:00:00. > :00:09.This is Business Live from BBC News with Ben Thompson and Ben Bland.
:00:10. > :00:13.Walking a trade tightrope - round one of talks between the US,
:00:14. > :00:19.But can the three nations do what it takes to hold Nafta together?
:00:20. > :00:20.Live from London, that's our top story today,
:00:21. > :00:44.The trading relationship is worth more than a trillion dollars a year,
:00:45. > :00:47.so can the members of Nafta bridge their differences
:00:48. > :00:50.Also in the programme, the world's biggest oil producer
:00:51. > :00:54.gets cosy with it's fastest growing consumer, as Russia's Rosneft spends
:00:55. > :01:04.Asian markets were down, with Japan at its lowest level
:01:05. > :01:06.in four months over concerns for President Trump's
:01:07. > :01:15.Europe is looking like this in the first half hour of trade.
:01:16. > :01:18.And from Bumble to babies - we'll meet the woman who's behind
:01:19. > :01:21.a networking app for new mums called Peanut to help them
:01:22. > :01:27.Elon Musk has today issued a stark warning
:01:28. > :01:29.about the risks of killer robots in the future.
:01:30. > :01:32.Today, we want to know if you think Terminator type robots could be more
:01:33. > :01:36.fact than fiction in the not too distant future?
:01:37. > :01:55.We will get to the Nafta trade deal in a minute,
:01:56. > :01:59.because we have just had some breaking business news.
:02:00. > :02:01.Reuters News agency is reporting that China's Great Wall Motor
:02:02. > :02:04.company is looking into making an offer for all or part
:02:05. > :02:14.A big deal between two potentially huge car-makers making one even
:02:15. > :02:18.bigger one. The agency sites two sources that
:02:19. > :02:21.say the Chinese company has asked to meet with its US-European rival
:02:22. > :02:31.about purchasing part We have been hearing potential
:02:32. > :02:38.reports of this for a while. The Chinese company could be interested
:02:39. > :02:43.in buying the Jeep brand, one of Fiat Chrysler's most lucrative. We
:02:44. > :02:49.will keep a close eye whether Fiat Chrysler ends up with a new owner.
:02:50. > :02:52.We're talking trade today as the US, Canada and Mexico finish their first
:02:53. > :02:54.round of talks to overhaul North America's free trade
:02:55. > :02:59.It comes after President Trump threatened to scrap the pact -
:03:00. > :03:03.saying it's been a disaster for US workers.
:03:04. > :03:08.The countries have pledged to reach an agreement by early next year,
:03:09. > :03:10.but some trade experts have warned it could take much longer.
:03:11. > :03:15.The US says it wants new promises that more vehicles
:03:16. > :03:20.At the moment just over 62% of each vehicle must come from one
:03:21. > :03:23.of the three countries, but the US hasn't yet explained how
:03:24. > :03:32.it wants this changed to boost its own automotive sector.
:03:33. > :03:34.With me is Cailin Birch, global analyst at the Economist
:03:35. > :03:51.Welcome to the programme. Which is the most challenging for them to
:03:52. > :03:56.reach a consensus? There are a number of areas that could be
:03:57. > :04:02.promising for a potential agreement. One of the automotive industry. We
:04:03. > :04:05.are seeing some disagreement about what the mechanisms will look like
:04:06. > :04:10.for future trade disputes across the board. That is something that could
:04:11. > :04:16.potentially be disruptive for the US- Canada relationship given that
:04:17. > :04:20.there is a border in timber to begin with. We have seen some
:04:21. > :04:25.disagreements between timber and dairy exports. They have just
:04:26. > :04:28.finished the first round of talks. It would've been nice to be sitting
:04:29. > :04:32.here talking about whatever breakthrough they have made,
:04:33. > :04:36.whatever deal been done. But we are still talking about the hurdles and
:04:37. > :04:41.challenges. Would it have been expecting too much to see much
:04:42. > :04:55.progress after round one? I do. The parties came in with different
:04:56. > :04:59.negotiating tactic macro. -- tax. The US started on a very difficult
:05:00. > :05:06.negotiating tactic where they wanted to reverse the agreement and not
:05:07. > :05:10.just changes around the margin. President Trump said it didn't work
:05:11. > :05:14.for American workers. How much does -- has that raised the stakes in
:05:15. > :05:19.coming to a deal and a deal that works specifically for the United
:05:20. > :05:25.States? Like you said, he has approached most of the major
:05:26. > :05:30.legislative questions with the exact same tactic, where he makes a bunch
:05:31. > :05:37.of sweeping statements that would imply major changes. For example,
:05:38. > :05:41.with health care there was a very sweeping, let's toss it out and hope
:05:42. > :05:46.we can come up with a new programming two years because we
:05:47. > :05:49.will have a gun to our head, essentially. Eventually lawmakers
:05:50. > :05:52.were able to scale back. We will see a more reasoned response when we get
:05:53. > :05:58.into the negotiations in round three. It is not going to benefit
:05:59. > :06:04.any parties in the agreement if Nafta is to be dissolved or if it is
:06:05. > :06:09.to be rushed as well. Another major thing to mention is that health care
:06:10. > :06:14.probably failed because the timing was so short to come up with such a
:06:15. > :06:19.dramatic change. Nafta is much older than health care. The conditions are
:06:20. > :06:23.very different. But to rush negotiations of such an important
:06:24. > :06:28.trade agreement, where there is a soft deadline of the end of 2017, is
:06:29. > :06:31.pretty unrealistic. Thank you. Let's take a look at some of
:06:32. > :06:54.the other stories making the news. The UK Government will publish its
:06:55. > :06:58.pre-position paper on Brexit. The average pay packet for a FTSE 100
:06:59. > :07:05.brokers has risen by 20% in the past year. The figure fell to $4.5
:07:06. > :07:07.million. It appears that policies which were introduced appear to be
:07:08. > :07:10.working. Elon Musk and other technology
:07:11. > :07:13.leaders have issued a stark warning about so-called "killer robots",
:07:14. > :07:15.urging the United Nations to act In an open letter to the UN,
:07:16. > :07:22.they say lethal autonomous weapons threaten a "third
:07:23. > :07:24.revolution in warfare". More than 100 robotics
:07:25. > :07:28.and artificial intelligence industry Mr Musk has long spoken
:07:29. > :07:45.out about the dangers Pretty terrifying thought. I don't
:07:46. > :07:50.like the idea of killer robots. Maybe that is stating the obvious.
:07:51. > :07:55.We have been asking you how you feel about killer robots. Robots in
:07:56. > :08:01.general, not just killer robots! Send us your tweets. That is what
:08:02. > :08:04.David has done. He only fears them taking over at BBC business life. So
:08:05. > :08:06.do we! Also today, a big
:08:07. > :08:10.money deal for oil. The Russian oil giant Rosneft is set
:08:11. > :08:13.to announce a $13 billion deal to buy Indian private refiner
:08:14. > :08:18.Essar Oil. The deal would give Rosneft access
:08:19. > :08:21.to the world's fastest Essar Oil has 3,000
:08:22. > :08:30.petrol stations in India. Sameer Hashmi is in Mumbai, he's
:08:31. > :08:39.been following the story for us. Tauqir us through this deal?
:08:40. > :08:44.Potentially brings together a huge market for consumers and one of the
:08:45. > :08:50.world's biggest oil providers. It seems like a win, win. That is how
:08:51. > :08:58.both sides have been selling the deal. There were various issues. As
:08:59. > :09:01.far as the Russians are concerned, this deal gives them access to one
:09:02. > :09:09.of the largest fuel consumer market in the world. India, as you know,
:09:10. > :09:16.consumes a lot of oil. The demand has been increasing. It relies a lot
:09:17. > :09:22.on imports. What is going to happen with this deal is they will get
:09:23. > :09:27.access to this market. Esser already has a huge refinery where it
:09:28. > :09:34.produces 400,000 barrels of oil a day. 3000 retail units is something
:09:35. > :09:38.they will get with this deal. For Esser this deal is also important
:09:39. > :09:43.because it is a huge conglomerate in India with huge debts. So by selling
:09:44. > :09:46.this company there will be able to write off this debt. That is one of
:09:47. > :09:51.the reasons why this deal got delayed. A lot of lenders were
:09:52. > :09:58.blocking this deal. They wanted the debt paid beforehand. That is why it
:09:59. > :10:01.has taken so much time. But it has finally happened. It will be
:10:02. > :10:08.interesting to see how the Russians go ahead with it. This gives them an
:10:09. > :10:13.important market to enter. Given all the US sanctions in the last couple
:10:14. > :10:18.of years, this will be really, really positive news. Analysts say
:10:19. > :10:25.it is a win, win deal for both India, because it will provide
:10:26. > :10:31.imports, and for Russia, who get a new market. Thank you for explaining
:10:32. > :10:34.all of that. Big-money deals and a lot at stake. I want to reiterate
:10:35. > :10:40.the news we talked about at the start of the programme. China's
:10:41. > :10:45.great Wall motor company asking for a meeting with Fiat Chrysler. This,
:10:46. > :10:50.we understand, will be with a view to making an offer for all or part
:10:51. > :10:57.of Fiat Chrysler. That is an Italian-American car-maker. Just
:10:58. > :11:04.looking at shares, up 3.5% in Europe. Clearly, investors, in these
:11:05. > :11:12.early stages, liking what they see. A lot of implications of that deal
:11:13. > :11:17.was to get the go-ahead. A quick look at what happened in Asia. That
:11:18. > :11:31.is the close in the US on Friday. The Nikki and Hang Seng down. --
:11:32. > :11:39.Nikkei. Whether this means anything for a President Trump's economic
:11:40. > :11:42.policies... Fiat Chrysler up 3.5%. The best looking pretty miserable at
:11:43. > :11:47.the start of a new week. We will talk about why in just a moment.
:11:48. > :11:51.Jeremy Cooke is with us. Let's find out what is happening on Wall
:11:52. > :11:55.Street. The week that starts with the solar
:11:56. > :11:58.eclipse will end with investors hoping that the annual Jacksonville
:11:59. > :12:02.gathering sheds some light on monetary policy. Central bankers
:12:03. > :12:08.from around the globe, including Janet Yellen, and Mario Draghi, will
:12:09. > :12:13.meet in Wyoming beginning on Thursday. The Fed is expected to
:12:14. > :12:19.reduce its balance sheet this year, selling off assets it required after
:12:20. > :12:23.the financial crash. It hasn't set a specific schedule yet, which is why
:12:24. > :12:29.Wall Street will be looking for any clues. Closer to home, this Monday,
:12:30. > :12:34.the Chicago Federal reserve will release its activity index, a
:12:35. > :12:37.barometer of economic activity. In corporate news, BHP Billiton is
:12:38. > :12:44.expected to report earnings. Wall Street is looking for the minor to
:12:45. > :12:45.show improvement and that commodity prices are picking up. More from
:12:46. > :12:53.Michelle later. And we'll be hearing more
:12:54. > :12:56.from Michelle later in the show, when she will be explaining how
:12:57. > :12:59.companies plan to make big bucks out Joining us is Jeremy Cook,
:13:00. > :13:06.chief economist at World First. Let's touch first on America. What
:13:07. > :13:11.could the Jackson hold meeting -- what does the Jackson hold meeting
:13:12. > :13:15.mean? It is in Wyoming in the United States. It is a talking shop central
:13:16. > :13:21.bankers and policymakers. It has a significant importance for market in
:13:22. > :13:24.that in the past five and six years, certainly throughout the global
:13:25. > :13:29.financial crisis, central banks have used this to test out new policy
:13:30. > :13:34.ideas, floating boat by saying, we might be looking at policy,
:13:35. > :13:44.increased interest rates, for example. Janet Yellen and Mario
:13:45. > :13:50.Draghi will be there. Expect them to suggest what their saddlebags could
:13:51. > :13:55.be doing. One of the things that will be on Janet Yellen's mind is
:13:56. > :13:58.the weak dollar? That is right, and how it feeds into inflation
:13:59. > :14:04.expectations. We have seen some softening in inflation. The rate has
:14:05. > :14:12.been risen three times in recent months. That hasn't been felt on the
:14:13. > :14:18.US dollar. We talked about Nafta at the start of the programme. And
:14:19. > :14:22.clearly, President Trump's threats to scrap it entirely. It will be
:14:23. > :14:27.interesting, given what we have also heard this morning, that the Chinese
:14:28. > :14:33.great Wall motor company are asking for a meeting with Fiat Chrysler,
:14:34. > :14:37.will Trump be happy about this? Well, I don't know, is Trump happy
:14:38. > :14:41.about anything at the moment? You would have to say not. This is
:14:42. > :14:46.another thing he will want to try to protect, the great US manufacturing
:14:47. > :14:52.economy. It is about the headline. Not necessarily the intricacies of
:14:53. > :14:57.the deal. The psychological element? Another Chinese corporate raider
:14:58. > :15:02.coming in for an American company, Chrysler. You look at all the cars,
:15:03. > :15:07.the emotion behind that brand within the United States. Whether Trump de
:15:08. > :15:11.facto dismisses it because he doesn't want to see the Chinese
:15:12. > :15:18.taking over such a huge part of Americana. Moving forward, we look
:15:19. > :15:21.at it in Brexit, Trump, China, trade is the thing. Businesses transacting
:15:22. > :15:27.internationally trying to move money around the world, what politics goes
:15:28. > :15:30.against that will be the major delineate of global growth going
:15:31. > :15:35.forward. If we can free that up, everybody will be better.
:15:36. > :15:44.Stay with us, still to come, we will meet the woman behind a networking
:15:45. > :15:48.app for new mothers called Peanut to help them juggle careers and kids.
:15:49. > :16:00.Stay tuned for that, that is coming up, you are with Business Live from
:16:01. > :16:01.BBC News. Let's talk about our favourite story in the UK, house
:16:02. > :16:03.prices. The average house price has soared
:16:04. > :16:05.by nearly ?85,000 over the past five years,
:16:06. > :16:07.according to research from Lloyds. The typical price paid by
:16:08. > :16:10.home-movers is up 41% to ?290,000. Joining us now from
:16:11. > :16:23.the Nottingham newsroom I just wonder how this breaks down
:16:24. > :16:27.across the country. Well, it is a huge breakdown, and a bit of an
:16:28. > :16:34.exaggerated price growth, because we had the height of the market in
:16:35. > :16:38.2007, that then fell to 2009 through to about 2013 in most places, so
:16:39. > :16:41.what we are picking up this price growth from the lower of the market.
:16:42. > :16:47.So if you take the north-east, where they are looking at pricing creases,
:16:48. > :16:55.if you compare prices today there'ss 2007, there is still a 9% fall and
:16:56. > :17:00.deficit there. If you go to London, you are looking at areas that 40% or
:17:01. > :17:04.80% up. So we hugely regional picture, but the last five years is
:17:05. > :17:09.not the best barometer of house prices. I wanted to ask about that,
:17:10. > :17:12.because so much as happened in the last 12 or 18 months that could
:17:13. > :17:17.change some of the fundamentals for the market. You couldn't be more
:17:18. > :17:21.right, the fundamentals of the property market are completely
:17:22. > :17:24.changing, and I am not sure that the Government, industry or consumers
:17:25. > :17:29.really quite and stand what is happening at there, but we can show
:17:30. > :17:34.market whereby you have got one property on a street, maybe three
:17:35. > :17:38.beds detached, going up in price, you have got collapsed on the other
:17:39. > :17:42.end of the street which Dell haven't recovered to 2007 levels. -- which
:17:43. > :17:46.still haven't recovered. Then you might have a property that has been
:17:47. > :17:52.doing well but is now starting to fall in value. So what we are really
:17:53. > :17:55.seeing is London, East Anglia and the south-east, they have had a
:17:56. > :18:00.massive spurt, great growth, that has now come to a natural slowdown,
:18:01. > :18:04.partly because of caps on mortgage lending. The Midlands not doing too
:18:05. > :18:09.badly, but not performing anything like the rate it was before the
:18:10. > :18:13.credit crunch. And in the north, not really seeing anything for ten
:18:14. > :18:17.years. Really good to see you, thanks for talking us through all
:18:18. > :18:25.that, a story we will talk much more about, I'm sure.
:18:26. > :18:31.The French energy giant Total has significantly increased its presence
:18:32. > :18:39.in the North Sea oil and gas industry, more on that online.
:18:40. > :18:43.You with Business Live from BBC News. I just want to remind you of
:18:44. > :18:53.the breaking news we brought you at the of the programme, Kvyat priser
:18:54. > :19:01.shares are up 3.5%. -- be at Chrysler. A Chinese company, Great
:19:02. > :19:09.Wall, are planning to make an offer for all or part of the company.
:19:10. > :19:12.There are some reports that they may be after the Jeep brand, one of the
:19:13. > :19:18.more lucrative brands in that stable. A quick look at how the
:19:19. > :19:19.markets are faring, this is how they looked in Europe at the start of the
:19:20. > :19:32.trading week. Let's turn our attention to
:19:33. > :19:37.something entirely different. For most new mothers,
:19:38. > :19:41.being at home caring for a new baby It's often hard to meet
:19:42. > :19:44.like-minded people. So one new mum took matters
:19:45. > :19:46.into her own hands and Peanut is kind of like
:19:47. > :19:52.a dating app for new mums. It brings new mums together
:19:53. > :19:55.who are going through the same It was co-founded
:19:56. > :20:00.by former deputy chief executive of dating app Badoo,
:20:01. > :20:03.Michelle Kennedy, and one of Deliveroo's
:20:04. > :20:05.co-founders, Greg Orlowski. Kennedy started the app
:20:06. > :20:09.after struggling to meet other mums she could relate to,
:20:10. > :20:11.while also working. Her app, Peanut, is designed
:20:12. > :20:28.to provide a network for mothers. Welcome to Business Live, based on
:20:29. > :20:32.your own experience, but are people not getting to know each other over
:20:33. > :20:36.things like WhatsApp, Facebook, all those existing networks? Why was
:20:37. > :20:42.there a need for this? Two main reasons. When I had my little boy, I
:20:43. > :20:46.have gone from working 1 million mph, working all of the time, all of
:20:47. > :20:50.a sudden I was at home with him and feeling very much like I wasn't sure
:20:51. > :20:55.where my life had gone in terms of social interaction. It is quite
:20:56. > :20:58.hard, particularly in those initial days, you are not really going to
:20:59. > :21:02.the baby classes, you are not leaving the house as much, and it
:21:03. > :21:06.was winter for me, a double whammy. I really felt like I wanted to
:21:07. > :21:10.connect with someone on my wavelength, and I didn't always want
:21:11. > :21:14.to have a conversation about babies - sometimes I just wanted to have a
:21:15. > :21:18.conversation about the usual stuff, something or nothing. None of my
:21:19. > :21:21.girlfriends had had babies yet, so having worked in the dating
:21:22. > :21:27.industry, it felt like a natural progression to take everything I
:21:28. > :21:32.have lent, the dating algorithms that are traditionally used, and
:21:33. > :21:38.apply it to women. So it is not just as simple as saying you have got a
:21:39. > :21:42.new baby, let's go for a coffee, it is more complicated than that. I had
:21:43. > :21:47.a lot of those experiences, you have to meet my friend, she has got a new
:21:48. > :21:51.baby as well! Then you meet and have not thing in common. We take your
:21:52. > :21:56.social graph, we take your location, and the more you use the app, the
:21:57. > :22:00.more intelligent it becomes about the type of woman you want to meet.
:22:01. > :22:07.Sometimes it will be related to your child, your pregnancy, some times it
:22:08. > :22:13.will just be about you, your career, where you studied, what language you
:22:14. > :22:16.speak. And is it just mums? Currently it is just for women, and
:22:17. > :22:22.never say never, but that was the real focus that we had, that was the
:22:23. > :22:25.thing I experienced. What is the main thing it does? You build this
:22:26. > :22:32.network, the danger is people would meet their friends and move onto
:22:33. > :22:38.other apps? A second pain point for me was we would meet connections,
:22:39. > :22:42.you have these women around you, and now you are in... You mentioned
:22:43. > :22:45.WhatsApp or any other group, and there are messages flying back and
:22:46. > :22:50.forth, and you are trying to arrange dates to meet, maybe you want to go
:22:51. > :22:58.for a glass of wine, or have the kids together, and before you know
:22:59. > :23:06.it's there are 200 messages about it, so we have a scheduling feature
:23:07. > :23:10.in the chat, you can vote on that, three clicks and you have arranged a
:23:11. > :23:17.date to meet. Impressive start. Thank you. And you say it is android
:23:18. > :23:23.as well as Apple? From today, yes. Thank you very much. In a minute, we
:23:24. > :23:24.will look through the business pages, but first a reminder of how
:23:25. > :23:29.you can get in touch. In a moment, we'll take a look
:23:30. > :23:32.through the business pages, but first here's a quick reminder
:23:33. > :23:35.of how to get in touch with us. The Business Live page
:23:36. > :23:37.is where you can stay ahead with all the breaking businesses
:23:38. > :23:40.of the day keep up to date with the latest details with insight
:23:41. > :23:43.and analysis from the BBC's team And we want to hear
:23:44. > :23:47.from you as well, get involved on our web page,
:23:48. > :23:49.and on Twitter, Business Live, on TV and online,
:23:50. > :23:56.whenever you need to know. The BBC's Dominic
:23:57. > :24:06.O'Connell is with us. We are going to start with the
:24:07. > :24:11.killer robots warning story. Why is Elon Musk putting this warning out?
:24:12. > :24:14.He says there needs to be something like a Geneva Convention on the use
:24:15. > :24:19.of killer robots or artificial intelligence getting involved in the
:24:20. > :24:23.weapons business. You might say it already is, the US uses lots of
:24:24. > :24:27.drones, we do as well, and they rely on very sophisticated technology,
:24:28. > :24:31.including people, so where do you draw the line? Will you have
:24:32. > :24:35.completely autonomous weapons that can kill people? Maybe the UN should
:24:36. > :24:39.say whether they can do that. We already have things for chemical
:24:40. > :24:46.weapons and nuclear weapons, why not on these as well? And a debate about
:24:47. > :24:50.how more developed countries are more advanced in terms of this.
:24:51. > :24:54.Absolutely, America will lead the way, they have the lead in that kind
:24:55. > :24:59.of technology. We have been asking, do you embrace the robot future?
:25:00. > :25:05.Robin says I am sure intelligent machines will hurt us at some point,
:25:06. > :25:11.it is just about degree. Margaret says, I fear that robots will kill
:25:12. > :25:16.human resources in the technology sector. Somebody says, put them in
:25:17. > :25:19.supermarkets to stop queue jumpers! There are normal users for these
:25:20. > :25:24.robots, this is about the militarisation. It is all about the
:25:25. > :25:29.terminator films, if we know how this is going to go, just watch the
:25:30. > :25:34.films, they will take over! We still need to be in control, that is the
:25:35. > :25:37.issue. We want them to have intelligence, but it is where they
:25:38. > :25:42.stopped taking on their own ideas. It is that scary Facebook trial, the
:25:43. > :25:46.robots started communicating with each other in a language their
:25:47. > :25:49.programmers could not understand, that is when you have to pull the
:25:50. > :25:53.plug! Really nice to see you, thanks very much. We will be back at the
:25:54. > :26:14.same time tomorrow, have a great day tomorrow.
:26:15. > :26:23.This is a warm front moving north, and behind it is tropical air
:26:24. > :26:24.boozing in which will make it feel quite humid for many of