and tesla's chair says it will be a struggle to get shareholders to agree elon musk�*s $56 billion pay package. welcome to business today, i'm tadhg enright. the government in china has announced what it describes as "historic" steps to stabilise its embattled property sector. the move should calm international nerves about what a chinese property crash would mean to the rest of the world. we've been reporting for some time now on the problem. real estate is the one investment that most people in china are able to make and developers have been building masses of new homes in expectation of that continuing, but investor confidence has faded. there is a glut of unsold homes and some big developers are at risk of going bust. beijing's housing ministry

is planning to buy some of those apartments, relax the rules on mortgage borrowing and step in to put the finishing touches on unfinished units. separately, one of those big developers, country garden holdings, was today given another four weeks by the high court in hong kong to sort out its $190 billion of debts before hearing a petition from debtors to wind the company up. duncan wrigley, chief china economist at pantheon macroeconomics joins us. what do you make of what we've heard today? is it enough to contain the chinese property crisis? yes, i think what we've heard today is from various officials, it's helpful, but it's probably not a panacea. so, you are right, there are moves to boost housing demand

through easing mortgage terms, allowing people to borrow more, lowering interest rates and that should boost housing demand but a lot of that will go into the second—hand housing market where there is a big overhang. the second big policy is allowing governments, especially local governments, to buy up especially local governments, to buy up some of the unsold housing inventory on the market right now really weighing down on developers. that is interesting but i think there is still a big question about whether there is enough funding there. the central bank announced a bit of funding but it's probably not enough compared with the size of the inventory is right now. simd enough compared with the size of the inventory is right now.— inventory is right now. sima is the o erative inventory is right now. sima is the operative word — inventory is right now. sima is the operative word because _ inventory is right now. sima is the operative word because we - inventory is right now. sima is the operative word because we don't i inventory is right now. sima is the - operative word because we don't know how many of these unwanted units are going to be bought but remind us what this means for the rest of us because as the rest of the world emerges from this inflationary

crisis there has been a lot of nervousness about what a chinese property crash could mean to international markets. i property crash could mean to international markets. i would say the chinese _ international markets. i would say the chinese property _ international markets. i would say the chinese property market - international markets. i would say the chinese property market has l international markets. i would say - the chinese property market has been in this kind of slow crash since the second half of 2021. it has been the same kind of systematic massive financial crisis as we saw in the us, in 2008, it's a bit different and the big difference in china is its really hit economic growth, it is high due —— hitjobs but we've not seen the same systematic financial crisis and i don't think it will have that same effect with the rest of the world. one key reason is china's financial system is not as integrated as america's was with the rest of the world. you don't have all of these crazy leverage instruments that featured in that crisis.— in that crisis. reassuring words. thank you _ in that crisis. reassuring words. thank you very _ in that crisis. reassuring words. thank you very much. _ the aviation giant boeing faces

shareholders in the next few hours at its annual meeting as it battles the worst crisis in its 108—year history. this week, the usjustice department accused boeing of violating a criminal settlement over two 737—max crashes in 2018 and 2019 that claimed 346 lives. boeing was supposed to tighten up its internal compliance and ethics, which the do] says it has failed to do and it could now be prosecuted. this comes of course after an incident injanuary this year when an unused door blew out soon after take—off on an alaska airlines 737—max, sparking multiple investigations into boeing's safety culture. dave calhoun, who took over in 2019 after the previous boss was fired, has announced he's leaving at the end of the year. but who will take on the role — now described by some as the "toughestjob in corporate america"? some shareholders want to see

a new face from outside the firm. there is another bone of contention. boeing has disclosed mr calhoun was awarded a pay deal of almost $33 million this year, up 45% on last year, despite a steep fall in the stock price. live now to business leadership expert chris roebuck. a highly embarassing time for boeing. let's start with dave calhoun, not just his pay packet, but the question of whether he remains on the board of boeing after he leaves as chief executive. shareholders, will they get a say on that? i think the staggering _ will they get a say on that? i think the staggering biggest _ will they get a say on that? i think the staggering biggest point - will they get a say on that? i ii�*u “la; the staggering biggest point about this entire saga is it is a salutary warning to all organisations and a

ceo of what happens if you forget your organisation's key values, your own moral compass and focused totally on profits. as for the calhoun being on the board, as you pointed out accurately, he was brought in to fix the culture. he was paid $33 million to fix the culture and, plainly, with what happened earlier in the year with the blow outs and whistle—blower report, he failed to do what he was being paid for. and how any shareholder can accept the suggestion that that individual should now move onto the board, i think it's incredible.— think it's incredible. indeed, to it li . htl . think it's incredible. indeed, to it lightly- how— think it's incredible. indeed, to it lightly- how can _ think it's incredible. indeed, to it lightly. how can boeing's - think it's incredible. indeed, to it lightly. how can boeing's culture| think it's incredible. indeed, to it i lightly. how can boeing's culture be fixed and who is the person to do it, that is the question the company is asking itself. whose names are in the frame? ~ ., ,

is asking itself. whose names are in the frame? ~ . , , is asking itself. whose names are in the frame?— the frame? what is interesting is carol hoon _ the frame? what is interesting is carol hoon is _ the frame? what is interesting is carol hoon is hanging _ the frame? what is interesting is carol hoon is hanging around - the frame? what is interesting is | carol hoon is hanging around until the end of last —— the year so he can guide boeing onto the next person and maybe it is so he gets his full bonus, but that is neither here nor there. the problem is everyday is there is in times of achieving the critical culture change is needed, he doesn't have any credibility. what they really need is a new outside leader to build a new culture who has credibility, integrity and leads by example because calhoun wasn't, and is visible, calhoun was in and works with employees to empower them to do what they are good at which again calhoun didn't so it's about finding someone who can achieve that but also as the culture moves forward there will be toxic leaders still in boeing who stick to the old ways of not doing what should be done to optimum. they need to go. shanahan

from sprint is in the frame but i'll sprint is delivering questionable quality items to boeing and there is dave giblin who is already on the board. the one name that seems to be viable is greg smith from american airlines who knows how to run an airline and isn't in boeing. ichris airline and isn't in boeing. chris robot, airline and isn't in boeing. chris robot. we _ airline and isn't in boeing. chris robot, we have _ airline and isn't in boeing. chris robot, we have to _ airline and isn't in boeing. chris robot, we have to leave - airline and isn't in boeing. chris robot, we have to leave it - airline and isn't in boeing. chris robot, we have to leave it there and one thing left unresolved as the criminal investigation meaning the spotlight will remain on a boeing for some time to come. the chair of tesla has acknowledged that convincing shareholders to back the $56 billion pay package being demanded by the carmaker�*s boss, elon musk, will be like mount everest. robyn denholm was speaking to the financial times ahead of a shareholder meeting next month. she said the vote was notjust important to the company but also to corporate america. the pay deal was previously blocked by a court in the state of delaware where the company is incorporated so tesla is now asking shareholders to support its relocation to texas. susannah streeter is head of money and markets at hargreaves la nsdowne.

we should stress that denholm is not talking about whether shareholders support the move and pay package, but whether she can get the requisite 50% to actually vote. absolutely. there are two issues at stake, the move to texas and the pay packet, but to be quite honest, it looks like it will be an uphill battle for both. because tesla really is going out on a charm offensive, going around on the kind offensive, going around on the kind of road show to try and speak to all kind of institutional investors and independent retail investors, taking out massive ads to persuade people to vote for the package because it seems as though it's going to be very close indeed and you have one of the largest retail investors who

is a billionaire investor and was once a self—declared tesla fan boy and has said he is voting against this pay packet because there really have been concerns creeping in about tesla's performance of late and whether elon musk really does have his eye on the ball.— his eye on the ball. worth stressing shareholders _ his eye on the ball. worth stressing shareholders in _ his eye on the ball. worth stressing shareholders in 2018 _ his eye on the ball. worth stressing shareholders in 2018 six _ his eye on the ball. worth stressing shareholders in 2018 six years - his eye on the ball. worth stressing shareholders in 2018 six years ago | shareholders in 2018 six years ago did support a pay package like this. a lot of water under the bridge since then both for tesla and elon musk personally. what is your sense of shareholder sentiment now? absolutely a lot of water under the bridge but you can't deny that tesla has seen quite remarkable success and the share price has grown sixfold. however, since the peak in 2021, shares have really reduced dramatically and fallen again by 25% this year alone and, of course we've

had a number of different corporate moves, not least elon musk buying twitter and that caused quite a lot of concern among many tesla shareholders because it also comes at a time when car sales have been struggling is more competition china and there is a feeling, a growing feeling, is this pay package justified? maybe voted on back then but we are in a different scenario now and that's partly why the delaware court voted against it saying that the boards did not have sufficient oversight, so i think as was said, it will be like mount everest to try and change. we will be watching _ everest to try and change. we will be watching the _ everest to try and change. we will be watching the vote _ everest to try and change. we will be watching the vote closely - everest to try and change. we will be watching the vote closely with l everest to try and change. we will| be watching the vote closely with it happening next vote and i'm sure a lot will change between 110w now and then. in other news, shares in the social media platform, reddit, soared some 12%

in after hours trade, after the company announced a partnership with 0penai to bring its content to chatgpt. the deal is part of reddit�*s attempt to diversify beyond its advertising business — after it agreed to sell its data to train google's ai. that's it from today on business today, my first time opening the programme. and the new york opening bell is coming in new york in three hours' time. stay with us the top stories on bbc news.

hello from the bbc sport centre. the next women's football world cup will be in brazil. they've been named hosts of the 2027 tournament after beating a joint

bid by the netherlands, belgium and germany. brazil! this was the announcement a little earlier, at fifa's congress in bangkok. they're the first nation to be handed the rights by an open vote, with member associations voting 119 to 78 in favour of brazil. it's the first time a women's world cup will be hosted by a south american country. this was a great feeling for us to host such a massive tournament like the world cup and have the first world cup, the women's world cup in brazil in south america. we are proud of that and i'm sure this tournament is going to inspire a lot of the others to play football, to keep improving. some news breaking in the last couple of hours.

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