this is business live from bbc news with jamie robertson and sally bundock. banking regulation — will europe's new financial rules prevent another crisis or just choke off investment? live from london, that's our top story on thursday, 7th december. it's ten years since the financial crisis, but up until now, there's been no agreement across europe on how to stop it happening again. that could change at a meeting in frankfurt later. we will tell you all you need to know. also in the programme... sins of emission — a vw executive is jailed for seven years in the us for his role in the dieselgate scandal and we'll be looking at the challenges facing agriculture this century. markets are recovering from

wednesday's decline. we will talk you through the winners and losers. and we will be looking at challenges facing agriculture this century. could the sea and seaweed provide a potential solution? as the world's biggest starbucks opens in shanghai, do you think we have got enough coffee shops? just use the hashtag bbcbizlive. hello and welcome to business live. we will be tasting seaweed bacon in about 15 minutes. stay with us for that, if nothing else! starting with an anniversary i'm sure you remember. it's ten years since the financial crisis — but still no pan—european agreement on how to stop it happening again. in frankfurt today that could all change — we will tell you all you need to know. central bank chiefs are expected to decide new rules —

on just how much cash banks have to keep on hand for an emergency. they are known as basel 3 after the swiss city — but what are the key issues? until now, banks have been allowed to decide for themselves how much cash they need to stash away. but under new rules, there will be what they call a standard approach to assess the riskiness of the mortgages, loans and debt that each bank holds. basically, it will mean many european banks will need to hold more cash in reserve. and the banks argue that means less money to lend out which could damage the economy and it could make them less competitive. in the uk, rules have been tightened up since the crisis, with banks subjected to annual stress tests. early last week, the bank of england said all uk banks passed the latest tests.

gonzalo gasos, head of banking supervision at the european banking federation. the bottom line, is this going to make european banks safer in the financial crisis? of course, but let me point out first that european banks have already largely accomplished the objectives set out in 2010 by the group of central bank governors and heads of supervision of basel three. what we are discussing today are some complimentary details. european banks have three times more capital than before the crisis and that makes us more resilient and more able to face adversity. that is the most important piece of news today and there will be some compliments to finalise these very long from

all regions across the world, the finalisation of the basel three package means the end of the crisis. it sounds to me as though you are saying, there is no dramatic change today because the banks have been working at this for five, six years already. if there is not much of a change, everything carries onjust the same as before, is that right? well, my point is that we have already accumulated much more capital and liquidity than we had in the past. now the new rules have some details that will need to be carefully assessed in a european impact assessment that should be rigorous enough to understand what impact will be in certain portfolios like residential mortgages, trade finance, project finance. do you

think it will make banks less willing or able to lend? well, that depends on the final details of the agreement. it will be published later today. and how we have to assess that impact in certain portfolios. at the end of the day, more capital beyond a certain level only means a higher cost for banks and therefore for borrowers who are the citizens in our european union. thank you very much indeed. let's take a look at some of the other stories making the news. one of volkswagen's top executives has been sentenced to seven years in prison and fined $100,000 for his role in the dieselgate scandal. the judge described 0liver schmidt as a key conspirator in this scheme to defraud the united states. more on that story later. it is all

over the press. bitcoin has soared to a new record high, above $14,000. the virtual currency has surged from below $1,000 at the beginning of the year, despite questions about its real value and worries about a dangerous bubble. steinhoff international — the owner of poundland in the uk — has seen its shares fall by another 18% this thursday. they plunged by almost two thirds on wednesday after the south african group announced a probe into accounting irregularities. chief executive markusjooste has resigned and the firm has postponed its full—year results. let us have a look at the markets 110w. the international monetary fund has raised the alarm about the high level of debt in china, saying it poses a risk to financial stability. that hasn't gone down well in beijing. you might think we have heard this

before, the imf behind the curve, perhaps. let's go to our asia business hub where leisha santorelli is following the story. quite often the imf says things many have been talking about for months. that is correct but the imf is not crying wolf because the risks china's economy faces from a build up china's economy faces from a build up of debt in the financial sector does risk triggering another crisis. the imf‘s report actually is another comprehensive assessment of how china's financial system has been since 2011 and examining whether china is doing enough to address all of the debt. china has relied on exports and investment to drive its economy but many believe the growth model has reached its limits and the build up of debt is posing a big risk. the imf is arguing china has to put financial stability above its pursuit of high—growth or gdp

figures and it is recommending chinese banks increase their cash cushion to protect against an economic downturn. thank you. as far as markets in asia, not perturbed by the news from the imf whatsoever, very strong session today. japan as well, up over 1%. a really good session. this follows quite a bit decline for asian markets on wednesday. wednesday marked the eighth day in a row of declines for asian markets. there has been a bounce back today, but behind me, you can see the dow down slightly. you're right now... the markets have been going for nearly a0 minutes —— the ftse right now. gdc is interested in buying lord —— ladbrokes coral. we will talk more

about the movers and shakers. and samira hussain has the details about what's ahead on wall street today. the us federal reserve on thursday is likely to report extended credit rose to 17.50 billion dollars in 0ctober. rose to 17.50 billion dollars in october. in earnings news, discount store dollar general will be reporting. the company has been cutting prices more aggressively as it looks to try to better compete in the grocery industry. amazon's purchase of whole foods is heating up purchase of whole foods is heating up grocery purchase of whole foods is heating up grocery wars. purchase of whole foods is heating up grocery wars. companies like walmart are ramping up grocery offerings to compete against the online retailing giant. and we will continue to watch lawmakers in washington try to get a spending deal in place to avert a government shutdown. congress has until midnight on friday to come up with a short—term spending bill. without any legislation in place, the government will begin shutting down on saturday. interesting. perhaps

another fiscal cliff. we remember that! joining us is maike currie, investment director at fidelity international. you wanted to focus on the states, quite a few issues, jobs report out, all sorts. investors are keeping an eye on the possibility of a government shutdown, also donald trump's tax reforms, and tomorrow, the payrolls are out. expectations arejobs will be the payrolls are out. expectations are jobs will be slightly more muted. quite a strong month last month because the figures were much better after the hurricanes had muted previous figures. this matters because next week, wednesday, the fed will give its announcement on whether it will raise interest rates and expectations are it will go ahead with the rate rise of 0.25%. it is interesting because the us has

led stock markets higher, it is looking quite pricey, investors are questioning how long it can continue, but the us is home to the stocks that are offering growth that investors need in an era a very paltry growth. fundamental good results coming out from these companies, very good reporting earlier, a month ago, so there is justification for the prices. what investors really want to do is wrapped that arms around the gold standard —— gold standard, in technology, sustainable growth. the technology, sustainable growth. the tech companies are spending a lot, but they are doing it to invest in all sectors so they can continue dominating. thank you very much. you will return later to talk about some of the other stories. we have more to come. they say see food and eat it. seaweed diet! do not say that

too quickly! seashells. that is all coming up on business live. she sells seaweed... iam very i am very hungry right now. the majority of businesses expect the fall in sterling to increase their costs. a british chambers of commerce survey of over 1,000 businesses found that 63% of businesses expect their costs to increase in the next 12 months as a result of the devaluation in sterling. a quarter of businesses expect costs to rise significantly. in comparison, only 6% of firms expect their costs to decrease. anastassia beliakova is the head of trade policy at the british chambers of commerce and she joins us from the newsroom. what i find odd is the timing. it seems we have had the big increase in inflation as a result of the

devaluation of the pound. that is last yea r‘s story, yet you devaluation of the pound. that is last year's story, yet you are saying they are worried this will keep on going? what is striking about the findings in the survey with american express is that companies, despite the fact they have been facing pressures from the fall in sterling over the past year, they have not been hedging against currency risks. a number of things they could do to protect themselves, half of the firms almost we surveyed, despite higher costs, they have not hedged against currency risks. i am surprised to hear that. this is because of lack of information but also company is not being proactive in terms of protecting themselves. there are so many things they could do, take out insurance against currency risks, sign forward contracts to lock in the particular exchange rate, but many are waiting and whilst they are waiting, they are seeing costs rise. they need to take action to protect

themselves. do you think the result will be they will feed those costs through into higher prices or reduce staff levels or cutting costs, how will they deal with it? we're not seeing at the moment this expressed in higher prices. but a number of companies are saying this is something they are considering. this is worrying of course and it also highlights the importance of trying to cut down costs before they are passed onto consumers and before they force companies to make quite significant changes to how they are run. thank you very much indeed. more detail on that story on the business live page including other stories like house prices, the fifth month of rising house prices according to the halifax. you're watching business live, our top story: central bank bosses are expected to decide new rules later today at a meeting in frankfurt.

known as basel 3, they would require many european banks to hold more cash in reserve. it is designed to try to reduce the likelihood of another financial crisis. some say it would mean there would be less money to lend out and it would damage the economy. a quick look at how markets are faring. they are all heading higher, in the right direction, not a big jump. they are all heading higher, in the right direction, nota bigjump. i have got some bags here are my left. we shall explain about that in a moment. we shall explain about that in a moment. agriculture in the 21st century faces many challenges as a growing global population puts pressure on water and land resources. so with the number of people on earth expected to hit 9 billion by 2050, how can we produce enough food to feed everyone? well, one man thinks he has a solution. seaweed needs just sea

and sunlight to grow, and according to dutch entrepreneur willem sodderland, it is the most sustainable food on the planet. in fact, it's becoming so popular, that earlier this month the marine and aquaculture stewardship councils launched a certification scheme for seaweed to set minimum requirements for growing and farming it. after realising the health and environmental benefits of seaweed, sodderland launched seamore in 2015, with a mission to make seaweed an everyday food. joining us now is willem sodderland, founder and ceo of seamore. he is here with his various samples. and some place as well. i know you are hungry. i like that one. we have got seaweed bacon and seaweed pasta. you could if freshly for us this morning.

absolutely. tell us how and why you started this. i was in a restaurant and ordered a seaweed salad and i got a plate and i could not find any seaweed on it and it turned out the tagliatelle on the plate was the seaweed. that gave me the idea to look into it to see if you could swa p look into it to see if you could swap carbohydrates for vegetables which is something we were looking into in my household. what do you think? i like that one. you used crowdfunding? think? i like that one. you used crowdfunding ? you'll yes, think? i like that one. you used crowdfunding? you'll yes, we did and we tested the product with consumers. how much did you raise? we raised about 100,000 in the beginning and then we raised more from banks and also from former investors. how do you put it out there to get all those people interested ? there to get all those people interested? what do you say to them?

you start with a small group of testers a nd you start with a small group of testers and you ask them to get it out there. you bring the story to the media and you create storytelling basically. then it is picked up. sorry, you ask a question. i know you are fascinated. pass me the bag of pasta. i could pass that all the time, i have got three kids and it is great. this takes awhile to cook. how much is it? in terms of price? that is a little bit over £5. £5 for a bag of pasta, a bag of seaweed. how do you overcome people's perception of it? seaweed. how do you overcome people's perception of mm seaweed. how do you overcome people's perception of it? it is one of the reasons why we are presenting it as of the reasons why we are presenting itasa of the reasons why we are presenting it as a healthy good alternative because people know what to expect an do with it. pasta and bacon. if

you give seaweed to people, they have no clue where to start. you are selling it as a luxury item. you will not solve the world's food crisis with this. we have to start somewhere. with the wraps we are introducing we are getting close to normal price. we must ask about the sustainability of this. many people will be saying do we want the world food crisis solved by people harvesting the oceans. what about the ecosystem of the oceans? 0bviously that is concerned. firing of seaweed in a shed space on a large scale. that is why it is so good that they came with standards of ha rvestable good that they came with standards of harvestable farming. but we have to get our food from somewhere and we have more ocean than we have of land and there is a compelling reason to look to the ocean for food. the sea is closer. it is very

salty. that is sea salt obviously. that is because it is a replacement for bacon and bacon is salty and thatis for bacon and bacon is salty and that is why it makes sense. we have run out of time. thank you for coming in and cooking for us, we appreciate it. it is good. it is delicious. seaweed bacon butty with ketchup. seaweed bacon butty with ketchup. the boss of global bank standard chartered has been speaking to our business editor simonjack. he described contingency planning for brexit as "expensive, complicated and inconvenient". and he's concerned young people from outside the uk are already being put off a career in london. we have already had some setbacks for the talent pool in london through the restrictions of student visas, that is already a problem. some of the best talent that we can have in the uk marketplace are coming from students who have chosen to study here and then stayed for some extended period afterwards. and you have noticed that impact already? we have noticed that impact already more through a sense from non—uk

foreigners that this might not be such a hospitable place any longer. so it is more psychological psychological than contractual as it were, but it is something we might be really careful about. the uk has been successful largely because it has been a welcoming place for talent from any part of the world. i know when i listen to the government spokespeople they say that that will continue, that is the intention, unfortunately not all of the body language and references support the rhetoric. that interview with the boss of standard chartered is on our website, so if you want to see it in full, take a look. maike currie is back as promised. we have got to mention diesel gate. 0ne we have got to mention diesel gate. one of the top executives in the us behind bars. and he has received the

maximum sentence behind bars. and he has received the maximum sentence of five years, so it will be a deterrent. a few days ago. wogan reported it had hit its targets three years ahead of schedule. two years on since the big scandal it is on track and it is on the offensive rather than the defensive. it has managed to say that was then, this is now. there is an emphasis also on electric cars. they will have electric versions by 2025. absolutely, it has done a fantasticjob. it used this scandal asa fantasticjob. it used this scandal as a catalyst for change. there was as a catalyst for change. there was a lot of concern about brand image at the time and they have emerged as the winner. oliver schmidt has been put behind bars because of the diesel scandal. let's move on to the scandal in shanghai. this coffee shop is huge. do we need more coffee shops? tell us more about their

expansion. we know china is a country where t is the favourite drink, but there is a lot of interest and starbucks is reporting it is opening a new coffee shop every 15 hours which is staggering. it is moving into the emerging world. starbucks expansion, there seems to be no holding back right now. we asked our viewers if they think we need more coffee shops. jill says it is a shame they are not combining with other shops. especially in villages and remote locations. we have too many bad ones from calling themselves artisan and not many good ones. are you a fan of a coffee shop? i am a huge fan of coffee and coffee takeaways. the coffee and coffee takeaways. the coffee culture in the uk has exploded and people are a lot more discerning. they are not going to

big brand names, they are going to independent coffee shops. starbucks in the uk is struggling because of that, our consumption is changing. it is more about the experience, going for coffee and experiencing something else. one guy in the new york times says, once love has begun, it never ends. he obviously likes his coffee estimation mark somebody says there are coffee shops and there are coffee shops and there are and there are coffee shops and there a re coffee and there are coffee shops and there are coffee flavoured frothy milk shops. 280 calories. there are also more coffee shops then you can shake your beans that. we have far too many bad ones from calling themselves artisan and they are not very good ones. starbucks said they would have one on every single corner. that was the ambition. if shanghai is the way they are going, they are

not holding back. i think the more choice, the better. have we got onto the subject of whether they pay their taxes? we have not got time for that. thank you so much for coming in, it has been great having you here. did you try that seaweed pasta? no, i will try that seaweed pasta? no, i will try it. the green room is even greener than ever today. because it has got some green pasta. it takes quite a long time to cook. a0 minutes to soak it in cold water and 20 minutes to cook. we have got all the instructions here. 20 minutes to soak and 20 minutes to cook it. but it is £5 about. that is what i am worried about. that is what i am worried about. that is what i am worried about. that is all from today, join us again tomorrow. good morning, a lot going on with

the weather over the next a8 hours. todayit the weather over the next a8 hours. today it is all about storm caroline which is moving in across the far north of scotland. this cloud here is storm caroline and it is giving us some very strong is storm caroline and it is giving us some very strong winds. gusts of 80 and 90 miles an hour in the far north of scotland. those wins are likely to cause damage and destruction. there is an amber warning to be prepared. it goes across scotland and into northern ireland and there is potential for disruption. we have got heavy rain moving its way southwards and eastwards into the afternoon and there are strong winds with that. but the really strong winds in the far north of scotland will continue through the evening. despite the sunshine coming out it will be much colder this afternoon with increasing snow at low levels in

northern scotland, northern ireland and parts of northern england. temperatures falling away. this evening and overnight that snow risk will continue, the winds gradually easing. increasingly it is northern ireland into wales and the midlands and snow settling. ice is a big risk. not so much snow in the south. let's focus on the snow tomorrow morning across northern ireland and into wales and the west midlands. 2-5 into wales and the west midlands. 2—5 centimetres possible in the morning rush hour and those snow showers will continue to feed in and by the end of the day 10—15 centimetres is possible. snow will continue in scotland 10—20 centimetres possible. elsewhere we have got some sunshine, but it will feel cold tomorrow and the maximum temperature is 3—6. but factor in

the wind chill and it will feel more like freezing. 0n the wind chill and it will feel more like freezing. on saturday there is a brief respite and for many of us it is dry. there will be wintry showers in the north and west. 0n sunday things get more interesting. rain moves in from the south west and as it will change into snow. there is uncertainty as to how far north it will fall and there is uncertainty, so if you are travelling on sunday it is worth staying tuned to the forecast. hello, it's 9am, i'm victoria derbyshire. welcome to the programme. donald trump has changed the direction of 70 years of american foreign policy by recognising jerusalem as the capital of israel. world leaders continue to condemn his decision ahead of an emergency meeting of the united nations it is time to officially recognise jerusalem as the capital of israel. also today, models speak exclusively to us about sexual

harassment and exploitation in the multi—billion pound fashion industry.