i want to start off by saying, hot damn, i love you guys. tesla shareholders back a multi billion dollar pay package for elon musk, endorsing his leadership of the electric vehicle company. can tech giants mitigate the environmental impact of energy hungry data centres? hello and welcome to business today. i'm arunoday mukharji. tesla shareholders have approved a $56 billion pay package for elon musk at the electric vehicle maker's annual meeting. it's a major vote of confidence in the billionaire�*s leadership. but mr musk still faces several legal and operational challenges. in a moment we'll take a closer look at why. but first, here's erin delmore with the latest. welcome to the tesla shareholder meeting. (cheers).

i just want to start off by saying, hot damn, i love you guys. this shareholder vote put elon musk one step closer to becoming the most generously compensated chief executive in us corporate history. the pay package would award him rights to roughly 10% stake in tesla valued at around 300 times what the top earning executive meet in the us last year. a judge blocked to the original pay deal injanuary. it is unclear whether this fresh shareholder authorisation will be accepted by courts. the vote was seen as a test of his leadership of the company. those in favour said he deserved the 11 figure sum for taking the company to new heights as ceo. those against voiced concerns that his attention is elsewhere. tesla is one of six firms run or owned by mr musk. the vote comes among a turbulent year for tesla whose shares are down nearly

30% this year as a consumers battle high borrowing costs. the company faces supply chain strains and competition from china, shares are down nearly 16% from the 2021 peak. -- 60 to unpack, i spoke to karl brauer, an auto analyst and he told me what he thought on what this endorsement means for elon musk. well, i think it's a pretty ringing endorsement. 0bviously, he wanted to make it look like there was no mystery or subterfuge about his pay package. i think that's what the judge was suggesting in delaware, that he somehow snuck this past the goal line and he wasn't supposed to be getting this kind of money. he made it very clear what the package was. reasserted all of the figures and put it out there for a second vote. and he, according to himself and the figures that he gave us, won by a wide margin. so clearly they�* re endorsing him. all the stockholders are, enough of them are to justify the package. before we get into the operational challenges, i wanted to get a little more on the legal aspect.

thejudge in delaware, who you mentioned had voided the pay package, calling it, quote, "an unfathomable sum." where does this leave now, the judgment in delaware? you know, i think that, again, this vote has taken away a lot of the idea that there was somehow confusion or misunderstanding about how much money he was actually going to be receiving. now, if the judge thinks it's unfathomable or if that's the number that people, or the word that people are using, there's a lot about tesla that's unfathomable. when he came up with the benchmarks that he had to get, the metrics he had to meet to get this package in 2018, people thought that was unfathomable. it's probably why most people said, sure, we'll pay you that much if you can do that. ha—ha—ha. and he did it. so i don't think you can really use things like terms like, well, this is too much money or this doesn't make sense. every ceo is paid some percentage of their of the performance that their company achieves. and my understanding is that

there's been about 1100% appreciation in tesla stock, and that's pretty, pretty impressive. most ceos have never done anything like that. and what about the challenges that he's facing in terms of competition from china? how is he likely to overcome that? so that's the next question. the good news is, is that tesla's best chance of future success resides with stability and elon continuing to manage the company. the problem is, even if that happens and it looks like it will, he's facing unprecedented challenges and competition. the world is not what it was from 2009 to 2023, when tesla saw such great growth and grew its share and grew its revenue so much. there are a lot more challenges and a lot more competition out there for the next 10 to 15 years that he's going to be facing. and i don't think that kind of appreciation in stock value and revenue and everything else is ever going to happen again. new zealand and china have signed agreements

on trade and climate change, during a trip by chinese premier li qiang. it's the highest level chinese visit to new zealand in seven years. prime minister christopher luxon is trying to balance rights and security concerns with trade opportunities offered by beijing, which is the country's largest export partner. g7 leaders meeting in italy have agreed to use frozen russian assets to raise $50 billion for ukraine. trade imbalances with china in particular concerns over industrial overcapacity and threats posed by artificial intelligence are also on the agenda. cedomir nestorovic is a professor of geopolitics with the essec business school, asia pacific and explains how much influence the g7 has. i do not expect anything concrete because it doesn't have any binding rule. however, on the other side, it is a rare occasion where we have seven countries coming together.

but what is interesting is that they invited many countries too and india has been invited. but china did not. so they will discuss. it's a small club, but it lost the importance that it used to have before. i think there's one big focus that everyone�*s looking out for is al and that big speaker. it's part of the agenda, and we're expecting the pope to be speaking on that. that's left many wondering, why him? because the vatican city is not part of the g7. but since ai is bringing on the table many ethical and moral issues, i presume this is the reason why they have invited him. they could invite some people from other religions, too, but the catholic church is the biggest organised church in the world. so this is the reason why they invited him. apple has overtaken

microsoft to take its title as the world's most valuable company, the latest sign of investor confidence of its position with artificial intelligence. the milestone followed a three day rally with a market capitalisation of $1285 trillion. this is the first time since january that apple had a higher market value than microsoft. microsoft plans to evaluate contributions made by employees on cyber security and include them in pay packages. they tried to adjust concerns of the protecting client data. brad smith appeared at a hearing on the security actresses. he was questioned on the security practices. microsoft is at the centre of two major hacking campaigns allegedly carried out by chinese and russian spies. adobe is projecting strong sales, which suggests customers are adopting their new ai tools.

there were concerns about generative ai cutting into the market, but analysts say better—than—expected earnings show the company's ai efforts are gaining support among customers. the global demand for al is causing a big increase in the use of energy hungry data centres. can tech giants, who are at the forefront of the ai race, be doing more to mitigate their environmental impact? my colleague aaron heslehurst sat down with the head of data & ai at computer and software giant ibm. we have data centres all across the world and what i will tell you is that the way in which we build these data centres, we really look for that sustainability from the beginning, 74% of all of the energy that our data centres consume, come from renewable sources of energy. which is something that we put sustainability at the heart of what we do and how we build out these data centres. one of your competitors, microsoft, it's been quite transparent about how much its emissions have

increased because of the huge demand in al. and in fact, microsoft says that their emissions have increased by 30% since 2020. i'm just wondering, have you, has ibm, done those sort of calculations? from our perspective, we are still on track with our goals for our 2030 no emissions target that we have. and so we are still on track with all the targets that ibm has had going forward. we put a lot of sustainability practices in everything that we do all across, not only how we build our software, we hold our partners to a higher standard and their sustainability efforts as well. i've got you sitting in front of me. you're a big boss at one of the tech giants on this planet. so i want to ask you, how much responsibility do you feel that that large tech giants like ibm have, the responsibility they have in mitigating the environmental impact of the huge rise in al? it's a big responsibility

for the tech giants and that's why i think we at ibm are always looking at sustainability, having sustainable ai ethics at the heart of everything that we do. we have an organisation within ibm that really focuses on making sure that we're on the trajectory to hit our targets, as we talked about our 2030 target, and that we are continually innovating to be able to drive those targets as well. wells fargo has fired a number of employees in recent weeks after claims some were faking keyboard activity to fool the firm into thinking they were working. america's third largest bank disclosed the decisions in regulatory filings. the firm did not respond to questions about how the alleged issue was discovered, or whether it was related to remote work. and that's it for this edition of business today. thanks for watching.

hello and welcome to sportsday. i'm marc edwards. a record breaking win for england as they dispatch 0man at the t20 world cup. all eyes on munich, the countdown is on for scotland's euro 2024 opener against hosts germany. breathing a sigh of relief — key defenderjohn stones is back in training for gareth southgate�*s england squad. hello and thank you forjoining us. england needed a big win over 0man to stay

in the t20 world cup — and they certainly got it.