this is the business briefing. i'm samantha simmonds. rebooting zte. president trump says he's working on getting the chinese telecoms firm back in business after its us ban. anguish in argentina. we'll have a special report from the country which is trying to stave off an economic crisis, which threatens the future of many businesses. and on the markets, asian shares shot up to near two month highs on monday on signs the united states and china were toning down their trade war rhetoric. so, the trade tensions between the united states and china are firmly back in focus. that's because president trump has tweeted that he's working with president xi to find a way for the chinese state—owned telecoms firm zte to get back into business. early last year, zte agreed a record $1.2 billion settlement with the us

authorities for illegally selling telecoms equipment to iran and north korea. then last month, the us government found the terms of that deal has been breached and imposed an export ban, which meant zte could no longer get hold of crucial us components. and last week, zte said it appeared on the brink of going out of business when it said the ban meant it was ceasing its major operating activities. our asia business correspondent karishma vaswani is following this from singapore. welcome. bring is up—to—date on the latest. well, it really does seem like a dramatic turnaround from the us president, as you just saying. in a tweet, he says he wants to help save zte, that is one of china's is telecoms companies and remember, zte was actually banned from the united states, from selling its components to zte for ten years. what that

means is effectively no american companies are allowed to sell their products to zte, that means zte is going to be in a real problem, in a real difficulty trying to access some of these goods. around a quarter of the components coming from the united states make up zte products, the reason why this happened of course is that zte was found guilty of making illegal shipments to iran and north korea, and yes, intelligence agencies even went so far as to say that these products they buy zte could pose a cyber security threat to american consumers. the fact that the american president has come out now and said it is time to look at saving zte does seem like a massive turnaround. it has to be said however that the white house has also come out and said that the commerce department's decision is independent of whatever the us president decides i'll try is the in on, but we should be getting some sort of a statement we understand

over the next couple of weeks from the commerce department on what it plans to do with zte going ahead. yeah, an interesting timing all of this with china's premier heading to washington for trade talks. indeed, it does seem like that is the background to all of this, although nobody is actually saying that. it does seem that this is part of the ongoing negotiation tax mix that the united states is trying to persuade ageing to come round to its point of view on what it wants to do about trade. now, it is very rare to hear donald trump talking aboutjobs in china being at risk, that is what he mentioned in a tweet. usually, we see him talking about china's stealing americanjobs, see him talking about china's stealing american jobs, rather than worrying about chinese jobs, so really it does seem that these comments, as they have come against this escalating trade dispute between both china and the united states, could go some way towards resolving the situation. beijing, in

fa ct, resolving the situation. beijing, in fact, has made zte, which employs about 80,000 people, one of the demands of striking a border trade agreement with the united states. but just how that agreement with the united states. butjust how that plays out the man remains to be seen. 0k, thank you. —— how that plays out remains iran's foreign ministerjavad zarif is on a whirlwind diplomatic tour to try and limit the damage of the united states pulling out of the nuclear deal with his country. in china on sunday, mr zarif expressed hopes it could be salvaged, but he wants protection from the economic sanctions the us is reimposing. and later on monday, britain's foreign secretary will be discussing how that might be acheived when he hosts his french counterpart. the us government says that european firms doing business in iran will have to stop doing so within six months or face us sanctions. a number of french firms have signed multi—billion dollar agreements since 2015. they include airbus, the oil giant total and the car makers, renault and peugeot.

in the uk, energy giant bp could also be affected. 5% of the uk's gas cames from the rhum field in the north sea, which bpjointly owns with iran's state oil company — but bp is trying to sell its share. well, andreas schweitzer is managing director of arjan capital and advises companies on trading in iran. welcome to you, thank you very much for being with us this morning. good morning. good morning. so you are an advisor, what is your advice at the moment? we advise corporate 's on the trading in the middle east, and obviously a line is a very large market. the first advice was be careful and take good legal advice. what i think is going to happen now? what i think is going to happen now? what i think the european countries can try to do to stick together, if thatis can try to do to stick together, if that is what they need to do to protect themselves and the companies that operate within their countries from what president trump wants to do? there is a talk during counter

legislation by the european countries, as it was done in 1996 that libya, a little bit not so much tested as a concept but probably worth a try. the second thing, you have export credit insurance and the export credit insurance so far ensured iran trade is in europe and also from other countries. much depends how much the european governments are willing and able... is it about what the government is able to withstand, or is it about that list. talking about some of the companies that have contracts, we we re companies that have contracts, we were talking about total, airbus, renault, peugeot. some of them have contracts renault, peugeot. some of them have co ntra cts of renault, peugeot. some of them have contracts of multibillion pounds, is going to be a matter of the saying saying we cannot risk up contracts

elsewhere? 0f saying we cannot risk up contracts elsewhere? of course, every business decision is decided like that. the government backing is essential. without a solid government backing, the white house will win, so to speak. do you think that the government are going to be united on this? are they going to be able to come together and agree what they wa nt to come together and agree what they want to say to the united states? because they will have very different vested interest. in an ideal world, they would be. realistically, it is probably the larger eu companies that have a stronger view and more to defend. if you look at germany, 1 million people depend on the us sales. it is not so easy to replace a large portion of international goods, you see it in china. the chinese mobile manufacturer is 35% of the us funds. suddenly, there is a bit of a

boomerang. we're still in a unclear situation. us does far less trade with iran than with many other countries, so it is far less important. irrelevance, the us $200 million, i would say it is not an amount that is relevant. a good to get your analysis, thank you. thank you. —— very good. this week is shaping up to be a pivotal one for argentina. it's been heading towards a crisis for the last few weeks as foreign investors lose confidence in the government's ability to reform the economy. a key test will be what happens when $30bn of government debt has to repaid amidst negotiations for help with the international monetary fund. daniel gallas reports from buenos aires. 0n the surface, everything looks calm in argentina, for a country that needs billions of dollars from the imf, you do not see people panicking, going to the banks or even mass protests so far but that is just even mass protests so far but that isjust on the

even mass protests so far but that is just on the surface. if you stopped to talk to people here, you see that the memories of the imf are still very painful translation: the last crisis, it killed my father. he got so ill from economic problems, it eventually killed him. this is very sad for argentinians. i could not eye medications for my kids. in 2001, the crisis forced my brothers and their kids to move to the us. in argentina, this has become a cycle. what we want is to prevent this happening again. the imf is not welcome here but argentines need its help. at this liquor store, where many drinks are imported, tags are handwritten because prices are a lwa ys handwritten because prices are always moving. the national currency is sliding in imports are now about 30% more expensive because of devaluation, and on top of that, there is inflation. past two years, electricity, gas and water bills went up around 200%. to cover it, we

need to sell more and put up prices, because we cannot sell it, cover it all with prices. many are still waiting to see this crisis can be contained. the next few days will be crucial for the future of argentina ‘s economy. there are billions of dollars bond payments coming up tomorrow argentina has not yet secured money from the imf but investors keep —— if investors keep taking their money out of this country, all the economic problems we have seen so far willjust be the beginning of a much bigger economic crisis. now let's brief you some other business stories. —— up next, newsbriefing. we'll take you through the stories making headlines in the global media today. stay with us. now, antibiotics are the main cause of potentially

life—threatening allergic reactions for patients during surgery — according to a new report. the royal college of anaesthetists says better testing could save lives for those with unknown allergies. our health correspondent matthew hill reports. anaphylaxis is a life—threatening drug reaction that happened suddenly and without warning. in extreme cases, it rapidly progresses the cardiac arrest or even death. this four—year study studied allergic reactions during anastasia in more than 3 million operations. there we re than 3 million operations. there were 30 cardiac arrest and more than ten deaths. once patients identified as allergic, an alternative anaesthetic must be found. but waiting lists for allergy clinics to find this out are on average more than six months, when they should be only six weeks. we know that 9096 of

patients that believe they are allergic to penicillin are not actually allergic to penicillin. we know that the majority of adverse reactions were caused by antibiotics that were given to avoid adverse penicillin reactions. if we could identify those that are allergic and those that aren't, we could give penicillins, which are better drugs. royal college of anaesthetists are calling for more allergy testing clinics for people thought to be at highest risk if lives are to be saved. coming up at 6am on breakfast, dan walker and louise minchin will have all the day's news, business and sport. they'll also have more on the buildup to saturday's big event — the wedding of prince harry and meghan markle. they'll be talking to people who are going to mark the day with a bit of bunting and a bubbly bonanza, and they'll be asking them

what they really think of the bride and groom to be. this is the briefing from bbc news. the latest headlines: with hours to go before the united states opens its new embassy in jerusalem, israel's leader benjamin netanyahu jerusalem, israel's leader benjamin neta nyahu has called jerusalem, israel's leader benjamin netanyahu has called on other countries to do the same. turkey's president recep tayyip erdogan arrives in london shortly, for his first visit since 2012. britain hopes to strike a free trade deal with turkey after brexit, but some are criticising the government's closeness to a president who's clamped down on free speech and jailed opponents. a vehicle has exploded in the indonesian city of surabaya, injuring several police officers. it comes a day after 13 people were killed there in suicide attacks on three churches. those attacks were all carried out by members of one family. now it is a time to take a look at the headlines in media across the

world. we begin with the front page of the times here in the uk, which reports that the head of m15 is to address eurpean —— european security officials in berlin today, accusing russia of a campaign of disinformation. it will be a rare public attack on a foreign power. in the gulf news, its take on the inauguration of the us embassy in occupied jerusalem today. it describes the move as donald trump's most contentious foreign policy projects. in the daily telegraph's business pages a senior british scientist is warning against self—driving cars, arguing they are not safe because engineers can not predict how their creations will behave on public roads. in the ft today, it looks at the significance of hsbc completing the world's first commercially viable trade finance transaction using blockchain. and on the front page of the new york times international edition

we're introduced to an 11 year old girl from south—east london who says she looks at meghan markle and sees a version of herself, trying to find a place among its racial codes. so let's begin. with me is mark davies, chief executive at camberton. this story is on the front page of a lot of newspapers, but a different headline. we have the holmes talking about russian interference, we have the telegraphs talking about the need for cooperation post—brexit, and we have the independence and that one terrorist attack a month is thwarted. this is in a speech from the head of m15 that will happen today in berlin. i think that telegraphs have this right. the