the good and the bad ways to reduce debt. the imf outlines the risks of ballooning debt not tackled properly by governments. the brics summit gets underway in russia with valdimir putin hosting presidents and prime ministers from china — india — turkey and iran

among other countries. a hefty bill for worker's rights — the uk government's own analysis shows the implimentation of the new rules will cost businesses £5 billion a year. plus — switching off down under. we take a look at how australia's new right to disconnect law has been impacting workplace culture. live from london, this is business today. i'm sally bundock. we begin in washington dc where later today, the imf will publish its twice yearly global economic outlook and it's expected to be downbeat. the international monetary fund is expected to say that with one or two exceptions such as the us, most rich economies are suffering from meagre growth if not outright recession. all of which makes their debt burdens unsustainable. so how bad is it? our north america business correspondent — michelle fleury has been speaking to a former

deputy director of the imf. the international monetary fund issues into semi annual world economic outlook later this tuesday. they were warned of an unforgiving economic backdrop for government finances around the world with public debt level set to pass $100 trillion by the end of the year, driven mostly by the us and china. so what can be done about it? a question i put a former imf deputy director, the president of queen's college cambridge. as only fawn solutions to high that. growth is the answer to most debt problems. then, if you can't get growth, you can try what is called financial repression, what we've done, lower interest rates artificially to tax creditors and subsidise on the problem

with that is an economy so, you don't want to do that, you can try sturdy but is a limit to austerity and we have found out around the world or you can default so if you look at the alternatives, growth by far is the best answer.— alternatives, growth by far is the best answer. back in july, the best answer. back in july, the imf rejected _ the best answer. back in july, the imf rejected the - the best answer. back in july, the imf rejected the world - the imf rejected the world economy would grow 2.3% this year, later today, the organisation is expected to say lacklustre growth or make it even tougher governments to reduce debt levels. one economy showing serious growth right now is the united states. yet america is days away from an election in which there's been little discussion on the campaign trail about how to find the nations own debt. joining me now is brian coulton, chief economist at fitch ratings. so, later today, the global stability report will be released by the imf, we know it's going to be fairly limb, your thoughts? it’s

it's going to be fairly limb, your thoughts?— it's going to be fairly limb, your thoughts? it's going to be uloom , your thoughts? it's going to be gloomy. yes. _ your thoughts? it's going to be gloomy. yes. but— your thoughts? it's going to be gloomy, yes, but one - your thoughts? it's going to be gloomy, yes, but one thing - gloomy, yes, but one thing that's coming out in the run—up to this is a palpable sense of the leaf about inflation having come down, this was a worry that they were pretty much more persistent, there's been some better news on that front so a little bit back patting on that front but the fiscal position is someone that they very much focus on, it's not improving quickly enough in the aftermath of the pandemic, there was an expectation that things get better more quickly and clearly not. �* ,., better more quickly and clearly not. �* . ~' . better more quickly and clearly not. �* ., ~ ., ., not. also talk a lot the implications _ not. also talk a lot the implications of - not. also talk a lot the implications of high, i implications of high, macroeconomic uncertainty and that's referring to all the elections we've had this year, of course, two weeks today is the us election which is the big want to close the year. there are some much change in most countries around the world at the moment, politically and that's what's hard to navigate, isn't it? i that's what's hard to navigate, isn't it? ~ ., ,

that's what's hard to navigate, isn't it? ~ . , ., isn't it? i think that is a little bed _ isn't it? i think that is a little bed looking - isn't it? i think that is a little bed looking back. isn't it? | think that is a| little bed looking back at isn't it? i think that is a - little bed looking back at the last three — four years and the massive shocks you've had with the pandemic and the energy shocks and inflation shocks, things are not quite looking as unstable from a macro perspective so, i think that's the rearview mirror but there are very clear political risk and policy risk on one of the key ones that everyone is focusing on is whether or not we get a renewed surgeon us protect after the election, thatis protect after the election, that is a real risk and that could be negative for growth and put upward pressure on prices. and put upward pressure on rices. �* ., _, ., prices. and if the outcome of the us election _ prices. and if the outcome of the us election is _ prices. and if the outcome of the us election is another . prices. and if the outcome of l the us election is another term of donald trump as president, he has been quite clear that he will be slapping tariffs on just about anything coming into the us, not made in the us, your thoughts on impact it would have? i your thoughts on impact it would have?— would have? i think a big increase _ would have? i think a big increase on _ would have? i think a big increase on tariffs - would have? i think a big increase on tariffs on - would have? i think a big i increase on tariffs on china, would have? i think a big - increase on tariffs on china, i think the broader tariffs, 10% across every country's imports is a lot more controversial but

also real possibility. we think that could after 12 months and if the rest of the world retaliates, we get into a global trade were looking at numbers of china and europe so, that could actually be quite a significant new shockjust that could actually be quite a significant new shock just as the world was getting back on its feet after these previous huge ships. to its feet after these previous huge shim-— its feet after these previous hue shis. ., ., huge ships. to what extent will governments — huge ships. to what extent will governments heed _ huge ships. to what extent will governments heed the - huge ships. to what extent will| governments heed the warnings of the imf about the levels of debt. it of the imf about the levels of debt. ., , ., of the imf about the levels of debt. . , . . debt. it was a view that in the pandemic. — debt. it was a view that in the pandemic, interesting - debt. it was a view that in the pandemic, interesting lady. pandemic, interesting lady economy and keep things going but there was an expectation when it was rolled out that it would then be on one quickly after the pandemic and doesn't really seem to be happening, it seems that a big deficit from your earlier comments about growth one of the way to cure debt in the united states which has had good growth and deficit is still very sizeable so, it

doesn't feel like governments are on track with this at the moment, i would say.- are on track with this at the moment, i would say. moment, iwould say. ok, thank ou ve moment, iwould say. ok, thank you very much — moment, iwould say. ok, thank you very much indeed, _ moment, iwould say. ok, thank you very much indeed, good - moment, iwould say. ok, thank you very much indeed, good to l you very much indeed, good to get your take on that imf report that's out later today. from washington dc to kazan in russia where president vladimir putin will play host to leaders from across the world over the next few days at the 16th annual brics summit. the group has expanded significantly this year and now accounts for 45% of the world's population and 35% of the global economy. among those attending are china's president xijinping, india's prime minister narendra modi, turkey's recep tayyip erdogan and iran's masoud pezeshkian. they have much to discuss. padraig carmody is a brics specialist and professor at trinity college — dublin. good to have you here the

programme. interesting to be a fly on the wall as these men and other leaders gather at the brics summit, would you say? they have a lot to talk about, the un says the world has a court of the population living in conflict which is the most since the second world war and the climate crisis, and other things, lots of talk about. any moment, we are waiting on israel's response to the direct attack of some weeks ago, it is expected that israel will attack iran directly as well, we don't know what that will look like when that happens, of course i mentioned that they will be at this brics summit with leaders of turkiye, china, vladimir putin as well, there will be talking a lot about what's happening in the middle east? i

what's happening in the middle east? ., , , what's happening in the middle east? . , , ,., ., east? i assume so, vladimir putin says — east? i assume so, vladimir putin says the _ east? i assume so, vladimir putin says the discussions . east? i assume so, vladimir. putin says the discussions will cover the gamut from economics and finance to politics and security to culture and humanitarian so i think it'll be on the agenda, certainly, and they have said that they don't intend to become a military alliance but they will discuss security issues. interesting to see russia hosting this event and all these leaders descending on that. russia, iwould imagine, giving up the message inside russia and beyond that they are not isolated, vladimir putin is positioning himself on the world stage here, isn't it? absolutely. an opportunity to show that when it is also an opportunity to build this alternative kind of block or root to the west and to show that russia has friends, it has allies, it is a very strong partnership with china and the chinese have been talking about that that this is reaching unprecedented levels now, it's

meant to be a no limits partnership so again, showing the error western dominance when you had to deal with the west, have to trade with the west, have to trade with the west, finance from the west, but that error is coming to an end and now russia has other partners in the global economy and politically in terms of security matters.- and politically in terms of security matters. they keep . ivina security matters. they keep giving us — security matters. they keep giving us your— security matters. they keep giving us your take - security matters. they keep giving us your take on - security matters. they keep giving us your take on the i giving us your take on the brics summit and needless to say, will be keeping a close eye on how that develops as the day progressed. we'll be hearing from mark rushton added steve rosenberg. he is at the bricks event in there. —— from our russia editor. around the world and across the uk, this is bbc news.

hello again. now to india where shares

in hyundai motor india have just begun trading on the mumbai market in what will be india's biggest ever stock market listing. it could value the south korean car maker's indian unit at $19 billion. hyundai is looking to cash in on india's booming stock market and fast growing car sales. let's talk to our india business correspondent nikhil inamdar in mumbai. joe started to trade, what can you tell us?— you tell us? that's right, completely _ you tell us? that's right, completely lacklustre - you tell us? that's right, - completely lacklustre opening infarct of the stock opening and a listing price so the price was expected given the very expensive valuations and a lot of analysts have actually flagged down and also the fact that foreign investors have been pulling money out of india, $10 billion out and markets like china. but

respective of the initial bombs as you pointed out, are very important listing for india, it is the country's largest ipo, that's far bigger than the previous listing that we've seen clear such as btm, the giants or even the life insurance corporation of india, also important because this is for the very first time hyundai actually listing outside of korea doing an ip outside south korea, that gives you the sense of the importance of the indian market where they have the second largest market share about 15% and what they say is despite the fact that this is an offer for sale so there's no fresh issue of shares equity, is something that will enhance high on days competitive with the grand value but for the moment, we are seeing weakness the shares, the analyst is that this is a strong company with very strong condiment —— fundamentals and it could be

for anybody looking at a medium to long—term. indie for anybody looking at a medium to long-term— to long-term. we will keep a close eye. — to long-term. we will keep a close eye, thank _ to long-term. we will keep a close eye, thank you. - in australia, employees have the right to ignore their bosses outside working hours thanks to a recent law which enshrines the "right to disconnect." the legislation, which passed in february, protects workers who refuse to monitor, read or respond to contact from their employers outside work hours. more than 20 countries, including france, have brought in similar laws. from sydney, phil mercer reports on the impact at the workplace. family fun beats work stress, any day of the week. kelly gale is starting a new position in marketing in sydney. she has made sure it will not be such a demanding environment as her previousjob. i don't know what it was but every called had to be

answered, even if you are in the bathroom and every e—mail had to be answered within ten minutes, didn't matter when it was, what time of day or night or whether it was a weekend or holiday. what effect did that have on you? it was traumatic, actually to be honest. millions of australians can now break free from the pressures of after—hours calls and e—mails. new laws are based on the premise that staff are happier if they are not followed home by theirjobs. in australia we have a mental health crisis, there are as many as one in four employees in the workplace suffering from mental health conditions and lots of people have job uncertainty. add to that the cost of living prices and this is going to look to address some of that, people have been overworked for a long time. similar laws are in place in france, argentina and ireland. but industry groups here incest the right to disconnect legislation will hamper productivity at a time of economic uncertainty. academics argue that the changes will be good for business. we are seeing businesses respond to this thinking about how they and their staff will work smarter,

not necessarily harder. the impact of these laws will have a positive impact on workers in terms of their well being. over at telstra, there has been a long—standing process. one of the dominant telecommunications companies has allowed employees to switch off after work for more than a decade. for people to be engaged and productive, that really means being able to have a balanced life where you are able to give your best and do your best while you artwork but also have genuine time when you are not working and able to disconnect. it's ridiculous that we need these laws, that people need laws to actually act humanely but i'm fully supporting them. it allows people to have more of their work—life balance. the legislation states out of hours contact from the boss, which is considered to be unreasonable and be ignored. the reforms will be enforced by australia's workplace regulator. phil mercer, bbc news, sydney.

today is stammering awareness day — around 1% of the world's