this is business live from bbc news with maryam moshiri and sally bundock. on top of brexit and potential us tariffs, the motor industry faces tough new emissions caps. live from london, that's our top story on wednesday third october the european parliament will vote on proposals to cut co2 emissions by as much as 45% by 2030, pitting the interests of the motor industry against efforts to cut greenhouse gas emissions. also in the programme. china's tencent music applies to list its shares in the us, in what could be one of the biggest us initial public offerings by a chinese company. we are talking about the global nail

industry today, which is apparently worth billions. but how to persuade millennials to get a professional manicure rather than diy at home? we'll nail down the figures as we get the inside track with the founder of nails inc. young people in the uk who want to rent a place for themselves face having to pay out an "unaffordable" amount in rent. how affordable is renting where you are? what's your experience? let us know — just use the hashtag #bbcbizlive. hello, and welcome to business live. car industry bosses may be gathered in paris, but their attention will be on a vote today in strasbourg, which will pit the interests of the motor industry against efforts to cut greenhouse gas emissions. the european parliament will consider proposals by its environment committee to cut carbon dioxide emissions

by as much as 45% by 2030, compared to 2021 levels. that's far harsher than the initial 30% cut put forward by the european commission and a world away from the 20% sought by the auto industry. environmental campaigners say steep cuts are needed to meet the bloc‘s overall climate goal of reducing pollution by 40% by 2030, compared to 1990 levels. european car—makers are warning of a risk to jobs. the european automobile manufacturers‘ association says the sector currently employs more than 6% of eu workers. even the 2021 emissions limit — an average 95 grams per kilometre — is a goal many manufacturers are in danger of missing. with me is stuart thomson, head of public affairs, government and infrastructure at the law firm bircham dyson bell.

we'll hear in a few hours the decision in straws berg, but many will be impacted by this —— strasbourg. they are saying it is unrealistic. there is a big battle between the car industry and they are representing those they employ, and the european parliament and commission. they all have slightly different views about the way this should go. the industry itself is warning aboutjob should go. the industry itself is warning about job losses, should go. the industry itself is warning aboutjob losses, whereas politicians themselves particularly those in parliament say what we really need to do is take drastic action to challenge emissions. it's the big public health issue facing all of europe and particularly in big cities like london and others. they think something needs to be done, we'll find out if they do decide to set this 2030 target. car

manufacturers and others are saying this is just not feasible, us meeting those targets. 2030 is not that far away. what about government policy, to what extent does that play a part? it plays a huge part but it also has to remember that this issue comes about because of a lack of trust in the car industry over the admissions scandal. they are making a lot of fuss but they are making a lot of fuss but they a re partly are making a lot of fuss but they are partly the architects of their own downfall in that sense. politicians just don't believe they can't move as quickly as they would say. it's that push and pull. is it within governments and parliaments best interests to push the car industry forward and make them take action, or do we leave it up to the industry to move over a period of time? in this instance it's the politicians thinking they are going to push change because it's not happening quickly enough. they also need to put infrastructure in place, and issues like that when it comes

to electric vehicles, in some countries you can plug in easily, in others you can't. that's right. the government absolutely has a goal to play in pushing that forward. the private sector may deliver that but a lot of it is up to government. and if the consumer. do we have the faith in the infrastructure around us faith in the infrastructure around us to go out and buy one of these things or not? for a large percentage of the population, it's not there, the price of the cars are still too high. we don't have the faith. thank you. when we hear from strasbourg, the decision in a couple of hours, we will update you. staying with news from the car industry. shares in the british luxury car—maker aston martin have begun trading on the london stock exchange. they debuted at £19 a share, a price which gives the firm a value of more than £4.3 billion or about $5.6 billion. the company is best known for providing james bond's vehicle of choice but is trying to broaden its appeal. especially to women, i'm told!

the us electric car—maker tesla has said it produced a record number of vehicles in the three months to the end of september. just over 80,000 were made which will help the firm convince investors it can continue to boost manufacturing. it comes days after elon musk was forced to stand down as the company's chairman. a major new gas exporting facility is set to be built in canada. the government backed $32 billion project will allow huge amounts of liquefied natural gas to be sent to asia where it's expected to replace demand for coal. the world's biggest lng trader royal dutch shell is amongst the foreign companies investing in the facility. inflation in turkey has jumped to 24.5% on an annualised basis. that amounts to a much higher than expected jump of 6.3%

compared to a month ago. the increase in prices comes amid on an ongoing cuurency crisis which has seen the lira lose about 40% of its value against the us dollar in the last year. china's tencent music has filed a much—anticipated request to list its shares in the us, in what could be one of the biggest us initial public offerings by a chinese company. let's go to our asia business hub where shara njit leyl is following the story. this is a big dealfor this company, it's all about the karaoke. this is a big dealfor this company, it's all about the karaokelj this is a big dealfor this company, it's all about the karaoke. i don't have the enthusiasm he has for karaoke but it's one of the many services the music arm of tencent

music offers. they are seeking a valuation of $25 billion which will make it one of the biggest from a chinese firm in the us this year. not many people outside china know much about tencent music. by china's largest online music platform. they boast more than 800 million monthly active users and their services include things like wesing, the karaoke feature, but they've also got digital streaming at like 00 music. they've also got big shareholders to support them which includes the likes of spotify, warner music group and sony music entertainment. we know this ipo they have sort of announced comes at a time when the global online music industry is getting back on track with lots more listeners streaming music through smartphone apps. that's something i certainly do, although i don't do much karaoke!|j although i don't do much karaoke!” would pay good money to hear you

sing, although i suggest you don't pay good money to hear me sing! china's financial markets are closed for the national day holiday and will resume trade on october 8th. south korea was also closed for a public holiday. japanese stocks down as car—makers lost out after news of a sharp decline in us new car sales. dax is closed for a national holiday, so trading will likely be thinner than usual. rebound today on reports that italy's government is aiming for a lower budget deficit in 2020 and 2021. and kim gittleson has the details of what's ahead on wall street today. on wednesday it looks to be a rather slow day on wall street after the dow jones industrial average once more closed at a record high on tuesday. investors will have to wait until friday for any major economic data, friday of course being the day that the september us jobs report is released. so, to tide them over they will be paying attention to earnings from lennar corporation, which is released before us markets open here. lennar is one of america's

biggest home—builders, and it's often seen as a bellwether for the health of the us housing market. investors will be curious to see what impact rising mortgage rates are having on the demand for housing here in the us. they will also be curious to see what impact hurricane florence has had on the demand for new homes along the east coast. that is kim in new york. joining us isjeremy stretch, head of currency strategy at cibc world markets. so much to discuss today. being in the area of currencies, i wanted to talk to you about the euro bouncing up. it's been all about italy for several days. tapas. certainly since the back end of last week when the italian government started to formally announce some details about their plans for the budget deficit. markets didn't like what the italian government were initially saying in terms of extra spending. it now

appears that maybe the government could be forced to row back a bit in terms of their spending plans. it shows the discipline of the financial markets because we've seen italian interest rates moving aggressively over the last few days, which will cause the cost of the funding to go higher. they've come right down today. politicians seemingly reacting to the markets. let's talk about aston martin. we like a good flotation. the luxury car—maker has floated on the london stock market and it seems to be in robust health. it does. certainly when the story initially broke that there was a lot of discussion that there was a lot of discussion that the market cap was going to be a bit high. clearly there has been a strong degree of residual demand. it will be interesting to see how the stock trades over the medium term because there are a lot of crosscu rre nts because there are a lot of crosscurrents in the auto sector and the global economy as well. a manufacturer based in the uk which

is obviously increasing its operations in the united kingdom is an interesting construct in the confines of the brexit process. the rupee at a record level today. it's all about the oil price. it is the case the oil price has been pressured. there is concern about the oil coming out of the market because of iranians sanctions. for india which imports all its oil, thatis india which imports all its oil, that is a problem. thank you. tell us that is a problem. thank you. tell us your rental stories, cautionary tales about renting coming up. still to come. it's a multi—billion dollar global industry and growing. we'll get the inside track on the manicure industry with the founder of nails inc. you're with business live from bbc news. the uk's biggest supermarket chain tesco has reported an 11th consecutive quarter of rising sales. uk like—for—like sales, which strip

out the impact of new stores, were up 2.5% in the second quarter. senior analyst, laith khalaf from hargreaves la nsdown joins us now from bristol. you've been looking at the numbers, they've also raised their dividend. it's looking good at the moment. all looking good, all the dials moving in the right direction which is perhaps a bit puzzling that we've seen perhaps a bit puzzling that we've seen a perhaps a bit puzzling that we've seen a 5% fall in the share price this morning. that is a reality check for the expectations in the market. we seen margins rising at tesco and dave lewis looks like is on course to meet his medium—term target which is 3.5 to 4% by 2020. it looks like he'll creep in at 3.5, i think the market probably thought it was heading to 4%. we seen the shares comeback but all in all a good set of results. it's a tough

out there for retailers, a lot of big retailers discounting. we've got sainsbury‘s, asda possible merger looming. if tesco in good shape to ta ke looming. if tesco in good shape to take and what are some pretty strong headwinds? it is in good shape, a lot better shape than it was. you're absolutely right, the sector is still pretty competitive. you've got aldi and lidl. aldi looking to open 130 new stores and we've got this huge megamerger between sainsbury‘s and asda which will put pressure on prices. it's great for consumers but a worry for tesco. it recently took over booker and signed an important agreement with carrefour so i think it's in good shape for the battle. thank you. lots of companies out their earnings, including topps tiles. topps tiles turning a corner,

showing improvement in the final quarter of its financial year. like—for—like sales at just quarter of its financial year. like—for—like sales atjust over 1%. a good news story for the high street, as if tesco. more detail about tesco on the website, including jack's which it has launched recently. you're watching business live — our top story. the european parliament is due to vote today on proposals to cut vehicle co2 emissions by as much as 45% by 2030, pitting the interests of the motor industry against efforts to cut greenhouse gas emissions. we were both relieved that we've got fairly good looking nails when we

looked at our guest line—up! now, many of us indulge in a bit of pampering after a long week at work. and having a manicure is proving a popular way to do just that. the global nail industry is growing steadily and could be worth as much as $12 billion by 2022. in the uk alone the industry was worth nearly $200 million in 2016, with both women and men splashing out. last year 12% of 18—29—year—olds said they wear nail polish multiple times a week. the highest of any age group. but the difficulty is convincing them to have it done by a professional rather than at home. thea green is the founder of the nail bar chain nails inc. talk us through what exactly made you come up with the idea of nails inc, because this is a great story. it was 1999 and i worked as a fashion editor at tatler magazine. i

spotted the gap for product and service combined, and just that feel good 15 minutes of making yourself feel great. it's a really quick way to give yourself that cosmetics which up. you kept travelling to the us and you saw the nail bar industry there and thought that would be great in the uk. absolutely. massive first mover advantage for you and your business is now worth quite a lot. it's gone from very little to a big, big organisation. talk us through that process, because you are fashion editor at tatler and you're now running a multi—million dollar company. that process is fast because we started back in 1999 —— that process is vast. it was spotting that gap of customers wanting a manicure but not being available in the uk. in the state is very fast but not necessarily branded. we wanted to take the idea of the really quick manicure what brand it and make it

of the really quick manicure what brand itand make ita of the really quick manicure what brand it and make it a really nice environment and share it with our customers, a wide range of products so customers, a wide range of products so that customers could also see the whole brand and get recommendations. we area whole brand and get recommendations. we are a cross between a beauty counter and a service provider. how do you come up with new colours? it's the best bit. a lot of it is instinctive, knowing fashion trends, knowing what to think is going to come up and trying to lead the way. how do you find what's coming up? today we work at london fashion week, new york fashion week. a lot of it is getting the designers. we work with prediction agencies but a lot of it is instinctive, in terms of seeing these microtrends bubbling and feeling what is going to come through. i'm wearing yellow nail polish today, it's something we are launching in spring summer. we are seeing it from influences and little fashion trends and we believe that will get biggerfor next fashion trends and we believe that will get bigger for next season. talk about how you've had to develop your company. everywhere you go now

there is a nail bar run by someone, whether it be high—end or not. it's quite easy to find someone to do your nails. how you competing in that environment and what are you doing to diversify? i think we are quite different in the fact we have a brand and we have products. we are a brand and we have products. we are a cross a brand and we have products. we are a cross between a beauty counter and a cross between a beauty counter and a nail service provider so it's quite a different environment. it's more upscale than the local high street but we are also aware of being price competitive like everybody else. we've expanded our ranges. we launched incredible last year which is nails inc but in cosmetics. landing that into the cosmetics. landing that into the cosmetic industry. and then a business we launched with beads which is a teenage lifestyle brand targeting the millennial customers growing through instagram and once the trends right now. how does the millennial customer differed to the

late 1990s? in such a positive way, the attention span is really short so the attention span is really short so everything has to be powerful messaging, has to be very impactful. also a millennial girl will be looking at shoes, tech item, piece of make up, something she used to buy for her school bag, all across different screens. its multi—products. different screens. its multi-products. what's your favourite colour nail varnish?” don't ever have one. if you could only have one? probably black taxi which is a black nail varnish. so gothic! it's really chic! what's your top tip for someone wanting to start a company? i would sayjust do it. you need to get all the advice in the world, speak to as many people as you can but in the end just take the plunge. you've got to get on with it and you'll learn along the way. thank you for coming in. the founder of double, lovely to

have you on the programme. —— the founder of nails inc. in a moment we'll take a look through the business pages but first, brexit is on the minds of many industry executives at the paris motor show. 0ur reporter theo leggett got the thoughts of carlos tavares, the boss of psa group, which includes peugeot, citroen and 0pel. very important here in the uk. we've written to theresa may to express what are our expectations. of course, our expectations are very clear. we want free trade between the uk and continental europe. that's very clear. if we don't have a free trade condition, then of course we have to adapt. that may have dramatic consequences for our operations in the uk, which of course we would like to avoid as much as possible. so, for us the situation is crystal clear. we need free trade. brexit is brexit. we did not decide it, it is something that was decided by the uk people and we respect that, but if there are consequences coming out of a no deal situation then so be it. that is the boss of psa group, an

important player in the car industry. jeremy is back. he's talking about brexit of course and this is the major theme for this conservative party conference. theresa may does her speech in a fewer hours. is the theme that predominates across all of the political landscape in the uk. that influences all of the decision—making and in the sense it leaves everything else parked on the sidelines. without mitigating the risks of brexit, it's very difficult to have a broader perspective in terms of the uk political landscape and the economic environment. this article is from the metro in london which talks about the civil war within the conservative party. from your perspective, you're in the city of london, you work for a canadian bank, everybody is trying to get their heads around where we are going. you're a currency analyst,

how do you take these last few weeks? we had the labour party conference, borisjohnson weeks? we had the labour party conference, boris johnson speaking yesterday, theresa may today, the chaos. if we go back to talking about the currency market in particular, clearly it's always influenced by these comments and by the ongoing maelstrom of political dynamics. when we had borisjohnson yesterday saying he wasn't going to be effectively challenging for leadership or supporting theresa may at least in the current phase of negotiations, we saw a bit of a leap in stirling. the market thought there isn't going to be a leadership challenge and that's not going to amplify political risks. talking to investors, and i was talking to investors, and i was talking to investors in canada last week, there isa investors in canada last week, there is a need to try and understand the potential risk dynamics and trying to understand the path ahead. that path ahead is very unclear, so that

makes it difficult for business decision—making. you talked about that natural gas prices in canada. but coming up after some resolution in terms of trade negotiations. that underlines how business investment is receptive to trade negotiations. that's a $32 billion deal, if a huge deal. let's talk about rent because that is our twitter question to people. the story is rent is hitting young people hard in the uk. a p pa re ntly young people hard in the uk. apparently you have to be able to be earning over £51,000 a year to rent a one—bedroom flat in london for example. we asked people to tweet us about rent where they are and we had about rent where they are and we had a huge number of tweets. christina from virginia says rent is $1000 for a nice one—bedroom, but you need a —— but the car and job industry isn't great. the rental market is

just so expensive here, what do young people do? i suppose they have to house share. they do but in a sense, thinking back to our own experiences, is it that unusual? we'll probably did that when we were starting out. it's easy to be critical of millennial than say they wa nt to critical of millennial than say they want to have a very nice existence as well as having a good standard of living. but i think it is necessary to start off in that house share in environment. you can easily spend up to one third of your income which is something i did when i was starting out. we perhaps have to accept that. thank you. tweet us to look at the debate about rental property. bye— bye. good morning. it's another mostly

cloudy start of the day across the uk. we've had some patches of rain and drizzle affecting some areas as well. we've got this big area of high pressure which is giving this milderair high pressure which is giving this milder air from high pressure which is giving this milder airfrom the high pressure which is giving this milder air from the south—west. you can see that warm front across scotla nd can see that warm front across scotland is bringing the majority of the rain through this morning. that will gradually move its way to the north and the east. for england and wales, there might be a few breaks to give a few glimmers of sunshine. it will be mostly cloudy this afternoon and staying quite cloudy for scotland and northern ireland. maximum temperatures 15—16. perhaps even 21 degrees if you get lengthy spells of sunshine in the south—east. 0vernight tonight, it remains pretty cloudy, misty and murky. some fog patches developing. still some rain and drizzle in the north and west of scotland. another mild night, those temperatures

staying up at 9—13 degrees. mist and fog in the morning which might be a bit stubborn to clear away. some of you could start off with some foggy scenes for the morning commute tomorrow across southern areas of england. eventually it will clear away, and there will be bright spells developing again during thursday. what's more cloud across scotla nd thursday. what's more cloud across scotland and northern ireland, some rain starting to move in and temperatures once again will be around the mid to high teens. going into thursday and friday, we've got this weather front, this cold front moving further south on friday. the dividing line between these milder conditions we've got at the moment to something bit colder moving into the far north of scotland. it is on the far north of scotland. it is on the dividing line will have quite a bit of cloud and rain for the isle of man, north of england and north of man, north of england and north of wales. clear spells with one or two showers but distinctly chilly

across northern parts. you can see clearly that dividing line between cool and still fairly warm conditions in the south—east particularly with sunny spells and temperatures in the south getting up to 18-21 temperatures in the south getting up to 18—21 on friday. going into the weekend, largely dry for scotland and northern ireland again on saturday but pretty chilly here. rain expected for england and wales. feeling quite called by sunday. perhaps that rain clears away to the east but there are some uncertainties at this stage —— feeling quite cool. hello it's wednesday, it's 9 o'clock, i'm victoria derbyshire, welcome to the programme. it is crunch day for theresa may. in one of the most important speeches of her career, the prime minister will try to unite her divided party and convince you that she remains the best person to lead the country out of the eu.

she's also going to announce big freeze on fuel duty. it can't be worse than last year, can it? ranchi ragga we've created record numbers ofjobs. applause so... while we will never... excuse me. i'm sure she will have a cough sweets ready busy in case. her speech is live at 11:a0am and you can watch it