hello. if you havejustjoined us you are in time for the top business stories. we start with the change at the top of the european competition commission — didier reynders is to take the reins after the current chief, magrethe vestager, steps down. she announced she will take a temporary leave of absence as "i am officially a candidate for the presidency of the european investment bank". under eu rules, that means she must step away from her commission duties until it is decided whether she gets thejob running the eib, the eu's lending arm. so there is a lot going on in the commission. and this change comes as a deadline expires today for big tech companies

to declare whether they meet the eu's new criteria of so—called "gatekeeper". seven companies including amazon, apple, google, facebook—owner meta and microsoft have already said they do. samsung and tiktok owner bytedance also unexpectedly said they would meet the criteria. under the european union's digital markets act which came into force in november, companies with more than 45 million monthly active users and a market cap of 82 billion dollars are considered "gatekeepers" providing a core platform service. and these companies will be required to make their messaging apps interoperate with rivals and let users decide which apps to pre—install on their devices. to talk us through what's at stake i'm joined by dr christophe carugati — an affiliate fellow at bruegel on digital and competition issues. he also teaches competition law

at lille university. how warm welcome to the programme. so this is forcing the likes of apple and google to overhaul their business. give us the detail on what this will mean, this new legal change. will mean, this new legal chance. . ~ will mean, this new legal chance. ., will mean, this new legal chance. . . ., change. thank you so much for the invitation. _ change. thank you so much for the invitation. basically, - change. thank you so much for the invitation. basically, all. the invitation. basically, all the invitation. basically, all the firms you mentioned before, by march 2024, will have to comply and they will have to give more right to business users in europe but also consumers in europe. this means they will have to change their behaviour. and a big change. like you said, they will have to provide compatibility between messaging services. this means that consumers in europe will be able to download from the ice door —— micro app

store. this also means european users will be able to consent or not consent for the use of their data and some poor service of the gatekeepers. it will be a big change. then the question is. will be a big change. then the question is-— question is. some companies . uestion question is. some companies question whether _ question is. some companies question whether their - question is. some companies l question whether their services actually fall within the scope of the dma. will this league legal challenges? {iii of the dma. will this league legal challenges? of course. we have two types _ legal challenges? of course. we have two types of _ legal challenges? of course. we have two types of challenges. i have two types of challenges. the first one is if the commission define gatekeeper in one core services. it will go before the court and they try to challenge. a similar case is

if the commission... sorry, if that gatekeeper notify the case that gatekeeper notify the case that there will be a gatekeeper inside and we will try to see whether there is a gatekeeper in the given car platform services. i would like to add a third one, which is if the gatekeeper reveals the criteria but according to the dma rules, there is a case that they will try to challenge by repeating presumptions.— try to challenge by repeating presumptions. 0k. christophe caru . ati, presumptions. 0k. christophe carugati, thank— presumptions. 0k. christophe carugati, thank you _ presumptions. 0k. christophe carugati, thank you for - carugati, thank you for explaining that. as you can tell, the devil is in the detail with this, as is often the case with legal matters. there is a lot more detail on

our website if you wish to dig further and get your head around what the changes are and what they mean. for the first time since november of last year oil prices have gone over $90 a barrel on global markets. this following the news saudi arabia and russia will extend their voluntary production cuts until the end of the year. saudi arabia which leads the 0pec+ cartel with russia has cut a million barrels a day from the global market since july. the move has stoked global inflation fears and will frustrate the white house, where the biden administration is trying to keep the price at the pump from rising. dan kemp is global chief investment officer at morningstar investment management. good morning to you. talk us through this move on the part of saudi arabia and russia. the interesting timing. we have seen the price of oiljump in response. seen the price of oil “ump in response. hello, sally. yes, ou're response. hello, sally. yes,

you're right- _ response. hello, sally. yes, you're right. it— response. hello, sally. yes, you're right. it is— response. hello, sally. yes, you're right. it is interestingi you're right. it is interesting timing. we havejust reached the end of what we call the us driving season and this is a period where folks in the us jump period where folks in the us jump in their cars, go off on vacation, and that tends to drive high demand over the summer months. we are entering a period where demand tends to be quieter before we get into the northern hemisphere winter. so you are right, the timing of the cuts, or the renewal of the cut, i should say, is not an accident. it comes at a time when prices are normally expected to be a bit lower as we rebuild inventories for the winter. you can see that in the shape of what we call the demand curve, the price curve. it is much more expensive to try to get oil to be delivered in the next month and it is three months from now, as people are trying to rebuild that demand as that cut has

been announced. so it is interesting timing, as you say, massive pressure being put on inflation, energy acts as a tax, essentially, on consumers because you will pay more but you are not getting anything more, and that will be a worry to governments and central banks around the world. i was about to ask _ banks around the world. i was about to ask about _ banks around the world. i was about to ask about that. - banks around the world. i was about to ask about that. if - banks around the world. i wasj about to ask about that. if the price of brent crude, for example, stays above $90 a barrel and it is currently the case, if it stays in that position for some time, what do you think that will do to inflation? it you think that will do to inflation?— you think that will do to inflation? it will certainly -ush inflation? it will certainly push up _ inflation? it will certainly push up headline - inflation? it will certainly i push up headline inflation. inflation? it will certainly - push up headline inflation. one of the benefits we have seen this year is that as energy prices came down, and remember until this, prices came down, and remember untilthis, energy prices came down, and remember until this, energy prices were down over the course of the year, that was downward pressure on inflation, allowing people to feel a bit better about the prices they were seeing in shops, inflation was easing. this will put more

upward pressure on inflation, but the really important thing to remember is that when central banks set interest rates in response to inflation, they tend to look through the more volatile prices, they tend not to focus on what is happening on energy or food because we know there is —— prices can rise or fall over the course of years. they focus on what is happening in the rest of the economy, where prices are more sticky. it is something we will feel as consumers, but central banks probably will not take into account in setting interest rates. , ., ., account in setting interest rates. ., account in setting interest rates. good to see you. dan kem -. staying with energy, how will the uk deliver net zero by 2050? a report out today says the uk needs to unlock £100 billion of private sector investment to build the renewable infrastructure to get to net zero. the trade body 0ffshore energies uk says total offshore energy spend could reach £200 billion this decade but about half that amount is waiting

on final investment decisions from businesses that need renewed certainty to sign off. ross dornan wrote the economic report for offshore energies uk and joins me now. a warm welcome to you. good morning- _ a warm welcome to you. good morning- why _ a warm welcome to you. good morning. why are _ a warm welcome to you. good morning. why are these - morning. why are these businesses, _ morning. why are these businesses, who - morning. why are these businesses, who are - morning. why are these - businesses, who are committed to invest in the future of energy in the uk, why are they not signing off on that commitment?- not signing off on that commitment? ,., ., ., commitment? good morning. thanks for— commitment? good morning. thanks for having _ commitment? good morning. thanks for having me. - commitment? good morning. thanks for having me. it - commitment? good morning. thanks for having me. it is i thanks for having me. it is important to emphasise as there is huge potential in an energy system in the uk. we have the resources, now we need investment to drive us forward. £200 billion this decade from private company and much more in the decades to come. i'll have that investment is yet. what the reality is that there is huge uncertainty and risk within the wider business environment at the moment that

we need to work really carefully on. we need to think and plan long term, we need to reframe the political debate, think about the tax system, think about the tax system, think about the tax system, think about how we make the energy system more affordable to drive economic growth and job benefits alongside emission reduction and work with the government to back the uk industry and its people to give companies the confidence that they need to unlock this investment which is currently sitting waiting on it. the reason there _ sitting waiting on it. the reason there is - sitting waiting on it. the reason there is the - reason there is the uncertainty, is it because of the political cycle? we have an election coming up quite soon in the uk and obviously those who are committing to the energy sector in the uk for ten years or more, that has a big impact. it years or more, that has a big im act. ., , , years or more, that has a big imact. ., , , ., impact. it does. there is a ranue impact. it does. there is a range of— impact. it does. there is a range of things _ impact. it does. there is a range of things companies impact. it does. there is a - range of things companies will consider when making an investment decision but the political landscape is certainly one of them, alongside the tax regime, prices, demand on the markets. we are one year away from an

election. what we need to see is sensible and pragmatic policy—making from across the political divide, notjust from the government of the day but the government of the day but the potential government of the future. we need energy policy and strategies which last and endure for decades and notjust four months because that is what these companies need to unlock the investment that is going to help drive the economy forward, to improve supply security, to reduce emissions and importantly improve affordability for all the bill payers. affordability for all the bill -a ers. , , affordability for all the bill -a ers. ., ., ~ payers. 0k, ross dornan, thank ou for payers. 0k, ross dornan, thank you for getting _ payers. 0k, ross dornan, thank you for getting up _ payers. 0k, ross dornan, thank you for getting up so _ payers. 0k, ross dornan, thank you for getting up so early, - you for getting up so early, from 0ffshore energies uk. thank you. now to australia, where chevron and unions representing workers at two major liquefied natural gas facilities are holding last—ditch talks ahead of planned industrial action. workers are set to start a series of work stoppages from thursday in the dispute over pay and conditions. if their terms are not met, they plan to escalate to a total strike. concerns about the stoppages recently pushed up prices in natural gas markets.

phil mercer in sydney has more on the story. australia is one of the world's biggest exporters of liquefied natural gas — or lng — it supplies much of asia. but industrial action has the potential to destabilise the international energy market. when countries in asia, such as china, japan and south korea can't get enough lng from australia, they'll start looking elsewhere, fuelling competition for resources. this could end up diverting supplies away from europe. it's become more dependent on global lng supplies since russia started to curb its exports of natural gas to its european neighbours because of the war in ukraine. the wheatstone and gorgon sites in western australia produce about 5% of the world's lng. they're owned by chevron,

the us energy giant. workers are unhappy about pay, job security and training standards. trade unions say that industrial action could cost the company billions of dollars. chevron is insisting that it's doing all it can to ensure that its lng operations continue safely and reliably. experts don't think that any industrial action in western australia will have a major impact on global gas prices, but — and there is a but here — that could change if industrial stoppages drag on. and that explains why there is a certain amount of anxiety in the international energy market. around the world and across the uk, this is bbc news. bbc news — bringing you different stories| from across the uk. preparing for a challenging journey. these skaters call

themselves the unskateables. they're getting ready in barry, ahead of skating from here to anglesey in three days to raise funds in memory of theirfriends wayne phillips and james rush — who both had brain tumours and died after receiving end—of—life care at the nightingale house hospice in wrexham. well, we lost two close friends who were very active, loved being outdoors, setting challenges. so i guess in the essence of that we thought this would be an epic challenge to do. the group have been putting in plenty of training over recent weeks to try and get used to skating through the very varied terrain they'll face, and the possibility of all sorts of weathers. plenty of energy from the first push on a journey covering nearly 280 miles up and down the hills and mountains of wales, from barry island to the isle of anglesey in memory of two friends and their own adventurous spirit. for more stories from across the uk, head l to the bbc news website.

you're live with bbc news. officials in new york city will begin enforcing laws meant to limit holiday rentals in private homes. after years of relaxed rental agreements, from today, the city council will be cracking down with what they call local law 18. the change of law has angered hosts, but advocates for new york's tenants and communities are hopeful this could ease the city's housing shortages. the city argues that short—term rentals push up rents and hurt housing options for locals. airbnb has said the change will be bad for tourism. 0ur correspondent nada tawfik in new york has the latest. airbnb has called this law a de facto ban on short—term rentals in new york. thousands of bookings across various sites — notjust airbnb — will no longer be able to offer stays of less than 30 days, unless property owners have registered with

the mayor's office. so whereas last month, for example, airbnb estimated that there were 15,000 hosts with active listings for those short—term stays — well, only 260 registration applications have been approved by the city so far. and those new restrictions are things like hosts must be physically present during the stay, and no more than two guests are permitted at a time. now, those who do not follow the new rules could be fined up to $5,000. and for those wondering what this means for them — well, airbnb's existing reservations for stays that start after december 2nd will be cancelled, and guests will receive refunds. now, new york is just the latest in a series of cities that have enacted strict regulations. and revenue from the big apple makes up barely 1% of the company's $8.4 billion annual revenue, so experts say this won't

drastically impact airbnb. the social media platform tiktok says it has opened a data centre in ireland, its first in europe. the video—sharing app said it has begun to migrate european user data there, as part of its ongoing response to data privacy concerns around its links to china. joao da silva is following the story from our asia business hub in singapore. lovely to see you. tell us more. tiktok moving into ireland. ., v more. tiktok moving into inland-— more. tiktok moving into ireland. . �*, ~ , ireland. that's true. tiktok is callinu ireland. that's true. tiktok is calling this — ireland. that's true. tiktok is calling this project _ ireland. that's true. tiktok is calling this project clever, - calling this project clever, which is of course a nod to ireland. the social media giant say it's begun migrating user data to its new service in dublin. 0f data to its new service in dublin. of three european centres. the second is also planned for ireland, and a third is planned for the

norwegian region. ultimately the plan is for the data of 150 million european tiktok users to be stored in those three data centres. a similar project is under way in the us where it is under way in the us where it is called project texas. to ensure this process is conducted in an open and transparent manner, tiktok has hired a third party. ncc group, global cyber security firm with offices across europe. they will ensure data protection and cyber security controls are in place and in the coming months they will be partnering with tiktok to engage european policymakers and explain how this auditing process will be performed. all of this is happening because of the huge political and regulatory pressure that tiktok has been facing in the western markets, where it operates. there have been concerns that because tiktok is owned by chinese company, it could be forced to

hand over its user data to the chinese authorities. those concerns already sparked eu institutions, the uk government and us authorities to ban officials from installing tiktok on their work phones, and so this is tiktok is micro response, an attempt to ease those concerns and really prevent further restrictions from being imposed. fik. prevent further restrictions from being imposed. 0k. thank ou. there are many qualities needed to be a successful boss. but some are not as obvious as you may think. for the bbc�*s paths to success series, amit walia — chief executive of us tech firm informatica — explains how he overcame shyness to become a business leader. as a leader, ifound you've got to put yourself out of your comfort zone. you know, growing up, i was actually an introvert kid, a shy kid.

and i remember very well, probably in my late middle school, early high school, where ijust felt like i wanted to challenge myself. and i kind of felt like i wanted to do something different. and i decided to go do stage — theatre, drama, debates, elocution. and, believe me, that was hard! but putting myself out there, out of my comfort zone, really made me a different person. confidence. ability to prove to my own self that i can do something very different. and, you know, once i was out there, seeing how people reacted to what i was doing gave me a tremendous amount of accomplishment. and those things have shaped me in a fundamental way where i am today. and as a leader, i've drawn on many experiences in my life. but especially when i think of driving a transformation, taking a team with you, you really have to get out of your comfort zone — put yourself out there. actually, put the whole organisation out of its comfort zone and carry the people with you. and when you have life experiences that you can draw on, it gives you that

confidence that you can do it. a new series. check it out online. novo nordisk — the pharma company behind the weight loss medication wegovy — is now europe's biggest company, with a market value of around $420 billion. the danish company is reaping huge profits and is now responsible for most of denmark's economic growth. emily field — head of european pharmaceutical research at barclays — joins me now. good morning. i presume you saw this coming, right?— this coming, right? well... laughter _ laughter it has only the neck are almost been just slow motion in terms of, on the investment side, realising how big of a phenomenon on this weight loss medical market is going to be. wegovy, which is their treatment for weight loss, was launched in the us injune of 2021 but they have been in a

supply situation and so now it feels like this year there has been events where the market has really realised, this is a real market and it will probably be the biggest pharmaceutical market we have ever seen. pharmaceutical market we have ever seen-— pharmaceutical market we have ever seen. when you talk about the success _ ever seen. when you talk about the success of _ ever seen. when you talk about the success of wegovy, - ever seen. when you talk about the success of wegovy, the - ever seen. when you talk about | the success of wegovy, the nhs in the uk, in england, is to start prescribing this weight loss injection. for those who are severely overweight, who have diabetes, that kind of thing. that is a massive client. i mean, this is huge demand globally for this, isn't there? ., ., demand globally for this, isn't there? . ., ., ., ., demand globally for this, isn't there? . ., ., ., there? yeah, and novo has to be very methodical _ there? yeah, and novo has to be very methodical in _ there? yeah, and novo has to be very methodical in terms - there? yeah, and novo has to be very methodical in terms of - there? yeah, and novo has to be very methodical in terms of howl very methodical in terms of how they launch the drug, just because it started in the us and they are taking a very controlled slow approach to launching in markets outside of the usjust launching in markets outside of the us just because what is crucial to the company is prioritising the patient experience, and the last thing they want is to have a patient who is doing very well on the drug not be able to obtain it. so really a lot of their

commercial decisions in terms of launching the drug are predicated upon making sure that patients who are able to then get the drug are going to have a steady supply available to them. it have a steady supply available to them. , , to them. it is interesting because _ to them. it is interesting because obesity, - to them. it is interesting because obesity, people| to them. it is interesting - because obesity, people who are quite overweight, this is a big issue in the us, it is becoming more so in the uk, etc. this is being described as a miracle weight loss jab and you can understand that they will be demand for this just from people who are willing to pay for it. they are not prescribed it via their doctor but want to try to lose weight. it could really snowball.— try to lose weight. it could really snowball. yeah. i mean, the nhs requirements - really snowball. yeah. i mean, the nhs requirements do - really snowball. yeah. i mean, i the nhs requirements do require a patient to obtain the drug to have a body mass index of over 35, versus the us where the fda approved label, one needs a bmi of 27 with a core mobility ——

co—morbidity issue. patients have described this drug as completely changing their life. fund managers, are they all now saying that novo nordisk is one you have to have in your portfolio, is that the conversation with markets? absolutely. it has been such a phenomenal storyjust from the financials of the company itself, but now to your point of how big the company has become. it has become a much larger weight indices that larger weight indices that larger investment managers have to track their performance. by being underweight novo nordisk, you are already hurting your own performance so it is a very important company for investment managers to follow. you are talking about underweight, given we are talking about wegovy! thank you for talking to us this morning, good to get your take on the story. it was the talk of the markets yesterday. let's look at the markets now. we saw

declines on wall street the night before. brent crude still over $90 per barrel. you are up—to—date on the latest business news and top news stories, as well. i will see you soon. hello, there. 0ur september heatwave is set to continue with more sunshine around the corner over the next few days. now, temperatures on tuesday reached 30.8 celsius in hampshire. we don't see 30 degrees every single september. we had similar kind of temperatures back in 2021 and 2020. now, so far this year, the highest temperature we've recorded all year was 32.2 celsius and we're going to get really close to that during wednesday. if we get past 32.2, well, that becomes something quite unusual. there have only been four years in the last century that have had the hottest temperature of the year recorded in a september. so we'll be keeping a close eye on that stat. now, right now, we've got some low cloud filtering in around

some of our north sea coasts, a little bit of mist and fog around as well, but otherwise clear and starry skies and pretty warm as well. temperatures only towards dawn getting down to around 15 to 17 celsius. now, you might have been hearing about the extreme rainfall we've seen across south—east europe with some severe flooding here. we're underneath this area of high pressure, though, and that's what's bringing us the fine, settled and sunny weather. so we've got more of that to come on wednesday. any morning mist and fog, low cloud will tend to burn away from these eastern coasts and then the sunshine comes out. it's going to be another hot day. temperatures quite widely in scotland and northern ireland reaching the mid 20s. but for england and wales, somewhere between 26 and 32 degrees for most of us, very hot for the time of year and could be the hottest day of the year so far. now, for thursday, more of the same to come. a few subtle changes — there'll be a little bit more in the way of high cloud across north—western areas, making the sunshine a little hazy. and you'd be unlucky, but you could see an odd shower in the west as well.

most, though, will continue with the hot, dry, sunny weather with those high temperatures as well. for friday, probably a little bit more in the way of mist and fog patches running both through the irish sea coasts and also our north sea coasts. but aside from that, it's another dry day with lots of sunshine around for the vast majority. top temperatures, well, again, mid to high 20s, pretty widely. low 30s in the very hottest areas. and we've got more of the same into the weekend. it's only really probably during the second part of the weekend and more especially next week, that we start to see the weather pattern breaking down, rain starts to arrive and those temperatures drop closer to normal for the time of year.

good morning. welcome to breakfast withjon kay and tina daheley. 0ur headlines today... teaching unions have accused the government of "calculated neglect" after the bbc discovered that 13 schools in england with raac concrete issues had their rebuilding plans scrapped in 2010. birmingham council insists vital services will still be delivered despite the local authority effectively declaring itself bankrupt. more than 1,000 staff at collapsed retailer wilko will find out that they've lost theirjobs later, as more

than 50 branches close nationwide. i'll have the details. in sport, spain sack women's world cup winning head coachjorge vilda amid the ongoing scandal involving football federation president luis rubiales. good morning from stjames' park in london where the temperature is currently 17 celsius. today leather had mixed and matched to clear from the paste. it will be dry, sunny and warm or hot for most of us. —— we will have missed and mac to clear from the coast.— will have missed and mac to clear from the coast. when the sun comes out thin . s from the coast. when the sun comes out things should _ from the coast. when the sun comes out things should improve. - from the coast. when the sun comes| out things should improve. hopefully good things for our resort towns. it's wednesday, the 6th of september. our main story. teaching unions have accused ministers of "calculated neglect"

after analysis by the bbc found that at least 13 schools in england