part of an overall unemployment rate of 5.3% injuly. all of which has had people taking to social media. kerry allen works for bbc monitoring and has been observing social media activity in china discussing this move. what are people saying in china about this move to stop counting youth unemployment? this has been a major talking point on social media and state media have reported this is not something young people should worry about and that things are projected to improve from august onwards but on social media a lot of comments that i have seen are very cynical, showing that statistically unemployment has been rising since the beginning of the year, and they are commenting things like, everything is stable, everything is improving, and the idea that if you do not see the data, it is not a problem. sarcasm is clearly not _ data, it is not a problem. sarcasm is clearly not dead _ data, it is not a problem. sarcasm is clearly not dead over _ data, it is not a problem. sarcasm is clearly not dead over there. - it's hard to ignore the fact that so many young people in china arejobless. about one in five. we've also seen tv news coverage aboutjobs fairs and promoting youth entrepreneurship. it has not been completely ignored. is it particularly bold of these individuals to speak out on social media in china? do they risk consequences? it is not bein: do they risk consequences? it is not being ignored _ do they risk consequences? it is not being ignored and _ do they risk consequences? it is not being ignored and there _ do they risk consequences? it is not being ignored and there is _ do they risk consequences? it is not being ignored and there is a - being ignored and there is a campaign which is aggressively being pushed out and will be in place until september. —— december. it affects so many people, one in five, in urban communities, and we are not factoring in it communities. even though social media platforms have censorship so anything which is critical of the government generally is removed, there are so many voices and so many people leaving sarcastic critical comments saying, we are still out of a job, this is still the situation. you have got to do more. ., the situation. you have got to do more. . ., ., , here in the uk, average wages are up. they grew at a record rate of 7.8% in the three months tojune — up from 3.9% in the previous three months. that's almost the same as the latest uk inflation measure from june of 7.9% meaning that average pay has almost caught up with price rises. joining me now is peter ruddick. money & work reporter for bbc news. there will be many breathing a sigh of relief that pay rises have caught up with inflation. is it all good news? asigh of a sigh of relief, yes, but the main bad news is the fact the last time we had this moment, when wages were outstripping inflation was in october 2021, so people have had 18 months to put up with essentially losing their spending power but broadly it is good news that regular pay, 7.8% as you say, but the gap now when you take into account prizes, the gap narrowed between the wage level and the inflation level. people essentially, the figure has been falling quite a bit, and the direction of travel is now clear. people's pay appears to be recovering and the government will hope that when we get the figures next month that the trend carries on and the prime minister has responded and the prime minister has responded and has said there no light at the end of the tunnel for people struggling with the rising cost of living. but it comes off the back of 18 months of difficult times so it will not be all good news straightaway. iiii will not be all good news straightaway.— will not be all good news straiahtawa . . , ., straightaway. if wages continue to rise that could _ straightaway. if wages continue to rise that could fuel _ straightaway. if wages continue to rise that could fuel inflation - straightaway. if wages continue to rise that could fuel inflation at - straightaway. if wages continue to rise that could fuel inflation at a i rise that could fuel inflation at a time when we are hoping it will come down. what does it say about the likelihood of the bank of england raising interest rates one more time? ~ _, , raising interest rates one more time? ~ , ., , time? when it comes to interest rates, time? when it comes to interest rates. the _ time? when it comes to interest rates, the bank _ time? when it comes to interest rates, the bank of _ time? when it comes to interest rates, the bank of england - time? when it comes to interest rates, the bank of england want| time? when it comes to interest i rates, the bank of england want to see wage pressures easing before they pause interest rate rises and that record wage growth is not easing that aspect but there is good news and early estimates we are having in the data about your payroll data, forjuly, that suggests there was another pull—back in pay growth. the bank will also look at the number of vacancies which has gone down, the number of people classed as economically inactive, essentially not in work and not looking for a job, that has also gone down with older workers returning to the workforce. but there is a record number of people who cannot work because of long—term sickness so is a mixed picture when it comes to the labour market and when you look at interest rates, this is one set of figures they are going to be looking at. we have inflation numbers tomorrow and then another set of inflation numbers and wage data before we get the next bank of england decision. too early to say in the smart money seems to be that we will get a next raised interest rate but the one after that we may have a pause or maybe another increase, that is where there seems to be disagreement.— to be disagreement. peter, thanks for “oininu to be disagreement. peter, thanks forjoining us- _ from economics to celebrity creativity: the concept of a celebrity creative director appears to be back in vogue. you know, the kind of arrangement where a big name personality lends their name — and creative input — to a big name brand. we sent the bbc�*s north america correspondent michelle fleury in new york to speak to one of them to find out what is driving this new trend and ask the big, awkward question: are they qualified? the grammy award—winning music mogul with the midas touch. his latest partnership with a german streetwear brand saw him open a concept store in his home town miami. but he is notjust the hyper man, he is also the chief creative officer for the brand, a title he does not take lightly. brand, a title he does not take liuhtl . ~ , ., brand, a title he does not take liuhtl . ~ , . , brand, a title he does not take liuhtl .~ ,~ , ., lightly. why are we seeing more celebrities in _ lightly. why are we seeing more celebrities in executive - lightly. why are we seeing more celebrities in executive roles? i celebrities in executive roles? people say celebrity, which is a blessing. — people say celebrity, which is a blessing, and i'm very grateful for the world — blessing, and i'm very grateful for the world calling me a celebrity but at the _ the world calling me a celebrity but at the same time we are visionaries as well_ at the same time we are visionaries as well and — at the same time we are visionaries as well and it is beautiful, if you think_ as well and it is beautiful, if you think about it, it is levels and steps — think about it, it is levels and steps of— think about it, it is levels and steps of your hard work, and then you get— steps of your hard work, and then you get to — steps of your hard work, and then you get to a — steps of your hard work, and then you get to a certain point and boom, look at _ you get to a certain point and boom, look at this, — you get to a certain point and boom, look at this, the guy has got his own store _ look at this, the guy has got his own store. do not forget the 35 years _ own store. do not forget the 35 years of— own store. do not forget the 35 years of hard work to get where i am at today _ years of hard work to get where i am at toda . , , , , , years of hard work to get where i am attoda., ,, at today. given his busy schedule, how much can _ at today. given his busy schedule, how much can a _ at today. given his busy schedule, how much can a celebrity - at today. given his busy schedule, how much can a celebrity really i how much can a celebrity really contribute? a lot, according to the ceo who credits the wrapper with turbo—charging the growth of the company in america from 65 stores to over 300 —— rapper. company in america from 65 stores to over300 -- rapper-— over 300 -- rapper. there was a crazy move, — over 300 -- rapper. there was a crazy move, when _ over 300 -- rapper. there was a crazy move, when we _ over 300 -- rapper. there was a crazy move, when we made - over 300 -- rapper. there was a crazy move, when we made the l over 300 -- rapper. there was a - crazy move, when we made the deal, we had 65 stores in the us, and we signed _ we had 65 stores in the us, and we signed with— we had 65 stores in the us, and we signed with two nba teams and everybody in the us thought this german— everybody in the us thought this german guy is a bit crazy because this is— german guy is a bit crazy because this is a _ german guy is a bit crazy because this is a hit— german guy is a bit crazy because this is a bit too much for what it is, but — this is a bit too much for what it is, but i — this is a bit too much for what it is, but i think it was the best starting _ is, but i think it was the best starting point we could have. it is not 'ust starting point we could have. it is notjust me. _ starting point we could have. it is notjust me. it — starting point we could have. it is notjust me, it is _ starting point we could have. it 3 notjust me, it is wary. starting point we could have. it is notjust me, it is wary. his - starting point we could have. it is notjust me, it is wary. his role i starting point we could have. it isj notjust me, it is wary. his role is art of notjust me, it is wary. his role is part of an — notjust me, it is wary. his role is part of an emerging _ notjust me, it is wary. his role is part of an emerging trend, - notjust me, it is wary. his role is part of an emerging trend, with i part of an emerging trend, with famous faces taking on executive roles, think of fara williams or the rapper future. roles, think of fara williams or the rapperfuture. used to be roles, think of fara williams or the rapper future. used to be that you would hire a celebrity to pose for the product, run some tv ads and stick their image on a giant billboard, but part of the attraction for visitors to times square in new york, but that was in the age before social media. i started in 2008 when instagram was invented. this started in 2008 when instagram was invented. , , . ., invented. this is the chief fashion critic of the _ invented. this is the chief fashion critic of the new _ invented. this is the chief fashion critic of the new york _ invented. this is the chief fashion critic of the new york times. - invented. this is the chief fashion | critic of the new york times. once u on a critic of the new york times. once upon a time _ critic of the new york times. once upon a time we — critic of the new york times. once upon a time we got _ critic of the new york times. once upon a time we got most - critic of the new york times. once upon a time we got most of - critic of the new york times. icez upon a time we got most of our consumer information from magazines, but as the internet allowed direct give medication between brands and celebrities and consumers the stranglehold opened up —— allowed direct communication. for stranglehold opened up -- allowed direct communication.— stranglehold opened up -- allowed direct communication. for the stars it is about more _ direct communication. for the stars it is about more than _ direct communication. for the stars it is about more than just _ it is about more than just arrangements, she says. they don't 'ust want arrangements, she says. they don't just want to — arrangements, she says. they don't just want to be _ arrangements, she says. they don't just want to be a _ arrangements, she says. they don't just want to be a face _ arrangements, she says. they don't just want to be a face and _ arrangements, she says. they don't just want to be a face and giving - just want to be a face and giving their image to the brand, they want to have a say over what their image connected with. the to have a say over what their image connected with.— to have a say over what their image connected with. the lack of on paper qualifications — connected with. the lack of on paper qualifications might _ connected with. the lack of on paper qualifications might feel _ connected with. the lack of on paper qualifications might feel unfair - connected with. the lack of on paper qualifications might feel unfair but i qualifications might feel unfair but social media has changed the world and the way it sees brands and as long as it makes the company money, the celebrity creative director is here to stay. in other news... russia's central bank has raised its key interest rate by 350 basis points to 12% to try to reverse the recent slide in the value of the russian currency. the kremlin called for action after rouble weakened so much that a us dollar could buy more than 100 on monday, because of western sanctions and a surge in military spending resulting from its invasion of ukraine. the rouble has recovered somewhat with a dollar now buying around 98. afar right a far right candidate unexpectedly won the first round of the presidential election in argentina. the central bank is raising the interest rate to an astronomical 118%, and the currency in argentina will be devalued 350 pesos per dollar. the swiss bank ubs has agreed to pay a $1.1; billion fine in the us to resolve fraud claims stemming from the 2008 financial crisis. it brings to a close the last case brought by us prosecutors investigating banks' conduct in the run—up to the crash, which sparked a global downturn. ubs did not admit or deny the claims. a downbeat day in european trading. mostly to do with that disappointing chinese economic data. the ftse 100 is the ftse100 is down by 1.17%. a bit too early to show you data from the us because trading only began about ten minutes ago. but a lot of the major banks likejp morgan art down in the region of 1.5% because of reports that the ratings agency is going to downgrade at several of these banks. keep in touch with the @bbcbusiness team and me on social media. i'm @tadthnright. an extraordinary endeavour is taking shape. the painstaking recreation of the world famous sutton hoo burial ship, using tools anglo—saxon shipbuilders would have used, the latest recruits are three apprentice joiners. latest recruits are three apprentice “oiners. a ,, , latest recruits are three apprentice “oiners. _,, latest recruits are three apprentice “oiners. , ., ,, .. ., joiners. massively appreciative of their craft and _ joiners. massively appreciative of their craft and what _ joiners. massively appreciative of their craft and what they - joiners. massively appreciative of their craft and what they did - joiners. massively appreciative of their craft and what they did and | their craft and what they did and how they engineered these things to go on the sea. how they engineered these things to go on the sea-— go on the sea. since its discovery in 1939 by — go on the sea. since its discovery in 1939 by the _ go on the sea. since its discovery in 1939 by the local _ go on the sea. since its discovery in 1939 by the local archaeologist| in 1939 by the local archaeologist basil brown, the story of sutton hoo and its extraordinary treasures has enthralled the world. built in around 600 ad the ship is thought to be the final resting place of a king. backed by sponsors donations and volunteers, the charity began recreating construction in 2019. it is an experiment and we are building the best guess we can of what the ship looked like but it will only be proved once we get it on the water. once the planks are in place the inside will be fitted out with seating for a0 rowers and the launch and river trials will take place in the spring if everything goes to plan in 2025. the game was sparked into life when the substitute gave spain the lead with just ten minutes the substitute gave spain the lead withjust ten minutes remaining. sweden have not lost back to cup semifinals but they equalised and it looks like the match was going to go to extra time. 93 seconds later the spanish captain scored an 89th minute winner to spark scenes of wild jubilation amongst their supporters. they will face england or australia on sunday. thea;r supporters. they will face england or australia on sunday.— supporters. they will face england or australia on sunday. they did not create that much _ or australia on sunday. they did not create that much and _ or australia on sunday. they did not create that much and i _ or australia on sunday. they did not create that much and i thought - or australia on sunday. they did not create that much and i thought we i create that much and i thought we had to work a lot in defence and i think we came out better in the second half but of course, losing like this and being so close to a final, it feels brutal right now. this is spanish history and that is it, this is spanish history and that is it. it _ this is spanish history and that is it. it is _ this is spanish history and that is it, it is amazing. we make history, playing _ it, it is amazing. we make history, playing the — it, it is amazing. we make history, playing the quarterfinals, so to get to the _ playing the quarterfinals, so to get to the final is just amazing. the

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