this is the business briefing. i'm sally bundock. we have a deal! at the 11th hour, canada and the us have agreed on changes to the north american free trade agreement — the canadian dollar jumps on the news. and a new captain to steer the huge us bank goldman sachs. david solomon takes over as ceo today. and on financial markets the canadian dollar and mexican peso are rising on the news of a renewed nafta deal, but asian shares got off to a slow start amid signs of weakness in china and japan. it went to the wire, but now we have a new version of north american free trade agreement. the deadline for negotiations

between the us and canada expired half an hour ago. mexico has already agreed to new terms. the news of the reformed trilateral deal sent the canadian dollar soaring to a five month high in asian trading. it will also be known as the us north america mexico trade deals. the mexican peso has also been climbing. details of the new deal are scarse, but these were the sticking points: canada is the us's second biggest trading partner, exchanging over $580 billion in two—way trade in goods and services last year. canada says the us must drop its tariffs of 25% on steel and 10% on aluminium from canada. the us is the top foreign market for canadian metal producers. another big sticking point is dairy.

canada imposes import taxes or tariffs of between 200 and 300 percent on foreign milk products — but only on imports that are above a quota level. president trump says these tariffs are too high. he is still willing to put a "motherlode" tariff on canadian auto parts, which could affect $200 billion of canadian exports to the us. there was a a lot riding on this. dr emilyjones is director of the global economic governance programme at university of oxford. good morning. the detail on the deal is quite scarce and it is still coming through as we speak. can you give us your take on what has been agreed. it has gone to the wire. there has been intense negotiations over the weekend and details are scarce. we will see text later today. what we have so far heard is

that canada has moved on dairy and i don't think they will not have given nearly as much as the us administration would have wanted and not much more than they had already given under the tpp which president trump withdrew the us from. and they wa nted trump withdrew the us from. and they wanted an agreement by midnight in order to get things through for the change of leadership in mexico. we see that they have achieved that. who do we think has come out on top here or is it good for all three countries? it has gone to the wire and we expect a new pet mexican president to come on in december and they want to be signed by the current administration. a provisional deal between us and mexico was reached the end of makes it (gasps) august and they were worried that would unravel. they threatened talent, canada that they would go it alone. to look carefully it was clear that congressional politics in the us was such that

president trump would have had a difficult time getting a mexico us deal through congress so canadians knew that they had a strong position. president trump is coming up position. president trump is coming up to position. president trump is coming uptoa position. president trump is coming up to a mid—term election so he wa nted up to a mid—term election so he wanted to go home with the deal and similarly the mexican government was keen to get it through. the canadians have played hard and strong and we think all three countries will be relieved to have a deal. business in all three countries will also be relieved. and barrett another lot of radical changes that the trump administration were hoping for. there have been some concessions from mexico on automobiles. a little more of those cars will be made in the united states. again it is not there that will be a dramatic shift in terms ofjobs and returning jobs to america. doig is a trade deal that has been tweaked a really and given a new name and full president trump it is him delivering on pre—election promises, that is how he will picture to his base in the us. i think we are seeing some

updating as well. we see updates the things our digital trade. the tpp had a chapter on that and nafta is quite an old agreement over 20 years old and it is out of date in a modern economy. we will see significant changes compare to that agreement which is not the type of huge change that president trump had promised on dairy for his dairy farmers and for the automated sector at enough that he can claim victory and that is what we expect. thank you so much for coming in so early. you will be home now for breakfast and your boys birthday? happy birthday to him. when we get more news and information about the agreement we will make sure you are here on the bbc. rising raw material costs and a string of natural disasters that disrupted production sapped business confidence among japan's big manufacturers in the september quarter. let's go to our asia business hub

where rico hizon is following the story. how good to see a. and happy birthday to emily's child! absolutely. you mentioned the factors with business confidence and big manufacturers weakening from a third straight quarter in the three months to september. of course, despite the somewhat subdued this is a mood, the latest survey underscored solid corporate capital expenditure plans by these large corporations, driven by demand for refurbishing capacity and boosting investment in robotics and investment in robotics and investment to go with labour shortage and the ageing population. there was little indication,

however, that underlying sentiment had been hit by escalating global trade friction. that the possibility ofa trade friction. that the possibility of a fully fledged trade war weighed on the business outlook of companies. if you look at the survey and break it down there were encouraging signs, especially from japan's battle with deflation. companies are more able to pass on costs to consumers and the index shows the highest numbers in a decade. the japanese economy, sally, has reverted from a contraction thanks to business investment. they are ignoring and declining business sentiment and the stock market has reached a fresh 27 year high. applet to see you thank you. today, one of the titans of wall street is set to step down. goldman sachs' lloyd blankfein will officially hand the chief executive duties over to his hand—picked successor: david solomon. from new york, kim gittleson looks at what this leadership change means for the iconic investment bank.

replacing one bald banker with a suspicion awfully similar look alike may not seem like much. but lloyd blankfein is handing over a very different bank from the one he first came to lead 12 years ago. lloyd blankfein stood goldman sachs through the financial crisis by doing something once unthinkable, accepting central bank oversight in return for central bank loans. lloyd blankfein also found himself in front of congress, asked to explain what one journalist memorably called the bank's vampire squid behaviour. you are taking eight position against the very security that you are selling and you are not troubled? are selling and you are not troubled ? —— you are selling and you are not troubled? —— you are taking a position. and you want people to trust you? why would... i would not trust you? why would... i would not trust you. ten years later, goldman

sachs might not have regained all that trust but here on wall street, the bank's profits have finally hit their precrisis eyes. increasingly they are coming from a surprising source. commercial banking. goldman wa nts to sha ke source. commercial banking. goldman wants to shake up the dusty world of consumer lending with markers, its online bank. it is engaged not in high—risk high reward trading but the less glamorous work of handing out consumer loans. while the glamour may be fading, david solomon, lloyd blankfein's successoi’, solomon, lloyd blankfein's successor, does have a sheen of his own. he is known for hobbies such as dj ying and his embrace of new technology. the most obvious physical manifestation of the change that happened at goldman sachs under lloyd blankfein is behind me. this is goldman's new headquarters which the bank moved into after the financial crisis. now as it prepares

to celebrate its 150th anniversary next year it is certain that goldman's future will be very different than its storeyed past. dj solomon now in charge of goldman sachs. now let's brief you on some other business stories. the usjustice department has sued the state of california after governorjerry brown signed legislation to restore open internet protections known as net neutrality in the state. this marked the latest clash between the trump administration and california, which have sparred over environmental, immigration and other hot—button issues. tesla's elon musk has told employees that the company is on the cusp of profitability. the company is expected to release third—quarter production this week, and investors are watching to see if it hit targets for the model 3. musk agreed over the weekend to relinquish the role as chairman for at least three years and pay a fine of $20 million to settle fraud charges. that's it for the business

briefing this hour new research shows younger people experience loneliness more often and more intensely than any other age group. the nationwide survey found that 40 per cent of 16— to 2a—year—olds feel lonely often, or very often. james gallagher reports. it's just — you just feel empty. you just feel so alone, and so low. it's like you're completely isolated from everyone else, even though you might not be. it's horrible, it's a horrible feeling. hannah describes herself as confident and friendly,

yet she also says she is lonely. the bbc survey shows that, like hannah, it's between the ages of 16 and 2a that we feel lonely more often and more intensely than at any other time in our lives. like, with working with older people, it's a little bit easier scientists at the university of manchester say the study reinforces that we can be alone in a crowd, and that being disconnected from the world around us is a major cause of loneliness. that might be why the young are most at risk. what you're doing is you're going out in the world, you're having to work out who you are, what groups you fit into, and it's a real point in your life of lots of changes. so there are — you're almost vulnerable to loneliness because of that. volunteering is one way hannah copes with her loneliness. she helps organise fast friends. it's a place for young people who are feeling lonely to find someone to talk to. it's not really rocket science. i think you just have to talk

to young people about how they feel, hannah may not be society's stereotype of loneliness, but if there's one thing this study shows, it's how loneliness can affect us at any stage in our lives. you can hear more about the findings tonight at 8pm on all in the mind on bbc radio 4. also get in touch with us with your thoughts on that story. this is the briefing from bbc news. the latest headlines: indonesia's earthquake and tsunami have claimed at least 800 lives. many more people are thought to be trapped under rubble. indonesian authorities have called for international help to get food, aid and heavy equipment to central sulawesi. macedonia's prime minister says he will seek parliamentary approval to change the country's name, despite the low turnout in a referendum. now it's time to look at the stories that are making the headlines in the media

across the world. we begin with the straits times and the sulawesi, indonesia earthquake, which has seen a huge surge in the death toll. cities and towns across the island were devastated by a 7.4 magnitude quake, which then unleashed a tsunami of up to three meters high in some areas. the independent leads with comments from one of the uk conservative party's biggest donors, who has accused senior tory figures of acting like political "jihadis", and accused them of tearing the party apart over its approach to eu withdrawal. meanwhile, the financial times says paris is emerging as the favoured trading hub for europe, as some of the world's biggest banks prepare for life after brexit by steering their eu operations away from london to the french capital. the telegraph business pages is saying the international monetary

fund is launching a new campaign to take the steam out of the brewing trade wars and encourage nations to rediscover the benefits of globalisation and capitalism. and then finally a tiny stoy in the telegraph, opera lovers in london could find themselves under suspicion for carrying bottles of water to performances, after security at english national 0pera began seizing bottles to prevent people smuggling in vodka. —— story. to the to the need for liked that? —— what he looking at media for liked that?