this is business live from bbc news with ben thompson and sally bundock. onwards and upwards — the fed prepares to raise interest rates in the us for a third time this year as the economy continues to strenghten. live from london, that's our top story on wednesday the 26th of september. as the world's most influential central bank prepares for the move we'll look at what it means for the rest of us around the world. also in the programme — it's a thumbs down for facebook‘s moderation system after the company says it's investigating a glitch in detecting hateful content. and after president trump's speech at the un yesterday — the fighting talk mean those worries over trade continue. but oil prices ease after the us says it will maintain supply. what will the future look like?

design firms will determine just that, we'll meet a key player who created the iconic apple mouse all those years ago and ask — what's next? and, the world health organisation says there s been a dramatic decline in teenage drinking in europe. so will drinks companies have to re—think how to attract younger consumers? why are they not drinking as much? get in touch and tell us what you think. let us know, use the hashtag bbcbizlive. a lot of you getting in touch with us a lot of you getting in touch with us about that story, keep your comments coming in. later today, the us federal reserve is expected to raise interest rates for a third time this year, as the country's economy shows

no signs of slowing. rates are likely to go up to cool inflation and that has a knock—on effect around the world. the markets expect the fed to raise interest rates by a quarter of a percent to 2.25%. that s because us prices are rising as the economy strengthens. in july, core inflation, which doesn t include volatile energy and food prices, hit 2.4% — its highest level in a decade. the rise in prices is being fuelled by low unemployment and higher wages. they grew by 2.9% in august which is their fastest pace in nine years. some are now asking will this expected rate rise be enough? not according to goldman sachs who are predicting a further four rates rises in 2019, in addition to another one in december this year. candice bangsund, is portfolio manager at fiera capital is with me now. good to have you on the programme.

most would agree a rate rise is coming today but what happens next? 2018 is priced in at this point for today and december so the focus will be shifting to what the fed can do in we are expecting a hawkish message from the fed. the us economy is in great shed, firing on all cylinders, inflation back at target. fiscal stimulus boosting a buoyant economy. we think rates are definitely moving higher again in 2019, three, maybe even four. three are maybe for rises in 2019 but at the start of next year we might have 2596 the start of next year we might have 25% tariffs on most goods going from china into the united states. some we re china into the united states. some were saying oil prices might be $100 a barrel. a lot of questions about things that could impact the us economy? absolutely these are

inflationary measures, whether it is ta riffs inflationary measures, whether it is tariffs or oil prices. inflation expectations are on the rise and the fed will have to combat that with higher rates. how do you think the us consumer will react to this? they have been enjoying, since the financial crisis, record low interest rates, so their mortgage borrowing has been lower, if they have taken on debt, it has been lower, but not so good for savers and pensions? unemployment is extremely low, wages are on the rise and the labour market is very tight and the labour market is very tight and you have personal tax cuts, helping to cushion the blow from the higher interest environment. let's talk about consumers elsewhere because in some emerging economies they have had a terrible time with their currency is very volatile, if not falling in anticipation of the rate rises in the us? there are wea ker rate rises in the us? there are weaker economies that have been impacted by the higher borrowing

costs. we a re impacted by the higher borrowing costs. we are optimistic on the emerging markets, both on the debt and equity side. a lot of these economies have improved their financial situations and they are better able to tolerate higher borrowing costs. thank you very much, it has been great to have you on the programme. bend the 90, the then federal reserve chair said they might start to start quantitative easing and raise interest rates. tomorrow we have full coverage from the fed on the bbc. let's take a look at some of the other stories making the news. facebook is investigating a glitch in its moderation system after a user was incorrectly told material she had flagged as hate speech would be removed. in fact facebook‘s moderation team had decided the posts should stay online. a campaign group says the incident is a huge breach of trust. the head of the uk's labour party,

jeremy corbyn, says he will "kick—start a green jobs revolution" and create 410,000 jobs if he came to power. he added there will be be subsidies for wind projects and solar energy. president trump and japan's prime minister shinzo abe are due to meet later on the sidelines of the un general assembly in new york to talk trade. it follows a meeting by officals from both sides on tuesday. mr trump has previously made it clear he is unhappy with japan's $69bn trade surplus with the us. the head of the international monetary fund, christine lagarde, says she's had a very productive meeting with argentinian president mauricio macri and is close to a revised agreement between the two. injune, a $50 billion loan was agreed between both sides. yesterday the boss of argentina's central bank resigned, sending an already struggling peso even lower.

would you queue for two hours for your dinner at a restaurant? how about a massage or manicure while you wait? well, that's on offer at chinese food chain haidilao. its shares have surged more than 10% on their debut in hong kong after the firm raised almost $1 billion in its inital public offering shara njit leyl is in singapore. sounds like a winning combination, you have a hot pot waiting and while you have a hot pot waiting and while you are waiting, plenty going on to keep you happy? absolutely and the most hotly anticipated chinese offering on the hong kong stock exchange. it is a beijing —based

restau ra nt, exchange. it is a beijing —based restaurant, haidilao. i'll injapan and the infamous reputation for keeping people waiting for the hot pot. it is a chinese style fondue. things go into a hotpot broth and the international change has been well—known for entertaining customers. we talked about the manicure is, the childcare but also you have played booths to print pictures while you wait. they have had some setbacks on food safety issues and want restaurant had to close down temporarily but investors don't seem to care. the stock market is about to close and it has since scaled back some of those early games trading about where it started, a large chunk of the proceeds going towards expansion plans in the uk, australia and new zealand. the backrub sounds great, and nothing wrong with fondue! trade dominating markets again —

leading to losses for the dow and the s&p, but amazon and apple helped to keep the nasdaq afloat. president trump speaking at the un did little to ease worries that the trade war will be long, and tedious. the speech came just as the us prepares to move ahead with a trade deal with mexico that excludes canada. asian markets were up overnigt, despite the speech from trump. brent crude hovering above $81 per barrel — that's close to its recent four year highs. the price eased back overnight as the us promised to keep oil markets well supplied. more on that in a moment, but first let's get the latest from wall street as nike released their quarterly results — samira has the details. nike's stock has been trading at all—time highs — up almost 35% this year. and this earnings report shows that revenue was up and sales have risen both internationally and in the all—important north american market. but of course, investors are looking for what comes next and for nike it's the impact of its new ad campaign featuring colin kaepernick.

he's the american football player who took a knee during the national anthem. his way of protesting racial injustice in the us. initially, the move had people on social media calling for nike boycotts, but the outrage seems to have subsided and nike's share price was up 5% after the adverts were announced. now this most recent earnings report doesn't have the sales figures for september, so investors willjust have to wait to see what happens. jane sydenham is investment director at rathbone investment management. lots going on and i must admit all the different bits of news coming out of the un general assembly have caught my attention. we have theresa may speaking there later today but one line donald trump said

yesterday, talking about 0pec. as usual it is ripping off the rest of the world. there is a lot of conversation about oil at the moment that prices seem to be a one—way bet, what is your take on that? 0pec is one part of the prices or any change in the prizes but there is the question of the rainy and sanctions of course. but one of the things we hear about less is the us is producing a huge amount of shale oil and gas which is helping to keep the price down. but the pipeline that runs from the basin where the oil is produced isn't big enough to get enough oil to the market. it is an infrastructure problem in the us thatis an infrastructure problem in the us that is holding back some of the supply. we also heard from president trump on trade and the idea we will have to get used to this trade war because it's not going away soon. we talk about this in the big economic picture but also the politics. it

fundamentally affects the bottom line of a number of companies? yes, we are starting to see that. bmw announced results yesterday and that was disappointing. they have been incredibly reliable and their results have been consistent over a number of years, but because of some tariffs, some omissions costs and so on, there is a whole series of things that have affected them but they had to downgrade expectations for the first time in years. those trade wars are having real effects on those companies. thank you for 110w. on those companies. thank you for now. you are returning later. we are going to be talking about firms who have designs on our future. we'll ask one design firm which created the iconic apple mouse — what's next for some of our favourite products? you're with business live from bbc news. aa has reported a sharp fall in profits for the first

six months of the year. it says higher more call outs after the bad winter weather and more potholes across britain — are to blame. james hughes, chief market analyst at axi trader has been looking at the numbers 02. we had to get our heads around this, extremely busy so sees a massive fall in profits? it is subscriptions they want to see and not people necessarily using their services. if people work —— if cars are working properly, yes people have subscriptions but they don't need to call them out. when numbers are bad we blame brexit all the bad weather at the moment. but the weather has

caused this pothole academic, is what the aa are calling it. that has caused a 15% rise in the amount of call—out to breakdowns. it is costing them more money and profits are down 65%. in february we saw them come out and warned profits would be falling. but they are trying to change and aa have an amazing brand and have been performing well off the back of that brand for a number of years but recently it has been innovation which is really affecting them. there is a couple of key highs they are bringing in at the moment which will lead to more in the way of innovation. they have this new softwa re innovation. they have this new software which is looking to predict when your car is going to break down. pushing those subscriptions higher but not having to be called out as many times. thank you very much, james. quick story from the business life

page, news from the online retailer, boohoo, revenues up 50%, profits up by 20%, it got a big boost from love island, lot of the stars are advocates and tied with the firm, 5 million followers on instagram. staggering 50%. just shy of 25 million, much more on the business life page. latest news including how uk markets have opened. your're watching business live, our top story: global markets keeping a close eye on washington. the us federal reserve is expected to raise interset rates again later today for the third time this year. we will stay right across that for you on the bbc about what decision we get from the fed and the impact

it could have on consumers around the world. the if you build it "they" will come, or so hope those who work in the design economy. if you re going into business, the design of your product is a key consideration. get it right, and you will reap the rewards. figures show the growing ‘design economy‘ generated $112 billion to the uk in 2016. that is equivalent to 7% of the total value of goods produced in the uk for that year. 0ne company that has evolved with the times in product design is ido, founded in 1978, this year is its 40th birthday. ideo is now a community of designers, entrepreneurs and other professionals. one of the most iconic things it designed is the original apple mouse. sue siddall is partner and executive managing director of ideo europe. welcome to the programme. we have

been talking about design and how important that is, get it right and it is extremely lucrative, your business, the service you may be putting out there, but where are we with design today, you talk about human centred design driven innovation, what on earth does that mean? probably most people think about designers, something new design that makes a noise when you drop it on the floor, but our approach to innovation is design led, that means making things tangible, designing them out to test with end users, to test with human beings, to check that it is intuitive and that they want to use it. historically, we started as a product design company, doing things like the mouse and the insulin pen, that was more sort of intuitive and comfortable for people to use but 110w comfortable for people to use but now we are applying it to services and future business is for companies and future business is for companies and helping them build capabilities to do it themselves. one thing i

find fascinating about design, when you get it right, people don't really appreciate anything about it going right, it just really appreciate anything about it going right, itjust works; but when you get it wrong, my goodness they will tell you! but with design you have to be three or four steps ahead of us as have to be three or four steps ahead of us as consumers, have to be three or four steps ahead of us as consumers, like, you may not want this now, but in a couple of years this is what you will be using. how do you marry those? people are the end user of the products and services, if you don't test it with them to check they want it, you could make expensive steaks incrementing it, the way to test it is notjust to incrementing it, the way to test it is not just to ask them what they want, they do often not know, so you tested, change it, until it really works for them, we that with the organisations that will be producing it. is there an element, you may not

think you need is now common using apple as an example because it has... taking out headphones jack ‘s from iphone, caused huge uproar, but they said it was a design issue, a lot of consumers said, i am not ready yet, at the stage to do away with it. takes a while to manufacture these things, being ahead of the game, so you putting it out in the market when consumers are ready and can adopt and take out the curve, that is really important, making its tangible, designing it out, changing it until you know it is intuitive and emotionally attractive, that is often when things go wrong, they may be functional and beautiful but if not intuitive and emotional for people to be attached to them, they often don't succeed, that is sometimes where companies miss the opportunity. today on the programme we are talking about young people, millennials, how their behaviour is different to ours, way back when,

and businesses are having to rethink strategies completely. i think about my children and how these technology devices are so intuitive, even a two—year—old can figure out how to work these things. i recently got a fairly new car, my kids are busy working the devices within my car that i have not got a clue how to use. you surprise me(!) laughter you have to think ahead all the time, is my point, where will we end up, how do you gauge who is doing what, with what? we design with future consumers, great example, we have worked for years with ikea, looking at big issues like climate change, what is the future of the kitchen going to look like, for university students, buying their kitchens in 2025. we design with students and ikea, a future kitchen that had things like food

recognition technology, you take your existing ingredients out of the kitchen, put them on the hob and it will tell you what you could cook from those existing ingredients rather than buy new ones. like ready steady cook! laughter in testing those with university students that will eventually be buying those kitchens to see if they wa nt buying those kitchens to see if they want it, that is part of the process. and then ikea can go away and manufacture those. i'm always fascinated, time is up, but i'm a lwa ys fascinated, time is up, but i'm always fascinated about what we think the future will look like and how it will turn out, they can be very different things. on paper it is very different to actually building it, that is the difference for being successful in the future. thank you for your time. sally mentioned booze, and fewer young people drinking it. young people today drink less than previous generations, and when they do drink they tend to drink at home.

but as a new harry potter—inspired bar opens in london, could concept bars help shift millennials drinking habits? i was studying computer programming and design and i realise a lot of concepts i was reading about in fa nta sy concepts i was reading about in fantasy books were real and i thought, if we combine these elements, then we can make it more complex. that is one example of a bar in

london reinvented itself to bringing young people, we have been talking about this all morning to get your views on what culture is changing, some say that we used to meet down the path in the old days, that is where the social scene was, we are drinking today, coffee culture, many on social media doing other things with social media, not necessarily going to the pub to meet friends. i paid £11.80 for a pint of guinness in birmingham on friday, putting up prices, prices going up all the time. some viewers have said young people in europe are unemployed, many of them unemployed, they cannot afford to go out and drink. there is afford to go out and drink. there is a drug thing to a lot of it, be arises in price, people will turn to other vices, you can buy a joint or a line, cheaper than a pint of lager. people saying they are not drinking, they are doing cannabis, apparently, around the world! no link here, as we move to our next

guest. laughter culture is changing when we think about what millennials are doing with time and money. it is a combination of shortage of income but also choices available to people, used to be the pub, now it is the coffee bar... much more health—conscious, much more aware, and therefore, companies like coca—cola talking about reintroducing a whole new wellness range of drinks. probiotic, health foods, and... big business, more choice, it is diluting demand for drinks. let's talk quickly about the labour party conference, the opposition party in the uk, speaking today, we will hear from jeremy corbyn, who has been talking about, ifi corbyn, who has been talking about, if i can just load this corbyn, who has been talking about, if i canjust load this up, there we go...i if i canjust load this up, there we go... i have finally got it to work, jeremy corbyn ‘s beating later today, laying out a jobs plan, talking aboutjobs. today, laying out a jobs plan,

talking about jobs. talking about huge investment in the public sector, particularly in the area of green energy, onshore and offshore wind farms, increasing subsidies for those areas, he wants to fast forward , those areas, he wants to fast forward, the uk's green energy output, from the current targets, really eradicating all offending emissions by 2050. this will create 400,000 jobs in the first term of their government, apparently, and they will spend £12 billion in that time period. you wonder where the money will come from? the question markets have had is whether or not they can raise that kind of money, whether it will have an effect on sterling and the perception of the uk from the outside, there is a tension between those two things. interesting, we will listen to that. thank you to you for watching and thank you for all your messages. there is a lot. it was again another cold start to

the day across southern parts of england, clear skies throughout the night, that means sunshine through the day—to—day, dry for most of us, feeling quite pleasant, quite warm into this afternoon, from the satellite imagery through the night you can see, bright lights city across the south, clearer skies, further north, more cloud feeding in from the atlantic, quite a bit of breeze and a mild start to the day, lots of cloud, outbreaks of rain. patchy rain from north—west england, mostly clearing away, brighter skies developing particularly to the east of the pennines. best of the sunshine across the south, and that is where temperatures will get up to 20, 20 is where temperatures will get up to 20,201 is where temperatures will get up to 20, 201 degrees. in the north—east, up 20, 201 degrees. in the north—east, up to 21 celsius during this afternoon. tonight, quite cloudy

across northern parts of the uk, still have that rain affecting northern and western areas, elsewhere, clear spells, chilliest of the weather is always going to be across the south, temperatures into the fairly low single figures. another mild night across northern parts, once again, during thursday, more cloud, outbreaks of rain, more sunshine to come across england and wales, and in fact it will be warmer than today, temperatures getting up to 20, 22 than today, temperatures getting up to 20,22 degrees. will feel chillier as temperatures move down to 12 to 15, because we have a cold front moving south, replacing that warmerair, front moving south, replacing that warmer air, with chillier air, around this area of low pressure, coming in from the north west, as the blues, they move south during friday. very different feel during friday, we lose the cloud, lots of sunshine throughout the day on

friday, fairweather cloud developing, it will be feeling chillier, with those temperatures down to 16 degrees in the london area, further north, 13 celsius in newcastle, 14 degrees in belfast. and into the weekend, fine and settle, high—pressure dominates. we will see good spells of sunshine, temperatures, 14, 15 degrees, 16, 17 degrees further south. that is all from me, have a good day. "we could potentially have another scandal on our hands". that's what one mp has told this programme, as we reveal today that as many as 170,000 people in england alone could be facing complications after hernia mesh implants. patients have told us they've been left suicidal, after the procedure. ie actually do feel like a freak. when you do have these attacks

and you've just seen a couple of little ones, people look at you and i know they arejudging me. when i had the meshes in i was hunched over, walking as though i was elderly and i couldn't stand up straight and it hurt all the time.