One major telecommunications boss has a stark warning about the undersea cables that power our internet.
It's World Business Express from the BBC World Service.
I'm Leanna Byrne.
Two days out from the UK's budget, what do we need to know?
And can Japan revive its chip-making industry?
Yes, the boss of one of Europe's biggest telecoms companies is warning of growing threats to undersea internet cables.
Speaking exclusively to the BBC's Will Bain, Vodafone CEO Margarita de la Valle is calling for stronger international cooperation to keep that digital infrastructure secure.
Today, the UK in this field of regulation for telecoms is leading by example.
We see... the regulatory environment in the EU also set for a change.
I think it will follow the example that the UK has opened up with our merger.
Thinking about the UK and Europe, though, you use the word competition.
I would also put on the table the word cooperation, because we were talking earlier about how critical the security and resilience of our infrastructure is.
To give you just a practical example, Vodafone is the largest player across the whole of Europe on submarine cables.
We are one of the top 10 carriers of the world's internet traffic with our networks internationally.
It does make sense in areas like this to actually cooperate across borders within Europe for better security and resilience, so that we can piggyback on each other within Europe to ensure that our networks are always resilient and effective, even in a time of crisis.
And now more than ever, with the threat that we've seen from Russia to those cables and all that kind of stuff as well, it's not optional to work together anymore.
I think when you're managing at scale an international service like ours, it's really important, wherever possible it this day and age, to actually join forces with your neighbours.
That was Vodafone's Chief Executive, Margarita Della Valle, speaking with Will Bain.
Now, the UK's budget is being announced on Wednesday.
Britain's Finance Minister, Chancellor Rachel Reeves, has a big job on her hands balancing the country's books.
Jane Sidlam is Investment Director at Rathbones.
Jane, I feel like I've been listening to analysis about this UK budget forever but Jane, I just wanted you to tell me what are the three things I need to know just ahead of Wednesday.
It's been a long run up, hasn't it?
So I think one of the key things for markets is they want to feel that Rachel Rees has raised enough money that she's really underpinned the UK economy by making sure that we haven't got too much debt.
And so raising that through taxes is really important.
So that matters in order to keep sterling steady and to mean that international investors will borrow money from the UK government.
Then the other issue is people or individuals are just kind of worried that they're going to have to pay a lot more tax than they have done.
She's probably going to freeze tax allowances up to 2029 2030, which will raise an awful lot of money.
People don't notice it, but it's going to raise quite a lot of money.
So it sets quite a gloomy tone.
Property taxes seem to be a big thing.
And we haven't really had that before either in adjustments to council tax bans and values or maybe even a mansion tax.
And then finally, cutting high rate tax relief on pension contributions would raise an awful lot of money, but wouldn't be very popular.
There's been a lot of change to pensions in the last couple of years.
No, it doesn't sound like it.
So, Jane, keep the investors happy.
Taxes and pensions.
Those are the three things I need to look out for.
OK, Jane, don't go anywhere.
Unions in Belgium are on national strike for three days.
It's disrupting public transport, schools and other sectors across the country.
The strike is in response to Prime Minister Barta Weaver's attempts to shrink Belgium's debt by changing labour laws and reforming unemployment benefits and pensions.
Now, from the phones in our pockets to the cars we drive.
Computer chips power almost everything in our daily lives.
And once upon a time, Japan dominated the chip industry.
But decades of decline left it trailing behind the likes of Taiwan and South Korea.
Now, Tokyo is investing billions of dollars to try and turn that around.
We sent our Asia business correspondent, Surinjana Tiwari, to Japan to find out if the country can reclaim its tech title.
When Japan led the world in electronics, people used to come here to Akihabara in Tokyo from all over the world to buy the most cutting-edge gadgets.
But in recent years, Japan has fallen behind in innovation.
And that means, as China, South Korea, Taiwan battle it out to make the most advanced semiconductors, Japan has a lot of catching up to do.
I travelled to the northern island of Hokkaido, where the government is making its boldest bid yet to reclaim that league through a start-up called Rapidus.
I sat down with CEO Atsuyoshi Koike next door to the company's new chip vat, which is currently under construction.
First, can you tell me why you decided to start Rapidus?
They call them the lost decades.
While we remain strong in manufacturing, we've fallen behind in semiconductors.
The national and local governments are backing a revival, with support from other major Japanese companies.
We want to deliver powerful, high-value products from Japan again.
Earlier this year, Rapidus announced it had successfully produced two nanometer transistors, the most advanced chips yet.
Mass production is planned for 2027.
A timeline Mr Koiki told me Rapidus is on track to meet.
Can you explain why it's so important that countries have their own chip-making capabilities?
There are two reasons for that.
One is national security.
Advanced chips are absolutely essential for that.
The other is that we want to collaborate with customers on products that enrich their lives.
In February 2024, Taiwan's TSMC opened a chip plant on the southwestern island of Kyushu.
It's the other part of Tokyo's plan, attracting foreign players to make chips in Japan.
From the phone in your palm to the refrigerator in your kitchen.
Imagine a fridge that scans your food.
We're in a world where AI is increasingly part of our daily lives.
And so having the chips that power those systems is likely to separate the winners from the losers.
That was Sir and Janet Tiwari reporting.
Jane Sydenham, you're still here.
I don't know if you saw this one.
Novo Nordisk, that's the Danish maker of diabetes and waste loss drugs.
It tried out its well-known drug Ozempic, in pill form to slow the progression of Alzheimer's disease.
But that trial, it didn't work.
Is that a big blow for the company?
It's having a really tough year.
The shares are down about 6% or so today, but they've had a really difficult time.
The company grew very, very fast on the back of the weight loss period. weight loss drugs.
And unfortunately, I think, a lot of its kind of governance, its management teams, its infrastructure didn't keep up with that.
We had a large proportion of the board members left earlier this year, or rather were sort of pushed out.
They've been facing severe competition from Eli Lilly, who make Manjaro the other company in the sector.
And then they've had competition from other players too.
So it's been tough all round.
It absolutely has.
Jane Sydenham, Investment Director at Rathbones.
Thank you so much.
Meanwhile, London could be bringing in a tourist tax.
The mayor of Britain's capital, Sir Sadiq Khan, has been calling for one for a while.
He's suggesting it could raise up to $316 million a year.
And, if it happens, it'll join cities like Paris Milan, New York and Tokyo, who also have these taxes.
And it's not just capital cities either.
It's also popular in holiday spots like Italy, Greece and Spain.
And that's it from World Business Express.
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I'm Leanna Byrne.
Thanks so much for listening.
