this is business live from bbc news with vishala sri—pathma and tim willcox. he called it the worst deal in history. now president trump is closing in on a new north america free trade agreement as talks with canada approach a deadline today. live from london, that's our top story on friday the 31st of august. nafta negotiators from canada and the united states will try to resolve their final differences over trade before today's deadline, while mexico is on standby to rejoin the talks. and wake up and smell the coffee. coca—cola buys britain's costa coffee chain for a cool $5.1 billion. looking at the markets as well, the

ftse 100 and the dax looking at the markets as well, the ftse100 and the dax are negative. and we'll be getting the inside track on the big business stories of the past week — from fears over argentina and the imf to theresa may's visit to africa . and as one of the uk's biggest payday lenders, wonga, goes into administration, we want to know whether we can survive without companies like this? exorbita nt interest rates, yes, but nonetheless a necessity for some. have you used one? let us know — just use the hashtag #bbcbizlive. hello and welcome to business live. lots to get through today. welcome to the programme. we start in washington, where talks have continued into the night between the us and canada over the reform of nafta — the north american free trade agreement. today is the deadline imposed by president trump for canada to come to the negotiating table. the us president famously called nafta "the worst trade deal in the history of our country",

blaming it for the loss of millions of usjobs, and made renegotiating it a campaign pledge. earlier this week he struck a new deal with the pact‘s other member, mexico. now the two—decade—old free trade deal between the us, mexico and canada is one of the biggest in the world — accounting for $1 trillion in business every year. it directly affects the lives of close to half a billion people across the three countries. so what's likely to change? president trump has long complained about the loss of us manufacturing jobs to lower—wage countries. so in the car industry, mexico has now agreed that a bigger proportion of each vehicle needs to be made by workers earning $16 per hour. canada says it supports these rules. with me is suzanne spears, a partner at the specialist law firm volterra fietta.

canada has been bounced into this, hasn't it? it is, and it is extraordinary that we have a 24—year—old accord that is being renegotiated in the final days of discussions between these countries. it is extraordinary that canada has come rushing to the negotiating table. but with canada on board with a $16 per hourfor the carmaking plants, but in terms of the agricultural side of this deal, how punishing is that going to be potentially politically for canada ? indeed, and particularly the dairy. canada has quebec and federal elections coming up, and trump has requested that canada lower its dairy product tariffs. and other tariff areas as well, pharmaceuticals and then some exemptions on products as well. dairy is only 0.4% of the entire

trade deal, so it is quite small on that front. what about intellectual property rights and issues like that? and if canada doesn't sign up, what would the impact be? first on the question of the impact of a no—deal, the key thing here to understand is that while tariffs are very important, there are also investment interests which is canada's main concern as well, because what happened in a trade agreement like this is you get foreign investors investing in canada or mexico with the understanding that they will have free access to the us markets. and those are some of the key concerns, so those are some of the key concerns, so you those are some of the key concerns, so you are those are some of the key concerns, so you are quite right that maybe agriculture is not a huge percentage of the overall deal, but there are other considerations to take into account, as well as the political considerations. but the no-deal means what in terms of if american bridge mexico go it alone, what does that mean? we have manufacturing

going across borders, supply chains across borders and it will be very destabilising for the business community to have the disruption of the supply chains. so in a word, do you think the deal will be signed?” think there will be a great effort to try to get it signed today, but i don't have a crystal ball. none of us don't have a crystal ball. none of us do. suzanne, thank you very much. let's take a look at some of the other stories making the news. coca—cola is buying the costa coffee chain from its owner whitbread for $5.1 billion. coke say the purchase will give it a strong position in coffee in parts of europe, asia and the middle east. costa is a rival to starbucks in the uk and was founded in london in 1971. it now has nearly 4,000 retail outlets in the uk as well as a growing presence in china. president trump has threatened to withdraw the us from the wto, world trade organization, if the body fails to change the way it treats america. he told bloomberg news that: "if they don't shape up, i would withdraw from the wto." in a separate move, it's also been

reported that president trump supports going ahead with further tariffs on chinese goods as part of an on—going trade dispute. india is expected to confirm its position as the world's fastest—growing major economy later today. economists expect that the ecomomy will have grown at an annual rate of 7.6% in the three months tojune, after growing at 7.7% in the first quarter. india overtook france to become the world's sixth largest economy last year, and is now closing in on the uk. indonesia's rupiah has fallen to a two—decade low, spurring intervention from the central bank as the meltdown in argentina and turkey raises pressure on emerging markets with big current account deficits. the rupiah fell to 111.75 per dollar, its weakest level since the 1998 asian financial crisis. karishma vaswani is in singapore. how serious is this? i think it

would be fair to say that the indonesian rupiah has effectively become a victim, and frankly it is not just the rupiah, become a victim, and frankly it is notjust the rupiah, it is the indian rupee, despite the fact that we may get strong growth figures later today. all of these countries are being seen as risky assets in what is being called emerging market contagion, very fancy phrase but what does it mean? investors are getting worried about the deteriorating scenario in countries like argentina and turkey. so they have decided they are going to avoid risk altogether. they are pulling their funds out of other emerging markets like india and indonesia, for instance, where they see some kind of risk, things like political risk in indonesia with an election coming up next year, india as well, and there are concerns that on the turkish lira and the argentinian peso, as they get weaker versus a stronger us dollar, many investors are worried about whether companies

and governments will be able to pay off their us dollar—denominated debts. that concern has spread perhaps a little unfairly to countries like indonesia and india whose currencies are now also under pressure because of these same concerns. but analysts have said to me that by and large these fundamentals of these asian economies are much stronger than in some other emerging markets, but still, tim, as you know quite well, investors are often driven by sentiment and not by facts and fundamentals. thanks, karishma. and we are starting to see caution setting into the markets. bit of a mixed picture overnight, the dow also down, but the american markets have had pretty good week. and kim gittleson has the details of what's ahead on wall street today. on friday, investors will continue to mull over the plethora of trade news that has come out of the united states this week. in addition to suggestions that the us, canada and mexico might finally be coming to at least

a preliminary agreement when it comes to the renegotiation of the north american free trade agreement, there have also been developments when it comes to china and the european union. on thursday, we saw that the eu said it would consider scrapping import tariffs on vehicles if the us did the same. and we also saw a report from bloomberg suggesting that the trump administration was continuing ahead with plans to impose tariffs on nearly $200 billion worth of chinese imports sometime in september. all of this will weigh on investors as the week comes to a close. joining us is justin urquhart—stewart, director of seven investment management so the american market is doing very

well in the last few days off the back of the bilateral with mexico, will it go further with canada on board as well? i think they probably will, but actually what the details are going to be, they don't have much substance. you see these american markets still powering ahead. they have had tax cuts, and of course the primary driver of that us economy is the us consumer, ever confident. and talking of us consumers, coca—cola buying costa coffee. interesting for both companies here, whitbread is the owner of costa, wanting to get rid of the coffee company out of its portfolio? they wanted to do it before somebody did it to them, on the basis of shareholders saying they could get more value, but look at the value of costa coffee. that could be a ftse100 companyjust on its own, it is a bit of a one trick pony. its own, it is a bit of a one trick pony, but britain cupboards these

things. is it part of this idea that fizzy drinks are going out of fashion a bit? costa coffee is still caffeine but in a different form, and we heard of pepsi buying soda strea m and we heard of pepsi buying soda stream as well. soda stream is rather old fashion, making your own fizzy drinks, but costa coffee is much better, it gives them a global brand, international, not quite global yet, but other products that can be allied. in terms of the new ta riffs can be allied. in terms of the new tariffs on china, how will that affect the markets? again, you have to wait until it comes through and started back on company figures. once you see those margins being hit, that is when you see. justin, thank you, you are with us for the rest the of programme so we will speak to you later. still to come. a look back on the business week — including theresa may's visit visit to africa. you're with business live from bbc news. the payday lender wonga has

announced its intention to go into administration after losing its battle to stay afloat. the company said in a statement that it had assessed all options and had decided that administration was the appropriate route. theo leggett is in our business newsroom. it was an impossible trajectory in terms of the claims being made against this company, theo? absolutely, the money coming in was exceeded by quite a substantial margin by the money going out. back in its heyday, wonga was providing short—term high cost loans at high rates of interest and was raking it m, rates of interest and was raking it in, but in 2015 it was censured by the financial conduct authority should you debt management practices, sending out letters from fa ke practices, sending out letters from fake debt management companies, for example. it had to pay compensation on those. then there was a

government clamp—down, capping the amount of interest that could be charged, and the kind of administration fees that wonga could put in place, and then of course there was a whole load more claims from people who said that their affordability checks have been carried out, that the company had been negligent, and the company was paying out a lot of money on those. claims management companies were introducing claims in bulk, and as a result, there was so much money going out of the door and not enough coming in, it had no option but to file for administration. been swamped because they couldn't meet the time deadline, but the interest rates were exorbitant, were they? £250 loan and you are paying £150 in interest. absolutely, and particularly in the early days before the caps came in. this was the central controversy of the payday loan companies. they claimed they were offering credit to people who would otherwise struggle to find it, and helping people to meet the next pay check, but as you say, if you borrowed £250 and you pay £150

of interest, it is easy to see how debt can get out of control, and that has been a central argument in many of the compensation claims, that the company didn't carry out enough checks and are therefore people already in a vulnerable position with already heavy levels of debt were getting into a worse situation, and the company was simply compounding that problem, so that allowed a whole wave of new compensation claims to come in, also company has struggled with. that is one of the questions we have been asking today. do you rely on these payday loans, and if so, for how long? your're watching business live. our top story: talks between canada and us over nafta gain urgency as the deadline grows near today. that's our main story. a quick look at how the markets are faring. the ftse and the dax and the cac are

down. you can see those there. it's been another busy week in business — the us—china tit—for—tat trade tariffs war continues putting even more pressure on markets. meanwhile, argentina battles to save its plunging currency. and british prime minister theresa may is in africa to boost britain's trade ties with the continent. she has been making headlines in the last few days, not just she has been making headlines in the last few days, notjust her dancing. joining us is our economics editor, kamal ahmed. some might say that as a former colonial power, they have come in a bit late on this one. i think you might be right that some would say that. i have had little luck of world leaders who have visited africa over the past few months, and it is quite a long list. angela merkel is going from germany, the red rum odiete from india, xi

jinping from china, emanuel mammana from france. theresa may is not the first leader to think that they could be opportunities. and in an economy like nigeria, population growth as well is very strong. the problem is that in terms of their actual size, these economies are pretty small. the whole of sub saharan africa's economy is about half the size in growth value as france, and that just half the size in growth value as france, and thatjust shows the contrast, so at the time that britain is leaving the european union, yes, some more trade with africa could be helpful, but it is not going to cover any gaps that might grow between british trade and european union trade. from africa's perspective, what can we offer, as britain, to the likes of kenya and

nigeria, the countries you mention? we have all those historic ties, as tim touched on, from other relationships when the british empire was strong on the continent, and there are ties of language, in particular legal systems, democratic systems, so there are those things, but as you say, if you look at the amount of investment britain has had across africa, there hasn't been a huge amount of change over a decade. in that time, chinese investment in africa has gone up by three times, so china has seen the opportunities, particularly for providing funding for infrastructure, motorways, transport links, rowers, etc. they have seen that they can provide that money, they have got huge amount of investment potential into africa at a time when countries like britain have been going through their own financial crisis, and so china is the one making the weather in africa, and not the uk at the moment, and of course theresa may wa nts to moment, and of course theresa may wants to change the mood on to some extent. and she is looking at

security measures her example and cyber intelligence which is interesting, but the funding she is suggesting is pretty paltry, isn't it? as i say, these are small amounts of money when you look at the aggregate economic size of for example europe as opposed to africa, and she has said she wants this £4 billion worth, about $6 billion worth of investment into africa, but yes, that is a small amount of money, and the actual amount of export value it africa is only about eight or 9 billion compared with £164 billion worth of exports to the european union. another big story this week, argentina, 60% interest rates, that is quite high. 15% in a day, 45% yesterday. markets will be twitchy at that level. you talked about sentiment issues in the earlier segment. the issue here is

that trust in the economy and in the government to run the economy, and in the currency. back in the 1970s, and the 2001 crisis, this goes around and around, and as soon as there is nervousness around finances of the operation of the economy, currencies which have a history of crisis are very weak, and that is what has happened here, and the imf support package of $50 billion and how that will be used over the yea rs, how that will be used over the years, question marks over that have led to this huge amount of weakness. there is this broader issue involving turkey and other emerging markets where money is flowing to america and away from riskier countries. trade war with china and the us. is this the final tranche of tariffs, the extra 200 billion? we have this pause period until september the 6th where america has to make a final decision on that. i'm sure it's not the last we will

hear about the battles between america and china, as we have been reporting today in the programme, america was also threatening to pull out of the world trade organisation. that will be a pretty nuclear trade response by america, and probably most people think are likely at this stage, but it is certainly a big issue for america, this asymmetric relationship where people have free trade deals with america that give them more than america gets, and america wants to change that type of relationship, and i think broadly, i interviewed roberto azevedo, the director—general of the world bank, they want to take america that will journey. thank you, we can leave it there for now. we're going to have a look at our twitter pages soon. we're asking people whether the end of wonga has been a positive thing or not, whether we need payday loans. quite a few tweets have come in already. a lot of people saying that they know the interest rate are exorbitant, but sometimes you just need to be

able to borrow a little to get you through the end of the month. some people don't like the idea payday loans, high interest rates, so we'd like to know what you think about that. get in touch with us on the hashtag #bbcbizlive. 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 of the business news as it happens on the bbc‘s business live page. there's 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 it. what other business stories has the media been taking an interest in?

justin, something that has been around in the last 24—hour is is grindr, the gay dating app, wanting to list its shares, and there is all this hype around these apps, but they tend to tank on debut. what do you think about this one? none of these things are guaranteed success. bearin these things are guaranteed success. bear in mind there have been some real disasters here. go back to friends reunited, that came and went pretty quickly, so they have to be careful. there will be a lot more pressure on these social apps coming through, more control in terms of gdp are, the data control, and how much facebook has already got into trouble on that, but also really going underneath the hype, how much money at these companies actually making? and where is that actually going? so we want to see the track

record, ignore the hype, look at the business, the margins, show me the money. and we have seen in the past, we've seen companies come and go, do you remember myspace, maybe they we re you remember myspace, maybe they were of yesteryear when apps were not still around. that is still on my phone! shows how much i use it. this year's fashion fad is next year's tank top, and i have a lot of those! it is not like 1999 when we had the big technology boom, because a lot of those companies didn't make any money, barely existed. now we have businesses which are making money, some of them, but don't get confused with those which are just nice ideas coming through. there is a high—risk element, let someone else to arrest, and those that proved to be sensible businesses will pick up. and picking up businesses will pick up. and picking up on this breaking news, the decision by coca—cola to buy costa for $5.1 billion. is that maximum value? as you were saying earlier, it isa value? as you were saying earlier, it is a very competitive market, these are huge sums. it is a very

mature market, you can hardly say there is room for more coffee shops, but they are looking at the global brand. costa have built up a global brand. costa have built up a global brand very effectively, and they can't stretch coca—cola, they need other names. so it is a lot of money, but they will have to look at it as money, but they will have to look at itasa money, but they will have to look at it as a medium—term brand investment. the social media story we put out today about wonga and whether people will miss payday loa ns. whether people will miss payday loans. we treated at a question about that and we have had some responses. steve says the collapse of wonga will probably lead to more people using loan sharks, because the fundamental issues are not being addressed, zero—hours contracts. the fundamental issues are not being addressed, zero-hours contracts. we don't teach people the basics of this in our economy. we need people to leave school understanding that there is nothing wrong with debt as long as you manage it properly. when these payday loan company is

carefree with 4000% rates, that is too much. but there are some people whose banks will not increase their overdraft, where do they go? you are likely to turn to payday loa n you are likely to turn to payday loan companies, because there is nowhere else to go, says sarah here. da credit unions, small but traditional, butjust don't have a profile as yet. that is what we need to focus on. educate people on the first place, that doesn't help sarah at the moment, but educate people and you have a better chance. at the moment, but educate people and you have a better chancem at the moment, but educate people and you have a better chance. it is certainly not the end of loan sharks. and if used in the right way, this person says, if you do it and pay it back quickly like a credit card, use them. unregulated loan sharks, those local was banging on the door, that is what you want to avoid, and sadly some people will get pushed towards those. justin, as always, thank you very much. that's it from business live today. there will be more business news throughout the day. hello. it may have been a rather

chilly start to the day again, but we woke up with lots of sunshine, and many of us will keep some sunshine into this afternoon. going through into the weekend, for most it will stay dry, but in fact it is going to warm up as well. through this morning we have high pressure towards eastern areas keeping things relatively settled, but you can see we have lots of cloud situated within, moving its way eastwards, and that will be the weekend's weather. but today, lots of sunshine this morning, some fair weather cloud developing into the afternoon, possibility of a few showers in the south—east of england, and some drizzly rain pushing its way into the far tip of cornwall, pembrokeshire and northern ireland late on this afternoon, but for most, dry and bright, and those temperatures getting up to about 18 or 21 degrees. through this evening and overnight, this rain at cloud in the west gradually working its way

further eastwards across many areas. we keep clear skies towards the far east of england, but with that cloud on that train moving in, we start to drag in some warm airfrom the on that train moving in, we start to drag in some warm air from the south and south—west, so through into the weekend, that is why it is going to warm up quite nicely. temperatures overnight tonight, nowhere near as low as last night, 10—14 degrees in scotla nd low as last night, 10—14 degrees in scotland and northern ireland, still a little chilly in the far east. for many areas you will hold onto that sunshine, the further west will see more cloud around, believe even here some bright spells from time to time, perhaps a little rain over the pennines and through the mountains of scotla nd pennines and through the mountains of scotland on the hills of wales, too. temperature wise, for many of us, temperatures getting into the 20s. an into sunday, high pressure still trying to keep hold of conditions, but this weather system out towards the west is going to introduce more cloud, some outbreaks of rain across west of scotland and

the west of northern ireland, and for most of sunday it will be fairly dry and bright, lengthy spells of sunshine, particularly the further east you are across england, at temperatures will be getting even higher, so temperatures widely into the 20s across central and eastern areas, 24, 20 5 degrees possible here, and even under the cloud and rain, temperatures still 19 to 21, so warming up over the weekend, can't promise lots of sunshine, but they will be enough of it around. goodbye. hello it's nine o'clock, i'm joanna gosling, welcome to the programme. the number of people aged 85 and over needing round the clock care is set to double by 2035 — according to a new study. experts say it's a looming crisis. women are the predominant carers, women are having to work longer. they're taking retirement later. and that just at that age they will have maybe an 85—year—old parent. do get in touch if you care for a relative or are worried

about needing to in the future. after a landmark case in which the supreme court ruled that denying an umarried widow financial support for her children after her partner died, was illegal, we'll ask what it means for other bereaved parents who weren't married or in a civil partnership. it sounds like a hollywood movie, but it's real.