:00:00. > :00:00.Now for the latest financial news with Sally Budock and World Business
:00:00. > :00:18.Panic-buying and looting in Venezuela, as the currency crisis
:00:19. > :00:22.The President is now forced to backtrack on the withdrawal
:00:23. > :00:33.And it survived two world wars and the onslaught of the big
:00:34. > :00:35.supermarket chains, but could Brexit now mean the end
:00:36. > :00:50.Also in the programme, we'll find out
:00:51. > :00:54.how Japan and the European Union try to carve out a free-trade pact
:00:55. > :01:00.Troops are patrolling cities where looting and protests erupted
:01:01. > :01:02.over the government's plan to withdraw the country's largest
:01:03. > :01:04.denomination bank note from circulation.
:01:05. > :01:06.A partial curfew is in place in the southern city
:01:07. > :01:10.of Ciudad Bolivar, which has been most affected by the disturbances.
:01:11. > :01:12.President Nicolas Maduro says more than 300 people
:01:13. > :01:16.He has now postponed the withdrawal of the 100 bolivar note
:01:17. > :01:19.until January and, seeking to calm nerves, has said a first batch
:01:20. > :01:22.of replacement notes had arrived and would be put into circulation.
:01:23. > :01:26.Venezuela's economy has been struggling for a long time now.
:01:27. > :01:30.By the end of this year it will be producing more than 20% less good
:01:31. > :01:35.One of the driving factors is the reliance on oil.
:01:36. > :01:39.The black stuff accounts for 96% of exports but even before the price
:01:40. > :01:41.collapse of the last two years the economy was shrinking.
:01:42. > :01:44.That along with the way the government has managed
:01:45. > :01:46.the economy with price and currency controls mean
:01:47. > :01:49.the International Monetary Fund is predicting inflation of nearly
:01:50. > :02:08.And that's why the 100 bolivar note which was supposed to have been
:02:09. > :02:11.withdrawn on Friday is worth less than two US cents.
:02:12. > :02:13.It was the most common banknote accounting for almost 48%
:02:14. > :02:25.With me is Jimena Blanco, Head of Latin America at global risk
:02:26. > :02:39.It is always good to see you. It sounds like complete chaos. It
:02:40. > :02:45.sounds like an idea that was not thought through at all when it
:02:46. > :02:49.introduced this time last week. It shows a lack of planning on the part
:02:50. > :02:56.of the government. The need to replace the 100 Bolivar note with
:02:57. > :03:05.natural inflation was natural. We expected higher bills to be
:03:06. > :03:10.introduced. What was poorly plans to -- planned was the way it was done.
:03:11. > :03:15.The banks were running out of money and Nicolas Maduro knew as much.
:03:16. > :03:22.They had only 2% of the 100 Bolivar notes in circulation and that would
:03:23. > :03:29.have been enough to curry demand for three days. The new ones are not on
:03:30. > :03:37.the scene, the 500 bolivar note which will be most likely used and
:03:38. > :03:42.most widely used. Yes. Also, the 100 note will be replaced by coins.
:03:43. > :03:49.Those are starting to be produced at the moment. The problem is, will
:03:50. > :03:52.people have enough money? We are heading into the Christmas season, a
:03:53. > :03:58.high demand season for currency. Many Venezuelan is do not have
:03:59. > :04:03.access to a form of payment. What happens when people try to go to the
:04:04. > :04:10.shops and want goods but have no money. I think you have the answer,
:04:11. > :04:18.protest and riots. That is what I ask you about with the latest move
:04:19. > :04:22.of Nicolas Maduro. How is he doing? He has been under pressure from his
:04:23. > :04:27.party for some time but he is digging his heels in. He is highly
:04:28. > :04:33.unpopular. Look at most polls. A vast number of Venezuelans want a
:04:34. > :04:37.change and they blamed him for the horrible economic situation. There
:04:38. > :04:41.is not really a clear constitutional way out of this. The opposition has
:04:42. > :04:47.attempted to remove the president. Those attempts have not been
:04:48. > :04:54.successful. And so I think we are in a situation where we will see
:04:55. > :04:58.sporadic protesting, riots, looting, goods not being available in shops,
:04:59. > :05:03.and the latest measure is really a recognition that social unrest was
:05:04. > :05:18.about to spike quite severely over the weekend. OK. Jimena, thank you
:05:19. > :05:19.for coming in. We appreciate your perspective and we will keep across
:05:20. > :05:19.that. This week, finance leaders
:05:20. > :05:23.from Japan and the EU want to reach It comes at an uncertain time
:05:24. > :05:27.for international trade, as US President-Elect Donald Trump
:05:28. > :05:30.speaks of protectionism and the UK's decision to split from
:05:31. > :05:32.the European Union. Karishma Vaswani is in our
:05:33. > :05:39.Asia Business Hub in Singapore. It is good to see you. This is an
:05:40. > :05:46.interesting move, isn't it, on the part of Japan and the EU? Yes. Just
:05:47. > :05:51.when you thought we were seeing the end of free trade deals and the
:05:52. > :05:57.decline of globalisation, Japan is trying to fly the flag high. They
:05:58. > :06:01.are meeting this week to hammer out a long-awaited trade deal
:06:02. > :06:07.anticipated for a long time between the two sides. Japan is the EU's
:06:08. > :06:13.second biggest trading partner outside of China. They make up more
:06:14. > :06:18.than a third of the world's GDP. On Saturday, the EU said it was close
:06:19. > :06:22.to a deal with Japan. That would possibly be by the early part of
:06:23. > :06:27.next year. That is only if Japan opens up the EU farm could and they
:06:28. > :06:33.allow Japanese cars in the EU unfettered access. They used stand
:06:34. > :06:38.to gain a great deal from a trade agreement like this. Many have said
:06:39. > :06:42.symbolically it would signal that free trade deals are not going out
:06:43. > :06:46.of fashion despite statements from US President-Elect Donald Trump that
:06:47. > :06:52.the US will pull out of the Trans-Pacific Partnership and also
:06:53. > :07:01.the vote by the UK to lead the EU. Both of these things have been seen
:07:02. > :07:03.as anti-trade moves. OK, very interesting. We will keep an eye on
:07:04. > :07:03.that. The corner shop has been
:07:04. > :07:06.at the centre of our communities for more than 70 years
:07:07. > :07:09.and despite the rise of supermarkets and a change in our shopping habits,
:07:10. > :07:13.the corner shop market is expected to increase by 17% to ?44 billion
:07:14. > :07:16.over the next five years. Babita Sharma, herself
:07:17. > :07:18.the daughter of shopkeepers, investigates how the corner shop
:07:19. > :07:38.has managed to survive. With every corner shop across
:07:39. > :07:43.Britain, there is a story. And that story reflects the changing face and
:07:44. > :07:52.fortunes of the country. 97 peak, love. Thank you. And don't worry
:07:53. > :07:56.about the three p. Britain has often been called a nation of shopkeepers,
:07:57. > :08:04.a nation built on entrepreneurial drive dating back to the 1940s. The
:08:05. > :08:08.corner shop was the social centre of people. People talk about things.
:08:09. > :08:13.They talked about interesting things. It was the social gathering
:08:14. > :08:17.of the area. Look at BBC, it picked up all the news. The rise of
:08:18. > :08:25.supermarkets threaten the future of the corner shop markets. But with a
:08:26. > :08:29.new wave of migration came a new lifeline for the local shop. We were
:08:30. > :08:34.born to do this. The principal for most Indians was now we are free of
:08:35. > :08:42.the colonials, we are going to be our own masters. We are not going to
:08:43. > :08:48.work for anyone else. It is a small emotional and political revolution
:08:49. > :08:52.for an Indian mentality to kind of push that line through all the way
:08:53. > :08:57.to becoming an entrepreneur and becoming your own boss. But life for
:08:58. > :09:02.shopkeepers was not easy. They are under threat from supermarkets
:09:03. > :09:09.nestling in on the High Streets with discounted products. They had no
:09:10. > :09:17.choice but to diversify. You have Sainsbury is over there. I wanted to
:09:18. > :09:22.close a few years ago and forget it. But they now seem to have the
:09:23. > :09:27.winning formula. Luring customers with the spoke offerings like
:09:28. > :09:34.home-made curries and home-grown vegetables. It has got everything. I
:09:35. > :09:40.have never seen so many spices and vegetables. Yeah. Yeah. Basically if
:09:41. > :09:47.you want to create anything exotic and exciting you would come here.
:09:48. > :09:53.With Brexit now a reality the corner shop may face its guest yet threat
:09:54. > :10:02.for survival. -- biggest. This unsung hero soldiers on anyway. It
:10:03. > :10:08.certainly does. Good morning to my local shop. I know you are watching.
:10:09. > :10:12.And now for the markets. A slightly stronger yen for the first time in
:10:13. > :10:18.three days, though still extraordinarily weak. Growth in
:10:19. > :10:22.China hampering trade in Asia today. That all from me now. Stay with us.
:10:23. > :10:24.We will review the news and what they are discussing in just a
:10:25. > :10:32.minute. The number of lives lost due
:10:33. > :10:35.to suicide in England is unacceptable, according
:10:36. > :10:38.to a group of MPs.