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tv   World Business Report  BBC News  August 2, 2021 5:30am-6:01am BST

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this is bbc news with the latest headlines for viewers in the uk and around the world. from today, double jabbed visitors from the eu and us don't need to quarantine when arriving in england, scotland and wales. banking giant hsbc sees profits double during the first half of the year, thanks to an economic rebound in hong kong and britain, its two biggest markets. and a treat for aeronauts everywhere: come with us to the bristol balloon fiesta.
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hello. from around 1.5 hours ago, people who have been fully vaccinated in the eu or us will not need to isolate when coming to england, scotland and wales if they're coming from an amber list country. travellers will still need to take either a lateral flow or pcr test pre—departure and a pcr test on the second day after they arrive. under—18s will be exempt from isolation and some will not have to test, depending on their age. so how much will this new policy really help the uk tourism sector? joining me now isjoss croft, ceo of ukinbound, a trade association representing the uk's inbound tourism sector. good to have you with us. what sort of difference do you think this will make, this change today? this will make, this change toda ? , , , , . today? this is the first piece of positive — today? this is the first piece of positive news _ today? this is the first piece of positive news for - today? this is the first piece of positive news for those i of positive news for those involved in inbound tourism, about 500,000 people in the uk employed in the sector, the
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first piece of good news we have had for 17 months so yes, very good news. {131 have had for 17 months so yes, very good new-— very good news. of course this only applies — very good news. of course this only applies in _ very good news. of course this only applies in one _ very good news. of course this only applies in one direction, l only applies in one direction, doesn't it? people wanting to travel to the us from the uk, they still cannot do that because the us rules that are in place. because the us rules that are in lace. ., v because the us rules that are in lace. . �*, ., in place. that's right, at the moment _ in place. that's right, at the moment this _ in place. that's right, at the moment this is _ in place. that's right, at the moment this is only - in place. that's right, at the moment this is only going l in place. that's right, at the| moment this is only going to apply to us citizens themselves. but still, nonetheless it is our biggest market in terms of the people, 4 million, and the amount they spend, £4 billion, so it's hugely for the uk market but it comes late in the season, that's true. i comes late in the season, that's true.— comes late in the season, that's true. , , ,.,, ,., that's true. i suppose in some wa s, that's true. i suppose in some ways. for— that's true. i suppose in some ways. for the _ that's true. i suppose in some ways, for the sector _ that's true. i suppose in some ways, for the sector you - ways, for the sector you represent, inbound tourism, this is in a way the ideal scenario where people are allowed to come in without having to quarantine but a lot of people who may otherwise have gone to these destinations from the uk are going to be staying at home and holidaying here? indie staying at home and holidaying here? ~ ., staying at home and holidaying here? u ,, here? we need a successful outbound — here? we need a successful outbound sector _ here? we need a successful outbound sector as - here? we need a successful outbound sector as much i here? we need a successful outbound sector as much as here? we need a successful. outbound sector as much as we
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need a successful inbound sector. the planes that operate obviously need to be profitable on both sides of the equation or else there is a risk as to whether they will continue and of course inbound tourism is £281; of course inbound tourism is £28.4 billion to the uk economy so ourfifth—largest £28.4 billion to the uk economy so our fifth—largest export sector so it's bringing in incremental money into the uk so yes, it will be helpful. find so yes, it will be helpful. and since the _ so yes, it will be helpful. and since the rules _ so yes, it will be helpful. and since the rules changed today, in anticipation of this, have your members seen an increase in bookings from the eu and us? yes, i mean, we are very, very hopeful we are starting to hear reports of some business coming in but if you look at the united states, for example, only 22% of our business would normally come between september and december so we're not expecting a massive rush of people because a lot of us travellers, eu travellers have already decided where they are going. so although it is a fantastic start, government will continue to need to help our businesses because they face no income for 17 months as a minimum so yes, very positive
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but as i say, just a start, really. but as i say, 'ust a start, reall . ., . ., , but as i say, 'ust a start, reall. ., . ., , . really. how much has domestic tourism, people _ really. how much has domestic tourism, people staying - really. how much has domestic tourism, people staying in - really. how much has domestic tourism, people staying in the | tourism, people staying in the uk, contributed and made up the shortfall but you're sick would normally expect to see from people coming here from elsewhere?— people coming here from elsewhere? , . ., , elsewhere? domestic tourism is massively important, _ elsewhere? domestic tourism is massively important, inbound i massively important, inbound tourism, international consumers like to undertake many of the activities that british people do but when british people do but when british travel, they spend about one third of what international visitors do on an overnight stay so domestic, while it may be busy on coastal, for example, some of those centres which rely upon international tourism, the big cities, for example, desperately need these visitors to come back to start spending their money. to come back to start spending their money-— their money. thank you very much for _ their money. thank you very much for that, _ their money. thank you very much for that, joss - their money. thank you very much for that, joss croft. i saudi arabia is set to impose one of the world's most sweeping vaccine regimes in an attempt to combat hesitancy about taking the covid—19 shots. from yesterday, sunday, people in saudi arabia will need to show proof on a mobile app that they have received at least one vaccine dose to enter public and private institutions,
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including schools, shops, malls, markets, restaurants, cafes, concert venues and public transport. why such strong measures? joining me now is middle east business correspondent sameer hashmi. why do you think they have gone down this route? i why do you think they have gone down this route?— down this route? i think two reasons for _ down this route? i think two reasons for this, _ down this route? i think two reasons for this, ben. - down this route? i think two reasons for this, ben. one | down this route? i think two| reasons for this, ben. one is there is a small section of the population that has been hesitant to take the vaccine so the government wants to ensure that every adult in the country takes the vaccine and if you look at the numbers, about 25% of the population has received two doses worth about 70%% have received one and they want to cover the remaining and the second is there is a concern in saudi arabia, like the rest of the world, that the delta variant is rising fast and
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could be more dangerous and that's why they want to ensure that's why they want to ensure that the population is inoculated completely. the third thing is, then, they are opening up for tourism, they had shut it since the outbreak of the coronavirus and had kept tourists away and even religious travellers who go to saudi arabia, but now they want to gradually start to get foreigners into the country and also why they want to ensure the population is vaccinated. who will police this? is it down to the individual businesses?— businesses? yes. the individuals _ businesses? yes. the individuals will - businesses? yes. the individuals will have l businesses? yes. the | individuals will have to enforce this. so if it is a government organisation where you cannot enter, companies have been asked to check the mobile app of all employees before they enter the office. if they are not vaccinated then ask them to go home. similarly, directors —— directives have been issued to shops, restaurants and even schools where they will have to check the mobile app to see that the person has taken at least one
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dose. how effectively will they be able to implement this is still a question because it is early days but the directive is there and i think the government is hoping that he could take a couple of weeks before this could be implemented properly. it is a mammoth task, not very easy, the government is quite keen to see this through. bud the government is quite keen to see this through.— see this through. and is there any suggestion _ see this through. and is there any suggestion that _ see this through. and is there any suggestion that other - see this through. and is there | any suggestion that other gulf states may follow suit and to what saudi arabia has done on this vaccination idea? it what saudi arabia has done on this vaccination idea?- this vaccination idea? it will be interesting _ this vaccination idea? it will be interesting to _ this vaccination idea? it will be interesting to see - this vaccination idea? it will be interesting to see if - this vaccination idea? it will| be interesting to see if other countries also follow suit but for a country like the uae, for example, where i am, they have adopted, dubai has adopted a far more relaxed whereas abu dhabi is going to apply a similar programme or similar rules where they make it mandatory for people in the city to be vaccinated, otherwise they will not be allowed access to public or private establishments. there are other strategies that governments in these countries
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can use, like making it —— they have not made it mandatory by law but making sure that some places are out of bounds for those that are not vaccinated. so it would not be surprising if other countries follow suit in the coming days because the delta variant has been rising pretty rapidly in this part of the world and of course numbers are lower compared to europe or the united states but nevertheless, they are rising and that's what it would not be surprising if other countries and up doing what saudi arabia is doing now. and up doing what saudi arabia is doing nova— is doing now. sameer hashmi, thank you _ is doing now. sameer hashmi, thank you very _ is doing now. sameer hashmi, thank you very much _ is doing now. sameer hashmi, thank you very much for - is doing now. sameer hashmi, thank you very much for that. l let's get some of the day's other news. video conferencing firm zoom has agreed to pay $86 million — that's £61.9 million — to settle a class action privacy lawsuit in the us. the lawsuit alleged that zoom had invaded the privacy of millions of users by sharing personal data with facebook, google and linkedin. the firm denied any wrongdoing, but has agreed to boost its security practices. and bitcoin investors brace for more volatility. news that germany may allow more institutional investors
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into the cryptocurrency space is countering fears that the new us infrastructure package will tax the sector and crimp growth. bitcoin is now trading at its highest levels since mid—may. disney'sjungle cruise pulled in more than $34 million at the us box office this weekend, despite growing concerns about the delta variant. interestingly, the movie raked in another $30 million on disney+, in the new hybrid model of theatre—plus—streaming releases. the movie cost $200 million to make, so this isn't exactly a joyride. but in pandemic times, a very decent showing. hsbc holdings saw its first—half pre—tax profit more than double, comfortably beating expectations as the bank benefited from an economic rebound in hong kong and britain, its two biggest markets. pretax profit for europe's biggest bank by assets came
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in at$10.8 billion versus $4.32 billion in the same period —— in at $10.8 billion, versus $4.32 billion in the same period a year earlier. it also said that given the brighter outlook globally as economies recover better than expected from the pandemic. it now expects credit losses to be below its medium—term forecast. joining me now is janet mui, investment director at brewin dolphin. your take on those results? hello, good morning, this is a pretty good set of results. as you mentioned, the profit before tax almost doubled, and that's about 1 before tax almost doubled, and that's about1 billion more than investors have been expecting, and invest expectation going into the meeting, the results, are actually quite high, even though its competitors such as berkeley also posted a strong result so this is great news
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for shareholders and in particular markets have been looking for the dividend pay—out and after the ink of england has relaxed the dividend pay—out restrictions, hsbc finally can resume paying an interim event which is again great news for shareholders —— bank of england. they have adjusted their guidance to 40 to 55% of deposit earnings which is great and also set their credit lending expectation to mid single digits i think these are a great set of results and also great set of results and also great out of guidance going forward. �* , , ., forward. it's interesting that they have — forward. it's interesting that they have done _ forward. it's interesting that they have done so _ forward. it's interesting that they have done so well - forward. it's interesting that| they have done so well when interest rates around the world are at record low levels.- are at record low levels. yes, basically _ are at record low levels. yes, basically the _ are at record low levels. yes, basically the good _ are at record low levels. yes, basically the good results - are at record low levels. yes, basically the good results arej basically the good results are mainly supported by the economic recovery, so very easy comparison versus last year at the worst time of the pandemic, so we get the lift year on year and we also saw a major part is
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because of lower credit loss provisions so that released more of that earnings coming out and also, there has been great growth in the personal and wealth lending space which asia is pretty strong. i actually think interest rate is actually think interest rate is actually passed the negative and if you look at the interest rate margins, it is been lower because of the interest rate position. so it's really because of some temporary factors such as the year on year comparison and credit loss provision going lower. janet mui, provision going lower. janet mui. many _ provision going lower. janet mui, many thanks - provision going lower. janet mui, many thanks indeed. l beyond meat makes everything from burgers to sausages out of plants, and it says its food doesn'tjust taste as good as the real thing, but it's also better for our bodies and better for the environment. my colleague aaron heslehurst asked chief executive and founder ethan brown how easy it is persuade people
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to eat fake meat. so we refer to it as planned —based and the reason we talk about plans to base meat is because you think about what meat is, to very high level it is essentially things —— plant—based. amino acids, lipids, trace minerals, vitamin d and water. and all of those things are available implants. if you have the three elements in place, you have something that taste like animal protein and is nutritionally betterfor the consumer and third you drop the consumer and third you drop the price of that below that of animal protein and i think it is an unusual consumer that says taste great, better for me and cheaper but i've will not eat it. ., ., ., , ., eat it. you have deals to su -l eat it. you have deals to supply big _ eat it. you have deals to supply big names - eat it. you have deals to supply big names like i supply big names like mcdonald's, kfc, pizza hut but surely, i'm wondering, people who frequent those fast food places, you know, let's take a mcdonald's, if they go in for a big mac they want to big mac, not a plant—based meet big mac. so i'm one of those people in
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the sense that i grew up consuming all of those products. my first date was at mcdonald's. you know, i grew up on kfc and taco bell and pizza hut and all of that. it's not experience that we want, right? we want to have a big mac and pizza, a meat lover's pizza, et cetera, but we can now do it in a way that confers these benefits, we talked about health and climate and i think especially for the younger generation, ones that are flight shaming and much on climate, they have to live in this environment, they think it is important and for a few dollars at the centre of your plate you can communicate what you are about and you don't have to go and buy a tesla straightaway or some other electric vehicle.— electric vehicle. one ma'or obstacle d electric vehicle. one ma'or obstacle is d electric vehicle. one ma'or obstacle is the i electric vehicle. one ma'or obstacle is the cost, �* electric vehicle. one majorj obstacle is the cost, right? electric vehicle. one major i obstacle is the cost, right? it can be 50% more expensive than actual meat. is it only really for the wealthy who feel bad about i don't know, their carbon emissions? something
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that's always _ carbon emissions? something that's always troubled - carbon emissions? something that's always troubled me. - carbon emissions? something | that's always troubled me. it's also... it's also does it's something that intuitively should not be the case. if you look at our facilities and the facilities of some of our animal —based competitors, we are still a very small company. it will change and one of the reasons we are so focused on these deals with mcdonald's and with pizza hut is because that is the rout to cost down and scaling and to be able to make this product and these products accessible to every consumer who wants them. that was ethan brown speaking to aaron heslehurst. stay with us on bbc news. still to come — up, up and away! why hot air ballooning is taking off in a big way. the question was whether we wanted to save our people —
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and japanese as well — and win the war or whether we wanted to take a chance on being able to win the war by killing all our young men. the invasion began at two o'clock this morning. mr bush. — like most other people, was clearly- caught by surprise. we call for the immediate and unconditional withdrawal of all iraqi forces. 100 years old and still full of vigour, vitality and enjoyment of life — no other king or queen in british history has lived so long, and the queen mother is said to be quietly very pleased indeed that she has achieved this landmark anniversary. this is a pivotal moment for the church as an international movement. the question now is whether the american vote will lead to a split in the anglican community. this is bbc world news.
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the latest headlines: the ioc says it is in regular touch with a belarus athlete under police protection in tokyo, after belarusian officials tried to fly her home against her will. the army is deployed in sydney, as australia ramps up its covid lockdown. twitter boss jack dorsey's digital payments platform square, is buying australia's afterpay limited for $29 billion. the deal, announced sunday, will be done entirely through a share exchange, and values the fintech at a 30% premium. joining us as our correspondent, simon atkinson. what more do we know about this deal? �* , what more do we know about this deal? ~ ~ , ., ., deal? afterpay, in australia, has become _ deal? afterpay, in australia, has become massive. - deal? afterpay, in australia, has become massive. the i deal? afterpay, in australia, - has become massive. the company has become massive. the company has only been going about seven
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years and effectively it is a by now, pay laterfirm years and effectively it is a by now, pay later firm stop so if you go and try to buy something online you will almost always come out with many major companies now, be offered the opportunity to use afterpay. and it is the first country in this region, really, to go into this market where people can buy things in instalments, which is what square really sees in it. paypal has suggested it is keen to set up something similar. there are rumours apple is looking at a similar business model. but what square seems to want to do is get into a business that is well—established in this field and for afterpay it is a chance to get into bigger markets, especially, of course, the united states. it makes its money by largely charging the companies, it works as a sort of merchant for a cut of the transaction. it also make some money from its customers when they don't make those repayments. it says that is a relatively small amount of its income, and while there is call for the industry to be better
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regulated, at the moment, it is a booming industry, and this is the biggest corporate takeover australia has ever seen. it is one of the huge success stories of australia, and that is what square wants a piece of with this offer. square wants a piece of with this offer-— square wants a piece of with this offer. ,, ., ., , ., this offer. simon, many thanks indeed. from today americans will be banned from investing in 59 chinese companies, including technology firms like huawei or the country's biggest maker of computer chips, smic, semiconductor manufacturing international corporation. let's go to nick marsh who's following the story from our asia business hub in singapore. well, essentially, it will ban americans from putting their money into any chinese companies which the white house steams to undermine the security or the democratic values of the united states. broadly speaking, that means any company with ties to
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chinese defence or military capabilities, orany chinese defence or military capabilities, or any companies which are suspected of engaging in surveillance or spying, whether that is a broad or domestically. so, for example, in xinjiang province, home to ethnically go muslim minorities. —— uighur. this executive order today is just one more example of the huge chinese comedy mistrust, between these two countries, which has been growing for several years now. you will remember in 2019, huawei, the big telecoms giant, was blacklisted by the trump administration. you had 0utroot, a massive conglomerate, they had a big us ipo pulled. we even saw didi, its big new york stock exchange testing was heavily overshadowed by investigations into it by chinese regulators. now, of course, we do not know the full facts surrounding each individual controversy, but the bigger picture is one of huge chinese between the two countries. if you are asking
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how much things have changed in terms of us—china relations since president biden took over, you would have to say, not an awful lot. in terms of beijing's reaction to this, they say that united states is undermining rights of investors, they are undermining the globalfinancial investors, they are undermining the global financial market order, and that generally, this isjust a continuation order, and that generally, this is just a continuation of anti— chinese oppression. {lilia isjust a continuation of anti- chinese oppression. ok, next, thanks very — chinese oppression. ok, next, thanks very much _ chinese oppression. ok, next, thanks very much for - chinese oppression. ok, next, thanks very much for that. - from today, bristol international balloon fiesta will be putting on a fiesta fortnight which will see hundreds of hot air balloons taking off from multiple locations across bristol. it's been a difficult time for the hot air balloon industry because of the pandemic. the bristol international balloon fiesta was cancelled last year as the uk was in lockdown. joining me now is clive bailey, co—organiser, bristol international balloon fiesta and also the owner of bailey balloons, his own commercial hot air balloon business.
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how excited are you about the fiesta going ahead from today? it is great, we are very sad it is not a normal fiesta, which will be over the weekends of 13th-15th, but will be over the weekends of 13th—15th, but we have decided to do a fiesta fortnight to take the balloons to the community. we asked the bristol community. we asked the bristol community where they would like to see balloons, we had over 700 replies, these are local communities, churches, hospices, that sort of thing, and we will do our best in the next few weeks to get loans out into the local environment, taking off in parks, et cetera. and over the fiesta weekend will have some must fly outs. very exciting, different, but all we could do this year. i very exciting, different, but all we could do this year. i am no expert _ all we could do this year. i am no expert on _ all we could do this year. i am no expert on hot-air- all we could do this year. i am| no expert on hot-air balloons, no expert on hot—air balloons, but if strikes me that if anything could have been resilient to the pandemic it would have been going to watch hot—air balloons, because you are outdoors, you can see them from a great distance, you don't have to be close to other people, why did the pandemic of such a big impact on things like the fiesta?—
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such a big impact on things like the fiesta? well, over the weekend we get _ like the fiesta? well, over the weekend we get about - like the fiesta? well, over the weekend we get about half- like the fiesta? well, over the weekend we get about half a l weekend we get about half a million people come to aston court, and we felt, and everybody else felt, the risk was too great. i mean, i was so excited to see silverstone, they had 140,000 wehrmacht, which was the first big event in the uk to go ahead. —— 140,000 there. it was much earlier in the year, we decided around 19june, there was another delay, the infrastructure cost of doing the fiesta would almost certainly have bankrupted us. so we decided this year we would do what we were doing and then move forward with a live loan commitment for next year. and how important economically, from a tourism point of view, is an event like this?- is an event like this? well, about four _ is an event like this? well, about four or _ is an event like this? well, about four or five - is an event like this? well, about four or five years - is an event like this? well, | about four or five years ago, bristol tourism did a study underestimated through some pretty careful planning and research that it brings between $13 million and $18 million into the city, that is in
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hotels and restaurants et cetera. so it is a big blow to the people of still land the businesses of bristol but the fiesta isn't happening. but we thought it was safe to do this year so we can ensure it would go ahead next year.— year so we can ensure it would go ahead next year. how many balloons might _ go ahead next year. how many balloons might we _ go ahead next year. how many balloons might we see - go ahead next year. how many balloons might we see if - go ahead next year. how many balloons might we see if we i balloons might we see if we were to venture towards bristol over the fortnight, and to watch every single day? well, i think every _ watch every single day? well, i think every single _ watch every single day? well, i think every single day, - watch every single day? well, i think every single day, they - think every single day, they would be a few hundred balloons, we are hoping to get 60 or 70 out over the fiesta weekend, and leading up to it, five or six balloons each morning, we are hoping, weather permitting. what we can't do is attract crowds. so, as i say, we are taking the balloons to the people. stay in your gardens and go to some of the parks, et cetera, to watch the balloons go up. it is going to be very exciting. i balloons go up. it is going to be very exciting.— be very exciting. i can imagine- _ be very exciting. i can imagine. we - be very exciting. i can imagine. we look - be very exciting. i can - imagine. we look forward to seeing images and video clips of it. thank you for speaking to us here on bbc news. that was clive bailey from the bristol international balloon fiesta. ., . .,
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bristol international balloon fiesta. ., ., fiesta. you can reach me at most of _ fiesta. you can reach me at most of the _ fiesta. you can reach me at most of the team _ fiesta. you can reach me at most of the team on - fiesta. you can reach me at most of the team on social| most of the team on social media. hello there. for most parts of the uk, sunday got august off to a relatively quiet start weather—wise. i say most parts of the uk. for some, there were some vicious downpours and thunderstorms during the afternoon. and it's a similar story into monday — a relatively dry, but not completely dry start to the new week. quite a cool start as well and then some wetter, windier weather is set to develop later in the week. high pressure trying to control things at the moment, but it's quite a weak ridge of high pressure, not strong enough to fend off all the showers. most places having a largely dry day on monday with some sunshine, but quite a lot of cloud clinging on across north—east scotland, certainly across the northern isles. this area of cloud bringing rain to much of northern ireland, and then some showers breaking out across parts
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of england and wales as we head into the afternoon, some turning quite heavy and thundery for the south—west of england, wales and the midlands. the winds very light, so get yourself into some sunshine and it won't feel too bad, despite these temperatures being quite disappointing for the time of year, 14—20 degrees. some of those showers across england and wales will continue on through monday night, even into the early hours of tuesday. most places will be dry with some clear spells, but you can see this area of rain approaching the far south—west. quite a fresh, cool start to tuesday morning as well, but that area of rain in the far south—west looks set to dive away southwards towards parts of france, so that rain not making a lot of progress across our shores, just really into cornwall and the isles of scilly. we will see some rain across the channel islands, but most places on tuesday seeing some spells of sunshine
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and one or two showers popping up again into the afternoon. a few of those could be heavy, possibly thundery, and temperatures again up to 20, possibly 21 degrees. now, into wednesday, i think we could see a few more showers breaking out at this stage, a line of showers likely to push in across north—west scotland, some breaking out elsewhere through the afternoon and again some heavy, thundery ones, those temperatures around 20 or 21 degrees. as we head towards the end of the week, things are set to turn more unsettled. one area of low pressure rolling in for thursday, another one behind it and that's our weather maker for next weekend, so generally speaking as we head towards the end of the week it is going to turn more unsettled with showers or longer spells of rain and potentially some fairly brisk winds as well.
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this is bbc news. i'm ben boulos with the latest headlines for viewers in the uk and around the world. the ioc says it's in regular touch with a belarus athlete under police protection in tokyo, after belarusian officials tried to fly her home against her will. history will be made when weightlifter laurel hubbard becomes the first openly transgender athlete to compete in a different gender category to which she was born. fully—vaccinated travellers from the united states and most of the eu can now enter britain without quarantining. an israeli court is to decide the fate of palestinians facing eviction in a neighbourhood of occupied east jerusalem and the army is deployed in sydney —
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as australia ramps up its covid lockdown.

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