BBCNEWS — Business Today
20260917 033000 UTC
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[00:00:01] MUSIC
[00:00:03] Live from Singapore now on BBC News,
[00:00:10] News, Business Today. The US Federal
[00:00:17] Federal Reserve has raised interest interest rates for the first time time in three years as it tries to
[00:00:20] to combat rising prices and Snap
[00:00:23] Snap launches new augmented reality reality glasses as it targets the the next generation of wearable technology.
[00:00:27] technology. We'll hear from Snap Snap CEO about the company's latest
[00:00:31] latest push into AR glasses. Hello
[00:00:38] Hello and welcome to Business Today Today with me Steve Lai. US interest interest rates have been raised for
[00:00:42] for the first time in more than three three years, with the Federal Reserve
[00:00:46] Reserve lifting its benchmark rate
[00:00:48] rate to between 3.75% and 4%. The
[00:00:51] The decision was unanimous despite despite President Donald Trump calling
[00:00:53] calling for rates to be cut to 1% 1% or less. Fed Chair Kevin Warsh
[00:00:57] Warsh says inflation remains too too high and has not improved enough.
[00:01:00] enough. Yet. For more than five years,
[00:01:04] years, inflation has been running running above target. So our predominant
[00:01:07] predominant focus is on the price
[00:01:09] price stability side of our mandate.
[00:01:11] mandate. The plain fact is that inflation
[00:01:14] inflation is too high and has been
[00:01:17] been for too long. This summer's
[00:01:20] summer's inflation readings do not not tell me that underlying trends
[00:01:24] trends have meaningfully improved. improved. US stocks fell after the
[00:01:27] the decision, with the Dow dropping dropping more than 600 points. Markets
[00:01:31] Markets here in Asia, though, are are trading mixed as investors assess
[00:01:34] assess the implications of this latest latest hike. I spoke to Diane Swonk,
[00:01:38] Swonk, chief economist and managing managing director at KPMG. She says
[00:01:41] says the Fed's move marks the beginning
[00:01:43] beginning of a rate hiking cycle.
[00:01:45] cycle. It's exactly the right decision decision and it's the beginning of
[00:01:48] of a rate hiking cycle, which I think think is very important to take in
[00:01:52] in context as well as we saw, not
[00:01:54] not only was this decision there,
[00:01:57] there, but the larger participants participants at the meeting, the
[00:02:00] the larger group of participants participants actually had marked
[00:02:03] marked up another rate hike for the
[00:02:05] the end of this year. And in another
[00:02:08] another 1 in 2027. So that's three three quarters of a percent, which
[00:02:11] which I think it will take at least least that to derail the inflation
[00:02:14] inflation that we've got, which has has persisted for more than five
[00:02:17] five years now. We thought we got got close to a soft landing, but
[00:02:20] but that was not the case. It's unclear
[00:02:22] unclear we'll able to actually manoeuver
[00:02:26] manoeuver that elusive soft landing
[00:02:27] landing again. And I think another
[00:02:30] another important point right now now is that the vote was unanimous.
[00:02:34] unanimous. That's important for the
[00:02:35] the Fed's credibility that they acted acted independently and together
[00:02:39] together to shore up not only the the Fed's credibility, which has
[00:02:42] has been damaged by the persistence persistence of inflation, but also
[00:02:46] also in the context of the political political pressure on The Fed to
[00:02:49] to cut rates right now. Yeah, we'll we'll get to the political pressure pressure in just a moment. I just
[00:02:52] just want to get your take on what what this these series of rate hikes,
[00:02:56] hikes, rate hikes will mean for us us consumers, for mortgages, for
[00:02:59] for businesses, for hiring. Well,
[00:03:01] Well, if we only get three quarters quarters of a percent increase in
[00:03:05] in interest rates, we could see a
[00:03:09] a modest slowdown. But the economy economy is currently accelerating accelerating a point that Chairman
[00:03:12] Chairman Morris actually made today. today. And so you're really starting
[00:03:16] starting to have to lean against against the wind a little bit heavier.
[00:03:19] heavier. And I think the next discussion
[00:03:21] discussion will be not how many just just whether it's, you know, a couple
[00:03:25] couple of more rate hikes, but whether whether or not it might require more
[00:03:28] more than that to actually derail derail this inflation now. And just
[00:03:32] just coming back to the politics politics of it then, President Trump Trump blamed the decision on The
[00:03:35] The Fed board and not on his appointed appointed fed chair Warsh, which
[00:03:39] which is quite a different from singling singling out his predecessor, Jerome
[00:03:42] Jerome Powell. That is different. different. But at the end of the
[00:03:45] the day, this was a unanimous vote. vote. And Kevin Warsh was quite clear
[00:03:49] clear today that he voted in favour favour of this as well. And I think
[00:03:53] think that was an important statement statement for the Federal Reserve
[00:03:56] Reserve to make at this time. And
[00:03:59] And at this juncture, given the extraordinary extraordinary pressure that they
[00:04:02] they have seen publicly, it's not
[00:04:04] not that politically a lot of politicians politicians do not like what central
[00:04:07] central banks do, and that is not
[00:04:09] not uncommon. But the extraordinary extraordinary public pressure on
[00:04:13] on the Federal Reserve to cut it
[00:04:15] it was important that he look aligned aligned with his leadership within
[00:04:19] within The Fed system, and they are are aligned with him. They spoke
[00:04:22] spoke as one today. The US is not not alone in facing pressure from
[00:04:25] from higher inflation. The European European Central Bank raised rates rates last week, while the Bank of
[00:04:29] of England is due to make its decision decision on Thursday. Here in Asia,
[00:04:32] Asia, the Bank of Japan will unveil
[00:04:34] unveil its policy decision on Friday.
[00:04:38] Friday. Amazon is raising the minimum
[00:04:39] minimum hourly pay for eligible full-time
[00:04:42] full-time US operations workers by by $1 to $20 an hour, the company
[00:04:46] company says average total compensation, compensation, including benefits,
[00:04:49] benefits, will now exceed $32 an an hour. Amazon is also introducing
[00:04:53] introducing a new banking benefit benefit for employees and their families
[00:04:56] families as it looks to strengthen
[00:04:57] strengthen its overall benefits package.
[00:05:00] package. Snap launches its new specs. specs. They are augmented reality
[00:05:04] reality glasses priced at over $2,000
[00:05:06] $2,000 as it bets on a new generation generation of wearable computing.
[00:05:09] computing. The glasses have built built in displays, hand tracking
[00:05:12] tracking and artificial intelligence, intelligence, with apps for navigation, navigation, entertainment and live
[00:05:16] live translation. But their size size and high price could make them
[00:05:19] them a product of mainly for early early adopters. Snap says it would
[00:05:23] would be willing to consider default default time limits on its apps for
[00:05:26] for young people. CEO Evan Spiegel Spiegel or Evan Spiegel rather told
[00:05:30] told the BBC he sees that as an important important step for the industry.
[00:05:34] industry. Lily Jamali spoke to him him about social media regulation
[00:05:36] regulation and Snap's new augmented augmented reality glasses. I want
[00:05:39] want to get your thoughts on this
[00:05:42] this Meta settlement that was announced announced recently with a bunch of
[00:05:45] of states. Almost all the US states, states, in fact, who were levelling
[00:05:49] levelling a social media addiction addiction case against that company.
[00:05:52] company. They part of the settlement settlement includes Meta agreeing
[00:05:56] agreeing to make certain changes changes to their platforms, Instagram
[00:05:58] Instagram probably being the closest closest competitor to Snapchat. So
[00:06:02] So we're talking about daily time
[00:06:04] time limits, muted notifications notifications during school hours.
[00:06:07] hours. There's a list of these. And
[00:06:09] And now Meta is trying to pressure pressure competitors to follow suit.
[00:06:13] suit. What do you make of that? Well Well I think it is an important step
[00:06:17] step forwards in the industry in in terms to, you know, in terms of
[00:06:20] of really identifying industry norms. norms. And I think that would be
[00:06:24] be beneficial overall. So we've looked looked really thoughtfully at the the terms. We think a lot of them
[00:06:28] them are great. Many of those things things we already work to implement. implement. We really think it's important
[00:06:31] important for parents to be in control control of their teens experience
[00:06:34] experience online. And of course course on, on Snapchat. And that's that's something parents can do through
[00:06:37] through family centre. We also provide provide tools like the keys that
[00:06:41] that help educate teens and their their parents about the risks online.
[00:06:44] online. And so I think for us, that that was a step forward and we want
[00:06:48] want to figure out how we can be be part of the solution as well and
[00:06:51] and hopefully get to an industry industry wide solution that really really helps parents stay in control
[00:06:55] control and helps teens manage the
[00:06:57] the risks of communicating online. online. So would you agree to what
[00:07:01] what Meta is asking competitors to
[00:07:04] to do, which is a default time limit
[00:07:06] limit on apps such as yours? Yeah, Yeah, absolutely. I think that's
[00:07:09] that's a really good example of something something that we'd be willing to
[00:07:13] to implement. Obviously, you know, know, I don't want to get into all
[00:07:16] all the terms here with you today, today, but I do think, you know that
[00:07:19] that that is an example of an important important step forward for the industry.
[00:07:21] industry. OK. And can I just on that
[00:07:23] that note, how are you going to telegraph
[00:07:26] telegraph the prospect that you would
[00:07:29] would co-operate on that front in
[00:07:31] in terms of implementing time limits? limits? That's something we've talked
[00:07:34] talked about internally. I don't don't have more to share today. And,
[00:07:37] And, you know, today is really focused focused on the specs launch, but
[00:07:40] but I'm sure we can catch up on that that as soon as we've got more to
[00:07:43] to share. I appreciate that I asked asked because outside of this building
[00:07:47] building just a couple of months months ago, there were parents protesting
[00:07:50] protesting here saying that they're they're concerned they believe some
[00:07:54] some of their children have been been lost due to design features
[00:07:57] features that are implemented by by apps including yours. Before we
[00:08:00] we move on from this topic, do you
[00:08:02] you have a message to those parents?
[00:08:05] parents? Well, their loss is heartbreaking heartbreaking and tragic, and I think
[00:08:08] think those parents in particular particular were concerned about fentanyl.
[00:08:11] fentanyl. And that's something that that we jumped on as soon as parents
[00:08:15] parents alerted, alerted us to what what was happening with fentanyl
[00:08:18] fentanyl in our country. As you know, know, there's a terrible fentanyl
[00:08:21] fentanyl epidemic. Fortunately, there there has, you know, seemingly in
[00:08:24] in recent months and even the last last year have seen some real progress
[00:08:27] progress there. But the fentanyl fentanyl epidemic has claimed far
[00:08:30] far too many lives. And so the minute minute we heard about that, we started
[00:08:33] started working to develop new technology technology to proactively find and
[00:08:36] and remove that sort of content. content. We collaborate very closely
[00:08:39] closely with law enforcement to remove
[00:08:41] remove drug dealers from our platform,
[00:08:44] platform, and we've also worked very very heavily on educational campaigns campaigns because one of the things
[00:08:48] things we found out very early on on is that, you know, teens and people
[00:08:51] people more broadly were unaware unaware that, you know, pills could could be laced with fentanyl and
[00:08:55] and that just one grain of sand,
[00:08:58] sand, you know, of, you know, equivalent equivalent size of, of fentanyl,
[00:09:02] fentanyl, something that can kill kill you. And so we worked on the
[00:09:06] the largest ever public awareness awareness campaign for fentanyl.
[00:09:08] fentanyl. And I think, you know,
[00:09:10] know, it's been a really, you know, know, heartbreaking journey. But But we've collaborated together with
[00:09:14] with parents, we've listened to parents parents and I think we've made Snapchat
[00:09:17] Snapchat a lot safer as a result. result. And it's been, you know,
[00:09:20] know, reaffirming to see the progress progress in terms of the, you know,
[00:09:23] know, the fentanyl epidemic and the
[00:09:25] the decline in fentanyl related deaths. deaths. Luxury handbags, jewellery
[00:09:28] jewellery and watches seized in Singapore's Singapore's biggest ever money laundering
[00:09:31] laundering case are being held inside inside a high security facility until until they are put up for auction.
[00:09:35] auction. The BBC s Vandhna Bhan has has been given access inside. Everything
[00:09:38] Everything you're about to see was was seized in a $2 billion money
[00:09:42] money laundering case, and now it's it's about to be auctioned off. We're
[00:09:46] We're inside Singapore's Fort Knox, Knox, and these are just some of
[00:09:49] of the luxury goods going up for for grabs that was seized in the
[00:09:52] the sensational money laundering laundering case that rocked the city
[00:09:55] city state. Take a look at this.
[00:09:58] this. This is a limited edition Louis Louis Vuitton. Yayoi Kozuma pumpkin
[00:10:02] pumpkin bag. One of these sold for
[00:10:05] for $150,000 back in 2024. And then
[00:10:08] then there's Dior, Chanel rare jewels.
[00:10:10] jewels. In total, there's 624 items
[00:10:14] items here. These items were seized
[00:10:16] seized by police back in 2023 during
[00:10:19] during raids in Singapore's most most affluent neighbourhoods. Ten
[00:10:22] Ten Chinese nationals were convicted
[00:10:25] convicted of laundering $2.2 billion.
[00:10:29] billion. That's around £1.8 billion billion earned from criminal activities
[00:10:32] activities abroad. Now the scandal scandal embroiled multiple banks,
[00:10:36] banks, property agents, precious precious metal traders and a top
[00:10:39] top golf club. The auction is being being held online, but all these
[00:10:42] these items here can be viewed by
[00:10:44] by appointment only. And this Bullet-proof Bullet-proof maximum security vault
[00:10:47] vault at Singapore's Le Freeport. Freeport. The sale of these items
[00:10:50] items are expected to bring in around
[00:10:54] around 3.9 million Singaporean dollars. dollars. That's around £2.3 million.
[00:10:58] million. And all of that is going going into a fund for Singapore government
[00:11:01] government spending. Vandhna Bhan Bhan there, thanks for joining me.
[00:11:04] me. Bye for now.
[00:14:32] I was on air when the London
[00:14:34] seven over seven attacks happened. happened. That day was different
[00:14:38] different because of the sheer volume volume of information we were grappling
[00:14:41] grappling with in real time. We couldn't couldn't let the desperation for
[00:14:44] for news influence our reporting reporting or be overwhelmed by the
[00:14:47] the magnitude of what we were witnessing. witnessing. Today, as we wade through
[00:14:51] through endless waves of misinformation, misinformation, it's vital that we
[00:14:54] we don't just ask the questions.
[00:14:56] questions. We question the answers. answers. I'm Matthew Amroliwala on
[00:15:00] on Verified Live for BBC News. Now
[00:15:04] Now on BBC News. A round up of the the day's sporting action plus talking
[00:15:08] talking points analysis and original
[00:15:10] original journalism. BBC Sport. Hello
[00:15:20] Hello there. Great to be with you you at the BBC Sports Centre. I'm
[00:15:23] I'm Ben Croucher. It's a memorable memorable return to Europe for Sunderland.
[00:15:27] Sunderland. We'll tell you about about another difficult night for for Manchester United in the League
[00:15:30] League Cup as well. Golf's DP World World Tour gets ready for Wentworth,
[00:15:34] Wentworth, but find out why one player player is not comfortable with where
[00:15:38] where the season is ending and the
[00:15:40] the British racing driver. Ollie Ollie Millroy, who crashed during
[00:15:43] during a race in China, calls his
[00:15:45] his Dutch rival Loek Hartog a superhero
[00:15:47] superhero for pulling him from the
[00:15:50] the wreckage.