the time has come: stocks jump as the federal reserve boss says they're ready to start cutting the cost of borrowing. the time has come for policy to adjust. the direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks. also, a prejudice premium: are african nations paying more than they should be to borrow money? we hear from the boss of the africa finance corporation plus, changing tack: how the world's oldest sporting event, the america's cup, is being transformed by new technology. we speak to the ceo. live from london, this is business today. i'm lukwesa burak.

let's begin in the united states where federal reserve bossjerome powell has made his much—anticipated speech at an annual gathering of central bankers. he said the time has come for the fed to cut interest rates as the world's largest economy continues to grow at a solid pace with inflation and jobs data supporting a rate cut. overall, the economy definite economy energies to grow at a pace. betterand economy energies to grow at a pace. better and evolving situation. the upside risks inflation have diminished. and the downside risks to employment have increased. as we highlighted in our last fomc statement, we are attentive to the risks of both sides of our dual mandate. the time has come for policy to adjust. a direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.

that and the balance of risks. wasjerome powell there. us stock markets edged higher on powell's remarks. but in asia, markets are trading lower with japan's nikkei 225 index losing around 1%. investors widely expect a rate cut in september and some believe that the fed will keep cutting rates through the end of the year and into 2025. joining me now is jason palmer, partner at new markets venture partners. also a former exec at microsoft and entrepreneur. lovely to have you with us. what do you make of the timing? is this the right time? it is definitely the right time. probably 30 to 60 days overdue. at this point with united states inflation rate down at 2.5% and unemployment edging upwards night 4.3%, it is pretty clear that at least one

if not two or three rate cuts are coming soon. we if not two or three rate cuts are coming soon.— are coming soon. we have the next unemployment _ are coming soon. we have the next unemployment report - are coming soon. we have the| next unemployment report due are coming soon. we have the - next unemployment report due at the end of the week or next week. how fast can we see these interest rates fall? i week. how fast can we see these interest rates fall?— interest rates fall? i believe there is one _ interest rates fall? i believe there is one report - interest rates fall? i believe there is one report coming i interest rates fall? i believe i there is one report coming on september the sixth and it will be the next unemployment reported on the 11th we an update on inflation. if both of those keep going in the same direction, that trajectory that he was talking about, the direction, i think we will see a half when rate cut at the end of september. most economists think it will be a quarter but it is overdue, it is more likely to be half, but you will see economic observers move in that direction once those two reports come out. we that direction once those two reports come out.— that direction once those two reports come out. we have the elections coming _ reports come out. we have the elections coming up _ reports come out. we have the elections coming up in - elections coming up in november. how will those comments be interpreted both by the donald trump and kamala harris? i the donald trump and kamala harris? . , , ., ,

harris? i was 'ust at the dnc last week — harris? i wasjust at the dnc last week when _ harris? i wasjust at the dnc last week when you - harris? i wasjust at the dnc last week when you were - last week when you were announcing who i was, you didn't announce that i was a former presidential candidate here in the united states as well, and i endorsed kamala harris. clearly if there is a rate cut that will be great for the us economy and since it is overdue kamala harris will be very positive about that rate cut, but your viewers should know that in the united states the federal reserve chair is independent from the president, thatis independent from the president, that is his own decision and in fact the board's decision and jerome powell was actually appointed by donald trump back in 2018. i still expect that donald trump will try to say that the fed chair is trying to help kamala harris since she and biden are the incumbents, but since donald trump appointed jerome powell back in 2018, that won't make a whole lot of sense. he is actually trumpet�*s guy that is in there. what have been your main takeaway is over this last year? takeaway is over this last ear? . .,~ ., takeaway is over this last ear? . ., , takeaway is over this last ear? . w . , ., year? the main takeaway is over the last year. — year? the main takeaway is over the last year, the _ year? the main takeaway is over the last year, the us _ year? the main takeaway is over the last year, the us economy i the last year, the us economy

continues to get stronger and stronger when it i have seen it compared all g 15 nations we actually have recovered from covid a bit more rapidly and strongly than the other economies, but there still is a lingering concern in the us that it hasn't been equitable across the board for the wages have grown for a number of middle—class workers but our middle—class workers but our middle class still needs strengthening so there is kind of a set of mixed signals that the voters are trying to interpret right now and i do hope this rate cut comes to pass and i do hope the economy continues to improve for all americans. continues to improve for all american— continues to improve for all americans. g ., ,., ., ., ~ americans. jason palmer, thank ou ve americans. jason palmer, thank you very much _ americans. jason palmer, thank you very much indeed. - americans. jason palmer, thank you very much indeed. thank. you very much indeed. thank ou. over the weekend, some of the most advanced racing yachts ever seen have been doing battle in barcelona's port vell in the final warm—up race for the 37th america's cup ahead of the final in october. the sailing competition has been going since 1851, making it the world's oldest international sporting event. and in keeping with the times,

the i73—year—old competition is embracing the latest technology. the ultra—light hydrofoil yachts are laden with upgraded electronics and software and can hit speeds of 60mph. and for the first time, audiences will be able to watch the races and follow the crews' strategy using augmented reality showing wind and sea conditions. sailing is popular with wealthy consumers. louis vuitton is global sponsor of the event. just to give you an indication. we're joined by the ceo of the america's cup grant dalton who's competed in five round—the—world races and now also manages team new zealand. hello, welcome to the programme.— hello, welcome to the programme. hello, welcome to the rouramme. ., ~ ., ., programme. thank you for having me. the america's _ programme. thank you for having me. the america's cup _ programme. thank you for having me. the america's cup in - me. the america's cup in yachting _ me. the america's cup in yachting has _ me. the america's cup in yachting has been -

me. the america's cup in yachting has been using i me. the america's cup in i yachting has been using text me. the america's cup in - yachting has been using text to its advantage for a few years now but what is special about this year?— now but what is special about this ear? ~ , ., ., ~ , this year? we 'ust got to keep ste -|n~ this year? we 'ust got to keep stepping it — this year? we 'ust got to keep stepping it up — this year? we just got to keep stepping it up because - this year? we just got to keep stepping it up because in - this year? we just got to keep stepping it up because in so i stepping it up because in so many sports tech is what allows the viewer to see it a lot more easily. sailing is not an easy sport to understand. two boats disappear in different directions and you are not quite sure what is going on. techis quite sure what is going on. tech is very much part of our lives. stadium racing, close to the shore, big screens that allow the boats from a digital point of view to be seen by the viewers and understand. the? viewers and understand. they seem to be — viewers and understand. they seem to be coming _ viewers and understand. they seem to be coming lighter and lighter. what tech is involved in that? those hydrofoils really do flight across the water, don't they? trig really do flight across the water, don't they? try and exlain water, don't they? try and expiain to _ water, don't they? try and explain to someone - water, don't they? try and explain to someone how . water, don't they? try and explain to someone how a | water, don't they? try and - explain to someone how a boat that sees ten knots of wind is doing a0 knots or close to 50 miles an hour, i'm not sure i can work that out myself. the physics is unbelievable. it has

own problems. sometimes the text does not do exactly what it is supposed to in the environment we are in. at this time we have introduced another piece of technology to try and help the viewer on tv or online watching a easily, and something that nobody, no human can actually work out, and that is the wind, and at gemini, we have come up with a laser laden race for such taxi actual wind speed and direction to the viewer and allows the commentator to actually talk about the tactics that the guys on board the boats can use to get around the course the fastest. , p, , , fastest. obviously the america's _ fastest. obviously the america's cup - fastest. obviously the america's cup has - fastest. obviously the i america's cup has been described as formula i on water. how safe is it and what part does tech play? tiara part does tech play? two different _ part does tech play? two different questions, - part does tech play? “ii-err different questions, aren't they? the sport has its risks and formula i, for example, educates those as we seek

successfully, and i think we do as well. we have certain protocols in place for safety because if you are travelling at those sort of high speeds, if you hit the barrier in a formula i if you hit the barrier in a formula 1 car, it is a hard stop and if the boat dives into the water at that speed, it is also a pretty hard stop. the text for the viewer is really a big concentration, and we do that through ir, inside io which is the ability to see the wind on the water for the viewer and to allow the commentators therefore to describe, draw a picture if you like for the viewer on tv to be able to understand what the boats are doing.— able to understand what the boats are doing. obviously it is this idea _ boats are doing. obviously it is this idea of _ boats are doing. obviously it is this idea of fans _ boats are doing. obviously it is this idea of fans of - boats are doing. obviously it is this idea of fans of the - is this idea of fans of the sport who are able to follow it while on the boat. how much of what they are going to see is the tech or the skill of the sailors on board?-

the tech or the skill of the sailors on board? that is a aood sailors on board? that is a good question. _ sailors on board? that is a good question. at - sailors on board? that is a good question. at the - sailors on board? that is a good question. at the top| sailors on board? that is a i good question. at the top of the game, but the america's cup, we are often asked the question how much is the sailors and how much is the boat? because they are so highly advanced, and i think again, the analogy of formula i is pretty good, that the fast driver can't make a slow car win. it is the same for us. if you try and put that into percentages, there is properly 70% the boat and 30% the sailors. but here is the thing. fast drivers make fast cars and fast yachtsmen, yachts women make fast boats. there is an integration which is critical and the yacht, these days, absolutely have to be physics engineers as well, they can't be very good at what... the last 200 years, the outcomes, it is what... ible. be very good at what... abseiling. a fascinating abseiling. a fascinating conversation. thank you very conversation. thank you very much indeed. much indeed.

now, are countries and now, are countries and companies in africa companies in africa having to pay a so—called having to pay a so—called �*prejudice premium' �*prejudice premium' to borrow money to borrow money for investments? for investments? that's a claim being put that's a claim being put forward by samaila zubairu, forward by samaila zubairu, who's the ceo who's the ceo and chief executive and chief executive of the africa of the africa finance corporation, finance corporation, a group created by different a group created by different african countries african countries to look at ways of solving to look at ways of solving the continent's infrastructure deficit. the continent's i sat down with the boss i sat down with the boss of the group and began of the group and began by asking him what the current by asking him what the current state of play is with the economies state of play is across the continent. africa can to have the fastest africa can to growing economies in africa and we are challenged by the debt situation, most african countries are. always be in this situation because of what our economies are structured and the way we have seen for the last 200 years, the

outcomes, it is not possible.

current supply chain, the raw materials and export them to areas to be processed and sent back to the rest of the world. if you look at the distance to asia, europe and america, this is the need to process it. more importantly, we have the youngest workforce and we have so for the next three to four decades. is our moment. {jut so for the next three to four decades. is our moment. out of africa sit right now— decades. is our moment. out of africa sit right now when - decades. is our moment. out of africa sit right now when it - africa sit right now when it comes to access to finances, fair treatment by the international financial architecture, where are we with that? the first thing is that we don't really have access. why not? because our risk is perceived higher, which is not true, you know, because several studies have indicated that the default rates in africa are one of the lowest in the world, actually, same rate

with western europe. the only region with a lower default rate is the middle east. africa has much lower default rate than north america, latin america and asia. yet our interest rates are much higher. we pay what i call the �*prejudice premium'. you know, some people call it premium, but it'sjust prejudice premium as far as i'm concerned. you know, and we think that it has to be more nuanced. that's one. two, you know, the methodology that is used to rate african countries really is just... ..needs updating. itjust needs to be updated. you know, so that the credit risk can be better... who's responsible for that, though? i think it's education from both sides. 0k. i think it's, you know, africa making its case and the rating agencies listening, you know, and try to listen, you know, and then hopefully we can get a sense of the real credit risks, you know, and the real defaults. we also need to invest in data ourselves, you know, to provide information about what the case is. another example i always use is insurance.

you know, political risk insurance is hardly paid in africa, but our premiums are one of the highest. that was a little earlier. the president of the bank of china has stepped down from his role effective sunday. in a regulatory filing, the central bank said liujin's resignation was due to "personal reasons". ge haijiao, who heads the boc�*s board, has been named as its acting president. around the world and across the uk, this is bbc news.

telegram chief executive pavel durov has been arrested by french police at an airport north of paris. telegram abides by eu laws and

it is holding the russian border are not responsible for the abuse of the platform. telegram has been accused of cooperating with investigations into drug trafficking. child sex abuse images and fraud. he was arrested when his private jet landed at an airport on the outskirts of paris on saturday. we have been following the story. let's begin first off with what we know about his whereabouts. irate with what we know about his whereabouts.— with what we know about his whereabouts. we know so far is that its attention _ whereabouts. we know so far is that its attention has _ whereabouts. we know so far is that its attention has been - that its attention has been extended according to french law, extended up to 96 hours, so they can be there for quite some time. it is very important for the french authorities to get their hands on mr mike rann because it is part of the investigation into the telegram. they really want this big—name arrested and questioned over the allegations

around telegram's insufficient moderation and they stayed to go criminal users of telegram including drug trafficking and child sexual trafficking and fraud. we also know about his whereabouts is that the russian embassy in france has tried to make contact with the french authorities in their statement. they say the friend did not want to incorporate, they are asking for consular access and wants to know exactly how he is doing. pavel durov is a french passport holder that he obtained in 2021. he also holds a passport from the united arab emirates and his platform telegram is very popular, around 900 million users as of now it is widely known for the communications around the war in your brain. both the kremlin and the ukrainian cid

communicating via telegram and this is why many people are on social media including x elon musk to try and asked for his immediate release.— musk to try and asked for his immediate release. many people have raised _ immediate release. many people have raised an _ immediate release. many people have raised an eyebrow - immediate release. many people have raised an eyebrow at - immediate release. many people have raised an eyebrow at the i have raised an eyebrow at the support that has come from the kremlin. primarily because of their control of social media. yes, absolutely. telegram was banned in russia for quite some time. they banned it in 2018 before reversing this ban in 2021 so they did... they will of course now put some questions to the french authorities as to why pavel durov has been arrested. on there and the european union as i said was really trying to get a big kayson questions around, to try to support their digital thatis to try to support their digital that is coming into force a couple of months ago, and what they also said is the threshold

of a5 million users in the european union and telegram is about her past, which will imply stricter laws in structural compliance in many countries in europe have already looked at the way telegram operates and have been trying to find ways to counter the spread of telegram and the way it is being used. thank you very much. should bosses be giving fewer orders and asking more questions? just 10% of uk employees say they feel �*engaged' at work according to the latest gallup state of the global workplace report. that makes the uk's workforce among the least engaged in the world. so, what is going wrong? a new book suggests management style is to blame with results—oriented, high—performing employees often finding themselves promoted into the role of manager,

strong technical strengths, but often lacking people management skills. the answer is a question suggests bosses ditch the �*command and control�* model and start asking staff what they think to cultivate a more engaged, problem—solving workforce. gosh, so much to talk about! and the author of that book, dominic ashley—timms, is the ceo of notion, a performance improvement consultancy established in 2000, which works with blue—chip companies like sainsbury�*s, virgin atlantic, nbc universal and others to train managers and improve workplace culture, and hejoins me now. hello, hello, hello. i'm looking forward to this chat. do the managers agree with that? i do the managers agree with that? 4' do the managers agree with that? ~ ., , do the managers agree with that? ~ ., ., , that? i think most managers will acknowledge _ that? i think most managers will acknowledge that - that? i think most managers will acknowledge that they i that? i think most managers i will acknowledge that they are extremely overwhelmed right now, so much has happened both covid, managers are having to deal with retention issues,

worklife balance issues, change values of the workforce, and the truth is that they are absolutely struggling and it is little surprise when the chart of management institute have reported that 82% of all managers receive no training in preparation for that management role. they are thrown in the deep end. role. they are thrown in the deep end-— role. they are thrown in the dee end. ~ , p, , deep end. why are they given the “ob? deep end. why are they given the job? they _ deep end. why are they given the job? they know— deep end. why are they given the job? they know they - deep end. why are they given j the job? they know they can't do it, their bosses know they can't do it. they are just transferring the stress onto their employees. why do it? in most cases, there is nowhere else to go. the opportunities of promotion often come with the line management responsibility and so people are invited to step up to take on that role and literally are thrown in the deep end. we make the bestjob we cannot read but then we are having to deal with these intolerable pressures. organisations want to pile everything onto their managers who are really struggling to cope. who are really struggling to co e. who are really struggling to co a e. p ., who are really struggling to co e. . ., , who are really struggling to co e. . . , ., , cope. ok. what is the answer then? the —

cope. ok. what is the answer then? the answer— cope. ok. what is the answer then? the answer is - cope. ok. what is the answer then? the answer is actuallyl then? the answer is actually that we need _ then? the answer is actually that we need to _ then? the answer is actually that we need to completelyl that we need to completely refocus. there is a real opportunity here for the government to explicitly make management if recruitment of focus for the united kingdom. backin focus for the united kingdom. back in 2019 the cbi published a report that recognised for just a 7% improvement in the quality of management which would bring us on par with our g7 partners, that would unlock 110 million to the uk economy. there is low levels of reported activity upon the public sector there really is a great opportunity here. do there really is a great opportunity here. there really is a great o- ortuni here. ,, ~ opportunity here. do you think a lot of managers _ opportunity here. do you think a lot of managers if— opportunity here. do you think a lot of managers if they - opportunity here. do you think a lot of managers if they are l a lot of managers if they are asking questions of their team, do they interpret that as a lack of leadership or weakness or being told how to do the job? or being told how to do the “ob? ., �* , ., or being told how to do the “ob? ., �*, ., . , job? no, it's not necessarily 'ust job? no, it's not necessarily just about — job? no, it's not necessarily just about asking _ job? no, it's not necessarily just about asking questions | job? no, it's not necessarily i just about asking questions of their team. just about asking questions of theirteam. it just about asking questions of their team. it is about a change in management emphasis. managers often default to being more advocate even more

directive, every time they are presented with a problem they step in and solve the problem for the person who brought it to them rather than taking a moment to engage with that person by asking questions and acknowledging that they have the capability to resolve that issue for themselves, and really than helping them take the action themselves which builds their confidence and also increases engagement. so we see this really important relationship between the way that managers engage with people and their overall engagement and confidence in thejob they are engagement and confidence in the job they are doing. it really is about changing our management style.- really is about changing our management style. when you are talkin: to management style. when you are talking to managers, _ management style. when you are talking to managers, do - management style. when you are talking to managers, do you - talking to managers, do you ever guide them on, say, the top three questions to ask? ida. top three questions to ask? no, it's not really — top three questions to ask? no, it's not really about _ top three questions to ask? idrr, it's not really about that. it's about learning fundamentally to be present in the moment and to think about what this is person in front of me need from me right now? most of the time they don't need you to solve the problem for them. they need to be invited to

think for themselves, they need to have confidence shown in their own ability, so it is about taking the moment to really think about how to engage with his person effectively to really help them be more successful in the workplace themselves. that really is good management practice, something we call operational coaching. it is fascinating. _ operational coaching. it is fascinating. i'd _ operational coaching. it is fascinating. i'd love - operational coaching. it is fascinating. i'd love to - operational coaching. it is fascinating. i'd love to see this in action. thank you very much indeed. that is the ceo and a performance improvement consultancy. thank you very much. stay with us. all the top stories are coming up at the top of the hour in about four minutes' time. you are watching bbc news. hello there. when it comes to rainfall totals so far this month, there's quite a marked contrast between the northwest and the southeast. hardly any rainfall in comparison to what we should be seeing for this month, but further north and west, we've had double the amount of rainfall — over 200% in the far northwest of scotland and across the lake district

as well. and in fact, that's where we're likely to see further rain to add to these totals to close out the month of august, potentially another 18mm in the extreme northwest, whereas hardly any traceable usable rain once again across eastern england and southeast england. so, for monday, we are going to see a relatively dry, quiet day. this weak weather front, a band of cloud, a few nuisance showers close to the scottish borders, northern england and north wales. to the north and south of that, sunny spells, breezy, but the winds not as strong as over the weekend, and it will feel a little warmer, which is good news for many as it's the bank holiday weekend away from scotland, so highs likely of 23 degrees. as we move into tuesday, central and southern areas under this influence of high pressure into the near continent, but a toppling around that high is another low moving in, bringing wet and windy weather, but at the same time,

the wind direction swings around to a southwesterly andjust taps in to some pretty warm air coming from the near continent. so, the rain still heavy as it moves out of the scottish borders and into north wales, but ahead of it, with that sunshine and that increasing warmth, we should see temperatures at 25 degrees — that's 77 fahrenheit. we're looking at mid to high teens across scotland. now, that weather front is not moving very far at all on wednesday as it continues to bump into this area of high pressure, so we could see this conveyor belt of rain just sitting across southwest england, wales and northern england for a time. and that means we'll see some increasing warmth. still a level of uncertainty where that front is going to be sitting, but potentially from hull down to the isle of wight, anywhere south and east of that could see temperatures peaking at 27 or 28 degrees — that's 82 fahrenheit. we keep some sunshine and warmth, although not quite as warm through thursday and friday across england and wales. staying unsettled further northwest.

good morning, welcome good morning, welcome to breakfast with ben thompson in england and wales to breakfast with ben thompson and luxmy gopal. and luxmy gopal. our headlines today. our headlines today. more than 200 firefighters more than 200 firefighters are battling a large fire at a block are battling a large fire at a block of flats in dagenham. of flats in dagenham.

an amnesty begins for people an amnesty begins for people in england and wales who own so—called zombie knives and machetes, ahead of the weapons being banned next month. the us says it's working to prevent the conflict between israel and hezbollah spiralling into war, after an escalation of hostilities. we see inside the mpox treatment centres in the democratic republic of congo, where 70% of patients are children.