this is the business briefing. i'm ben bland. the race is on! who will be the presidenty of the mighty european central bank? we look at some of the candidates. hot java! would you pay 75 dollars for this cup of coffee? yes, 75 dollars. find out why this brew carries such a hefty price tag.

a major round ofjobs horse—trading gets under way today at a brussels summit of eu leaders, now the elections for the european parliament are behind them. they'll be considering who should run its top institutions, including, crucially for the markets, the european central bank. the current ecb president italian mario draghi — who famously pledged in 2012 to do "whatever it takes" to save the euro — must leave his post in october when his eight—year term ends. eurozone leaders are likely to converge on a consensus candidate

among those with a realistic chance of succeeding him are bank of france governor francois villeroy de galhau, finnish central—bank governor olli rehn, the head of the international monetary fund, christine lagarde and bundesbank presidentjens wiedmann. mr draghi's successor will have a bulging intray. the ecb's key interest rate is currently zero, leaving it little ammunition in the event of a downturn or crisis. fiona cincotta, market analyst at city index joins me now. of the different candidates, who do you think the markets in the city would favour most? or is there a favourite? it's a really tough call. even now, the race is extremely close. the markets definitely have candidates which they are not so in favour for, such as opposition

shown. he hasn't been so in favour, macro three. —— jens widemann. also, in the running, olli rehn, responsible for the design of the ecb, eu quantitative is ——eu quantitative easing package. not in an immediate crisis right now but with concerns over the health of the eurozone economy, good candidates. what will be the key policies that investors will be looking out far from the different candidates to get a sense of what they can expect, depending on who gets the job. they wa nt to depending on who gets the job. they want to see a continuation of policy

in the short—term. want to see a continuation of policy in the short-term. we've seen that mario draghi was spot on with that. perhaps in the longer term, a lot of work to do as far as the integration of the eurozone is concerned, banking policies, bringing banking regulations back into play and sort of strengthening knows someone the longer term, looking for someone with experience and with the political manoeuvring to be able to do that. fiona, thank you. donald trump has completed a 4— day visit to japan. it comes as uncertainty hangs over whether he will impose auto tariffs which are likely to her japan's will impose auto tariffs which are likely to herjapan‘s carmakers. the very latest from tokyo. we just saw president trump relieving japan

after a very busy visit here, with no trade deal signed. to be fair, i don't think anyone was expecting president trump and the prime minister to sign a deal but it's fairto minister to sign a deal but it's fair to say president trump surprised japanese officials when he first tweeted that he expects a deal a lot more numbers and details after the japanese elections in july. again, he said it yesterday, saying he expects the deal to be signed in august. trump saying that the deal to be achieved in august, so now japanese officials have been quite busy backtracking what he might have meant, saying that maybe he hopes the deal will be reached in august and president trump saying he is not bound by the tpp which he pulled the us out of. the foreign minister saying that whatever the deal could be achieved will be within the frame

of the tpp so still a lot more to work out about this bilateral trade deal. thanks very much indeed. now let's brief you on some other business stories. fiat chrysler has pitched a so—called ‘merger of equals' to rival renault. that's as it tries to tackle the challenges of far—reaching technological and regulatory changes by creating the world's third—biggest carmaker. if the deal goes ahead, the $35 billion—plus tie—up would alter the landscape for the industry and impact renault‘s relationship with asian partners nissan and mitsubishi. alibaba is reportedly weighing the option of raising $20 billion through a second listing in hong kong. according to bloomberg, the chinese e—commerce company is working with financial advisers on the planned offering for as early as the second half of this year. a spokesman for the company declined to comment. alibaba held its record $25 billion public float in new york in 2014 after hong kong refused

to accept its governance structure. a coffee shop in san francisco is serving up a $75 cup of coffee. my colleague cody godwin got a taste and asked the obvious question — would someone spend that much on a cup of coffee, and why? all right. thank you.

i think this one's the coffee. it is more complex. it tastes watery, you can taste the oil layer. and that's kind of more sour, in a good way. there's an obvious taste difference, but i'm not sure if it's kind of $75 worth. so why on earth would somebody spend that much on a cup coffee ? this one the best of panama competition, which is really the grammys of coffee. we have sold about 20 cups. and how many cups have

you given away in tastings? probably 20 as well. a bit of budget constraint at the moment. you would buy it and what if you spilt it? the most expensive accident. on the note, we will leave it there briefing but a quick limbs of the markets before we go. asian nudging upjust of the markets before we go. asian nudging up just a fraction. oil nudging up just a fraction. oil nudging up just a fraction. oil nudging upjust nudging up just a fraction. oil nudging up just a fraction. oil nudging upjust a shade. that's it for the business

briefing this hour prisoners in england and wales will be allowed to leave jail for a day or overnight to work, undertake training or look after their children, as part of a government strategy to rehabilitate offenders and find them jobs. the changes will apply mainly to female prisoners and those in open prisons. our home affairs correspondent, danny shaw, reports. he's the convicted killer who murdered a man on day release from prison. in 2013, ian maclachlan stabbed to death 66—year—old graham buck from hertfordshire. the case prompted the government to tighten rules on the temporary release of inmates. the number let out fell by almost a third in five years but the

restrictions are now being eased after research showed prisoners were less likely to reoffend if they had experience working outside jail. less likely to reoffend if they had experience working outsidejail. the new release on temporary license measures were introduced this month. they allow prisoners to do paid work in the community immediately after a risk assessment and let them stay overnight away from prison earlier in their sentence. changes apply mainly to those in women's prisons and jails which hold men assessed as posing less of a threat. we know that actually having a job, having somewhere to live, having an up money and having family ties are really crucial parts of resettling people as they come out of prison and ultimately reducing reoffending. day release plays a really important pa rt day release plays a really important part of that. we should not —— underestimate how difficult it is for people in the transition from prison back into the community. it's thought the new rules will to several hundred more prisoners being freed temporarily each year but the prison authorities are aware the

scheme needs close monitoring to make sure the public are kept safe. danny shaw, bbc news. coming up at six o'clock on breakfast charlie stayt and naga munchetty will have all the day's news, business and sport. this is the briefing from bbc news. the latest headlines: at least 16 people have been stabbed, three of them fatally, in an attack in the japanese city of kawasaki. eight of the victims are believed to be children. police say they have a man in custody. there is no apparent motive for the attack. after the european election shake—up, leaders of the 28 eu member states are gathering in brussels to thrash out the distribution of top jobs in the european institutions — they'll be choosing replacements forjean claude juncker at the european commission and donald tusk at the european council among others.

the deposed chancellor of austria, sebastian kurz, says he's looking forward to elections in september. he was speaking after losing a no—confidence vote. mr kurz‘s coalition with the far—right freedom party collapsed last week when its leader was caught in a covert video sting that suggested he was open to corruption. now it's time to look at the stories that are making the headlines in the media across the world. we begin with brexit — first up the front page of the times, it says the brexit party's success is forcing the conservatives to take a tougher line on the eu as candidates to replace theresa may embrace the prospect of a no—deal brexit. but a different message on the front of the daily telegraph. one candidate at least — the health secretaryjeremy hunt — says a no—deal brexit would be suicide for the party.

on to the business insider looking at one of the day's big business stories, talks of a tie—up between fiat chrysler and renault. but their article points out what a challenge it would be, with fiat‘s business structure already a complicated beast. a study on who's happiest in society makes the independent. it's found single women, without children fare best. city am looks at the business of the beautiful game as it points out aston villas promotion to the english premier league has netted it at least 170 million pounds. and finally, if you're a little bleary eyed right now, you might want to check out the guardian. it says you're more likely to be a deviant if you're sleep deprived. so let's begin. with me is eileen burbidge, co—founder and partner at passion capital. good to see you. i won't ask you how much sleep you had last night. we

will come onto that later. the two papers together. the times and that ——of the daily telegraph. the fallout from the eu elections, trying to make sense of what the uk voters are saying they want when it comes to the next attempt to make brexit happen. and this differing of views as to whether, you know, the governing conservative party should really look at no deal is a realistic option and put it back on the table or whether, asjeremy hunt says, that would be suicidal for the party. it is in the interpretation. it was obviously the worst performance for the conservative party in 200 years. they placed fifth in the european elections which is obviously, asjeremy hunter says, an existential problem for the party. there are two different ways to interpret it and we are saying that seeing most of the tory

candidates saying this. but