let's go to wall street and michelle fleury. when hewlett—packa rd street and michelle fleury. and michelle fleury. when hewlett—packa rd split into street and michelle fleury. when hewlett—packard split into two companies, hp ink which has as its printer and copier business was considered the runt of the letter. investors saw for growth opportunities in the enterprise side but hp think has surprised many, in a good way. —— hp ink. given the lacklustre pc and printer market, profits are likely to fall. look out for more news on america's housing market. recent data shows house prices have recovered. the latest figure is expected to show an increase in july figure is expected to show an increase injuly but investors are watching the signs of weakness. so well concerned over a looming slowdown hurt profits at home improvement retailer, lowes, which shows its second—quarter results. joining us is james quinn, business editor, telegraph media group. we spoke about wpp at the start of the show. is this a shock?” we spoke about wpp at the start of the show. is this a shock? i think i

michelle fleury, bbc news, canton, mississippi. let's talk about the financial markets now.ustrial average closed above 22,000 points for the first time in its 121 year history on wednesday. so has that euphoria continued in asian trading? sharanjit leyl shara njit leyl is sharanjit leyl is there for us. tell us sharanjit leyl is there for us. tell us about the euphoria in asia. that is correct. not much euphoria here. asian markets are going in the reverse direction to wall street, actually falling. 0nly because they have been surging to their highest levels in recent days. the highest levels in recent days. the highest levels in recent days. the highest levels in a decade, actually. there has been profit—taking as a result. south korean shares saw their biggest fall since november, with samsung electronics wiping out any gains this week. it has not helped that the president of south korea is planning to raise taxes on big corporations. the us dollar is holding at two year lows. that is actually after the federal reserve expressed caution about interest rates. believe it or

michelle fleury with a look ahead to what is happening on wall street.s to delve into, but let's focus on the latest hints from the federal reserve and what they may or may not do when interest rates. the committee show they are quite split in the latest minutes and our view is they will still put rated in december, the market says it is more likely than not that they do not but oui’ likely than not that they do not but our view is while it is not a certainty it is more likely than not that they raise rates in december. we think it is pretty likely they will announce in september that they started to reduce the size of their balance sheets. all of the government bonds they bought over the years, they will start reducing the years, they will start reducing the amount. keeping with the theme of central bank, hints and things, just last night we got some minutes from the european central bank, what did they tell us? there was some concern over the fact that the euro has gone up here today. that may weigh on inflation, holding inflation down more than was ex

country, modernising the rules will be a tall order to be michelle fleu ry be a tall order to be michelle fleuryrt. the markets thatjust opened in asia. gains for the nikkei. the all ordinaries in australia as well. they are taking cu es australia as well. they are taking cues from wall street. rosy numbers in the us. they have been advised up to 3% annual growth in the second quarter. and that is it for this edition of asia business report. thank you for watching. you are watching bbc news. the headlines. as north korea outrages the world by launching a missile overjapan, donald trump warns the time for talking is over. the governor of texas says the us state has not yet seen the worst of the flooding triggered by tropical storm harvey. the boss of the oil giant, shell, the biggest company in britain, has questioned whether the government's plan for greater transparency in executive pay will work. ministers want companies to force the uk biggest firms to reveal how much more their chief executives are paid compared to the average worker. but shell's ben van beurden, who earned 7.5 million last

premium market, as parents blow budgets to make sure they have the get hold of luxury brands, as michelle fleuryre growing up, we never had all of these options. when we were growing up, we never had all of these optionslj when we were growing up, we never had all of these options. i never even had a car seat. shopping for a babyis even had a car seat. shopping for a baby is not would be used to be. meet us, women would come down and see the stroller pitch, and they we re see the stroller pitch, and they were start crying, because there are so were start crying, because there are so many options. there is an explosion of choice. just takes rollers. it is an easy fold. this man, also known as the baby guy, is an expert on the gear. there were two reverse investment, spending more money in the cribbin the mattress. to him, the current trend started with the bugaboo stroller. they were the start. they cannot with this great stroller, and others had to step up their game. —— bugaboo stroller. and that trickle—down into other categories. in america, women are waiting longer to have children. by then,

that's an argument the president will have to take to congress, as michelle fleury reports from new yorkrket is art. the unemployment rate is at an all—time low. if you listened to donald trump on wednesday, you heard him say the system is rigged. in a speech to introduce tax reform, the us president told the crowd, the country's tax system was broken. his sales pitch, which was light on details, focused on how it would then that the middle class. our self—destructive tax code costs americans millions and millions of job, trillions of dollars, and billions of hours spent on compliance and paperwork. one proposal he has been pushing is cutting the nation's 35% corporate tax rate to 15%. those in favour say it would encourage companies to stay in the united states and create jobs, but not so fast. budget experts say the plan could cost the government $2 trillion, and critics argue there is no evidence that companies saving more on taxes will expand their workforces. plus, the tax code is so full of loopholes that most firms already pay less. there is bipartisan support to simpler by americ

michelle fleury joins me now from new york. pacity is located in that area affected by tropical storm harvey. you have also got a huge percentage of oil and gas production that takes place there, shale operations, which we have frequently talked about in the past, also all affected by this storm. there have been various estimates by the energy department that 11% of refining capacity has been shut down, or even higher, according to goldman sachs, they think it could be closer to 17% of american refining capacity affected. we're still waiting to find out the extent of the damage, and the other key question for the industry is when they will reopen. at is point, it seems like the damage is more precautionary measures for the industry, where they shut down production and took security measures rather than the flooding, but of course we are continuing to monitor the situation. this has had a knock—on effect on the price of oil, but people are forecasting that over the coming weeks americans who go to fill up their car will find that

the bbc‘s michelle fleury is there, a full report in 20 minutes' time. the other business stories as well. thank you. some more stories in brief now: a natural gas explosion has killed two ina a natural gas explosion has killed two in a minnesota school. a construction crew was working nearby. they are trying to stabilise the remaining structure to conduct a more thorough search. a series of grass fires have forced people to leave their homes in northern california. authorities in berkeley say the fire's partially contained and no lives or structures are in danger. crews on the ground and air tankers are also targeting the blaze. the cause is being investigated. the congress in chile has approved a bill lifting the country's total ban on abortions. the measure, if passed by the constitutional court, would allow for abortions in cases of rape, if the mother's life was at risk or if the foetus would not survive the pregnancy. currently, women can be prosecuted if they have an abortion. a new study says the number of blind people across the world will tripl

we will talk about that more in the moment, but first let's head to the united states and michelle fleuryattention to the devastating floods in the houston area. in a show of support, the new york stock exchange was decked out in the texas flag. looking ahead this thursday, investors can chew over pending home sales data forjuly. the index focuses on houses where a contract has been signed, but isn't yet closed. so far, the recovery from the country's worst housing collapse has been uneven. forecasters see pending sales rising again, 0.a% injuly. but that doesn't appear to have helped sales of existing homes injuly, which fell sharply for a second month in a row. large declines in the north—east and midwest outweighed sales increases in the south and the west. personal consumption data forjuly — the federal reserve's preferred method of inflation — is expected to be positive after second quarter growth was revised up to 3% for the first time since early 2015. that's michelle, of course. joining us is jane sydenham from rathbone investment management. interesting, because michelle touching

and michelle fleury has the details about what's ahead on wall street today.se for overhauling america's tax system this wednesday, in a speech in missouri. he is expected to talk about the need to simplify the tax code and make the us corporate system more globally competitive. treasury secretary steven mnuchin has said in the past he hopes to get tax reform done by the end of the year. that was a tall order, even before attention shifted to tropical storm harvey. sceptics warn that while the white house and republicans generally agree on a lower tax rate, they still have yet to figure out specifically what they want to do and how to proceed. meanwhile ahead of friday's jobs report, investors will be looking at hiring figures from private employers to see if there were any signs that the jobs market was cooling down in august. and the us commerce department will provide an update on the economic expansion in the second quarter. gdp growth likely came in at 2.7%, that's instead of the 2.6% estimated earlier. james hughes is here, he's chief market analyst at g

michelle fleury is in new york. how do people understand this change?gainst the euro. a lot of this has to do with what they think this storm will mean for the us economy as well as that north korean missile launch. broadly speaking there have been concerns about the strength of the us economy in the wake of this. you have the fourth—largest city in america essentially shut down for at least a week. economists are starting to try to calculate how much that means in terms of lost economic output. beyond that you have the oil industry, a huge and important region within the oil industry, the houston area. about half of america's refining capacity is in that area. all of that at the moment, a lot of it is locked down, about 16% shut down because of this tropical storm. as we start to move forward , tropical storm. as we start to move forward, people are looking at models to say, hang on a second, this could potentially shave off one or two tenths of a percentage point of economic growth in the next quarter. that's why investors are starting to bet, if we t

michelle fleury reports from canton, mississippi.ng workers. we don't know what they are offering. we have a plan that we have do struggle and fight us to have do struggle and fight us to have the right to vote. the fight to form a union at the nissan factory in canton, mississippi. we are battling against not for the right to vote or not vote, but the right to vote or not vote, but the right to manipulate or lie to each other. for 14 years, workers at the miss nissan plant have been engaged with a battle to form a union. mississippi has been hostile to unions, but this time workers had they have a chance. i want to have health and safety, equal opportunities... i got heard on the line and i've been dealing with that the whole time. it's been a real process. i think the union would really stand up for us. but not eve ryo ne really stand up for us. but not everyone wants the union. it's the best thing to happen to the state of mississippi, so we are campaigning ha rd to mississippi, so we are campaigning hard to keep the union out. we

here's michelle fleury.ike many days of the week will be paid to the retail sector. the big economic data of the day as the retail sales report from the department of commerce, it will measure the overall sector's performance for july and it is expected to show sales grew by 0.4% compared with last, that would be a distinct improvement on the zero growth shown injune. if improvement on the zero growth shown in june. if numbers improvement on the zero growth shown injune. if numbers come in lower than that it may prompt some more worries about the health of us retail. but investors will have earnings from one of the nation's the diy chains to mull over, home depot reporting its second—quarter results. the company has suggested the quarter got off to a strong struts all investors will want to see that has continued. that was michelle. joining us is mike amey, managing director and portfolio manager at pimco. nice to see you, we mentioned the german story, the largest economy in europe growing by 6% of the seco

and michelle fleury has the details about what's ahead on wall street today.jane foley willjoin us later and people will be tuning in to see what is said. her message is likely to emphasise that whilst the economy may not be overheating, the recovery in the us is strong enough for it to consider another rate hike this year. but will incoming economic data reinforce that argument? two pieces to watch this tuesday is the case schiller house price index. uber‘s search for a new ceo meanwhile continues, after the resignation of the ceo last week. there are a few in the running. joining us is jane foley, senior currency strategist, at rabobank. good morning, jane. we picked this story up in bloomberg. it's an interesting problem to have. warren buffett has too much money. why is that news, we knew that already? ! but what is he going to do with it. this is a problem. this is a company that doesn't pay dividends. he is a pilot of cash. cash doesn't earn much in terms of return. his problem is where to invest. there is a small pool of companies he'd be willing to con

and michelle fleury has the details about what's ahead on wall street today.t town in wyoming — not for the fly fishing, but for the annual gathering of central bankers from around the world at jackson hole. us federal reserve chair janet yellen speaks in the morning. mario draghi, the head of the european central bank, takes to the stage in the afternoon. in the past, this meeting has been used to make big announcements — not this time, according to many market watchers. why? well, because even though the us and europe are stepping back from the stimulus measures introduced after the financial crisis, ms yellen and mr draghi have good reasons to keep their cards close to their chests. with janet yellen's future at the federal reserve uncertain, few expect her to make any ground—breaking statements. and even though mario draghi's speech is seen as perhaps more significant this time, he may choose to play it safe. the markets got excited after a recent speech he gave at another central bank conference in portugal, and he was forced to walk back his comments. 0n

let's talk to michelle fleury in new york. michelle, hello.e may be reinstated. how does wall street feel about it all? we're expecting her to speak in 15 minutes or so. she is at the annual gathering of top central bankers from around the world. in the past, this has been somewhere where policymakers have used it as an opportunity to unveil new ideas. certainly during the financial crisis, that was the case. no one is expecting too much from the speech. the chapter is, what will be the future of the federal reserve of janet yellen. it is not clear if donald trump will ask you to stay on for another term or whether she would accept if he did. 0r for another term or whether she would accept if he did. or if she will nominate someone else. gary:, director of national economic council, whose name has been mentioned. another is the head of the columbia university here, the business school. at this point, it is all speculation. many people want to know and because of that they are not expecting too much from her when she gives her speech about regu

michelle fleury joins michelle fleuryjoins me from the new york stock exchange.about seven and a half times the size of the sony hack, and we saw the damage that caused. we are starting to see some of what the information that was stolen contained, whether that is scripts from some people‘s favourite tv shows. as you mentioned, episodes of curb your enthusiasm. the series was not due to begin in the us until october, so it is quite damaging to have that released online in advance. it is also understood that they may have personal information relating to seniorfigures within personal information relating to senior figures within the company. whether or not there is a ransom being asked, that seems unclear at the moment, although very likely. lots of speculation as to who is behind this and why they are doing this. but hbo is so far say they are not willing to negotiate or engage with the hackers. how big a problem is this for hbo? you say seven and a half times the size of the sony hack. but in terms of lost revenue, are they really suffering?m hack. but in terms

michelle fleury joins us from the floor for the new york stock exchange.rprisingly donald trump has ta ken to twitter about and unsurprisingly donald trump has taken to twitter about it. yes, talking about this in the last hour. to give some background to viewers, the debt limit or debt ceiling, as it is called, refers to how much the american government can borrow. there is a limit, it can only be lifted by approval from there is a limit, it can only be lifted by approvalfrom congress. we are told that by the end of september, the us will have hit the debt limit, and will need it to be approved, otherwise the treasury secretary has warned america will not be able to pay all of its debt. asa not be able to pay all of its debt. as a result, fitch ratings agency has warned that unless the debt ceiling is raised in a timely manner, it will have an effect on america's top—notch rating. people are expecting this to be a fairly rocky month ahead of tough negotiations. we saw the president yesterday tweeting about a government shutdown, which led to a different i

michelle fleury is in new york. what's the reaction been on wall street to these resignations?e the intel ceo said when he announced the decision yesterday evening to step down. he said i stand with others for equality and improving us competitiveness, both require improving in today's environment. he basically said he could not stay on, given the delay in presidents cup's response initially at events over the weekend. we also heard from the ceo of under armour who gave a slightly different reason saying he wants to focus on the business which is sport and developing everything associated with that, he didn't want to be distracted by politics. interestingly while others on the council have decided they want to retain their access to the pro—business administration, others in the business community have come out in support, we saw unilever‘s ceo expressing solidarity and support for ken fraser's moral courage. divisions across corporate america as to how to respond to these events and how to do, going forward , these events and how to do, going forward, with the president and th

michelle fleury is at the new york stock exchange. 0ne down. this of course has knock—on effects. one thing we have heard is that colonial pipeline is being shut down. this matters because it connects that region with the east coast of america, so you are looking ata coast of america, so you are looking at a huge swathe of the country suddenly facing potential shortages in the weeks ahead. part of the reason this is exacerbated is that if you look at the area, it will obviously take days for refining capacity to get back online when things do come down. then there is theissue things do come down. then there is the issue of transportation. you have also got the ports. the port of houston is a crucial network, but the situation is made worse because even though that could open in a couple of days and did not sustain much damage, the channel into that pot still has to be cleared by the coastguard. they have to sweep it for debris to make sure big ships can pass through there, and that could take time. analysts are now speculating that yo

michelle fleury, our north america business correspondent, joins me now from the new york stock exchangertment has started looking into this. uber is apparently cooperating, we don‘t yet know if they will ultimately go on to open foreign corrupt practices act case. we do know how many countries are involved. is it a specific country, are there multiple countries involved? it does pile on the woes that uber is already facing. it had troubles both at home and abroad in the summer it had a law firm to look into how the medical records were obtained of an indian woman who was raped by an uber driver. this is the latest caseload to land on the desk of the new ceo. you mention some of thoseissues of the new ceo. you mention some of those issues uber have faced, they must have been hoping for a new beginning with the new ceo. is there a sense of that does it seem like business as usual for uber? the new ceo comes in because the company knows things had to change. we saw, obviously, the departure from that role of the founder. he‘s still on the board of the company but there has been internal fi

joining us live from washington is michelle fleury.erica first, saint up manufacturing jobs across the board are from america to mexico, and one way of doing that is by reducing trade deficits. they have a big one with mexico. there is a press conference going online in the building behind me and canada‘s trade minister has basically said that canada does not view the surplus or deficit says the most important part of any trade agreement. it gives you a sense of how difficult these talks are going to be. we are talking about a trade deal that is the biggest agreement in the world, it covers about a quarter of the global economy, so i huge chunk of the world‘s wealth and growth involved and is at stake here. what with canada and mexico wa nt to here. what with canada and mexico want to get out of these re—negotiations? want to get out of these re-negotiations? there has been a dispute between the us and canada over derry, softwood lumber. the us feels that too much of those products, or in some cases that the and canadians have their ma

michelle fleury joins us now from new york. why is it making this move? manufacturing hell.et vehicle for the company to sell. but in order to get the financial capital it's very expensive. in order to get the financial capital it's very expensivelj thought capital it's very expensive.” thought tesla was cashrich anyway? it has a couple of billion on hand at the moment but investors believe it will burn through 2 million over the next few years. as a result, you are starting to see the company looking to raise money and that's why tesla want to raise these bonds for investors. we don't know what sort of break investors will get but this is its initial round to get £1.5 billion to help get it through what the company expect to be a difficult period as it ramped up production. all this implies there's a lot of demand for this new car?m would be interesting to see what's investors it will attract, whether traditional orfans of investors it will attract, whether traditional or fans of the idea investors it will attract, whether traditional orfans of the idea of tesla and electri

michelle fleury is in new york. investors here in london are shaking off yesterday‘s blues.ne full of passengers had a spectacular view of the eclipse. james cook was on board. as the day dawned, the chase was on. the moon was after the sun and we were on the tail of both. from portland in the north—western state of oregon, the flight north—western state of oregon, the flight dubbed solar one struck out over the pacific. by the time we arrived, 800 miles from the shore, our satellite was already taking a chunk out of our star. ten, nine, weight, seven... and as the moment of totality drew close, time itself seemed to speed up. it's the final countdown... orb, my gosh. totality. totality. it's such an incredibly breathtaking experience. you can‘t describe it, words or pictures don‘t do itjustice. describe it, words or pictures don‘t do it justice. it‘s describe it, words or pictures don‘t do itjustice. it‘s incredible to witness. really, it is, it‘sjust amazing. how was that? it was amazing. how was that? it was amazing. it was more beautiful than i had ever anticipated. more

michelle fleury is at the new york stock exchange. what are they planning to do?pecifically we have been hearing complaint in the past from us companies talking about the fact they are being asked to charge lower licence fees for their patents and the technology being used by chinese companies and also being asked to sign agreements if they want to do with this in china to do deals with chinese companies. the us administration is now going to look into this, we don't know what they will find or how this will end but of course the concern is that this could lead to tariffs and if it does then china could retaliate. typically in the past china has liked to rely on the world trade 0rganisation so they go through that if there is an issue but it is worth pointing out that these two economies do a huge amount of bit is between each other and there is a lot at stake and this comes at a time when the us would like to work with china when it comes to trying to deal with or contain north korea but that said, i'm here in the new york stock exchange and investors are not pay

let's talk to michelle fleury.agreement? when you have the kind of fiery rhetoric we saw from donald trump that certainly unnerved investors, in the case of the north american free trade agreement and the potential for that to be american free trade agreement and the potentialfor that to be ripped up, it's the sort of knock—on effects on global trade that i think have people anxious. then of course the other aspect is the looming potential government shutdown that donald trump is threatening if he doesn't get the money he wants to build his wall. that obviously has lots of implications, notjust government shutdown, but also tax reform which many people on wall street are hoping for. that's it, because it certainly seems as though he has approached many stumbling blocks it will be difficult for him to push through the reforms, stimulus policies, that really lifted stocks since he came to office. if you pick apart his comment about shutting down the government overfunding comment about shutting down the government ov