this is business live from bbc news with susannah streeter and ben bland. tensions of trade — 620 trade ministers warn of a threat to global growth. live from london, that's our top story on monday 23rd july. a risk to the global economy — that's the warning from 620 ministers after they conclude a two—day meeting in argentina. they say that rising global trade tensions could hurt economic growth. more in a moment. also in the programme — mining giant bhp billinton feels the heat — the miner receives a lawsuit from the federal court of australia regarding the 2015 samarco dam disaster in brazil where 20 people died. bhp says it will fight

the legal action. and we'll be getting the inside track on the company will also be looking at the markets. and we'll be getting the inside track on the company that's taking the centre stage at weddings across the uk. in just six years, prezola has become the country's most popular website to buy gifts for that special day. we'll find out their secret. and staying with the wedding theme. today we want to know — what's the best and most bizarre wedding gifts you've received or been asked to get? let us know — just use #bbcbizlive. hello and welcome to business live. finance ministers from the world's 20 biggest economies have issued a stark warning about escalating trade tensions. concluding their meeting at the 620 summit in buenos aires, they said that economic growth around the world could be threatened — and called for greater dialogue. the warning matters because the 620 represents 85% of the world's economy and two thirds

of its population. even before the meeting the head of the international monetary fund warned it was conceivable that trade tariffs could wipe $430 billion or 0.5% off the global economy. but since then us president donald trump has gone further. his country imported over $500 billion of goods from china last year and in a tv interview he's said he's? prepared to impose tariffs on pretty much all of them. the imf says the us is particularly vulnerable to retaliation. the world's biggest economy could shrink 0.8% as a result of its own tariffs and those china, the eu and others have already begun imposing. daniel 6allas has been following the 620 meeting in buenos aires for us — and says it's been a tense affair. there's plenty of tension in 620 summit of finance ministers

in buenos aires over the weekend. the europeans are angry with the us about tariffs being imposed on aluminium and steel. the european commissioner for financial and economic affairs, pierre moscovici, said that the us action is inappropriate and that europeans are allies and not foes. the french finance minister, bruno le maire, said that the europeans should not negotiate with a gun to their heads. but the secretary of the treasury stephen mnuchin from the united states, said that in upcoming talks with 67 nations, there will be negotiations about dropping trade barriers altogether. of course, the 67 does not include china, so that suggests the united states are trying to isolate the world's second—biggest economy, as global trade wars keep escalating. aline doussin is a partner at the international law firm hogan lovells, and shejoins me now. welcome to business life, good to

have you with us. the french minister was talking about the situation being like the law of the jungle, aline. 0f situation being like the law of the jungle, aline. of course, you have the big beasts involved, china, the us and the eu, but how has it come to this? there are systems in place that it to avoid this kind are ratcheting up of trade rows. yes, and it's a very good question indeed. i think it's pretty unprecedented in terms of global trade and pensions and tit—for—tat ta riffs trade and pensions and tit—for—tat tariffs and trade wars. the difficulty is that at the moment we are targeting steel and aluminium and the us president really focused on that in the past few weeks. now, as you said, we're looking at a much broader impact on the economy and a much broader range of sectors, not just specific countries, china the one that everyone is focused on, but specific sort of trade alliances, for instance the european car

industry and that specific aspect of the trade balances with the us and the trade balances with the us and the eu. the car issue is likely to come when eu representatives are in the us to talk about this because it would be europe that would feel the brunt of that if the us pushes ahead with these car part import tariffs. this week will be crucial for the europeans, we have seen the number of statements coming from bruno le maire over the weekend from the 620, from the netherlands and the dutch minister and jean—claude juncker. there is a high level meeting in washington with the president and the administration. the europeans are trying to de—escalate and defuse the tension is. at this stage not seeing any significant impact that they are having on the trade policies the president is pursuing pulse of the 620 statement is a welcome step but we need to step up the dialogue and we need to see this

sort of de—escalation action being taken into action. if it does not de—escalate, what do you think will be the impact of the global system of rules —based trading?” be the impact of the global system of rules -based trading? i think christine lagarde is clear on what effect it will have on the global economy and growth in particular but asa economy and growth in particular but as a general rule when tariffs are high the ones that are most impacted other consumers because prices become higher and products are more expensive. that was the one given by the 620. thank you forjoining us. let's take a look at some of the other stories making the news. 6o go on then, ben. britain's new chief brexit negotiator says the country must prepare for the possibility of talks on a trade deal with the eu collapsing. dominic raab says he's working for the best possible deal, but that the uk must still have a plan in place in case one can't be reached. he also says that briton‘s shouldn't be worried about a "no—deal" brexit. president donald trump has threatened iran in a tweet,

warning the country s leader to be cautious in its approach to the us or suffer consequences such as few in history have suffered. the tweet, written mostly in capital letters, didn t specify what those consequences might be. injune president trump had threatened sanctions on countries that purchased oilfrom iran. the people's bank of china has injected $74bn of cash into the country's banking system through loans to commercial banks. it's the latest move by the central bank to react to fears that the country's main banks may be suffering from a credit crunch. the government of indian prime minister narendra modi has cut the sales tax on 50 products, to boost consumer confidence and spending. narendra modi is seeking a second term in 2019, amid voter frustration over the abrupt implementation of a nationwide 6oods and services tax a year ago, that has hit businesses and the general public hard. 6lobal miner bhp has been served

with a class action over the samarco dam failure in 2015, which killed 19 people. bhp hasn't specified who filed the action, which will proceed in the federal court of australia. business correspondent sarah toms has more details. tell us more about this disaster. about 3000 investors have signed up to participate in this action and the class action alleges bhp violated its disclosure obligations, that it didn't inform the market of the imminent risk of failure, and of course the class—action also accuses the global miner of misleading and deceptive conduct. bhp was jointly owned with the samarco dam and in

2015 it was holding mining waste when a wall collapsed leaving 19 dead, hundreds homeless, villages destroyed and waterways were polluted with the mining waste. it was described as brazil's worst environmental disaster. it had a terrible impact on financial markets, if you bear in mind that bhp is one of the world's biggest mining companies in market value and asa mining companies in market value and as a result of the accident there was a sharp fall in miner's stark and bhp plummeted more than 20% and so investors want to recoup some of those losses. —— miner's stock. let's have a look at the markets. asian markets have largely lost ground as jitters grew over a potential trade and currency war, with the dollar sliding against most major currencies and extending friday's declines. the fall in the dollar came as us president donald trump attacked washington's main trading partners

for their currency policies on friday. oil prices have fallen because of increasing concerns about fuel demand after that warning from finance ministers and central bank governors at the 620 and paul blake has all the details of the week ahead on wall street. i don't think those figures are correct. they were down on opening. we will tell you exactly what is happening on european indices in a moment. these boards are clearly not working. this week earnings season continues in earnest but with a large focus on tech, tariffs and deals. 6oogle's parent company alphabet kicks us of later today and is expected to report a rise in profits of the back in profits off the back of strong ad sales growth. but wall street will also be looking to see if they have anything more to say about that fine from the eu over its android operating system. tuesday sees at&t report earnings with traders expecting a rise

in profit but also keeping an ear out for any comments on their merger with time warner. earlier this month the us department ofjustice said they would appeal a decision that allowed at&t to acquire the media giant. wednesday sees gm, chrysler and ford report earnings. wall street will be looking for any comments on the ongoing trade disputes between the us, china and europe. and finally, on thursday, comcast will release quarterly results. but look for any comments on its plans to try and acquire sky. paul blake in new york. joining us is maike currie, investment director at fidelity international. looking ahead, plenty of corporate results are out, which ones are you keeping ni on? some of the biggest names in the uk stock market will update investors this week. want to keep an eye on is royal dutch shell reporting on thursday, and it's the biggest dividend payer in the ftse 100 yielding over 5% in an environment of record low interest rates. inc hungry investors will

keep an eye on that. other big ones, astrazeneca, reckitt benckiser, the media companies, itv, bt, pearson, lots of things to keep ni on. talking about shell, interesting developments with president from's tweet regarding iran. —— keep an iron on. he said us allies buying from iran should stop otherwise they could face sanctions. this as to the confusion about where the oil price is going, doesn't it? it reiterates that after gains in the oil price nothing is really certain. and what impact that will have on the oil price, which we have seen weakening recently, depends on how many countries follow the us in imposing sanctions on iran. three countries that will benefit are saudi arabia, iraq and of course russia, because they are seen as the substitutes for iranian oil. the trade tensions is

another factor because they will weigh on global activity and that's bad news for the oil price. we have had major oil players like total mothballing projects earmarked for iran. 0thers experiencing similar problems? about where to put the money for future projects. they all companies have been under pressure when the oil price was weaker, they have been good at cutting costs and looking at how to run more efficiently so the expectation is we will see good results from the likes of shell. thank you very much, we will watch with interest. back with more stories in the business pages later but for now thank you. still to come — we'll tell you about the company that's taking on the big boys and proving a big hit at weddings. you're with business live from bbc news. ryanair says staff walk—outs as well as unusually hot weather and strong competition in the budget airline sector have

pushed down fares. while that's good news for holiday—makers, the airline revealed a 20% drop in first—quarter profits this morning. john strickland, aviation specialist atjls consulting joins now. hello. what is going on at ryanair? they are facing very much increased labour costs with strikes looming this week. they are facing rather more challenges than we're used to seeing with rya nair, more challenges than we're used to seeing with ryanair, some external and some internal, they have had 2500 flights cancelled recently due to external air traffic control strikes, affecting almost half a million of their customers unable to travel. and internal woes with two recent pilot strikes and another one possibly tomorrow and cabin crew strikes on thursday and friday. that said the cabin crew strikes are contained to the irish market, and that 7% of the company's operation. the cabin crew strikes if they go

ahead will primarily affect the spanish and italian markets for ryanair also, spanish and portuguese, i think. the oil price has had a factor in profits as well. the oil prices creeping up. the other side of the coin is ryanair‘s fa res other side of the coin is ryanair‘s fares are going down. ryanair is better placed than most because they have hedged a lot of their fuel going forward so it is way below the market price but with increased labour costs because of union recognition, the cost of the strikes added to the fuel impacts as well, means their overall cost level has risen by about 6% making it more challenging in terms of running the business and affecting the level of profitability which is why we have seen profits fall. they have held their guidance for the year ahead that there isn't any increase in profits expected this year compared to last. john strickland, many thanks for the update on ryanair. lots to talk about that this week, a

lot of pilots wanting union recognition and it is complicated for the airline at the moment but it seems their prices are falling. we wa nt to seems their prices are falling. we want to turn your attention to another story on the business live website. a lot of plastic that is being recycled is ending up in landfill. your‘re watching business live — our top story — 620 finance ministers warn that global economic growth is under threat due to rising trade tensions. a quick look at how the markets are faring. ftse100 is down about 0.7%, the dax and cac both the dax and cac both also in the red. ignored the board, it is playing up

today, got back monday feeling. now let's get the inside track on the business of wedding gifts. there are around 300,000 weddings each year in the uk, and the wedding gift market is estimated to be worth around $394 million per year. then there is the wedding list, which, in the uk, has been traditionally dominated by big department stores likejohn lewis, debenhams or selfridges. but the wedding list site prezola is new and it represents over 500 brands and 50,000 products and was founded by husband and wife team dom and ali beaven in 2012. ali beaven, co—founder of prezola joins us now. thank you for coming in. it was a gamble, given there were such big players already in the market, but you thought this is the time to launch a business so what did you do to set it up? i think we were ahead of ourtime and

to set it up? i think we were ahead of our time and the idea came about in 2008 and i noticed there was a gap in the market for an online platform for wedding gift lists but something that was aspirational, something that was aspirational, something that was aspirational, something that would look beautiful. we actually registered the name on my birthday in 2008 but the idea in the back of our minds before we decided to take the plunge and launch in 2012. you said take the plunge, you had to set up quite a lot? yes, we needed the website first of all so we had to sell the house and our car to launch the website, get it built and then also puts adverts in the leading bridal magazines because that is where we thought was the best place start marketing. we also had to appear bigger than we were there because it was obviously my husband and myself only. the website needed to look good and slick, so that was a lot of

money in the outset. what has been the steepest learning curve? the steepest learning curve, you can never know what to expect on a day to day business. we didn't realise that encouraging some of the brands to be online, more of the traditional brands, it took awhile to get on board. why do you think that was? was it because there were some failures? yes, there was the rapid failure but luckily legislation is much tighter and we are back by 6df and everything is ring fenced and everything is very safe. you are competing with experience of going into a shop often with a glass of bubbly in hand and go in and choose what you want and go in and choose what you want and a lot of people don't want to miss out on that? absolutely, i love shopping on the high street but when

it comes to your wedding gift list, couples like a lot of time to do it. we have choices of 50,000 products across 500 brands and we deal with traditional home where brands, boutique lifestyle brands and also some of the high street retailers you don't find onjohn lewis or amazon. and our service is exceptional, so we are specialist in what we do, we not a small department in a larger store, we give a specialist service from end to end and we are the experts. give a specialist service from end to end and we are the expertsm give a specialist service from end to end and we are the experts. it is so easy now with amazon wish list and things like that, people can put it all out there. in some cases, i have noticed a slight trend of people saying we don't want gifts, donation to charity or they want the cash. absolutely. is that something you kind of see your service facilitating in the future or are you keeping the focus on the gifts?

we always do that, we have gifts you can mix and match alongside cash gifts, holiday and honeymoon funds and also charity donations as well. what is the most unusual present you have offered? we have had unusual funds, matching tattoos, puppy dog funds, matching tattoos, puppy dog funds are very popular. it is still quite traditional, tableware. what shouldn't you put on your gift list? a toilet brush! please, stick to the romance. the best wedding gift i was asked to bring was cheese. they said instead of bringing gifts, bring a big block of cheese from everywhere you are in the country. food and drink is very popular. thank you very much. 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 business news as it happens on the bbc‘s business live page. there is an analysis from our team of editors from around the globe. we want to hear from you. from around the globe. we want to hearfrom you. get from around the globe. we want to hear from you. get involved on the business live web page and on twitter, we are at bbc business. you can find us on facebook. business live, on tv and online, what you need to know, when you need to know. what is the most unusual gift you have been asked to give? most people wa nt have been asked to give? most people want cash. the most interesting gift, my sister got married and she

had an nice framed picture with a map of the uk, that is where she and her husband met and a map of sicily where her husband proposed and a map of south africa where they got married. kerry says i gave the cake asa married. kerry says i gave the cake as a present because the couple didn't want anything else. troy says i saw on didn't want anything else. troy says isaw ona didn't want anything else. troy says i saw on a wedding this, read, matching underwear. apparently they didn't try them on in front of the guests, which is probably a good thing. and the best give billy never get that ever gave was for divorce services. there is a nice thought on a monday morning. let's kick off with this story in the guardian, librarians up in arms at the suggestion amazon should replace

libraries, said they are protesting, very quietly. yes, this article by forbes saying libraries haven't delivered what they should so they should be replaced by amazon book stores. librarians up in arms by saying they do services that amazon won't do and they are a benefit to the taxpayer. two sides to the story and a possible solution is a partnership between amazon and libraries to drag them into the 21st—century. libraries to drag them into the 21st-century. a lot of councils don't have enough money to keep them running, notjust don't have enough money to keep them running, not just in don't have enough money to keep them running, notjust in the uk but in other countries around the world. which leads us nicely onto this next story because apparently there is a council in france that is too rich and has been told to stop collecting taxes. yes, this is on the border of france and spain, a lot of people park there and then go and shop in spain. the council makes £700,000

just out of parking tickets but they cannot agree on how to spend the money, so the decision has been made, although there have been a debate about being too rich and they should stop charging any fees. you look into this story deeper and it says, they still haven't managed to agree on funding for a library. so we are coming full circle. totally. do you have a library card? yes, but ido do you have a library card? yes, but i do have children and they take them to the library but i don't take as many books out as i used to, but idid take as many books out as i used to, but i did take the children. also the it courses they run at the local libraries. they are more of a community centre. really good to see you, thank you for talking us through those stories. that's it from business live today. there will be more business news throughout the day on the bbc live web page and on world business report. we'll see you again tomorrow. hello, we have five consecutive days

where we see temperatures, particularly in eastern england get above 30 degrees. contrast that with the north and the west of the uk where we see something cooler, a little bit more comfortable but showers at times. they are courtesy of this area of cloud. that is separating the fresher, atlantic air pushing in and the hot and humid continental air working its way into the south and the east. those contrasts will be there all week long but you need a dividing line about is the form of the showers, stretching across parts of scotland, working south and east. also affecting the northern isles. sunny spells in their wake. england and wales, a few showers across northern england, wales and later in the south—west. sunny spells later and

confirmation of a hot one, 31, 32 possible and 25 in eastern scotland before the showers arrived. showers keep going through the night edging into north wales. another very muggy night further south and east with temperatures not dropping much lower than 18 or 19. the dividing line between the heart and the more co mforta ble between the heart and the more comfortable is still there on tuesday. it stretches across parts of northern ireland, maybe the south—west. the chance of showers coming and going through the day. isolated showers elsewhere across scotla nd isolated showers elsewhere across scotland and northern ireland but a pleasa nt scotland and northern ireland but a pleasant day when the sun is out. temperatures into the high teens i may be late 20s but mid to high 20s across wales, 31, 32 distinctly possible. by wednesday, the dividing line has fizzled out a little bit and we might warm things up further north and west. the chance of the

art show across northern england and wales. temperatures up a few degrees than how we started the week. still 31 to 33 degrees towards the south and the east. there is still more of the heat two, as we go through into thursday and friday. temperatures in london above 30 degrees but something cooler and more co mforta ble something cooler and more comfortable by the weekend. always the chance of one or two showers as well. hello it's monday, it's 9am, i'm chloe tilley, welcome to the programme. one in five houses are being down valued, one of the uk's biggest estate agents has told this programme. it's making the struggle for first time buyers to own a home, even harder. we got right through to the very end stages of buying a house that we really, really liked and had our hearts set on and then we came up against problems when the mortgage valuation came back and we had a down valuation of £10,000. we'll be talking to a mortgage adviser, estate agency and surveyor

about what can be done. has it happened to you? let us know. and meanwhile more than 33,000 families are holding down a job despite having nowhere stable to live, according to new figures. we'll be talking to some of the working homeless just after 9:30am.