hello. this is the business briefing. trading blows. to 20 ministers gather in argentina as donald trump tower of tensions run high. plus ten years on from the colla pse high. plus ten years on from the collapse of leeman brothers, how has the rise of china saved asia from the rise of china saved asia from the worst of the crisis. and here is what is happening at the markets at the moment. a recovery in the asian markets after a solid day for the us markets. there were hopes that the us and china could restart some trade talks and stop an escalation of that damaging trade war. we start in argentina where trade ministers from the group of 20 top global

economies are gathering for talks. tensions arising —— running at their highest in decades as president trump shakes up the american business relationship across the world. he has demanded free negotiation of the trillion dollar nafta, calling it the worst trade deal ever made. mexico has agreed to new terms but canada is still in talks. he has also hit the eu with import taxes on steel and aluminium, to try to protect us metalworkers. the row has seen countries retaliate on us goods such as whiskey and motorcycles but an uneasy truce has held since july. he motorcycles but an uneasy truce has held sincejuly. he has also sparked a major trade war with china that has seen billions of dollars of goods taxed on both sides. be trump administration is threatening more ta riffs administration is threatening more tariffs on $200 billion worth of chinese goods, effectively everything it exports to the us. he

even raised doubts about the future of the wto which sets the rules for international trade, threatening to pull the us out altogether. president trump is showing few signs of softening his position, despite fresh talks and hopes with china. president donald trump has now threatened to tax the entirety of chinese imports into the united states but it seems that these talks may be scuppered before they even get off the ground. reports yesterday from washington said the treasury secretary was making overtures to china to try and reopen trade discussions and today we saw president trump tweeting and saying that the us felt no pressure to make a deal. as ever, when it comes to this trade war between the world ‘s two biggest economies, we need to wait and see to see how it plays out. professor elaine fai year is a professor of law. thank you for coming in. president trump seems to

be calling a lot of the shots here. what hope do the g20 ministers have of coming up with anything that stands the test of time all stands the test of a tweet?! it is a difficult time when we see that time and time again tariffs are threatened and the us walks away and there are talks being proposed and there are talks being proposed and there is a new escalation, which is there is a new escalation, which is the escalated the next day. it is extraordinary. the us is not even sending a trade representative to the 620, sending a trade representative to the g20, they have more important things to do with nafta and in negotiating with the eu this week. it is an enormous and volatile time. they are sending their deputy, aren't they? do you think america is taking this seriously? it looks like it is far down the us agenda and that destabilises the traditional us agenda. one could also argue it is the hallmark of how the g20 meeting

is have evolved and, perhaps, lost significance in terms of importance as an institution for making these deals. absolutely. we see this is replicated in the wto and it has also been destabilised by the us withdrawal. little by little we feed these pillars being taken apart in oui’ these pillars being taken apart in our time. in your view, how damaging is that? we heard from gordon brown this week who spoke about the great need for international cooperation if we were to not simply walk into another crisis or an economic meltdown. is he right? absolutely. we see at the world trade organization it is almost paralysed by its inability to process cases if the us keeps on attacking it and not fulfilling appointments, the trading order gets hurt and everyone gets hurt at the end of the day.

absolutely there is no positive view of this. there seems to be the trend, though. destabilisation and a more nationalistic and protectionist policy. how will this end, do you think? what of the most significant features of the international order since the second world war has been the us leading international organisations. now we are in it different era of the us not doing this so this is definitely a new chapter in history and how crisis is being aggravated by this period, particularly this us administration, it remains to be seen. and can very much for coming in. ten years ago tomorrow, september 15, 2008, a big date that sits in the mind of many people working in the investment banking community, leeman brothers filed for bankruptcy protection. it was the largest bankruptcy in us

history and it signalled the start of the global financial crisis whose effects are still being felt very much today. to end our week—long series on this crisis, how asia business correspondence has been finding out how people in asia were affected. looking back at memories from a different life. ten years ago, declan thought he had a dream job, working for lehman brothers in london. and then the bank collapsed ina dramatic london. and then the bank collapsed in a dramatic fashion. there was a sense of shock and disbelief that it happened. would we close down? do we keep going? declan survived by pivot into a new per year —— career path. he runsa into a new per year —— career path. he runs a chain of successful furniture stores across asia now. and while it is true that the uncertainty from the global financial crisis spread to asia, it was not as bad as it was in the west. out here in singapore's

financial district, banks were also affected by their exposure to the globalfinancial affected by their exposure to the global financial crisis. job losses, wage freezes and cost—cutting measures. many banks had to go through these experiences. singapore had a bank that was hit and it had to write off millions of dollars of loa ns to write off millions of dollars of loans and investments. but within six months, it would be b s, like many regional businesses, had shrugged off the crisis, thanks to growth in asia and china. fundamentally there was a broad base growth across asia across multiple industries. because of middle income growth, china was increasingly being a factor that drove demand a cross—border within asia. a factor that drove demand a cross-border within asia. it wasn't just banks. companies learnt the ha rd just banks. companies learnt the hard way as well. plastic part maker saw orders for its products from north american clients fall to zero. it cut salaries, shortened the

working week and reduced executive pay just to survive. working week and reduced executive payjust to survive. but working week and reduced executive pay just to survive. but the working week and reduced executive payjust to survive. but the crisis taught the firm as valuable lesson. you cannot count on just a single market. you have two assume that a crisis may happen in one region and thenit crisis may happen in one region and then it happened in the other. what we did today is we have a model where we are no longer depend on a single country or region, one product nor one customer. for better 0!’ product nor one customer. for better orfor product nor one customer. for better or for worse, product nor one customer. for better orfor worse, the global product nor one customer. for better or for worse, the global financial crisis shifted asia are away from a heavy reliance on the west. but now with asia's biggest economy, china, slowing down, the fear is another crisis could be building. and where would these companies go next? let's briefly now on some of the other business stories today. the governor of the bank of england has warned the government that a chaotic no deal brexit or crash house prices

and send another financial shocks through the economy. he met senior ministers on thursday to discuss the risks of a disorderly excerpt from the eu. his worst—case scenario was that house prices could fall as much as 35% over three years. that is according to a source that told the bbc. the amazon on bass is putting $2 billion into a charitable fund that he has established to help homeless people and set up a new network of schools. the world ‘s richest man and announced the move ina richest man and announced the move in a tweet saying that the charity would be called the day one fund. the man is reportedly worth over $164 the man is reportedly worth over $161! billion and has faced criticism for not doing more philanthropic work. has had a look at what has been trending in the business news this morning. we will start with the business insider. over 200 delivery drivers suing amazon on on claims often missing wages. in the words of

one common during my route i was unable to eat lunch, take breaks and a even had to urinate on the side of the road or in a bottle. over on bloomberg, chinese shoppers don't love like here any more. the appeal of foreign bands —— brands appeals —— seems to be waning in china. over on the financial times, the uk crime agency steps up its assault on russian dirty money. the national crime agency needs to extend the use of unexplained wealth orders and target lawyers and accountants. don't forget, you can let us know what you are spotting online. just use our hash tag. that is all i have from the business news at this hour work. and more coming up. you can see the markets there, they have had a good day was a rise on asian stocks as well. news briefing coming up stocks as well. news briefing coming up in stocks as well. news briefing coming upina stocks as well. news briefing coming up in a few moments time. downing street has condemned an

interview with the suspects in the salisbury poisoning attack as being deeply offensive to the victims. b—2 man in told the russian state run on news that they had travelled to the city as tourists. an official spokesman for theresa may described broadcast as an insult to the intelligence of the public. assassins or tourists? the government has named alexander and ruslan as russian agents who entered salisbury to kill surgery skripal. are popping up on russian state—run

television they said otherwise. translation: what were you doing there? translation: our friends had suggested for a long time that we visit this wonderful town. translation: salisbury? a wonderful town? translation: yes. downing street described the interview as lies and a blatant fabrication and an insult to the public‘s intelligence. the bbc has spoken to the journalists who carried out the interview. i don't have any reasons to believe them. i don't know them. i have not spent time with them. they are not my friends. but i have no reasons to believe the secret services either. some will see this interview after a day it was suggested they speak publicly, they said is provocative. whether the accou nts said is provocative. whether the accounts will be challenged in a british court seem unlikely. the archbishop of canterbury is

facing controversy after it emerged that the church of england holds a significant investment in amazon on, a company he strongly criticised two days ago. he accused the global retailer of leeching off the taxpayer. however, the church has said it will keep its amazon shares. lets have a quick look at the headlines, if we can. this is the briefing and these are the latest headlines. wins caused by hurricane florence are starting to hit coastal parts of north and south carolina. dozens of homes in the us state of massachusetts having set on fire by gas explosions. at least one person has died. now it is that time of the day where we will have a quick look at the headlines making real waves across the world. starting with the daily telegraph in the uk and the

extraordinary interview of the two men named as suspects in the poisoning of an ex— russian spy in salisbury. this pair claim they were at in the english town as tourists to see the cathedral. the british prime minister has called the explanation an insult to the intelligence of the public. in the guardian, the governor of the bank of england has warned that the impact of no deal could be as catastrophic as the 2008 financial crash. fox news is up next, covering what it calls a firestorm after president donald trump disputed the death toll from the hurricane maria last year and puerto rican it. official numbers say that nearly 3000 people died but donald trump says that number had been inflated by the democrats to make him look bad. in arab news, fully loaded iranians oil tankers are floating off the coast of the uae is with nowhere to go as the us energy sanctions plunge in demand across the world. and staying with energy,

the world. and staying with energy, the international energy agency says that the market faces a crucial test as exports are also falling in venezuelan it. and, finally, the daily mail online. vaults of art and —— vaults wagon has killed its iconic car. arn ding production from next year. with me again is gary anderson, former banker and author, best known former banker and author, best known for his book city boy. we start with the extra ordinary tale, an extra ordinary interview, and the pictures on the front page of the daily telegraph today.