:00:00. > :00:16.Now it's time for World Business Report.
:00:17. > :00:18."Widespread, damaging and pervasive" -
:00:19. > :00:22.the impact on Britain if Brexit talks fail,
:00:23. > :00:30.So as they reach the end of round two -
:00:31. > :00:37.But for millions of working parents, the big question: who cares?
:00:38. > :00:40.We look at the growing problem and soaring costs
:00:41. > :00:53.In a moment China hails significant progress in trade
:00:54. > :00:55.talks with the US despite cancelled news conferences.
:00:56. > :01:04.we start in Brussels, where the UK's Brexit Secretary,
:01:05. > :01:07.David Davis, and the EU's chief negotiator,
:01:08. > :01:10.Michel Barnier, will wrap up their second round of talks
:01:11. > :01:15.They are expected to give a progress report at a press conference later.
:01:16. > :01:19.They've been focusing on three areas:
:01:20. > :01:26.the so-called divorce bill Britain will have to pay,
:01:27. > :01:28.and the border between Northern Ireland and the Irish
:01:29. > :01:31.The EU says negotiations on the future trading relationship
:01:32. > :01:34.There's huge pressure to reach an agreement.
:01:35. > :01:36.According to an independent report released this morning,
:01:37. > :01:39.the impact on the UK of no deal would be "widespread,
:01:40. > :01:42.It warns of potential chaos over customs
:01:43. > :01:44.checks, British airlines being unable to fly,
:01:45. > :01:50.and UK nuclear power plants - which are regulated by Euratom -
:01:51. > :01:56.It also warns there would be a further fall in the value
:01:57. > :02:00.of sterling - pushing up inflation - and hitting wages and consumer
:02:01. > :02:02.But is UK business prepared for that scenario?
:02:03. > :02:05.Britain's corporate lobby group, the Institute of Directors,
:02:06. > :02:13.says while many firms in the UK are looking at contingency plans,
:02:14. > :02:16.very few - only 11% - have started to put those
:02:17. > :02:19.Meanwhile German Chancellor Angela Merkel told business leaders
:02:20. > :02:21.earlier this week that Brexit shouldn't become a distraction
:02:22. > :02:33.TRANSLATION: We will intensively deal with the Brexit negotiation but
:02:34. > :02:40.we want to continue a good relationship with Britain but we
:02:41. > :02:43.must not under all circumstances concentrate on these negotiations
:02:44. > :02:47.but rather the 27 states must deal with their future.
:02:48. > :02:50.Professor Jonathan Portes is from the School of Politics
:02:51. > :03:02.Are you expecting any concrete progress? I do not think so. Those
:03:03. > :03:07.sides will save we are getting down to business and talking and getting
:03:08. > :03:12.into the details and making progress but equally there will be no
:03:13. > :03:18.explosions. Not yet, anyway. There have been photographs of David Davis
:03:19. > :03:23.at the table with his EU negotiators, no paperwork. They have
:03:24. > :03:29.a stack of that but criticism that perhaps the UK have got into these
:03:30. > :03:36.talks without much detail finalised and not knowing exactly what they
:03:37. > :03:45.are trying to negotiate. To be fair, the UK civil servant have prepared
:03:46. > :03:51.huge paperwork. It is a strategy shared by the UK government at the
:03:52. > :03:54.political level. What the EU is finding rather frustrating is they
:03:55. > :04:00.are not sure what the UK government actually wants. There is no coherent
:04:01. > :04:07.strategy, no vision coming from the UK of what the UK, at a political
:04:08. > :04:12.level, want after Brexit. Do you think there is frustration that
:04:13. > :04:19.people that supported Brexit because of the right huge opportunities
:04:20. > :04:23.outside of the EU but there is no coherent policy or strategy put
:04:24. > :04:28.forward yet? We have two possible slightly different divisions. Both
:04:29. > :04:34.are plausible but you have to decide on one. One is we continue to
:04:35. > :04:39.maintain the current economic relationship with the EU- staying in
:04:40. > :04:44.the single market for at least an extended transitional period and
:04:45. > :04:54.maintain that economic relationship. That is one vision Phillip Hammond
:04:55. > :05:02.and it others share. The other is a clean break and then to pursue a new
:05:03. > :05:07.global Britain agenda of rushing as quickly as we can to do trade with
:05:08. > :05:10.the US and so on. That is another vision but different people in
:05:11. > :05:15.government have different views and until we make that decision, it is
:05:16. > :05:21.hard to see how we go forward. Until traders can be discussed, we have to
:05:22. > :05:25.have some decision on the border between Northern Ireland and
:05:26. > :05:30.Ireland. Is that going to be a sticking point? I do not think it is
:05:31. > :05:35.a sticking point in the sense that the EU want one thing and the Irish
:05:36. > :05:39.want another - everybody wants to solve the problem. The problem is,
:05:40. > :05:47.nobody actually knows what the answer is stopped after Brexit there
:05:48. > :05:51.will be a new order that did not exist before between the European
:05:52. > :05:57.Union and the UK so how do you avoid making it a hard border if we are
:05:58. > :06:02.not going to be part of the customs union and the single market. The
:06:03. > :06:07.question is how do you avoid that fundamental problem. Thank you for
:06:08. > :06:07.talking to us. It's the time of year when millions
:06:08. > :06:11.of schoolchildren begin to break up And for working parents -
:06:12. > :06:16.the big question of who is going All across BBC News today,
:06:17. > :06:19.we're looking at the pressure of childcare for families
:06:20. > :06:21.around the world. And how businesses are
:06:22. > :06:24.responding to the challenge. Samira Hussain reports from the US,
:06:25. > :06:37.where for many kids, Yellow school buses on the streets
:06:38. > :06:43.of Manhattan in the summer to not mean the school but it means camp.
:06:44. > :06:49.Although some dread the 45 minute bus ride, the destination is an
:06:50. > :06:58.idyllic summer experience for city kids. This private day spans 50
:06:59. > :07:05.acres and campers do a range of activities, from zip lining to
:07:06. > :07:09.making a delicacy. There are hundreds of camps like these running
:07:10. > :07:15.in New York State all summer but they are not cheap. Camps can be
:07:16. > :07:23.anywhere from $500 a week to thousand dollars a week. Certainly
:07:24. > :07:28.there are local camps that can be less. Camps like these are the kids,
:07:29. > :07:34.especially those that live in the city, and they offer a unique
:07:35. > :07:38.experience but they can be expensive for parents. They are finding into
:07:39. > :07:43.the classroom to make beads fought necklaces. It is just one of the
:07:44. > :07:48.many activities offered by the Brooklyn children's Museum daycare
:07:49. > :07:53.programme and it comes at no cost to parents. As a result, the wait list
:07:54. > :08:01.is double that of the number of campers they can accommodate. Some
:08:02. > :08:06.parents have the means to afford an expose of their child to certain
:08:07. > :08:11.experiences, others don't and some parents rely on this programme to
:08:12. > :08:15.help them make ends meet. Some parents to not have the resources to
:08:16. > :08:22.pay thousands of dollars for summer programmes. As many parents know,
:08:23. > :08:27.children are pricey proposition all year round. When it comes to child
:08:28. > :08:29.care over the summer, your offers a defined by your means.
:08:30. > :08:32.And a reminder, we'll be looking at the cost of childcare
:08:33. > :08:35.across the BBC today - online and via social media -
:08:36. > :08:42.follow the conversation at #Childcare
:08:43. > :08:46.On the website you can find my personal report about how I have
:08:47. > :08:47.been coping. In the last hour or so China has
:08:48. > :08:50.said it has made "significant progress" on a 100-day action plan
:08:51. > :08:54.for trade with the US - and discussed a one-year plan
:08:55. > :08:56.on economic cooperation. The Chinese embassy in Washington
:08:57. > :08:59.made the comments after the annual economic dialogue between the two
:09:00. > :09:01.sides ended on Wednesday China's huge dominance in trade
:09:02. > :09:06.between the two has of course been a major issue for the
:09:07. > :09:07.Trump administration Our Asia business team has been
:09:08. > :09:24.following this story - What do you make of these cancelled
:09:25. > :09:28.news conferences? I think it is there to say the language the
:09:29. > :09:32.Chinese Embassy and the US used in the comments you mentioned is rather
:09:33. > :09:37.careful but the fact that they cancelled the press conference where
:09:38. > :09:43.reporters could have asked questions and it did not even released a joint
:09:44. > :09:48.statement, that may imply they had quite a lot of disagreements and, to
:09:49. > :09:53.be fair, there were many issues they could not come to an agreement with.
:09:54. > :10:02.A huge trade deficit that America has with China has been one of the
:10:03. > :10:06.key election promises. It reached some $350 billion last year and it
:10:07. > :10:11.appears they could not come to an agreement on that. The other major
:10:12. > :10:15.sticking point has been steel import. The US has repeatedly
:10:16. > :10:19.accused China of flooding the market and driving the prices are down. The
:10:20. > :10:26.Trump administration even threatened to impose tariffs or quotas which
:10:27. > :10:30.some analysts were concerned could lead to a trade war between the two
:10:31. > :10:36.countries. The Chinese side has been saying they are still having a
:10:37. > :10:43.dialogue, no confrontation, but it seems they could not come to an
:10:44. > :10:50.agreement ensuring it is dialogue. -- during this dialogue.