on its first european plant in the city of dresden. it is an endorsement for europe as a global innovation powerhouse. plus, holding back the floodwaters — we head to copenhagen where hundreds of projects are underway to soak up or carry away heavy rainfall. a fresh blow for boeing — it's grounded its entire test fleet of 777x aircraft, after discovering a problem with a crucial component. live from london, this is business today. we start in europe where the european commission presidentjoined the german chancellor and the chief executive of the taiwanese semiconductor giant tsmc on tuesday to inaugurate a massive new chip plant in dresden. when built, the plant will be the first in europe

for tsmc and its teaming up with european chipmakers infineon, bosch and nxp. it will be known as esmc with the eu firms each having a 10 percent stake and tsmc holding 70 percent. the eu has approved 5 billion euros in german state aid for the project. ursula von der leyen hailed it as a "win—win for all of us" here's our world business reporter david waddell. three, two, one! shovel! here's the breaking ground ceremony in the german city of dresden for the world's newest semiconductor plant, the european semiconductor manufacturing company. but the world's biggest chip company, tsmc, that's the taiwan semiconductor manufacturing company, will have a 70% majority share in the new enterprise. the benefits to tsmc are clear.

we choose dresden because of the reason, simple, is very close to our customers. and also we can access to many talented people. so we promise that we are going to continue to recruit and develop the talented people in this area. this is not tsmc�*s first foray onto foreign shores. in recent years, it's been ramping up investment in arizona to bring some of its most advanced technologies to the united states. that has not been free of challenge. tsmc�*s warned the cost of construction of buildings and facilities there was up to five times what an identical plant would cost in taiwan, and that us talent was insufficient. taiwanese workers would need to be loaned in for a period. so why germany? well, the auto industry here is the powerhouse of european manufacturing, and it has a challenge on its hands. the big german producers volkswagen, daimlerand bmw

and other european marques need to transition quicker to produce more electric vehicles. they're highly reliant on the right semiconductors and also on security of supply. european industries will benefit from more reliable supply chains and local supply chains, and new products that are tailored to their needs and at a time of growing geopolitical tensions, tsmc will also benefit from geographic diversification to europe. better access to our european strength like automotive. as you said, the customer is of importance for you and to our unique single market. these chips are crucial to the global supply chain today and in the future. president von der leyen mentions growing political tensions. taiwan exists under an ever present threat. china considers the island an integral part of its national territory, while taiwan's far from ready to reunify with china.

but the tensions reverberate far beyond taiwan. western governments are mindful of their industry's acute reliance on taiwanese chips. the consequences of escalating tensions could throw all sorts of industries into disarray and throw the global economy into meltdown. david waddell, bbc news. malcolm penn is chairman & chief exevcutive of future horizons — a chip industry consultancy ursula von the lions described the partnership is a win—win. do you agree? it's almost too simple to describe it, it's monumental. and it will move the dial in europe. it's a huge investment and an important one and the fact it is in dresden underlines the importance that dresden has in not only the

semiconductor industry in europe but also worldwide. find europe but also worldwide. and it has come _ europe but also worldwide. and it has come at _ europe but also worldwide. and it has come at a _ europe but also worldwide. and it has come at a cost, _ europe but also worldwide. and it has come at a cost, 5 billion euros had to be put in in state aid but actually everyone around the world has seen this is important and we are seeing the same thing in the us, and in europe, different parts of the world realising that they need to have things closer to home, near shoring as it is called. that's absolutely true. semiconductors have been around for 70 years but it's only since covid they caught the imagination when people realised they are in everything we use and they underpinned 25% of world gdp so when you think about the importance of the little silicon device and what it impacts, it's very important. yes it's a $5 billion subsidies half of the cost of the factory, which is huge and a much bigger support than ever done before but the impact of that factory will be monumental in terms of its

wealth creation potential and its value on the eu economy, so it's important it is put into perspective. it's important it is put into perspective-_ it's important it is put into perspective. what about the risks that — perspective. what about the risks that my _ perspective. what about the risks that my colleague - perspective. what about the | risks that my colleague david highlighted in his report. this is a taiwanese company that owns 70% of the partnership and has a difficult relationship with china, and that could pose a big threat in the future. potentially, yes. it absolutely would be. and that's something which has come to the forefront in the last five or so years and until then people kind of tacitly accepted that there was a theoretical risk but probably not that strong. but now it does need to be considered to be strong and tsmc has grown up with everything in taiwan pretty much and that was the good business model that concentrated things and made it efficient but now they realise

they must diversify and have to spread the load. all their eggs in one basket is never a good plan in terms of security and supplies so the overall trend is you have to geographically spread and there is a cost associated with that but there's a bigger cost associated with having your factories nationalised by a foreign country.— factories nationalised by a foreian count . . ~ foreign country. malcolm, thank ou for foreign country. malcolm, thank you fervour— foreign country. malcolm, thank you for your time. _ let's stay with tech, and its environmental impact. developing ai models and training them requires extensive computing power and energy consumption and it's turned google and microsoft into big contributors to climate change. google recently announced its carbon emissions have risen by 48 percent since 2019 from data center and supply chain energy consumption. the mit technology review reported that training just one ai model can create 284 tonnes of carbon dioxide equivalent emissions. that's nearly five times the lifetime emissions of an trypical car.

so how can ai be made more sustainable? let's cross live now to alexis normand — chief executive of greenly which provides tools for small and medium businesses to track their carbon emissions. iam sure i am sure you are not surprised to hear the news from the likes of alphabet and microsoft that their carbon emissions are going up significantly because they are adopting ai. absolutely. ai emits carbon dioxide because it runs on data centres which are massive computer farms and you have to manufacture these data centres and so there has been a big upshot of about 20% of ai emissions and then they run on electricity which is about 80% of emissions and you have to like them, call them and run

computation so when ai booms, that electricity than the electricity use booms and that explains the massive growth of the c02 explains the massive growth of the co2 emissions. explains the massive growth of the c02 emissions.— explains the massive growth of the c02 emissions. what is the solution to _ the c02 emissions. what is the solution to this? _ the c02 emissions. what is the solution to this? every - solution to this? every technology company, small medium and large wants to adopt a ainu —— adopt ai. medium and large wants to adopt a ainu -- adopt ai.— a ainu -- adopt ai. essentially we will be _ a ainu -- adopt ai. essentially we will be using _ a ainu -- adopt ai. essentially we will be using a _ a ainu -- adopt ai. essentially we will be using a lot - a ainu -- adopt ai. essentially we will be using a lot more - we will be using a lot more electricity if we're using a lot more ai so there are two things you can do. you can have models and data centres that use up less electricity because there more efficient in the same way electric machine and electric car would be more efficient but the real solution is to make that electricity much greener and that's what the companies are trying to do with less success. [30 the companies are trying to do with less success.— the companies are trying to do with less success. do you think big companies _ with less success. do you think big companies like _ with less success. do you think big companies like apple, - big companies like apple, amazon alphabet should be forced by law to meet

sustainable targets as they make huge profits quarter on quarter and we report the numbers and they are making a lot of money. first of all they made a very ambitious pledges themselves to achieve net zero so even without being forced by the law they made it their ambition to be carbon neutral. but they are not hitting the target and they are going in reverse so the ambitions are there but they are not meeting there but they are not meeting the ambitions so in order for us to knock korea into a climate crisis, should they be forced? i climate crisis, should they be forced? ~ , climate crisis, should they be forced? ~' , , ., , forced? i think they should be forced? i think they should be forced to report _ forced? i think they should be forced to report in _ forced? i think they should be forced to report in an - forced? i think they should be forced to report in an honest. forced to report in an honest way and what happens with this electricity consumption shooting up i think we've seen a lot of carbon accounting tricks happen and essentially the way you report your emissions is by looking at how much electricity you have

consumed over all and you can report that this electricity consumption is carbon neutral if you buy renewable energy certificates so you are consuming a lot of carbon intensive electricity in one place because it runs on coal or gas power. but you are buying renewable energy certificates from thousands of miles away from bridging you a bill energy farms and solar panels but really what comes to your machine is not carbon neutral at all. so you are pretending to be carbon neutral because you have got certificates that are really energy sources that might have been built anyway and that is something that regulators should be interested in, report emissions honestly so you can have an honest effort to reduce emissions and we should start there first. emissions and we should start there first-— we're heading to the danish capital copenhagen now —

where a huge effort is underway to protect the city from floods and severe weather. more than 300 climate—adaptation projects are in the works, including underground tunnels to carry away heavy rainfall, as well as the creation of new green spaces that act like "sponges" to help hold back water. 0ur correspondent in copenhagen — adrienne murray has been taking a closer look. a huge tunnel burrowing right under the city, 20m below ground. this is likejules verne journey to the centre of the earth. it's part of a plan to protect copenhagen from flash flooding during heavy downpours called cloudbursts. acting as a man made river, this is one of two tunnels that will hold large volumes of water, then carry it away to the sea. this one runs down to the harbour. it's 700m long and basically the two tunnels

together should contain or retain 10,000 metres of water during a storm event. in 2011m in 2011, a once in a thousand year flood left the danish capital knee deep in water and caused widespread damage. now, more than $2 billion is being spent flood proofing the city. it's very expensive to protect the city, but you could say it's even more expensive not to. in 50 or 100 years time, we will probably in copenhagen see some a0 or 50% more rain in a year. it's about these extreme events where all of a sudden we have a lot of heavy rain in a very short period of time, and they just become more frequent. built up with impervious tarmac and concrete. tarmac and concrete, many other cities have also been hit by flash floods. worldwide, the economic losses from flooding top $100 billion a year, and within the next three decades, that's expected to climb steeply. yet many cities

remain underprepared. with more than 300 projects in the works, copenhagen is remodelling itself. this was once a congested roundabout, but hundreds of trees have now been planted, transforming it into a small woodland. creating green spaces like this one that can act as a sponge, help urban areas handle heavy downpours of rain and when needed, this rather clever city park turns into a reservoir holding back water from the nearby neighbourhood. we have a pipe underground where we can store the everyday rain reused for irrigation of the trees around in the park and in the neighbourhood. there's underground water storage and these walls can be closed off. it can fill the whole park up. actually holding back more than 20,000 cubic metres of water. take a look at this sunken sports pitch. it has a hidden purpose.

this is actually used for storing rainwater during heavy downpours. then this is filled with water. but low lying copenhagen also has other risks to prepare for. we look into the future with a changing climate. we will have rising sea level. we will have a warmer city. we will have more heatwaves in the summer time. and one of the tools is that we can make the city more green, have more trees in the city. with more extreme weather expected in the decades ahead, denmark's capital is getting ready and other cities are taking note. adrianne murray, bbc news, copenhagen. more troubles for boeing. the plane maker said its long delayed 777x jetliner has encountered a problem, forcing the company to ground it. this is the latest blow to boeing's reputation for quality after two deadly crashes and after an exit door blew off a 737 max jet shortly after takeoff in january.

michelle fleury has the details. boeing has grounded its entire test fleet of 777x jetliners. the decision was taken after a routine post—flight inspection revealed damage to a crucial component that mounts the engine to the plane's wings. boeing said in a statement, our team is replacing the part and capturing any learnings from the component, and will resume flight testing when ready. it said it has informed its regulator, the federal aviation administration, as well as its customers. the 777x, boeing's newest and largest aircraft, was due to go into service in 2020, but it's been plagued by delays and cost overruns, and that date was pushed back to 2025. now, the discovery of a faulty engine part threatens to push the date back well even further. around the world and across the uk. this is bbc news.

now here in the uk, there's good news for tenants as there are some signs the heat is beginning to come out of the rental market. data from zoopla shows rents are rising at their slowest pace in three years. the average increase on newly let properties for the first half of this year is up 1.6 percent from jan to june — dropping from a peak of nearly seven percent a year ago. data from zoopla shows rents are rising at their in a handful of cities like nottingham, london, brighton and glasgow, new rental prices were actually cheaper during the last six months than they were the previous year. 0ur cost of living correspondent colletta smith has the story. so this is my bedroom—slash— office at the moment. so it's quite tight in there at the moment. and you work from home right? yeah, i work from home, so i'm always in there. i'm getting the grand tour of monty's shared flat.

and then this is the kitchen then? yeah, this is the kitchen. it doesn't take long as it's essentially a glorified corridor, but it doesn't come cheap. we're paying £550 each per month. so 1100 totaljust for the rent. just for the rent. in the last six months, data from zoopla shows the scales are starting to tip back in favour of tenants. the amount rents are leaping up is easing and in some places, like here in nottingham, new rents have actually fallen by 0.6%. although renters can't be getting too excited about it yet, it is a sign that we possibly have reached the peak in rental rises, and that's a relief for millions of households who've been battered by those high prices over the last couple of years. there's lots of things causing that change. we've got reports of fewer student numbers, we've got a slower pace of people coming to the uk to work and to study. so we're seeing localised changes in

demand, supply improving through new build and some investors buying property. and in some areas rents have simply overshot and they need to fall back to sort of a level where people can afford them. 30 miles away in derby rents have still been increasing over the last six months, and imogen and herfiance found it hard to find somewhere in their price bracket. we hadn't seen this house when we put a deposit down for the rent. i know which which logically you should never do, but because we'd had a few where we were like wanted to see them first and then they'd just go. i was so scared that it was going to go. after years of feeling like they're fighting a losing battle, this is the moment the tide is starting to turn for renters. colletta smith, bbc news in nottingham. today — the 21st august — is world entrepreneurs day which aims to celebrate the contribution of people who start businesses. but times are tougher these

days for entrepreneurs. in the us, failures of start—up businesses have jumped 60 percent over the past year. data from carta, which provides services to private companies, shows the rate of bankruptcies today is more than seven times higher than when it began tracking failures in 2019. higher interest rates have squeezed funding from venture capitalists — and tougher economic conditions are affecting young businesses. our final guest is an entrepreneur — kiera rogers is also founder and ceo of babes — a multimillion dollar clothing brand that caters to curvier women. good to have you on the programme. welcome. thank you for having me. programme. welcome. thank you for having me— for having me. how did you do it? how did — for having me. how did you do it? how did you _ for having me. how did you do it? how did you start - for having me. how did you do it? how did you start your- it? how did you start your business and turn it into a success? i business and turn it into a success?— business and turn it into a success? i guess i found a problem _ success? i guess i found a problem that _ success? i guess i found a

problem that needed - success? i guess i found a problem that needed to i success? i guess i found a| problem that needed to be fixed and the problem was curvy stretchy fun that was also available for women online. you made that _ available for women online. you made that sound _ available for women online. you made that sound so _ available for women online. you made that sound so simple because we know of problems out there that need to be fixed but not everyone is an entrepreneur, or is that in everyone, is it nature or nurture? i everyone, is it nature or nurture?— nurture? i think it's in everyone _ nurture? ithink it's in everyone and - nurture? ithink it's in everyone and we'll . nurture? i think it's in| everyone and we'll see nurture? i think it's in _ everyone and we'll see problems that need to be fixed but it's about going and fixing and there are people who had ideas like i wish this could be different or this would work better if it was this way but it's about taking the steps to start the business.— it's about taking the steps to start the business. where the challenges — start the business. where the challenges for _ start the business. where the challenges for you. _ start the business. where the challenges for you. did - start the business. where the challenges for you. did you i challenges for you. did you have to get funding or did you have to get funding or did you have savings? i have to get funding or did you have savings?— have savings? i had $10. that was my first _ have savings? i had $10. that was my first challenge. - have savings? i had $10. that was my first challenge. no i was my first challenge. no money but without money i have had a lot of creativity and i use a lot of resources and instagram was free and there's

a lot of people around to help, so that is how i got started but no funding or investments. all of my own. but no funding or investments. all of my own-— all of my own. you make it sound easy _ all of my own. you make it sound easy but _ all of my own. you make it sound easy but in - all of my own. you make it sound easy but in the - all of my own. you make it sound easy but in the earlyj sound easy but in the early days i presume it was very tough. days i presume it was very tou . h. ., , days i presume it was very tou. h, ., , ., days i presume it was very tou~h. .,, ., ., days i presume it was very tou~h. ., ., ., , tough. there was a lot of times i wanted tough. there was a lot of times i wanted to _ tough. there was a lot of times i wanted to quit _ tough. there was a lot of times i wanted to quit or— tough. there was a lot of times i wanted to quit or i _ tough. there was a lot of times i wanted to quit or i didn't - i wanted to quit or i didn't see a profit happening and at the same time we started the business it was definitely difficult but when you have bills to pay and you don't have anywhere to go you keep moving forward, so it is difficult but you have to keep moving. you've written a book— you have to keep moving. you've written a book called _ you have to keep moving. you've written a book called the - written a book called the outsider advantage that you do not need to fit in to win, so do you feel you are an outsider when it came to being an entrepreneur and the boss of a business?— business? absolutely. my outsider _ business? absolutely. my outsider status _ business? absolutely. my outsider status was - business? absolutely. my outsider status was being | outsider status was being rooted in poverty and i never had much as a kid and i was

always envious of kids with two—parent households, so two—pa rent households, so that's two—parent households, so that's what created my hostel a mentality which is really helpful in becoming an entrepreneur, so that kind of career path worked out for me. just how successful is your business? i called it a multi—million dollar clothing brand. are you making profits? how many people do you employ and what does it look like now? we are still relatively small and i have five or six employees right now and we are keeping it small. it's not as huge as you might think. multi—million dollar businesses are different and mine is still small. ~ ., , ., are different and mine is still small. ~ ., . ., , small. where are your clothes made and _ small. where are your clothes made and who _ small. where are your clothes made and who makes - small. where are your clothes made and who makes them? l small. where are your clothes l made and who makes them? in america. i have people in my office and we make sustainable things and we flip a lot of things and we flip a lot of things and we will go to thrift

stores or we will find fabrics that work well for curvy women, so a lot is made in—house. it’s so a lot is made in-house. it's treat to so a lot is made in-house. it's great to talk— so a lot is made in-house. it's great to talk to _ so a lot is made in—house. it's great to talk to you and hear how you started the business and made it work on world entrepreneurs day. thank you so much for being on the programme.— much for being on the programme. much for being on the rorramme. ., ., ., programme. thanks for having me. let's take a look at the markets. let's have a look at the markets. in hong kong, tracking down the index and in mainline china is shares injd dot—com, plummeting, dropping by as much as 12% on the news that walmart and its other subsidiaries said in a filing that they have sold off a big chunk of the chinese business. off a big chunk of the chinese business-— business. walmart has sold . uite business. walmart has sold uuite a business. walmart has sold quite a bit _ business. walmart has sold quite a bit of _ business. walmart has sold quite a bit 0ij _ business. walmart has sold quite a bit 0ij shares - business. walmart has sold quite a bit 0ij shares and| quite a bit ofjd shares and that has caused the share price to fall significantly. you are up—to—date on the business needs. see you soon. hello. i think it's going to feel more

like autumn than august over the next couple of days, particularly across the northern half of the uk, where we're going to see some heavy bursts of rain wednesday turning very wet indeed and there will be some pretty strong winds. it's all because of this frontal system pushing in from the west, thickening up the cloud, bringing those outbreaks of rain from the word go across parts of northern ireland and western scotland, eastern scotland starting the day with a little bit of brightness. northern england, parts of north wales likely to cloud over a bit of patchy rain developing here. to the south of that, through the midlands down towards the south of england, it should stay largely dry with some spells of sunshine, but the winds will be picking up gusts of 50mph or more by the end of the day. across western parts of scotland, where the rain really will be hammering down through the afternoon. top temperatures 15 degrees in glasgow, 22 degrees in london and then through wednesday night, well, the rainjust keeps on coming across that western side of scotland. it's possible that some places could see 100mm, giving the risk of flooding

and disruption. gales are possible around some exposed western coasts as we head through wednesday night into the first part of thursday. pretty mild start to thursday morning, 1a, 15 degrees in quite a few places. through thursday, we'll see this frontal system, this cold front here pushing its way southwards and eastwards, some outbreaks of rain with that, the rain, i think, tending to fizzle as that front moves southwards and eastwards, but it will still be accompanied by some quite strong and gusty winds. behind the front the skies brighten, we see some sunshine but there will be some scattered showers, some of which could be on the heavy side and temperatures north to south 1a to 22 degrees. and then as we move through thursday night it looks like we could see another frontal system and another potentially quite deep area of low pressure developing that could bring a swathe of really strong winds, particularly through parts of north wales, the north midlands, northern england, that will all sweep away as we go through the day on friday. sunny spells behind, but also quite a few hefty

showers pushing into western scotland and northern ireland. so the weather continuing in that very unsettled vein. and then as we head into the weekend, well, some uncertainty about the detail, but it looks like there will be further showers or longer spells of rain. between all of that, though, there should be some spells of sunshine.

good morning. welcome to breakfast with sally nugent and ben thompson. 0ur headlines today... six people remain missing as rescue teams struggle to get inside the sunken super yacht off the sicilian coast. former president barack 0bama tells democrats that america is ready for a new chapter with kamala harris as president. america's waiting for a better story. we are ready for a president kamala harris. good morning. british holiday—makers will need to spend £6 to enter eu countries as soon as next summer under plans by the european union. 0llie pope on captaining his country for the first time. but how will a new look england fair without ben

stokes? we have some wet and windy