this is business briefing, i'm samantha simmonds. open banking revolution. new rules will give consumers control of their own financial data, making shopping around easier, and challenging the power of the big banks. plus: crude comeback. oil hits $70 a barrel for the first time in more than three years. and, on the markets, that recovery in the oil price has helped boost global stock markets, the us closing at yet another record high, and those gains continuing in asia. we start here in the uk, where tomorrow will see the start of a revolution in the way we manage our money. it is known as open banking, and it will soon be rolled out across europe, giving more power to customers and potentially weakening the power of the banks.

so what is it? at the moment, yourfinancial data is held by your bank. but, under new rules, ownership of this data will be transferred to the consumer. this will allow you to share it with other companies, to see if they can give you a better deal on anything from overdrafts to mortgages and loans to insurance. open banking has already been welcomed by some consumer groups as a way to bring more competition into the market. others, though, are uneasy about what might happen to all this previously private financial data. they worry about security, and dealing with unknown third parties. it could also pose a major threat to traditional banking. one report claims almost a third of european banks‘ profits, some $35 billion a year, are at risk from new rivals in the financial technology or fintech sector. we spoke recently to the boss of one startup which uses artificial intelligence to help people manage their money. you can act via facebook messenger,

and you just text like you a text a friend. if you ask a question about how much you are spending on uber, groceries, she will help you budget. you can send her to friends and she can save money ultimately for you. the future of banking is within softwa re the future of banking is within software companies. it is not going to be your traditional banks. it is who owns the data and who owns the experience. it is who you trust the most to take financial products from. with me isjonathan turner, who is a partner at consultants pwc, covering the banking industry. thank you very much for coming in. what is your view on an open banking? who is it good for? is it good for consumers primarily, for banking? what do you think? there area banking? what do you think? there are a whole range of winners and losers in the world of open banking but it is a really exciting change. it has potential to be the most

disruptive regulation or change in the industry that we have seen. so, if we look at the consumer, the consumer is going to benefit from increased competition, increased competition not only among the existing banks but by the entrance of new parties into the banking uk system. there are going to be new players, new fintechs, could be the large tech companies come in and are able to benefit from being able to put a debate in banking. what about security? there are many people, myself included, who will be thinking i don't want my financial data out there being used in all kinds of ways. the financial conduct authority will be regulating other businesses, but will that be enough to secure the data, to make sure it is protected? and i understand that, and it is important to stress that you as a consumer give consent to extra ct you as a consumer give consent to extract that data for a third party.

the third party cannot extract data, consumer data, willy—nilly. the third party cannot extract data, consumer data, willy-nilly. and they can't sell it on to anybody, it is com pletely can't sell it on to anybody, it is completely protected. it is only for the content you allow, only for the purpose you allow. and at any point you can say to that third party that they must delete that data and they are required to by law. what about banks? is it going to be the death kneu banks? is it going to be the death knell for traditional banking? the huge amount of money that they make? it is interesting because at pwc we rana it is interesting because at pwc we ran a survey a it is interesting because at pwc we ran a survey a few years ago to ask them how they thought about open banking, an 80% of the banks felt it was a threat. we reran that survey last year, and interestingly 70% of the banks we surveyed were actually preparing themselves to be participants in open banking. so that means not just participants in open banking. so that means notjust providers of data, but actually acting as that

third party, a consolidator of information from other banks. third party, a consolidator of information from other banksm third party, a consolidator of information from other banks. it was eve ryo ne information from other banks. it was everyone can examine everyone else's products, that kind of thing. absolutely, and as a consumer you can manage it all from one place. thank you for explaining that for us. let's go to las vegas now, which is hosting the vast consumer electronics show. among the thousands of gadgets, visitors have been getting a glimpse inside the car of the future, or at least one vision of it. we all know cars will soon be doing the driving for us, so what do we do instead? chris foxx has been finding out. and i have the sound coming out of my head rest here as well, so that is very private. thank you very much, dad. goodbye. you are calling this the car of 2030. why are so far away? 2030 because they still need

to be automotive grade, so it has to feed the automotive environment. here we are showing a prototype with different levels of technologies, to make it a real car, and i think there is still work to do. one thing which is missing here is what other safety features ? which is missing here is what other safety features? to do with visuals and entertainment, but how will this car keep us safe? well, we will comply with the regulation, as of today we are showing it without the seatbelts, but it really depends on the regulation. let's talk about oil now, because more expensive fuel could be in the pipeline for 2018, after the price of brent crude hit $70 a barrel for the first time in over three years. let's go to our asia business hub, in singapore, where rico hizon is following the story. so give us the explanation. why has it gone up so much? well, there are two reasons. production cuts by oil cartel opec and rising demand for

crude has reduced the global surplus, and this is pushing the price of oil past $70 per barrel. brent crude futures are used in the pricing of more than half of the world's oil, and it is at its highest level since september four 2014. prices are also rallying since the longest stretch of declines in us inventory is during winter in a decade. prices if you take a look at them in asian trade are dipping slightly. analysts say that market fundamentals this year are strong due to production cuts by opec and russia as well as political risks in libya and venezuela. another factor hampering prices is a drop—off in orders from refineries. in asia, singapore average refinery profit margins have fallen below $6 a barrel this month, their lowest seasonal level in five years. so the outlook could be $80 per barrel before the end of the year. wow,

going up quite a lot, thank you. now let's brief you on some other business stories: facebook says it will change its focus to emphasise what it calls meaningful social interactions between friends, rather than posts from media outlets and businesses. the social network has faced criticism over fake news and being too addictive. ceo mark zuckerberg has warned it might hit the business in the short term, but would be better for the company and the community in the long term. walmart says it will start paying us staff at least $11 an hour, and hand some of them a one—off cash bonus, thanks to president trump's corporate tax cuts. but the world's biggest retailer also revealed plans to close 10% of its sam's club wholesale stores, and lay off thousands of workers. uk—based banks and financial firms have told the bbc they would consider helping the government pay for access to the european single market. they will lose the ability to sell financial services across the eu from the uk after brexit. the so—called "pay to play option" has so far been ruled out by ministers. and now, what is trending in the business news this morning?

from forbes, apple homepod to go on sale within weeks, analyst claims. but is it too late? apple, of course, planning to enter the market for smart speakers, already dominated by gadgets from amazon and google. from the financial times, facebook plans sweeping change to newsfeed, with a crackdown on clickbait and publishers it sees as low—quality. and from bloomberg business week, why wall street hasn't had its #metoo moment yet. it says women in finance have been grabbed, humiliated, and propositioned, but have kept quiet because of the industry's culture. and don't forget, let us us know what you are spotting online. use the hashtag #bbcthebriefing. that's it for business briefing this hour. personality disorder —

it affects more than three million people in the uk, and costs the nhs around £10 billion a year. now, health professionals are demanding better access to treatment. our home editor mark easton reports. i had seen barcodes on the back of my victims‘ neck that were sending m essa g es to my victims‘ neck that were sending messages to me, telling me to poison her. it was only when catherine was moved from prison to a secure mental unit after poisoning at work colleague that she was finally diagnosed with personality disorder. catherine has spent a lifetime trying to control chronic self—harm, destructive emotional outbursts, and suicidal thoughts. she is not cured,

but part of her therapy is helping the nhs get people with personality disorder into treatment. so what is personality disorder? it is a distinct mental health diagnosis with two common types. borderline, or emotionally unstable personality disorder, often involves disturbed ways of thinking, impulsive behaviour, and problems controlling emotions. 10% of people diagnosed kill themselves. antisocial personality disorder is similar, but linked to anger and aggression. around 70% of the prison population are thought to have pd. campaigners and health recessional is launched what they called a consensus statement, demanding far more help for people with pd. getting people the help they need close to home is at the heart of their plans. like catherine and others diagnosed with it, personality disorder doesn‘t conform to traditional labels. it causes untold misery, and contributes to countless tragic

early deaths. it is surely time we understood that. —— understood it better. coming up at 6:00am on breakfast: the team will have more on why front—line health trusts in england say the national health service is failing to meet any of the standards laid down in its own constitution. this is the briefing from bbc news. the latest headlines: president trump confirms he cancelled his uk visit because he doesn‘t want to open the new us embassy in london, which he has described as a bad deal. facing major obstacles, chancellor angela merkel holds more talks to find a coalition deal with germany‘s second—biggest party. rescue workers are searching for survivors following the deadly mudslides in southern california. 17 people are known to have died. now it is time look at the stories that are making the headlines

in media across the world we begin with the daily mail. the mail is reporting that donald trump is cancelling what was going to be his first visit to the uk since entering office. according to the mail there have been suggestions that the president is pulling out of a new embassy opening amid fears he won‘t be made welcome in the country. on to the front page of gulf news, and the question on a lot of people‘s mind today, will donald trump put the 2015 iran nuclear deal at risk by reimposing sanctions? the japan times looks at another nuclear—related decision that needs to be made. the nuclear regulation authority has said that a decision should be made this year over whether to release into the sea water containing radioactive tritium from the fukushima nuclear plant. the times front page includes a story on a possible cut to the armed forces that would leave the smallest army since before the napoleonic wars, more than 200 years ago. and finally, arab news — a historic move is under way in saudi arabia.

women will be allowed into sport stadiums for the first time to attend football matches. with me is wall street journal‘s nina trentmann the donald trump decision to cancel his visit. we have had a treat within the hour saying he did not agree with moving the embassy in the first place. what do you make of his decision? he was offered a state visit just decision? he was offered a state visitjust under a year ago but this was a working visit. it was an interesting development. we have seen interesting development. we have seen all sorts of speculation around this. could it be he would be met with protests in the uk which could have been true because we have seen a lot of opposition since his plan became public that he would come to the uk this year. it seems now it is more about the un embassy being