:00:00. > :00:16.Now it's time for World Business Report.
:00:17. > :00:18.Divorce deadlock - the EU's chief Brexit negotiator
:00:19. > :00:21.says there's been "no decisive progress" in this week's talks
:00:22. > :00:23.with Britain's exit bill the main sticking point.
:00:24. > :00:26.Plus, green shoots of recovery - how a bumper harvest is dragging
:00:27. > :00:30.Brazil out of its worst recession in a century.
:00:31. > :00:43.We start in Brussels, where the third round of Brexit
:00:44. > :00:45.negotiations has ended with "no decisive progress
:00:46. > :00:53.those are the words of the EU's chief negotiator Michel Barnier.
:00:54. > :00:57.He and his UK counterpart, Brexit Secretary David Davis,
:00:58. > :00:59.have hinted there's been some progress on the rights
:01:00. > :01:06.But there's one major sticking point - money.
:01:07. > :01:10.How much will the UK will have to pay to leave the EU?
:01:11. > :01:13.Among a huge range of estimates, some suggest Brussels will want
:01:14. > :01:15.this - $70 billion - although even higher
:01:16. > :01:23.So where are the numbers coming from?
:01:24. > :01:26.Well, Britain makes a net contribution to the EU budget of 11
:01:27. > :01:30.EU officials say it needs to keep paying into the current budget
:01:31. > :01:34.until 2020, along with other commitments.
:01:35. > :01:37.But Britain is questioning the legality of having to pay once
:01:38. > :01:47.But it won't enter into any discussion about future trade
:01:48. > :01:50.relations without the bill being settled.
:01:51. > :01:53.Those talks were supposed to start next month.
:01:54. > :01:55.But Mr Barnier is warning there is now "little
:01:56. > :02:01.Meanwhile, the UK is hoping to line up new trade deals
:02:02. > :02:05.Later today, Brexit Secretary David Davis is in Washington DC
:02:06. > :02:08.where he will address the US Chambers of Commerce.
:02:09. > :02:11.And Prime Minister Theresa May has just been in Japan to talk trade.
:02:12. > :02:14.Japanese firms employ close to 160,000 people in the UK.
:02:15. > :02:17.Japan has, of course, recently agreed a huge trade deal
:02:18. > :02:21.with the EU, just as Britain heads for the exit.
:02:22. > :02:24.On Thursday, Japanese Prime Minister Shinzo Abe pressed Mrs May
:02:25. > :02:40.TRANSLATION: The fact that even after the Brexit decision,
:02:41. > :02:45.that shows the profound trust they have in British economy.
:02:46. > :02:47.With this in mind, I have asked Prime Minister May
:02:48. > :02:49.for her continued consideration in ensuring transparency
:02:50. > :02:52.and predictability to minimise the impact on business
:02:53. > :03:01.activity involving Japanese companies.
:03:02. > :03:04.In the last few hours, the BBC has spoken to Britain's
:03:05. > :03:07.International Trade Secretary, Liam Fox, who's also in Japan.
:03:08. > :03:10.He echoed Prime Minister Abe's concerns about the need for progress
:03:11. > :03:17.It's very clear that businesses not just in Europe but investors
:03:18. > :03:19.in places like here in Japan are getting impatient
:03:20. > :03:22.and want to see that final shape of what that arrangement
:03:23. > :03:28.They want to know that there will continue to be an open
:03:29. > :03:30.and liberal trading environment in Europe,
:03:31. > :03:33.and there's a worry that if there's not the sort of agreement that
:03:34. > :03:36.Britain wants you could end up with impediments to trade
:03:37. > :03:41.and investment in Europe that don't exist today.
:03:42. > :03:44.Peter Bishop is Deputy Chief Executive of the London Chamber
:03:45. > :03:57.Thank you for joining us. Let's start with those issues of trade
:03:58. > :04:00.talks. Many had hoped perhaps measly that we could start those trade
:04:01. > :04:05.talks in October given there has been so little progress on the other
:04:06. > :04:11.issues that Michel Barnier has said it is unlikely to happen. How will
:04:12. > :04:14.that be making UK businesses feel? They like certainty, they want
:04:15. > :04:18.certainty, they want to know what is going to happen and you can delay
:04:19. > :04:22.decisions about whether you will operate in the future from the
:04:23. > :04:28.mainland or indeed Europe but you cannot put them off indefinitely
:04:29. > :04:33.decisions like that. Now, if the arrangement that we do end up having
:04:34. > :04:38.with the EU is as close to as some of us hope what it is now then
:04:39. > :04:43.actually it shouldn't take that long to put in place some areas concerned
:04:44. > :04:47.but in a panic. The issue is one of time, it is of the essence, we keep
:04:48. > :04:51.hearing about the clock ticking, the hope had been talks would start in
:04:52. > :04:55.October and we have the deadline of March 2019 and for lots of
:04:56. > :04:58.businesses they will be looking at the divorce Bill, the exit Bill, and
:04:59. > :05:03.now figures ranging up to 100 billion have been mooted. If there
:05:04. > :05:07.were feeling from the business community that if the government
:05:08. > :05:11.would just get on and settled divorce Bill and get that settles,
:05:12. > :05:15.otherwise the longer they leave it, they could end up losing out in the
:05:16. > :05:18.long-term if businesses are moving elsewhere because they haven't got
:05:19. > :05:21.the clarity they need. Of course they want the government to get on,
:05:22. > :05:26.they want a divorce Bill to be settled. And yes there is an element
:05:27. > :05:30.that depending on what Gillbee eventually do with the EU, we may be
:05:31. > :05:36.eating into the monies that we are saving by negotiating harder, as
:05:37. > :05:40.perhaps one would expect by further tariff barriers, let's say, in the
:05:41. > :05:45.future. But there is a big feeling around that there is going to be a
:05:46. > :05:49.transitional period of some years between March 19 and when the deal
:05:50. > :05:54.is finally, the deal finally kicks in. So looking after Brexit, what
:05:55. > :05:59.should the government be considering when it comes to negotiating new
:06:00. > :06:03.trade deals? What issues and what countries should they be looking at?
:06:04. > :06:09.Well, there are countries where barriers with trade between the UK
:06:10. > :06:13.or the UK as part of the EU, are high, and therefore by reducing them
:06:14. > :06:20.there is a likelihood there will be growth in trade. India is in that
:06:21. > :06:23.bracket. At the Indians will see a trade deal in the round, they will
:06:24. > :06:28.see not just tariff barriers, nontariff barrier to us, there was
:06:29. > :06:32.the cultural and education to, they will want everything to be put into
:06:33. > :06:38.the basket and then make a win- win. There are other markets face were
:06:39. > :06:41.actually trade barriers to entry are not particularly high, Britain for
:06:42. > :06:47.example exports to the states more than any other country in the world.
:06:48. > :06:52.More than Germany or France or Italy. So to spend a lot of time
:06:53. > :06:56.working out how we are going to increase trade fair when you could
:06:57. > :06:59.be putting your resource and resource is finite in this, into
:07:00. > :07:03.places like India, would be my advice. Peter, thank you very much.
:07:04. > :07:06.Let's turn to Brazil, which is emerging from the deepest
:07:07. > :07:09.recession in a century - it saw 10% wiped off its economy
:07:10. > :07:14.GDP figures out later could show it's on track to return to modest
:07:15. > :07:18.It's all down to the nation's farmers - thanks to a bumper
:07:19. > :07:20.they been have propping up the wider economy.
:07:21. > :07:23.But as Daniel Gallas reports, the country still has serious
:07:24. > :07:39.Work never stops in these fields in Brazil. Today they are covered in
:07:40. > :07:43.white as farmers are harvesting cotton. Just a few weeks from now,
:07:44. > :07:47.the land will be cleared to make way for soya bean plantations. This
:07:48. > :07:57.farmer knows how important his farm is to Brazil. We saved the country
:07:58. > :08:01.'s economy this year. It is impossible to match operas would
:08:02. > :08:04.look like without its farmers today. From the small ones to the big
:08:05. > :08:10.plantations, we are helping the country through the hard times.
:08:11. > :08:14.Agriculture accounts for more than one fifth of Brazil's economic
:08:15. > :08:19.output. This is bumper harvest means the sector will grow by more than
:08:20. > :08:23.10%. If Brazil's agriculture sector was a single country, it would be
:08:24. > :08:31.growing faster than any other nation on the planet. This man is not only
:08:32. > :08:35.a farmer, he is the mayor of a city. Revenues from agriculture have
:08:36. > :08:39.transformed his city. It boasts some of the best state funded schools in
:08:40. > :08:45.Brazil, even after the town's population tripled in size over the
:08:46. > :08:49.last decade. But despite positive stories in the town, infrastructure
:08:50. > :08:54.outside could stall the engine of growth. The long road for Brazilian
:08:55. > :08:59.exports to markets like China, Europe and the US starts here that
:09:00. > :09:03.this is one of the worst roads in Brazil. You can see there is no
:09:04. > :09:07.movement at all. It will take days for these trucks to reach the coast
:09:08. > :09:13.and that makes Brazilian products about 10% more expensive. Our
:09:14. > :09:19.transportation matrix is not adequate for the country. We need
:09:20. > :09:30.more railroads. So if we change our matrix, you would save around 100
:09:31. > :09:38.billion a year, that means $30 billion. A year. But building better
:09:39. > :09:43.roads and railways is expensive and Brazil's government is
:09:44. > :09:47.cash-strapped. Prosperity is still confined to the country's highly
:09:48. > :09:50.productive fields. The bumper harvest may help end of recession
:09:51. > :09:52.but it will not fix Brazil's more serious problems.
:09:53. > :10:05.The markets in Asia are trading. They are on the up following Wall
:10:06. > :10:09.Street which was up yesterday and concerns over North Korea and storm
:10:10. > :10:14.Harvey seemed to have eased. Keep an eye on the US jobs figures for
:10:15. > :10:18.August, the Robran goes to you when we get them. -- we will bring those
:10:19. > :10:24.to you. Nearly half of young,
:10:25. > :10:26.low-paid parents are struggling to juggle child care with work,
:10:27. > :10:30.according to a survey Researchers found that irregular
:10:31. > :10:33.hours were to blame,