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Newsday

this is live in chicago, where a man has been arrested in connection with a shooting during a july the fourth parade. six people have been killed. turning now to australia. tens of thousands of people have been evacuated from their homes after sydney was hit by yet more floods following extreme rains. at least one death has been reported so far due to the most recent floods. the australian city has already suffered major flooding this year after parts of eastern australia experienced months of rainfall. earlier i spoke to camden sports club director steve urqhuart, who's business has been affected by the heavy downpour. it's very tough wedding up and knowing you are going through it all again. there will be a lot of people waking up this morning and picking out their windows, wondering whether the water has risen further and more damaged because whether it's actually receded somewhat. hgppy it's actually receded somewhat. happy to say this morning very early on dawn that the emergency services are on—site again and said the water is starting to drop off a little

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Newsday

but we need to get the support very urgently to avoid that. these families in colombo, among those feeling this crisis most. the city's mayor says the capital could run out of food by september, warning that the worst is yet to come. rajini vaidyanathan, bbc news, colombo. let's turn to the farne islands of the north—east coast of england. it's home to several species of birds including puffins and kittiwakes and guillemots. but an outbreak of bird flu has been sweeping through the colonies and now the authorities have taken the unusual step of banning visitors from the tiny islands altogether to try to stop the virus spreading. 0ur correspondent, danny savage, reports. at this time of year, a visit to the farne islands is one of nature's wonders. 0utcrops which should be

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Talking Business

to something else. no, i think the post—world war ii global order was conceived to be made on rules, and i think along with the uk and europe and india, it is not anyone's hegemonic stance in the world. we are past that. we are way past that. it is a multipolar world and this is where i think formation like the 620, the presidency will come to india next year, will be very important. because we need to push for this rules—based order and convince all players, whetherthe us, russia, china, that it is in all our interests to do that, rather than talk about if there is one hegemony replacing another. rajiv kumar, a real pleasure having you on the show. thank you for your time, i would love to check

India , Uk , Europe , Post-world-war-ii-global-order , Rules , Something-else , Stance , World , Anyone , China , Russian , Order ,

Newsday

that was steve urquhart, director of the camden sports club, speaking to me a little earlier. sri lanka is on the brink of a humanitarian crisis, according to the united nations. many of its 22 million inhabitants are struggling to get enough to eat. fuel is running out and medicines are in desperately short supply. it's happening because the government has run out of hard currency to pay for imports, a situation many blame on economic mismanagement, made worse by the effects of the pandemic on tourism. rajini vaidya nathan reports. facing a fragile future. families in sri lanka are living in times of uncertainty. baby augustia was born prematurely, every day of her life marked by a worsening economic crisis. translation: we couldn't afford normal food when i i was pregnant. i couldn't even buy medicines. sometimes, we adjusted by eating one meal a day.

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Newsday

cancelled. a man entered during the downstairs window and made their way to the queen was bedroom and then asked for a cigarette and on the pretext of arranging for something to be brought, summoned a fit man on duty, who took the man away. 0ne one child, one teacher, one book, and one pen can change the world. education is the only solution. this is newsday on the bbc. i'm karishma vaswani in singapore. our main story this hour:

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Talking Business

of the inflation is on the supply side, not the demand side. central banks really have very little they can do about that. we know it is a very delicate balancing act, right? it puts the pressure on the central banks, in one way to rein in their economies but without sending growth tumbling. it's a daunting challenge, right? it is, it's very daunting. right now, i'm glad i'm not a central banker. the problem is that you have to try to slow the economy enough to bring down the pressure on prices, but at the same time not slow it so much that you tumble into a recession. this current inflation picture is certainly forcing central banks to become more aggressive, right? we have had something like 45 countries raise rates just this year, and last month's rate rise by the american central bank, that was the third increase this year and the biggest one since 1994. in the face of very high inflation, the highest we have seen in quite a while, central banks are taking an aggressive stance.

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Talking Business

in the short term, at least. so i think again it is a factor in weakening the effect, but the sanctions still remain very powerful. but creon, do you have sympathy for countries taking this stance? i mean, there's a world price crisis, and they have a responsibility to their people to get supplies at the lowest price. yes, i do. and in a way, and this is true also in relation to some of the advanced countries who have to deal and are dealing with the threat of cut off gas supplies, you have to do in the very short—term what you can do, but that shouldn't become an obstacle to finding a permanent solution over the longer term. creon butler, how i've appreciated your insights and thoughts. thank you forjoining me and i will talk to you soon. so, as we have been discussing, one of the biggest country so, as we have been discussing, one of the biggest countries not following those us led sanctions and buying up lots of russian oil, is india. to find out why, i have been speaking to the former vice

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Talking Business

one is they know, in the long term, that china and the west is very integrated, and they need to maintain reasonably good relations. but secondly, also, chinese private sector companies will worry about the kind of measures that the us justice department can take. so they will also be cautious, perhaps even more cautious than the chinese government. and a number of countries remain officially neutral. i mean, countries like the uae, united arab emirates, mexico and israel. some condemning the war, but still doing business with russia outside of the sanctions. and critics will argue that they're propping up the kremlin war machine. are there economic consequences of not taking a side? i think the key thing is that if you look at the sanctions the west has imposed — i mean, they had three key elements. one is to detach russia from the international financial system. and frankly, the west itself is enormously powerful in that. there are only a limited number of truly convertible

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Talking Business

economic is one part of it but also, we have got, as you know very long standing partnership with russia. a very large extinction is imported from russia. i think cutting ties with russia is perhaps not on the table at all and has never been. and i don't think it will be. all of us have to live with this fact that there are some of us who will have multiple and different relations with our friends across the geography. and i think all countries have that to some extent. and i think that is the way the world is structured today. do you see the long—term future as having a new order away from us domination of world trade, for instance, to china? it is not for us. from americana

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Talking Business

the resolutions that have been moved, either by the west, or by russia, in the united nations. but when it comes to business and trade, its stance has been very clearly dictated by economic compulsions, rather than by geopolitics. new delhi's purchases of russian oil have hit record highs, and indian companies have been snapping up cheap, discounted russian oil. coal imports have also surged, and the west has said that this is undermining its sanctions on russia. but responding to the criticism, the indian foreign minister has said that india perhaps buys in an entire month what europe buys injust an afternoon, as far as russian oil is concerned. and so these purchases are unlikely to seize any time soon. and it's all adding up, with one thinktank reporting that russia received almost

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