this is business live from bbc news with ben thompson and sally bundock. another warning against facebook‘s crypto—currency plans as the man in charge prepares for a grilling in washington. live from london, that's our top story on tuesday 16thjuly. the us treasury secretary shares concerns that libra could be abused by criminals as us politicians search for more detail about how facebook‘s plan will work. also in the programme... jaguar land rover drives away with more than $600 million in loan

guarantees from the british government to power its electric car future. the european markets look like this at the start of another session. we will explain what is moving the numbers, and why. and a cut above the rest, we'll hear how fashion entreupener left behind one of the biggest names on the british high street to set up her own high end clothing empire. today we want to know... as one mum tells the bbc she's buying her children no new toys or new clothing in an effort overcome online shopping habit we want to know if your online shopping ever got out of hand? is going cold turkey the only way to stop? what is your biggest impulse buy, that you have learned to regret? let us know — just use the hashtag #bbcbizlive. hello and welcome to business live. many of you are getting in touch on that story. join the conversation using the hashtag.

the pressure continues to grow on facebook‘s hugely ambitious plan to create its own global crypto—currency which it unveiled last month. the us treasury secretary has expressed his concerns although facebook says it won't launch libra until regulators are happy. but in a few hours' time, the man in charge of the project will face a grilling from us lawmakers about what the company says is the future of money. the digital currency is aimed at the nearly 1.7bn adults, that the world bank estimates don't have a bank account, china and india are top of the list. in a bid to convince people that it will be reliable, facebook says the currency will be backed by a reserve of assets and has set—up what it says is an independent body to oversee the currency, the libra association. its 29 members include household names such as uber, visa and vodafone. but central banks have

already expressed concern. last week, the boss of america's federal reservejerome powell said "libra raises many serious concerns" that need to be addressed.and late on monday, us treasury secretary steve mnuchin also expressed his fears, saying libra could be misused by money launderers and terrorist financiers. are you comfortable with facebook launching the currency, if they do it on the right way? i didn't say i was comfortable with them launching the currency. i am not comfortable today. let me be careful, as i said. they and others have a lot of work to do before they get us comfortable. it would seem nobody is co mforta ble comfortable. it would seem nobody is comfortable with this idea apart from those of facebook. glen goodman is the author of the crypto trader and hejoins me now. first, just explain how this currency would work? what is interesting about this, i think, is that most people in the cryptocurrency community would not consider this a proper

cryptocurrency. but that is a good thing as far as us lawmakers are concerned. because a proper cryptocurrency like bitcoin is decentralised, nobody controls it. that is kind of the whole point of it, that it is money that governments cannot control. but with this, because facebook are setting it up and because it would be overseen by all of these different major companies, frankly, they can kind of design it any way they like, and satisfy the lawmakers. having said that, ijust want and satisfy the lawmakers. having said that, i just want to say that i don't think the lawmakers will be satisfied, because this is really about power. money is power, the almighty dollar is seen as being possibly undermined. donald trump said it himself, just a few days ago ina said it himself, just a few days ago in a tweet, he is worried about libra and feels the dollar will a lwa ys libra and feels the dollar will always be the dominant currency in the world. they are scared that libra can take away some of that soft power. as you explain, money is power and libra could undermine the traditional banking system, the ability for central banks to have

levers, monetary policy, all of these issues. what about the big criticism that everybody comes up with when it comes to cryptocurrencies, libra included, that it can be used easily for money laundering, buying drugs, bad actors, to even traffic humans. what about that criticism ? actors, to even traffic humans. what about that criticism? that is, to some degree, true for some cryptocurrencies. for libra, because there will be centralised control, at least in the early stages, according to facebook, they can design it in such a way that they can put in anti money laundering measures, know your customer regulations that apply to banks and so on, they can apply it to this. anybody that signs up for a kind of wallet, libra wallet, we'll have to say who they are and provide evidence, and that kind of thing. we see this kind of buying and selling goods used widely in china, for example, with wichat. will the white

house ever be convinced it is ok to go ahead? i think the us authorities will fight it tooth and nail. it undermines their power. we mustn't forget there are 1.7 billion people in the world that don't have access to bank accounts. this could be an absolute game changer for all of those people. there are about1 billion of them who have mobile phones, but no bank accounts. and they use the mobile phone is often ina they use the mobile phone is often in a pay—as—you—go way, they topped them up at a local telecoms shops come in their villages and towns, and likewise, they could get libra cryptocurrency onto the phone and join the internet shopping economy. all right, glenn, thank you so much. the person in front of congress later is david marcus, who is the overseer of libra at facebook. we will let you know how he gets on. let's take a look at some of the other stories making the news. the european low cost airline ryanair says it's expecting less growth in passenger numbers next year because of the

boeing 737 max crisis. it's because of delays to the new planes it's ordered. meanwhile pictures have emerged on twitter of a ryanair 737 max which suggest the aircraft might be rebranded. the images show its name has been replaced by 737—8200. the french car—maker renault says its worldwide sales fell 6.7% in the first half of this year. it sold 1.9lim vehicle as the global slowdown in the car industry continues. the biggest falls were in the africa, middle east and india region which the company says was linked to the companys withdrawal from iran because of us sanctions. australia's competition regulator said vodafone had admitted that it misled thousands of customers for five years — by charging them for digital content they bought unknowingly from the telecomcompa ny‘s third—party billing service. vodafone is australia's

third—largest telecom operator, and has agreed to refund the wronged customers. the british government is putting it's money where it's mouth is when it comes to electric cars. they're giving jaguar land rover a £500 milion loan guarantee, that's about $625 million. it comes just over a week after the company announced a new range of electric cars will be made at it's castle bromwich a new range of electric cars will be made at its castle bromwich plant in the english midlands. theo is our business corrrespondent. itan it an interesting one, a lot of speculation about the future of that site in the midlands, that has been safeguarded with the electric car. now a loan to make sure that they are built there? a loan to help the process o nwa i’ds are built there? a loan to help the process onwards and to make sure that jaguar land rover is process onwards and to make sure thatjaguar land rover is in a position not only to develop electric technology, but export it as well. this loan guarantee comes from uk export finance, which is the

uk export credit division. it is not cold ha rd uk export credit division. it is not cold hard cash, it is not a loan, it isa cold hard cash, it is not a loan, it is a guarantee that is designed to facilitate commercial lending, allowing jaguar land rover to get its hands on the money it needs a decent terms. but it is a gesture of support and confidence in the company and it comes at an important time. jaguar land rover is permitting a major restructuring programme, and it is in the process of cutting a500 jobs. it wants to save money and the decision to build the flagship model as an electric car, at castle bromwich, was absolutely vital. i spoke to employees at the plant on the day the announcement was made, the atmosphere of relief was incredible. this is a very important time for the company. absolutely. i know you will stay across that for us. for now, thank you. theo leggett, with the details. let me show you what is happening on the numbers. the nicky

is down again. it is growing at the wea kest pa ce is down again. it is growing at the weakest pace in nearly 27 years. slowing domestic demand is the problem. also the trade war with the united states. in europe, is stronger yesterday despite the wea ker growth stronger yesterday despite the weaker growth figures for friday. largely because of the snow —— slow down. no great surprises. the employment figures for the uk are expected in the next a0 or 50 minutes. the jobless expected in the next a0 or 50 minutes. thejobless rate is expected to hold steady. about 3.8%. average earnings going up a little bit. that means a bit of a boost for the economy, because it figures that if people are earning more, maybe they will be spending more. markets could be keeping a close eye on what they see there. first, let's go to new york, where michelle has the details about what is ahead on wall street. well, the performance of corporate america, now that we are in the second quarter earnings season, matched the recent optimism of the stock market.

on tuesday, the roll call of big american banks turning in their report card continues, this time with goldman sachs, jp morgan and wells fargo. now, we got some indication of what to expect when citigroup posted its numbers on monday. they showed that trading and investment banking conditions remain tough. meanwhile, johnson & johnson is the first drugmaker to report second—quarter results. investors will also be watching for any comments on ongoing litigation related to talcum powder and to the opioid crisis. also, the commerce department releases retail sales figures forjune, providing a snapshot of consumer behaviour in the first half of this year. a modest increase of 0.2% is forecast in june. and tech companies faced renewed scrutiny, with several high—profile congressional hearings scheduled covering topics ranging from cryptocurrencies to anti—trust issues. there is a lot going on.

joining us is george godber, fund manager at polar capital. from your perspective, you have been looking at rio tinto? we have seen a huge moving iron ore, starting with the tragedy in brazil at the start of the year, where we had the dam breaking. production problems have caused the price to nearly double this year. rio itself, commenting on bad weather. it will start to feed through into inflation, higher steel prices and basic commodities, iron or is the bedrock for those in the subsequent production. another thing i touched upon, the unemployment figure in the uk will give us an idea about the state of the labour market. but earnings is the bit everybody is keeping a close eye on? the uk labour market is at an interesting tipping point. so tight that we are seeing real wage growth kicking through. if the biggest private sector employer, tesco's comic say 10% over two marker years, 596, comic say 10% over two marker years, 5%, others follow. we had a recovery

in the uk, 500,000 new companies created in the last five years. now this juncture is starting to feed through into sustained higher wages and we should get confirmation of that. your impulsive online purchase, have you had a thought? and probably the only person that still buys most stuff in shops. weirdly, it is this tie i am wearing. i went to buy my summer swim shorts from a company called reef not, which is from recycled plastic. and i bought a tie with polar bears on, because i work for polar capital. it might be my only impulse purchase online this year. not too tragic, didn't cost you too much. we had some interesting tale told which we might share later. what sort of stuff have you bought, may be after a night out? that is when people find they ordered stuff, and it arrives at the front door a few days later. we will talk about that later.

still to come, we'll hear how fashion entreupener left behind one of the biggest names on the british high street to set up her own high end clothing empire. you're with business live from bbc news. luxury fashion label burberry says it cashed in from a weak pound with tourists flocking to its uk stores to snap up new designs more cheaply. sales were up nearly a% with the market in asia, driven by china, growing most strongly. diane wehrle, marketing and insights director at springboard joins us now. (dtl is an interesting one. we have seen the good times and the bad times, should we say? a new creative boss. it seems the pound is helping flocks this stuff. like-for-like sales have

gone up a%, including stores and online. they have had a very positive first quarter, but they have already warned on their results that they are looking at a flat revenue for the year as a whole, introducing a new product range. 50% of products in the first quarter are new products, brought in by ricardo tucci, so they are going to be left with old products and it is inevitable that there are going to have to discount those, which will impact on full year sales. the boss has put in a massive overhaul of burberry in the last year. in the long term, will that continue to pay dividends? 0ne long term, will that continue to pay dividends? one of the big controversial moves is replacing creative chief christopher bailey, he was the ceo for a little while. absolutely. i mean, they recognise that they were slipping in terms of market share. and they were not keeping pace with the luxury market. all of the growth in the luxury market is through the younger

generation, millennials and what they call generation z. they had to reinvent themselves. coming in, ricardo, really helping their sales. they do have old stock to discount. they do have old stock to discount. they are seeing a overhaul. they have to years to go, they need to wrap things up and make sure they are not wrap things up and make sure they a re not left wrap things up and make sure they are not left with the old stock and can continue to innovate three to 2021. thank you for your time and analysis. interesting, the latest from burberry. something many stu d e nts from burberry. something many students won't be worried about seeing the end of it. pearson is going to phase out print textbooks. they say it is now all about doing it digitally.

you're watching business live — our top story — us treasury secretary has added his voice to the growing concerns about facebook‘s cryptocurrency plans. comes as the head of the project proposed to be grilled by us lawmakers on how it will work. it is called libra, of course. we will let you know how it goes. now let's get the inside track on affordable fashion — that's not fast fashion. we are not talking things like primark, causing sunny problems around the world. women's fashion is big business in the uk — with more clothes per person sold here than in any other country in europe. theses days there's also now more of an demand for well made and affordable clothes from good quality fabrics. it's a gap in the market that was spotted early on by our next guest.

kim winser, founder of winser london, is with us now. you had quite a career. bring is up—to—date and where you have been. because you have been the boss of some really important companies. but you started at marks & spencers?” did. management training, marks and spencers, went through the ranks to the top of the company. and then i decided to go and join luxury brands, really. invest in them and run them. so, i was interested, really, in being an owner of a brand, and also i liked the global perspective of what the luxury brands were doing. we are talking 20 yea rs brands were doing. we are talking 20 years ago. i have been very, very lucky to have both arms, both high street and also the luxury. and then towards the end of running a couple of the luxury brands, i was approached by natalie, a very clever

lady, asking if i would join her at net. that period was amazing. we we re net. that period was amazing. we were talking ten years ago. you could really see how retail was dramatically changing a decade ago. how it was moving to online, away from opening more and more shops, and more and more shops. with all the benefits you get from online. you talk about a dramatic change in retail on the high street, and online. and we are seeing so many casualties today. big names that have dominated the high street for decades are really struggling, including marks & spencer, if you don't mind me saying. you were at m&s for 20 years and you left in 2000. you could see then the trouble ahead? yes, i think really the last couple of decades, all of the company bosses needed to be really looking at what the consumer was doing. there was a lot of talk about not enough time in the day, busy

working women, busy working men. really trying to do a job for the consumer, the way the consumer wa nted consumer, the way the consumer wanted to shop. that was really what i was passionate about. working with natalie really exposed to the positives of doing that. i still love a shop. and i like the blend but they have completely changed. it's not about a distribution route anymore, it is much more about engaging the consumer and doing a job for the consumer. and is about interest and time is precious. so if you're going to go, you want to enjoy it. and if you canjust order online, just order online. we do a bit of both. we are 80% online, but we do like a little bit of retail. if we spin back may be a decade, clothing retail is probably one of the things that we said, look, it won't go online because you want to try it on, you want to touch the fabric and feel it. all of the

things that would put you off. that proved to be utterly wrong. yes, i used to hear some of the big rates in brands and retail, all saying that this is never going to happen to clothing. you are, like, yes it is! it was denied for a few years. and actually held back. people have got to trust a brand. they have to find their sizes. but i was really driven in setting up windsor london, driven in setting up windsor london, driven with a combination of my background being high street and luxury fashion. trying to take the best of both. but using the net a porter route to market. it was bringing my experience of the three things and making sure that, from the luxury sector, if you put a really beautiful, beautifully made fabric dress on, it is good for your figure. notjust when you first get

dressed, at the end of the day it looks good. how do you get it out there? you have the likes of megan, there? you have the likes of megan, the duchess of sussex, wearing one of your coats, is immediately sold. no surprise. 0ther of your coats, is immediately sold. no surprise. other big names like annie lennox, others, where windsor london clothes are seen. how do you get those connections? we were very, very lucky with. .. get those connections? we were very, very lucky with... i approached gillian anderson and asked her, the famous actress, whether she would do a collection for us. she did a first collection last year, which was phenomenally successful. not only a very talented actress, but a very good designer. we repeated in season three times some of her pieces. and it was one of her coats, gillian for windsor london, that was picked by the duchess. we were very, very lucky. she wore it very publicly. a lot of the others have just, you know, turned up at photo shoots and have actually chosen our silks, they are particularly famous, the fabrics

are particularly famous, the fabrics a re really are particularly famous, the fabrics are really good. listen, a little bit of luck, and a little bit of push, and! bit of luck, and a little bit of push, and i am very happy. it has been great to have you on the programme. we have a lot of young entrepreneurs trying to start retail brands. they will have been listening. in a minute, going through the business pages from around the world. a reminderfirst, how to get in touch. stay up-to-date with the business news as it happens on the bbc business life page. there is insight and analysis from our tea m is insight and analysis from our team of editors around the globe, and we want to hear from you. get involved on the bbc business life web page. some breaking news coming into the

bbc. we have heard from brussels on the european parliament in strasbourg. ursula von der leyen, about to be confirmed as president of the european commission, she says she will be willing to push back the date of the uk leaving the european union, should it become necessary, thatis union, should it become necessary, that is the key point. she says she stands ready for a further extension to the withdrawal date, should more time be required for a good reason. so an extension beyond the 31st of 0ctober, now suggested by the new president of the european commission. very interesting indeed. we will have a new prime minister in the uk. we have been looking at your responses to our question earlier.

things that people might have bought, very impulsive. people really do it in with social media, this is a man with young children, and she felt she was really under a lot of pressure. —— mum. she was under pressure to keep up with the other mums? social media has had some positive effects, but the big negative is keeping up with the joneses. everybody else is living the sort of living this perfect life, running around on beaches. the sort of living this perfect life, running around on beachesm will be intriguing to see what your viewers are coming up with, the most ridiculous purchase. perfume counter essentials, i would give that a go. 0ne viewer says i've bought a range rover. one of my collea g u es bought a range rover. one of my colleagues bought a ford capri

online after a big night out. he says i can't even drive. it was white. good morning. the summery weather will continue, dry with some sunshine. a few showers around by the morning, by the afternoon we will continue with sharp showers. they will be very isolated. for most it will stay dry. this is the satellite imagery this morning. you can see the cloud here, moving its way eastwards. it is high level cloud, making the sunshine hazy to this morning. by the afternoon, it will spread its way into the north sea. for most of us it is dry. you notice the showers developing across scotla nd notice the showers developing across scotland and northern ireland, through wales, the midlands, one eye of those could be on the heavy side. the maximum temperatures will be higher than they were yesterday. widely into the 20s, 27 celsius is

the highest temperature in the south—east of england. through this evening we will still have a few showers across central and eastern parts. those were gradually clear away before further showery rain sta rts away before further showery rain starts to move its way into northern ireland and the west of scotland by wednesday morning. 0vernight temperatures are staying up at about 11 or 15 degrees, feeling quite warm and muggy through tonight. into wednesday, it is low pressure that is moving in from the atlantic. these weather fronts are bringing some outbreaks of rain, especially for scotland, northern ireland. higher pressure holding on across the south—east. so, for much of england and wales, a sunny start and you will continue with that sunshine in the south—east. elsewhere, the cloud is generally increasing, and you will notice the rain continuing for scotland, northern ireland, a few showers into wales, the southwest. temperatures in scotland and northern ireland are about 16 or 19. it has a fresh feeling day. for england wales, another war one, with highs about 23 or 2a degrees. to thursday, the area of low pressure

is still there. there was other weather fronts that are affecting many of us on thursday. not giving much ina many of us on thursday. not giving much in a way of rain to eastern and south—eastern areas. there will be some showers about during thursday. further west, as if he is away, there will be some sunshine. scattered showers also moving their way into scotland, northern ireland, a westerly wind making it feel quite fresh towards northern parts, temperatures down at about 21 or 23 degrees. testing —— just the high teens into scotland. in the weekend, rain around for england and wales on friday. saturday is looking quite mixed. there will be some rain, particularly in the north. a view sunny spells and temperatures in the lower mid 20s. —— a few sunny spells.

you're watching bbc news at 9 with me joanna gosling. the headlines. four american congresswomen attacked by president trump say he's using racism to distract from his failing policies. he is launching a blatantly racist attack on four duly elected members of the united states house of representatives, all of whom are women of colour. this is the agenda of white nationalists. some people think it's controversial. a lot of people love it, by the way. new figures are expected to show a significant increase in the number of drugs deaths in scotland — ministers say it's an emergency. facebook launches a new tool to target scammers and encourage