also coming up — 40,000 points — but not for long. the dowjones industrial average hits a historic milestone — but closes lower, as the wall street rally loses steam. and — feeling the heat — the uk tightens up controls on indian spices, amid fears they could contain pesticide residues, linked to cancer. live from london, this is business today. i'm lukwesa burak. we start with boeing — the aviation giant faces shareholders in the next few hours at its annual meeting, as it battles the worst crisis in its 108—year history. this week, the usjustice department accused boeing of violating a criminal settlement, over two 737 max crashes, in 2018 and 2019, that claimed 346 lives. boeing was supposed to tighten up its internal compliance and ethics, which the do] says it has failed to do, and it could now be prosecuted.

this comes, of course, after an incident injanuary this year, when an unused door blew out soon after take—off on an alaska airlines 737 max, sparking multiple investigations into boeing's safety culture. boeing ceo, dave calhoun, who took over in 2019, after the previous boss was fired, has announced he's leaving at the end of the year. but who will take on the role, now described by some as the "toughestjob in corporate america"? some shareholders want to see a new face from outside the firm. and there is another bone of contention — boeing has disclosed mr calhoun was awarded a pay deal of almost $33 million dollars this year — up 45% on last year.

that's despite a steep fall in the share price. he may not get the full amount of share options, though, if he does step down at the end of the year. to talk us through what could be a tense meeting, let's speak to barry valentine. he has a0 years experience in the aviation industry, and has served with the us federal aviation administration. he now advises the wicks group law firm. hello. welcome to the programme. ijust want hello. welcome to the programme. i just want to start off, the first issue is finding that talent search. how tough is this going to be? i

that talent search. how tough is this going to be?— is this going to be? i suspect that there — is this going to be? i suspect that there are _ is this going to be? i suspect that there are a _ is this going to be? i suspect that there are a lot _ is this going to be? i suspect that there are a lot of - is this going to be? i suspect that there are a lot of people have the knowledge and the skills the leadership ability to take the helm at boeing, but i think as you said, it is going to be a very tough job, so it is going to be somebody, have to be somebody that recognises that one of the tasks at boeing is to make sure that from this point forward, it is the safest airline it can be, or that person will be faced with the same dilemma predecessors have faced. d0 faced with the same dilemma predecessors have faced. do you think, later _ predecessors have faced. do you think, later today _ predecessors have faced. do you think, later today of _ predecessors have faced. do you think, later today of a _ predecessors have faced. do you think, later today of a slew - think, later today of a slew have this meeting, shareholders, have a got a full handle on what is needed to sort out boeing? and does senior management at boeing agree? i senior management at boeing auree? ~ ., , senior management at boeing auree? ~' senior management at boeing airee? ~ .,, y., ., agree? i think as you mentioned at the beginning, _ agree? i think as you mentioned at the beginning, the _ agree? i think as you mentioned at the beginning, the boeing - at the beginning, the boeing company has been manufacturing air planes for over 100 years. the aeroplane which everyone

seems to have interest these daysis seems to have interest these days is the boeing 737 model, and those planes have been around for more than 50 years. so when we talk about aviation safety, we need to keep in mind the denominator, and that is that even though these very unfortunate incidences have happened, it has happened in the context of literally millions upon millions of flights. but again, boeing has got to convince its shareholders obviously at this meeting but also the federal aviation administration and the travelling public that from this point forward, it is safe to fly on boeing aeroplanes. yes, something has gone wrong, though, hasn't it? very wrong. there have been so many incidents. very quickly, that pay settlement, i mean, isn't thisjust pay settlement, i mean, isn't this just reward for failure for mr colquhoun? thisjust reward for failure for mr colquhoun?- thisjust reward for failure for mr colquhoun? well, you would think— for mr colquhoun? well, you would think that _ for mr colquhoun? well, you would think that might -

for mr colquhoun? well, you would think that might be i for mr colquhoun? well, you | would think that might be the case, since he has been at the helm since according to the department ofjustice helm since according to the department of justice they helm since according to the department ofjustice they have not fulfilled their commitment. but the old expression that the buck stops here, and that case currently the buck stops with mr falcone, so i would suspect the shareholders today at the meeting will have something to say about his performance in the future of the company. barry valentine, thank you very much for that, thank you. let's stay in the us, because the us stock market hit a new milestone during thursday trade — the dowjones industrial average touching 40,000 points for the first time ever. it didn't last, though, the dow closing lower, as the rally fizzled out, and there are big questions about whether the euphoria on wall street is also being felt on main street, as erin delmore reports. traders on wall street finally

had reason to don their dowel 40,000 baseball cap. the dow closed the symbolic threshold in morning trading, riding high from an encouraging inflation report that sent all three major indexes to record closes on wednesday, but are the good vibes on wall street making their way to main street? in a way, yes. many people are exposed to the stock market through their retirement funds, so stock market gains, like the ones we've been seeing this week, beget real money for real people, but consumers aren't feeling so rosy. a survey out last week showed they are significantly more worried about the economic outlook than they were even last month. those feelings are a boon for some retailers, like walmart, which reported quarterly earnings and revenue that beat estimates on thursday morning. shoppers have been flocking to the discount retailer as inflation has been taking a bite out of household budgets. walmart shares hit a record

close, thursday. no much of warm up games are coming from high income shoppers who are making up a greater portion of the company's business. they are still spending on big ticket items like electronics, but low income shoppers are feeling more of the strain, especially amid elevated housing and gasoline costs. how they feel about the economy is sure to become a central issue when voters take to the polls for november's presidential election. let's talk to fiona cincotta, from city index. fiona, hello, welcome to the programme. let'sjust pick fiona, hello, welcome to the programme. let's just pick up on that last point that erin made there, and the likelihood that this is going to impact the upcoming election. yes, you know, i think — the upcoming election. yes, you know, i think biden _ the upcoming election. yes, you know, i think biden has - the upcoming election. yes, you know, i think biden has already| know, i think biden has already sort of used it to sort of highlight what he is saying, the strength of the us economy, helping the dow get to that medical 40,000 number in a similar manner that trump did, backin similar manner that trump did, back in 2020, when the dow

jones reached 30,000. but i think it is definitely an interesting point, because at the end of the day, who benefits from that 40,000 magical number, and as we have heard it is very much pension pots and potentially various who have an exposure to the stock market, which tends to be the higher earners, and we also have these data then coming in from the retailers and also from the retailers and also from mcdonald's and coca—cola last week, who earlier in the earnings season, he really highlighted a similar point that these lower earners are really bearing the brunt of the sticky inflation in the us, and although we know that inflation in the us now has started to cool again, we have that data out earlier this week, it is still well over the federal reserve's 2% target, so that does mean that these lower earners are really feeling that pinch on things as far as food is concerned, as far as housing is concerned, as far as housing

is concerned. 0n the basic necessities, rather than luxury items. , ., necessities, rather than luxury items. ., ., items. ok, so what you are describing _ items. ok, so what you are describing there _ items. ok, so what you are describing there is - items. ok, so what you are describing there is a - items. ok, so what you are describing there is a sense | items. ok, so what you are l describing there is a sense of inequality that may well impact those rate cuts or the timing of those rate cuts that everybody is waiting for an america right now.- everybody is waiting for an america right now. yes, this is very much _ america right now. yes, this is very much the _ america right now. yes, this is very much the case. _ america right now. yes, this is very much the case. all- america right now. yes, this is very much the case. all eyes i very much the case. all eyes are on when will the federal reserve start to cut rates, and obviously rate cuts going into the election would be great news for biden, but the question is will it actually happened? because inflation is still well over that 2% level that the federal reserve are looking for. but we are starting to see some signs of weakness in the jobs starting to see some signs of weakness in thejobs market, so if we do see that weakness continuing in the jobs if we do see that weakness continuing in thejobs market, then that, coupled with cooling inflation, could mean that the federal reserve may be looking to start cutting rates in september, which would be good

news for biden, and that could help an election campaign. yes. help an election campaign. yes, because at _ help an election campaign. yes, because at the _ help an election campaign. yes, because at the beginning - help an election campaign. yes, because at the beginning of the year, we spoke quite buoyantly about the labour market doing quite well, but it appears now that the conditions are tight, and growth is cooling. why are those conditions tight? what's going on? those conditions tight? what's iioin on? ., v those conditions tight? what's iioin on? . �*, going on? that's right, so i mean there _ going on? that's right, so i mean there is _ going on? that's right, so i mean there is still - going on? that's right, so i mean there is still this - going on? that's right, so i. mean there is still this slight tightness in the labour market, but it is starting, we saw non—farm payrollsjust but it is starting, we saw non—farm payrolls just two weeks ago come in weaker than expected, we have seen the jobless claims are starting to come down, but overall the us economy has just held up better than what we've been expecting, even as inflation has been high and interest rates have been high. we havejust seen and interest rates have been high. we have just seen that the us consumer has been delving into those savings, holding up the us economy better, and obviously we're getting to the stage now where

perhaps they savings are starting to run a bit low, particularly for those low earners who didn't really have much in the way of savings anyway. so that is why we are seeing that sector of society really bearing the brunt now. thank you very much indeed. to asia now, and the vast real—estate crash that's rattled china's economy. giant property developer, country garden, has staved off attempts by a creditor to have it put in to liquidation, after hong kong's high court adjourned the case until next month. country garden defaulted on $11 billion of offshore debt, late last year. rival developer, evergrande, was ordered to liquidate earlier this year, with debts of some $300 billion. according to reports, the chinese government is considering buying up millions of unsold homes to try and rebuild the housing sector, which makes up a quarter of the economy.

let's talk to our asia business correspondent, nick marsh, in singapore. nick, you have seen the results of the china real—estate crash, first—hand. yes, i have. i have been covering this china real estate crash for some time now, but, as you can imagine, getting on the ground access isn't so easy, especially when you are based outside of china, like i am. so i started looking for chinese backed development across asia and as chance would haveit across asia and as chance would have it there is actually one right on our doorstep here in singapore across the border in malaysia. it is called forest city. the plans were drawn up about ten years ago and it is supposed to be this multibillion—dollar development, a luxury kind of eco friendly almost resort like condominium type arrangement,

bars, officers, teachers, you name it. i think you can see some pictures now actually what it was supposed to look like. i can tell you, i went there last year, it does not look like that. it is kind of half built basically. there are some residents there, there's not really many. you go to the shopping mall, which is attached to forest city, you have kind of half built restaurants, empty shops, that sort of thing. and there are some local political factors, you can't deny that, as to why this project hasn't got off the ground, but the fact of the matter is this is a country garden development, the massive chinese property developer you were just talking about who are in billions and billions of dollars of debt. without going into a massive history lesson as to why that is the case, you can sum it up basically by saying that chinese property developers borrow too much money to build too many houses that not enough people want to live in. so they find themselves in this massive amount of debt, and if you look at the list of priorities that

country garden have proper development in malaysia it's going to be pretty much towards the bottom. this new line—out coming out from the chinese government that they are going to maybe start buying up empty apartments in places like beijing is pretty much the only option they have because there is this vast oversupply of flats and of houses and of housing developments, and that is really bringing down the prices of houses, because demand is so low, and if you remember that most people in china, people with money, that is, they put their money into property, so it is literally really hitting them in their pockets. it is a really big problem for china and its economy. problem for china and its economy-— problem for china and its econom . ~ “ , economy. 0k, thank you very much, economy. 0k, thank you very much. nick — economy. 0k, thank you very much, nick marsh, _ economy. 0k, thank you very much, nick marsh, thank - economy. 0k, thank you very | much, nick marsh, thank you. claire huang is senior emerging market strategist at the amundi institute which advises investors. hello, welcome to the programme. i'vejust been programme. i've just been seeing programme. i'vejust been seeing a couple of statements that have been issued over the last few hours by the chinese state bureau, and just to read

one here, they have been looking through a poll data, and saying that china's property sector continues to be under adjustments. what should be read into that?— be read into that? sure, yeah, let's wind _ be read into that? sure, yeah, let's wind back _ be read into that? sure, yeah, let's wind back a _ be read into that? sure, yeah, let's wind back a little - be read into that? sure, yeah, let's wind back a little bit, - let's wind back a little bit, so the wider chinese real estate market has been in decline for over two years now, with no immediate signs of stabilisation, and the recent data you just mentioned shows sales dropped by more than 20%, compared to the same period last year. and out of the top five developments —— developers leading the market before the crisis, three have now defaulted, including country garden. so policymakers are considering using funds to purchase inventories to convert them into affordable housing, to stabilise the market, but

one critical question is how much the central government will chip in. much the central government will chip in-— much the central government will chi in. ~ ., . ., will chip in. well, how much do ou will chip in. well, how much do you think _ will chip in. well, how much do you think they _ will chip in. well, how much do you think they welcome - will chip in. well, how much do you think they welcome how i will chip in. well, how much do| you think they welcome how far do you think they will have to take it for it to be effective? it will be more than the amount they are suggesting now, something smaller than 1% of gdp, orto something smaller than 1% of gdp, or to save something smaller than 1% of gdp, orto save 1.3 something smaller than 1% of gdp, or to save 1.3 trillion will now be affected. we don't expect china to return to its previous old approach of happily stimulating the markets. however, we also believe that a necessary support to stabilise the market is lacking. they need effective lease managements, which for now saying that, 0k, we are going to stop here, we are going to stop here, we are going to stop here, we are

going to assist all the remaining large developers in securing funds, and giving them time to adjust to a structurally smaller housing market. , w' , structurally smaller housing market. , ., _ market. very quickly, obviously we are talking _ market. very quickly, obviously we are talking a _ market. very quickly, obviously we are talking a lot _ market. very quickly, obviously we are talking a lot here - market. very quickly, obviously we are talking a lot here about| we are talking a lot here about developers, but what about homeowners, or property owners? just how healthy is the market for them in china?— just how healthy is the market for them in china? yeah, so for homeowners. _ for them in china? yeah, so for homeowners, the _ for them in china? yeah, so for homeowners, the biggest - for them in china? yeah, so for homeowners, the biggest issue now is the labour market situation. so far, because of the overall economic growth, it is still lukewarm, and we see the labour market data still indicating a decline or a contraction in employment, especially in the construction sectors, due to property decline. so we need to see the measures i mention increase. then we can expect the housing market to begin to stabilise at

a new lower equilibrium, mitigating its impact on the country's gdp. then we will see employment or labour market indicators start to improve —— labour market. indicators start to improve -- labour market.— labour market. apologies for interrupting. _ labour market. apologies for interrupting, just _ labour market. apologies for interrupting, just ran - labour market. apologies for interrupting, just ran out - labour market. apologies for interrupting, just ran out of l interrupting, just ran out of time. let's get some of the day's other news now. shares of social media platform, reddit, soared some 12% in after hours trade, after the company announced a partnership with 0penai to bring its content to chatgpt. the deal is part of reddit�*s attempt to diversify beyond its advertising business, after it agreed to sell its data to train google's ai. a representative from thames water's largest shareholder, canadian pension fund, 0mers, has quit the board of the troubled utilities giant, amid reports that more investors are set to do the same. it's added to concerns that thames, which serves a quarter of the uk population but is struggling under huge debts, may have

to be nationalised. coming up — whiskey — but not scotch. how rivals from across the border are taking on the big names to become masters of the malt. around the world and across the uk, this is bbc news.

to india now, and a scandal that has threatened the reputation of one of its most famous products. nothing to do with the election. uk food regulators have told the bbc that they have tightened up checks on all indian spices, after allegations that high levels of cancer—causing pesticides have been found in two top brands. india is the world's biggest producer, exporter and consumer of spices, and the reports have sparked global concern. the bbc�*s india business correspondent, archana shukla, has more.

there is a cancer—causing pesticide use to avoid micro—contamination on spices. higher levels of this pesticide are being investigated. the uk food regulator has told the bbc it has been issuing early warning alerts in various places from india since january 2023, and since the start of this year has ramped up to scrutiny to cover all spice imports from india. this is a stringent action. so far two popular brands mdh and everest were under the spotlight. now the us, australia, in the european union, new zealand, are investigating products from these companies. 0n are investigating products from these companies. on their part both mdh and everest have

maintained their spice mixes are safe. this issue has also led the indian government and food regulator to spring into action. even they are springing into action. india is one of the largest exporters of spices and the indian spice board that controls these exports has now issued guidelines to check for the use of pesticides, but experts say maybe these checks are coming in a bit too late. india exports $4 billion worth of spices, and quality concerns on leading brands and regulatory actions could have cascading effects on export markets. finally, tomorrow is world whiskey day, when the whiskey industry invites people to "try a dram and celebrate the water "of life" at events taking place all over the globe. whiskey sales are continuing to grow, with the market expected to hit more than $67 billion this year. the industry is changing fast — scottish distilleries are being challenged by new producers from around the world, and even from over the border in england.

daniel szor is one of them — he's founder & chairman of cotswolds distillery in 0xfordshire, and chair of the english whisky guild. daniel, hello, welcome to the programme. english whiskey, is it still the best in the world? it is. as a matter of fact it won world's best single malt a few months ago, and that was the second english whiskey in the second english whiskey in the past three years to have done that. 50 the past three years to have done that-— done that. so why is yours better than _ done that. so why is yours better than scotch? - done that. so why is yours better than scotch? well, | done that. so why is yours| better than scotch? well, i think there _ better than scotch? well, i think there is _ better than scotch? well, i think there is a _ better than scotch? well, i think there is a lot - better than scotch? well, i think there is a lot more i think there is a lot more creativity and a lot more sort of entrepreneurship on display in england right now. most of the distilleries are independent, they are small, folks are really focused on quality, on flavour, on creating a premium spirit, and these days people are drinking less but they are drinking better. �* , . ~ , ., less but they are drinking better. �* , , ., ,, better. ok, i'm picking up a us trained there. _

better. ok, i'm picking up a us trained there. how _ better. ok, i'm picking up a us trained there. how is _ better. ok, i'm picking up a us trained there. how is english . trained there. how is english whiskey, or rather is it the scotch, viewed abroad? yeah, look, i scotch, viewed abroad? yeah, look, lthink— scotch, viewed abroad? yeah, look, i think right _ scotch, viewed abroad? yeah, look, i think right now- scotch, viewed abroad? yeah, look, i think right now we - scotch, viewed abroad? yeah, look, i think right now we are | look, i think right now we are seeing a boom in whiskey making across the world, so you are seeing fantastic whiskey is coming up a course in the us where i'm originally from, i've been here about 20 years, but also across asia, across europe, so it's a really interesting and increasingly eclectic whiskey scene. yeah, the market. _ eclectic whiskey scene. yeah, the market, you _ eclectic whiskey scene. yeah, the market, you know, - eclectic whiskey scene. yeah, the market, you know, we - eclectic whiskey scene. yeah, - the market, you know, we always find that china is at the top for a lot of these products. is that still the case? i for a lot of these products. is that still the case?— that still the case? i think there are _ that still the case? i think there are a _ that still the case? i think there are a lot _ that still the case? i think there are a lot of- that still the case? i think there are a lot of folks - that still the case? i thinkl there are a lot of folks who are looking to china, looking to india, looking to asia in general as a source of growth on the consumer side over the coming years, definitely. daniel, labelling, we know how important this is, champagne of course, and various other products and provenance. can we say the same thing for whiskey,

english whiskey?— english whiskey? absolutely, and we've — english whiskey? absolutely, and we've actually _ english whiskey? absolutely, and we've actually created, l and we've actually created, there are now over 50 whiskey distilleries in england, we have created an english whiskey guild, and one of ourfocus is right now is creating an english gi, an indicator, like a controlled appellation, so the people know what english whiskey is, a bit of a guarantor of the quality. i had one more _ guarantor of the quality. i had one more question _ guarantor of the quality. i had one more question but - guarantor of the quality. i had one more question but we - guarantor of the quality. i had one more question but we ran out of time, so cheers. thank you very much indeed from cotswold distillery. all the top business stories can be found on the bbc news website. stay with me. top stories coming up in a couple of moments. hello, there. thursday brought us a real mixture of weather across the uk. it was scotland and, to a degree, the far north of england that had the best of the day's weather, with plenty of sunshine.

and very warm in the highlands, temperatures reached 25 celsius in altnaharra — that was the warmest place in the whole of the uk, confirmation of the rather beautiful weather we had here. wasn't like that everywhere, though. for northern ireland, england and wales, we had rain or some thundery showers around, and across berkshire and also pembrokeshire, we had photographs sent to us of some funnel clouds there — tornadoes that don't quite make it all the way down to the ground. it was very wet for some. in nantwich in cheshire, we had 25 millimetres of rain. now on into friday's forecast, the tail end of the weather front will continue to feed in quite a lot of cloud across northern england, and we start off certainly with some mist and fog patches around some of our north sea coast. aside from northern england, though, i suspect overall, we're looking at a brighter day on friday with more in the way of sunshine. there will, though, be one or two showers popping up into the afternoon, one or two thunderstorms, but big gaps between those showers — that means probably for most of you, we're looking at a dry day with temperatures widely high teens to the low 20s. it will feel warm in the sunshine, highest

temperatures, probably west scotland, where i think we'll probably get to 24 — outside chance of a 25. 0n into the weekend, we've got a low—pressure system threatening some heavier bursts of rain across southeast england, certainly more cloud around here as we head into the morning. 0therwise, again, we're looking at a few mist and fog patches — clearing and lifting away, sunny spells, breaking through, and then, into the afternoon, one or two showers and thunderstorms popping up. temperatures still on the warm side — we're looking at highs well into the teens, 23—24 celsius in the very warmest areas. given the light winds and the may sunshine, that will feel very pleasant. for sunday, though, there is a slight change in the weather picture across scotland and northern ireland, in that there'll be a bit more in the way of cloud pushing in here — it could be thick enough to give us an odd patch of rain. england and wales mainly dry with some sunshine, but you will notice the temperatures just dropping a little bit across scotland

and northern ireland, given that cloudier weather. now beyond that, into next week, looks like the start of the week should be ok — many of us will have drier weather with sunny spells — but there's a tendency for the cloud to thicken, with rain arriving towards the second half of the week.

good morning welcome to breakfast with charlie stayt and nina warhurst. 0ur headlines today... people in south devon have been warned they face having to boil tap

water for another week — as investigators say a faulty valve may have allowed a parasite to make its way into the water. it's not very good, is it? the fact they are giving water out is a start, i suppose. more needs to be done to address a �*crisis' in teacher recruitment and retention according to a report by mps. we catch up with margot — whose rare condition means she was born without eyes, as she's given a special braille artwork by a blind artist inspired by her story. good morning. it is a kitchen staple, but rising prices of olive oil could run your wallet dry. i will be taking a look. good morning, one win away from the premier league. leeds united are into a championship play—off final after a 4—0 win over norwich at elland road.

frosty start, most of you will see some sunshine, i will