:00:00. > :00:16.Now for the latest financial news with World Business Report.
:00:17. > :00:20.Here's a question - would Britain's exports really suffer
:00:21. > :00:28.We continue the business debate over Brexit.
:00:29. > :00:33.New US rules mean all wannabe pilots will have to register.
:00:34. > :00:50.We'll be finding out what it means for this buzzing new industry.
:00:51. > :01:02.It is Friday. Don't we love it? We have 8.5 minutes. I will give you a
:01:03. > :01:06.snapshot of everything in the world of business and money preparing to
:01:07. > :01:10.head into the weekend. It is only eight minutes now. We will also be
:01:11. > :01:16.talking about Uber, losing billions in China. There is no escaping it.
:01:17. > :01:19.We start once again with the big debate over Brexit -
:01:20. > :01:21.is Britain's future inside or outside the European Union?
:01:22. > :01:23.As negotiations continue in Brussels, we are focusing
:01:24. > :01:28.Among the many thorny issues, it's perhaps the one that affects
:01:29. > :01:35.businesses the most, and it's been the subject of fierce debate.
:01:36. > :01:37.Pro-EU campaigners say leaving the EU would be catastrophic
:01:38. > :01:49.But the pro-Brexit lobby says that is mere scaremongering.
:01:50. > :01:51.Let's show you some of the numbers involved.
:01:52. > :01:54.At the moment, as a bloc, the EU represents Britain's biggest
:01:55. > :02:00.accounting for around half of all of UK's trade.
:02:01. > :02:02.EU membership gives easy access to the markets
:02:03. > :02:08.But also to 68 other nations via free trade deals they hold with
:02:09. > :02:18.In all, that trade is worth a total of $670 billion to the UK -
:02:19. > :02:26.according to research compiled for the pro-EU lobby.
:02:27. > :02:30.Now, pro-Brexit campaigners argue that of
:02:31. > :02:33.course Britain will continue to do business with all of those countries
:02:34. > :02:37.and will negotiate new - and even better - trade terms with them.
:02:38. > :02:41.To avoid losing out, though - it would have to agree at least 35
:02:42. > :02:48.separate trade agreements in a short space of time.
:02:49. > :02:50.Just another little point that's worth making -
:02:51. > :02:52.amid all the growing uncertainty over Brexit, investor confidence in
:02:53. > :02:56.the UK has been dented - the pound has lost almost 10% of its value
:02:57. > :03:08.Ironically, that's been a bonus for UK exporters!
:03:09. > :03:11.So what about Britain's other huge partner - the US?
:03:12. > :03:15.Would Brexit help or hinder that relationship?
:03:16. > :03:22.Michelle Fleury in New York has been finding out
:03:23. > :03:30.A little slice of the UK here in Europe. Expats and Anglophile 's
:03:31. > :03:35.have flopped to the shop for decades to get their Britain fix. The
:03:36. > :03:40.relative Jupiter in the US and UK is a cosy one, but what would a
:03:41. > :03:46.possible exit to do this special relationship? Would UK imports
:03:47. > :03:51.suddenly be subject to trade barriers if they left the EU?
:03:52. > :03:55.According to this man, the US is not keen on cutting a separate
:03:56. > :04:01.free-trade deal with Britain if it left the European Union. And it may
:04:02. > :04:07.not be bluster. This law professor says the US is focused on deals with
:04:08. > :04:10.other big box, from the recently agreed pact with the 11 Pacific
:04:11. > :04:14.economies to the one it is now negotiating with the EU. The kind of
:04:15. > :04:19.deals the US are looking for our platform deals, the big regional
:04:20. > :04:23.trade backs where the benefits are so great that the cost of trying to
:04:24. > :04:27.obtain those deals worth it, and second, we have a big deal where the
:04:28. > :04:33.other countries can join. The UK deal alone does not meet that test.
:04:34. > :04:38.What is at stake? The US is the second-biggest export market for UK
:04:39. > :04:46.after the EU. Americans bought more than $54 billion worth of goods from
:04:47. > :04:50.the UK in 2014. Cars are a popular export, but if Britain leaves the EU
:04:51. > :04:54.and is not part of the free-trade deal, vehicles back this jaguar
:04:55. > :04:58.would be more expensive than their Italian or German rivals. And if
:04:59. > :05:02.Washington went to a separate deal with UK, this undermines a key
:05:03. > :05:08.argument made by those in Britain who want out. But not so fast. Exit
:05:09. > :05:13.supporters can count on some backing from conservatives. I think in the
:05:14. > :05:17.case of the United States and Great Britain, a free-trade agreement
:05:18. > :05:24.could be concluded very rapidly. After all, the economic and
:05:25. > :05:27.historical and foreign policy links between the United Kingdom and the
:05:28. > :05:33.United States are very deep. Even among Anglophile 's, the Brexit saga
:05:34. > :05:38.has passed many Americans buy. It is not that the special relationship is
:05:39. > :05:41.no longer special, it is just that many US businesses and politicians
:05:42. > :05:48.don't yet understand what the consequences of leaving might be.
:05:49. > :05:55.We will keep across the Brexit debate. We are also taking a look at
:05:56. > :05:56.these. Last year more than 4 million were
:05:57. > :06:00.sold around the world, and they are providing
:06:01. > :06:03.a headache for the authorities. The US is among countries trying to
:06:04. > :06:06.regulate their use Today is the deadline
:06:07. > :06:11.for US owners to register their drone with the Federal
:06:12. > :06:13.Aviation Administration under new Let's cross to the US
:06:14. > :06:23.and talk to Jim Fisher. and he joins us via webcam from
:06:24. > :06:36.New Jersey. Great to have you with us. Just
:06:37. > :06:41.briefly, I can only imagine the concerns in the United States are
:06:42. > :06:44.the same as the concerns here, flying too close to aircraft,
:06:45. > :06:50.especially passenger aircraft, popping into prisons, drug
:06:51. > :06:56.smuggling, those kind of things. Yes, we have certain laws in place
:06:57. > :07:02.already to govern radio controlled aircraft, which were a niche
:07:03. > :07:12.industry before drones came popular. Civilian aviation is at 400 or 500
:07:13. > :07:17.feet. There is a bit of a buffer there. There is also a 5-mile radius
:07:18. > :07:21.around airports, which is a no-fly zone, and there are no-fly zones
:07:22. > :07:27.around national parks, major sporting events and other ferries
:07:28. > :07:36.things -- various things around the city. Tell us just briefly, how does
:07:37. > :07:41.this registration work? You buy a drone, you register your name
:07:42. > :07:45.against us your name, you are on the database, but it will not teach you
:07:46. > :07:50.to flight responsibly? The registration is based on user, not
:07:51. > :08:02.aircraft, and is for drains away between 250 g and 25 kg, in metric
:08:03. > :08:12.-- drones. Anyone can buy a register those for a $5 fee online. Do you
:08:13. > :08:15.think this is been a hot industry in terms of sales? They have been
:08:16. > :08:22.literally flying off the shelf. Do you think this new ball will put a
:08:23. > :08:29.bit of a break on sales? -- new law. I'd exert. The timing of the
:08:30. > :08:33.registration system, four days before Christmas, the FAA was trying
:08:34. > :08:37.to get users who unwrapped one under the tree to register it immediately.
:08:38. > :08:44.If you register it within the first two weeks, the $5 fee was waived.
:08:45. > :08:47.That is when I registered. If you have multiple aircraft, you could do
:08:48. > :08:53.one registration and that covers everything you own. You print out a
:08:54. > :08:55.sticker and fix it to your aircraft. We appreciate you staying up for us.
:08:56. > :09:02.Thank you for joining us. Let's go
:09:03. > :09:05.from the US to Asia now, where taxi app Uber is losing - not a car load
:09:06. > :09:18.but a TRUCK LOAD of money. Happy Friday. How is this like
:09:19. > :09:26.losing money? It doesn't own anything. Yes, they are losing about
:09:27. > :09:30.$1 billion a year in China. That is as it struggles against what it
:09:31. > :09:37.calls a fierce competitor. This is from Uber CEO, who made that comment
:09:38. > :09:42.at an event according to a Canadian news tech side. They have to compete
:09:43. > :09:50.with a local rival which is backed by Chinese technology giants. Both
:09:51. > :09:53.Uber and its competitor has spent heavily to subsidise rides to gain
:09:54. > :10:01.market share, because they are both betting on China's future potential.
:10:02. > :10:04.This year it was quoted saying they were in a better position than its
:10:05. > :10:10.Chinese rival because it could fund its losses partly by using profits
:10:11. > :10:15.from other countries -- the CEO. We know Uber is available in more than
:10:16. > :10:16.40 cities in China. It will continue to expand into another 100 cities.
:10:17. > :10:25.Thank you. We will talk to you soon. Don't forget you can get
:10:26. > :10:37.in touch with me and some of the A complete Bronze Age wheel,
:10:38. > :10:40.believed to be the largest