a meeting of... china's communist party's four day meeting ends without any clear solutions to the country's economic woes. the bank of england suffers major problems with a system used to settle hundreds of billions of dollars of transacations every day to settle hundreds of billions of dollars of transacations every day. welcome to business today. let's start in china — and an important meeting of the communist party has concluded in beijing — with no clear indication of how chinese leaders aim to solve the country's economic problems. the world's second largest economy is struggling with high levels of local government debt, and a depressed real estate market.

there have been questions about china beyond its former economic woes. the four—day meeting is held once every five years, and lays out the country's future economic direction. what did we learn? i'm nowjoined by our asia pacific editor micky bristow. explain what they were discussing, here. there are so many issues facing the chinese economy, it is hard to know where to start. what were they hoping to achieve in a meeting? were they hoping to achieve in a meetin: ? , , , meeting? this is held every five ears in meeting? this is held every five years in the _ meeting? this is held every five years in the communist - meeting? this is held every five years in the communist party i meeting? this is held every five i years in the communist party cycle and it is usually at this meeting of the communist party set out its major overall economic agenda for the coming years. so, broad brush ideas, essentially, that is what they were going to discuss. when you read the communique that they came out with after the meeting finished, you can see just how broad a brush that agenda was. it talks about fiscal policy, tax policy, foreign investment, even social control and

maintaining social control in the country where there could be economic problems, so example, a run on a bank or real estate problems we have talked about quite a lot over the last few months. controlling those. so, a broad range of issues being discussed at this i have to say, having seen what other commentators have said as well, i agree with my initial assessment which is that if you read the communique, there is very little specific detail in here about what the chinese government is going to do about the multiple economic problems facing the country at the moment. it is really a reassertion of some of his broad ideas, for example, continuing reform, helping the poorest people in society, that kind of thing. there is no real detail about how that is going to be achieved, perhaps if the coming days we will get to hear in more detail

when individual departments and ministers get to unpick and detail exactly what they are going to do about specific policies.— about specific policies. when you look at the _ about specific policies. when you look at the economic _ about specific policies. when you look at the economic growth - about specific policies. when you i look at the economic growth figures causing so much concern, i think that they are talking about 0.5%. that is a figure most western economies would kill for. it is the fact that it is unusual in china which is a problem. double digit growth figures have been seen over so many recent years. is it your assessment, we are getting to a point where this is a new normal? what chinese 11 economic growth is not 11% or 13%, it is very four or 5%? not 1196 or 1396, it is very four or 596? . ., ., . not 1196 or 1396, it is very four or 596? ., . ., ., 596? economic growth in china has been changing _ 596? economic growth in china has been changing in _ 596? economic growth in china has been changing in the _ 596? economic growth in china has been changing in the last - 596? economic growth in china has been changing in the last decade. | been changing in the last decade. there numbers you mention were achieved in the early part of the century and it has been slamming down ever since. we did of course have the pandemic, in which china introduced draconian measures with a really big effect on the economy. it has been unable to jump—start the economy since the co—grid pandemic.

also, there have been a series of substantial underlying problems within the economy and the real estate sector is perhaps the biggest one. that is really a big one. also, a lot of local government debt. also, a lot of unemployment. particularly among young people and new graduates coming out of university this year looking for jobs. it is a really massive structural issue that the economy has to deal with, which means that for quite some time now the economic growth has been quite sluggish and it is probably going to remain that way. it is probably going to remain that wa . . ~' it is probably going to remain that wa . . ~ , ., it is probably going to remain that wa. . ~ it is probably going to remain that wa. . . ., way. thank you so much. that was our asia pacific — way. thank you so much. that was our asia pacific editor. _ one of the world's most important central banks , 0.75% is concerned with inflation in particular the upwards pressure on

prices. let's turn to the european central bank now which — as expected — has held its main interest rates at 3.75%. the bank said it remains concerned about inflation —— in particular the upwards pressure on prices in the services industries —— and that it sees inflation remaining above its 2% target "well into next yea r". there was little sign of when it might cut rates again after it did so last month. well carsten brzeski is the global head of macro for ing research. he says the ecb is uncertain on what to do next. we have labour shortages across all the european countries with labour shortages, we will see more upward pressure on wages. if this is the case, there is enough demand which will also keep service price inflation up. and that is a clear worry for the ecb. it's even more difficult this time around because we've had so many governments intervening in the energy sector with price caps, with subsidies. so all these government interventions over the last two years have really made that inflation even less reliable than it was before. so we have big differences. and the ecb always said that they are doing monetary policy for the entire eurozone, not for certain countries, but they are looking into these country differences. and this is also why they are extremely cautious.

and they will be reluctant to really engage in a longer series of rate cuts. there was no surprise today, but i think the ecb has become a bit more uncertain on what to do next. that is the important thing. and they are also seeing that the european economy is losing a bit of momentum again. at the same time, inflation turns out to be stickier than the ecb thought. and so therefore every the eyes will be. now on the september meeting, i think it's the 50 over 50 chance that we will get another rate cut in september. but it's definitely not a done deal. india's newly elected government will present its first union budget in the coming days. that is after prime minister narendra modi and his party lost their outright majority in parliament. as a result, analysts are betting this year's budget will focus more on the struggling rural economy, instead of the big cities. my colleague nikhil inamdar sent this report from the state of uttar pradesh. northern india's rural heartland. bypassed by the country's shiny economic boom.

this man's family has worked these plains in bara arsa village for generations. its hard toil, he says, that hardly pays. he didn't vote for prime minister modi in the elections gone by, despite supporting him the previous two times. the prime minister's promise to double farm incomes, he says, has remained just that a promise. my income has gone down as prices for inputs and labour have gone up, but not for the produce. all the money i make goes in paying fees for my sons. one is an engineer but hasn't had a job for two years. down the road, this furniture factory has seen its exports drop 80% in the last five years. the proprietor says he'd have liked

to sell locally, but continuing rural distress means there is no demand. the farm economy is down, and the biggest problem in growing local demand is high debt among farmers and also unemployment. they have no money in their pocket and no capacity to buy anything. such economic pain may have at least partially caused the electoral retreat of prime minister modi's party from this once bjp stronghold. so this really is the india that's been left behind by its galloping gdp and the biggest challenge now for prime minister narendra modi for prime minister narendra modi will be to address these sharp inequities and bring prosperity to these villages. pushing manufacturing that can create local jobs and spur wider consumption

will be key to bridging these gaps, say experts. if i'm able to make 200 rupee shirts in this country and not let that import demand leak to bangladesh and vietnam, i will boost manufacturing. so manufacture things where people want, give them the jobs where they live and you will see a revolution. these are people who make up india's large rural majority, a better deal for them is critical for a country aspiring to become the next global superpower. nikhil inamdar. bbc news in uttar pradesh. a global payments issue is delaying high—value transactions including things house purchasers. one of the world's most

important central banks , the bank of england , says a "global payments issue" is delaying high—value transactions, including house purchases. the chaps service is also used for foreign exchange transacations and last year processed an average of $472 billion a day. a global messaging system allowing a smooth transfer of funds around the world of banks paying each other. at this stage it is not being dealt with as a cyber incident, it is understood, but the impact of that has been quite significant. the bank of england, as you say, so set in the uk that is affecting the chaps system which is used by banks and lenders to make high value and time sensitive payments between themselves. for individuals, it could impact them as well, because it is used for high value purchases like cars and, specifically, for completion on house purchases. so, you can see many people would be

worried if this persists that it could affect the chains of house purchases and people potentially left outside their new home. we don't yet know the scale of it yet and we don't know how long it will last, but many people and many analysts say that when this has happened before it tends to be dealt with swiftly, clearly because of concern and some stress for many people. concern and some stress for many --eole. concern and some stress for many eo . le, ., , concern and some stress for many --eole. ., , , concern and some stress for many n-eole. . ,~ , , people. the last thing anybody needs when they have _ people. the last thing anybody needs when they have gone _ people. the last thing anybody needs when they have gone through - people. the last thing anybody needs when they have gone through the - when they have gone through the process of buying a house. thank you much, kevin. in other news... the imf has advised the us federal reserve not to cut interest rates until late 202a. it has recommended raising taxes, including on households earning under $400,000, to slow federal debt growth. this guidance emphasizes fiscal prudence despite strong economic growth, as tax and spending proposals are prepared for the upcoming november presidential election.

italy's competition watchdog has launched an investigation into google and its parent company alphabet over suspected unfair practices involving users' personal data. the �*anti—trust agency�* is scrutinising google's "consent requests", which seek permission to use data across services like google search, maps, and youtube. the watchdog says the requests lacks clear information on how the data will be used. saudia group has signed a deal with germany—based air taxi developer lilium to purchase 100 all—electric flying shuttles. the saudi state—owned airline made a firm orderfor 50 of lilium's electric vertical take—off and landing jetswith an option for an additional 50 later, lilium said. the first aircraft are expected to join saudia's fleet in 2026. more on no stories that bbc dot—com forwards business. that is your business for now. see you soon.

you are watching bbc news. the post office scandal has been

called the biggest miscarriage ofjustice in uk history. and today, at the inquiry that's trying to understand what went wrong, two former post office ministers gave evidence — pat mcfadden who is now a cabinet minister — and sir ed davey, the leader of the liberal democrats. well sir ed davey apologised to the campaigner alan bates — the central charachter in the tv drama that highlighted the injustice suffered. lets you listen to what he had to say. i lets you listen to what he had to sa . ., lets you listen to what he had to sa. . .,, ., lets you listen to what he had to sa. . , ., say. i have apologised and repeat that apology _ say. i have apologised and repeat that apology for _ say. i have apologised and repeat that apology for not _ say. i have apologised and repeat that apology for not meeting - say. i have apologised and repeatj that apology for not meeting alan bates on the basis of his first letter. ., , ., , , letter. you tell in your witness statement _ letter. you tell in your witness statement about _ letter. you tell in your witness statement about the _ letter. you tell in your witness statement about the letter, i letter. you tell in your witness l statement about the letter, that letter. you tell in your witness - statement about the letter, that we are looking at, it was drafted for you by— are looking at, it was drafted for you by officials. it is accurate? yea _ you by officials. it is accurate? yea turn _ you by officials. it is accurate? yea turn it _ you by officials. it is accurate? yes. turn it was approved and signed ljy yes. turn it was approved and signed by you. s. flan yes. turn it was approved and signed b ou. s. . , ., yes. turn it was approved and signed b ou. s. ., , ., , yes. turn it was approved and signed b ou.s. . , yes. turn it was approved and signed b ou. s. ., , ., by you. 5. can you help is? you sent a by you. 5. can you help is? you spent a lot— by you. 5. can you help is? you spent a lot of— by you. 5. can you help is? you spent a lot of time _ by you. 5. can you help is? you spent a lot of time in _ by you. 5. can you help is? you spent a lot of time in your - by you. 5. can you help is? you i spent a lot of time in your witness statement — spent a lot of time in your witness statement explaining the administration of ministerial

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