:00:09. > :00:16.Hello, this is Business Live from the BBC with Jimmy Robertson and Ben
:00:17. > :00:22.Thompson. Top talks or hot air? The world central bankers gather in
:00:23. > :00:26.Wyoming for their annual meeting, will the talks deliver any insight
:00:27. > :00:28.into the global economy. That is our top story on Thursday, the 24th of
:00:29. > :00:48.August. Will today's talks deliver any real
:00:49. > :00:54.progress in boosting the global economy? We will have the details on
:00:55. > :01:00.where, what why and who and if this matters? And wonder no more. China's
:01:01. > :01:06.global entertainment giant goes deeper into the red. We'll explain
:01:07. > :01:09.why. It's been a week of ups and downs for global markets. We will
:01:10. > :01:16.have an expert view on why any of this matters for all of us. And also
:01:17. > :01:20.coming up... This maybe little cheesy, but the interview will be
:01:21. > :01:28.great. We will get the inside track on growing demand for British
:01:29. > :01:34.cheese. Who writes these scripts? We want to know, what would you do if
:01:35. > :01:44.you won the Powerball. Let us know using the hashtag at BBC bids live.
:01:45. > :01:51.I know who writes these scripts, Jamie, it's the people laughing
:01:52. > :01:57.uncontrollably in our ears, Chris, Adrian and Jenny this morning! Good
:01:58. > :02:04.morning to you all. Jackson hole, Wyoming, population 9000 is normally
:02:05. > :02:07.known for its trout fishing, but today it hosts something different.
:02:08. > :02:11.The annual general meeting of central bankers from more than 40
:02:12. > :02:16.countries. The top billing goes to the host, US Fed chief Janet Yellen.
:02:17. > :02:20.What will investors be listening out for when she speaks? Top of the list
:02:21. > :02:24.will be the US policy on interest rates. There have been three rate
:02:25. > :02:29.rises since December. Markets will be watching to see if she offers any
:02:30. > :02:34.indication on her plans for future risers. She may lay out some plans
:02:35. > :02:38.to share the $4.5 trillion worth of bonds, Betts, to you and me, that
:02:39. > :02:43.the bank acquired as part of its aggressive money printing programme,
:02:44. > :02:47.trying to off-load some of those. Markets will be looking to see what
:02:48. > :02:51.European Central Bank President Mario druggie has to say. He is
:02:52. > :02:56.attending for the first time in three years. -- Mario drag you.
:02:57. > :02:59.There is an expectation that he may say something significant, but don't
:03:00. > :03:05.get your hopes up. The rush by Tel is with me from IMG bank. First,
:03:06. > :03:08.interest rates, are they going to say anything about that? Central
:03:09. > :03:12.bankers will be very careful about the words they use, given how
:03:13. > :03:16.sensitive financial markets have been two recent subtle policy since.
:03:17. > :03:21.There will be a lot of reading between the lines for us and lists
:03:22. > :03:26.to do, but those looking for any major policy announcements... They
:03:27. > :03:30.do it far ahead and give us lots of warning now. I'm not expecting
:03:31. > :03:35.anything major. There will be a lot of prep work, laying the foundations
:03:36. > :03:39.for policy changes. What about the pile of bombs sitting in a vault
:03:40. > :03:50.somewhere... I imagine it's probably not, it is electronic -- pile of
:03:51. > :03:54.bombs. Pile of bonds. Janet Yellen is ready to start the process of
:03:55. > :03:58.shrinking the balance sheet and unwinding some of them are produced
:03:59. > :04:02.by what effect does that have on the market? It hasn't had too much of an
:04:03. > :04:07.effect. One would have expected bond yields to be higher and equity
:04:08. > :04:11.prices to be of a bit. Maybe the perfect storm is coming soon, but
:04:12. > :04:16.maybe not. It will be so gradual, markets will back their eyelids.
:04:17. > :04:20.There is this issue about asset prices, a really interesting one. No
:04:21. > :04:24.information, prices are not going up, except on the stock market.
:04:25. > :04:28.Property prices are going up, everywhere else, no inflation. What
:04:29. > :04:31.does the Fed do in a situation like that? Central banks have been
:04:32. > :04:35.talking about the distributional effects of duty and how their
:04:36. > :04:41.policies are not set up to do that. We will be hearing about that -- of
:04:42. > :04:45.Q is. It is the short-term interest rates that have put up the prices
:04:46. > :04:51.begin at everybody has or money and they are all on the stock market.
:04:52. > :04:56.Partly, but there two views within the Fed. No interest rates are here
:04:57. > :05:00.to state. One other question on regulation -- low interest rates.
:05:01. > :05:03.There is a lot of talk in the White House about getting regulation of
:05:04. > :05:07.banks. Will the central bankers have anything to say about that? This
:05:08. > :05:13.meeting will be about fostering global economy. Central bankers will
:05:14. > :05:18.reiterate the need for regulation to safeguard future growth. I think
:05:19. > :05:22.that will be the message. I like it on that camera four, it looks like
:05:23. > :05:27.Janet is that at the desk with us! Let's take a look at some of the
:05:28. > :05:37.other stories. Uber said it took bookings worth $8.7 million, up 7%
:05:38. > :05:41.on last year. The total number of bookings was up 150%. But it is
:05:42. > :05:45.still losing money, but that figure is falling every quarter. The
:05:46. > :05:51.results, after an unprecedented series of scandals that have
:05:52. > :05:54.engulfed the company in 2017. People searching for, quote, depression,
:05:55. > :05:58.and Dougal, will soon be prompted to take a questionnaire to assess if
:05:59. > :06:02.they may be suffering from the illness. The search giant has
:06:03. > :06:06.partnered with the US national lines on mental illness to roll out the
:06:07. > :06:10.project, although it is currently only for US users. The UK food
:06:11. > :06:15.industry has warmed but the post-Brexit Labour shortage could
:06:16. > :06:20.leave a third of businesses and viable. The food and drink
:06:21. > :06:23.Federation said the sector faces a rapidly approaching workforce
:06:24. > :06:28.shortage and skills gap. Nearly half of all of the businesses it survey
:06:29. > :06:31.said that EU nationals working in the UK were considering leaving.
:06:32. > :06:35.We're going to talk about that as well with our inside track get a
:06:36. > :06:40.little later, he will is suffering from exactly that. Stay tuned for a
:06:41. > :06:45.discussion about what that means for the labour force here in the UK
:06:46. > :06:49.after Brexit. Away from the UK, though, shares in a Chinese hotel
:06:50. > :06:58.group plunged today after a disappointing result. Tell us about
:06:59. > :07:03.the story? Well, that's right, it is the Hong Kong unit of a huge Chinese
:07:04. > :07:08.development. It has fallen as much as 11% after reporting a first half
:07:09. > :07:14.loss of $30 million, although it has since recovered somewhat. It is down
:07:15. > :07:17.7.5% right now. It blamed its losses on smaller gains in investment
:07:18. > :07:21.properties and the impact of exchange rates on the company sale
:07:22. > :07:27.of a project in Madrid. The sale of this project was called the
:07:28. > :07:36.wonderment or development, for 272 million euros, it losses skyrocketed
:07:37. > :07:39.more than 700% from one year ago. We know the Chinese firm has been in
:07:40. > :07:41.the news quite a lot recently. It walked away from a planter by
:07:42. > :07:45.London's nine Elm Square just recently. -- from a plan to buy. It
:07:46. > :07:58.would buy $1 billion of assets for one. 'S -- for Wonda's projects. Of
:07:59. > :08:04.course, the first half profits cannot possibly be helpful. Bearing
:08:05. > :08:08.mind that the Hang Seng, when the stock trade was shut yesterday
:08:09. > :08:16.because of a hugely devastating typhoon. Thanks very much. More on
:08:17. > :08:21.that a little later, but interesting times as far as the business is
:08:22. > :08:25.concerned. Let's talk about shares. Tokyo stocks are down again on the
:08:26. > :08:32.back of the strong yen. Worries over President Trump is my's remarks over
:08:33. > :08:38.Nafta and Mexico. It has been a weird week is for us markets are
:08:39. > :08:43.concerned. Down on Monday, by Tuesday, flat yesterday. We have had
:08:44. > :08:46.earnings this week, but there is more uncertainty. No sign that
:08:47. > :08:49.progress has been made any time soon. President Trump threatening to
:08:50. > :08:54.shut down the US government. We will talk more about that in a moment.
:08:55. > :08:58.Also Nafta, the North American Free Trade Agreement. We will discuss
:08:59. > :09:02.that can get. I want to show you Europe, it is a slightly different
:09:03. > :09:10.picture. Although there was not much to get excited about from this
:09:11. > :09:12.speech from the of the European Central Bank. He was beating
:09:13. > :09:15.yesterday, and he is expected to speak at that conference as we have
:09:16. > :09:17.discussed. Here in the UK, we get the second reading of the
:09:18. > :09:21.second-quarter GDP, the first one just a few weeks ago, up 0.3%.
:09:22. > :09:26.Today's figure is seen as a more complete data, so we may get a big
:09:27. > :09:30.update, but don't expect any big changes. That 3% figure came as a
:09:31. > :09:32.bit of a surprise because unemployment is still falling in the
:09:33. > :09:37.UK and yet it hasn't really changed much for the wide economy just yet.
:09:38. > :09:38.More on all of that injustice item. Michelle has her assessment of the
:09:39. > :09:50.day ahead on Wall Street. The world's top central bankers meet
:09:51. > :09:54.and we will get results from Tiffany is. They will be following speeches
:09:55. > :09:59.from Janet Yellen as well as the side of the European Central Bank.
:10:00. > :10:05.They will be looking for any clues on monetary policy. Meanwhile, there
:10:06. > :10:09.is plenty to worry the markets. Trump's threat to shut down the
:10:10. > :10:14.government shook investors, this is the risk of America defaulting on
:10:15. > :10:16.its debts looms on the horizon. US Treasury Secretary Steven Mnuchin
:10:17. > :10:22.has said the government won't be able to pay all of its bills after
:10:23. > :10:28.September 29 and last the debt ceiling is raised. That is the limit
:10:29. > :10:33.on the amount the government can borrow. Credit ratings agency Fitch
:10:34. > :10:36.has warned that America's triple-A rating was at risk if the debt
:10:37. > :10:44.ceiling isn't raised in eight timely manner. Joining us is chief market
:10:45. > :10:47.analyst at CMC markets. This is extraordinary, give me my wall or I
:10:48. > :10:51.am going to close down the government. It seems to be upsetting
:10:52. > :10:55.the markets and it is making waves. Are you worried? I think he was
:10:56. > :10:58.talking to his support base, but with President Trump you have to
:10:59. > :11:02.understand that what you see is what you get. He came to power on the
:11:03. > :11:05.basis that he wanted to build this war, however ridiculous it may
:11:06. > :11:11.sound, and we have been here before with the US and the debt ceiling. We
:11:12. > :11:15.were here in 2011 and 2013. The question is, how far is President
:11:16. > :11:21.Trump going to push this? The Republicans have control of both
:11:22. > :11:25.Houses. This is manageable, unlike 2011 and 2013 when President Obama
:11:26. > :11:29.was president. But President Trump is under pressure at the moment from
:11:30. > :11:32.all sides, not only Democrats, but Republicans. There is a concern. He
:11:33. > :11:38.did it may suggest that maybe the what the US government needs is a
:11:39. > :11:42.government shutdown. Maybe he would do it. What does a shutdown look
:11:43. > :11:46.like? What would it mean? It basically means that all
:11:47. > :11:49.government-sponsored activities get suspended. Basically, government
:11:50. > :11:55.staff don't get paid. There is some way around it. They can potentially
:11:56. > :11:59.extend or defer certain operations. But ultimately it's not a good look
:12:00. > :12:03.for the world's number one economy, if you're not playing your stuff or
:12:04. > :12:09.you are laying off. On a temporary basis. -- if you are not paying your
:12:10. > :12:14.staff. WPP, the big advertising company, saying it is worried about,
:12:15. > :12:18.basically consumer spending or consumer appetite for advertising
:12:19. > :12:24.seems to have dampened down. Figures we have just had out this morning
:12:25. > :12:30.from the UK about Dixons cough on, it has a warning about profits. --
:12:31. > :12:35.Dixons cough on. You can read more on the BBC website. These things
:12:36. > :12:38.drawing together a bit about consumer confidence, consumer
:12:39. > :12:41.spending. They do a little bit. With Dixons, consumers are holding off
:12:42. > :12:47.from upgrading their new friends. When you look at the prices of these
:12:48. > :12:51.new phones that are coming out this year, it's a lot of money --
:12:52. > :12:56.upgrading their phones. The shape of the advertising market is changing
:12:57. > :13:00.as well. Part of that is the way we consume advertising, Google, pay per
:13:01. > :13:04.click, Amazon, Facebook, the way that advertising is pushed and we
:13:05. > :13:11.consume it is different. On television and streaming, nobody
:13:12. > :13:14.watches TV now with outbreaks. -- with outbreaks. Advertisers are
:13:15. > :13:19.having to adapt to a changing digital, you know, road map if you
:13:20. > :13:25.like. There is a concern about a wage squeeze, consumer squeeze.
:13:26. > :13:28.Obviously, WPP and Dixons' resolve this morning could be reflective of
:13:29. > :13:32.the timing and part of consumers, not just here in the UK but
:13:33. > :13:36.globally. Michael, stick around, because we will be talking to you
:13:37. > :13:40.later about the newspapers and what is going on in the world of print
:13:41. > :13:45.media. Thank you. Still to come... It maybe a little cheesy... We've
:13:46. > :13:48.said this one already! LAUGHTER
:13:49. > :13:52.It's worth saying again, because the interview will be great. We're going
:13:53. > :13:56.to get the inside track on the growing demand for British cheese,
:13:57. > :14:00.especially in the United States, when it usually comes out of a tube.
:14:01. > :14:01.There is nothing worse than repeating jokes! You with Business
:14:02. > :14:12.Live from BBC News. We're being told off for not writing
:14:13. > :14:16.our own jokes! Don't you worry, we've got some of the bike up our
:14:17. > :14:22.sleeves. The number of cars built in the UK last month rose by 80%, that
:14:23. > :14:26.according to the Society of motor Manufacturers and traders. But the
:14:27. > :14:36.number of cars made in the UK in the last seven months of the year fell
:14:37. > :14:40.16% to about 1 million. -- 1.6%. Sean, the numbers seem to be better
:14:41. > :14:44.this month, why have we got this rise? Yellow morning, both. The
:14:45. > :14:49.reason they have gone up in July is a few reasons. One is that we have
:14:50. > :14:52.got those new registrations coming in in September. That generally
:14:53. > :14:56.means there is a bit of a bump this time of year anyway. Compared to
:14:57. > :14:59.last year, you have got to be careful comparing July and August
:15:00. > :15:09.because you get various factory shutdowns and there has been more
:15:10. > :15:11.investment in July this year than last making things look rosier. The
:15:12. > :15:14.general trend for the year and expectations from the industry is
:15:15. > :15:16.that in the UK we will be making fewer cars and selling a lot fewer
:15:17. > :15:19.as well, which is really crucial. The selling issue is important, you
:15:20. > :15:24.touched on the exports, for out of five cars made on the UK sold
:15:25. > :15:28.overseas. That is where the demand has been coming from, traditionally.
:15:29. > :15:33.It has. The demand in the UK, I like a good pun, it has been fuelled by
:15:34. > :15:40.the car finance loan industry. The Bank of England said 85% of all new
:15:41. > :15:44.car purchases in the UK are driven by car finance deals. That was a pun
:15:45. > :15:47.I didn't mean, by the way! That is a bit of a concern for them, but not
:15:48. > :15:51.for the industry. They say it is regulated and they are happy with it
:15:52. > :15:55.as it stands, but it will be won to watch as we see any potential
:15:56. > :16:01.interest rate rises in the future, loans become more expensive, what
:16:02. > :16:05.will happen to car sales in the UK? Sean, before you go, favourite
:16:06. > :16:07.cheese? I'm a simple Cheddar man. Stay watching, we will talk about
:16:08. > :16:18.that next. More fallout from the story about
:16:19. > :16:24.carphone warehouse, who have had a profit warning. They are also saying
:16:25. > :16:27.that the mobile handset market may not recover this year. The chief
:16:28. > :16:32.executive said: We have seen an increased number people hold onto
:16:33. > :16:38.their phones for longer. While it is too early to say whether the trend
:16:39. > :16:42.will be reversed, we believe it is prudent to plan on the basis that
:16:43. > :16:52.overall demand will not correct itself.
:16:53. > :17:01.You're watching Business Life. Our top story: Those central bankers who
:17:02. > :17:08.are meeting in the United States. They will talk about all sorts of
:17:09. > :17:11.things - inflation, interest rates. All the challenges for the global
:17:12. > :17:16.economy. The big question is, will it make any difference or is it just
:17:17. > :17:19.a jolly meeting? Lets see how the markets have
:17:20. > :17:22.started in Europe. Looking reasonably healthy, despite that
:17:23. > :17:42.fall at Dixons. The pound against the dollar at
:17:43. > :17:49.?1.28. When should you go on a cheese diet?
:17:50. > :17:54.When you need to Cheddar a few pounds! Cheese sales are up. Britain
:17:55. > :18:01.is moving ahead as a cheese exporting nation. We sold $687.2
:18:02. > :18:10.million worth of the stuff last year. We produce 435,000 tonnes of
:18:11. > :18:17.cheese in the last year. The majority of that was Cheddar, by far
:18:18. > :18:23.the most popular British export, particularly to the United States.
:18:24. > :18:28.And not all Cheddar is the same. Most of this is a standard variety,
:18:29. > :18:37.though there are some producers who concentrate on traditional farmhouse
:18:38. > :18:41.cheddar. The king of those cheeses is Cave- mature cheddar. Who knew
:18:42. > :18:54.there were so many fascinating facts about cheese? Mike pulling joins us.
:18:55. > :19:03.It is specialist cheese, isn't it? Yes, farmhouse cheddar. A cave is an
:19:04. > :19:10.ideal situation. You have 100% humidity, 14 Celsius all year round.
:19:11. > :19:15.What does that do to the taste? Cheese always picks up the flavour
:19:16. > :19:21.of what ever is next to it, like an onion in the fridge. If we were to
:19:22. > :19:34.do a blind tasting, could you tell your cheese? In the old days, the
:19:35. > :19:38.graders could tell you which farm it came from. It is a really big
:19:39. > :19:42.business, and we were talking about sales to the United States being
:19:43. > :19:46.particularly strong - who is your competition? When I think of cheese
:19:47. > :19:53.in the United States, either it comes in a rectangle or from a tube.
:19:54. > :20:01.The French, they do a good job in America as well. The Americans like
:20:02. > :20:09.English cheese, but they also like French cheese. Do you have to pay
:20:10. > :20:18.tariffs on your cheese? Yes, it is something about ?1100 at -- 1100
:20:19. > :20:27.pounds per tonne. We have seen the dollar
:20:28. > :20:42.strengthening in the last 12 months, and that has helped us a lot. So
:20:43. > :20:46.that offsets any problems. If people particularly wanted English cheese,
:20:47. > :20:50.they would buy it. Do we need a free-trade deal with the United
:20:51. > :20:56.States, as far as you are concerned? For us, it has worked as it is. At
:20:57. > :21:04.the moment, it's fine. When we talk about that fall in the Valley of the
:21:05. > :21:08.pound, that makes it cheaper for you both but commodity prices are going
:21:09. > :21:16.up, milk being no exception. Does that mean a big increase in your? In
:21:17. > :21:21.July last year, it was around 20p, and it is 30p this year. So that is
:21:22. > :21:26.the rise in the milk price, which obviously for us, we have to get
:21:27. > :21:31.that out of the market. Another story that has come out today is a
:21:32. > :21:35.survey by the food and drink industry about the supply chain,
:21:36. > :21:40.saying there are something that 30% saying that if they lose EU labour
:21:41. > :21:45.in this country, they will go under and be unviable. Is that true for
:21:46. > :21:56.you? Our EU labour is important to us. Would you go wonder? I hope not!
:21:57. > :22:00.Unviable was the word they used. We employ about 90 people from around
:22:01. > :22:04.the world, mainly from Poland. Fantastic people to work with. We
:22:05. > :22:10.are having a problem getting workers into the factory. Are they leaving?
:22:11. > :22:15.Yes, some of them are giving back to Poland. And how easy is it to get
:22:16. > :22:20.people to replace them? Very difficult. We put adverts in this
:22:21. > :22:25.week. The basic wage will have to rise to get these people. You are
:22:26. > :22:31.putting out adverts but not getting a response? We get a response, but
:22:32. > :22:38.they are the kind of people who don't want to work in a cheese
:22:39. > :22:43.factory. But you find EU labour. I do paying them enough? In the long
:22:44. > :22:48.term, we will have to pay more. Which will push up prices are? Yes,
:22:49. > :22:52.then we have to get that out of the market. We have to go to a broad
:22:53. > :22:58.than the UK to get the price. Thank you for coming in.
:22:59. > :23:02.We will have a look through what is in the business pages in a minute,
:23:03. > :23:03.but here is a reminder of how to stay across all the business news at
:23:04. > :23:22.the BBC. We want to hear from you. Get
:23:23. > :23:37.involved on the BBC Business Like web page.
:23:38. > :23:48.-- Business Live. Michael is back with us to talk
:23:49. > :23:53.about what is happening in the newspapers. This is an interesting
:23:54. > :23:56.story in the FT this morning - more debate and indecision about Heathrow
:23:57. > :24:01.and whether Richard get that extra runway. The Leader of the
:24:02. > :24:07.Opposition, Jeremy Corbyn, expected to vote against the expansion of
:24:08. > :24:11.Heathrow. Why? Pollution, that is the bottom line. That was the
:24:12. > :24:18.concern I had when they voted it through - how do you get under the
:24:19. > :24:25.care quality regulations? The M25 is a car park already, let's face it.
:24:26. > :24:29.What is the difference between West London and South London? It is the
:24:30. > :24:36.density, given the concerns that there are about clean air in the
:24:37. > :24:40.London area, do you want to argue that? We do need more capacity in
:24:41. > :24:46.the south-east, but I don't think it needs to be yet Heathrow. There are
:24:47. > :24:49.good transport links to Gatwick. Ultimately, a decision has to be
:24:50. > :24:53.made and stuck to. We have been having this debate for ten years. I
:24:54. > :24:59.wonder if it will just go won four more years now. I think it will. It
:25:00. > :25:08.seems that the politicians are unable to make a decision unless it
:25:09. > :25:15.is a significant project like HS2. All the while, our foreign rivals,
:25:16. > :25:20.Amsterdam, Dubai, are stealing a lead on Heathrow because of this
:25:21. > :25:26.indecision. We need it more than ever. Specifically now, with Brexit,
:25:27. > :25:29.we need to attract that inward investment. This sort of
:25:30. > :25:33.prevarication basically sends a terrible message to the rest of the
:25:34. > :25:38.world that our politicians can't agree on anything. Thank you very
:25:39. > :25:45.much indeed. And thanks for your messages this
:25:46. > :25:55.morning. And questions about the Powerball, the $750 million. Caleb
:25:56. > :26:08.says: 'S investment and a holiday. Is we will see you soon. Goodbye.
:26:09. > :26:14.A very good morning to you. I'm sure many of you are trying to plan your
:26:15. > :26:19.bank holiday weekend, and the forecast looks mixed - a mixture of
:26:20. > :26:23.sunshine and showers, with the brighter and drier weather in the
:26:24. > :26:24.south, thanks to high