hello, this is business live from bbc news with sally bundock and mayram moshiri. how far and how fast will us rates rise? the chair of the us fed could give us a hint later today as central bank bosses meet from around the world. we're live, we're in london, and that's our top story on friday 24th august. is the annual power well for some of the world's most powerful central bankers, hosted by the boss of the fed, jerome powell, we will look at what they have to say as it becomes highly politicised thanks to president trump. also in the programme...

the australian dollar jumps as the country gets a new prime minister following a brutal leadership battle, we'll be live in sydney. most markets are on the up. looking at the week that was, we'll delve into the economic stories hit the headlines including venezuela's floundering economy and an historic day for the s&p with our very own andrew walker. and luton hangs onto its claim to be the uk's worst airport, according to one survey. today we want to know what are your favourite and least favourite airports in the world. let us know, just use the hashtag bbcbizlive. yes, don't hold back, name and shame those airports, or, if one

particularly stands out, let us know about that as well! we start with the us economy, because us federal reserve chief jerome powell is hosting his fellow central bankers at their annual meeting, in the mountain resort ofjackson hole wyoming. his big speech later will be closely watched for hints about more rises in us interest rates this year. it's becoming a highly politicised subject. in an interview last week president trump broke with tradition on the central bank's independence and said he was "not thrilled" by the bank's policy of raising borrowing costs. breaking with tradition, something that president donald trump tends to do(!) he'd prefer to see more help for the economy from lower rates. the fed has raised them twice this year and is widely expected to raise them twice more in september and december. and here's why, the us economy is growing strongly, at 4.1%, and unemployment is at an historic low of 3.9%. but there are serious concerns about the escalating trade war between the us and china. as well as instability in emerging markets,

especially turkey. and of course the possibility of political upheaval in the us. on thursday, president trump said there could be serious damage to the economy if he's removed from office. viraj patel is a global macro strategist, ing. thank you forjoining us, first of all, how important is this meeting at jackson hole because all, how important is this meeting atjackson hole because it all, how important is this meeting at jackson hole because it really does set the scene for the following nine to 12 months. gives us an idea of where central banks are going. exactly, this is the first jackson hole that will be overseen by the new chair of the fed, jerome powell, and that will give him the opportunity to outline policy for the next nine to 12 months. interesting subplots: one, the role

within the world for the fed as a global central bank and potentially some of the emerging market volatility we have seen affected by higher us interest rates. the second, how the federal reserve deals with an unpredictable president, trump, both his vocal criticism of the us interest rates as well as his trade policies. there is friction between president trump and the federal chief. friction lies within this policy of interest rate rises, what is it president trump has against it at the moment? when it comes to interest rates, there must be gradual and supportive for the economy. the administration have an idea for interest rates to be business friendly, low, and a weak dollar, which is consistent with trade policy, the federal reserve is mandated and independent from everything the white house has to say. we think that message will be reiterated. there is a mandate of maximum employment, that is mandated

by congress and that will be reiterated. the higher us dollar, the dollar is strong, good for the economy in some ways but in light of what has happened with emerging economies, the likes of turkey, where does this leave the fed in how it uses the strong dollar and how it needs to go from here. to policy options, america first monetary policy approach, a good reason for a strong dollar and high us interest rates, but also a global role for the us central bank, some of the spill—over effects from the market volatility has historically caused the fed to adopt a patient policy approach, we expect that fine balance to be struck byjerome powell this week and, and it might provide a bit of comfort to some investors in global markets, especially the emerging market space. so good to speak with you, thank you very much indeed. let's take a look at some of the other stories making the news.

the chemicals maker monsanto is facing around 8,000 lawsuits over claims that its weedkillers cause cancer. its new owner bayer says it will vigorously defend the cases. last month it was ordered to pay nearly $290 million in damages to a california man who blamed its weedkiller for his terminal cancer. a group of us company bosses has written a letter to president trump, criticising plans to limit legal immigration. the business roundtable group, which includes apple's tim cook and jamie dimon ofjp morgan chase warned that the us is suffering a labour shortage and now is not the time to restrict access to talent. one of europe's biggest airlines, ryanair, is introducing new charges on hand—luggage from november. the budget airline says the charges will reduce delays. it will be free to bring a bag that fits under the seat in front of passengers but brining a second bag to put in the overhead bins will cost more than $7. if you want to get the latest on

what is happening in the world of business, go to the website. business live will bring you up—to—date minute by minute almost on what is going on, in particular, who has been talking to the bbc and what they have been saying. if you go to the live aid, the today programme has had the wto, the world trade organisation director—general on, he has been talking about the no—deal brexit scenario, he said britain will have to trade with the eu on world trade organisation terms, and this will come with its challenges. he told the today programme there is a number of preferential rules applying between the uk and the eu which will disappear. the impact of that, there will be an impact, larger or smaller, depending upon the sector. scott morrison will soon be sworn in as australia's new prime minister after malcolm turnbull

was forced out by party rivals in a bruising leadership contest. last week, a row over energy policy ignited long—existing tensions between mr turnbull, a moderate, and his party's conservative wing. mr morrison says he will make the drought his priority. phil mercer is in sydney. it has been an absolutely to mulch is weak. what do people make of scott morrison and his promise with regard to the drought as his top priority. first of all, ask yourself if australians are actually paying attention to the words coming out of the politicians mouth, i get the impression most australians are sick and tired of the shenanigans down in canberra, it has been described as one of the most destructive weeks of party infighting in recent australian political history, and trying to rise above it all is the

new man in charge, scott morrison, due to be sworn in in the next half hour. at a press conference he was giving the impression that it is back to business, the government will make the drought in eastern australia a priority, and along with his new deputy, he wanted to give the impression that they were the new generation that would take the government forward, and scott morrison's task is absolutely immense, he has thejob morrison's task is absolutely immense, he has the job of trying to heal a disunited and fractured coalition government, in time for the next election. thanks very much. summing up what has been an incredible week, as he said, for australian politics, ending today with a new prime minister. looking at markets in that part of the world, we have mentioned the australian dollar bouncing on the news, because scott moore sin is seen as a news, because scott moore sin is seen as a continuity candidate, as it were, if you want to use that cliche, because he is allied to

malcolm turnbull in many ways and he is not a part of the more right wing of the liberal party. the australian dollarjumping of the liberal party. the australian dollar jumping off the of the liberal party. the australian dollarjumping off the back of that news, but in general you can see a mixed day for markets, so much going on in the minds of investors, not least the fact that meetings between child delegates did not bear much fruit at all, they came to an end. —— trade delegates. low expectations, and they met them. final trading day of the week, friday, mixed picture emerging, looking ahead to the central bank powwow at jackson hole, looking ahead to the central bank powwow atjackson hole, that looking ahead to the central bank powwow at jackson hole, that is on the mind of traders around the world. we will hand back to you. richard hunter is head of markets at interactive investor. the king at the markets, things have been looking flat but with all the geopolitical turmoil around the world, look at australia, venezuela, brexit, what is happening in the us, on top of that, the fact

we have lowered trade volumes, you would think there would be more of a spike up and down in markets. great deal going on, you have cove red great deal going on, you have covered much of it, political intrigue, which should be echoed today at jackson hole, the words from the fed, emerging market problems, on the back of the stronger dollar, underpinning all of that, the us economy is in sparkling shape, no question, quarterly report has said that 80% of us companies smashed expectations and that is usually quite high anyway given the economy. that has led to this longest bull run in history, as things currently stand, apart from exogenous shocks, as things stand, there is no reason for that not to carry on, because the companies on the ground are doing so well. president trump is taking all the credit, he says, if i was to be

impeached, markets would crash, and as he was talking to a journalist, pointed to his head as if to say, it is my amazing mind and my thinking thatis is my amazing mind and my thinking that is part of the reason why the us economy is doing so well. that is part of the reason why the us economy is doing so weltm that is part of the reason why the us economy is doing so well. it had started to turn for the better when he was elected, a that is rarely mentioned, coming out of the white house at the moment. a big programme of quantitative easing, banks getting into shape after the financial crisis. a couple of things he has done, since then, with pay creation of cash back to the states. and tax reform. in terms of momentum, he has created is a momentum, he has created is a momentum, that some of that was already there as he went into power. we will have you back in a few minutes' time to talk through the newspapers. we are talking about which you think is the best airport and the worst airport in the world, think about that. rightio! we'll be delving behind

the headlines this week. including venezuela's floundering economy and an historic day for the s&p with our very own andrew walker. you're with business live from bbc news. let's talk a little more about luton airport. it has been named as the worst in the uk for the third year ina row worst in the uk for the third year in a row in worst in the uk for the third year ina rowina worst in the uk for the third year in a row in a passenger satisfaction report published today by which?. the report blamed "disastrous customer service" for london luton's poor ranking. london luton airport says the survey covered just a fraction of passengers and during the survey period luton says it has undergone a £160—million

redevelopment designed to increase capacity and improve passenger experiences. joining us now is sally gethin, editor of airlines and aviation website gethin s inflight news. you have been talking to luton airport, what have they said. coming out fighting? they cast doubt over the validity of the survey, they have conducted their own survey of 1.2 million passengers, which shows a doubling of passenger satisfaction. that put customer satisfaction. that put customer satisfaction at 35%, they are saying their own survey, which polled 1.2 million passengers, came out at 69% passenger satisfaction. so, they claim the higher ground over this. my claim the higher ground over this. my own experience has been pretty awful, this time last year i was there, it was a nightmare, many viewers have been in touch about the redevelopment mentioned, and the disruption it has caused, some say they have to walk so far to get from one bit of the airport to the next,

they may as well have walked home! well, yes, this is one of those catch—225, airports need to expand but they have to keep the airport operational, the terminal operational, the terminal operational, fully functional while they are in fermenting the changes, you cannot make an omelette without breaking some eggs. this is not exclusive to london luton, it is a paradigms across all airports across the world, and in the uk. so it would be, to the credit of luton airport, targeting them with so much disruption over the terminal redesign, and it is part, as you say, of £160 million redesign, that will be for the benefit of passengers overall. thank you very much indeed forjoining us. go to the website and the business live page if you want to read a story about millions of britons staying in this country. your're watching business

live, our top story: we are looking at the meeting of the fed at jackson hole. at the end of another busy week, time now to have a look back at some of the biggest stories of the week. it's not every week that an oil giant introduces a new currency. that happened in venezuela. another oil giant, saudi arabia put the brakes on the flotation of its leading producer saudi aramco. and in the united states, the bull has set a new record. venezuela has had to keep a check on its currency, in order to avoid hyperinflation. andrew walker our economics correspondent is here.

the government has brought forward fiscal measures, and other measures, to try to combat the hyperinflation. that has caused massive disruption in the country, people fleeing the country, prices fluctuating massively. talk me through what is going wrong. the new currency certainly could make some useful contribution, i suppose, something that was mentioned, taking off all those zeros. that does have the potential, at least, to deal with some of the confusion people how to cope with what is the difference, you know, the number of zeros after a price, ten, 11... people can easily get confused. the underlying problem, the economy has weakened, and the government of venezuela has been borrowing heavily, i say borrowing, it has been running an

enormous deficit, financed to a large degree by money being printed by the central bank. deficits as large as 30% of gdp, and one of the things that the president has promised to do is eliminate that deficit, which i think most economists would say would be a thoroughly good thing, if he can do it. is that credible? well production has halved in the last few years, where will the revenue come from? he has done one thing that many economists would say is central, has started to do it, tackling fuel subsidies to the population. many oil producers are very inefficient. many oil producers very inefficient. many oil producers very inefficiently try to help their populations by subsidising fuel that it is not an effective way of doing things and it generates a large burden of the government finances. it isa burden of the government finances. it is a half—hearted reform, a it does not look likely that he will

achieve this objective of eliminating the deficit, and it will make it correspondingly difficult to make it correspondingly difficult to make much of an impact on this dreadful inflation problem. venezuela is in dire straits, it relies on income from oil, as does saudi arabia. it is not in dire straits but it has a new leadership, desperately trying to change how saudi arabia functions, the economy. . . saudi arabia functions, the economy... vision 2030, prince and it says he would like to diversify the economy, get away from a situation where something like half of the gdp is oil and gas. 0ne central element in this was going to be to raise a lot of money for investment by selling a stake in the state owned oil company, there were reports earlier this week that has been called off, denied by the saudi authorities, very clear that there is no longer any clear timetable for doing it. would not be surprisingly few does not happen in our lifetime. 0ne

few does not happen in our lifetime. one of the problems was the crown prince had what was considered unrealistic expectations that the business was worth $2 trillion. going to be facing a loss of face if they went to the markets and did not raise anything like a commensurate amount of money. the other thing was the concerns that a very secretive business would be exposed to a lot more scrutiny as a result of having to go on some major international stock exchange. from saudi arabia, to the united states, exciting news for the markets, or is it? longest bull run in history. outs? some technical issues about whether a you have actually quite hit the threshold with some of the earlier days used forjudging whether previous ball runs were happens... explain quickly what is a bull run? well, it is a period from the trough ofa well, it is a period from the trough of a bear market, which is defined typically as being a decline in at

least 20% from the previous peak. you know, no question, we have had a 9.5 years bull run, question is whether some previous ones had actually managed to exceed that threshold. it is certainly a very striking thing. as richard was saying earlier on, there are some good reasons to think it might continue for some time yet but we do have this threat posed by the federal reserve, gradually raising interest rates, that is going to ta ke interest rates, that is going to take a little bit of the heat out of the flames that have been driving this bull run. always good to talk to you, thank you very much indeed. some people say that another threat is the escalating trade war between the us and china. china has slapped import taxes on us pork but could that mean an opportunity for farmers in other countries to step in? as daniel gallas reports from southern brazil, it's not as simple as that.

competition is fierce in global pork markets, and there is one country with a huge appetite, china. it is such a tough market, tariffs have the power to disrupt competition, and some eventually lose out. this year, the biggest loser is set to be the us, which faces hefty tariffs that china is imposing on us pork. other countries are now scrambling to take over that share. some farmers like the idea of the trade war between china and the us. take producers in brazil — pig farmers in this region of the country want to more than double their production in the next ten years, but they don't have enough consumers, so a trade war between two other countries is an opportunity to gain new markets. growing labour and land costs in china are driving up imports. in recent years, it overtookjapan, and is now the world's biggest pork meat importer. but not everyone is convinced that trade wars are good, or even easy to win. this man runs one of brazil's

biggest pork exporters. he says chinese tariffs on us soy beans are forcing up global prices, including in brazil. soybeans and corn are a large part of the cost of pork meet, so brazilian pigs are more expensive and less competitive. translation: these trade wars seem at first glance to be beneficial to brazil, but on second thoughts, we export commodities but import many things. machines, raw materials, that are becoming more expensive. the truth is that, in the end, no—one really wins. brazilian producers have ambitious plans for the future, but most here say they would rather see fewer tariffs, and win trade wars with only good old —fashioned competition. daniel gallas, bbc news, brazil. richard is back.

the uk worst airport for the third yearin the uk worst airport for the third year ina the uk worst airport for the third year in a row, london luton airport, let's bring that up. you can find it on the website. what do you think about this? where is good, where is not, you must be well travelled. about this? where is good, where is not, you must be well travelledlj have not, you must be well travelled.” have been around a bit, airports are pretty much the same, particularly any kind of newer ones. plastic and clean and stark. from a personal point of view, as sally will know, if you have had a seven or eight hour flight to the states and then another one or two hours at border control, that can be pretty bad. another one or two hours at border control, that can be pretty badm that what gets to you? yes, you just wa nt that what gets to you? yes, you just want to be out. but that is not the fault of the airport. it is not, but it comes at a point when you want to get out. customs, hm customs and

people there. in terms of customer service, what annoys you? it annoys... it is the queues, i am not convinced that i need to be there to hours before ta ke—off, convinced that i need to be there to hours before take—off, especially for a european flight. security, and maybe have you longer there on the shuttle front. a lot of tweets, london city airport is the only good one, says gavin. mac says, birmingham's fantastic apple, easy to get to, great parking options, fantastic facilities inside, ever expanding flight list. i wonder if he works for birmingham airport! —— fantastic airport. to be honest with you... we don't have any more time! thank you very much forjoining us, richard. thank you for your company. whatever you are up to. have a nice day. good morning, much cooler day across

the uk, temperatures below the average for the time of year, and with that much cooler feel, a mixture of sunny spells and showers. the air is coming all the way from the arctic, you can see by the white arrows there, moving on from the north—west, blustery day, blues taking hold. you mention showers, heaviest towards scotland, northern ireland, north—west england, less so towards wales and south—west england but showers throughout the day. south—east of england, staying dry and writer, into the afternoon, with sunshine. those temperatures taking a hit, 14, 15 sunshine. those temperatures taking a hit, 1a, 15 degrees in northern parts, 18 to 12 t celsius —— 18 to

20 celsius. showers fade away, then link the clear spells, that means the temperatures are going to drop away, with the arctic air through the uk, greens here on the map, temperatures in general areas of scotla nd temperatures in general areas of scotland and england getting as low as three degrees, major towns and cities, temperatures in single figures. chilly start, starting with sunshine, largely a dry day, good deal of sunshine, a few showers into scotland, into north—west england, drifting into the midlands, otherwise, many of us having dry weather, sunny weather, again, feeling quite cool, temperatures 17 to 20 celsius. 0n into sunday, this troublemaker working its way from the west, the area of low pressure will spring in weather fronts, the west, the area of low pressure will spring in weatherfronts, and heavy rain spreading its way east. certainly, the worst day of the weekend, heavy rain moving through

northern ireland, scotland, pushing into western areas of england and wales, pushing to the south—east during the afternoon, eventually clearing up with bright spells, later in the day, again, feeling pretty disappointing on sunday, if the temperature is only 1a to 17 degrees. monday, bank holiday for some of you, dry weather, and sunny spells. things improving slightly as we go into the bank holiday monday. temperatures 17 to 22 degrees. rising a little bit. becoming that little bit warmer into next week. goodbye. hello, it's friday, it's 9'clock, i'm joanna gosling, welcome to the programme. the unexplained death of a british couple on holiday in egypt leads to the evacuation of more than 300 tourists from a thomas cook hotel. they're being moved to other properties in the resort and for those who want to return early,

there will be an extra large aircraft laid on this afternoon from manchester which will bring them backin manchester which will bring them back in the early hours of tomorrow morning. we'll be live at the hotel in hurghada. also — ireland prepares to welcome pope francis but has the catholic church loosened its grip on irish life? the irish pm thinks so. i think it's fair to say that ireland is increasingly diverse, increasingly secular, a much more liberal country