this is the business briefing. i'm sally bundock. getting a grip on the currency crisis — has president macri got the right answers to restore confidence in argentina's battered economy? and the us turns its attention back to beijing this week as a third round of tariffs on $200 billion of chinese goods could take effect. and on the markets: no action on wall street today, it isa no action on wall street today, it is a labour day holiday, but elsewhere the asian markets are open and heading lower. argentina is set to announce new measures today to try to contain its worst currency crisis in recent years. the argentine peso has lost almost half its value this year, as investors are uneasy about the country's ability to meet its obligations. so, how did argentina get here? argentina's government has asked

for the early release of a $50 billion loan from the imf amid a growing economic crisis. last week saw dramatic falls on the peso, with the central bank raising interest rates for the fifth time since april to an eye watering 60%. argentina also has ballooning levels of government debt as a percentage of the country's total economic output, which is currently at 57%. plus, there's a battle to try to control inflation, which, at 30% per year, is one of the highest rates in the world. so how can the argentinian government deal with the crisis? the bbc‘s south america business

correspondent daniel gallas reports from sao paulo. it will be a make or break week for argentinian president macri. 0n monday he is government will introduce policies to try to bring international confidence in the country's finances. 0ver international confidence in the country's finances. over the weekend argentinian papers said as many as ten ministers will be axed notjust to save money, also to show a change of leadership. 0n to save money, also to show a change of leadership. on tuesday the finance minister will meet with the imf's finance minister will meet with the imf‘s christine lagard and his goal is to finalise a deal that will quicken macri payments to argentina ofa quicken macri payments to argentina of a $50 billion loan package, in exchange for that, argentina will announce further spending cuts in its budget. edward glossop is a latin american economist at capital economics, and joins me now. good morning, welcome to the

briefing. give us your take on this week, very important for argentina, isn't it? absolutely. the first thing, as your correspondent suggested, is we will have signs from the imf about how much more they are willing to give to argentina. second, we should have clarity on the fiscal plan, to try to restore the lost investor confidence. what i was describing before, we heard that from daniel, the immediate measures the government is trying to do to prevent the collapse of the peso, to try to prop up things, these are very short—term measures with immediate knee—jerk reactions often in the wrong direction. yes, in many ways we've seen the emerging markets crisis here, the central bank raised rates in response to a currency declined, and now we need to see that backed up by fiscal measures to try to reduce the budget deficit and

more reassurance from the imf to provide funding for argentina which it needs to roll over its debts. daniel mentioning christine lagard will meet with the finance minister and she will insist on the argentinian government putting in fiscal measures before she gives them more money quickly. exactly. it isa them more money quickly. exactly. it is a 2—way thing. the imf will want more measures for this extra funding. it is important to note that the imf doesn't want argentina fail. there is policies going on as well, 2001— fail. there is policies going on as well, 2001- 2002, the fail. there is policies going on as well, 2001— 2002, the default, so both parties are willing to make this work and i suspect more funding will be available, at the expense of more austerity. and for president macri it is a difficult position he is in because of the huge protest over the imf coming in to rescue argentina because of their history and some of the pain they have been through before at the hands of the imf, some have argued. exactly, and with elections coming up next year,

president macri will hope to do well in them, to get the presidency again, but it is looking very difficult as the currency continues to slide and more austerity measures will happen, it is looking more and more difficult to see him actually getting re—elected. more difficult to see him actually getting re-elected. $50 billion that has already been agreed and the imf said injune has already been agreed and the imf said in june this has already been agreed and the imf said injune this year, we will give you that funding, obviously they say they need it now, argentina, is it enough, do they need more? depends what you mean by enough, it won't protect them from the collapse in investor confidence. it has lots of debts as you mentioned in the briefing, in particular are nominated in foreign currency, so that means the of the debt goes up, which is the key problem, so i don't think it will instantly them from a colla pse think it will instantly them from a collapse in investor confidence, which is what the government has to maintain. so what's your outlook? we have quite a deep recession this year and possibly small growth next

year and possibly small growth next year but inflation will rise, perhaps reaching 50% year on year, interest rates will be high, there will be more pain before there is any gain. which feels, as you say, the election next year, political instability in the run—up to the election. exactly, slow growth and a recession ahead of an election is bad news for the current coalition. thank you for coming in. really appreciate it. that is a story we are keeping a close eye on. this week we are looking at some of the biggest start—ups springing up in latin america. in brazil, one of the most successful startups is a platform where users can earn money by walking or hosting other people's dogs. brazil has a population of 55 million dogs, and now the sao paulo based firm is expanding to argentina and mexico. take a look. brazil has the second—largest dog

population in the after the united states, so we are talking about 110 million dogs in north america. when we came into this market, specifically in the dog hotel market, we saw that it was primarily being served about family and friends. you are asking for favours, basically. so we are creating a lower price point and a quality service that will replace favour asking. i learned that people here in

brazil, especially dog parents, they are brazil, especially dog parents, they a re really pa rents, brazil, especially dog parents, they are really parents, you know, they think of their dogs as part of the family. they're think of their dogs as part of the family. they‘ re looking think of their dogs as part of the family. they're looking for safety and they're family. they're looking for safety and they‘ re looking family. they're looking for safety and they're looking for trust. 0ur product is built in a way that we deliver that for people through our apps and transparency from the centre, but also offering warranty in case of any accidentals, and we are able to deliver this on a scale not only in brazil, but now in north america. interesting. now, let's get back to more serious matters, trade tensions between washington and beijing, which could escalate this week. president trump could impose further tariffs on $20 billion of chinese imports, as early as the sixth of september. " $200 billion. let's go to our asia business hub and join rico hizon,

who's been following the story. nice to see you, rico. so, we are at the point when we expect tariffs on more goods coming out of china headed to the us. that's right, sally, getting very serious because the countries have already slapped ta riffs the countries have already slapped tariffs on $50 billion of each others' goods, that's a total of $100 billion of products from the united states and china, and it could get worse as the end of this week. and trump is even considering imposing tariffs on all chinese imports that could total $500 billion, but researchers and former government officials from keeping tanks, sally, from china and the us, meeting in beijing and washington, have urged both countries to remain rational and keep communicating and stop slapping tariffs on each other, so stop slapping tariffs on each other, so to de— escalate the trade

friction, and they agree that bilateral relations are one of the most important in the world, the first time think tanks have had conversations, since earlier this year when the top two economies started to plunge into escalating trade spats. so we will wait and see what happens at the end of the week if indeed the us will slap those $200 billion, sally. thank you very much indeed, rico, and as you saw, markets in asia firmly in the red, and that is the reason why, the story rico was talking about, worries about further escalation in the us— china trade war. let's squeeze in a couple of stories. eu negotiator michel barnier has said he is strongly opposed to prime minister theresa may's chequers proposals on future trade. in his most damning condemnation yet of the uk government's plans, the eu's chief brexit negotiator said the british offer on customs was illegal, and its suggestion of a common rulebook on goods would kill the european project. more on that in a moment in the news briefing. at least 80,000 people in the uk

are estimated to pose a sexual threat to children online. the figures were released by the home sectretary, sajid javid, who said he was shocked at the scale of offending. today he'll outline what he calls his personal mission to tackle child abuse. 0ur correspondent duncan kennedy reports. child abuse images, the 21st—century curse on the internet. the home 0ffice curse on the internet. the home office says today that pictures are getting more graphic and technology is making it easier to fund and facilitate this vile trade. the new figures from the national crime agency today show the scale of what's going on. it says there are now up to 80,000 people in the uk who presents some kind of sexual threat to children online. and that in the past five years and has been a 700% increase in the number of

child abuse images referred to the nca. the home secretary sajid javid will today give what's being called a flagship speech on the issue. having visited the nca to see its work, mrjavid is expected to speak of the full horror of the scale and nature of child sexual abuse. really now we need to see a co—ordinated response made by government but with law enforcement and crucially also industry because what we have seen for the last few years is that the big social networks in particular have failed to take the steps that they need to to keep children safe on their platforms, that's why we now need government to step in and deliver statutory regulation of these sites. the nca says it has just arrested more than 130 people in its latest operation against online child abuse, it says this is just a fraction of the wider problem. duncan kennedy, bbc news. more on that story on breakfast, and

a live update from liverpool, where there is a majorfire a live update from liverpool, where there is a major fire at the iconic littlewoods pools building. this is the briefing from bbc news. the latest headlines: the united nations refugee agency has said that migrants trying to cross the mediterranean sea to reach europe are facing ever more deadlyjourneys. in total, some 1,600 are thought to have drowned so far this year. a court in myanmar has sentenced two reuters journalists to seven years in prison on state secrecy charges. the journalists said they were framed by police because of their reporting of a massacre of rohingya people. the european union's chief negotiator has said he strongly opposes parts of the british government's plan for the country's future relationship with the eu after brexit. however, theresa may has said she won't water it down. now it's time to look at the stories that are making the headlines in the media across the world.

we begin with the scotsman, it leads with an opinion poll that suggests scottish voters will want independence from the uk after brexit, but would want to stay part of the uk were it to remain in the eu. on to the financial times now, mark carney, the bank of england governor, is set to clarify whether he'll stay in his job for longer than expected — the paper says he's likely to want to see brexit through. to the main business story in the times now. how companies are green deals with the taxmen to avoid bad how companies are green deals with the taxmen to avoid bad pr how companies are green deals with the taxmen to avoid bad pr over how companies are green deals with the taxmen to avoid bad pr over the so—called google tax. a story we will be hearing a lot more, the world ‘s largest ocean clea n more, the world ‘s largest ocean clean up is ready. it was made by a

20—year—old inventor and it will tackle the great pacific garbage patch. and a photograph of christmas decorations, ornaments to the country ‘s countdown and we are asking when is too soon to start shopping for christmas? they have a christmas fair there already apparently. with me is the political commentator, henry bonsu. we were talking about brexit earlier and michel barnier and it looks like negotiations are not going smoothly. he has issues with the