Bumper cut the Federal Reserve slashes the cost of borrowing by half a Percentage Point. We take a look at what this says about the us economy. And the Bank Of England are minutes away from telling us whether theyre cutting rates or not. Markets think theyre staying where they are. Welcome to business today. We start in the us, and a big move by the Central Bank in cutting the cost of borrowing for the first time in overfour years. The Federal Reserve have dropped the main Interest Rate in the worlds biggest economy by half a Percentage Point bringing it down to between 4. 75 and 5 . A drop larger than many expected with some wondering now if this reflects the scale of the problems facing the american economy or the success in getting the pace of price rises, inflation, close to the banks targets. The governor of the fed Jerome Powell says the us economy is in good shape and they intend to keep it that way. Our North America Business correspondent Ritika Gupta has the details. The Fede
We and higher fuel costs. Will we and higherfuel costs. Will have we and higher fuel costs. Will have the details. We and higherfuel costs. Will have the details. Europe markets we will have the details. European markets look like this at the start ofa markets look like this at the start of a big week, another big week for European Central bank, will have details on what is moving those numbers. And sweating it for the planet well meet one company thats making activewearfrom recycled plastic bottles. And today we want to know about your morning routine. From resisting the Snooze Button to preparing meals the night before what are your top tips for a calm start to the day . Let us know just use the hashtag bbcbizlive keep it clean a calm and relaxing start to the day, certainly not working here keep those comments coming in. Well run you through some of the safe ones a little later. But we start the programme with this. We start with the trade war between the us and china, which is perh
Always a pleasure to see you. This is a company that almost collapsed two years ago. Why is it filing for bankruptcy in the United States . I think it is a legal move. The Debt Restructuring Talks were already going on with hong kong, cayman islands, word has holding companies. The advantage for evergrande to file for bankruptcy in america is a gives it some protection against us creditors for the duration of that Court Process. I5 creditors for the duration of that Court Process Court Process. Is there a lot of exoosure Court Process. Is there a lot of exoosure for Court Process. Is there a lot of exposure for foreign Court Process. Is there a lot of. Exposure for Foreign Companies Court Process. Is there a lot of exposure for Foreign Companies here . I think there is a certain amount of exposure. There are enormous amounts of debts, large amounts of the offshore bonds have lost their value and i believe many of the less risk taking investors already sold their offshore bonds a couple
Russian media showed damage to an Exhibition Centre in that area, west of the city centre. But it wasnt completely clear whether that damage was caused by debris from the drone falling, or whether actually, the drone hit its target. Drone attacks in areas around moscow are relatively common. In fact, we hear almost every day about drones being shot down or drones being discovered on the ground. But it is relatively rare for a drone to get this far into the city centre and this close to the kremlin itself, about three miles away was where this incident took place. You will remember at the beginning of may, the kremlin itself was attacked by two drones. Will, what can you tell us about humanitarian aid, or the corridor that was set up by ukraine after the deal ended and any further discussions didnt go anywhere . I understand that there is a ship that has got through, any more detail on that . Thats right, there are reports that a ship has made its way through that corridor, which was an
China is experiencing a rare episode of sliding prices. Japans economy experienced this back in the 1990s and early 2000s. Now, this comes hot the heels of disappointing china trade data on tuesday, which showed that exports sank at their fastest rate since the pandemic, dropping by more 14 in the year tojuly, with imports also falling by more than 12 in the same period. Joining me now is duncan wrigley, Chief China Economist at pantheon macroeconomics. Thank you very much for being with us today. The Rest Of The World looking on in amazement. Considering the inflationary pressures the rest of us are dealing with. What do you read Between The Lines in this latest data . Between the lines in this latest data . Latest data . Ok, i mean, there are some latest data . Ok, i mean, there are some shortterm latest data . Ok, i mean, there are some shortterm factors i are some short term factors that push down the data for this month, there has been a surge of seasonal vegetables, the big pictu