also on the programme, on target — inflation in the uk is expected to fall to 2% for the first time in almost three years. will this be enough for a rate cut? and sitting up high — can the hugely profitable suv market help keep european carmakers on the road amid fierce competition from china? i'll be speaking live to the ceo of citroen. welcome to business today. i'm lukwesa burak. let's start with nvidia, which has overtaken microsoft and apple to become the world's most valuable company. the chipmaker�*s share price climbed to an all—time high on tuesday. the stock ended the trading day at nearly $136 — up 3.5%.

nvidia makes computer chips needed for artificial intelligence software, and demand for its products has boosted its sales and profits over the last few years. many investors believe its earnings can grow even more, which has caused its share price to soar, though some have questioned its sky—high valuation. let's get more on this from our business reporter sura njana tewari. this was the story yesterday. take us through what happened to. , , . , , take us through what happened to. , , ., , , ., to. this is a big number for ou, to. this is a big number for you, 591,000%. _ to. this is a big number for you, 591,000%. that - to. this is a big number for you, 591,000%. that is - to. this is a big number for| you, 591,000%. that is how to. this is a big number for - you, 591,000%. that is how much nvidia's stock has increased in value since it went public in the early to thousands. now the chip company has surged its way all the way to the top of the stock market, dethroning another tech heavyweight microsoft to become the world's most valuable company by market

capitalisation. this isjust capitalisation. this is just weeks capitalisation. this isjust weeks after nvidia was in third place, overtaking apple last week. much of this growth has happened this year alone, taking the company from a $1 trillion company to a $3 trillion company to a $3 trillion company to a $3 trillion company within a matter of months and lifting us stock markets to record highs in the process. this stunning surge is all down to the optimism around emerging ai technology and the demand for high end processes, the type of kit nvidia makes chips for and supports artificial intelligence technology, or the tech giants, microsoft, nvidia's and juan mata are all building to add to their ai capabilities and to add it to

the services. it seems that nvidia is unstoppable but some are concerned about the skyhigh value of the company and they fear the demand for al technology and the spending around may wane in the future so they are cautious, even though there is this very high valuation. though there is this very high valuation-— let's delve into this a bit more and speak now to tom stevenson, investment director at fidelity. good morning. concerns we heard there and we will talk about there and we will talk about the scale of what has happened in a moment but let's talk about the concerns that were brought up. what exactly are they worried about?- they worried about? yeah, i thinkthis — they worried about? yeah, i think this is _ they worried about? yeah, i think this is one _ they worried about? yeah, i think this is one of - they worried about? yeah, i think this is one of the - they worried about? yeah, i i think this is one of the most remarkable single stock stories of my investing career. to put it in context, nvidia, worth $3.3 trillion and 2 trillion has been added just in the last

six months, since the beginning of this year, the stock is up 170% since the beginning of, 40% in a month. something pretty remarkable is going on there. you say and i think the flip side to the concerns that to a larger extent, the valuation of nvidia have been justified by the growth in earnings. back in february we heard that revenues had risen by more than 260%, and that was repeated in may, another 260% rise in revenues. the evaluation of nvidia is high, it is valued at about a0 times earnings, which is a pretty punchy valuation for any company but not really excessive. not like some of the valuations we saw 25 years ago during the dot—com bubble. the? during the dot-com bubble. they also recently _ during the dot-com bubble. they also recently split _ during the dot-com bubble. they also recently split their _ during the dot—com bubble. they also recently split their stock 10-1 to also recently split their stock 10—1 to make it more ends

accessible for individual investors and the stock price is actually cheaper than microsoft and apple and yet they continue to soar ahead. how have they gone from a chip makerfor the videogames maker for the videogames industry to this global phenomena? to industry to this global phenomena?- industry to this global phenomena? industry to this global henomena? ., , i, phenomena? to put that in context. — phenomena? to put that in context, we _ phenomena? to put that in context, we have _ phenomena? to put that in context, we have heard - phenomena? to put that in| context, we have heard lots phenomena? to put that in i context, we have heard lots of figures here and throughout another one. just to understand the scale of what is happening. two years ago, this company was worth $300 billion. now worth 11 times as much. for any company to grow its value by 11 times injust two company to grow its value by 11 times in just two years is pretty remarkable but for a company to do that when its starting point was already a very large company is really unprecedented in the history of the stock market. how has done it? well, it completely dominates the market for the chips used to drive generated ai and the demand for that is so high, which is what has

driven up that huge revenue and profits at nvidia. find driven up that huge revenue and profits at nvidia.— profits at nvidia. and the founder _ profits at nvidia. and the founder recently - profits at nvidia. and the founder recently said - profits at nvidia. and the | founder recently said that profits at nvidia. and the - founder recently said that we are at the beginning of a new industrial revolution. who is he? , , ., industrial revolution. who is he? , industrial revolution. who is he2 , i, he? jenson wang is the founder of nvidia, he? jenson wang is the founder of nvidia. 31 _ he? jenson wang is the founder of nvidia, 31 years _ he? jenson wang is the founder of nvidia, 31 years ago, - he? jenson wang is the founder of nvidia, 31 years ago, and - he? jenson wang is the founder of nvidia, 31 years ago, and hel of nvidia, 31 years ago, and he set up a company 31 years ago focusing on chips for gaming products. they ended up in the xbox and playstation but what he has done and achieved is he has managed to ride every wave in the development of hardware and software in the computing world. he has gone from computer gaming to generative ai and all the things in between and that is his achievement, making him an extremely rich man. he is valued at over $100 billion himself. ,, i i, valued at over $100 billion himself. ,, . i, ., ~ himself. spare change! thank

ou. it was perhaps not such a good day for another american company, boeing. the company's outgoing ceo, dave calhoun, came under tense questioning from members of a us senate subcommittee. he responded to questions about boeing's path forward after a string of safety failures, production problems, and whistleblower accounts. erin delmore reports from new york. during the hearing on tuesday, the ceo dave calhoun was confronted by senators about boeing's safety failures and families with a loss of life those failures caused, went to boeing jet squash five years ago, killing 3a6. he spoke directly to those who lost loved ones. i directly to those who lost loved ones.— directly to those who lost loved ones. i, i, , i, loved ones. i apologise for the rief loved ones. i apologise for the i rief we loved ones. i apologise for the grief we have _ loved ones. i apologise for the grief we have caused. - loved ones. i apologise for the grief we have caused. i - loved ones. i apologise for the grief we have caused. i want i grief we have caused. i want you to know where totally committed to their memory, to work and focus on safety for as

long as we are employed by boeing. again, iam long as we are employed by boeing. again, i am sorry. dave calhoun faced _ boeing. again, i am sorry. dave calhoun faced a _ boeing. again, i am sorry. dave calhoun faced a tough _ boeing. again, lam sorry. dave calhoun faced a tough grilling on capitol hill from senators who cast the once great drying of engineering and beacon of american industry as a shell of its former self. richard blumenthal called boeing's safety lapse as a matter of life and death with profound consequences for the economy and travelling public. safety issues, production shortcuts and a lack of transparency has beenin and a lack of transparency has been in focus since a door panel blew out of a boeing jet midflight injanuary and as regulators reports and whistleblowing testimony pointed to wrongdoing on the epee makers part. also on tuesday, a new whistleblower alleged that boeing used nonconforming parts and light to regulators about it.- to regulators about it. behind ou ou to regulators about it. behind you you cannot _ to regulators about it. behind you you cannot see _ to regulators about it. behind you you cannot see out - to regulators about it. behind you you cannot see out but i to regulators about it. behindl you you cannot see out but the folks are showing pictures of the people who other victims of your safety record. i think we can see them. i think the

american public win a few to get on aeroplanes, they understand your safety record. frankly, sir, ithink understand your safety record. frankly, sir, i think it's a travesty you are still in your job. travesty you are still in your 'ob. , i, travesty you are still in your 'ob. , . , . travesty you are still in your 'ob. , i, , i i, job. the share price a boeing is down 30% _ job. the share price a boeing is down 30% this _ job. the share price a boeing is down 30% this year. - job. the share price a boeing is down 30% this year. the . is down 30% this year. the federal aviation industry is limiting the production of its new 737 max jets and the department ofjustice is that the company is now subject to criminal prosecution after breaching the terms of its 2021 deferred prosecution agreement. dave calhoun has announced he was stepped down at the end of the year, the search for his replacement is under way. let's speak now to judson rollins, who's senior consultant at the aviation consultancy leeham company. welcome to the programme, not looking good for boeing and the ceo, an apology, and a stumble over salary, ceo, an apology, and a stumble oversalary, or ceo, an apology, and a stumble over salary, or rather hesitant to discuss numbers?- to discuss numbers? that is riht. to discuss numbers? that is right- we — to discuss numbers? that is right. we saw _ to discuss numbers? that is right. we saw a _ to discuss numbers? that is right. we saw a most - to discuss numbers? that is i right. we saw a most different dave calhoun from his previous

appearance to conversion. if the first time i have seen him actually say boeing is responsible for the accident but he was needlessly combative i thought. his answer to what is it you get paid to do exactly, and he said i get paid to run the boeing company. it reminded me of office space, when consultants say what do you do here?— when consultants say what do you do here? and eye watering fiure you do here? and eye watering figure that _ you do here? and eye watering figure that was _ you do here? and eye watering figure that was eventually - figure that was eventually pried out of him as well. talk about trust, any restoration on the path to trust or has boeing got a long way to go?- got a long way to go? boeing have a long _ got a long way to go? boeing have a long way _ got a long way to go? boeing have a long way to _ got a long way to go? boeing have a long way to go - got a long way to go? boeing have a long way to go and - got a long way to go? boeing have a long way to go and i i got a long way to go? boeing i have a long way to go and i did not see any traction yesterday. i thought too much defensive pushback and the existing management team was defensive, not the right note to strike. on the surface an apology but underneath not a law of actual

contrition. underneath not a law of actual contrition— contrition. this is a business, how is boeing _ contrition. this is a business, how is boeing doing? - contrition. this is a business, how is boeing doing? boeing | contrition. this is a business, i how is boeing doing? boeing is still struggling. _ how is boeing doing? boeing is still struggling. production - still struggling. production rates have been well below what it is advertising to investors and we don't think it will improve in the near term until boeing gets its production systems back into line. haifa boeing gets its production systems back into line. how are its competitors _ systems back into line. how are its competitors doing? - systems back into line. how are its competitors doing? can - systems back into line. how are its competitors doing? can theyj its competitors doing? can they exploit this pause? the its competitors doing? can they exploit this pause?— exploit this pause? the short answer is _ exploit this pause? the short answer is no _ exploit this pause? the short answer is no because - exploit this pause? the short answer is no because of- exploit this pause? the short i answer is no because of supply chain constraints and a very long wait time for orders and in the case of airbus, several years. it's really not possible to capitalise on the situation. in terms of quality issues, this really is a boeing standard. in terms of low production rates, this exists across the whole industry. thank you. from planes to automobiles. european carmakers are increasingly nervous about fierce competition from china, especially in the ev market.

this led the eu last week to threaten china with tariffs on evs of up to 38%. one sector though where european carmakers are doing well is the suv market. last year, 7 out of the 10 best—selling cars in europe were people carriers or suvs. it's a market that is highly profitable for carmakers, offering profits of around 25% as opposed to 5% for ordinary cars. today, the french carmaker citroen is releasing a new, compact suv model. i'm pleased to say i'm joined from france by the ceo of citroen, thierry koskas. welcome to the programme. firstly, what was the business case for this new model suv? figs case for this new model suv? as ou case for this new model suv? sis you say, case for this new model suv? is you say, there is an increasing demand for suv. we are coming

with the most affordable suv, multi— energy, which means we have five and seven seater options. we are really entering big time in this segment which is the key segment in europe. you must have done your market analysis. ourfamily is getting bigger? why do they want bigger cars? i bigger? why do they want bigger cars? ~ bigger? why do they want bigger cars? ., ~ bigger? why do they want bigger cars? ~' ., i, cars? i think the demand for suvs is answering _ cars? i think the demand for suvs is answering to - cars? i think the demand for suvs is answering to some i cars? i think the demand for - suvs is answering to some clear customer needs. customise need more ground clearance, they want to be higher on the road, they want more space and this is very much an increase in demand. i think at the end of the day, we need to increase to

this demand that has been steadily increasing for the last years. i went to use it with competition between ——. way to use it with competition in the ev market? is that something that citroen has worked into or resist the forward now? is worked into or resist the forward now?— worked into or resist the forward now? ~ , forward now? as you said, there is fierce competition _ forward now? as you said, there is fierce competition in - forward now? as you said, there is fierce competition in the - forward now? as you said, there is fierce competition in the ev i is fierce competition in the ev market and we are seeing the chinese cars coming in one of the key assets we have at citroen is precisely the introduction of very affordable electric vehicles. six months ago, we introduced into the market the new ec three, the first european electric car below 25,000 euros and today with the new citroen, we will introduce the very first

affordable suv, electric suv, in the market. we have a very specific positioning where we are at introducing very affordable electric cars that can also compete with the chinese competition. to can also compete with the chinese competition. to pick up on our chinese competition. to pick up on your point — chinese competition. to pick up on your point about _ on your point about affordability, i am sure there is something similar or maybe you can tell me, in the uk we pay taxes to dry in the city of london, for example, and there are benefits to having an ev car. what is the situation in europe when it comes to petrol cars or suvs? is there a premium that owners will have to pay? it premium that owners will have to -a ? , , i, i, to pay? it depends on one country — to pay? it depends on one country to _ to pay? it depends on one country to another. - to pay? it depends on one - country to another. sometimes we speak about suv bashing. i do not think frankly it is a general trend. at the end of the day, it is not about being

an suv or not. with our new car, we are offering space and good driving conditions and now it is an suv shape but at the end of the day we are offering something that is convenient for the customers and it is also very sustainable because with his car, we are offering both a battery electric vehicle, and a hybrid version. we are also making mobility cleanup with the new car that is an suv. cleanup with the new car that is an suv-— is an suv. your thoughts on these possible _ is an suv. your thoughts on these possible tariffs - is an suv. your thoughts on these possible tariffs on - these possible tariffs on chinese evs. 38%. what you think about that?— chinese evs. 38%. what you think about that? generally, we raise for think about that? generally, we praise for i _ think about that? generally, we praise for i would _ think about that? generally, we praise for i would say _ think about that? generally, we praise for i would say an - think about that? generally, we praise for i would say an open i praise for i would say an open market because it is very much the way to face the competition. at the end of the

day, we will have to face the competition towards chinese manufacturers. we have to be competitive because if it is not europe, it may be in other parts of the world. so we need to be competitive and i am very proud as head of the citroen brand that we have today some cars that are very competitive towards the chinese manufacturers. there is clinical decisions to introduce tariffs, we take it, but i would say in more general terms, we need to face the competition and the only way to do this is to be in the open markets, where we are all fighting with the same weapon, which is the price and production costs. thierry koskas. _ production costs. thierry koskas, thank you. - around the world and across the uk, this is bbc news.

in just over an hour's time we will get the latest indication of the pace at which prices are rising in the uk with the cpi inflation figure for may. prices in the uk rose by 2.3% in the year to april — the lowest rate since september 2021 — largely because of falling gas and electricity prices. the bank of england will be pouring over the details of today's inflation figure ahead of their meeting on thursday for the latest interest rate decision. live now to melanie baker, senior economist at royal london asset management. welcome to the programme. what are you expecting today? mr;

welcome to the programme. what are you expecting today?— are you expecting today? my own forecast is _ are you expecting today? my own forecast is for _ are you expecting today? my own forecast is for about _ are you expecting today? my own forecast is for about 2.196, - forecast is for about 2.1%, inflation number, consensus is for it to come to target, down to 2%. that could make things interesting and timing wise it is interesting, just a head of the bank of england meeting. what is the day doing for us to hit that target?— hit that target? this time around it's _ hit that target? this time around it's about - hit that target? this time around it's about just - hit that target? this time i around it's aboutjust saying more normal patterns, more normal seasonal patterns of price changes across components. that's what i'm hoping for an expecting more of in this particular data point. what economists will be focused on is not so much the headline number but core inflation, services inflation, and at the moment, inflation is still high and a problem from the bank of england perspective, and last month it fell one tenth and we want to see more progress than that. ,, a, ,,

want to see more progress than that. ~ 1, ~ ., that. looks like the bank of enland that. looks like the bank of england then _ that. looks like the bank of england then may - that. looks like the bank of england then may well- that. looks like the bank of england then may well cut i england then may well cut interest rates. what is the expectation tomorrow? tomorrow the expectation _ expectation tomorrow? tomorrow the expectation is _ expectation tomorrow? tomorrow the expectation is they _ expectation tomorrow? tomorrow the expectation is they do - expectation tomorrow? tomorrow the expectation is they do not - the expectation is they do not cut rates. they are hold. today's data will be important to feed into that decision, but the more likely time for them to cut rates will probably be august, notjune, and we had that surprise last month in inflation and on top of all that, we had some pay growth strength as well and data broadly remains ok in the uk but it's more likely to be august then tomorrow. august it is! but we out _ august then tomorrow. august it is! but we out tomorrow. - august then tomorrow. august it is! but we out tomorrow. thankl is! but we out tomorrow. thank you. —— — we will out tomorrow. —— find out tomorrow over to indonesia, where lawmakers have passed a bill that grants an extension for maternity leave

from three months to six months but only under special conditions. while many see this as an improvement on welfare, the policy has also raised fears of discrimination against female workers. my colleague, hanna samosir, sent this report from jakarta. sleeping soundly in her parents embrace, this baby has no idea that her life is about to change. under indonesian law, the babies mother emma has only three months of maternity leave and herfather, samuel, has only two days of paid parental leave. by the new law, emma can prolong her maternity leave up to six months, under special circumstances, like health complications. with no complication, emma has to return to work in august when her baby is less than three months old. adding to her frustration, her husband is to be back at work while she is merely adjusting to motherhood. translation: in merely adjusting to motherhood. translation:— translation: in other countries, _ translation: in other countries, the - translation: in other. countries, the government translation: in other- countries, the government gives more paternity leave that the

fathers feel a sense of belonging as they are, but here they are forced to return to work in two days.— they are forced to return to work in two days. the uk offers u . work in two days. the uk offers u- to work in two days. the uk offers up to one _ work in two days. the uk offers up to one year _ work in two days. the uk offers up to one year of _ work in two days. the uk offers up to one year of maternity - up to one year of maternity leave and up to two weeks of maternity leave. in singapore, working parents are entitled to four months of maternity leave and two weeks of paternity leave. however, this new role is still considered to be an improvement for indonesians. while some consider the new law as a step forward, others are worried this regulation could trigger discrimination against women and there is a concern that women will find theirjob prospects hampered as companies prefer men, who do not require up prefer men, who do not require up to six months maternity leave. this concern raises the question of whether indonesians sufficient awareness regarding gender equality to implement this rule. translation: , i , i, w , translation: decision-makers, local governments _ translation: decision-makers, local governments and _ translation: decision-makers, local governments and private i local governments and private sector, are they aware there is

a health aspect? it should not be a stigma or discrimination against women.— be a stigma or discrimination against women. regulations like this may impact _ against women. regulations like this may impact in _ against women. regulations like this may impact in terms - against women. regulations like this may impact in terms of - against women. regulations like this may impact in terms of the l this may impact in terms of the women — this may impact in terms of the women itself. if you imagine right— women itself. if you imagine right now— women itself. if you imagine right now we want to increase the opportunity for women in the opportunity for women in the workforce. but this kind of regulation may even jeopardise their_ regulation may even jeopardise their working opportunities, companies may be say they are too difficult, we will hire more _ too difficult, we will hire more men rather than women. emma — more men rather than women. emma is— more men rather than women. emma is also worried she will be left behind in her career if she is away for too long on maternity leave. translation: ., ., ., ., translation: no matter how hard wet , we translation: no matter how hard we try. we want _ translation: no matter how hard we try, we want to _ translation: no matter how hard we try, we want to be _ translation: no matter how hard we try, we want to be able - translation: no matter how hard we try, we want to be able to - we try, we want to be able to catch up with people who work full year, so we, as working mothers, are also in a dilemma because there may be no companies in indonesia that are ready to implement it. hanna samosir, bbc news.

just to bring you one more story, and in the united states, regulators have asked the justice department to take action against the social media company tiktok over potential breaches of children's privacy. the federal trade commission has been looking into allegations that the app failed to live up to the terms of an agreement it signed in 2019. under the deal, the firm said it would take steps to comply with us privacy laws. tiktok said it was disappointed by the regulator's decision. that is your business news. we will be back shortly at the top of the hour with the top stories from around the world. hello. here in the uk, we're at long last starting to see the signs of some weather that feels much more like summer than it has done so far this month. other side of the atlantic, though, eastern canada, eastern side

of the united states, summer has arrived with a vengeance. a long lasting, intense and life—threatening heat wave, potentially record breaking, will affect many cities in the east. temperatures into the high 30s by day. but add on the humidity levels, it will feel like it's above a0 degrees for days on end. now, that sort of heat is not coming our way, but it will affect our weather in some form. we've got heat and humidity out towards the east, clashing with cooler conditions out in the west at the moment. and that is starting to fire up a jet stream which will send ripples across the atmosphere, and at long last, move ourjet stream from south of us, bringing cooler air to the north of us, drawing in something a little bit warmer and high pressure, which through the second half of the weekend and beyond, will mean drier and warmer weather more widely. just a few showers to get the weekend under way. but notice the temperatures back to where they should be for the time of year, if not a bit above across most parts of the uk. now to get there, still a few blips around, one such on wednesday morning in terms of temperature. chilly start, scotland, northern ireland, for some temperatures down into lowest single figures, but otherwise a fine day for the vast majority on wednesday.

most places will be dry, varying amounts of clouds, some good sunny spells. northern ireland, england and wales. a slim chance of a shower in the hills, most will be fine. more cloud, though, into the north and west of scotland could bring some patchy rain, a drizzle, particularly later in the day. and temperatures here, 11—1a celsius, but most climbing a bit, especially across scotland and northern ireland. warmer there than in recent days. another fresh start to thursday, most places dry. showers just close to the near continent, and more cloud to the north and west, which could bring the odd isolated shower. but for the vast majority, it should be a fine day again, if not more cloud than we see on wednesday. temperatures, though, similar to wednesday's values for most. now, thursday night into friday, we've got one area of low pressure near the continent, very close to the southeast, another one which will push weather fronts into the west as we go through thursday night and into friday morning. so western areas seeing a bit more of a change here. more breeze, more cloud, outbreaks of rain possible. central eastern areas, most should just stay dry through the day. best of the sunshine in the morning, more cloud into the afternoon, warm in any strong sunshine, and the weather front will bring outbreaks of rain eastwards across most parts during friday night into saturday morning,

and then that dry weather develops more widely. take care.

good morning. welcome to breakfast with sally nugent and jon kay. our headlines today... the latest inflation figures will be

published this morning — the last before the general election. yes, we are talking about the cost of everything from the fruit and veg here at wolverhampton city market to the things you buy online and whether those price rises have slowed down enough to allow the bank of england to cut interest rates. the scottish national party launches its manifesto this morning with a call for the uk government to increase spending on public services. millions of people swelter in soaring temperatures, as heatwaves continue across the us, india and europe. good morning. a cloudy start fulsome of us. most of us will have a day of sunny intervals, the odd shower until later when we have heavier rain and stronger winds moving in across the north west. good morning from germany where we are waking _

good morning from germany where we are waking up with the scotland fans