on why this has got the markets so excited. well, hyundai filed its preliminary papers over the weekend, and if this listing does get a nod from india's regulators, then it could easily become the country's biggest offer for sale, rivalling the life insurance corporation of india. the korean automaker is looking at selling at 17.5% stake. there will be no new shares issued but a delusion by the existing shareholders. while there are no new details yet on the pricing of the ipo or the valuation, media reports suggest hyundai may be looking at a company valuation of about $20 billion to $30 billion — that is nearly half that of its parent company. in this listing in india may have beat the discounted variations korean companies typically get. this is one reason the market jumped at the knees. hyundai's valuation comes at a time when the markets are trading at record highs. the company will be the first auto giant to go public in the world's third—largest car market two decades after the market leader listed on the exchanges. it is a reflection of india's growing importance of the company, where it has invested over $5 billion, and committed to invest billions more over the next decade. china has launched an investigation into pork products from the european union in what appears to be a tit—for—tat action. last week, the eu decided to impose tariffs of up to 40% on chinese electric vehicles. the investigation into eu pork could result in beijing imposing its own tariffs. let's get more on this and head to our asia business hub and suranjana tewari is there. what is going on? well, we were expecting some form of retaliation after the eu imposed those tariffs on chinese electric vehicles, and now it seems like china is trying to find out how it can respond with a product that a number of european countries export a great deal of to china. china's commerce ministry has said it will focus on pork intended for human consumption products fresh, cold and frozen whole cuts. now, the eu accounts for more than half the roughly $6 billion worth of pork that china imported in 2023, that is according to chinese customs data. around a quarter of it was from spain alone because of the netherlands and denmark are the netherlands and denmark are the next big trade partners. a danish lobby group has warned that the country's ork sector be hit incredibly hard by any restrictions on sales to china —— pork. the eu is not worried, according to a spokesperson, saying the block would ensure it complied with all relevant world trade organization rules, and finau, european pork producers should be able to keep exporting to china while the investigation is under way, and that could take up to a year and a half. and that could take up to a yearand a half. —— and that could take up to a year and a half. —— and for now. this opens an opportunity for pork suppliers and other markets including south america, the us and russia. they could gain market share if beijing restricts imports from the european union. of course it is all about accusations that china is producing too much and concerns it will flood the global market with cheap goods, pricing at american or european companies, making things like evs. this is the latest twist in this tit—for—tat trade dispute and it looks like pork is now a battleground.— it looks like pork is now a battleground. thank you very much for _ battleground. thank you very much for that. _ battleground. thank you very much for that. thank - battleground. thank you very much for that. thank you. . around the world and across the uk, this is bbc news. the flow of new investment into the uk has been the lowest of any of the world's most advanced economies for three years running now. that's according to a new report published today. the institute for public policy research warns that unless the situation improves it is hard to see how the uk economy will grow. live now tojoshua mahony, chief market analyst at scope markets. hello there to you, josh. lovely to have you with us on the programme. it has been going on since the mid—i9 90s. yes, i think this is particularly pertinent at the moment because of course all of the arguments between the likes of conservatives and the labour party at the moment revolve around who was going to push up taxes, who is going to cut taxes. there is not really a massive focus on progrowth spending, and certainly you are looking back over a long historical period, we have seen 24 historical period, we have seen 2a out of the past 30 years where total investment in the uk has been at the bottom of the pile in terms of g7 nations, and this research essentially points towards the uk's need to have the government eventually paving the way for private businesses through higher spending and greater incentives that would then push businesses to spend in turn. there have been a big focus on cutting taxes, cutting corporation tax down to i9% over that period from 2010 to 2017 we saw significant cuts in terms of corporation tax, but if you are cutting taxes but not necessarily getting the investment that follows, then really, may be the focus would be more on progrowth strategies and not necessarilyjust and not necessarily just constantly and not necessarilyjust constantly cutting taxes for businesses.— constantly cutting taxes for businesses. . , . ., , ., businesses. which sectors have been hardest _ businesses. which sectors have been hardest hit _ businesses. which sectors have been hardest hit when - businesses. which sectors have been hardest hit when it - businesses. which sectors have been hardest hit when it comesj been hardest hit when it comes to uk investment?— been hardest hit when it comes to uk investment? well, i would sa that if to uk investment? well, i would say that if you — to uk investment? well, i would say that if you are _ to uk investment? well, i would say that if you are looking - to uk investment? well, i would say that if you are looking at - say that if you are looking at the areas where you are not necessarily seeing a great follow—through, it is of industrialised side of the business stopped because some of the major projects that the government attempted to push through either it takes a long period of time because we have a lot of red tape, we are looking at so the hinkley point nuclear power plant, it started in 2010, we still haven't seen that through to completion, we have of course in the hs2 train line where they have essentially curtailed some of that northern part of the roots, and so there are big questions about the government's ability to follow through on some of these big infrastructure projects. certainly from a sort of services side of the economy, the uk has always been strong, but from the industrial side, the manufacturing side of the economy, there is some significant questions on whether the government is able to provide continued support of an extended period of time as you see of course the changing faces at number ten downing st. 0k, faces at number ten downing st. ok, joshua, thank you very much indeed. to south africa now, where the future of the country's coal industry hangs in the balance. coal generates much of the electricity in the country, which is battling a power supply crisis. however, communities living in the shadows of mines and power stations appear to bear the highest cost. the bbc�*sjewel kiriungi reports from phola township, in the eastern mpumalanga province, where she's been speaking to residents affected by the coal mines. my my daughter... she was diagnosed... soi so i hate the mining site. there are lives in mpumalanga, the heart of south africa's coalmining region. we are surrounded _ coalmining region. we are surrounded by _ coalmining region. we are surrounded by mines - coalmining region. we are surrounded by mines and | coalmining region. we are - surrounded by mines and your health is in danger because you will be inhaling the dust, the fumes. . ,., fumes. the coal-fired power -lants fumes. the coal-fired power plants generate _ fumes. the coal-fired power plants generate much - fumes. the coal-fired power plants generate much of - fumes. the coal-fired power. plants generate much of south africa's electricity, but release toxic gases such as sulphur dioxide and nitrogen dioxide in the air in the process. more than 2000 people die every yearfrom process. more than 2000 people die every year from illnesses caused by air pollution from coal—fired power plants owned ijy coal—fired power plants owned by the national power company. in response, they told the bbc that... i have actually damaged the environment after they's communities are becoming sick. mining companies out there to fit the bill. he mining companies out there to fit the bill-— fit the bill. he reached out to the mineral— fit the bill. he reached out to the mineral 's _ fit the bill. he reached out to the mineral 's council- fit the bill. he reached out to the mineral 's council of- fit the bill. he reached out to| the mineral 's council of south the mineral �*s council of south africa to find out what efforts if any have been made by mining companies to address the claims made by the residents. they responded, saying... south african authorities so that they wanted to have mine clean coal, which means that the coal is processed but without carbon emissions. but how visible is it? the government says that special technologies will be used to remove things from coal and store them in underground pockets of porous rock to make it safer for the environment. it will eventually make it less dirty from a combustion perspective. it would not impact the mining operation specifically, but once you take the call and you combust it, you will not get these harmful emissions that will come out of those plants. emissions that will come out of those planta— those plants. however, environmentalists - those plants. however, environmentalists say l environmentalists say investment should be in new forms of clean energy rather than old. forms of clean energy rather than old-— forms of clean energy rather than old. _ , ., than old. some say we should kee the than old. some say we should keep the call— than old. some say we should keep the call fleet _ than old. some say we should keep the call fleet going - than old. some say we should keep the call fleet going for. keep the call fleet going for longer, that if we weigh that “p longer, that if we weigh that up against the speed of which renewable energy can be built, the cost of renewable energy which is a lot cheaper, middle many modellers and experts say that was for renewables is actually the better one. the debate continues. - actually the better one. the debate continues. but as it does, people like derek say they will continue to struggle to even breathe.— they will continue to struggle to even breathe. maybe they can move us from — to even breathe. maybe they can move us from here _ to even breathe. maybe they can move us from here and - to even breathe. maybe they can move us from here and give - to even breathe. maybe they can move us from here and give us l move us from here and give us another place far from the minds. then we can talk future. we are dying of disease, we are killing each other. so there is no future. jewel kiriungi, bbc news. mpumalanga. now let's talk about advertising. this week, the cannes lions international festival of creativity — the largest gathering of the advertising and creative communications industry — is taking place on the french riviera. new figures released today from the uk advertising exports group, show that the value of uk advertising exports stands at just over £18 billion — that's a 15% increase year on year — and four times higher than a decade ago — with the uk now the world's second—largest exporter of advertising goods and services. so, what is behind this success? let's speak to julian douglas, chair of the uk advertising exports group, who joins us from cannes. hello, and a very good morning to you, julian. this is a bit of a surprise. many people would have never thought that the uk's advertising sector is doing so well.— doing so well. well, it is absolutely _ doing so well. well, it is absolutely fantastic - doing so well. well, it is| absolutely fantastic news doing so well. well, it is . absolutely fantastic news to see the figures of 18 billion, and it is the surprise in some way that four years ago, ten years ago, there has been an increase in the last decade but the trajectory has been consistent for a few years now. i think it is testament to the innovation that you see right across the uk.— innovation that you see right across the uk. what is it then about uk _ across the uk. what is it then about uk advertising - across the uk. what is it then about uk advertising that - across the uk. what is it then i about uk advertising that makes it so attractive to foreign companies and countries? there are a number— companies and countries? there are a number of factors. - companies and countries? there are a number of factors. i - are a number of factors. i think you can put it down to talent, tach and time zone. on the talent side... inaudible. i think we have a problem with our connection there. you are lagging slightly. i don't know if we have time to fix it. are you back with us, julian? yes, i have you back with us, julian? yes, i have got _ you back with us, julian? yes, i have got you- _ you back with us, julian? yes, i have got you. you _ you back with us, julian? yes, | i have got you. you mentioned talent. i have got you. you mentioned talent- to _ i have got you. you mentioned talent. to continue. _ i have got you. you mentioned talent. to continue. also - talent. to continue. also technology- _ talent. to continue. also technology. we - talent. to continue. also technology. we are - talent. to continue. also technology. we are at i talent. to continue. also| technology. we are at the forefront of technology in the uk, we have the most advanced digital advertising network on the planet and that means inaudible great on al and using virtual production so really expanding the possibilities of what can be done in advertising, and the best brands around the world want to buy the best advertising solutions and they come to the uk for that. time zone... solutions and they come to the uk for that. time zone. . .- uk for that. time zone... time zone, uk for that. time zone... time zone. carry _ uk for that. time zone... time zone. carry on- _ uk for that. time zone... time zone, carry on. that _ uk for that. time zone... time zone, carry on. that is - zone, carry on. that is a shame. we are having real problems with julian's shame. we are having real problems withjulian's lion problems with julian's lion air. problems withjulian's lion air. that was julian just trying to give us a picture of why the uk advertising sector is doing so well, many people don't know about this but it is currently worth over £18 billion a year. if we can get julian in the next hour, we will try and get that interview back. but let usjust will try and get that interview back. but let us just remind you of some of the other newsletters making the headlines today. apple has discontinued its �*buy now, pay later�* service, which it launched in the us only last year. it marks a retreat in the iphone maker's ambitions to become a major provider of traditional financial services. instead, the tech giant says it's moving to a new instalment loan service, offered through third—party credit and debit cards. brazil's state—controlled oil company, petrobras, has agreed to pay the treasury $3.7 billion to settle a major tax dispute over the chartering of ships. president lula da silva's administration has been putting pressure on the company to make the payment to help balance the books. the government has made an ambitious commitment to reduce the budget deficit to zero by the end of this year. let's take a look at the markets. age of course are open. the nikaev is doing fairly strongly, up zero point 81%. the hang seng is also at 34.4 eight. i will be back with you shortly with all the top stories around the world. hello. we've got a spell of slightly more settled june weather, and temperatures a little bit warmer than they have been, certainly compared to the first few weeks of the month. through the day on tuesday, there will be some sunshine for many of us, a few showers around, not as many as we have seen over recent days. we have high pressure trying to build in from the atlantic, low pressure clearing away to the east, another area of low pressure moving in from the near continent, so that will be close to the southeast of england, sitting through the english channel, could bring a bit of rain at times. many of us start the day on a dry note. we've got more cloud and a cool, northerly wind blowing across northern scotland with a few showers, also some showers cropping up for northern england. but let's take a look through the english channel, there's that rain, perilously close to kent and east sussex, so a bit of wet weather possible here. should clear away during the afternoon. sunny spells for wales, up towards east anglia. variable cloud, as we move across into northern ireland. but a bit more brightness here than recent days. still fairly cloudy for scotland with that northerly wind bringing a few rain showers, but they will be fairly light and patchy, i think, here through the day. one or two sharp showers for southern scotland, northeast england, down the pennines as well. some sunshine to the south of that, lifting temperatures to about 21, 22 degrees in the warmer spots. so we're typically looking at the mid to high teens for most, but cooler, just 12 or 13, across the northern half of scotland. moving into the middle of the week, then, into wednesday, this ridge of high pressure moves its way in and squeezes the weather fronts away. so, most of us having a fine, dry day on wednesday, with some longer spells of sunshine, maybe some cloud bubbling up through the day, so not looking at wall—to—wall blue sky. a bit of a cool breeze blowing for east anglia, the far southeast, and it will also cloud over with a few spots of rain for the far northwest. so again, coolerfor the north and northwest of scotland. but most of us, 17 to 21 degrees. so more typical for the time of year. strong sunshine as well of course this time of year. into thursday, still a lot of dry weather, could be some showers close to the southeast of england once again, low pressure not too far away across the near continent. perhaps a bit more cloud in rain in the far northwest of scotland. in between, a fair amount of dry weather — 18 to 22. a touch cooler than that for the northern isles and the western isles, too. most of us stay dry, then, through into friday, but more of a chance of a bit more unsettled weather, initially in the northwest, and then perhaps a little bit more widely, some spells of rain, as we head on into saturday. bye for now. good morning. welcome to breakfast withjon kay and sarah campbell. our headlines today... millions who haven't yet registered to vote in the general election have until midnight to get on the electoral roll. good morning from nuneaton, warwickshire bellwether, meaning whoever wins here usually wins the keys to downing street. have voters been impressed by what they have seen so far? we have been finding out. steelworkers begin industrial action in protest at tata steel's plans to cut almost 3,000 jobs in south wales. in sport... france beat austria at euro 2024. but the win is overshadowed by an injury to kylian mbappe — their star striker suffers a broken nose. good morning. although many of us start off— good morning. although many of us start off on — good morning. although many of us start off on a cloudy note the spots of rain. _ start off on a cloudy note the spots of rain. that— start off on a cloudy note the spots of rain, that will give way to sunny spells _ of rain, that will give way to sunny spells and — of rain, that will give way to sunny spells and some showers. some when

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Transcripts For BBCNEWS Business 20240618 : Comparemela.com

Transcripts For BBCNEWS Business 20240618

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in tuesday's hearing in front of a senate subcommittee, mr calhoun plans to speak directly to the families of the 346 people killed aboard two boeing flights more than five years ago. according to his prepared remarks, mr calhoun expects to speak directly to the family of the people killed. he will also express regret about a january incident that led to a door panel blowout mid flight aboard a 7a7 max 9 aircraft, as well as gratitude there were no fatalities. mr calhoun had served as president and ceo of boeing since january 2020. he plans to tell senators he understands the gravity of boeing's responsibility to uphold aerospace safety and that the company will take action to ensure its safety standards are met and will hold itself accountable. but he will be asked to answer for the company's failures, including criticism that the company put profit over safety. a recent meeting between boeing executives and the united states chief aviation watchdog ended in a plan for systemic change, and no plans from the watchdog to allow boeing to increase production of its 737 maxjets. it comes amid a trying chapter for the aerospace giant and the end of a chapter for mr calhoun himself. he has announced that he will be stepping down later this year and the search for his successor is under way. boeing has, in recent months, shaken up its senior leadership team, and the firm's shares have fallen around 30% year—to—date. let's speak now to patrick edmond, managing director of altair advisory, an aviation strategy and sustainability consultancy. hello, patrick. welcome to the programme. once again being questioned. is there anything that dave calhoun can say to help restore trust in boeing? i don't think there is anything he can do at this point to restore trust. it will be a very long process. he can express once more and there will be a performative aspect to today plasma hearing. senators want to express their angen senators want to express their anger, they want to be seen to be doing so because boeing is a champion of us industry and they are angry it has come to this. ., ., ., , this. how it -- how has it impacted _ this. how it -- how has it impacted boeing's - this. how it -- how has it - impacted boeing's business? 737 is a cash impacted boeing's business? 7757 is a cash cow in the us regulator has said it actually the number of 737 is that boeing is allowed to build until its controls are better so that is actually restricting boeing's ability to earn money so over the last five years boeing has lost $32 billion, thatis boeing has lost $32 billion, that is more than any other company on the snp. earlier this year. — company on the snp. earlier this year, there _ company on the snp. earlier this year, there was - company on the snp. earlier this year, there was another| this year, there was another committee hearing, wasn't there? what came out of that? i am trying to work out what will happen at the end of today's hearing. happen at the end of today's hearinu. ., . f, . happen at the end of today's hearinu. ., ., , hearing. today's hearing is really more _ hearing. today's hearing is really more about - hearing. today's hearing is really more about getting l hearing. today's hearing is - really more about getting some more information from the outgoing ceo rather than making any specificjudgement. boeing any specific judgement. boeing is any specificjudgement. boeing is really facing a whole series of processes and restrictions at the moment, and one of the other ones which you may be referring to is that after the two 737 accidents, boeing entered into a probation agreement to avoid prosecution as long as it changed processes, and the alaska airlines door blowout this year came two days before the end of approbation that means the department ofjustice is now investigating boeing again to see if they will bring a prosecution. it is rather —— really one thing on top of the otherfor boeing. really one thing on top of the other for boeing.— other for boeing. there were also questions _ other for boeing. there were also questions about - other for boeing. there were also questions about the - also questions about the federal aviation administration's capacity to oversee boeing. where are we with that?— oversee boeing. where are we with that? ., ~ ., ., with that? the federal aviation administration _ with that? the federal aviation administration was _ with that? the federal aviation administration was perceived l with that? the federal aviation| administration was perceived to be a little bit too close to boeing and was outsourcing some inspections to boeing staff, so from the faa's point of view, it has to be seen to be cracking down, and therefore it is not going to allow boeing to increase its capacity for production or it is not going to loosen the reins let's call it until it sees very, very clearly that boeing has really changed its ways, and that is a multiyear process. they are not out of the woods yet. we multiyear process. they are not out of the woods yet.— out of the woods yet. we will leave it there. _ out of the woods yet. we will leave it there. patrick, - out of the woods yet. we will leave it there. patrick, thank| leave it there. patrick, thank you for your time. let's head to japan now where the world's top carmaker toyota has been holding its annual general meeting. in a vote that's just taken place, shareholders backed the chairman akio toyoda and nine other members of the automaker�*s board despite concerns about governance raised by two leading proxy advisers. toyota was recently at the centre of an industry scandal where it admitted to providing incorrect or manipulated data for safety certification tests. i'm joined now byjames hong, director at macquarie group. hello there to you, james. any surprise that mr toyota retaining his position? hat retaining his position? not reall . i retaining his position? not really. i think _ retaining his position? not really. i think this - retaining his position? not really. i think this is - retaining his position? iirrt really. i think this is widely expected. even last year when inaudible he actually managed to get appointed with 85% approval. i guess what is important is the actual approval rate which will be probably disclosed tomorrow, so if the approval rate continues to fall, obviously toyota will have much pressure and obviously need to some changes which can regain approval and support for the when approval rate, who and what are we referring to exactly? basically, how many shareholders approve the election of chairman followed up. they want 85%.— election of chairman followed up. they want 85%. thank you for that. how _ up. they want 85%. thank you for that. how has _ up. they want 85%. thank you for that. how has business - up. they want 85%. thank you i for that. how has business been doing for toyota?— doing for toyota? business itself is great. _ doing for toyota? business itself is great. i— doing for toyota? business itself is great. i mean, - itself is great. i mean, obviously the hybrid group in the us and some of the development market help their sales, and on top of that, the profit earnings last year the historical hire, it is also backed by, supported, so the business itself is ok, especially in the us market which we expect to be resilient in coming months. visibility on earnings, although sales is quite strong as well. the only concern we currently have is mostly china due to the competition from local chinese companies who are basically coming up with more affordable cars to the consumers. it is embarrassing _ cars to the consumers. it is embarrassing from - cars to the consumers. it is embarrassing from toyota, but from what you are saying, business has continued, storming in fact. has reputational damage been done in japan reputational damage been done injapan itself? that reputational damage been done in japan itself?— in japan itself? that has been our concern _ in japan itself? that has been our concern and _ in japan itself? that has been our concern and investors - our concern and investors concern, but having said that, with the market mainly dominated by the japanese local companies, it is notjust toyota with these issues. other companies like suzuki also had, honda has a similar issue which means the consumer at the end of that i doesn't have much option. the total number of volume affected is only around 150,000 units for the automaker who builds 10 million units a year. the volume impact is not big. overall earning impact as mentioned is not that severe. james hong, thank you that —— very much indeed. we stay with carmakers. shares of hyundai motors hit a record high in seoul, jumping as much as 6% on monday after the korean automaker announced that it was looking to raise up to $3 billion through an ipo for its india subsidiary. our india business correspondent nikhil inamdar has the latest on why this has got the markets so excited. well, hyundai filed its preliminary papers over the weekend, and if this listing does get a nod from india's regulators, then it could easily become the country's biggest offer for sale, rivalling the life insurance corporation of india. the korean automaker is looking at selling at 17.5% stake. there will be no new shares issued but a delusion by the existing shareholders. while there are no new details yet on the pricing of the ipo or the valuation, media reports suggest hyundai may be looking at a company valuation of about $20 billion to $30 billion — that is nearly half that of its parent company. in this listing in india may have beat the discounted variations korean companies typically get. this is one reason the market jumped at the knees. hyundai's valuation comes at a time when the markets are trading at record highs. the company will be the first auto giant to go public in the world's third—largest car market two decades after the market leader listed on the exchanges. it is a reflection of india's growing importance of the company, where it has invested over $5 billion, and committed to invest billions more over the next decade. china has launched an investigation into pork products from the european union in what appears to be a tit—for—tat action. last week, the eu decided to impose tariffs of up to 40% on chinese electric vehicles. the investigation into eu pork could result in beijing imposing its own tariffs. let's get more on this and head to our asia business hub and suranjana tewari is there. what is going on? well, we were expecting some form of retaliation after the eu imposed those tariffs on chinese electric vehicles, and now it seems like china is trying to find out how it can respond with a product that a number of european countries export a great deal of to china. china's commerce ministry has said it will focus on pork intended for human consumption products fresh, cold and frozen whole cuts. now, the eu accounts for more than half the roughly $6 billion worth of pork that china imported in 2023, that is according to chinese customs data. around a quarter of it was from spain alone because of the netherlands and denmark are the netherlands and denmark are the next big trade partners. a danish lobby group has warned that the country's ork sector be hit incredibly hard by any restrictions on sales to china —— pork. the eu is not worried, according to a spokesperson, saying the block would ensure it complied with all relevant world trade organization rules, and finau, european pork producers should be able to keep exporting to china while the investigation is under way, and that could take up to a year and a half. and that could take up to a yearand a half. —— and that could take up to a year and a half. —— and for now. this opens an opportunity for pork suppliers and other markets including south america, the us and russia. they could gain market share if beijing restricts imports from the european union. of course it is all about accusations that china is producing too much and concerns it will flood the global market with cheap goods, pricing at american or european companies, making things like evs. this is the latest twist in this tit—for—tat trade dispute and it looks like pork is now a battleground.— it looks like pork is now a battleground. thank you very much for _ battleground. thank you very much for that. _ battleground. thank you very much for that. thank - battleground. thank you very much for that. thank you. . around the world and across the uk, this is bbc news. the flow of new investment into the uk has been the lowest of any of the world's most advanced economies for three years running now. that's according to a new report published today. the institute for public policy research warns that unless the situation improves it is hard to see how the uk economy will grow. live now tojoshua mahony, chief market analyst at scope markets. hello there to you, josh. lovely to have you with us on the programme. it has been going on since the mid—i9 90s. yes, i think this is particularly pertinent at the moment because of course all of the arguments between the likes of conservatives and the labour party at the moment revolve around who was going to push up taxes, who is going to cut taxes. there is not really a massive focus on progrowth spending, and certainly you are looking back over a long historical period, we have seen 24 historical period, we have seen 2a out of the past 30 years where total investment in the uk has been at the bottom of the pile in terms of g7 nations, and this research essentially points towards the uk's need to have the government eventually paving the way for private businesses through higher spending and greater incentives that would then push businesses to spend in turn. there have been a big focus on cutting taxes, cutting corporation tax down to i9% over that period from 2010 to 2017 we saw significant cuts in terms of corporation tax, but if you are cutting taxes but not necessarily getting the investment that follows, then really, may be the focus would be more on progrowth strategies and not necessarilyjust and not necessarily just constantly and not necessarilyjust constantly cutting taxes for businesses.— constantly cutting taxes for businesses. . , . ., , ., businesses. which sectors have been hardest _ businesses. which sectors have been hardest hit _ businesses. which sectors have been hardest hit when - businesses. which sectors have been hardest hit when it - businesses. which sectors have been hardest hit when it comesj been hardest hit when it comes to uk investment?— been hardest hit when it comes to uk investment? well, i would sa that if to uk investment? well, i would say that if you — to uk investment? well, i would say that if you are _ to uk investment? well, i would say that if you are looking - to uk investment? well, i would say that if you are looking at - say that if you are looking at the areas where you are not necessarily seeing a great follow—through, it is of industrialised side of the business stopped because some of the major projects that the government attempted to push through either it takes a long period of time because we have a lot of red tape, we are looking at so the hinkley point nuclear power plant, it started in 2010, we still haven't seen that through to completion, we have of course in the hs2 train line where they have essentially curtailed some of that northern part of the roots, and so there are big questions about the government's ability to follow through on some of these big infrastructure projects. certainly from a sort of services side of the economy, the uk has always been strong, but from the industrial side, the manufacturing side of the economy, there is some significant questions on whether the government is able to provide continued support of an extended period of time as you see of course the changing faces at number ten downing st. 0k, faces at number ten downing st. ok, joshua, thank you very much indeed. to south africa now, where the future of the country's coal industry hangs in the balance. coal generates much of the electricity in the country, which is battling a power supply crisis. however, communities living in the shadows of mines and power stations appear to bear the highest cost. the bbc�*sjewel kiriungi reports from phola township, in the eastern mpumalanga province, where she's been speaking to residents affected by the coal mines. my my daughter... she was diagnosed... soi so i hate the mining site. there are lives in mpumalanga, the heart of south africa's coalmining region. we are surrounded _ coalmining region. we are surrounded by _ coalmining region. we are surrounded by mines - coalmining region. we are surrounded by mines and | coalmining region. we are - surrounded by mines and your health is in danger because you will be inhaling the dust, the fumes. . ,., fumes. the coal-fired power -lants fumes. the coal-fired power plants generate _ fumes. the coal-fired power plants generate much - fumes. the coal-fired power plants generate much of - fumes. the coal-fired power. plants generate much of south africa's electricity, but release toxic gases such as sulphur dioxide and nitrogen dioxide in the air in the process. more than 2000 people die every yearfrom process. more than 2000 people die every year from illnesses caused by air pollution from coal—fired power plants owned ijy coal—fired power plants owned by the national power company. in response, they told the bbc that... i have actually damaged the environment after they's communities are becoming sick. mining companies out there to fit the bill. he mining companies out there to fit the bill-— fit the bill. he reached out to the mineral— fit the bill. he reached out to the mineral 's _ fit the bill. he reached out to the mineral 's council- fit the bill. he reached out to the mineral 's council of- fit the bill. he reached out to| the mineral 's council of south the mineral �*s council of south africa to find out what efforts if any have been made by mining companies to address the claims made by the residents. they responded, saying... south african authorities so that they wanted to have mine clean coal, which means that the coal is processed but without carbon emissions. but how visible is it? the government says that special technologies will be used to remove things from coal and store them in underground pockets of porous rock to make it safer for the environment. it will eventually make it less dirty from a combustion perspective. it would not impact the mining operation specifically, but once you take the call and you combust it, you will not get these harmful emissions that will come out of those plants. emissions that will come out of those planta— those plants. however, environmentalists - those plants. however, environmentalists say l environmentalists say investment should be in new forms of clean energy rather than old. forms of clean energy rather than old-— forms of clean energy rather than old. _ , ., than old. some say we should kee the than old. some say we should keep the call— than old. some say we should keep the call fleet _ than old. some say we should keep the call fleet going - than old. some say we should keep the call fleet going for. keep the call fleet going for longer, that if we weigh that “p longer, that if we weigh that up against the speed of which renewable energy can be built, the cost of renewable energy which is a lot cheaper, middle many modellers and experts say that was for renewables is actually the better one. the debate continues. - actually the better one. the debate continues. but as it does, people like derek say they will continue to struggle to even breathe.— they will continue to struggle to even breathe. maybe they can move us from — to even breathe. maybe they can move us from here _ to even breathe. maybe they can move us from here and - to even breathe. maybe they can move us from here and give - to even breathe. maybe they can move us from here and give us l move us from here and give us another place far from the minds. then we can talk future. we are dying of disease, we are killing each other. so there is no future. jewel kiriungi, bbc news. mpumalanga. now let's talk about advertising. this week, the cannes lions international festival of creativity — the largest gathering of the advertising and creative communications industry — is taking place on the french riviera. new figures released today from the uk advertising exports group, show that the value of uk advertising exports stands at just over £18 billion — that's a 15% increase year on year — and four times higher than a decade ago — with the uk now the world's second—largest exporter of advertising goods and services. so, what is behind this success? let's speak to julian douglas, chair of the uk advertising exports group, who joins us from cannes. hello, and a very good morning to you, julian. this is a bit of a surprise. many people would have never thought that the uk's advertising sector is doing so well.— doing so well. well, it is absolutely _ doing so well. well, it is absolutely fantastic - doing so well. well, it is| absolutely fantastic news doing so well. well, it is . absolutely fantastic news to see the figures of 18 billion, and it is the surprise in some way that four years ago, ten years ago, there has been an increase in the last decade but the trajectory has been consistent for a few years now. i think it is testament to the innovation that you see right across the uk.— innovation that you see right across the uk. what is it then about uk _ across the uk. what is it then about uk advertising - across the uk. what is it then about uk advertising that - across the uk. what is it then i about uk advertising that makes it so attractive to foreign companies and countries? there are a number— companies and countries? there are a number of factors. - companies and countries? there are a number of factors. i - are a number of factors. i think you can put it down to talent, tach and time zone. on the talent side... inaudible. i think we have a problem with our connection there. you are lagging slightly. i don't know if we have time to fix it. are you back with us, julian? yes, i have you back with us, julian? yes, i have got _ you back with us, julian? yes, i have got you- _ you back with us, julian? yes, i have got you. you _ you back with us, julian? yes, | i have got you. you mentioned talent. i have got you. you mentioned talent- to _ i have got you. you mentioned talent. to continue. _ i have got you. you mentioned talent. to continue. also - talent. to continue. also technology- _ talent. to continue. also technology. we - talent. to continue. also technology. we are - talent. to continue. also technology. we are at i talent. to continue. also| technology. we are at the forefront of technology in the uk, we have the most advanced digital advertising network on the planet and that means inaudible great on al and using virtual production so really expanding the possibilities of what can be done in advertising, and the best brands around the world want to buy the best advertising solutions and they come to the uk for that. time zone... solutions and they come to the uk for that. time zone. . .- uk for that. time zone... time zone, uk for that. time zone... time zone. carry _ uk for that. time zone... time zone. carry on- _ uk for that. time zone... time zone, carry on. that _ uk for that. time zone... time zone, carry on. that is - zone, carry on. that is a shame. we are having real problems with julian's shame. we are having real problems withjulian's lion problems with julian's lion air. problems withjulian's lion air. that was julian just trying to give us a picture of why the uk advertising sector is doing so well, many people don't know about this but it is currently worth over £18 billion a year. if we can get julian in the next hour, we will try and get that interview back. but let usjust will try and get that interview back. but let us just remind you of some of the other newsletters making the headlines today. apple has discontinued its �*buy now, pay later�* service, which it launched in the us only last year. it marks a retreat in the iphone maker's ambitions to become a major provider of traditional financial services. instead, the tech giant says it's moving to a new instalment loan service, offered through third—party credit and debit cards. brazil's state—controlled oil company, petrobras, has agreed to pay the treasury $3.7 billion to settle a major tax dispute over the chartering of ships. president lula da silva's administration has been putting pressure on the company to make the payment to help balance the books. the government has made an ambitious commitment to reduce the budget deficit to zero by the end of this year. let's take a look at the markets. age of course are open. the nikaev is doing fairly strongly, up zero point 81%. the hang seng is also at 34.4 eight. i will be back with you shortly with all the top stories around the world. hello. we've got a spell of slightly more settled june weather, and temperatures a little bit warmer than they have been, certainly compared to the first few weeks of the month. through the day on tuesday, there will be some sunshine for many of us, a few showers around, not as many as we have seen over recent days. we have high pressure trying to build in from the atlantic, low pressure clearing away to the east, another area of low pressure moving in from the near continent, so that will be close to the southeast of england, sitting through the english channel, could bring a bit of rain at times. many of us start the day on a dry note. we've got more cloud and a cool, northerly wind blowing across northern scotland with a few showers, also some showers cropping up for northern england. but let's take a look through the english channel, there's that rain, perilously close to kent and east sussex, so a bit of wet weather possible here. should clear away during the afternoon. sunny spells for wales, up towards east anglia. variable cloud, as we move across into northern ireland. but a bit more brightness here than recent days. still fairly cloudy for scotland with that northerly wind bringing a few rain showers, but they will be fairly light and patchy, i think, here through the day. one or two sharp showers for southern scotland, northeast england, down the pennines as well. some sunshine to the south of that, lifting temperatures to about 21, 22 degrees in the warmer spots. so we're typically looking at the mid to high teens for most, but cooler, just 12 or 13, across the northern half of scotland. moving into the middle of the week, then, into wednesday, this ridge of high pressure moves its way in and squeezes the weather fronts away. so, most of us having a fine, dry day on wednesday, with some longer spells of sunshine, maybe some cloud bubbling up through the day, so not looking at wall—to—wall blue sky. a bit of a cool breeze blowing for east anglia, the far southeast, and it will also cloud over with a few spots of rain for the far northwest. so again, coolerfor the north and northwest of scotland. but most of us, 17 to 21 degrees. so more typical for the time of year. strong sunshine as well of course this time of year. into thursday, still a lot of dry weather, could be some showers close to the southeast of england once again, low pressure not too far away across the near continent. perhaps a bit more cloud in rain in the far northwest of scotland. in between, a fair amount of dry weather — 18 to 22. a touch cooler than that for the northern isles and the western isles, too. most of us stay dry, then, through into friday, but more of a chance of a bit more unsettled weather, initially in the northwest, and then perhaps a little bit more widely, some spells of rain, as we head on into saturday. bye for now. good morning. welcome to breakfast withjon kay and sarah campbell. our headlines today... millions who haven't yet registered to vote in the general election have until midnight to get on the electoral roll. good morning from nuneaton, warwickshire bellwether, meaning whoever wins here usually wins the keys to downing street. have voters been impressed by what they have seen so far? we have been finding out. steelworkers begin industrial action in protest at tata steel's plans to cut almost 3,000 jobs in south wales. in sport... france beat austria at euro 2024. but the win is overshadowed by an injury to kylian mbappe — their star striker suffers a broken nose. good morning. although many of us start off— good morning. although many of us start off on — good morning. although many of us start off on a cloudy note the spots of rain. _ start off on a cloudy note the spots of rain. that— start off on a cloudy note the spots of rain, that will give way to sunny spells _ of rain, that will give way to sunny spells and — of rain, that will give way to sunny spells and some showers. some when

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