hello. this is business live from bbc news with sally bundock and maryam moshiri. toyota tells the bbc a no—deal brexit would impact future investment. live from london, that's our top story on tuesday 2nd october. it's that time of year when the top bosses in the global car industry gather in paris for the motor show — they've been telling us about their concerns about brexit and potential us tariffs. also in the programme... too big to fail. the indian government steps in to take charge of what's being described as "india's lehman" — an infrastructure lender which had started to default on its multi—billion dollar debt pile. and financial movers and shakers in the market. this is how europe is

trading at the moment. more on that later. and just 35% of africa's population has access to the internet. we'll get the inside track on a company trying to change that — angola cables — which is connecting africa and america by undersea cable. and today a study shows britons are working harder and faster than at any time in the past 25 years, but productivity has stagnated. how stressed are you in yourjob? does exhaustion affect your work? let us know! just use the hashtag bbcbizlive yes, to get in touch and share your comments. are you in the workplace watching this programme? if so, take the temperature and tell us how you are doing. but, to get started... we start in france, where car industry executives are gathered for the 2018 paris motor show. they have a lot on their minds this

year. they're doing so at a time when us tariffs and brexit threaten to slam the brakes on the industry. the united states is the number one destination for eu—built cars, with exports worth more than $41; billion in 2017. despite a truce between donald trump and the eu's jean—claude juncker in july, the us president reiterated his threat last month to hit european vehicle exports with a 25% tax. global manufacturers have warned that tariffs on cars and car parts would raise the price of imported vehicles by up to $6,000 per car. there have been warnings too from a clutch of car—makers — among them jaguar land rover and bmw — about the damaging impact of a no—deal brexit on the sector. toyota says output at its plant at burnaston

in the english midlands — which produced almost 150,000 cars last year — would be temporarily halted. speaking in paris, the ceo of toyota motor europe — johan van zyl — told us the company needs clarity. if we have anything that has an impact on our competitiveness of manufacturing in the uk, it will definitely have an impact on future investment decisions. we can't just accept that everything will be the same as it's been in the past if there's no proper brexit deal, which will give us frictionless trade which will give us access to the european market. the reason for many manufacturers being in the uk is the fact that they could export to the european market duty free, and that is a critical one that needs to be retained. and of course in the long—term, if it's having an impact on competitiveness, it will also have an impact investment decisions. that is the boss of toyota. so many worries for the company right now. with us now is amanda stretton, motoring editor at confused.com,

a price comparison website. amanda, so much pressure on the european car industry right now, on the car industry as a whole. what do you think people will be talking about most in paris, what you think will be the main worry?” about most in paris, what you think will be the main worry? i think the main worry will be the future. our manufacturers are calling out for clarity at this time and we propose to leave with brexit in the next six months and people still don't know what will happen. will there be frictionless trade, will there be free movement with all the goods coming into the country, and what will the tariffs be? i think it is impossible for these really significant industries to actually plan ahead with any degree of certainty about what is going on at the moment because there is no clarity and that is what they are calling for. some are calling for putting plans in place? yes, essentially what they have to do, but the motor industry as a whole is going through an unprecedented time of change at the moment, looking at more electric vehicles, things like the rise of the tech companies

offering ride sharing and shared vehicle ownership, so the car companies are really struggling at the moment because they are forced to make these huge investments and if their profits are being cut as dramatically as they are, particularly with this uncertainty as well, it is putting them in an incredibly difficult position. of course it goes far wider than car manufacturers. it is also the smaller companies dotted around the world who make parts for car—makers? absolutely. they come into the uk every day bringing goods that go into the production line of the british manufacturers. everybody is affected by this. it is a significant thing. let's talk about trade and in particular the trade war of words between president trump and europe. that of course is hugely significant because europe exports so significant because europe exports so many significant because europe exports so many cars significant because europe exports so many cars to the united states. there have been threats made. what do you think the future holds? will there be some sort of way of finding

a way forward? i hope there will. certainly i think the fact that a new agreement has been made with mexico and canada bodes well for the future, but essentially the manufacturers, the uk manufacturers, are fairly powerless to actually impact on that. they can lobby the government now to bring forward their plans and produce clarity for what lies ahead. amanda stretton, so lovely to have your own, thank you very much indeed. let's stay with the car industry. france's renault is offering owners of older diesel vehicles in germany incentives to trade in their cars for newer and cleaner ones. it's the first foreign car—maker to give in to pressure to play a role in germany's anti—pollution efforts. renault says owners could be eligible to receive between $2,000 and $10,000 to trade in their vehicle for a new renault car, regardless of what type of engine the new model has. a budget airline which began offering long—haulflights from uk airports earlier this year, including sta nsted to

the us, has collapsed. primera air ceased all operations at midnight on monday, uk time, after 1a years of operations. flights to washington and new york due to leave stansted on monday night were grounded and passengers have been told not to go to the airport on tuesday. adam mosseri has been named the new head of photo—sharing giant instagram. it comes a week after the firm's cofounders resigned, offering little explanation for their exit. mr mosseri began his career as a designer and joined facebook — which purchased instagram in 2012 — a decade ago. over to india, where the government has stepped in to rescue an infrastructure development and finance firm, which started to default on a $13 billion debt pile. it would seem it is too big to fail. 0ur india business reporter devina gupta joins us now from delhi. devina, can you describe how big a

story this is in india, because it has been described as india's lehman? it has made it to the front page of the newspapers because this is the second time the indian government has had to step in to rescue a private firm, il&fs, infrastructure leasing & financial services, which has been funding infrastructure projects, railways and so on in the country, for the past 30 years, and is now looking at a massive debt, and what it is being blamed on is mismanagement of the company's blamed on is mismanagement of the compa ny‘s board, blamed on is mismanagement of the company's board, so the indian government has replaced that company management and brought in six new nominees, while it is being described as a too big to fail moment for india. many are seeing the current vulnerabilities are similarto the current vulnerabilities are similar to what was seen in the lehman crisis where the banking system was at risk, and this time it is the non—banking system which seems to be at risk, but hopefully the government's move is well in

time. devina, thank you so much. interesting story developing in india today. let's look at markets in asia. hong kong open for the first time this week, china closed for a public holiday the entire week, and hong kong was closed monday. as you can see, serious declines there, all following from manufacturing data out of china yesterday which showed weakness in september. the concern is is china starting to feel the effects of those tariffs on chinese goods going to the us? elsewhere in asia, fairly mixed and flat. looking at europe, big move in london today as ryanair shares are down over 15%. it actually said today, ryanair, their passenger numbers were up 6% in september, despite all that industrial action we have been covering in terms of the story, but still the budget airlines in particular ryanair so still the budget airlines in particular rya nair so out—of—favour on the markets. swetnick

—— don't forget we mentioned that budget airline going bust. and kim gittleson has the details of what's ahead on wall street today. on tuesday investors will be paying close attention to pepsi, which releases its third—quarter earnings before us markets open here. now, this is the last earnings report that will be overseen by the pepsi chief executive, indra nooyi. she is of course known as one of the few female ceos of fortune 500 company, and for her efforts to transition pepsi away from its core business of selling sugary soft drinks. investors will be curious to see what impact this has had on the company's bottom line after earnings released early tomorrow morning. joining us is sue noffke, uk equities fund manager, schroders. good to have you on the programme, sue. you have been watching the market this week. what are the main move rs market this week. what are the main movers and shakers, what have you been looking at? it is still trade, but i think the breaking news today is all about europe. and what the

italian budget is going to do for the euro, and whether that will unsettle european markets. evoking memories of the greek problems, they are highly indebted state couldn't keep within the budget, and italy has a new populist government and thatis has a new populist government and that is proving to create strains within europe. we are seeing the euro down quite a bit today, so sort of off the back of their problem, saying italy could resolve its problems with its own currency. it is exactly those kind of comments that spook international investors regarding italy. yes, they have a very large debt pile, and keeping the budget within their means is proving problematic. and we saw how long it took for crease to be resolved, and i don't think... —— for greece the result. still not

resolved, as some would say. yes, but for that to go with a european problem. let's talk about royal mail. a profit warning. as the market reacted? badly. the shares we re market reacted? badly. the shares were down yesterday afternoon, 18%. late issued profit warning. a large profit fall for a ftse 100 company then the shares are down another 7% today, so nearly one quarter of the market capitalisation has evaporated within the last two trading days. the issue here is about lack of productivity. the previous management floated the company and was president for the la st company and was president for the last four years, chief executive, and she has handed over the reins to and she has handed over the reins to an insider. there has also been a change of chairman at the company. but, effectively, they had inherited some productivity gains, so some cost out and they are saying that axl is not going to transpire this

year or next, so that comes straight out of the profit forecast —— they are saying that, actually, that is not going to transpire. you will be back to talk about some paper stories with us and talk about how stressed you are at work, hopefully not at all. well, it is very stressful working with maryam anyway. but we haven't got time for that! laughter still to come... some two—thirds of africa's population has no access to the internet. yes, we'll hear from the boss of a company working hard to change that — angola cables, which aims to connect africa to america by undersea cable. you're with business live from bbc news. first, though, called a national obsession. sorry, maryam. yes, house prices. uk annual house price growth was "steady" in september at 2%, according to the nationwide. but prices climbed 0.3% during the month, after taking account of seasonal factors. andrew harvey, senior economic

analyst at nationwide. this is good for home owners but what about those trying to get on the market? interesting to see the differences between different areas of the uk in terms of where house prices are at? good morning. that's right. uk level overall we saw prices up 2% year—on—year, which is actually unchanged from the previous month, and in line with what we have been seeing for the last 12 months or so, but you're right, there is a regional variation. the general story is actually the prices in the north of england have been rising a little quicker than those in the south and that has actually been the case for the last year and a half or so, but looking where prices are versus so, but looking where prices are versus 2007 levels, prices in the northern regions tend to be a lot closer to those whereas in the southern regions, in particular london, they tend to be much higher, soi london, they tend to be much higher, so i think the affordability problem is definitely one more pressing for london buyers and those on the south of england, whereas in other regions

things actually look a lot better. andrew, what is about that but what about the months ahead? when you have various people in the bank of england and elsewhere predicting that if we have a bad brexit scenario next year we are looking at house prices falling by 30% or more, what impact is that having on the market now in terms of people's decision—making? now in terms of people's decision-making? well, i think confidence certainly plays a part in people's decision whether to buy. there is a greater degree of uncertainty than usual in the market andi uncertainty than usual in the market and i think that is inevitable given the political uncertainties present. i think on the other hand the labour market has been relatively resilient so that actually has helped demands and prices holding up at a better level as well, that the same time we have actually been seeing the supply side of the market still quite tight in terms of the number of properties available for sale, helping to keep things in balance. well, we shall watch this space. thank you, andrew harvey, senior economist at

nationwide. quick look at the business live page. a new head of the institution, surprising she is the first women, the international monetary fund, gita gopinath. you're watching business live — our top story: toyota has told the bbc and no—deal brexit would impact future investment. the warning comes as car makers gather in paris for the motor show. plenty more on that on a website as well. yes, theo leggett is theirfor us. he is website as well. yes, theo leggett is their for us. he is a website as well. yes, theo leggett is theirfor us. he is a real petrol head, he knows his cars! he does! now, we're in the middle of the digitial revolution. and while that offers some hugely exciting opportunities — those without proper

access are missing out. nowhere is that more true than africa where only 35% of the continent's population has access to the internet. that's in comparison with a world average of nearly 60%. 0nly south africa has internet speeds that are comparable with europe and north america. the rest of african countries lag drastically behind. that's where angola cables comes in — an ambitious project to connect africa and the americas by underwater cable went active last week and the company is hoping to transform angola and africa into a technology hub for the continent. antonio nunes is with us now. iam very i am very pleased to see you have come into the studio to to talk to us about your company. antonio, firstly, explain what exactly this cable is, where it runs to learn from. thank you, firstly, for inviting me to be here. power cable isa inviting me to be here. power cable is a cable that runs from angola to brazil. it is a straight cable, 6300

kilometres of cable with a very low let path, meaning the time of the connectivity from angola to brazil will lower dramatically. today it is about 310, 350, and now it will be 63 ms. why did you want to build a cable connecting africa to south america? what is the endgame, what did you want to achieve? the main goal is that we want to root the internet traffic which today mainly comes from north to south, and with this cable the traffic will be now also south to south conductivity. we wa nt also south to south conductivity. we want to change about the traffic route that is available today. just to make sure you have got this right, you're testing this out, you did a route from south america to north america, is that correct, prior to this one? we also have

another cable that links brazil to the usa. so you have ownership of these cables, which is fantastic for your company, angola, and angolan government has more than a 50% stake in angola cables. what is the benefit? tok us through what this means for africa as a continent, in terms of this huge benefit this will bring —— can you talk us through. africa today is one of the continents that for the digital revolution is very low. with this cable, and this connectivity we're bringing to africa, it will allow this big change to increase. it means today of the collectivity we have, coming from north to south, and when they are buying contents from abroad, it is very expensive. for example, brazil is one of the countries that developers a lot of digital content, and every time africa buys content from brazil, you have to go around the world, gay?

with this new connectivity, the price and the quality of this content will decrease a lot —— around the world, 0k? it will bring around the world, 0k? it will bring a new opportunity for africa and also for the south american region, to enlarge the marketplace for them. what is your own personal story? you are angolan? how did you start out in this line of work? yes. i was invited to go and start up, because lam invited to go and start up, because iaman invited to go and start up, because i am an electrical engineer, i was invited to go and start working for the mobile operator, one of the biggest in angola, and from that point on we have been developing a lot of infrastructures of telecom in angola itself, and it gets to the point where we need international connectivity because it was one of the big problems we got, that we we re the big problems we got, that we were buying the internet abroad for a very high price. but what are you seeing in terms of price difference? for companies now in angola or elsewhere in africa, because of this new pipeline, what difference does

it make to them in terms of the cost of their digital bill, as it were? fan if we offer a very big quantity of traffic, internet traffic, —— yes, if we offer a very big quantity. this is a normal part of the marketplace. the point is when we offer this new connectivity to the african countries, normally the prices will decrease. 0k, antonio nunes, so lovely to have your the programme. the best of luck with the business going forward, and to come back later in the year perhaps to tell us more about how things have been going. for sure. thank you. now a look at the business pages in a moment, but first, it is the conservative party conference in birmingham at the moment and from there the prime minister has been talking to us about what she thinks businesses need from brexit. let's listen to what she had to say... we need to put forward a plan to make sure we

deliver on the choice of the british people, but also our announcement todayis people, but also our announcement today is making sure we dojust that and also make sure we are not sending vast sums of money to the eu every year in the feature, that we bring an end to the jurisdiction of the eu court ofjustice, but that we do it ina the eu court ofjustice, but that we do it in a way that brings no hard border between ireland and northern ireland, and recognises the importance of frictionless trade across the border for companies such as those in the car industry with those just—in—time supply chains. 0k. sue noffke isjoining us again to discuss. are you reassured by her words they're? i think markets are looking for anything to bring agreement to avoid a no deal crash out brexit, and what businesses will be looking for is more of the detail as to what they can hang their hat on, what provisions do they have to put in place to ensure that they cope in the next six months to 18 months,

the next six months to 18 months, the two and a half years? guidelines out there today, the former foreign secretary boris johnson out there today, the former foreign secretary borisjohnson doing a speech on the sidelines at their —— the headlines out there today. he said he would take another six months in order to negotiate the best deal. for those running companies are trying to invest and make decisions about their investments, more time is not necessarily what they want, is it? it is just necessarily what they want, is it? it isjust more necessarily what they want, is it? it is just more clarity? necessarily what they want, is it? it isjust more clarity? yes, it is. this week, with the conservative party conference, it will always be quite noisy, sol party conference, it will always be quite noisy, so i think we will expect to hear quite a lot of headlines and the quite a lot of volatility. let's talk about our twitter question today. we asked our viewers earlier on to tell us about exhaustion at work. if we look at the story on the financial times website, "exhausted the story on the financial times website, " exhausted uk the story on the financial times website, "exhausted uk staff work harder and fasterjust website, "exhausted uk staff work harder and faster just to website, "exhausted uk staff work harder and fasterjust to stand still." the study shows over the past 25 years we have never worked harder in the uk, never worked faster, and yet productivity is stagnant, it hasn't improved. the

question we ask people, do you believe working harder has made you more exhausted? believe working harder has made you more exhausted ? does believe working harder has made you more exhausted? does it impact your work? do you think people in this country know just seem work? do you think people in this country knowjust seem to be at it co nsta ntly ? country knowjust seem to be at it constantly? not giving themselves any time off, breaks? it is interesting. i went to a talk a week past friday exactly on the subject, and the analogy they had was with sportspeople, and the building recovery time, actively, to improve their productivity, because stress is good, it helps us perform, but long—term stress is bad. and so we need to have some off moments in our lives, possibly within our work, in order to be as productive as we can. reset? that was the word used yesterday on this programme? this one, "people are working longer hours. reduce the hours everyone works and people will become more productive at work to get the same job done in less time. what do you think that is one answer? reduced hours, ridgers days?” think that is one answer? reduced hours, ridgers days? ithink it is

not about reducing but being more effective. that might be making sure you switch off from technology to ta ke you switch off from technology to take a break, come back to it fresh, to tackle tasks with some enthusiasm and vigour, rather than feeling exhausted, and that can lead to all sorts of problems. we have one fewer. "there is huge stress in some industries like delivery drivers, for example. "it cannot be good for road safety. they seem very stressed when they come to the door. i was so worried about one i asked if he would like a coffee or a cup of tea. " would like a coffee or a cup of tea." you are so nice, and, sue, you are as well. i hope you don't get too stressed at work. thank you so much for your company. that's it from business live today. we will season. —— see you soon. hello. a lot of cloud around at the moment across england and wales and with that some of us woke up this

morning to rather damp conditions, some rain and drizzle, particularly in north—west england and across north wales. a mild start, however, and many will keep that mild weather today, the best of the brightness in the north—east, also where it will be the chilliest. you can see those blues moving away to scotland. meanwhile, this in this warm sector we call it, in between and cold front, in from the west or south west, meaning we have these milder conditions and temperatures higher than yesterday. but the sung—joon will continue across scotland, down the east of england, a few brighter skies developing —— the sunshine will continue across scotland. on the whole it will remain quite cloudy, especially on hills and cost, the chance of drizzle at times, particularly in parts of north wales and north—west england. the east of the pennines, some sunshine. just turning on the black wind arrows, these are the gusts across scotland. quite gusty conditions through the afternoon

despite some sunshine and just one or two showers moving in and temperatures droned about 13 or 1a celsius, so feeling still quite a little chilly —— around about 13 or 14. little chilly —— around about 13 or 1a. tonight we will continue with quite a bit of cloud across central southern areas. misty, murky conditions again in the wednesday morning, but that will keep up temperatures into double figures. clear skies and cold air, temperatures they are down to about 3-6 temperatures they are down to about 3—6 degrees. that is where you will start off with some sunshine during wednesday. elsewhere again misty and murky conditions but things will slowly brighten up into the afternoon and again mostly cloudy day. some rain in the western and northern areas of scotland. maximum temperature of about 12—14d, still quite mild, elsewhere 18 or 19 celsius as your high. scotland still has this high pressure into thursday, and across england and wales, but slowly retreating away, being replaced by a low pressure

system towards the north—west which will bring in some rain across northern and western scotland, northern ireland. perhaps some rain towards north—west wind —— north—west england as well. further south, more breaks in the cloud, that will feel quite pleasant. 18 or 19 celsius. further north, 1516 degrees. that is all for me. have a good day. goodbye. —— 15 or 16 degrees. hello, it's tuesday, it's nine o'clock. i'm victoria derbyshire, welcome to the programme. today, the families of five children in surrey are taking the county council to the high court to try and stop them taking £20 million out of the special needs budget. we have spoken to two boys, and their mums, who told us how they and others like them would be affected. it is taking away a child's future, kind of, it is taking away the

opportunity to give them support and things to help them learn. how can you fight for what the children need if you are cutting money which is giving them what they need and trying to give kids which don't have the stuff what they need? if you or your children have been affected by