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00:00:02Now on BBC News. The latest
00:00:04business news from across the globe.
00:00:07globe. Business Today. Rising borrowing
00:00:17borrowing costs the US raises interest interest rates for the first time
00:00:20time in three years. President Trump
00:00:21Trump calls for a change in direction.
00:00:25direction. We should be paying the the lowest interest rate anywhere
00:00:28anywhere in the world because we we have the strongest credit. And
00:00:31And the focus now turns to the Bank Bank of England for its decision
00:00:35decision on interest rates as energy
00:00:37energy prices soar. A unique alliance alliance President Trump threatens
00:00:41threatens to cut trade with the EU
00:00:43EU if it pursues, making Canada its
00:00:46its first ever associate member.
00:00:49member. And smart specs we try out
00:00:51out Snap Inc's latest eyewear, promising
00:00:53promising to augment your reality
00:00:55reality and talk AI with its big
00:00:59big boss. Welcome you with Business Business Today in London with me
00:01:02me Sally Bundock. So we start in in the US where the central bank
00:01:05bank raised interest rates for the the first time in three years as
00:01:08as inflation worries Trump pressure
00:01:11pressure from the President in a a unanimous decision, the Federal
00:01:14Federal Reserve raised the cost of
00:01:16of borrowing by a quarter of 1% to
00:01:21to between 3.75 and 4%. So that is is the current range. And the decision
00:01:25decision comes as rate setters attempt
00:01:26attempt to curb price rises driven
00:01:29driven by soaring energy costs from
00:01:31from the Middle East conflict. Commenting Commenting on the move, fed Chair
00:01:35Chair Kevin Warsh said that inflation inflation had been too high for too
00:01:38too long, but it's fair to say President
00:01:41President Trump doesn't agree with with the economic medicine. Talking
00:01:44Talking to social media, he posted posted that interest rates in the
00:01:47the United States should be 1% or
00:01:50or less because we are the best credit
00:01:53credit in the world by far. Well,
00:01:56Well, Samira Hussain in New York York has more details. Why raising
00:01:59raising interest rates a quarter quarter of a percentage point in
00:02:02in saying that inflation is the big big reason why the Federal Reserve
00:02:06Reserve did what it was expected expected to do. Now, The Fed also
00:02:09also said that, look, the US economy
00:02:11economy is growing at a pretty healthy
00:02:14healthy rate, despite geo developments developments presumably referring
00:02:18referring to the war with Iran, which
00:02:21which has really driven up inflation. inflation. In a press conference,
00:02:25conference, Fed Chair Kevin Warsh Warsh admitted look, this rate hike
00:02:28hike won't reopen the Strait of Hormuz. Hormuz. A quarter point rate hike
00:02:32hike does not reopen the Strait of of Hormuz. And so I wonder how you
00:02:35you think the smaller rate hikes
00:02:37hikes will be effective when it can't can't necessarily address the energy
00:02:40energy supply side of inflationary
00:02:42inflationary pressures? We cannot cannot affect any individual price,
00:02:46price, whether it be oil prices, prices, whether it be foodstuffs
00:02:49foodstuffs at the grocery store. store. But what we can do and will
00:02:52will do is ensure that any change
00:02:54change in relative prices don't broaden broaden out. So how will all of this
00:02:58this make a difference? Well, the the Federal Reserve really made it
00:03:01it clear that this is all about the
00:03:04the American consumer and specifically specifically those that are less
00:03:07less well off, that they really want want to try and get the cost of living
00:03:11living under control. And this is
00:03:13is one way that they can do that.
00:03:16that. Samira Hussain there. Well, Well, let's get the view of Joseph Joseph Brucellose, who's principal
00:03:20principal and chief economist at at US firm RSM Joseph, lovely to
00:03:24to see you. When it comes to The The Fed, this is not one and done,
00:03:27done, is it? No it's not. It'll be
00:03:29be the first of at least three rate
00:03:31rate hikes. I think we're going to to get another one either in October
00:03:35October or December. And then I think think another one in March. Look
00:03:39Look it's going to take a much more
00:03:41more heavier lift than I think many many policymakers, especially those
00:03:44those at the White House recognise recognise to put the United States
00:03:48States economy back on a credible
00:03:50credible path to 2% inflation. You You know, the things President Trump
00:03:54Trump was talking about 1% interest
00:03:56interest rates and cutting off trade, trade, that's just noise. That's
00:04:00That's not the signal. The signal signal was put forward by Kevin Warsh
00:04:02Warsh today. And US interest rates
00:04:05rates are rising. But increasing increasing interest rates in the
00:04:08the United States will not bring bring down prices at the pump. Will
00:04:12Will it? No. As a matter of fact,
00:04:15fact, prices at the pump, both for for petrol and diesel, are expected
00:04:18expected to rise not because of what's what's going on in the United States
00:04:21States or policy at the Federal Reserve, Reserve, but because what's going going on in Saudi Arabia, the disruption
00:04:25disruption of the east west pipeline, pipeline, the disruption of shipments
00:04:28shipments via the Red Sea. All of of those things are going to combine
00:04:31combine to send interest rates higher. higher. And that's why The Fed had
00:04:34had to get out in front of the inflation inflation that's working its way way through the pipeline, no pun
00:04:38pun intended. I mean, if President President Trump really wants to bring bring down inflation in the US.,
00:04:42US., surely he needs to try and end end this war with Iran. That would
00:04:45would be one step. Another step would would be to pull back on the tariffs.
00:04:49tariffs. Another thing is we would would really want to emphasise here
00:04:51here is that those trade deficits deficits when the US buys something,
00:04:54something, they send dollars abroad, abroad, then they get recycled back
00:04:58back into guess what treasuries. treasuries. And that sends yields
00:05:01yields down not up. In terms of how
00:05:05how this impacts Americans. They've They've got a decision making process
00:05:08process coming along with the mid-terms. mid-terms. How is it going to affect
00:05:12affect average households and their their money and how they're feeling
00:05:15feeling in terms of this sort of of cost of living scenario. Putting
00:05:19Putting the economy back to on a a path to 2% inflation over the medium
00:05:22medium long-term is in the benefit benefit of all Americans, but especially
00:05:25especially those who are least well well off. However, I have to tell
00:05:28tell you, in the near term, those those less well-off Americans who
00:05:32who often rely on adjustable rate rate mortgages to purchase a home
00:05:35home or variable variable rate credit credit cards, all of that's going
00:05:39going to get more expensive. So those those same Americans are going to
00:05:42to bear a disproportionate burden burden of those adjustment costs
00:05:46costs with any interest rate hikes hikes and not just the one that was
00:05:49was put out yesterday, but the two two that I expect over the next several
00:05:52several months. OK, Joseph, as ever, ever, great to pick your brains.
00:05:55brains. Thanks for your time again again on the programme. Joseph Ellis
00:05:58Ellis there from RSM. Well, let's let's look at the UK where it's the
00:06:02the turn of the Bank of England to to make its decision on interest
00:06:05interest rates today, the central central bank is widely expected to
00:06:08to hold the cost of borrowing in
00:06:10in this week's meeting, despite facing
00:06:13facing an increasing rate of price price rises. The latest figures,
00:06:16figures, out on Wednesday showing
00:06:18showing inflation hitting 3.1% in in August. And that's the highest
00:06:22highest level for five months, driven
00:06:24driven largely by increases in fuel fuel costs. Let's talk to Kathleen
00:06:28Kathleen Brooks, research director director at the trading platform
00:06:30platform XTB. Morning, Kathleen. Kathleen. Good morning Sally. I presume
00:06:33presume I presume you're with the the majority in thinking rates are
00:06:36are on hold today. I think so, yeah. yeah. I think there's individual
00:06:40individual reasons why the Bank of of England doesn't need to follow follow the ECB and The Fed for now.
00:06:44now. The first thing of course is is that our interest rates have been been higher certainly than the ECB
00:06:48ECB anyway. And the dilemma here
00:06:51here is different isn't it. I mean mean when you look at the US and and you hear they're raising rates
00:06:55rates you're kind of thinking oh, oh, well maybe we need to do the the same thing. But the American
00:06:58American economy is much more robust robust than the UK economy. And our
00:07:02our growth is absolutely minimal minimal at the moment, isn't it?
00:07:04it? And our labour market is not not looking that healthy either.
00:07:07either. Yeah. I would agree that that the labour market is a really,
00:07:10really, really weak point. We've We've seen private sector wage growth
00:07:13growth is now below the level of
00:07:15of inflation. And we've also seen seen payroll employment that's actually
00:07:18actually been falling. So yeah, you're you're completely right. The US economy
00:07:22economy is on track to increase by
00:07:24by 5.1% this quarter. And our growth growth rates are just a mere fraction
00:07:27fraction of that. And I think that that the Bank of England they'll
00:07:31they'll want to see more evidence evidence that this inflation spike
00:07:34spike caused by the energy spike spike caused by geopolitics is having
00:07:37having a bigger and a broader impact impact on the economy before they
00:07:40they hike. But I do think that there's there's a potential for a hike in
00:07:43in November. Are you how worried worried are you, Kathleen, about
00:07:47about inflation going forward? Because Because of course, you know, Andrew
00:07:49Andrew Bailey was talking about it it himself in front of a you know,
00:07:53know, in front of a Commons select select committee recently. And he
00:07:55he was saying, you know, he is quite quite concerned and they're obviously
00:07:59obviously watching everything incredibly incredibly closely in the months months ahead. It's not just energy.
00:08:02energy. It's going to be food prices
00:08:04prices rising soon as well. Yeah.
00:08:07Yeah. Those headline prices are for
00:08:09for the longer the longer that energy
00:08:11energy prices remain high. It is
00:08:14is more worrying for sure. And it it gets harder for the Bank of England
00:08:17England to maintain that they can can keep a lid on price pressures
00:08:21pressures by keeping interest rates rates on hold, which is essentially
00:08:24essentially what they've done for for this year. Inflation is already
00:08:28already sorry. Energy prices are are already above the Bank of England's
00:08:31England's adverse scenario, which which they only set out in July.
00:08:34July. So something does have to change.
00:08:36change. You know, food prices, energy energy prices they're the real key.
00:08:39key. But we don't have any evidence
00:08:43evidence that they are feeding into. into. They're having second round round effects. Essentially our economy
00:08:47economy is quite weak. So even if if there is an interest rate hike
00:08:50hike in November, I don't think we're we're going to be on a longer rate
00:08:53rate hiking cycle. It could be quite quite a shallow hiking cycle. And
00:08:56And I think that will be different different from the US. OK Kathleen,
00:09:00Kathleen, as ever, it's great to to get your take on things as well. well. We'll see you soon. Thanks
00:09:03Thanks for talking to us this morning morning early. Kathleen Brooks there
00:09:06there from XTB just to say, of course course we'll have live coverage of
00:09:09of that decision by the Bank of England England today here on BBC News for
00:09:12for you with analysis. So be sure
00:09:14sure to tune in for that. Now President President Trump has threatened to
00:09:17to cut trade with the European Union
00:09:20Union if it pursues a proposal to
00:09:22to make Canada the bloc's first ever ever associate member. Describing
00:09:26Describing the plan as laughable, laughable, Mr Trump said he would
00:09:28would view it as a hostile act that that could prompt further tariffs
00:09:32tariffs on the EU. The European Commission Commission president, Ursula von
00:09:35von der Leyen, had earlier told the the European Parliament that she
00:09:39she wanted to work on opening the
00:09:42the door for Canada. Well, Christophe Christophe Bondy is independent arbitrator
00:09:45arbitrator and principal at dispute dispute resolution firm Doha de Bondy
00:09:49Bondy and a former senior Canadian Canadian government trade negotiator,
00:09:52negotiator, Christophe. Good to see
00:09:54see you. So good to see you. I mean, mean, I must admit I wasn't surprised
00:09:58surprised at all to hear about President
00:10:00President Trump's reaction to Mark Mark Carney's manoeuvres. Of course,
00:10:04course, the Canadian Prime Minister
00:10:05Minister is trying to get new and
00:10:08and better trade relationships with with other countries, and the EU
00:10:12EU bloc is massive on that front.
00:10:14front. Yes, of course, I think this this is a huge opportunity for Canada
00:10:18Canada and the EU. And I think it
00:10:21it aligns with comments that Prime Prime Minister Carney made at Davos
00:10:24Davos at the beginning of the year year about like-minded countries
00:10:27countries aligning. There are huge huge strategic advantages between
00:10:30between Canada and the EU. Canada Canada is an energy superpower. The
00:10:33The EU is an enormous 400 million
00:10:36million plus market. And so this this doesn't mean that Canada is
00:10:40is ditching its deep and strong and and broad relationship with the United
00:10:43United States. It means it's building building other bridges or improving
00:10:46improving the ones that are there there because of course, Canada already
00:10:50already has the CETA, the Canada-eu Canada-eu Free Trade Agreement, which
00:10:53which I worked on myself and it's
00:10:56it's been in force about 90% of it
00:10:57it for the last ten years. And trade's
00:11:01trade's increased by 75%. So it's it's a question. Ratified though
00:11:04though has it yet? CETA hasn't been
00:11:06been ratified by ten EU member states.
00:11:08states. That includes France, Italy Italy and Poland, despite the fact
00:11:12fact that it was signed nine years
00:11:13years ago as you say. So yeah, but
00:11:17but there are provisions in the agreement. agreement. There are provisions in
00:11:20in the agreement that allow it provisionally
00:11:22provisionally to enter into force force as soon as certain percentage
00:11:26percentage of member states ratify ratify it, which happened ten years
00:11:29years ago. So yes, that is an issue.
00:11:31issue. But in practice, for example, example, sort of 99% of trade between
00:11:35between Canada and the EU has been been tariff free for the last ten
00:11:39ten years. So the benefits of that
00:11:41that are there, of course, finalising
00:11:46finalising ratification, which is is a bureaucratic and political issue, issue, will be part of this. But
00:11:49But I think it goes well beyond that. that. They're talking about already.
00:11:53already. We're in entering into security
00:11:55security co-operation with the EU, EU, talking about trade in energy,
00:11:59energy, increasing substantially. substantially. We're talking about
00:12:03about co-operation on scientific scientific fronts, co-operation on
00:12:06on education, limited free movement movement of peoples. They're talking
00:12:09talking at least the Canadian side side had mentioned in targeted sectors.
00:12:13sectors. I think there's much to to be done and it's exciting. OK.
00:12:16OK. So clearly you're all for it. it. You're very gung-ho about this,
00:12:20this, but there are European leaders leaders within the EU heads of state
00:12:23state who are not who were saying
00:12:27saying prior to yesterday's state state of the Union address by Ursula
00:12:30Ursula von der Leyen, they were sort sort of saying to the press they
00:12:33they weren't happy about this associate associate membership idea, and they they were very concerned about what
00:12:37what it would mean for the EU's relationship relationship with the US. And it
00:12:40it would seem President Trump has has has responded in exactly the
00:12:43the way that they warned. Well, I
00:12:45I think we're very far away from,
00:12:49from, you know, seeing exactly you
00:12:52you know, what happens what how the the US responded. Who knows what
00:12:55what the US is going to look like like a few months from now? You know,
00:12:59know, the fact that the President President threw another tantrum shows
00:13:02shows basically lack of respect for for Canadian sovereignty and lack
00:13:05lack of respect for European Union
00:13:07Union sovereignty, for that matter. matter. And I think that Canada and
00:13:11and the EU are going to engage in in a very positive discussion. We'll
00:13:13We'll hear it in Prime Minister Carney's Carney's speech today. To be clear,
00:13:17clear, this isn't about Canada becoming becoming a member of the European
00:13:20European Union. I mean, we're this this is not what the discussion is
00:13:23is about. We know that certainly certainly here in the UK, we certainly
00:13:27certainly know that. Well yeah. And
00:13:29And it's. You know and I think that
00:13:32that in the discussions this is a
00:13:34a sui generis situation where two
00:13:36two very like-minded kind of economic
00:13:39economic entities see that there there is also a room for further
00:13:42further collaboration. And I think think they're going to be pursuing
00:13:45pursuing that at pace and seeking seeking to deliver on it. But I think
00:13:48think this delivers on many promises promises that have been made on both both sides. Christophe, thank you
00:13:52you so much. Good to talk to you. you. Christophe Bondy there about
00:13:56about that situation with Canada, Canada, Canada and Europe. And as
00:13:58as you can see Mark Carney is on on a bit of a whistle stop tour of
00:14:02of Europe at the moment. He was here here watching a football match with with Andy Burnham, our Prime Minister,
00:14:05Minister, yesterday. But he's speaking
00:14:08speaking in the in Strasbourg today today addressing European leaders leaders today. We'll have more on
00:14:12on that later. Still to come. Smart Smart specs. We try out the latest
00:14:15latest wearable tech offering to
00:14:18to augment your reality around the
00:14:20the world and across the UK. This
00:14:24This is BBC News.
00:15:25MUSIC
00:15:33You're with Business Today on
00:15:35BBC News. One company looking to
00:15:38to step into the controversial eyewear eyewear market is Snap. It has just
00:15:41just launched its latest model called called specs, which it says enables
00:15:45enables an augmented reality experience experience using artificial intelligence
00:15:49intelligence for its users. Our North North America technology correspondent correspondent Lily Jamali has been
00:15:53been trying them out. Snap Inc. Here
00:15:57Here in Santa Monica, California, California, is rolling out what they're
00:15:59they're calling specs. These are
00:16:01are augmented reality glasses that
00:16:03that they say act as a fully standalone
00:16:06standalone computer, but you might might look a little different walking
00:16:09walking down the street. Now to use use these
00:16:15Now to use these AR glasses, I begin by pressing the home button button on my hand and in front of
00:16:19of me. What I see is a home screen. screen. Hey specs play my morning morning playlist. The idea is to
00:16:23to be able to play music. Take me
00:16:26me the long way. For real time navigation,
00:16:29navigation, watch TV and movies and and enable working, shopping and
00:16:32and real time translation in dozens
00:16:35dozens of languages. So if I press
00:16:37press this button, I can capture
00:16:40capture a video. You should be able
00:16:42able to see a white flashing light
00:16:45light right here in between my eyes eyes on the glasses. That's there
00:16:48there to indicate that filming is is taking place. One criticism that's
00:16:51that's come up with this form factor factor in general is privacy. Many
00:16:55Many people don't like being filmed filmed in public without their knowledge. knowledge. I've seen instructions
00:16:59instructions online about how to to hide the LED. Metre, for example,
00:17:02example, says it's remotely disabled. disabled. The camera on its devices. devices. When the firm is detected,
00:17:06detected, users tampering with the the indicator light. These aren't
00:17:10aren't available to consumers just just yet. They are available for
00:17:13for pre-order, but consumers can can actually get their hands on these
00:17:16these in the UK, in the US as well well as France in the fall. So in
00:17:20in just a couple of months and the
00:17:22the retail price is 2,195 USD. Well,
00:17:26Well, Lily also sat down for an interview
00:17:28interview with Snap's chief executive,
00:17:30executive, Evan Spiegel, at a time time where there are increasing warnings
00:17:33warnings about the pace of AI development, development, particularly the recent
00:17:37recent warning from a former researcher researcher at Anthropic over the
00:17:40the future of humanity. She asked asked him if he thinks AI development
00:17:42development is happening too quickly. quickly. What's most important for
00:17:46for us is that we keep humanity at
00:17:48at the centre, and I think technology technology has great opportunity
00:17:51opportunity to enhance our lives, lives, enhance humanity and that's
00:17:54that's how we've thought about developing developing specs and specs intelligence
00:17:58intelligence because specs are all all about improving your capabilities, capabilities, right? So when you're
00:18:01you're using specs and you're practising practising basketball, you're the
00:18:04the one who's getting better at dribbling. dribbling. You're the one who's working
00:18:08working on your basketball skills. skills. If specs are helping you you learn how to draw, it's not the
00:18:12the computer drawing for you. Specs Specs are helping assist you learn learn that new, you know, assist
00:18:16assist you in learning that that that new skill. And so I think for
00:18:19for us specs and AI are really about
00:18:22about enhancing what we can do as as humans rather than replacing us. us. And I think that's something
00:18:26something that's really important important to us. But do you think
00:18:28think that those other companies
00:18:30companies are moving too quickly?
00:18:36quickly? I think there's, you know,
00:18:38know, a real difference between doing
00:18:41doing cutting edge research and then then how that's actually implemented
00:18:45implemented in the world. And so so I think it's a really important important moment to be thoughtful
00:18:48thoughtful in terms of the way that that we're actually using this new
00:18:51new technology to make sure it's it's furthering what's best for humanity,
00:18:54humanity, what's best for our society. society. And I'm glad that there's
00:18:57there's a really thoughtful conversation conversation happening right now
00:19:00now about the best way to do that. that. Do you have any position on
00:19:04on what all of these policy makers
00:19:05makers here in the US and around around the world are clamouring,
00:19:09clamouring, clamouring for which which is more regulation or some
00:19:12some form of guardrails on this development?
00:19:15development? I think it's really really important that we focus on
00:19:19on the most tangible risks rather rather than imagined risks. It's
00:19:22It's really, really hard to build build thoughtful and effective regulation
00:19:26regulation around imagined risk. risk. And so what I would really
00:19:30really encourage, policymakers, regulators regulators around the world to do
00:19:32do is to really think deeply about about what the tangible risks to
00:19:35to AI development are, and then work work to figure out what the best
00:19:39best guardrails are for those real
00:19:42real risks. Interesting there, the the chief executive of Snap. Well,
00:19:45Well, if we stay with artificial
00:19:47artificial intelligence, OpenAI has
00:19:49has reported six new safety instances
00:19:53instances as the debate continues continues over the need for enhanced
00:19:55enhanced regulation. And these include
00:19:58include models concealing mistakes,
00:20:00mistakes, generating their own instructions
00:20:02instructions and sharing files without
00:20:04without authorisation. All of which
00:20:06which is feeding into a public anxiety
00:20:10anxiety but also market concerns concerns over the AI trade. With
00:20:14With some memory and chip stocks stocks taking a hit this week. Well,
00:20:17Well, let's talk to Susannah Streeter
00:20:20Streeter chief investment strategist strategist at Wealth Club. Morning,
00:20:24Morning, Susanna. Good morning Sally.
00:20:27Sally. So it's really interesting, interesting, Susanna, because I've
00:20:29I've been thinking about the US economy, economy, how it's doing, how our
00:20:32our economy is doing because we've we've got the two central banks making
00:20:35making decisions on rates. And in
00:20:37in the US they've got this incredibly incredibly healthy sort of growth
00:20:41growth figure for the economy. A
00:20:42A lot of that is to do with this
00:20:45this AI industry that is just ballooning
00:20:47ballooning there. And in the UK, UK, our last set of growth figures
00:20:51figures were slightly better than than we thought. And one of the reasons
00:20:54reasons was because of AI investment
00:20:57investment and yet here we are talking talking about the risks and regulation
00:21:01regulation and slowing it down. It's
00:21:03It's a tricky one, isn't it, for for markets because they're riding
00:21:06riding the wave and they're making making a lot of money on all of this
00:21:10this at the moment. Certainly are.
00:21:12are. So we've got this real tug of
00:21:14of war haven't we right now between between AI acceleration and safety,
00:21:18safety, as you say, there have been been huge sums poured into building
00:21:22building out the AI infrastructure infrastructure needed to support
00:21:26support this juggernaut. And that's
00:21:27that's why you've seen this knock-on
00:21:30knock-on effect for growth in the the United States. But also, as you
00:21:33you say in the UK as well to some
00:21:35some smaller extent. And actually
00:21:38actually the huge spend in the US
00:21:40US is accounting for some something
00:21:42something like 0.4% in terms of inflation. inflation. And we know that it's
00:21:46it's been rising. And that's partly partly why the Federal Reserve opted
00:21:49opted to hike rates yesterday because because of this huge AI spend. Is
00:21:53Is having such an impact on the economy.
00:21:56economy. So what you are seeing since
00:21:58since these calls have come out for
00:22:01for AI development to be slowed down down from the likes of Anthropic
00:22:05Anthropic and OpenAI is actually actually it's affecting chip stocks
00:22:08stocks in particular because there's there's such voracious demand for
00:22:11for chip stocks to really push the
00:22:14the frontier of AI and create ever ever more intelligence models. Well,
00:22:18Well, the feeling right now is perhaps
00:22:20perhaps we might have gone far enough enough for now. And actually what
00:22:24what you're seeing is the hyperscalers, hyperscalers, those who've built
00:22:27built out the data centres and the the infrastructure, their stocks
00:22:31stocks are rising because the feeling feeling is they won't have to keep
00:22:33keep spending so much on these very very expensive chips to keep building
00:22:37building out. They can use the current current capacity for the demand that
00:22:40that there currently is, and there there will be in the near future.
00:22:44future. So that's kind of how the
00:22:46the market is reacting to all of
00:22:48of this. And once again, there's
00:22:51there's always opportunities as well
00:22:55well as those companies that experience experience a decline in their share share price. Susannah, thank you
00:22:58you so much. We'll see you again again soon. Susannah Streeter there
00:23:02there from Wealth Club now an Lord
00:23:08Lord Leitch is joining me now because because we're asking the question
00:23:11question what makes a good business business book? Well, according to
00:23:15to this year's Business Book Awards
00:23:17Awards being experimental is top
00:23:20top of the list. This year's winner
00:23:23winner was the book called Tiny Experiments
00:23:25Experiments How to Live Freely in
00:23:28in a Goal Obsessed World, written
00:23:31written by a neuroscientist and entrepreneur entrepreneur who I've just mentioned.
00:23:35mentioned. Anne-Laure Le Cunff, who who is apparently packed full of
00:23:37of tools to help you break free from
00:23:40from limiting beliefs to create a a meaningful, productive life. Morning
00:23:44Morning to you, Anne Law, and congratulations. congratulations. Thanks so much,
00:23:47much, Sally. Good morning. So I have
00:23:51have to say tiny experiments how
00:23:52how to live freely in a goal obsessed
00:23:55obsessed world. Everybody wants to to do that, do they not? We want
00:23:58want to live free of all the stuff
00:24:01stuff that's out there telling us
00:24:02us how to do life. What do you suggest?
00:24:05suggest? Well. One of the problems problems is that we're often told
00:24:08told that to be successful, you need need to have a big goal and then
00:24:11then you have you need to have the the perfect plan and then just stick
00:24:14stick to it. But we all know, I think
00:24:17think that life and work really unfold
00:24:19unfold in a straight line, and especially especially today with the world changing
00:24:22changing so quickly, trying to predict predict exactly where we will end
00:24:25end up tends to create just more
00:24:28more pressure. So the book instead
00:24:31instead asks if instead of trying trying the future, what if you treated
00:24:34treated the things that you want
00:24:35want to explore as tiny experiments?
00:24:39experiments? So you try something, something, you see what happens.
00:24:42happens. And then from this you keep keep on iterating and adapting. So
00:24:46So it's really ultimately about replacing
00:24:48replacing the pressure of control
00:24:50control with curiosity and using using experimentation to build a
00:24:54a life and a career that feels like
00:24:56like your own. In order to do that,
00:24:59that, you've got to be prepared to to fail, haven't you? Are you asking
00:25:02asking people to be more risk takers?
00:25:06takers? Well, I mean, there's always always a possibility for failure.
00:25:09failure. The idea here is to change
00:25:11change your relationship to failure failure and to see this as a source
00:25:15source of data, as a way to learn
00:25:17learn more about yourself, about about your studies, your work, or
00:25:20or even what you might want to do do in retirement. So failure all
00:25:24all of a sudden becomes a partner, partner, something you can learn
00:25:27learn from. And how many experiments experiments do you suggest? Is there
00:25:31there a list of experiments you should should try? Or do you suggest people
00:25:34people come up with their own. Thanks
00:25:37Thanks for asking. Because the kind kind of people who tend to enjoy
00:25:39enjoy the book are very curious and and they get excited and they want
00:25:43want to run a thousand experiments
00:25:44experiments and I tell them I'm sorry,
00:25:47sorry, but one experiment at a time. time. And the reason why is because
00:25:51because if you're changing every every single variable in your life, life, it's going to be really hard
00:25:55hard to know what exactly is working working and not working. All right?
00:25:58right? And Lord, I'm so sorry we're we're out of time, which is a real
00:26:01real shame, but well done. Congratulations. Congratulations. And that brings
00:26:04brings to a close Business Today.
00:28:53MUSIC
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00:29:37the big names talk, they talk to to us MUSIC
00:29:40MUSIC .
00:30:10Live from London. This is BBC
00:30:12News. The King issues an unusually unusually pointed response after
00:30:16after Earl Spencer, Princess Diana's Diana's brother, makes fresh claims
00:30:20claims about him in his new book book All Eyes on the Bank of England.
00:30:24England. With inflation on the rise, rise, what will Andrew Bailey and
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00:30:29rates? Concerns about global oil oil supply intensifies after Iran
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