additional interest rate increases could be yet to come. meanwhile, the european central bank president christine lagarde vowed to set borrowing costs as high as needed and leave them there until inflation is back to its goal. well, let's delve into this a bit more. joining me now is ann berry, founder of threadneedle ventures. good to see you. thanks very much for being with us. what is your view on inflation? has much for being with us. what is your view on inflation?- your view on inflation? has it finally peaked? _ your view on inflation? has it finally peaked? i _ your view on inflation? has it finally peaked? i have - finally peaked? i have certainly think it has peaked. but it hasn't hit the 2% inflation target across the eu, us and uk, so i think the worst is behind us but until that inflation target is hit, think we can expect interest rates as open with to remain higher for a lot longer than we previously anticipated. a lot longer than we previously anticipated-— anticipated. inflation has fallen significantly, - anticipated. inflation has fallen significantly, not l anticipated. inflation has - fallen significantly, not down to that 2% in many countries thatis to that 2% in many countries that is required, but it is behind the fall in recent months? it behind the fall in recent months?— behind the fall in recent months? ' , ., , months? it differs a little bit biogeography- _ months? it differs a little bit biogeography. if _ months? it differs a little bit biogeography. if we - months? it differs a little bit biogeography. if we start - months? it differs a little bit. biogeography. if we start with the us, have seen interest rates start to temper certain claims of demand. for example, the auto sector, which you can remember during covid, the demand for new and second—hand cars to upgrade to an increase in the uk and us and that has started to come down. wage inflation in both the us and europe, and in the uk as well come down as well, not to levels that will sustain inflation at the target level, but that has been a key factor as well. it has been demand driven. the key issue is that supply constraints remain in place and that is the last piece preventing inflation getting down to where it needs to be. ~ . getting down to where it needs to be.~ . . getting down to where it needs to be. ~ . ., ., getting down to where it needs to be. ~ . ., ~ to be. what about central bank olicies? to be. what about central bank policies? other _ to be. what about central bank policies? other policies - policies? other policies working?— policies? other policies workinu? , ., ., ~ , working? they are working but the are working? they are working but they are certainly _ working? they are working but they are certainly working - working? they are working but they are certainly working on l they are certainly working on more slowly than people would like. all the central banks in the west have a lot of criticism during peak inflation that they didn't move quickly enough to state rate hikes. more recently they have got criticism they have been raising hikes too quickly but what seems to be happening in the us as they have got rates up the us as they have got rates up and got demand down in without impacting gdp growth in the eu, growth is a bit lower but christine lingard and her fellow colleagues at the ecb seem to be getting inflation under control subject to perhaps more stickiness than expected —— legarde. perhaps more stickiness than expected -- legarde.- perhaps more stickiness than expected -- legarde. what about china? it is _ expected -- legarde. what about china? it is different _ expected -- legarde. what about china? it is different there. - china? it is different there. what is going on?— what is going on? china is interesting _ what is going on? china is interesting because - what is going on? china is interesting because if - what is going on? china is interesting because if you | what is going on? china is i interesting because if you go back to the pre— covid period, china alone, it's gdp growth generated something like 20% of global annual gdp growth about a decade beforehand. it was the engine for economic expansion. that trend is already slowing down before covid hit and what has happened since then, there hasn't been a rejuvenation of the chinese economy that you saw in the eu and uk when there was the reopening. what seems to have happened is a lot of theissues to have happened is a lot of the issues bubbling up in china in that slowing growth period really come to the surface like a huge issue in chinese real estate, one of the biggest trains real estate develops ba nkru ptcy trains real estate develops bankruptcy in the us, chinese consumer spending is not holding up, gdp is down. the demand there is tougher. goad demand there is tougher. good to have you _ demand there is tougher. good to have you with _ demand there is tougher. good to have you with us. _ demand there is tougher. good to have you with us. thank- demand there is tougher. good to have you with us. thank you | to have you with us. thank you for your analysis. well, investors are bracing themselves for a turbulent start to the week following those comments by us and european policymakers at jackson hole, that interest rates will likely stay higher for longer. let's speak now to gervais williams, head of equities at premier miton. good to see you. what impact do you think these warnings will have on the market this week? we have seen market liquidity deteriorating. this is the ability to borrow within the trading market is actually deteriorating. there are us dollars a wound. we have seen it being reasonably strong at the moment and isn't leading to conditions where asset markets are probably more vulnerable to any bad news. any data coming in on the coming week or next couple of weeks could lead to market is becoming more vulnerable. on the downside rather than moving to new highs. rather than moving to new hiuhs. ~ . , rather than moving to new hihs_~ . n, ., highs. what is a long-term im act highs. what is a long-term impact of _ highs. what is a long-term impact of higher— highs. what is a long-term impact of higher interest . highs. what is a long-term . impact of higher interest rates persisting for the foreseeable future? it persisting for the foreseeable future? , , future? it is interesting, we have so many _ future? it is interesting, we have so many interest - future? it is interesting, we have so many interest rate| have so many interest rate rises and they have risen over such a long period that actually alongside with quantitative tightening, the restriction of money supply from the banks, we have the money supply across the global economy coming under real pressure, and therefore, what that really means is we are inevitably going to see an economic downturn. yes, we have already seen one to some extent across europe, china has we have heard is under pressure but this is also expanding to include the us economy as well so i think we are looking at a global recession in the coming six and i2 global recession in the coming six and 12 months.— global recession in the coming six and 12 months. how deep and how lona six and 12 months. how deep and how long do _ six and 12 months. how deep and how long do you _ six and 12 months. how deep and how long do you think _ six and 12 months. how deep and how long do you think that - how long do you think that could be? it how long do you think that could be?— could be? it is interesting because _ could be? it is interesting because we _ could be? it is interesting because we look - could be? it is interesting because we look at - could be? it is interesting because we look at the i could be? it is interesting - because we look at the central bank who are in some ways fighting a last war, talking about addressing inflation and continuing to increase interest rates. i think to some extent we have already won the battle, inflation is already under control, but what that would lead to going forward is that if we do find a slowdown coming faster than inspected, if inflation turns out to be better than people expected, as we get a recession, we may need to cut interest rates faster than effective. unfortunately it took a long time to get to this position, interest rates have been quite slow to have an effect, lagging, if we cut interest rates we may find that lagging effect as well. the bottom line is we might find the recession is longer and deeper than most people expect. good to see you. thank you for being with us. prices of olive oil have increased by more than 40% in eight weeks. the surge is linked to concerns of a shortage in spain, which produced just half of its normal crop at the last harvest due to a combination of heatwaves and water shortages. the wholesale price of extra virgin olive oil from spain's andalusia region has more than doubled in a year to 8.20 euros per litre. let's speak now to alvaro diaz de lope, managing director at dcoop, spain's leading olive cooperative. welcome. thank you for being with us. tell us about the summary for olive farmers in andalusia and the problems they are having. andalusia and the problems they are having-— are having. good morning. as ou are having. good morning. as you mentioned, _ are having. good morning. as you mentioned, we _ are having. good morning. as you mentioned, we are - are having. good morning. as| you mentioned, we are having are having. good morning. as. you mentioned, we are having a severe drought and a lot of heatwaves lately. mainly in spain, spain accounts for approximately 50% of the global olive oil production worldwide, and this drought is now for the fourth year in a row, really affecting the output of our farmers. consequently, we are seeing the situation of stocks very tight for the crop, the next crop starts october and we are struggling to reach that next crop without interaction —— interrupting the supply chain. the situation is getting really, really worrying, and we hope that we will reach some leftovers from the biggest crop. is leftovers from the biggest cro -. , ., leftovers from the biggest cro., ., , crop. is there a possibility that olive _ crop. is there a possibility that olive oil— crop. is there a possibility that olive oil could - crop. is there a possibility that olive oil could run - crop. is there a possibility| that olive oil could run out before the next crop in october? i before the next crop in october?— before the next crop in october? ., �* october? i wouldn't say so. i think the _ october? i wouldn't say so. i think the situation _ october? iwouldn't say so. i think the situation will- october? i wouldn't say so. i think the situation will be - think the situation will be tighter than ever, but i don't think that it will finally affect the end consumer, because all the intermediate stocks, the supply chain has in distributors, sellers in storage, i think that it will not really affect the end consumer, but it is true that the situation will be the tightest situation ever in the olive oil compartment. what will it mean _ olive oil compartment. what will it mean for— olive oil compartment. what will it mean for prices, - olive oil compartment. what will it mean for prices, that l will it mean for prices, that will it mean for prices, that will affect the consumer? unfortunately, it will be affected. if prices reflect the current pricing to date, prices will be much higher than they are currently on the shelves. so unfortunately until a new crop is on the shelves, we may see a price increase on shelves. see a price increase on shelves-— see a price increase on shelves. a , , shelves. as you said, this is the fourth — shelves. as you said, this is the fourth drought - shelves. as you said, this is the fourth drought in - shelves. as you said, this is the fourth drought in a - shelves. as you said, this is the fourth drought in a row. j the fourth drought in a row. what is the industry doing to become more resilient to ensure this doesn't happen? that become more resilient to ensure this doesn't happen?— this doesn't happen? that is a tou~h this doesn't happen? that is a tough question. _ this doesn't happen? that is a tough question. it _ this doesn't happen? that is a tough question. it is - this doesn't happen? that is a tough question. it is not - this doesn't happen? that is a tough question. it is not the l tough question. it is not the industry. the only player that needs to adapt the situation is also, we need kind of a general agreement in order to survive the situation. climate change is really affecting the south of europe and we need to find a strategic approach in order to find solutions long—term so we do not depend so much on the rain we have every year. the possible solutions like desalination plants, reservoirs, moving waterfrom one area to another area, under ground waters, these are long—term solutions that we should all work together in order to find a global long—term solution for this situation. long-term solution for this situation-— long-term solution for this situation. ., ~ , ., , . situation. thank you very much forjoining _ situation. thank you very much forjoining us. _ situation. thank you very much forjoining us, and _ situation. thank you very much forjoining us, and we - situation. thank you very much forjoining us, and we wish - situation. thank you very much forjoining us, and we wish you j forjoining us, and we wish you well with the rest of the season. thank you. as the world's economies struggle with sluggish growth, post pandemic — and the turmoil of the ukraine crisis — the continent of africa faces its own unique challenges in achieving sustainable growth and development. investment and trade are key. the potential, huge. so, could one answer lie in the newly created african continental free trade bloc, or afcfta, the world's largest? my colleague lukwesa burak sat down with one of the most respected financial leaders on the continent, the president of afreximbank, professor benedict oramah, and asked him whether african nations and the rest of the world, were taking the free trade area and its potential seriously. i think africa is taking it seriously. this agreement is the only agreement that has moved... inaudible. it was ratified a year after. that is why the covid—i9 pandemic, january, this we have never seen it. i agree with you that it is one thing to sign an agreement, it is another thing to see the results. the bank is stepping up to help the continent. i stepping up to help the continent.— stepping up to help the continent. �* ., ., , ., continent. i can't not ask you about climate _ continent. i can't not ask you about climate change - continent. i can't not ask you about climate change was . continent. i can't not ask you| about climate change was not only is impacting people public lives potentially, it could impact on business, with which means it would impact on the earnings of the bank, and you have done very well. so how seriously does a bank like yourself take climate change? very, very seriously. very, very seriously. because the only difference is that we recognise that we do not contribute to the damage, but we suffer from it. contribute to the damage, but we sufferfrom it. so, what we are doing is to fill in the gap where others are not paying attention. but what we see globally, to have climate change, telling others not to use fossil fuels or others, then do not talk about, they do not talk about the flooding we see all across africa in countries of africa, in east africa and so on. the issue is problems, where they are, and we hope people will spend the money. we would walk with those who have the damage, that the climate is costing people, and telling people to adapt to the new conditions, the current conditions. around the world and across the uk, this is bbc news. bbc news — bringing you different stories from across the uk. 25,000 people are expected here. a0 hot air balloons from around europe will arrive later this afternoon and fly over the next four days, weather dependent. i have been speaking to the flight director to find out what we can expect over the next few days. 50 out what we can expect over the next few days-— next few days. so much going on, we next few days. so much going on. we will — next few days. so much going on, we will have _ next few days. so much going on, we will have up _ next few days. so much going on, we will have up to - next few days. so much going on, we will have up to 40 - next few days. so much going on, we will have up to 40 hot| on, we will have up to 40 hot air balloons here this weekend, fingers — air balloons here this weekend, fingers crossed we get the weather and get some spectacular flights. but it is 'ust spectacular flights. but it is just the _ spectacular flights. but it is just the most magnificent senior— just the most magnificent senior could ever imagine, seeing _ senior could ever imagine, seeing all those huge hot air balloons, taking off and flying up balloons, taking off and flying up high — balloons, taking off and flying up high above the castle howard buildings and into the countryside. it is quite amazing. it is the most peaceful relaxing flight you will ever do. in an aeroplane so noisy. _ will ever do. in an aeroplane so noisy, enabling it is calm and — so noisy, enabling it is calm and serene and serene and lovely— and serene and serene and lovely and relaxing. you're live with bbc news. the us commerce secretary, gina raimondo, has opened talks with chinese government officials in beijing, saying it is "profoundly important" that the world's two largest economies have a stable economic relationship. the 3—day visit comes amid frought relations between the us and china over the so—called microchip wars. let's get more on this now with monica miller who's in our asia business hub in singapore. bring us up to date? gina raimondo _ bring us up to date? gina raimondo had _ bring us up to date? gina raimondo had told - bring us up to date? (1: “is. raimondo had told reporters before she got on the plane if you are looking for a tagline for the strippers the us needs protect what they must promote where they can and that is a very delicate dance to strike. one of the first meeting she will have later today will be with the chinese minister of commerce in one of the main topics of discussion will be the technology will we have here been hearing about. relations can turn you to be tense as the us works with its allies to block china's access to advanced semiconductor chips with export controls in place, the us says they are worried the us says they are worried the technology will be used by china's military at a time when geopolitical tensions between the two are incredibly fraught. in retaliation to that, beijing restricted shipments from the prominent ship company maker micron technology and find a consulting group million for doing under approved statistical work entertained by chinese nationals who are working for the company back in april. gina raimondo has said there were's to top economies need to have some kind of stable relationship and many big american companies that are doing business there are asking for the same. the key to this as regular communication to avoid conflict, which has been hard for these two to come by. she is the fourth senior us official to go to china in less than three months and to try to reset the relationship between the two companies. china is in a tricky spot at the moment because its economy is showing signs of slowing down and they are desperately trying to draw foreign investment back onto its shores. now in other news from china, shares in the embattled chinese developer evergrande have plunged by over 80% as they started trading in hong kong for the first time in a year and a half. on sunday, the firm posted a 33 billion yuan loss for the first six months of the year. however, that was an improvement on the 66.a billion yuan loss it reported for the same period a year earlier. evergrande is at the centre of a real estate market crisis threatening the world's second largest economy. china has halved the tax on purchases made on the stock market in an effort to revitalise share trading. the existing stamp duty is 0.1%. the chinese finance ministry said it hoped the reduction would boost investor confidence. china's stock markets have slumped over recent months, a reflection of general difficulties in the economy. problems in the property sector have also affected stock trading. earlier this month, san francisco voted to allow robo, or driverless—taxis, to operate 2a hours a day. passengers have to book and pay for the journey via an app. but after a high—profile accident, there are renewed safety concerns, and some people are determined to get them off the roads. here's james clayton. one of the things that surprises many visitors when they arrive in san francisco are these things — driverless robo—taxis. they're all over the city. this is me ordering one on my phone. one minute away, there's a cab just around the corner. but before i could even get in, a member of the public approached us with a warning. i think you're unsafe, because i saw a guy that was in the crosswalk at night, almost got hit by it. well, thank you very much, sir, cheers. not exactly the ideal thing to hearjust before you get into a cab with no driver. i've been in these cars a few times now and it never changes. it's always totally surreal. it always feels nerve—racking when you first start, and it's really surprising how quickly itjust becomes totally normal. but the first few sort of roads you come across, t—junctions, you're kind of always slightly apprehensive. let's see how this does. our ride was perfectly uneventful, but the city itself is divided over these cabs run by two companies, waymo and cruise. earlier this month, san francisco officials green—lighted the use of robo—taxis for 2a—hour use, only to then restrict their use after an accident between a driverless cab and a fire engine. authorities are investigating. the flip—flopping is emblematic of a city unsure about whether to embrace these robo—taxis. and some have even taken to the streets in protest. a group called safe streets rebel has been disabling the cars by putting cones on their bonnets. a video they put out injuly has gone viral. first, find a cone. make sure their car is empty. and repeat. it's not entirely clear whether what they're doing is legal. so a spokesperson for the group agreed to be interviewed under the condition of anonymity. how would you describe your group? are you vigilantes? are you a campaigning group? what are you? we're definitely not vigilantes. i think we'rejust a group of people. we don't like cars and we're doing what we can about it. however, driverless car companies have hit back, saying what the group is doing is bad for road users and is vandalism. waymo says what you're doing is vandalism. how do you respond to that? it's not vandalism, because that requires property damage, and we're not damaging anything. as soon as you take the cone off, the cars are right back to working condition and on their way. they hope to expand across america and beyond. but others here in the city hope they ultimately fail to convince authorities the technology is ready. james clayton, bbc news, san francisco. you may have heard of the term "woke capitalism" — where major corporations publicly and financially support political causes normally associated with the progressive left. the #metoo movement, black lives matter, same—sex marriage, climate activism and animal rights are just a few of the hot topics embraced by the corporate world in recent years. but is woke capitalism something we should fear or embrace? i'm joined now by carl rhodes, author of the book, woke capitalism and professor of organization studies at the university of technology sydney. thank you for being with us. in simple terms define what woke capitalism really means? you not to capitalism really means? you got to the _ capitalism really means? you got to the heart _ capitalism really means? you got to the heart of— capitalism really means? you got to the heart of it - capitalism really means? you got to the heart of it in - capitalism really means? gm, got to the heart of it in your introduction, case where big corporations, start associating themselves with so—called progressive political movements, often through their branding activities and public profile, so it is often retail companies. it is also generally a case when what really are genuine political movements tend to get co—opted by corporations, use them for their own commercial benefit. to what extent have these issues been co—opted by big companies, how important has come for them to be seen to be associated with them?- come for them to be seen to be associated with them? they seem to think it's _ associated with them? they seem to think it's quite _ associated with them? they seem to think it's quite important - to think it's quite important and many times it is also quite controversial, but many companies now have been embracing this and they see it is important whether it is about attracting customers, as about attracting customers, as a kind of marketing strategy, but also identifying with potential employees, who might want to work with them, so it is about creating a particular kind of identity for an organisation, that is attractive or that they deem attractive or that they deem attractive to customers and employees. attractive to customers and employees-— attractive to customers and employees. attractive to customers and emlo ees. ., , employees. how can people be sure it is genuine _ employees. how can people be sure it is genuine when - employees. how can people be sure it is genuine when a - sure it is genuine when a company embraces one of these issues, a lot of people will have heard the word that signally when you are seen to be doing or looking like you are doing the right thing? i don't know if it is virtue signalling to that extent, these are trends in broader society, that exist in corporations are picking up on the spot we have to remember is businesses are always going to respond in ways that are aligned with their own commercial interest. so it could be virtue signalling in the sense that it is opportunistic or lack sincerity or long—term commitment. and if thatis or long—term commitment. and if that is the case what is really unfortunate is that important political movements can become watered—down and simplified, as business gets involved. so, if we get concerned about this, it can be a real issue for the important quality that is at play. important quality that is at .la , . . ., important quality that is at play. what role does identity olitics play. what role does identity politics play _ play. what role does identity politics play in _ play. what role does identity politics play in the 21st - politics play in the 21st century workplace? it politics play in the 21st century workplace? it plays a significant — century workplace? it plays a significant and _ century workplace? it plays a significant and important - century workplace? it plays a l significant and important role, both in ensuring equality of opportunity for people at work and equality of outcomes. we have to remember there is a long history of inequality and discrimination at work. against women, racial minorities, against people with disability because of people's sexuality and the various intersections of all of those things. so that is important work that identity politics can do in terms of driving real change. it becomes a problem becomes sensationalised or exploited for commercial benefit which we often see with examples of what we are calling woke capitalism, in those cases rather than really been concerned with improving equality and the democratic promise of equality, debates can get dumped down, oversimplified and often become divisive and populous caricatures of what i really important political matters. thank you very much forjoining us from sydney, telling us a little more about woke capitalism and what it means in the workplace. that is it for me for the moment. you can reach me on social media. hello there. you know, over the weekend, i've seen quite a lot of these. funnel clouds. the latest one was spotted between boroughbridge and harrogate, around the north yorkshire area, but i've seen quite a few over the weekend. that particular one formed along this convergence line — that's where the winds bash together — and those opposing winds would've helped create some of the spin that created that funnel cloud in the first place. right now, though, those showers have long since cleared out of the way. we do have just a few patches of rain working from west to east, but many of us will have a dry start to the day on monday, with temperatures holding up into double figures. overall, the bank holiday monday that it'll be for many of you is a better, drier kind of day — the reason, well, we've got this little weak ridge of high pressure building in. now, it won't be completely dry, there'll be just a few isolated showers around, but nowhere near as many as we've had over the course of the weekend. and probably the greatest risk of seeing an odd shower will be across the north—west of both england and wales. the emphasis, though, is on drier weather with spells of sunshine. temperatures, high teens to low 20s, feeling warm in that august sunshine. and again, into tuesday, another area of low pressure starts to move in from the north. and so, we will get outbreaks of rain moving its way into scotland. just a few patches of rain — showers, really — on this weather front, this cold front, as it works southwards across england and wales. but many of you will still have some spells of sunshine around, as well. and overall, the temperature is similarfor most, about 18—22 celsius — warm in the sun, but starting to feel perhaps a little bit cooler across the north of scotland. well, from tuesday into wednesday, that same area of low pressure works into the north sea while weakening. and really, we're looking at a day of sunny spells and showers again — this time, probably the heaviest showers, big thunderstorms affecting northern and eastern scotland, and down this eastern side of england. again, there'll be some convergent winds, so who knows? you might see another funnel cloud if you're lucky. western areas should stay dry with some sunshine for wales, south—west england, probably bright for northern ireland, as well. that won't last, though. thursday and friday, another area of low pressure moving in — this time, the rain will to be affecting areas a bit further southward. so, particularly for wales, south—west england, and northern ireland, we've got a spell of rain to come through. that clears, and then, we're back to rather showery conditions as we head off into september. bye— bye. good morning, welcome to breakfast with sarah campbell and jon kay. our headlines today. the cost of driving anywhere in london goes up for many drivers tonight, as the whole city becomes the world's largest ultra low emission zone. iam in i am in eltham iam in eltham in i am in eltham in south—east london right on the edge of the existing zone with just one day to go until it covers all boroughs, i will have the details for all drivers. two people die after becoming trapped in their car on a flooded road in liverpool. in sport, the world athletic championships comes to an end with keeley hodgkinson missing out on gold again as she wins silver in the 800 metres final. good morning. today is a day of sunshine and showers but if showers than we saw over the weekend and if you are in the sunshine it will feel pleasantly warm. all of the details later. it's monday the 28th august. our main story.