:00:00. > :00:24.With the UK also making aviation security tighter than ever
:00:25. > :00:27.what will it mean for competition and safety in the skies?
:00:28. > :00:31.Is it about more than mining and meat?
:00:32. > :00:32.China's Premier talks trade in Australia but can
:00:33. > :00:40.they restart a Pacific free trade deal?
:00:41. > :00:48.This is the situation in Europe. Stocks are on the slide following a
:00:49. > :00:50.Wall Street sell off triggered by Donald Trump's inability to bring in
:00:51. > :00:52.tax cuts and spending plans. And we'll be getting
:00:53. > :00:54.the inside track on the most iconic The boss of the Magnum photo
:00:55. > :00:58.agency will tell us how they make their pictures stand out
:00:59. > :01:05.in the age of the smartphone. Today we want to know in light
:01:06. > :01:08.of the laptop ban on some flights, Welcome to the programme.
:01:09. > :01:27.after your valuables Airlines across the Middle East
:01:28. > :01:29.and North Africa are scrambling to meet Saturday's deadline
:01:30. > :01:32.to enforce a ban on electronic devices in cabins that's
:01:33. > :01:34.being imposed by the United States It's already led to shares
:01:35. > :01:38.in Turkish Airlines and budget airline Pegasus
:01:39. > :01:41.falling this morning. Importantly the two bans affect
:01:42. > :01:43.different countries. The US decision impacts
:01:44. > :01:45.flights originating from airports in Morocco,
:01:46. > :01:47.Egypt, Turkey, Jordan, Lebanon, It means it captures some
:01:48. > :01:58.of the world's biggest long haul carriers including
:01:59. > :01:59.Emirates, Ethihad, The UK ban has a more limited focus
:02:00. > :02:06.- it doesn't include Morocco, the UAE or Qatar -
:02:07. > :02:08.but it does include Tunisia. British Airways and Easyjet
:02:09. > :02:11.are among the airlines affected. Officials from both governments say
:02:12. > :02:14.bombs could be hidden Any electronic device larger than 16
:02:15. > :02:25.x 9.3cms is affected and will need to be
:02:26. > :02:29.placed into hold luggage. I'm joined by our business
:02:30. > :02:43.correspondent, Theo Leggett. You could just imagine the
:02:44. > :02:46.confusion, the delay, the frustration that this is going to
:02:47. > :02:49.ensue, not to mention the concern about your valuables in the hold?
:02:50. > :02:54.There are two points here. The US ban of the two is the more
:02:55. > :02:58.significant one because that includes flights from major Middle
:02:59. > :03:07.Eastern hubs, Doha, Dubai and Abu Dhabi. So those are the hubs of
:03:08. > :03:10.Emirates, and Qatar Airways. Major business travel companies. The
:03:11. > :03:14.potential for disruption is severe as a lot of passengers will be
:03:15. > :03:17.taking connecting flights into those hubs and they will not be sure what
:03:18. > :03:20.to do with their electronic devices which will have to be packed in the
:03:21. > :03:24.hold from the start of their journey. For the passenger, it means
:03:25. > :03:28.not only do you not have your electronic devices, but it a laptop
:03:29. > :03:32.or DVD play or E-reader on the plane, but it has to be packed in
:03:33. > :03:36.the hold. Normally, packing valuable items in the hold is a no, no
:03:37. > :03:40.because we know things go missing. They go missing a lot. By the time
:03:41. > :03:44.found out that something has gone missing from your bag in say
:03:45. > :03:48.Istanbul, you're back in London. Because things go missing so easily
:03:49. > :03:52.or are damaged, they're not insured either, usually? No, sometimes they
:03:53. > :03:55.are not insured and that's another problem and don't forget data is an
:03:56. > :03:59.issue as well. If you are a businessman, you're carrying your
:04:00. > :04:03.laptop on a plane, it may include confidential data on it, you don't
:04:04. > :04:07.want it to be in the hold in case it goes missing or falls into the wrong
:04:08. > :04:13.hands and the wrong people see that data. This could be really difficult
:04:14. > :04:16.for the airlines. Some travellers from Australia and New Zealand may
:04:17. > :04:21.choose to fly via Singapore because of this? They have alternatives and
:04:22. > :04:26.what some are saying there maybe a protectionist element to the US ban
:04:27. > :04:31.in particular because that does include the hubs of Emirates and
:04:32. > :04:37.Qatar Airways, the three airlines are strongks financially robust
:04:38. > :04:41.airlines and their American rivals believe they trade unfairly. This
:04:42. > :04:45.ban has its origins in safety concerns and may have been widened a
:04:46. > :04:48.little bit to include them and to make life a little bit harder for
:04:49. > :04:53.those airlines. No surprise today we're seeing, you know, shares in
:04:54. > :04:57.some airlines falling in response to this. I mean it is going to be a
:04:58. > :05:04.real headache on many levels, isn't it? We know from past experience
:05:05. > :05:07.when new security arrangements are introduced it leads to
:05:08. > :05:14.inconvenience. The classic was in 2006 when many airports introduced
:05:15. > :05:18.new restrictions on carrying liquids on board flights. People don't come
:05:19. > :05:24.ready to the airport for that kind of thing. They don't know what to
:05:25. > :05:27.expect. There are delays passing through security and that could lead
:05:28. > :05:31.to delays on flights as well. There is a lot of details on our website
:05:32. > :05:35.with diagrams and detail. Uber has admitted that
:05:36. > :05:41.the relationship with its drivers has become increasingly strained,
:05:42. > :05:43.and it has vowed to The ride-sharing firm told the media
:05:44. > :05:47.at an online press call that some of its policies
:05:48. > :05:49.were "unintentionally In particular, drivers
:05:50. > :05:52.for the company will now have more ability to defend themselves
:05:53. > :05:53.against rider Dutch banking giant ING has
:05:54. > :06:00.confirmed, that it is the target of a criminal investigation by Dutch
:06:01. > :06:10.prosecutors into money The company's shares have fallen
:06:11. > :06:17.because it conceded it could face big fines as a result of the probe.
:06:18. > :06:21.A US court has ruled Bank of New York Mellon must face
:06:22. > :06:24.Commerzbank over claims it is liable for $1 billion of losses incurred
:06:25. > :06:26.by the German lender from toxic assets it bought.
:06:27. > :06:30.District Judge George Daniels in Manhattan said Commerzbank can
:06:31. > :06:33.pursue BNY Mellon over allegations it was in breach of contract
:06:34. > :06:35.and negligent, but dismissed three other claims.
:06:36. > :06:37.Bank of New York Mellon had no immediate comment.
:06:38. > :06:52.David Wollmuth, a lawyer for Commerzbank, declined to comment.
:06:53. > :07:01.Ates week today. Do you know what it is? The triggering of Article 50. In
:07:02. > :07:06.the run-up to that, you can imagine the various organisations and lobby
:07:07. > :07:10.groups are saying what they want out of that negotiation process. The
:07:11. > :07:15.House of Lords is putting pressure on Prime Minister Theresa May to
:07:16. > :07:18.make sure that there is a good deal for certain businesses, certain
:07:19. > :07:22.types of businesses in the UK. We'll have more detail on that later in
:07:23. > :07:24.the show, but that is on the Business Live page today among other
:07:25. > :07:29.business stories. China's Premier Li Keqiang
:07:30. > :07:32.sets off for a trip China hopes to enhance free trade
:07:33. > :07:35.agreements with both nations and promote cooperation in science,
:07:36. > :07:44.technology and innovation. Hello there Steve. This is a very
:07:45. > :07:51.important trading relationship, isn't it? Absolutely. I mean perhaps
:07:52. > :07:58.to give you an idea of the spin I guess, the premier is putting on it,
:07:59. > :08:00.he has written a piece in the Australian newspaper today and he
:08:01. > :08:03.starts off with the line, "We live in a world with growing
:08:04. > :08:06.uncertainties and a sense of disorientation." A lot of people
:08:07. > :08:15.would agree with him on that. Then he goes on to speak about less than
:08:16. > :08:18.desirable global economic recovery, rising protectionism, heightened
:08:19. > :08:26.geopolitical rivalry. It is pretty clear what he's doing there is sort
:08:27. > :08:30.of aiming at, I guess, a contrast with the United States' position of
:08:31. > :08:33.pushing up trade barriers. He's saying that China and Australia and
:08:34. > :08:38.other like minded countries should be defending free trade. I think on
:08:39. > :08:44.that question, he'll get a warm reception in Australia. Certainly,
:08:45. > :08:49.you know, China and Australia are big trading partners. China is
:08:50. > :08:52.number one trading partner with Australia and for that matter, he's
:08:53. > :08:55.going along to the football even to see the Sydney Swans play so he's
:08:56. > :09:00.bound to have a great time. Thank you very much for that update
:09:01. > :09:06.in Beijing for us. Interesting what they'll get up to.
:09:07. > :09:11.So shares fell in Asia with Tokyo tumbling by more than 2% after US
:09:12. > :09:22.stocks took their biggest loss in five months. The dlarl fell against
:09:23. > :09:29.the yen. The Hang Seng dropped by 1.1%. The sell off was spurred by
:09:30. > :09:34.legislative obstacles by a health care bill backed by Trump that
:09:35. > :09:37.raised questions over his prospects for boosting growth and regulations.
:09:38. > :09:41.The Dow closed yesterday down more than 1%. Let's look at Europe.
:09:42. > :09:47.Stocks are also on the slide following that fall on Wall Street.
:09:48. > :09:49.All the price are lower affecting -- oil prices are lower.
:09:50. > :09:51.And Samira Hussain has the details about what's ahead
:09:52. > :10:02.American regulators are looking to shorten the amount of time it takes
:10:03. > :10:12.for a security straight to settle. They are looking to shorten that.
:10:13. > :10:17.The governing body the SEC will hold a mick meeting to vote on adopting a
:10:18. > :10:20.new final rule. The National Association of Retailers is
:10:21. > :10:25.expecting to report that existing home sales fell 2% in the month of
:10:26. > :10:29.February. And finally, the Canadian Government will release its second
:10:30. > :10:33.budget under liberal Prime Minister Justin Trudeau. The Government is
:10:34. > :10:37.not expected move much room for spending and investors will be
:10:38. > :10:40.watching for any changes to tax policy and further details on the
:10:41. > :10:45.liberals plans to grow the economy at a time when the country faces a
:10:46. > :10:47.number of uncertainties including American trade policy.
:10:48. > :10:50.Joining us is Jeremy Stretch, head of currency strategy
:10:51. > :11:02.We are talking about this big slide on Wall Street the night before. It
:11:03. > :11:07.is continuing through in Asia and Europe today? Well, big slide, yes.
:11:08. > :11:12.More than a 1% correction because we have been used over the last four or
:11:13. > :11:17.myself months to continuous record highs and that's become more note
:11:18. > :11:20.worthy, but it is a recognition that markets have become over ambitious
:11:21. > :11:23.in terms of anticipating the regulatory changes and the fiscal
:11:24. > :11:26.expansion that was going to be brought forward by the Trump
:11:27. > :11:29.administration and we're having a reality check here. Do you think it
:11:30. > :11:33.is to do with the health care Bill which is being pushed through
:11:34. > :11:36.Congress. There are fears it won't get through because of opposition
:11:37. > :11:43.and that could delay his agenda? It is being seen as a litmus test. Yes,
:11:44. > :11:47.I think it is clearly been seen in a sort of an obvious light in that
:11:48. > :11:50.regard and I think, markets and investors look back to November and
:11:51. > :11:53.thought well, Republicans have swept the board in the political
:11:54. > :11:57.establishment so that will allow them to push through their
:11:58. > :12:01.legislative framework, but the reality is different because we have
:12:02. > :12:04.the fiscal hawks amongst the Republicans and those resistant to
:12:05. > :12:06.the structural changes that the Trump administration are putting
:12:07. > :12:11.through and that's why we're having this reality check. We're seeing the
:12:12. > :12:18.oil price falling because of concerns about oversupply and the
:12:19. > :12:22.ineffectiveness of Opec. We had the inflation figures in UK which were
:12:23. > :12:26.stronger than expected. There is a picture emerging where people are
:12:27. > :12:35.parking their money in safer places? To an extent. You talked about the
:12:36. > :12:40.fall in the Nikkei. The strength of the yen has come through. Ultimately
:12:41. > :12:44.it is a case that until there is more clarity, than you may well find
:12:45. > :12:46.that investors retreat back to domestic markets, but we are in a
:12:47. > :12:50.world where interest rates are starting to move higher and that's
:12:51. > :12:54.causing markets to have to refocus on issues that they haven't been
:12:55. > :12:59.used for perhaps more than ten years. In the bond markets, prices
:13:00. > :13:01.are falling a lot following the interest rate rises. Yesterday,
:13:02. > :13:05.there was a little correction, wasn't there? I think what we have
:13:06. > :13:10.seen is investors have been betting with interest rates in terms of
:13:11. > :13:14.Government bonds. Government bond yields would move up dramatically.
:13:15. > :13:19.Some of the positions are becoming stale and frustrated and people are
:13:20. > :13:22.starting to take them off until there is clarity. We know that the
:13:23. > :13:25.hikes are still coming, but it is the pace and the trajectory of those
:13:26. > :13:28.which are causing markets and investors just to be frustrated and
:13:29. > :13:32.maybe just take some profit or reduce some of the risk. For now,
:13:33. > :13:37.Jeremy, thank you very much. He will return. Jeremy travels a lot to the
:13:38. > :13:41.Middle East and back and across the Atlantic so we'll get his take on
:13:42. > :13:46.this ban of electronic devices. And bring in some of your views as well.
:13:47. > :13:51.how one of the world's largest photo how one of the world's largest photo
:13:52. > :13:53.agencies stands out in the age of smartphone. You're with Business
:13:54. > :14:01.Live from BBC News. There's just a week to go until
:14:02. > :14:04.Britain's Prime Minister Theresa May formally starts the process
:14:05. > :14:06.of the UK's departure And there's another warning
:14:07. > :14:13.on an uncertain future for business. The non-financial services sector
:14:14. > :14:18.is at risk of "significant damage" if there is no free trade deal
:14:19. > :14:21.before the UK leaves the EU. That's according to
:14:22. > :14:24.the House of Lords. Lord Whitty, Chairman
:14:25. > :14:33.of the EU Internal Market The thing is, it is very difficult
:14:34. > :14:38.to establish how much damage could be done or not at all in fact
:14:39. > :14:43.because we haven't yet got the deal on the table. So there maybe these
:14:44. > :14:48.warnings, but are you saying that people aren't listening to you? No,
:14:49. > :14:52.we're not saying that. We're saying that the Government in their
:14:53. > :14:56.dealings in their aim to get a Free Trade Agreement need to get as close
:14:57. > :14:59.as possible to the conditions in which the services operate in an EU
:15:00. > :15:06.single marketment we are talking about a range of services from legal
:15:07. > :15:10.services through to music and travel arrangements, ravation so there is a
:15:11. > :15:13.whole range of sectors where actually the Brits are very
:15:14. > :15:16.competitive within Europe and they want to maintain that, but that will
:15:17. > :15:21.require specific deals for those sectors.
:15:22. > :15:26.How can you expect the specific deals for specific sectors to be
:15:27. > :15:30.addressed fully and for those involved to be engaged in the
:15:31. > :15:35.process? The Government are making an effort to find out the problems
:15:36. > :15:41.of each sector. But they need to be continuously engaged, because the
:15:42. > :15:45.arrangements will be complex, we do not know what the sequence of events
:15:46. > :15:50.will be, and there will be trade-offs and compromises. Some of
:15:51. > :15:53.the sectors are seriously worried, some are making contingency plans to
:15:54. > :15:59.operate in a different way within Europe, and all of them are on edge,
:16:00. > :16:07.looking at what is going to come out.
:16:08. > :16:15.Loads of other stories out there. Shall we lighten the tone? A plant
:16:16. > :16:23.in Coventry is to make a new type of London cab. It will look like that.
:16:24. > :16:28.The CEO of the London taxi company, owned by a Chinese company, says it
:16:29. > :16:33.is a brand-new look. Read more on our website.
:16:34. > :16:44.Airlines across the Middle East and North Africa are scrabbling to meet
:16:45. > :16:49.a deadline to enforce a ban on electronic devices in cabins,
:16:50. > :16:51.imposed by the United States and the UK. An unrelated shares in Turkey
:16:52. > :17:04.have already fallen. The markets are all falling,
:17:05. > :17:06.following the United States and Asia.
:17:07. > :17:09.And now, let's get the inside track on the photojournalism industry.
:17:10. > :17:12.With the widespread availability of high-quality but affordable
:17:13. > :17:16.cameras and equipment, the news industry is seeing
:17:17. > :17:21.a shift from professional to citizen-generated images.
:17:22. > :17:24.The market is crowded, with people like Reuters,
:17:25. > :17:28.Getty and Associated Press dominating the industry.
:17:29. > :17:32.But a study concluded that in the US the number of press photographers
:17:33. > :17:37.and videographers has fallen by almost half since the year 2000,
:17:38. > :17:46.from slightly more than 6,000 to now fewer than 3,500.
:17:47. > :17:57.With me is David Kogan, executive director of Magnum Photos.
:17:58. > :18:05.For those who have not heard of your organisation, which is iconic, has a
:18:06. > :18:11.long history, put them in the picture. In 1947 a group of
:18:12. > :18:16.photographers gathered after seven years of covering the Second World
:18:17. > :18:19.War, and they came together in New York, they opened a Magnum of
:18:20. > :18:23.champagne, and they created an agency where they would carry on
:18:24. > :18:30.doing their iconic work, but covering the world in turmoil. They
:18:31. > :18:35.created Magnum, and the agency was devoted then and now to ownership of
:18:36. > :18:37.our IP, covering great stories, having an elite group of
:18:38. > :18:42.photographers, different from citizen journalists, and covering
:18:43. > :18:49.the world as it existed then and today. We added strength to that, we
:18:50. > :18:54.now have artists rather than photojournalists, and would have a
:18:55. > :18:58.sizeable round and lineage, which we will sell a break in two months in
:18:59. > :19:05.New York, assumedly drinking magnums of champagne. The world is a game in
:19:06. > :19:09.turmoil, as perceived by many. Your industry has undergone a massive
:19:10. > :19:13.change, which has caused a change in what you offer and how you do your
:19:14. > :19:19.business. It is interesting when you mentioned the other organisations,
:19:20. > :19:24.almost all of the big ones depend on selling their images, licensing, but
:19:25. > :19:30.what we have done, although we have a licensing business and business to
:19:31. > :19:34.business, what we have always focused on is new work. The world
:19:35. > :19:39.has been in permanent turmoil, if you look at our archive and the work
:19:40. > :19:44.our photographers have done, they have been in conflict zones,
:19:45. > :19:49.covering stories, and the pictures you have flashed up cover a range of
:19:50. > :19:53.that, and it has been going on for 70 years. The issue is not so much
:19:54. > :19:57.what we are doing it, it is how we are getting it out to a different
:19:58. > :20:01.audience and different markets, where digital and smartphones has
:20:02. > :20:05.created a new group of people who are interested in photography, and
:20:06. > :20:14.that is a huge opportunity, and that is built real change. He talks about
:20:15. > :20:18.the fact that you have an elite group of photographers, and yet with
:20:19. > :20:20.this phrase of the Citizen journalism, many would argue the
:20:21. > :20:27.industry has been piloted. The elitism is something does having to
:20:28. > :20:33.change, you have got to embrace the shift from analogue to digital. How
:20:34. > :20:37.has that worked in your organisation and how have you managed to make it
:20:38. > :20:43.relevant to a brand-new growing audience and yet try to remain
:20:44. > :20:50.elite? If you look at the numbers, there are now something like nine to
:20:51. > :20:55.ten billion images uploaded every year, Instagram in December has 600
:20:56. > :21:00.million unique users every month. That is an enormous level of
:21:01. > :21:05.interest and population of people who take pictures, which 20 years
:21:06. > :21:08.ago did not exist. If you happen to own the greatest brand in
:21:09. > :21:11.photography, and we believe we do, and you have a group of
:21:12. > :21:15.photographers who are capable of producing extraordinary work, you
:21:16. > :21:24.have another Trinity as well as a challenge. We have launched a
:21:25. > :21:27.website that showcases our work, but the big change is we are now self
:21:28. > :21:32.commissioning, rather than the pending on magazines and newspapers
:21:33. > :21:37.who would pay a vast amount of money in the 60s, today they are not doing
:21:38. > :21:40.that, so we are self commissioning, we had 28 photographers covering the
:21:41. > :21:47.refugee story, we can create that work, showcase it, and sell it. But
:21:48. > :21:53.we are also creating a digital division, launching services to our
:21:54. > :21:57.audiences, those people on Instagram, and we are growing
:21:58. > :22:03.quickly, as people want to link in to talent and lineage. Fascinating,
:22:04. > :22:12.trying to bridge the different generations.
:22:13. > :22:15.With Theresa May expected to invoke Article 50 next week,
:22:16. > :22:21.kick-starting the process for the UK to leave the EU, BBC
:22:22. > :22:24.News asks if businesses are changing their strategies
:22:25. > :22:31.My name is Claudia Furst, I have my own company, Claud Furst.
:22:32. > :22:40.I have also been exporting my products to France,
:22:41. > :22:46.I have made the decision of moving my company,
:22:47. > :22:51.my manufacturing, to Italy, so I am buying in Italy,
:22:52. > :22:57.manufacturing in Italy, and shipping from Italy,
:22:58. > :23:05.It would be much more to purchase my materials in Italy,
:23:06. > :23:08.ship it over to the UK, manufacture in the UK
:23:09. > :23:25.That is a boss who is taking steps, making changes as a consequence of
:23:26. > :23:30.Brexit. Jeremy has returned, we will unpack further the story about the
:23:31. > :23:34.restrictions on travel, depending on where you are going. You go in and
:23:35. > :23:39.out of the Middle East often. It is fascinating, occurs Theo touched on
:23:40. > :23:45.something that is fascinating, the US ban includes come -- some of the
:23:46. > :23:49.major hub airports, which will impact on some of the global
:23:50. > :23:56.carriers. The security that you see as a traveller in those airports
:23:57. > :24:00.seems the same as elsewhere, so it is fascinating, the difference
:24:01. > :24:05.between the UK and interpretation of the rules. How will you get around
:24:06. > :24:11.it, or will you not be able to get around it? Which you have to put
:24:12. > :24:16.your stuff in the hold? Absolutely, the rules are as they have been set
:24:17. > :24:20.out currently. They may be subject to change, and it appears they are
:24:21. > :24:24.led by security led concerns, but if the rules are still in place, we
:24:25. > :24:30.will deal with them and all of the room of occasions. In terms of
:24:31. > :24:34.insurance, loss, etc. It is a scenario which will impact the
:24:35. > :24:39.business traveller as well as the tourist traveller. That is what we
:24:40. > :24:47.are getting through on Twitter, people responding to our question,
:24:48. > :24:52.is your luggage safe in the hold? Better by myself a bullet-proof case
:24:53. > :24:59.for my laptop, having seen how baggage handlers handled bikes, one
:25:00. > :25:04.person says. Another person says, they should consider their laptop
:25:05. > :25:07.100% compromised. Another person says, airlines have cut back on
:25:08. > :25:11.in-flight entertainment because people watch stuff on laptops. I
:25:12. > :25:16.have experienced baggage lost and things damaged, and I do not travel
:25:17. > :25:22.as much as you. Everybody has experienced that. There is always a
:25:23. > :25:28.risk. We see the suitcases being thrown around, especially the
:25:29. > :25:31.smaller airports. If you have a high-value electronic item, there is
:25:32. > :25:37.clearly risk, and an insurance element.
:25:38. > :25:41.There will be more business news throughout the day on the BBC Live