this is the business briefing. i'm sally bundock. thomas cook, one of the world's oldest travel firms, collapses, as it fails to reach a rescue deal. and pressure mounts on firms to show they mean businesses when it comes to battling climate change — a un summit kicks off in new york today. and on the markets... the japan is closed for a public holiday. negative sentiment in asia. in europe, it will be interesting to see how thomas cook impacts when the day ‘s trade begin later.

let's talk in more detail about one of the world ‘s largest and oldest travel companies, thomas cook colla pses. after last minute talks aimed at saving the firm failed. it's triggered the uk's biggest ever peacetime repatriation effort. thomas cook started up back in 1841, offering day trips. last year it had a turnover of more than $11 billion. in total, the tour operator has 600,000 customers on holiday at the moment — between 150,000 and 160,000 are british. the firm's chief executive, peter fankhauser, has apologised, saying the collapse is a matter of profound regret and a deeply sad day he says, for the company which pioneered package holidays and made travel possible for millions of people around the world. thomas cook has 22,000 staff around the world — 9,000 of whom are

based here in the uk. martin alcock is a director at travel trade consultancy. good morning. good morning, sally. we have heard from the civil aviation authority, talked about by the government did not step in. where did thomas cook go wrong? can i add my condolences to all of the staff and employees affect and buy all this. it is a real shame. it is all this. it is a real shame. it is a legacy brand, a famous british brand. to understand the issues you have to go back a decade or more, a large merger which thomas cook went through with mind travel with debt taken into the business. the debt pile has grown. while it is undoubtedly a troubling period for travel businesses at the moment,

loss of its competitors are not having those problems. as you say, it had a huge debt pile which is a massive burden for the company but also, the way we book holidays, where we are going and why, and the weather has made a huge shift which thomas cook has tried to adapt to but couldn't. a travel company of this size and scale gets impacted by pretty much everything that goes on in the world, whether it is a crisis in the world, whether it is a crisis in the gulf with oil prices, a major hurricane like hurricane dorian. travel businesses are used to dealing with that but undoubtedly it has been a difficult trading. 0ver the last few months... we have had two excellent summers in the uk, many have chosen to stay at home, the concern about brexit and money but also lots of popular

destinations like turkey, tunisia, have not been as popular because of terrorism, political instability. is it going to be the end of an era for this kind of company? 0ther competitors seem to have adapted better and still doing well despite the circumstances? they are in a stronger position and you look at somebody like two we orjet two, who own their fleet and a structured and very similar ways but did not have the same problems that thomas cook had. what you tend to see, it takes a lot of capacity out of the market which actually strengthens the position of those other legacy tour operators. do you think the government should have failed them out? i get the point that it sets a

dangerous precedent, like when the banks were bailed out, but it is a challenging issue for the government to put in money in a company that has strategic difficulties. thank you for sharing your expertise. lots of detail on our website. if you are stuck or worried about your holiday 01’ stuck or worried about your holiday or if you work for them, lots of details on the website and the website that civil aviation authority has set up. as the un climate summit gets ready to kick off in new york later today, pressure is mounting on firms to show they mean business when it comes to reducing greenhouse gas emissions. almost 90 companies, including nestle, l'0realand nokia, have agreed to slash carbon emissions, some of them to zero, by 2050. banking giants, including deutshe bank, citigroup and bnp paribas, say they will work to shift their loan—books away from fossil fuels and encourage sustainability. aviation is also under the spotlight, with industry leaders due to meet

in montreal on tuesday. commercial flights are responsible for about 2.5% of cabon emissions. mark lewis, head of climate change investment research, bnp paribas asset management. thank you for being on the briefing. my thank you for being on the briefing. my pleasure. this is probably the most important issue. 0nly today we have a new report to show that global warming has accelerated significantly in the last five yea rs. significantly in the last five years. what can companies do? these targets for 2050 seems a long way away. it is a long way away but you have to start now and many polluting industries have investment cycles and they can be 20—to 30 years so the first thing you have to do is

prevent lock in a future infrastructure today that would then be around for the next 30 years. carbon pricing is an important element that can be introduced by governments. we have a system in europe. of course, the uk has done a good job in reducing its emissions by having an extra carbon price on top of the european price, so, although it is a long way away, it will come around quickly and we have to ta ke will come around quickly and we have to take urgent action today and is the message of the un conference and thatis the message of the un conference and that is why so many governments and companies are in new york this week. do you think is well we need more clarity on what people are aiming for and by clarity on what people are aiming forand by and clarity on what people are aiming for and by and how effective it is in helping this problem of a warming planet? you hear about companies taking actions like mcdonald's swapping plastic straws for paper once and then we find the paper once

cannot be recycled. we feel as though we are being duped sometimes. i think duped is a strong word. it isa i think duped is a strong word. it is a question of information and getting the right information. we live in an age where there is a lot of information out there and it is difficult sometimes for people who are not looking at this issue on a day—to—day basis to fill as if they have the right information but i think it is very clear what individuals can do. there are lifestyle changes you can make with regard to the transportation you use, the food you eat, these are becoming bigger issues for consumers and, you mentioned plastic straws, a big campaign from governments. many governments around the world and consumers who want to move away from that. it is a question of giving electorates and the citizens the information they need to make

changes in their daily life to make a difference but, at the end of the day, we also have to have government policies for the major industries to reduce emissions. it is really the big polluters globally that need to... to have policy framework. thanks for your time. i would love to discuss this further with you but we have to leave it at that. the site leave it there... now, let's brief you on some other business stories. president trump and india's narendra modi have met in houston, texas at an indian—american rally dubbed ‘howdy modi!‘ this comes amid reports that the two countries are racing to negotiate a limited trade deal that can be signed at the united nations general assembly in new york at the end of the month. oil prices have been rising amid worries about rising tensions in the middle east. saudi arabia's state oil company, aramco, has been working to reassure markets following an attack on its largest processing facility earlier this month. but since then, it has delayed deliveries and buyers have remained cautious.

japan's softbank is reportedly looking at ways to replace the chief executive of wework, adam neumann. it comes after the office space provider postponed its stock market listing last week amid lukewarm investor interest and tumbling valuations. rico hizon is in our asia business hub in singapore. they are saying that they are losing faith in the israeli billionaire who co—founded the space. they say adam neumann‘s + influence has become the biggest hurdle for the public offerings. he is one of seven and has the power to fire the board. adam neumann‘s unusual leadership

style a nd adam neumann‘s unusual leadership style and conflict of interest have also risen. there are talks the board is planning to call for a meeting as early as this week. wework has ipo ambitions. last week the group delayed its public offerings until at least 0ctober. that's it for the business briefing this hour. the duke and duchess of sussex and li—month—old son archie will arrive in south africa today for their first official tour as a family. during the ten—day trip, prince harry will also visit malawi, botswana and angola where he'll highlight his mother's work to tackle landmines.

0ur royal correspondent nicholas witchell sent this report from cape town. they have some ground to make up. they have some ground to make up. the goodwill after their wedding has been dissipated somewhat by a series of steps. negative stories about private jet flight, a badly handled both announcement, a large bill for the renovation of their new home in windsor and rumours of a falling out with the cambridge is. all in all, the visit to southern africa gives them a chance to re—establish their credential. in cape town, they will bea credential. in cape town, they will be a visit to a township where meghan markle will look at violence towards women, significant issue in south africa and generally too hone out the challenges facing children and young people in some of the city's socially deprived districts. after the first few days in cape town, harry will then set off alone

to botswana, angola with a chance to highlight some of the issues in which he has a particular interest. harry will follow in his late mother's footsteps in angola in her work with landmines. was one of her last causes before her death. in malawi, he will see the efforts made to combat the poaching of a big game, efforts supported by the british military. and then back to johannesburg for the final few days with the family. will archie make an appearance at any point? 0fficials are unable to say. this is the briefing from bbc news. the latest headlines: the travel company, thomas cook,

has ceased trading after last—ditch talks to save the business failed. it's triggered the biggest ever peacetime repatriation aimed at bringing home more than 15,000 british holidaymakers. world leaders are gathering in new york for a special one—day summit on climate change. it comes as un science report has warned that the causes and impacts of global warming are accelerating rather than slowing down. israeli arab lawmakers have recommended that the opposition leader benny gantz be given the chance to form a government after last week's elections. their support will strengthen the hand of his blue and white party in negotiations. 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 here in the uk and its columnist says we shouldn't be surprised by thomas cook's demise. we'll look at the reasons why.

the guardian unpicks the problems afflicting the main opposition party in the uk, and a damning headline there as even the left—leaning paper describes labour as in chaos. the financial times reports deutsche bank's hiring hundreds of staff in a bid to step up their efforts to attract ultra—rich clientele. in germany, where the hamburger morgenpost leads with a manifesto pledge from the country's green party — do away with free parking bays and charge for every space. and finally, we'll have a look at the new york times website as it pulls out the highlights of the emmys. lots of chitter chatter in social media about the winners. with me is jeremy thomson—cook who's founder of complete currency consulting. let's look at the independent, and what it says about the disaster.

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