this is the business briefing. i'm sally bundock. desperate measures. turkey may push interest rates above 20% to prop up the plunging lira. plus the class of 2008. how the lehman brothers collapse hit the lives of 1.5 million us graduates. and on the markets, asia is having a better day. the first day of gains across the board for asia, the ten —— ten of them in a row. on hopes of talks to resolve the escalating us—china trade war. we start in turkey where the central bank could be forced to push interest rates up above 20% today — to try and prop up the country's plunging currency, the lira.

that's despite pressure from president erdogan who has called high borrowing costs the ‘mother and father of all evil‘, and has leaned heavily on policy makers to keep them low. the lira has slumped more than 40% since the start of the year as foreign investors pull their money out of turkey. its once fast—growing economy is slowing to around 5% in the three months to june — down from more than 7% in the previous quarter. but inflation is soaring — hitting almost 18% last month. interest rates have already been cranked up to 17.5% to try and bring the crisis under control. turkey is just one of many emerging markets suffering a plunge in their currency and growing concerns about levels of debt. as economist vicky pryce explains it's a legacy of the financial crisis a decade ago and it could mean big problems ahead for the world economy. what happened during the crisis is

reducing interest rates, sometimes down to zero. in the case of the european central bank they reduced it to negative and so did the japanese for a while. so there was little chance of anyone making money out of investing in anything in the western world. the look out for yields, train to get something better for your yields, train to get something betterfor your money, yields, train to get something better for your money, has yields, train to get something betterfor your money, has been focused on moving —— moving funds into emerging markets so that has increased hugely there. notjust the public sector but also the private sector. we have seen concerns in china and we have seen it happening with a lot of evidence of the damage it has done in places like turkey. you see what is happening right now in venezuela. emerging markets have been exposed to foreign currency borrowing in order to satisfy the search for yield and that could collapse. so that was an economist

with spoke to earlier. we have more analysis now. talking there are about how this is pa rt talking there are about how this is part of the story of the collapse of lehman brothers. talk to us today about turkey. what you think the central bank may do and will it have any effect? firstly, back in july they did not give us an interest rate hike when everyone expected it. precipitated the last leg of this recent turkish lira crash. since thenit recent turkish lira crash. since then it has dropped about 25%. not raising interest rates is not an option. what is forceful enough, thatis option. what is forceful enough, that is the question? they promised something forceful and i would guess the what we are doing, discounting about three point to 5%, but estimates range from 200 to 700.

will it solve anything? as long as they meet market expectations it will stem the rot. does it solve the problems? no. there is a problem interference with the central bank from the erdogan government and that turkey is far too reliant on external financing. turkey is far too reliant on externalfinancing. there turkey is far too reliant on external financing. there is turkey is far too reliant on externalfinancing. there is a lot of dollar debt and win their own currency is plunging in meet the debt is escalating. it is in a clinch with the us over a vicar and has now had sanctions applied. none of these problems will be solved by the central bank. and many of them are specific to turkey. i went to turkey about five years ago, to istanbul, it was thriving and there was exciting. it was looking like the place to be. have things changed significantly now with president erdogan in his policies and how he

has a erdogan in his policies and how he hasa grip erdogan in his policies and how he has a grip on politics and power? and the views of people about investing in turkey, they have changed, haven't they? ever since the attempted military coup, the prospects for the turkish economy have dimmed. it still is, potentially, a huge economy. bites are the economic policies of the erdogan government improving things? no, they will make things worse. and with the tensions in the region and with the tensions in the region and with russia and the united states, the prospects for turkey in the short term without, dare i say it, regime change, are not particularly wonderful. thank you so much for coming in and sharing your thoughts. we will keep an eye on the lyrics today and we will keep you updated. —— on the lyra today —— lira. all this week we've been marking the ten—year anniversary of the collapse of lehman brothers —

and the broader financial crisis that followed. the repercussions have been wide ranging, from the problems in emerging markets we've just been discussing — to the growth of populist politics around the world. but as the bbc‘s kim gittleson has been finding out, the biggest might be the impact it had on her generation — the one that had the bad luck to graduate from university in 2008. in 2008, overi.5 in 2008, over 1.5 million students graduated from university here. and stepped right into the worst financial crisis since the great depression. i am one of them, and like everyone else i was caught off guard since no—one seemed to see it coming. i have been travelling across the united states to ask my fellow graduates what happened to us. fellow graduates what happened to us. first, las vegas. tell me about the lead up to when you graduated in 2008. what went through your mind? especially in las vegas i was seeing people foreclosing on homes and people foreclosing on homes and people being unable to find jobs or

go tojobs. people being unable to find jobs or go to jobs. grateful to find work, she has been in the samejob go to jobs. grateful to find work, she has been in the same job for the last ten years and that has had consequences. do last ten years and that has had consequences. do you think you would have had children sooner had the economy being better and you felt more financially secure? i think so. i spent the last decade concentrating on getting a stable career, saving enough money. now, laura and her husband are expecting their first baby. like laura and her husband are expecting theirfirst baby. like nora, many of us theirfirst baby. like nora, many of us decided to wait to have children. since the financial crisis, there have been 4.8 million fewer babies born than democritus were expecting. that is not the only thing that happened. dominic graduated from howard university in 2008.” happened. dominic graduated from howard university in 2008. i was told that i had a bachelor ‘s degree andi told that i had a bachelor ‘s degree and i could do anything we said. that she found there were no jobs. to come back and not be able to... to come back and not be able to... to land the jobs that you feel like deserve and feel like that, you

know, you worked hard academically to get this, it was hard. but it is not all bad news. eric thinks the economic finance —— crisis taught our generation an important lesson to those of us are graduated in 2008 learned the hard way that you need to be patient and stay humble when you think about your career. for a generation once described as selfish and self absorbed, ten years on from the financial crisis, when we ask what the biggest change has been, the answer mayjust be asked. —— asked. —— us. let's go to asia now and the us has invited china to restart trade talks according to the white house's top economic adviser. that has raised hopes that the escalating trade war can be stopped. mariko 0i is following the story in singapore. this is why we are seeing markets in asia rising today. you have any more detail? i am afraid there are not that many details i can tell you. as

you mentioned, the white house economic adviser has said that the treasurer has invited chinese senior officials to restart trade talks. that is all we know. even though there is not a lot of information, because the sentiment here has been negative, with investors worrying about a potential trade war between the us and china, this tiny bit of information has been boosting sentiment. we see asian shares recovering with the japanese market rising 1%. wall street rose overnight as well. that is mainly because everyone has been quite concerned about this potential trade spat between the us and china, imposing these tariffs on each other. thank you very much indeed. we will show you the market numbers again shortly but first, let's look at what is trending on business today. on business insider, furious customers are accusing amazon of raising the price of water ahead of hurricane florence. the company says "we do not

engage in surge pricing" — and is taking action against sellers listing unusually expensive water from bloomberg, how hurricane florence could hit the midterms. it says at least half a dozen republican—held districts in the hurricane's path are at play in the coming elections — and that us voters have a history of punishing lawmakers who ‘fumble' disaster responses. and richard branson tells cnbc the key to success is a 3—day workweek. with today's cutting—edge technology, he believes there is no reason people can't work less hours and be equally — if not more — effective. i would say they are working i would more hours because they need to be paid for that. as people say we work longer week because we cannot afford not to. and don't forget — let us know what you are spotting online — use the hashtag #bbcthebriefing. that's it for the business briefing this hour. but before we go, here are the markets. asian markets are rising because of

the news that was mentioned earlier. that is the business briefing. up next — newsbriefing — we'll take you through the stories making headlines in the global news media today including: people found guilty of assaulting emergency services workers are to face tougher sentences. the new law, which will come in to effect from november, will double the amount of time for which offenders can be sent to prison. jenny kumah reports. attacked while on duty. this body camera footage shows a man who was later jailed at taking camera footage shows a man who was laterjailed at taking police officers. that is four times. and this offender was filmed beating 24 times atan this offender was filmed beating 24 times at an officer. the latest

figures showed there were 26,000 assaults on police officers and 17,000 on nhs staff. attacks on prison officers and firefighters are also on the rise. for the very serious assault you could still be put away for life. but we now say that if you speak at a police officer, if you threaten one, the sentence will be double what it was yesterday. there is already an offence of attacking a police officer. the new law means that for the first time, similar protection will be extended to any emergency worker, including search and rescue staff, paramedics and volunteers. judges will also have to consider tougher sentences for other offences such as gbh and sexual assault if the victim is an emergency worker. the legislation will also give the power to take blood samples with consent, from people who have spat

at all bitter and emergency workers and expose them to the risk of infection. failing to provide the sample would be an offence. that is just one of the many stories they will cover in more detail 0n brea kfast at will cover in more detail 0n breakfast at six o'clock here on bbc. this is the briefing from bbc news. the latest headlines: president trump warns that hurricane florence will be one of the biggest to ever hit the us, but assures residents on the east coast that authorities are prepared. that story is dominating world media, be it on the screen, online or in print. if we have a look at some of the other stories, the front page of the telegraph. their report that the uk will not pay its divorce

bill in the event of a no—deal brexit. it says britain's brexit secretary, dominic raab, will hold talks in brussels later with the eu's chief negotiator, michel barnier, and will tell him there is no deal without the whole deal, which means the £39 billion, or 43 billion euro, bill may go unpaid. 0nto the financial times, which is looking at how hurricane florence is affecting oil prices. it says the mass evacuations mean fuel is in high demand from motorists and oil pipelines, and pumping stations within the storm's path could be hit by power outages. the philippine star's front page serves as a timely reminder that other parts of the world have their own storms to contend with at this time of year. so let's begin. alpesh patel is with us. thank you. forward have risen our illustrations aren't with us, so we can talk the

viewers through —— for whatever reason. front page of the telegraph, uk won't payee you build without a brexit deal. are we getting tough? is this the right method? —— eu bill. mark wahlberg, fine, but a politician? it isn't talk with mark, it is action, probably with an ak—47 or something like that. we need that with brexit negotiations! the pound buys as many euros today as it did ten yea rs buys as many euros today as it did ten years ago at the start of the crisis. is any of this negotiation back and forth moving volatility in the pound ? back and forth moving volatility in the pound? a bit here and there. in