tv Business Briefing BBC News September 18, 2019 5:30am-5:45am BST
this is the business briefing. i'm sally bundock. will the federal reserve cut us interest rates again? and will it be enough to keep president trump happy? and who makes the rules? president trump is expected to revoke california's right to set its own stricter emissions standards and on the markets: tentative trading ahead of any news from the us central bank, this is asia, how they are trading at the moment.
the world's most important central bank — the us federal reserve — is set to finish its two—day meeting in a few hours time — and unveil its latest decision on interest rates. many analysts are expecting the fed to cut rates by o.25%. but there are certainly a lot of factors that might influence the decision, as samira hussain reports from washington dc. the us federal reserve cut interest rates for the first time in a decade backin rates for the first time in a decade back injuly. rates for the first time in a decade back in july. it rates for the first time in a decade back injuly. it is decision time once again. and the fed is weighing his options. on the one hand the consumer is feeling pretty confident, they continue to spend
money and that is a big boost to the economy. the labour market is strong and wages continue to grow. on the other hand the uk is impending —— mccue has impending exit from the european union poses a risk to the economy. the attack on the saudi arabian oil production hub really riled markets and of course there is a continuing trade while between the united states and china, that is hurting manufacturing and business sentiment. as head of the economic data, there is still the political pressure of the fed. the us president donald trump is a vocal critic, taking to twitter to demand the central bank cut rates, refer to the chair is naive and called on policymakers own heads. that was all just last week. whatever he and his colleagues at the us federal reserve decided, one thing is for sure. the us president donald trump has something to say about it.
eimear daly is a commodities and global markets strategist at macquarie and she joins me now. so you will also be watching up for this decision very closely, like globalfinancial this decision very closely, like global financial markets, are you with the majority in terms of the prediction of a 0.25 basis % cut? quite a percentage cutpoint is a foregone conclusion i think the market is watching at the rate path after this. they're going to go further in 2019, and deliver one more in 2020? everyone of their watching to see if he changes his tune from insurance redcoats, m idcycle to tune from insurance redcoats, midcycle to a full on easing cycle. a full on is an cycle would definitely support equity markets and drive the door lower. so there a press co nfe re nce and drive the door lower. so there a press conference after they've announced the decision, today, and as was mentioned, the slotted factors at play here, at least the fa ct factors at play here, at least the fact is a general election in the
notice as towards the end of next year. and they are under pressure from the president, although year. and they are under pressure from the president, althoutherome powell has paid that very cleverly, many would argue, he doesn't seem to sway in any that perspective. and this is something he has to take into consideration, the us central bank should be independent, should not be influenced by policymakers, by politicians. the central bank, whether those questions over this, in the emerging markets. the fed needs to hold onto that credibility and ensure that he is not giving sway to president donald trump treats but it's something to watch out for after decision, of the press conference, is everyone will be watching twitter to see his reaction. as well as his reaction on the markets, looking ahead, you in this whole debate about how the us economy is doing, given the issues that it economy is doing, given the issues thatitis economy is doing, given the issues that it is facing, possible new ta riffs that it is facing, possible new tariffs coming into play depending
on how talks go between the us and china were are happening quite soon, also the issue of the price of oil being inflated? also the issue of the price of oil being inflated ? that also the issue of the price of oil being inflated? that could give us some time because people are saying they going to price and risk when it comes to energy. all these things impact the us consumer. absolutely. i would be on the positive side. if you look at the us economy is a lot more into letters and other global economies, consumer consumption is the biggest factor there. industrial production, factory production, data yesterday, it was surprisingly strong woes globally we have just seen you strong woes globally we have just seen you just make the contraction in production. the us economy is resilient, it is got a strong labour market and jerome powell sitting there looking at the domestic economic data, it doesn'tjustify the easing cycle. thank you for coming in, we shall have ——we should keep an eye on it, we will have an update on what the decision is. the trump administration is later today expected to formally revoke
california's ability to set its own air pollution standards. let's go to our asia business hub where rico hizon is following the story. what is a plan? basically this move by president trump undermines policies that have been put in place by the former president barack obama wood is aimed at cutting greenhouse gases to combat climate change. if this is implemented, the repercussions could be huge. it sets the stage for a massive legal battle between california and the federal government. it could plunge over makers into a period of uncertainty and create turmoil in the country ‘s auto market. the environmental protection agency has declined to comment on this matter but already 13 states and the district of columbia have vowed to adopt california standards if they diverged from the federal
government's moves as have several major auto markers. trump officials are forcing auto companies to choose whether they will side with the state of with the federal government. in california leaders have said they will fight any challenge to their autonomy. the attorney general of california already has sued the trump administration on a range of issues, he has vowed to head back to court, saying california's clean car standards are achievable, science —based and a boon for hard—working american families and public health. and a to alice, trump's move is ugly to bea and a to alice, trump's move is ugly to be a popular nationwide and in california with americas by the supportive of stricter fuel efficiency standards. so this will beindeed efficiency standards. so this will be indeed a major battle between trump and california. thanks a lot, good to see. let's discuss facebook now. facebook has unveiled its plan to create an independent board
to make decisions over how the world's biggest social network is moderated. the company says the panel will make decisions over contentious material and have the power to override facebook‘s own policies. our north america technology correspondent dave lee explains what else he's learnt about the so—called ‘facebook supreme court'. the whole idea behind this idea, the supreme court is to essentially remove the burden from facebook over what it does my cow decides what and what it does my cow decides what and what shouldn't be honest but from. that is something that attracts a lot of criticism in the us about whether facebook is biased towards a certain point of view. this board is going to be designed to take that away from them and to make its own decisions independently from facebook, they can override what facebook, they can override what facebook ‘s policies say and at their own suggestions, is going to
consist of at least 11 people, but no more than 40, who this people are, we don't yet know, they going to be appointed by the end of the year. facebook says those names were public as well the decisions they make. the first of those decisions is expected next year, that is when the group is going to get together to startjamming the group is going to get together to start jamming what the group is going to get together to startjamming what should and should not be available. carolyn aronson has built her hair care range — called it's a 10 — into one of the most successful styling brands in the us. now she's launching it in europe. but her brand wasn't always a success. herfirst hair care business ended in failure — because she tried to do everything herself. her motto now is to: "leave it to the experts". we wa nted we wanted to share her top tips with you. my secret is never try to do everything yourself. rely on the experts. that's what the devils. —— thatis experts. that's what the devils. —— that is what they there for.
my my first company failed, i was trying to be innovative and used new technology that wasn't tested enough, we ended up having product that shut out instead of gently coming out, we had sprayers that didn't work, we have labels that bubbled, the company lost momentum of sales and we ended up having to close that down. absolutely the thing i learned from that is that try to do it all yourself, it is virtually impossible. you need to refer to the experts when they actually delivered to you, it will come completely labelled, it will come completely labelled, it will come proved, it will be absolutely pristine imperfect and on time and if it isn't untiring, it is their responsibility to make sure you get it in time.
i'm a consumer first i'm a consumerfirst and a test i'm a consumer first and a test of the products. i make sure they are perfect before they go to market. those are important things that i get to concentrate on. that's it for the business briefing this hour. the uk's first baked bean harvests are under way. although a staple of british cuisine the beans in baked beans cannot be grown in this country and must be imported. but after seven years of research scientists from the university of warwick have grown a field of haricot beans suitable for being made into baked beans. our corresopondent david gregory—kumar has all the details.
this is something very new after seven this is something very new after seve n years this is something very new after seven years of research, the first full—sized harvest of a brand—new bean crop. bringing the dream of a british baked bean even closer. producing a fully british baked bean, at the moment, the actual beans are not grown this country. a commercial company is now trying to shake trailing one of the varieties developed here to see how it grows and behaves how it the fully british baked bean is closer than ever. but today the aim is to show that these beans can be grown in the country and successfully harvested with standard farming equipment like this combine harvester. it goes to the combined very well and comes up very clea n combined very well and comes up very clean as you can see from some of the samples. so i think it's got a real future to be five of the samples. so i think it's got a real future to be over the orders. we probably got an hour and five. time for a taste test and —— and alice okin for a taste test and —— and alice 0kin15 for a taste test and —— and alice
okin 15 minutes cooking. that's really good. we have a commercial bomber that is looking for how well these beans will serve in a can and we're looking at trying to produce beans from other types of food. there are simply tins of beans at the uk can eat. they're amy jarvis three tons of beans from the field, keep your eyes peeled for very british beans in dips, chilli and yes even bait. more on that story and others on brea kfast. more on that story and others on breakfast. that is on bbc at six o'clock. this is the briefing from bbc news. the latest headlines: early signs suggest there is no clear winner in israel's general election. prime minister benjamin netanyahu says he will now hold talks on forming a coalition. his main rival, benny gantz, has called for a broad unity government. the us says the drones used
in saturday's attack on saudi oil facilities were launched from iran. and tens of thousands of people have been hospitalised in indonesia as huge forest fires sweep the region, creating a toxic haze. now it's time to look at the stories that are making the headlines in the media across the world. we begin with the times, and uk prime minister borisjohnson, who has warned the uk's most senior judges that the courts have no jurisdiction over his decision to suspend parliament, and they risk entering the political arena. the independent reports former conservative cabinet minister liam fox is urging the uk to follow donald trump's lead and declare the iran nuclear deal dead in an upcoming speech in washington. the paper says mr fox will urge the uk government to accept attempts to salvage the anti—nuclear agreement are futile. the gulf news leads with saudi arabia, who say its oil
output will be back to normal by the end of the month, with half the production lost in a recent drone attack on two key facilities already restored. in the ft, bill gates, the billionaire microsoft co—founder, has said climate activists are wasting their time lobbying investors to ditch fossil fuel stocks, and instead should put their money and energy behind disruptive technologies that slow carbon emissions. and finally, also in the times, should we be careful whilst driving and listening to certain genres of music? according to a recent study carried out in china, motorists listening to no music or light music changed lanes about 70 times an hour, while those listening to rock did