Also in the programme, the latest from the paris airshow were there live and find out what the Aviation Industry is doing to address sustainability. And for markets in europe, you can see they are all heading lower. In europe we are keeping an eye on sterling with another secret ballot on the nominations to become the leader of the conservative party. And Home Sweet Home well be getting the inside track on financing your first home. Well talk to one of a new breed of firms promising to make getting a home loan quicker and slicker. Today we want to know your views on bad fashion, as ministers reject proposals to clean up the huge Environmental Impact of fast fashion and improve conditions for its workers. Let us know just use the hashtag bbcbizlive hello and welcome to business live. Do get in touch we will share your comments later. Facebook has become part of our lives ourfriends, our photos and diaries. Now, the tech giant wants to get inside your wallets. Today, its expected to launch its own cryptocurrency its been called both libra and globalcoin and is a £1 billion project thats been in development for a year. It appears to have the endorsement of more than 12 corporations, from uber to paypal, visa and masterca rd. And its reported facebook will not control the new currency. Itll be governed instead by an independent foundation of firms that have each invested some 10 million each. It will enable 2. 4 billion monthly users of facebook, whatsapp and messenger, change money into its digital coins, to shop on the internet, on the high street or transfer money, without the need for a bank account. Importa ntly, facebooks token differs to other offerings, because it will be pegged to a number of government issued currencies. Thats to avoid the wild fluctuations that have dogged other crypto currencies. Take bitcoin, initially sold for a few cents before soaring to a record high ofjust under 20,000 per coin in december 2017. Each one now sells forjust over 8,300. For facebook to be succesful with its Digital Currency, it will have to regain the Publics Trust after a number of privacy controversies recently. Richard kramer, senior analyst, arete research, is with me now. Thanks forjoining us. Explain for viewers at home how exactly this would work . I think most viewers are familiar with money transfers. And they are familiar with changing money when they change borders. And also, they are familiar with the concept of air miles. 0ne also, they are familiar with the concept of air miles. One thing this currency will be used for ease as a reward system for spending time on facebook properties, either facebook, instagram or whatsapp, so they can keep you on the platform where their principal business is showing you advertising. That will keep you on the platform. How will they get you to start spending your money . The other area facebook is moving on right now is to turn instagram into a commerce platform. You see all the fashion brands, they wa nt you see all the fashion brands, they want you to be able to buy those goods via instagram in the same way that you would go to any other e commerce site. They want to remove some of the friction by having you simplify the transactions that you would make in the same way you would on other e commerce sites. Would make in the same way you would on other ecommerce sites. Explain how people are going to start trusting facebook again, and also, its not just about trusting facebook again, and also, its notjust about facebook, its also about cryptocurrency . Absolutely. Cryptocurrencies have not caught on in the mainstream because, as we were discussing before, most people dont understand them or trust them. In the case of facebook, most people are familiar with transferring money to their friends via their banking apps, so the notion that you are using facebook to facilitate a personal tra nsfer facebook to facilitate a personal transfer is maybe less of a trust issue, especially when backed by visa, mastercard, paypal etc. It would be the notion you are handing facebook money and expecting them to do something with it. Explain how stable, will be different from other cryptocurrencies . Facebook is proposing something pegged to normal exchange rates. If you were to exchange rates. If you were to exchange pounds for whatever this new currency would be, it would be pegged at the right, at a certain time, similarto how pegged at the right, at a certain time, similar to how the pound is paid but fluctuates in small increments to the dollar. Very briefly, will it work . I think it will work for a certain cohort of users, that are tech savvy, familiar with cryptocurrency or either to engage in commerce on instagram. I think the majority of commerce and instagram is likely to work the same way as e commerce works generally, which is you add your credit card or some other credentials into a system like visa, paypal or mastercard, and you use that to buy the things you are looking for. Richard kramer, thank you. We have had a lot of views on this story. Have a look at those on our twitter feeds. Lets take a look at some of the other stories making the news. Heathrow airport will construct a third runway by 2026, and complete its expansion by 2050, according to its published masterplan. Heathrows expansion has faced fierce opposition, but the airport says it has engaged with local communities and other stakeholders. Well have more on that story later in the show. The uks finance minister, phillip hammond, says he is aware of the risks attached with greater Chinese Investment however, he hoped both countries could forge closer business ties. Speaking at a joint economic summit between britain and china, he added the uk had controls in place to protect national security. The comments come as trade tensions between the us and china remain high. And the auction house, sothebys, is being bought by french telecoms billionaire Patrick Drahi for 3. 7 billion. The company, which has been on the new york stock market for 31 years, will return to private ownership after a troubled period. The art market has seen an uplift in recent times, after being badly affected by the financial crisis in 2008. The Australian Dollar has fallen to its lowest level in around a decade as investors anticipate further Interest Rate cuts from the reserve bankin Interest Rate cuts from the reserve bank in the next few months. Lets go live to monica miller. Monica, a real scene this week about the Central Banks. What is going on down under . Yeah, investors have been looking around at the Central Banks and there has been a lot of talk about what the fed is going to do. The Australian Central Bank has spoken out today and had rather sobering words. The governor had said they would have to look to future rate cuts and they may be imminent as it looks for ways to jolt the economy out of the stupor and drive down unemployment. What this means is there are not enough jobs to meet the demands of the growing population, and that wages are unlikely to rise without any further stimulus. They may be cutting it to a record low i. 25 . We are looking down the road just a few days here as the Us Federal Reserve and the bank ofjapan have meetings this week. As for the us, the fed is expected to leave borrowing costs unchanged for the moment. However, it could lay the groundwork for rate cuts this year. We shall watch this space. Monica, thank you. Monica mentioning the fa ct thank you. Monica mentioning the fact the big event for Financial Markets globally is the Us Central Bank meeting in washington today and tomorrow, the Federal Reserve, not expected to move the cost of borrowing in the worlds biggest economy this month, but what will happen in the months ahead . What will be said on the part of the man in charge . This is how things went in asia. In terms of what was moving markets in asia, no new catalyst at the moment. It is about the fed. We have also got the bank of england meeting as well. It is a Real Central Bank fest if you like that kind of thing. Lets your look at europe. We have a Holding Pattern for markets. Sterling, the pound sterling, super today. A six month low against the us dollar. This is all about the leadership race for the conservative party. Back to marion. We love a central bank fest here. Laura cooperjoins me. It really is a central bank fest this week, isnt it . The Federal Reserve and the us having its meeting. Not expecting much this time. We will keep an eye on how things will turn out in the coming months . Exactly. Markets dont expect the fed to cut its key Interest Rates tomorrow. Investors will be looking for signs the fed could open the door to a potential rate cut may be injuly, but most likely later this year. What is your money on . Given the fa ct we what is your money on . Given the fact we had the g20 last week, we could see some favourable news coming out of that. We have not seen the Economic Data being weighed down by trade tensions. The fed will take a waitand by trade tensions. The fed will take a wait and see approach for now. Lets talk about the pound sterling. At its lowest level this year. It will be very sensitive, isnt it, until we know who is going to occupy numberio . Until we know who is going to occupy number 10 . Exactly. We until we know who is going to occupy number10 . Exactly. We are until we know who is going to occupy number 10 . Exactly. We are seeing the pound at its lowest level in 2019. What we are seeing is the currency acting as a pressure valve for political pressures. Given the uncertainty around the leadership election, markets are expecting we could see a pro brexit candidate. So they are increasingly anticipating they are increasingly anticipating the risks of a no deal exit. That is keeping pressure on the currency. Laura, come back in a few minutes to talk about the papers. The Paris Air Show is underway, with a big announcement by bosses at airbus, boeing and other Aerospace Companies that theyre going to Work Together on sustainability in their industry. Theo leggett is in paris. Lets talk about what we are expecting today . Well, we know that at the moment the chief Technology Officers of boeing, airbus and rolls royce, and a lot of other big aviation companies, are lining up in the auditorium over there to make a big announcement. Like everything out of these shalls, it is running late. We understand it will be about collaborating on sustainability, and developing technologies to improve the Environmental Performance of aviation. That is really important. Look around you. Around the world demand for aviation is expected to double into the 20 40s. That means more emissions. Planes are much more efficient, much betterfor the environment than old ones. But there isa environment than old ones. But there is a need for progress. That means electrification. Talk us through what that would look like . As you say, this industry is critical when it comes to the climate and the future of our planet and Global Warming etc. But when you talk about electrification, how far will an electric plane be able to go and will it be able to land on a runway somewhere . Well, right now it wouldnt necessarily be able to go that far or carry that many people. But Technology Already exists to get a small plane like a single engine thing over there, to take one of those into the sky, and landed. Not so much of a problem. If you are talking about a big airliner with a couple of decades away really. 0ne thing they are looking at is hybridisation where you have a combination of electric power and conventionaljet combination of electric power and conventional jet power combination of electric power and conventionaljet power in order to make jetliners conventionaljet power in order to makejetliners more conventionaljet power in order to make jetliners more efficient. Conventionaljet power in order to makejetliners more efficient. We could see that coming into commercial use ten, 20 years time. Thank you. Theo leggett at the Paris International airshow. If you want to follow theo, his twitter handle is theo at theo the bold. We are trying to encourage him to get a more professional twitter handle. But he is fighting us. Still to come, Home Sweet Home. We talk to one of the new breed of firms promising to make getting a property loa n promising to make getting a property loan quicker and simpler. Ministers have rejected proposals from mps to clean up the huge Environmental Impact of fast fashion, which sees 300,000 tonnes of clothing burned or buried in the uk every year. A report, published in february, called on the government to end the era of throwaway fashion, through recommendations covering environmental and Labour Market practices. For instance, introducing a 1p charge on each item of clothing to pay for better clothing collection and recycling. We arejoined now by the mp, mary creagh, who chaired the Environmental Audit committee. Why have these proposals been rejected . We are very disappointed. We heard through evidence that the model of cheap throwaway fashion is literally costing us the earth. It is based on overproduction of clothes, overconsumption of clothes and the exploitation of workers and the planet. We recommended the government should ban clothing being sent to landfill or incineration is. They have rejected that out of hand. We said companies should do more to say what they are doing about tackling modern slavery. The government have said it is under control. And that 1p charge to set up control. And that 1p charge to set upa control. And that 1p charge to set up a system to collect and recycle those clothes, they said they will think about it and come back to us in six years. It is not good enough. The government saying that a lot of what you have recommended we are doing already. Is that true . No, its not. We are talking about possibly consulting on fashion at the moment, possibly by 2025. The prime minister, last wednesday, said he wanted our economy to get to net zero Carbon Emissions by 2050. Making sure that we have sustainable, responsible methods of production and consumption is a massive part of that. The government is just saying let the voluntary initiative is the industry is doing carry on. They are not working and they are failing to tackle the waste they are failing to tackle the waste they produce. We are going to have to leave it there. Thank you forjoining us. Mary creagh mp, who is a part of that report. Get in touch with us about that story. Londons Gatwick Airport reporting a rise in annual underlying earnings to £441. 1 rise in annual underlying earnings to £441. 1 million. Interesting it should come out with this news on the day that heathrow announces its expansion plans. Gatwick was the arch rival to have a new runway. Facebookjoins the Digital Currency revolution, tapping into the wallets of its 2. 4 billion users with libra, to help you transfer money, shop online and on the high street. Now lets get the inside track on mortgages. A new breed of firms have evolved over the last few years, which promise to make the process of getting a home loan quicker and slicker, using computers to find the best deal. So, is it time to give a Digital Mortgage broker a spin . 0ne company, habito, says it can search through thousands of mortgages to recommend the right one for you. Daniel hegarty, ceo of habito, is with us now. Good morning. When i looked at your company and what you do ijust thought, i dont think i need your company, do i, because there are many more Mortgage Brokers out there and there are lots of organisations online that help you compare products. I mean, the market is so saturated . Sure. There are traditional Mortgage Brokers. There are fundamental issues with that model. You will spend an hour on the phone, wait a week for your results. What we have done is build proprietary technology that lets us pull together all 20,000 mortgage products on the market, give your recommendation in real time from your sulphur. What we also do, there isa your sulphur. What we also do, there is a real cost of being on the wrong mortgage. 0ver is a real cost of being on the wrong mortgage. Over 50 of uk households are overpaying their mortgage. About £4000 per year. How does it work . How do i come to you and also, do i have to pay you . We are free to all consumers forever. You would come onto a website, let us know what you are trying to borrow money or save money. We scour the entire market and find the right deal for you. Then you would be introduced to a mortgage expert who will walk you through the final stages of the process. How do you make money . We are paid by lenders. Most Mortgage Brokers charge £500. We dont think thatis brokers charge £500. We dont think that is right. That charge to a consumer, in some ways you think you are paying for the service, therefore you are not paying summary who gets commission from the provider of the mortgage, and if he is Getting Commission he is not necessarily going to recommend the right product . All Mortgage Brokers are getting paid by the lender. We just dont charge the consumer. All Mortgage Brokers are paid by the same amount. Your story is interesting. You came from a music background into m