this is the business briefing. i'm sally bundock. britain's chief brexit negotiator has resigned. david davis has quit the government just days after the cabinet agreed its new plan on future trade relations with the eu. and world cup fandom isn't limited to leisure time, we'll see how it spills over into the workplace as well. and on financial markets, asian stocks are headed higher thanks to the good jobs report from the us, but sterling is falling as brexit uncertainty takes hold again. turmoil in britain. the secretary of state for exiting the european union, david davis, the man in charge of delivering britain's withdrawal from the trading

block, has resigned. he has been followed by his number two in the department, steve baker. it comes just 2 days after prime minister theresa may unveiled her latest revised plans for brexit — plans that undercut david davis' vision. he says he resigned from government because he felt the prime minister's plans were undermining exit negotiations with brussels and that parliament would not truly regain powers after leaving. so what was the agreement theresa may cabinet reached with her cabinet? here are the key points. the uk will "maintain a common rulebook for all goods" with the eu, including agricultural products, after brexit. a treaty will be signed to avoid friction at the uk—eu border, including northern ireland. a "joint institutional framework" will be established to interpret uk—eu agreements. cases will still be referred

to the european court ofjustice to interpret eu rules. the borders between the uk and eu will be treated as a "combined customs territory". the uk would apply domestic tariffs and trade policies for goods intended for the uk, but charge eu tariffs for goods heading into the eu. the plan says it will end the free movement of people "giving the uk back control over how many people enter the country". a "mobility framework" will be set up to allow uk and eu citizens to travel to each other‘s territories. that is an owl and a plan was put together by theresa may's cabinet. —— outline there. david davis

announcing just after midnight that he is now going. we were hoping to go live to brussels but for technical reasons we cannot right now. hopefully we'll get some analysis from their later on. moving on to other stories are. —— to other stories. xiaomi shares, initially priced at 17 hong kong dollars per share, have dropped nearly 3% on debut on the hong kong stock exchange. the share sale values the chinese smartphone maker at below $50 billion, which is a far cry from the $100 billion valuation touted one year ago. let's go to our asia business hub, where karishma vaswani is following the story. why was it not that week, massive flotation that many expected? it has been a difficult start for the smartphone maker xiaomi, when it

debuted this morning, initially at one point four and more than 3.5% at recovering. mainly, investors are concerned about the valuation of the company, they think it has been priced too expensively. initially the public offering has been priced at around 17 hong kong dollars per share, at the bottom of the range it had originally intended to price its shares at. at that price, the company isn't out —— the company is valued at around $50 billion. lots of things clouding investor sentiment, among them, the fact that xiaomi, who makes other pieces of hardware equipment is not seen as a hardware equipment is not seen as a hardware company plus as an internet play, but more as a low—cost mobile phone maker. then there is the threat of further trade tensions between the us and china which we

have been talking about. some a nalysts a re have been talking about. some analysts are concerned it could hurt music expansion plans in the future although it has been regional. it is the current biggest smartphone vendor in india. let's take a look at other business stories. chinese internet giant tencent has submitted a proposal to the hong kong stock exchange to list its online music entertainment business seperately on an american stock exchange. they confirmed the proposed—spin off in a statement, but didn't reveal the size of the offering, nor which market in the us they intend to register with. former brazilian president luiz inacio lula da silva will remain injail, a judge has ruled on sunday. earlier today two different judges issued conflicting orders: one to release the politician from jail and another one to keep him in prison. lula was arrested in april after having been sentenced to 12 years in jail for corruption. you may

have been glued to the screen if you area have been glued to the screen if you are a football fan. england and croatia were playing pretty critical matches and both came out as winners. football fans in england and croatia flooded the streets as the two sides progressed to the semi—finals of the world cup. the tournament has now been running for three weeks, with many games scheduled during working hours. the bbc‘s tom davies has been finding out how employers have tried to accommodate all the football on tv. from the pubs of paris... to the concourses of colombia. the ecstasy. and the agony. wherever you are, it has been hard

to avoid the world cup and with so much going on in russia, perhaps it cannot be blamed for getting alittle excited at the obvious. i think that means england are through. but some businesses, like this print and design company have been trying to combine work and play by setting up dedicated viewing areas. we have football on the rooftop terrace here and in the offices downstairs. giving people freedom and choice to spend time how they want to, being by themselves or with a colleague to watch the match. we trust them, we presume permission. they have the right to treat their day as they want. they have a job to do at the end of it and we believe they will do that. so while some offices have been able to make the most of the football, not every workplace has been able to tackle the problem head on.

researchers found that financial traders become distracted by the world cup. at the 2010 tournament, played in a similar time zone to russia, the economists found that the number of trades at a stock exchange fell by an average of 55% when the home nation was playing. because we have detailed data we were able to make a link between what happened on the football pitch on a minute by minute basis and we were able to link this to what happened on stock exchanges. as elimination became increasingly likely for france and italy in this case, there were negative reactions on the stock exchange in those two countries. so as we reach the latter stages of the world cup, for employees in many countries, client meetings are taking the place of pub lunches. for the teams left in the tournament, workers are hoping they can leave it another week before it is business as usual once more.

what a week we have had. i will be watching on wednesday fish or. lets have a look at the financial markets. —— for sure. have a look at the financial markets. —— forsure. in have a look at the financial markets. —— for sure. in asia we are up markets. —— for sure. in asia we are up quite strongly and this follows the usjob reports on friday which was encouraging and we saw an end to the trading week in the us, fairly strong as well. it was a funny week we have the independence day break in the middle of the week, a really weird week but this week we are back and going. let's have a look at the next board. the pound sterling is under quite a bit of pressure, losing ground versus the us dollar. notan losing ground versus the us dollar. not an awful lot but it is what we often back of the news that david davis has resigned and now we come into a brand—new week and we are into a brand—new week and we are into the second half of the year, coming up to the next reporting season. coming up to the next reporting season. so many, coming up to the next reporting season. so many, as coming up to the next reporting season. so many, as far as global investors are concerned, tensions on

corporate earnings as companies start to report how they have been doing in the first half of 2018. that is your business briefing, stay with us, plenty more on our top stories injust a moment with us, plenty more on our top stories in just a moment of. with us, plenty more on our top stories injust a moment of. —— just a moment. up next — newsbriefing. every year, 100,000 people are unable to get access to expert and of life care. —— end—of—life care. that's according to the organisation that represents the hospice network in the uk. the work of hospices is often misunderstood — our health correspondent dominic hughes spent a week with patients and staff at st ann's hospice in manchester.

maxine's dad is dying of cancer. diagnosed earlier this year, joe is nearing the end. but maxine says her dad couldn't have wished for better care. it was the best thing, coming here, especially for someone at the end of life. i want him to have the best time ever at the end of his life. and family members like maxine needs support too. i am grieving, probably for the bad. i am watching him just waste away. —— my dad. and he has just been strong this man i have ever known. —— strongest. supporting patients at home and through a daycare service, relieving pressure on the nhs. there is some health service money, the hospice charity must raise an additional £40,000 per day to keep going. we all know that is why we have come

here for, it is to support patients and families at a difficult time. sometimes patients will ask m i dying and rather than shying away from it, as a healthcare professional you need to, if that is the case, to say yes, we think you are. across the country, hospice patients are facing their last big challenge. but they do so surrounded by the love of their families and the care and compassion of hospice staff and volunteers. dominic hughes, bbc news, thank and's hospice, manchester. —— st ann's. this is the briefing from bbc news. the latest headlines: it appears that the rescue operation to save eight boys and their football coach who are trapped in a flooded cave in thailand has resumed. the british ministerfor exiting the european union, david davis, has quit his job only a few days after the government agreed their policy on brexit.

a british woman who'd been exposed to the nerve agent novichok has died. prime minister theresa may says she's appalled and shocked. you can imagine the media is making much of all of those stories. let's have a look at how they are grappling with the breaking news that happened overnight. we begin with an article in the financial times on that shock resignation of brexit secretary david davis. just 48 hours after theresa may presented a unified front on a new "soft brexit" approach both david davis and his deputy steve baker quit in protest. the financial times claims the uk government is in disarray. the mail's front page runs the headline ‘murdered by novichok‘. that's after 44—year—old dawn sturgess has passed away, ten days after coming into contact with the nerve agent. her boyfriend is still in a critical condition. now a story on the new york times

website, which you might have missed with all the football action over the weekend, about secretary of state mike pompeo's reception in north korea pompeo called those talks productive while north korea described the us as pushing a gangster—like demand for denuclearisation. this was after donald trump declared theissue this was after donald trump declared the issue of nuclear weapons in north korea as solved following the singapore summit last month. returning to the financial times which also has an interesting story on the development of detection systems to stop rogue devices from interfering with buildings such as power plants, airports and prisons. and then a story being reported in several of the newspapers, and

unexpected side—effect from the world cup effect, a rise in the number of west coast —— waistcoat sales inspired by gareth southgate. so we have lauren with us to walk through these —— through these stories. we have spoken already to a degree about the accident of david davis, the brexit secretary. it is not on the front page, the physical front page but it was all over social media, and online. this is the financial times online story talking about the uk government being in disarray.