canada's freight trains

grind to a halt. the country's two operators lock out workers after talks to resolve their strike fail. we'll hearfrom the head of the union. not if but by how much — wall street doubles down on rate cut bets as details from the last fed meeting are revealed. and the new boss of starbucks is in a froth over his planned 1,000—mile commute from california to washington, on the coffee chain's private jet. welcome to business today. we begin in canada, where freight rail transport has come to a grinding halt because of a contract dispute with workers. the nation's two main operators, canadian national railway and canadian pacific kansas city, locked out 9,300 workers after negotiations with the teamsters union failed to reach an agreement. the stoppage immediately blocks

arteries of north american supply chains that could cost the canadian economy c$31i1 million — that's about us$250 million per day. well, earlier we spoke with francois laporte, the national president of teamsters canada. we asked him if there is any chance of getting back to the negotiating table. first of all, you mentioned that it is a lock—out. it is not our decision to hit the streets. it is the decision of these two major railway companies, canadian national and canadian pacific kansas city to take hostage the canadian population and everyone dealing with the rail, the exporters and farmers and everybody. it is unfortunate, the situation. we are ready to go back

to the bargaining table as soon as possible, we are waiting for the call, and our people are on the street but ready to go back to work. we are negotiating on the basis of concession by the employers, not from the men from the union. we have concerns regarding the health and safety of our members and, more importantly, the railway safety. we had a tragedy here many years ago, tens of people died. every day across canada, we have trains carrying goods, they are carrying energy, chemicals, and we want to make sure that those trains are operated by people who get proper rest, who are safe, who are not fatigued. it is about safety, worker

mobility. yes, money is important, like in every negotiation, but our focus is maintaining our working conditions. we believe that we can achieve a negotiated agreement with both companies, but we need to be two to tango, and we don't feel that they are negotiating in good faith. they are colluding to terminate their collective agreement at the same date. 2a hours after we shook cancer and agreed in the minister's office to negotiate in good faith, 24 office to negotiate in good faith, 2a hours, three weeks ago, they agreed that august 22, we will knock you out. how can you negotiate in good faith when the company has decided to put it on the street at a very specific time and date. so we don't believe that they negotiate in good faith. let's go to wall street now,

where investors are digesting fresh economic data. expecations of an interest rate cut in the world's biggest economy are intensifying after minutes from the latest us federal reserve suggested that most of its officials believed it would "very likely" happen in september. today, we've learned that the number of americans filing new applications for unemployment benefits rose slightly to 232,000 last week. and there are signs that the housing market is improving — home resales, that's old houses rather than newly built ones, rose by 1.3% injuly afterfour months of decline. i'm nowjoined by our north america business correspondent, michelle fleury, who joins me from new york. a mixed picture painted by this economic data, but it would take an earthquake too —— expectations that the federal reserve is not going to cut rates next month. i the federal reserve is not going to cut rates next month.— cut rates next month. i think everyone _ cut rates next month. i think everyone is _ cut rates next month. i think everyone is waiting - cut rates next month. i think everyone is waiting to - cut rates next month. i think everyone is waiting to hear l cut rates next month. i think . everyone is waiting to hear from jerome powell, the chair of the

federal reserve, america's central reserve. everyone is looking for clues as to how they think this will play out. this time two years ago, the speech that mr powell gave was very much focused on how to bring down inflation. it hit a high over 9% and now, today, if you look at where things stand, it is closer to 3%, slightly below 3% right now. so the conversation is shifting from how to tame prices without causing too much pain to how to engineer a so—called soft landing, in other words how to start lowering interest rates without causing a crash. it is a difficult act to pull off, and i think that is why there is so much focus on it right now. the data has been pretty mixed over the last months also. but what we know from minutes that were released from the

fed's last policy meeting is that officials think that they are ready to start lowering rates, so the question is by how much and at what price. question is by how much and at what rice. , . ., ., , price. indeed, the expectation is for a 0-2% _ price. indeed, the expectation is for a 0.296 cut _ price. indeed, the expectation is for a 0.296 cut at _ price. indeed, the expectation is for a 0.296 cut at least, - price. indeed, the expectation is for a 0.296 cut at least, and - price. indeed, the expectation is for a 0.296 cut at least, and they for a 0.2% cut at least, and they say they could go for that, 0.5%. what will make the fed go for that big a cut, do you think? if what will make the fed go for that big a cut, do you think?— big a cut, do you think? if you go to wall street _ big a cut, do you think? if you go to wall street right _ big a cut, do you think? if you go to wall street right now, - big a cut, do you think? if you go to wall street right now, you - big a cut, do you think? if you go to wall street right now, you willj to wall street right now, you will hear everything. when we saw that market tumble as people got nervous, there were calls that the fed needed to do an emergency rate cut. then we saw better—than—expected data which made people pull back from that, and now saying they can stay the course. i was speaking to an economist this morning who said they were expecting three rate cuts this year, the first in september, pretty much steady as you go easing. 0thers

in september, pretty much steady as you go easing. others say that wall street is expecting too many rate cuts. i think that is why there is so much attention being paid to the speech that the federal reserve chair will give tomorrow for any kind of clues that he gives about exactly that point. i'll be talking 0.25, zero point five? that is why the markets are on tenterhooks about this. ., . ~ the markets are on tenterhooks about this. . . ~ ., the markets are on tenterhooks about this. . a ., ., ., ~ this. 0k, hancke for that. -- thank ou for this. 0k, hancke for that. -- thank you for that _ the biggest ever data centre in the democratic republic of congo is being officially opened today. the facility in the capital kinshasa is the fourth data centre opened by raxio group in africa, which describes itself as the continent's leading provider. there are around 120 data centres in africa, a tiny fraction of the number in europe or america. i'm nowjoined by robert mullins, who is the ceo of raxio group. thank you forjoining us today. how

would you describe the development of the digital economy in africa? these are the players who will be your customers.— your customers. good afternoon. thank you. _ your customers. good afternoon. thank you. a _ your customers. good afternoon. thank you, a pleasure _ your customers. good afternoon. thank you, a pleasure to - your customers. good afternoon. thank you, a pleasure to be - your customers. good afternoon. thank you, a pleasure to be on . your customers. good afternoon. i thank you, a pleasure to be on the programme. i think the digital development in africa is developing at an exhilarated pace and has been doing so for the last few years. a lot of time, effort and funds have been spent on developing connectivity infrastructure, from subsea cables, terrestrial cables, metro networks and mobile networks across africa. we believe that one of the key linchpins of digital infrastructure, which is hugely underserved in africa, and there is a significant opportunity and need for these facilities across the continent. for these facilities across the continent-— continent. the fact there are relatively — continent. the fact there are relatively few _ continent. the fact there are relatively few on _ continent. the fact there are relatively few on the - continent. the fact there are i relatively few on the continent, continent. the fact there are -

relatively few on the continent, is that in and of itself an obstacle to growth? is this one of the situations where, if you build it, the digital disruptors will come? there is certainly an element of that and you have to be careful when you embark on these investments, careful with sticking to closely to that thesis, but there's an of that for sure, that thesis, but there's an of that forsure, it that thesis, but there's an of that for sure, it is a chicken and egg situation. it is true that, for the last decade, the investment in data centres across africa has been really minimal. i think now is the right time, the perfect storm when all of this connectivity is coming online. data needs to be processed and cross connected, interconnected in these digital hubs across the region. in these digital hubs across the re . ion. �* , in these digital hubs across the reuion. �* , ., , ., region. briefly, does it matter where data — region. briefly, does it matter where data centres _ region. briefly, does it matter where data centres are - region. briefly, does it matter. where data centres are located? region. briefly, does it matter- where data centres are located? does it matter if there is one down the road if you are connected to one across the world? it

road if you are connected to one across the world?— road if you are connected to one across the world? it does matter, and what is _ across the world? it does matter, and what is important _ across the world? it does matter, and what is important to - across the world? it does matter, i and what is important to understand is that the value chain of where that data and what is happening with that data and what is happening with that data and what is happening with that data is important. your right to say that, in certain cases, for low latency applications, it is less relevant, but certainly for user experience for local enterprises, for banks who need to localise their data, and for the user experience of the local population, having content being processed much closer to those users is hugely important. as you know, increasingly, the applications that we are looking at our latency dependent. that we are looking at our latency dependent-— that we are looking at our latency de endent. ., ., ., dependent. 0k, we will have to leave it there. thank _ dependent. 0k, we will have to leave it there. thank you _ dependent. 0k, we will have to leave it there. thank you for _ dependent. 0k, we will have to leave it there. thank you forjoining - dependent. 0k, we will have to leave it there. thank you forjoining us. - starbucks and its newly appointed boss brian niccol have come under fire for plans to allow him commute almost 1,000 miles from his family home in california to the firm's headquarters in seattle on a private jet. the swift removal of niccol�*s predecessor and the $100 million deal

to poach him from another company has been big news in corporate america. critics have point out the contrast between the company's green stance and its executives' lifestyles. that is your business today. do stay with us on bbc news. we will have more business news for you tomorrow. join us then, goodbye.

you are watching bbc news. it's day four and the culmunation of the democratic national convention in the us. in the coming hours, vice—president kamala harris will formally accept the nomination, and deliver her acceptance speech.

with many saying the presidential race is too tight to call at the moment, this will be a big test for kamala harris. she's received raucous backing at the convention throughout the week, and party strategists will be hoping this will be her moment to shine. last night, her running mate, tim walz, gave a combative address to the convention. mr waltz, who's the governor of minnesota, said that being picked was the "honour of his life". he criticised republican policies, calling them "weird and extreme". we've got 76 days. that's nothing. there will be time to sleep when you're dead. we will leave it on the field! that's how we will keep moving forward. that's how we will turn the page on donald trump. that's how we'll build a country where workers come first. health care and housing are human right.