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tv   Business Today  BBC News  July 9, 2024 2:30am-2:46am BST

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hello and welcome to business today. i'm steve lai. we begin with boeing. the main us aviation regulator has ordered the inspection of thousands of boeing 737 max planes, over concerns related to the oxygen masks aboard the jets. our north america business correspondent erin delmore has more on this latest probe. the federal aviation administration is requiring operators to check the passenger oxygen masks on some 2,600 aeroplanes. theirjob is to make sure the masks haven't shifted out of position, which could potentially leave them out of passengers�* reach in an emergency. the inspections, and any necessary corrective actions, need to be completed within 120 to 150 days. this is the latest sign of trouble for the once—stored and now—embattled aviation giant. earlier monday boeing agreed to
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plead guilty to a criminal fraud conspiracy charge and pay a $243 million fine. that was in relation to two 737—max crashes that killed 346 people more than five years ago. the issue of boeing�*s safety culture and quality control was brought back into the spotlight in january, brought back into the spotlight injanuary, when a door plug blew off a 737—max jet operated by alaska airlines mid—flight and in the intervening months, boeing�*s been faced with criticism from regulators, lawmakers, airlines and the travelling public. in more aviation news, a united airlines flight that departed from los angeles on monday lost a landing wheel after takeoff. the plane, which was also a boeing 757, was headed forjapan, but had to land at denver airport because of the lost wheel. a united airlines spokesperson has indicated that there have been no injuries. both the federal aviation authority and united airlines are investigating the incident. staying with the us, presidentjoe biden is fighting
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back against the perception that�*s he�*s too old to beat donald trump. he�*s published a letter saying he has no intention of giving up the presidency or the campaign for a second term. this comes amid amped—up pressure from business leaders and donors, calling for biden to step down. the bbc�*s michelle fleury sat down with the ceo of the leadership now project, a coalition of executives who are politically active. she explained how high the stakes are. we have respectfully asked president biden to pass the torch to a new generation of leaders. we believe that there are multiple leaders in the democratic party who would be well equipped to be our president and effectively make the case about the risks that donald trump and that the current republican party presents. current republican party presents-_ current republican party resents. ~ , , ., presents. why did you feel it was so important _ presents. why did you feel it was so important to - presents. why did you feel it i was so important to speak out? what�*s at stake here? we what's at stake here? we believe the _ what's at stake here? - believe the number—one risk is that former president trump
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wins in november. and so that was our driving concern in speaking out. secondarily, we know that it�*s really hard to step out against the president, and it was going to take courage from political leaders, his advisers, and others to encourage him to step down. so we wanted to show that courage with our networks, who have a bit more freedom to publicly come out and express their view. �* . view. but at the time when we're talking, _ view. but at the time when we're talking, joe - view. but at the time when we're talking, joe biden i view. but at the time when we're talking, joe biden is | we�*re talking, joe biden is resolutely saying he�*s not going anywhere, that he remains the party�*s candidate. yes. going anywhere, that he remains the party's candidate.— the party's candidate. yes, i understand _ the party's candidate. yes, i understand that. _ the party's candidate. yes, i understand that. and, - the party's candidate. yes, i understand that. and, look, j understand that. and, look, it�*s a really difficult and sad situation for our country right now. but we believe that, unfortunately, both as a result of the debate and what has been observed about president biden�*s abilities to govern for the next four years, we continue to believe that an alternative candidate would be alternative candidate would be a better choice, and have a better chance of winning in november. i5
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better chance of winning in november-— better chance of winning in november. is the entirety of our november. is the entirety of your membership _ november. is the entirety of your membership on - november. is the entirety of your membership on board | november. is the entirety of. your membership on board with this? 50 your membership on board with this? ., _, , your membership on board with this? ., , ., this? so we did a couple of thins this? so we did a couple of things when _ this? so we did a couple of things when this _ this? so we did a couple of things when this was - this? so we did a couple of - things when this was happening. we did an emergency crisis meeting of our board. we called a full membership meeting. we polled our members. 0ver a full membership meeting. we polled our members. over 80% agreed that we should pursue supporting a new nominee. so it�*s not universal. there are some who are concerned about this path. but we did believe we had overwhelming support. the leaders of india and russia are meeting in moscow to discuss a range of bilateral issues, from investment ties and energy cooperation, to defense and trade. prime minister narendra modi�*s two—day visit comes at the invitation of president putin to revive an annual summit between the two countries. the last one was held in december 2021, in delhi. raymond vickery, the former us assistant secretary of commerce in trade development gave us his thoughts on what to expect from this visit, including what russia stands to gain. i think that, you know, you would hope that modi was going to moscow to promote peace and
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prosperity worldwide, according to democratic principles that india holds. but, of course, this is not really what�*s going on. modi is trying to perform a very delicate balancing act. you may recall that his first trip after being re—elected this year was to the g7. so now he has to, it seems, go to russia and tell what a great friend he is of russia and get as much strategic advantage and economic benefit out of that relation as he can. what will russia be expecting out of this meeting?- out of this meeting? well, russia really _ out of this meeting? well, russia really wants - out of this meeting? well, russia really wants to - out of this meeting? well, | russia really wants to show that if the isolation of russia because of the invasion of ukraine hasn�*t worked and they�*re going to want to hail they�*re going to want to hail the commitment that india is going to be keeping buying more
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oil, fuelling their economy, and their defence production. so from their perspective, it is being able to sell even more to india. the exports to india have gone up about 50% since the war in ukraine, the invasion there. so i think that�*s going to be what he wants. and he wants to hold modi up, really, as a quasi supporter of what russia is doing. that doesn�*t work exactly, but modi isn�*t going to be in a position really to try to contradict russia since they�*re so dependent this time for arms, as we�*ve discussed, but also oil and fertiliser. in other news, china�*s largest electric vehicle producer, byd, has announced that it will build a new factory in turkey. byd will invest $1 billion into this facility which is due to be completed at the end of 2026.
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the factory will be byd�*s second ev manufacturing hub within the european region, the first being in hungary. as the company wrestles with tariffs imposed by the european union, these new manufacturing facilities present an opportunity for the company to bypass the levies. taiwan semiconductor manufacturing, or tsmc, briefly hit a market capitalisation of $1 trillion on monday, at the us markets open. the company has been riding on the recent boom in artificial intelligence, and is currently the sole supplier for apple�*s chips, as well as nvidia�*s ai processors. however, the breach into the trillion—dollar club was short—lived as a selling spree throughout the day saw the stock drop when the markets closed turning to france, which is seeing more political uncertainty after parlimentary elections left the country facing the prospect of a hung parliament. a left—wing alliance won sunday�*s vote, blocking the pathway to power for the far—right national rally, but negotiations will now have to take place to try and form a minority or coalition goverment.
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armin steinbach, professor of law and economics at hec paris explained the implications of this result on the french economy. well, that�*s going to be very difficult for the left bloc to come up with a minority government. as you may know, the left bloc is quite heterogeneralous and has been united only to build a firewall against the national rally on the right side. so it�*s a very diverse group of anti—capitalists, socialists, communists, with a very diverse programme, so the question is whether they remain united and propose a candidate for prime minister, which they then propose to emmanuel macron as the president for him, to ask him to appoint him. but this group will be a minority government, facing a confident motion of no confidence in the parliament and therefore having
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to resignjust parliament and therefore having to resign just a week after being in power. so it�*s a rather unlikely scenario. it is a very complicated _ rather unlikely scenario. it is a very complicated scenario, situation, that france finds itself in. what are the likely implications of this stalemate? well, stalemate is always bad for markets. uncertainty is bad for markets. uncertainty is bad for markets. uncertainty is bad for markets. we saw today an announcement of s&p, one of the rating agencies, saying that this uncertainty is bad for the fiscal outlook and france has been downgraded already by ratings agencies in the last 12 months, so the economic perspective is very short term. it's perspective is very short term. it�*s safe, because the current government remains in power and takes care of finances. but the longer the limbo lasts, the more unlikely or the more riskier becomes the economic outlook and the more unstable also the fiscal situation may become. one of hollywood�*s oldest companies, paramount global, has agreed to merge with independent film studio skydance media.
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in a complex deal, paramount�*s non executive chair shari redstone will sell her family�*s controlling stake in the company. the merger will result in a new business worth $28 billion. paramount says it expects to close the deal by next summer. for more business news and updates, do log onto our website bbc.com. and that�*s it for this edition of business today. thanks for watching.
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hey. i�*m zof with the catch—up. tonight: russian strikes in ukraine. exciting baby news for grealish and taurus gets soaked in barcelona. but first, the new chancellor,
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rachel reeves, has announced plans to build loads more homes. she says the government will build 1.5 million in england over the next five years and will loosen tough planning rules. also today, the new prime minister has been in wales and northern ireland after visiting scotland yesterday. now to ukraine, where a children�*s hospital in kyiv has been hit by russian strikes. across the country today, at least 36 people have been killed by russian attacks. ukraine says they�*ll retaliate. russia denied targeting civilians. some other stories now. there�*s been a surprise result in france�*s parliamentary election after the far right were expected to win. instead, they came third with a group of left—wing parties winning the most votes. but no party won a majority needed to create a government. next, simon cowell has said the uk needs the next zayn. he reckons the amount of uk artists breaking globally has fallen. he�*ll search for
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the next star in a new show on netflix. and great news for jack grealish and his girlfriend sasha attwood. they�*ve announced they�*re expecting their first child. jack posted the cutest picture of him hugging her with the caption "life�*s biggest blessing". and now for 10 seconds of protesters squirting water at tourists in barcelona as thousands have been demonstrating against the huge amount of visitors there. you�*ve probably finished —— you�*d probably finish your dinner pretty quickly if you were those tourists. i knew would be. and you�*re all caught up. see you later. hello and welcome to sportsday. djokovic hits back at the boos to cruise into the wimbledon quarterfinals. have england finally got
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a spring in their step, heading into the euro semi—finals? and a few more overs and out, an emotionaljames anderson prepares for his final england test. hello there. we�*ll start with tennis because the quarterfinal line up is complete at wimbledon, the last spot in the men�*s draw taken by a clearly agitated novak djokovic, who rounded on some sections of the crowd after his staright—sets win over holger rune. the seven—time champion beat the danish fifteenth seed 6-3, 6-4, 6-2. after his win, djokovic had a strong word for the fans who he claimed had been booing him, saying it was disrespectful, and he wouldn�*t accept that they were simply
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chanting rune�*s name.

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