across especially with lighter winds across southern parts of britain. bye—bye. this is business live from bbc news with sally bundock and victoria fritz. running out of road — brexit talks fail to make progress, with warnings the uk car industry will be set back two decades if britain leaves without a deal. live from london, that's our top story on thursday, 18th october. eu leaders urge the uk to offer new ideas in an effort to break the brexit deadlock, while britain's theresa may opens up the possibility of extending the transition period. also in the programme... china is no manipulator according to the us treasury,

despite president trump accusing beijing of keeping the yuan weak to boost exports. markets in europe are mixed, not sure which direction to turn, is the brexit negotiations stall yet again. from pulling pints in the pub to selling luxury holidays — we'll be talking to one entrepreneur disrupting the hotel scene. and the new york times is reporting on so—called brexit—preppers — people who are stockpilling all sorts of things in case of a chaotic exit from the eu. today we want to know, are you preparing for brexit? or is this just scaremongering? let us know — just use the hashtag #bbcbizlive. hello and welcome to business live. thank you for your comment so far. one has told me you are stockpiling

passports. interesting. we start with brexit because, as you've been hearing, european union leaders have decided there's not been enough progress in talks with the uk to hold a planned summit next month. it means britain has edged a little closer to leaving the eu without a deal in march, a situation seen as potentially catastrophic by many in the business world. fear of a no—deal brexit has sent the pound down sharply over the summer, although it has stabilised recently, and today more weakness. but the german chancellor, angela merkel, told parliament on wednesday that germany must be prepared for no deal. german firms export goods worth almost $100 billion to the uk each year, with cars making up around a quarter of that. and that's not all. the car industry's european lobby group is warning a failure to agree a trade deal would set back the uk car sector by at least two decades. theresa may has just been speaking in brussels.

she has been talking to the press. she was asked whether the uk's transition period could be extended. a further idea that has emerged, and it is an idea at this stage, is to create an option to extend the implementation period for a matter of months, and it would only be for a matter of months, but the point is that this is not expected to be used because we are working to ensure that we have that future relationship in place by the end of december, 2020, and i am clear that it is possible to do that, and that is what we are working for, and in those circumstances, there will be no need for any proposal of this sort, and i am clear that i expect the implementation period to end at the end of december, 2020. damian grammaticus is in brussels. theresa may talking to the press,

the other heads of government have just arrived, what does today look like and what are we going to learn in terms of what they are discussing? yeah, the other leaders, they are continuing to arrive here, theresa may speaking just a few minutes ago, as she turned up, today, they are not discussing brexit, moving the other subjects they have to deal with on their agenda. the issue here which theresa may was mentioning about the idea about extended transition period, it is an idea being floated in the negotiations as a way of trying to get over the problem about the irish border. essentially what it does is it allows more time for the teams to settle a trade deal with the uk leaves next year, disappeared of three years rather than two to work

out the details —— it gives a period of three years. the difficulty is, first of all, it does not change the problem, the irish border problem, it still has to be fixed somehow, and this idea that the eu has of a backstop, the eu insists it would still have to be there in case no solution is found. secondly, you heard theresa may not being... being very cautious about it, saying it is something that would just be there asa something that would just be there as a possibility, this extension. the problem is, for her, politically in the uk it means sticking by this period when you follow all eu rules, pay into the eu budget, large sums, but you do not effectively leave the eu structures for another year, so until 2022, and that for many is very, very far off and it delays the real moment of brexit when the uk

would finally be out of the eu and all that structures. damian grammaticas in brussels for us, thank you. let's get the views from anand menon, professor of european politics and foreign affairs at king's college. mr menon is also a director of the thinktank uk in a changing europe. you were listening to theresa may and you said she was talking nonsense. what do you mean? she insists on calling it an implementation period, we will have nothing to implement. we need that period of time to negotiate a trade deal. we have 21 months, no way it is enough, we will not start negotiating until september, it will ta ke negotiating until september, it will take several years to negotiate this deal, and at the moment, the prime minister is constrained by mps at home from talking honestly with european counterparts, the fact is we will need longer, it will be difficult because as damian grammaticas said, it will be a rule taker and it will cost us, keep paying into the budget. but there

are paying into the budget. but there a re really paying into the budget. but there are really difficult choices that need to be made and they need to be made soon because negotiations need to be wrapped up byjanuary at made soon because negotiations need to be wrapped up by january at the latest. how long is long enough? does it really matter whether it is in march, six months later, 2022? we are talking about the trade deal that comes after we have signed a withdrawal agreement. trade deals can take anything from five, seven, ten years. the notion that eu and the uk can negotiate a conference of deal covering security, trade, all the things they want to negotiate on in the future, in the current transition period, it is for the birds, not long enough —— a comprehensive deal. we need to talk about extending that. what is the main scenario here now? people ask mea main scenario here now? people ask me a lot, are we going to crash out? how long is this going to take? what shape is brexit going to look like?

ido shape is brexit going to look like? i do not have the answers, do you have any? it is remarkable so long after the referendum that we are still so unclear. what is most likely is the deal will be signed and it will come back to parliament. we talk about deadlock, there are two. deadlock in brussels where the prime minister and the eu are facing off about the backstop, and a deadlock in london where the prime minister knows that anything she negotiates has to get through parliament and it is not absolutely clear if there is majority for whatever she brings home. they she might be storing —— stalling until after the budget in the uk? the dup have threatened to vote against the budget if she negotiates things they do not like in brussels. lots are claiming she is stalling in brussels and she will come back and get the budget passed and then go back and get the deal she needs to make. thank you for your insight. let's take a look at some of the other stories making the news.

ebay has filed a lawsuit against amazon, accusing the us retail giant of using illegal tactics to recruit sellers. it says amazon representatives abused ebay's internal email system to contact sellers — a violation of the marketplace's policies. amazon declined to comment on the case, which follows a letter from ebay demanding an end to the activity. the low—cost airline cobalt has cancelled all flights from midnight wednesday according to a statement on its website. the carrier, which operated flights in and out of cyprus since 2016, has suspended operations. the us has announced plans to withdraw from a iaa—year—old postal treaty which, the white house says, lets china ship goods at unfairly low prices. the united nations treaty sets lower international rates for packages from certain countries — a move originally designed to support poorer nations. but the us says the discounts put american businesses at a disadvantage. staying with tensions

between china and america, the us has stopped short of labelling china a currency manipulator, despite trade tensions between the world's largest economies. concerns persist about china's policy, says the treasury, but found no incidents of direct —— found no evidence of direct intervention. president donald trump has previously accused china of keeping its currency weak to make exports more competitive. sarah toms is in singapore. how significant is it that they did not go as far as they have done in some of the inflammatory language? it is interesting because the decision not to label china manipulator of currencies stands in com plete manipulator of currencies stands in complete contrast with public comments made by president donald trump. we have all heard him on the campaign trail repeatedly accusing

china of purposely keeping its currency weak. that is to make chinese exports cheaper and more competitive, mr crow says, compared to us goods. and missed a prompt says as a result the growth in chinese exports this destroying americanjobs chinese exports this destroying american jobs —— mr transfers, compared to us goods. and donald trump says as a result the growth in chinese exports is just drawing americanjobs. the chinese exports is just drawing american jobs. the yuan chinese exports is just drawing americanjobs. the yuan has been dropping in value against the us dollar. ironically, soon after the report, it the lowest level in 20 months. if the us had declared china a manipulator, it would not have triggered penalties but it could have worsened an already tense relationship between the world's biggest economies. thank you, sarah, for now. pretty tough session

fo res ha d ow for now. pretty tough session foreshadow markets, shanghai in particular at lowest for four years, hong kong down by 0.4%, japan though as well. in japan, hong kong down by 0.4%, japan though as well. injapan, is the price decline in exports, fitting sentiment, but implying all policymakers that the us secretary bank agree there will be another interest rate increase this year. all of that led to a negative session in asia. looking at europe quickly, we have been trading firm just under 45 minutes —— trading for. among those reporting, unilever, all over the press recently, made a u—turn on its decision to move its hq to the netherlands, staying in the uk. sales up 4%, unilever shares right now down by nearly 1% in london. they make marmite and all that kind of stuff. wall street now, it is all

about the impact president trump ca rys have about the impact president trump carys have on american companies. before us markets open for trading, we will hear from a steel manufacturer. reporting earnings. investors will be curious to see what impact rising steel prices will have had on the company's bottom line and what the company has to say about tariffs and its future earnings potential. joining us is chrisjustham, relationship manager from seven investment management. welcome back to the programme. a story that is doing the rounds, lots of people in your business quite nervous, tell us more, involving middlemen? it does, clearing houses. they are the people who sit between two counterparties when there is a derivatives trade. they reduce risk toa derivatives trade. they reduce risk to a degree to ensure that if there is any default, there is someone in

the middle buffering it. the difficulty is at the moment that london is at the heart of clearing. huge amount is traded through london, trillions. as a result of brexit, we will no longer fall within european law. only authorised central counterparties are allowed to trade derivatives under that law. because of the stand—off, europe are saying, we want increased oversight of our regulators. in the us, they are saying it could be applied to us just as easily and we are not happy and the nuclear button is, if european regulators want this, we will not give them access to futures exchanges, we will not allow european banks access in the us which is a big problem. trillions are traded, if there are no access, increased costs and jeopardises financial stability. quite a big deal. it is being closely watched, as you say, but we are in the dark at the moment which is a real problem. what else are you watching

the markets? lot going on, a lot of noise. what is catching your attention? last week was a lot noisier. this week europe is largely flat. with asia, we're looking at steepening trajectory of interest rate rises. we have seen capital flight rate rises. we have seen capital flight out of asia overnight and continued momentum. it means that is more expensive because they lot is priced in dollars, if you have to pay for their debt in local currency and it is priced in dollars and all ofa and it is priced in dollars and all of a sudden the volume is the same, you have an issue. that is why more money is pouring over to the us and the european— asian market equities have been impacted. really interesting, thank you very much. chris is coming back. are you a brexit—prepper? chris is coming back. are you a brexit-prepper? we have not even bought the stuff for my child that is due in six weeks. other priorities for chris and for good

reason. we will explain what a brexit—prepper is later. still to come. from pulling pints in the pub to selling luxury holidays — we'll be talking to one entrepreneur disrupting the hotel scene. you're with business live from bbc news. unilever, the maker of marmite and ben and jerry's ice cream, has reported sales growth of 3.8% in the thrid quarter. earlier this month, the anglo—dutch firm cancelled plans to leave the uk for a single headquarters in amsterdam. our business correspondent theo leggettjoins us. where does the company go from here? well, it is quite clearly in a holding pattern at the moment, victoria. these figures out this morning, weren't terrible, they weren't brilliant either, they suggest there is sales growth and that some of that growth is coming

from increasing price, which are big consumer products like unilever really need. maybe the markets were expecting more because the share price is down a couple of percent this morning but overall not too bad. there wasn't information about where the company goes from here, it has just abandoned that big plan to simplify its business, get rid of its london headquarters and the listing on the london stock exchange and establish itself in the netherlands, that went down badly with the shareholder, particularly institutions that wanted to retain the shares they have, traded on the london sob exchange, didn't want to have to sell without without a premium. the chief executive said we will have to review the situation. so this company very much on a holding pattern, one plan has gone by the wayside, it hasn't said yet what the big new plan is going to be. and also, theo, if we bear in mind this is a company that is really battling with the movement in

sterling, when it comes to the stuff it sells it is in supermarket, it has been tough to ride that wave as well, hasn't it. it has because that can increase the cost of product and then prices have to go up in a competitive market that can be an issue. unilever sells is round the world. it has had big problems in south america with hyper inflation so currency movement matter to a company like that lot. thank you theo. the move is likely to ratchet up some pressure on other politicians who remain under sided about what to do, plenty more on the website on that story, just head to the business live web page to find out a bit your're watching business live — our top story.

european leaders have decided there is not enough progress in talks with the uk, in order to go ahead with their planned summit in november. the british prime minister theresa may has opened up the possibility of extending the transition period. yes, we shall keep you across every twist and turn. now let us have a break. there are all sort of clubs you can belong to — whether its for gym membership or for car sharing schemes. but what about a club that lets you visit fancy hotels all around the world ? wel,l our next guest is the co—founder of just such an operation. mr & mrs smith was founded back in 2003 — with the aim of disrupting the luxury travel market. you pay a membership fee, which gets you access to luxury villas around the world. and it's proving popular — the company now has 1.5 million members across 100 countries, with offices in london, la, new york and singapore. welcome tamara lohan, co—founder of

mr& mrs smith so, tell us a bit about the name, because you existed before the film, didn't you, before brad and an feline. we started in 2003 and the fame came out about four years later, but we started mr and mrs smith as the kind of antidote to all those disappointing weekends away, that my husband and i were dating at the time, and seemed to be having in those stuffy old country house hotels. i guess erne hassed that that little black book of places to go but we put it in practise. i have been in a stuffy old hotel and thought this is a duffer, you have booked, it is is too late. 2003, ican have booked, it is is too late. 2003, i can imagine you stood out,

there was great demand but now wind there was great demand but now wind the clock forward there are so many organisations that do this, that provide a club where you can sort of find out about secret escapes or whatever it might be, how do you differentiate yourself? we are the consue mate curator, we do it with the same rigour we have done, we visit every one personally and send anonymous reviewer so you can trust the hotels we have picked are the right ones and there are very few places. other organisations say that too. they don't go to the extent that we do, visiting every place. do you consider yourself a travel company or do you consider yourself a tech economy? which do you consider yourself? first and foremost consider yourself? first and fore m ost we consider yourself? first and foremost we are a travel club for people who love these hotels. we exist to inspire people to trail and stay at these place with the people they love. underpinning everything

is technology, there is not a single project that doesn't touch my team. and in terms the of how you have managed to grow and expand, you have seen huge demand and that means you need more money, you manage to successfully raise a bit through crowdfunding, why did you go for crowdfunding, why did you go for crowdfunding as opposed to straightforward venture capital? we looked at what a private equity would bring to the table, on top of the cash, and we were kind of doing all the things they would help us with any way, things like strengthening the board, put morgue rigour into our reporting, strengthening the management team and we had started on that process, we have a history of raising money from members in 2012, we did a bond, and we raised 2.5 million through 400 members, and so we felt on balance that the ability to engage people, and bring people along the journey, our members on the journey with us so they could benefit in the

success of the country as well, was just a much better proposition and more close to the heart of that the company is, we have always been there for members. you have raised 6.1 million, what you going do with the money? the money is a growth of the money? the money is a growth of the business, we want to grow in the us, so we have got an amazing collection of hotels around the world and the us is a big growth market for us, more villas and hotels, and also experiences, we bought an experiences company in may this year and we want to grow that in all our major cities. i have been told i am not allowed to ask any more question, i wish we had more time but event. you could ask the question on twitter. it is quite a long one! we are saving time. many of you have been in touch, we will discuss your comments about brexit prepper in in a moment. first is how to get you can find us on facebook at bbc

money. what you need to know, when you need to know. we need a longer programme. we have chris back. we will talk about that story then that we have discussed new york times british hoarders stock up on supplies preparing for brexit, people are growing their own food, we have people in cornwall with kitchens stacked to the shelves. we have people in cornwall with kitchens stacked to the shelveslj am kitchens stacked to the shelves.” am smiling because i haven't seen any queues at cashpoints, people rushing round the supermarket. any queues at cashpoints, people rushing round the supermarketm any queues at cashpoints, people rushing round the supermarket. it is the minority. they get clicks on websites, that is why it is interesting but people are worried about it, even if it's a minority,

and there is a not a zero risk of a no deal. if there is a no deal, certainly with all the statistics to back it up, the supply chains will be affected, there may or may not be queues on both sides of the command, and some of the medicine, the food that we want might well be delayed and these people are preparing for that. we have some of the quotes in at the moment. with all the statistics to back it up, the supply chains will be affected, there may or may not be queues on both sides of the command, and some of the medicine, the food that we want might well be delayed and these people are preparing for that. we have some of the quotes in at the moment. paul saying "it is not going to happen. people's vote is going to save us all. johnny boy says prep is usually for acts of god. indeed. i had people tweeing me saying i am stockpiling passporters ferry tickets and whisky. another one it could make you a bit of a target. i can see the point. for? abuse i guess. hassle. idon't can see the point. for? abuse i guess. hassle. i don't know. paranoia. chicken soup! thank you very much chris. bye. hello there it has been a chilly

start to the day, we have had clear skies throughout the night and through this morning, and that is really because we have this big airia of high pressure which extends from the azores right across the uk, and with those clear skies it will bea and with those clear skies it will be a fine day for many. this week weather fronts, that is be a fine day for many. this week weatherfronts, that is producing more cloud, some cloud also for parts of the midlands, but that will break up to give sunny spells, a few patches of mist and fog but that will clear and really as you can see, it is a fine day with plenty of sunshine across the uk through this afternoon, maximum temperatures about 12 or 13 afternoon, maximum temperatures about 12 or13 in afternoon, maximum temperatures about 12 or 13 in northern areas, about 12 or 13 in northern areas, about 17 degrees further south and east. now tonight, with clear skies again for most of us, temperatures will drop away fairly quickly, and from is going to be a bit of a patchy frost in the central and

north east areas of the uk, you can see that by the light blue colours there, a bit more in the way of cloud and rain in scotland, temperatures there staying up about 10 celsius. through tonight, sorry through tomorrow, we will see that rain moving further east ward. it will break up as it does so, there will break up as it does so, there will be sunshine returning in scotla nd will be sunshine returning in scotland and northern ireland later in the day, for england and wales, again, anotherfine in the day, for england and wales, again, another fine and in the day, for england and wales, again, anotherfine and dry in the day, for england and wales, again, another fine and dry day expected with lots of sunshine, temperatures fairly similar to today, about 12 or 13 degrees in the north. 17 in the south—east. saturday, well it will be a foggy start to the day, for most parts of the uk, chilly once again as well. that fog though will tend to lift away and for england and wales, we are looking at a day again of sunny spells, more cloud though, further north and west across scotland, northern ireland, again patchy rain moving through here, but you can see it is confined to the far north—west, for most of us on saturday, a dry afternoon, and

temperatures 16 or 17 degree, again, because this area of high pressure is still keep things relatively settled as we go into sunday, this weather front affecting the far north and west of scotland, through parts of northern ireland, that will make its way further eastwards throughout sunday but again for most of us it is a dry day with sunny spells, temperatures again, it will be cold on sunday morning, as the temperatures getting up to 14—17 celsius, and the weather remains largely settled into next week as well. bye. hello, it's thursday, it's nine o'clock, i'm victoria derbyshire, welcome to the programme. our exclusive story today... facebook says it's truly sorry to a mum whose baby was stillborn and who continued to receive parent—related adverts, despite triggering the settings to hide them. anna england kerr wrote an open letter to the social—media giant, asking them to stop bombarding her. over the coming months, my feed was

still filled with hundreds of baby products. your ads were unintentionally taunting me with what i had lost. facebook have admitted there was a bug but say it's now been fixed. we'll talk to anna england kerr at 9.15. brextra time — britain could stay under eu rules for even longer after the latest crucial talks in brussels failed to make any progress. a further idea that has emerged, and it is an idea at this stage,