this is business live from bbc news with ben bland and sally bundock. apple's instructed to move production to the us by president trump as the tech giant prepares to launch it's latest iphone. it's latest iphone. live from london, that's our top story on wednesday, 12th september. apple is warning that plans to hit chinese—made goods with huge tariffs could make its products more expensive. we'll find out what's at stake. also in the programme... it's ten years since the financial crisis that rocked the world and saw the collapse of some famous financial institutions. our economics editor will be here to tell us how we're still being affected. we will keep an eye on the markets for you, that is the we will keep an eye on the markets for you, that is

experts‘ take on what is moving at the start of the trading day. we will get the experts‘ take on what is moving them. air travel is the safest mode of mass transport, thanks in part to the engineering companies which supply and repair plane parts. we‘ll talk to the boss of a specialist company dedicated to aircraft safety. also, the substantial impact of the financial crisis has left people‘s wages 3% below what they would have been also, the substantial impact of the financial crisis has left people‘s wages 3% below what they would have been a decade ago. that we commission. today, reveals, that we commission. today, reveals, that we commission. today, we and how we re we commission. today, we and how were you affected by what happened ten yea rs were you affected by what happened ten years if you are better or worse off and how were you affected by what happened ten years ago? let us know — just use the hashtag #bbcbizlive. our market guest worked for lehman oui’ our market guest worked for lehman our market guest worked for lehman

brothers, so give us her take. it‘s a big day for apple. the company is getting ready to unveil a range of shiny new devices as it fights for supremacy in the competitive tech world. but it may have an even bigger fight on its hands — and this time not from its corporate rivals. the company has found itself in the middle of the clash between the white house and beijing over trade. president trump is planning to impose new tariffs on $200 billion worth of chinese goods and the chinese have promised to retaliate in kind. that‘s alarmed apple, because many of its products are made in china, and it has written to us trade officials warning that products like the apple watch, the airpod and mac mini would be hit by us tariffs. it said this would lead to higher prices for us consumers and hurt the company‘s competitiveness. that prompted a response from mr trump himself. he tweeted that there was a simple way forward for apple — it should bring production home to america. sally.

let‘s get more on this story from our north america technology correspondent dave lee, who‘s at apple‘s new headquarters in california. the president says it is simple, but easier said than done, the president says it is simple, but easier said than done, feasibility of bringing? absolutely, whenever i talk to a nalysts absolutely, whenever i talk to analysts over here about the feasibility of bringing something like in america and making it here rather twice as expensive for apple to make the kind of profits it makes now on the phone made in china, such as the difference in the cost of labour and manufacturing costs between china and the us, so apple is very worried that its china, some a nalysts say is very worried that its china, some analysts say it would be twice as expensive for apple to make the kind of profits it makes now on the phone made in china, such as the difference in the cost of labour and manufacturing costs between china and the us, so apple is very worried that its other products would be affected isn‘t one, to be clear, but some of the other products would be and they want to avoid that at all

costs. president trump thinks the solution is simple, he insists they should make more of it in the us but not quite as easy tariffs. the iphone isn‘t one, to be clear, but some of the other products would be and they want to avoid that at all costs. president trump thinks the solution is simple, he insists they should make more of it in the us but not quite as easy as just a question on the new product launch from apple, always a lot of excitement about unlike under the late steve jobs, we are not seeing brand—new product, it is variations on the building just in front of me tomorrow when they already exist. there is a big contrast between the excitement that will be in the building just in front of me tomorrow when they do the launch and the of the many people devices, we are respecting you three iphone devices, as a new iteration of a devices, as a new iteration of a device people are familiar with and it will be the first time that apple launches devices as $1 trillion company and it got there by doing what it does very well, continuing on that theme and making new devices along that line but what we won‘t see, and what we haven‘t seen for

some time, as you suggest, is a brand—new computing sector, something like the iphone, that really changed the landscape. certainly we are the new devices, we are respecting you three iphone devices, as a new iteration of a devices, as a new iteration of a device people are familiar with and it will be the first time that apple launches devices as $1 trillion company and it got there by doing what it does very well, continuing on that theme and making new devices along that line but what we won‘t see, and what we haven‘t seen for some time, as you suggest, is a brand—new computing sector, something like the iphone, that really changed the landscape. certainly we are not going to see that this week and i don‘t think we will until perhaps wearable technology becomes smaller and apple is not making those innovations in a way years ago. to be fair, other companies are not either, we from smartphones to wherever the next thing is and we don‘t quite know what that is the transition from smartphones to wherever the next thing is and we don‘t quite know what that find out what will be the next thing for a future you can rest assured that in the enormous hq to my right, they are busy trying to find out what will be the next thing for a

fora in years for a in years to come. thank you very much, we will talk to date later as they reveal those products. let‘s take a look at some of the other stories making the news. the european parliament will vote today on new online copyright laws designed to change the way artists and other creatives are paid. the law is opposed by the tech giants but campaigners — supported by the likes of sir paul mccartney — say it‘ll mean fair pay for artists. the law would also require sites like youtube to be liable for copyrighted material. the head of the international monetary fund is warning that the intensifying trade war between the us and china could "shock" emerging markets which are already in danger. in an interview with the financial times, christine lagarde says as a result, crises in turkey and argentina could spread. she says an escalation could also have a measurable impact on growth in china. ryanair says it‘s going to cancel 150 out of 400 flights to or from germany today, due to a 24—hour strike by pilots and cabin crew. it‘s in a row over pay and conditions and is the latest in a series of strikes over the summer. the airline says affected passengers will be offered alternative flights.

asian stocks slipped to 1a—month lows on wednesday, with investor confidence chilled by the latest round of verbal threats in an intensifying us—china trade conflict. hong kong was again among the worst performers, having fallen into a bear market tuesday — marking a 20% fall from its record high touched in january. european markets and investors will be listening closely to the state of the union speech by european commission presidentjean—claude juncker. they‘ll be looking for clues on the likelihood of a brexit deal with the uk. crude prices continued to rise after us data showed a sharp drop in us inventories, while looming sanctions on iran and hurricane florence‘s imminent impact on the carolinas are also keeping the price of oil elevated. and kim gittleson has the details of what‘s ahead

on wall street today. on wednesday, investors will of course be paying close attention to apple‘s launch event in addition to the latest release of the federal reserve‘s beige book. now, despite what the name might suggest, it actually gives you an interesting snapshot of how the economy is doing in the 12 central bank districts across the united states. this time around, investors will be paying close attention to two key things. the first is whether or not businesses have had to pay more for their input costs as a result of president donald trump‘s trade war. and the second thing is whether or not those businesses have passed those costs increases on to consumers. if that‘s the case, it could mean that inflation is set to increase in the world‘s biggest economy. soa so a lot to keep an eye on today so

a lot to keep an eye on today. so a lot to keep an eye on today so a lot to keep an eye on today. joining us is supriya menon, from pictet asset management. ben was talking about the imf article in the financial times, christine lagarde speaking and it was ben was talking about the imf article in the financial times, christine lagarde speaking and it was emerging markets, you are watching turkey at the central bank, give us your 0na on a turkish central bank, we are looking for quick and decisive action from the turkish authorities, mindful of the fact that they have a very high rollover risk over the next six months or so of external debt. we are looking for at least a five percentage point interest rate hike, because inflation is ahead of that. in effect, they have negative interest rates. they are likely to stop short of that. it is a hard ask for them, because there are political constraints. u nfortu nately, we political constraints. unfortunately, we are likely to

continue to get the negative feedback between inflation and the currency. in terms of the issue of it spreading, she says she is worried that what is seen in argentina and turkey could spread across the developing world. but she says the staff at the imf do not see contagion spreading yet. are you on the same page? we are, sally, because there are two separate issues here. one is that of the dollar liquidity, the fact that it is tightening. that is causing problems in certain countries with high twin deficits, as well as high external debts. turkey being one of them, argentina being the other. we do think it is somewhat particular to these countries. ijust want do think it is somewhat particular to these countries. i just want to get your thoughts, it has been ten yea rs get your thoughts, it has been ten years since the global financial crisis. you were working at lehman brothers at the time. what is your experience and how other —— has it affected you? it came as a real

shock to me. you know, ifound it a very enriching experience to work at liman andi very enriching experience to work at liman and i thought that there would be some kind of rescue package. it was shocked when i got the news. i maybe more resilient in a way. what happened immediately afterwards? the pa rt happened immediately afterwards? the part i was in, i escaped bankruptcy ina way, part i was in, i escaped bankruptcy in a way, it went through a separate process. i didn‘t lose myjob, but i didn‘t have much to do. but i did find a job eventually and landed on my feet, and i think it worked out 0kfor me my feet, and i think it worked out ok for me in the end. i stayed in the industry, i did not transition toa the industry, i did not transition to a completely different path. i think i am stronger. is it one of those situations where at the time, it feels awful, but looking back, if it hadn‘t happened, you wouldn‘t be doing what you are doing now? absolutely and it made me more thoughtful about the risks in the global economy and i would hope it has made me a better strategist.

you are sitting here with us, so you can‘t be doing too badly! thank you very much. still to come, flying high, the boss of a major aerospace company high, the boss of a major aerospace com pa ny tells high, the boss of a major aerospace company tells us what it takes to keep a safe when we are in near. you are with business live from bbc news. let‘s concentrate on some of the corporate news today. inditex, it is one of the big names on our high streets, the owner of the likes of lara. -- streets, the owner of the likes of lara. —— zara. it has reported 4% growth in like—for—like sales. the company says its autumn/winter collections have been "well received" and it expects like—for—like sales growth of 4—6%. amber graafland is the fashion and beauty director at the daily mirror. it is interesting, often we talk about the pressures that the high street is feeling, high street shops are feeling from online, and yet

inditex is doing well. what you think that is down to? the shopping experience online i think is incompatible to the rest of the high street. if you order something from za ra street. if you order something from zara for £50, it arrives in a lovely box, delivery is free and if you don‘t like it, a currier will collect it and that is only compatible to high—end luxury sites, not the rest of the high street. there was talk from inditex about how well—received autumn winter collection is. to me, it strikes me as quite early in september. how do they know? this is purely based on sales and how much are they selling. you can‘t underestimate the impact of their online business, 240,000 orders an hour, they are getting the figures daily and they can see that everybody loves the collection. so what is the outlook like? how long can they keep this going for? we

talk about inditex every quarter and they seem to do well all the time. there is momentum here, but for how long, do you think? i think at the heart of the zara business has a lwa ys heart of the zara business has always been speed and flexibility and instrumental to the successes the connection between the design team, the factories and the stores. the distribution network is amazing, which lends to their online business. they really have every single avenue covered and they have launched in australia and new zealand today, so those figures will just go up and up. amber graafland, thank you very much. ijust want i just want to highlight our special coverage online to mark the ten year anniversary of the financial global crisis. we will talk about this, kemal ahmed willjoin assuredly, but there are many articles, the ifs report, but also how did it affect your finances specifically? so take a look when you have a moment to read more detail. your‘re watching business live, our top story...

apple finds itself at the centre of that trade row between washington and beijing, as president of trump ina and beijing, as president of trump in a tweet says the company should look at moving production to the us —— president trump. that had an impact on the market in asia because many of the suppliers to apple are based there. let‘s have a look at the markets right now, the ones that are open and trading are in europe. as you can see, all slightly higher. we mentioned inditex, and it has been doing rather well. now let‘s get the inside track on the aerospace sector, because, according to iata, it‘ll be worth $834 billion globally in 2018. it‘ll be worth $834 billion that‘s a 10.7% rise on how much it‘ll be worth $834 billion the industry brought in in 2017. it‘ll be worth $834 billion perhaps it‘s not surprising when you consider that there will be an estimated 4.4 billion passengers on aircraft. well, getting a slice of this market is ajw group —

a world—leading independent specialist in the supply and repair of aircraft spare parts. christopher whiteside, ceo of ajw group, is with us now. welcome to business live, thanks we re welcome to business live, thanks were coming in. so, you are a company that is uk based, been around for quite some time but now you are working in many countries around the world, you are expanding significantly and yet it is very much a kind of near gatwick airport kind of company. just tell us about how important it is, the british history of this company. we started in 1932 actually distributing american products for aircraft and continental motors. we have been at the beehive inn gatwick, when gatwick was at grass strip and we have expanded international now to 117 countries with over a thousand customers, so by definition it is a global business and we are very

pleased we are a global market leader based in the uk. with that in mind, how worried are you about brexit, given ur a global company? there are some strong mitigation is specific to our sector. 0ur there are some strong mitigation is specific to our sector. our own business is dollar—denominated, we are not in schengen, we now exports parts on an airway build following a specific process to the rest of the world. as the europe, we don‘t know what will happen next, we hope there isa what will happen next, we hope there is a deal. it willjust mean we have to co m plete is a deal. it willjust mean we have to complete customs documentation to export the parts, but from a taxation, a surcharge perspective, we have a thing called end users, so if the aircraft spare part goes onto an aircraft, then there isn‘t a duty payable and if there is tax, it is recovera ble. payable and if there is tax, it is recoverable. are you, as a company boss where you are a business that is global but based in the uk, do you have a plan a, b, c, based on

what happens next year? we have heard about companies stockpiling this than that. do you have that same strategy or are you fairly immune because of how you operate now? well, we have warehouses all over the world, so from a continent perspective, asia, the states, africa and so on, we are covered and we have infantry and logistics services there. it would reallyjust mean that we would effectively treat europe a bit like the united states if we are exporting to that market and importing. we keep hearing that the biggest growth for air travel is likely to the asia—pacific, as china gets richer and more people are able to pay for flights. how gets richer and more people are able to pay forflights. how much gets richer and more people are able to pay for flights. how much does that affect your decisions in where to focus your expansion in the future? are you looking at the asian pacific region orjunot that in as much? yes, we do and we treat asia and china separately. the growth there is absolutely phenomenal, if you look at the statistics at how

many airports they are building, for example. china itself has some difficulties, predominantly the airspace, a lot of it is controlled by the military, still. but will loosen up eventually as people become more comfortable.” loosen up eventually as people become more comfortable. i was going to ask, have you always been interested in playing is question mark was it a childhood hobby? interested in playing is question mark was it a childhood hobby7m interested in playing is question mark was it a childhood hobby? if it is an emergency and the aeroplane was not flying at three a:m., i would go with my father when i was three years old and i felt that was really my forte in life. your father was the boss, this is a family business. yes, the initials are not oui’ business. yes, the initials are not ourfamily but business. yes, the initials are not our family but it was my grandfather before that. was there pressure on you to be involved? not particularly but it was a strong passion and focus. i travelled and lived in the states and canada in different places to understand what i was doing. so presumably you had different options, how was it you ended up going down this route? well, it is exciting, it is topical. you always read... aviation is

co nsta ntly you always read... aviation is constantly in the press, people are a lwa ys constantly in the press, people are always interested. when i started, there were 8,500 aeroplanes, commercial aircraft. now there are 20 2,000. if you had dinner tonight with your friends and you asked them how many aeroplanes and airbus built last month, i bet you wouldn‘t get a guess of 77. these are large, expensive assets and depending on the data you read, you have 660000 and a million people in the air at any one time. people want to travel. the chinese growth alone is 7%.m terms of your success, you are a very successful com pa ny terms of your success, you are a very successful company but not a household name by any means and people like lufthansa and british airways are your competitors, they make these parts and sell it to others. had you manage to compete? is it jawed longevity, others. had you manage to compete? is itjawed longevity, as you have been doing it since the 1930s and people know it? it is bad, we are

private, we have our own dynamic. we are people focus, we have our supply chain and our customers. it has proven to be successful, just to maintain our independence. thank you for coming in and being on business live, it is really interesting. believe it or not, it is ten years... shall we say it one more time, ten years! it‘s ten years since the financial crash that rocked the world. companies were destroyed, jobs were lost and lives wrecked. and the impact is still being felt by many all over europe and elsewhere. here in the uk, the institute for fiscal studies has been crunching the numbers — and says that people aged 30—39 are the worst affectected. 0ur economics editor kamal ahmed spoke to bank of england spoke to bank of england governor mark carney, and asked if a financial crisis could happen again? if we‘re complacent, of course it could. history teaches us that there are financial crises from time to time around the world. we can come up with 60 or 70 examples over the course of the last century.

and so the question is, what are we doing to guard against that complacency? i think those are the most important legacies. a lot of important changes to the way that the system operates, but it has to be an attitude, and that has to be structural changes that prevent a crisis like the one that we saw. there will be failures, there will be mistakes, but we shouldn‘t have to bear another financial crisis like the one that we saw ten years ago. let‘s hope he is right. kamal is here, our economic editor, who spoke to him. it was very interesting what he had to say, i have been listening to most of it and talking about the risk now, the various things that are seen from his perspective as a real risk in this time. absolutely, sally. the thing is, there is an old regulator adage that you don‘t regulate by looking in the rear—view mirror, you regulate by looking at

the road ahead and he did outline four risks. 0ne the road ahead and he did outline four risks. one was uk focus, the others more global. so he said household debt in the uk in some pockets was high and banks have to be careful about how risky the customers where they are lending to. he spoke about cyber security, what would happen if a bank wasjust knocked out of the system and couldn‘t operate, that is a threat in britain and all around the world. china and the economy, high levels of debt. he praised china‘s economic performance but said there were risks about how it was using debt to support its growth and of course brexit, which is notjust britain, but of course has a fracture on europe and because europe is such a huge economy, could have affects more globally. so as you said, not a time for complacency. there are new risks ahead. could a financial crisis like 2008 happen again? a regulator will never say never but he said there were new rules in place. but when you talk about the

issue of high debt, high household debt in the uk, you talk about some pockets being very exposed, what you found out from the institute for fiscal studies kind of plays into that, doesn‘t it? the fact that many of us are worse off than we would have been if the crisis had never happened. obviously, britain was one of the worst or the worst affected economy in the crisis because of our huge financial services sector and that affect on people‘s incomes of the amount of finance pulled out of the amount of finance pulled out of the economy, the cratering of growth in the uk, is still in effect being felt here very sharply. less so in other parts of the world, in america and on the continent of europe. as you say, the long—term effects of the financial crisis are really consistent will stop i was really struck by the institute for fiscal studies in the uk report but also from the governor of the bank of england, these persistent fracture ten yea rs england, these persistent fracture ten years on. we thought these were

emergency measures that happen, quantitative easing, low interest rates and ten years on, we are still in the same position. it was interesting we spoke earlier to supriya, who worked for lehman brothers, and it was her experience coloured by having gone through it and that in itself is a built—in safety mechanism, people‘s memories of going through that at the time. safety mechanism, people‘s memories of going through that at the timelj think that mark carney probably is concerned that that sort of muscle memory is lost over time, so people think to themselves, as we always do, it can‘t happen again, you know, the past is behind us. it is different this time. and he was warning that, particularly in global rules, that we need to make sure that ricky burns global rules at a very high standard. kamal, thank you very high standard. kamal, thank you very much. thank you as well for your comments and check out business live. it has been a wet start to the day

across wales, the midlands and eastern parts of england but this band of rain is moving its way southwards, weakening and will gradually fizzle out, but for many others, it is a day really of some sunshine and a few showers. but the rain this morning is associated with this weather front which you can see is moving southwards and weakening but it also introduces much fresher, cooler conditions, particularly across southern parts. temperatures yesterday were in the 20s, today will feel very different. lots of cloud lingering on across southern parts, elsewhere some good spells of sunshine. a few showers into the north—west of scotland, north—west england as well and temperatures down by a few degrees, particularly across the south, 16—18. with lengthy clear spells for england and wales, it is going to turn quite chilly. we look at the temperature map and you can see some chilly. we look at the temperature map and you can see some green chilly. we look at the temperature map and you can see some green is developing, a bit of blue in central parts of scotland and maybe a touch

of grass frost here, but for many others, temperatures into single figures, so much chillier than last night and figures, so much chillier than last nightand rain figures, so much chillier than last night and rain will start to move its way into northern ireland and into the west of scotland. the drain will gradually move southwards and eastwards but all of us, as we go through thursday, under the influence of this west to north—westerly wind and you can see the blues there, a much fresher feel. the rain will move its way out of scotla nd feel. the rain will move its way out of scotland into northern ireland, it will break up into showers into the afternoon. for most of us, it is a dry day with some lengthy spells of sunshine and those temperatures again feeling a little bit chilly in places, 15—18, perhaps nudging back into the 20s across the far south—east with more in the way of sunshine compared to today. into friday, we still have this weather system just affecting northern parts, some more rain likely at times across northern ireland and scotland. a ridge of high pressure tries to hold on across southern parts, so largely dry for england

and wales, just some rain away into the far north—west, spreads out of scotla nd the far north—west, spreads out of scotland through northern ireland and temperatures in these northern parts only 14, 15. in the south, more like 17—20. as for the weekend, it is going to remain a little bit cloudy, quite damp at times for scotla nd cloudy, quite damp at times for scotland and northern ireland. temperatures 15 or 16. but for england and wales over the weekend, plenty of dry weather, just a few showers and some sunny spells. goodbye. hello, it‘s wednesday, it‘s nine o‘clock, i‘m victoria derbyshire, welcome to the programme six police and crime commissioners in england and wales tell this programme possession of cannabis should not always be a criminal offence. 0ne pcc meets people who run cannabis clubs. i was skeptical before i went into this meeting, what are cannabis clubs? they are breaking the law? what i‘ve heard is they appear to be making a difference in how people don‘t go on the streets and get targeted, and become more vulnerable, there is regulation.

cannabis clubs are places people who grow the drug for their own use come together to smoke it. you can watch our full film at about quarter past nine. conservative mps opposed to theresa may‘s brexit plan meet to talk about how and when they could force her to stand down as prime minister.