we begin in brussels where over the next two days, eu leaders will decide on who will run its institutions over the next 5 years. the top jobs will be presented to heads of state and governments for approval — among them european commission president, president of the european council and who will head up the eu's foreign affairs. it's expected that ursula von der leyen will win a second term at the helm of the european commission. former portuguese prime minister antonio costa is expected to take over at the european council, and estonian prime minister kaya kallas will become the eu's top diplomat. german chancellor olaf scholz says the proposed leadership provides a basis for "a good european future". but not all are happy — hungary's prime minister viktor orban and italian prime minister giorgia meloni have both been openly critical.

live to brussels where i'm joined by karel lannoox, chief executive of the centre for european policy studies. a warm welcome to the programme. this is very interesting isn't it? this process. given the outcome of the elections in europe a few weeks ago?— the elections in europe a few weeks ago? the elections in europe a few weeks auo? , , , weeks ago? yes, indeed, this is still not sure, _ weeks ago? yes, indeed, this is still not sure, what _ weeks ago? yes, indeed, this is still not sure, what you - still not sure, what you imagine because also only two weeks ago it was expected it would be decided but it was not decided and expected to be decided and expected to be decided this week but still not sure. on top of that two of the three will have to be confirmed by the european parliament which may happen in three weeks time. that is the crucial thing beyond that, well ursula von der leyen find a majority in

the parliament to back her. because what we all know is the extreme right has gained more in the european parliament, it will certainly not back her, the larger groups, her group has become a little larger but the overall groups which have backed her in the past have become smaller and the extreme right or extreme left have become bigger. that is the problem because also with the greens the new group of the liberals for micron they have been thinner and there is no unanimity to back herfor a second term. so that will have to be seen, of course there is kaya kallas who is a very good reputation at home and a good reputation at home and a good reputation overall but she will be part of that formation she will be a vice president and the commission dealing with foreign affairs and foreign policy. she will have to be plus a hearing in the month of october and october together with the other members of european commission, the 27, or

26 members of the commission which ursula von der leyen will run. �* , y ., which ursula von der leyen will run. �* , , ., ., which ursula von der leyen will run. ~ , , ., ., , which ursula von der leyen will run. as you outlined it is very complicated _ run. as you outlined it is very complicated and _ run. as you outlined it is very complicated and a _ run. as you outlined it is very complicated and a lot - run. as you outlined it is very complicated and a lot of - complicated and a lot of fractures getting wider within the eu. i mean georgia maloney has been very critical, saying, group of six centrist eu leaders have sealed a deal that excludes her and others. that run�*s demands need to be accounted for. and that is just one voice. there are several. —— rome. hervoice is one voice. there are several. —— rome. her voice is very influential at the moment? she has become — influential at the moment? she has become very _ influential at the moment? sue: has become very influential not part of the four groups we have mentioned, not the socialist, or greens or the liberals, which is part of the other group is our european conservatives and reformist only one in the european elections had a better outcome

in her national elections, she is a very strong position and she will certainly what we read and here in brussels she will certainly ask for a very important post in the european commission to have what we call the vice president a second or a third person beneath ursula von der leyen with a lot to say. there are two reactions within the group has to confirm ursula von der leyen, will be agreed with someone of the site of giorgia meloni, to confirm ursula von der leyen, and that makes a problem because in the snp group the socialist group and in the greens, if some of them they will say is there somebody from the giorgia meloni side in this commission we will not agree with from the left. . , , ., left. really interesting and we will see how _ left. really interesting and we will see how this _ left. really interesting and we will see how this plays - left. really interesting and we will see how this plays out - will see how this plays out over the next few days. carol, thank you for talking to us. chief executive of the centre for european policy studies.

we will let you know what happens in brussels. the embattled aerospace giant boeing is facing yet another whistleblower�*s claim. this time, it's of improper manufacturing on the planemaker�*s signature dreamlinerjet. here's more from erin delmore in new york. the mechanic �*s name is richard cuevas and he is the latest whistleblower to come forward with allegations of substandard safety issues on boeing jets. he was contracted by spirit is systems the boeing supplier to work on the 787 dreamliner in march 2023. he says he observed substandard manufacturing and maintenance practices. he played the problems and lost his job. played the problems and lost hisjob. at issue is the air planes forward pressure bulkhead, that is located on its nose and it is important for maintaining cabin pressure. he says that spirit aero systems made changes to manufacturing and simply specifications without the permission of boeing according to a statement from his lawyers. boeing �*s quality

control and safety we could have been in the spotlight since a door plug blew out of the 737 max nine jet midflight in january. the 737 max nine jet midflight injanuary. and since 2018 and 2019, when two boeing planes crashed killing 346 people. boeing said in a statement the allegations were thoroughly investigated and that an analysis determined there were no safety concerns. the firm said it is reviewing the newly released documents and will thoroughly investigate any new claim. erin delmore. it's that time of year when america's biggest banks are subject to stress tests to see if they can withstand a majorfinancial and economic shock. this yearly exercise by the us central bank was introduced following the 2008 financial crisis in a bid to build confidence in the banking sector. the goal is to ensure that banks have enough capital to absorb losses in a highly stressful scenario. all 31 of the largest us banks passed this year — some of them by a wide margin — and that's been the case for several years raising

questions about whether these stress tests have outlived their purpose. let's talk to professor sean snaith, director of the institute for economic forecasting at the ucf college of business. do we need the stress testing anymore or not? i do we need the stress testing anymore or not?— anymore or not? i think it's important _ anymore or not? i think it's important to _ anymore or not? i think it's important to remember. i anymore or not? i think it's - important to remember. frame was a massive regulatory law hastily assembled in the fear and panic of the 2008 — 2009 financial crisis and the stress tests are part of this large regulatory structure. and so it is a modelling exercise, and i am reminded of the late british statistician george fox's famous quip all models are

wrong. so models are useful. it wrong. so models are useful. it is a modelling exercise but it does have implications for shareholders and for example jpmorgan or goldman sachs, because of the tests which i used to calculate the minimum amount of capital used to absorb losses, relative to the assets of the bank, if they have to put my money aside that means less money and dividends and pay—outs to shareholders? is it does, the results are good news to those financial institutions and their shareholders because now, not being forced to raise additional capital, they are free to pay dividends, or buy back shares, and so it is a green light for them to pursue those activities. find green light for them to pursue those activities.— green light for them to pursue those activities. and one would an ue those activities. and one would argue that _ those activities. and one would argue that we _ those activities. and one would argue that we have _ those activities. and one would argue that we have been - those activities. and one would argue that we have been doing | argue that we have been doing these stress tests since 2008 but we have had the collapse of smaller and medium—sized banks in the us that have had huge ramifications, how did that

happen? ramifications, how did that ha en? , ramifications, how did that ha--en? .. , , happen? sometimes i feel it is like an arsonist _ happen? sometimes i feel it is like an arsonist coming - happen? sometimes i feel it is like an arsonist coming over. happen? sometimes i feel it is like an arsonist coming over to check your fire suppression systems off it was a little over a year ago the biggest of those failures in silicone valley bank took place and here we have this massive regulatory infrastructure in place and they are unable to detect and prevent a bank that essentially failed because of interest rate risk. not because of complex financial engineering and things that were associated with the 2008 financial crisis. but that's what the stress test are supposed to �*s test for those unusual circumstances and interest rates in the us going up interest rates in the us going upjust over 5% is not interest rates in the us going up just over 5% is not a massive financial shock? it upjust over 596 is not a massive financial shock? it is not but certainly _ massive financial shock? it is not but certainly they - massive financial shock? it 3 not but certainly they could have come under greater sue —— scrutiny silicon valley bank because an interest rate risk is a fundamental element of the

bank industry and to have a bank industry and to have a bank not prepared for a relatively small shop to interest rates to the point where they failed and had to be bailed out, and the repercussions spread across other regional banks, around the country, and it has an impact on commercial real estate, which is one of the elements of the stress test they emphasise this year. interesting to get your take on that. let's stay in the us. the online retail giant amazon has reached a valuation in excess of $2 trillion for the first time. the stock's up over a quarter since the start of this year, driven by optimism over the rise of artificial intelligence. here's our world business reporter david waddell. amazonjoins an amazon joins an exclusive club, just five companies all american, all tech companies valued at $2 trillion or more. the top three, microsoft, apple, and nvidia have been

jostling for supremacy in recent weeks, and at number four is alphabet the owner of google. investors are enthusiastic about generative ai, artificial intelligence will top and the potential for all these big tech companies to deliver higher profits to shareholders. the expectation of interest rate cuts this year has also driven up share values, those cuts if and when they come, will bring down the price of investment, and give consumers more spending power. amazon �*s most profitable unit is amazon web services which relies heavily on alto deliver its clone services including data storage and computing power. —— cloud services. it is best known as an online retailer, next week it celebrates its 30th birthday, backin celebrates its 30th birthday, back in 1994 it was a boot vendor but the founderjeff bezos sought to turn it into the everything store. today he owns 9.1% of the company, if he sold his amazon she is, he could buy almost anything.

david waddell, bbc news. let's explore this more now with janet muix, head of market analysis at rbc brewin dolphin. good morning to you, janet. now there are seven companies valued at over $1 trillion, amazon has hit the $2 trillion mark, it is mind—boggling these numbers? mark, it is mind-boggling these numbers? ~ , ., �*, numbers? absolutely, that's what i numbers? absolutely, that's what i think, _ numbers? absolutely, that's what | think, 2 _ numbers? absolutely, that's what i think, 2 trillion - numbers? absolutely, that's what i think, 2 trillion us - what i think, 2 trillion us dollars basically roughly the value of the entire ftse 100 dollars basically roughly the value of the entire ftse100 in the top companies listed in the uk stock exchange so this is indeed very mind—boggling. what indeed very mind-boggling. what does it say about _ indeed very mind-boggling. what does it say about the _ indeed very mind—boggling. what does it say about the valuation of these companies because obviously amazon is a hugely successful global come most of us use amazon and some of us try and avoid them but we can't. so you understand why amazon is valued at this level is that a fair comment?- amazon is valued at this level is that a fair comment? yes, i

think definitely _ is that a fair comment? yes, i think definitely us _ is that a fair comment? yes, i think definitely us technology| think definitely us technology stocks have high valuation compared to the rest of the market, especially compared to the uk and europe but think investors are willing to pay that premium because as you say they grow at a very strong rate and there is a lot of runway because of the artificial intelligence infrastructure buildout, many more companies are going to use amazon web service for their ai workflow infrastructure stopping there is a lot of growth going on. in the case of the top seven, is that mainly technology and ai investment that is driving those stocks higher? yes, fundamentally _ those stocks higher? yes, fundamentally these - those stocks higher? yes, fundamentally these are l those stocks higher? yes, i fundamentally these are very good companies generating lots of profits and they are monopolies in their own sectors, most of them are very innovative, since the mid—2023 and especially year to date this year, it is driven a lot by the outlook for artificial

intelligence including investment, infrastructure build and potential commercialisation and the upgrade of the hardware, these companies, yes you are correct, they are mostly driven by the ai primacy. janet muix, head of market analysis at rbc brewin dolphin. around the world and across the uk, this is bbc news.

you are with business today. to japan now, where the yen has fallen to its lowest level against the dollar in 38 years. mariko oi's our resident japanese yen geek, and she's live for us in our asia business hub. mariko, so speculation of more interventions? ican i can say that because i am a financial market skiing and i am proud of that. what is going on with the yen? i love my new nickname i hope that is the title underneath my name on the screen. the yen hitting the

lowest level for 38 years, crossing the 160 mark once again. that is basically the level where many think the authorities would likely intervene.— authorities would likely intervene. ., , intervene. traders are closely watchinu intervene. traders are closely watching its — intervene. traders are closely watching its mood _ intervene. traders are closely watching its mood today - intervene. traders are closely watching its mood today but l intervene. traders are closely| watching its mood today but it is a tricky conversation for tokyo because the last time they interbreed only two months ago they spent more than $60 billion not a million but billion not a million but billion dollars a record amount of course the impact did not last for long and here we are talking about possible intervention once again. and thatis intervention once again. and that is because even a large burst of yen buying is nothing compared to the $7.5 trillion that change hands on the foreign exchange market, there we end. the weekend is not all bad news because it is good for exporters and makes their products cheaper broad and overseas revenues are with more when converted back to the japanese currency but 160 is seen as extreme by many

analysts because it makes important things like food and fuel were expensive as well which of course feeds into the cost of living crisis in a country where consumers have not experienced inflation for many decades. whether or not they intervene, many are closely watching what the country �*s central bank will do next month because the main reason for the weakness of the yen is the difference in interest rates between the us and japan. the higher cost of borrowing attracting more investment and that increases the value and demand for the currency. but of course interest rates injapan pretty much close to zero, even though the bank ofjapan did end its negative rates policy back in march, and so far they have said the economy is not ready for higher rates. mariko oi. your wish is my command. you have bbc yen gig as an aston for this interview.

as you've been hearing, later today in atlanta, georgia, us presidentjoe biden and his predecessor donald trump square off in the first debate of this year's presidential election. but as michelle fleury reports from nearby dalton, creating jobs isn't necessarily winning votes. welcome to joe welcome tojoe biden �*s economy, or korean company spending billions of its own and the us governments to build and the us governments to build a new factory for a new industry. the key part of his pitch to voters. solar panel maker 0 cell spending $2.5 billion to triple the size of its current capacity. employing 4000 people by years and. in a district being left behind. thanks to the biden administrations inflation reduction act, cuevas mainly made in china will soon be made in america. irate made in china will soon be made in america-— in america. we are currently the only _ in america. we are currently the only facility _ in america. we are currently the only facility that - in america. we are currently the only facility that will - in america. we are currently the only facility that will be l the only facility that will be making cells and waivers and thatis making cells and waivers and that is what you sells is

building in cartersville is such facility like it and it is under construction in the us. the ira was not successful in creating new investment but we need a lot more investment. you thinkwithout_ need a lot more investment. you think without it _ need a lot more investment. you think without it would have taken longer to get to this point? fir taken longer to get to this oint? ., ., point? or it might not have happened _ point? or it might not have happened at _ point? or it might not have happened at all. _ point? or it might not have happened at all. the - point? or it might not have . happened at all. the president boastin: happened at all. the president boasting his — happened at all. the president boasting his approach - happened at all. the president boasting his approach has - boasting his approach has created nearly 800,000 manufacturing jobs, something these workers are grateful for. the company has given me a great opportunity, from a very entry—level to move to an engineering spot, which for me, it is some thing i am thankful for. ~ ., ., ., it is some thing i am thankful for. . ., ., ., ., for. we are also one of the [arrest for. we are also one of the largest facilities _ for. we are also one of the largest facilities in - for. we are also one of the largest facilities in the - largest facilities in the western hemisphere something to be proud _ western hemisphere something to be proud of, we have this year where — be proud of, we have this year where most people don't anywhere in the united states will stop— anywhere in the united states will stop while the jobs may be green — will stop while the jobs may be green the district is greet red _ green the district is greet red. ., , ., , red. dalton is in donald trump 's home. _ red. dalton is in donald trump 's home. to — red. dalton is in donald trump 's home, to marjorie _ red. dalton is in donald trump 's home, to marjorie taylor-

�*s home, to marjorie taylor greene in one of the most bitterly contested states in the year �*s election, democrats hope by creating more green jobs here they may attract more biden voters in november. here is what they used to build in dalton, carpet, it once claimed to be the worlds capital. one of the firms belongs to a democrat.— of the firms belongs to a democrat. ., , , ., democrat. nobody cares about clean energy — democrat. nobody cares about clean energy not _ democrat. nobody cares about clean energy not around - democrat. nobody cares about clean energy not around here. | clean energy not around here. that is the type of stuff i would call a liberals care about in the big city. he does not think— about in the big city. he does not think the _ about in the big city. he does not think the act _ about in the big city. he does not think the act will - about in the big city. he does not think the act will do - about in the big city. he doesj not think the act will do much forjoe biden �*s election chances not adultery. in forjoe biden 's election chances not adultery. in the business — chances not adultery. in the business community - chances not adultery. in the business community there l chances not adultery. in the | business community there is resentment against the company because they got breaks from the government leaving the local guy wondering if the government is picking winners and losers. government is picking winners and losers-— government is picking winners and losers. ., ., ~ , ~ and losers. banana pancakes. at this cafe the _ and losers. banana pancakes. at this cafe the food _ and losers. banana pancakes. at this cafe the food is _ and losers. banana pancakes. at this cafe the food is hearty - and losers. banana pancakes. at this cafe the food is hearty in - this cafe the food is hearty in the conversation flows but you won't hear much talk of green

jobs. the owner kasey carpenter the local republican representative explains why his party does not like the democrats economic strategy. probably the republican turnoff has always been its shoved down their throat, with subsidies, instead of letting and naturally evolved, for years republicans have been against solar panels but i think there are an energy independence are republican words. the are an energy independence are republican words.— republican words. the biden administration _ republican words. the biden administration is _ republican words. the biden administration is pouring - administration is pouring millions into red districts in the hope of insuring a green and prosperous future is made in america. the presidential debate is an opportunity for him to claim credit. so far it is not sure he will reap the benefit, come november. now from business to art. and how to monetise it. digital art has had a big impact on creativity, but also on how art can be appreciated and seen. and one platform, vortic,

which leans upon virtual and augmented reality, has partnered with important galleries, museums and fairs worldwide. tomorrow, american painter and sculptor eric fischl will launch his first solo show at vmg's venice space and on vortic. vortic was founded by oliver miro. and hejoins me now live. do explain how does it work, vortic, what will happen tomorrow at this event? so vortic was _ tomorrow at this event? sr vortic was founded initially to help support the art world navigate emerging technologies such as vr and ar and we have spent the last seven years developing a software which empowers galleries, curators, museums. it's a quick and easily accessed virtual reality tool to create and distribute content easily, we have had over 3000 exhibitions in the last three years on the platform with 300 very prestigious and great galleries and museums around the world.

basically it enables me to go and visit a gallery virtually, is that what we are talking about? ., ., . , ., about? from whatever device you have our about? from whatever device you have your experience _ about? from whatever device you have your experience would - about? from whatever device you have your experience would be i have your experience would be able to walk around the gallery, listen to lots of blade content such as the artist talking about the works, and expense and have an insight into that exhibition with an immersive experience. in order to make that — immersive experience. in order to make that happen _ immersive experience. in order to make that happen you i immersive experience. in order to make that happen you have l immersive experience. in order. to make that happen you have to go to these galleries film everything? it go to these galleries film everything?— go to these galleries film everything? it is part of the software — everything? it is part of the software we _ everything? it is part of the software we have _ everything? it is part of the | software we have developed everything? it is part of the i software we have developed we create gallery spaces and we are able to quickly add artworks to those spaces. more recently we have worked with artists directly who want to embrace the technology and eric fischl exhibition launching tomorrow in venice, which actually he started as a project of exploring digital paintings, painting and virtual reality and we have taken that and supported him the whole way through to actually create physical artworks based on

those digital paintings. so could artists use the software to just enable people to experience their art without physically going to see their art, that's the idea? that physically going to see their art, that's the idea?- art, that's the idea? that is the idea — art, that's the idea? that is the idea so _ art, that's the idea? that is the idea so far _ art, that's the idea? that is the idea so far we - art, that's the idea? that is the idea so far we have i art, that's the idea? that is i the idea so far we have given the idea so far we have given the software to galleries, museums and curators, but subsequently soon we will be launching for artists as well. and, artists will be able to use the software to hang their exhibitions in vortic. i5 use the software to hang their exhibitions in vortic. is it expensive? _ exhibitions in vortic. is it expensive? it _ exhibitions in vortic. is it expensive? it is - exhibitions in vortic. is it| expensive? it is relatively very much _ expensive? it is relatively very much affordable, i expensive? it is relativelyj very much affordable, our expensive? it is relatively i very much affordable, our core mission is to make art accessible and that includes the technology we are developing as well. i expect ou are developing as well. i expect you are expecting _ developing as well. i expect you are expecting a - developing as well. i expect you are expecting a lot i developing as well. i expect you are expecting a lot of. you are expecting a lot of traffic tomorrow? i you are expecting a lot of traffic tomorrow?- you are expecting a lot of traffic tomorrow? i hope so, the physical— traffic tomorrow? i hope so, the physical exhibition i traffic tomorrow? i hope so, the physical exhibition is i traffic tomorrow? i hope so, the physical exhibition is in. the physical exhibition is in venice but today we launched this morning the virtual site, everyone here can visit vortic and have an insight into this

eric fischl project we have been working on for many years. thank you, good to get your take on that, the founder of vortic. you need a vr headset or some kind of augmented reality system in place to do that. thank you for your company, that is business today. see you soon. hello there. wednesday was the warmest day of the year so far, with 31 celsius reached in wisley in surrey. but that's the last of these sorts of temperatures for now. it does look like for the rest of the week, into the weekend, it's going to be turning fresher for all areas and the winds will be picking up as well. but we'll still have quite a bit of sunshine around. now, the change is all courtesy of this area of low pressure, pretty deep for the time of year, pushing to the north and the west of the country, where it'll bring significant winds and some rain. but the cold front associated with it will spread across the country, pushing the warm and humid air back

out to the near continent. this is the cold front — barely anything on it as it reaches southern and eastern england. but it will bring a change to the air temperature. plenty of sunshine here, but windy with showers or long spells of rain for north—west england, north wales, northern ireland and into scotland. so temperatures here much lower than of late. highs of 24 to 25 degrees across the southeast. but warmer along north sea coasts, as we've lost the onshore breeze. but it will be a very blustery end to the day for thursday. gales across the far west of scotland, far north of northern ireland, showers or longer spells of rain, whereas i think as we head through thursday nights across much of england and wales, it should be largely dry with some clear spells. lighter winds the further south that you are. but it will be a cooler night to come for all, with temperatures 10 to around 12 degrees. so as we head into friday, then, we see that area of low pressure pulling away from the north of the uk, but it will take its time. it stays quite windy, blustery, with outbreaks of rain across scotland, whereas for england and wales, closer to a ridge of high pressure. so the further north that you are, it will be windier with showers or longer spells of rain. the further south that you are, variable cloud, but some good spells of sunshine.

and i think for many, it will stay dry on friday. temperatures perhaps reaching around 23, maybe 24 degrees. otherwise, it's the mid to high teens further north, so you can see that cooler trend is continuing. into the start of the weekend, bit of a question mark on it, but it looks like this area of weather fronts will bring thicker cloud and outbreaks of rain to the central slice of the uk through the day. to the north of it, it stays quite blustery with sunshine and showers, feeling cool. but some good sunny spells across the south and southeast could put temperatures up to around 25 celsius, so feeling quite warm again, but cooler further north. but as we head into part two of the weekend, it does look like it'll be cloudy with some further spots of rain and feeling cooler for all.

good morning. welcome to breakfast our headlines today... rishi sunak and keir starmer go head—to—head for the final time in the general election campaign in a heated tv debate. who is the guy in charge of the system over the last 14 years? why is it so bad? well, keir, you want to be in charge but you've got nothing to say to people about what you would do about it.

we are in sunny south shields, getting reaction to the debate last night and asking voters, have you made your mind up yet? now there are just seven days to go. junior doctors in england will begin a five—day strike later this morning in their continuing protest about pat’- good morning. millions of people receive parking fines each year. the new code of practice aims to make rules in private car parks fairer and more consistent. how much will it benefit drivers? england find out their opponents for the last 16 of euro 2024. slovakia's draw with romania means they will meet england on sunday afternoon. some sunshine in the south and east. heavy showers and strong winds. all

of the details later.