and — ready for take—off — europe re—enters the space race with a big rocket — the ariane 6. welcome to business today. lam i am sally bundock. we start in moscow, where indian prime minister narendra modi is meeting with russian president vladimir putin later. this is modi's first foreign visit, after he won a rare third term in office in this summer's elections. our india business correspondent arunoday mukharji explains why trade will be top of the agenda. ata time at a time when the west is boycotting russia, india is not. bilateraltrade boycotting russia, india is not. bilateral trade between the two countries nearly doubled last year, touching around $65 billion, primarily driven by the fact that india has been buying deeply discounted russian oil, a fact that new delhi has defended,

citing its own energy needs, but new delhi has also acknowledged the fact that this trade relationship is deeply skewed in favour of russia because out of all the exports and trade, india's exports stood at only about $4 billion. it is the trade imbalance prime minister modi hopes to correct by this visit and any is hoping to explore more opportunity of exporting other items, ranging from pharmaceuticals to information technology and even agriculture. india, just to put it in context, has had age old ties from russia, which dates back to even the cold war period. russia has also been the long one of india's primary defence suppliers as well. it is a relationship india has refused to pivot away from despite criticism from the west, in fact repeatedly india has not openly criticised russia for its war in ukraine and has also abstained from voting against russia at the un as well, so in this visit we are also likely to see new delhi again trying to walk the tightrope, on the one hand enhancing its ties with russia and on the other also not

antagonising the west. so talking about what is at stake. in the meantime, pressure is coming from the united states, as it calls on narendra modi to emphasise ukraine's territorial integrity in his meetings with vladimir putin, this, as the nato summit kicks off in washington. we would urge india as we do any country when it engages with russia to make clear that any resolution to the conflict in ukraine needs to be one that respects the un charter, ukraine's territorial integrity, ukraine's sovereignty. let's go live now to — chris weafer, founding partner at macro—advisory. it would seem the us is making its message clear to narendra modi. of course the nato summit doesn't start yet, we are on the eve of that summit but it

is very much the focus of everyone�*s attention. narendra modi, will he broach the subject?— modi, will he broach the sub'ect? ., , , ., ., modi, will he broach the sub'ect? ., , ., ., ., subject? probably not, or in a wa that subject? probably not, or in a way that the _ subject? probably not, or in a way that the us _ subject? probably not, or in a way that the us would - subject? probably not, or in a way that the us would like, . subject? probably not, or in a i way that the us would like, not forcefully. he won't be critical of russia. he will adopt the position we have seen from say countries like kazakhstan and others in central asia where they do not specifically support russia's actions in ukraine, they do not recognise russia's territorial claim under territories but they do not criticise either, they do not criticise either, they sidestep, and i would expect prime minister modi would continue to sidestep and will not be as critical as the us would like. we will not be as critical as the us would like.— us would like. we all understand _ us would like. we all understand why - us would like. we all understand why this. understand why this relationship between russia and india is so important. india is getting cheaper fuel, india is so important. india is getting cheaperfuel, which it needs, its economy is growing fast, the most populous in the world, russia needs the business right now, most sanctioned country in the world. how concerned is the

west about this relationship, do you think? i west about this relationship, do you think?— do you think? i think in general _ do you think? i think in general you _ do you think? i think in general you certainly . do you think? i think in l general you certainly see do you think? i think in - general you certainly see a growing concern in the west about the fact that russia is able to do business with asian countries, with middle eastern countries, with middle eastern countries, and the business is growing, and of course continues to fuel the russian economy and particularly of course it adds money into the budget, which allows the government to fund the military industrial complex. so over the last, say, since the start of this year, we have seen a change of tack to some extent, particularly by the us, and maybe to a lesser extent by europe, where instead of looking for new areas to sanction, they have actually started to focus much more on tightening the enforcement of existing sanctions, for example threatening international banks, be they in india, turkiye or china, threatening them with secondary sanctions from the us if they are found to be engaged in any sanctioned activity with russia, and that has made a big difference this

year. so one of the issues that will be discussed in today's meeting between putin and moody is not only how can trade expand, but also how can financial transactions continue against this backdrop of us treasury threats, because we already know that russia sells already know that russia sells a lot of oil to india, and is a lot of money in rupees, but a lot of money in rupees, but a lot of money in rupees, but a lot of those rupees are still trapped in indian banks and is becoming more difficult for russia to get paid for the oil, to bring it back to fund the economy and that is something that putin is trying to resolve with india, with china, with turkiye, since the us treasury sanctions got tougher from the beginning of this year. find beginning of this year. and what you — beginning of this year. and what you think _ beginning of this year. and what you think about - beginning of this year. and what you think about the timing of this bilateral meeting? i mean, we're looking at the images of putin and narendra modi enjoying each other�*s company on the eve of the 75th nato summit, their annual meeting, where they will talk

about expansion, possibly, they will talk about ukraine and the threat that russia poses. again, as you said earlier, india is trying to kind of stay out of direct confrontation with one side or the other. prime minister modi for example should have or was expected to have attended the sco the shanghai cooperation summit last week, and the sco are sometimes referred to as the eastern nato. india is a member of that, but he didn't go to that summit, so as not to be, if you like, in the photo shoot, alongside president xi or president putin. so their message is they want to stay as geopolitically neutral as they can, and want to focus much more on building trade, and of course the big issue for prime minister modi is how to reduce the trade deficit, which has now ballooned to over $50

billion, one is to be only six because how do you bring that down, that's what he wants. good to get your take on this, thank you for your time. another day and another safety concern at boeing — this time, it's about oxygen masks. the main us aviation regulator has ordered the inspection of thousands of boeing 737 max jets, over concern that passenger oxygen masks could fail in emergencies. here's our north america business correspondent erin delmore. the federal aviation administration is requiring operators to check the passenger are pungent —— oxygen marks on some 2600 aeroplanes —— oxygen masks. they have potentially shifted out of position which could leave them out of passengers's reach in an emergency. the inspections and any corrective actions need to

be completed within 120 to 150 days. this is the latest sign of trouble for the once storied and now embattled aviation giant. early on monday, boeing agreed to plead guilty to criminalfraud conspiracy charge and pay a find that —— to pay a fine. it was in relation to crashes that killed people more than five years ago. the issue of safety quality and control was brought back into the spotlight on january when a door plug blew off a 737 max jet boeing has been faced by criticism from regulators, airlines and the travelling public. airlines and the travelling ublic. ,, ., airlines and the travelling ublic. ., , , ,, public. some other business stories.

and we start with more news on boeing. a us flight that departed from los angeles on monday lost a landing wheel after ta ke—off. the boeing 757 plane was headed forjapan, but had to make an emergency landing at denver airport, because of the lost wheel. a united airlines spokesperson says there were no injuries, and both the federal aviation authority and the airline are investigating the incident. china's largest electric vehicle producer, byd, has announced that it will build a new factory in turkey. byd will invest $1 billion into this facility, which is due to be completed at the end of 2026. the factory will be its second ev manufacturing hub in the european region — the first was in hungary. with tariffs imposed by the european union on chinese ev imports, these new manufacturing facilities present an opportunity for the company to bypass the levies. hong kong has outlined long—anticipated plans to regulate ride—hailing services, potentially limiting the scope of uber, in a city known for its poor taxi services. currently, there are only 1,500 hire—car permits available in the city state for ride—hailing services.

so uber is operating as an unregulated service, and has more than 10,000 drivers in the city. officials said they have no plans to increase the quota, but will introduce stricter penalties for rule—breaking. investors will be sitting up straight and listening to every word said byjerome powell later today, when he is grilled by lawmakers. the fed chair faces pressure from politicians, who are impatient for rate cuts, and others who are unhappy with the fed's latest plan to boost capital requirements for wall street lenders. markets are pricing the chance of two rate cuts this year, with a roughly 70% chance of the first in september, according to bloomberg. janet mui is head of market analysis at rbc brewin dolphin. morning to you, janet. talk us

through this ruling ofjerome powell. what do you think you might say?— powell. what do you think you miuhtsa ? ., ., might say? good morning, thanks for havin: might say? good morning, thanks for having me- — might say? good morning, thanks for having me. i— might say? good morning, thanks for having me. i think _ might say? good morning, thanks for having me. i think a _ might say? good morning, thanks for having me. i think a lot - might say? good morning, thanks for having me. i think a lot of- for having me. i think a lot of focus will be on his view on the monetary cost, the outlook, and finally when will the fed start to cut interest rates. i think he has mentioned a number of times before he needs to see the evidence that inflation is sustainably going to 2% or at 2%, so i think the evidence is actually getting in there, so it will be interesting to see how he interprets the research data, because last week we saw some weakening in the jobs data, and on thursday we are going to see further inflation confirmation, so i think markets will be watching his comments on inflation and when the fed starts cutting rates. yes, and most come as you say, are pointing to a september cut in the cost of borrowing. how much will it be, 25 basis

points? it much will it be, 25 basis oints? , much will it be, 25 basis points?— much will it be, 25 basis oints? , ~ , ., much will it be, 25 basis oints? , ~ , points? it is most likely to be 25 basis points, _ points? it is most likely to be 25 basis points, they - points? it is most likely to be 25 basis points, they tend - points? it is most likely to be 25 basis points, they tend to | 25 basis points, they tend to cut in that increment can be yes. cut in that increment can be es. �* ., y ., ~ yes. and do you think there will be two _ yes. and do you think there will be two this _ yes. and do you think there will be two this year, - yes. and do you think there will be two this year, like i will be two this year, like some others who are predicting that? have talked to some analysts say rates might have to go up this year. i analysts say rates might have to go up this year.— to go up this year. i think that is highly _ to go up this year. i think that is highly unlikely - to go up this year. i think that is highly unlikely at i to go up this year. i think i that is highly unlikely at this stage but with inflation trending in the right direction, after all it depends on the rates of inflation, right? i think particularly of services inflation, which is basically the one that is pushing prices up at the moment, if that starts to see some moderation, i think september is on the table. but i think sometime later this year is perhaps more likely. before we let you go, when do you think the uk bank of england will start to cut rates? now the election is out the way and we are starting to hear more detail about the plans of this new government your thoughts on when andrew bailey and his team might their first move?—

first move? again, it depends on the inflation _ first move? again, it depends on the inflation data - first move? again, it depends on the inflation data which - on the inflation data which depends on the services inflation. i would think it is more likely to be the fourth quarter of this year when they start cutting, because i think the committee is leaning towards a rate cut, but i don't think they are there yet with the current services inflation is still pretty sticky and wage progress till pretty much above 4%. ., ~ , c, progress till pretty much above 4%. ., ~ c, 2, ~ ., 4%. thank you for talking to us, see 4%. thank you for talking to us. see you _ 4%. thank you for talking to us, see you again _ 4%. thank you for talking to us, see you again soon. - around the world and across the uk, this is bbc news.

you are with business today. i am sally bundock. new uk chancellor rachel reeves promised on monday to "get "britain building again", by bringing back compulsory house—building targets, as part of a wide—ranging plan to reboot the uk economy.

it is hoped her plans will unleash tens of billions of pounds of investment in green industry and house—building. nicola watkinson is managing director international at the—city—uk. shejoins me now. to give me your reaction, to herfirst speech as chancellor at the treasury. she had a business audience. what did you make of what she had to say?— what she had to say? thank you very much _ what she had to say? thank you very much for— what she had to say? thank you very much for the _ very much for the opportunity to be here. i thought it was a very encouraging start, and we are very much looking forward to a new labour government that is going to be focusing very heavily on bolstering the competitiveness of the uk, and also boosting its investment. so these kind of signals that are coming out early from the labour government are very encouraging, and we looking forward to sort of more of them. we certainly now need to see a clear labour vision that outlines a stable in a certain

and predictable operating environment for business, because we know that that is going to be very important for stimulating the growth that is needed across the uk. 50 stimulating the growth that is needed across the uk. so rachel reeves as _ needed across the uk. so rachel reeves as being _ needed across the uk. so rachel reeves as being extremely - reeves as being extremely bullish about the outlook. of course we would expect that, we need her as team leader in the treasury to be very positive, saying that private investment is the lifeblood of a successful economy. she said we need to unlock private sector investment. we know that his/her girl and her investment. we know that his/her girland heraim, but his/her girl and her aim, but it his/her girland heraim, but it happen? will the big investors outside of the uk and those within choose to invest? i think there is a really strong opportunity for that to happen, if the labour government can deliver on three major priorities. from where we see it, we think the first thing that needs to happen is to make sure there is a really close partnership with industry. that will really help to stimulate the growth, make sure the investment takes place right across the country, and

help to lead the transition to net zero, and we think our industry is very well positioned to be able to hope —— help with all of those objectives. the second point we are really looking for is to see how rachel reeves and the government might respond to working with the regulators, particularly the new secondary objective that the financial regulators have been given of helping to facilitate the international competitiveness of the uk, and to drive its mid—to long—term growth. and finally we think it will boost investment if we can have a much more predictable and simple tax road map that has been promised by the government, and we think are much more simple and predictable tax regime will be a strong incentive for companies to look to invest in the uk. . ., ., companies to look to invest in the uk. _, a, , the uk. 0k, nicola, sadly we are out the uk. ok, nicola, sadly we are out of— the uk. 0k, nicola, sadly we are out of time, _ the uk. 0k, nicola, sadly we are out of time, but - the uk. 0k, nicola, sadly we are out of time, but i'm - the uk. 0k, nicola, sadly we are out of time, but i'm sure| are out of time, but i'm sure we will talk to you again in the future, nicola watkinson there from thecityuk.

now, let's focus on the conversation that is dominating at the moment — that being whether presidentjoe biden is fit enough to run for president and beat donald trump. or is he too diminshed by age? well, he is convinced, and has published a letter, saying he has no intention of giving up the presidency orthe campaign for a second term. business leaders and donors have stepped up their pressure on mr biden to step down. one group of executives, the leadership now project, says the number of people signing its letter calling on biden to resign more than trebled over the weekend. michelle fleury spoke to the leadership now project's ceo. we have respectfully asked president biden to pass the torch to a new generation of leaders. we believe that there are multiple leaders in the democratic party who would be well—equipped be our president

and effectively make the case about the risks that donald trump and the current republican party presents. um? republican party presents. why did ou republican party presents. why did you feel _ republican party presents. why did you feel it _ republican party presents. why did you feel it was so important to speak out? what is at stake here? irate important to speak out? what is at stake here?— at stake here? we believe the number one — at stake here? we believe the number one risk _ at stake here? we believe the number one risk is _ at stake here? we believe the number one risk is that - number one risk is that former president trump wins in november, and so that was our driving concern in speaking out. second there earlier, we know that it is really hard to step out against the president, and it was going to take courage from political leaders, his advisers and others to encourage him to step down, so we wanted to show that courage with our networks, who have a bit more freedom to publicly come out and express their view. �* . view. but at the time when we are talking. — view. but at the time when we are talking, joe _ view. but at the time when we are talking, joe biden - view. but at the time when we are talking, joe biden is - are talking, joe biden is resolutely saying he's not going anywhere, that he remains the party was my candidate. i understand that, and look, it is a really difficult and sad situation for our country right

now, but we believe that, unfortunately both as a result of the debate and what has been observed about president biden's abilities to govern for the next four years, we continue to believe that an alternative candidate would be alternative candidate would be a better choice, and have a better chance of winning in november. i5 better chance of winning in november-— better chance of winning in november. is the entirety of our november. is the entirety of your membership _ november. is the entirety of your membership on - november. is the entirety of your membership on board | november. is the entirety of. your membership on board with this? 50 your membership on board with this? ., _, , your membership on board with this? ., , ., this? so we did a couple of thins this? so we did a couple of things when _ this? so we did a couple of things when this _ this? so we did a couple of things when this was - this? so we did a couple of - things when this was happening, we did an emergency crisis meeting of our board, we did a full membership meeting, we polled our members. 0ver full membership meeting, we polled our members. over 80% agreed that we should pursue supporting a new nominee, so it is not universal. there are some who are concerned about this path but we do believe we had overwhelming support. xyour had overwhelming support. your membership _ had overwhelming support. your membership as _ had overwhelming support. your membership as business leaders presumably include owners, as well? it presumably include owners, as well? ., , , , ., ., well? it does, yes, and we do have within _ well? it does, yes, and we do have within our _ well? it does, yes, and we do have within our membership i well? it does, yes, and we do - have within our membership some significant donors to the democrat party. those who have been supported for years and years and really not until this moment said they were just too

concerned to continue, even with those who are donating millions of dollars to the democratic party. 50 millions of dollars to the democratic party. so you don't bu into democratic party. so you don't buy into the — democratic party. so you don't buy into the argument - democratic party. so you don't buy into the argument i - democratic party. so you don't buy into the argument i have i buy into the argument i have had from some democratic operatives, who say president biden, even in advanced age, still a better candidate to run against trump, versus and is in the party? —— versus others in the party? —— versus others in the party? -- versus others in the party?— the party? we don't buy into that. the party? we don't buy into that- the — the party? we don't buy into that. the polling _ the party? we don't buy into that. the polling that - the party? we don't buy into l that. the polling that suggests other candidates are at a pretty similar level to him is in a condition where no other candidate has been rallied behind, so i think that suggests to us actually that other candidates could perform far better with the backing of the party. if far better with the backing of the -a . g ., �* far better with the backing of the party-— far better with the backing of the - . �* the party. ifjoe biden said he was ready. — the party. ifjoe biden said he was ready, willing _ the party. ifjoe biden said he was ready, willing to - the party. ifjoe biden said he was ready, willing to step - was ready, willing to step aside, who would you like to see run?— aside, who would you like to see run? ~ ., �* ~ ., see run? we don't think we are the ones to _ see run? we don't think we are the ones to weigh _ see run? we don't think we are the ones to weigh in _ see run? we don't think we are the ones to weigh in on - see run? we don't think we are the ones to weigh in on that. the ones to weigh in on that decision, that is going to be the result of a process. you know, there's a couple of options, and there is a discussion of a going directly to kamala harris, others are talking about a mini primary of

sorts, and then there are other ideas that are much more open and creative, so we think it is good there are options on the table, but we think that the party will ultimately pursue a path that will be supportive of whatever path gets pursued and whatever path gets pursued and whatever candidate is selected, and frankly, if it does end up thatjoe biden continues in the race, we will still be supportive of him. race, we will still be su ortive of him. ., supportive of him. the ceo of leadership — supportive of him. the ceo of leadership now _ supportive of him. the ceo of leadership now project - supportive of him. the ceo of| leadership now project there. europe is expected to regain independent access to space later today, when the long—awaited ariane 6 rocket performs its inauguralflight from kourou, french guiana. the heavy—lift launcher will provide the main route to space for the continent's scientific missions — from solar system exploration to climate science — and for strategic assets, such as intelligence and navigation satellites. luigi scatteia is a partnerat pwc, specialising in space technology. luigi, iam luigi, i am assuming this is quite an exciting day for you?

indeed. first of all thanks a lot for the opportunity to be here today. indeed it is very exciting, and of course we are all keeping our fingers crossed. it all keeping our fingers crossed.— all keeping our fingers crossed. , . ., , crossed. it is much later this takes place. _ crossed. it is much later this takes place, just _ crossed. it is much later this takes place, just talk - crossed. it is much later this takes place, just talk us - takes place, just talk us through how this launch compares to other methods of getting into space, how is it different? i getting into space, how is it different?— getting into space, how is it different? . different? i mean in the end, as ou different? i mean in the end, as you mentioned _ different? i mean in the end, as you mentioned earlier, - as you mentioned earlier, ariane—6 is quite significant because it brings back independent access to space, and europe has experienced quite some disruptions, in terms of launch capabilities, number five has been terms of launch capabilities, numberfive has been retired, we lost access to soyuz, and there has been some issues with there has been some issues with the moon launch. so ariane—6 is basically an evolution, a significant evolution over its predecessor, even if it is fully expandable and reusable,

it is not —— it is much more improved from a technological standpoint, and it offers quite a bit more of operational flexibility.— a bit more of operational flexibility. a bit more of operational flexibili . ~ , ., flexibility. when it comes to our's flexibility. when it comes to your's position _ flexibility. when it comes to your's position in _ flexibility. when it comes to your's position in the - flexibility. when it comes to your's position in the space| your's position in the space race, if you can call it that, and many, many countries are in that race, this launch today is very important, isn't it? this launch today _ very important, isn't it? this launch today is _ very important, isn't it? in 3 launch today is important, as i said, in terms of strategic significance of having a means again for europe to access space for a certain class, so this is extremely important, because it brings europe back as an independent space—faring region. at the same time, this is going to be probably the start of, say, a new, different revolutionary pact in access to space in europe, because this is probably the last launch of development programme in europe

thatis development programme in europe that is carried out the old—fashioned way, if you want. 0k, luigi, we are nearly out of time, i'm sorry to say, but very quickly, if you are given the opportunity to go to space, would you go? flit the opportunity to go to space, would you go?— would you go? of course, i mean, would you go? of course, i mean. i — would you go? of course, i mean, iwould. _ would you go? of course, i mean, i would. you - would you go? of course, i mean, i would. you would| would you go? of course, i i mean, i would. you would be there. mean, i would. you would be there- i— mean, i would. you would be there. i know— mean, i would. you would be there. i know you _ mean, i would. you would be there. i know you will - mean, i would. you would be there. i know you will be - mean, i would. you would be i there. i know you will be glued to the screen later today when this all takes place, ariane—6, the rocket should launch later, let's hope so. thank you for being on the programme. and thank you for your company as well that is all from me for now though, i will see you very soon. hello. 0ur fairly unsettled spell ofjuly weather is set to continue. more rain on the cards over the next few days. let's take a look at the expected accumulations, and you can see blue colours, really, across the map, so we're all going to see a little bit of rain between tuesday and thursday. this is probably the wettest spot, parts of eastern scotland, north—east england.

we could see more than 60mm on top of the highest ground. so, on tuesday, a band of rain moves its way north. things are turning a little bit more humid towards the south. here's the low pressure that's drifting northwards through the overnight period, into tuesday, as well, and we've got this warm front pushing north. so that's going to introduce a bit more of a southeasterly flow of air, and bring in temperatures certainly a little bit warmer, a bit more of a muggy feel in the south, compared to recent days. let's take a look at tuesday morning, then. by about 9:00, that rain will mostly have been easing from southern england, but still some showers, big puddles for the southwest of england, south wales, too. that bulk of the rain is sitting across parts of northern england, into northern ireland. southern scotland. central and northern parts of scotland seeing some sunshine to start your tuesday morning, but this area of rain, it's a frontal system, continues its progress north, these easterly winds, quite blustery, blowing in across northeast england and eastern scotland, as well. so, pretty wet, if you're under that band of rain, 15 or 16 degrees, but in the sunnier spells, the midlands, perhaps, getting up to around 21.

a few showers around across parts of southern and eastern england, so could be a little bit of light rain on tuesday at wimbledon, potentially on wednesday, as well, but it won't be a washout, i think. any rain, fairly showery in nature. now, moving through into wednesday, then we've still got this band of rain overnight, sitting across scotland, parts of northern ireland still seeing some wet weather potentially, as well. look at those overnight temperatures, most of us between about 12 to 15 degrees, so we've got that humid air more widely across the uk, as we head into wednesday, but low pressure still driving things, so still bringing outbreaks of rain for northern and eastern scotland, some of that quite slow moving. so rainfall totals really mounting up here, some showers, too, into northern ireland, perhaps one or two into the northwest of england. further south, you're more likely to have a bit of a drier day, with some more sunshine, but not completely dry anywhere, i think. top temperatures in the sunshine in the south up to about 22, but still only 14 or 15 in the north. towards the end of the week, then, we've still got another area of low pressure. looks like it will affect parts of southern, perhaps southeastern england, so it's a bit up and down over the next few days, really, but temperatures perhaps

a little bit warmer, at least for a time, than they have been.

good morning, welcome to breakfast withjon kay and sarah campbell. 0ur headlines today. a day of mourning in ukraine after more than 40 people were killed in a wave of missile strikes, including an attack on a children's hospital.

keir starmer heads to washington laterfor a nato summit, in his first foreign trip as prime minister. parliament reconvenes after the general election, as hundreds of new mps take their seats in the house of commons. another senior democrat calls forjoe biden to step aside ahead of november's us presidential elections. iamon i am on london's river thames. later we will get the results of thames water, a business which is in more than £15 billion of debt, overseeing a river where the amount of sewage quadruple in the space of a year. good morning from dortmund. ahead of the eur semifinalfor good morning from dortmund. ahead of the eur semifinal for england, good morning from dortmund. ahead of the eur semifinalfor england, we are 20 minutes from the stadium, we thought we would stop at this english pub to get you in the move amongst the fans.

some heavy and