the last straw. elon musk acts on the threats that he will move more of his companies headquarters out of california. in the startup that was once considered to be the best education outfit faces more legal troubles. hello and welcome to business today. i'm steve lai. for some time, billionaire elon musk has been threatening to move some of his companies out of california. well, now, he's announced that he's taking two major headquarters to texas. he's been sparring with policymakers in california for some time now, but the news also comes at an interesting time with the republican national convention taking place. the bbc�*s suranjana tewari explains. the tech billionaire elon musk says he is moving the

headquarters of social media platform x and rocket company spacex because of a new gender identity law in california. he's describing it as the last straw. the law forbids school districts from requiring teachers to notify parents when a child changes gender identity or sexual orientation. in a post on x, mr musk said... spacex a move from company to texas. with this news elon musk will have relocated most of the business he controls to texas to be back in 2021, he moved tesla's headquarters to texas as well. mr musk has in the past expressed disdain about the use of preferred pronouns, often mocking the practice on social media, and dismissing it

as part of a woke agenda. that was a dangerfor as part of a woke agenda. that was a danger for society. as part of a woke agenda. that was a dangerfor society. all eyes are on elon musk, though, for a very different reason. he is now publicly endorse donald trump as nik reelection bid and there are reports that he is planning to commit $115 million a month to the former president's campaign —— donald trump's election bid. if the donations come to pass they would mark a significant developing in the presidential campaign but also with the relationship between the two men. the international monetary fund has upgraded its economic outlook for china, india and europe. growth in britain is set to outstrip every other major european economy next year as well, boosting the new labour government there. but the bank warned the fight against inflation is far from over. the imf chief economist also sounded a warning about trade tensions. his comments come as republican presidential candidate donald trump told bloomberg in an interview that he plans

to impose tariffs of between 60 and 100% on chinese goods and that he would hit other countries with a 10% import tax. more tariffs could add to china's problems, amid an uneven economic recovery. the country's belt and road initiative, an ambitious regional infrastructure investment programme, is also on shaky ground as some participating nations balk at the levels of debt incured with the projects. in kenya, that has led to domestic political turmoil, with president william ruto firing his entire cabinet last week after widespread protests over a plan to raise goods taxes. the african nation has £80 billion in debt, —— the african nation has $80 billion in debt, 10% of which is owed to china's belt and road projects. i spoke to cobus van staden, managing director of the china—global south project. kenya is linked quite heavily

to the infrastructure, but that fits into a larger problem of lending in order to repay other debts. so, chinese debt is only a fraction of kenya's debt problem, and at the moment, what we're seeing is that is raising debt at quite interest rates in order to repay all that coming due this year. the chinese debt of the problem for chinese debt of the problem for chinese debt of the problem for chinese debt is it did not, the introductory bill did not deliver the kind of economic benefits that it was promised, but it comes on top of corruption and overspending on the kenyan site —— infrastructure bill. it was compounded by interest rate fluctuations.— fluctuations. tell us more about those _ fluctuations. tell us more about those belt - fluctuations. tell us more about those belt and - fluctuations. tell us more| about those belt and road objects from china in kenya. how have they been impacted by what's been happening? in some wa s, the what's been happening? in some ways, the railway, _ what's been happening? in some ways, the railway, which - what's been happening? in some ways, the railway, which is - what's been happening? in some ways, the railway, which is a - ways, the railway, which is a large roadway project, the bulk of some of the chinese loans,

in some ways, it was quite successful. it made it much easier to move people back and forth between mum and nairobi. the problem was, to make it possible, the kenyan government had to move quick —— make it profitable. they ended up, it proved politically unfeasible to actually force the truckers to actually force the truckers to move everything onto rail, so that put a lot of, made it a lot harderfor the so that put a lot of, made it a lot harder for the railing to be profitable. so, this impacts the status of the railway project, but countries in east africa, including kenya, still trying to raise more money to integrate their railway network, which could actually make it profitable in the long run, itjust isn't at make it profitable in the long run, it just isn't at the moment. iii run, itjust isn't at the moment-— run, itjust isn't at the moment. , ., moment. if we broaden out then from not just _ moment. if we broaden out then from notjust kenya _ moment. if we broaden out then from notjust kenya but - moment. if we broaden out then from notjust kenya but for - from notjust kenya but for other countries around it, from china's perspective, is the

situation in kenya unique, what about other countries and has been investing in? it is about other countries and has been investing in?— been investing in? it is not unique. — been investing in? it is not unique. but _ been investing in? it is not unique, but it _ been investing in? it is not unique, but it particular i been investing in? it is not i unique, but it particular deal was particular trouble, i think. so, securely, it was quite opaque on the kenyan side, and then since then, there's been some revelations which seems to imply there was some corruption on the kenyan side too. governance on the kenyan side was part of the problem. that said, it is not necessarily... these kind of problems come up with infrastructure lending more broadly, so it is not a pri pacific problem, it is just china at this moment is hitting a completed series of factors thatis a completed series of factors that is making it a problem. one of the biggest ones being the covid crisis and interest rate hikes that came out of that —— a bri—specific problem.

kenya's public debt increased by 13 billion simply because of the depreciation of the schilling against the dollar. the fact that these loans, even though they were chinese loans, they were dollar—denominated committee fluctuations in the value of the other ended up really causing economic problems in kenya. —— of the dollar. to india now, where byju's — once considered the world's most valuable online education startup — is facing fresh legal trouble after an indian court allowed insolvency proceedings to begin against the company. the company has been plagued by accusations of corporate government failures resulting in board exits and criticism from top investors. now, the indian cricket board is accusing byju's of failing to hand over $19 million. from mumbai, nikhil inamdar has more. while the insolvency plea was filed by india's cricketing body, the board of control for cricket in india, over the nonpayment of some $20 million in debt, the court found that byju's had defaulted on the money it owed to bcci over the indian cricket team's jersey sponsorship and has now installed an interim

resolution professional. byju's has also been prevented from entering arbitration by the court. some legal experts have been quoted as saying that this could mean the founders and the board of byju's could end up losing control of the company. but in a statement, byju's said it is hoping to reach an amicable settlement with the cricketing authority, and sources say it's also planning to challenge the order as well. now, this is just the latest in a series of setbacks for byju's, whose us subsidiary filed for bankruptcy earlier this year. the company has also been under scrutiny from india's economic fraud agency and has seen almost all of its valuation being wiped off after its operations collapsed post—covid. while baseball is big business, you might not think the sport could have an impact on how one does business. but that's exactly what helped the head of babel in his approach to running the digital language learning platform. being a former athlete has actually taught me

the bbc caught up with ceo for more. being a former athlete has actually taught me valuable lessons about life and being a ceo. i played baseball semi—professionally in my late teens and early 20s in germany, and while that's not the us professional league, the major league of baseball, it's still pretty, pretty serious with, you know, six days a week and two games a week and strength training and team training, etc. and it's actually taught me valuable lessons for business. it's made me a better strategist. it's allowed me to to have clearer goals and then work towards that goal. the great thing about sports is that goals are very clear and they�* re binary. you hit them or you don't hit them, right? you win that medal or you don't win that medal.

and in business, it's a bit harder to be that clear. and i have to force myself to be crystal clear where the company is headed and what we want to achieve, get rid of the fuzziness. i don't talk about, "we want to be the best language learning company in the world," and then everyone goes off and does their own thing. we talk about exactly what we what we want, which allows us to focus more of our energy into actually achieving that goal. let's ta ke let's take a look at the markets before we go. the dow closed at a new high as the tech—heavy nasdaq ended relatively flat. there is an expectation of better retail sales. the bbc coverage of the republican convention in milwaukee, wisconsin, is going to be going live at the top of the hour. caitriona perry will be heading up caitriona perry will be heading up our coverage, finding out what happens on day two of the event. goodbye for now.

hey, i'm lola with the catch up! tonight, southgate quits, the lionesses hold on and the man who found his voice.

jay slater�*s mum says their family hearts are broken after the body found yesterday in tenerife was confirmed as jay's. debbie duncan described the confirmation as the "worst" news. jay had been missing for almost a month after travelling to the island for a music festival. 0fficials there say his death was a result of trauma, consistent with a fall in a rocky area. and it's goodbye to gareth southgate, who has quit as england boss. # southgate, you're the one # you still turn me on # football's coming home again... # he has been in charge of england for 102 games and got the men's team to two euro cup finals. he says, "it's time for change, and for a new chapter." and if you're feeling a little down about that news, then celebrate this.

the lionesses have qualified for next year's euros, drawing 0—0 against sweden. some good news now. a couple of years ago, daniel challis, who has cerebral palsy, launched his search for a voice with a walsall accent. eli stepped forward — he's studying in the us but is from the west mids. this week, the pair met for the first time! and time now for ten seconds of hope. a week after loki went missing, he was found by mountain rescuers stuck on this cliff in the scottish highlands with only rainwater to drink. thankfully, he's now safely reunited with his family. you're all caught up now. have a good night!

hello and welcome to sportsday. i'm marc edwards. here's what we've got coming up on our show. "time for change and a new chapter" — gareth southgate's words as he decides to end his tenure as england manager. mbappe madridista — the global superstar finally presented as a real madrid player at a packed—out bernabeu. and battle of the big names, as rafa nadal beats bjorn borg's son leo in bastad in nadal�*s first singles match since the french open. hello and thanks for joining us on sportsday. there's only one place to start, and england manager gareth southgate has decided to step down from his role

two days after his side's defeat to spain in the 2024