is the ai tech frenzy cooling? and europe's beautiful game is booming as the big five football leagues rake in record revenues. welcome to business today. i'm sally bundock. you are very welcome. we start in kenya where it's a big day for the government as its controversial finance bill returns to parliament today. nationwide protests are expected as many kenyans — and particularly a new galvanised youth — voice their anger about the new tax proposals that they say they can't afford. president ruto has offered to hold dialogue with the protesters. iam very i am very proud of our young people. they have stepped forward, they have stepped forward, they have stepped

forward peaceful and i want to tell them we are going to engage them, we are going to have a conversation so that together we can build a greater nation. in answer to the public outcry, mps will be debating a revised version of the original bill, which was first read in may. having withdrawn some of the least popular hikes, including a 2.5% yearly tax on vehicles and a 16% vat tax on bread. but for many protesters, this is not enough in the face of the rising cost of living. live to nairobi now and our east africa correspondent merchuma. hello to you. tell us more about this huge shift for the government and what the outlook is now. a, government and what the outlook is now. �* , ., ., ., is now. a very good morning from nairobi. _ is now. a very good morning from nairobi. yes, - is now. a very good morning from nairobi. yes, today- is now. a very good morningi from nairobi. yes, today the

bill is being debated in parliament, this is a controversial finance bill 2024, and is going through a third reading, and as much it has been debated, canyons will be on the streets today and no more amendments to this bill, they want it to be completely scrapped. it sets to raise about 2.8 billion dollars for the government in new taxes, quite a lot of money for a country already overtaxed, a population already feeling a huge burden when it comes to the cost of living. if you see their proposals being suggested, let me single out the monetisation of digital content, we have a huge amount of young people that rely on digital marketplace, making money to sell produce and services and this will now be taxed, among other things. like

you say, but the tax on bread and tax on motor vehicle, it has been removed, but the outcry today and the next few days as i don't want amendments, they want the bill to be completely scrapped so it will be quite an interesting day and interesting to see how the protests unfold. the government _ the protests unfold. the government is _ the protests unfold. the government is saying i the protests unfold. the government is saying they recognise how tough these measures are, they are defending them saying it is as varied to reduce national debt and increase confidence in the kenyan economy. you are shaking your head. tell us more about the defence of these taxes. that is the government's point of view, but to be honest, if you see how the government has been using taxes, how the government has been utilising public funds, it is in complete opposite of a government that wants to see the economy, we have seen huge monies paid to

office bearers, we have seen huge monies going into people, the president and other politicians flying private jets and also a lot of corrupt dealings and a lot of headlines coming out about money being siphoned out of public accounts, money that was meant to be used mainly for accounts, embezzled and just a few people getting rich, and this is one thing angering the people, that yes it would have been making senseif yes it would have been making sense if this money is working for us, but this money is not working for us, and when you talk about debt, even the current government has constantly been taking from the imf and thatjust doesn't align. imf and that 'ust doesn't aliun. ~ ., ., ., align. we have to leave it there, align. we have to leave it there. but _ align. we have to leave it there, but thank - align. we have to leave it there, but thank you - align. we have to leave it there, but thank you so l align. we have to leave it - there, but thank you so much with what is happening in kenya today in nairobi. it is bring in david. i don't know if you can hear what mercy was saying, but give us what your take on what the government is proposing. what impact it will

have on the economy.- proposing. what impact it will have on the economy. mercy made some good — have on the economy. mercy made some good points. _ have on the economy. mercy made some good points. i— have on the economy. mercy made some good points. i think- have on the economy. mercy made some good points. i think it- have on the economy. mercy made some good points. i think it is- some good points. i think it is interesting to see where this has come from in the beginning. the president said is come to power has placed a lot of emphasis on sorting out the government's public finances and he has made quite a bit of success in terms of getting the government closer to a balanced budget, trying to restructure it, and made quite a bit of progress that way to the point that the imf only i think last week reduced how much debt they had been lending to kenya based on the progress that had been made, but i think this gambit in terms of tax rises in this budget was perhaps overambitious. i think we have been quite worried about how much more kind of tax rises that the government could implement on the people, because there is one thing pleasing the imf, who whenever

they provide finance to countries to help them when they are in debt stress situations, they tend to have conditions on what you need to do with your budget, and these are conditions that the people haven't been able to be happy with. on the economic front, i think it is an interesting question. if you look at it from a finance perspective, it is obviously not going to help, help them meet their targets of getting the budget balance under control, it is quite a big shortfall, and as mercy mentioned with the protests and the domestic population wanting, there is a chance that could be watered down even further, that is a gap in funds that will to be found elsewhere. so far we have seen it could be tax elsewhere rather than the vat and tax on food that have been removed but it remains to be seen.— it remains to be seen. given all the challenges _ it remains to be seen. given all the challenges you - it remains to be seen. given

all the challenges you have l all the challenges you have just outlined from the economic and political perspective, what are people saying the outlook is for tenure at the moment? the outlook is fairly sunny from a growth perspective —— kenya. growth has held up by the earlier floods in the latest round of notice. i think the question really is to kenya's debt solution on how sustainable it was. it was able to restructure the debt obligations earlier this year and got quite a bit of benefit in terms of lower international rowing costs and the like, but there has always been a worry that a kind of debt default, the kind we have seen in countries like ghana, is around the corner if it doesn't get a handle on its budgetary situation but it always has to balance that with what the population is willing to bear, and that is the challenge, but these targets will always be

ambitious, and with the social contract between canyons and —— kenyans and the government, the concerns of corruption and what they get from government, government funds, it is always a challenge to push these through. a challenge to push these through-— a challenge to push these throu~h. ., ~ i. a challenge to push these throu~h. ., ~ ,, ., through. david, thank you for “oininu through. david, thank you for joining us- — it's highlight the story in business that will dominate today here in the uk. the former fujitsu engineer garethjenkins — who helped to design the faulty horizon software at the centre of the post office scandal — is set to start giving evidence today at the public inquiry. he will be questioned over his involvement in the scandal, where horizon made it look like money was missing from branch accounts. this resulted in more than 900 sub—postmasters being wrongly prosecuted between 1999 and 2015. mrjenkins will give evidence over four days, the longest run of questions any witness has faced.

chinese fast—fashion giant shein has confidentially filed for a market listing in the uk according to media reports. the move to sell its shares on the london stock exchange could value the company at more than $60 billion. shein did not immediately respond to a bbc request for comment. the danish pharma group novo nordisk has said it will spend $4.1 billion to build a new manufacturing plant in the us state of north carolina. the expansion is aimed at boosting the supply of its blockbuster weight—loss drugs. demand for wegovy and ozempic has outstripped supply over the last year, leading to some shortages in the us. 0n on to other events taking place here in the uk today. japan's emperor naruhito will be formally welcomed by king charles and queen camilla for a state visit today.

the emperor will be given the full pomp and pageantry of state occasions, welcomed at horse guards parade followed by a carriage procession to buckingham palace for a state banquet. the visit comes at a time when the uk is seeking to bolster trade ties with japan. the japanese economy has been struggling with inflation and a weak yen, losing its position as the world's third—largest economy to germany last year. john nilsson—wright is the head of the japan and korea's program at the centre for geopolitics at the university of cambridge. 0utline why this state occasion is so important for both japan and the uk. 50 is so important for both japan and the uk-— is so important for both japan and the uk. so much has been achieved in — and the uk. so much has been achieved in recent _ and the uk. so much has been achieved in recent years - and the uk. so much has been achieved in recent years to - achieved in recent years to strengthen the bilateral relationship. you will remember last may at the g7 summit in hiroshima, prime minister najib announced the hiroshima accord, and affirmation of a long—standing bilateral

relationship, but part of that is involved a whole series of agreements, a commitment to receive some £18 billion worth of japanese investment to the uk, a strengthened security partnership and that was affirmed in january partnership and that was affirmed injanuary of partnership and that was affirmed in january of 2023 with the passage of the so—called reciprocal access agreement, it strengthens military cooperation between our two countries, and we have seen that played out with a number of important deals, the joint combat aircraft programme, new fighter plane deal to link britishjapanese deal to link british japanese and deal to link britishjapanese and also the industry in developing a new fighter aircraft and in most importantly, the field of values is two liberal democratic states, they share interest globally and regionally and this is underpinned by a long—standing historical relationship the two countries and goes back to the late 19th century. the countries and goes back to the late 19th century.— late 19th century. the red car - et late 19th century. the red carpet is _ late 19th century. the red carpet is rolled _ late 19th century. the red carpet is rolled out - late 19th century. the red

carpet is rolled out big i late 19th century. the red l carpet is rolled out big time at this state visit, which goes on for several days, the king and queen camilla obviously hosting at buckingham palace later when there is a state banquet. lots of people will be there. trade of course is not officially on this agenda, but just a plain while just might explain why these kind of events are so keyed leading onto future trade ties.- onto future trade ties. they are key because _ onto future trade ties. they are key because they - onto future trade ties. tue: are key because they symbolise the important personal institutional connections between our two countries, britain has gained accession to cpt pp, trans—pacific partnership in march of this year, it is important to demonstrate that we are delivering on those important bilateral commitments, or collateral in this case, and i think also the emperor, who is the head of state, who represents the history of the bilateral relationship, he has his own personal ties of course

to the uk, having studied in oxford in the 1980s, and a state visit is a very important way of signalling the importance of a bilateral relationship. it is pomp and circumstance, it is the long—standing personal ties between our two countries. it goes back really in terms of trade, one think through the 19805 it trade, one think through the 1980s it was then prime minister margaret thatcher whom after this important bilateral relationship we saw coming out of that, important commitment by her and her counterpart at the time, inward investment to the time, inward investment to the uk, establishing a car plant in sunderland and a massive expansion across many different areas. shill massive expansion across many different areas.— different areas. all right. john, different areas. all right. john. thank— different areas. all right. john, thank you - different areas. all right. john, thank you for - different areas. all right. | john, thank you for talking different areas. all right. - john, thank you for talking us through it. it will be fascinating to see the day as it progresses. we will be across this on bbc news. to the us now, where it's been a tough day on the markets

for the chip—making giant nvidia, which briefly became the world's most valuable company last week. share values slipped over 6% in monday's trading. but it isn'tjust nvidia taking a hit as a host of other ai linked chip makers declined. so is the ai frenzy cooling? joining me now is swetha ramachandran, fund manager at artemis investment management. lovely to see you again. it had to happen, really. it is still valued at nearly $4 trillion, still an enormous company, isn't it? ~ , ., isn't it? absolutely, and even after the technical _ isn't it? absolutely, and even after the technical drawback l after the technical drawback that we have had in the last three days, the shares are still up 140% year to date, and what is more remarkable isn't the end of 2022 just in 18 months the shares have gone up eight times, which is nearly a 700% increase, and that time

nvidia, and another chinese company were vying for the role of the 10th largest stock in the world markets, and as we know, briefly last week nvidia eclipsed all other global stocks to become the most valuable stock by market capitalisation briefly. t capitalisation briefly. i notice that monday's decline followed disclosures that on friday the ceo of nvidia sold quite a lot of his own stop, and this is how it rolls with these kind of companies, is not a sign at all the huge sell—off monday that there is any concerns of the outlook for nvidia, would you say? absolutely. in the short—term market followed by sentiment and momentum. in the long—term by fundamentals. the fundamentals for nvidia look very much intact, this is a company that a month ago reported revenues up 262% year on year, and are good for very strong growth outlook going ahead as well, but clearly that was starting to be reflected in

valuation. the share sale se was relatively a small amount, and it was part of a preprogrammed sales of that on its own perhaps wasn't sufficient, but the market took a view i think briefly considering it had eclipsed microsoft and apple, which are far more established companies, maybe it was time for a pause to think actually how much bigger can the company get and how quickly mr markjust some profit—taking, that kind of thing. profit-taking, that kind of thin. . ~ profit-taking, that kind of thin. ., ~' , profit-taking, that kind of thin. . ~ , . around the world and across the uk, this is bbc news.

to spain now, which has become one of europe's prime renewable energy hot spots with a sharp increase in the installation of solar and wind generators over the last few years. however, despite this successful move towards green energy sources, electricity consumption has been dropping,

triggering concern this could lead to a crisis in the industry. guy hedgecoe has more from spain. 0n the sun—soaked plains of central spain, solar farms are a common sight. a boom in renewable energy over the last half decade has made the country one of europe's top generators of green electricity. renewable sources represented half of the country's total electricity generation last year. spain aims to ensure they cover more than 80% of its electricity needs by 2030. this boom started practically in parallel with the change of government. the socialist party from the first moment, give this confidence to the market. at the same time, they introduced ambitious targets for 2030.

the spanish economy is growing faster than those of europe's other main players. that should mean an increase in electricity demand. and yet, consumption of electricity in spain last year was at its lowest since 2003. this is partly because of energy efficiency measures, as well as an eu drive to cut energy use in the wake of the russian invasion of ukraine. also, the expansion of renewable generation in homes and businesses has further cut dependence on the national grid. it can be worrisome for generators, especially when these decrease in demand, along with a high increase in renewables, means that power prices decrease quite a bit, which is something that, of course, they need to take into account in their project. the concern is that these low energy prices, while good for consumers, could deter investment. one way of preventing this imbalance is to move further away

from traditional fuels. despite spain's relative success in making the green transition, much of the economy still depends on fossil fuels becoming more reliant on electricity. the so—called electrification of the economy is seen as a way of securing cleaner energy, but also of increasing the demand for the generation of electricity. the government target is for a third of the spanish economy to be electrified in the next five years. of course, there are solutions for these. one is more electrification, but on the other side, we need to engage more people and more industries in demand side management to make sure that the flexibility needed in the system is out there. so to make generation and demand matching better. during the day. during the night.

as spain pushes on with its transition to a green economy, one of its biggest challenges is to ensure that demand for electricity keeps up with what is a plentiful supply. guy hedgecoe, bbc news, spain. to football now. i hope you've been enjoying the euros. it does depend on how your team is doing. for many of us here in the uk — or at least in england — we'll be looking forward to the key match against slovenia tonight. but that is just one of the many on show at euro 2024, which has been attracting record audiences, reflected by the growing amount of money pouring in to european football leagues. according to the latest research from deloitte, those leagues have been enjoying growth in the double digits. tim bridge from deloitte sports business group has been crunching the numbers. good morning to you. revenues

are up across the board, are they, in europe? absolutely. the european _ they, in europe? absolutely. the european football - they, in europe? absolutely. | the european football market worth in excess of 35 billion euros of revenue level, there were some new ones to that because of the impact of covid still lingering, it has been the first year where all the restrictions have been lifted from a financial perspective and also the impact of the fifa world cup which was held mid—season in 2022 so slightly off there as well. find mid-season in 2022 so slightly off there as well.— off there as well. and the revenues _ off there as well. and the revenues are _ off there as well. and the revenues are growing - off there as well. and the revenues are growing up| off there as well. and the l revenues are growing up in every area in terms of advertising spend, all that kind of thing?— advertising spend, all that kind of thing? pretty much, es. kind of thing? pretty much, yes. historically, _ kind of thing? pretty much, yes. historically, the - kind of thing? pretty much, yes. historically, the real. yes. historically, the real revenue drive of football and industry has been broadcasting, so they paid to show the matches on television and formats. there is a slight slowing in that growth and it really is the commercial market where clubs, leagues, federations are now looking for the key opportunities.-

the key opportunities. also, ticket prices _ the key opportunities. also, ticket prices have _ the key opportunities. also, ticket prices have gone - the key opportunities. also, ticket prices have gone up i the key opportunities. also, l ticket prices have gone up and sodium capacity is increased. this all helps, doesn't it? it this all helps, doesn't it? tit does, this all helps, doesn't it? tt does, and that is a fine balance for clubs and organisers of major matches —— stadium capacity. a full stadium capacity. a full stadium and the right balance between atmosphere and price and that is really something thatis and that is really something that is a key part of business. you noted that women's super league clubs reported a 50% rise in revenues. as at partly because of the success of the female team �*s, spain, uk? tt female team 's, spain, uk? it is female team 's, spain, uk? tt isa huge female team 's, spain, uk? tt is a huge driver, and alsojust testament to what is going on in the women's game, the direction overall, the impact, everybody kind of focusing now on making sure the women's game can be as good as it can be, it is ona can be as good as it can be, it is on a real growth journey and we believe it is really set to continue. we believe it is really set to continue-— we believe it is really set to continue. for football clubs, for which — continue. for football clubs, for which clubs _ continue. for football clubs, for which clubs it _ continue. for football clubs, for which clubs it is - continue. for football clubs, for which clubs it is good - continue. for football clubs, l for which clubs it is good news

and not so good news? of course we do know about the financial pressures on football clubs who have to pay out huge amounts for those better players. t for those better players. i think that is a really for those better players. t think that is a really good question because if you look at the overall figures, it would be easy in that context to think everything is rosy, and actually, it couldn't be further from the truth because what we have now in football as we have a situation where there is a a lot of almost... misalignment really around where the industry wants to go in the future, and i think you need to read the headlines to see that the industry really needs to come together to unite behind the common objectives to move forward and ensure it continues to be the most popular growing sport in the world. it is difficult to kind of look at which clubs specifically, a financial perspective are doing well versus others, but the key really is that the system as a

whole is as flourishing as possibly can be. if you take into context it is the uniting of clubs, leaders, stakeholders that we need to say.— that we need to say. thank you for getting _ that we need to say. thank you for getting no _ that we need to say. thank you for getting up early. _ that we need to say. thank you for getting up early. and - that we need to say. thank you for getting up early. and thank| for getting up early. and thank you for your company. have a lovely day. i will see you soon. hello there. we saw the heat really building to start the new week in the sunshine. let me show you the picture from earlier on on monday in aberdeenshire. aboyne saw temperatures of 27 degrees on monday, making it the hottest day of the year so far in scotland. we also had our hottest day in northern ireland and in england. it was only wales that was missing out. temperatures reached 28 celsius in london. could get even hotter in the next few days. not so for scotland, northern ireland. tuesday will be cooler,

and in the next few days, cooler, fresher air will push in from the northwest with a few showers. but the heat and humidity will linger for longer in england and wales. and into tuesday, we've got more sunshine for england and wales. this cloud in the west tending to break up, but the cloud in northern england could trigger one or two showers over the pennines. looking mostly dry, but cloudier in northern ireland. some rain or showers in scotland, some heavy showers in the afternoon in the east in particular. temperatures will be lower in scotland, but still could reach 22 in the central belt and the southeast. it's nearing 19 in northern ireland. hotter for england and wales, especially the midlands, towards the southeast, potentially 30 degrees around london. more sunshine for england and wales on wednesday. this time, a bit more cloud towards the east coast and some cloud in scotland but fewer showers here. should see a bit more sunshine in northern ireland, picking the temperatures up just a little. but again, the higher temperatures, the heat is going to be across england and wales. and again, london and the southeast could hit 30 degrees. but we're all going to be changing

by the end of the week. this low pressure is going to drive this weather front eastwards. there's not much rain on that at all, but it's all about the timing because following that weather front, we've got cooler, fresher air coming in from the atlantic, pushing the heat and humidity into continental europe. so this is the picture for thursday. you can see our weather front here, it's just a narrow band of cloud, little or no rain on it. sunshine follows, blustery showers coming into scotland and northern ireland, making it feel cooler here. even with some sunshine for england and wales, temperatures will be lower, but there's still some heat across east anglia and the southeast — temperatures could be higher than 26 degrees here. but even here, things will change by the end of the week. cooler, fresher weather for all of us, i think, for friday and into the weekend, but mostly dry with some sunshine.

good morning, welcome to breakfast with sarah campbell and jon kay. 0ur headlines today... more metropolitan police officers have been drawn into the gambling commission's inquiries into alleged bets on the timing of the election. wikileaks founderjulian assange has been released from jail after a plea deal with the us government, which has been trying to extradite him from britain for more than decade.

princess anne has spent a second night in hospital after suffering concussion and minor injuries in an accident on her gloucestershire estate. dealing with the fallout from the manchester airport power cut — but what are your rights? missed backs, missing holidays. i'll be taking a look. i'm in cologne, where england have the chance to close the door england have qualified for the last 16 after albania lost to spain but can they now produce a result and performance in their final group game against slovenia tonight, and banish some of the negativity around the site? and could these new arrivals help stop wildcats from becoming extinct in scotland ? good morning. it will be another hot and sunny day across england and wales today. for scotland and northern ireland and later in

northern england, more