:00:00. > :00:00.Now for the latest financial news, with Aaron Heslehurst
:00:00. > :00:27.Malta's Prime Minister calls for a "fair deal" for Britain,
:00:28. > :00:29.but warns it will pay a price for leaving.
:00:30. > :00:34.Snapchat files for a stock market flotation, that could be the biggest
:00:35. > :00:47.In a minute we'll have, World Business Report.
:00:48. > :00:58.We start in the Maltese capital, Valletta, where EU leaders
:00:59. > :01:00.are gathering for a special summit, two days after the British
:01:01. > :01:03.parliament voted overwhelmingly to start the process of Brexit.
:01:04. > :01:06.Prime Minister Theresa May will be holding one-on-one talks
:01:07. > :01:10.Malta holds the rotating presidency of the EU.
:01:11. > :01:13.Its Prime Minister, Joseph Muscat, has been clear Britain can't
:01:14. > :01:19.He has told the European Parliament this.
:01:20. > :01:22."We want a fair deal for the United Kingdom."
:01:23. > :01:25.But and it's a big but "that deal necessarily needs to be
:01:26. > :01:30.Assuming Britain formally gives its two-year leaving notice
:01:31. > :01:32.next month, known as "triggering Article 50" of the Lisbon Treaty,
:01:33. > :01:35.Mr Muscat says they must agree a Brexit deal by October.
:01:36. > :01:38.That's so it has time to be ratified by member states
:01:39. > :01:41.and the European Parliament before the UK is formally out.
:01:42. > :01:44.Then there's the small matter of this, the UK's bill
:01:45. > :01:54.As much as 60 billion euros is what Britain will owe,
:01:55. > :01:57.according to some in Europe, taking into account its share
:01:58. > :01:59.of budget commitments, pensions, spending on UK-based projects etc.
:02:00. > :02:17.That's likely to be the subject of a lot of wrangling.
:02:18. > :02:20.Juergen Stark is a former board member of the European Central Bank.
:02:21. > :02:24.He told the BBC's Andrew Walker that Brexit will require a major re-think
:02:25. > :02:50.I don't see under current circumstances the risk. However, in
:02:51. > :02:55.the context of constitutional reforms in Europe, the context of
:02:56. > :03:02.structural reforms in Europe, I think we need to think about the
:03:03. > :03:08.reallocation of responsibilities. I am in principle against any other
:03:09. > :03:13.centralisation of policies at the European level. And in this context,
:03:14. > :03:19.I would like to talk about the resent of Europe, to reinvent
:03:20. > :03:25.Europe. And in this context, one might also consider the exit of one
:03:26. > :03:31.or another country from the EU. So, for me, it is not a given that the
:03:32. > :03:36.euro area, the current country composition, will exist in this
:03:37. > :03:41.layout in ten years' time. Looking at the layout, Britain is in the
:03:42. > :03:46.process of leaving. Is there a danger to the stability of the EU
:03:47. > :03:50.itself? It depends on the negotiations and the outcome of the
:03:51. > :03:55.negotiations. Whether the United Kingdom will in the end be better
:03:56. > :04:01.off than it is now as a full member of the European Union. This will
:04:02. > :04:07.have a ripple effect to other countries. I think both sides of the
:04:08. > :04:11.Channel will start in the very tough negotiations at this point. I think
:04:12. > :04:18.Europeans have no interest at all to give the signal to now full members
:04:19. > :04:25.of the European Union so that there is still a balance and benefit
:04:26. > :04:33.exceeding the cost. That sucks the life out of the show.
:04:34. > :04:42.Let's go to Rico Hizon. The Chinese economy comes back from holiday.
:04:43. > :04:47.They don't like. Everyone he was caught offguard by the latest move
:04:48. > :04:52.by the Central Bank. Chinese and regional equities are slumping to
:04:53. > :04:58.their steepest losses in two weeks. And at this point there is still no
:04:59. > :05:04.official word from the People's Bank of China why there is no movement.
:05:05. > :05:12.It basically reinforces the view that Chinese authorities are intent
:05:13. > :05:18.on forcing that handling companies to deleverage. It appears to be
:05:19. > :05:24.intent on controlling a real estate bubble. It could try to arrest the
:05:25. > :05:32.yuan's depreciation against the US dollar. There have been allowances
:05:33. > :05:38.for policy makers to have more room to look at debt this year. Analysts
:05:39. > :05:42.think this will have to be gradual. They believe the Central Bank will
:05:43. > :05:54.be in no hurry to raise the policy standing rate for now. Aaron, have a
:05:55. > :05:58.good weekend. Do you Snapchat? I don't. I am behind on social media.
:05:59. > :06:08.That is because you are old! Like me! Us oldies don't do it!
:06:09. > :06:13.In the last few hours the social networking company has filed
:06:14. > :06:16.documents to float its shares on the New York Stock Exchange.
:06:17. > :06:19.It's likely to be the biggest IPO, or Initial Public Offering,
:06:20. > :06:21.in the technology world since Facebook floated in 2012.
:06:22. > :06:25.For those of you who don't use it, it's kind of the opposite
:06:26. > :06:28.of Facebook, instead of making a permanent record of your life it
:06:29. > :06:30.lets you send picture messages that then disappear.
:06:31. > :06:38.According to the company, 158 million people use Snapchat
:06:39. > :06:40.every day to send picture messages or Snaps.
:06:41. > :06:42.That's nothing compared to the almost two billion people
:06:43. > :06:46.But it's very popular among young people, especially in the US.
:06:47. > :06:49.An estimated 41% of Americans aged 18-34 are on Snapchat.
:06:50. > :06:52.Its users are young, and, boy, so are its founders.
:06:53. > :06:55.It was set up by Evan Spiegel, on the left, now still only 26,
:06:56. > :07:02.Three years ago they turned down $3 billion in cash for the company
:07:03. > :07:09.Snapchat could have a stock market value of up to $25 billion
:07:10. > :07:38.We have been trying to get our brains around it. Here is the
:07:39. > :07:44.problem. I have been on Snapchat for a few years but have never got it.
:07:45. > :07:48.Now, finally, I am determined to understand it, with a younger
:07:49. > :07:54.person, Priscilla. What should I do? The best thing to do on Snapchat is
:07:55. > :07:58.take selfies. Double tap your screen. If you want to put a filter,
:07:59. > :08:05.you hold onto your face, and you have different filters. I have got
:08:06. > :08:09.that filter, that filter... I have got ears... To send that to someone
:08:10. > :08:16.individually, you click on the arrow. You can share yourself with
:08:17. > :08:18.the world. That is the point of Snapchat. I don't know if he has got
:08:19. > :08:18.it. Steve Brazier is CEO
:08:19. > :08:28.of the technology research firm, Thank you for coming in at this
:08:29. > :08:32.horrid hour. Snapchat are in the situation Facebook was 5-6 years
:08:33. > :08:38.ago, because people said Facebook has to learn how to monetise and
:08:39. > :08:42.make money. Snapchat needs to make money. That is true. Twitter was in
:08:43. > :08:48.the same situation. The big question with Snapchat, is it Facebook, or is
:08:49. > :08:57.it Twitter? It has a valuable audience, the young people of the
:08:58. > :09:03.US. But it has a lot of people on the Apple platform. It does not have
:09:04. > :09:10.much outside of the US. And it is not good with its app on Android. It
:09:11. > :09:16.is a limited demographic. It is not with the old or outside the US. Does
:09:17. > :09:21.that mean it has the room for growth and other markets to look it? It has
:09:22. > :09:24.a chance. It is a popular app. But it has a lot of competition,
:09:25. > :09:31.especially outside of the US, and with companies in Asia like Lion and
:09:32. > :09:38.Wechat. Anything they do can be copied and has been copied. Use a
:09:39. > :09:46.Instagram. Mark Zuckerberg owns Facebook. He was turned down for
:09:47. > :09:56.Snapchat so he bought out Instagram to kill them off. Is it a smart move
:09:57. > :10:00.by these chaps now to go public to Wall Street? There is great urgency
:10:01. > :10:04.to go public quickly. The era of quick money is at an end. We just
:10:05. > :10:08.heard about the interest rate rise in China and we will have it in the
:10:09. > :10:12.US later this year. The availability of cheap money will be harder. It is
:10:13. > :10:16.good to do it now with the IPO before the hype around technology
:10:17. > :10:20.diminishes. While I have you and with your background in technology,
:10:21. > :10:24.I have to ask you about Amazon, one of the biggest companies in the
:10:25. > :10:28.world. They came out last night and said they are not making as much
:10:29. > :10:32.money as we all expected to be that is something to do with spending a
:10:33. > :10:37.lot on investment. The A1 is the most innovative company in the
:10:38. > :10:45.world. -- Amazon. They have innovated groceries and Cloud
:10:46. > :10:48.computing and the Echo. Lots went right for them but they have
:10:49. > :10:52.disappointed with overall revenues. They are asking shoppers to buy on
:10:53. > :10:55.convenience, not just with lowest prices any more. There is
:10:56. > :11:03.competition coming in, especially from Google, with Amazon. Thank you
:11:04. > :11:06.for coming in and joining us. We will leave it there had this. This
:11:07. > :11:09.is really interesting. The Chief Executive and co-founder of Uber,
:11:10. > :11:13.another kid. has quit President Donald Trump's
:11:14. > :11:16.business advisory group. The boss of the ride hailing service
:11:17. > :11:19.had been coming under mounting pressure over the Trump
:11:20. > :11:21.administration's immigration Critics included Uber drivers,
:11:22. > :11:23.many of whom are themselves immigrants, and a social media
:11:24. > :11:38.campaign urging users to delete There we go. But Elon Musk is still
:11:39. > :11:40.going to the meeting today with President Trump. We will keep you
:11:41. > :11:41.across that. Don't forget, you can get
:11:42. > :11:44.in touch with me and some I will be back to look at the papers
:11:45. > :11:53.from around the world. See you soon. A group of MPs is warning that
:11:54. > :11:56.government plans to cut unemployment benefit for new disabled claimants
:11:57. > :11:59.could leave some unable to meet The Work and Pensions Committee says
:12:00. > :12:04.the reduction will not motivate