0:00:13 > 0:00:14This is Business Briefing.
0:00:14 > 0:00:20I'm Sally Bundock.
0:00:20 > 0:00:21Brexit summit at Downing Street.
0:00:21 > 0:00:25The UK Prime Minister meets European business leaders to hear their views
0:00:25 > 0:00:32on how to make a smooth separation from the European Union.
0:00:32 > 0:00:33And a new passenger on board.
0:00:33 > 0:00:36Ride-hailing firm Uber strikes a huge investment deal with Japan's
0:00:36 > 0:00:46SoftBank.
0:00:46 > 0:00:50These other markets across the board. That is Friday's close in the
0:00:50 > 0:00:55United States but in Asia, a mixed day emerging as they take stock of
0:00:55 > 0:01:01the massive rallies we saw in Asia last week.
0:01:01 > 0:01:07the massive rallies we saw in Asia last week.
0:01:12 > 0:01:14As Britain's departure from the European Union draws ever
0:01:14 > 0:01:16closer, there is growing scrutiny over future trade links
0:01:17 > 0:01:18between the two sides.
0:01:18 > 0:01:20So, for the first time, Prime Minister Theresa May
0:01:20 > 0:01:22will welcome European business leaders to Downing Street later.
0:01:23 > 0:01:25She wants their input on how to minimise disruption
0:01:25 > 0:01:32after March 2019.
0:01:32 > 0:01:3415 leading business organisations from across the continent,
0:01:34 > 0:01:36including experts from the Confederation of British Industry
0:01:36 > 0:01:51and Institute of Directors, will be there.
0:01:51 > 0:01:54Last year, the UK exchanged about $730 billion worth of goods
0:01:54 > 0:01:56and services with the other 27 EU countries.
0:01:56 > 0:01:58That amounts to 43% of total UK exports.
0:01:58 > 0:02:01The export of cars and chemicals take the biggest share.
0:02:01 > 0:02:04Mrs May had a bit of a torrid weekend, with some of her party
0:02:05 > 0:02:08allegedly preparing for a vote of no confidence in the Prime Minister.
0:02:08 > 0:02:10But her Defence Secretary came out in her defence,
0:02:10 > 0:02:27and said that, with Brexit, she is towing a straight line.
0:02:27 > 0:02:30The Prime Minister in her Florence speech made absolutely clear the
0:02:30 > 0:02:34generous offer that reason is putting forward. We want to have a
0:02:34 > 0:02:37cooperative relationship with Europe, but she has always made it
0:02:37 > 0:02:43absolutely clear that actually we have to get the right deal for
0:02:43 > 0:02:45Britain, and that is what she will deliver.
0:02:45 > 0:02:48With me is Thomas Cole, head of policy at Open Britain.
0:02:48 > 0:02:54Good morning. That is one view, of course, her ministers rallying
0:02:54 > 0:02:59around her. But in terms of the day ahead she has quite a difficult
0:02:59 > 0:03:03audience, hasn't she? A tough offer to convince these business leaders
0:03:03 > 0:03:07negotiations are going well.She certainly has, we heard in your
0:03:07 > 0:03:11opening remarks that the British chamber of industry will be there
0:03:11 > 0:03:14and a number of key European players, counterparts in Germany,
0:03:14 > 0:03:19France and Italy. They will want to hear what is the likelihood of there
0:03:19 > 0:03:23being any breakthroughs on negotiations and at what point does
0:03:23 > 0:03:27Theresa May think negotiations can move forward to the future
0:03:27 > 0:03:30arrangement, including the trade arrangement. At the moment it is not
0:03:30 > 0:03:34looking great. The plan was originally to have an agreement in
0:03:34 > 0:03:38October, to be able to move forward at that point. That hasn't happened.
0:03:38 > 0:03:43What we have now is that there should be an agreement in December,
0:03:43 > 0:03:47when 28 heads of government meet to discuss negotiations. And things are
0:03:47 > 0:03:51not looking too good so business leaders will be very concerned about
0:03:51 > 0:03:55what is going to happen in the short, medium and long-term.She is
0:03:55 > 0:03:59likely to say to them that she is looking for a transition agreement
0:03:59 > 0:04:03where will have two years post- March 2019 to continue trading in
0:04:03 > 0:04:08the way they are now, in order to get themselves ready for change. Is
0:04:08 > 0:04:13that really likely?Well, I think on the one hand the transition is
0:04:13 > 0:04:16clearly needed. Theresa May spelt out in her Florence speech at the
0:04:16 > 0:04:20end of September that is what she wanted. That hasn't been translated
0:04:20 > 0:04:23into any official negotiating position by the British government.
0:04:23 > 0:04:29It is clear that from the EU 27 side, as well as the European
0:04:29 > 0:04:32Parliament, they said it could be possible. In the case of member
0:04:32 > 0:04:35State Government they said only that it should be time-limited. So there
0:04:35 > 0:04:39is clearly willingness for that. The question is is two years long
0:04:39 > 0:04:43enough? It would be the status quo, so the UK staying in the single
0:04:43 > 0:04:47market and the customs union and if that were the case and at least
0:04:47 > 0:04:51until March 2021, trade would continue as it is today. The
0:04:51 > 0:04:57question is what happens after March 2021, and in the period until a new
0:04:57 > 0:05:01trade relationship has been agreed. It is unlikely that, if you were to
0:05:01 > 0:05:04start trade negotiations after the December council, early next year,
0:05:04 > 0:05:10that at that point until March 2021, it may not be enough time to agree
0:05:10 > 0:05:13the future relationship. In many respects you may actually be longer
0:05:13 > 0:05:17transition period, and I'm not sure that within Theresa May's government
0:05:17 > 0:05:22she has support for that.Thank you very much indeed. Just to say, at
0:05:22 > 0:05:26that discussion in Downing Street, we have mentioned those attending
0:05:26 > 0:05:31but also Brexit secretary, David Davis, and the business live page
0:05:31 > 0:05:38will update you on what we here in terms of how it goes. -- what we
0:05:38 > 0:05:38hear.
0:05:38 > 0:05:42Uber has confirmed to the BBC that it has entered an agreement
0:05:42 > 0:05:43with Japan's SoftBank over a potential investment.
0:05:44 > 0:05:46Let's go to our Asia business hub, where Sharanjit Leyl
0:05:46 > 0:05:47is following the story.
0:05:47 > 0:05:52Interesting, this one. SoftBank constantly buying bits of this and
0:05:52 > 0:05:57that. Tell us about this latest investment in Uber.That's right,
0:05:57 > 0:06:01Sally. Lots of speculation has been swirling about that some sort of $1
0:06:01 > 0:06:04billion deal could be made, but financial details of the investment
0:06:04 > 0:06:11have not yet been disclosed, as yet, and what it could be is potentially
0:06:11 > 0:06:15one of the largest private start-up deals ever. Now, so far we have got
0:06:15 > 0:06:20a statement from Uber saying they have entered into agreement with a
0:06:20 > 0:06:23consortium led by SoftBank, and that this would essentially help fuel
0:06:23 > 0:06:28investments in the elegy and their continued expansion at home, as well
0:06:28 > 0:06:32as abroad, while strengthening corporate governance. Those last two
0:06:32 > 0:06:36words, corporate governance, that is key because it alludes to the many
0:06:36 > 0:06:39problems Uber has had over leadership turmoil, executive
0:06:39 > 0:06:43departures, sexual harassment claims. The fact that venture
0:06:43 > 0:06:51capital firm Benchmark has an outstanding lawsuit against the
0:06:51 > 0:06:56founder. We will be watching this very closely.Thank you very much.
0:06:56 > 0:06:59It is Dubai air show this week, one of the world's biggest
0:07:00 > 0:07:01gatherings of airlines and aircraft manufacturers.
0:07:01 > 0:07:04Bombardier has used the event to challenge the high tariffs
0:07:04 > 0:07:07imposed by the US on imports of its new CSeries passenger jets.
0:07:07 > 0:07:15Jeremy Howell reports from Dubai.
0:07:16 > 0:07:22The Dubai airshow is a global shop window for dozens of new aircraft.
0:07:22 > 0:07:28Few have hit the headlines more this year than the CSeries, a range of
0:07:28 > 0:07:31narrowbodied jets from Canada's Bombardier. The Trump administration
0:07:31 > 0:07:38has slapped a 300% tariff on these claims, saying that Bombardier took
0:07:38 > 0:07:42state aid from Canada to develop them, and that put it in an unfair
0:07:42 > 0:07:49advantage over American rivals like Boeing. At the Dubai airshow,
0:07:49 > 0:07:54Bombardier said it is determined to challenge Boeing's lobbying.Boeing
0:07:54 > 0:07:59does not have a 100 seater to compete with the CSeries, does not
0:07:59 > 0:08:02produce that product. We are not invited to the table to compete,
0:08:02 > 0:08:06because they don't have a product. So it will be very challenging for
0:08:06 > 0:08:11them to demonstrate how they are damaged in this.Not in a bid to woo
0:08:11 > 0:08:15American buyers, Bombardier has said some of the aircraft's components
0:08:15 > 0:08:23will be made in the USA.We will invest in Mobile, Alabama, that is
0:08:23 > 0:08:28about 2000 jobs as well. So for the CSeries programme and the ebb last
0:08:28 > 0:08:33partnership, it is good for the US and Canada because it strengthens
0:08:33 > 0:08:37the programme -- Airbus. For us, I think the US production line does a
0:08:37 > 0:08:41great job of bringing benefit to a lot of different constituents, and
0:08:41 > 0:08:44certainly for the US customers who are interested in the Accra.
0:08:44 > 0:08:48Bombardier wants to join Boeing and Airbus in the major league of
0:08:48 > 0:08:54passenger aircraft manufacturers. The success of the CSeries at the
0:08:54 > 0:08:58Dubai airshow and beyond will be a deciding factor in whether it can do
0:08:58 > 0:08:59so.
0:08:59 > 0:09:02Now let's brief you some other business stories: Boeing has
0:09:02 > 0:09:05snatched up a dream of a deal from its rival Airbus
0:09:05 > 0:09:06at the Dubai air show.
0:09:06 > 0:09:09Emirates has placed a preliminary order for 40 of their 787
0:09:09 > 0:09:12Dreamliners, in a deal worth about $15 billion.
0:09:12 > 0:09:14That is a blow to Airbus, who were expecting a deal
0:09:15 > 0:09:21of their own.
0:09:21 > 0:09:24The numbers are in from the world's biggest online shopping event,
0:09:24 > 0:09:26Singles Day.
0:09:26 > 0:09:29Chinese internet giant Alibaba raked in a whopping $25 billion on 11
0:09:30 > 0:09:32November.
0:09:33 > 0:09:36Last year, Alibaba sales hit a record $18 billion in 24 hours,
0:09:36 > 0:09:44which was equivalent to the entire economic output of Cambodia.
0:09:44 > 0:09:47Bitcoin fell to as low as $5,555 on Sunday,
0:09:47 > 0:09:50logging a weekly fall of 22%, its biggest since early July.
0:09:50 > 0:09:53One reason is that some traders are dumping it for a clone called
0:09:53 > 0:09:54Bitcoin Cash.
0:09:54 > 0:09:58The digital currency has now fallen over 29% from a record high it
0:09:58 > 0:10:22touched on Wednesday.
0:10:22 > 0:10:27If Bitcoin be dazzles you, there are lots of explainers on our website to
0:10:27 > 0:10:31tell you what it is all about.
0:10:31 > 0:10:34And now, what is trending in the business news this morning?
0:10:34 > 0:10:36The Financial Times reports that the pound drops in Asian
0:10:37 > 0:10:40trading, after reports of letter of no confidence in PM Theresa May.
0:10:40 > 0:10:43This story from the Times - a plan to cut congestion
0:10:43 > 0:10:45on motorways will include installing traffic lights on busy routes.
0:10:46 > 0:10:47Wonder how that will speed up things.
0:10:47 > 0:10:51And videogame equipment maker Razer jumps as much as 41.5% in Hong Kong
0:10:51 > 0:10:52debut, according to Bloomberg.
0:10:52 > 0:10:55And don't forget, let us know what you are spotting online.
0:10:55 > 0:11:03Use the hashtag #BBCTheBriefing.