king charles is to lay out his government's agenda in parliament. we'll explore the impact on british businesses and the economy. the tiktok owner bytedance brings a landmark case to the european court ofjustice. it's all about its �*gatekeepter�* status. we'll explore what that means. we'll look ahead to the uk's inflation data — are price rises still on target? and why is the yachting industry so buoyant? i'll be talking to one business, which has traded over $500 million selling just seven yachts in recent months. welcome to business today. i'm vishala sri—pathma. welcome to the programme. the new labour government's

plans for the year ahead will be laid out by king charles in a speech to parliament on wednesday. it's expected to outline around 35 draft laws ministers intend to introduce in the coming months following labour's return to power. the government has promised to introduce legislation within 100 days of taking office to deliver new rights for workers promised ahead of the election. businesses and unions are expected to be consulted on the details. legislation is also expected to set up gb energy, a new state—owned energy company to be based in scotland. the firm will invest in renewable energy projects, including emerging technologies like offshore floating wind farms and clean hydrogen. let's hear now from roger barker, director of policy at the institute of directors. thank you forjoining us, roger. in terms of what to expect, we outlined a few issues. what will be top of the agenda? issues. what will be top of the aaenda? ~ ., ., , agenda? what roger reeves has said, she said _ agenda? what roger reeves has said, she said this _

agenda? what roger reeves has said, she said this in _ agenda? what roger reeves has said, she said this in her - agenda? what roger reeves has said, she said this in her main i said, she said this in her main speech at the treasury last week is that economic growth was to become the new national mission. that is actually what businesses looking for. substantial measures, key measures that will really kick—start economic growth. i think we are likely to see some pieces of legislation announced today which will help achieve that. we are likely to see some sort of planning bill, which puts into action this commitment to get housebuilding going, having national health billing targets. as you say, we are likely to see the establishment of these two new institutions, gb energy on one hand and the national wealth fund on the other. both of which are intended to invest alongside the private sector, especially in terms of renewable energy because labour has a commitment to have 100% green electricity by 2030. i think we are likely to see a reform of apprenticeships and the skill system which hasn't been working very well now and

will be crucial for the economic future. will be crucialfor the economic future. in will be crucial for the economic future. in terms of hard planning _ economic future. in terms of hard planning targets, - economic future. in terms of hard planning targets, that l economic future. in terms of| hard planning targets, that is quite a big policy that labour has had, and like you say, rachel reeves has been rather vocal about that. housebuilder stocks as well as doing quite well off the back of it. they rose on the day, we got the election results through. will that trickle through quite quickly in terms of growth? how are ordinary people going to see the results of these policies? i see the results of these policies?— see the results of these olicies? ~ ., ., policies? i think one of the problems _ policies? i think one of the problems that _ policies? i think one of the problems that labour - policies? i think one of the | problems that labour faces policies? i think one of the i problems that labour faces is that there isn't much money in the public purse. so labour is talking about wanting to capitalise economic growth, but it has a limited range of tools at its disposal to actually do that. if you can get planning reform going, that is one way in which things could move reasonably quickly, although the leadtimes are not immediate, this will need to build up over the course of the

parliament, but planning probably is one of the key ways in which you can actually make a reasonable difference in the short term. a reasonable difference in the short term-— short term. roger, thank you very much — short term. roger, thank you very much for— short term. roger, thank you very much forjoining - short term. roger, thank you very much forjoining us. - short term. roger, thank you i very much forjoining us. roger barker there. in a few hours, the european court ofjustice will issue its first ruling connected to the digital markets act. the case in question is a challenge by bytedance, the parent company of the social media app tiktok. bytedance wants the court to remove its �*gatekeeper�* designation. under the act, companies with this designation face a number of special obligations. bytedance feels it has been unfairly targeted. for more on what this case could mean for big tech firms in europe, i am joined by grace nelson, research analyst at assembly research. thank you forjoining us, grace. tell us a little bit about this act and what it has meant for tiktok. the about this act and what it has

meant for tiktok.— meant for tiktok. the digital market act — meant for tiktok. the digital market act is _ meant for tiktok. the digital market act is legislation - meant for tiktok. the digital| market act is legislation here in the uk, it addresses the competitive behaviour in big tech markets across the european union, so this is really the first thing tiktok has received on a global scale for its role as a large entrenched tech power across the world. i think today is the decision to set the race president not how the european commission can go forth, you need to enforce this act as you mention is the first decision on getting inaudible. two more challenges to come in the future. it will also set the precedent for how... inaudible we have some _ precedent for how... inaudible we have some problems - precedent for how... inaudible | we have some problems hearing you on your line. we will try and persevere for one more question. in terms of what to

expect today in terms of the ruling, what you think is going to happen? how will things turn out for bytedance? i to happen? how will things turn out for bytedance?— out for bytedance? i think either way _ out for bytedance? i think either way it _ out for bytedance? i think either way it is _ out for bytedance? i think either way it is importantl out for bytedance? i think. either way it is important to remember that this is a learning... remember that this is a learning. . ._ remember that this is a i learning. . ._ we remember that this is a - learning. . ._ we will learning... inaudible. we will aet a fair learning... inaudible. we will get a fair bit — learning... inaudible. we will get a fair bit of _ learning... inaudible. we will get a fair bit of understanding l get a fair bit of understanding how law can go forth and be enforced. in terms of expectations for bytedance, if it is upheld, i don't think much... it is upheld, i don't think much- - -_ it is upheld, i don't think much. . ._ an | it is upheld, i don't think- much. . ._ an appeal much... inaudible. an appeal for measures _ much... inaudible. an appeal for measures to _ much... inaudible. an appeal for measures to prevent i much... inaudible. an appeal for measures to prevent it i for measures to prevent it coming into play so tiktok says it has been compliant with the legislation. if this were to be shut down, i think the question becomes what sort of practices do we have to see the platform do we have to see the platform do away with in the near future?— do away with in the near future? , ., ~ _, , future? grace, thank you very much for _ future? grace, thank you very much forjoining _ future? grace, thank you very much forjoining us _ future? grace, thank you very much forjoining us on - future? grace, thank you very much forjoining us on that i much forjoining us on that ruling on bytedance. let's get some of the day's other news now.

elon musk has announced he's relocating the headquarters of x and spacex to texas from california. it's a protest, he says, against california's position on child safeguarding. a new state law forbids school districts from requiring teachers to notify parents when a child changes gender identity or sexual orientation. mr musk describes it as "the last straw." he has become more outspoken on politics in recent years and last week endorsed donald trump for president. saudia airlines has said it's confident that new airbus planes it's ordered will be delivered on schedule despite production delays. it ordered 105 narrow—body aircraft in may to be delivered between 2026 and 2031. in recent months, airlines have been suffering delays to delivery schedules due to supply chain issues. but a top exec at saudia has said he is "comfortable" with the delivery times on offer.

shortly, injust over an hour's time, the uk consumer inflation figure forjune will be released. inflation hit the bank of england's target or 2% for the first time in almost three years in data published last month. the drop in may's inflation figure was driven by a slight fall in prices for food and soft drinks and slower price rises for recreation and culture and furniture and household goods. the bank of england has been holding its base interest rate at 5.25% — a 16—year high. let's explore this more with katharine neiss, chief european economist at pgim fixed income. thank you very much forjoining us. we have been talking a lot about when interest rate cuts are due. what is your view? i think today's data is going to be important, i expect to see again that inflation will come in 2%, so bang in line with the

bank of england's inflation target. it is great news. that said, there are some underlying components of inflation that i think are still going to be running to hire, making the bank of england perhaps a bit uncomfortable about being too aggressive with cutting interest rates, so although we can expect interest rates to come down, i think we should expect them to still remain high. it expect them to still remain hiuh. , , high. it is interesting, when we heard — high. it is interesting, when we heard from _ high. it is interesting, when we heard from the - high. it is interesting, when we heard from the usa i high. it is interesting, when i we heard from the usa couple of days ago from jerome powell, who said that he is not hugely strict about inflation coming down for target level before cutting right. some economists think the bank of england have been a bit conservative.- been a bit conservative. well, most of the — been a bit conservative. well, most of the decline _ been a bit conservative. well, most of the decline that i been a bit conservative. well, most of the decline that we i most of the decline that we have seen in inflation is coming from food and energy, and we have to remember that food itself is very energy intensive, so a of those declines are reflecting indirectly the declines in energy. when you look at the subcomponent of inflation,

particularly services inflation, which is probably a better measure of the rate of inflation going on right here at home, here on the ground in the uk, but is still running at over 5% year on year, so still quite some way from the bank of england's 2% target. though i think it is really that that is underpinning this residual concern at the bank of england that although it is great that the headline measures are 2%, that there is still a risk we could see a resurgence in inflation from here, and that is why i think although we can accept —— expect rates to come down, we should probably still expect them to remain relatively high compared to what we are used to, say, five years ago. 50 what we are used to, say, five years ago-— years ago. so no return to those ultralow _ years ago. so no return to those ultralow rates, i years ago. so no return to those ultralow rates, in i years ago. so no return to i those ultralow rates, in terms of the number of rate cuts expected this year, markets appear to sort of be pricing in appear to sort of be pricing in a view? ., �* ,

appear to sort of be pricing in a view? . �* , ., a view? that's right. i would exect a view? that's right. i would exoect the _ a view? that's right. i would expect the bank _ a view? that's right. i would expect the bank of - a view? that's right. i would expect the bank of england | a view? that's right. i would i expect the bank of england to be cutting rates to possibly three times this year, the interest rates ending up around the mid 4% range by the end of this year. whether or not they actually cut as soon as the next meeting, which happens in august, i think will depend also on other pieces of data that we get, notjust also on other pieces of data that we get, not just today's inflation data, but we also get, for example, wage data, and that will be something i believe the bank of england will be closely watching as well. ., ~ will be closely watching as well. ., ,, , ., will be closely watching as well. . ~' , ., , will be closely watching as well. ., ,, , ., , . well. 0k, thank you very much forjoining _ well. ok, thank you very much forjoining us— well. 0k, thank you very much forjoining us and _ well. 0k, thank you very much forjoining us and the - forjoining us and the inflation data as you can see on our screens there is expected at 7am british time. the british shipbuilder and refit outfit harland and wolff says it's reworked an application for government support as concerns grow for the future of the business. the financial times reported that the uk government intended to reject the firm's application for a 100% loan guarantee. here's our business reporter david waddell.

there was a time when this shipyard was the engine room of northern ireland's economy. going back further, it famously built the ill—fated titanic. at the time, the biggest in the world, and one of 1,600 vessels produced in belfast between the middle of the 19th century and the present day. today, its iconic cranes samson and goliath dominate the belfast skyline. but despite its rich history, it's been struggling. until last year, the belfast shipyard hadn't produced a new vessel in over 20 years. its focus instead — maintenance and refits. in 2019, it was rescued from administration. its holding company has acquired three other shipyards since then — two in scotland, one in england. in 2022, it won a defence contract to build three ships for the royal fleet auxiliary. but the cost of meeting that contract is mounting. it needs to refinance a £90 million high—interest loan and borrow a further £200 million to scale up its operations. the government has declined

a 100% loan guarantee. the ft reports the new government regards it as irresponsible to make such an offer to such a guarantee to the heavily loss making firm. the company is now asking for an 80% guarantee which it says has been awarded to hundreds of other companies. around the world and across the uk, this is bbc news.

all 11 water and waste water companies in england and wales are now under scrutiny over sewage spills after the regulator said it was expanding its investigation. on tuesday, 0fwat opened enforcement cases into four more firms — as part of its probe into how companies manage their sewage treatment works and networks. it began its investigation in 2021, and if found in breach, the companies face being fined.

let's explore that more with gervais williams, head of equities, premier miton. water can be a complicated industry and it can be unsound how it is regulated, can you tell us about the what regulator has in terms of issues with these water companies?— issues with these water com anies? , ., , companies? the way it regulates the companies — companies? the way it regulates the companies as _ companies? the way it regulates the companies as it _ companies? the way it regulates the companies as it has - companies? the way it regulates the companies as it has draft i the companies as it has draft determinations every five years with a companies to invest over a five—year period in exchange for price increases to the consumers and it is the combination of both of those factors which work together with the companies which allow them to invest and deal with problems with sewage over spells and such like. who; problems with sewage over spells and such like. why is this such — spells and such like. why is this such a _ spells and such like. why is this such a big _ spells and such like. why is this such a big issue - spells and such like. why is this such a big issue it i spells and such like. why is this such a big issue it has. this such a big issue it has come to surface very recently, water companies have not really managed to get a handle of? ida. managed to get a handle of? no, historically _ managed to get a handle of? no, historically had _ managed to get a handle of? no, historically had they have had quite — historically had they have had quite a — historically had they have had quite a lot of overspill

especially when rainwater is buoyant _ especially when rainwater is buoyant and it has been raining hard _ buoyant and it has been raining hard and — buoyant and it has been raining hard and sewage spills into waterways as a way to stop flooding — waterways as a way to stop flooding locally. 0ver waterways as a way to stop flooding locally. over the last three — flooding locally. over the last three years they have installed a lot _ three years they have installed a lot of— three years they have installed a lot of additional monitoring equipment which has picked up on every— equipment which has picked up on every spill which is identified, unfortunately it has identified not only spills a very— has identified not only spills a very frequent and numerous but also — a very frequent and numerous but also identified new problems which we were not aware — problems which we were not aware of— problems which we were not aware of - _ problems which we were not aware of — over spells during dry weather when it is not raining. _ dry weather when it is not raining, othertimes a technology problem we perhaps there _ technology problem we perhaps there was a major spill going to a — there was a major spill going to a tourist leg and it was slow_ to a tourist leg and it was slow to _ to a tourist leg and it was slow to be responded to by the companies. this is allowing 0fwat— companies. this is allowing 0fwat go back to the companies and impose enforcement actions to address these problems. do we see to address these problems. we see a to address these problems. drr we see a change in tone towards these water companies now we have got a new government in the uk? i have got a new government in the uk? 4' have got a new government in the uk? ~ ., , have got a new government in the uk? ~ .,, , , the uk? i think it was pretty oor the uk? i think it was pretty poor before _ the uk? i think it was pretty poor before the _ the uk? i think it was pretty poor before the new- the uk? i think it was pretty i poor before the new government came and maybe with a new government there is additional

teeth, 0fwat acting in a heavy way, limiting the caps in terms of increasing water bills, also looking at 88 cents billion investment over the next five years to actually improve problems with overspill and try and address those. aha, problems with overspill and try and address those.— and address those. a different to - ic in and address those. a different topic in the — and address those. a different topic in the last _ and address those. a different topic in the last day _ and address those. a different topic in the last day or- and address those. a different topic in the last day or so i and address those. a different topic in the last day or so we l topic in the last day or so we have heard from the imf the world economic 0utlook they have slightly revised figures but one of the headlines from them has been talking about inflation something we were speaking about early with another guest and rates staying higher for longer. another guest and rates staying higherfor longer. in another guest and rates staying higher for longer. in terms of inflation being sticky, it is interesting even in the us we have seen inflation persist despite a year ago us looking like would probably get back down to target a lot sooner than europe.— down to target a lot sooner than europe. that's right what has been interesting - than europe. that's right what has been interesting about i has been interesting about interest rates they have been raised to relatively high

levels and global growth while slowed especially for europe and china has been relatively bored elsewhere especially the us and this has meant inflationary pressures have been much more sustained than people bought, i still think higher interest rates will suppressed demand, we will see a slowdown in global growth, the imf is probably too cautious, i think we will see quite a slowdown in global growth notjust in the next few months but part of this year and next year, in my view inflation will then come down quicker than most people think and i think interest rates will be cut quicker than originally thought. ultimately imf may be right but i am more optimistic and i think global growth will be slower and interest rates will be cut.— will be cut. from sewage to rates, i appreciate - will be cut. from sewage to rates, i appreciate the i will be cut. from sewage to| rates, i appreciate the range of topics you are able to talk about. gervais williams, head of equities, premier miton. now, baseball and germany are not two things you might think have much in common. but for one ceo, they certainly are. we spoke to the ceo of the digital language—learning

platform babbel, which is based in berlin. a passion for baseball has influenced his approach to business, it turns out. being a former athlete has taught me valuable lessons about life and being a ceo. i played baseball semi— professionally in my late teens and early 20s in germany, while thatis and early 20s in germany, while that is not the us professional league pretty serious six days a week and two games a week and strength training and it has taught me valuable lessons for business. it has may be a better strategist and allow me to have clear goals and work towards those goals. the great thing about sports as goals are very clear and binary you hit

them or you don't, you win the middle or you don't, and business it is harder to be that claire and i have to force myself to be crystal clear where the company is going and what we want to achieve. get rid of the fuzziness and talk about we want to be the best language learning in the world and everybody goes off does their own thing we talk about what we need to focus our energy on, and achieving that goal. to bengaluru in india now, the headquarters of�*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. from mumbai here's our india business correspondent nikhil inamdar with the latest. while the insolvency was filed over the non—payment of $20 million in debt, that they had

defaulted on the money owed over the indian cricket teams is sponsorship and has installed an interim resolution professional, byju prevented from entering arbitration by the court. some legal experts have been reported saying this could mean the founders and the board of byju could end up losing control of the company. in a statement byju it is hoping to reach an amicable settlement with the cricketing authority and sources say it is also planning to challenge the order as well. this isjust also planning to challenge the order as well. this is just the latest in a series of setbacks of byju, whose us subsidiary filed for bankruptcy earlier this year, it has also been under scrutiny on india's economic fraud agency and has seen almost all of its valuation being wiped off after its operations collapsed post covid—19. nikhil inamdar in mumbai.

as the post—pandemic travel surge continues, so too does the attraction of taking to the sea. despite the global yachting industry navigating a wave of geopolitical and economic headwinds, the yachting market is expected to reach nearly $54 billion in 2024 up from $47.5 billion in 2021. it's been a good couple of months for burgess, a global yacht broker. they have just reported seven superyacht sales in just three weeks for a combined total of $560 million. let's hear now from richard lambert, senior partner and head of sales, burgess. thank you forjoining us. what do you think is driving this growth? do you think is driving this urowth? .,, do you think is driving this irowth? . do you think is driving this urowth? . ., growth? post pandemic we saw an increase in — growth? post pandemic we saw an increase in demand _ growth? post pandemic we saw an increase in demand and _ growth? post pandemic we saw an increase in demand and interest i increase in demand and interest increase in demand and interest in yachting, it was seen as a very safe way to spend time, quality time with friends and family on board. that really saw a surge of interest, not just on the sale and purchase side we saw from the rental and charter business, a real appetite for getting out on the

water, spending time with loved ones, that is what we have seen drive that demand. that has continued still through to current day, it has dropped off a little bit from the peak we saw with the original pandemic, there is still a really strong appetite for yachting and getting out onto the water. it is interesting during a cost of living crisis people can still afford the likes of yachts, who are your clients, what do they do in terms of industry and background?— do in terms of industry and background? do in terms of industry and backrround? ., ., , ., ., background? the ma'ority of our clients t background? the majority of our clients are self-made _ clients are self—made businesspeople, and across—the—board, you see the biggest nationality for yacht owners globally as the usa, they probably account for 50% of the market, both in sales and also charter. in the rental market, generally self—made people got to a point in their lives where maybe they are taking some time out and want to turn around and spend time enjoying one of their pursuits

which is yachting. you mentioned _ which is yachting. you mentioned chartering | which is yachting. you | mentioned chartering a which is yachting. you mentioned chartering a yacht thatis mentioned chartering a yacht that is renting a got out, who tends to do that is that a corporate looking usually? irate corporate looking usually? we do let corporate looking usually? - do get some corporate bookings we are set here in monaco so the monaco grand prix you will get that is very popular for corporate bookings, generally family to want to spend time together. we normally find they will book a week or two weeks, the most popular place for charter is here in the mediterranean, so on the cake does year and greece, we see generally families spending time together. it's about quality time. this time together. it's about quality time.— time together. it's about auali time. a ., quality time. as demand driven b the quality time. as demand driven by the need _ quality time. as demand driven by the need for _ quality time. as demand driven by the need for status - quality time. as demand driven by the need for status perhaps | by the need for status perhaps in the world of the rich? 0r by the need for status perhaps in the world of the rich? or is it a love for yachting? it is in the world of the rich? or is it a love for yachting?- it a love for yachting? it is a real love — it a love for yachting? it is a real love for _ it a love for yachting? it is a real love for yachting i it a love for yachting? it is a real love for yachting and i it a love for yachting? it is a | real love for yachting and we see a lot of clients who started out with something fairly small and a real passion from may be a young age and

then they have risen up through then they have risen up through the ranks of the yachting world to then purchase a superyacht. a lot of it is born out of a love for yachting and also an opportunity for people to spend time, it's incredibly luxurious as you can imagine, it is your own private floating ireland if you are looking for privacy you can anchor in a bay and a private and it is that quality time together. it is born out of a love for being on the water and yachting. some impressive _ water and yachting. some impressive views - water and yachting. some impressive views on i water and yachting. some impressive views on the l water and yachting. some i impressive views on the yachts we are seeing on the screen. thank you very much forjoining us from monaco. richard lambert. a quick look at the markets. the asian markets, the nikkei in negative territory and the hang seng up a touch. that is it for us on business today, join us later on for bbc business news.

hello. well, it looks like we're in for a break from the heavy rain, the cooler weather. and in its place, something warmer is heading our way. in fact, it'll turn quite hot for some of us briefly towards the end of the week, maybe into the weekend as well. i want to show you the big picture. here in blue, colour—coded, is the jet stream, and you can see it sort of curving northwards, and that opens up the doors for the hot air to stream in from the southern climes. but that's still to reach us. this is what it looks like right now. it's relatively quiet on the weather front. plenty of clear weather through the early hours, a bit of mist and fog here and there, but that's pretty much it. and early morning temperatures, about 12 to 14 degrees at about 7am. so the forecast, then, for wednesday shows a weak ridge of high pressure over the uk, but not too far away, there's a weather front. that's going to brush ireland and maybe western parts

of scotland, so at times cloudier here. and also inland, we'll see clouds bubbling up, those cumulus clouds. some of them will turn into showers, so there is a chance of catching a shower on wednesday. but the vast majority of us should have a dry day. 24 in london, about 21 expected in the lowlands of scotland. really, a fine day for some of us. you'd call it a perfect summer's day. now, thursday, this weather front approaches western parts of the uk, so admittedly cloudier with some spits and spots of rain here. further east, it'll be sunny and turning really quite warm by thursday — 27 in london. we're approaching the low or mid 20s across northern england too, and then by the time we get to friday, very little in the way of wind. the air�*s coming in from the south. the weather's been dominated by this high pressure here, although in the north—west, we are being brushed by a weather system, so perhaps some cloud and rain here. no heatwave on offer for north—western parts of the uk, but a brief dose of heat.

let's call it a hot spell, not a heatwave, on the way for parts of england. in fact, in the southeast... well, 29 is the forecast for london right now, but i wouldn't be surprised if one or two spots reach 30 celsius. but it is going to be brief. hence it's not technically a heatwave. you can see by the time we get to saturday and sunday, the temperatures ease to the seasonal norm. bye— bye.

good morning, welcome to breakfast withjon kay and nina warhurst. 0ur headlines today... a new energy company, railway nationalisation and planning reform — all set to feature in the labour government's first king's speech. it hit the 2% target in may, but what's happened to inflation since? yes, we will get the latest inflation figures this morning and we will have reaction from some of the traders and customers at this wholesale market near heathrow airport. i will also explain why the bank of england has not yet cut interest rates and lowered the cost of borrowing. she's a favourite for gold at the paris 0lympics — weightlifter emily campbell goes back to school and tells us how one teacher inspired herjourney. in sport, england are looking for a new manager after gareth southgate