this is business live from bbc news with maryam moshiri and victoria fritz. 620 ministers gather in argentina to talk global trade — as currency crises deepen — and the threat of tit—for—tat trade sanctions and tariffs run high live from london, that's our top story on friday 14th september. as top trade officials from the world's largest economies meet in argentina — tensions over trade are at their highest in decades, as president trump seeks to shake up america's business relationships all around the world. plus — ten years on from the collapse of lehman brothers — how the rise of china saved asia from the worst of the crisis. and the european markets are open

and looking strong. and we'll be getting the inside track on all things tech: from controversial eu new laws on copyright, to the falling value of crypto currencies and the launch of the apple's new iphone. that's all with our technology guru, rory cellan jones. and talking about things you might have a little bit of a soft spot for... and volkswagen have announced they are to stop making its classic beetle car next year — it was first introduced nearly 80 years ago. the cars have been a cult classics for years — and they'll surely be missed. so today on #bbcbizlive we're asking what long lost favourites do you miss the most? what would you like to see brought back? let us know — just use the hashtag bbcbizlive hello and welcome to business live.

we start in argentina — where trade ministers from the group of 20 top global economies are gathering for talks. tensions over trade are at their highest in decades, as president trump seeks to shake up america's business relationships around the world. he has demanded renegotiation of the trillion dollar north american free trade agreement — calling it the ‘worst trade deal ever made‘. so far mexico has agreed new terms — but canada is still in talks. he has also hit the european union with import taxes on steel and aluminium — to try and protect us metalworkers. the row has seen europe retaliate with tariffs on us goods from whisky to motorcycles — but an uneasy truce has held sincejuly. and he's sparked off a major trade war with china — that has seen billions of dollars of goods taxed on both sides. the trump administration is threatening tariffs on a further 200 billion dollars of chinese goods — effectively everything it

exports to the us... he has even raised doubts about the future of the world trade organisation — which sets the rules for international trade — threatening to pull the us out altogether. joining us now is cailin birch, who's a analyst at the economist intelligence unit. donald trump appears to be single handledly dismantling the world's trading status quo. did we need this shakeup? the news has been overwhelmingly negative and that's not surprisingly buhriz valid point, there's a lot of growing consensus within washington and from the democratic and

republican side that america has struggled with tech transfer and all the non—transfer struggled with tech transfer and all the non—tra nsfer components, struggled with tech transfer and all the non—transfer components, joint ventures between the us and china. there is an argument to be made for long—term competitiveness in the us to make sure china trades on fairer terms. i'm just not sure that parrots are the effective way to go about that. he said he wants to rip up about that. he said he wants to rip up and after, we've got canada, the durie is out on that, they have yet to agree on the terms, is the us is so to agree on the terms, is the us is so large in terms of its influence on the world that we have to, the rest of the world has to sing from the same hymn sheet as you will when it comes to the us because we look at emerging markets and they are in deep crisis and part of it is the result of a strong dollar? absolutely, and i think we are seeing a movement on two tracks, the us pulling back from multilateral

engagements across the board, we have seen mr trump questioned us involvement in nato and the wto and any multilateral group, the administration views as a constraint on us power, not a platform to further its interests or common interests. and i think trump would prefer interests. and i think trump would p refer to interests. and i think trump would prefer to deal on bilateral terms, he can bring all the economic weight of the us to bear to get the most beneficial deal as he would see it. but were not seeing the same reaction, there was a fire at the beginning that this us led rising protectionism would lead to a rising protectionism would lead to a rising protectionism across the board and in fact we are seeing countries like china voice of support for the wto, bring suits against the us and support other new trading deals like this revamped tpp, now the ct tpp, all countries upper part of, apart from the us, we are seeing growing us isolationism. really interesting,

thank you so much and have a lovely weekend. let's take a look at some of the other stories making the news. the governor of the bank of england has warned the government that a chaotic no—deal brexit could crash house prices and send another financial shock through the economy. mark carney met senior ministers on thursday to discuss the risks of a disorderly exit from the eu. his worst—case scenario was that uk house prices could fall by as much as 35% over three years. amazon chiefjeff bezos is putting $2bn into a charitable fund he has established to help the homeless and set up a new network of schools. the world's richest man announced the move in a tweet, saying the charity would be called the day one fund. mr bezos — reportedly worth more than $164bn — has faced criticism for not doing more philanthropic work. english premier league clubs have topped the league for splashing the cash. in total, english clubs spent $1.1; billion in the latest transfer

window, which is the highest amount out of europe's top five leagues. outside of those, saudi arabian clubs were the next biggest spenders $152m, closely followed by china. ten years ago tomorrow — on the 15th of september 2008 — investment bank lehman brothers filed for bankruptcy protection. it was the largest bankruptcy in us history — and signalled the start of a global financial crisis whose effects are still being felt today. to end our week long series on the crisis — our asia business correspondent karishma vaswani 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 fought was a dream job, working for lehman brothers in london but then the bank collapsed,

in dramatic fashion. it was a sense of shock, that this happened, will be closed down, will be get bored, what will we do? declan survived a pivoting to a new career path entirely, he now runs a chain of successful furniture stores across asia. and while it's true that the uncertainty from the global financial crisis spread to asia and wasn't as bad as it was in the west. 0ut here in singapore is financial district banks were also 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 head dbf bank was head and had to read of millions of dollars worth of loans and investments. you keep asking yourself... within six months the bank like many businesses in the region 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 affected, drove demand cross—border within asia. it wasn'tjust banks, companies learned the hard way too. plastic parts maker sunningdale tech soul 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 top the firm a valuable lesson. you cannot count on just one market. you never assume that, a crisis happens in one region and may happen in the other regions so what we do today is we build a model where we don't depend on one country, one region, one portal or one customer. for better or worse the global financial

crisis shifted asia away from a heavy reliance on the west but now with spacious guest economy, china, slowing down, the fear is another crisis could be brewing. and further with these companies go next? let's ta ke with these companies go next? let's take you through what the markets have been doing. shares across most of asia rose on friday on expectations that the united states and china could launch a fresh round of trade talks, the markets have been under pressure over the past few weeks as worries about global trade friction dent sentiment. and the london markets following the trend in asia. and kim gittleson has the details of what's ahead on wall street today. 0n on friday investors will be going on a shopping spree to end the week we are expecting the latest monthly retail sales data to be released before us markets open. we are expecting during the month of august

american consumers continued to spend the extra money they have as a result of president from's tax cuts. the question for investors is where americans are spending that extra money. the question in the united states, in 10% online sales make up 10% of retail sales, if online retailers like amazon are convincing more americans to spend more money online. joining us now is richard hunter who's the head of markets at interactive investor. hello. good morning. we were having a quick chat in the green room and we we re a quick chat in the green room and we were talking about the diverging to see between the equity indices, the dow in the us and the ftse 100 in the uk. the dow in the us and the ftse100 in the uk. they seem to be going in opposite directions, why do you think that is? it's a good summary of the year to date, the dow is up

596 of the year to date, the dow is up 5% and the ftse100 which is down 596. 5% and the ftse100 which is down 5%. obviously on the plus point in terms of the states that is an economy regardless of the trade talks ongoing which is firing on all cylinders and companies are stepping up cylinders and companies are stepping up to the plate in terms of higher and higher expectations, they are not disappointing. in terms of the uk, unfortunately from an investment point of view, it's all about brexit what's been happening is that international institutions or professional investors have been shunning the uk in their droves, we we re shunning the uk in their droves, we were down 4% in august alone, 5% in the year—to—date, it's a good representation of further the economies are. they are less attractive than cash, you are saying. absolutely, a survey three months ago, 23 asset markets including cash, they were asking international investors what's your favourite, your least favourite, the uk was squarely bottom. burry briefly, we've had a big week this week for interest rates in turkey,

not so big for interest rates in the uk, what have the currencies than doing? pretty much a currency story, social policy noises about brexit negotiations which have strengthened the pound sterling which has been ineffective on hundred, in terms of turkey and argentina, steps that have been taken so far are not quite hitting the spot. richard, thank you. thank you, i note your be back and taking us through some of the comments we heard from the governor of the bank of england mark carney when it comes to brexit. so we will see you soon. still to come... we are taking a look at the week in tech and the fall in crypto currencies along with the launch of the new apple iphone. that is with oui’ the new apple iphone. that is with our technology correspondent, rory cellan—jones. britain's biggest pub chain —

jd wetherspoon — hasjust reported its latest set of results. it's pre—tax profits for the year jumped by more than 16 percent compared to the same time last year. but it's warned that taxes and the cost of labour will be higher this year and that could have an impact on profits. theo leggett is in the business newsroom. what's behind the success of what's behind the success oij wetherspoon hummer but there's talk of the world cup fight, the warmer weather in the uk, more of us going out and enjoying a pint? look at these figures, the operation profit went up five and a half percent but that's still pretty good and it's down to factors like a nice, warm summer down to factors like a nice, warm summerand down to factors like a nice, warm summer and the fact that the world cup, what do a lot of people do at the world cup? they go down the pub and that seems to be reflected in the results but on the other hand there is pressure is on the company,

there is pressure is on the company, the new sugar tax which impinges on soft drinks sales, a higher minimum wage, that kind of ten. generally it's positive are pressures on the company as well. they seem to be quite significant pressures, it's interesting the boss of quite significant pressures, it's interesting the boss oij wetherspoon photo per brexit down 110w wetherspoon photo per brexit down now he'll be having british beer and the rest of it, shunning things like french beer, has he put himself in a little bit of a whole when it comes to his customers? as you said tim martin is an enthusiastic brexiteer, continuing on that note today, he says there's no reason why prices should rise in the wake of britain's leading deal you, even in the wake of no deal, he has started buying less german beer, french champagne and so want. this is what he had to say on the subject short while ago. i think it's pejorative lee called fio i think it's pejorative lee called no deal, no deal really means free—trade, the eu as a

protectionist body with thousands of carrots which keep the prices in the shops and pubs why for uk consumers. so for the —— shops and pubs why for uk consumers. so forthe —— if shops and pubs why for uk consumers. so for the —— if we adopt free—trade like new zealand, singapore and other countries, prices in the shops will fall. arguing for free trade, tim martin, but they're in mind some of the countries he cited have variable tariff levels, it's not unilateral. thank you. one quick story for you on the tablet, food sales have been boosting sales over at the co—op group, they've been rising for pawn 4% in six months to july. your're watching business live — our top story... 620 g20 ministers gathering and argentina to top double trade as the currency crisis deepens and the threat of tipper tapped sanctions and tariffs run very high indeed. ——

threat of tip for tat sanctions. a quick look at how the markets are faring it's been another busy week in tech — with apple unveiling its new iphone. we always say that. here he is. rory cellan—jones. the grand unveiling. all that romantic old open and you don't know about your cute! let's start with apple. we've had the iphone, the eye watch... the apple watch. we had the big annual event, the revivalist meeting with all these cheering crowds, slightly embarrassing i always think but we are. apple unveiling its iphone, a bit of the ritual. this was an alternate year, this was an incremental year, the new phone was very similar to last years iphone

ten, the big reveal. the face recognition phone, three models, one very big, the iphone access max. how big? big, six and a half inch screen. who's got a pocket you could put that in? being an interesting discussion over whether they are too big for women's hands. discussion over whether they are too big for women's handslj discussion over whether they are too big for women's hands. i like those victims though! those big phones though! i think they are nice. everyone needs a six and a half inch foam, don't they? the interesting thing before we get lost as the price, the miracle apple has done, get its average selling price higher at the time when smartphones are becoming a commodity and that's what striven to become $1 trillion company and some of the funds, i watering prices, they brought on a budget phone at $7119. watering prices, they brought on a

budget phone at $749. sign me up for two of those. that's why the market loves the company, they create this miracle with their higher and higher prices. the copyright story, let's talk about this new copyright law, i read somewhere apparently the eu, newspaper wrote, made a decision that could alter the internet for ever. huge row, that could alter the internet for ever. huge i’ow, new that could alter the internet for ever. huge row, new copyright law being debated by members of the european parliament has signed to upgrade the loft the digital era. that's the selling point. there's been huge lobbying battle between the media companies and creative industries who said this is needed to protect artists, to give them more rewards against the likes of google and so on, the tech giants. the tech industry by contrast lobbying furiously saying this is really quite dangerous and a lot of internet freedom, people say, this will throw a blanket of censorship because what companies fear they

will have to do is install filtering softwa re will have to do is install filtering software which would prevent copyright material reaching the internet if users uploaded and they worry that software will be a blunt instrument and will basically act as a censorship blanket of the creative industries one, they created the members of the european parliament to vote for this and it goes ahead for discussion by the ministers. let's talk about crypto her unsuitable your favourite topic. the british sense of humour, irony, you get inundated with crypto news every day. but they are in a bear market, they'd not been doing gary whale, people talking about a crypto corinne is a crypto corinne c crisis. absolutely, this year, we sought that coin reached $20,000 and slump to $20,000. and the others that came in behind it, if serial, an important crypto currency, that has been crashing, down 80% from its

peak, rose a little yesterday but an enormous amount of fear and panic spreading through the crypto currency markets. the believers still believe, the sceptics say it will go to zero. he wrote to zero. rory, thanks so much. it's one of the most recognisable cars in the world — the volkswagen beetle. from its roots in nazi germany it became a symbol of the hippy era. but now the german carmaker has said it will stop making the vehicle next year, simonjones reports. beetle mania, it's one of the bestselling cars of all time, but now it's the end of an era. rolling back on the german motor show. now it's the end of an era. rolling back on the german motor showm was the dream of the despised dictator that came to symbolise the freewheeling 60s, finding fame with the disney film the love bug, capturing hearts with its funky design and cheap price. the distinct

look insured its success but now as volkswagen look towards mass market electric cars reduction will cease, will be to final edition models costing around $23,000. the company admitted the loss of the big lad to three generations and seven decades would evoke a host of emotions from its many devoted fans but the company has hinted the model could be revived at some point, never say never it teased. simonjones, bbc news. well, earlier we asked what you what long lost favourites do you miss the most? and what things from the past you'd like to see brought back? you didn't tweeting us about the things that tug at your heartstrings. i guess that's mike to tell you. we've had ross saying the original mini, gavin saying they ruined the beatles when it was updated years ago, they should have kept the many and remained iconic. daniel says he misses toblerone that

don't have large gaps in the triangles. that is so annoying. a p pa re ntly triangles. that is so annoying. apparently they are coming back. toblerone is not my thing. tough all, someone mentioned earlier. sunny delight. that was toxic. it was good. richard hunter, you are back, what was your favourites that you miss? you forgot the kenwood food mixer. where is that? ford anglia. i think it would be great to see those back on the road ready as a second carfor a bit of fun. see those back on the road ready as a second car for a bit of fun. what did it looked like, in the harry potter films? it was, it flew into a tree, not realistic, and got thrown out of the treat by the tree. as the nostalgia market week? are people of a certain age. as time goes on people get more disposable income and that's the kind of thing they can spend it on obviously. 0bviously the younger generation going for the iphone is and the iphone ten. it's

not like it used to be! times changed! if i had disposable income i would be after the aston martin tb three. you are so classy. a vintage jaguar. let's talk mark carney. these are comments picked up in knots of the papers today, the financial times, the guardian. let me outline this for people at home, the governor saying he is warned the cabinet about the no deal brexit and how it could be as catastrophic as a financial crisis that crippled the economy a decade ago. he said worst case scenario we are talking 35% falls in house prices over three yea rs. falls in house prices over three years. this sounds terrible, should we qualify this, i mean, is this scaremongering, is this true? as far as we know it's behind close doors, as we know it's behind close doors, as far as we know this is part of what he might call contingency planning, they are looking at

absolutely the worst case scenario, what we've heard from the eu over the last few days is a different story, there will be some kind of deal, it shouldn't be a surprise the sort of planning is being done. it's hisjob, isn't it? sort of planning is being done. it's his job, isn't it? it's sort of planning is being done. it's hisjob, isn't it? it's hisjob sort of planning is being done. it's his job, isn't it? it's his job but the likelihood of that happening probably a lot lower. richard, i'm afraid we've run out of time but we have to mention your tie, the london underground map, what do we all this? it's not a sponsorship but it will help me get home later, obviously! you be reading it as you go. what line are you taking, victoria down to bakerloo, down to... where is our transport correspondent? thank you somewhat. —— so correspondent? thank you somewhat. —— so much. that's it from business live today. there will be more business news throughout the day on the bbc live webpage and on world business report.

we'll see you again on monday. alloa. some rain this morning across northern parts of the uk but nothing like what they will experience in the us with hurricane florence. the hurricane making its way on land. brushing the coastline of north carolina, a storm surge of ten feet already, excessive amounts of rain continuing over the next few days as the hurricane which will be downgraded to a tropical storm eventually moves its way into south carolina dumping all this rain. as much as a metre over the next few days. rainfall amounts of that not a problem for us in the uk, quite showery with rain at times in the north as we go through the weekend, the best of the dry and bright weather in the south, that's the case through this morning. down to the south—east of england, sunny spells here, showers across northern england, wales, southern scotland and northern ireland. to the north

of that, brightening up through the afternoon, maximum temperature 14-15d, afternoon, maximum temperature 1a—15d, further south temperatures into the high teens. 0vernight denied, showers continuing in the north, scotland and much of england and wales, clear spells, could turn quite chilly in the countryside, especially the north—east of scotland, especially the north—east of scotla nd, tem ptress especially the north—east of scotland, temptress in aberdeen reaching for degrees, in the countryside much lower. the weekend, saturday, this ridge of high pressure holding across the uk, some weather systems dry to advance, those will be more likely to moving during sunday but the cloud increasing on saturday, across northern ireland. elsewhere largely dry, some bright sunny spells especially in the central and south—east, temperatures 1a—16d, up to 27 south—east. i sunday, this weather system completely moving

into scotland, northern ireland, giving outbreaks of rain here, gradually moving further south and east. your seat some rain for much of the day across northern england and wales. to the south of that, should remain fairly dry and sunny, quite warm, to the north, some sunny spells as well. a difference in temperatures, the team — 16 degrees in the north, 22—23 in the south—east. that's all from me. have a good day. goodbye. hello, it's nine o'clock, i'm joanna gosling, welcome to the programme. winds and rain from hurricane florence begin to batter the east coast of the united states. more than 100,000 homes are without power and more than a million people have evacuated. well, as the wind and rain begin to lash this area moorhead city and much of the surrounding region looks like a ghost town as people have either moved into shelters or are hunkering down at home. the worst of the storm is expected to hit later this morning local time. we'll be live with a storm chaser in north carolina in a few minutes. shoplifting is on the rise but this

programme has found that the number of people being arrested has falled by 25%. in our exclusive report, we talk to one convicted shoplifter who says even if the police catch you, there's no deterrent. if you do get caught, it's like a four month jail sentence.