crying foul: elon musk�*s x sues a group of major companies including unilever and mars over an alleged advertising boycott. and transforming tourism: copenhagen offers visitors rewards for climate—friendly actions. would you be willing to spend some of your holiday fishing for litter? live from london, this is business today. i'm sally bundock. we start with financial markets, and in the us there has been something of a recovery, closing up after three straight days of losses — perhaps the beginning of the end a global market rout that saw huge falls injapan on monday. japan's nikkei posted a strong rebound on tuesday which seems to have fed through to the us.

let's have quick look at the latest numbers. japan almost 3%, hong kong aanamos a, on on .. p l t3�*7 h gk g13 so it's been quite a few days — market volatility and a summer sell—off — driven by a perfect storm of a tech valuation rebalance, weak economic news out of the us and fluctuations in the value of the yen. let's quickly show you the us board so you can see how the day ended on wall street. solid green lines. mariko oi has the latest from our asia business hub for us. what is happening injapan? before i tell you the numbers, can what is happening injapan? before i tell you the numbers, can i what is happening injapan? before i tell you the numbers, can i say what is happening injapan? before i tell you the numbers, can i say i'm what is happening injapan? before i tell you the numbers, can i say i'm wearing what is happening injapan? before i tell you the numbers, can i say i'm wearing green again. i might keep doing that

until the markets stabilise. while it might be too soon to relax, it seems the markets are much calmer today. japan's neck a open flat to hire. we heard from the deputy governor from the bank ofjapan ruling out any more rate hikes while the markets are unstable so that has help to push upjapanese shares above 2% because their rate hike last week was the second move this year in 17 years, is what triggered the sale of after it pushed the value of the japanese currency higher and even though that is what the authorities wanted, the japanese yen to strengthen, the japanese yen to strengthen, the jump was too sudden. after the jump was too sudden. after the comment, it has weakened slightly. the comment, it has weakened sliuhtl . ., ., , slightly. something that has been said — slightly. something that has been said a _ slightly. something that has been said a lot _ slightly. something that has been said a lot over- slightly. something that has been said a lot over the - slightly. something that has been said a lot over the last| been said a lot over the last few days is carry trades. what does that mean and how has it made things worse? it is

does that mean and how has it made things worse?— does that mean and how has it made things worse? it is a very --oular made things worse? it is a very pepuiar trading _ made things worse? it is a very popular trading strategy - made things worse? it is a very popular trading strategy where | popular trading strategy where investors borrow money in a country with low interest rates, so in this case, japan, to reinvest in another country for higher returns, so while borrowing costs were practically zero, the japanese yen has been a popular currency, but when the central bank raised rates last week and the governor hinted there could be more hikes to come, investors started unwinding does carry trades, so that is what resulted in a much bigger jump what resulted in a much bigger jump in the value of the japanese yen than many had anticipated. we don't know exactly how much is involved in yen carry trades, but it could be around 14 billion us dollars though some would argue it is higher. that is before all the unwinding and now it is down to about 6 billion, yjpmorgan, huge bank, says only half to 60% of unwinding is done, which

means there could be more volatility in the value of the japanese yen, which could affect the stock market, but let's enjoy the calm while it lasts. let's en'oy the calm while it lasts. ~ ., ., ., ., lasts. we are for now, at least. lasts. we are for now, at least- we _ lasts. we are for now, at least. we shall— lasts. we are for now, at least. we shall see - lasts. we are for now, at least. we shall see you | lasts. we are for now, at - least. we shall see you soon. to help take stock of where we are, joining me now is janet mui, head of market analysis at rbc brewin dolphin. it has been quite a week what is your sense of what is going on? ., , is your sense of what is going on? . , , ., ., is your sense of what is going on? . , , . ., ., on? there has been a lot of volatility. — on? there has been a lot of volatility, is the theme, - volatility, is the theme, and it is good to see some calm, but it is hard to say where we go from here. as you mentioned, the carry trade unwind, there is slightly more to go. i think in the interim volatility will be the key theme. over the longer term, we think the state

of the us economy will be absolutely key. the reason we are seeing this great unwinding and carry trades is because of the expectation us economy will slow, the fed will have to cut interest rates more than expected, so a lot depends on what the us economy does. we saw a bit of _ what the us economy does. we saw a bit of a — what the us economy does. we saw a bit of a rebound on wall street yesterday and some stocks recovering that was sold off significantly such as nvidia, and other big technology companies. is worst overin technology companies. is worst over in terms of knee—jerk reactions on markets when it comes to what is ahead for the us economy?— comes to what is ahead for the us economy? hopefully it is the case. it us economy? hopefully it is the case- it is _ us economy? hopefully it is the case. it is impossible _ us economy? hopefully it is the case. it is impossible to - us economy? hopefully it is the case. it is impossible to tell- case. it is impossible to tell what happens in the very near term because i think, as you mentioned, carry trade is one concerned and there is more to go and we have yet to get the answer, what is the path of the us economy? we need to be

looking at the date. i think the concern is the us... potentially a us recession. our view is the economy is slowing but not recessionary, not likely to go into recession but the concern is likely to be there is... there is still data that need to validate the view, so unless we get more clarity on that and what the fed does eventually, volatility is likely to persist and it is hard to call on whether the sell—off is done yet. for hard to call on whether the sell-off is done yet. for now, thank you _ sell-off is done yet. for now, thank you very _ sell-off is done yet. for now, thank you very much. - sell-off is done yet. for now, thank you very much. see - sell-off is done yet. for now, | thank you very much. see you soon. elon musk�*s x has filed an antitrust lawsuit against an advertising group and several companies including mars and unilever. the social media company claims the group colluded to discourage brands from advertising on the platform once known as twitter, costing it billions of dollars in lost revenues. the bbc has reached out to the defendants, but has not yet heard back from them. from new york,

here's michelle fleury. elon musk�*s social media company, x, has accused the global alliance for responsible media are violating us anti—trust law. the suit alleges this group along with its members including companies like mars and unilever along with the world federation of advertisers colluded to suppress conservative voices and withhold billions of dollars in advertising revenue from the platform formally known as twitter. the ceo, who was hired in part because they strengthen dealing with advertisers in her previous job, announced the lawsuit. i will shop the evidence uncovered by the house judiciary committee a group of companies organised a systematic, illegal boycott against x. it is just wrong. and that is why we are taking action. ~ ., ,

and that is why we are taking action. a,, , . and that is why we are taking action. ~.,, , ., ., action. most social media companies _ action. most social media companies provide - action. most social media companies provide their. companies provide their services to users for free, relying on advertising dollars to be profitable. in its filing the company says in 2022, 90% of its revenue came from advertising stop today most of it is from small and medium—sized companies that are not members of this group. adding this has reduced its revenues and ability to invest in its products, harming users of the site. professor rebecca haugh allen is worth, and anti—trust expert at vanderbilt university, believes x has a case, not a very strong one. it seems what the companies were doing in boycotting x was trying to make a statement about x' policies and their brains. that is protected by the first amendment and i think this is unlikely to be seen as real anti—competitive kind of anti—trust violation. mr real anti-competitive kind of anti-trust violation. mr musk likes to present _

anti-trust violation. mr musk likes to present himself - anti-trust violation. mr musk likes to present himself and l likes to present himself and his platforms as champions of free speech, but what he now calls a war with the advertising industry suggests even he thinks there are limits to that freedom. let's stay with news in the us. out—of—hours trading has seen shares in the booking platform airbnb down over 14% after its latest earnings release. the short—let property rental firm disappointed in the april tojune period, warning it is seeing a slowing of demand from its north american customers. airbnb is facing pressure from a number of holiday destinations around the world as cities like barcelona in spain look to clamp down on short—term rentals. for more, i'm joined by mark mahaney, senior managing director and head of internet research at evercore isi. tell us more about airbnb. a sharp sell—off, isn't it? i

think one of the steepest sale of with earnings and because of their outfit. you mentioned there may be a second, which they talked about that relies on marketing spend. under pressure, but they indicated especially with the paris olympics inaudible three months ago and now they are saying it will silence make a turn interaction for wall street to the negative stocks.- interaction for wall street to the negative stocks. which is an interesting _ the negative stocks. which is an interesting outlook - the negative stocks. which is an interesting outlook and i the negative stocks. which is an interesting outlook and a l an interesting outlook and a worrying outflow given the week we have had forfinancial markets where that was partly fuelled by earnings from other companies warning about the rest of this year in the us. i think it is a very mixed bag. early in the days you had uber report numbers and they have a pretty large foot print in terms of ability and delivery. they had no slowdown in the

growth. the outlook for next quarter... estimates and the stock traded up 12 to 13% so a tale of two cities but i want to put it in context. i look at the names in the internet space that have reported, booking.com, european acid, whether it is netflix, global media companies, amazon and the data points are mixed. they are not obviously hard landing data points and they are frankly more... some companies are not seeing the slowdown get hueber was adamant this morning they were not. so the truth is probably inaudible sharp in decline. we are seeing patches of softness. decline. we are seeing patches of softness-— of softness. airbnb, since inception. _ of softness. airbnb, since inception, has _ of softness. airbnb, since inception, has faced - of softness. airbnb, since inception, has faced a - of softness. airbnb, since inception, has faced a lot| of softness. airbnb, since l inception, has faced a lot of legal challenges because it is a disruptor and cities around the world looked at airbnb arriving on the scene, taking up arriving on the scene, taking up market share. they are still dealing with that, aren't they,

where in many cities around the world, we mentioned barcelona, for example, cracking down on the airbnb let's available. yes, there is... and what airbnb decided to do except they have had to deal with regulatory issues. we are having this conversation during the middle of olympics in paris where airbnb has worked hand in hand with the french government and had enormous success. single biggest largest city silence make and gone over swimmingly, extremely well. something like 400,000 guests airbnb has helped situate in paris and by the way i do not think... i'm not sure the paris hotel industry could handle that on its own, probably not as efficiently as consumers would have liked. i know there are pockets of resistance and sometimes vocal regulators... and a part of the two, but this

has been an issue, you are right, since its ipo. i think at the margin issues become less severe, not more severe. good to get your take on the news from airbnb. around the world and across the uk, this is bbc news.

it's a busy time for corporate results and we will be hearing very soon from the pharmaceuticals giant novo nordisk. this is the danish company behind the hugely popular weight—loss drugs wegovy and ozempic. they have seen their fortunes balloon since releasing the game—changing treatments that help patients lose weight and manage type 2 diabetes. the two drugs have had such an impact on the firm's growth. it's even had a sizeable effect on denmark's whole economy. so what can we expect

from novo nordisk today? joining me now is ben ritchie, head of developed market equities at aberdeen. he oversees a european equity fund with novo nordisk as its biggest holding. have... how has the share price done for you? how is the fund? we have been investors since 2009. fatah say it has been a spectacular investment for the fund over 15 years. ——it is fair to say. it hasn't always been an easy ride but the company has adapted and evolved and established a phenomenal position. but and established a phenomenal osition. �* position. but with the weight lots of drugs, _ position. but with the weight lots of drugs, that _ position. but with the weight lots of drugs, that has - lots of drugs, that has catapulted this country —— company. many people had not heard of novo nordisk, where as it is more of a household name. how will it be demands?

absolutely. one of the extraordinary things has been the upswing in demand and they've had to buy a business called catlin to get access to the manufacturing capacity to produce enough products. that is a difficult thing because it is a difficult thing because it is notjust about producing the drug, it is about producing the delivery devices that can allow people to take these drugs, so a very complicated, high—end a new fracturing process that needs to be delivered and that has been a major challenge scaling up to meet the huge amount of demand they have had. are others making similar drugs? what is the patented on these drugs and what is the timescale versions coming out? the patents around these products expire in the early 20305, products expire in the early 2030s, but products expire in the early 20305, but it products expire in the early 2030s, but it is more complex than just making the molecules. those are complex, you have to manage structure that at scale and deliver that but you also have to be able to manufacture the delivery devices, so that has been something difficult for generic manufacturers to

do, but no doubt as we move into the next decade that will happen, but it is all about delivering the next generation of products that can work even more effectively, that have better tolerance, better safety profiles, even more positive side—effects and some of the other elements — they have significant benefits for cardiovascular and kidney health. that is important. next generation to bring through phase three trials will be bringing that into production in the 2030s and the idea being that takes the company through perhaps over the next decade as well. i perhaps over the next decade as well. ~' ., well. i think the thing about both these _ well. i think the thing about both these drugs _ well. i think the thing about both these drugs is - well. i think the thing about both these drugs is the - well. i think the thing about both these drugs is the fact | well. i think the thing about i both these drugs is the fact it is so easy because prior to these being available, people trying to lose weight for whatever reason all manage diabetes, it was such a difficult process with diets that were hard to follow, changing inhabits, etc, etc, whereas this is just an injection? it whereas this is 'ust an injectionah whereas this is 'ust an in'ection? , . , , injection? it is incredible but there is also _

injection? it is incredible but there is also a _ injection? it is incredible but there is also a huge - injection? it is incredible but i there is also a huge challenge, something like 40% of americans are obese. that is a staggering statistic stop they expect over i statistic stop they expect over i billion people globally obese by the end of 2030 and that number to continue to rise. this is a challenge that comes with major healthcare implications as well and it is important to remember ozempic was not designed as a weight loss product, it was designed as a prediabetes treatment, the fact it has the slight benefit of weight loss that has driven adoption of that drug. quickly, is this not _ adoption of that drug. quickly, is this not a — adoption of that drug. quickly, is this not a problem _ adoption of that drug. quickly, is this not a problem in - adoption of that drug. quickly, is this not a problem in the - is this not a problem in the senseit is this not a problem in the sense it takes away the emphasis on trying to be healthy, eat well, live well? i think to some extent it does but i think it is a complementary element and i think... it has always been the case people need to eat less, exercise more, be healthy but in reality that is difficult for people to do. people think

it is the panacea but you need both. ,., ., it is the panacea but you need both. ., i. ., ~ both. good to get your take. it is interesting. _ both. good to get your take. it is interesting. we _ both. good to get your take. it is interesting. we will - both. good to get your take. it is interesting. we will look- both. good to get your take. it is interesting. we will look at i is interesting. we will look at their results when released. for many it's that time of year when we pack our bags and head off for a much needed holiday. so how about when you're there you take part in a bit of litter picking or maybe a spot of weeding? not your cup of tea? well, if you're heading to denmark's capital, copenhagen, these are some of the activities on offer that will earn you perks like free ice—cream and discounted museum entries, all part of a scheme trying to encourage tourists to be more responsible. adrienne murray has been testing it out. would you litter pick while on holiday in return for scooping up holiday in return for scooping up rubbish, visitors getting a free hour cruising around in a battery—powered vote, part of a new scheme that matches tourist to be more eco—friendly. == to be more eco-friendly. -- notice- _ to be more eco-friendly. -- notice- we _ to be more eco-friendly. -- notice. we have _ to be more eco—friendly. » notice. we have interest from more than 500 people. there were so many that wanted to go out and try to have that experience and clean the

harbour. experience and clean the harbour-— experience and clean the harbour. . ., ., harbour. the challenge, though, is findin: harbour. the challenge, though, is finding trash. _ harbour. the challenge, though, is finding trash. there _ harbour. the challenge, though, is finding trash. there we - harbour. the challenge, though, is finding trash. there we go. i is finding trash. there we go. we saw in — is finding trash. there we go. we saw in the _ is finding trash. there we go. we saw in the paper- is finding trash. there we go. we saw in the paper they - is finding trash. there we go. | we saw in the paper they were doing — we saw in the paper they were doing the _ we saw in the paper they were doing the citywide keeping it clean, — doing the citywide keeping it clean, environmentally friendly activities — clean, environmentally friendly activities so we thought it would _ activities so we thought it would be good. very clean anyhow _ would be good. very clean anyhow. we inaudible chocolate muesli _ anyhow. we inaudible chocolate muesli bar. anyhow. we inaudible chocolate muesli bar-— muesli bar. plenty of attractions _ muesli bar. plenty of attractions across - muesli bar. plenty of| attractions across the muesli bar. plenty of- attractions across the danish capital are involved in the pilot. the idea is to encourage tourist to think and act sustainably, such as getting around by foot or by bicycle. there is a range of activities from sports rentals to museum visits. the perks include free coffee, workshops and discounted tickets. it comes as record numbers of visitors have flocked to denmark, but cogan hagan �*s ? rather than stick

approach stands in stark contrast to other european cities fed up with mass tourism. —— copenhagen. which have brought in restrictions and even seen protest. when you travel, sometimes _ and even seen protest. when you travel, sometimes you _ and even seen protest. when you travel, sometimes you forget - travel, sometimes you forget the good habits at home. we want to inspire to more conscious, sustainable mindset and behaviour amongst travellers.— and behaviour amongst travellers. , , ., travellers. so my question if it is a marketing _ travellers. so my question if it is a marketing gimmick. i travellers. so my question if. it is a marketing gimmick. we have not it is a marketing gimmick. - have not done this to attract us. we have many already. the reason we are doing this is to make tourism a positive force for change and not an environmental burden. that for change and not an environmental burden. at this farm, volunteers _ environmental burden. at this farm, volunteers are - environmental burden. at this farm, volunteers are mucking| environmental burden. at this l farm, volunteers are mucking in with weeding and harvesting. and the efforts are rewarded with a delicious lunch. ladle and the efforts are rewarded with a delicious lunch. we find wa s to with a delicious lunch. we find ways to the — with a delicious lunch. we find ways to the inaudible - with a delicious lunch. we find ways to the inaudible green | ways to the inaudible green issues a tourist. why not do something to get back to the city? something to get back to the ci ?, , ., . city? just how impactful the scheme will _ city? just how impactful the scheme will be _ city? just how impactful the scheme will be remains - city? just how impactful the scheme will be remains to l city? just how impactful the l scheme will be remains to be seen. in a city where most people cycle or use public

transport, the heaviest climate footprint often comes from how tourists get here. though exploits think it is a step in the right direction. == the right direction. -- exoerts- _ the right direction. -- experts. it _ the right direction. -- experts. it provides . the right direction. » experts. it provides the right opportunities were getting involved, some more impactful. in the overall scheme, i don't think it will do a lot for the environmental issues. while it has seen lots _ environmental issues. while it has seen lots of _ environmental issues. while it has seen lots of interest, - has seen lots of interest, litter picking is not for everyone, especially on holiday. everyone, especially on holiday-— everyone, especially on holida . ~ holiday. here full weekend, -robabl holiday. here full weekend, probably would _ holiday. here full weekend, probably would not - holiday. here full weekend, probably would not go - holiday. here full weekend, probably would not go litterj probably would not go litter picking. i probably would not go litter ickina. ., ,.,,._ ., picking. i would probably not think of that _ picking. i would probably not think of that as _ picking. i would probably not think of that as an _ picking. i would probably not think of that as an option - picking. i would probably not think of that as an option in l think of that as an option in the — think of that as an option in the first— think of that as an option in the first place, but when i get off at — the first place, but when i get off at it. — the first place, but when i get off at it. i_ the first place, but when i get off at it, i would consider. if the off at it, i would consider. the pilot off at it, i would consider. if the pilot works well, it could be rolled out more widely. in the meantime, perhaps we can all do a little more to help while we are on holiday. adrian murray, bbc news, cogan hagan.

—— adrienne. to the green transition now, and the vast new demands on our power grids as we move towards electrification. in the us, the biden administration has just announced an over $2 billion investment to strengthen its power grid. working to enable renewable sources to plug in and get the electricity to where it's needed — not least when it comes to charging evs — is a problem in most countries. for more on this, joining me now is trevor allen, head of sustainability research at bnp paribas. how are we doing in the uk when it comes to the infrastructure and charging points?- it comes to the infrastructure and charging points? where are we at? today — and charging points? where are we at? today the _ and charging points? where are we at? today the uk _ and charging points? where are we at? today the uk is - and charging points? where are we at? today the uk is in - and charging points? where are we at? today the uk is in a - we at? today the uk is in a good position. the uk has around 32 million ought appeals on the road. only about 1.1 million are electric vehicles and about 50% has been sold in the last two years when we think about what the power demands after 1.1 million electric vehicles, looking at about 4300 gigawatt hours or about 4300 gigawatt hours or about i% of what the current generation is today for the uk,

so a very manageable problem going forward for the uk. when it comes to _ going forward for the uk. when it comes to range _ going forward for the uk. when it comes to range anxiety, - going forward for the uk. when it comes to range anxiety, is i it comes to range anxiety, is that still a big factor for people when they decide on the next vehicle?— next vehicle? range anxiety is still an issue _ next vehicle? range anxiety is still an issue today _ next vehicle? range anxiety is still an issue today and - next vehicle? range anxiety is still an issue today and the i still an issue today and the way we see that being resolved is in two different ways, addressing the battery and the amount... the duration the battery has. from there you will see solid—state batteries as a new technology that will help increase the range, but we're also seeing range from mmc and other batteries going forward so a technological issue being resolved at the time and the ranges we are seeing today are much better than what we were seeing a year or two years ago in that sense. we need to see more charging stations coming into play, and thatis stations coming into play, and that is three different models we see for that. one is the petrol station or kiosk model where people go to charter vehicles. two is the parking

lot model where people are running errands and three is the home charging method. in the home charging method. in the uk we think the ones that make the most amount of sense either petrol or kiis model as well as the home charging model. ~ ., ., ., model. we will have to leave it there. a shame. _ model. we will have to leave it there. a shame. i— model. we will have to leave it there. a shame. i was - model. we will have to leave it there. a shame. i was going i model. we will have to leave it there. a shame. i was going toj there. a shame. i was going to ask about the national grid and if it can cope. we will have to do that another day. thank you. we are out of time. there is so much to squeeze in this programme. we try it on a daily basis. i hope you enjoyed it. have a lovely day. bbc one viewers can join breakfast next. elsewhere, iwill see viewers can join breakfast next. elsewhere, i will see you at the top of the hour. hello, there. there was some sunshine around on tuesday. there will be again on wednesday, and it looks like it should be a dry day across east anglia and the south east this time, whereas on tuesday the rain that we had here was much

slower to clear away. but it has moved away, together with that weather front, we've got low pressure bringing some wetter, windy weather towards the northwest of the uk, but we've all got this west to southwesterly wind that's blowing in cooler and fresher air, so these are the temperatures first thing in the morning. it'll be a cooler start to the day through the midlands and eastern parts of england, with some sunshine around, as well. there will be some sunshine around on wednesday. we're also going to find some showers, too, particularly across the northern half of the uk, where the winds will be a bit stronger, and some heavier rain and more persistent rain could affect northern and western scotland in the morning, followed by lots of showers, some of them heavy in the north. sunshine and showers for northern ireland. some showers near these western coasts of england and wales will get blown further inland across wales and northern england, but a good chance of staying dry towards the southeast. here we've got the highest temperatures, not quite as high as tuesday, but still 23 degrees,

18 in the central belt of scotland. that low pressure bringing the stronger winds in the north, and those showers will pull away overnight, but it allows more weather systems to come in from the atlantic. so we're going to find the cloud increasing and thickening through the morning, outbreaks of rain beginning to arrive, likely to turn wetter in the afternoon across northern ireland, northern england and up into scotland. towards the southeast and east anglia, there will be very little rain at all — a lot of cloud, yes, but temperatures again 23 degrees. generally, though, those numbers are a little below average for this time of the year. now, that wetter weather that does develop tends to move away towards the north and west overnight, leaving us with some drier prospects for friday. there still could be a weather front hanging around here across southern england during the morning, with a little rain. that then moves away, we get some sunshine following on behind, showers coming into the north, particularly across the northwest of scotland, and those could be quite heavy as well, those temperatures not changing a great deal for northern areas, but it should warm up a bit through the midlands towards the southeast of england.

quick look ahead to the weekend, very mixed weather, chance of some rain at times, but on sunday and particularly monday, signs of something much, much warmer across south—eastern parts of the uk.

good morning, welcome to breakfast with ben thompson and sarah campbell. our headlines today.

the prime minister has promised to keep communities safe in the face of violent disorder in england and northern ireland with reports of at least 30 possible gatherings planned for later today. "amazing, caring and confident". mourners pay tribute to nine—year—old alice dasilva aguiar who was killed in the mass stabbing at a dance workshop in southport last week. kamala harris and her newly appointed democratic running mate tim walz kick off their campaign for the white house. former strictly production staff say they faced verbal abuse and bullying as the bbc defends what has been decribed as a "toxic" culture. in sport, it's silver for britain'sjosh kerr. pipped on the line in the final of the 1500 metres but not by his great rivaljakob ingebrigtsen, as the united states take gold. buying now and paying later can be

a useful tool but how well is it regulated?