For a brexit heavy queens speech without a majority we talk you through whats at stake. Remember the romantic days of supersonic air travel . The days when the concorde was the choice of the jet set. Well its Back To The Future at the Paris Air Show. Welcome to World Business report. Im sally bundock, also in the Programme Toshiba has Just Announced who will buy its prized chip making unit. Well be live in tokyo for the latest. The British Government sets out its legislative programme for the coming year today, and the economy looks set to take centre stage. Ancient custom means its actually announced by queen elizabeth, hence the name of the occasion the queens speech. The recent general election left the governing conservative Party Without a parliamentary majority. So it is currently working on a deal to get the support of northern irelands democratic unionist party. But that minority status could limit how bold the government wants to be, at a time when Economic Growth in the uk is slowing down and it is negotiating its exit from the european union. There are plans to stimulate the economy so measures to boost major travel Infrastructure Projects are thought to be on the cards. But plans to reform pensions, and social care for the elderly have proved very controversial and could be left off the governments wish list. With me is lorenzo codogno, London School of economics and Political Science and Lc Macro Advisors ltd good morning. Thank you for coming in. Lets have a talk about what is likely to be in this speech. Many are saying it will be brexit heavy. In many ways it will be watered down because there is still no deal with the democratic unionist party. That would represent some kind of what went down is supposed to what could have been expected. Clearly, the vote was about brexit. We are coming from a referendum so clearly brexit will be the focus of the speech although i doubt there will be clear messages. It will take a while before the messages become clear. It will be general. Maybe more on the fiscal stance. When it comes to the uk economy, the chancellor is an britain is weary of austerity after Seven Britain is weary of austerity after seve n Yea Rs Britain is weary of austerity after seven years and mike cunning, the governor of the Bank Of England saying we are likely to be hit by the costs of brexit. What will be in the costs of brexit. What will be in the speech to try to give the people a boost . The Bank Of England is absolutely right but i do not like the word austerity. I think you should combine then need to reduce the deficit and the debts. Fiscal discipline has to remain . Foreshore. However, given the economy that the economy is about to slow, it makes sense to postpone some of the measures or died loot the adjustments over a period of time. Dilutes. I think there are separate issues. The more political issue and the government needs to make sure that incentives are dressed in the proper way. The issue has economic outcomes and it will be on the mind of theresa may as she tries to cling on to power and the remainder the Prime Minister with an Opposition Leader Likejeremy Corbyn who says he will challenge this speech straightaway. Absolutely. After the election, that will become the heat issue here, particularly as you see the economy slowing, there is pressure on the government to deliver something. But pressure on the government to deliversomething. But again, pressure on the government to deliver something. But again, the government needs to make sure it is donein government needs to make sure it is done in the proper way, without undermining, in pinching the social structure of the economy otherwise it will become even worse. It needs to be balanced and that will be the big exercise for the next government. Thank you very much indeed. I hope they were listening. The queens speech begins later and when it does, we will be a cross it for you. Fom the Paris Air Show theo leggett is there for us and has been talking to a company boss who has big plans for a new supersonic jet. It is time to have a faster at plan. We are building an aircraft faster than concorde but more affordable to fly. Just looking at the model, it looks similar to the concorde. Physics dictate a certain shape. We build something significantly more efficient and more affordable. 75 less costs. The fuselage is a different shape. This is tailored, a shape that could be made with cheaper material. It can go faster because it can take more heat. We put all turbo fan which is more quiet and more fuel efficient. A ticket on this could cost around 5000. Noise is a real issue . Concorde was the loudest Passenger Plan ever made. This will be no louder than any other plan. You still have the sonic boom . Sonic booms are not as bad as people think. You have to fly 100 feet off the ground to break a window. Up at 60,000 feet, this will sound more like a 60,000 feet, this will sound more likea car 60,000 feet, this will sound more like a car door 60,000 feet, this will sound more likea cardoorslam, 60,000 feet, this will sound more like a car door slam, nothing louder than what we hear today. The chips are in and the choice have been made. Japanese conglomerate toshiba has chosen a preferred bidderfor its prized chipmaking unit. Rico hizon is in our Asia Business hub in singapore rico, not surprisingly they chose to let it remainjapanese. Not a simple answer. After a month long Search Toshiba has picked a government Led Consortium led by Innovation Network corp, as well as bain capital also joining the Innovation Network corp, as well as Bain Capital Alsojoining The Group south koreans sk hynix inc. This Chip Business is worth more than 20 billion us dollars. Toshiba said the consortium presented the best proposal. Toshiba had to unload this unit to cover it is now bankrupt us uk unit to cover it is now bankrupt us uk business. Taiwans fox gone and the japanese government expressed concerns about its close ties with china. Other businesses also interested in buying it. Toshiba wa nts to interested in buying it. Toshiba wants to reach an agreement byjune 28, the day of its annual business meeting. In other news us stock Index Provider msci has agreed to include chinas mainland domestic shares in its Emerging Markets Index for the first time. The move is a step forward for beijing as it attempts to open up its Financial Markets and attract foreign capital. Chinas inclusion had been rejected for the past three years, amid worries about regulation and accessibility for global investors. A big step forward and that story has caused markets in china to move higher say the action in shanghai is heading higherfor higher say the action in shanghai is heading higher for chinese stocks but it has not been felt in hong kong. Japan also down by nearly 0. 5 . 0il kong. Japan also down by nearly 0. 5 . Oil prices rolling quite significantly on news of a real oversupply of oil in the market and it has put oil into a bear market. A slight fall for the us. Lets not forget two of the main markets closed at fresh record highs yesterday so maybe a touch of profit taking. See you for the news review. I want to tell you about another story before the news review. Failures in care are one of the main causes of still births and Brain Injuries in newborn babies in the uk according to a report out today. The Royal College of obstetricians and gynaecologists found the most common mistakes related to the monitoring of Foetal Heart Rates during labour. It wants to cut the number of neo natal errors by 50 by 2020. Our social affairs correspondent, Michael Buchanan reports. This is barnaby, a four month old he should be with an older brother but medical mistakes meant that alfie, his brother, died. Despite concerns about his health, stuff fail to perform a caesarean session leaving him with fatal brain problems. Perform a caesarean session leaving him with Fatal Brain Problemsm was a life that did not need to be taken. The future to everybody, for alfie recalls they did not do their job properly. To many other families have suffered another heartache. In 2015 three quarters of babies either died at birth or suffered severe rain injury could have a better outcome with better care. A failure to properly monitor the fetus and poor teamwork were common problems. No death of a baby is acceptable but we must be able to take the lessons we must be able to take the lessons we have learnt from a robust and Beta Analysis and turned the situation around. Experts think if units improve many more healthy babies can be born in the uk and otherfamilies do babies can be born in the uk and other families do not suffer. This is bbc news. The latest headlines britains Prime Minister theresa may outlines her agenda later in a queens speech which is likely to be dominated by laws preparing the country for brexit. Belgian soldiers have shot a suspected Suicide Bomber in brussels central station. Police said the man was wearing what appeared to be a bomb vest and triggered a small explosion. He died later. No one else was hurt. The republican candidate, karen handel, has won a closely contested special Congressional Election in georgia. The vote in a usually safe republican seat was widely seen as a referendum on the trump administration. Sally has joined sally hasjoined me. As youve been hearing on bbc news, the queens speech will be read here in britain a little later on. The Daily Telegraph headline about it says theresa may clings on to brexit lifeline. It says shell put the uks exit from the eu at the heart of the speech, in the hope that she can remain Prime Minister. To the financial times. British Bank Barclays and four former executives have been charged with fraud over their actions in the 2008 financial crisis. Its the first time criminal charges related to the financial crisis have been brought against a bank in the uk. The New York Times reports china is sending jitters through the markets. It says investors have been preoccupied with politics in the us
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