this is business live from bbc news with sally bundock and susannah streeter. the european central bank has everyone‘s attention today as it grapples with the soaring euro and the future of the eurozone economy. live from london, that's our top story today, thursday 7th of september. a big headache for the ecb boss, mario draghi. when to wind down the massive stimulus programme? there are fears the $2.1; trillion package which propped up the eurozone could be creating a bubble. and tempering trump's rhetoric against north korea. are they watering down trade sanctions against pyongyang? we will

get the view from asia and this is the situation in the markets in europe as they open on the up. a lot of investors waiting for that key decision from the ecb. and reaching for the stars. we'll be getting the inside track from a south african entrepreneur known for his passion for democratic technology and a spell on the international space station. so today we are asking what are your astro ambitions? if you were given the chance to go to the international space station, what would you do? just use the hashtag bbcbizlive. hello and welcome to business live. we start in frankfurt where in a few hours‘ time the european central bank holds its latest policy meeting. the big question — when will it begin to raise interest rates from their historic lows and start unwinding the massive economic stimulus programme that's been in place since the financial crisis? it's a big dilemma

for ecb chief mario draghi. let's show you why. the eurozone economy is in much better shape, growing atjust over 2 percent a year. and the recovery is broad, including weaker nations such as greece and italy. prices are also rising. so called core inflation — which strips out volatile elements like fuel and food — hit 1.2 percent last month. the overall rate was 1.5 but that's still below the ecb's 2 percent target. and the recovery‘s partly down to this — the $2.1; trillion the ecb's pumped into the economy through quantitative easing. in other words, creating new money and using it to buy up bonds. critics argue this flood of money is creating a bubble on stock markets. others warn scaling it back too quickly could plunge the bloc back into crisis. europe's recovery has also caused this. a surge in the euro, which is up almost 13 percent against the us dollar this year. tightening monetary policy could boost the currency even further. philippe legrain is a former economic adviser to the president

of the european commission, from the london school of economics. good morning. so that is mario draghi's dilemma. what are you expecting from today, if anything? as she rightly said, the big question is when and how the ecb winds down its bond purchases. i think it is unlikely to start doing so think it is unlikely to start doing so today. first of all because, as she pointed out, the economic situation has improved, but inflation is still low, way of the target. and secondly because the ecb has not prepared markets for this move, and if it acted without preparing markets, you would see a big sell—off which could cause it to reverse. will he give some heavy hints in the press conference about when tapering or scaling back of quantitative easing will begin?” imagine mario draghi will be hinting

at the way forward. he has already spoken about the fears of deflation being over and out that being a question about reflation. the next ecb meeting is on the 26th of october and that is probably the time we will see an announcement about what the plans for bond buying oui’ about what the plans for bond buying our next year, when they might be wound down, and at what pace. although as i pointed out, the economy across the eurozone is growing again, much more positive numbers, and there is growth in greece, still be economies are very vastly different. germany could withstand this rollback of quantitative easing. of course. it is different across the eurozone and there is a lot of slack in economy. the growth figures for the first half of this year are good, but if you look at the context over past decade, actually eurozone living

standards are no higher than they we re standards are no higher than they were a decade ago, and therefore there is plenty of scope for the economy to carry on growing without wages taking off, and therefore without inflation taking off, so people will say we need to stay our hand on that. there is also the fear that if we act pre—emptively, firstly we could see the euro strengthening, which would depress inflation, and secondly we could see a sell—off of government bonds, notably in italy, which has a huge public debt, which has elections due before next may, where that could have disastrous financial and political consequences. we are running out of time, but you mentioned the elections and events in italy. we have also got the german election coming up in a few weeks and we have got brexit. all of that context in which mario draghi has got to walk the tightrope. very difficult. sure. german elections and there has always been pressure

in germany, where they don't like quantitative easing, and there economy is doing well and there is pressure from them and their allies to wind down sooner rather than later. thank you for your time. we are going to be all over this, so when we get any newsman ecb and that press co nfe re nce when we get any newsman ecb and that press conference that follows after them on a trip to the announcement, we will let you know what is going on. “— we will let you know what is going on. —— the monetary cnn announcements. let's take a look at some of the other stories making the news. president trump has agreed to a democratic plan to lift the us debt limit for three months, to fund the government and rush aid to hurricane harvey victims. the president went against republican leaders who wanted to extend a debt—limit increase for longer until after the 2018 mid—term elections to avoid giving democrats leverage. the us has asked the un to place an oil embargo on north korea and freeze the assets of leader kim jong—un over its latest nuclear test. the draft security council resolution seen by news agencies demands not only a ban on oil and gas supplies, but also an end to textile exports. facebook says it has discovered

a russian—funded campaign to promote divisive social and political messages on its network. the company said $100,000 was spent on about 3000 ads over a two—year period, ending in may 2017. the ads did not back any political figures specifically, but instead posted on topics including immigration, race and equal rights. we promised you coverage throughout the day and it is already on the business live page. all eyes on ecb of course at the euro will be very sensitive today. if it is important to you, keep an eye on the pound sterling as well as the day progresses. other stories out there for the uk economy, including this one about bovis‘s performance being expected, it is on track. and also

the uk financial watchdog has closed its investigation into the insurance firm police mutual. lots of stories on the business live page which we can't squeeze into this programme. you can see them there. despite the tough talk, the white house could be quietly shelving its plans to cancel a free trade deal with south korea. it comes as tensions heighten with north korea as the un could impose sanctions. our asia business editor karishma vaswani is in singapore. nice to see you. what more can you tell us? sally, reports suggest that us president trump has decided for now at least to put off the cancellation of the trade deal between washington and seoul. there we re between washington and seoul. there were tweets coming out early in the week and comments from the white house that the trade deficit between south korea and the united states was at a level which was not a cce pta ble was at a level which was not acceptable to washington. these are

unconfirmed reports coming out now. only one media outlets reporting so far so we cannot categorically say this is true. it would make sense, sally, given the timing of what has been going on between the united states and north korea. president trump really need the help of south korea to help resolve the north korean crisis so it would make sense if this ends up becoming true. thank you. let's check in with the financial markets now. in tokyo stocks moved higher, pulling away from the previous session's lows after news of an agreement in washington to raise the us debt limit helped restore investors‘ appetite for more risky business. that deal between republicans and democrats also pushed up the us stocks. the dow ending higher. let's ta ke a look at how european stocks have opened. on the up. traders will be eyeing

the results of that key ecb policy meeting later. now what is ahead on wall street today? stanley fischer, the vice chair of the federal reserve, is stepping down early. a veteran central banker who helped set the course of modern monetary policy, mr fischer plans to leave for personal reasons. the us central bank confirmed that his last day would be october 13th, eight months before his term was due to expire. now, it leaves the seven—person board of governors with as few as three sitting members. the senate banking committee is scheduled to vote later this thursday on the white house's nominee, randal quarles, to the role of vice—chair of supervision. also, watch out for more market reaction as investors track the path of hurricane irma. meanwhile, traders believe the risk of a us default have decreased, but they haven't disappeared entirely. this, of course, after donald trump and top democrats backed a plan to raise the government's borrowing limit for just three months. this was part of a broader package to provide aid for hurricane harvey and to fund the government.

michelle highlighting the big stories in the united states. jane foley is senior currency strategist at rabobank. talking there about the news of sta nley talking there about the news of stanley fischer resigning, going sooner than expected. he was expected to finish his term last year —— next year. he said in his personal letter that it was personal reasons but we have no more clues. we do know that there is a difference of opinion between him and donald trump on regulation. after the financial crisis there was a big move to stop the crisis happening again. the trump administration is about getting back some of that regulation. many bankers including stanley fischer are quite vocal and have been opposed to this. that is interesting

because of the head of the fed saying we should not wind back that regulation and her term is coming up in february. yes, his own -- hers is ending early next year. she has other common ground with donald trump, meaning she likes interest rates to be lower for longer. donald trump likes the dollar to be weak, which it is right now, and that might impact on things with donald trump. we have got to fill stanley fischer's seat and there are three other vacancies as well. so there could be a lot going on. seven seats. yes, and he could get control. your thoughts on the ecb. will you be across the euro and the pound this lunchtime? yes, the markets are pound this lunchtime? yes, the markets a re really pound this lunchtime? yes, the markets are really watching this event. the ecb does not talk about the currency specifically. how will

he talk it down without talking about it specifically? it's very clever andy is a market man and he knows how to manipulate markets and he might indicate not necessarily the level but the pace, to try and keep a lid on things. if he doesn't say anything, it is a green light for it to go up. thank you. and he will be coming back with this great story about disru pters will be coming back with this great story about disrupters in the tech sector going into traditional banking. and from software to space, we are also going to be talking about another disru pter, but we are also going to be talking about another disrupter, but that is to do with it. mark shuttleworth will talk about being a tech disruptor and space explorer. you're with business live from bbc news. let's talk music. we have it all in the show today. space, music, money, everything! britain's music industry

continues its strong performance with a big rise in exports in 2016. trade body the bpi says exports were up 11% and 1 in 8 albums bought worldwide were by a uk artist. gennaro castaldo is from the bpi. thank you very much for coming on the programme. which artists in particular are boosting sales?m 2016, it will not surprise you to hear, coldplay, the rolling stones, adele and for very sad reasons david bowie. because of his death, his catalogue around the world prompted massive demand and interest. this year we are seeing sam smith has a new album out and ed sheeran's album has been selling massively globally. that will be reflected in the figures that we announce at the end of this year. it is just looking very strong for music exports from the uk. is it really looking strong or is ita the uk. is it really looking strong or is it a one off? we had the tragic death of david bowie and when

it comes to adele, she relaunched itself with the first album for quite some years. we have been seeing constant and steady growth. since 2000, four jr billion in exports generated in the world around record labels. the growth was as a levenson. this is pa rt growth was as a levenson. this is part of a regular pattern that has been developing over a number of yea rs. been developing over a number of years. streaming has been growing. that has been helping us promote our artists around the world. about a quarter of their revenues are reinvested. government has been helping us as well. they had agreed scheme which has made £2.2 million available to support 150 artists, to market themselves all around the world. this is part of a concerted effort to grow our profile worldwide, to market ourselves and has helped to make the british music industry incredibly successful. apart from the us, we are the largest exporter of music all around the world. it certainly sounds

exciting for the music industry in the uk. gennaro castaldo, thank you very much indeed. another story to tell you about. the fund manager neil woodford has posted a video apologising for the really poor results of his fund apologising to his investors, an interesting way to make apology. indeed, watch with interest! you're watching business live — our top story: the european central bank has everyone's attention today as it grapples with the soaring euro and the future of the eurozone economy. what is ecb boss mario draghi going to say do, hint? we will tell you all about it. tune m, we will tell you all about it. tune in, listen to our radio or look at our website. our next guest is considered one of the world's most influential tech thinkers.

he's an outspoken advocate of open source software, which means that all operating systems should be free to everyone. by any measure, mark shuttleworth has had an extraordinary career. he's a proud south african, and made his first serious foray into entrepreneurship as a student in cape town in 1996, when he founded a cutting edge internet security firm. that proved such a success that it was bought by us tech giant verisign. the proceeds of that enabled him to set up the ubuntu operating system, which is free to all softwar. but his ambitions reaches further than tech — he's the first african in space, afterjoining the international space station in 2002. mark shuttleworth is with us now. good morning, welcome to the programme. let's start with the space element. actually, that came first, 27 years old. incredible, going to the international space station, tell us all about it. i've

a lwa ys station, tell us all about it. i've always been fascinated by exploration of all kinds. the universe out there represents extraordinary opportunity and in many senses the future for all of us. i had a sense that the space programmes in the us and russia were opening up. i had the great privilege of spending almost a year in russia, living in russia, surrounded by space professionals from all over the world, training with them and then flying to the international space station. and you funded it by selling that first tech company that you founded in your garage. i was in a privileged position where i could choose what i wa nted position where i could choose what i wanted to do. that was a nice way to make a break from what i had wanted to do. that was a nice way to make a breakfrom what i had done before and create space to think about the future. so you did that for a year. we went to space, on the international space station and it was there you formalised you're thinking about what you would do next? i think everyone who has that

experience, who goes away from earth and looks back at it, has the realisation that the world is small and fragile. after that you observe, many astronauts want to be part of things that have an impact. being a lover of technology and entrepreneurship, since open source had been essential to my making something global, i wanted to make other —— enable other people around the world to build interesting things. so i created ubuntu as a way of making open source easy to consume for businesses, and scientists. explain how ubuntu works and how you as a south african outside of the sort of closed club of silicon valley have provided for many big names in silicon valley this service? most people are familiar with windows and ubuntu is like that but it is used in a wide range of other environments, like the cloud and intelligent devices, self driving cars, smart meters,

home routers. the magic of ubuntu is it doesn't come from one organisation, it represents the innovation from thousands of different companies and individuals. ourjob is to pull that together and make it easy to consume. so because have become a platform... you are making easy to consume and is free which means you are providing to, something to everyone for free which other people want to charge for. i assume you made some enemies? yes, along the way. we changed people's expectations about how they should engage with infrastructure. how did you come up with the name? ubuntu is an african word, notjust south african, it is how people treat each other really well and that reflects open source really well. we have some tweets. one says, if i was in space i would help as much as i could with cancer beating treatments. astronauts are unsung heroes and people are not or is aware of their efforts. do you have this same view? what was it like in

space quest might did you conduct any experiments? i took four experiments to space. stem cells, we took them to space to see what would happen. we found they developed in a way that was much better for medical treatments. so that inspired a bunch of research. we had to mother experiments, not all of them successful. i was a happy guinea pig- successful. i was a happy guinea pig. white is space such a good environment? you are a brave man! why is it such a good environment to carry out those experiments? why is it such a good environment to carry out those experiment57m why is it such a good environment to carry out those experiments? it is different, so it challenges your understanding in interesting ways. scientists like to find oddities and curiosities which challenged them to dig deeper. you take things to space to see if they will behave in unexpected ways. two viewers have tweeted saying, i'd probably get sick a lot. another one has said, i would probably vomit the entire time up would probably vomit the entire time up there. what impact did it have

physically? most people who go to space get motion sickness, it is like seasickness. but it is a small price to pay. i imagine is not pleasa nt price to pay. i imagine is not pleasant being sick in space? no, but you are well trained for the consequences. so but you are well trained for the consequences. so nice to have you on the programme, fascinating. thank you for coming in. people must mention the fact... shuttleworth? you for coming in. people must mention the fact... shuttleworth7m can't be a coincidence! thank you very much indeed. good to have you on the programme. let's move onto electric vehicles. car makerjaguar land rover is announcing that from 2020 every new model will be available as an electric vehicle. jlr boss ralf speth explains his electric car strategy. at the end of the day, jaguar land rover is offering a choice to the customer. from 2020 onwards, all of our vehicles will be electrified, and we're offering a portfolio, a portfolio of products. mild hybrid battery electric vehicles, so the customer can choose.

but i would also like to emphasise that is not the end of the internal combustion engine. diesel and petrol engines are important and they are state of the art and contribute to the mobility today. that was the bass of —— boss of jaguar land rover. we have jane back, as it promised. let's delve into some of the stories. the founder of twitter going traditional on us, what is he up to? another disruptor. if on us, what is he up to? another disru ptor. if he on us, what is he up to? another disruptor. if he traditional or not? he wants a bank licence. he isn't the first tech company to go for a bank licence. you could say this is great, the banking industry needs more competition but there is another element to this. this is about regulation and control of the regulators. what he wants is not a traditional banking licence but what they are calling in utah and

industrial loan company. this is a special banking licence that would allow his company to do other things as well. this is when regulators begin to get a bit worried, because they may have less control over all they may have less control over all the components. in the financial arena, technology is massively... it's called fin tech. they are really going for it. traditional high street banks, anyone in financial services, they cannot rest on their laurels? this is exactly the case. the biggest potential disruption could be bit coin. regulators becoming very concerned about this. again, it's about control. regulators could lose control. regulators could lose control of certain parts of the financial industry. in the worst—case scenario, the money supply... the central bank's job would be watered down. this story about facebook, we mentioned earlier about facebook, we mentioned earlier about what was happening during the election, regarding facebook. a p pa re ntly election, regarding facebook. apparently the advertisers are saying, facebook said the advertisers can reach many more

people than it actually can because they don't exist on the us census. that is right, 25 million more young people. young people is important because this is the area that marketers want to get to grips with. 25 million more people in that category, and the 34th, exist on the census showing. this comes at a time when facebook is facing a lot of challenges, snapchat for example. young people see as much more appealing. my teenage children are using facebook press, may be instagram and snapchat a bit more. there are certain challenges out there. just quickly, losing track of time so! there. just quickly, losing track of time so i might get into trouble. saudi arabia redrafting their transformation plan, launched a year ago, no surprise they have to curtail it? oil prices are really low but they want to bring new forms infor low but they want to bring new forms in for long—term growth. low but they want to bring new forms in for long-term growth. thank you very much. that's it from business live today. bye— bye. good morning. the frightened about

the weather in the uk, let's look at the weather in the uk, let's look at the atlantic. all eyes on the caribbean as hurricane irma continues as a category five hurricane. the winds are 185 miles an hour. set to move across the turks and caicos islands over the bahamas in the next 2a hours or so. still a very significant storm with catastrophic impacts. we will keep you up—to—date on that throughout the day. let's take a look closer to home. an area of low pressure moving in from the north—west. bringing a wet and windy day to some parts of the country. toward the south and east, likely to have not a bad day. is dry and reasonably dry and bright weather. further west, is dry and reasonably dry and bright weather. furtherwest, more ploughed, outbreaks of rain and the breeze picking up. let's take a look in detail at this afternoon's weather. a wet afternoon across much

of scotla nd weather. a wet afternoon across much of scotland and northern ireland. in the east, some dry weather in the shelter of higher ground. some wet weather across the north—west of england, for cumbria, lancashire, and quite windy. for much of wales and quite windy. for much of wales and the south west of england, the cloud increases bringing some patchy outbreaks of rain. a bit dry in the south—east, in bright spells 19—20, but a few shows almost anywhere. into this evening, we see the rain in the north—west head further southwards and eastwards across much of the country. quite a soggy and breezy and cloudy night. with all the cloud, temperatures holding up in double figures. through the day tomorrow, most places sunshine and blustery showers coming in on that westerly breeze. in southern england and south wales, likely to see persistent rain through a good part of the day. a 5°99y through a good part of the day. a soggy day tomorrow in the south. elsewhere, sunshine and showers and temperatures around 15—18. what about the weekend ? temperatures around 15—18. what about the weekend? low—pressure staying with us. quite cool and

windy and there will be some rain at times. saturday not a bad day, similarto times. saturday not a bad day, similar to friday, sunshine and showers, a bit drier in the south, to friday. temperatures 14—18 or so. not bad in between the showers but during sunday, after a dry start in the south and east, wet and windy weather spreading across much of the country and it will feel quite chilly. hello. it's thursday. it's 9 o'clock. i'm victoria derbyshire. welcome to the programme. our top story today: hurricane irma, one of most powerful hurricanes in recorded history, is continuing its pa rt recorded history, is continuing its part the devastation over the caribbean with several islands flattened. my whole caved in. there we re flattened. my whole caved in. there were seven of us. all we could do was pray and call for help. the firemen came to our rescue as soon as they could of course. we'll talk to those affected throughout the programme. also this morning — we've taken the belgian paralympian

with a crippling degenerative disease who wants to end her life to meet an anti—eutha nasia campaigner. if you can't decide who wipes your bottom and then