this is business live from bbc news with victoria fritz and sally bundock. desperate measures. turkey may push its interest rates above 20% today to prop up the plunging lira. live from london, that's our top story on thursday, 13th september turkey's president erdogan has called high borrowing costs the "mother and father of all evil" — but what can he do to save the falling lira if the central bank is forced to riase interest rates later today? and on the tenth anniversary of the start of the financial crisis, the former uk prime minister gordon brown tells the bbc that "we're sleepwalking into the next crisis". it's a more comofrtable start to trading today after a slight easing of trade tensions between the united states and europe.

how to be hip. can global brands make themselves cool and appeal to a younger age market — just by hiring cutting edge film makers? we meet the woman who's made a business of connecting corporates with creatives. and south korea's mmilitary has revealed that a group of 12 college students tried to gain a huge amount of weight in order to avoid being selected for military service. for some it has been a successful move. today we want to know — what lengths have you gone to to try and avoid doing something? let us know — just use the hashtag bbcbizlive. hello and welcome to business live. 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 tojune, 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. i asked mark 0stwald from adm investor services

whether raising interest rates today will have any effect. first of all back injuly, they didn't give us an interest rate hike when everyone was expecting to which precipitated the last leg of this crash, so it has fallen about 25%, so crash, so it has fallen about 25%, so not raising interest rates is not an option, the question is what is forceful enough? they promised something that is forceful. i would guess, what we are discounting in financial markets about 325 basis points so that is 2.25% but the estimates range anything from 200 to 700. -- 3.25%. does it estimates range anything from 200 to 700. —— 3.25%. does it solve anything? as long as they meet market expectations it will stem the rot for the turkish lira. does it

solve the problems? no, you have this problem of interference from the central bank from the erdogan government, it has a lot of dollar debt, which when the turkish liarer, it means the dollar debt is escalated into the sky, it is in a clinch with the us over, and none of the problem also be solve by the central bank. and a lot of them are specific to turkey, because i went to turkey about, i don't know, ant five years ago, plus istanbul, it was thriving, there was a lot of excitement about it, as an emerging economy, it was looking like the place to be. but things have changed significantly with president erdogan and his policies and how he has got more of a grip on politics and power and people's views of investing in turkey have changed significantly. yes, ever since the military coup or

the attempted military coup, one should say, the prospects for the turkish economy have dimmed. it still is potentially a huge economy but are the erdogan governments economic policies going to improve things? no, they will make things worse and with the tensions in the region and tensions with russia as well as the united states, the prospects for turkey in the short—term, without, well, dare i say regime change are not particularly when we hear from the central bank we will let's take a look at some of the other stories making the news. apple has updated its iphone x handset with three more powerful models, two of which are larger than before. the iphone xs max has a 6.5in display — one of the biggest on the market — and at a price starting at $1099 is apple's most expensive phone to date. it also launched a new smartwatch which can detect heart problems. brent crude has slipped under $80

a barrel in early trading today, reversing some of yesterday's strong gains. traders warned that rising trade tensions between the united states and china could have a impact on globalfuel demand. profits at the uk department store john lewis have fallen to almost zero in the first half of its financial year as its department store chain battled to match discounting "extravaganza days" by rivals. only three years ago john lewis was making an operating profit of £a50m. the plunge in the value of crypto—currencies — the likes of bitcoin and ethereum— is now worse than the dot—com crash — according to analysis by bloomberg.

as of wednesday the main index of crypto assets was down 80 % from its peak injanuary. that beats the 78% fall in the nasdaq composite after the internet stock bubble burst in march 2000. i don't know if anyone watching has flown norwegian air but it is this airline that offers much cheaper flights, often long—haul and they have new aircraft there, very fuel efficient airline, but they have massive problems in terms of debt and some of their routes they have been axing. it is about them cutting their service between london and singapore, the flying also be ending injanuary, singapore, the flying also be ending in january, it is just singapore, the flying also be ending injanuary, it isjust a year singapore, the flying also be ending injanuary, it is just a year after they started them from gatwick, so really interesting, they have yet to issue a statement but it understood

the new service from rio will take singapore's place, so really interesting things going on in the airline market at the moment. 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. sarah toms is following the story in singapore. sarah, a bit of a boost to markets asa sarah, a bit of a boost to markets as a result of this news. that is right. there is still a long way to 90, right. there is still a long way to go, of course, it has been months of stalemate but it does seem that the us is finally trying to defuse this trade war with china, there are very few details at the moment. larry cudlow, he is the chief economic adviser to president trump, he was on television and he said that us treasury secretary steven mannequin issued an invitation to top level

chinese officials and it is a crucial time, it isjust chinese officials and it is a crucial time, it is just before president trump said that he's going to follow through on the, his threat to follow through on the, his threat to impose tariffs on another $200 billion of us imports from china and the first round of chinese goods we re the first round of chinese goods were mainly on industrial material, like steel and aluminium but this round of tariffs will be much more painful. affecting a much wider range of goods from dish washer, to fitness trackers, and of course all these goods were poised to become more expensive for american shoppers, and businesses. 0k, sarah we will leave it there. let us look at the markets and see what asia equities rallied on thursday on reports that the us is seeking talks with china to defuse trade tensions. according to a survey by the us chambers of commerce in beijing and shanghai more than 60% of us companies operating in china have been hurt by us and chinese tariffs imposed on $50 billion worth of exports from both countries. in europe — it's interest rate day.

mario draghi at the ecb is expected to offer only slight tweaks of the bank's guidance to stay on course to end bond purchases this year and raise interest rates next autumn. 0ne change will be a small downgrading of some of its growth forecasts after a string of weak figures over the summer. likewise, the bank of england is expected to hold fire on any further rate hikes after last month's rises. and samira hussain has the details of what's ahead on wall street today. 0n on thursday a report from the us labor department will likely show the consumer price index went up by 0.3% in august. cpi shows how much prices for goods have gone up or down ina prices for goods have gone up or down in a month. this is core cpi so doesn't include energy and food which are volatile. core cpi is a

key indicator of inflation, as such, the us federal reserve will be paying close attention as it weighs its next interest rate hike. joining us now is kathleen brooks, who's a research director at capital index. you have been soaking this up. there isa you have been soaking this up. there is a lot going on, when you arrived this morning you said you are watching turkey. i think it is going to be the highlight of the central bank splurge. for a couple of reason, they had to hike interest rates but it will be such a gesture to the market, the lira has fallen 40% this year, the central bank has been accused of not being independent which president erdogan says he doesn't like high interest rates. turkey really does knee to do something to stem the decline if they hike interest rates we could see the lira recover but we have to remember argentina hiked interest

rates to 60% and they really haven't seen money rates to 60% and they really haven't seen money coming rates to 60% and they really haven't seen money coming back in to argentina. it is that monetary policy struggling to, i guess, switch gears and make the economy work again. let us talk about what is going on in the oil market. we have got hurricane florence approaching the east coast of america at the moment. what impact is that having on the oil price? you know, oil, the brent crude is back towards its highest level of the year, it is towards $80 a barrel because of the short—term factors and long—term factor, traders are looking ahead to november, sanctions against iran's oil so you are seeing people really reduce their imports of oilfrom people really reduce their imports of oil from iran so they don't get on the wrong side of the us, that is having a massive impact on constraint so the price is going up. president trump just last week said he wanted oil producers to increase their production to try and lower oil prices but yet these us sanctions are doing the opposite. quick word on retail, we havejohn

lewis today, profits almost wiped out, which is astounding, a 99% drop. evenjohn out, which is astounding, a 99% drop. even john lewis out, which is astounding, a 99% drop. evenjohn lewis is not immune to just how brutal it is on the high street at the moment. yes, the middle class consumer wants discounting because they are going to amazon or aldi or liddle and it is linked to that and also, they have spent a hell of a lot of monetary policy because they have rebranded, brought on new stores and new lines, maybe they have done that at the wrong time but they are definitely going to hope that pays off down the line, this could be a blip but we will be watching certainly in january blip but we will be watching certainly injanuary next blip but we will be watching certainly in january next year and ina certainly in january next year and in a year's time. it is critical now, as we come into christmas period, their most important period of time. thank you. see you later. still to come. can global brands make themselves cool and appeal to a younger age market, just by hiring cutting edge film makers? we meet the woman who's made a business of connecting corporates with creatives. you're with business live from bbc news. it s ten years this week

since the start of the global financial crisis and we're still feeling its impact. ben is the heart of the city of london looking at how our financial institutions have changed and he's with a familiar face. very good morning to you both. morning to you, look who is down here, it is justin. justin, morning to you, look who is down here, it isjustin. justin, nice to see you. look, ten years, where has the time gone for a start? i wonder, what has changed in this place? well well it has changed remarkably, it is the same thing going to happen ain? is the same thing going to happen again? yes there will be another crash and disaster but not for the same reasons, the banks are stronger, do we have better

regulation? we have improved regulation, but there are still going to be scandal, what has been amazing is the economy has re cove red, amazing is the economy has recovered, very significa ntly. amazing is the economy has recovered, very significantly. for most individuals, sadly, the poor have got poorer and the rich have got richer. we look at all the headline figure, unemployment is in a good place, the economy is not going amazingly but it is growing, things look ok yet in our pocket we feel worse off, don't we. why is that all the wage levels have been suppressed, and so if you were just earning money as a wage earner, you may have had a pay rise but the figures have been flat, particularly against inflation. only recently moved ahead. if you owned asset, property, or stocks and share, they all went up why? because quantitative easing, this means of pumping money into the system bought asset, pushed values up. quantitative easing comes to an end the values drop. those who had them benefitted, those who didn't got worse. and the economy on that

life—support, we have seen that round the world, if you have got money in the bank you have lost out as well. that was the unfair bit. more people save in this country than borrow, we focus on having mortgage, but people who have worked all their lives, saved their money, they think they will live off the income but they won't. that has been unfairforthem as income but they won't. that has been unfair for them as the weakest time, the wrong time of their life when they had the bear with that. we go into the next stage, the global economy is growing quite well. it makes for a rotten headline but that is positive. that is encouraging. justin, lovely to see you, we will talk more about this. ten years on this weekend, and we are still feeling all of the impact. more from us here in the city on bbc news throughout the day. see you your're watching business live.

our top story —, turkey may push its interest rates above 20 % today — to prop up the plunging lira. a quick look at how the markets are faring. european markets having a easier day to the start after easing in tensions when it comes to trade between the us around europe and also perhaps the us and china as well. so, a slightly easier day for the european start. now let's get the inside track on film making. more and more small businesses are turning to short online video's to boost their profile. one firm specialising in helping them is the smalls, which allows its 17,000 members get access to global brands for their videos. digital content has now become so popular, recent research say 55% of us watch videos online daily. the firm is also keen on promoting diversity, and says that 93% of people currently working on adverts are men. joining us now is the co—founder and chief executive

of the smalls, kate tancred. nice to meet you kate. welcome to business live. now, when we read about your business and dug a bit deeper, i thought this isjust about your business and dug a bit deeper, i thought this is just such a challenging, competitive, difficult market. it is. yet you started this how many years ago? seven—and—a—half now. started this how many years ago? seven-and-a-half now. you are well established, you are working with big brands, how did you do it? really, it was to as you mentioned in your intro, really, the issue in advertising is that brands and agencies have a lot more content to make these days than they ever did before. i spotted i guess the gap in the market, seven—and—a—half years ago, as the immediate yes industry proliferated they would require higher volumes of video but for

less, i set up the company and set down the road. so you do two things, you have one is the market place, getting these people together, and you are also sort of almost like executive producing this as well. yes, so through the platform we connect the company with the right production company and film film—maker and we oversee that process to make sure it is delivered on budget on time. so this company is very much democratising the process because if you wind the clock back, i don't know, five yea rs, clock back, i don't know, five years, places like soho in london, certain hubs round the world dominated this kind of area, you know, certain film—maker, dominated this kind of area, you know, certainfilm—maker, certain directors and producers and they got all the work. indeed, yes. so we talk about looking beyond your little black book and commissioning film—makers outside of london jobs,ers, outside the uk. how you making any money from this? because that sounds like a lot of hard work

from you, labour intern sieve, what margin are you making on this? video advertising is the fastest growing advertising is the fastest growing ad format, so we are in the right place at the right time which is lucky for us, we take a percentage of the deal, we are fully transparent, in advertising you have to be, in order to sort of ep the process , to be, in order to sort of ep the process, so, a brand... that is executive produce. a brand will come to up was a budget, we will take our percentage of that and the rest goes to the my opinion make tore do the nuts and bolts. anyone watching this will say how can i guarantee quality, if that have 17,000 member, how will i get a good product for my £50,000 budget? as we review which film—makers to put forward we check they have the credentials to do the job, that might be in videos they have made, they have the right team, so who is shooting the content, who

is the director, who will be the producer on set. we make sure we vet them before we suggest let us say five to ten great film—makers to the brand. one of the things that is interesting, we said in the production 93% of people working in ads this year are men. but you know, one of the most powerful consume ires on the planet, are women. women at home making decisions for the family, making purchasing decision, why is it that content, for women, is being made predominantly by men? i think what we are saying is a gender, you know imbalance within the industry which we think needs to be corrected. i mean on top of that, 80% of the decisions are made by women, and then also, as women are watching this content on their tablet, on facebook, on instagram, 85% of women feel misrepresented in the content they are being received because it is made by men and that needs to be corrected. briefly because we are out of time, your company is predominantly female in

terms of those who work for you. yes, we are aiming to correct that as well, but yes, we also do things by aiming to put women forward and championing female film worker, we make sure one female is put in a pitch to a brand to correct that. make sure one female is put in a pitch to a brand to correct thatm has been great to meet you. as we've been discussing already in the show, it's ten years since the financial crash that rocked the world. however some of those involved in the previous crash are concerned we may be facing another one. in an exclusive interview with the bbc, former uk prime minister gordon brown feels the world may be sleepwalking into another economic meltdown. i think we're going to look back on 2008 and 2009 and say we saw the problem, we started to act on them and we certainly did in 2009 and 2010 and then people became complacent again, and ifeel we're sleepwalking into the next crisis, i feel that this is a leaderless world, and i think when the next crisis comes, and there will be a future crisis we'll find we neither have the fiscal and monetary room for manoeuvre

we had in 2008/9 or the willingness to take that action, but perhaps most worrying of all, we will not have the international cooperation that was necessary to get us out of this worldwide crisis. joining us again is kathleen brooks. interesting comments he said we are ina interesting comments he said we are in a leaderless world, we are not ally but do we have perhaps the right leaders? we don't have agreement between the leaders, what i think is really interesting, like or loathe groan, is the fact he says you need then to be working together because when a crisis hits as we saw ten yea rs because when a crisis hits as we saw ten years ago you have the bank of japan, the united kingdom, the us, europe, all working together to provide extra liquidity to stop it from combusting, if there is another crisis we don't have that right now.

you say that, but i do remember then, as you say the reaction was a kind of unified reaction but again you see unity among other groups like the central bankers round the world, there might be unity there, do you see what i mean? you do,er if there is another financial crisis andi there is another financial crisis and i need to use public money to pf°p up and i need to use public money to prop up any institutions you need the political backing and at one point ten years ago the republicans in congress didn't vote for the stimulus that was needed, so they had to have a second vote and that caused the markets to plunge again, you, he makes a very good point. it is fascinating this article. you, he makes a very good point. it is fascinating this articlelj you, he makes a very good point. it is fascinating this article. i know, some might say it is wishful thinking, do you know what i mean? in the era we are in at the moment. thank you for coming in. great to have we wa nt we want to mention a few tweet, we had a story earlier we mentioned an people trying to avoid national service in south korea, we said what are you trying to avoid. some

comments from ef, don't want to go to work, changed job, comments from ef, don't want to go to work, changedjob, change comments from ef, don't want to go to work, changed job, change outlook or forever wallow in south pip t. we wa nt or forever wallow in south pip t. we want to mention a few tweet, we had a story earlier we mentioned an people trying to avoid national service in south korea, we said what are you trying hello. good morning we have got a chilly start in the south. temperatures have been down to two to four degrees but through the day, plenty of dry and bright weather, particularly for england and wales, a few showers though, more so towards scotland, northern ireland, but the showers will gradually become few and far between, drifting their way southwards into the north, north wales but the end of the day, brighter skies coming through here, the fur south you are though, there will be some long spells of sunshine, and maximum temperatures

fairly similarto sunshine, and maximum temperatures fairly similar to yesterday, really at about 16—19 degree, perhaps just edging up into the ‘20s across the south—east. tonight, though, with clear spells, again for england and wales, it is going to turn chilly once again, temperatures down into single figures, more cloud and rain spreading into northern ireland, and scotland. and that means temperature hearse probably staying up in double figure, but during friday it will be a wet start to the day for scotland, northern ireland, heavily rain around, that rain will gradually edge south ward into northern england, into north wales, brightening up into the afternoon but to the south, and particularly the south—east, it will remain dry and fine with brighter sunny spells and fine with brighter sunny spells and temperatures once again round about 111—15 degree, feeling cool, up to 19 degrees if the south. into the weekend, for many it will be a fine start to the week, plenty of dry weather round, but look at this next weather round, but look at this next weather system, that will push in through sunday, and bring some wet weather on sunday. so, for most it

isa weather on sunday. so, for most it is a fine and dry start, there will be sunshine, chilly, rain moving into the north, best of the sunshine will always by a cross southern areas. let us put more detail on that then, on saturday morning, quite a lot of sunshine through saturday morning, quite a chilly start, the cloud though gradually increasing in western scotland, in northern ireland by the end of the day, some rain spreads in here, temperatures again, 14—16 degrees in the north, further south and east we hold on to the sunshine, up to 21 degrees but the rain will move south ward, affecting more parts of england and wales, throughout the day, brightening up in scotland, northern ireland, again, down towards the south—east, saying mostly dry with that sunshine and again temperatures into the ‘20s here, but always that bit chillier and cooler further north and west as 15-17 and cooler further north and west as 15—17 degree, that is all from me. bye. hello. it's thursday. it's nine o'clock. i'm victoria derbyshire. welcome to the programme. the brexit secretary says if there's

no deal with the eu over brexit, the uk won't be paying 39 billion to them, but he wont tell voters how much britain will have to pay. we will always comply with our strict legal obligations but i think what is very clear is that we would not pay the amount or the schedule in terms of the phased approach that was agreed as part of the negotiated settlement. so how much does this euroscpetic conservative mp think britain shld pay in the event of no deal? nothing. the british voters will not ta ke