delta air lines set to lose $550 million because of last month's crowdstrike outage. and singapore's new prime minister promises to stabilise the cost of living as the citystate marks its 59th birthday.

welcome to business today. let's begin in the us where delta air lines says disruptions caused by the recent global software outage and subsequent flight cancellations cost $550 million. the us carrier says it is pursuing legal action against crowdstrike and microsoft. he is bbc�*s michelle flory in new york. delta air lines said it was reimbursing its customers for cancelled flights and providing compensation the form of flights and providing compensation 1 it's orm of flights and providing compensation 1 it's loyalty and skymiles — it's loyalty rewards programme. today we found out the pricetag. the regulator said those costs amounted to $380 million for the current quarter. it's been million on an extra $170 million on hotels, meals and transportation to and from the as airport for its customers as well as other crew related

costs. given the expense, the airline said it had little choice but to pursue legal action against crowdstrike and microsoft for a global tech outage that caused thousands of flight cancellations. but crowdstrike has said it should not take all the blame. the cyber security company alleges the airline was hit hardest and longest because delta refused on—site assistance they the on—site assistance they immediately offered. a letter the on—site assistance they immediately offered. lastlyer crowdstrike�*s apology lastly inadequate. the war of words comes as delta and crowdstrike both face class—action lawsuits from airline passengers over the tech meltdown. paramount global has announced it will lay off around 2000 people or 15% of its us workforce. the cuts will begin in the coming weeks and conclude by the end

of the year. it also announced a write—down of nickelodeon by nearly $6 billion. the major restructuring is part of the company's plans to reduce costs ahead of its merger with sky dance media. a steady day on wall street after positive economic data. weeklyjobless claims came in below forecast which helps to allay concerns about the strength of the us labour market. we also heard from richmond fed president who said he is optimistic about upcoming inflation reports which would give the fed more time to decide when to lower interest rates. speaking of the fed, republican nomination donald trump said us presidents should have more of a say over decisions made by the central bank. i decisions made by the central bank. , , bank. i feel the president should have _ bank. i feel the president should have at _ bank. i feel the president should have at least - bank. i feel the president should have at least a - bank. i feel the president| should have at least a say bank. i feelthe president. should have at least a say in there, yes. ifeel that there, yes. i feel that strongly. there, yes. ifeel that strongly. in my case, i made a lot of money. i was very successful, and i think i have

a better instinct than, in many cases, people who would be on the federal reserve, or the chairman. the federal reserve, or the chairman-— the federal reserve, or the chairman. ., ,, ., chairman. turning to singapore where the _ chairman. turning to singapore where the new— chairman. turning to singapore where the new prime _ chairman. turning to singapore where the new prime minister. where the new prime minister lawrence wong delivered his first national date message. under several things in the address he pledged to bring down cost of living and said more support would be provided to lower and middle income including vouchers and rebates. i was explained the economic issues the new prime minister would be prioritising.- would be prioritising. there are a number— would be prioritising. there are a number of— would be prioritising. there are a number of factors - are a number of factors influencing singapore consumers at the moment and cost of living, as the government has identified, remains a top concern among households here. the last couple of years have seen an inflationary episode, in particular in singapore, that has put pressure on the housing front, given limited space available for new construction which is a key

challenge in the economy. some of those things are weighing on consumers' mines at the moment and policies support in that space should be quite useful for consumers going forward. the government has been criticised a bit because — the citystate being seen as not as business friendly as it used to be. it has imposed some restrictions on work visas, for example, but the localjob market is full. how will companies continue to attract high—value talent? companies continue to attract high-value talent?— companies continue to attract high-value talent? that doesn't demand a policy _ high-value talent? that doesn't demand a policy consideration. | demand a policy consideration. i think there is recognition that the availability of talent remains a concern for firms and there are some constraints regarding the availability of international talent in singapore, along with constraints related to housing and that supply, which are all factors that lead to this incident. overall, the

government and the economy still remains very business friendly and singapore as a city still remains very attractive for talent. of course, maintaining that is a balancing act between things imposed on talent over here versus the benefits that they bring in terms of that unique talent that is available for firms to continue to operate as a global hub out of singapore. so, one of the key balancing act in the future, for sure. in act in the future, for sure. in other news, nobel laureate muhammad yunus has been sworn in as the leader of interim government bangladesh's interim government after weeks of deadly political protest. it follows the resignation of prime minister sheikh hussein who fled the country. here are the key priorities for the government.

restoring law and order, biggest priority. with a country without a government forfour country without a government for four days and with no police force on brand, building trust is imperative for the interim government and with the police, getting day—to—day operations will be crucial to stop any refill of an already failing economy that has lost billions in curfews, data bands and political unrest. getting shops, e—commerce, small businesses and banks up and running. re—establishing transactions the moving in. working with the central bank to address high inflation could central bank to address high inflatil and uld ,, central bank to address high inflati| and ensuring foreign charts and ensuring foreign lenders, including the international monetary fund and the world bank, of continuing loan programmes are imperative. analysts say that yunus, with his economic background, or bring a lot to the table. another priority would be to connect with bilateral partners and keep a good relationship with new delhi. india and

bangladesh had a relationship under sheikh hussein and the new government will not disturb ties with its close trading partner but the past will get difficult if anti— india sentiment grows in bangladesh, especially when sheikh hussein continues to live in india. it is an interim government. the extent of policy—making is uncertain but it must address youth joblessness — a key factor in protest and a core task is to lead the process for free and fair general elections in 90 days and that could be one of the trickiest up their sleeves. ., . ., ., . ., sleeves. from micro- finance to diuital sleeves. from micro- finance to digital finance. _ sleeves. from micro- finance to digitalfinance. it _ sleeves. from micro- finance to digitalfinance. it is _ sleeves. from micro- finance to digital finance. it is becoming i digitalfinance. it is becoming increasingly common. the world bank estimates three out of four people have a digital bank or some other kind of digital money account. that leaves a quarter of the world literally billions of people out of the system where cash is no longer king. the head of financial inclusion at the world bank spoke to my colleague mark lobel about this issue for this week's talking business. i

week's talking business. 1 think it needs to focus week's talking business. i think it needs to focus more on consumer protection issues. in some cases, there has been a very aggressive pursuit of market share which has resulted in may be paying less attention to the customer context. very aggressive sales practices in some cases and also very aggressive collection practices. so, ithink aggressive collection practices. so, i think those are areas to improve, and then also, perhaps we know that some companies are over optimiser everything is through chat bots and such tools and that can be and such tools and that can be a problem when there is a real issue or when there is a complex issue, which might be ok during normal times, complex issue, which might be ok during normaltimes, but complex issue, which might be ok during normal times, but in the case of a particular event, it might not stand up. one more issue where i think fin tech companies should focus — i think more should be done to develop more tailored products and more oriented towards the needs of movements. there are some movements we are seeing

but i think tech companies can do more. it but i think tech companies can do more. . , , do more. it has been fascinating _ do more. it has been fascinating hearing i do more. it has been - fascinating hearing about this global move to digital finance and the momentum behind it. do you think cash is dead? h0. and the momentum behind it. do you think cash is dead?— you think cash is dead? no, i don't think— you think cash is dead? no, i don't think so, _ you think cash is dead? no, i don't think so, but _ you think cash is dead? no, i don't think so, but in - you think cash is dead? no, i don't think so, but in terms | you think cash is dead? no, i | don't think so, but in terms of what i think we should aspire for is the situations where we need to use cash are as low as possible, but, of course, whoever needs to, wants to and needs to use it, they should be able to use it until they are comfortable with digital. deliveroo delivered its first profit from january to june, bouncing back from a loss of more than 100 million in the same period last year. they made a net profit of 1.6 5 million after consumer shares picked up. and british airways will be spending all of its flights to beijing until november 2025. flights to beijing until november2025. longer flights to beijing until november 2025. longerflight november 2025. longer flight routes as

november 2025. longerflight routes as a result of being banned from russian airspace have resulted in higher costs. western carriers like british airways have been banned by russia since 2022 when ukraine war began. virgin atlantic also plans to suspend trips to shanghai, citing similar challenges. that is all for now on this addition of business today. many thanks for watching.

iam i am lola with the catch up — taylor swift concert cancelled, a pandas returned a backlash and pandas returned to the usa. more people have been jailed for their role violent unrest last week. it comes as thousands of antiracism comes as thousands of ant street last night after the street last night after fears of more violence. next — the street last night after fe 19—year—old violence. next — the street last night after fe19—year—old has nce. next — the street last night after fe19—year—old has been ~iext — in 19—year—old has been arrested in austria after confessing to planning a suicide attack on a taylor swift concert in vienna. police say he had pledged allegiance to the islamic state group and planned to carry out an attack with explosives and knives. some other stories now — bansky has revealed a artwork

has revealed a fourth artwork in south london. it appears to have been stolen. it is a symbol of a wolf howling at the moon. and an influencer is facing a backlash for a trend. she has posted tiktoks with a song that you might know from the song slumdog millionaire. a common section was full of comments like this, that the trend is ignorant