we begin with china evergrande because the slow motion collapse of the world's most indebted property developer has just entered a new stage. the embattled company has just filed for bankrupcy in the united states, while its restructuring plans are being carried out elsewhere. meanwhile signs of trouble are spreading across china's broader property market with large housing units remaining unfinished and buyers who paid deposits skipping payments as a result. another major developer, country garden, has warned it may not be able to make interest payments on bonds as it struggles to find the cash to finish projects around the country. stephen cochrane is the chief asia economist for economics research firm, moody's analytics. earlier he told me that fixing this problems faced by china's property sector will take a long time. i think what it means is that it is going to be a kind of a long slow process in terms of resolving and restructuring this debt amongst the major property developers in china as they work this out both through the us legal

system and, of course, in china as well. i think what it means also is that amongst all of the various imbalances in the economy in china right now, the property sector might be the weight on the economy that lasts the longest simply because it is going to be such a slow slog in terms of restructuring this debt. we have seen pictures of unfinished buildings, families and even sometimes having to squat in those buildings because they cannot afford to pay the rent and pay their mortgage on these properties. what can china do to try to boost this up? somehow the key to this issue right now is to complete unfinished projects because this will at least keep some of the financing flowing. as you mentioned, many, many projects are presold and the households that

buy those properties, they make mortgage payments even if they are not able to take delivery of the product but as construction has come to a halt, they stop making those and that means no income accruing to the property developer that helps them to continue the whole construction process and helps things grind to a halt. so there has to be a way to resolve this issue of a debt with the developers, find some way to get some liquidity into them in order to notjust start new projects but complete the projects that have started and come to a halt. there is talk of china's need to deleverage. in fact, bankrupcies on the mainland and asset value by companies and banks. is that going to happen? i think it will happen slowly. it is going to be a very difficult process but at some point assets have to be revalued amongst these property develpment sectors and somehow come to some resolution of this issue.

debt across not only the property development sector but across households and other industries and so forth is quite high. same thing with local government and one of the long—term issues of the economy is to deleverage andreduce some of the weight in the economy. mortgage rates in the united states have hit their highest level in 21 years. on thursday the average interest rate on a fixed 30—year mortgage went up above 7%. a year ago it was around 5%. rising mortgage rates have seriously disrupted the us housing market and a mark a long—term shift in one of the biggest underlying forces in the us economy. michelle fleury has the latest from new york. for the past year economists have been fretting about the end of the low rate economy in the united states and it is in housing,

particularly the mortgage market, where rising interest rates most directly hit us homeowners which is to say many us consumers and voters. when mortgage rates rise sharply, now at an average of 7% and the highest since 2002, then the housing market tends to slow down. it's suddenly costs more to borrow and people who already have a mortgage on the older lower rates, they do not want to move and that is what is happening in the united states. nearly 20% fewer existing homes were sold injune than at the same time last year. mortgage lending companies are struggling and as a result they are laying off workers. and it will likely weigh on economic growth more broadly as people take on fewer, smaller mortgages and do not feel they are getting wealthier thanks to their homes rising in value. so far the overall us economy has withstood this shock.

growth remains strong but the return to a higher rate economy may only just have started. we have been talking about the impact of high interest rates on the us property market, well, amid strong growth and low unemployment, there is now growing fear once again the interest rates will stay higher for longer and that has caused guilds on the ten year us government bond to flow to a 50 year high. such bonds are considered to be an especially safe investment and a closely scrutinised to the use as a benchmark for pricing everything. from home mortgages to commercial loans. it is notjust growth injobs that have proven resilient amid high interest rates. the us consumers not lost his or her appetite for shopping either. walmart is posted are better—than—expected second—quarter result raised its full year forecast. profits reach nearly $8 billion, rising more than 50% on the same period last year.

its international business spans 19 countries posted its strongest results since at least 2016. in early september, south east asia leaders will gather in jakarta for the 2023 asean summit, it comes at a time of growing tensions between region's two largest trading partners, china and the us. that geopolitical spat has spurred new development in some southeast asian countries. vice foreign minister pahala mansury. the focus for indonesia is how we're going to we would like to

really establish that we are inclusive and therefore we would like to focus rather than on the security issues, more on economic collaboration because we would like to see first of all, what indonesia is really aspiring to do during the summit is really laying down the foundations for asean vision 2045 and so one of the things we would like to achieve during the summit is really how we're going to be able to establish that asean really matters. we have seen that the response for us to be able to make sure that we are going to be able to avoid the next epidemic is really important. the second is really about the food security, making sure that we will be able to establish a very efficiant supply chain amongst the countries within the asean region. the fourth is really about payment, finance and digital ecosystem. we would like to be able to connect the payment system... global lenders and leaders have pledged $20 billion to help indonesia transfer away from fossil fuels. green energy is a big topic amongst all of these leaders. however details have been put on hold by indonesia. can i ask why? as a matter of fact, what we would like to be able

to really see is that it actually gets implemented very soon. out of the $20 billion we would like to see that this is already nine months away since we have actually been signing the agreement, during the g20 meeting. the focus for indonesia is how we're going to be to able to gather consensus amongst the ipg, the countries participating in the regenerative programme, to focus on where are we going to be able to allocate this very quickly. we have seen there are many areas within the renewable energy that becomes the focus going forward. number one is how we're going to be able to develop and build a stronger transmission, particularly renewable energy enabled transmission system in indonesia. the second is there are many areas even within the power generation that are quite ready to be investing in this area. leaders from india as well as china have

agreed to come to this but it is unclear if us presidentjoe biden will be coming. if he does not, how will that change the dynamics of the summit? we're still hoping that the presidentjoe biden is actually going to come to the summit. i think this is actually a very important summit for us to talk about the various issues. but in any case, we would like to continue to have a continued dialogue about how america is actually going to view the importance, the strategic importance of asean going forward, particularly for the economic collaboration within the region and how we will be able to build a much stronger supply chain, particularly in areas such as automotive and critical minerals. evenif even if you're not interested in football, i am sure you have been hearing about the women's will come. with england in the

final, the tournament has become so popular that, it is encouraging pubs to open earlier. pubs called for licensing laws to be relaxed to allow venues to serve alcohol before kickoff. that is all we have for you. thank you for joining us. bbc news — bringing you different stories from across the uk. in the long shed next to the river deben, an extraordinary endeavour is taking place. the painstaking recreation of the world—famous sutton hoo burial ship. using tools anglo—saxon shipbuilders would've used, the latest recruits are three apprentice joiners. just massively appreciative, really, of their craft and what they did, and how they engineered these things to go on the sea. since its discovery in 1939

by the local archaeologist basil brown, the story of sutton hoo and its extraordinary treasures has enthralled the world. built around 600 ad, the ship is thought to have been the final resting place of king raedwald. backed by sponsors, donations, and more than 100 volunteers, the charity, the sutton hoo ship company, began reconstruction in 2019. it's an experiment. we're building the best guess we can of what that ship looked like. but it'll only be proved once we get it on the water. once the planks are in place, the inside will be fitted out with seating for a0 rowers. if all goes to plan, the launch and river trials will take place in the spring of 2025. for more stories from across the uk, head to the bbc news website.

hey, i'm zoff with the catch up. tonight an update on the scotland deaths. a losening to drinking rules for world cup final and water voles. today was a big day for a lot of you in england, wales and northern ireland as it was a—level results day. students also receive btech and t—level qualifications and these results will determine whether you go to uni, do an apprenticeship or a different training course. overall the different number of students receiving the top grades was 27%, down from over 36% last year. 79% gained a place at their first choice of university. we were there as you opened your results. doing really well. d—stars. triple distinction stars. extremely proud of myself. i have done so good and i definitely have got into university. some of the stories now. the family of two teenagers whose deaths are being treated

as drug—related say they are devastated. scott allison and marcus dick became unwell after going to a club in glasgow on saturday. the teenagers did not know each other. the venue says it is supporting police with their investigation. and the body that represents pubs is asking the government to allow them to serve alcohol from 10am on sunday morning before the women's world cup final kicks off at 11:00 but it is unlikely as mps would need to return to westminster to change the rules temporarily. and time now for ten seconds of water voles. the lake district has reintroduced the endangered species — they've gone from a population of about 8 million to 1 million. you are all caught up.

hello and welcome to sportsday. i'm tulsen tollett. in or out? 0wen farrell thought he was reprieved from his red card, but world rugby have other ideas and launch a new appeal. after getting england to a world cup final, sarina wiegman is a manager in demand, but the football association say she's going nowhere. and swiatek survives a scare in cincinnati, as she battles back from a set down to reach

the quarterfinals. hello there and welcome to the programme, lots to get through. but we start with rugby union and the ongoing but ever changing narrative of 0wen farrell's future. on saturday, he was shown a red card against wales for a dangerous high challenge and looked as though he'd be missing the start of the world cup through suspension. on tuesday, a disciplinary panel then rescinded that and farrell was back to being involved, but now — two days later — world rugby has appealed against that decision. they feel farrell should be suspended. here's our rugby union reporter sara 0rchard. it does appear to be very confusing. the argument used to clear him was that the actions of the england hooker jamie george, in the tackle,

caused him to change direction. now today, world rugby have announced of course that