this is business live from bbc news with susannah streeter and samantha simmonds. cleared for take—off. britian‘s parliament votes in favour of a third runway at london's heathrow airport. but how long will it take to get off the ground? live from london, that's our top story on tuesday the 26th ofjune. business groups have welcomed the decision to boost london's connectivity to the rest of the world, but environmental campaigners aren't so happy. also in the programme: india's prime minister calls on the asia infrastructure investment bank to lend more money to boost development across the region. and we will check in on the latest on the financial markets, and europe is bucking the global downward financial trend. and how do you know what's on the packet is the same as what's in the packet?

in the of age of complex global production processes we'll speak to the company using science to cut fraud out of the food chain. as the c02 shortages intensify and hit farms and bottling plants, we want to know which products you will miss if they don't reach the shelves. beer, fizzy drinks or bacon sandwiches? let us know — use the hashtag #bbcbizlive. hello and welcome to business live. let's start just a few miles to the west of this studio at london's heathrow airport. parliament has overwhelmingly voted in favour of a major expansion in the form of a new runway, which will be the third at europe's busiest airport. however there are some concerns about the airport's ability to raise the money to pay for it, with fears that passengers and taxpayers might end up footing part of the bill. heathrow has lagged behind its global rivals. frankfurt is the number one airport for global hub connectivity, amsterdam is second followed

by dallas—fort worth third. middle east and asian airports are also catching up fast. heathrow is owned by a group led by family—controlled spanish construction giant ferrovial, and includes qatar investment authority, ca nadia's sovereign investment fund cdpq and gic of singapore. but can they afford to pay for this new runway? the estimated cost is $18.6 billion, and that could soar as billions more are needed to upgrade rail and road links around the highly—congested airport. and there are doubts about heathrow‘s ability to raise the cash, given its fragile finances. heathrow airport holdings‘ 2017 accounts show borrowings stand at over $17.7bn, while its equity stood atjust $932 million. john holland—kaye is the boss of heathrow airport and he told me he was confident the runway would now be built. i'm completely confident that this

will now happen. look at the vote in parliament yesterday. after 50 years of debate, after people telling us this was politically undeliverable, even though it was clearly the right answer, parliament has now voted overwhelmingly by three to one to back heathrow expansion, and we are going to get on now and deliver that, giving britain the kind of global connectivity we need to be one of the world's great trading nations. how can you be so confident you will deliver it when you don't know how much it's going to cost or how you will pay for it? we know both of those things, and i'm glad to put the record straight. we are very well funded company. we have privately invested in rebuilding heathrow with shareholders putting in equity over the last ten years. you can see behind me terminals 5 and 2. and around the same charges as we have today. again that is something that is unheard of when you look at what is happening in hong kong and singapore when they

put their prices up to fund expansion programmes. one of the big key opposition issues has been the environmental impact and the noise that 100,000 people so say environmental groups will suffer as a result of the expansion. if you lived in the flight path would you wa nted lived in the flight path would you wanted to go ahead. lived in the flight path would you wanted to go aheadli lived in the flight path would you wanted to go ahead. i lived in the flight wanted to go ahead. i lived in the flight path of 20 years, and i appreciate the convenience of being able to access heathrow and its global market and being able to get to the west end. that's because you're the boss. many people live because of that. of course we need to expand responsibly. we have a plan that will do that, notjust meeting noise targets, reducing the number of people impacted by noise, but also meeting air—quality targets. chris southworth, secretary general of the international chamber of commerce is with us here in the studio. what is the potential for business here? this is good news, it is long overdue for a heathrow. this is exactly the kind of thing that the

uk and business needs. the thing is, lots of environmental campaigners are saying why choose heathrow when lots of regional airports really need the investment, much more than heathrow, and it would be better if the money was spent their instead. it's not an either or. heathrow is long overdue as a hub airport to be developed, but it will boost the development of trade across the uk long—term. many are saying we need this investment in heathrow with brexit on the horizon to boost business, but we are talking about if this does go ahead as planned, finishing in 2026, eight years, so it will be a long time post brexit to see that investment and the business that follows co m e investment and the business that follows come through. by 2020, china will have built a0 airports, just to focus people's minds. this needs to be done as quickly as possible. but

still, it is europe's busiest airport. it is not going to lose that crown that quickly, is it? particularly given that this has now been given the go—ahead. particularly given that this has now been given the go-ahead. these things take time to build, so by the time it is actually built in six yea rs, time it is actually built in six years, the rest of the world will moved on, and they're catching up fast, so i don't think the uk should be complacent. it needs to invest much more heavily into trade infrastructure, particularly at airports. do you think heathrow will be able to afford to do this, and who is paying the cost? the cost is primarily borne by the private sector, but these are difficult. this is all about trade now. where are the benefits of the costs? it is not all about benefits, there will be costs, too, but those decisions need to be made to benefit the uk as a whole. chris southworth, thank you for talking to us. let's take a look at some of the other stories making the news. american buyout group advent says it has agreed to buy general electric‘s distributed power unit for $3.25 billion.

it's part of ge's plans to create a stronger, simpler company by selling of some parts of it's sprawling empire. it's poor performance and losses mean that from today it is no longer in the dowjones industrial average of 30 leading american companies for the first time in more than 100 years. us president donald trump has criticised the iconic american motorcycle maker harley davidson for its decision to move some production outside the united states. the company is trying to avoid european union import tariffs which have been applied to its bikes. they're in retaliation for us tariffs on steel and aluminium imports. the ride—hailing app uber is exepecting to hear in the next few hours whether it will retain its licence to operate in london. regulators took it away in september over concerns about how the company operates. it's been telling a court hearing it's made big changes. it will be allowed to continue operating until all appeals are exhausted. india's prime minister narendra modi is calling on the asia infrastructure investment bank

to lend more money to boost development across the region. it comes as he hosts a meeting of the china backed organisation in mumbai. sammer hashmi is there for us. so this is a really big deal to india and a major backing for the bank. this is the third edition of the bank in the national event that has been held for the first time in this part of the world. the earlier editions were held in china and south korea, so it is a big opportunity for india to interact with all the member nations and tried to woo them to invest in india's infrastructure. and also in other parts of this region which need investment to the tune of billions of dollars for enhancement of infrastructure. the china it is also important attract investment into this part of the world, because there has been this feeling that

aiib has been attracting investment, and it needs to look at other relationships as well. china and india have had an uneasy relationship, and this could dispel the perception and create an impression that this bank is serious about investing across the region. we will keep an eye on what is happening in mumbai, thank you for that update. let's check in with the financial markets now. and the sell—off has continued asia, following on from losses on walls street as fears of a global trade war intensify. as well as import tariffs coming in, the trump administration has also proposed restrictions on foreign investment in us technology companies. the new —— nikkei as you can see bucking that trend,. and kim gittleson has the details about what's ahead

on wall street today. on tuesday, we'll get two bits of information that will give us a sense about the health of the us housing market. the first is the case—shiller home index. that gives us a sense of home prices across the united states. it is expected to show that prices rose at an annual rate of nearly 7%. after that, we'll get earnings from lennar corporation, which is the us‘s second biggest home—builder. we are again expecting that are booming us economy will be helping profitability at the firm. the question for investors in both instances is whether or not american demand for housing is still increasing even in the wake of higher mortgage rates. joining us is russ mould, investment director at aj bell. we will talk about the market and a bit more detail. it used to be the same when america sneezed, the rest of the world catches a cold, but now it is the case that when donald trump tweets, the rest of us do what, i'm not quite sure! pay

attention, but also react, that is what the markets are doing they are proving so volatile and susceptible to what is happening with these trade wars, is it a trade war? it is definitely a spat. escalation, a growing disagreement is the way to put it. it is the perfect setup for a wobbly market. they have gone up in almost a straight line for ten yea rs, in almost a straight line for ten years, they have been remarkably calm, very little volatility, and interest rates are going up in the us, the european central bank is talking about less monetary stimulus. it is a perfect setup for a nasty surprise, because everything looks so easy, markets at their most dangerous when making money looks easy, and the biggest expectations are now quite high. any possibility of upset in the form of trade, a stronger oil price or dollar, or things that can upset markets, that is why we are getting this now. the tech stocks were seen as resilient. they were, there were pressures on

cambridge analytica scandal and so on, but they were seeing is new, multinational, multi global, that even then they have done better than the broader global markets, these five big stocks are up 37% this year. the nasdaq is up by a fifth, so year. the nasdaq is up by a fifth, so if you are getting nervous about markets, you may well go for where you have got the biggest profits which are those tech stocks. and that nervous has been added to by some investors who watch the yield curve. tell us about the yield curve and how some people say it can predict a recession. we're talking about traded government debt, and particularly two—year government debt in america and kenya government debt. if you lend money to a government for two years, you get interesting get it back. if you lead the ten years, you could demand a high interest rate to compensate you for the risk, more things can go wrong in that eight—year gap. but at the moment, the premium between the two is coming way down. some people think that a recession, because it means

that a recession, because it means that in the short term, maybe the central bank will raise interest rates, and in the long run it will have to cut them in response to recession, that is what some people are worrying about right now. it is not perfect, it is not flawless, but the gap is the lowest it has been since summer 2007, just before the great financial crisis started. we don't want to be pessimistic, but how similarare don't want to be pessimistic, but how similar are the ruins? having been watching the markets for 20 years... if it was just about the past, librarians would be the richest people in the world, so you have to be careful. but having been doing this for 27 years, lots of things you are seeing right now, low volatility, rising interest rates, high markets, record merger and acquisition activity, people herding into certain popular stocks, it feels very similar to 99/ 2000 and 2006/7. feels very similar to 99/ 2000 and 2006”. thank feels very similar to 99/ 2000 and 2006/7. thank you very much, russ mould. still to come...

making sure what's on the packet is the same as what's in the packet. we'll speak to the company using science to cut fraud out of the food chain. you're with business live from bbc news. investment in britain's car industry has fallen by half, according to figures from the motoring sector. the society of motor manufacturers & traders claims brexit uncertainty is thwarting investment decisions by major car companies. our business correspondent, theo leggett, joins us now. tell us more about what they've been saying. the auto industry in the uk is extremely important. it generates about £20 billion a year free economy and is responsible for employing 186,000 people directly in manufacturing and many more in supporting industries. investment has been falling for some time. last year there was £1.1 billion invested by car—makers against £1.6 billion

the year before, so there is a trend. the thing with investment is it is unpredictable, it is cyclical, but what the society of motor manufacturers and traders are saying 110w manufacturers and traders are saying now is that reading into the ruins as you said in a previous interview, looking at the signs that are out there, the signs are that companies are sitting on their hands. they are not investing in new factories and the like at the moment, and the reason is, the smmt says, the uncertainty of the conditions over brexit. and in particular, what is going to happen at the borders. the smmt says at the moment we're part of the single market of the customs union, so we have regulatory approval but is the same across europe, and we also have easy passage across borders, and that is very important because a thousand trucks crossed the channel every day, bringing parts to and fro for the car industry. the smmt is saying we don't know what is going to happen after britain leaves the european union and after the transitional period, and therefore

potential investors are sitting on their hands. they don't know what to do. theo leggett, many thanks for that update on the car industry in the uk. lets just have a look at the stories on the website. copyright has reported a four—year loss of falling sales as the retailer struggles to turn itself around. the floor covering retailer agreed a rescue plan earlier this year. that is an interesting way to describe carpets! it includes laminate as well! they had a steep decline in the second half of the year, said more problems in retail here in the uk. you're watching business live. our top story: britian‘s

parliament has given the go—ahead to a new third runway at london's heathrow airport. but the airport's boss has told the bbc he can't guarantee charges won't rise to help cover the costs of building it. a quick look at how markets are faring. in europe they are all opening in the green, bucking what we have seen in the last few hours in asia and the united states. it's been more than five years since horse meat was found in burgers and ready meals sold across europe. in early 2013 it was revealed some meals labelled as beef actually contained between 80 and 100% horse meat. while a number of measures were introduced in europe to try to reduce the risk of food fraud in the future — the scandal highlighted the vulnerabilities of vast global supply chains. 0ne firm trying to tackle the problem is the new zealand—based 0ritain — which works to forensically trace products like meat and cotton back to the very field they were produced in. with us is grant cochrane, ceo, 0ritain global. thank you for coming in. i want to

start off by asking you how you got into this, because you began as a trader here in london, and then became a farmer. why did you make that switch? i was a currency trader in london for ten years in the 90s. in 2000! in london for ten years in the 90s. in 2000 i bought a farm in london for ten years in the 90s. in 2000 i boughta farm in new zealand and went back to be a farmer, it has always been my ambition to do so. so after ten yea rs ambition to do so. so after ten years farming i invested in 0ritain. it was a natural fit for me, because asa it was a natural fit for me, because as a farmer i understand the effort people go to to produce good quality product, and it seemed natural to invest in something that will protect those brands. so it helps the producer as well as the consumer. so how does it work? how does your company look at where all of these products are sourced and trace the food chain back? at 0ritain, what we do as we have taken forensic science, science used to prove where drugs come from, their origins, so we have taken forensic chemistry and applied it to food. we have done that because of the

massive problem of food fraud for the united nations, it is up to $50 billion a year lost through food fraud. so we measure the products' naturally occurring properties, what is intrinsic within the product, and unlock the code through some quite congregated statistical algorithms, and that links it back to where it was grown. we are what we eat, we all have a fingerprint of where we are and the food we eat. why'd you think there is so much food fraud? is it because across the globe there is an increasing reliance on ready meals? busy families, they just don't have time to prepare food from scratch? i think that is a big thing. supply chains have become very complicated, very long, and very complicated, very long, and very complex to manage, so it is very complex to manage, so it is very easy to commit food fraud. also the penalties are relatively low. people get locked up for other crimes, whereas food fraud tends to go below the radar and without a lot of penalties. that creates a situation where brands are very

vulnerable. so if you look at the tesco horse meat scandal, tesco with the unwitting victims in this, but they paid the price, because somebody else deliberately adulterated the product. and that is what it is about, brands wanted to prove the ethical nature of their goods. so if for example someone came to you with a sausage or sufficient said, trace this back, how long does it take and how much it cost? it depends on every supply chain, sorry for the evasive answer. people really want to know that what they buy is true to the origin, so people want something that is organic orfree people want something that is organic or free range or hasn't involved cutting down rainforest, they want to know that that product is true to that origin, so we test that product to ensure that that is the case. are we talking days, weeks? a number of days, 5-10 days. have you changed what you eat since becoming an investor and becoming ceo of looking at your food and what is in it? compared to what you get is in it? compared to what you get isa is in it? compared to what you get is a city trader here in london all

those years ago? most definitely. i use origin as a proxy for quality. so for example welsh lamb, that speaks of quality. we look at the origin of our product and then we will say, that will say whether it is good quality or not, so it has changed. cook from scratch? i wouldn't go that far! so have you seen your business shift since the horse meat scandal? have you seen a massive uptake of people wanting to... ? definitely. we also have for example pharmaceuticals but more recently in cotton. there is a lot of focus around with the modern slavery act that has come in the last couple of years, people want to ensure that uzbekistan cotton for example isn't in their products, so we have seen a great demand from wide range of products. and is a trademark that these companies can receive? in oritain, we do give our products a 0ritain certification, and other times we might work for a

large brand and be anonymously auditing the supply chain for them. grant, really good to meet you, thank you. in a moment we'll take a look through some more business stories across the media but first here's a quick reminder of how to get in touch with us. stay up—to—date with all the day's business news as it happens on the bbc‘s business live page. there is business and analysis from our team of editors right around the globe, and we want to hear from you, too. get involved on the bbc‘s business live web page. 0n get involved on the bbc‘s business live web page. on twitter, and you can find us on facebook. that's bbc money. business live, on tv and online, what you need to know when you need to know it. russ mould is back from a] bell. we

have got some tweets that people have got some tweets that people have sent through to us, and we asked them what kind of products that they would really miss if there is no c02, because it certainly seems as though the farming industry is at risk. charlie brown says, bacon sandwiches at risk? catastrophic. if you haven't had that the other night before, the need for the bacon sandwich might not be so acute! this person says they will home any pigs that are neither rescue because of the lack of c02. funny, fizzy water is the thing i would miss. of the lack of c02. funny, fizzy water is the thing i would misslj will water is the thing i would miss.|j will struggle through with tap water! let's have a look at the bbc news page, because it has a picture of coca—cola, just one of the product that would be affected. it is amazing how many industries are reliant on this, and how there could bea reliant on this, and how there could be a shortage in the first place?

reliant on this, and how there could be a shortage in the first place7m is just been be a shortage in the first place7m isjust been a be a shortage in the first place7m is just been a unfortunate, it is a by—product of fertilisation, and they have all closed over the summer break, and all of the major plans are having a break at the same time during a world cup and some unusually hot british weather. and it is not just unusually hot british weather. and it is notjust the bottling plants that are affected, but farms as well. heineken, jd wetherspoon, it is now widening out other areas, it is now widening out other areas, it is not just is now widening out other areas, it is notjust drink and tonics, it is food as well. and this is a europe—wide shortage? food as well. and this is a europe-wide shortage? becoming increasingly so, definitely. and here's the bbc take on it with the pigs, one of our viewers offering to re—homes and pigs. let's have a look at another story, the world's most expensive cities for expats. hong kong is topping the list.|j expensive cities for expats. hong kong is topping the list. i think five of the top six cities or top seven cities are asian, hong kong, tokyo, seoul, shanghai, singapore. some of it is down to currency movements, but also the survey looks

at food, clothing, transport, housing. asia very much on the rise. zurich and bern were the only cities there. and rwanda was the one african city, and angola, i guess thatis african city, and angola, i guess that is the impact of oil money. african city, and angola, i guess that is the impact of oil moneym is second on the list, rwanda, and i think hong kong, it ousted hong kong last year top spot, but now hong kong has regained its position. what do you do to cut costs if you are travelling? i don't do a lot of trouble now, i used to when i worked foran trouble now, i used to when i worked for an investment bank, but then it was an expenses and it was all five star, i didn't worry about it! it wasn't my money, i'm embarrassed to say. get those error miles while you could. ross, good to see you. that's all from business live today. much more throughout the day on the web page. goodbye. hello there. yesterday was hot and

sunny, in fact it was the warmest day of the year so far. temperatures in london got to 30.1 degrees celsius, but widely those temperatures in the higher 20s, even across scotland, northern ireland, 26-28 across scotland, northern ireland, 26—28 degrees. the reason, high pressure firmly in charge of our weather, and that means that these normal cloud and rain bearing weather systems are blocked from coming into the uk. we have got some cloud around today, high—level cloud per scotland, northern ireland and north—west england, making the sunshine hazy. the little low cloud and missed around the eastern coast, maybe just coming and missed around the eastern coast, maybejust coming on and missed around the eastern coast, maybe just coming on to shore from time to time, but the heat will build once again. today it is mainly around western parts, more so around western parts, the west of london up through the midlands, where temperatures will reach 27—29dc. something a little

cooler fresh all of those eastern coasts. through the evening and tonight, again we will see some low cloud, misting is around those eastern coasts, into the early hours of wednesday morning, but for most, with clear skies. temperatures going down to around about 13 or 1a degrees. high pressure still firmly in charge of the weather, you can see that high on wednesday, and an easterly wind, particularly across southern parts, that is what is just dragging in any coastal mist and fog first thing in the morning, but with a strong june sunshine burned back to the coast pretty quickly on wednesday. for wednesday, more blazing sunshine, really, temperatures if anything a degree or so higher than today. they could reach around 30 celsius once again, 29 across northern ireland and scotland. this is thursday, clear skies again for many, the heat will build once again, alwaysjust skies again for many, the heat will build once again, always just a little fresher along those eastern

coast, but on thursday, temperatures again up into the high 20s. so, hot sunshine to come for much of this week, and as we head into the weekend, things may becomejust week, and as we head into the weekend, things may become just a little bit fresher across northern areas. temperatures down into the low 20s, and there may be some showers affecting southern parts by the end of the weekend, something perhaps a bit thundery breaking down some of this heat, but really for many others it will stay dry and sunny. bye—bye. hello, it's tuesday, it's nine o'clock. i'm victoria derbyshire, welcome to the programme more money to be spent on defence — that's what mps on an influential committee are calling for if britain is to maintain its influence on the world stage. but can the uk afford it? we've hollowed out our armed forces so deeply, it's a major problem. 0ur intelligence remains good, our cyber capability is growing, but our navy is very weak. also — from avoiding

an unwanted pregnancy to not being able to have children, from heavy periods to severe menopausal symptoms, how does your reproductive health affect your day to day life? in the first report of its kind, 7000 british women have revealed the impact it has, and we've brought together a group of them in the studio today.