And European Council president , charles michel, for the 27th eu us summit at the white house later today. At the summit the eu is expected to try to lessen the impact of the us Inflation Reduction Act and its subsidies for electric vehicles. Theres also expected to be focus on ways to tackle global overcapacity of steel and aluminium and to promote Sustainable Production in a move against chinese steelmakers. Also on the agenda will be the Global Clean Energy economy, secure and resilient supply chains, digital infrastructure, ai and economic resilience. There is a lot for them to discuss. Joining me now from brussels is ian lesser, Vice President and executive director, at the German Marshall Fund of the United States. A warm welcome to the programme. Quite a significant agenda for those three leaders. First off, could you take us through the Inflation Reduction Act . ~. ,. , act . Well, the Inflation Reduction Act . Well, the Inflation Reduction Act act . Well, the Inflation Reduction Act which. Act . Well, the Inflation L Reduction Act which was difficult to pass in the United States but eventually did is not so much about inflation as it is about subsidising elements of the Green Economy and so far it has been very successful in attracting investment in addition to the big investment made by the United States. Hundreds of billions of dollars. Internationally it has attracted a lot of investment and this is disturbing in europe because it sucks investment out of Relevant Industries in europe and europe would like more access to this booming economy in the United States. So that is the context for this meeting but of course with all that is going on in the world it is unlikely that the world it is unlikely that the leaders themselves will get around to that long agenda you just told us about. They will be talking about ukraine and negotiators have been working behind the scenes on the long list of other technical issues and trade issues but apparently without success yet. Without success yet. What is the state without success yet. What is the state of without success yet. What is the state of trade without success yet. What is the state of trade policy without success yet. What is the state of trade policy and j the state of Trade Policy And Industrial policy between the eu and the United States . Because while they will Work Together they are also in competition, arent they . And then china is thrown into the mix as well. Mix as well. That is exactly ri. Ht. Mix as well. That is exactly right the mix as well. That is exactly right. The united mix as well. That is exactly right. The United States. Mix as well. That is exactly | right. The United States and europe have a long tradition of basically favouring free and open trading specially across the atlantic. The us and europe are the largest trading and Financial Partners in the world and that partnership is the largest worldwide so it is extremely meaningful but both United States and europe in different ways now are in a mode where they are thinking more about industrial policy, protectionism if you want to call it that, subsidies, all sorts of things that threaten the Global Trading system and i think there is an interest on both sides in returning to something more open. Through the trump years there were potentially injurious tariffs put on lumen and steel which affected european producers and, as you say, there is a looming and growing concern about china and that concern is growing in europejust as it has in the United States. Whatever is discussed in potentially agreed upon, at the forefront of the minds of Ursula Von Delay in Ursula Von Der Leyen and charles michel, . Michel, . There is growing concern michel, . There is growing concern across michel, . There is growing concern across europe, i michel, . There is growing concern across europe, really, that Something Like a return to the trump era policies if not to a Trump Presidency itself would be very troubling for europe. On many different fronts be you talking about nato or eu policy but also between the us and the eu when it comes to trade and investment. An economic nationalism, America First if you want to put it that way would certainly be injurious for europe and it would have echoes here in europe as well and that would not bode well for the transatlantic economic relationship. So there is concern. Relationship. So there is concern relationship. So there is concern. , ~ ,. Concern. Thank you very much. Good to be with concern. Thank you very much. Good to be with you. The head of americas central bank, Jerome Powell, hinted that the Federal Reserve may leave rates on hold at its next meeting, despite signs that inflation in the Worlds Largest economy is cooling down. Heres the bbc� s north America Business correspondent, michelle fleury, with more from new york. One of the most powerful people in the financial were, the chairman of the Federal Reserve says inflation is still too high. Jerome powell acknowledged the progress had been made but said inflation was not yet at the target rate of 2 . Economic data and heightened geopolitical tensions have made theirjob that much harder. A range of uncertainties is old and new complicate our task of balancing Monetary Policy too much against balancing and tightening too ietto meant little. Tightening too ietto meant little. , tightening too ietto meant little. ,. , little. He a cautious note. Given uncertainty little. He a cautious note. Given uncertainty and little. He a cautious note. Given uncertainty and risk little. He a cautious note. Given uncertainty and risk and how given uncertainty and risk and how far given uncertainty and risk and how far we have come, the committee is proceeding carefully. We will make decisions about the extent of additional policy firming and how additional policy firming and how long policy will remain restrictive based on the totality of the incoming data, the evolving outlook and the balance the evolving outlook and the balance of risks. The evolving outlook and the balance of risks. Jerome powell thinks taming balance of risks. Jerome powell thinks taming Inflation Balance of risks. Jerome powell thinks taming inflation will thinks taming inflation will require a slower growing economy and job market. Still, officials may well be done with further Interest Rate hikes. The yield on a treasury bond is at multi year highs. A surge in long term rates pushing up Borrowing Costs could offset the need for the fed to do more by helping to slow economic activity. The fed will make its next decision on Interest Rates on november one. Lets have a quick look now at the markets and how they reacted to all of the news from yesterday. We will see also how they react to how we close later today. Essentially, they react to how we close latertoday. Essentially, rent crude is up. Asian markets are opening slightly down. Lets discuss what is going on on wall street very quickly. Also closing down following the Federal Reserve chairJerome Powells morning that inflation is still too high despite that recent slowdown. Joining me now is the Senior Market analyst at owen day. When you take us through what happened on thursday and in the early hours of friday as well oanda. We of friday as well oanda. We need to note of friday as well oanda. Need to note that there is an underlying sense of anxiety in the market still. That initially stemmed from Interest Rate expectations notjust in the United States but around the United States but around the world as well. The us was probably at the forefront of that because it was one of the few Central Banks still sending policymakers out and doing public interviews and suggesting that there is probably further rate hikes to come. Created uneasy in the market and we saw bond yields rising quite aggressively at one point and that really did undermine sentiment in the market and that is where the decline really started. Of course, over the last couple of weeks what we have seen in as well and gaza has had a massive impact. Higher oil prices creating further uncertainty around inflation and whether we could see much higherfuel prices once more and of course we have very recent memory of that and the knock on consequences of that but also greater consequences as well for the middle east and indications that that has for the markets as well. So it seems there was a lot of Negative Filtering through into the events yesterday and while Jerome Powell may be sounded slightly dovish and did not talk too much about further rate hikes i think his message was very much higher for longer that we will not see any rate cuts any time soon. Slightly deviating from the message we heard from other policymakers a month ago. It came at a time when Market Sentiment was already quite weak so we still see a sea of red in the market but we did see us bond yields pullback ever so slightly which is hopefully a promising sign. The Energy Markets have been listening quite keenly to Jerome Powell and President Biden and, of course, we do have the upcoming arab summit this weekend. How keenly, it is a shame, it looks like we have lost craig. Hopefully we will address that particular question in our next hour of business news. A lot of news also across parts of Latin America and argentina will be going to the polls this weekend to elect a new president. Ifjavier milei, the front runner in the campaign for the presidency, wins the election the countrys own Argentine Peso could be abolished and replaced with the us dollar. The move is part of the right wing libertarians Shock Therapy plan aimed at transforming argentinas economic prospects along with removing the countrys central bank. With inflation currently running at 124 annually whoever the incoming president is the economy will be a priority. Live now to ignacio labaqui, Senior Analyst at medley global advisors. I have been reading so many articles and analysis on what is going on in argentina. One of the things that really struck me was the comment made that the economy, argentinas economy is in intensive care. Just how tough a job will it be for any incoming president . Just how tough a job will it be forany incoming president . I say it will be very tough because we have a lot of distortions of prices that must be corrected, for instance, the dismantling of controls that affect the Exchange Rate and as affect the Exchange Rate and as a consequence of that you have multiple Exchange Rates that basically harm the economy and its ability to cope with risk and run a surplus. And then there are highly subsidised. A huge fiscal burden and, also the same thing happens with prices forfuel so, the same thing happens with prices for fuel so, basically, as you mention you have Inflation Running above 100 so, basically, the administration in order to curb this will have two launch a plan and that is something politically demanding and economically difficult. I would say that that means reducing the fiscal deficit and at the same time removing all the Price Distortions which means that initially inflation will not go down but if things work well by the end of next year there could be a downward trend for inflation. For inflation. One of the leading for inflation. One of the leading candidates, leading candidates, surprisingly so, was, as we mentioned, milei. What are his economic credentials . He is up against the current Economic Minister. ~. ,. , against the current Economic Minister minister. Milei has a long career in minister. Milei has a long career in the minister. Milei has a long career in the private minister. Milei has a long l career in the private sector and entered politics two years ago. He holds extremely libertarian ideas. Not until that long ago he was not in favour of adopting the dollar as legal tender in argentina but since 2021 he has been advocating for dollarised asian,. And i think that it is quite difficult to see such a proposal even if the central bank is running negative, it is not clear at which parity all existing pesos would be swapped for dollars. So those are a huge question about how he plans to implement dollarised asian. Milei is not a fan of china and hinted he would not show dramatic relations which he used a Strong Language i cant repeat in the programme. How do argentinians feel about that because theyve borrowed heavily from china . Argentina not only has heavily from china . Argentina not only has borrowed heavily from china . Argentina not only has borrowed heavily| not only has borrowed heavily from china china is also one of argentinas main trading partners. Forthe argentinas main trading partners. For the argentinian electorate, Foreign Policy issues, with the exception of the dispute with the uk and talking about the falkland islands, the policy early is not in the campaign. It is why milei got 30 of the vote in the primary is in august i think has to do more with the disenchantment that larger segment of the population has towards the political establishment, right, and that is been fuelling mileis vermote. He is basically a Populist Outsider and he is getting support from people that are angry at seeing a stagnation. Ignacio labaqui, thank you. Around the world and across the uk, this is bbc news. Voiceover bbc, bringing you different stories voiceover bbc, bringing you different stories from voiceover bbc, bringing you different stories from across different stories from across the uk. ,. ,. , different stories from across the uk. ,. , the uk. On a glorious day in birmingham the uk. On a glorious day in birmingham archers the uk. On a glorious day in birmingham archers of the uk. On a glorious day in birmingham archers of all. The uk. On a glorious day in i birmingham archers of all ages and abilities are falling in love with the sport which is exactly what this guy wanted to achieve what he set up a year ago. She has been overwhelmed by the response. Its ago. She has been overwhelmed by the response. By the response. Its been phenomenal. By the response. Its been phenomenal. Its by the response. Its been phenomenal. Its been by the response. Its been i phenomenal. Its been really positive phenomenal. Its been really positive. Weve had women who are in positive. Weve had women who are in the positive. Weve had women who are in the 605 take part which is fantastic. We have had, we have is fantastic. We have had, we have seen is fantastic. We have had, we have seen bonds for between relations, father and son, mother relations, father and son, mother and daughter, and its become mother and daughter, and its become a mother and daughter, and its become a really family oriented sport become a really familyoriented sort. F , become a really familyoriented sort. J , , sport. Theyve been supported by archery sport. Theyve been supported by archery gp sport. Theyve been supported by archery gp and i sport. Theyve been supported by archery gp and the i by archery gp and the Commonwealth GamesLegacy Programme but it is an established local club who has been just as important for advice and support. The two clubs came together for this session to raise funds for the victims of the moroccan earthquake. The riser present arches is already impressive, spreading word still further is their next target. Voice over for more stories from across the uk, head to the bbc news website. ,. � � website. You are life with bbc news. Now lets turn to india because the imf has released its latest asia pacific regional outlook report, showing the countrys contribution to Global Growth is set to go up in the next five years. Heres our India Business correspodent, Archana Shukla, has the details. Consumer spending has been the biggest Growth Driver for the worlds most populous nation. Its been better than expected according to imf and that along with increased infrastructure spending, most of which however has been coming from the government sector, has pushed growth. Imf maintains india and china will drive half the worlds growth this year and the next. The director of the Asia Pacific Department i spoke to in mumbai here added in the next five years indias contribution to Global Growth will grow up to 18 , 60 currently. Imf expects even china will kitty to grow in this period. It adds to discussion on whether india can overtake china as the Global Growth driver at a time when chinese economy is slowing down and companies wanting to diversify out of china and india, aiming to benefit from the move. Remember, this week in a report barclay said it would take just five years of 38 growth in india to become the leader. Whereas in a stark contrasting view, hsbc said indias investment and consumption are far too low to take over china and even 18 years. Despite this debate, imf says india continues to be the bright spot in Global Economy but there are potential risks. While inflation has slowed down, we can affecting food frontside is a worry. If the war in western asia pushes oil prices higher, india being a large import i could suffer and remember this is an Election Year were Government Spending is already going up on populist schemes. Imf also adds continuing high Interest Rates would hurt businesses as well. That was Archana Shukla there. And lets stay with the imffor a moment because the International Monetary fund says it has reached an agreement with sri lanka to release around 330 million in financial assistance. Thats the second tranche in a 3 billion loan aimed at helping sri lanka recover from its worst ever economic crisis. The release of the funds is subject to approval by the global lenders executive board. Three years ago the Abraham Accords brought peace to israel and some of her arab neighbours, starting with the United Arab Emirates and bahrain. And while the war between israel and hamas has brought renewed threats to stability in the middle east, one of the key architects behind them has told the bbc they also offer hope for the future. Robert greenway was a senior middle east advisor to president trump. And my colleague, tadhg enright, asked him to explain the role of business and trade in the accords success. Agreements were recognised as historic, the first Peace Agreement between israel and its neighbours in a generation. In terms of business weve seen probably the most progress. In some ways you expected in other ways its been surprising and encouraging. For example 2019 overall value of trade between israel and the quad member countries after concluding agreements with about 500 million and in 2022 it climbed to 3. 7 billion. This year despite Ongoing Events we expected to arise which is a significant volume. There is also been a tremendous amount of movement of individuals between countries that previously really had minimal and in some cases no transit or contact between populations. Some 470,000 israelis travelled to Abraham Accords member countries last year and again we expect the number to increase year over year. Did ou at increase year over year. Did you at the increase year over year. Did you at the time i increase year over year. Did you at the time or i increase year over year. Did you at the time or did you now foresee any potential to apply the same principles to find a lasting peace between israel and the palestinians . The judgement and the palestinians . The judgement was i and the palestinians . Iie judgement was always and the palestinians . Tie judgement was always that and the palestinians . Ti2 judgement was always that we should pursue progress between israel and its neighbours regardless of whether or not we can overcome the tremendous difficulties that exist between israelis and palestinians from a political level. That was the appetite among the countries in regions with whom we had many conversations. Conversations. When it comes to stron. Er conversations. When it comes to stronger trade i conversations. When it comes to stronger trade ties i conversations. When it comes to stronger trade ties between i stronger trade ties between israel and palestinians, at the time that you see that as having potential . We time that you see that as havin otential . ~. , ,. , having potential . We absolutely dead. All the having potential . We absolutely dead. All the countries i having potential . We absolutely dead. All the countries that i dead. All the countries that jointly accords or as an advantage, as an asset to advancing peace between the israelis and palestinians, and in fact because of the work done on a piece to prosperity plan a lot of those ideas and initiatives were designed to be appointed by the Abraham Accords member countries. The miracle after the court could be established and abraham fund. Resources from the quad member countries and those made by the us from the development and finance corporation, the Export And Import Bank designed to a palestinian Infrastructure Projects for example improving personal checkpoints between the territory so workers could move freely across the border and my hope is that everyones hope is thatll commence regardless of present difficulties. That promise and potential is still there. And you can see more of that interview and how business and trade has brought peace to israel and some of her neighbours on talking business weekly this weekend, right here on bbc news the first airing here in the uk is at 11 30 on saturday. And in the rest of the world, its on from 22 30 gmt on friday. The cost of living crisis has seen a huge increase in the number of people struggling to make ends meet and a rise in the number of workers striking over pay. But employers are also seeing costs rise and sales falling. The Association Of Accounting Technicians say pay rises are not the only way employers can help their workforce manage the current economic situation. It says Financial Literacy would benefit everyone. The Financial Literacy gap is still a major global issue, with the Financial Literacy around the world report saying just 33 of the world is financially literate. Lets stay with the subject. Live now tojo fairley, co founder of green and blacks. Hello and welcome to the Programme First off, the point about pay rises. Our people really getting pay rises . People are getting pay rises, absolutely. But for employers it is not the only way that you can actually reward your staff. Training is a way that they can add value to their career, they can look for promotion once they got a few extra qualifications under their belts, etc, so it is notjust about pay rise but we also have to look at how you rise up an organisation and the more you know, the faster you will rise. So how does Financial Literacy fit in with that and is it not a bit too h . Fit in with that and is it not a bit too h . Absolutely not. I Wanted Business i a bit too h . Absolutely not. I Wanted Business after i a bit too h . Absolutely not. I Wanted Business after a i a bit too h . Absolutely not. I l Wanted Business after a career injournalism Wanted Business after a career in Journalism SoundingWanted Business after a career inJournalism Sounding my in Journalism Sounding my company inJournalism Sounding my company and was sonego. The first time i delivered a couple of cases of chocolate to a customer, i went home to my husband and said i love business. You buy something one price and you sell it for another and you get to keep the money in between it is so fantastically naive but i had reached that point my life without actually understanding all kinds of completely common terms in business and in accounting. And this is incredibly common. The Association Of Accounting Technicians, as he said, just did a survey i discovered that 44 of people are confused by financialjargon. They dont understand phrases like liabilities and depreciation and Tax Deductibility and in meetings, 40 of people said that they observed their colleagues kind of plotting their way through it. I suffer from Imposter Syndrome when i first started green blacks and learning staff was my way through, my way of punishing Imposter Syndrome. Through, my way of punishing impostersyndrome. So through, my way of punishing Imposter Syndrome. So yes, through, my way of punishing impostersyndrome. So yes, pay is part of yourjob and it is the reward at the end of the month but actually it is also a place to learn and absorb and advance. ,. ,. , advance. You are talking there about business i advance. You are talking there about business jargon. I advance. You are talking there about business jargon. We i advance. You are talking there about business jargon. We will discuss this further. Im sorry that we run out of time. I apologise, but fascinating subject. You are watching bbc news. Stay with. Storm babet continues to bring hazardous weather, not least because of the amount of rain thatis because of the amount of rain that is falling. A Written Warning Limit Office covering parts of eastern scotland, the highest Tier Awarding the met office can issue. It implies a danger to life, Up To 250 Millimetres of rain falling on the very wettest locations. No wonder there is an ongoing risk of significant flooding. A broader amber wanting affecting parts of eastern and indeed northern scotland. And the rain just keeps on coming. A soggy starter friday. But further south there is quite a lot of weight in the outlook is well across wales. Central and Northern England, northern ireland, really heavy downpours of rain becoming very slow moving through the day. Across scotland the rain increasing becoming fight, confined to Southeast Scotland, at least the heaviest. Itll be very windy, gustov 50 60 mild an hour and even more across central and northern uk. Lighter winds further south, a mix of sunshine and showers. But the met Office Amber Warning affecting parts of Southeast Scotland and down the spine of Northern England. In force from 12 oclock on friday because we could see up to 120 millimetres of rain. That relentless as we had three friday evening and then moving back and across the eastern side of scotland, so that could exacerbate Flooding Issues here. We start we can with averages north to south between five and 12 degrees. We started we can with low pressure still firmly in charge. Bands of Rain Circulating around the low, still quite windy and places in the Far Southwest and especially towards the north but not as windy by this stage. But we will see further outbreaks of rain especially across the eastern side of scotland and northern scotland, places were we will not need it. Furthersouth places were we will not need it. Further south of texas sunny spells and showers or some longer spells of rain. Temperatures north to south 8 16 degrees. A cooler day for many. Enter sunday, less rain, fewer showers, lighter winds, more and we have dry weather and some spells of sunshine. So the story of the weather through the weekend will be for things to slowly but surely calm down. Thats all for me. Bye for now. Good morning, welcome to breakfast with Charlie Stayt and naga munchetty. Our headlines today. Double victory for labour keir starmer� s party overturns huge conservative majorities in tamworth and mid bedfordshire, to secure historic by election results. President biden addresses the American People and tells them supporting israel is vital for us security. The first humanitarian aid convoy is due to enter gaza this morning. A woman dies after being swept into a river, as storm babet hits parts of scotland theres a warning of widespread flooding and a risk to life. Theres a warning of widespread that theres a warning of widespread the met office red lasts that the met Office Red Warning lasts until lunchtime, things improve this afternoon but more rain in these areas tomorrow and we will keep an eye on what is happening across Northern England today as the rain becomes heavy and persistent. Good morning. Taking the temperature on Energy Standing charges. The regulator wants to hear from you on possible changes to the system. Ill have the details. Its semifinal time at the Rugby World Cup with argentina massive underdogs, standing in the path of the new zealand juggernaut in full voice now and Steam Rolling towards the final in paris. Its friday 20th october. The conservatives have suffered crushing defeats in two