this is business briefing. i'm samantha simmons. is the wild ride over, orjust beginning? we find out where the global markets might head after last week's volatility. india's latest federal budget has drawn criticism from luxury carmakers. they feel singled out for extra taxes they say are unfair. and on the markets, japan's nikkei is closed today for a public holiday. the dow ended up. the all ordinaries is down and the hang seng is up slightly as the asian markets try to a semblance of calm. it's been a week sincejerome powell took over as chairman of the us federal reserve — a week in which global stock markets have plunged. here's why — investors are worried that, because the us economy is doing better than expected,

the fed will probably raise the cost of borrowing faster. the bank of england has also given support to the idea that rates globally will rise. this end to so—called ‘cheap money‘ will push up borrowing costs for companies and individuals, which can hurt corporate profits and curb economic activity. also worrying investors is a government budget proposal announced by us lawmakers which raises spending caps and could fan inflation. with me is lena komileva, chief economist at (g+) economics. welcome, good morning. what is your view, was last week a blip or is this a sign of things to come? hopefully the worst of the sell—off is behind us. let's not forget we have seen more than a 10% decline in major stock ti—cats the start of the year which is restarted the year for every investor in the world, every world, every pensioner, every saver, anyone who has stocks or bonds or

credit in their portfolio has seen in 2018 being rewritten but also the story of the last 17 and 20 months 01’ so story of the last 17 and 20 months or so of this melt up, this seemingly unnatural calm in the financial market and as ever there are two stories, the fundamental and technical, the fundamentally key thing here is with the great qe technical, the fundamentally key thing here is with the great oe and the oddity of the past decade, in the oddity of the past decade, in the era of natural calm with central banks were leaning against market profitability is over so that we may be possibly hopefully pass the worst of the sell—off we will not see a return back to those huge melt up. so what about the future and the end of cheap money? we have had the bank of cheap money? we have had the bank of england said interest rates will rise. is also a warning that they are not going to hugejumps, we will not be a massive interest rate in trees. fundamentally we are in a strong global environment, many of the major economist arising with a trend or above and that means there is no reason for central banks to be keeping this crisis us stimulus in

place for much longer. at the same time however the risk of hyper inflation is very low because wages growth and inflation expectations is very tame by historical standards. what has made a difference however in markets in the last eight days has been that the era of low inflation, a decade where we didn't have to worry about inflation at all, is over which means the central banks, the genie is out of the body and the federal reserve, the european central bank, the bank of england will not put any more stimulus into the markets which means the era of repression, of volatility is is over and further equity gains have got to be justified with strong growth, they cannot justify the cheap justified with strong growth, they cannotjustify the cheap money justified with strong growth, they cannot justify the cheap money any more. thank you fearon ellis is good to see you. now let's brief you on some other business stories. london city airport has been closed after a world war two bomb was found in the river thames nearby. flights have been cancelled with passengers advised not to travel to the airport and to contact their airline. its largest operator, british airways, has cancelled the majority of monday's departures and arrivals.

the state of new york has filed a lawsuit against harvey weinstein, his brother and their production company, alleging the company's executives and board failed to protect employees from weinstein. the lawsuit comes four months after the hollywood mogul‘s career ended in disgrace over allegations of sexual misconduct from more than 100 women. $5.5 billion of criminal money in europe is being laundered through a crypto currency. regulators and industry leaders need to work together to tackle the problem. remember airbag maker takata, which went into bankruptcy after its products' explosions caused hundreds of injuries? well, there are reports that its us unit has reached a settlement to end bankruptcy. let's go to our asia business hub where rico hizon is following the story. some of the! bring us an update.

big sigh of relief, the matter, for the car to's american unit was gearing up for the car to's american unit was gearing upfora the car to's american unit was gearing up for a court fight this week to get a judge ‘s approval for its plan to exit bankruptcy but there was strong opposition from injured drivers and creditors. the japanese compa ny‘s airbags injured drivers and creditors. the japanese company's airbags can explode with too much force and have been linked with a least 21 deaths and hundreds of injuries but over one dozen carmakers, including general motors, ford and toyota as well as the new owner of the car to's airbags business, key safety systems, have managed to reach a deal with them over the weekend and under the agreement, a trust will be established, compensation for those injured or killed by the airbags it will be funded in part by automakers surrendering some of their claims againstjakarta. surrendering some of their claims against jakarta. compensation payments would range from $10,000 for bruising for $5 million for death or a loss of eyesight. so

hopefully this is a settlement that ja ka rta hopefully this is a settlement that jakarta is looking for. thank you. india's latest federal budget has drawn criticism from luxury carmakers. the government has increased taxes for foreign car makers and that has affected global brands like audi, mercedes and others doing business in india. bbc‘s devina gupta reports from the country's auto expo. luxury cars on display in the world's third—largest auto market. an emerging young and growing middle class has attracted major global high—end auto brands to set up a shop in india. but after doing so, with promises of tax incentives from the government, car manufacturers say the government backtracked on its word when it announced a plan to hike tax on imported auto—parts from ten to 15%. most global luxury brands present in india import their engine

and different parts from their countries and assemble it here. they have invested in assembly units with a tax benefit promised earlier by the government. now that incentives is withdrawn and their investment is in doubt. luxury cars make up 2% of the total vehicle market in india. foreign brands here fear that the government's protectionist measures could hurt their expansion plans in the country. over all context i see that india will have to review their policies as well on bringing cars into the country. a short—term hopeful game of winning a few reve nu es hopeful game of winning a few revenues 01’ hopeful game of winning a few revenues or taxation is not in line with positioning yourself as a market to welcome for instance for an addressed. for now, luxury car makers say they will pass on most of the tax hikes to car buyers. and while that may be a small difference

to those paying thousands of dollars for a high—end car, the shaken trust between foreign brands under government will be a big hurdle to overcome. clear channel international is one of the world's largest outdoor advertising firms, with hundreds of thousands of billboards all over the world. but in the past five years, there's been a revolution in the industry with digital displays replacing the old—fashioned paper poster. the company's ceo is william eccleshare. he explains how he keeps up the new technology. technology has become so important to our industry and making sure that iam to our industry and making sure that i am current with what technology can do is a slightly critical. —— absolutely. instead of buying a

panel for a fixed period of one or two weeks, we can literally change the message every few seconds to advertisers can use those screens to advertisers can use those screens to advertise in particular times of day or particular days of the week they can advertise responsive to particular weather conditions or music events and that gives that ability to be very relevant to the target audience that the advertiser is trying to reach. the most important thing for any ceo is to make sure that you are learning all the time so i very consciously set aside time in my diary one day per month to educate myself, to keep myself up to speed with what is going on in technology all the time. i recently went to shortage for the day to read computer coding. that kind of thing to make sure you understand the issues, you can ask the right questions, and met the right decisions. that's it for business briefing this hour —

but before we go — here are the markets. asia is trying to find a semblance of calm after last week's volatility. japan's nikkei is closed today for a public holiday but the hang seng is up slightly. of course, we will keep you up—to—date on those markets through the day. up next, the newsbriefing — we'll take you through the stories making headlines in the global media today. stay with us for that, plenty more to come. also, do let us know your thoughts about oxfam and charities and whether or not the scandal engulfing the charity will change your views on where you give your money. parents should take their children to see a pharmacist if they only

have a minor illness — that's the message of a new health campaign. nhs england says easily treated conditions are adding to the pressure on gp surgeries and a&e departments. our health correspondent james gallagher reports. morning. how can i help?” morning. how can i help? iwould like some advice. when your kid to lng need medical advice do you think ofa lng need medical advice do you think of a pharmacy? this nhs campaigns as tummy troubles, feeding and costs are dealt with by a high street pharmacist. it is part of a drive to relieve pressure on the's time. figures released as part of a stay well pharmacy campaign estimates of around 18 million gp appointments each year and more than 2 million a&e visits are for patients that

could be treated with over—the—counter medication. it says the appointment of the nhs more than £850 million each year. pharmacist a highly trained healthcare professionals, they trained to five yea rs professionals, they trained to five years in the use of medicine and how to get the best out of using medicine at also in how to treat minor illness, minor disease, and really im porta ntly minor illness, minor disease, and really importantly how to understand when perhaps it is more serious and people need to seek extra help. when perhaps it is more serious and people need to seek extra helplj feel so dreadful! the patient's association said the campaign had some merits but said anyone with a health concern should feel able to turn to their gp. the pharmacy is just around the corner. i can go and see a healthcare professional. not a point when needed! at a fork no appointment. coming up at 6am on breakfast — dan walker and louise minchin will have all the day's news, business and sport. and they'll have more on the eagerly—awaited details of prince harry and meghan markle's wedding.

stay with this is the briefing from bbc news, the latest: south africa's ruling party says the fate of the president will be decided today. russia has been growing on thick —— jacob zuma to step down over allegations of corruption. cyril ramaphosa has been holding talks with mr zuma on the transition of power. on a significant shift of the position of the us vice president mike pence, he said he could be ready to talk to north korea. the policy of maximum pressure and sanctions would continue but if north korea wish to talk to the us, they would listen. details were worked out at the winter olympics. russian authorities say they are considering a number of possible causes of the crash of an airliner outside moscow, all 71 passengers and crew were killed. emergency workers are searching snow—covered fields to recover the

bodies. resident putin has ordered a special investigation team to the site. this story caught my eye. fathers failing to share parental leave. it could be as much as 2%. all that we re could be as much as 2%. all that were a little later. —— more on that story. now it is time to look at the stories in media across the world. we begin with the telegraph and the deepening scandal surrounding oxfam. uk ministers have now launched an investigation into claims that foreign aid officials brushed off allegations of child abuse committed by aid workers in haiti. the arab news leads with the war in syria, which analysts say is entering a dangerously unpredictable phase as the us and israel issue warnings over iran's involvement in the conflict. the ft carries a warning from the world's biggest hedge fund, bridgewater, who say markets are entering a new era of volatility as the world adjusts to higher interest rates after a decade

of ultra loose monetary policy. meanwhile, the guardian financial pages look at how the negative market reaction to the world's economic recovery shows how countries have become too reliant on the largesse of central banks. and finally, also in the guardian, it's official — facebook is for older people. according to a new report, teens and young adults are leaving the social networking site as popularity surges among the over—55s. so let's begin. with me is oliver cornock who's editor—in—chief at the oxford business group. welcome back. we are starting with the telegraph and the story that is engulfing oxfam at the moment it also threatens to engulf the department of international trade. it is one of these terrible sex scandal stories we have heard the like of