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 of years ago, so you are mainly looking at the riskier types of overseas investors still holding significant amounts of evergrande debts. irate amounts of evergrande debts. we can't stress enough the importance of the chinese property market. it makes up something like 25% of china's gdp, its economic output. surely given that, you would imagine beijing might step in? yes. surely given that, you would imagine beijing might step in?— beijing might step in? yes, you are riuht. the beijing might step in? yes, you are right- the property _ beijing might step in? yes, you are right. the property sector - beijing might step in? yes, you are right. the property sector has - beijing might step in? yes, you are right. the property sector has been a very important engine of growth. it is now shrinking. beijing is stepping in, but it's a bit different this time. in previous cycles what we saw is beijing steps in, and massive stimulus after the global financial crisis. what we are seeing this time is beijing taking a very different choice. it doesn't want to go down the old route which led to a massive debt hangover, it led to a massive debt hangover, it led to a massive debt hangover, it led to investment in bad assets and the likes of evergrande being encouraged to carry on its very risky behaviour of more debt and bad investment. this time around they are trying to steer a path of getting a stimulus to stabilise things, but not enough to go down the massive debt hangover. what things, but not enough to go down the massive debt hangover. what is wron: with the massive debt hangover. what is wrong with the _ the massive debt hangover. what is wrong with the chinese _ the massive debt hangover. what is wrong with the chinese property - wrong with the chinese property market? it wrong with the chinese property market? ., , ., , , wrong with the chinese property market? ., , , ., market? it obviously got hit with the pandemic. _ market? it obviously got hit with the pandemic. people _ market? it obviously got hit with the pandemic. people didn't - market? it obviously got hit with | the pandemic. people didn't want market? it obviously got hit with - the pandemic. people didn't want to buy property. things started to pick up buy property. things started to pick up after the pandemic, but home—buyers are still worried about theirjobs, their outlook and are worried about buying property. this is holding things back. on top of that you have the big debt overhang of these developers and the particular nature of chinese purchasing, which is perpetrates purchase sets of property are done well before those projects are completed. that leads to all sorts of problems, financial, social and economic. ., of problems, financial, social and economic-— of problems, financial, social and economic. . ., ., , ~ it's britain, and you can blame it on the rain. uk retailers faced a wash—out injuly as heavy rain put off shoppers, leaving many high streets deserted. it's not just rain. the country's hard—pressed retailers faced a double—whammy of dismal weather and ever—higher interest rates. official data showed sales volumes last month were 1.2% lower than in june. so what can we read into all of this. let's find out. simon walton is a retail consultant and hejoins me now. simon, good to see you. i'm an aussie, i have been here for 20 something years, we are used to the rain, surely that wouldn't put off the british people? i rain, surely that wouldn't put off the british people?— rain, surely that wouldn't put off the british people? i don't think a bit of rain is _ the british people? i don't think a bit of rain is putting _ the british people? i don't think a bit of rain is putting off _ the british people? i don't think a bit of rain is putting off the - bit of rain is putting off the british, but i think higher and higher prices are an issue, certainly. of all the figures we have seen for the office of national statistics, it is food sales that worries me the most. it is done by 2.6%. the value of those sales is up considerably come up over 10%, and that isjust a factor of the high inflation we are experiencing in the uk at the moment. that is a worry. i'm not one to talk down the high street. myjob is basically to save the high street one shop at a time and i think there is a lot of life left in it yet. yes, it has been a bad month for rain, but there will be always something that a pessimistic retailer or organisation can say is responsible for the drop in retail sales. it is not really down to that. there are underlying factors. it is the difference between weather change in climate change. the climate on the high street is certainly changing. the way shop is changing. we still have to do basic shops. there are a lot of things that make the high street are viable, vibrant and attractive place. viable, vibrant and attractive lace. ., . ., ., , place. you are going to hit this next question, _ place. you are going to hit this next question, the _ place. you are going to hit this next question, the high - place. you are going to hit this next question, the high street| place. you are going to hit this l next question, the high street is changing, the way we shop is changing, the way we shop is changing, with these sales numbers, it is the physical stores, their bricks and mortar stores, are people turning online? do we know anything about the online sales?— about the online sales? online sales are now over— about the online sales? online sales are now over a _ about the online sales? online sales are now over a quarter _ about the online sales? online sales are now over a quarter of _ about the online sales? online sales are now over a quarter of all - about the online sales? online sales are now over a quarter of all retail . are now over a quarter of all retail volume. that is something that has been going on. there will always be change. the high street looks different now to the high street that was around 50 years ago. it will look very different in 50 years. but there will still be a high street. there are a couple of famous pictures of fifth ave new york, one taken in 1910 and you can see one car driving down fifth ave. one taken ten years later and you can see just one taken ten years later and you can seejust one one taken ten years later and you can see just one horse. the difference being there were horses everywhere in 1910 and hardly any in 1920. there is a different sort of chap in the high street that there was even just ten ago and it will be a different sort of retail environment in ten years, but i'm convinced there will still be a high street. yes, every business that is paid to write now says times are difficult, but there have been difficult, but there have been difficult times before and we are at rock bottom of an economic cycle right now. simon, you have a lovely weekend, have a great time. mortgage rates in the us have hit their highest level in 21 years. on thursday, the average interest rate on a fixed 30—year mortgage went above 7%. a year ago it was at around 5%. rising mortgage rates have seriously disrupted the us housing market, and mark a long term shift in one of the biggest underlying forces in the us economy. michelle fluery has more from new york. for the past year, economists have been fretting about the end of the low rate economy in the united states and it's in housing, particularly the mortgage market, where rising interest rates most directly hit us homeowners, which is to say many us consumers and voters. now, when mortgage rates rise sharply and, on average, they're now at over 7% and the highest since 2002, then the housing market, well, it tends to slow down. it suddenly costs more to borrow and people who already have a mortgage on the older, lower rates, well, they don't want to move. that's what's happening in the united states. nearly 20% fewer existing homes were sold injune than at the same time last year. mortgage lending companies are struggling and, as a result, they are laying off workers. it will likely weigh on economic growth more broadly as people take on fewer, smaller mortgages and don't feel they're getting wealthier thanks to their home rising in value. so far, the overall us economy has withstood this shock. growth remains strong, but the return to a higher rate economy may onlyjust have started. it's the race for rare earth minerals. with soaring demand for these vital minerals that power our mobile phones, electric cars and weapons, i asked the head of president biden�*s team overseeing economic growth, energy and the environment, jose fernandez, who also leads the transnational minerals security partnership, or msp, a coalition of countries that needs these minerals, but a coalition that excludes china. jose told me why it's such a critical issue. we have a need for us to be able to achieve our clean energy goals by the year 2050. we are going to have to increase the number of critical minerals that we have available by six to eight times and some of those numbers, actually, the growth is exponential. 42 times the amount of lithium that you use today you're going to need by 2050. two thirds, in some cases even more than that, is being produced by the prc. we've got to find alternative sources of supply. the good piece of news is that there are countries out there that are looking for our investment that would like to have the kinds of investments that are environmentally sound, that benefit communities. so they're looking for alternatives, as well. as you know, jose, in the us there are many people who are calling for more domestic production of some of these key minerals and there is a suggestion that this partnership, it may bring short term wins, but at the cost of securing domestic production. jose, how do you respond to that? because i'm just kind of wondering here, do you have some of these 17 important minerals under us soil? i very much would reject that kind of a premise. we've been very clear. we are looking to find these minerals in the united states, but also abroad. all sources are welcome. what's happened, though? we don't have 42 times the amount of lithium we have today in order to meet our energy goals. you can see the full interview with jose fernandez on talking business weekly with aaron heslehurst, here on bbc news. that's all for now. i will see you very soon. is it isita is it a tent, a gazebo? no, it's a camera. these young people are helping to construct a giant camera obscura. it is a chance for them to climb inside the workings of a basic camera. ., ., ., ., ., ~ camera. you have a large dark tent the front you _ camera. you have a large dark tent the front you have _ camera. you have a large dark tent the front you have lens. _ camera. you have a large dark tent the front you have lens. when - camera. you have a large dark tent the front you have lens. when we | the front you have lens. when we jump the front you have lens. when we jump inside that light is focused onto a large screen and we can move the screen forwards and backwards to get it in focus, we can draw on it, paint on it. ihla get it in focus, we can draw on it, paint on it— paint on it. no electricity, no wi-fi, just — paint on it. no electricity, no wi-fi, just science. _ paint on it. no electricity, no wi-fi, just science. it - paint on it. no electricity, no wi-fi, just science. it is - paint on it. no electricity, no wi-fi, just science. it is a - paint on it. no electricity, no . wi-fi, just science. it is a chance wi—fi, just science. it is a chance to learn about the physics of light, the history of photography while creating their own work at the same time. it creating their own work at the same time. ., , , ., , time. it would help with my arts award. i thought _ time. it would help with my arts award. i thought it _ time. it would help with my arts award. i thought it sounded - time. it would help with my arts i award. i thought it sounded really fun. it award. i thought it sounded really fun. , ., , ., award. i thought it sounded really fun. , ., , ., , ., fun. it is really cool to see how it all works. _ fun. it is really cool to see how it all works. and — fun. it is really cool to see how it all works, and the _ fun. it is really cool to see how it all works, and the lenses. - fun. it is really cool to see how it all works, and the lenses. i- fun. it is really cool to see how it all works, and the lenses. ithink it was amazing _ all works, and the lenses. ithink it was amazing and _ all works, and the lenses. ithink it was amazing and i _ all works, and the lenses. ithink it was amazing and i like - all works, and the lenses. ithink it was amazing and i like to - all works, and the lenses. ithink it was amazing and i like to see l all works, and the lenses. i think i it was amazing and i like to see how it was amazing and i like to see how it is turned — it was amazing and i like to see how it is turned upside _ it was amazing and i like to see how it is turned upside down, _ it was amazing and i like to see how it is turned upside down, how- it was amazing and i like to see how it is turned upside down, how it- it was amazing and i like to see how it is turned upside down, how it is. it is turned upside down, how it is focusing _ it is turned upside down, how it is focusing on— it is turned upside down, how it is focusing on everything. _ it is turned upside down, how it is focusing on everything.— it is turned upside down, how it is focusing on everything. children are surrounded by _ focusing on everything. children are surrounded by digital _ focusing on everything. children are surrounded by digital technology - focusing on everything. children are surrounded by digital technology so | surrounded by digital technology so this was a chance to see how photos were developed from film in a dark room. this workshop is one ofjust many happening this week for the young people. there is lots to experiment with. hello, this is your update from the bbc sport centre. there's not long to wait now until england face spain in the final of the women's world cup and plaudits keep coming for the england manager sarina wiegman. she's the first coach in the history of the women's game to win back—to—back european titles and now the first to take two different nations to a world cup final. speculation has linked her with the now vacant usa manager'sjob — but the fa have said she's going nowhere. on the field, forward laurenjames could play a part following her serving out a ban for the red card against nigeria and the squad would welcome her involvement. i think everyone in this room knows how impressive she has been this tournament. i have known her since i was 12. she is such a special, talented player and it is amazing, we want every single player fit and available for every game and to have her back and is great. we have got so many players across this group that can come in and do a job, but to have someone like lj back in the squad is really specialfor the final. just two matches then to go, with the 3rd—4th place playoff between sweden and australia on saturday before sunday's final. fifa president gianni infantino is in sydney and said they're going in the right direction in regards to equal pay at the world cup, but women need to push the doors to get progress. pick the right battles. pick the right fight. you have the power to change. you have the power to convince us men what we have

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