a critical week for kamala harris with all eyes on chicago and the democratic national convention — we explore what harris and her running mate tim walz will offer voters on the economy. injecting growth — what are the challenges and opportunities for the vaccines industry as the mpox crisis intensifies? we find out. australia's minimum wage creeps up, boosting incomes for the lowest paid workers — but is it affordable for small businesses? we need to be mindful that small businesses cannot always continue to pay a certain amount of increase every year over and over again. amount of increase every year overand overagain. it amount of increase every year over and over again. it sends many of them to the wall. and at the other end of the scale, we'll hear from the campaign calling for a wealth tax on the world's

you are in the nick of time. live from london this is business today, i'm sally bundock. we start in the united states, where vice president kamala harris — who's standing for president — has a busy week ahead of her. as you've been hearing, the democratic national convention is set to kick off in chicago today and runs until thursday. delegates will hold a ceremonial roll call for the presidential ticket and kamala harris and her running mate tim walz will formally accept their party's nomination. among those speaking this week will be former presidents barack obama — bill clinton and former secretary of state hilary clinton. for many watching what the democrats plans are for the economy will be key in november's election and kamala harris outlined some of her economic proposals late of friday which include cutting taxes for most americans, a ban on so called "price

gouging" by grocers and to build more affordable housing. she's also pledged to introduce a new child tax credit and lower prescription drug costs. that was just a few of the highlights. so what kind of reaction has that brought? joining me now is dr sean snaith — director of the institute for economic forecasting at the university of central florida. speaking in north caroliona she calls it an "opportunity economy" that she will pursue if she wins the white house. what did you make of her proposals? i think she has been thrust into this position very late in the process and so i think there is a lot of scrambling going on with her campaign in terms of coming up

witha campaign in terms of coming up with a platform on a very tight timetable and the issue here is that the two applicants for this job, that the two applicants for thisjob, in many ways, have already held the position so both the donald trump campaign and the harris campaign have a record in the oval office and in the executive ranch when it comes to the economy and that is a top issue for american voters in this cycle. i think she is trying to distance herself, perhaps, becausei think the performance on the economy during the biden— harris administration, particularly when it came to inflation and the cost of living and people struggling with paychecks that were just not keeping up is something i think she is trying to create some distance from.- think she is trying to create some distance from. when it comes to _ some distance from. when it comes to saying _ some distance from. when it comes to saying things - some distance from. when it comes to saying things like l some distance from. when it i comes to saying things like we will reduce taxes for most

americans, it sounds great, a vote winner. the question is how. how will she do that and how. how will she do that and how will they pay for it? this is an issue — how will they pay for it? this is an issue that _ how will they pay for it? this is an issue that will- how will they pay for it? ti 3 is an issue that will impact whoever is the winner of the november election. the us national debt is now over $35 trillion and the projections are that in 2025 the net interest payment on that debt will reach $i interest payment on that debt will reach $1 trillion per year. so this is a government with roughly $5 trillion in revenue every year and i trillion of that has to go to pay interest on debt. that will severely limit the discretionary spending that either of these candidates can do. so this is an issue that i think will become increasingly important, not as we run up to the election but in the years to follow and for whatever administration is in office. the federal reserve and the

central bankers expected to reduce the cost of borrowing which is that a multi— decade high at the moment in the us. do you think that may start as soon as september and if so what impact may it have on how voters feel going into the election in november? ultimately, unlike the bank of england, the fed has not achieved its 2% interest rate target. so they may or may not cut interest rates before the end of the year. our financial markets of course are all for it and the stock market would certainly react favourably. but for the average person that is not really going to have a huge impact, a 25 point, 50 point basis cut on the day—to—day struggles that they face. basis cut on the day-to-day struggles that they face. sean, interesting _ struggles that they face. sean, interesting to _ struggles that they face. sean, interesting to have _ struggles that they face. sean, interesting to have your- struggles that they face. sean, interesting to have your take . interesting to have your take on what is ahead this week. thank you for your time. last week, the world health organization declared the mpox outbreak in parts of africa a public health emergency of international concern. the highly contagious disease —

formerly known as monkeypox — has killed at least a50 people during an initial outbreak in the democratic republic of congo. outbreaks can be controlled by preventing infections with vaccines, so what are the challenges for the pharmaceutical industry? let's hear now from guido cozzi, professor of macroeconomics at the university of st gallen in switzerland. good to see you again. there have been some cases outside of africa now, confirmed cases in other countries such as sweden, it has been reported. give us your take on the impact this will have on the pharmaceutical sector as they try to counter this. there are some vaccines out there already but they are not necessarily effective with the most recent strains. exactly. in the pharmaceutical industry must be ready to go

and face this potentially very dangerous disease. so it must be activated and prepared to be aligned with demand. on the positive side probably towards the pharmaceutical industry, the pharmaceutical industry, the stock price in the sector (audio stutters). there is also great uncertainty and the time for this market with a lot of volatility going on. we for this market with a lot of volatility going on.- volatility going on. we are havin: volatility going on. we are having trouble _ volatility going on. we are having trouble with - volatility going on. we are having trouble with your. volatility going on. we are l having trouble with your line but let's persevere for now. i believe we hear you pretty much. what lessons have been learned from covid—i9? much. what lessons have been learned from covid-19? covid-19 we learned _ learned from covid-19? covid-19 we learned that _ learned from covid-19? covid-19 we learned that we _ learned from covid-19? covid-19 we learned that we have -

learned from covid-19? covid-19 we learned that we have the - we learned that we have the technological ability to create new vaccines and treatments however it is super important to co—ordinate technological progress and the opportunities for production and distribution and to also overcome the regulatory part. this also means fostering greater cooperation between the private sector and the public sector. when it comes to mpox and the threat that it poses, to what extent is it a priority at the moment for big pharma companies? at moment for big pharma companies?— moment for big pharma com anies? �* ., , companies? at the moment it is not et companies? at the moment it is not yet perceived _ companies? at the moment it is not yet perceived as _ companies? at the moment it is not yet perceived as a _ companies? at the moment it is not yet perceived as a priority i not yet perceived as a priority and it is more localised. you rightfully said some outbreaks in europe for example but, still, there is a long answer about how important will the market be because at the moment there are few cases only. find

there are few cases only. and from what — there are few cases only. and from what you _ there are few cases only. and from what you understand which companies, do you know the names of the companies that are at the forefront of this when it comes to vaccines for mpox? vari anodic is important and segar are important as well. example the nordic had an increase of about 50% of stock price so they are in europe and the other is in the united states so even though the outbreak is seems localised in africa, the united states and europe have great intentional at the moment.— europe have great intentional at the moment. thank you for s-ueakin at the moment. thank you for speaking with _ at the moment. thank you for speaking with us. _ at the moment. thank you for speaking with us. it _ at the moment. thank you for speaking with us. it is - at the moment. thank you for speaking with us. it is good i at the moment. thank you forj speaking with us. it is good to have your time on the programme. thank you. australia's lowest—paid workers are seeing a bit of relief. a minimum wage increase of 3.75% came into effect injuly, after months of discussion among trade unions, employers and the government.

prime minister anthony albanese said his government will continue to work towards boosting wages, at a time when many workers are feeling the pinch due to higher prices. from sydney, phil mercer reports. hazel soriano is a part—time sales representative in sydney but still needs help from charities for a hot meal. i just have to struggle day by day. the earnings i would probably receive just covers the rent but not with the food, electricity that you need to pay as well. it is really hard. australia's minimum wage for workers aged over 21 is about us$i6 an hour. —— is about $16 an hour. in the last five years, increases have been overtaken by inflation. it is terrible to see the people come in here who might have a full—time job,

but are falling further behind each day. the working poor is too kind a term. businesses really have too much of an upper hand, mate, and they have had it for — in australia — for the past ten years. but some industries argue that annual increases to the minimum wage are not sustainable and are pushing some businesses, especially in hospitality, to the brink of collapse. we, as an industry value the workforce, certainly they are the most valuable asset that a business has. at the same time we need to be mindful that small businesses can't always continue to pay a certain amount of increase every year, over and over and over again. it sends many of them to the wall. when utilities are up, when cost of goods are up it is just too much pressure for restaurants and cafes. increases to the minimum wage affect about a fifth of australia's workforce — or 2.5 million people. the amount is set by the fair work commission, which is the national industrial relations tribunal. it considers various factors, including inflation, unemployment and the general health of the economy. however, workplace experts believe that increasing pay need not be a burden for companies.

instead, it should be an opportunity. those wage increases spur innovation in organisations. to compensate for a wage increase they focus more on, well, how are we going to be more productive to offset those wage increases? trade unions insist that a 3.75% increase to the minimum wage is not enough, while business groups say it's too much. recent tax cuts have helped australia's lowest paid workers, but many insist that their struggles will continue. phil mercer, bbc news, sydney. chinese electric vehicle giant byd has announced its entry in pakistan with a new plant. it is the first major new ev entrant in the pakistani market, where there is a lack of charging infrastructure. let's cross live now to singapore and our business reporter pierre—antoine denis. what do we know

about this new arrival? what do we know about this new arrival? we definitely know that it arrival? we definitely know thatitis arrival? we definitely know that it is part of a global push from the chinese carmaker b y d to try and spread its wings across the world. it is doing a big showcase on saturday and they announced they will start to sell three of their models in pakistan. three showcase shops, if you want, where they will show the different models and, as you said, there is a definite need for infrastructure and charging infrastructure to connect the different major hubs. karachi and islamabad and the third city. this is why be widely are now partnering with mega motors, an arm of the large

pakistani energy provider, hub co— which will provide this infrastructure but of course this is an investment for the long game. one caveat is about whether in fact the car plants will see the light of day and who will build them, how many people will be employed, how many cars will be produced? we do not really know. byd is not confirmed nor denied that the plant will be open but on the pakistani side of the deal they are clearly adamant that this is happening. are clearly adamant that this is happening-— is happening. listen to the ceo. is happening. listen to the ceo- we — is happening. listen to the ceo. we are _ is happening. listen to the ceo. we are committed i is happening. listen to the ceo. we are committed toj ceo. we are committed to bringing _ ceo. we are committed to bringing byd cars to pakistan and we — bringing byd cars to pakistan and we are committed to bring these — and we are committed to bring these cars, locally assembled cars _ these cars, locally assembled cars to — these cars, locally assembled cars to the consumer as well. the _ cars to the consumer as well. the battery range you will not have — the battery range you will not have to — the battery range you will not have to worry about. nonetheless we will put up a charging infrastructure to make sure _ charging infrastructure to make sure that — charging infrastructure to make sure that there is not even a second — sure that there is not even a second thought in anyone's mind~ _

second thought in anyone's mind. 0t— second thought in anyone's mind. , ., mind. of course for many pakistani's _ mind. of course for many pakistani's who _ mind. of course for many pakistani's who will- mind. of course for many pakistani's who will be i pakistani's who will be listening, this is a different reality. last week, ten days ago there were protests in different towns over pakistan against the hike in electricity prices. we see how since 2021 there is a surge of 150% in electricity prices, pushing analysts to say that electricity bills have outpaced home rental prices now across pakistan so it will be interesting and there will be a lot of question marks about how pakistani officials as well as byd will be able to fulfil the ambition of having every third pakistani equipped with an ev car within the next five years. around the world and across the uk. this is bbc news.

the social network at x formally nosed as twitter has closed its office in brazil over a censorship row. the platform said a brazilian supreme courtjudge threatened its legal representative in brazil with arrest if it did not comply with what was described as his censorship orders. brazil's supreme court has not commented, but mr moraes had ordered x accounts he has accused of spreading disinformation must be blocked while they are under investigation. that includes many supporters of the former president jair bolsanaro. let's hear now from marc ostwald, chief economist and global strategist at adm isi. good morning to you. once again

twitter, well, x, should i say, is in the headlines choosing to close down offices in brazil over the censorship row. [30 close down offices in brazil over the censorship row. do you make of this? _ over the censorship row. do you make of this? on _ over the censorship row. do you make of this? on the _ over the censorship row. do you make of this? on the one - over the censorship row. do you make of this? on the one hand | make of this? on the one hand mr musk will be saying this is about him championing free speech and on the other hand we have the very real spectre in a number of countries around the world including in the uk as a result of the recent riots about twitter, x, rather, being used to disseminate false information, hate speech and this is a bigger struggle. you have to also look at it from the context of what is actually happening with twitter. is it succeeding estimate for many people it is a failing company. x, as it is known, we keep calling it twitter as do many others. just to say for brazilian users it is available in brazil it is just the offices that have been shut down. but it does show the

difficulty on the social media platforms of trying to monitor and manage the information, what is being said, what is being tweeted. as you say, elon musk is at pains to say he is protecting the freedom of expression and speech. but he had reduced significantly or the ceo significantly reduced the ceo significantly reduced the number of people moderating what is on the platform. exactly. on the one hand he is being asked to close, keep this under control in brazil and on the other hand he close the operations and somewhere along the line there is a bit of a disconnect there and the disconnect there and the disconnect actually has more broadly to do with the fact that x is suffering collapsing revenue and there has not been any big commercial deals and for many people it has become a little bit of a one trick pony. all about political debate, if

one wants to call that and he is trying to raise its profile during the big political year that we are having with elections but one wonders what happens after that.— happens after that. thank you very much- — happens after that. thank you very much- it _ happens after that. thank you very much. it is _ happens after that. thank you very much. it is good - happens after that. thank you very much. it is good to - happens after that. thank you very much. it is good to get i very much. it is good to get your take on that. interesting developments there for x and for brazil. the british fashion brand ted baker has announced that it will close its remaining 31 stores in the uk this week, putting more than 500 jobs at risk. the clothing retailer went into administration in march, after years of poor trading and company management problems. our business reporter, simon browning says it's the end of the line for a well—known brand. ted baker started in glasgow in the late 1980s originally selling men's web quickly grew to do womenswear, homeware and kids wear. what we now see that trading come to an end. in 2019 the founder of the business was forced to resign after allegations were made about improper conduct in the business, something he always

denied. after a difficult few years of trading, ted baker entered administration in march this year after a tie—up with another business failed. it is understood that rescue deal to license the name also failed. as was closing this afternoon, it was stripped bare, the rails were empty, shoppers had been in there all day buying bargains at 70% off. they were even selling the shop fixtures. people outside with bags of coathangers that they had purchased and is staffed left they said goodbye to each other, one member of staff coming up to me saying it was his last shift and he was now out of a job. the 31 remaining stores are now expected to close by and a play on tuesday with a loss of 500 jobs, which is another bow for the british high street. the idea of a tax on billionaires has been gaining traction recently. injuly, the g20 group of big economies agreed to work together to ensure the ultra—rich are effectively taxed. it's a declaration that tried to find a balance between national sovereignty and more cooperation

on tax avoidance. today, a new report from the taxjustice network argues that countries could raise $2.1 trillion a year by following the example of spain's wealth tax on the top half of one per cent of richest households. let's hear now from mark bou mansour from the taxjustice network interesting to have you on the programme. tell us what is happening now in spain. haifa happening now in spain. how does the system _ happening now in spain. how does the system work? - happening now in spain. time" does the system work? it is a featherlight tax of two or 3% and only applies on the richest household, roughly 0.5% yet this small tax can raise a huge amount of money for countries around the world, $2 trillion which is on par with what countries need. butjust as important as the money we could

raise with this tax, our report also talks about the ways in which the extreme wealth of the superrich is making our economy is insecure and how a wealth tax tackles the root of this problem. tax tackles the root of this problem-— tax tackles the root of this roblem. �* . ., , problem. but when countries introduce _ problem. but when countries introduce a _ problem. but when countries introduce a tag _ problem. but when countries introduce a tag or _ problem. but when countries introduce a tag or taxes - problem. but when countries introduce a tag or taxes on i problem. but when countries i introduce a tag or taxes on the superrich they just introduce a tag or taxes on the superrich theyjust move elsewhere, don't they? that is what happens. theyjust move from the uk, for example, if we were to do that or the us or whatever to another country where they can live without paying those taxes.- where they can live without paying those taxes. that is not actually the — paying those taxes. that is not actually the case. _ paying those taxes. that is not actually the case. this - paying those taxes. that is not actually the case. this is - paying those taxes. that is not actually the case. this is an i actually the case. this is an area where public deception has been lagging behind the evidence. recent wealth taxes in norway, sweden and denmark always resulted in a rate of 0.01% among the superrich were taxed. data shows is that the superrich do not leave en masse and more strikingly, the data shows that if countries do not implement wealth taxes that is far more harmful to the

economy, to their economy because of the extreme wealth of the superrich which has been directly linked to lower economic productivity, to more debt among households, to poorer educational outcomes and to shorter lifespans. the root of all this is the duty assistant we used to treat wealth. i assistant we used to treat wealth. ., assistant we used to treat wealth. . ., ., ~' assistant we used to treat wealth. . ., wealth. i am looking at some data from _ wealth. i am looking at some data from henley _ wealth. i am looking at some data from henley and - wealth. i am looking at some l data from henley and partners which is a migration advisory consultancy that says thousands of billionaires are expected to leave the uk this year alone. it does not say the reasons why but of course we have a new government that has spoken about increasing taxation for the wealthier in this country. and so the conclusion has drawn that that is one of the reasons why. that that is one of the reasons wh . , ., that that is one of the reasons wh . , . , , ., why. there is a study, in our estimate _ why. there is a study, in our estimate there _ why. there is a study, in our estimate there are - why. there is a study, in our estimate there are millions. why. there is a study, in our. estimate there are millions of people in this bracket in the uk so thousands is a blip. one

study the impact of potential reforms in the uk which would see a range of 0.02 to a maximum of about 3% of people leaving. again, despite the focus that was put on these numbers in the wider picture these numbers are a blip and it is far more harmful for countries to not implement wealth tax and that is what they should be focusing on. could there be an international agreement on this across the 620, agreement on this across the g20, ultimately? we don't have much time left but your thoughts on that briefly? absolutely. we saw the global tax rate gain momentum. the global tax strategies of a global tax strategies of a global wealth tax and we call for a national wealth tax that goes hand—in—hand with that so countries can tackle the extreme wealth that harms their own economies.— own economies. thank you for bein: on own economies. thank you for being on business _ own economies. thank you for being on business today. - own economies. thank you for being on business today. the | being on business today. the brings to a close the

programme. have a good day and i will see you soon. hello there. with schools in england, wales still on holiday, i'm very aware that the vacation season is still in full swing. and if you're about to set off on yours, certainly worth bearing in mind, particularly if you're in this country, and particularly if you're under canvas. heavy rain and gales are forecast for some of us throughout this week. please keep abreast of the forecast and tune in to your bbc local radio station for further updates as areas of low pressure start to push in from the west. we'll start off largely fine and quiet on monday. eastern england clinging on to the sunshine and, once again, the warmth throughout the day, and that's where we're likely to see highest temperatures. so, if we stretch a line from hull down to the isle of wight, anywhere south and east of that, keeping some sunshine and highs of 25 degrees. clouding over across much of southwest england and wales with some heavier bursts of rain starting to push in. it will turn increasingly windy through the irish sea and up into northwest scotland.

for northern ireland and for scotland, there'll be some heavier bursts of rain at times, strong winds and temperatures certainly more subdued. that heavy rain continues through scotland overnight. it will weaken as it moves its way down through the southeast, just a band of showery rain. but certainly again here, the notable thing will be the feel of the weather. quite a warm night monday night into the early hours of tuesday morning with overnight lows of only 17 degrees. now, for england and wales on tuesday, it's a case of sunny spells and a few scattered showers. some of those showers perhaps heavy with the odd rumble of thunder. close to this area of low pressure, we see a frequent rash of showers being driven in along west—facing coasts, and here, noticeably cooler once again, 1a or 16 degrees. highest values of around 23 or 2a with the best of the sunshine once again in the southeast. now, as we go through wednesday, on the whole, we've got this little ridge of high pressure quietening things down. but there is another spell of very wet and very

windy weather developing. so, towards the latter stages of the day, the winds will strengthen close to gale force. that's going to drive in some showers across north and west scotland. elsewhere, we keep some sunshine. the winds strengthening, but not a bad day on wednesday — highs of 1a to 22 degrees. it's overnight wednesday into thursday where we see a real spell of wet and windy weather. that'll linger in the northwest towards the end of the working week, somewhat drier and brighter conditions further south.

good morning, welcome to breakfast with sally nugent and ben thompson. our headlines today. hand in zombie—style knives to the police orface time behind bars — that's the warning from the government. but victims�* families say it's too little too late. i wish the government would ask us and listen to us, because we're the ones living it. america's top diplomat meets the israeli prime minister later to press for a ceasefire deal in gaza — amid fears of a wider war in the region. will energy prices rise again this autumn? most analysts expect the price cap will go up later this year — we'll find out for certain this week. i'll look at whether now is the time to fix your tariff. manchester city get straight back to business, erling haaland scoring their first goal of the premier league season, on his 100th appearance for the club, as city beat chelsea.