how viable are sustainable air fuels? we'll examine the potential for cleaner air travel as the farnborough air show begins. and, the rising cost of your cuppa. how extreme weather in india has affected the price of tea. live from london, this is business today. i'm tadhg enright. we begin in the usa, where, as you've heard, the run for the presidency has taken an unexpected turn, after presidentjoe biden has pulled out of the race, and instead endorsed his vice president kamala harris for thejob. the old saying goes, the markets hate uncertainty, and now the race looks more uncertain than ever. so what will investors make of it? joining me now is marc 0stwald, chief economist and global strategist at adm isi.

thank you forjoining us. last week, when it appeared that donald trump was in pole position to retake the white house, market sentiment went up. what do you think the mood will be like today? i think the next two weeks are going to be a period of greater uncertainty for the simple reason that no—one... well, first of all, is this going to be playing sailing for harris in terms of the nomination? initially it appears so. and two, what will the opinion polls tell us over the next few weeks because it is those that will matter to market which had basically effectively been discounting jump as an unlikely winner. explain for us why investors might prefer donald trump. we do normally expect republicans to be

more business friendly, but this republican wants to introduce tariffs on all imports into the us. ido i do not think it is necessarily a case that markets were looking at donald trump as being market friendly, it was more a case of who is going to when and what are the likely outcomes and markets could then play into he is going to be unfriendly towards china because of the tariffs. it is not necessarily 100% true as we heard last week in mr trump was a speech he was basically welcoming chinese ev carmakers so it is not as clear—cut as that but market reaction and what happens is not necessarily

true. that there would be quite a lot of cuts to the inflation reduction act but at least it was some clarity. it is this issue of what the policy will look like after the election which is now flowing completely up which is now flowing completely up into the air and we shouldn't forget most importantly that it is as much about who wins the presidency as who wins congress because thatis as who wins congress because that is where the legislation is made at the end of the day. and that is critical for financial markets. �* ., financial markets. bitcoin also had a particularly _ financial markets. bitcoin also had a particularly good - financial markets. bitcoin also had a particularly good week. had a particularly good week last week. investors, the narrative was it was tied to donald trump's fortunes. why is that? why do they think it would be good for crypto? mr trum i would be good for crypto? iji' trump i think would be good for crypto? m trump i think he was speaking at one of the bitcoin conferences in the us. he has

also made this comment about all bitcoin should be mine, in the united states, but he is crypto currency friendly. chief economist — crypto currency friendly. chief economist and _ crypto currency friendly. chief economist and global- economist and global strategist, thank you for joining us on business today. there is massive pressure on the aviation industry to clean up its act as part of the drive to net zero. electric or hydrogen planes might have a future, but they're a long way off and there are serious practical drawbacks. the industry is focusing its hopes on so—called sustainable aviation fuels, made from waste or renewables. the uk government is planning to set targets for using these sustainable fuels but that will require huge investment to create the facilities to produce them. so is that practical and how environmentally friendly are these new wonder fuels anyway?

here's theo legett. we do test different types of jet fuels including sustainable aviation fuel. at jet fuels including sustainable aviation fuel.— aviation fuel. at the university _ aviation fuel. at the university of - aviation fuel. at the i university of sheffield, aviation fuel. at the - university of sheffield, this researcher is preparing to fire up researcher is preparing to fire up a jet researcher is preparing to fire up ajet engine. researcher is preparing to fire up a jet engine. it is been used to test new aviation fuels prepared in a laboratory next door. it has a research centre dedicated to sustainable fuels. we have the live data feed from the engine. we have the live data feed from the engine-— the engine. they made from renewable — the engine. they made from renewable sources _ the engine. they made from renewable sources such - the engine. they made from renewable sources such as l renewable sources such as vegetable fats or waste products instead of crude oil. it reduces the amount of fossil fuels being bad and reduces pollution. fuels being bad and reduces pollution-— pollution. from an environmental - pollution. from an - environmental perspective, pollution. from an _ environmental perspective, it is day and night. in principle the c02 should be at that zero, so no more carbon dioxide added to the atmosphere but there is also another benefit, for

example, the smoke that comes out of the engine.— out of the engine. here in the laboratory. — out of the engine. here in the laboratory. you _ out of the engine. here in the laboratory, you can _ out of the engine. here in the laboratory, you can see - out of the engine. here in the laboratory, you can see whatl laboratory, you can see what all the fuss is about. i'm holding a small bottle of synthetic aviation fuel. this was made from waste vegetable oils with a few secret ingredients. it is a clear liquid but it has the same properties as aviation kerosene except this is made from renewable sources. sustainable fuels can be used by existing aircraft. virgin atlantic flew this boeing 787 across the atlantic last year using nothing else and that means they offer a quicker way to cut emissions on long journeys than other technologies such as hydrogen payer or edification which simply are not ready. the technology _ which simply are not ready. lug; technology solutions which simply are not ready. trug; technology solutions are already available and certified for use in aircraft so it is really about getting sustainable aviation fuel at scale, across the globe because

this is a global industry, at an affordable price.- this is a global industry, at an affordable price. that is an issue which _ an affordable price. that is an issue which people _ an affordable price. that is an issue which people within - an affordable price. that is an issue which people within the | issue which people within the industry, gathered here at farnborough international airshow are grappling with. they are in short supply sustainable fields and also very expensive. green campaigners insist the impact will be limited.— campaigners insist the impact will be limited. some of them are better _ will be limited. some of them are better environmentally . will be limited. some of them i are better environmentally than others but the brutal truth is all of them are available in very minuscule quantities right now. conversely right now, airlines have thousands of new planes on order and all of the will burn fossilfuels planes on order and all of the will burn fossil fuels for at least the next 20 years. governments, manufacturers and allies agree sustainable aviation fuel has a big role in cutting emissions but making sure it is enough and affordable is one of the biggest challenges the industry will face over at least the next two decades.

and lots more to come from the farnborough international airshow throughout the day on bbc news. and we're staying in the air. in just over half an hour we'll hear first quarter results from ryanair, europe's biggest airline by passenger numbers. in may, it said that its average fares had gone up by a fifth but it only expected modest increase in the peak summer season. live now tojohn grant, chief analyst, 0ag. what are you expecting to hear from ryanair? i what are you expecting to hear from ryanair?— from ryanair? i think michael o'lea from ryanair? i think michael 0'leary will— from ryanair? i think michael o'leary will want _ from ryanair? i think michael o'leary will want to talk - from ryanair? i think michael| o'leary will want to talk about 0'leary will want to talk about everything else apart from the results, to be honest. we will certainly express his frustration at the operational disruption he has sent to his business. he had 100 flight cancelled last week, early morning, because of lack of traffic controllers in europe and obviously he had thousands of passengers who had flight disrupted. they results will be as they always are, no doubt about that, but he will focus

on what is happening in the supply chain more than worrying about his results. fine supply chain more than worrying about his results.— about his results. one of the other problems _ about his results. one of the other problems for _ about his results. one of the other problems for ryanair l about his results. one of the | other problems for ryanair is its complete reliance on the boeing 737. that aircraft has beenin boeing 737. that aircraft has been in the safety spotlight in recent months and it is all that ryanair lies. how is that holding ryanair back? it is holdin: holding ryanair back? it is holding them _ holding ryanair back? it is holding them back- holding ryanair back? it is holding them back as - holding ryanair back? it 3 holding them back as much as everyone else. they have actually 2a hour bus aircraft. —— air bus. they have orders that should be delivered every hour for the next decades, that should be delivered every hourfor the next decades, 17 this year, 15 next year and they are not going to get all of those aircraft. i's production schedule is actually going backwards. they have to be passed all inspections and

reviews with the us authorities, they are actually getting more stringent and that is slowing down the 737 production even further. it will be interesting when they face each other. we will be interesting when they face each other.— will be interesting when they face each other. we will hear more from — face each other. we will hear more from you _ face each other. we will hear more from you after- face each other. we will hear more from you after the - face each other. we will hear i more from you after the results come out. an hour, thank you forjoining us. the future of the belfast—based shipbuilder, harland & wolff, is in doubt after the company confirmed it would not receive a government—backed loan guarantee. the chief executive stepped back from his role on friday leaving the company to continue working to secure the financing that it needs. the uk business secretary is expected to present a ministerial statement later today. here's our business reporter david waddell. belfast�*s most famous expert, the titanic. the biggest most luxurious ship in the world and built by one of the world's

most important shipyards. harland & wolff was the engine room of the economy. it launched 1600 ships between the middle of the 19th century and the present day. despite its rich history, this company is sailing through choppy waters. until it had not built a new ship in over 20 years, focusing on maintenance and repairs. the company was bought out of administration in 2019 and its holding company has since acquired three other shipyards. a contract to build three ships but it is under scrutiny. the government has concluded it would be irresponsible to provide a loan guaranteed to a heavily loss—making firm. it is unclear what happens now. last week the northern island secretary said the government is committed to shipbuilding but there is a sense the

shipbuilder is struggling to stay afloat. around the world and across the uk, this is bbc news.

you are welcome back. the company behind last week's global it outage, crowdstrike, says that a significant number of the 8.5 million devices affected are back online and operational. but the fallout continues. airlines in particular are still trying to restore their normal schedules with more than a thousand flights in the us cancelled on sunday. here in the uk, although the national health service's computers are working again, patients have been warned to expect disruption to their appointments this week. live now to bola rotibi, chief of enterprise research at ccs insight. thank you forjoining us. hard to know what a significant

number of the 8.5 million actually means. what do you make of the pace at which companies, organisations, have recovered from this outage? i think it is firstly good news the pace at which they have recovered. the still happening. when outages happen, everybody in it understands this. the reality is it will be a lot of looking behind the scenes, the testing process, with crowdstrike, and investigate what actually happened and that will be important to a grain trust for the industry and for clients and to ensure this does not happen again but i think we can be on one side be quite pleased about how quickly fixes were sort of brought to bear, how quickly the company and all those involved were very communicative. i mean, this is a good thing. and i think it is

a good thing. and i think it is a kind of example of what people have to do when something like this happens and it affects many, many companies and industries. for it affects many, many companies and industries.— and industries. for many people. _ and industries. for many people. they _ and industries. for many people, they would - and industries. for many people, they would have | and industries. for many - people, they would have heard of crowd strike for the first time. it is hard to know how the reputation will recover after this. the reputation will recover afterthis. —— the reputation will recover after this. —— crowdstrike. would you accept companies to consider maybe we should be looking at smaller players and we do not want to be caught out in widespread outage like this or last week?— in widespread outage like this or last week? yes, look, at the end of the _ or last week? yes, look, at the end of the day _ or last week? yes, look, at the end of the day the _ or last week? yes, look, at the end of the day the thing - or last week? yes, look, at the end of the day the thing is, - end of the day the thing is, let's not have knee—jerk reactions. people would not have heard of crowdstrike because in the past it has been in the background. i suspect that the company they were happy to be in the background. it is never good news to be in the public eye fought the wrong reasons. however, don't forget that every day updates are made throughout the industry. but

update do happen but the fact is, they have a process in place. they absolutely got onto everybody very, very quickly. this is not to excuse them because actually something happen and we are all going to be waiting for that report and it is going to be important because it would be a learning lesson for everybody in the industry but at the end of the day, i have always sat as an analyst, it is understanding how they address when something goes wrong and that will be just as important. people want the and the confidence of a company that has been doing for a number of years and has a wide footprint in the market and i think it is incumbent on all people to think about that business continuity, look at things as to what they think is business critical, what processes they think and i think a lot of organisations will be reviewing and it should be reviewing, i think this is important. it is a wake—up call

that we have all had and i think this is the kind of opportunity for organisations to dust up and look inside what the right processes because at the right processes because at the end of the day, it has been a human error not a cyber attack. many it organisations, if you speak to them, they have stories but the point is that people have to have good business continuity plan, good recovery and i think organisations could be complacent in that. i think this will be the wake—up call that everybody needs to kind of dust off thing. we that everybody needs to kind of dust off thing.— dust off thing. we will have to leave it there _ dust off thing. we will have to leave it there but _ dust off thing. we will have to leave it there but thank - dust off thing. we will have to leave it there but thank you i leave it there but thank you for joining leave it there but thank you forjoining us.— while most of the world was grappling with the blue screen of death on friday, one country that managed to escape largely unscathed was china. let's go to nick marsh in our asia business hub in singapore who can explain why.

very simple, really, crowdstrike is hardly used in china. it is an american firm that makes software explicitly designed to stop cyber attacks from places like china and it has been very vocal in the past about cyber threat coming from beijing so government organisations and chinese businesses are hardly going to buy that kind of software. also you have the fact that china is nowhere near as reliant on microsoft as most of the rest of the world is. you have companies like tencent, like huawei, alibaba, they are really the dominant cloud server providers in china so when there were reports of outages, they were mainly in foreign firms, for example international chain hotels were people were struggling to check in. this is really a reflection of what has been happening over the past few years that foreign it systems have been gradually

been replaced with domestic it systems. a lot of people call this the splinter, the splinter net does in one way shows how advanced and sophisticated the chinese tech is but there is also a political dimension to this because if you become self—sufficient,�* is, when it comes to technology, it makes it a lot more easy for authorities to control who and how people interact with this technology. so in many ways, this is a reflection of china's capabilities but also there is a political dimension. you also have that national security aspect. in the same way that lots of western countries wa nted lots of western countries wanted to ban huawei national security grounds, in some chinese authorities do not like the idea of their cyber space being dominated by american companies as well and if there was quite a lot of mention of that in a chinese state media so they managed to swerve this huge global meltdown and it is

actually quite indicative of broader trends at play as well. nick marshall, in singapore. thank you. finally, how about a cup of tea? it is second most consumed drink in the world after water but like so many other commodities, it's experiencing price rises. extreme weather in india, including excessive heat followed by floods is to blame. india's tea board says its production could fall by around 100 million kilos this year, after hitting a record 1.39 billion kilos in 2023. live now to jeffrey young, managing director of allegra strategies, a management consultancy specialising in the food service industry. thank you forjoining us. when did the tipping point happen and by how much has tea gone up? we have seen prices rise by

about 40% over the last year, up about 40% over the last year, up incredibly in the last 12 months for sure. to up incredibly in the last 12 months for sure.- up incredibly in the last 12 months for sure. to what extent do we know _ months for sure. to what extent do we know that _ months for sure. to what extent do we know that this _ months for sure. to what extent do we know that this rise - months for sure. to what extent do we know that this rise in - do we know that this rise in the price of wholesale tea as it were, how much is a been absorbed in the production chain from fields, to processes to people as of the teabags to us and how much more consumers actually paying for that cup of tea now? in actually paying for that cup of tea now? i, , ' i, , tea now? in the last 12 months, have seen _ tea now? in the last 12 months, have seen about _ tea now? in the last 12 months, have seen about 1096 _ tea now? in the last 12 months, have seen about 10% increase l tea now? in the last 12 months, | have seen about 1096 increase in have seen about 10% increase in the cup of coffee in a coffee shop or tea shop across the uk. that compares to about a .7% for coffee actually say t rising slightly above coffee. india is obviously the dominant force in the production of tea and that is where they have experienced the extreme weather but are there other significant

players in the world of tea growing?— players in the world of tea rurowin ? i, i, i, _, , growing? four ma'or countries in the world h growing? four ma'or countries in the world that _ growing? four major countries in the world that produced - growing? four major countries | in the world that produced tea. china, india, we have kenya and sri lanka, actually. but india is a significant player, second worldwide. is a significant player, second worldwide-— is a significant player, second worldwide. i, i, i i, , worldwide. you mentioned coffee and i have worldwide. you mentioned coffee and l have to _ worldwide. you mentioned coffee and i have to wonder, _ worldwide. you mentioned coffee and i have to wonder, as - worldwide. you mentioned coffee and i have to wonder, as a - and i have to wonder, as a coffee man myself, i am surprised to hear that t is the second most consumed beverage in the world. where does coffee stand in the value chain or the sales league and how have its price has been performing? fiber price has been performing? over time, price has been performing? over time. coffee _ price has been performing? over time, coffee has— price has been performing? over time, coffee has become - price has been performing? of time, coffee has become much more affordable. historically, coffee has been a product for the rich and tea being a democratic product for everyone. but coffee has been a

rising overall in popularity, especially in countries like china and india, certainly here in the uk, we have seen a lot of change over the last two decades with copper becoming much more prevalent, especially in the high street. the cup of tea still has a strong role to play in the workplace, in the homes but out there in the high street, coffee has taken pole position. i street, coffee has taken pole osition. i, i, i position. i have noticed here in london — position. i have noticed here in london at _ position. i have noticed here in london at least, - position. i have noticed here in london at least, nudity. position. i have noticed here i in london at least, nudity shop springing up try to muscle in on that space that coffee is now occupying. you mentioned the other big names in tea production, china among them. you have a part of the world like india, which has been experiencing more than its fair share of extreme weather. i was seeing other places with perhaps more stable climates stepping up to try and fill the bridge? fix, stepping up to try and fill the

bride? �* i, i, i, i, i, , i, bridge? a lot of analogies to the coffee — bridge? a lot of analogies to the coffee industry, - bridge? a lot of analogies to the coffee industry, the - bridge? a lot of analogies to the coffee industry, the tea l the coffee industry, the tea industry is facing the same problems that coffee is facing all across the world. climate change has been a really, really important development in terms of where tea and coffee are grown. higher altitudes will be... higher altitudes will be... higher altitudes will be... higher altitudes will be the locations where we see more and more tea and coffee growing and there are countries even like south africa growing tea, other parts of east africa. we will see more tea growing from more places. there is a growing demand for speciality tea and thatis demand for speciality tea and that is an interesting consumer development. just like with coffee, we are seeing more and more countries trying to take advantage of this speciality coffee area. we will see more

of that in t. coffee area. we will see more of that in t-— of that in t. with that alarming _ of that in t. with that alarming news - of that in t. with that alarming news about | of that in t. with that | alarming news about a of that in t. with that - alarming news about a spike in the price of tea, thank you for joining us here.— lets take a look at the markets. it is the beginning of a new trading week. markets in asia the first to react to the news that president biden is bowing out of the us presidential election. that is it for today. i will be back with your top stories in a few minutes time. at first is nextin few minutes time. at first is next in the uk. bye—bye. —— breakfast. hello. it looks like the second half ofjuly will continue to be much more in tune with summer weather than the first

half ofjuly. it's going to feel quite warmer out there, when you get the sunshine — temperatures at or above average — but this week, a more typical week, and there'll be a bit of a mix around. some rain, at times, particularly on monday and thursday, they're the greatest likelihood, but some longer drier spells, too. now, one of the wetter spells, said monday. it's these weather fronts pushing across the country, which gives a rather grey and misty, murky start to the day. patchy, light rain or drizzle for many, but some heavier bursts across scotland and the far north of england, first thing. many will brighten up, a scattering of showers will quickly rush across, early afternoon, southern areas, before some longer, drier spells later. further north will also see sunshine develop. lots of cloud in eastern scotland, best of sunshine in the west, but some slow—moving showers, not much of a breeze here, and where those showers do form in scotland, northern ireland, northern england, there's an outside chance of the odd rumble of thunder. but look at the temperatures in the afternoon with some sunshine —16—21t celsius. that's bang on target for this stage in the year. some of the heavier showers will last in eastern scotland into the first part of the night, but through monday night into tuesday, cloud and patchy rain will push from ireland into wales, central and southern england, and, like monday morning, it will be a mild enough start

today for many — coolest with clearer skies in northern scotland. but for tuesday, a ridge of high pressure starts to build in. before it does, though, we've just got this little kink in the isobars, a little trough linked to the weather front, which will bring cloud and occasional showery bursts of rain, especially during the morning across parts of southern wales, central, southern england. the odd isolated shower elsewhere on tuesday, but for most it will be largely dry. best of the sunshine around northern and western coasts. we will see a bit of a breeze, so temperatures down a little bit on monday's values. a cooler night, then, to take us into wednesday, but with that ridge of high pressure a bit more widespread, lighter winds, it will be a much more pleasant day. a few isolated showers can't be ruled out, but a lot of dry and bright weather with some sunshine to begin with, and then clouds spilling in from the west. longer spells of sunshine for the afternoon in eastern areas — just one or two inland showers. it will feel warmer again, temperatures more widely into the 20s. as we go through wednesday night into thursday, though, this will probably be the wettest spell of the week, with these weather fronts pushing across.

not completely wet, but there will be some patchy rain or drizzle around again more widely on thursday, brighter on friday, and turning warmer and drier through the weekend.

good morning welcome to breakfast

with ben thomson and sally nugent. 0ur headlines today. joe biden pulls out of the race to be re—elected us president. he says he is stepping down as the democratic nominee in "the best interest of my party and the country" — but it follows weeks of speculation after a disastrous debate performance. dealing with everything we have to do with... look, we finally beat medicare. as key figures, including mr biden, endorse vice—president kamala harris — will she become the new candidate? we'll have the latest analysis throughout the programme. six people, including two children, have died in a crash near wakefield. wrongly accused and left bankrupt — we speak to a former subpostmaster about what it's like to finally receive compensation. can put it to bed now. yeah, i'm happy.