and from potholes to pot: as the legalisation of cannabis expands across the world, the marijuana industry still faces many challenges. we ask — can the so—called �*green rush�* stay on a high? hello. live from london, this is business today. i'm sally bundock. a lot of questions there and we are hoping to find in this programme. we start with the 2024 paris olympic games that have officially ended with a spectacular closing ceremony. the olympic flag was handed over to the mayor of los angeles, where the games will be held in four years�* time. the paris games will go down as the greenest in history, ran entirely on renewable energy, mostly local food was served and they relied heavily on existing and temporary venues. with 9 million tickets sold

and a record—breaking 3a million viewers — that's a 79% increase in viewership on the previous games in tokyo — this new approach hasn't impacted interest in the games, but what about the financials? well, according to a recent study by the centre for law and economics of sport, paris 2024 may generate as much as 11 billion euros in long—term economic impact. the bank of france forecasts gdp growth will rise between 0.35% and just under 0.5% thanks to the games. joining me now isjulia binder, professor of sustainable innovation and business transformation at imd business school. julia, welcome to the programme. now, when a city, a country hosts and olympic

games, there is always the navelgazing afterwards to assess was it worth it. in your opinion, the paris games, will they think it was worth it? i think so, yes. i think in many ways the past olympics have heavily overshoot their budgets. this time paris is different. from the beginning of a thought to reverse everything how the games are run. they really designed the games in a way that creates at least waste as possible, relying heavily on existing infrastructure, 95% of the infrastructure, 95% of the infrastructure was already existing, only 5% had to be newly built, and the aquatics centre was built in a way that is really useful post games as well. what is interesting is

they exceeded the expectations in terms of visitors and games that have been very peaceful and friendly on all dimensions, but very sustainable, inclusive and financially more economic than all the other games we have seen in the past. given what you — have seen in the past. given what you have _ have seen in the past. given what you have said, - have seen in the past. given what you have said, do - have seen in the past. given what you have said, do you | what you have said, do you believe this is going to put a marker in the sand when it comes to how to host an olympics? los angeles, we know a lot about la and the pressures they face, huge environmental challenges there anyway under normal circumstances. will they follow suit? ~ , ~ ., suit? absolutely. what we will see in the _ suit? absolutely. what we will see in the future _ suit? absolutely. what we will see in the future is _ suit? absolutely. what we will see in the future is paris - suit? absolutely. what we will see in the future is paris has l see in the future is paris has set a new gold standard on how to host these events. i don't think we will see the events of the past, overshooting the budget of 200 or 300%, rebuilding the infrastructure. i think they will follow and

the hosts have faced increasing criticism. there were not many bids for the olympics because it has been so costly and so unsustainable. public awareness is there that we cannot post games that do not benefit the environment and the local community. this is where paris has set a new gold standard, because it really shows that a city cannot just because it really shows that a city cannotjust be left intact, but almost better off because the investment we made in this olympics, they benefit post games the local population as well. . , , post games the local population as well. ., , , ., as well. really interesting and encouraging — as well. really interesting and encouraging to _ as well. really interesting and encouraging to hear— as well. really interesting and encouraging to hear that. - as well. really interesting and i encouraging to hear that. thank you for your time this morning. well, let's now turn to financial markets. this time last week, we saw the main market injapan. it was turmoil. the nikkei 225 plunged by more than i2%, kicking off a roller—coaster week for global financial markets,

which saw the biggest global sell—off in nearly two years. as a new week begins, nerves are frayed with investors hoping for a somewhat calmer start. so, let's have a look at how markets are faring in asia. well, there is no trading in japan today as they are enjoying a bank holiday break. they are not trading. elsewhere, korean and taiwanese equities rose in early trading buoyed by gains in chipmakers, while chinese and hong kong stocks were flat. as you can see, no big swings in neither directions. all eyes this week will be on us inflation data due on wednesday. any sign that inflationary pressures are picking up again will spook markets that have become highly sensitive to any economic news out of the us. let's talk now to russ mould,

investment director at aj bell. hello to you. they say what a difference a day makes. it is minute by minute when it comes to markets. focus on what we can this week.— can this week. the three bi est can this week. the three biggest numbers - can this week. the three biggest numbers we - can this week. the three | biggest numbers we have can this week. the three - biggest numbers we have coming up biggest numbers we have coming up this week other federal american federal budget deficit for the last month which is due out today, that might not sound important but that is when the us economy is doing well. so what happens if the economy slows down and meet the worst fears, america will find herself with a debt problem. we have british and american figures wednesday and that will help shed monetary policy, and economic slowdown in they want central banks to cut interest rates to give them cheaper money with which to play. we have american retail sales on thursday, a lot of anecdotal evidence when it comes to starbucks, air bmb and disney,

american consumers feeling the pressure from credit card and mortgage borrowings because interest rates have gone up, another reason why economists and financial markets are looking for the rate cuts. those three things will give us a very interesting picture. normally at this time of year we say it is a bit of a silly season with a lot of people are away, volumes are fairly light and therefore moves are very exaggerated. is that the case this year? with what happened last week, i wonder if people feel they can afford to be away from their desks at the moment with two it is always good to take a holiday if you can afford it. take a holiday if you can afford it— take a holiday if you can afford it. ., , ,, ., , ., afford it. last week was a good one to miss- — afford it. last week was a good one to miss. if— afford it. last week was a good one to miss. if you _ afford it. last week was a good one to miss. if you look - afford it. last week was a good one to miss. if you look at - afford it. last week was a good one to miss. if you look at the | one to miss. if you look at the events, the snp 500 finish flat, the index finish flat and japan lost only 2.5%, brazil was up 3%. in terms of that one week, if you have not looked at a screen, you would come back and wonder what all the fuss was about. what is more interesting is what this

volatility started in mid—july the japanese index lost a six than the magnificent seven, was american company that did so much to make stock—market hire, they are down and may last week was part of the bigger picture but it will take is a good while longer to find out whether this is the start of a trend lower orjust some summer volatility. trend lower or 'ust some summer volatili . ~ , ., volatility. when will you hit the beach? _ volatility. when will you hit the beach? i— volatility. when will you hit the beach? i have - volatility. when will you hit the beach? i have come . volatility. when will you hit i the beach? i have come back. volatility. when will you hit - the beach? i have come back. i did a couole — the beach? i have come back. i did a couple of— the beach? i have come back. i did a couple of weeks - the beach? i have come back. i did a couple of weeks central. did a couple of weeks central anchor. —— sri lanka. i didn't look at a newspaper for two weeks and i felt like $1 million. weeks and i felt like $1 million-— weeks and i felt like $1 million. ~ ., ., ., ., million. well done. you are an examle million. well done. you are an example to — million. well done. you are an example to us _ million. well done. you are an example to us all. _ million. well done. you are an example to us all. see - million. well done. you are an example to us all. see you - example to us all. see you soon. now, let's talk about potholes — a huge issue for many around the world. here in the uk, the damage they cause to vehicles

is now the main concern for most drivers. the condition and maintenance of roads was the top issue for almost six in ten people for the first time recorded in research by the rac ahead of insurance costs and fuel prices. our transport correspondent katy austin has more. from northern scotland to salisbury, from lancashire to kent. pictures like these filmed by bbc reporters around the country show the extent of britain's pothole problem. it may not come as a surprise then that when the rac asked motorists about their top concerns this year, the state of the roads surfaced as number one. 75% of drivers said that they think their local roads have got worse in the last year. rural roads tend to be worse than urban roads. so, this is the car? yes, this is my wife's car. and this is the wheel that struck the pothole, the tyre that was split in the incident and then the alloy wheel was dented. and that's not something that could be driven on?

no, unfortunately, after that, the car needed to be repaired and couldn't be driven. richard's wife was driving near cirencester in may last year when she hit that pothole. and then there's the pothole right there. oncoming land rover. and there's no option but to follow the line that she's following. to avoid the incident hitting his family in the wallet, richard claimed £189 for the damage from gloucestershire county council. they turned it down. richard persisted and lawyers got involved. and it's been a very complicated and protracted process. but it was all resolved last week when they conceded that they should pay the claim. that's more than a year later. well over a year, yeah. the council apologised for the distress caused, adding that it defends claims robustly and fairly to protect the public purse. a spokesperson said new information had led to the case being settled. different local authorities have their own claims processes and insurance price comparison website told us many people end

up paying for damage out of their own pocket because it's easier. what they should do is go to the council. councils are responsible for maintaining roads, therefore, they're also responsible for paying out any claims for damage to your vehicle. you could also claim on your insurance, but be wary — that could mean that obviously you've got a claim on your policy and you see your insurance premiums go up for at least the next couple of years. the previous government promised to put £8.3 billion into repairing local roads in england over the coming decade. ina in a statement, the department of transport told us... with the finances of local councils stretched, they argue long—term funding certainty is needed to help prevent potholes in the first place. katy austin, bbc news. let's get some of the day's other news now.

the pay of ftse 100 chief executives has to an average of almost £5 million last year, the highest level in seven years. the figures come as uk executives push for higher payouts to compete with international rivals, particularly in the us. according to analysis from the high pay centre, the number of companies on the blue—chip index paying their bosses more than £10 million rose from four in 2022 to nine last year. a new report by the international labour organization suggests global youth unemployment is at its lowest level for 15 years. however, according to the un agency's report, not all regions have recovered from the impact of covid—i9. the ilo says that for young people in the arab states, east asia and south—east asia and in the pacific region, youth unemployment rates were higher last year than in 2019. around the world and across the uk, this is bbc news.

you are with business today. you are with business today. you are with sally bundock. hong kong's top court has ruled against former media tycoon jimmy lai and six other pro—democracy campaigners on their appeal against their conviction for taking part in an unauthorised assembly. the conviction involves a rally on august 18, 2019, during the massive anti—government protests in hong kong. let's get more on this. mariko oi joins us live from our asia business hub. mariko, i do remember talking to you from hong kong during those protests. i guess the verdict doesn't come as a surprise? no, ithink no, i think it is fair to say that the verdict does not come as a surprise, but as you say,

we were all there covering those protests and to think that how much the city has changed in such a short time it is quite remarkable stops we are talking about 76—year—old former media tycoonjimmy lai who was the founder of the pro—democracy newspaper apple daily which of course has since been shut down as well as six others who have been found guilty of organising and participating in an unauthorised assembly five years ago. jimmy lai was jailed for this conviction but he has also been serving a sentence for other charges and he has been held in solitary confinement for more than three years now. i still remember the shockwave sent to the business community at the time when the authorities decided to go after jimmy lai and arrest him because he was a billionaire businessman, and until then, most of the arrests were among student protesters. the appeal centred on whether or not the conviction was proportionate to fundamental human rights protections, which was rejected by hong kong's topicort. of

course, i look has changed in the last five years. china has imposed strict national security laws in 2020 following those protests in hong kong also imposes a national security law earlier this year. mr lai is also facing a separate national security trial as well. while hong kong does remain a vibrant financial hub, those protests and the arrest and also beijing's tightening grip on the city, all of those have affected the sentiment among businesses as well. . ~ sentiment among businesses as well. ., ,, , ., sentiment among businesses as well. . ~' , ., , sentiment among businesses as well. ., ,, , . well. thank you very much indeed for _ well. thank you very much indeed for the _ well. thank you very much indeed for the latest - well. thank you very much indeed for the latest on i well. thank you very much i indeed for the latest on that. let's head to mainland china now, and the decision over the fate of one of the country's largest property developers, kaisa group holdings, was given a temporary reprieve after a court in hong kong adjourned the hearing into the developer's liquidation until september 9. kaisa was sued by its creditors in 2021 after defaulting on its repayments and has since been struggling to come up with a way

to restructure its debt. earlier this year, it was given a seven—week stay on liquidation to come up with a plan, but has it? and will it be enough? let's speak now to rory green, chief china economist and head of asia research at globaldata ts lombard. good to have you on the programme. first of all, in the property sector in china, how big a deal is his company? it is not the biggest property developer in china by any means, but it is up there with the mid to large sized private developer. notably, it is one of the one that is actually almost gone bust before in 2015, so it emerged like a phoenix from the ashes and are now caught up in this wider downturn, and still in quite a lot of difficulty. d0 downturn, and still in quite a lot of difficulty.— lot of difficulty. do you think it will escape _ lot of difficulty. do you think it will escape liquidation? is| it will escape liquidation? i3 going to a challenge. kaisa

group holdings�*s team has delayed and delayed so much so that the judge in delayed and delayed so much so that thejudge in hong kong is pretty annoyed with kaisa group holdings and has given them a strict four week deadline here. and it is going to be a tough negotiating period for kaisa group holdings and its creditors. it has $30 million outstanding offshore bonds that are subject to racetrack terrain, it is a massive amount of data that they have to work through and it is going to be a challenge for it to avoid both a voluntary or even an involuntary equitation and mandated by the court in hong kong. mandated by the court in hong kona. , . mandated by the court in hong kon., , ., mandated by the court in hong koni, , ., ., mandated by the court in hong kon. ,., ., ., kong. this all came to our attention _ kong. this all came to our attention when _ kong. this all came to our attention when ever i kong. this all came to our attention when ever brand kong. this all came to our- attention when ever brand group looked shaky, and that was quite some time ago now, and at the time we were trying to convey to our viewers around the world what this meant for china's economy, etc, with the ripple effect could be ——

evergrande. there we are now, we're looking at another company, kaisa, and its future. what impact has all this had? it has had an enormous impact, sally. the property sector in 2021 at that time was around 25% of china's entire gdp. it was 70s% of household wealth, it was all in property and a huge chunk of bank lending around 60%, and it is still a big part of the economy. of those numbers have come down significantly, and as they have contracted, as the property sector struggles to deal with over a decade of resource misallocation, china's economy has come under huge pressure, seeing protests, financial instability and the beginning of a long—term structural slowdown in the economy. so it is a huge issue, and in terms

of the global implications, it is actually pretty helpful for developed markets, putting downward pressure on a whole range of prices like steel, iron ore, right through to home appliances. a massive impact, china and globally and still a long way to go for the property sector to stabilise. and long way to go for the property sector to stabilise.— sector to stabilise. and in terms of _ sector to stabilise. and in terms of the _ sector to stabilise. and in terms of the long-term . sector to stabilise. and in i terms of the long-term impact terms of the long—term impact for china, the world's number two economy, which does of us in one one way or another, what does it look like, do you think? of does it look like, do you think? of course we have been sorta worried about the outlook for china for a while now. yes. for china for a while now. yes, if we are _ for china for a while now. yes, if we are looking _ for china for a while now. yes, if we are looking quite - for china for a while now. yes, if we are looking quite a i for china for a while now. yes, if we are looking quite a bit i if we are looking quite a bit longer term, if we are looking quite a bit longerterm, in if we are looking quite a bit longer term, in some ways, some might, maybe in ten years time at the end of the tunnel where china has gone through this difficult structural economic transition, it has moved away from a heavy reliance on an

unsustainable debt, property let economic model to something thatis let economic model to something that is perhaps a little bit more sustainable, mainly based on advanced manufacturing, perhaps a little bit of domestic consumption, a little bit more on the export side, and it could be a more sustainable albeit slower growth model for china. getting from where we are now to that point is going to be a very difficult transition.- difficult transition. yes. a ainful difficult transition. yes. a painful process. - difficult transition. yes. a painful process. we i difficult transition. yes. a painful process. we are i difficult transition. yes. a| painful process. we are all getting very used to that. good to get your take on what is going on in china. we appreciate your expertise on that. now, let's end the show on a high. it can be a tricky hour. we have a lot of doom and gloom. let's talk about cannabis. 12 years ago, colorado and washington were the first us states to legalise recreational marijuana use. 12 years ago. can you believe it? as the legalization of cannabis expanded throughout north america and around

the world, business owners and investors rushed to capitalise on it. and it's a big market — globally projected to reach nearly $61 billion in revenues this year and growing to revenues of over 100 billion by 2028. but like any new industry, there are growing pains to endure, and in california, thousands of weed businesses have shut their doors for good as demand struggles to keep up with the supply. so, is the cannabis �*green rush�* finally over? to talk us through the highs and lows, i'm joined by george mcbride, co—founder of hanway associates, a leading european cannabis consultancy. iam sure i am sure you are hoping it is not over, the green rush, as it were. but it look at the us, is that the case? has the cannabis sector failed to live up to the dream? it sector failed to live up to the dream? . . , . dream? it certainly exceeded it in some regards, _ dream? it certainly exceeded it in some regards, in _

dream? it certainly exceeded it in some regards, in terms i dream? it certainly exceeded it in some regards, in terms of. in some regards, in terms of the shift from alcohol to cannabis that we have seen among young adults in america and the extent to which states have chosen to open recreational cannabis markets, it is still going on now 12 years later with ohio legalising recreational access at the moment. in other ways, it struggled, there is complex regulation, highertax it struggled, there is complex regulation, higher tax barrier and it has been hard to be —— build illnesses with sustainable profit so there was a huge connections floating around about the size of the market five, ten years ago, some of that hasn't come to being what we have seen continued growth in the market, and the establishment of some large businesses and some profitable ventures but it is not an easy market to operate in. �* , �* . in. inaudible on the impact it has had on. — in. inaudible on the impact it has had on, say, _ in. inaudible on the impact it has had on, say, for _ in. inaudible on the impact it has had on, say, for example, | has had on, say, for example, in colorado or california, 12 years of his business, legalisation of marijuana,

impact has had, good, bad, etc? california was probably hoping for wider us legalisation and federal levels so they could sell their cannabis across the us. we have seen some businesses fail is that hasn't happened as fast as some predict. sales are still high in california at about $5 billion a year, they haven't grown or even fallen a little bit over the last year or two. it is a challenging and highly competitive markets, but we have seen huge growth. what about the _ have seen huge growth. what about the health _ have seen huge growth. what about the health impact, i about the health impact, though? good and bad? in some ways, i know that people argue that it ways, i know that people argue thatitis ways, i know that people argue that it is a great benefit in terms of dealing with some medical conditions, but also, there is the argument against. any studies on that?— there is the argument against. any studies on that? yes, there have been studies. _ any studies on that? yes, there have been studies. the - any studies on that? yes, there have been studies. the us i any studies on that? yes, there have been studies. the us is i have been studies. the us is always quite keen to plough ahead so there is not as much thorough research as we should hope, but there is really

thorough research going on in the netherlands, linz and now germany into the impact of these markets on consumer health. we are aware that there is an effect in terms of bringing people away from alcohol and a potential health benefit there, that we are also aware this drug isn't without risks and wider access can mean wider use. we risks and wider access can mean wider use-— wider use. we have to leave it there, wider use. we have to leave it there. sadly- _ wider use. we have to leave it there, sadly. we _ wider use. we have to leave it there, sadly. we could - wider use. we have to leave it there, sadly. we could talk i wider use. we have to leave it | there, sadly. we could talk for ages but we haven't got the time. thank you so much. thank you as well for your company. hello. a stormy night for some of us, and on top of that, it feels very warm and humid out there — almost tropical — with temperatures hovering around 20 degrees there on the south coast of england through the early hours of monday morning, and even in northern ireland, around 17 degrees. now, this is what the heatwave looks like across western europe. at the moment, temperatures well above the average for the time of the year. the temperatures will peak in england on monday. let's get to the forecast then,

and that stormy picture developing to the west of the british isles. you can see the storm clouds there, and the radar indicating the rainfall, flashes of lightning as well. more to come through the course of early monday. so, the weather front crossing northern ireland with the downpours through early monday morning, then reaching the west coast of scotland, spreading across scotland as it moves towards the northeast. a few showers in northern england, but south of that, the picture looks generally dry and sunny in the morning. now, this is the yellow warning from the met office — a chance of frequent lightning, hail and strong winds within this area. now, because it's a yellow warning, it's a relatively low risk for any one location, but when you get it, you'll know about it. so, the forecast then for the rest of monday then. well, the story is going to be the heat across england. in fact, from the southeast, through east anglia, into lincolnshire, temperatures well over 30 degrees celsius. cambridgeshire could well reach around 35 celsius. far more comfortable, i'm sure you'll agree, across western parts

of the uk, with the low 20s. and it will freshen up as we go through the course of the week, gradually. weather fronts are approaching us on tuesday. that does mean cloud and some rain. and here's the forecast for early on tuesday morning, with that cloud and rain spreading into western parts, but still a very warm southerly across eastern areas of the uk. so, from london, across east anglia, into lincolnshire, temperatures could still reach the high 20s, but more typically, it's going to be the low 20s or even the high teens further towards the west and north. and then on wednesday, a ridge of high pressure builds in between weather systems, so that means that the weather's looking fairly promising. many of us would call it a perfect summer's day, with fine weather midweek. towards the end of the week, there could be some rain, and then beyond that, the forecast is somewhat uncertain, with a little bit of rain, but also plenty of sunshine. bye— bye.

good morning, welcome to breakfast with sally nugent and jon kay. our headlines today. a bbc investigation into the nottingham attacks in which three people died is told of the missed opportunities to stop the killer. medical records reveal a doctor warned three years before the stabbings, valdo calocane's mental illness was so severe he could "end up killing someone". speaking for the first time,

his family say the system failed. for so long, we thought that it would end in tragedy. but i thought the tragedy would be him taking his own life and it was infinitely worse than that. fireworks, music and hollywood stunts. athletes celebrate as tom cruise brings to a close the paris olympics in a spectacular ceremony. from all of us watching at home, congratulations to team gb. the princess and prince of wales are among those to congratulate team gb who took home 65 medals. for team gb, one more medal than tokyo. they come cartwheeling home with 65 in total after a bronze for emily in paris but the number of golds was the lowest since athens 200a. thousands of people in greece have been told to evacuate their homes because of wildfires near athens.

counting the cost of pothole damage.