theo leggett, bbc news.w 80 years old, happy birthday! did you know it kept troops and civilians alive in the second world war and it was then fed to unwilling is schoolchildren in the post—war years. it's the food summit in the western love to hate but 8 billion cans have so far been sold. now eight! now in some countries it's a delicacy. —— now 8,000,000,001. let's take a wow, i'm really ready for my brea kfast! wow, i'm really ready for my breakfast! spam with eggs and rice! to all american viewers, happy fourth ofjuly and of course because of the holiday in the us, we are seeing thin trading in asia today. thank you so much for investing your time with us, i'm rico hizon, goodbye for now. the top stories this hour: the us secretary of state rex tillerson has confirmed that north korea test—launched an intercontinental ballistic missile for the first time, representing an escalation of the security threat. on the first visit to israel by an indian prime minister, narendra modi says he wants to transform t

theo leggett, bbc news. our top story this lunchtime. grenfell tower, the new leader of the council says it will take a generation for survivors to trust the council again. atan at an expectant wimbledon, andy murray is on court and hoping to joinjohanna murray is on court and hoping to join johanna konta murray is on court and hoping to joinjohanna konta in the semifinals. coming up in sport. england are aiming for their fifth consecutive win at the women's cricket world cup. they're facing new zealand in derby after their win over australia at the weekend. president trump has defended his eldest son, who is under pressure for meeting a russian lawyer during last year's election campaign. he tweeted that donald jr was transparent, open and innocent and was being subjected to the greatest witch hunt in political history. congratulations, dad, we love you! donald trumer played a key role in his father's ascent to the presidency. now, his actions are almost threatening to undermine that victory. fearing further revelations about a meeting

theo leggett is in our business newsroom theo, talk is through this.can be very costly. in fact according to the fsa they can be more costly than payday loans which are already regulated because they we re are already regulated because they were proving to be too expensive. today they have said about unauthorised overdrafts, today they have said about unauthorised overd rafts, " based today they have said about unauthorised overdrafts, "based on the evidence we have to date, we believe there is a case to consider the fundamental form of an arranged overd rafts and the fundamental form of an arranged overdrafts and whether they should have a place in any modern banking market. we have significant doubts about whether any and arranged overd rafts in about whether any and arranged overdrafts in their current form can continue in a well functioning market." that leaves two options which can be consulted on, potentially banning them or tightening the rules considerably. what did they say of payday loans? remember they've been capped for the last two is beca

theo leggett, bbc news.organisations in the uk are mostly funded by small donations from within the uk rather than from groups or states overseas. the home office review of extremist funding said money from overseas was a significant source of revenue for small number of organisations with extremism concerns but it was not true for the vast majority of extremist groups in the uk. with me is our diplomatic correspondent james landale. this review ordered by david cameron back in november 2015, the home secretary amber rudd has published a summary of the review today. what have we found out that we did not already know? not a great deal. this isjust that we did not already know? not a great deal. this is just a summary of the full report, the home secretary is not publishing the full document because she says there is a volume of personal information and secondly for national security reasons. but will not satisfy the critics who have been pressing for this report to be published for a long time. the governmen

theo leggett is in our business newsroom. fiola, tell us more.ear has known it has had a pretty rough time of it. 58,000 services or thereabouts were cancelled last year, and on various occasions the network came almost to a grinding halt. the biggest factor in that was a dispute between gtr and train staff. the unions, who claimed that the compa ny‘s attempts staff. the unions, who claimed that the company's attempts to try and make drivers responsible for opening and closing doors and changing the role of conductors was unsafe. that was the biggest factor in all the delays. there were others. what the government has been doing is examining whether or not gtr was in breach of its franchise agreement, and they have imposed this fine of £114 and they have imposed this fine of £131; million, and suggested at the same time that, although there were problems at southern, most of them 01’ problems at southern, most of them or not the franchise operator's fault. and therefore the fine could have been a lot higher, if they decided that the industrial ac

theo leggett has been looking through the figures for us. theo is in the business news room.ck from asia. the pound has fallen and has cost them money. sports direct tried to mitigate that by taking out currency hedges, but that went wrong when a fall triggered off a payment under one of its contract which cost it 15 million. revenues have been pretty strong, and that might help to explain why its share price is up sharply this morning, that is down to changes that have been announced at board level, including the replacement, the belated replacement of the finance director who resigned in the wake of that currency problem last year. but, context is everything, isn‘t it. so if i step over here and change the view you are looking at for a moment. you can see that even with that spike today, sports direct share prize is less than half the level it was about 18 months to two years ago. the past 18 months have been pretty extraordinary for sports direct haven‘t they? extraordinary for sports direct haven't they? yes, it has had a terrible pr record, problems at its warehouse in s

theo leggett is in our business newsroom — what's the row about?w about? policy introduced when george osborne was chancellor and maintained under philip hammond has been to keep the cap on public sector pay, part of the austerity measures designed to reduce the budget deficit, reduce spending. since 2012 annual rises in public sector pay have effectively been capped at 1% for millions of workers. for that there was a pay freeze as well. the problem is no we are in an era of rising inflation, at 2.9% at the moment, —— now we are in an era of rising inflation. in the wake of the election result, the government is pretty well aware this is an unpopular policy, and so we have this line up of senior ministers, michael gove, jeremy hunt, boris johnson, ministers, michael gove, jeremy hunt, borisjohnson, or suggesting 110w hunt, borisjohnson, or suggesting now is the time to relax this policy and let public sector workers have a little more. if they manage to do that, it is more pay for everybody, how can they afford it? everything has a price, doesn't i

theo leggett is in our business newsroom. talk us through the conversation.. there is an awful lot of legal garbage, if you like, that lloyds has been trying to work its way through. it has set aside £283 million to compensate customers for how it handled its mortgage arrears. and it has acknowledged that when customers fell into arrears, they did not always do enough to understand the circumstances of those customers, to be confident that those arrears payments were affordable and sustainable. as a result, it will refu nd sustainable. as a result, it will refund all the fees charged from january 2009 and january 2016th when it stopped imposing these charges. it will also make payments for potential distress and inconvenience, and any other losses that people may have experienced as a result of not being able to keep up a result of not being able to keep up with payment plans. that is the mortgage arrears. it is also setting aside £1 billion for pp! insurance claims. but a £700 million more than expected. it says this is for reactive claims. despite this, the

theo leggett is in our business newsroom. it's been a tough year for the company, hasn't it?r question is yes. look at the share price. this was where it was in march before apple said it wasn't going to be using imagination‘s intellectual property and its designs for chips any more. and here is what happened to the share price afterwards. it has not recovered. nipped upa afterwards. it has not recovered. nipped up a bit over the past few days because there is talk of the company being sold. but this is a major dispute. imagination provides the design for chips used in things like iphones, ipads, apple tv ‘s and watches. it provides a good stream of revenue through royalty payments. and if apple stubs using those designs, that royalty stream also stops that provides problems for the company. it provides a great deal of uncertainty. who might want to buy imagination technologies? there are plenty of names in the frame. apple is one of them. it owns an 8% stake at the moment. there is talk of a chinese company potentially being interested , chinese company potentially being int

0ur correspondent theo leggett has been examining whether the motor industry can deliver.resulted in a new small car... the internal combustion engine has been powering cars for more than 100 yea rs, been powering cars for more than 100 years, but is it nearing the end of the production line? the government wa nts to ba n the production line? the government wants to ban petrol and diesel cars by 2040, and make electric vehicle is the norm. major manufacturers, such as volkswagen, bmw, and renault already have big plans for battery—powered models. but they still make up a small share of the market. last year we sold 10,000 pure electric battery—powered vehicles in the uk out of a market of 2.7 million. it is a huge shift. that is what you need a good framework to encourage that shift. britain isn't alone in planning a ban. france also wants to get rid of petrol and diesel cars by 2040. india wants to phase them out by 2030. and norway is even more ambitious, its target is 2025. if the government want us all to be one—day driving electric cars like these that it will have to

theo leggett has been going through the numbers. a bit ofa a bit of a mixed post bag? mixed bag, and it is for all the reasons that we are only too well aware of. people don't to send letters to one another any more, younger people don't. they prefer e—mail or social media, keeping in touch that way, so, the letters business is suffering. it is falling every year at the moment, over the past, in the first quarter compared to last year they were down 6%. revenues only down 4% because there was a lot of money spent on mailings linked to the general election. but the parcels business is doing very well indeed. that as you said is because or partly because a lot of people are shopping online and all the par shells —— parcels needs to be delivered. so a mixed bag. any plan update on the pension scheme? royal mail said it would be closing its existing pension scheme to newjoiners from march next year. in place of that it is going to bring in a defined contribution and defined benefit scheme, so two schemes and it says it has discussed these with the unions and the union it w

let's get the answer from our business correspondent theo leggett. how big a move is this then?able goal, but it is a long way off and the car industry is already moving in that direction. the chances are that within a few yea rs, the chances are that within a few years, you won't see many pure diesel and petrol cars on the road anyway. they will be hybrids and electric because of emissions regulations being brought in particularly in europe which mean that car makers are having to invest money in electrification technologies and if they are investing that money they will want us investing that money they will want us to buy electric cars and they will be trying to persuade us to buy them. so market forces will take us in this direction. in order to have a complete ban on petrol and diesel ca rs by a complete ban on petrol and diesel cars by 2040 a lot will need to change. particularly charging infrastructure. it won't be enough to have a few fast charging stations up to have a few fast charging stations up and down the m1, there need to be comprehensive charging infrastructure,

theo leggett has been examining whether the motor industry can deliver.otor works in birmingham, a new small car. the internal combustiion engine has been powering the car for years. is it nearing the end of the production line? the government wants to ban petrol and diesel cars by 2040, and make electric vehicles the norm. major manufacturers such as volkswagen, bmw and renault, already have big plans for new battery—powered models, but they still make up a small share of the market. last year, we sold 10,000 pure electric battery—powered vehicles in the uk, out of a market of 2.7 million. it's a huge shift to take place, that's why you need a good framework to encourage that shift. britain isn't alone in planning a ban. france also wants to get rid of petrol and diesel cars by 2040. india wants to phase them out by 2030. and norway's even more ambitious — its target is 2025. if the government wants us all one day to be driving electric cars like these, then it's going to have to give some thought to how to provide more of these — charging points. becaus

our correspondent theo leggett has been examining whether the motor industry can deliver.oration has resulted in a new small car... the internal combustion engine has been powering cars for more than 100 years, but is it nearing the end of the production line? the government wants to ban petrol and diesel cars by 2040, and make electric vehicle is the norm. major manufacturers, such as volkswagen, bmw, and renault already have big plans for battery—powered models. but they still make up a small share of the market. last year we sold 10,000 pure electric battery—powered vehicles in the uk out of a market of 2.7 million. it's a huge shift. that's what you need a good framework to encourage that shift. britain isn't alone in planning a ban. france also wants to get rid of petrol and diesel cars by 2040. india wants to phase them out by 2030. and norway is even more ambitious, its target is 2025. if the government want us all to be one day driving electric cars like these that it will have to give some thought as to how to provide more of these, charging points. there are 37 m

with me is our business news reporter theo leggett. why the increasing cost? do we know the detail?e have lots of beans plums and it seems that meeting the concerns of uk regulators have upped the cost of that. there also seems to be concerned about the magnitude of the work required to get it set up. if eds absorbing this additional cost or will it mean that consumers here had to pay more ultimately? edf is going to absorb it. the way it has been instructed is they are guaranteed a marriage minimum price for the electricity generated there. for the moment, there is no sign that the contract could be renewed. the government has been clear on it as well that the cost of the project is to be borne by the contractors. given the controversy around this project, presumably critics are saying, well, here we go. even before this product was given the go—ahead last year, the budgeted cost that had escalated and the estimated timescales had gone up as well. now we are just a few months into it and already costs have risen, so that is meat and drink for critics. they will say this is just the

let's go to our business news reporter theo leggett.t of the modern economy. what is deliveroo saying that it wants to do. deliveroo says it wants to offer its riders, cyclists, mo bed riders, certain employment rights like holiday pay and sickness pay. at the moment, it doesn't do that. —— mo paired riders. deliveroo considers itself a platform, it has riders of an app which will offer them a job to do and if they wanted they will accept it. those workers are paid by thejob, not by accept it. those workers are paid by the job, not by the accept it. those workers are paid by thejob, not by the hour, they are not eligible for the minimum wage and they are not eligible for these other benefits and that's because under british employment law at the moment they are considered to be self—employed. moment they are considered to be self-employed. what is likely to happen because unemployment review is underway. some magic formalin going to review — and employment review is underway. is a magic formula going to emerge. uk employment law has not