we start with the latest market action and as the trading day began in asia the pound started to slide down nearly 5% at one point against the us dollar that s on top of the 3.6% dive on friday. investors are running for the exits as fears mount the new government s shock and awe tax plans for the uk economy are too big a gamble. on friday the chancellor, kwasi kwarteng, announced historic tax cuts, and the biggest increase in borrowing since 1972 to pay for them. there is now calls for the bank of england to take emergency action to calm rattled markets and bolster sterling. so let s look at how the pound is trading now. it has been hovering around just over $1.05 but one hour ago we were looking at the pound buying $1.03 so it has recovered a tiny bit but not much and you can see that the markets in asia are fairly mixed and we have the price of oil edging lower as well. joining me now is simon french, chief economist at panmure gordon. is at panmure gordon. this what
use it. i got a bill i just paid and i can t use the water. hello and welcome, it is friday, september 2, 9:00 a.m. here in london, 4:00 a.m. in washington and philadelphia where u.s. president biden says donald trump hand his extremist supporters are a threat to the very soul of the nation. he lasted their election conspiracies, assault on civil rights and calls for political violence. plb i mr. biden is heoping to set the tone for the midterms. reporter: president biden delivered one of the most forceful speeches of his presidency thursday night in philadelphia taking direct aim at donald trump and what he says is the extremism that is coursing through the republican party. maga republicans have made their choice. they embrace anger, they thrive on chaos, they live not in the light of truth but in the shadow of lies. here in my view is what is true. maga republicans do not respect the constitution. reporter: this message coming nine weeks before the midterm election
search. hard to say that the documents got there by accident. hello and welcome, it is thursday, september 1, 4:00 a.m. in washington, 9:00 a.m. here in london. and 11:00 a.m. in ukraine. where new develops are emerging from the et emmbattled zaporizh power plant. one of the reactors has been shut down and an emergency protection system activated because of the ongoing shelling in the area. this is as u.n. inspectors are en route to the site as fears grow that the shelling could trigger a nuclear accident. the head of the international atomic energy agency says that the team is pushing forward despite the significance risks involved. melissa bell is joining us live from kyiv. we heard from rafael saying that his team will continue to travel to the plant. this visit is becoming more important by the hour given the news of yet another reactor shut down. what more can you tell us about that? that s right. and what we re getting is a much clearer picture of how events have
are finding that kindness being removed. ., ,., removed. there are some dramatic removed. there are some dramatic headlines, - removed. there are some dramatic headlines, howl removed. there are some - dramatic headlines, how worried should be? some them say that we are looking like an emerging market today. market today. certainly sterling market today. certainly sterling is market today. certainly sterling is trading - market today. certainly sterling is trading that l market today. certainly - sterling is trading that way. i do think the overall take that the uk is an emerging market is overdone but certainly the price action over the last few days does look like and a mary king emerging market currency but one of the things that are spooking investors is the suggestion of a potential emergency rating. we have to talk about what this means for day to day people in britain, this means that importing costs become more expensive putting upward pressure on inflation and of cou
we believe monday will be the hottest day of this heatwave. you can see the shades of red dominating the weather map and we expect the extreme heat to be the main story this weekend. california continuing to be hit hard. derek, thank you so much. the death toll continues to rise in pakistan from deadly monsoon rains and flash flooding. almost 1200 people have died since june. nearly a quarter of those are children. the world health organization has classified the disaster with its highest emergency rating. and $10 million is helping the country as rescues continue and recovery slowly begins. how do you focus on learning when you are in the middle of a warzone? students and teachers across ukraine will have to adjust to that reality as the new school year gets under way for many today. but the adjustment will be difficult to say the least because according to the u.n., more than 7 million refugees