the cost of borrowing. economist peterjolly explains why the signs for a rate cut in september are growing. it really does help the case for the fed to cut rates in september. remembering that the chairman set this up after the last meeting. he said if inflation keeps evolving, as they hope which means getting better, than they will be in a position to cut rates. he did not commit to that but they would be in a position to cut rates in september and this was a good read. we had a bunch of reads before that september 18 meeting but this is one and there is another one tonight and a few more later on. consumer price data forjuly is expected to be visible tomorrow what are your expectations? you can almost pick your inflation but they will almost be running between 2.5, 3% depending on your pick. most people wanted to ease a little further. the headline rate has been

running a little over three and most people now expect and hope it will lead to lower so that is the expectation. i think we are at the point now where it really take a shockingly bad inflationary report to set the fed off this path. even an ok number will probably still have them cutting in september. cost of living is a persistent issue for us consumers even though official data says inflation is slowing, jobs are created and wages seem to be going higher. why is such a mismatch? this is one of the hard things to unravel. i think it comes down to the technical thing about, sure, the rate at which prices are going up has slowed, that is the inflation rate, but prices are still high. when you look at us economic data, normally when it is is lowered is now, it is still low and wages are going up and people are usually much happier when asked in previous cycles

and they are now and i think it is still the idea that prices are still high even if they are not coming up at the rate that they were. september is expected to see a rate cut? it would take something shockingly bad and the economic data over the next month or so to stop the fed and to say that the fed is a dual mandate, as they say, they want to keep prices stable and they want to keep employment as high as possible. they have more or less achieved the goal on inflation, they are close to it and the labour market is starting to soften a little bit. so there is... remembering also interest rates where they are now, 5.25, 5.5, they are quite high. the normal interest rate is somewhere around 2.5, three. so they have squeezed inflation out of the system and though

it is appropriate to ease back a bit. the boss of starbucks is leaving the company after less than two years in charge, effective immediately. chief executive laxman narasimhan is stepping down and will be replaced by brian niccol, the head of mexican grill chain chipotle. the shake—up comes as starbucks continues to grapple with a slump in sales, amid price increases and boycotts sparked by the israel—gaza war. niccol�*s new role begins on 9th september. google has just revealed a new lineup of of devices that are set to further incorporate artificial intelligence. at their latest event held in california, the company unveiled the pixel 9, which will be fully integrated with �*gemini'. that's google�*s ai model that competes against chatgpt. the company also showcased their latest smartwatch — the pixel watch 3. one new feature includes the ability to contact emergency services automatically, when the wearer's pulse has stopped. speaking of smartphones, india's market for the devices grew by 7% year

on year in the second quarter with chinese brands dominating the market once again according to a recent report. the bbc�*s arunoday mukharji has more on the findings and also how �*make in india' efforts to localize production of smartphones is yet to catch up. our figures released by the international data corporation showed that chinese smart phone companies have increased their market share compared to the same to the same period last year. this has been the trend of the last five years where we have seen the price sensitive indian consumer prefer to go for the more affordable chinese smart phones. and this is despite the fact that the indian government has been pushing incentives as well as subsidies to try make in india to boost domestic manufacturing but that is yet to yield results. in this regard the announcement by google a bit earlier saying that they would be rolling out the first made in india pixel eight smart phone is going to be something that will give a boost to the indian

government ambition in this regard. it also helps google because it feeds into a rising demand noticed in the premium smart phone segment in the country. this is something that is also been documented by this latest report that has come in which has found that companies like apple which have been trying to find a foothold in india have led the super premium smart phone segment and has seen an increase of 22% which essentially means that phones in india which cost over $800 have seen more takers. experts say all of these trends go to suggest that despite the fact that chinese smart phone still dominate the indian market because of their affordable rates, there has been an increase in purchasing power that has been noticed and also, overall, a desire by indian consumers to keep pace with new and emerging technology. in other news — workers at the world's largest copper mine, owned by bhp, have gone on strike in chile. the action was taken after government—mediated pay negotiations fell apart. the trade union, which represents nearly 99%

of frontline workers, had indicated that production could be hit as replacement staff are prohibited by chilean law. bhp though has said that the escondida mine is still operational and that they've begun demobilising the striking workers. bhp shares are trading lower in australia. the parent company of shop reported stronger than expect did earnings. guidance has also been raised. in just a few days time, indonesia's president joko widodo will celebrate the country's independence day at the new planned capital on the island of borneo. earlier this week he held his first cabinet meeting in the city, known as nusantara. mr widodo has long wanted to replace jakarta with a new modern economic hub. but the project has been dogged by setbacks, as the bbc�*s nick marsh found out, when he visited the site.

in the heart of one of asia's last great rainforests, indonesia's president wants to carve out a new future for his country. a green, smart mega—city bigger than london, far from the chaos of jakarta and a homage to indonesia's ascent on the global stage. ambitious? that is an understatement and failure, that does not seem to be an option. if they said it is impossible for me, no. it is ambitious but possible. over the past two years, swathes ofjungle have been cleared to make way for new roads and buildings. wiping away the past and pushing indonesia towards modernity. it is only when you get here that you can see the sheer scale of this project. there is a sense of real excitement in indonesia

and you can feel it. you can also feel the tension. by now, this place should have been ready to welcome its first residents. but only the very basics have been finished so far. the long promised foreign investment needed to pay for it still hasn't materialised. the question some have asked is that does indonesia really need this? they are trophy cities. a trophy project that particular politicians want to have tied to their name as a legacy. this project are extremely costly to build and when it comes to the benefit, the benefit goes mainly to the developers and the political elites. who have relationships with those big developers. right now the only people who live here are the indigenous inhabitants of this land. thousands of people like dahlia have been told that they, like their rainforests, must make way for the sake of progress. translation: | am - struggling to stay sane.

i have no peace. i have not even been paid yet for my land. where will my children grow up, where will we live? presidentjoko widodo paid a visit recently. this place is a totem to his ten years in charge of the world's fourth most populous country. but he faces a race against time. his term comes to an end in october and the new president seems lukewarm on someone else�*s multibillion—dollar vision. this country will have to overcome more than politics, though. to pull this off indonesia will have to defy history. nick marsh, bbc news, borneo. before we go let's tell you about the spanish city of seville which has announced it will cut off the water supply to all illegal holiday rentals. the move will affect around 5000 flats. the aim is to crackdown on owners who rent

out holiday flats in the southern spanish city without a license. seville is following in the footsteps of barcelona which announced plans to ban all short term rentals to keep housing affordable. that is it for today's issue of business today. i will see you tomorrow.

hello. this is the catch—up. tonight, more rioters in court. banksy strikes again and the northern lights are back. first, the families of the victims of the nottingham attacks say the mental health services have blood on their hands for failing to properly care for the killer. grace o'malley kumar and barnaby weber

and 65—year—old ian coates were killed injune last year by a psychotic man suffering from paranoid delusions. today, the care quality commission which is responsible for making sure healthcare providers operate safely found a series of errors and omissions and misjudgments by mental health services. other news now. more people have been in court for their role in recent riots including a 13—year—old girl. she pleaded guilty to violent disorder after she protested outside a hotel thought to be housing migrants in aldershot. sentencing is at the end of september. donald trump and elon musk have had a friendly chat on x where they discussed subjects such as immigration and the us election. trump even claimed that he persuaded vladimir putin not to invade ukraine. i said to vladimir putin i said do not do it, you cannot do it, vladimir. if you do it it will be a bad day. you cannot do it. and i told him things about what i would do and he said no way and i said way.

and another banksy has appeared this time at london zoo. look at this. it shows a gorilla helping sea lions and birds escape while other animals watch on from inside. it is the ninth banksy we have seen in nine days. and now i will leave you with ten seconds of wonder. look at these northern lights seen as far south of cornwall thanks to a strong geomagnetic storm. yesterday there was a double astronomical treat with a meteor shower added to the mix. that is it from me, see you soon. hello and welcome to sportsday — i'm olly foster. rangers see red, as they reach the end of the road in champions league qualifying

with one decision from one person you take away a dream of a whole retinue that is really hard. there's a setback for ben stokes, the england captain will miss the rest of the summer with a hamstring tear. and double dutch, there are two winners from the netherlands on the same day at the tour de france femmes. hello there. it's been a busy night across europe in the third round of champions league qualifying, 10 sides have made into the play—offs, but rangers aren't one of them. it was 1—1 against dynamo kyiv after the first leg but they lost 2—0 in glasgow, and they were furious with the referee, who had sent off their brazilian wingerjefte for picking up a second yellow card, for what seemed to be a fair aerial challenge early in the second half. down to ten men, rangers conceded twice late on. dynamo will face salzburg

in the play—offs, the winner of that will go into the new 32 team league phase.