0:00:17 > 0:00:18This is your Business Briefing.
0:00:18 > 0:00:19I'm Sally Bundock.
0:00:19 > 0:00:22Switzerland and the EU square up over cash and immigration.
0:00:22 > 0:00:25Are there lessons to learn for post-Brexit Britain?
0:00:25 > 0:00:27Plus, Brazil's lady drivers.
0:00:27 > 0:00:35Why women only taxi apps are booming in Sao Paolo.
0:00:35 > 0:00:38And it's a quieter day today for financial markets.
0:00:38 > 0:00:41Japan is closed and Hong Kong clings on to record levels.
0:00:41 > 0:00:51The US dollar holding on to losses.
0:01:06 > 0:01:08We start in Switzerland, where European Commission President,
0:01:09 > 0:01:10Jean Claude-Juncker, will be holding talks
0:01:10 > 0:01:13with the government in the next couple of hours.
0:01:13 > 0:01:16They will be trying to get strained EU-Swiss relations back on track.
0:01:16 > 0:01:18The talks are being closely watched here in the UK,
0:01:19 > 0:01:22not least because Switzerland's been held up by some as a model
0:01:22 > 0:01:24for post-Brexit Britain, not in the EU but enjoying
0:01:24 > 0:01:25close trade ties.
0:01:25 > 0:01:28Well, the big issue today is a familiar one, money.
0:01:28 > 0:01:30The Swiss are due to pay another billion francs,
0:01:30 > 0:01:33roughly a billion dollars, to the EU's Cohesion Fund,
0:01:33 > 0:01:34which supports newer members in central and Eastern Europe.
0:01:36 > 0:01:38And here's something else familiar.
0:01:38 > 0:01:40The issue's been on hold since February 2014,
0:01:40 > 0:01:43when the Swiss narrowly voted in a referendum to bring back quotas
0:01:43 > 0:01:46for the number of EU workers they allow in.
0:01:46 > 0:01:49Not surprisingly, some see this as a test case for Brexit.
0:01:49 > 0:01:52Can Switzerland get the benefits of trade with the EU while keeping
0:01:52 > 0:01:53control of its borders?
0:01:53 > 0:01:57But not Jean-Claude Juncker.
0:01:57 > 0:01:59He calls it a "Swiss-specific" situation, and said last year that
0:02:00 > 0:02:02any deal reached with Switzerland would not be a blueprint
0:02:02 > 0:02:03for the United Kingdom.
0:02:03 > 0:02:35Here's our Switzerland correspondent, Imogen Foulkes.
0:02:35 > 0:02:38With Brussels wanting to get something from this meeting, the EU
0:02:38 > 0:02:43wants Switzerland to commit another $1 billion to support new EU members
0:02:43 > 0:02:47in central and Eastern Europe. A first billion was paid by the Swiss
0:02:47 > 0:02:5410 years ago. The Swiss want their bilateral ties with the EU, by far
0:02:54 > 0:02:58the biggest trading partner of Switzerland, back on track. A
0:02:58 > 0:03:02compromise has already been found under which no quotas will be
0:03:02 > 0:03:07introduced unless unemployment reaches unprecedented levels. And
0:03:07 > 0:03:14the Swiss government appears ready to stamp up the $1 billion. In
0:03:14 > 0:03:18return, Brussels will grant equal status to the Swiss stock exchange
0:03:18 > 0:03:25and may start talks on access to the energy market. It is an interesting
0:03:25 > 0:03:29message for future non-EU member Britain, doing business with the EU
0:03:29 > 0:03:33is perfectly possible, but there is a pricetag attached.
0:03:33 > 0:03:39Dr Elaine Fahey is from City Law School at the University of London.
0:03:39 > 0:03:45It is good to see you. It is a very interesting scenario the keep an eye
0:03:45 > 0:03:50on. As she was pointing out, Switzerland, you know, has access to
0:03:50 > 0:03:55the single market, and yet it has its independence, but it is paying a
0:03:55 > 0:04:00price for that.Switzerland paid a high price for access to the single
0:04:00 > 0:04:04market, but for a long time, they have been looking to
0:04:04 > 0:04:10institutionalise that relationship. How much is involved in the
0:04:10 > 0:04:14agreement and what price will they further have to pay, we don't know.
0:04:14 > 0:04:19It is interesting to see how it develops. Switzerland has been
0:04:19 > 0:04:30outside, and yet it is continuing to negotiate this too and -- to and
0:04:30 > 0:04:36fro.They were suspended for a while. Political bargaining has been
0:04:36 > 0:04:41going on for some time. At the end of the day, if you want access to
0:04:41 > 0:04:46the single market, you have to pay for it.To what extent are there
0:04:46 > 0:04:48parallels between Switzerland and the UK post- Brexit?Extremely
0:04:48 > 0:04:55strong parallels with issues like migration, access to the single
0:04:55 > 0:05:00market, and the Swiss don't want a relationship with the Court of
0:05:00 > 0:05:04Justice, and it will be interesting to see what they have to accept in
0:05:04 > 0:05:07return for deepening relations with the Stock Exchange and so on.Who
0:05:07 > 0:05:14has the upper hand?Unquestionably, the EU have the upper hand. They are
0:05:14 > 0:05:18always likely to have it. But it remains to be seen what happens
0:05:18 > 0:05:23today.Interesting. Thank you for coming in. We will keep an eye on
0:05:23 > 0:05:29that today and beyond. Let's go to Brazil now.
0:05:29 > 0:05:31It's already one of the world's biggest markets
0:05:31 > 0:05:32for ride-sharing apps like Uber.
0:05:32 > 0:05:35But apps aimed exclusively at women, offering only women drivers,
0:05:35 > 0:05:36are taking off fast.
0:05:36 > 0:05:39There are now three such services in the city of Sao Paulo alone.
0:05:39 > 0:05:41We joined some drivers on a ride to find out why.
0:07:30 > 0:07:33To Asia now.
0:07:33 > 0:07:36There could be yet more damage to the reputation
0:07:36 > 0:07:38of Japanese manufacturing after Kobe Steel was found to have
0:07:38 > 0:07:40been falsifying quality control data for years.
0:07:40 > 0:07:43According to a report, a division of Mitsubishi Materials
0:07:43 > 0:07:44has also been cheating.
0:07:44 > 0:07:47Let's go to our Asia business hub where Rico Hizon
0:07:47 > 0:07:48is following the story.
0:07:48 > 0:07:53It is nice to see you, Rico Hizon. What is going on now?I know! It
0:07:53 > 0:07:58keeps on piling up, one problem after another. Now it is Mitsubishi,
0:07:58 > 0:08:08who reportedly falsified product data four years on its so-called O
0:08:08 > 0:08:15Rings material. And they are used as a sealing product for industrial
0:08:15 > 0:08:20products like aircraft. They said the company found the issue during
0:08:20 > 0:08:26an investigation following data falsification at Kobe Steel, the
0:08:26 > 0:08:33third-largest steel manufacturer in Japan. They have a 45% share in a
0:08:33 > 0:08:39joint-venture with Kobe Steel, including the Hatano plant, the
0:08:39 > 0:08:43centre of whole scandal. They admitted workers tampered with
0:08:43 > 0:08:47product specifications, causing aircraft makers and other companies
0:08:47 > 0:08:53to check if their safety performance had been compromise. This is the
0:08:53 > 0:09:00latest involving Japanese makers including automakers like Nissan and
0:09:00 > 0:09:04Subaru, who also failed to comply with procedures for decades. More
0:09:04 > 0:09:10problems for Japanese makers.It seems so. Thank you. And now for
0:09:10 > 0:09:12other business stories.
0:09:12 > 0:09:15The US Federal Reserve looks set to raise interest rates
0:09:15 > 0:09:15again next month.
0:09:15 > 0:09:19Minutes of its last meeting showed a majority of committee members saw
0:09:19 > 0:09:21the need for a rise in the "near term."
0:09:21 > 0:09:29That's despite concerns about the weak level of inflation
0:09:29 > 0:09:32which has been below the Fed's 2% target for years.
0:09:32 > 0:09:34Taxi app, Uber, is facing investigation in at least three
0:09:35 > 0:09:37European countries after revelations it failed to disclose a hacking
0:09:37 > 0:09:40attack last year in which personal data from 57 million customers
0:09:40 > 0:09:43and drivers was stolen and hackers were paid off.
0:09:43 > 0:09:45The UK regulator said the incident raised "huge concerns."
0:09:45 > 0:09:48Watchdogs in Italy and the Netherlands are also looking
0:09:48 > 0:09:51into the breach.
0:09:59 > 0:10:02And now, what's trending in the business news this morning?
0:10:02 > 0:10:03From Business Insider.
0:10:03 > 0:10:06Vladimir Putin could secretly be one of the richest men in the world.
0:10:06 > 0:10:09That's according to an investigative reporter who spent four years
0:10:09 > 0:10:18in Russia researching the story.
0:10:18 > 0:10:20CNBC uses Thanksgiving as an opportunity to reflect
0:10:20 > 0:10:21on Wall Street's record breaking run.
0:10:21 > 0:10:22It says this.
0:10:22 > 0:10:27Investors have plenty to be thankful for this year,
0:10:27 > 0:10:30and the trend will continue, according to a top market strategist
0:10:30 > 0:10:32Bloomberg looks at the huge economic challenge facing
0:10:32 > 0:10:33Zimbabwe's new leader.
0:10:33 > 0:10:35Mnangagwa's task is to rebuild Zimbabwe's economy from the ground
0:10:36 > 0:10:39And don't forget, let us know what you are spotting on line.
0:10:39 > 0:10:50Use the hashtag #BBCTheBriefing.
0:10:50 > 0:10:55And these are the markets. Wall Street is closed for Thanksgiving.
0:10:55 > 0:10:57No action on Wall Street.
0:10:57 > 0:11:01That's it for the Business Briefing this hour.
0:11:01 > 0:11:03Up next, Newsbriefing.
0:11:03 > 0:11:08We'll take you through the stories making headlines in the global media
0:11:08 > 0:11:12today.
0:11:12 > 0:11:14I will see you in a