this is business live, from bbc news, with vishala sri—pathma and david eades. theresa may calls for ‘faster progress‘ in brexit talks, as big business piles on the pressure. live from london, that's our top story on friday, 29thjune. eu leaders expressed concern at the lack of progress over brexit, but theresa may says "very good progress" has been made on a withdrawal agreement. we examine where the negotiations are. and as a trade war looms, there are new investment opportunities in china, as the country changes the rules over foreign ownership of companies. we will look at the european markets, in positive territory after european union leaders met yesterday and agreed on a deal, the market is

and agreed on a deal, the market is a pitch cheerier today. and we'll be getting the inside track on the past business week, including talking about trade and harley davidson with our correspondent, andrew walker. and questions are being asked over the future of cash machines in the uk, as operators face a cut in the fees they receive from banks. so, today, we want to know, do you still rely on cash machines? and which would you rather lose — your wallet, or your phone? let us know. just use the hashtag bbcbizlive. hello and welcome to business live. we start in brussels, at the european union summit, where uk prime minister theresa may has said she wants to see "faster" progress in the brexit negotiations. with just nine months to go until britain leaves the eu, she's under growing pressure to lay out what she sees as their future relationship. but her government remains

deeply divided on that. let's take a look at some of the flashpoints. the financial side remains very controversial. the uk government puts the ‘divorce bill‘ for britain leaving the eu at around $51 billion. but its own spending watchdog warned this week it could be 10 billion higher, and warned any financial benefits of leaving — the so—called ‘brexit dividend‘ — would be ‘some years away‘. then there‘s the eu‘s customs union. the government says it‘s leaving so it can strike its own trade deals — it‘s one of its so—called ‘red lines‘. but how to do it, without going back to a hard border between the uk and ireland? that could undermine the delicate northern ireland peace deal. brexit supporters want britain to regain control of its borders. but that‘s seemingly incompatible with the european union single market, which allows the free movement of goods, services, money and people within the eu. so, big internationalfirms in the uk want to know, what sort of arrangement will replace it? the likes of airbus, bmw, siemens and nissan have all been

warning of catastrophe for their businesses if trade barriers go up. charles lichfield is a europe analyst at eurasia group. it is good to see you. i suppose they have another issue which is migration. they have averted a crisis, it seems, so not much to talk about brexit. one might have expected a raft of gasps and exasperation from brussels. you write this was to be a council about the future of getting brexit on the right footing and the eurozone and it has become a crisis council about migration mainly and it suits them that brexit is not as important this time. they were also warned by the prime minister that this wasn‘t exactly a time when she would be able to come up with the right deal and make the right concessions to get negotiations moving again, that will come later because mainly of

what has happened in parliament and negotiations about the future trade policy for the uk. that is a deep breath to take and with lamp —— one saying, we need to move on with this. everybody is waiting in line for her. that is then perhaps worse but the tension has increased when you have the likes of airbus for example or bmw, the number of major manufacturers who have trotted things out in the last week is growing. there has been a change in the mood and in the way companies are expressing themselves on the uk and the future customs policy. not just airbus, which does not really have many consumers buying its products, but firms risking a bit of a consumer backlash have expressed their dissatisfaction with the progress of the negotiations. i think the clock is ticking, simply. these big manufacturing firms, what about the likes of finance insurance companies, how do they see we are?

they have to prepare as well. i don‘t think they can really afford to ta ke don‘t think they can really afford to take any bets on the negotiations. it still seems more likely to most people including the company i work for that we do get a deal hadn‘t have a transition on time. but people in the financial services are not ready to take that risk and they feel there is a greater than 10% chance of no deal so greater than 10% chance of no deal so they have to prepare for that. they have been told by the uk and gave been union that when they engage in private contracts under the single market, they need to prepare for the uk reading and do their own work so they can move into a regulatory framework where these contracts work. they‘ve been told it is their responsibility and they are preparing for that. worst case scenario is what they have to work with, basically. thank you very much indeed. let‘s take a look at some of the other stories making the news. australia has won a major trade dispute over its pioneering plain packaging for cigarettes, in a decision handed down by the world trade organization. australia made it mandatory in 2011 for cigarettes to be sold

in drab—looking packets that carry health warnings. seven years on, the wto has rejected complaints from four nations that the measures violate international trade laws. that would put me off! tata steel and thyssenkrupp are close to agreeing terms on a merger that will create europe‘s second—biggest steelmaker, after arcelor mittal. sources in the city of london have told the bbc that the deal, which has been under negotiation for more than a year, could be concluded in the next few days. amazon has said it is buying online pharmacy pillpack for an undisclosed sum, confirming speculation it‘s expanding into healthca re. the news has sent shares of pharmacy chains plunging on fears of competition from the online retail giant. cvs health and walgreens boots alliance were down around 10%. the chinese government has decided to open up its economy, by easing foreign investment rules.

the sectors which are likely to benefit from the new ruling karishma vaswani is in singapore for us. ona bit on a bit of an opening! this certainly looks like some sort of small but significant step from china this week on the trade front. it appeared to ease restrictions on foreign investments in the sectors you mention, including agriculture and banking, two of the big sectors that foreign investors have been looking at for many decades now. this is part of a response to criticism from the united states that beijing is not doing enough to address trade imbalance between the two sides. we have consistently heard from the trump administration that china practices what the us calls on fair trade and this appears to be something beijing is trying to

do to appease washington. from a nalysts do to appease washington. from analysts i have spoken to, it is unlikely to appease the united states because some of these measures have frankly been expected. they had been rolled out over the last couple of days. they will not go into effect until the end of july. but certainly, many of the measures were things beijing talked about in the past and promised in the past and the others simply don‘t go far enough. all of this comes against the backdrop of increased tensions between the us and china trade with months of rhetoric and threats of tariffs being exchanged with the tariffs expected to be imposed next. thank you very much. trade tensions have affected markets. they look a bit flat in asia and they have been jittery as of late. the dow, this is from last night, it finished in positive territory yesterday. let‘s look at

the european markets. as i said, they have opened in positive territory. jittery overtake tensions, but european union leaders matches today and agreed a migration deal so that has sent the euro higher and european markets a bit more positive. and paul blake has the details of what‘s ahead on wall street today. well, data will drive the day here on wall street, as investors are looking to the us commerce department at it releases new numbers on consumer spending for may. the figure — which measures how much of their personal income americans spend on goods and services — is expected to show a 0.4% increase, another sign of the us economy‘s continued strength. we can also expect some on wall street to have beer on their mind, notjust because it‘s a friday, but because constellation brands — the maker of corona — will be reporting their first—quarter earnings. the company is expected to show strong growth as sales of their higher—priced beers increase, but investors

will be looking for improvement in another drink. the company‘s wine business will also be in focus. joining us is david bloom, global head of fx strategy at hsbc. let‘s start with the real news story. we have the eu summit still going on. a real dip for the euro in the last couple of days and now... yes, the markets were getting quite jittery and nervous that angela merkel was under pressure and the euro went down and this morning, they have cut some kind of deal and merkel will stay and the euro has bounced back. we had the italian situation and the spanish situation going on. the last thing we needed was another political issue and uncertainty surrounding germany, especially that merkel has been there 1a years. so we are getting it back and we‘re happy. there 1a years. so we are getting it back and we're happy. if there was one country you did not want instability in at the moment, that would be germany. correct, especially with the idea trade was

getting more severe. germany is a big net exporter and if you look at the expectations from germany, they are feeling a bit gloomy about the global environment so the last thing they needed was a domestic political problem. still sticking it to their monetary policy in europe which is what —— different to what we are having in the uk, quantitative easing being reversed and they are co mforta ble easing being reversed and they are comfortable and on track to do so. yes, we have seen in the uk, and the feds did it and they are raising rates. we tried to raise rates in the uk but it got slapped back and the uk but it got slapped back and the europeans are saying summer next year. if it is a greek summer, it will be june. a year. if it is a greek summer, it will bejune. a scandinavian summer, it might never happen! let‘s wait and see, but they have pushed out when they will raise interest rates to they have said the summer of next year. that is not even in my investa ble year. that is not even in my investable horizon. i worry about the summer first. my horizon extends to the end of the day! this is the

last day of the quarter and the six months. yes, believe it or not, the first half of the year is done and dusted and if you look at them but it has done is it! that is a big outperform. if you go to the united states, it is down 2% and the chinese markets down 10%. everybody thought bond yields would rise, they didn‘t, and the dollar started poorly. it is a big turnaround in the first six months, as far as equity markets are concerned, treading water. for now, david, thank you very much. thank you very much. still to come... we‘ll be talking about trade and harley—davidsons. and some of the other stories from the business weekjust gone, with our correspondent, andrew walker. debate is intensifying over the future of cash machines in the uk, as operators face a cut in the fees they receive from banks. link, which runs the uk‘s largest

network of cash machines, says the move is vital for its sustainability. but critics say it‘ll put even more financial pressure on businesses that operate them. with us now is chris noice, head of communications and research at the association of convenience stores. thank you forjoining us. this is quite a drop—off. yes, a significant drop in the last six months alone of the number of machines being operated. which research suggests around 1,500 since november and retailers are saying they are now under pressure to close the machines which would be a shame for their 2.7 million customers and small businesses and the markets that rely on cash and don‘t have the facilities. how many cash machines will close as a result of this? we don‘t know how many will close, but what they‘re real concerns about is

whether our only one or two cash machines in rural or isolated areas. those areas will feel it most and we don‘t think link‘s plans have covered that efficiently to ensure people still have access to cash when they need it. the bottom line is, they are going to become a thing of the past? i don't think so, if you look a couple of weeks ago, the visa network went down for several hours and people had to rely on cash. in our sector, 75% of the transactions are done in cash. there are 2.7 million people who rely on cash. the speed with which that is changing is significant. maybe it is another five years and maybe longer, but the time will come. another five years and maybe longer, but the time will comelj another five years and maybe longer, but the time will come. i think people are perhaps getting ahead of themselves. some retailers have had to roll back because of changing consumer demand and cash definitely has a long—term future. it is essential for a lot of our members and customers and i think we‘re looking at quite a way in the future

before cash becomes even second place in our sector to card payments. thank you very much indeed. we have been asking you if you would rather lose your wallet or your phone. plenty of comments but basically, system failure can leave you stranded, you still want cash and we will stick with it for the time being. your‘re watching business live. our top story — theresa may calls for "faster progress" in brexit talks as big business piles on the pressure. a quick look at how the markets are faring. as you can see, all positive at the start of trading today. the euro has bounced back as well courtesy of a deal at the eu summit on migration.

it‘s been a busy week in the ongoing trade row involving the us and its major trading partners. and european leaders have been meeting to discuss potential reforms to the eurozone. let‘s get a round—up of some of the biggest stories of the week with our economics correspondent, andrew walker. thank you forjoining us. let‘s talk about tariffs and harley—davidson. this has been a big story, they have had a double whammy because they have been hit with raw materials because of tariffs on steel but also in terms of relocating factories when it comes to retaliatory tariffs. you could call it a triple whammy. they do have some history of a difficult relationship with president trump. what we have had in the last few months, increased cost of their raw materials, steel and aluminium asa of their raw materials, steel and aluminium as a result of the tariffs president trump has introduced and now they have to think about the retaliatory tariffs from the eu on

the bikes they are making in the us and selling in europe. but they had already had a problem with the us withdrawal from the tra ns—pacific partnership and as a result of it, their management say that they have decided to set up a new factory in thailand so they would have better access for their bikes to the asian market. what we have seen this week has been their decision to shift production of what it is selling in europe to some other international factories of which thailand is one but they already have operations in india and brazil. it seems like an extraordinary company to cross swords with for president trump. the all—american brand and from tpb to this trade war, they are getting knocked around left, right and centre —— tpp. knocked around left, right and centre -- tpp. president trump said that if it makes stuff aboard it

will be bad for its brand. you have to say that the company has already been supplying some markets from these overseas operations and there is no plan to start selling the all—american motorbike to american riders from abroad, they will still be producing for the domestic market in the us. here in europe, eu leaders have been meeting and we have been talking about the migration deal they managed to set up migration deal they managed to set up but also a bad debt restructuring. there is another summit if you like and certainly the migration one has been getting the headlines for understandable reasons with a potential political crisis in there. but the euro zone leaders are looking at reforms there. one of the issues they are looking at is whether there should be anna mayes almost automatic for companies in difficulty with debt that they should have to look to restructure what they owe to the private sector.

that would be something that appeals to germany and the netherlands because it would mean that their taxpayers, they think, would have less of a burden in coming to the rescue but it is greatly opposed by some of the opposed that might need to conceivably make use of it, like italy, and they fear that even in the short of a proposal like that could raise their borrowing costs and when you have a debt the size of italy‘s that is not good news. and when you have a debt the size of italy's that is not good news. that isa italy's that is not good news. that is a specific tool and an important one. emmanuel macron has made this one. emmanuel macron has made this one of his big things. is it still a flight one of his big things. is it still a flight of fancy to imagine there could be extensive eurozone reform or if the beginning to make progress? he has made some. one of the big weaknesses in the eurozone that aggravated the crisis was the lack of any kind of centralised government spending, a fiscal shock

absorber it is sometimes called. germany has been deeply reluctant on that in the past because they see the risk being that german taxpayers would pick up the bill. chancellor merkel has come on board without great enthusiasm to this idea but she is kind of on—board but there are others who do not like it, notably the dutch, the finish, the austrians. one everyday have made progress is in banking union with common regulatory systems and bailout provisions but even that is for complete. —— apart from complete. and deposit guarantees was on the agenda. one of the great things in the crisis was the lack of a common eurozone bank guarantee system for depositors so basically if you had that kind of system, greek depositors would have been much less worried about the possibility of losing money. that is something that again german is

relu cta nt something that again german is reluctant about because they think they might be footing the bill. it is another very important area of unfinished business. with mentioning briefly that the banking problems, and we had another reminder that they have not gone away in the us federal reserve failed deutsche bank on its american operations in its stress test. this is not a direct eurozone issue but a reminder that there are important european banks that still have problems. daegu very much —— thank you very much. we have been asking about cash machines, if it is time to get rid of them and asking if you would sooner lose your wallet tha n asking if you would sooner lose your wallet than your phone. we have bad responses from both sides of the water. we do not need cash machines, says leigh beaumont. you are making a mountain out of a mole hill. this isa a mountain out of a mole hill. this is a cashless world. we are getting

more and more, cash is over. someone on twitter think it is all very well but systems failure can leave you stranded and that is true, you don‘t wa nt to stranded and that is true, you don‘t want to be stuck with no cash and note cash machine. the very point they were making for consumers earlier. 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 all the day‘s business use as it happens on the bbc‘s business live page. there is insight 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 at bbc.com/business. on twitter we‘re @bbcbusiness. and you can find us on facebook at bbc money. business live, on tv and online. what you need to know, when you need to know. what other business stories has the media been taking an interest in?

david bloom, global head of fx strategy at hsbc, is joining us again to discuss. we would talk about a cashless economy. i paid for my breakfast with my phone this morning. it is the way forward. it is the phone bit that confuses me! it is interesting as far as monetary policy is concerned is one thing people were scared up is negative interest rates and if you have cash you don‘t pay that. but if you get rid of cash you can have very negative interest rates and the closest country to come to this is sweden which is basically going cashless. i bought licorice, convenience store and he did not take cash, a little corner store! they have basically nearly gone cashless. i think if there is a financial crisis it is not impossible someone like sweden could ban cash outright and cut interest rates aggressively and you could not

hold it. you say nearly, how close? they are under 1%, something like 0.3% cash now. i was there recently. i had 0.3% cash now. i was there recently. ihad an 0.3% cash now. i was there recently. i had an old note, i took it to the bank and they gave me a different currency! they would not give me the currency! they would not give me the currency back and as i went to the central bank in stockholm! is it a european phenomenon? chip and pin has just european phenomenon? chip and pin hasjust come to european phenomenon? chip and pin has just come to certain countries in asia. i don't think so. i think some of the smaller economies in africa for wpa with your mobile phone to exchanging the credits. —— four example. cash has its place but if you think about the money you earn,it if you think about the money you earn, it comes straight into account and you pick everybody by direct debit so notes and coins is what we‘re talking about and that is minuscule compared to your money and you use it for convenience. maybe you use it for convenience. maybe you are worried about something happening one that and you carry £20 around with you but i‘m afraid we

are going cashless. it is the new society. retailers will not care how you spend your money as long as you spent it. we have a day of rest at the world cup, england are still in it and the sun is shining. then you see a real dividend? it and the sun is shining. then you see a real dividend ?|j it and the sun is shining. then you see a real dividend? i can. there is a big argument between the ons and the bank of england, one said that the bank of england, one said that the weather was expected and that is why the economy was poor, why we have this interest rate rise but they have got an excuse now! it is glorious out there. england are fortu nately still glorious out there. england are fortunately still in the world cup. that is good for bars and pubs and and things. restaurants the question is, will they be raising rates after the summer? we will wait and see. great to have you. that‘s it from business live today. there will be more business news throughout the day on the bbc live webpage and on world business report. we‘ll see you again tomorrow. hello. for the fourth consecutive

day ina hello. for the fourth consecutive day in a row we have had the warmest day in a row we have had the warmest day this year. temperatures yesterday in porthmadog 33 degrees but all of the nations had temperatures above 30 and in northern ireland we were only 0.3 celsius off the all—time record the highest temperature. this weekend, most of us will stay dry and sunny and hot. the risk of a few showers in the south—west but i will show you that in a moment. today, low cloud and missed retreating back to the north sea coasts again. a lot of sunshine the further west and the heat will build with temperatures above 30 in north wales, the west of northern ireland and perhaps the west of scotland but generally temperatures in the mid to high 20s. a big pressure on those north sea coasts again, 17—211. tonight, we could have some more cloud moving into scotland and perhaps the

midlands and the south—east of england on saturday morning. temperatures down to 10—1lidc, similar values to the whole week. if you are struggling to sleep it might be the same again tonight. at the weekend, even warmer air coming be the same again tonight. at the weekend, even warmerair coming in from the continent. that will increase the humidity of it as well in southern areas. on saturday morning, it might start off cloudy but it will burn away quickly and apart from some cloud lingering on the north sea coast around aberdeenshire, another sunny day. temperatures a little lower in scotla nd temperatures a little lower in scotland and northern ireland but higher in the far south. on sunday, this area of low pressure is developing over the bay biscay and it will move northwards you can see it will move northwards you can see it clipping the far south—west of england and south wales with the chance of some isolated showers in this part on sunday. otherwise, for

most of us as it is another hot and sunny day. temperatures up to 30 in the south. a bit cooler in scotland and northern ireland, around the low to mid 20s. that will continue all week across scotland and northern ireland. always the risk of a shower, mainly in the south—west but we keep those heatwave conditions really well into next week. goodbye. hello, it‘s friday, it‘s 9am. i‘m tina daheley, welcome to the programme. five people are dead after a gunman opened fire at a newspaper office in the us state of maryland. we know that there were threats sent to the gazette through social media. he‘s in his late 30s. by this person? those threats were sent by this person? no, the threats were sent over social media. we‘re trying to confirm what account that was and we‘re trying to confirm who actually sent them. we‘ll bring you the latest from the united states. also ahead — european union leaders have reached an agreement on migration after nearly ten hours

of talks at a summit in brussels. the italian prime minister giuseppe co nte left the italian prime minister giuseppe conte left early this morning saying, we are satisfied, italy is no longer alone thanks to this agreement. i think he means this idea that the eu might