Brzeski, global head of macro for ing research. Good to see you. Germany is in favour. Italy is saying it is too hard. Your thoughts . fix, too hard. Your thoughts . Complicated story once again. This is the third or fourth reform of european fiscal rules since the start of the monetary union. What they aim to do is make the rules a bit more flexible to give the more economic sense but in the past we saw the rules were simple but it did not leave enough room for investment in the future. If there was a problem, look back at the euro crisis, applying these rules really meant painful reforms, painful measures and they should not make peoples a bit more flexible and a bit more economic sensible. What can a country s economic sensible. What can a country s Debt Economic sensible. What can a Country S Debt be economic sensible. What can a Country S Debt be at economic sensible. What can a Country S Debt be at according i country � s debt be at according to these rules . It seems to be the tricky one. The tricky one. The overall coals the tricky one. The overall goals have the tricky one. The overall goals have not the tricky one. The overall goals have not changed. L the tricky one. The overall| goals have not changed. It still is countries should have in the longer run a debt to gdp ratio of 60 and should not have higher fiscal deficits on an ankle basis higher than 3 of gdp. This has not changed. What has changed or what will change is the Adjustment Path to get there. Italy having a debt to gdp ratio of around 140 cannot easily go back to 60 . The same is seven your programmes. Work together with individual countries to get an Adjustment Path and also to link this adjustment to national reforms. But it works well under the european recovery fund. Under the covid crisis, National Governments with Reform Programmes and get money or in this case for stability in return. In terms of what the stability in return. In terms of what the penalties stability in return. In terms of what the penalties are, l stability in return. In terms| of what the penalties are, if you dont stick to the rules and dont try and get to those bills, etc, there was always the argument is bills are in place but actually when it comes to penalties or the policing of rules, it is kind of feeling weak. Your thoughts . I think it is still pretty weak. In the end it will always be the governments together in individual countries deciding on the penalties proposed by the european commission. If everybody is in the same boat. Who would try to get a penalty to the other country if he or she could be in the terrace of the future . This is not going to work. This has to be conviction. This ambient will have to be Financial Markets penalising a country, not sticking to the rules. The Policing Part will always be the weakest part of any fiscal rule in europe. The weakest part of any fiscal rule in europe. Always good to net our rule in europe. Always good to get your take rule in europe. Always good to get your take on rule in europe. Always good to get your take on these rule in europe. Always good to get your take on these things, | get your take on these things, thank you very much. A problem we all know only too well and all have a part to play in solving. Plastic waste this year in 2024, 220 Million Tonnes of Plastic Waste will be created and 70 Million Tonnes of that will end up in nature. Thats according to earth action the Climate Research group. Today its hoped significant progress will be made in combating this problem. The United NationsIntergovernmental Negotiating Committee on plastic pollution meets in canada later with the aim of creating a global, legally binding plastics treaty. Well, lets go live to ottawa where this meeting is taking place. Im joined by sarah perreard, co founder of earth action. I assume you are attending this. You are involved. Absolutely. The official negotiations. In about ten hours and we will be there to follow, progress. It hours and we will be there to follow, progress. Follow, progress. It sounds like a mammoth follow, progress. It sounds like a mammoth task follow, progress. It sounds like a mammoth task to i follow, progress. It sounds i like a mammoth task to agree and create a globally legally binding plastics treaty. Can it be done . We binding plastics treaty. Can it be done . ~ , binding plastics treaty. Can it be done . Binding plastics treaty. Can it be done . ~ , be done . We definitely hope it will. The negotiators be done . We definitely hope it will. The negotiators have be done . We definitely hope it will. The negotiators have a i will. The negotiators have a big task to come up with an agreement about a treaty text that can be finalised in november. The tricky part also is the exact scope of the agreements are still in discussion. We dont know yet and the treaty will include the whole life cycle of plastic and just in The End Of Life and only a full life approach will be able to tackle some of the Critical Issues of plastic pollution such as the Health Impact aspects, chemicals of concerns, be decisive for repair and notjust for repair and not just for recycling. Repair and notjust for recycling. A big task and a lot of steak this week. Recycling. A big task and a lot of steak this week. Who will be held responsible . Of steak this week. Who will be held responsible . I of steak this week. Who will be held responsible . I would of steak this week. Who will be held responsible . I would talk| held responsible . I would talk about businesses . Governments, local authorities, individuals, how will it work . Those are governments that won there are over 100 countries in europe. There are scientists and Industry Representatives but it is really countries in such treaties committing and then of course we expect it to cascade on the industry. We are really looking for global rules. Rules that are going to apply to all countries that are not going to be based on voluntary targets. This is what is at stake also during the negotiations. It is government during the negotiations. It is government will during the negotiations. It is government will hold accountable, not Companies Like accountable, not Companies Like a huge company with a lot of plastic on the sea, coca cola. It is government that will be responsible for the implementation. They will commit on targets. And the way they get the targets will Impact Companies massively. It will cascade into policies, potentially into tax on plastic and recycling rates and those types of global rules, the companies will really see the effects but this is not a process that governments then the one to be held accountable for the results. For the results. Good to get our for the results. Good to get your take for the results. Good to get your take. We for the results. Good to get your take. We will for the results. Good to get your take. We will keep for the results. Good to get your take. We will keep a i for the results. Good to get your take. We will keep a close eye on how the day progresses. Here is a name im sure you have heard of. Hes proud of the support his success has been able to give to entrepreneurs, who he describes as the lifeblood of innovation and challengers of perceptions. And, sir richard joins me now, live from mallorca. Good morning. Good morning. You wont remember good morning. Good morning. You wont remember this good morning. Good morning. You wont remember this but good morning. Good morning. You wont remember this but we good morning. Good morning. You wont remember this but we did i wont remember this but we did meet. I interviewed you many years ago when you launched virgin caller. Talking about the problem of plastic on the road, something i know you are passionate about giving where you live, etc and the influence you live, etc and the influence you have globally as a businessman. You have globally as a businessman. ,. , businessman. Yes. The more we can cut down businessman. Yes. The more we can cut down plastic, can cut down plastic, particularly in Seaside Resorts and in places by oceans, the better. With all our virgin companies, they are all doing their absolute utmost to rid themselves of plastic and hopefully rid the world of plastic that ends up in the ocean. � , plastic that ends up in the ocean. H. ~ plastic that ends up in the ocean. H. , ~. , i. Ocean. Lets talk about your latest book ocean. Lets talk about your latest book that ocean. Lets talk about your latest book that has ocean. Lets talk about your latest book that has just ocean. Lets talk about your| latest book that hasjust got latest book that has just got all sorts and there. Really interesting and intriguing look at your story. You say you were born under a lucky stop losses that you believe there is an entrepreneur and everyone. What do you mean by that . The entrepreneur and everyone. What do you mean by that . Do you mean by that . The lucky start bit, do you mean by that . The lucky start bit. And do you mean by that . The lucky start bit, and born do you mean by that . The lucky start bit, and born in do you mean by that . The lucky start bit, and born in the start bit, and born in the Democratic Society start up and a lucky position. Ive had many fortunate breaks in my life where somebody, had been looking after me and i was lucky to get out of difficult victims and on occasion i fell flat on my face. It plays a part in all of our lives. We have to make most of life when it comes our way. It comes our way. People have admired you it comes our way. People have admired you. It it comes our way. People have admired you. It is it comes our way. People have admired you. It is a it comes our way. People have admired you. It is a huge it comes our way. People have admired you. It is a huge story that pans music, airline, space, drinks, all sorts. The virgin brand goes far and wide. What would you say now, in the years you were now come terms of what you have learned, is the most important thing you would share with those watching now that i want to try and do what you have done . Rem what you have done . An entrepreneur what you have done . In entrepreneur or a business is simply somebody who creates something that will make other people � s lives better. If somebody listened to this programme gets frustrated about something, screw it, i can do it better, they should get on and do it. And they have to try and do it. And they have to try and surround themselves with people who believed in what they are trying to do. They need to look for the best in those people. Lots of praise, dont criticise. As a team, they can create something really special. It is entrepreneurs all over the world making the world a better place. They can work and help governments but ultimately, it is entrepreneurs they can fix most of the problems of the world and it is very exciting to be an entrepreneur and be in that position when you can make a real difference in the world. We often hear technology and social media means now is one of the easiest times to start a business and these excess. You agree with that . See success. Agree with that . See success agree with that . See success. ~ ,. ,. , success. When i started out many years success. When i started out many years ago. Success. When i started out many years ago, none success. When i started out many years ago, none of. Success. When i started out i many years ago, none of that existed. I had to enter sense use myself to get the virgin ground on the map. Maybe by trying to break the world record across the atlantic or flow around the world in a hot air balloon or whatever it took to get the virgin brand on the map. At the time steve jobs became anjupiter, he had technology and help create acknowledging and for many entrepreneurs, technology really has been very useful in helping promote businesses or being businesses themselves. I think Technology Today helps people start new businesses. Not all kind of the businesses but definitely gives people a big leg up. A lot of Unintended Consequences of technology and entrepreneurialism. If consequences of technology and entrepreneurialism. Entrepreneurialism. If you look at social media entrepreneurialism. If you look at social media and entrepreneurialism. If you look at social media and the at social media and the negative impact they can have on young people, etc, that is where you start a company, start something in your garage or whatever, you probably dont realise what it will end up. There were certainly downsides to technology. The upside of technology certainly outweigh the downside. I used to travel around with three massive suitcases full of letters i had to scribble on and an assistant had to tap it up. Now i can take my phone and i can get my work done far quicker and a lot more work done. Youve got to be very strict with yourself. I suspect i spent three hours a day looking after myself. Make sure i am fit and healthy coming on bike rides, playing tennis, maybe doing some painting, going to the gym. If you dont look after yourself, nothing else can really function properly. Lets talk about that. Function properly. Lets talk about that. Talking function properly. Lets talk about that. Talking about about that. Talking about looking after yourself because more than 20 years ago when i started my career you decided to try and circumnavigate the world and a high level which you have referred to. I was given the job to get your television which are readyjust in case. We are now many years later and he was still with us thankfully. What is next for you . Is Virgin Galactic or consuming, what is it you want to do next that you have not gone to yet . To do next that you have not one to et . Gone to yet . There were meeting my retreat gone to yet . There were meeting my retreat and gone to yet . There were meeting my retreat and they gone to yet . There were meeting my retreat and they asked gone to yet . There were meeting my retreat and they asked ever. My retreat and they asked ever wanted to see it. It was a strange experience. Most of my time is now spent on tackling issues in the world. At the empire made a bit of money and positive issues in the world. Entrepreneurs are in a position i can really help governments help tackle problems. We have been working hard in ukraine and visited kyiv twice in the past few months. Was working hard to get mikejohnson to make the correct boat and chantra shop ukraine have the support they need. That was a big success to a couple of days ago. I think it is important you become a well known figure that you can use the fact you can get them to people to try and get positive change in this world. I and get positive change in this world. ,. ,. ,. ,. , world. I understand you have a [an to world. I understand you have a plan to world. I understand you have a plan to plane world. I understand you have a plan to plane to world. I understand you have a plan to plane to catch, plan to plane to catch, thank you forjoining us. Plan to plane to catch, thank you forjoining us. Thank you for oining us. They very much. Thank you forjoining us. They very much thank you forjoining us. They very much. Thank thank you forjoining us. They very much. Thank you thank you forjoining us. They very much. Thank you veryj very much. Thank you very much. Around the world and across the uk. This is bbc news. The champagne was popping at the London Stock Exchange on monday as the Ftse100 Index which lists the uks biggest publicly listed Companies Reached a new record closing price. The ftse was up 1. 6 to close at 8,023. 9 eclipsing the previous closing high of 8,014. 3 it hit in february last year. The fresh all time high was driven by a weaker pound and easing tensions in the middle east. So is this a bull run or a temporary high . Live now to janet mui, head of market analysis, Rbc Brewin Dolphin good morning to you. Give us your take on what is happening on the ftse100. On the ftse100. Thank you for havin on the ftse100. Thank you for having me on the ftse100. Thank you for having me. The on the ftse100. Thank you for having me. The ftse on the ftse100. Thank you for having me. The ftse100 on the ftse100. Thank you for having me. The ftse100 is on the ftse100. Thank you for having me. The ftse100 is a l having me. The ftse100 is a very good place at the moment. You mentioned the weaker pound. This will continue to drive the performance of the ftse100 because markets are believing the us is going to cut Interest Rates by less and therefore at the other currencies are actually weakening. That should support the pound and the ftse 100 and also i think by now the us market is having a little bit of retreat at the moment and the ftse100 tends bit of retreat at the moment and the ftse 100 tends to be more defensive in nature. That is attracting investors attention. Also, ithink is attracting investors attention. Also, i think given the Political Tension at the moment, the ftse100 has bp and shall come to those Energy Companies that can act as good as this was because if youre worried about inflation, the ftse 100 worried about inflation, the ftse100 tends worried about inflation, the ftse 100 tends to be a good hedge because it has the commodity exposed manners, Energy Pieces as well. 0verall speaking, the rally may continue. The 5100 is at a good place to benefit from various drivers at the moment. Ftse 100. Drivers at the moment. Ftse 100. , ~ drivers at the moment. Ftse 100. ~ , drivers at the moment. Ftse 100. ~ i. , drivers at the moment. Ftse 100. ~ ,. ,. , 100. Thank you. See you again soon. Turning to australia now, and its wine industry, where producers are relieved chinas lawmakers have ended its tariffs on australian wine which led to a supply glut down under. But rekindling the business with the wor