most businesses would dream of. having more buyers than he can hope to sell to. shares in crowdstrike tumble in monday's trading as many customers continue to suffer from last week's it meltdown. and festival time. how music tourism is delivering a significant boost to the uk's economy. live from london, this is business today. i'm tadhg enright. in a few hours from now, india's finance minister will begin presenting a budget that will set the tone for the government's third term in office. it will be the first full budget of prime minister narendra modi's third term, but one in which his personal mandate is weaker because he's had to rely on other parties to form his new government. so what does today's budget mean for the fifth largest economy in the world?

let's go live to delhi where my colleague archana shukla joins us from outside the parliament. let's talk about what this means for narendra modi and his third term. he has occurred this victory but can he do everything that he wants because he is counting on other parties for support in the parliament behind you? absolutely, the parliament here, the majority this time for the prime minister is much weaker than what was for the last two terms he was in office, certainly not everything that the government and the prime minister would want to do they could do as easily as they would have on the last few years. they have coalition partners and there will be pressure from them on getting through some of the bigger policy reforms, if you

talk about the budget today, the expectation is — while there would be a continuation of expenditure, capital expenditure, massively on infrastructure that we have seen over the last few years, there would also be a tilt away on welfare spending as well. the coalition partners have also demanded some money and budget for their states, that could also be something the finance minister will have to balance in the budget. rural districts and rising joblessness is also reflected in the weaker mandate the prime minister �*s government got this time and that is something he will have to address in the budget. yes, not so easy this time around.— time around. let's talk about rural distress, _ time around. let's talk about rural distress, the _ time around. let's talk about rural distress, the sense - rural distress, the sense people in the countryside have not been benefiting from the economic growth of people in urban areas have been enjoying. what could be done for them,

what hence has the government dropped about what it might do for them? ~ , ., for them? well, focusing on reforms for _ for them? well, focusing on reforms for the _ for them? well, focusing on reforms for the agriculturall reforms for the agricultural sector, and also creating more jobs for those who are moving out of agriculture and to absorb that workforce and the ones that are joining, the youthjoining the ones that are joining, the youth joining the workforce, these are the two things that will have to be kept in focus. we could look at some reforms being announced and schemes announced on the agriculture side, the farm crop side, and also on thejob side, the farm crop side, and also on the job side. at the same time giving more money into the hands of the people is also critical right now because of the rising prices, inflation has been very stubborn especially food inflation, and that has been hitting the budgets and household budgets are people in india, so that also be something in focus, may be a tweak in the taxation,

that gives a little more in the hands of the people. but these are all expectations from economists, few hours from now we will have the fine print. good luck on budget day we look forward to hearing more from you today on bbc news. the boss of airbus has been speaking to the bbc and said that the european planemaker is doing all that it can to satisfy demand from buyers, but there's much more demand than it can supply. its main rival, boeing, is mired in a mess of its own making, struggling to address safety and quality control problems, and airbus is now unquestionably the dominant player in the market for large commercialjets. speaking at the farnborough airshow, chief executive guillaume faury told our correspondent theo leggett about the problems of having more buyers than it can cater for. we are in a situation that is complex for everyone. the international situation is another complex one. a lot of our issues are coming from the supply chain, and that's probably something

that's come to other companies. now there are plenty of differences, as far as airbus is concerned, we are trying to focus on our priorities, our customers, which is quite complex, finding what i call the sweet spot between a very strong demand and the ability of the supply chain to follow in a safe manner with quality at the centre. because the truth is at the moment, you've got more than 8000 planes on your order books, you're making them as fast as you can but you can't make them fast enough. indeed, we have more demand than we can supply. it's a demand driven market at the moment, and we are working hard with our suppliers to catch up in this environment, so that the situation, more demand and supply. and a lot of your problem is coming from the suppliers, they can't give you what you need. how frustrating is that? we have to adapt to the situation. we are helping our suppliers as much as we can. the vast majority of the suppliers are actually at the right pace,

but when some of them are late, we have to adapt to those ones, therefore we are focusing our reports on what we call bottlenecks and sending people, trying to provide help to anticipate the situation, and we've increased the buffer stocks to be able to react to crises in the supply chain better then we put in normal times. so we have to face the reality of today's market. you're a european company with extensive operations in the united kingdom. there's a new uk government — what are you asking them for, what do you want to see? we are a european company, and we see the united kingdom as part of europe geographically. so that is a country that is very important for us, we've been there since the beginning of the history of airbus, and it is very important to us. we are engaging with the new government, it is good to see that there'll be stability in the years to come in the uk, and there are plenty of things

to be addressed — i mention decarbonisation — but also challenges in the field of security, defence, space, and many others. it's good to have a government to speak to. there's a sense that there is more rapprochement between the two, is that something you welcome? indeed, we are a bridge between the continental europe and the uk, and we want to remain a bridge, and it's good to see that there's appetite for a closer relationship in particular when it comes to the defence and security, which i think it's something we really need to do better on in europe. a deal needs to be done? we will see, that's the very political in nature, but we will support it anyway. the director of air bus speaking to the bbc. wall street has rebounded after losses last week, with technology stocks recovering, including those beaten—down semiconductor shares. but shares in crowdstrike — that company that blasted into the public�*s consciousness after last week's global it outage — continued to plunge with some companies still struggling to fully restore their systems. 0ur north america business

correspondent, erin delmore has the latest. if you looked at crowdstrike's stock performance last week before the worldwide it meltdown, you would've seen shares up 40% this year. but now, a different story. shares closed down more than 13% monday, marking a more than 30% drop over the past five days. it's the result of what's being called one of the worst it outages in history. around 8.5 million microsoft windows computers around the world crashed last week because of crowdstrike's faulty content update. that lead to chaos for global travel, banking and health care services, and firms are struggling to recover. us—based delta airlines cancelled thousands of flights since friday. other carriers were able to return to near normal levels of operation. shawn henry called the incident a gut punch for the firm,

which serves some 29,000 customers including some of the biggest companies and government agencies around the world. here in the uk former chancellor nadhim zahawi is reportedly interested in buying the telegraph newspaper group. mr zahawi, who stood down as a conservative mp at the general election earlier this month, is thought to be seeking financial backing to fund a bid for the publications, according to a source familiar with the situation. the telegraph has been on the market since it was effectively repossessed by lloyds bank from its previous owners, the barclay brothers. a bid by a uae—led consortium to take control was also blocked by the government. live now to fiona cincotta from city index. the fate of the telegraph has become quite a saga. are you convinced that it's a business that's being pursued because it of its profitability or the influence it brings with it?

if we have a look at the numbers, the revenue at the telegraph in 2023 was up around 5% at 260 million, the spectator was around 2% at 28 million, the telegraph suffered a loss around 244 million, the spectator saw 10% decline in operating profits as well. just judging by the numbers and the price hike attached to it we can say here, this is quite a lot to do with the influence that it brings. if we think about the number of britons that this paper and its online publication as well reaches, we are talking around 2.5 million britons. that is a really big reach, obviously, this is a very influential paper, also one of the oldest in the uk, started in 1855. it is also famously intertwined with the upper echelons of the

conservative party. it is fair to say there is quite a lot to do with the influence this might bring. an asset like the telegraph does not come up for sale very often. does that give it its own premium? exactly. the last time it was on sale was in 2004, if we combined the idea of the amount of influence that it can bring, with the idea of the scarcity of such a product, this does not come around very often. that also adds a premium to the price and that is exactly what we are seeing. because of that we are seeing. because of that we are seeing some interesting characters drawn into the process and also the level of interest we have seen, a representation and reflection of that scarcity and that influence. fiona cincotta from city index. thank you for that. in other

business today... google has decided to drop a multi—year plan to block website cookies that allow website publishers track a user's activity. it comes after huge pressure from companies that use this data to sell advertising. instead, google will display a prompt asking users whether they accept the use of cookies. critics of cookies call it an invasion of privacy while online publishers say banning the practise gives google a monopoly on that data. philippines president ferdinand marcos received a standing ovation during his state of the nation address after saying he plans to ban offshore gambling operators. he called the online industry a grave abuse and disrespect to their laws. the industry is dominated by chinese players and the move comes as the philippines takes a tougher stance over territorial disputes in the south china sea. marcos said he would seek more alliances to face those threats but promised that disputes would be settled through diplomacy. shares of us chip maker nxp semiconductors are plunging in afterhours trade after forecasting third quarter

revenue that was below market estimates. they focus on semiconductors for the auto sector and say demand is slowing. nxp is also concerned about disruptions from rising geopolitical risk. when we come back — festival time. how music tourism is delivering a significant boost to the uk's economy. around the world and across the uk. this is bbc news.

to the business of sport now, and a tussle over the rights to show major league basketball to american fans. warner bros discovery, whose tnt sports network has traditionally been the home of national basketball association games was facing competition from amazon prime which wanted to steal them away.

amazon bid $1.9 billion a season but because of its four—decade long relationship with the nba. warners has the opportunity to match it and it has done so. live now to jawad hussain, media & entertainment director, s&p global ratings. big numbers. $1.9 billion a season the bid of amazon. what brothers has matched it. put it into context. how much more expensive have these rights become? apologies thanks for having me. sports rights have got more expensive, as time has gone on. this contract is no different. it is estimated that the average annual kind of value of the tnt deal was around a billion may be a little bit more, you are looking at almost

a doubling of the contract value. this is the price you have to pay you want to be in sports and the nba is one of those arkea sports.- sports and the nba is one of those arkea sports. what have fans been _ those arkea sports. what have fans been saying _ those arkea sports. what have fans been saying about - those arkea sports. what have fans been saying about this, i those arkea sports. what have | fans been saying about this, do they care whether their favourite basketball games are on the sports network tv network and cable stations they have watched for many years or whether they shift to a streamer like crime? i think, nobody likes _ streamer like crime? i think, nobody likes change, - streamer like crime? i think, nobody likes change, right? | streamer like crime? i think, l nobody likes change, right? as a basketball player myself you like to see continuity. i think at the end of the day, the sports product is what people love, and if you look at amazon and thursday night football, over time that has continued to grow its audience, i think the only difference with this particular case, is how the love of the inside the nba post and pre— game—show is with al

barclay and shaquille 0'neal and company. that is one kind of different, a different factor because those guys have become your own brand and that are specific to tnt. but beyond that, the sports are what drive it, and i think consumers have shown they are willing to adapt. we wait to see who wins that option. we will leave it for now. jawad hussain, media & entertainment director, s&p global ratings. the founder of the south korean tech giant kakao has been arrested on charges of manipulating stock prices related to its takeover of the k pop agency sm entertainment last year. kim beomsu is the highest—profile businessman to be held in the country for several years. nick marsh is following the story from our asia business hub in singapore. what more can you tell us? you miaht what more can you tell us? you might not _ what more can you tell us? you might not have _

what more can you tell us? 7m. might not have heard what more can you tell us? 7m, might not have heard of kakao outside south korea but if you have ever been there it is hard to miss, it is basically the main messaging at there, dislike whatsapp for many parts of the world, you order taxis, videogames and so on. they did really well during the pandemic, a lot of tech firms, share price went up and left with a massive pile of cash basically. they thought, 0k how will we grow kakao, let's go into the entertainment industry. they tried to take over sm entertainment, they tried to become the main shareholder there. tried to become the main shareholderthere. it tried to become the main shareholder there. it is one of the big kapok labels, the problem was there was a rival better, another kapok label that manage bts. what the founder of kakao is accused of having done, kim beomsu, is artificially increasing the share price of sm entertainment

entertainment through manipulation and therefore making it unaffordable for hive to try and buy and therefore kakao would become the majority stakeholder. mr kim denies this but he has been arrested. he will be detained for 20 days before which he will either be charged or let go. if this does result in a conviction it will be a big deal, a big jail term, and also we are talking about one of south korea's main business tycoons, a billionaire facing some pretty serious charges. facing some pretty serious charaes. w' facing some pretty serious charaes. , ., charges. nick marshall in singapore. _ charges. nick marshall in singapore, thank - charges. nick marshall in singapore, thank you - charges. nick marshall in singapore, thank you for| charges. nick marshall in - singapore, thank you for that. it's festival season here in the uk and the scene here is a magnet for music tourists from around the world. last year, more than 19 million people travelled either within the uk orfrom outside the uk to go to a gig here, an increase of a third. they spent 8 billion pounds while they did so.

live now to tom kiehl, chief executive uk music. quite a big increase in numbers last year, is this still a covid recovery phenomenon? i think we saw, good morning, we saw a very successful last year, we had loads of big events and shows, glastonbury is a regular fixture events and shows, glastonbury is a regularfixture in events and shows, glastonbury is a regular fixture in the music calendar, we had shows from people like bruce springsteen, billyjoel, harry springsteen, billy joel, harry styles springsteen, billyjoel, harry styles and blair, fantastic year, we would like to see that sustained with strong growth. music tourism is the term used to describe people who travel for gigs, are they more valuable to a local economy than a traditional tourist. you would think they would come to town, stay in a hotel cheap as they can and spend money at the gig but not so much in local

businesses.— gig but not so much in local businesses. ~ , . , , businesses. music term is very valuable across _ businesses. music term is very valuable across the _ businesses. music term is very valuable across the country, i valuable across the country, figures released show growth in london but also the northeast and southwest, across the country, we see people increasingly travelling outside their normal areas just to go to gigs and festivals, there is a crown —— profound moment for local industry and shows you what great assets you have with a festival in your local area or a venue, just how potentially successful that can be. that generates money to the local economy, that can go back into the community and other aspects of life. it is a big asset if you can have that. i have been leaving taylor swift into every story i can. she is a phenomena especially diehard fans coming from the us to europe because they found it was cheaper to see her over here. is that something that

has fed into yourfigures? certainly the figures we released are from last year but it is definitely a tailor effect we are expecting, last year you had the eurovision song contest in the uk, with liverpool and the huge amount of people that then came to the uk for that particular event as well. the international dimension is huge to music tourism, it is notjust people travelling around the uk also people coming from overseas for gigs and festivals. fine people coming from overseas for gigs and festivals.— gigs and festivals. one of the downsides — gigs and festivals. one of the downsides we _ gigs and festivals. one of the downsides we have _ gigs and festivals. one of the downsides we have heard - gigs and festivals. one of the i downsides we have heard of an association with taylor swift gigs is how much hotel prices can go up and there is a big show in town. is that something you are concerned about might turn music tourists off, do you have any message for the hotel industry, to perhaps give bargain—hunting music fans a break? bargain-hunting music fans a break? ., ~' bargain-hunting music fans a break? ., ~ ., break? someone like taylor swift is a — break? someone like taylor swift is a phenomena - break? someone like taylor swift is a phenomena and i break? someone like taylor - swift is a phenomena and there is a huge industry that goes

behind her and the whole culture behind that. i would not want to frighten too many hoteliers with actually one or two huge exceptions, one of the issues we see there are some successful artists able to generate tours and drive these figures, but there is an issue below that. the mid—range artists potentially don't have quite the bandwidth, they are seeing some opportunities squeezed, whether around venues or festival closure. although this statistics are very strong on the reporting today we must not forget there are some fundamental challenges to the music industry as well.- music industry as well. what would you — music industry as well. what would you like _ music industry as well. what would you like to _ music industry as well. what would you like to see - music industry as well. what would you like to see to - would you like to see to promote this kind of tourism, is it possible to promote it although does that depend on the type of gigs organised in various parts of the country? we need to have a very defined export strategy, we have a new government in the uk now, and

there is a big opportunity to have a wider music strategy, we have a wider music strategy, we have a wider music strategy, we have a huge asset with music, that generates things in terms of soft power, do something identifiable overseas, making that more and export offer and how we promote ourselves across the world is something that should be quite fundamental. tom kiehl, chief executive uk music. we shall leave it there. hope you have some good gigs coming up you have some good gigs coming up later in the summer for yourself. before i go let's look at how the markets are trading. this is the picture in asia. a reasonably mixed picture, the nikkei in tokyo up by a touch, similar decline for the hang seng in hong kong. lots of political ramifications for them to digests over the last few days alone, with the current vice president of the

united states kamala harris seemingly anointed to run for the presidency and take on president trump. let's see how wall street ended the night last night, the first time traders got to respond to the news president biden was stepping out of the race, the dow climbing by .3 of 1%, the nasdaq got better gains 0.6% high. that is the latest price of a barrel of light crude, down a touch below the $80 per barrel mark. that is your business today, top stories coming up in a few minutes. buy buy. hello. for those who saw not a huge amount of sunshine on monday, there's certainly a greater chance over the next couple of days. tuesday and wednesday, looking sunnier by and large, a lot of dry weather around, a few isolated showers. some of the dampest conditions

will actually be around first thing on tuesday. through the night, into tuesday morning, this is the weather system which will be bringing outbreaks of rain or drizzle across england and wales. it does mean a lot of cloud. it also means a very warm and humid start to the day. temperatures at around 14 to 17 degrees for some across the south, but it's here where the cloud will be its thickest, some rain or drizzle, bit like we saw on monday. the odd heavy burst, south midlands, south—east, but it's clearing away a good deal quicker than on monday, and sunshine further north and west will develop a bit more widely as we go through the day. a few isolated showers possible, a bit of a breeze down the eastern coasts, but it's around some of the coastal seas, some of the sunniest conditions during the afternoon, especially to the north and the west. and temperatures of 19 to 24 degrees are bang—on average for this stage in the year. now, as we go into tuesday evening and overnight, we start with some clear skies. varying amounts of cloud, though, or pushing in from the west, stopping it from getting too chilly, but overall, a fresher night to take us into wednesday compared with what we see into tuesday morning. now, wednesday, there will be a bit more cloud around. that cloud will thin and break. there will be some sunny spells for many, the cloud tending

to be thickest towards the west, especially as we go through the day. some showery bursts of rain, a little bit of drizzle in places, too, isolated light showers further east. many, though, again, a dry day on wednesday and starting to feel a bit more humid once more. and that humidity will last into wednesday night, but by thursday, weather systems starting to push their way in off the atlantic will bring a lot more cloud generally speaking, so it's almost as if we're back to monday. lots of cloud to begin with. there will be outbreaks of rain around. some of the heaviest could be across southern counties through the day, spreading their way eastwards. some of the brightest conditions, probably across the north—east of scotland and then later into the west of ireland. temperatures down on what we've seen through recent days. thursday night and into friday, though, that rain gradually clears, lingering longest towards the south—east and the channel islands. could be there first thing friday morning. it will shift out of the way. good, long, sunny spells for many on friday, a scattering of showers. showers most likely, though, across the north and the west of the country. and temperatures very pleasant in the sunshine too. we'll see one or two showers around on saturday,

but overall through the weekend, it's turning drier and warmerfor most.

good morning. welcome to breakfast with sally nugent and jon kay. 0ur headlines today... kamala harris launches her bid to be us president and insists she

will beat donald trump. we have doors to knock on, we have people to talk to, we have phone calls to make and we have an election to win. cheering. 3000 violent crimes against women and girls every day. police chiefs warn it's become a national emergency. the race to replace rishi sunak as conservative leader begins tomorrow but we won't find out the winner until november. what happened to homeowners trapped in expensive mortgages? today the so—called mortgage prisoners. some of them will get their day in court. we hear from of them will get their day in court. we hearfrom them. graeme souness will tell us about his new charity challenge, raising money for those like 16—year—old isla, living with the chronic skin condition eb.

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