this is the business briefing. i'm sally bundock. angry shareholders have their say at renault agm with tough questions expected on the failed merger with fiat chrysler and the former chairman carlos ghosn‘s bonus. and inflation is creeping up in china to a 15 month high driven by rapidly rising food prices. and on the markets:

a failed merger and a boardroom bust—up are the backdrop for renault‘s annual shareholders meeting which takes place in paris later today. the carmaker is in a race with it's rivals to develop the technology of tomorrow that will bring in the profits those shareholders want to see. less than a week ago renault‘s future seemed to involved a $39 billion merger with american—italian rival fiat chrysler but it swiftly fell apart amid an acrimonious blame game. last year renault brands sold 3.88 million cars globally but it would be catapulted up from number eleven to the world's third biggest if the fiat chrysler merger goes ahead, with the latest reports suggesting it may yet be resurrected.

that would mean overcoming resistance from the french government which is renault‘s biggest shareholder at just over 15%. japanese carmaker nissan is the number two shareholder and crucially is in alliance with renault. but relations between the two companies are strained and have been since the alliance's architect carlos ghosn was arrested in november. he denies charges of financial misconduct. his resignation will be confirmed today and there will also be a vote on whether or not he should get last year's bonus, but his legacy reaches far beyond his pay. anna—marie baisden, head of autos, fitch solutions joins me now. nice to see you again. there are so much to talk about at this agm, the shareholders will have a lot of questions. if we look at the fiat chrysler merger to begin with, that

was looking promising and it came to a swift halt. yes, all the signs we re a swift halt. yes, all the signs were that everyone seemed to be moving in that direction. and then it came, as you say, very abruptly toa it came, as you say, very abruptly to a halt. it depends who you talk to a halt. it depends who you talk to is to wipe it down. there is french government involvement, whether it was nissan not supporting it, we don't clearly no way broke down. it goes to show how comp located this is because you've got the relationship between renault and nissan which is very very fractured since the arrest of carlos ghosn, a lot of conversation about japan not being happy about how controlling the french side of the alliance was, et cetera, that need to change in the future. so —— bring in the at chrysler, american — italian, you can understand why this is not going to bea can understand why this is not going to be a smooth path. this comp located ownership structure is a bone of contention for a while,

especially on the nissan side because they have a much smaller sta ke because they have a much smaller stake in renner has then renault has in the centres. they haven't got voting rights which nissan has full stop they are the bigger player in terms of sale. this coming to a head with things like the proposed merger with things like the proposed merger with carlos ghosn, being replaced, who was holding the alliance together so a lot of things coming together so a lot of things coming toa together so a lot of things coming to a head. we can see him here now, he was a strong character. and seen asa he was a strong character. and seen as a huge figure in the global car industry was up is now behind bars injapan. industry was up is now behind bars in japan. accused industry was up is now behind bars injapan. accused of many things, all of which his legal team are denying. but still, since that dramatic and surprising arrest, this company has been trying to figure out its future. yes, he was very much in favour of pushing towards a full merger. and this seems to be what the of renault was also trying to resurrect. and when that didn't come along, we will go with this

offer from fiat chrysler. come along, we will go with this offerfrom fiat chrysler. there come along, we will go with this offer from fiat chrysler. there are a lot of different moving parts to this with all the different companies that were involved. with regards to a bonus for carlos ghosn, the year before, and discussions of that voting on that, it's hard to believe he would get a bonus, given what's going on in the investigations into his financial misconduct. his alleged financial ‘s conduct. yes, i think it's a matter of course, is of a kind of things that are voted on at the shareholders meeting so they have to do it but as you say, whether they will go along with that, that is another matter. lots of questions, i don't have any answers they are going to go today, — i get it ever stop thank you for your time. —— get today. china's consumer price inflation hit a is—month high in may, mainly driven by rising food prices. let's go to our asia business hub where rico hizon is following the story. fill us in on this latest news. up,

up, and away. it would seem so. chinese donors are spending more for the food that they eat. let's take a look at the numbers, the consumer price index in the month of may is rated by 2.7% compared to a year ago the is and it is the highest since every last year. due to persistently high prices and fresh food prices. fruit in particular, sally, soaring more than 26% in may due to weather related issues as reported, it has been persistently high this year due to the african swine fever which has hit hog herds in the mainland. while chinese consumers account for half of the world ‘s poor consumption, there would be upset by the high prices. a measure saying this development is something that would cost wider —— because wider market panic because consumers will switch to other meats like chicken, beef or

mutton. as for the producer price which is a gauge of industrial profitability, it rose by .6% in may from a year ago. that is the latest on china's economy. now let's brief you on some other business stories. japan's prime minister shinzo abe starts a three—day visit to iran today, as he aims to ease tensions between iran and the us. the relationship between washington and tehran has soured since president trump pulled out of an iran nuclear deal, in which it agreed to curb its nuclear programme in return for the lifting of sanctions. greenhouse gas emissions in the uk will be cut to almost zero by 2050, under the terms of a new government plan to tackle climate change. britain is the first major nation to propose this target, and it has been widely praised by green groups. is the age of the games console coming to an end?

google and microsoft have both announced ambitous cloud gaming services that could mean many players have bought their last console. so, what does cloud gaming mean for gamers? our tech reporter chris fox, who is at the e3 gaming expo in los angeles, explains. cloud gaming lets people buy the latest video games without needing a computer or console, without even having to buy discs or download games. instead, the software is run on servers at huge data centres with the footage stream to your tv or phone. gaming the same and you never have to upgrade your equipment. the games can be run on much more powerful hardware over in the datacentre and you never have to download a software update ever again to stop analyst predict this could be the next big frontier in gaming. cloud gaming was worth $387 million in 2018 where they predict it could be worth $2.5 billion by

2023. there are some downsides to cloud gaming, you need a fast internet connection to stream the games in high definition. it's also not an you can eat but failed i movie streaming services, you still have to buy some of the games on top of your subjection and not every game is available on every service. then there is a question of game ownership is not what happens if a cloud service closes down? will you lose access to your games? at least if you buy a disk you know you can keep it in the attic or you can sell it when you're finished with it. google says it's serviceable launch in november and microsoft showed off its cloud gaming service at this year ‘s e3. sony has offered a cloud gaming service for a few years the playstation now. but it still makes more than twice as much money selling discs and downloads though does its execution services. sony has said it is working on the playstation five and it e3, microsoft announced project scarlet, a new console for 2020. while cloud gaming services look to shake up the

industry, consuls are here to stay at least for now. —— consoles. if you go to our business page or our tech page, you will see all the latest from e3 if you are into gaming and you like to know what is going on. let us show you the financial markets. sentiment has change was up we financial markets. sentiment has change was up we saw financial markets. sentiment has change was up we saw lots of games on monday and tuesday, today is a different some i hoping this would provide a breakthrough in the stalled trading sessions between the worlds two biggest economies was also as well, add to that, donald trump, the president has been treating more criticism over fed president has been treating more criticism overfed policy entries president has been treating more criticism over fed policy entries on tuesday he called borrowing cost way

too high amid very low inflation. so it is all kicking off. that is the business briefing. the future of sir philip green's arcadia retail group could be determined by some of its biggest landlords later. they are due to decide whether to back plans to cut rents on some branches of topshop, dorothy perkins, wallis and miss selfridge, among others. if they reject them, arcadia could collapse. colletta smith reports. the backbone of hundreds of hundreds of high street across the uk, it's not just top of high street across the uk, it's notjust top shop but of high street across the uk, it's not just top shop but various others. they were tuning out big profits and pick high street fashion. topshop has been falling out of fashion. fsp competition from online retailers, but if you have is

they haven't invested enough to make stores swanky and the boss has had a lot of negative positive was not a lot of negative positive was not a lot of negative positive was not a lot of that means that this store is one of 50 he is hoping to train close. that is why he is hoping to convince his landlords to sign a deal agreeing to close some stores and payless rent for others in order to save the rest. the trouble is his biggest lamott isn't keen on the idea was arcadia bosses have spent the last week making last—ditch attem pts the last week making last—ditch atte m pts to the last week making last—ditch attempts to train commence flannels to support the plan. —— events landlords was up if it is not approved by 75% of investors, this could go into administration was to thatis could go into administration was to that is nerve racking for staff. the employers are having the gracia haitians with landlords. there is a big issue here as well, pressing lots of high street disappearing and that impacts on locals in the

community. it's full of doom and gloom at the moment was not the only see distract the other shops you see up see distract the other shops you see up ourshops, see distract the other shops you see up our shops, food shops and charity shops. fewer and fewer shops, less and less choice for consumers. whatever happens, a big chunk of arcadia stores were close. puncturing more holes in struggling high street. this is the briefing from bbc news. the latest headlines: hong kong has delayed the debate of its controversial extradition bill as tens of thousands of people take to the streets to protest against the planned law. russia's made the rare move of releasing an arrested journalist. ivan golunov faced drugs charges but was freed after a media campaign. 0ur our top story line is the uk government ‘s commitment to reduce carbon emissions dramatically to

almost zero x 2000 and 50 under terms of a new government plan to tackle climate change. now it's time to look at the stories that are making the headlines in the media across the world. we begin with the independent. it leads with a cross—party group of uk mps who have put forward a motion in the house of commons to stop the next conservative prime minister from forcing a no—deal brexit. next to the daily telegraph. their business section quotes ronan harris, head of google's uk and ireland operations, who describes "brand britain" as becoming increasingly hard to sell to investors in silicon valley. now let's look at the guardian. bp's annual global energy report suggests that changes in temperature across the planet is actually increasing the world's energy usage, leading to a vicious cycle of spiralling emissions. on to the aviation news website av web, the uber elevate conference has

been taking place in washington dc, in which the company unveiled details about its new aircraft service which is due to begin operating this summer. would you climb on board? and finally to the independent, an extraordinary result in the women's football world cup, as reigning champions, the united states, hammered thailand 13—0, the biggest—ever win in world cup history. 13 goals, not bad. impressive. i feel bad for the thai goalie. with me is james hughes, chief market analyst at brokerage firm axitrader. we have to talk about brexit, i'm sorry, james, i know it isn't your favourite subject. it's not anybody‘s. favourite subject. it's not anybody's. some. some. so we see

this