this is business briefing. i'm sally bundock. here are the headlines. the british government announces its big new plan to boost the pharmaceutical sector and other key uk industries. but is it the right medicine for the economy? indonesian officials issue a stark warning to airlines over the eruption of mount agung in bali. we'll be live to get the latest from our asia business hub. and it's cyber monday today — a big day for retailers across the globe, but the share markets in asia today are failing to catch the wave. we'll talk you through the movers and shakers. let's get started with the plans of the british government to unveil a

new industrial strategy later today with the aim of kicks darting the economy in the run—up to brexit. —— kickstarting. it will focus on major sectors the government thinks the country is good at, but needs more investment. it will look at boosting life sciences like pharmaceuticals. the government says it's already secured investment of up to 1 billion pounds by the drugs company msd, known as merck in the us. advance manufacturing, like 3—d printing, will also come in for special attention, as will britain's creative industries such as movie and tv production. nuclear power will also be part of the strategy. and the government wants to make sure the country leads the field in the production of low emission vehicles. with me isjonathan portes, professor of economics at king's college london. good to see you again. what do you make of the industrial strategy?” think the basic philosophy, the idea we should pick, not individualfirms

but broad factors that we are good at and concentrate on showing the government is doing everything it can through money regulation to help them makes a lot of sense. however, this isn't going to kickstart the economy. this is a long, slow process. indeed, this industrial strategy in this basic approach is very similar to the one we had for the labour government and the one we had from george osborne under the coalition government. a lot of continuity here. it is not a bad thing. you don't make progress overnight on these things. when these news strategies are announced, there are a lot of pomp and circumstance on behalf of the government and lots of headline grabbing numbers in terms of what they believe it will do to help growth to boost the economy extra. even what we have seen before, vince cable and george and's strategy and write about years ago, what evidence

shows us to deliver on these? very little, frankly. the deal we heard about with the money and investment and jobs, that's great, but one thing that civil servants always have to do in the run—up to the announcement like this has come up with headline grabbing initiatives or projects. but it really tell you anything at all about the long—term impact of the strategy like this. right now, the uk economy, given what we heard last week during the budget, the statistics about the economic growth outlook, it does look pretty dire. we also have exit hanging over us will stop some say it isa hanging over us will stop some say it is a huge opportunity, some say it is a huge opportunity, some say it is a huge opportunity, some say it isa it is a huge opportunity, some say it is a massive challenge in store for the uk economy. give us your ta ke for the uk economy. give us your take on how critical the strategy may be in terms of how the economy is going forward. it is critical, but i would say that in the short term, actually that big issue for the british economy is the short—term outlook and brexit. creative industries, if you talk to anyone in the creative industries,

senior executives, people will actually are in the private sector at creating, their concern is the damage that ending free movement will do to their industries. there is nothing here about that. the government has plans to make it worse by restricting free movement. if you talk to people in the automotive sector, the part of this, their overwhelming concern is what happens as a result of brexit, do they face tariffs and customs checks? they are actually in the short term of the potential risks. thank you for your time in your analysis, and as the day progresses here, we should be covering the launch of the industrial strategy in more detail as we get into what it means for the uk economy. but move on to what is going on in indonesia. the authorities in indonesia have stepped up their warnings about the eruption of mount agung in bali, and those warnings aren't just aimed at people on the ground. let's cross to sharanjit for more on this from our asia business hub. what is the latest on that? the

latest is, as you say, it is very much aimed at airlines to these warnings. this red warning particular about the book danger of volcanic ash in the skies are up —— over bali after mount agung emitted that dick plume of smoke that reached about 4000 metres. dalli's only airport in denpasar has been shut due to this latest warning and all flight in this period have been cancelled, leaving thousands of travellers stranded on the island. organic ash is particular dangerous because it can damage plane engines the authorities are essentially widening the exclusion zone as well toa widening the exclusion zone as well to a ten kilometre radius from the volcano. they have ordered people in the area to evacuate. we know it is the area to evacuate. we know it is the second major mission this week and a red warning means an eruption is forecast to be imminent. in bali is forecast to be imminent. in bali isa is forecast to be imminent. in bali is a major tourism destination, and earlier this year with more than

140,000 flee, and the holiday island lost at least $110 million in tourism and productivity during that time. thank you very much for the we are keeping a very close eye. the movement of people from urban areas to cities has led to a jump in highrise apartments as the most popular solution in maximising land space. in singapore, rapid population growth has resulted in a sprawling concrete jungle that has residents feeling increasingly isolated. in the final piece of our by design series, we look at how the city—state's public housing agency is using design to integrate community spirit into modern highrise living. we wa nt we want the community spirit coming together. we want the modern housing. because it is a sky rise new urban

housing, we bring the horizontal scale to a vertical scale, and that means sky gardens, sky terraces. these are spaces where people on higherfloors these are spaces where people on higher floors can also come together. dawson used to be one of the oldest estates. so here in the 20th century now, we are renewing and regenerating it. this is on the 47th floor. you can enjoy a beautiful panoramic scenic view of the surroundings. you notice that there are some very

very old trees, they are still standing tall on day are kept in the original location as part and parcel of the ecological design. the neighbours are actually quite close to each other because we share information like where there is a good deal. i think in terms of spirit, close relationships, ithink dawson is really different. in this case, you can see child—care centres on the ground floor, and also facilities like shops, supermarket, eating houses. it is

all part and parcel of the overall total living environment. residents can find their daily needs met. now, let's brief you some other business stories. the us media group time is to be bought by a rival corporation in a deal backed by two conservative billionaires, the koch brothers. the meredith group said that agreement was reached in talks on sunday to buy up all outstanding shares of time, in a deal valued at $2.8 billion. venezuela's president nicolas maduro has appointed an army general as head of the state—owned pdvsa oil company and energy minister. in a televised address, mr maduro said the appointment was part of "a new oil revolution" that would tackle corruption within the energy industry. what is trending in business this

morning. the ft is covering that story about the uk government's plans to unveil a new industrial strategy and says the pharmaceutical industry is getting ready to invest more than £1 billion in research hubs creating up to 1,750 high—skilled jobs. the wall streetjournal is excited by that deal in which the media firm time is to be bought by its rival, meredith, the paper reporting meredith is paying $18.50 per share. i will see you in a minute for the news. the news briefing in a moment. let's

bring you more detail on a terrible accident that took place on the weekend. the names of five people who died in a road traffic collision in leeds have been confirmed by family members. police are still investigating the exact details of the crash involving a stolen vehicle which crashed into a tree in a suburb of leeds on saturday night. andy moore has the latest. a vigil last night by the friends and family of those who died. some struggling to come to terms with the sudden death of so many young people. the stolen car crashed into a tree. the wreckage was soon removed, but people who saw it said it was simply a crumpled mess is almost unrecognisable as a car. police are still trying to establish if all seven people involved were in the vehicle. all five who died had now been named locally. brothers

ellis and elliott were the youngest, h just 12 and 15. the 15 was the child victim. two adults were killed, robbie mirren who was 24th and anthony who was 28, a father of two with a third child on the way. of the 215—year—old boys arrested on suspicion of causing death by dangerous driving, one is understood to have been taken to hospital with serious, but not life—threatening injuries. police described the crash asa injuries. police described the crash as a tragic incident. they say their investigations to find out exactly what happened are continuing. coming up at 6:00 on breakfast — charlie stayt and naga munchetty will have all the day's news, business and sport. they'll also be looking at a bbc breakfast investigation, which has revealed a significant increase in the number of children with special needs being educated at home. that is coming up at six o'clock.

this is the briefing from bbc news. the latest headlines: indonesia's disaster agency has warned that the mount agung volcano on the island of bali is close to a full—scale eruption. tu rkey‘s turkey's prime minister told the bbc ata turkey's prime minister told the bbc at a new bilateral agreement is needed between turkey and britain to protect it after brexit. scientists say that lake victoria, africa's largest body of freshwater, is in danger of dying because of over—fishing and pollution. and, in the uk, the government will launch its plan later to boost uk industry, including the pharmaceutical sector, ahead of the country leaving the european union. now, it's time to look at the stories making the headlines in media across the world. as you can imagine, a lot of the

press and so saw —— social media dominated by events as we speak in bali, basically the island there, the ft is looking at this, as well as many other papers, looking at the situation with regards to the dark sky over the bali volcano. many, many flights have been cancelled, as we have already heard. a lot of flight we have already heard. a lot of flight disruption already so far. so thatis flight disruption already so far. so that is a story in many newspapers, including the financial times. i am not sure if we can bring you our graphics, i don't think we can. i will introduce our guest, thora frost, member of the icelandic fiscal council, so she is well versed when it comes to the impact of things like volcanic ash and the

impact it can have. let's talk about what's going on in bali and of course the situation there. this article we have mentioned in the financial times trying to gauge the cost of this. it is not easy to try and substantiate at this point, is it, really? no, absolutely. ithink the tourism industry is big for bali and indonesia, 6% of gdp, so a big impact, notjust on tourism, it will have a wider impact as well, so, yeah, serious impact on the economy in indonesia. for bali as well, an extremely important time of year, one of the busiest time of year, and they get so many tourists,