Later today, the head of americas Federal Reserve will address fellow bankers at the gathering known as Jackson Hole after the town in which it normally takes place. This year, as last, the meeting will be held online any hopes of people attending in person were swiftly dashed by the recent surge in covid infections in america. The continuing pandemic makes an inauspicious Backdrop Tojerome powells speech. Investors will be looking for any guidance on policy going forward, at a time when the signals are very mixed the us economy has bounced back robustly, but the recovery may be hampered by the spread of the Delta Variant. So what is he likely to say . Joining me now is matt orton, Vice President and Portfolio Specialist at Carillon Tower advisers. What kind of thing that you expecting to hear from Jerome Powell Today . Expecting to hear from Jerome Powell Today . Great to be here, and im honestly Powell Today . Great to be here, and im honestly not Powell Today . Great to be here, and im honestly not expecting i and im honestly not expecting fireworks from this meeting. I think most Market Participants are expecting some sort of tapering and whether we think is gonna come in october, november, december, it is reallyjust a matter of really just a matter of semantics reallyjust a matter of semantics at this point, what is consistent is that tapering is consistent is that tapering is very, very different from tightening, so we are still having a very accommodative Monetary Policy backdrop, regardless of a in purchases, its going to be a long tail to this and that is definitely supportive of Markets. 50 supportive of Markets. So tapering supportive of Markets. 50 tapering just to supportive of Markets. So tapering just to explain is the Easing Off of point of easing. Will he play for time . Is he going to see how the pandemic unfolds with the Delta Variant spreading . 50 unfolds with the Delta Variant spreading . Spreading . So he has been re spreading . So he has been pretty consistent spreading . So he has been pretty consistent in spreading . So he has been pretty consistent in his pretty consistent in his messaging that the Delta Variant is having an impact on the us economy and his taking the us economy and his taking the stance of being A Little Bit more cautious. What i also highlight to our clients when weve been talking about this over the past week as the other Voting Members of the federal Reserve Board have also taken a more cautious tone and the members that we have heard from more recently ashley today talking about the need to start tapering maybe sooner than powell has been saying, they are all non Voting Members stopping i think they are just putting it out there that we are likely to see tapering but powells probably still going to strike a more cautious tone especially since we still have Jobs Data to come on september three that will give us A Little Bit more of a reflection of how strong this recovery is and what the Delta Variant is actually doing to the economic recovery. Actually doing to the economic recove. , �. , recovery. President biden are still heping recovery. President biden are still hoping to recovery. President biden are still hoping to provide recovery. President biden are still hoping to provide a still hoping to provide a massive stimulus to the economy in the form of this infrastructure spending, so doesnt the fed have to wait to see what happens there before it decides how to act . I see what happens there before it decides how to act . It decides how to act . I think the key is it decides how to act . I think the key is the it decides how to act . I think the key is the fed it decides how to act . I think the key is the fed doesnt i it decides how to act . I think i the key is the fed doesnt want to be too late. It will be talking about what this potential stimulus could look like for a while, it is very clear that were getting some sort of stimulus, whether or not it is going to be the 500 Billion additional dollars that that looked like it would get past once it is put up for a vote. The big question like you have alluded to as what is going to happen with this 3. 5 trillion package, if we are to see something like that pass in its current form which i think is fairly unlikely, that likely could change the projected path of tapering, but again, that is fairly unlikely, and again at the end of the day it still mightjust push forward A Little Bit of tapering but the actual accommodative Monetary Policy that is supporting equity Markets and continuing to make equities very attractive in my opinion, that is still going to be there and still the foundation of our overall outlook. Still the foundation of our overall outlook. And what you think economists overall outlook. And what you think economists vary overall outlook. And what you think economists vary most . | think economists vary most . Rising inflation fuelled by a large stimulus or a stalled recovery . Large stimulus or a stalled recove . ,. , recovery . The risks right now seem to be recovery . The risks right now seem to be perceived recovery . The risks right now seem to be perceived that. Recovery . The risks right now| seem to be perceived that you dont want to be too late in stemming potential inflation but at the same time the economic recovery is still fragile, there are still dislocations in the job fragile, there are still dislocations in Thejob Market that we are seeing in the us and so that needs to be taken into account too and so when i think of this and think what the implications could be for the implications could be for the overall stock market, it makes me continue to advocate for a more balanced approach to investing, so still maintaining some of those more expensive Technology Companies that have done well in a low rate environment, but how strong secular growth tail, being exposed to sg, secular growth tail, being exposed to 56, but at the same time making sure that you do have exposure to an economic recovery and financials that could benefit in the instance of rates starting to move higher. Of rates starting to move hi. Her. , of rates starting to move hiaher. ,. ,. , higher. Rate to have you on the programme. Higher. Rate to have you on the programme, thanks higher. Rate to have you on the programme, thanks for higher. Rate to have you on the programme, thanks for being i programme, thanks for being with us. Shares in the Cult Fitness Company peloton fell 15 in after hours trading, after it reported some pretty disappointing earnings. The company has benefitted from gym goers stuck at home during successive global lockdowns when demand for its Home Gym products more than doubled. But the company faced increased costs after it had to recall treadmills because of Safety Concerns and overall slowing growth. Joining me now is dana telsey, Chief Executive Officer and chief research officer, telsey advisory group. Welcome to you, thanks very much for being with us. What do you make of these results . I think about the fourth quarter numbers which they just reported, they showed strong connected Subscriber Growth but thatis connected Subscriber Growth but that is the past. What the future is, the guidance that theyve laid out for the upcoming Fiscal Year showed a greater than expected adjusted loss, as a result stopped coming down. It did have a Covid Bump but now they are lowering the Price Point of the Core Bike and it should expand the number of customers that they have. I think that is why, where this health and wellness, putting the bike into other Distribution Channels like hospitality, they are searching for other areas for growth, as you are getting this settling down of what you could see and some of the Subscriber Growth. This is still a very strong market and a very strong company stopping the Covid Bump was something that no one expected and when you look at it in totality, the ability for this company to generate positivity going forward, i think it is there in the future but 2022, that first quarter is more of a challenge. It is interesting, more of a challenge. It is interesting, you more of a challenge. It is interesting, you dont more of a challenge. It is interesting, you dont think that the relaxation of covid rules, people being allowed back into the gym, you dont think that that is going to have an overall negative impact on The Business . I have an overall negative impact on The Business . On The Business . I think we have seen on The Business . I think we have seen at. On The Business . I think we have seen at. They on The Business . I think we have seen at. Theyjust on The Business . I think we l have seen at. Theyjust went on The Business . I think we have seen at. They just went to 19. 9 monthly workouts compared to 27, so weve seen that case moderate. They expected that pasta moderate. Ithink moderate. They expected that pasta moderate. I think the community of wellness and what they are offering, i think that is delaplace for it. I think we need to show positivity going forward in order to get the stock moving again. This was a definite negative shocked to see the guidance they gave. That needs to be turned around so the stock can regain its trajectory. So the stock can regain its trajectory so the stock can regain its trajectory. What about the records. Trajectory. What about the records, have trajectory. What about the records, have there trajectory. What about the records, have there been l trajectory. What about the i records, have there been any details on the numbers of those and how that has hit the Bottom Line . , and how that has hit the Bottom Line . , i. , line . Those records, you are now going line . Those records, you are now going to line . Those records, you are now going to see line . Those records, you are now going to see those line . Those records, you are| now going to see those trade bikes, they are going to be introduced into the us and just a couple of days at the end of august, so that is behind us now. Ahead of us is what the sales can be and i think if anything, the adoption that we could see from a safer product could see from a safer product could only be better, but the records was certainly not a good thing to have a company have to put that in place, and now coming out of it, they can certainly be able to refit their image that way and gain a whole new customer base. fiifi whole new customer base. Ok, thanks very whole new customer base. Ok, thanks very much whole new customer base. Ok, thanks very much for whole new customer base. Ok, thanks very much for being with us. Lets get some of the days other news now. British airways is considering shorthaul flights from gatwick airport. It is working with unions on the proposals but would not comment further. British airline Pilots Association told the bbc they were over final stages of negotiations and pay and conditions. Ajudge in the us has ruled Thatjohnson And Johnson can spread its Talcum Powder Company through the rest of its business. Allowing the Drug Maker to move thousands of claims by people who used its Baby Powder into bankruptcy. The ruling came despite objections by Plantiffs Who claim asbestos in their products caused them or theirfamily memers to develop cancer. Shares in the company have risen 13 in the past year. Chinese Liquor Stocks fell thursday, on track for five day losses in the wake of reported new regulation on the industry. Kate silver in our Asia Business Hub is following the story. Yes, so the stocks we are talking about are particularly those that make the liquor called by shoe, may find its self the next victim, we have seen Tutoring Companies as well as many Tech Companies facing the wrath of the regulator in beijings. Local media is reporting today that many Alcohol Giants are meeting with regulators today, so according to, the reason we may see this is that Liquor Stocks in china do tend to be quite highly valued, in fact one Bishou Company is the most valuable stock listed in china, so there is a suggestion that they are overpriced and we have seen China Use Legislation before to try to call the market when it seesit try to call the market when it sees it as unstable, one of these incidents, perhaps the most notorious last year when group was due to list in china and we saw it stopped at the 11th Hour over fears about whether or not they may be much investment and its not is particularly of concern for beijing because unlike hong kong, much of the investors in beijing are mum and pop chinese investors so they dont want this volatility. The other aspect as we have seen a Real Change in discourse when it comes to alcohol in china in recent weeks. It has been a number of articles for instance talking about how drinking is bad for you as well as commentary on Work Drinking Culture and this is particularly in the wake of the Alibaba Rape Scandal we were talking about earlier this month when an employee from alibaba was allegedly raped up to four times by her boss on a Work Trip after she was made to drink as part of this very heavy Drinking Culture that exists in corporate china. We heard for instance from Anticorruption Industry earlier anticorru Ption Industry earlier this Anticorruption Industry earlier this month deploring against this month deploring against this calling Adam Vail Drinking Culture. As a result we may see something that beijing has done before which is crackdown on companies that want to see social change in. Stay with us on bbc news, still to come with more than 50 of festivals in the uk cancelled, is there Still Life in the industry . Hes the first African American to win the president ial nomination for a major political party and he accepts, exactly 45 years to the day when Martin Luther King declared, i have a dream. As darkness falls tonight, an unfamiliar light will appear in the South Eastern sky. An Orange Glowing disc thats brighter than anything, save the moon. Our neighbouring planet, mars. There is no doubt that this election is an important milestone in the birth of East Timor as the worlds newest nation. It will take months i and billions of dollars to repair what katrinal achieved injust hours. Three weeks is the longest the great clock has been off duty in 117 years, so it was with great satisfaction that clockmaker John Vernon swung the pendulum to set the clock going again. Big ben bongs. This is bbc World News, the latest headlines President Biden insists the Kabul Airlift will continue, despite two attacks killing more than 90 people near the airport. The us president described the 13 americans who lost their lives as heroes and promised the perpetrators would pay for their actions. The squeeze on Supply Chains continues. Yesterday Nhs England admitted that a shortage of vials used for Blood Tests will worsen over the next few weeks and will last until mid september. Doctors had been told to stagger some Blood Tests due to the shortage. This comes as Food Deliveries in the uk have become sporadic due to a lack of truck drivers, and after warnings that there may be fewer parcels under Christmas Trees this year, as deliveries from china has been severely delayed. So whats behind all this . Joining me now isjustin urquhart stewart, co Founder Ambassador of seven investment management. From Blood Vials to Chip Shortages and we have people on able to deliver the goods, what is behind the Supply Chain problems . It is behind the Supply Chain problems . Is behind the Supply Chain roblems . ,. Problems . It is a perfect Storm Ofthe problems . It is a perfect storm of the elements problems . It is a perfect storm of the elements coming of the elements coming together, you can blame the pandemic for some of it and of course particularly in britain, but also the bingdemic, and other elements and also a shortage of drivers coming through and so that is a difficulty and then of Course Theissue Difficulty and then of course the issue that britain loves to bring out again, yes, brexit. We suddenly find ourselves with a shortage of labour itself probably around 1 million, 2 Million people who have disappeared or decided not to come back. So a combination of theseissues come back. So a combination of these issues whether it is delivering Food Or Blood files or basic infrastructure of the country has meant it came very very close, about three or four weeks ago almost stopping by having an effective economic lockdown without having a lockdown. It shows how weak the capitalistic system can be unless you are very careful indeed Blood Vials. Unless you are very careful indeed Blood Vials. Indeed Blood Vials. You called it indeed Blood Vials. You called it a indeed Blood Vials. You called it a perfect indeed Blood Vials. You called it a perfect storm, l indeed Blood Vials. You called it a perfect storm, are theseissues called it a perfect storm, are these issues are short term or longer term . These issues are shortterm or longer term . Longer term . They are longer term but there longer term . They are longer term but there are longer term . They are longer| term but there are shortterm term but there are short term issues that can be done, you Cannot Magicallyjust fix it but you can relax regulations and said that anyone he is hired at the last two years can have an extended license to bring them back in and encourage them to do so. You can also make sure that licenses allowing people who already have permits from the euro is that up again and if you get upset about it, you can always put a time. Honour if necessary. Actions can be done. But also there is a change of theme and this is economically fascinating and this comes from the pandemic. You saw people worried about the length of the Supply Chains, after all, all it took was one ship stuck in the Suez Canal to up things that will short deliver on christmas. We are seeing local businesses setting up trying to supply local products even though it is more expensive, but at least it is more reliable. But at least it is more reliable. ,. , reliable. Dimension christmas, four months reliable. Dimension christmas, four months ago, reliable. Dimension christmas, four months ago, but reliable. Dimension christmas, four months ago, but for four months ago, but for retailers, a key part of the year you mentioned christmas. What issues will this have on those who rely on the trade . The trade . Sadly, find myself auoin the trade . Sadly, find myself going back the trade . Sadly, find myself going back to the trade . Sadly, find myself going back to talking the trade . Sadly, find myself going back to talking about. The trade . Sadly, find myself going back to talking about itj going back to talking about it about six months ago because during that period we were looking at Forward Planning of people ordering Christmas Toys for the following year even though they did not know what the Fashion Toy would be, the basic ones, and they were already seeing Hold Ups that stage and what has happened since then is it has got a lot worse. So im afraid people will be more selective about what toys will be this year and certainly only one toy should be delivered, not a whole packet i be delivered, not a whole acket , �. ,. , packet i guess well have to start thinking packet i guess well have to start thinking about packet i guess well have to i start thinking about Christmas Shopping soon then. Workers with disabilities were often among the first to be fired as the Pandemic Crisis grew. But as Home Working has become normalised over the past 18 months, technology has allowed many people with disabilities to thrive in theirjob, and shown just what can be achieved when firms decide to be flexible. Aaron heslehurst has been exploring the Impact Covid has had on some of the most vulnerable workers. Some workers with disabilities have been asking to do just that before Cobit Hit but were told it was not possible. Would discover not told it was not possible. Would discover not only told it was not possible. Would discover not only is told it was not possible. Would discover not only is it discover not only is it possible but preferable in some cases. ,. , cases. The equipment i have, i have chosen cases. The equipment i have, i have chosen it cases. The equipment i have, i have chosen it myself cases. The equipment i have, i have chosen it myself because | have chosen it myself because it is tailored for me. It is tailored for me. Disabled workers were it is tailored for me. Disabled workers were more it is tailored for me. Disabled workers were more than it is tailored for me. Disabled | workers were more than twice it is tailored for me. Disabled workers were more than twice as likely to be fired during the pandemic as the economic crisis that in. ,. , that in. Unfortunately, employers that in. Unfortunately, employers do that in. Unfortunately, employers do not that in. Unfortunately, employers do not hesitate to fire workers with disabilities. We are unfortunately the first to be excluded. Liii we are unfortunately the first to be excluded. To be excluded. Un figures suggested to be excluded. Un figures suggested 80 to be excluded. Un figures suggested 80 of to be excluded. Un figuresj suggested 8096 of disabled suggested 80 of disabled people, living in developing nations people, living in developing nations and in some cases that means nations and in some cases that means there is not the same access means there is not the same access to means there is not the same access to what things like the Internet Access to what things like the internet has allowed remote working. It internet has allowed remote workinu. , internet has allowed remote workinu. , internet has allowed remote workinu. , ,. , internet has allowed remote workin. ,. , working. It has been a big factor. Part working. It has been a big factor. Part of working. It has been a big factor. Part of it working. It has been a big factor. Part of it is factor. Part of it is difficulties accessing internet, the hassles if there is only one device. I do not think that a person with a disability will be prioritised. It saves them money in terms of Real Estate it saves them money in terms of Real Estate that people working, its better for the environment so we dont have thousands of People Commuting at the thousands of People Commuting at the same time every day. All sorts at the same time every day. All sorts of at the same time every day. All sorts of benefits. Its become a normal sorts of benefits. Its become a normal way of working for most a normal way of working for most people, disabled or not, and that most people, disabled or not, and that has to be a good thing and viewers on bbc World News can watch talking business with Aaron Heslehurst this weekend. The times are on your screen now with the first airing at 2330 gmt on saturday. Today sees one of the biggest Uk Festivals restart as Reading And Leeds Festival gets underway with acts like stormzy, Post Malone and Liam Gallagher playing. Festivals are Big Business in the uk they contribute £1. 76bn to the Economy And Support 85,000 jobs. But this summer many have been cancelled due to covid restrictions, most notably glastonbury. The association of independent festivals estimated that half of all the main Uk Festivals 5,000 capacity and over have been cancelled. So how viable are those that are still going ahead . Joining me now is steve heap, general secretary of Association Festival organisers. Welcome and thank you for being with us. According to ticket sales, how looking, the festival is going ahead . Share festival is going ahead . Are Lookin Festival is going ahead . Are looking great festival is going ahead . Are looking great in festival is going ahead . fife looking great in fact what festival is going ahead . 22 looking great in fact what is left of the season which has been rather devastating again, people are just really keen to get out there and enjoy, so that the remainder of the Festival System has really taken Festival System has really Ta Ken off. Festival system has really taken off. I5 Festival System has really taken off Festival System has really taken off. ,. , taken off. Is a the remainder, what percentage taken off. Is a the remainder, what percentage of taken off. Is a the remainder, what percentage of Festivals L what percentage of festivals have been able to go ahead and what impact is that having on the industry at large . I what impact is that having on the industry at large . The industry at large . I think my colleague the industry at large . I think my colleague paul the industry at large . I think my colleague Paul Reid the industry at large . I think my colleague Paul Reid is i the industry at large . I think. My colleague Paul Reid is about right, about 50 went down due to covid. Many of the others are been running smaller events. Down to as much as half of their normal audiences, so the economy of the Festival Scene, is struggling. But there is an enormous appetite for tickets and now with double vaccination on most people, not so much on the younger generation, but they are out there and feeling ok, feeling safe so the season has got, maybe another four or five weeks to go and there are many festivals every weekend doing very good business. figs festivals every weekend doing very good business. Very good business. As you said, very good business. As you said. Many very good business. As you said, many are very good business. As you said, many are running very good business. As you said, many are running smaller events than usual. How have they had to adapt to covid . Because of the time of planning, we were not sure what step four in the recovery would be. Many festivals were planning for social distancing. They were planning for Test And Trace and so on. A lot of these things with step four put to one side, but the Planning Cycle was already in place, so although social distancing is probably a thing of the past, the Festival Capacities were reduced to account for it. So now they are running slightly smaller events, which has an effect on the economy, the festival, of course. Looking ahead, with festival, of course. Looking ahead, with 5096 festival, of course. Looking ahead, with 5096 also festival, of course. Looking ahead, with 5096 also cancelled ahead, with 50 also cancelled this year, how is the future looking for those who have had to cancel . Irate looking for those who have had to cancel . To cancel . We are already into the planning to cancel . We are already into the Planning Cycle to cancel . We are already into the Planning Cycle for to cancel . We are already into the Planning Cycle for 2022, i the Planning Cycle for 2022, starting probably early april and running right through to the end of october. I think the Festival Scene will recover. It would take some time. We certainly have problems with our colleagues in the supply industry, who have lost an awful lot, as your previous speaker was talking about transport, we have lost a lot of transport people, a lot of Equipment Delivery supplies and a good deal of our equipment that we use is currently being used by the nhs, Test And Trace centres, Covid Vaccination centres. We should get that back online again by 2022 and i think we will revive the season. Think we will revive the season think we will revive the season. , season. What about the fact there have season. What about the fact there have been season. What about the fact there have been covid season. What about the fact | there have been covid cases linked to music festivals. We are looking at latitude. Do you think the industry is doing enough to combat the spread of covid . When you look at the pictures of people close together, people have had to show proof that they have had a vaccine before they go in or a negative test, do you think thatis negative test, do you think that is enough . I negative test, do you think that is enough . That is enough . I think it is enough that is enough . I think it is enough. What that is enough . I think it is enough. What we that is enough . I think it is enough. What we cannot i that is enough . I think it is enough. What we cannot control is what happens outside of the boundary of the festival. Four instalments, it is held in newquay, packed full of tourists at this time of this year not attending directly the festival, where they would have to prove they are negative. They linking the Infection Rates to the festival is in some cases a little unfair. It could easily be just in the town. There is a lot of discussion between directors of Public Health in localities and Festival Organisations is, supporting Each Other to make sure they are safe. Supporting Each Other to make sure they are safe. Good to get our sure they are safe. Good to get your thoughts. Sure they are safe. Good to get your thoughts. Thank sure they are safe. Good to get your thoughts. Thank you sure they are safe. Good to get your thoughts. Thank you for i your thoughts. Thank you for being without. Being without. Pleasure. Thank you being without. Pleasure. Thank you for being without. Pleasure. Thank you for being being without. Pleasure. Thank you for being with being without. Pleasure. J thank you for being with us. Hello. Its a mark of how strange a summer its been when i can tell the truth and say its been warmer than average for the uk. Some of you will look at me like ive gone crazy. The Met Office say that its been about a degree warmer than average this summer so far, warmest compared with average in Scotland And Northern ireland. You know in london and South East england, even though it has been a little warmer than average, its been really quite wet and dull this summer. It is at least now dry, but it is still quite dull with all the Cloud Weve had. High pressure is close to the uk, keeping things settled friday, the weekend and throughout much of next week. Doesnt mean sunny, though, and overnight and into the morning, a lot of cloud will have pushed in from the east. And temperatures will be a little lower than this in the countryside. Across scotland, a lot of The Cloud will clear during friday, but still keeping some towards the east coast. Northern ireland, once any Fog Patches clear, some sunny spells here. For wales, especially in the west, far south west of england, for cumbria, some occasional sunshine, perhaps developing more widely through some Eastern Parts of england on through the afternoon. This wind direction, though, will continue a feed of Cloud And Breeze into the coast of eastern Scotland And North east england, keeping temperatures down here at around 15, 16 degrees, whereas elsewhere, mainly 17 to 20. A little higher, though, with prolonged sunny spells across western parts. Overnight and into saturday, areas of cloud, clear spells, down into single figures where youre clear. And by the end of the night and first thing on saturday, the chance of a few showers running in across South East england, more especially into kent. So this is how the weekend is shaping up. It is looking, for the most part, dry, barthe chance of that shower towards the far South East on saturday for a time, variable cloud and some sunny spells around. Probably faring quite well for sunny spells during saturday. Temperatures, high teens, just a few creeping into the low 20s. A bit of a change for part two of the weekend on sunday. The high pressurejust drifting more towards the northwest, allowing a flow of a little more moist air to run down into scotland, with more widely cloudier skies on sunday, perhaps northern ireland, too, and running in across the eastern side of england, where, still, along that North Sea coast, itll be rather cool in The Cloud. But really quite pleasant where youre still getting to see a bit of sunshine. Good morning, welcome to breakfast with Naga Munchetty and charlie stayt. Our Headlines Today at least 90 people including 13 american soldiers are now known to have died in the Kabul Airport Suicide attacks. President biden promises to find those responsible. We will not forgive. We will not forget. We will hunt you down and make you pay. The Prime Minister says the airlift of Uk Citizens and eligible afghans will continue despite the bombings, but the operation is nearing its conclusion. The risk of Blood Clots is almost nine times higher in those who Catch Coronavirus than those whove had a vaccine,