you building momentum — us vice president kamala harris is set to round off the democratic convention with what could be the biggest speech of her career. what could it tell us about her plans for the economy? not if — but by how much — wall street doubles down on rate cut bets as the details from the last fed meeting come to light. lesotho;s white gold. we find out about the landlocked country keeping the taps running in south africa. and which country tops the league when it comes to charitable giving? we reveal all... live from london this is business today, i'm sally bundock. is business today, we start in the us where as you've seen day 3 of the democratic national conventions has just wrapped up in chicago with another star studded line up of speakers. but as they say — save the best till last and later when the party faithful regather it's the speech that

everyone is waiting for. vice president kamala harris — the democrats�* nominee for president — will be making the most important speech of her career so far. it's just a month since president biden stepped back from seeking a second term in office but that's a long time in politics. since then, harris has seen her popularity balloon setting the stage for a tight presidential election come november. harris�*s running mate tim walz has just wrapped up day 3 — the other democrat grandees today were bill clinton and ophra winfrey — throwing their collective weight behind their candidate. but what can voters expect to hearfrom kamala harris later today when it comes to the economy?

area are a we will unpack about in detail in the moment but it's a huge week for the us and financial markets because they're looking for the latest read on the interest rates. the gathering all of the top bods from the us central bank and the federal reserve kicks off today. the gathering of all the top bods from the us central bank — the federal reserve — kicks off today injackson hole which culminates in a hotly anticipated speech from fed chairjerome powell on friday. his words move markets across the globe. the minutes from the fed's last meeting — released on wednesday point towards a not if — but by how much interest rates will be cut next month — as michelle fleury reports. officials inside america's central bank discussed cutting interest rates injuly before voting unanimously to wait, indicating instead that a september cut was more likely. the minutes from the last federal reserve policy meeting show officials are confident inflation is moving in the right direction, and that an increase in the unemployment rate means now is the right time to be talking about cutting rates from their current

22—year highs. it comes as more cracks in the labour market are starting to appear. the us economy added 818,000 fewerjobs in 2023 and early 2024 than previously reported. for wall street, the debate now is not whether the central bank will cut rates in september, but how aggressive they will be. traders will be looking for clues from fed chairjerome powell when he speaks on friday at a gathering of central bankers in jackson hole. for more on what we can expect from jackson hole, i'm joined by satyam panday — chief us and canada economist at s&p global ratings. let's start with jerome powell. and the minutes were pretty clear that a rate cut is coming

soon. , ~' clear that a rate cut is coming soon. , ~ , ., ,, soon. yes, i think progress has been made _ soon. yes, i think progress has been made on _ soon. yes, i think progress has been made on the _ soon. yes, i think progress has been made on the inflation - been made on the inflation front and some of the risks surrounding the employment mandate, you put those two together and it seems most likely a done deal that we will see a 25 point base rate cut in september. see a 25 point base rate cut in september-— see a 25 point base rate cut in se tember. , ., , ., september. the question is what ha--ens september. the question is what happens after — september. the question is what happens after that _ september. the question is what happens after that and _ september. the question is what happens after that and how - september. the question is what happens after that and how far i happens after that and how far will they go in 202a? interestingly we had a revision on usjobs growth interestingly we had a revision on us jobs growth that was more disappointing than previously thought. disappointing than previously thou:ht. , ., �*, thought. exactly, that's exactly what _ thought. exactly, that's exactly what we - thought. exactly, that's exactly what we are - thought. exactly, that's exactly what we are all| thought. exactly, that's- exactly what we are all waiting to hear, how do they see this easing cycle play out, are they thinking more in terms of slow and steady, 00 rate or will it be more of a front—loaded 50 base point this year and then may be another 50 in the first half of next year so it would

be important to think, is he thinking rate cuts for a post—pandemic normalised economy or trying to get ahead of it before the employment rate start to materialise. it’s rate start to materialise. it's interesting _ rate start to materialise. it's interesting timing because we've been watching the democratic national convention this week and it's all about looking ahead to the november election. donald trump, the republicans, they have been saying may be the fed should not be moving rates before an election and obviously the central bank is independent of politics but it will bring a feel—good factor if rates are cut. feel-good factor if rates are cut. ., , ., , cut. you brought up the election _ cut. you brought up the election cycle _ cut. you brought up the election cycle and - cut. you brought up the election cycle and it's . election cycle and it's paradoxical here where the incumbent wants to hear more good news or better news on what the data suggests while the opponent generally tends to be thinking it's a weak economy

than the data suggests the same time most likely that one is thinking weaker is probably championing for a rate cut not this quarter and one who thinks it's better than the data suggests is probably championing for a rate cut, so it's paradoxical to say the least. ., ~' , ., it's paradoxical to say the least. . ~ , ., it's paradoxical to say the least. . ~ . ., least. thank you so much for our least. thank you so much for your time- — least. thank you so much for your time. interesting - least. thank you so much for your time. interesting to - least. thank you so much for your time. interesting to get| your time. interesting to get your time. interesting to get your take on all of that. the feel—good factor is therefore markets but we have touched on some interesting data that came to the fore yesterday, the downward revision on usjobs growth. — showing the economy in a far less bullish light than previously though. recession fears earlier this month sparked turmoil in stocks. japan is up by 0.4 of 8% and hong kong the same. the price

of oil is not moving and if we look at the next board, that is critical, another closing high for the main markets across the board in the us and this is just off the back of those federal reserve minutes that pointed to everyone on the team saying we need a rate cut in september. for morejoining me now is janet mui — head of market analysis at rbc brewin dolphin. the market still riding a wave of optimism, but what are your thoughts on whatjerome powell will say on friday? thoughts on what jerome powell will say on friday?— will say on friday? good morning _ will say on friday? good morning and _ will say on friday? good morning and thanks - will say on friday? good morning and thanks for| will say on friday? good - morning and thanks for having me. i think the markets have rebounded strongly almost before the cell all, and the markets have realised the recent panic was unwarranted because after the us jobs report we got a stream of better us data including low

inflation data and all of this trust provides reassurance that the us economy is still expanding in the recessionary territory and we thinkjerome powell is likely to reiterate that now is the time to stop cutting interest rates because inflation is moving in the right direction on the us economy is ultimately slowing, so i would invite him to say that the rate cuts are coming. janet, the market, before president biden said he would not run for the presidential election in november, before he stepped down markets where pricing in a donald trump win and it was called the trumpet trade, but what are markets doing in the light of this week at the democratic national convention and donald trump is campaigning hard as well. .

after kamala harris entered the race, the probability of her winning the election according to betting odds have overtaken donald trump, so i think the trump trade has unwound a bit on that but i imagine it's still pretty close and i think the market is acting on economic fundamentals and the monetary policy and also reacting to the latest corporate earnings season which is pretty decent and there could be more important factors in that later.— in that later. janet, thank ou. in that later. janet, thank you- let's _ in that later. janet, thank you. let's bring _ in that later. janet, thank you. let's bring in... - joining me now is former bill clinton official and political strategist morris reid, partner at consultants actum — who's in chicago but not at the convention. first of all, what did you make of tim walz�*s beach? i first of all, what did you make of tim walz's beach? i thought it was terrific. _ of tim walz's beach? i thought it was terrific. he _ of tim walz's beach? i thought it was terrific. he came - it was terrific. he came through like a real coach, a real american and i think he

hit the right notes and really got people excited so i thought he did a really good job. for he did a really good 'ob. for the democrats _ he did a really good 'ob. for the democrats at _ he did a really good job. for the democrats at this convention, he is completely a new phase to a great degree and also an international audience whereas all of the other faces we have seen are very familiar and we know them well, barrett 0bama, the clintons, etc. it is 0bama, the clintons, etc. it is a new beginning _ 0bama, the clintons, etc. it is a new beginning -- _ 0bama, the clintons, etc. it 3 a new beginning —— barack 0bama. kamala harris is known but not well known to everyone like the clintons, and the governor is a new face and new energy and someone that's really relatable and i think the democrats wanted to get someone that could speak to that everyday american, so he is fresh blood and i think you did a good job. interestingly enough, the delegation, was still in the whole celebrating, so they are very excited about their governor and the fact that he is on the ticket at this level —— are still in the hall. this level -- are still in the hall. a, , this level -- are still in the hall. , . hall. morris, correct me because _ hall. morris, correct me

because i'm _ hall. morris, correct me because i'm going - hall. morris, correct me because i'm going into l hall. morris, correct me i because i'm going into my historic thinking on us politics. who was it who said it's the economy, stupid? was that the bill clinton campaign or prior to that?— that the bill clinton campaign or prior to that? no, it was to build kent _ or prior to that? no, it was to build kent -- _ or prior to that? no, it was to build kent -- bill— or prior to that? no, it was to build kent -- bill clinton - build kent —— bill clinton campaign. build kent -- bill clinton campaign-— build kent -- bill clinton camaiun. ~ ., ., campaign. so you will know that extremely _ campaign. so you will know that extremely well. _ campaign. so you will know that extremely well. is _ campaign. so you will know that extremely well. is that - campaign. so you will know that extremely well. is that a - extremely well. is that a similar story this time? to what extent will the economy be the factor for voters and if so what will ye hear from the factor for voters and if so what will ye hearfrom kamala harris on that tomorrow in her speech, or today in the uk for people watching in chicago. there are two things. number one, elections in america are always local and all politics is local, so everything will focus on how the democrats all the republicans are able to relate to everyday american issues. that's number one. number two, the democrats, they

need to be able to relate to those non—educated, white rural voters, so bring someone —— bring on some like the governor will help that. nobody goes for the vice president and they go to the top of the ticket but bringing someone from middle —— middle america is a compelling narrative and at the end of the day it will come down to who has been able to better identify the issues that americans are suffering with now. gas prices, food prices, inflation, and i think the vice president has to focus on these things and those are the two important things, what is being authentic. she has to be really authentic and true to herself. she is a prosecutor and she does very well. so if she sticks to her prosecutor background, she will do well. the thing that is second for her is being relatable, she was a single mother, so these are the kind of issue she needs to lean into. the kind of issue she needs to lean into-— the kind of issue she needs to lean into. ~ _, , ., lean into. when it comes to the economy. _

lean into. when it comes to the economy. what _ lean into. when it comes to the economy, what do _ lean into. when it comes to the economy, what do they - lean into. when it comes to the economy, what do they have i lean into. when it comes to the economy, what do they have to j economy, what do they have to offer, because many might look at donald trump and say, he is at donald trump and say, he is a businessman and and he goes strong on the fact that he can make america great again a lot of that is to do with supporting businesses and the economy and boosting the economy, and they will probably argue that underjoe biden people are worse off. looking at the statistics, _ people are worse off. looking at the statistics, this - people are worse off. looking at the statistics, this is - people are worse off. looking at the statistics, this is one i at the statistics, this is one of the things democrats have to be careful well and they will save the economy is doing better but when you talk to americans, they say it is difficult for me and what she has to do is talk about the issues that matter. donald trump will talk about tax cuts and terrorist but they are not issues that everyday americans relate to. they sound good but do they really hit them where the pocketbook is? he needs to focus on those issues where biden struggled. he never really talked about the economy doing well, you talked about

building bridges, that they will cut prices and make rents more affordable and build more homes, and these are the kind of things that americans want to hear, and they want to hear that the president whoever it is, understands the common everyday issues, and donald trump talks about them and the billionaires on the tax cuts, but he has to talk to them directly across the table. whoever is able to do that, harris or trump, that person will win the election, especially in the seven states that matter. irate especially in the seven states that matter-— especially in the seven states that matter. we have to leave it there but — that matter. we have to leave it there but we _ that matter. we have to leave it there but we are _ that matter. we have to leave it there but we are grateful. it there but we are grateful for your time. it there but we are grateful foryourtime. some it there but we are grateful for your time. some breaking news as the canada freight rail transport has come to a grinding halt. in the last hour of the canadian national railway and canadian pacific kansas city have announced a shutdown after last—minute talks with the teamsters union over labour contracts failed to

reach agreement. canada is the worlds second biggest country area and relies heavily on its railways to transport a wide variety of goods. it could cost the economy around $250 million per day. speaking ahead of the strike action, professor barry prentice from the university of manitoba transport institute explained how important the railways are to canada's economy. in the last week or so that railway have embargoed movement coming in from the us and they've also refused to start taking any refrigerated products or perishable goods as well as containers at the port, so it is slowly shutting down in preparation. most of canada's trade is based on raw materials, so grain, products, minerals fertiliser, potash as

well as petroleum and these products. many of these are moved exclusively by rail because the distances are long and on freight rates. around the world and across the uk. this is bbc news.

to africa now, and the small landlocked country of lesotho. it is completely surrounded by south africa but despite its relatively small size, it has something its much larger neighbour lacks — and that's water. since a deal was signed in the 1980's, lesotho has helped keep south african taps running. but as demand increases, its citizens haven't always been feeling the benefits — as andre lombard reports. here, they call it lesotho's

white gold. the katsi dam, the second largest curvature dam in africa. more than 500,000 0lympic sized swimming pools flow into neighbouring south africa each year. it's a deal that earns lesotho $200 million annually. but it's not without its controversies. from the dam, it's around a kilometre to half ramaphosa's village. the country might be water rich, but not all people here share in that wealth. so when we first arrived about half an hour ago this spring, which is inside here, was running quite strongly. it's now dried up, which means the ladies who've been here about 5.5 hours will have to wait for the water to start again. at the spring we meet mantsebo, who got here at 5 a.m., but that wasn't early enough to get fresh water. the water shortage

situation here is terrible. we are struggling to get water. sometimes when it rains, a dead dog can be washed into the spring. we have to just take it out as we need the water. even if it's contaminated. and dirty water leads to other consequences. we regularly get sick. even small children, they drink this water and they have upset and painful stomachs. sometimes when you come to the water, you see little worms. but you still have to drink it because there's no way we can survive without it. the village chief tells me that despite promises stretching back five years to fix the problem, nothing has happened. my message to the government is that they should come here and see how we live. we can't have this beautiful dam built around our village, and yet we're still living in poverty. that's not an opinion you will hear on guided tours

that tourists are offered of the dam. with officials keen to impress how much life has improved here. the governments elected in october 2022, admits there is a problem and says they are acting to address it. we now have to, as a pursuit to refocus our main objective is going to be going forward to give water to basotho and then secondly, do the water transfer. and now we have to look at the provision of water to the locals by 2030. that's what we're going to be looking at. so you can give assurances that those villages will have access to safe drinking water by 2030. i'll bet my life on it. this is where much of the water ends up. 450km away in the world's largest city, not built on a water source. johannesburg is south africa's economic heartland. the richest city in africa. but the city of gold is getting thirstier. taps increasingly run dry here due to crumbling infrastructure, a growing

population and reservoirs vulnerable to climate change, which means demand is increasing for lesotho's water. with life, we need water as well as with the economy. it needs water as well. so the city's water is quite important because it basically drives part of south africa's gdp. and demand is starting to come from elsewhere. a deal has been agreed with botswana to take water more than 700km through a pipeline into the country. but for mantsebo, the balance of the economic benefits are more of a trickle than a gush. andre lombard, bbc news at the katsi dam, lesotho. and finally to here in the uk where apparantly our status as a charitable, giving country is under threat. that's according to the latest charities aid foundation's world giving index for 2024.

it places the uk outside of the world's top 20 most generous countries — placing at 22nd — its joint lowest ranking — last seen in the pandemic. so what's going on? neil heslop is chief executive of the charities aid foundation behind the index. who are the best givers, first of all? who are we up against? i'm not sure whether it is we are up against. but we serve 845,000 people in hundred and 42 countries on the top three were indonesia, kenya and singapore and in recent years the uk has slipped down. when ou do the uk has slipped down. when you do the _ the uk has slipped down. when you do the comparisons, - the uk has slipped down. when you do the comparisons, i - the uk has slipped down. when you do the comparisons, ijustl you do the comparisons, ijust wonder, how do you compare and measure? it's quite difficult to measure people's giving in

the uk compared to indonesia. would you argue that?- the uk compared to indonesia. would you argue that? there are lots of differences _ would you argue that? there are lots of differences but _ would you argue that? there are lots of differences but there - lots of differences but there are many similarities in the methodology is actually very simple. we ask people, have you in the last 30 days donate money, time or helped a stranger you did not know. and the results, the answers to those questions allowed us to produce an index between zero and 100. the global average is 40 and the uk has slipped back from ten years ago when we were 57 and we have dropped back to 49, so still above average in the uk can be generous country but we need to take action if we are to nurture and grow our culture of generosity before it declines further. i culture of generosity before it declines further.—

declines further. i was going to sa , declines further. i was going to say. i _ declines further. i was going to say. i was _ declines further. i was going to say, i was surprised - declines further. i was going to say, i was surprised to . declines further. i was going | to say, i was surprised to see this story and that's why i wanted to get your take on what is happening because i know at the bbc when we run events like children in need on an annual basis, red nose day, whatever, we are always amazed and astounded at the british public�*s generosity despite the circumstances like the cost of living crisis and a global pandemic and we've always broken records, which is amazing and something to be celebrated, isn't it? i amazing and something to be celebrated, isn't it?— celebrated, isn't it? i think ou are celebrated, isn't it? i think you are right. _ celebrated, isn't it? i think. you are right, notwithstanding these results,, in absolute terms, the uk is generous. 0ther terms, the uk is generous. other research highlighted that in the uk last year 13.9 billion was given but what is happening is, although the amount is healthy, where that is coming from is from a smaller and smaller proportion of the population. ten years

ago 75% of people gave. this data says 67% when it comes to helping a stranger ten years ago, it was 63 and has dropped to 55 and in terms of volunteering, ten years ago 32% and dropped back now to 26, so there is a systemic decline and thatis there is a systemic decline and that is not at all to disrespect the extraordinary generosity we see from those who do give and we wish to celebrate that inspires the rest of us to join in. i celebrate that inspires the rest of us to join in.- rest of us to 'oin in. i am challenged _ rest of us to join in. i am challenged to _ rest of us to join in. i am challenged to think - rest of us to join in. i am challenged to think what | rest of us to join in. i am - challenged to think what i've have done in the last 30 days. it's a good question in terms of giving, whether that be time, money or something else. and i am about to go as well. we are out of time. i will see you soon. hello there. a spell of wet and windy

weather is currently making its way across the far north of the country, and it will take its time to clear. so heavy rain easing slowly on thursday, but it will stay pretty windy right throughout the day, all tied into this area of low pressure. you can see how tightly packed the isobars are. we're likely to get gusts of winds — 50, 60 miles an hour and some of that rain really persistent. it will be gradually easing away from scotland first thing. and as it pushes its way south and east across england and wales, it will also weaken to a band of cloud and showery rain into the afternoon. blustery winds continue. gusts of winds generally 40 to 50 miles an hour, perhaps stronger on exposed coasts, and that'll drive in a few sharp showers, particularly to the far north and west. here it will feel fresher, 14 to 17 degrees the high. pressure as well in the southeast with that lack of sunshine, 21 celsius here. now, as we move out of thursday into friday, we'll see another spell of wet weather. and on the southern flank of that low, the strongest of the winds through wales, perhaps as we go through the course of friday morning.

so first thing on friday morning, eight to 16 degrees, those strong winds will continue to drive that rain steadily eastwards as we go through the day on friday. once again, the heaviest of the rain looks likely to be to the far north, easing its way out of eastern scotland. as we go through the day. sunny spells and scattered showers that continuing once again, not that much in the way of significant rain to come in the south east of england at the moment. top temperatures again between 14 and 23 degrees, but there is a potential for more in the way of significant rain from this weather front in the south east during the early hours of saturday morning, so it could be a very wet start across southeast england first thing on saturday morning. that rain could take its time to clear. we'll see a cluster of sharp showers close to another low into the far northwest. sandwiched in between the two, somewhat drier and brighter. but again, those temperatures

a little subdued, 13 to 20 degrees. 0nce we've got that rain out of the way, bank holiday weekend for most will quieten down a little, dry up with a little more in the way of sunshine.

hello, welcome to breakfast. the headlines today. tributes are paid to a woman and three children who have died in a fire at a house in bradford. the search resumes for the final missing person in the wreckage of the yacht which sunk off the coast of italy after five bobbies were discovered yesterday. —— bodies. hundreds of thousands of teenagers receive their gcse and btec results today. good morning. we spend almost £2 billion on berries in the uk each year, but farmers say their costs are rising so sharply, many fear they could go out of business within a couple of years. i am out of his farm in kent to find out more. good morning, chris woakes leads the way. england are without their captain, but chris woakes and the bowlers might put the team on top

against sri lanka.