this is business live from bbc news with ben thompson and sally bundock. mission to beijing. the leaders of virtually every african country are in china on a trip designed to boost trade. but is it a level playing field? live from london, that's our top story on tuesday 4th of september. africa sells billions of dollars worth of commodities to china — and spends even more buying in chinese goods. we'll hear from our africa business editor. as to whether it really is a win— win. also in the programme: more currency chaos — this time in indonesia, where the currency hit a 20—year low. we'll get the latest from our asia business hub. the european trading day is well

under way, all the main markets are open and we talk you through the key issues. taking the bling online. we meet the entrepreneur who turned her one—woman jewellery business into a global brand. we will find out how she did it. as nike signs a new endorsment deal with american football star colin kaepernick, we're talking celebrity endorsement. does it persuade you to buy, if it's advertised by a celeb? let us know — just use the hashtag bbcbizlive. hello and welcome to business live. we start with trade — leaders from more than 50 african countries are in beijing to talk trade with their chinese counterparts. and china's government isn't underselling it. the foreign minister has called it "the biggest summit of all time". that may sound like quite a claim, but the scale of trade

between the two sides is huge. trade between china and africa amounted to $170 billion, last year, with africa selling commodities and buying chinese goods. thats up 14% on the previous year. but most african countries run large trade deficits with beijing, meaning they buy more from china than they sell. and there are concerns about the $130 billion african countries have borrowed from china since 2000 with fears that some could actually default. china says it is a responsible investor and recently announced a new $60 billion package of development funds for africa. let's get more on this story with the bbc‘s africa business editor, larry madowo in nairobi. nice to see you. sane running

through some of the details being described as the biggest summit of all -- described as the biggest summit of all —— sally. what is at stake? described as the biggest summit of all -- sally. what is at stake? it is in fact one of the biggest summit, certainly the biggest gathering of african leaders outside africa. apart from the african union and the assembly, you don't see this many leaders of africa in one country. $60 billion that china just announced is going into more loans, including $10 billion into something called development financing. but the new thing is that this $5 billion that china wants to buy imports from africa, directly responding to criticism that china is selling more to africa than it is buying. the president of china xi jinping, went out of his way to say these projects are of mutual benefit and that china is not involved in the internal affairs of african countries. responding to criticism of huge political influence that it gains in africa with these deals.

suddenly, lot of concerns around african countries becoming heavily indebted to china and may have to give some natural resource is further down the line, in order to pay back some of these loans. further down the line, in order to pay back some of these loanslj further down the line, in order to pay back some of these loans. i want to ask you about that. what both sides get out of this. you can see that clearly it's a huge and growing valuable market for china and chinese made goods. when we talk about those development funds that are being channelled from china into many african countries, what if that money being used for? the money is being used to build roads, such as an expressway which just opened and nearly half $1 billion for that is being used to build free trade zones like they just being used to build free trade zones like theyjust did in djibouti, which were said to be africa's la rg ess. which were said to be africa's largess. and railways like the city of mombasa to the kenyan capital nairobi. and it is being built to —— being used for airports and high—rise buildings. it is creating jobs that at the bottom of the pyramid semiskilled and medium

skills, the management jobs pyramid semiskilled and medium skills, the managementjobs are going to chinese. the skills don't get passed on to the african...m appears we may have lost the line with nairobi. we may try to re—establish that if we can. larry cut off in his prime. addressing some of the criticism about whether china is buying political influence in many african countries, given the state and scale of its investment in the continent but a $60 billion package of the element fund has recently been announced for africa coming from china. —— package of development funds. that huge trade deficit that many african countries run with china is a real source of concern. let's take a look at some of the other stories making the news. dutch banking group ing has agreed to pay $900 million to prosecutors to settle a money laundering case, including a fine of around $782 million. prosecutors blamed ing for violating the country's law on preventing money laundering and financing terrorism by not stopping customers' accounts from being used for money laundering between 2010 and 2016.

an american football star, who sparked a furore by kneeling during the national anthem, has been unveiled as the new face of a major advertising campaign. the former san francisco 49ers quarterback colin kaepernick will front nike's "just do it" 30th anniversary campaign. in 2016, kaepernick hit headlines for refusing to stand for the anthem in protest at police violence against african—americans. kweku adoboli, a former trader convicted of fraud in 2012, could be deported to ghana. he served four years of a seven—year sentence for a $1.8 billion fraud at swiss bank ubs. he was released in 2015. foreign nationals sentenced to more than four years in the uk can automatically be deported. we've had currency turmoil in turkey, argentina and venzuela.

now another emerging economy is suffering, this time in asia. indonesia's rupiah has seen steep falls and has hit 20—year lows. now the government is coming under increasing pressure to take action. sharanjit leyl is in our asian business hub in singapore. as we said, there's a real pressure on those emerging economies, the value of their currencies and we are seeing investors get very nervous about these economies. they are indeed. we have also seen the indonesian authorities intervening both verbally and otherwise. we have heard from the coordinating minister for economic affairs today who has basically called the depreciation of the rupiah illogical, saying it didn't reflect the state of the economy in indonesia. he said that

aside from the turmoil in argentina and turkey which has triggered that bout of uncertainty in many emerging markets, authorities were looking for reasons as to why the rupiah has been driven to new lows. he is blaming it on speculative trading and said there was technical problems last week. but analysts are saying that the currency of south—east asia's biggest economy is actually going to continue at these levels, breaching levels not seen since the depths of the asian financial crisis, way back in 1998, rupiah sliding to 20 year lows. analysts say the nation's trade deficits and reliance on oil render ita deficits and reliance on oil render it a somewhat vulnerable to those emerging market to sell off so it has been triggered by the turmoil in turkey and argentina that you speak of. rupiah down 6% in the past three months, that is even as the central bank has been intervening to try to pf°p up bank has been intervening to try to prop up the currency in the bond markets to help halt the sell—off.

bank indonesia has raised interest rates watcher times since made to stem this but analysts saying watch this space, it will continue because the country has a trade deficit and that reliance on oil imports. thank you. markets in asia digester and what we we re markets in asia digester and what we were talking about and it is on the minds of global investors, in regards to emerging market currency. we have no direction from wall street, closed for the labor day holiday on monday and it will reopen later. europe all headed north, high apart from france, just down. it is pretty flat. a big mover in london, wpp shares down 7%, the world's biggest ad agency, came out with latest earnings and revenue lower than expected. wpp facing intense competition from facebook, google and announcing mark reid taking over yesterday as the chief executive. what is ahead today on wall street?

on tuesday, investors will be easing themselves back into the swing of things, after us markets were closed here on monday for the labor day holiday. to get the short week started, we'll get two key bits of us economic data, before us markets open. the first is expected to show that us manufacturing activity, once more, expanded during the month of august. then the big three us, car manufacturers, that's ford, general motors and chrysler, will report their august sales figures. now, us car sales have been in a bit of a slump recently, so investors will be curious to see if any of the three companies have managed to turn things around as the summer ends. joining us isjeremy stretch, head of currency strategy at cibc world markets. good morning. kim touching on the fa ct good morning. kim touching on the fact that the holidays are over and people are back at work and wall street is back at work and they have a lot of things to content with? they have. we are back under the

labor day holiday is in the us, the silly season of the summer is now over and we're coming back to more normal levels of liquidity. more esoteric moves that we have seen in certain markets over the summer may dissipate, that is not necessary to suggest that the emerging market pressures will reduce. but ultimately we are getting back to more normal market conditions, back to those traditional metrics, looking towards the us employment report, the fed later this month. to try to provide signals on the us economy and people will draw the inference is to the implications for elsewhere. when you say, location is for elsewhere we have talked about it, emerging currencies having a rough time. it is to do with what is going on with where they are, argentina, turkey, etc. rates are headed higher in the us and that has something to do with it? indeed. we had this decade of ultralow interest rates globally that particular lead from the us, we have seen emerging markets utilise that period of low us borrowing rates to borrow in us

dollars. ultimately, they have failed to recognise that at some stage those us dollars borrowings and liabilities go up in terms of cost because the higher interest rates scenario that would eventually play out and is playing out in the us. that has been exacerbated in some of those emerging markets by the fall in the currency as well. higher borrowing levels and falling currencies, that is a toxic combination. and the trade scenarios. this china— africa conference going on, it is about trade and coming together but nafta is not sorted. china— us possibly new tariffs on thursday. indeed. some of the reasons why some of the emerging markets has been under pressure, sanctions in russia which has hit the ruble, sanctions with turkey possibly, which exacerbated the collapse of the turkish lira. we are seeing these trade tensions continuing to build. we started the year with the global economy looking pretty good with a synchronised

growth trajectory but that has been compromised or at least tested as we start to consider the outlook for 2019 and 2020. nice to see you, thank you. jeremy will return to talk to us about the papers' story including a backlog of boeing jets and why that is causing a problem. still to come... turning the love of bling into a globaljewellery brand. we'll meet the woman behind online retailer stell and dot. you're with business live from bbc news. tsb chief paul pester is to step down after seven years in charge, in the wake of a major it failure at the bank. the bank, which still faces problems says "there is still work to do to achieve full stability for customers". the board agreed this is right time for paul to step down‘ theo leggett joins us from the business newsroom with more details. he has fallen on his sword? he is

very much the fall guy. paul pester was the public face of the it meltdown that started in april. you might remember that accounts were shot for two days so that it systems could be migrated from an old system, from the days when tsb was owned by lloyds bank, under a new system owned by its current parent, the spanish bank sabha dell. that went badly. people were locked out of their accounts —— sabadel. people had strange amount of money coming in or going out and branch branches could not open because their it system could not open because their it syste m ha d could not open because their it system had gone down. and paul pester was there, same problems were being fixed but at times they won. many problems persisted for several weeks. he appeared before mps and he said the underlying engine of the bank was running smoothly. well, possibly, but that didn't come across well at a time when customers we re across well at a time when customers were at their wits end is trying to

get hold of their monies, pay bills and so on. he was accused of being extraordinarily complacent by mps. now four months down the line we have more it failures and it seems like finally paul pester has paid the price. thank you. remember, there is much more on the website about this. if you have been affected or you are still trying to access affected or you are still trying to a ccess your affected or you are still trying to access your account, they have said it isa access your account, they have said it is a limited number that are affected but nonetheless it is frustrating. there is news on there of paul pester‘s departure but clearly a lot of work to do as they tra nsfer clearly a lot of work to do as they transfer those accounts to a new it system. one of the concerns for them is making that migration. someone tweeting, this fiasco will send a shiver down the spine of other

banking executives. he couldn't crack and it upgrade. many more comments on twitter, do take a look. your're watching business live. our top story — leaders from more than 50 african countries are in beijing for a summit designed to boost trade between the two sides. last year that trade reached $170 billion. but china has been accused of saddling some countries with unsustainable debt. it's announced a package of $60 billion of development financing for africa. all sorts of plans for that money. a quick look at how the markets are faring. it's a simple concept — no shops, just ‘social selling'.

but when jessica herrin started selling jewellery out of her living room, everyone thought she was crazy. loads of people do that now, it is a big change. tupperware parties, that's what it was decades ago. she was a marketing manager at dell and already had success as an e—commerce entrepreneur. she has since built her living room business into stella & dot. it's a direct—sales jewellery company worth $450 million. so how did jessica do it? vishala sri—pathma has been finding out. i started my career as a tech entrepreneur. i started an e—commerce company and ifound that while i loved creating something and having commercial success, i didn't really feel soulfully fulfilled by what i did. so, the second time i went to start a business, i wanted it to be purpose driven from go. when i did my soul searching, i knew that creating flexible income for women in a modern way was it.

you started selling jewellery from your home, whyjewellery? luckily, ifound my partner, blythe harris, our chief creative officer, who is the daughter of dot. my grandmother is stella, her grandmother is dot. she is a parsons—trained artist that had a fine jewellery background and worked in luxury brands. she really transformed the jewellery product. but the two of us together saw that not only did we want to reinvent a work—from—home platform for women and make it modern, work on the go, mobile technology, mission driven, but we wanted a product opportunity where there's a big hole in the marketplace. so, jewellery is something where there's a lot of high end and low end but nothing where you're getting real artistry with social responsible production in an affordable luxury price point. so you're an online retailer, you don't have any bricks and mortar. at the moment, high street is struggling. was that pretty sharp foresight on your behalf? from the beginning, it was built to be multichannel and i think multichannel is really important.

we think of ourselves as irl and url. in real life and online. i think the combination for the customer is really important. they can see it in person, see the craftsmanship, fall in love with it, if that's the way they want to shop. they can get inspired by seeing micro influencers, which is our stylist community share on social media and have an easy way to check out from their phone and have free returns. and be able to shop that way if that's the way that fits their life. or they can just shop on a website, like they're used to now. so it's a way of encouraging people that if they want to have a side hustle, as it were... that's right. they can sign up and do that with you? what might surprise people about who is the stella & dot stylist, first of all, she lives everywhere, she lives in cities and in suburban areas, she is young, without kids or she has got kids in her life. and she has another full or part—time job outside the home. over 80% of our sellers do something else, so this is their side hustle. and they've never done sales before.

theyjust love the product and they love getting income. it is really fun to, one, have a product that you love at a discount, and two, get that e—mail that says you've just got an online order and know that you made cash while you are making dinner. your company is a global business. where do you see the growth areas? we are a global business, we're in six countries but we've really only scratched the surface of all the countries that we're in, including north america and europe. and from a growth perspective, we are really focused on growing in the markets that we're in and then expanding our product categories. so, we've just launched apparel, which is 11 x times the market price of accessories. we know that we can 11 x the business opportunity for our sellers. if you were to look at our penetration in major city, it is immaterial at this point because we're in really large market spaces, so we're excited to grow. how hard is it to turn a profit from a start—up to the size that you are right now? starting a business, i think it's funny, especially living in silicon valley,

that everyone celebrates their success by how much money they raised. and i think to myself, well, that's not... that's just the beginning! now you've got to create real value and think about how you sustain over time by creating a profitable and enduring business. so, i did that the first round as an entrepreneur. i raised a bunch of venture capital and that was what was required for that business. but the second time, i really wanted to bootstrap it and focus on the good, old —fashioned, let's be profitable, to grow success. so that i could keep control of the business and truly be mission driven, not beholden to just returning money to investors. so for this business, we've been profitable since we have bootstrapped. i didn't take a pay cheque for six years. that was painful, but it was worth it. hands up, i have been to one of those parties many years ago. did

you buy anything? i bought a pair of earrings. it's not really aimed at me. it's for every type of customer! let's talk about the other story doing the rounds today. should mark carney stay on at the bank of england? his term is due to end in 2019 and that would be in the middle of the brexit coming and goings so they are questioning whether he could stay on for maybe another 12 months but there's a lot of questions over whether he will indeed do that. i heard a joke earlier today, can he or carney? so there will be questions about whether he could stay on at the bank of england to bring stability during the turmoil. jeremy is back as promised. you will

be watching that later, won't you? yes, it's important to understand the thought process of mark carney because he originally came on for a five—year term and it will be interesting to see if it extends even further. what is this story about concerning boeing 747s piling 7 about concerning boeing 747s piling t about concerning boeing 747s piling up? it is really a problem with the global supply chain. they are churning out these aeroplanes at re cord churning out these aeroplanes at record rate but because some of the component parts in the engine sector are not ready in time, it is causing them to beat hearts finished and now boeing are trying to find parking slots which is quite astonishing. and this is a trend in the aviation

sector that people want these smaller, fuel efficient, light aircraft. it's no longer about the super jumbos. aircraft. it's no longer about the superjumbos. yes, it is about these small single aisle jets that can be fuel efficient and flexible in terms of their usages. there's been an enormous number of orders for these from across the world but there is this problem in the supply chain and it underlines the importance of the integrated supply chain, notjust in the aviation sector but in manufacturing in general. are you swayed by celebrity endorsement? if a celebrity advertises something, do you want it? in a word, no. we have been asking about this because nike have signed a new sponsorship deal. sarah says i wouldn't be persuaded,

but they also have to be believable. ifind it but they also have to be believable. i find it highly unlikely cristiano ronaldo would be driving is a suitcase with for example. my pa rents suitcase with for example. my parents refuse to buy me the tennis racket i wanted, why couldn't they understand that if andre agassi recommended it, it must be the correct choice. it tends to be about sporting things, if you're sporting hero endorses it. not always, when you think about george clooney, he advertises coffee. watches, it could be anything. if you could endorse something, what would it be? i reckon a cup of tea. a company that would give you free products, i imagine. inc of something high—value! imagine. inc of something high-value! jeremy, thank you so much. you can look at all of our m essa 9 es much. you can look at all of our messages on the business live hashtag. good morning.

it's been a cold night across parts of northern ireland and scotland, both balmoral and braemar in aberdeenshire dropped below freezing. that's because we're in some cold air behind this cold front, which is still with us. still sinking its way slowly south—eastwards. it's a weaker affair than it was yesterday. still bringing in quite a lot of cloud across northern england, down through the midlands and into parts of wales in south—west england. more cloud than we've seen recently across eastern and south eastern parts of england and still a fair amount of cloud for the scottish borders. that for much of scotland and northern ireland, some spells of sunshine, showers moving into the west later in the afternoon, highs generally between 1a and 22 celsius. a fairly quiet night ahead. we should lose the showers from the western isles of scotland, may be picked up one or two for the far south—east of england. elsewhere, dry and a mixture of variable cloud and clear spells, some mist in places where

you have clearer skies. for most of us tomorrow it's a mainly dry day, some spells of sunshine, some cloud coming and going but that cloud will increase across northern ireland and western scotland through the day, bringing some outbreaks of rain eastwards through the afternoon. temperatures tomorrow again 14—17 celsius for northern ireland and scotland, 18 — 21 for england and wales. 0n into thursday and across more southern parts of england and wales, we under the influence of this area of high pressure. there will be some outbreaks of rain anywhere from north wales northwards. costs were mainly dry day. showers will be most prevalent the further north you are. certainly a trend for something called for all of us towards the end of the week which

continues into friday. this area of low pressure creating a messy looking day on friday. longer spells of rain, particularly across northern england into scotland. perhaps a dry day for northern ireland, into wales and central and southern england but the showers are never too far away to end the week. highs between 15 and 18 celsius. hello it's tuesday, it's 9am, i'm victoria derbyshire, welcome to the programme. it's crunch time for labour. the row over whether senior figures in the party have a racist attitude towardsjews has come to a head as the party's ruling body decides today whether to adopt in full the internationally recognised definition of anti—semitism. whether they do or not, is it too late to repair the rift in the labour party? we have to deal with anti—semitism in our society, including in the labour party and the labour movement, and that is exactly what we are doing. it's about who we are, it's about what we stand for, it's about what makes us tick. it's about the soul of the labour party.

these two mps disagree about whether labour should adopt the international code in full. how do much do labour supporters care about the row? do you simply want the conversation to move on?