damn, i love you guys. plus... closing bell rings the ai rally rolls on. wall street makes it a fourth record close in a row, led by big tech. but is the boom turning into a bubble? welcome to business today. i'm mark lobel. we start in italy where leaders of the g7 group of industrialised nations have agreed a $50 billion loan to ukraine, to be funded by the profits from siezed russian assets abroad. it comes as president biden signed a 10—year security agreement with ukraine's president zelensky, that will include intelligence sharing, troop training and investment in ukrainian industry to help it ramp up arms production. he said the deal showed russia that ukraine's allies aren't backing down. back in 2022, two days after russia's invasion, members of the g7 and european union worked together to freeze $280 billion in russian and central bank funds outside of russia. i'm very pleased to share that this week, this week, the g7 side of the plant to finalise and unlock $50 billion from the proceeds of those frozen assets. to put that money to work for ukraine aother reminder to putin that we are not backing down and in fact, we are standing together against this illegal aggression. president zelensky thanked mr biden for his leadership role in securing the $50 billion loan from the g7. it's a vital step forward in providing sustainable support for ukraine in winning this war. the russian immobilised assets should be used for defending lives of ukraine from russian terror and from repearing the damage aggressor caused ukraine its fear and absolutely right. let's talk to maria repko. she is deputy director at the centre for economic strategy — a ukrainian non—governmental think tank which has done a lot of research into the economic impact of the war. common ground reached finally between the us and european partners, to use frozen russian assets held in belgium. how will this loan work? thank you for this question because basically, all not the frozen assets are held in belgian and there are also some other countries holding russian assets and this is what we did not know about is the public and we would like very much to discover. how would it work? there are two steps of financial maths in all of that. the first step is how the depositories in different countries are getting this income on the frozen assets, so russia cannot tell the depositary that it has to give the money back to her or invested into some other assets so it is by the depositary itself receives the cash flow and this is called windfall profit. the second step would be allocated to countries who provided the point of disintegrated lower into ukraine. the estimation of the $50 billion, iam not sure ukraine. the estimation of the $50 billion, i am not sure i would be sure this... but this is what ukraine needs to continue defending its territory in the war effort. and the funding would be supplied over a number of years? supplied over a number of ears? ~ .,, supplied over a number of ears? ~ ~' , supplied over a number of ears? ~' , �* �* years? most likely. but we're not sure how _ years? most likely. but we're not sure how exactly - years? most likely. but we're not sure how exactly becausei years? most likely. but we're i not sure how exactly because we do not know the details yet. think that the first money could already be seen in 2024 but the rest will come early in 2025. this is so ukraine can get this bigger amount of money. there are other countries, who can give cash to ukraine, they could receive assets whenever they come to their hands. iii assets whenever they come to their hands.— their hands. if it is done in a drip drip _ their hands. if it is done in a drip drip way. _ their hands. if it is done in a drip drip way, could - their hands. if it is done in a drip drip way, could the - their hands. if it is done in a i drip drip way, could the loan be rescinded by future governments? fir be rescinded by future governments? be rescinded by future covernments? . ., governments? or change the terms? do — governments? or change the terms? do not _ governments? or change the terms? do not think- governments? or change the terms? do not think so - governments? or change the i terms? do not think so because if the terms and conditions of beans under the financial market, this is usually a very binding and most probably every class of what could possibly go wrong would have really been described in the lines and conditions. —— every clause. thank you very much forjoining us. tesla shareholders have agreed to give ceo elon musk the biggest pay deal in corporate history. it would award elon musk around 300 million shares in tesla, equivalent to 10% of the company. that is worth some $56 billion, hundreds of times more than any boss in america made last year. ajudge in delaware blocked the original payout injanuary saying the decision to award it was �*deeply flawed' but rather than back down, tesla's board put a similar deal to a shareholder vote at the firm's annual meeting on thursday. they also agreed a plan to move the firm's legal base away from delaware to texas. erin delmore in new york was following the meeting. welcome to the tesla shareholder meeting. (cheers). i just want to start off by saying, hot damn, i love you guys. this shareholder vote puts elon musk one step closer to becoming the most generously compensated chief executive in us corporate history. the pay package would award him rights to roughly 10% stake in tesla valued at around 300 times what the top earning executive meet in the us last year. ——earning executive made in the us last year. a judge blocked to the original pay deal injanuary. it is unclear whether this fresh shareholder authorisation will be accepted by courts. the vote was seen as a test of mr musk�*s leadership of the company. those in favour said he deserved the ii figure sum for taking the company to new heights as ceo. those against voiced concerns that his attention is elsewhere. tesla is one of six firms run or owned by mr musk. the vote comes among a turbulent year for tesla whose shares are down nearly 30% this year as consumers battle high borrowing costs. the company faces supply chain strains and competition from china, shares are down nearly i6% from the 2021 peak. ——from china, shares are down nearly 60% from the 2021 peak. let's speak to dan ives from wedbush securities in new york. dan, it wasn't a unanimous vote and there was the prospect that musk could walk at one point. that was the warrior. but ultimately tesla is elon musk and elon musk is tesla. investors spoke loudly. it is about the next chapter. who were the _ about the next chapter. who were the people _ about the next chapter. who were the people who - about the next chapter. who were the people who say - about the next chapter. who were the people who say it should not happen, on the other side of the argument? that continues _ side of the argument? that continues to _ side of the argument? that continues to be, _ side of the argument? that continues to be, in - side of the argument? that continues to be, in my- side of the argument? twat continues to be, in my opinion, any illogical argument. what he has done at tesla is historical. voting against it, took it from $100 billion to $1 trillion and those voting against, they are going into hibernation mode and barricades.— hibernation mode and barricades. . , ., ., barricades. prospects now for that autonomous _ barricades. prospects now for that autonomous cars - barricades. prospects now for that autonomous cars to - that autonomous cars to exhilarate, and the robot and cyber truck, what is next for tesla after this with this boost? , , ., , tesla after this with this boost? , , . , , , tesla after this with this boost? , , ,, boost? this is a big step but i think ultimately _ boost? this is a big step but i think ultimately autonomous | boost? this is a big step but i l think ultimately autonomous is the golden egg. it is full self—driving. but elon musk is the pilot on the plane and in my opinion one of the most disruptive companies in the world, this is a voter confidence and i think a lot of white knuckles going in after a cinderella ride for tesla has been a nightmare for the last nine months.— been a nightmare for the last nine months. tesla are on the role, nine months. tesla are on the role. even _ nine months. tesla are on the role, even that _ nine months. tesla are on the role, even that split _ nine months. tesla are on the role, even that split chess - nine months. tesla are on the role, even that split chess is l role, even that split chess is allowing smaller investors to join in at the moment. give us a scenario where it is less of a scenario where it is less of a bull run and more of a bear run? what happens to go wrong here? ., ., ~ here? the china market continues _ here? the china market continues to _ here? the china market continues to be - here? the china market continues to be a - here? the china market l continues to be a massive here? the china market - continues to be a massive had been, competition is increasing across the board. in my opinion, i think this right now is the beginning stages of the bull run. mi is the beginning stages of the bull run. �* ., ~ is the beginning stages of the bull run. �* ., ,, ,, bull run. all right. thank you very much- _ let's stay with the us, because the rally on wall street rolls on. the s&p 500 and the nasdaq both closed at new record highs for the fourth day in a row — led once again by the technology giants. let's just show you those closing numbers in the us, and how all that is playing out in asia. investors are hopeful that signs of inflation easing in the us could mean the federal reserve has room to cut interest rates before the election. here's what one wall street investor had to say. we conferred two pieces of what i consider to be quite encouraging news from the stocks perspective which is consumer yesterday and now producer price inflation today is showing encouraging signs of moderating so that led to a pretty big move earlier in the week in the stock market and todayit week in the stock market and today it is digesting that news. janet mui is head of market analysis at the brokerage rbc brewin dolphin here in london. big news is fed indicating only one rate cut this year, possibly before a us election? good morning and thank you for having me. ithink good morning and thank you for having me. i think it is being cautious. inflation is making progress but they are not comfortable in cutting interest rates yet but if you watch the press conference by james val, they do want to cut at some point. —— powell. they're signalling one cut this year but expecting for cuts next year. it is pretty much a fed that wants to come.- that wants to come. what a week, someone _ that wants to come. what a week, someone who - that wants to come. what a week, someone who has i that wants to come. what a | week, someone who has not that wants to come. what a - week, someone who has not been paying attention would be very surprised to see what happens at apple are very, very valuable company again after its ai rally overtaking nvidia and microsoft. it has really come from behind? i and microsoft. it has really come from behind?- and microsoft. it has really come from behind? i think it has been- — come from behind? i think it has been- i— come from behind? i think it has been. i think— come from behind? i think it has been. i think apple - come from behind? i think it has been. i think apple was | come from behind? i think it i has been. i think apple was at what point overtaken by nvidia and now it has taken back the top spot. apple share prices have been lagging because i think investors were a bit impatient about the rollout of ai related features but now i think investors got what they want because apple just announced a partnership with 0penai so integrating more ai features in their phones and analysts are really excited about potential cycles by consumers. there are millions of apple devices out there and it is one of the most unravelled hot weather in consumer's pocket used daily. i think there is huge potential to bring ai think there is huge potential to bring al to every consumer out there and i think this is a really exciting opportunity for apple. in really exciting opportunity for a- le. , ., really exciting opportunity for a. le, , ., ., really exciting opportunity for a- le. , ., ., ., apple. in terms of other hot stocks, apple. in terms of other hot stocks. the _ apple. in terms of other hot stocks, the semiconductor. apple. in terms of other hot i stocks, the semiconductor chip designer, broad com, also doing well in the wake of nvidia. 0verall speakers semiconductor companies are having a strong front because i think the story for al and you look at all these big players in the semiconductor industry is, they are showing huge books for design for example. so this is away riding very strong and a lot of companies into the semiconductor space are benefiting from this cycle of artificial intelligence and it is a showing end of the data and investors are loving it. it always is great to have you on the programme. thank you. let's get some of the day's other news now. the international monetary fund has cleared the way for argentina to borrow another $800 million to help its economic recovery. the imf says its $44 billion lending program to argentina is "firmly on track". protesters battled police outside the congress building in buenos aires on thursday, as the senate passed on president milei's programme of economic reforms. labour unions and the left wing opposition say they will plunge more people into unemployment and poverty, with inflation running at almost 300%. asi as i have been reporting, apple has overtaken microsoft to regain its spot as the world's most valuable company. at the market close on thursday the tech giant was worth almost $3.3 trillion. apple shares have surged since it announced plans to integrate artificial intelligence into its operating system, at its worldwide developers conference this week. the bank ofjapan has kept interest rates unchanged at between 0% and 0.1%. but it says it will start cutting back on its massive bond—buying programme to allow long—term rates to rise — details of that will come at next month's meeting. the boj has been pumping billions of dollars a month into the bond market for two decades to try and stimulate japan's stagnant economy. but it is now changing tack after the yen hit a 34—year against the dollar in april. coming up: football, beer and sausages. can the euros give the flagging german economy a much—needed boost? around the world and across the uk, this is bbc news. welcome back to the programme. to clarify, at an all—time low against the us dollar. if you are watching you would have spotted that. to germany now, where, as you've been hearing, the uefa euro 2024 tournament kicks off tonight, when scotland take on the hosts in munich. as well as footballing glory, many in germany are also hoping to score a boost for the economy, which has been struggling to emerge from recession. 24 countries are competing for the european cup — 2.7 million match tickets are available over the four week tournament and hundreds of thousands of fans are expected to travel to germany. it's hoped the event could make 2024 germany's best ever year for tourism. and of course the country's many breweries are expecting to toast an increase in beer sales dr christian rusche is senior economist at the german economic institute. he's in the german city of cologne. before we get into beer sales, what's your prediction for tonight's match? i guess inaudible it is going to be a draw?— i guess inaudible it is going to be a draw?- beer- i guess inaudible it is going to be a draw? yes. beer sales have gone _ to be a draw? yes. beer sales have gone up _ to be a draw? yes. beer sales have gone up for— to be a draw? yes. beer sales have gone up for .5% - to be a draw? yes. beer sales have gone up for .5% in i to be a draw? yes beer sales have gone up for .5% in the 2006 world cup but dipped in germany last week 5%. —— 4.5%. will they bring a much—needed boost to the german economy? indeed i hope this tournament will give a boost, especially because we are now in the hospitality sector and brewery sector below inaudible and this event could be abused and everyone in this sector hopes for it. ,, , , ,., for it. spending might shift so --eole for it. spending might shift so peeple might _ for it. spending might shift so people might change - for it. spending might shift so people might change their- people might change their patterns but it might not bring a lot more revenue?— patterns but it might not bring a lot more revenue? when you look at they — a lot more revenue? when you look at they are _ a lot more revenue? when you look at they are still _ a lot more revenue? when you look at they are still below i look at they are still below the levels of 2019 so is the free capacity so indeed we have the shift but there is still capacity so that we have additional for this enterprise. foreign investment has been falling in germany. you expect this to be the case with the us? , ., , , ., , ., us? the problem is the european championship— us? the problem is the european championship so _ us? the problem is the european championship so that _ us? the problem is the european championship so that means i us? the problem is the european| championship so that means most from asia and america are not really interested in it that much and we already have good relationship with european countries so there is not much for improvement so i do not let this championship will turn the tide. ~ ., ., tide. where, other than tourism. _ tide. where, other than tourism, will— tide. where, other than tourism, will be - tide. where, other than tourism, will be looking forward to increasing revenues? for example, also the consumption is a problem in germany so the private consumption and now we hope for a boost because of our guests and we also hope that the good outcome might give more confidence so consumers can spend more money. pare confidence so consumers can spend more money.- confidence so consumers can spend more money. are you going to be watching _ spend more money. are you going to be watching the _ spend more money. are you going to be watching the match - to be watching the match tonight? yes, definitely. enjoyed and we will see if you were right. enjoyed and we will see if you were right-— finally, we are looking at entrepreneurship because the champagne maker, veuve clicquot, has been celebrating business success by recognising outstanding women since 1972. the veuve clicquot awards were set up in honour of madame clicquot, who married into a winemaking family in the late 18th century, but had to take over after her husband died young. she was forced to make her way in a male—dominated business and went on to revolutionise the champagne industry. francesca brady is the winner of one of this year's awards. francesca, you're the founder of airrated. tell us what your company does? airrated provides certification so much like you have an energy certificate for your home, we are introducing a quality performer certificate to the market. ., ., , , market. you are using sensors to detect _ market. you are using sensors to detect what? _ market. you are using sensors to detect what? and _ market. you are using sensors to detect what? and how i market. you are using sensors to detect what? and how do i market. you are using sensors i to detect what? and how do you eliminate these bad things that you find that a problematic? irate you find that a problematic? we monitor you find that a problematic? -