the american national weather service has described the flooding as "beyond anything experienced". officials say more tornados and rain are on the way security has been tightened in several states in northern india of this before and the sentencing on monday of a self—styled guru convicted of rape. now it is time for our newspaper review. what's making headlines around the world 7 the financial times is leading with the catastrophic floods swamping houston following tropical storm harvey. a picture of two men in a kayak on the street shows the incredible flood level in the city. in the new york times, the emerging relationship between greece and china is making the front page. the paper says a chastised greece has embraced advances and investments from beijing, as it struggles under austerity measures imposed by european partners. gulf news business is focusing on the much awaited roll—out of the uae's value—added tax rate, which is set to be one of the lowest in the world.

the independent is looking at the notting hill carnival‘s tribute to victims of g re nfell tower. a minute's silence was held at the festival's opening at the weekend, and will be observed again today at the grand finale. and finally, south china morning post reports the international olympic committee would consider introducing esports to the games to attract a younger audience, but only if gore and violence is removed. so let's begin. with us is lawrence gosling editor—in—chief of investment week. good morning to you. so, these floods in houston, i mean, utterly incredible scenes and you know, a terrifying situation for those caught up in it. very much so, this is the kind of legacy of hurricane harvey, we get used to this time of year of having a hurricane with an

alliterative name but these are mickey names, these are 27 inches of rain, as it has been reported has hit houston already, and perhaps the first natural disaster of this sort of crop residency, but he has two cope with —— trump. he has come up with no pun intended a bellwether for him. does he seem to be having the human cost of the hurricane in new orleans. so far, the human cost has been low in comparison to those significant events and again, that's perhaps from the country's percentage of the presidency quite a key feature. the other thing is about the cost of these, every year every time these things happen we talk about the cost of insurance, the industry, and of course they in a way, may suffer from this but they put their premiums up and then they managed to make the money back. does the insurance industry worry about these things particularly? no,

because they have long—range weather models, actually, so in many cases they have a forecast of more than a year or two ahead so rarely do they get caught short of capital actually and put this in a round or the other natural risks that they cover during the course of the year, the last few years have been thought a relatively benign in that sort of perspective so benign in that sort of perspective so the insurance industry ironically is one that tends to be quite well out of situations like this. the political angle as well, president trump due to visit on tuesday, so important in this disaster situations for the leaders to be there, to be seen, to be meeting people, to be visible. you go back to new orleans and president bush faced criticism for not being there straightaway, he went a few days later though. that was the legacy he kind of failed to fight back against. over the course of his whole term in office. let's move on to the story about greece and china because people were worried that

greece in its moment of austerity would turn to russia. exactly. it turned to china instead. we knew this. it is fascinating because of the depth of the relationship that has been developed. and it's not a financial or economic relationship, you would ask what is the country of china's sias see as an investment opportunity in greece and the answer is it isn't about the best, it's about the political influence they provide and the new york times provides that information that twice in the last year or so china has used the influence to stop, to get greece to effectively stop eu criticism of its human rights policy. and the flood of chinese money coming into europe. it is an interesting story. the chinese are developing a big port in greece which, from an economic perspective is important to china because of the gateway to europe but it's political influence. the language they use, they talk about china being the

dragon's head of this. it is this connection, the old silk road. the adaption of the idea, connecting china to europe and goes right across central asia and into greece. the other interesting angle is the fa ct the other interesting angle is the fact that the chinese government is urging chinese and investors to invest at home rather than abroad, yet here we see the government sort of doing the opposite. exactly, we have seen a slowdown in money from chinese businesses being allowed to come out of the country and invest in europe and north america adhere as you quite rightly say the chinese government is more than happy to do what it wanted its own money and if it gets the right to political influence out of it. let's move on to the next one, this is another sort of business story, this one from gulf news business section, the united arab emirates to roll out vat, but enabled across all of the gulf corporations. the uae will be first to do with from the first of january next year as it is a 5%

across the whole region. it will come through, all the way through 2018 to the year 2019. interestingly, i think this is a major attempt by all of these states the sort of diversify their income. away from the traditional oil and gas. do something that we in europe are familiar with, vat. they are trying to soften the blow of this for their population by sort of saying this will be rolled back into public sector type investment, education, healthcare, et cetera. but it is interesting, perhaps the modernisation of their economies. and once you bring it in as a low rate, everyone except that and it isn't much money and once you have accepted it, the principal, then of course the sky is the limit, as we found out in europe! it is that classic stealth tax that we have to put up with an economically it tends to penalise those on low incomes and those on higher incomes. right,

historic carnival, 50 years old today. slightly over 50 now for notting hill, it is the leeds which is 50 this year. it is interesting, the carnival is meant to be a sort of really joyous the carnival is meant to be a sort of reallyjoyous occasion and you see the fantastic costumes and the weather helped but clearly, there is this very sombre undertone this year because if anybody is familiar with we st because if anybody is familiar with west london you can see the grenfell tower quite easily from anywhere in and around the streets of notting hill. but it should be because it is about community. the deeper sense of it is the idea of the community and thatis it is the idea of the community and that is what they are doing by commemorating. very much so. you have the roots in the thought of we st have the roots in the thought of west indian community that came to the uk 50 years ago now and that pa rt of the uk 50 years ago now and that part of london and a big part of the uk, it is a diverse population these days, and to your point, jamie, it's where everyone cotties days, and to your point, jamie, it's where everyone comes together and celebrate the end of summer, really, salutes must have some sunshine. but

they were wearing green, green for grenfell. well, not in that picture! of my monitor is completely out. maybe you are colour all kinds of colours and costumes and lovely to see. that's just move on to the final one, the south china morning post, esports to be part of the olympics potentially? extraordinary. they are coming into the asian games in 2022. china has registered interest in that already. so if the development of the kind of olympic movement, they are trying to make it more relevant to the sort of younger generation who apparently don't watch tv and are not interested in actionable sport. there is an argument about chess as well, bringing that in. it's not... a physical game. isn't that what. . . ? well, some of the pieces are heavier than others. it may be an effort for you! it's a huge growth area. they are incredibly popular and actually

if you're trying to make these events relevant to the younger people and keep their interest and bring them in, something like this, they have least consider it.|j bring them in, something like this, they have least consider it. i doubt they have least consider it. i doubt the olympic committee will look at things like basketball and football and et cetera but they are not going to look at some of the shooting, watertight games so... it's not likely? there isn't much in the olympic ethic. really great to get your thoughts on that. thank you. here we are. the end of the news review. one user at the top of the hour and we will see you then. and a quick business in about 30 minutes time. see you then. —— and back with business. hello. temperatures are coming down in the week ahead, make the most of any warm sunshine you have on monday. the bulk will be across parts of england and wales, for scotland and northern ireland, weather fronts close by.

winds picking up and some wet weather to come. this band of rain pushing south during the day. not too much wet weather into eastern scotland. with it, windy, some cloud increasing. north—west england into wales. for the pennines and east wales, very warm sunshine. once this rain band has pushed through northern ireland in scotland, especially in the evening, brightening up again from the north. one or two showers, a spell of rain for a glasgow and fringing into edinburgh through the afternoon. to the south, staying dry for the bulk of the day across northern england. venturing into the lake district and snowdonia, low cloud and drizzle around. for eastern wales across the midlands, east anglia, southern england, long and sunny spells. for some, unbroken sunshine. that allows temperatures to head higher than sunday. across parts of south—east england, 28—29, even a chance of 30. it could be the warmest

bank holiday on record. monday night, this band of cloud and rain across northern england and the midlands by tuesday morning. cool feel behind that across northern ireland, might be into east anglia in south—east england. warm and sunny spells before cloud increasing in east anglia and south—east england. not much rain on this area of cloud, sinking south. to the north, cool and fresh feeling. some sunny spells across wales, northern ireland and scotland. some areas of northern scotland will see showers. they could be heavy. complicated picture on wednesday. low pressure threatening england and wales with rain. on thursday, high pressure building in across the uk. on wednesday, england and wales could see some rain. one or two of those continuing on thursday. for thursday into friday and the weekend, high pressure settling things down. the outlook this week, a warm, even very warm start for some. turning cooler as the week goes on. a bit of rain, monday, wednesday.

a few showers and then high pressure settling things down later in the week. rain on monday and wednesday. hello. this is breakfast, with steph mcgovern and louise minchin. scenes of devastation as catastrophic flooding hits the us city of houston. desperate rescue efforts are taking place. thousands of people have been rescued with a year's worth of rain expected to fall in just one week. roads have been turned into rivers as people are urged to get to high ground. we prayed a lot. we praised god and he rescued us, so we are very

grateful. one care home had to be evacuated after its residents were submerged in waist—deep water. we'll be live in texas with the latest.