profits and announces that ceo noel quinn is to retire. explosion the day—to—day disruption of life next to a cobalt mine as the world rushes to secure the minerals vital for the green transition. hello. if you've destroyed us, you are in the nick of time for the top money stories with me, sally bundock. we start here in the uk where the second phase of britain's new post—brexit border controls for imports from the european union have come into force. from today, businesses face new checks and charges for food and plants coming across the border including a fee, known as the "common

user charge". it will now apply to animal products and plants entering through the port of dover and the eurotunnel, with individual products facing charges of up to £29. but mixed consigments of things like salami sausage, cheese and yoghurt subject to fees of up to a £145. the government says the money will pay for border inspections and new world—class facilities to protect biosecurity. goods from ireland will be exempt for now. here's our chief economics correspondent, dharshini david. it is one am but this flower wholesaler is in full bloom, sorting time sensitive deliveries destined for florists and hotels. with additional checks and imports are to be minimal, the main

concern is delays but fees. we not concern is delays but fees. we got present — concern is delays but fees. - got present them switch is a huge range and each of these varieties will cost £29 per consignment selling at the five varieties will be £145 in total a day. we probably have two consignments a day. that adds up consignments a day. that adds up to... around £125,000 a year additional cost. he up to. .. around £125,000 a year additional cost.— additional cost. he does not have as yet _ additional cost. he does not have as yet if _ additional cost. he does not have as yet if that _ additional cost. he does not have as yet if that bill - additional cost. he does not have as yet if that bill will i have as yet if that bill will just pass to those buying the affected lines will be spread across all their products to minimise the impact on price. it also grappling with a lack of clarity over how checks will work. these changes are not submerging more red tape reducing the risk of imported disease and combined with global trade rules. now the uk has left the eu, we have to treat that block the same as the rest of the world when it comes to higher risk goods.

have a good day. forfood, the government claims prices will bejust 0.2% higher government claims prices will be just 0.2% higher overall. but it's the importance of meats, cheese, the likes of the italian deli that'll see the biggest rises. the cost of health certificates is already hitting their ranges.- hitting their ranges. some su lies hitting their ranges. some supplies from _ hitting their ranges. some supplies from italy - hitting their ranges. some supplies from italy at - hitting their ranges. some supplies from italy at the l supplies from italy at the moment they decided to stop until they can unit, they can find the best way for them to reduce the price and see how it goes, to see what's going to happen in the future.- happen in the future. these formalities _ happen in the future. these formalities were _ happen in the future. these formalities were brought i happen in the future. these formalities were brought in | happen in the future. these i formalities were brought in for british businesses who sell to europe three years ago. what's im act of europe three years ago. what's impact of that? _ europe three years ago. what's impact of that? it's _ europe three years ago. what's impact of that? it's always - impact of that? it's always worth yachting by saying so much has been going on, we've had coma, the war in ukraine, it's very hard to be precise but there seems to be a compelling case that brexit has impacted negatively on our trade. . .,, impacted negatively on our trade. w, , impacted negatively on our trade. ..,, , ., trade. the cost stemming from these changes _ trade. the cost stemming from these changes will _ trade. the cost stemming from

these changes will total - these changes will total hundreds of millions of pounds for business or even more. after a turbulent few years, so may be a danger of wilting. dharshini david, bbc news. i'n joined now by marco forgione — director general at the institute of export & international trade. welcome. from what you're hearing, our businesses ready for this? ., �* , for this? no, we've been speaking _ for this? no, we've been speaking with _ for this? no, we've been speaking with ports, - for this? no, we've been| speaking with ports, port health authorities, importers, and in the eu with producers and in the eu with producers and exporters. it's clear there has been a real lack of communication and engagement. the reality is, it was only just a few days ago that the uk government's border control posters actually announced and confirmed as being. the information of the exporters and importers need to know has been late and that's caused problems. been late and that's caused problem-— been late and that's caused roblems. ~ . , , problems. what impact is this havinu problems. what impact is this having on _ problems. what impact is this having on trade? _ problems. what impact is this having on trade? as _ problems. what impact is this having on trade? as was - having on trade? as was highlighted _ having on trade? as was highlighted in _ having on trade? as was highlighted in the - having on trade? as was| highlighted in the report, since brexit uk exporters

particularly micro, small and medium enterprises have been severely impacted and we see the reduction of them trading with the eu and we have a real fear that similar will happen now for the eu exporters and producers particularly the really small, medium and enterprises and those bespoke producers who will just enterprises and those bespoke producers who willjust either think that it's too complicated all decide to delay exporting until everything settles down. the problem is if they do that, getting them restart could be really difficult.— really difficult. how long do ou really difficult. how long do you think — really difficult. how long do you think will _ really difficult. how long do you think will take - really difficult. how long do you think will take to - really difficult. how long do you think will take to settle | you think will take to settle down? what are we talking about here? ., , here? the government says the 'll here? the government says they'll take _ here? the government says they'll take a _ here? the government says they'll take a staged - here? the government says l they'll take a staged approach they'll take a staged approach the introduction of the checks which means we won't really know what the implications are probably for many months. {lit probably for many months. of course this is a really critical time with the summer season again for certain goods, it's the season when they are moving across borders at pace.

they are goods that go off, all those applications. the they are goods that go off, all those applications.— those applications. the food su - -l those applications. the food sunply chain _ those applications. the food sunply chain is _ those applications. the food supply chain is hugely - supply chain is hugely integrated in time sensitive. minutes and hours really make a difference. we have to bear in mind that it is also a point where the and if you have announced that the uk harvest this year is going to be poor because of the weather and the impact over whether growing conditions which means we will be even more reliant on imported food —— nfu. be even more reliant on imported food -- nfu. what have ou been imported food -- nfu. what have you been able _ imported food -- nfu. what have you been able to _ imported food -- nfu. what have you been able to do _ imported food -- nfu. what have you been able to do to _ imported food -- nfu. what have you been able to do to support . you been able to do to support businesses on both sides because it is what it is, we've got a crack on and make this work, haven't we? the changes that are being _ work, haven't we? the changes that are being proposed - work, haven't we? the changes that are being proposed by - work, haven't we? the changes that are being proposed by the | that are being proposed by the government with a target operating and changes to the weather uk board operates, in the medium term will have a hugely positive impact but it's how we deal with the current problems and the reality is that medication from government has been really poor. businesses need to be able to plan and it takes time.

fortunately they have not been given information they need —— unfortunately. given information they need -- unfortunately.— given information they need -- unfortunately. marco forgione, thank you _ unfortunately. marco forgione, thank you for— unfortunately. marco forgione, thank you for talking _ unfortunately. marco forgione, thank you for talking to - unfortunately. marco forgione, thank you for talking to us. - unfortunately. marco forgione, thank you for talking to us. we | thank you for talking to us. we will get more from government later on this and their response to the changes and what they put in place and the communication they provided to businesses. europe's biggest bank hsbc has just released its latest earnings, reporting better—than—expected profits and announcing its ceo noel quinn has decided to retire. something of a surprise departure, mr quinn has overseen sweeping changes at the bank in his five years in the topjob. hsbc said it has already launched a formal process to find a successor. the bank — which makes most of its profits in asia — posted a pre—tax profit of $12.7 bilion for the january to march period. for a closer look at today's announcement, i am joined by peter hahn, emeritus professor at the london institute of banking & finance. nice to see you. are you

surprised to hear that noel quinn is now going to retire? not necessarily surprised. i don't know what his personal reasons were. but i think the big issue for hsbc is that seems these transitions are usually quite competent for them. its predecessor did not last very long. we've gone through number of prior one who was there for longer. but it is a big dealfor hsbc. they are trying to find through the successor will be because, as he noted, it may be's bank but it is really an asian bank that is headquartered in london. absolutely. its biggest market is hong kong. it has pivoted towards asia to make more money. that's proved to be a fairly good plan, investing some $6 billion between 2021

and 3251 just asia. very much his strategy but also he had to navigate the problem of a big, big shareholder who wanted to disrupt hsbc and amass the age of that. he sorted that out that he has been a good pair of hands stop what is the thing about him? bulimba has very much to stabilise the ship that was rocky when hejoined. the bank looks, i'd like to say it looks a bit more boring today which is good. it's got rid some of its more international problems. it sold canada, argentina, a process that's been continuing for many years to divest and focus. 50 been continuing for many years to divest and focus.— to divest and focus. so he has continued _ to divest and focus. so he has continued on _ to divest and focus. so he has continued on a _ to divest and focus. so he has continued on a path, - to divest and focus. so he has continued on a path, if- to divest and focus. so he has continued on a path, if you i continued on a path, if you look, i think the key announcement is the expectation of increasing dividends and hitting their profit targets

and i think that's probably generally true for the banking sector overall is that we don't see big surprises, we didn't see big surprises, we didn't see any big write—ups related to china that could have happened. to china that could have happened-— to china that could have ha ened. . ., ., , happened. that was the worry that there _ happened. that was the worry that there might _ happened. that was the worry that there might be _ happened. that was the worry that there might be some - that there might be some surprises today again because that's cropped up on previous profits reports. do you think the worst in terms of china and exposure to any real estate death or anything of that nature, we are through all that now? it nature, we are through all that now? ., ., ., nature, we are through all that now? ., ., now? it looks that way from hsbc. now? it looks that way from hsbc- the _ now? it looks that way from hsbc. the encouragement i now? it looks that way from i hsbc. the encouragement and expectations to hit their targets, what we want to see as they have had deposits getting more expensive. like many uk banks have seen. it is a worldwide phenomenon now that we have interest rates began, its a funny thing to say that, it's a funny thing to say that, that adjustment is still in process as banks, the interest

margins adjust. hsbc�*s net interest margin between what they pay for deposits and loans shrink slightly so like other banks getting a bit more worried. banks getting a bit more worried-— banks getting a bit more worried. ., ., ~ , ., worried. peter hahn, thank you for our worried. peter hahn, thank you for your thoughts _ worried. peter hahn, thank you for your thoughts on _ worried. peter hahn, thank you for your thoughts on hsbc. - worried. peter hahn, thank you for your thoughts on hsbc. the chief executive noel quinn has announced he is to retire so they are looking for a new boss of europe's biggest bank. to the us now where it's a big day for financial markets as the central bank. the federal reserve begins a two—day meeting to make its latest interest rate decision. wall street is poised as traders gear up for big tech earnings from amazon and apple. one of the big gainers on monday was tesla — the electric carmaker�*s share price jumped 15% following ceo elon musk�*s surprise visit to beijing. michelle fleury in new york has the details. for apple and tesla investors big question is how are they doing in china? elon musk�*s i

karpanyjust got good news on the front with tesla clearing a major hurdle for its full self—driving technology in china after years of trying. this is a key moment for the electric car maker, facing fierce domestic competition in china along with softer demand. and remember that tesla isn't just a car company. it is an autonomous driving and repo taxi company, massive amounts of data are needed to train its algorithms and fine tune these systems. meanwhile apple has seeniphone systems. meanwhile apple has seen iphone sales fall in china, that will of course be in focus when it reports quarterly results after the us market closed on thursday as will only announcement that it makes on artificial intelligence. another stock that has the power to move markets this week as amazon. it turned in its report card later today. the tech giant is under pressure to pay shareholders a dividend. it's now the only big tech firm that doesn't after arthur but did it last week. of

course, traders are also keeping a watchful eye on the federal reserve and chair jerome powell, the model inflation picture has some asking our rate cuts cancelled or simply delayed. if it is widely accepted to leave interest rates unchanged with its two—day policy meeting and on wednesday. it does indeed. let's talk about the today meeting on the part of the federal reserve. what will we learn if anything about when the world's most powerful central bank will start to cut interest rates? to find out, i'm joined by mike coop from morningstar investment management. hello to you. interestingly in the last week some of the big banks around the world and others are really changing their thinking now on when rates might come down in the us. what are you saying at morningstar? it us. what are you saying at morningstar?— us. what are you saying at morningstar? it is pretty clear that markets _ morningstar? it is pretty clear that markets got _ morningstar? it is pretty clear that markets got way - morningstar? it is pretty clear that markets got way ahead i morningstar? it is pretty clear| that markets got way ahead of themselves in pricing and really large, really quick reductions in interest rates,

so we've seen the last few months is that markets have stepped back and reacted to the data by reducing expectations. what we need to look at really is just to recognise how restrictive monetary policy is to start with, so we are sitting here, with interest rates in the us and federal funds are between five five and five and a half and latest cpi was 3.5. we've had interest rates over 5% to 12 months so you're looking at real interest rates are over 2% and the clock is ticking. that's having an effect on the economy. the inflation trends have been down. this more recent period has been about the cost of shelter, so rents and also gas, being a bit higher than expected. but it's more really about the markets getting way

ahead of themselves. the fed themselves were saying that actually they weren't going to respond aggressively to the fallen inflation last year and they would try to look through some of the bumps in the data and we expect the same now. qm. and we expect the same now. ok, so let's be — and we expect the same now. ok, so let's be quite _ and we expect the same now. ok, so let's be quite specific. do you believe then that interest rates will be cut in 2024, say, towards the end of year, or will it next year? we towards the end of year, or will it next year?— towards the end of year, or will it next year? we think on current data, _ will it next year? we think on current data, there _ will it next year? we think on current data, there will- will it next year? we think on current data, there will be . current data, there will be read cuts later on this year and we will think that the trends will reinforce the case for continuing to do that. gill for continuing to do that. all riuht. for continuing to do that. all right. thank you for that very short response which is just what we needed, see you again soon. thank you and have a good day, mike coop from morningstar investment management. around the world and across the uk, this is bbc news.

let's continue with the business coverage. to the green transition now and the race for the raw materials critical to powering a cleaner future. china has taken big stakes in mines across the world by extracting these minerals vital to the green economy. according to the un, if the world is to reach net—zero by 2050, the use of critical minerals such as cobalt must increase six—fold. but some locals, like those living neara mine in the democratic republic of congo, say the mining is disrupting their lives, as wanqing zhang reports. a very weak evacuations take place in the villages near this mine, a chinese owned open

cobalt mine on the outskirts. the democratic republic of the congo's second city. this person lives 500 metres from the mine and he is leading local opposition against it. translation:— local opposition against it. translation: before mining there is a siren _ translation: before mining there is a siren that _ translation: before mining| there is a siren that wales and there is a siren that wales and there are the police and the company guards going around with people on so you have to get out. whatever condition you find yourself in, whether you are sick, whether you are a woman who has just given birth, you are obliged to leave. the ulobal you are obliged to leave. the global push _ you are obliged to leave. the global push for _ you are obliged to leave. the global push for a _ you are obliged to leave. the global push for a green economy is increasing demand for minerals vitalfor is increasing demand for minerals vital for electric vehicles, extracted by mines like this. a work also is the production has been disrupting their lives. translation: the

air, their lives. translation: the air. there _ their lives. translation: the air. there is — their lives. translation: tue: air, there is smoke, their lives. translation: t'te: air, there is smoke, there are gases. the environment is polluted with this exploitation. there are machines that work day and night and this pollution doesn't allow anyone to rest peacefully. doesn't allow anyone to rest peacefully-— peacefully. the dirty water from the — peacefully. the dirty water from the mining _ peacefully. the dirty water from the mining comes - peacefully. the dirty water l from the mining comes from peacefully. the dirty water - from the mining comes from the site and — from the mining comes from the site and its— from the mining comes from the site and its breadth acid here and we — site and its breadth acid here and we walk on it. this acid water— and we walk on it. this acid water spreads into the vegetable fields where we grow our spinach and cabbage. things that we — our spinach and cabbage. things that we eat, is it not poison that— that we eat, is it not poison that we _ that we eat, is it not poison that we eat?— that we eat, is it not poison that we eat? the mind denies allegations — that we eat? the mind denies allegations of _ that we eat? the mind denies allegations of pollution. - that we eat? the mind denies allegations of pollution. we i allegations of pollution. we don't have _ allegations of pollution. we don't have a _ allegations of pollution. - don't have a process of assets. the only one we're using acid is daily karpany acid. that process is completely managed. the bbc has notified the two mining projects worldwide owned or partially owned by chinese companies extracting minerals

needed for the green transition. the un says the use of critical minerals must increase export by 2040 four the well to reach net—zero by 2050. as chinese money companies expand worldwide, they may face challenges from local committees. translation: when i passed by this mode, it hurts me because i remembered that it was once a source of life. the fields, the fishing. there are people, artists who would take later to make art objects. what i think about all that, it hurts me. this objects. what i think about all that, it hurts me.— that, it hurts me. as leading processor — that, it hurts me. as leading processor of _ that, it hurts me. as leading processor of these _ that, it hurts me. as leading j processor of these minerals, local communities say china has a big role to play in a fairer, green economy. wanqing zhang, bbc news. to south korea now where the tech giant samsung has just posted their latest results — showing operating

profits soaring in the first three months of the year. live now to suranjana tewari from our asia business hub for the details. samsung shares are up in morning trade in asia after the electronics giant reported, get this, a 931% increase in operating profit compared to the same time last year. that was largely thanks to a massive jump was largely thanks to a massive jump in revenue from memory chips. the south korean companies saying it expects to mentor ai chips to hold strong into the second half of the year. memory chip sales have nearly doubled for the company in the first quarter compared to the previous year. remember that demand was down on the first few months of last year, real low after the strong demand we saw during the pandemic. but that has well and truly picked up clearly as a result of their ai boom. samsung is the world's biggest

maker of memory chips and tvs add it posted its highest operating profit since the second half of 2022. semiconductors are the lifeblood of the global economy, youth and everything from kitchen appliances and mobile phones to cars and everything demands for the ai systems has skyrocketed thanks to the success of chatgpt and other ai products.— other ai products. thank you very much — other ai products. thank you very much indeed. _ she let's look at the weather impact of changing climate on food prices. we're going to take a look at the prices of cooking oils today, which are set to go up again this year. currently the price of olive oil is historically high as a result of drought in southern europe and now further pressure is coming from flooded land ruining british rapeseed crops, resulting in a potential drop of as much as 38% in this year's uk vegetable oil harvest.

someone who is very well this is gary lewis. head of business development for oils and fats at ktc edibles. welcome. what is the situation? it is welcome. what is the situation? it is pretty _ welcome. what is the situation? it is pretty dire _ welcome. what is the situation? it is pretty dire in _ welcome. what is the situation? it is pretty dire in terms - welcome. what is the situation? it is pretty dire in terms of - it is pretty dire in terms of the uk. we had a late planting season at the end of last year and terrible weather conditions so one of the worst weathers since 1836. it's notjust in the uk, we sing the same conditions in across europe so already we are going to lose around 2 million tons of rapeseed across europe. tt around 2 million tons of rapeseed across europe. it will be another _ rapeseed across europe. it will be another tough _ rapeseed across europe. it will be another tough year - rapeseed across europe. it will be another tough year with - be another tough year with prices going up the oil presumably because we saw that with olive oil and 2022. immediate and in bed terrible problems for last two years. one thing that we can do in terms of the rapeseed is important significant amounts from other parts of the world including ukraine and australia so there is a balancing effect, the less we produce here, the

more we have to import, it's not a good situation.- more we have to import, it's not a good situation. how can farmers adapt _ not a good situation. how can farmers adapt to _ not a good situation. how can farmers adapt to this - not a good situation. how can farmers adapt to this because the climate crisis, the weather is so unpredictable, how can they plan ahead? what are they thinking about next year's harvest?— harvest? it's very difficult for them _ harvest? it's very difficult for them because - harvest? it's very difficult for them because one - harvest? it's very difficult for them because one ofl harvest? it's very difficult i for them because one of the conditions they have is in terms of the rapeseed price. prices for rapeseed are relatively low, they rallied during the ukraine crisis, but settled down now. farmers have a tough choice between finding rapeseed and other crops and also bears other pesticides that they can't use tests and infestation. tt that they can't use tests and infestation.— infestation. it is very challenging - infestation. it is very challenging to - infestation. it is very challenging to them. infestation. it is very i challenging to them. for infestation. it is very - challenging to them. for you infestation. it is very _ challenging to them. for you at atc presumably your costs have gone up, you gotta pass this on, i assume, gone up, you gotta pass this on, iassume, to gone up, you gotta pass this on, i assume, to customers? what we try to do is buy from multiple sources to keep the price down. there are other options including flower and

soybean oil but consumer choice is for domestically grown rapeseed but we have to make sure that there is product on the shelf and food manufacturers are having supplies we can reduce those products. we supplies we can reduce those products-— products. we have to leave it there. products. we have to leave it there- gary — products. we have to leave it there. gary lewis, _ products. we have to leave it there. gary lewis, thanks i products. we have to leave it there. gary lewis, thanks forj there. gary lewis, thanks for talking to us, it is fascinating. yet more pressure on food prices as you've been hearing. i want to reiterate the breaking news from hsbc, the profits coming in strongly but she is executive noel quinn has announced he is to retire. he has been the ceo of hsbc for five years. he has many, would argue, navigated europe's biggest bank through some pretty tricky times. they are looking for a successor. see you soon. hello there. monday brought some bright and breezy conditions for some of us, and in the sunshine it felt pleasantly warm, particularly if you had a little

bit of shelter. in fact, we saw temperatures around 17 degrees through east anglia and down into the london area. it was a very different story furtherwest, however. cloud and rain lingered for much of the day and in some spots we had just shy of half an inch of rain. now, if we take a look at what's going to come through tuesday, it will be a similar kind of story. unfortunately, out to the west we'll see quite a lot of cloud and some outbreaks of rain. clearer skies further east and with lighter winds we'll see a little more in the way of sunshine. so showery rain across south—west england, wales and into northern ireland through the morning. that low pressure not moving very far, so it'll stay rather grey and damp. we could see a few scattered showers across east anglia and south—east england into the afternoon. but sandwiched in between the two, a lovely slice of sunshine. temperatures will respond, the high teens quite widely here. even in the cloud and rain, well, we'll see temperatures mid—teens for some. some improvement into northern ireland. western scotland keeps a few scattered showers, but eastern scotland a little bit cooler with a breeze coming in off the sea,

but it will be largely dry and sunny. so that low pressure just pulls a little bit further out to the west and the wind direction changes to more of a south—easterly. now, to start off with on wednesday it'll be a relatively mild start but that south—easterly breeze, well, that could just drive in a little more cloud in off the north sea and the potential for some showery rain to drift its way along those east coast once again. so west will be best on wednesday in terms of sunshine and potentially in terms of warmth. so we could still once again see temperatures into the mid to high teens quite widely. now, as we move out of wednesday, towards the end of the week, the weather story gets a little bit messy. it's likely that that weather front could still enhance some showers across central and southern england. the low pressure never too far away with the best of the drier, brighter weather the further north. we are always going to keep those temperatures, though, slightly above the average for the time of year. but still, that wind coming in from the east. so at times we will be chasing

cloud amounts around. there will be some outbreaks of rain, but it'll stay relatively mild into the bank holiday weekend.

good morning, welcome to breakfast withjon kay and sally nugent. 0ur headlines today.

the search has begun for a new first minister of scotland following humza yousaf�*s decision to resign. king charles will visit a cancer treatment centre today, in his first major public engagement since his own diagnosis. the pollution in our rivers and waterways has been one of the big talking points in recent months. good morning from rowing club in manchester where a number of water based sports are coming together to push for real change so they can continue to enjoy the sport they love safely on the water. iamata i am at a building site in west london, looking at how a lack of bricklayers is hampering government plans to build enough houses but how young female apprentices are helping to fill those holes in the wall. from riverdance

to lord of the dance. michael flatley on 30 years since that life—changing