Notice, blaming the stand off over the debt ceiling which was ultimately lifted any last minute bipartisan deal. The feud was cited by fitch is one of the reasons for the downgrade. Make no mistake, this is a major black eye for america. The us treasury, essentially government ious are seen as the bedrock of the Global Financial system. Fitch is essentially pointing out there is an erosion of trust in american leadership. Given the death and perceived safety of us treasuries, this downgrade is not likely to change its role in the financial system. Likely to change its role in the financialsystem. It likely to change its role in the financial system. It could, likely to change its role in the financialsystem. It could, however, make it potentially harder and more expensive for the government to borrow in the future. Right now the Us Government owes 30 trillion in debt. Fitch is highlighting that the Us Government has too much debt doesnt have a way to bring it down. And at washington at this point in time doesnt seem to be able to reach any kind of agreement on how to deal with this issue. That reach any kind of agreement on how to deal with this issue. To deal with this issue. That was michelle in to deal with this issue. That was michelle in new to deal with this issue. That was michelle in new york to deal with this issue. That was michelle in new york that to deal with this issue. That was michelle in new york that the i michelle in new york that the latest. A little closer to home the government is hosting Industry Leaders in the Energy Sector as it seeks to strike a balance between Energy Security and finding a path choice net zero. The uk government is committed to finding hundred percent emissions free energy by 2050, but days ago the government approved hundred new licences for oil and gas extraction in the north sea and critics question whether that move is compatible with its climate promises. Lets speak to tom burke, founding director of the independent think tank e 3g. Let me put that question to you, can you have both, can you invest in new licences for oil and gas extraction and commit to net zero carbon . His. And commit to net zero carbon . No, ou and commit to net zero carbon . No, you cannot and commit to net zero carbon . No, you cannot and and commit to net zero carbon . Lhlfi� , you cannot and what is interesting in the light of the story you were just reporting on, about america, what is really damaging about the way this government is trying to have its cake and eat it as it really does undermine confidence in investors in what the government is actually going to do. That is the thing that has been very difficult for the last two weeks, we have had this endless toing and froing, will we, wont we, stick to our targets and all of this is going to fish up the price of what we eventually do you have to do to get to net zero and ensure Energy Security and keep our Energy Supplies affordable. Who; our Energy Supplies affordable. Why does 100 new our Energy Supplies affordable. Why does 100 new licences to extract oil and gas from the north sea . Well. And gas from the north sea . Well, all ou and gas from the north sea . Well, all you have and gas from the north sea . Well, all you have had and gas from the north sea . Well, all you have had is and gas from the north sea . Well, all you have had is the and gas from the north sea . M all you have had is the announcement they will at some future date grants if anybody applies to them and if anybody is going to invest in them. Why would investors be confident that something in the future will happen when you have a Government Flip Flopping around like this . I dont really think it is quite as big a threat to the climate as some people are worried about. I think it really is a threat to confidence in the governments ability to deliver on its energy promises. We the governments ability to deliver on its energy promises. The governments ability to deliver on its energy promises. We know it is a balance on its energy promises. We know it is a balance that on its energy promises. We know it is a balance that governments on its energy promises. We know it i is a balance that governments around the world are having to make right now. It is making sure they have got enough energy but meeting those climate targets. 0ther enough energy but meeting those climate targets. Other countries are doing this well, i am thinking of places like denmark. Talk to me about why and how they are doing it differently. About why and how they are doing it differentl. , , differently. Largely because they have been very differently. Largely because they have been very consistent differently. Largely because they have been very consistent in differently. Largely because they| have been very consistent in their policy and committed to making their Electricity System hundred percent renewable and driving towards that goal, they havent got there yet but they are closer than we art to doing it because they had a solid and sustained policy that they followed through on. That is true other countries. It is true across europe, the first thing you need to do if you want to ensure you a low carbon and secure and affordable in your Energy Supply is stop wasting it, and we have the worst Building Performance anywhere in europe, and ought to be what the government is putting its focus on. Not on some future possible investment in oil from the north sea, which will not help us anyway with the affordability because we will have to sell it at market prices. It is something i think its a very bad signalfor investor something i think its a very bad signal for Investor Confidence in this country. It signal for Investor Confidence in this country signal for Investor Confidence in this country. It is good to talk to ou. This country. It is good to talk to you lets this country. It is good to talk to you. Lets take this country. It is good to talk to you. Lets take it this country. It is good to talk to you. Lets take it to this country. It is good to talk to you. Lets take it to brazil this country. It is good to talk to you. Lets take it to brazil where the central bank is expecting to cut Interest Rates for the first time in three years today. Economists are expecting a small cut of a quarter of 8 its current high of 13. 75 . The president himself has called on the central bank to cut Interest Rates as price rises start to ease. Lets speak to a Country Risk Manager for a lets speak to a Country Risk Managerfor a latin lets speak to a Country Risk Manager for a Latin American. Lets speak to a Country Risk Managerfor a Latin American. Thanks to being with us. What are you expecting today, is it going to be a half or quarter percent cut . I expecting today, is it going to be a half or quarter percent cut . Half or quarter percent cut . I think what were half or quarter percent cut . I think what were going half or quarter percent cut . I think what were going to half or quarter percent cut . I think what were going to see half or quarter percent cut . I think what were going to see is half or quarter percent cut . I think what were going to see is a half or quarter percent cut . I think what were going to see is a split l what were going to see is a split vote in the board with the president s recently appointed allies to the board, a probable future governor at central bank, he will probably take over injanuary 2025. That group will probably vote for a 15 basis points cut and then we will have a more hawkish when that will be Voting Forjust a 25 basis points cut, including the Current Governor of the central bank. ,. , Current Governor of the central bank. ,. ,. ,. Bank. The country has been facing roblems bank. The country has been facing problems that bank. The country has been facing problems that are bank. The country has been facing problems that are now bank. The country has been facing problems that are now familiar. Bank. The country has been facing l problems that are now familiar right across europe and in many developed economies, high inflation that is forcing Interest Rates higher. Brazils Inflation Rate is coming down quite sharply, it is down from 13 to three or li . Some would request the bank is a bit more ruthless in its rate cutting. Why do you think it may not do that . You are riaht, you think it may not do that . You are right. The you think it may not do that . Mm are right, the Headline Rate of inflation has come down to 3. 2 in the latest meeting in mid july. This is quite close to the midpoint target the central bank is looking at, 3 . However, core inflation is still higher, so what you see is Headline Inflation has come down because of false in food prices, fuel prices this year, but core prices are still high. They are still running over 5 , so what we are seeing in brazil, the services sector, the labour market, it is still being quite resilient this year. Central banks are looking ahead, so they are looking at inflation expectations. They are trying to guide expectations through inflation over the next 12 months. And in Brazil Inflation expectations are still running above the 3 target for next year. And they are running just under li , however this is down from what expectations were in recent months. In recent months. Compare it, if you will, if with in recent months. Compare it, if you will, if with what in recent months. Compare it, if you will, if with what else in recent months. Compare it, if you will, if with what else we in recent months. Compare it, if you will, if with what else we are will, if with what else we are seeing in Latin America. Is it similar with other economies . Yes. Similar with other economies . Yes, latin similar with other economies . Yes, Latin America similar with other economies . Yes, Latin America and similar with other economies . Yes, Latin America and other similarwith other economies . Use Latin America and other emerging markets got ahead of the curve, when they saw inflation taking off because of the strong fiscal stimulus and because they cut Interest Rates, they started to hike and brazil was the leader, they to hike in march 2021. So they got on top of inflation, they are now in a position to start using monetary policy. This is what you her scene in the region, chile recently had a sharp cut, you have seen uruguay, costa rica and other countries will be poised to start Easing Policy well before the fed will start cutting in the Third Quarter of 2024 and the ecb. Bank of england is still any tightening face. Still any tightening face. Really aood to still any tightening face. Really good to talk still any tightening face. Really good to talk to still any tightening face. Really good to talk to you. Still any tightening face. Really good to talk to you. Still any tightening face. Really good to talk to you. Still still any tightening face. Really good to talk to you. Still in l still any tightening face. Really | good to talk to you. Still in a tightening good to talk to you. Still in a tightening phase. Good to talk to you. Still in a tightening phase. We good to talk to you. Still in a tightening phase. We are good to talk to you. Still in a tightening phase. We are going| good to talk to you. Still in a i tightening phase. We are going to look at treats that are shaped like Designer Handbags to edible photos of your favourite cartoon characters. Of your favourite cartoon characters. ~. ,. , characters. We have been inside a willy wonka characters. We have been inside a willy wonka style characters. We have been inside a willy wonka style biscuit characters. We have been inside a willy wonka style biscuit factory l willy wonka style biscuit factory for the latest episode in our ceo secrets. What is amazing about biscuits as they are a canvas, i think of them as a blank canvas on which you can create any beautiful design. The Guys Downstairs Who ace the biscuits are artists and i think of it as a design business. My ticket to success is to remember to put a Marketing Lens on everything, whether that is hiring people, designing products or raising money. I think what sometimes happen is that people get so focused on designing a product or even a beautiful website that the Marketing Tends to get voted on at the end. It is too late. It is really sad when great products dont find their markets because they are just not sufficiently discoverable. I was waiting the Press Release in my head while designing the product and it was definitely pr that launched us and made it a brand that people were talking about. Business is a hassle, really. You have to be able to be flexible, you have to be able to be flexible, you have to be able to not be floored when the plan has to change. Sometimes when the plan has to change it is a good thing because we learn and move on. Time to bring you some other Business Stories this hour. Bae systems says it is up about the year ahead as Upgrades Guidance for 2023. It is forecasting growth of 10 12 . The government must spend more on Military Equipment because of uncertain geopolitical events. The Budget Airline ryanair through a Record Number of passengers last month carrying 18. 7 million people, up 11 compared to the same time last year. It is the third record month any role for the Irish Airline that remains europes largest passenger numbers. And the italian Supercar Maker ferrari has updated its profit forecast after an exceptional quarter from april tojune. Forecast after an exceptional quarterfrom april tojune. 0ther quarter from april to june. Other car sales quarterfrom april tojune. Other car sales by 2 of the period compared to last year, revenues were up compared to last year, revenues were uu by compared to last year, revenues were up by 14 as buyers added personalised features to their vehicles. Ferrari expects to make around 1. 6 billion in profits for the rest of the year. Around the world and across the uk, you are watching bbc news. In client, for over a year now the speed limit through the village has been 20 mph. To date gwent police were out to check and still found some who are going too fast and pulled them over. I some who are going too fast and pulled them over. Pulled them over. I find it difficult to pulled them over. I find it difficult to do pulled them over. I find it difficult to do 20 pulled them over. I find it difficult to do 20 miles i pulled them over. I find it difficult to do 20 miles an pulled them over. I find it difficult to do 20 miles an hour. I normally do 23. Difficult to do 20 miles an hour. I normally do 23. Gwent police check the seed normally do 23. Gwent police check the speed of normally do 23. Gwent police check the speed of the normally do 23. Gwent police check the speed of the hundred normally do 23. Gwent police check the speed of the hundred and normally do 23. Gwent police check the speed of the hundred and 94 i the speed of the hundred and 94 motorists during a two hour period and found 16 were going too fast, with one going 34 mph. Today they didnt have to pay a fine but to watch a safety presentation, part of the way the police are trying to get the way the police are trying to get the message across. That the way the police are trying to get the message across. The way the police are trying to get the message across. At 30 mph you have a 5596 the message across. At 30 mph you have a 55 chance the message across. At 30 mph you have a 55 chance of the message across. At 30 mph you have a 55 chance of surviving the message across. At 30 mph you have a 55 chance of surviving the l have a 55 chance of surviving the vehicle collision. But at 20 mph you have a 95 chance. But vehicle collision. But at 20 mph you have a 95 chance. Have a 95 chance. But the fact eole have a 95 chance. But the fact people were have a 95 chance. But the fact people were still have a 95 chance. But the fact people were still speeding have a 95 chance. But the fact people were still speeding was l have a 95 chance. But the fact i people were still speeding was not have a 95 chance. But the fact people were still speeding was not a surprise to many here. You are at life with bbc news. Lets get more on that court ruling that an american fugitive who fled to scotland after attempting to fake his own death to avoid prosecution can be extradited to the united states. Nicholas rossi is accused of rape in the state of utah, a sheriff ruled there is no legal barrier to his extradition and the decision will now be taken by a Scottish Government ministers. From this story, it sounded like a script from an american film script. The american fugitive who fled and hid out in scotland. He was arrested in 2021 when staff at a Covid Ward In A Glasgow Hospital recogn