as the billionaire pop star's eras tour gets underway in scotland. welcome to business today. i'm sally bundock. more now on the results in europe as the bloc�*s parliamentary elections come to a close. as you've been hearing, we've seen a surge on the right across the region. we've seen a surge to the right across the region. in france, the strong showing for marine le pen�*s national rally triggering a snap election in france called late yesterday by president emmanuel macron. the outcome of these elections are of significance because the politicians in the european parliament will be agreeing on the bloc�*s budget and economic policies — and its position on trade. the european union is the world's largest trading bloc — the top trading partner for 80 countries worldwide. with 27 member countries and an integrated economy, it has a combined population of around 440 million people. that's a vast consumer base for its own producers and exporters around the world. let's hear now from rebecca christie, senior fellow at bruegel. good morning to you, rebecca. first of all, your reaction to the results?— first of all, your reaction to the results? the situation in france is — the results? the situation in france is shocking. - the results? the situation in france is shocking. not - the results? the situation in france is shocking. notjust| france is shocking. notjust that the national rally party came in with 32% of the vote, but that it was really twice that of emmanuel macron�*s renaissance party — and that he called snap elections so soon after, because he felt he could not govern without a new mandate. not govern without a new mandate-— not govern without a new mandate. ., ., , ., ~ mandate. so, what do you think drove voters _ mandate. so, what do you think drove voters to _ mandate. so, what do you think drove voters to the _ drove voters to the centre—right and further right? was it about economics? cost—of—living crisis? the fact that people are feeling worse off at the moment? it’s that people are feeling worse off at the moment?— off at the moment? it's very different. — off at the moment? it's very different, country _ off at the moment? it's very different, country by - off at the moment? it's veryl different, country by country. you do see a lot of discontent with the status quo, and a feeling of frustration. in france, that turned out, as we just discussed. in hungary, for example, viktor orban's party is facing a challenge for the first time in recent memory. in germany, the centre—right christian democratic union, which is a very mainstream party, did better than people might have expected. however, olaf scholz, the current chancellor — his party did worse. so we're seeing just a general sense that folks would like to do something different. going forward, when it comes to the big decisions about the budget, for example, which is really controversial — how much money each country puts in the pot — what does this result mean for those kind of discussions and negotiations going forward? the discussions and negotiations going forward?— going forward? the new parliament _ going forward? the new parliament will - going forward? the new parliament will probably going forward? the new i parliament will probably be more unpredictable, or "even more unpredictable, or "even more unpredictable" — and very fractious. i would expect different alliances to form on different alliances to form on different issues. the consensus on financial regulation will be different from that on, perhaps, environmental regulation and energy regulation. again, on the budget, as you say — one of the big decisions coming up is whether the eu will continue to be a bond borrower the way it has been through the pandemic. and deciding what to do with the remains of this pandemic borrowing programme and whether to have another one after 2026 will be a huge deal.— will be a huge deal. we've mentioned _ will be a huge deal. we've mentioned globally - will be a huge deal. we've mentioned globally the . will be a huge deal. we'vej mentioned globally the eu will be a huge deal. we've - mentioned globally the eu bloc is the biggest trading bloc in the world. what does this mean in terms of its global position economically?— in terms of its global position economically? the eu really has to balance _ economically? the eu really has to balance its _ economically? the eu really has to balance its relationship - to balance its relationship with china and also its relationship with washington. the us, of course, has its own elections coming up later this year that will be at least as much of an effect on — that will have at least as much of an effect on what's going on in europe as the eu political situation. meanwhile, with china, we are expecting in the next week or so to get some news on how the eu is going to approach automobile tariffs. all of this sets the stage for a lot of debate about how open, how much trade, how is the eu going to de—risk and not de—couple, as they say? because the eu cannot afford to stop trading with china, but it also wants to protect itself. fik. wants to protect itself. 0k. interesting. _ wants to protect itself. 0k. interesting. thank - wants to protect itself. 0k. interesting. thank you - wants to protect itself. ok. interesting. thank you for your time. good to get your take this morning. seniorfigures from germany's governing coalition have reacted angrily to a speech by the chief executive of deutsche borse, theodor vymer. in it, he railed against the country's reputation amongst investors and said germany was on the path to becoming a developing country. the speech was delivered to the bavarian economic council in april, but surfaced on social media on friday. a leading social democrat told the financial times it was more beer tent than dax—listed company executive, while a green party spokeswoman tweeted her irritation on x. here are some excerpts from that speech. translation: i know half the dax peeple — translation: i know half the dax people here _ translation: i know half the dax people here personally i translation: | know half the | dax people here personally on a first—name basis. i get around a lot. i don't want to spoil it tonight, but one thing is clear. our reputation has never been as bad as it is now. economically speaking, we are on the way to becoming a developing country. we're making ourselves small in front of brussels and berlin, the entrepreneurs. yes, and the americans tell me straight to my face, "stop being a public economy that sits like a rabbit in front of a snake and demands that the snake bite. become a private economy like us." the difference is now that, in the usa, they say, "we don't care which old man becomes president." our migration policy — i don't want to get too political — is seen by everyone as completely wrong. our focus on do—gooders everyone as completely wrong. ourfocus on do—gooders is not shared anywhere. economic migration means that, if you have a shortage of skilled workers, you bring in people who work, who speak your language, and generate social products. but not those who collect 50% of the citizens' income and send it somewhere else. let's explore all that now with russ mould, investment director at aj bell. good morning to you, russ. good morninu. good morning to you, russ. good morning- this— good morning to you, russ. good morning. this is _ good morning to you, russ. good morning. this is really _ good morning to you, russ. good morning. this is really come - morning. this is really come interesting _ morning. this is really come interesting that _ morning. this is really come interesting that this - morning. this is really come interesting that this comes i morning. this is really come l interesting that this comes to the fore now off the back of these parliamentary elections in europe, where actually things worked out quite differently for germany as well — and for chancellor olaf scholz. - and for chancellor olaf scholz. ., ., - and for chancellor olaf scholz. . ., ., m scholz. yeah, i had a quick look on — scholz. yeah, i had a quick look on x _ scholz. yeah, i had a quick look on x this _ scholz. yeah, i had a quick look on x this morning, . look on x this morning, formerly known as twitter, and it now has 470,000 views — although only 13,000 of those who've watched it have "liked" it, which is interesting in itself. it does raise some big issues. germany has been through geopolitical shock because of its dependence on russian oil and gas, which it's now had to wean itself off. its economically performed pretty poorly even in the first pandemic period. even the stock market — one of its major companies is going through a mire in the courts, so you can see why there's a crisis of confidence. from an investment point of view, however, the german stock market is pretty much still at an all—time high. i know vymer said it'sjust because german trades are trading cheaply and it's like a junkjob, but international junk job, but international investors junkjob, but international investors still think, indeed, there is still something to look for in germany. he seemed to be venting — look for in germany. he seemed to be venting a _ look for in germany. he seemed to be venting a lot _ look for in germany. he seemed to be venting a lot of _ to be venting a lot of frustration in this speech. i have heard other economists that i've talked to, when they've been talking about germany, talking about the fact that the lack of investment over time, and the fact that china is now really, when it comes to the car sector in terms of electric vehicles, in particular, taking so much ground, which is germany's most important market...? ground, which is germany's most important market. . . ?_ ground, which is germany's most important market. . . ? important market...? yeah - and what happens _ important market...? yeah - and what happens to _ important market...? yeah - and what happens to the _ important market...? yeah - and what happens to the internal- what happens to the internal combustion engine for germany is a huge issue. but a lot of theissues is a huge issue. but a lot of the issues that vymer is raising — energy, tax, welfare spending, immigration — it's a bit of a big echo of what we're hearing in the uk general election campaign where i'm sitting right now. and it looks as if the uk's going to shift to the left, whereas europe is shifting to the right. again, there's a discontent with the status quo which we're hearing about. vymer talks about how america is uccing up a lot of investment, whereas germany's finding it hard to attract it. it's interesting that, on one half, he says we need interproblemers and need a smaller state. interproblemers and need a smallerstate. on interproblemers and need a smaller state. on the other hand, he's saying we need smaller subsidies. you can't have your cake and eat it too — can't have everything at once. at the same time, it's coming on social media — olaf scholz�*s party getting the worst—ever result in the european election, coming third behind the far—right alternative for germany. i mean, in his party, in his coalition, there's going to be a lot of naval—gazing going on now, isn't there? i think the coalition overall is this sd/liberal/green coalition seems like it's a bit frozen in inaction at the moment, finding it difficult to get anything done. again, ithink it difficult to get anything done. again, i think that's probably part of the frustration that vymer is voicing. this loss of confidence — just looking at the american economy, how that continues to surge ahead, is interesting. but remember, president biden is by no means certain to win this election in november that he's fighting, and discontent with the economy and discontent with the economy and inflation are two of the biggest hot—button topics there as well. there seems to be a very, very common problem — one that's notjust unique to germany, despite how frustrated vymer is. germany, despite how frustrated v mer is. ,, ., ~ germany, despite how frustrated v meris. ,, ., ,, vymer is. ok. russ. thank you. good to see _ vymer is. ok. russ. thank you. good to see you. _ vymer is. ok. russ. thank you. good to see you. see _ vymer is. ok. russ. thank you. good to see you. see you - vymer is. ok. russ. thank you. good to see you. see you again| good to see you. see you again soon. the global tech industry is gathering today for london tech week, with microsoft and ibm in attendance amongst investors and entrepreneurs. the event will look at the challenges of balancing ai innovation with regulation, along with the future of security and data. last month, a british firm called wayve raised over a billion dollars in funding to develop tech for self—driving cars. that's the biggest known investment in a european ai company. but the most valuable ai firms are based in the us or china. last week, nvidia hit a valuation of $3 trillion. so, are london and the uk becoming more attractive for international ai investment? let's hear from one of the attendees, russ shaw, founder, tech london advocates & global tech advocates. good morning to you, russ. this is a really important event for you, in particular. given the chat a we just had with russ—month—old about what's happening here in europe and in london, there's so much concern about london, the london stock exchange, and how things are going for cheap. talk us through how, this week, london techis through how, this week, london tech is going to make a change? well, i've heard that london tech week is this week. this is our 11th year doing it. it really gives a bit of a boost to the overall sector, the overall economy. you mentioned wayve — our latest unicorn in terms of funding. we're going to have many companies represented this week. i think we have to step back and look at the uk tech ecosystem overall. we have over 150 tech unicorns by a number of metrics salary, the uk has the third—largest tech system in the world. this week, we have nearly 45,000 attendees coming. last year, it was 30,000. we have over 100 being represented this week. there's a significant amount of interest notjust in london tech, but in uk tech overall — and really getting behind this next generation of start—ups and scale—ups that are emerging. but we need to keep them as well, don't we? if we want to see companies really go above and beyond within the uk and across europe. it's all happening in california and in the far east, isn't it?- the far east, isn't it? yeah. we've seen _ the far east, isn't it? yeah. we've seen a _ the far east, isn't it? yeah. we've seen a lot _ the far east, isn't it? yeah. we've seen a lot of - the far east, isn't it? yeah. we've seen a lot of listings| the far east, isn't it? yeah. i we've seen a lot of listings on the nasdaq. we see a lot of growth in asia and asia—pacific. but i think we're starting to see some very good growth coming from uk scaling businesses. i knowjulia businesses. i know julia hoggett businesses. i knowjulia hoggett will be one of our speakers this week talking about what the london stock exchange is planning to do to be more welcoming to the tech uniforms that we're seeing. i think there's a whole game plan being introduced in the coming months to talk about how competitive our public markets can be. so we have to look across the spectrum to make sure, from early stage through start—up through scale—up through the listings, that the uk market — and the european markets — are as competitive as the us. there's a lot of work to be done, don't get me wrong. but i think the innovation that's going to be showcased this week during london tech week, i hope, gives a bit of a confidence boost that a lot of great creativity, dynamism and innovation is happening right here. ~ �* , innovation is happening right here. ~ �*, ., here. 0k. well, it's good to chat to you _ here. 0k. well, it's good to chat to you again, - here. 0k. well, it's good to chat to you again, russ. - here. 0k. well, it's good to i chat to you again, russ. thank you. around the world and across the uk, this is bbc news. you're with business today. i'm sally bundock. india's prime minister and leader of the bjp party, narenda modi, has been sworn in again for a third term in office — this time leading a minority government. that's something he is not used to. let's cross live now to archana shukla in mumbai. archana, how have the indian markets been responding to the latest developments? it's the start of a new trading week. ~ ., ,, , .,, week. well, the markets opened on a muted _ week. well, the markets opened on a muted scale, _ week. well, the markets opened on a muted scale, but— week. well, the markets opened on a muted scale, but on - week. well, the markets opened on a muted scale, but on the - on a muted scale, but on the positive side. from all the wild swings that we saw last week from record highs post—exit polls to tuesday, when prime minister modi's party failed to win a clear majority on its own, the shock element subsided and the markets have actually been on an upward trajectory. investors have come back and market have erased all the losses they made on tuesday — almost $400 billion worth of money was lost that day, but all of those losses have been erased. as prime minister modi and his council of ministers took oath yesterday, from the list of the council of ministers, it is evident that they are looking at a policy continuity and a majority of the council of ministers come from his own bjp party. and that is something that experts say markets would be comfortable with, because that shows a sense of continuity. but the wild swings that we saw last week is something that has been of a concern. opposition parties have raised that as a question — that, should leaders be making statements, forward—looking statements in the market — remember, prime minister modi and his home minister, ahmet shah, did say markets would be impacted. thank you. in april, nigerian film star junior pope died when the boat he was travelling in from a film set capsized. an investigation found a number of safety failings, including the fact that the boat driver wasn't certified. hannah gelbart from the bbc�*s what in the world podcast has been speaking to nollywood actors and producers in lagos about the industry's safety record, and what needs to change. nollywood is booming — but it's got a darker side. this is a cultural centre here in lagos, and what you can see around me are some of the remnants of a huge nollywood premiere that took place here last night. it had some of the top names in nigerian cinema. nollywood is one of the biggest film industries in the world — it's up industries in the world — it's up there with hollywood and india's bollywood. it puts out more than 2,500 films every single year. but recently, there have been some concerns over things like health and safety in its films. in april, top nollywood actor junior pope died in a boat accident. it capsized after hitting a canoe in a river, killing five people.- hitting a canoe in a river, killing five people. send a rescue boat! _ rescue boat! in this clip, filmed byjunior pope the day before he died, he's clearly concerned about his safety. an investigation found multiple failures — the boat wasn't registered, its driver had no licence, and only one passenger was wearing a life jacket. that's because they'd brought it onboard themselves. the bbc has obtained a now—deleted video clip from the producer's instagram, where she says she was told there were life jackets, and junior pope was offered one, but didn't take it. actress and screenwriter ruth kadyri was a friend of junior pope's, and she wa