this is business briefing. i'm sally bundock. snapchat shares plunge as it reveals it is struggling to attract users and turn a profit. it also warns the months ahead will be challenging — we talk you through what's at stake. the us president heads to china as he continues his tour of asia. he's criticised beijing's trade policy in the past, but will he soften his tone as he looks for support in the far east? and on the markets. a pause in the rally in asia and the price of oil has fallen a touch. we will talk you through the market moving stories. shares in the parent company behind snapchat have plunged 20% in after—hours trading. third quarter losses more

than trebled to over $400m in the last quarter. even before this latest set of results, the company had already lost nearly two fifths of its value since snap went public back in march. hoxton ventures is a venture capital firm which invests in early stage technology companies. i'm joined by one of its co—founders, hussein kanji. in terms of snapchat, what did they say in terms of their earnings? they do not save very much and that is pa rt do not save very much and that is part of the problem. the number of people is down from previous estimates and they came far below that which is one of the reasons the stock has plummeted. no one thought it was going to be this bad. the

issueis it was going to be this bad. the issue is its business model is quite unusual when comparing it to facebook or twitter. in the sense that things disappear very quickly and the user base is a very specific. it is not that different from facebook from a business model perspective. these are devices and applications people are using and you can put advertising in front of them. it is the existential equation. facebook has declared war on the company and has copied practically everything. instagram has doubled the amount of users that snapchat wants. facebook wanted to buy it. they said no thanks. and facebook has pretty much a declared war but will each win the war? will snapchat still exist in a few years

time? kennett become an independent company? it looked like it was going down that road but it does not look like it is a very sustainable company as a public company. facebook makes about $5 per viewer snapchat makes about one. we were all talking about shares plunging after facebook went public... correct. they are giving snapchat a little bit of flexibility because it is not immediately obvious if you can become sustainable but with these numbers, profitability is down, numbers is down. the only good news is that it sold for 2 billion cash so it can sustain these losses for a while. twitter has expanded to

240 characters. what difference will it make? twitter itself is searching for reinvention. it is of the same problem as facebook. it is not as healthy as facebook. we will see if it makes much of a difference. a small group of folks wanted more characters but the bigger problem is can they turn this into an affect if business. a question we have been asking for a long time. thank you for the analysis. you have sent in a lot of use and most of you saying you are more of a facebook kind of people rather than snapchat. we will discuss that more in detail later. in the next few hours, president trump will meet with his chinese counterpart xijinping. the nuclear threat posed by north korea is set to top the agenda, but mr trump is also expected to take aim at the trade relations between china and the united states. let's cross over to our asia

business hub to speak to sharanjit leyl. tell us about how significant this trip is from the point of view of reasons and trade? well, massively significant because when he lands in china today, he will be joined by the losses of more than two dozen american businesses and during this visit they are looking to strike billions of dollars worth of deals but we know there are many sticking points in leading the huge trade deficit america has with china. also issues as intellectual but he first and market access. this trade delegation hopes for contract signing is aimed at reducing the massive trade deficit. they are mainly large companies such as

bowling. they acknowledge such deals will do little to address a trade issues between the two. china has a number of rules preventing foreigners from taking stakes in their industry without a local partner, restrictions in the financial services and insurance industry. they argue that if us firms were allowed access, this would help china financial industry gain maturity. but a coring to a nalysts gain maturity. but a coring to analysts i have been speaking to, it will not be seen to benefit the chinese firms in the long run and it will take really a long time, as it did with the japanese, for the us and china to narrow their very wide trade imbalance. thank you very much indeed. we will update you as the trip continues. exactly a year ago, india's government withdrew almost ninety percent of bank notes in circulation. the surprise measure was aimed at restricting the country's shadow

economy, but the move disrupted life across india, especially in rural areas. so one year on, has it been a success? yogita limaye reports. atan at an event in december of last year, the government announced that this village, up 100 kilometres from mumbai, was going cashless. the first time ever, people were shown how to use a card machine and it doesn't be distributed to small businesses in the area. one year on, cash is king again. even though the post outside this shop proudly says that digital payments are the future, most of his customers use cash. translation: the network is up and down and there are power cars so

there are many thaisa cannot use the ca rd there are many thaisa cannot use the card machine. only 15% of transaction are use. after the cash ban last year, businesses were hit ha rd ban last year, businesses were hit hard at the government hoped that making this village cashless would help control the chaos. this is the only bank in the area and people from this village and 70 other have their accounts in this one branch and so when the government with two major currency notes, the queue waiting to withdraw money extended all the way down to the street. the government said its objective was to cut down on illegal cash holdings but it exposed just how many people in india are cut off from financial networks. things have not changed much in the small tribal villages like this one. many people here are an educated so they are not given

that all credit cards. they had been given bank accounts but the brunch isa given bank accounts but the brunch is a faraway and every trip costs money. this man, a social activist that works in this area, says ariza potential solution. most villages have smartphones and the government has launched an easy—to—use application. we spent so much money on infrastructure... in a country like india where two thirds of the population still live in villages, progress is slow and getting people into the banking system is one mighty task, getting them to use it is another altogether. now let's brief you some other business stories google's self—driving car division has become the first company in the us to test vehicles on a public road without a human in the driver's seat. waymo says that passengers in phoenix, arizona will be offered a fully autonomous taxi service

in the next few months. sky has threatened to shut down its news channel in order to facilitate its takeover by rupert murdoch's 21st century fox. fox already owns 39% of sky, but regulators are investigating the deal amid concerns that mr murdoch's media empire could become too powerful. and now, what's trending in the business news this morning... stocks slightly lower across asia. the price of oil going down and also the dollar as well. we have more in the dollar as well. we have more in the news briefing coming up. i will see you soon. the number of homeless people in england has risen by nearly 14

thousand in the last year — that's according to a new study. homeless charity shelter found that there are now nearly 300,000 homeless people in the country and say that in reality, the figure is much higher. ali fortescue reports. people just automatically judge. people just automaticallyjudgelj would just say we live in a flat. they live in a hostel in cheshire they have been homeless for the last 18 months. a loss by house, my job andi 18 months. a loss by house, my job and i split from my partner of seven yea rs and i split from my partner of seven years in the space of six months. everything was crashing down. we we re everything was crashing down. we were crying our eyes out. i kept saying, it will only be if a couple

of months but it is deftly not the case. the study found more than a quarter of a million people in england are homeless, nearly 14,000 more people than last year. the top ten are in london. in new one in 25 people is homeless. outside of london, luton, brighton and manchester have some of the highest figures. lack of affordable homes and welfare cuts and with the cold winter months they are saying this isa winter months they are saying this is a moment to tackle homelessness. it is one of the most appalling experiences anyone can go through. a lot of those people will be children and, you know, it is cruel and something has to be done. the government says it is investing in an100 and £50 government says it is investing in an 100 and £50 million but thought this young family to struggle continues. coming up at six o'clock on breakfast — charlie stayt and naga munchetty will have

all the day's news, business and sport. this is the briefing from bbc news. the latest headlines: donald trump has issued a stark warning to the north korean leader kim jong—un. addressing south korea's national assembly, he said pyongyang's weapons programme was putting the regime in grave danger. the us president is embarking on the next leg of his marathon tour of asia, travelling to china. more details are emerging from the leaked paradise papers. they reveal that prince charles campaigned for climate—change agreements to be altered, without disclosing that his private estate had a financial interest in the reforms. catalonia's sacked president, carles puigdemont, has challenged eu leaders to commit to recognising the result of next month's elections, even if they lead to independence from spain. a senior spanish minister has told the bbc that the government has no

sympathy for mr puidgemont. now it is time look at the stories that are making the headlines in media across the world. we begin with the new york times and us president donald trump's latest stop in his asia tour, china. the paper says the visit will give beijing the opportunity to cast itself as equal to america in terms of global standing. next we turn to bbc online news and war—torn yemen, where aid agencies are seeking urgent access for humanitarian supplies, after the current saudi—led coalition closed all routes into the country. the telegraph says british mp priti patel‘s future hangs in the balance after it emerged she held two unauthorised meetings with senior israeli politicians without telling downing street. the ft carries a warning from wall street banks that slow progress in brexit planning may force them to move thousands ofjobs away from the city of london. and finally on the wired website, google's self—driving car company

waymo is now running its autonomous minivans around phoenix, arizona with no human inside to grab the wheel if things go bad. within a couple of months, passengers will be able to climb aboard the world's first driverless ride—hailing service. would you enjoy that thought, or would you never getting one? with me is oliver cornock, who's editor—in—chief at the oxford business group. welcome back to the studio. let's begin with the new york times. of course, it has its own agenda