this is business live from bbc news with alice baxter and sally bundock. president trump vows to combat "predatory investment" amid growing concern about china's acquisition of foreign technology. live from london, that's our top story on thursday 28th june. the march of the yuan... amid growing concerns that china is buying up sensitive american technology, the us has said it will cut back on foreign investments. but apple and samsung settle their differences as the seven—year—long patent dispute over the design of their rival smartphones finally comes to an end. european shares open as chinese markets are on course for their worst monthly performance in years amid trade tensions with the us. open down.

and time for a change... we'll be getting the inside track on the world of luxury watches with one of the top swiss watch makers, vacheron constantin. and with germany now out of the world cup, it's been revealed that ubs & commerzbank had predicted germany would win the tournament. so, have you placed a flutter and lost out? and what is the use of sports predictions? just let us know. use the hashtag bbcbizlive. hello and welcome to business live. we start in the us where president trump has said he supports tougher restrictions on foreign investment amid growing concerns that china is buying up sensitive us technology. markets have been rattled this week by fears that trade tensions could escalate from tariffs on goods to curbs on international

investment. so have they? mr trump wants to combat what he calls the "predatory investment practices" that threaten america's leadership in technology, national security and future prosperity. so, there will be more power and scope for the committee on foreign investment in the us to block transactions. but for now no specific rules limiting investment by china. that's being seen as a victory for treasury secretary steve mnuchin. the us is not alone. the european union has been looking into curbing certain foreign takeovers, especially by state—controlled companies, after concern from germany, italy and france. in germany, for instance, investments by china havejumped from $124 million seven years ago to over $14 billion last year. we'rejoined by the independent research analyst stephanie hare.

good morning. what do you make of this latest move on the part of the trump administration? we can characterise this as a de—escalation of the brewing trade war between the us and china. president trump abbey option to go for something called aiba which would have been the international emergency economic powers act and that would have allowed him to block acquisitions and use the executive branch of the us government but instead we can see this as a victory for steven mnuchin who wanted this to be channelled through congress. it will be an inter—agency process which will be reviewing any time a company that has a 25% minority stake with a foreign government wanting to acquire a us company. a 25% stake in

acquire a us company. a 25% stake in aus acquire a us company. a 25% stake in a us company. it is about reviewing ona a us company. it is about reviewing on a case—by—case basis rather than wholesale blanket blocking. it is much more flexible and targeted and hopefully much more transparent. it is not even just targeted at china but any acquisition. so is it clever on the part of president trump in the sense that he has got the bluster and threats out there and in terms of how it is being covered it looks like he is being a strong person putting america first and gradually drawing back? person putting america first and gradually drawing back7m person putting america first and gradually drawing back? it is interesting from a negotiating perspective. he will be imposing ta riffs perspective. he will be imposing tariffs onjuly perspective. he will be imposing tariffs on july six perspective. he will be imposing tariffs onjuly six so he is still getting his stick out and doing some beating but this allows a greater sense of flexible to. ieep is always an option if he decided this is not working. the term —— committee on foreign investment is going to be an

inter—agency agreement and congress will have to approve it and it gives greater buy in. the idea is to protect your technology because we have to remember that the us trade representative issued a report called special report 301 alleging that china had been infringing on intellectual property right and forcing us tech companies to hand over their technology. this is obviously an issue the us field is really important for its tech industry but are other countries watching and thinking it is interesting? do we need similar protection? interesting you say that. here in europe we know that china has been buying its way in particular into central and eastern europe. because we are looking at 28 member state in the eu and countries not even in the eu but the eea, they will have their own strategies. there will not be something necessarily the same for the eu because it is not deemed as a national security issue so the uk will have its own vetting process, france, germany and on. but the two

countries competing to be the 21st—ce ntu ry countries competing to be the 21st—century superpower is for tech most ambitiously are the united states and china. china has the made in china 2025 programme which is all about wanting to dominate nano tech, electric vehicles, robotics. and the us wants to prevent them from doing that and it is privileging things like artificial intelligence so the next ten years will be fascinating to see who comes out on top. we will watch this space. thank you for coming in and sharing your expertise. interesting stuff. let's take a look at some of the other stories making the news. us regulators have cleared walt disney's plan to buy most of 21st century fox, removing a final barrier to the $71.3 billion deal. however, they have demanded the sale of fox's regional sports networks in the us because of competition concerns. the deal still needs approval in other countries to go ahead. the indian rupee has

fallen to a record low against the us dollar. the indian economy has suffered as a result of rising oil prices and investors have withdrawn funds from the country throughout the year. meanwhile, the us dollar is set for its best quarter since late 2016 as the central bank continues with its policy of increasing interest rates. the us supreme court has shut off a key revenue source for labour unions, ruling that public sector unions cannot charge non—members fees to fund collective bargaining. the 5—4 ruling overturns a four—decade—old precedent and deals a blow to organized labour in the us, a traditional pillar of the democratic party. now, tech giants apple and samsung have finally settled their seven—year—long patent dispute, bringing an end to a long—running battle over the design of their rival smartphones. the fight first started in 2011, when apple sued its south korean competitor for more than $2 billion, claiming it had "slavishly"

copied its product designs. sarah toms joins us now from singapore. this has been going on for a long time! a long time and it is also the biggest pate and battle of the modern technology world but as you said, keith has finally been restored after seven years. —— patent battle. peace has been restored. it initially spanned courts across the world. the terms of the settlement have not been disclosed so we might never know who blinked first or how much, if indeed samsung owes anything to apple. why now? it comesjust samsung owes anything to apple. why now? it comes just weeks after a us jury now? it comes just weeks after a us jury ordered something to pay apple more than $500 million in damages

for copying features of the original iphone also has there been a clear winner? it is hard to say because litigation has cost each company hundreds of millions of dollars in legal fees and it has tested the reputations of both companies as innovators. thank you. asian stocks slumped to nine—month lows on thursday as investors worried that the trump administration's approach to trade is harming global economic growth and that's even as the white house approach to chinese investment in us tech companies appears to be softening — as we've been saying. in china, shares steadied after initial falls but remained fragile after taking a battering from worries about a wobbly yuan and the us trade dispute. the chinese currency is now at its weakest level against the dollar since december, having endured one of its worst runs since its mid—2015 devaluation. japan's nikkei average closed flat after erasing earlier losses. here in europe, markets have opened lower over those

lingering trade tensions while investors await a divisive eu summit — top of the agenda is immigration. and paul blake has the details about what's ahead on wall street today. the focus here will be on footwear with the world's largest athletic shoemaker, nike, announcing its earnings for the fourth quarter of last year. investors are expecting a rise in both revenue and profit but they will be especially focused on how the company is doing here in north america. recent reports from nike have shown a decline for the company in this region but the news also comes as nike attempts to recover from the departure of several top executives in recent months after allegations of sexual harassment gripped the company. also today, walgreens is expected to report a rise in earnings during its third quarter. the pharmacy company has enjoyed a happy week in the spotlight as itjoined

the dow jones industrial average of 30 elite companies. look to see if it can keep up that momentum with positive earnings news and possibly a word about how it plans to continue its growth. joining us is lawrence gosling, editorial director of what investment magazine. also editor of football monthly and we'll get to that later! but in terms of markets, you are watching the tech stocks in particular.l terms of markets, you are watching the tech stocks in particular. a lot of professional investors asking how long the rally in tech stocks can go. we are seeing some long the rally in tech stocks can go. we are seeing some nervousness, they are very expensive. you put the trade wars and some of the intellectual property discussions into the background with cyber security and the markets are getting twitchy. people selling? they can lock in great profit if they have held them for a while. if you have

held them for a while. if you have held them for a while. if you have held the big american tech stocks through last year you made great money. frank is facebook, netflix and google —— fang. and amazon. money. frank is facebook, netflix and google —— fang. and amazonm the uk we have the treasury women's in finance charter coming out and that ties in with comments we have heard earlier this month about the —— from the deputy governor of the bank of england talking about the role of women he hopes to see coming through at the bank. absolutely, the report will name and shame a few high companies who don't have women on the board. sports direct and stow but our two of the companies. yet a new governor of the anger ringland ina yearorso new governor of the anger ringland in a year or so when mark carney ended his term and there is clearly the discussion —— of the bank of

england. that is an argument to say that the next governor should be a woman. how likely is that? if you area woman. how likely is that? if you are a betting person you would say probably not because of how old and institution it is. there is a positive argument in general. the uk economy as a 2—d four or five years coming up so arguably a woman could doa coming up so arguably a woman could do a very good job —— has a tricky for five years. it is a difficult job. would she want it? and mark carney is the father of four daughters. lets out one goes on to bea daughters. lets out one goes on to be a governor of a central bank!|j wonder be a governor of a central bank!” wonder if he would be happy with that! we will go through some papers later and talk about betting. still to come... we'll be getting the inside track on the world of luxury watches with the world's oldest watchmaker — vacheron constantin. you're with business

live from bbc news. yes, we are talking football and also, beer. greene king is posted its latest results. pre—tax profits falling more than 11%. the chain has blamed bad weather, rising competition and falling consumer spending but said the figures are in line with this expectation. joining us now is the leg it. what is happening at greene king? it isa king? it is a massive company running 3,000 pubs, hotels and restaurants up 3,000 pubs, hotels and restaurants up and down the country. one problem is the business is changing. people don't frequent old—fashioned pubs as much as they used to. the number of drink led pubs is declining. the

money is in pubs serving food. it is doing fairly well that, opening more, but there is a lot of competition. that is one problem. another is increasing prices. this industry has at some level of inflation above the national normal levels. labour costs are going up the cost of the national living wage, the cost of things used to brew beer have been going up. greene king reckons it has had inflationary costs £60 million over the past year, it has offset some of that saving money but not all of it, and it expects that trend to continue. that is a big part of the problem. and there was a weather in the earlier part of the year which deters people from going out so they we re deters people from going out so they were not going to pubs and restau ra nt were not going to pubs and restaurant spending their money. now it is the world cup, people are going to the pope and it is hopeful that in the first part of this year, things will be rather better. —— people are going to the pubs. and england is still in! that makes

a difference to businesses all around the country but don't forget wales and scotland and northern ireland are part of this. but they are still in the championship and people going to the migratory and still drinking a lot of beer. new labour that is the one prediction we can bank on when it comes to the world cup! —— that is the one prediction. this is interesting, bp is buying charging company charge master is it that some increasing demand for electric cards. it has probably got that prediction right. the value of the deal has not been disclosed. more on that and comments by the deputy government of the bank of england on the business page, check it out. you're watching business life. you're watching business live.

our top story: president trump vows to combat "predatory investment", amid growing concern about china's acquisition of foreign technology. a quick look at how markets are faring. they have been trading for over 45 minutes and it is fairly flat. mixed as investors continued to scratch their head and figure out what this strange drama means for them. and now let's get the inside track on the world of luxury watches. china is the world's biggest watch producer, in terms of volume, but its watches are geared towards the lower end of the market. in the luxury segment, on the other hand, switzerland enjoys a position of near—monopoly. swiss watch exports rose in may — up 5.3% to $1.8 billion — the 13th month in a row of increases. and there are some very specialist players. vacheron constantin is the world's oldest watchmaker, founded in 1755. it's now owned by the richemont luxury group. we're joined by christian selmoni,

style and heritage director at vacheron constantin. he has brought with him some very old timepieces. 0n he has brought with him some very old timepieces. on sale in london, is that right? yes, absolutely. we have this beautiful exhibition of around 20 watches, from our heritage and visa watches we have fully restored and serviced and we are offering for sale. just looking at them now, what would you have to pa rt them now, what would you have to part with to have one of those in terms of money? we have prices starting at around £10,000 for simple pocket watch. up to this, on the left, from 192a. simple pocket watch. up to this, on the left, from 1924. around £50,000. absolutely beautiful. they range in age, from the oldest one from 1924,

they go up to 1953. aside from the age, what makes this collection so special? i think there is a strong interest for watches. we have seen in the recent results of swiss exports. and there is a huge interest into the vintage market of timepieces. it is a great opportunity for us to showcase our tradition, our creativity from the past. where the oldest watchmaking business since 1755, so we have a great expertise and heritage. when you were growing up in the 1970s, there was a quartz crisis and for that reason, your parents and your peers, you were saying, we should not go into the watch business, it looks like it could disappear. you're absolutely right. it was a very difficult situation. i was particularly happy to see that

mechanical watchmaking came back at the end of the 1980s. it chemicals because these watches are very beautiful objects. a quartz crisis was the fact that electronic watches came on the scene and that nearly wiped out the mechanical industry. absolutely because the quartz invention made the possibility to create watches at and would say with lust —— with less cost and with very good accuracy so lust —— with less cost and with very good accuracy so it was a technology that was different. would you say from 9088 of there has been a resurgence and interest in the historic, mechanical watch? —— resurgence and interest in the historic, mechanicalwatch? —— 19 88. such is the one she brought. absolutely, there is a fascination forfine mechanics absolutely, there is a fascination for fine mechanics and absolutely, there is a fascination forfine mechanics and people absolutely, there is a fascination for fine mechanics and people are appreciating the true crab midship and for this reason, this is why we are so and for this reason, this is why we are so successful —— crab midship. and we don't like things to be complicated, but in your business,

it is very important. and you commission to make the most complicated watch, that was in 2015. yes, it was a fantastic story. we had a client who challenged our business into creating the most conjugated watch ever made. it took eight years to create this timepiece from scratch. and it is a world record. it features 57 complications which is amazing from a technical point of view. that is interesting because in this day and age, we are about simplicity of technology and things being easy—to—use so how do you come up with your watches, how do they've bear against a smart—watch? do they've bear against a smart-watch? -- how do they fare. i think really, we are talking about human ingenuity. how can we improve

elements and still make them mechanical? there is this fascination for the this craft which has been perpetrating generation after generation. these watches for people to wear because they get a two wa rra nty people to wear because they get a two warranty when they buy them. anything goes wrong and you will fix them. definitely. the other fascinating thing, they are so old and yet extremely precise. of course, i would say they are still extremely precise and probably unlike some smartwatches 100 extremely precise and probably unlike some smartwatches100 years from now. it is fascinating to have you here and thank you for bringing this beautiful watches. many have their eye on those. i think we all do! i have never seen the green room so busy. beautiful pieces. in a moment, we'll take a look through the business pages, but first, here's a quick reminder of how to get in touch with us. stay up—to—date with the day's business news as it happens on the bbc‘s this is live page with analysis from our team of editors around the globe. and we want to

hear from you, around the globe. and we want to hearfrom you, get around the globe. and we want to hear from you, get involved on the web page. 0n hear from you, get involved on the web page. on twitter, we are at... and you can find us on facebook... business live, and tv and online, what you need to know, when you need to know it. lawrence is back. we are watching the germany game? sadly not, i was chairing a business conference talking about emerging markets. you heard about it, it was the talk of the town? yes. stories in the press about people who have bet on various things. did you have a flutter? no. why not? the odds were not that great. 0ne did you have a flutter? no. why not? the odds were not that great. one of the predictions is the country i do most fancied to win, which is

france. interesting! controversial. this article is about why predicting sports games is bad as this. it points out these major investment banks... the models are incredibly, located and they got it wrong because they predicted germany would win the entire competition. you would say a german bank would predict germany to win! these models are based on results and they are largely nonsensical. you take patterns of results that don't bear any long—term statistical standing. and football is a very emotional sport. having said that, goldman sachs present is that predicts an england and brazil world cup final. they say they could be in the final if there is a series of unlikely results. so whoever england play in the next round, and goldman sachs agrees with me that france is the most likely winner. we did as people

to send in tweets to ask about whether they thought betting was a good idea. gemma says, i had germany to win, short predictions are the same as any analysis, you can know everything about anything but it can go off piste and you could not predict it. we have got worse, i have watched the sport not for the winners or the losers but it is the taking part that counts. no, it is the winning that counts! what on earth is that about? goodness me! this is not school sportsday! it is great to have you here. that is business live for another day. thank you for your comments. we're back tomorrow, see you soon. lovely to have you here. hello. the weather forecast will be

no surprise. yesterday was another hot and sunny day. temperatures up to 32 celsius in porthmadog in north wales. widely into the high 20s. northern ireland and scotland exceeding 30 degrees. today, another warm and hot day. more sunshine. we start the morning with low cloud and mist. in central and eastern areas. it burns back towards the coast and it might linger in places across parts of east yorkshire and lincolnshire and norfolk. "is making its pressure. elsewhere, the heat builds up and temperatures in northern ireland and scotland into the high 20s if indeed the low 30s. the two celsius in glasgow and perhaps 32, in a couple of places. 27, 28 in northern ireland. we could see 30 degrees in some spots. but

england and wales with the sunshine, temperatures widely into the 20s. but a bit fresher longer eastern coasts. typically 18, 20 1 but a bit fresher longer eastern coasts. typically 18, 201 degrees. tonight, low cloud, sea fret, moving further inland. patchy mist and low cloud first thing on friday. but like recent days, that burns back towards the coast. more cloud around tomorrow around the eastern coastal areas. you can see from the yellow along the eastern side of the uk, fresher here. further west, the heat builds on friday. temperatures again into the high 20s. perhaps not quite as hot in parts of western scotland and northern ireland as today. and into the weekend, high pressure is still here, drifting towards scandinavia. that brings some subtle changes. temperatures down a touch more across scotland and northern ireland into saturday. lots of

sunshine as you notice again across the uk. and we will lose that sea mist and low cloud so temperatures here in the east little bit higher and elsewhere, temperatures into the mid—20s. for the outlook into next week, there is little if not any rain in the forecast, the possibility of showers towards the south and south—west and temperatures in the low to mid 20s. hello it's thursday, it's nine o'clock, i'm victoria derbyshire, welcome to the programme. "the worst moorland fire in living memory" — firefighters say they're still battling the blaze in greater manchester. around 100 soldiers and an raf chinook helicopter are being sent in to help. we can see this being prolonged for days if not weeks, particularly with the fact the wind has drawn the fires towards the residential, but actually away from the centre of the moor.

iam out i am out by swineshaw reservoir where army troops are heading on to the more land is shortly. police and a senior coroner are warning parents about the risks of this video game which features characters self harming and killing themselves. we will talk