british tech entrepreneur mike lynch — and his daughter hannah — are among six people missing after a yachting tragedy in sicily alongside morgan stanley'sjonathan bloomer. we'll hear about the significance of them in the business world. it's japan's biggest ever foreign takeover bid and shares in the 7—eleven owner have soared — its president has been speaking to the bbc. and a rocket engine explodes during a test launch at the uk's new spaceport in shetland. we talk to the spaceport�*s ceo live. welcome to business today, i'm mark lobel. it's being reported that morgan stanley international bank chairmanjonathan bloomer, his wifejudy and clifford chance lawyer chris morvillo are among six people missing after a luxury yacht sank off the coast of the italian island of sicily in the early hours of monday morning.

morgan stanley said in a statement they are �*deeply shocked and saddened�* by the news calling it a �*terrible situation�*. the british tech tycoon mike lynch and his 18—year—old daughter are also among the missing as the search and rescue operation continues 50 metres underwater. mr lynch, known by some as "the british bill gates", co—founded software company autonomy, which was later bought by tech giant hewlett—packard for $11 billion. but an intense legal battle following the high—profile acquisition loomed over mr lynch for over a decade. he was acquitted in the us injune on multiple fraud charges — he was facing two decades in jail if found guilty. here�*s our business editor simonjack. he was not found guilty. mike lynch has been considered a giant of uk business for nearly three decades. a cambridge phd student who built a cutting edge technology company before selling it for £9 billion

to american giant hp, who later accused the company of inflating their profits. that kicked off over a decade of legal wrangling that saw him extradited in handcuffs to the us to face fraud charges injune. he walked free and less than three weeks ago described the moment the usjury acquitted him. it�*s very hard to describe the moment you�*re reliant on 12 ordinary people until you hear the words you can�*t call it, and at that point it�*s indescribable. the way in which you jump between two universes. hp still insists it was misled. and in 2018, autonomy�*s chief financial officer was convicted of fraud. but mike lynch is still revered by other british technology founders. mike has always been seen as a legend and a titan and an inspiring figure for british entrepreneurs. that�*s because he both understands mathematics deeply and how you can use it to solve business problems.

mike lynch recently said he wanted to get back to doing what he enjoyed most innovating, but there are grave doubts he will get that chance. simon jack, bbc news. theo leggett is our business correspondent and hejoins me now. mike lynch�*s co—defendant in the trial mentioned in simon�*s jonathan bloomer was a member of the financial services aristocracy in the uk, chief executive of prudential ensure a full five years for example, at that company for a total of the decade. chair of a number of other companies. as you say currently chair of hiscox, a

pillar of the uk financial services establishment, another person on board was chris morvillo, one of the lawyers of mike lynch in the united states case, prosecutors allege he was guilty of fraud over the purchase and 20 of ii of autonomy by hewlett—packa rd. purchase and 20 of 11 of autonomy by hewlett-packard.— hewlett-packard. edward said the tri the hewlett-packard. edward said the trip they were _ hewlett-packard. edward said the trip they were on _ hewlett-packard. edward said the trip they were on was _ hewlett-packard. edward said the trip they were on was to _ hewlett-packard. edward said the trip they were on was to thank - hewlett-packard. edward said the i trip they were on was to thank many of the people helping in that case, a co—defendant, stephen chamberlain, who died on saturday, former vp of fine and at autonomy, died after being hit by a car while out on a run. ., u, being hit by a car while out on a run. ., a, ., , being hit by a car while out on a run. ., ., , ,., run. you can only ascribe this to double tragedy, _

run. you can only ascribe this to double tragedy, still— run. you can only ascribe this to double tragedy, still currently . double tragedy, still currently reported as missing, mike lynch, one of six people from the yacht not yet found, looking bleaker by the hour, jogging found, looking bleaker by the hour, jogging in cambridgeshire, the lady driving the car helping police with their inquiries. simply coincidence, no suggestion of anything underhand going on here. coincidence that the two events happened in such close proximity to each other. chamberlain worked for dark trace, which mike lynch helped to found three years ago, co—defendant in the trial, defending against charges of fraud alongside mike lynch, acquitted alongside mike lynch, acquitted alongside him a couple of months

ago. now let�*s turn to the us where in chicago the democratic national convention continues. president biden has been speaking. addressing his vice president kamala harris he said, "we need you to beat donald trump". harris is proposing to increase the corporate tax rate to 28% from 21% if she wins a november election. the committee for a responsible federal budget, a nonpartisan advocacy group, said on monday that harris�* proposal to raise the corporate income tax rate would reduce the us deficit by $1 trillion over a decade. meanwhile the wall street rally rolls on. us markets closed higher on monday. investors are hoping the federal reserve will signal it�*s ready to cut interest rates when fed chairjerome powell speaks atjackson hole on friday. shares of seven & i — the owner of the 7 eleven convenience store chain — soared by around 23% on monday after it revealed a takeover bid from canada�*s alimentation

couche—tard — which runs the circle k chain of convenience stores. the details of the offer have not been disclosed — but with seven & i now valued at around $38 billion it would be the biggest foreign takeover of a japanese firm. it would beat the $18 billion paid by private equity for toshiba�*s memory chip arm in 2018. just to say today in tokyo its shares closed down 10.6% with investors taking profits. the president of seven and i holdings ryuichi isaka has been speaking to the bbc�*s mariko 0i. this is the sensation on tiktok in thailand. 7—eleven�*s toasty. i�*m at 7—eleven in singapore, and here their local speciality is this biryani. it varies depending on country. born in the us, originally to sell

blocks of ice and daily necessities in the 1920s, the japanese—owned chain now boasts a global empire of 85,000 stores. that�*s about double of mcdonald�*s or starbucks. this is the man who�*s in charge of the empire, ryuichi isaka, and he wants to expand it even more. we have more stores than mcdonald�*s or starbucks, but mcdonald�*s operates in about 110 countries and starbucks about 90 countries. so we�*re accelerating our overseas expansion. in april, we completed the acquisition of 7—eleven australia and its 750 stores. we�*re also big in asia. meanwhile, we only have about 300 stores in europe, right? so i�*m in bangkok. and there�*s some serious obsession with japanese convenience stores drawing the patronage of celebrities. and while 7—eleven operates in many countries, most customers say their stores in japan rule them all because of the fresh food selection. and that�*s something mr.

0saka is trying to address overseas. we�*re noticing a gap in performance between different countries. what we found is that stores which sell fresh food are attracting many more shoppers. we want to grow with high quality, notjust increase the quantity. we want to make sure customers are happy and increased sales of each stores, whilst increasing the number of stores. in order to achieve that, we need to build a local supply chain just as we did injapan. but as a company which gets 60% of its revenue from selling food. food waste is a huge issue. our goal is to cut co2 emissions and to reduce food waste by 50% by 2030, and by 75% by 2050. to achieve this goal, we took an innovative approach to extend the shelf life of food. we also empower store owners to discount food nearing its expiration date to sell

products rather than waste. to date, 90% of stores participate in this initiative. the pilot test stores successfully reduced waste by 10%. in addition, our group of approximately 400 stores accept non—perishable food donations to help community members in need. now as you may have seen — a rocket engine has exploded during a test at britain�*s new spaceport in shetland — off the north coast of scotland. scientists had been hoping to see the first full—engine test of a vertical rocket on european soil — as part of a project which aims to send satellites into space. the test was due to be carried out at the saxavord site on unst, the country�*s northernmost inhabited island — but the engine was engulfed in fire on the launchpad. no one was injured. joining me now is frank strang, ceo of saxavord spaceport. when do you expect to hear back from your client about what went wrong?

spacex had similar. i think the perform 97 successful missions last year and i�*m sure rocket factory kantu. hopefully rocket factory kantu. hopefully rocket factory kantu. hopefully rocket factory can fix whatever went wrong and we will carry on, it is not my department. pare wrong and we will carry on, it is not my department.— wrong and we will carry on, it is not my department. are they the only ones contracted _ not my department. are they the only ones contracted to _ not my department. are they the only ones contracted to launched - not my department. are they the only ones contracted to launched rockets l ones contracted to launched rockets or can other people use your spaceport? or can other people use your spaceport?— or can other people use your spaceport?

or can other people use your s--aceort? ., ., , . or can other people use your s--aceort? ., ., , ~ ., spaceport? there are others. we are a hiuhl spaceport? there are others. we are a highly regulated — spaceport? there are others. we are a highly regulated spaceport, - spaceport? there are others. we are a highly regulated spaceport, there i a highly regulated spaceport, there was no lock no one was hurt. the same regulations apply as to the launch. 0ne same regulations apply as to the launch. one of the main positives that came out of last night, all our protocols and procedures are in place to protect human life, i�*m very proud of the way our team performed, this is new to us. people will be delighted _ performed, this is new to us. people will be delighted no _ performed, this is new to us. people will be delighted no one _ performed, this is new to us. people will be delighted no one was - performed, this is new to us. people will be delighted no one was hurt, i will be delighted no one was hurt, interested in what will happen next. you�*re hoping for 30 lodges a year, what has to happen next for us to see satellites into space launch from the uk?— see satellites into space launch from the uk? our client rocket factory will _ from the uk? our client rocket factory will conduct _ from the uk? our client rocket factory will conduct an - factory will conduct an investigation. they will then get clearance, they have applied for the launch license from the civil aviation authority, once they know the cause of the problem and i�*m sure they will find it out quickly it will be business as usual and i would expect us to be heading in to

launch in the next few months. if it is not with rocket factory, three or four other clients are seeking to get the launch licence, working with us, some of them have tested on the island do so. we us, some of them have tested on the island do se— us, some of them have tested on the island do so— us, some of them have tested on the island do so-— island do so. we are out of time but we will watch _ island do so. we are out of time but we will watch with _ island do so. we are out of time but we will watch with interest - island do so. we are out of time but we will watch with interest because | we will watch with interest because we will watch with interest because we do want to note when it happens. thanks forjoining us here on business today. you are up—to—date.

hello from the bbc sport centre. i�*m hugh ferris. he�*s still going at 37 years old, and according to one television pundit he�*s leicester "greatest ever player". jamie vardy had been ruled out of his team�*s opening match of the premier league season but declared himself fit, started, and scored the goal that gave promoted leicester a 1—1 draw against tottenham. vardy�*s scored more than 100 goals in england�*s top flight since turning 30.