Fasten your seatbelt packed 30 minutes coming up. As youve heard us President Biden meets russian counterpart Vladimir Putin in geneva today the first time as president s. Many are asking with Us Russia Relations at a low point will there be anything they can agree on . Russia recently included the us on its official list of unfriendly states and both sides describe relations as at rock bottom. All this Political Tension pours over into business with sanctions hindering meaningfull trade, commercial ties between the countries have also reached a low. Philip worman is Managing Director of gpw group, a Political Risk consulting firm. Good morning. Good morning. What do you good morning. Good morning. What do you think good morning. Good morning. What do you think may good morning. Good morning. What do you think may be what do you think may be achieved here, if anything, what do you think may be achieved here, ifanything, by these two meeting today . I think the first victory is that the summit is actually taking place. The fact we have moved on from the trump carnival and the very poor relations between barack 0bama and the fact that the summit is taking place between these two very seasoned political veterans is a positive sign. There will not be a lot of Common Ground and there will be a lot of talking about redlines and emphasis on this spheres of influence but i think something constructive can come out of it. In think something constructive can come out of it. Think something constructive can come out of it. In terms of it and constructive can come out of it. In terms of it and constructive results, it and constructive results, what does that look like and what does that look like and what can we hope for . fin what does that look like and what can we hope for . On the big issues what can we hope for . On the big issues like what can we hope for . On the big issues like cyber, what can we hope for . On the big issues like cyber, for big issues like cyber, for instance, the us has accused russia of effectively shielding criminal groups, there will be a lot of talk about that. I think that you either very far apart. I ukraine, each side will outline its redlines though russia is against the expansion of nato in and It Seesit Expansion of nato in and it sees it as ukrainian and the us with the and make a big deal about the Russian Military incursions and the ukraine. But there are areas of safe ground, so perhaps something on vaccine diplomacy, perhaps something on Counter Terrorism in afghanistan and perhaps something in the middle east on iran will be very constructive iran will be very constructive i think. Iran will be very constructive ithink. I iran will be very constructive i think. I dont expect huge results from the summit but i do think there are some areas of Common Ground, surprisingly. When it comes to trying to change russia, financial sanctions have been in place for quite some time crimea was annexed and yet it seems you have bore no fruit. What impact had the sanctions had in terms of business collaboration, as mentioned, it is at a real low point, isnt it . Point, isnt it . That is right, sall. Point, isnt it . That is right, sally us point, isnt it . That is right, sally. Us and point, isnt it . That is right, sally. Us and russian point, isnt it . That is right, sally. Us and russian trade | point, isnt it . That is right, i sally. Us and russian trade is not the largest in the world, russia has larger Trading Partners like germany for example. Despite sanctions, it is still possible to do business in russia. For instance, bond investors, although they cannot purchase russian sovereign bonds, they can still buy Corporate Bond issues and on the sanctions are, there is not a lot lefty without completely crippling Western Business going into russia. It is a very delicate act for the us. They do not have a lots of ammunition left on the sanctions side and it has not really change russia behaviour, to be completely honest. � , behaviour, to be completely honest. ,. , honest. But when it comes to doinu honest. But when it comes to doing business honest. But when it comes to doing business with honest. But when it comes to doing business with russia, l honest. But when it comes to l doing business with russia, he wants to and what are the opportunities . Wants to and what are the opportunities . Huge energy market. Germany opportunities . Huge energy market. Germany is opportunities . Huge energy market. Germany is one opportunities . Huge energy market. Germany is one of. Opportunities . Huge energy i market. Germany is one of the biggest partners of rush hour. That is an interesting point if you look at the nord stream two pipeline, which our clients have always asked us is nord stream two, this huge Energy Cath Pipeline that is bringing gas from russia to europe terminating in germany, will it be sanctioned, because that would be a real game changer and so far, the us, it has removed sanctions on nord stream two i think in preparation of the summit, joe biden has acted prepared the way by lifting some of the sanctions on nord stream two, a politically sensitive project for rush hour, and that has helped lift the mood music slightly from appalling, to not very good. I think the mood music is still pretty negative for the summit but some, lets look for some low level successes coming out of the summit. ~ , , summit. Will be covering every twist and turn, summit. Will be covering every twist and turn, thank summit. Will be covering every twist and turn, thank you summit. Will be covering every twist and turn, thank you for i twist and turn, thank you for your time this morning you are joining it from just outside of london. Now on to the event that Market Watchers have been waiting for americas central bank, the Federal Reserve, will conclude its two day policy meeting. Although most economists believe the fed will stay the course and keep Interest Rates near zero, there are concerns about rising inflation. Recent figures show a 5 jump in the cost of goods compared to the same time last year, the biggest jump in decades. Samira hussain reports from new york these days, business is so good at this bike shop, they had very few bicycles available to sell. Skyrocketing demand during the pandemic is part of it but increasingly, it is the Constraint Supply Chain making it tough to keep bikes in stock. It is also pushing prices higher. Stock. It is also pushing prices higher. Has been wild this theory prices higher. Has been wild this theory is prices higher. Has been wild this theory is that prices higher. Has been wild this theory is that since this theory is that since january, some of the Component Makers have come back two or three times and raised prices again. Why are they raising the price . All of those things, Raw Materials are just costing more. Costing more for them to get their components in. And demanded through the roof. Mat demanded through the roof. Not ust bike demanded through the roof. Not just bike makers feeling the pinch, last week the makers of campbells soup missed Quarterly Earnings estimates and Flash Forecast for the rest of the year. And Flash Forecast for the rest of the year of the year. We did face a significant of the year. We did face a significant inflationary significant Inflationary Environment in the quarter. Is economy opens backup, demand for all kinds of goods and services has been on the rise. Supply chains have been racing to keep up with that demand, and it is why things are becoming more expensive for businesses and now consumers. The big question is whether inflation is temporary or here to stay. Inflation is temporary or here to sta. ~ ,. , ~ inflation is temporary or here to sta. ~ , ~. , to stay. When you think that the inflation to stay. When you think that the Inflation Ratings to stay. When you think that the Inflation Ratings are the Inflation Ratings are transitory and we think it is frightening how big they have gotten and certainly i can feel for businesses who are struggling. Towards the end of the year, i do think inflation will slow down and one of the reasons why we think the fed will also hold low on the sidelines for some time. For months. Sidelines for some time. For months, jerome sidelines for some time. For months, Jerome Powell has said there may be a jump in inflation but do not worry it will be temporary, as americas economic recovery progresses, these Inflationary Pressures will pass. But at what cost . The bike shop has a ready raised what it charges customers by 10 , another increase will likely come at the end of the month. I increase will likely come at the end of the month. Increase will likely come at the end of the month. I do not the re the end of the month. I do not theyre getting the end of the month. I do not theyre Getting Better the end of the month. I do not theyre Getting Better this theyre Getting Better this year, certainly for this industry, it will get worse. Samira hussain, bbc news. Janet mui is Investment Director at brewin dolphin. Nice to see you again. Where are you in the great debate about inflation and whether it is temporary or long term such a long term headache . fiur such a longterm headache . Our view is that such a long term headache . Are short term in nature. We cannot see how it can sustain much longer in the future. However, we do feel that some of the Supply Shortages that your news has covered, such as in the chips areas, electronics and even for labour shortages, that can actually go on for quite a couple of months or linger into early 2022. What we expect is that inflation will stay elevated but we think that inflation has peaked in may and with the subsequent moderation from early next year. So overall speaking, from early next year. So overallspeaking, i from early next year. So overall speaking, i dont think the fed will be particularly concerned about the recent rise in inflation because they will view it as more transitory in nature. , nature. Can i raise energy rices nature. Can i raise Energy Prices seem nature. Can i raise Energy Prices seem to nature. Can i raise Energy Prices seem to be nature. Can i raise Energy Prices seem to be going l nature. Can i raise energy. Prices seem to be going up nature. Can i raise Energy Prices seem to be going up by the day, the price of oil at the day, the price of oil at the highest since april 2019. That will cause Inflationary Pressure as well, isnt it . Yes, the High Oil Price is because of the increased demand and that was knocked actually met bike more substantial increase in supply because 0pec have raised supply but they have raised supply but they have not raised it to the level that the market is expecting or meet demand. In the midterm, oil prices could cause short term pressure inflation, if you look at it on a year on year basis, we still have a diminishing base, and if youre talking about other commodities, such as copper, such as lumber prices, which are used in the us, they have actually fallen from a peak level and for example, lumber prices, which many people are concerned about, has fallen by 40 from peak. But there are some signs that this can be moderating. Some signs that this can be moderatinu. ,. , w ,. , moderating. Cannot quickly ask ou, we moderating. Cannot quickly ask you. We are moderating. Cannot quickly ask you, we are almost moderating. Cannot quickly ask you, we are almost out moderating. Cannot quickly ask you, we are almost out of moderating. Cannot quickly ask| you, we are almost out of time, your views, when you then that the Us Central Bank will start to make a move and raise the cost of borrowing, which is near zero all, you know, bring back some of that cheap money that it back some of that cheap money thatitis back some of that cheap money that it is turning out on a monthly basis. When we start to come off the Intravenous Drip . We think Interest Rates are likely to rise until at least 2023, for at least two years, but the bond buying programme, which is 100 Billion Us Dollars per month, they may stay to scale back early next year. Before they raise Interest Rates. ~. ,. , ~ before they raise Interest Rates. ~. ,. , rates. We will look out for the ta e rates. We will look out for the tape attention, rates. We will look out for the tape attention, if rates. We will look out for the tape attention, if there rates. We will look out for the tape attention, if there is tape attention, if there is one. Good to talk to you. Corporate governance injapan is back in the spotlight after explosive reports about two Big CompaniesThere Toshiba and mizuho bank. Lets go live to our Asia Business hub and join mariko 0i. Talk us through what those reports said. Sally, lets start with toshiba, because that is the really explosive story and an independent investigation found the company colluded with the japanese government in that they exerted undue influence on active shareholders based abroad. The report calls that the biggest corporate scandal in a decade. The japanese Trade Minister said there will be no further investigations. The company has had that huge accounting scandal, if you remember, shares were demoted from the first section of the Tokyo Stock Exchange and they just returned to the top tier only a few months ago, but this latest scandal really makes you wonder if the Company Learned anything at all from that provisional scandal. Anything at all from that provisionalscandal. It anything at all from that provisional scandal. It is important to note that toshiba is obviously very unique. It was really successful with strong ties to the government so to say that Japanese Companies and Corporate Governance overall has not improved, may be misleading or unfair but having said that, as you mentioned, it was also a bad week for mizuho bank. An independent panel found repeated System Failures were because of a Corporate Culture that prevented positive and proactive action in a crisis. What i thought was interesting was that this investigation especially into toshiba was requested byjapanese especially into toshiba was requested by japanese Activist Shareholders based here in singapore, and that is when the new trend over the last few years, so whether or not this will actually finally change Companies Corporate structure will be something that investors will be closely watching. Investors will be closely watching lets get some of the days other news. Billionaire mackenzie scott, ex wife of amazon founder jeff bezos, has donated another 2. 7 billion to a range of charities. Ms scott said in a blog post that she wanted to give the money to those that have been historically underfunded and overlooked. She wrote that she had chosen 286 organisations working on racial inequality, the arts and education. The founder of the World Wide Web then hell be optioning off the source code from the internet, which he wrote three decades ago which revolutionise how we live and is optional be the first time he will be able to raise money directly from it. Stay with us on bbc news, still to come saving money or making it we look at the second hand Luxury Fashion market, where a handbag can cost Tens Of Thousands of dollars. There was a bomb in the city centre. A code word known to be one used by the ira was given. Army bomb experts were examining a suspect van when there was a huge explosion. The South African Parliament has destroyed the foundation of apartheid by abolishing the Population Registration Act which, for a0 years, forcibly classified each citizen according to race. Just a day old, and the royal baby is tonight sleeping in his cot at home. Early this evening, the new prince was taken by his mother and father to their apartments in kensington palace. Germanys parliament, i the bundestag, has voted by a narrow majority to move the seat of government from bonn to berlin. Berliners celebrated into i the night, but the decision was greeted with shock in bonn. The real Focus Of Attention Today was valentina tereshkova, the worlds first woman cosmonaut.