this is business live from bbc news with maryam moshiri and sally bundock. going full force — president trump reinstates major economic sanctions against iran. we'll assess what this could mean for oil prices — and everyday iranians. live from london, that's our top story on monday the 5th of november. the us says its sanctions against iran are the toughest ever — covering banking, shipping and, of course, the country's oil industry. also in the programme... president xi pledges to cut chinese import tariffs — as it battles in a trade war with the us. the markets are looking pretty mixed in europe. and as the living wage rises here in the uk — we'll be looking at how to negotiate your next pay rise. the uk is commissioning a review into university

education to find out if it is value for money. today we want to know... what's your exerience, are you still burdened with your student debt? or is it a gateway to a good job? just use the hashtag bbcbizlive hello and welcome to business live. the us has just unleashed what it's calling the "toughest ever" sanctions against iran. it follows president trump's decision to withdraw from the iran nuclear deal. from today all sanctions removed under the deal will be reinstated — targetting shipping, banking and the country's all imprtant oil industry. iran is the third biggest producer in the opec club of oil exporting nations — accounting for more that 10 per cent of opec‘s total output. that works out as roughly 3.4 million barrels

of crude oil every day. but goldman sachs says it expects sanctions so to slash iran's exports to 1.2 million barrels per day by the end of the year. oil prices have gone up over the last year or so after several fluctuations a barrel of crude is worth about $15 more than it was a year ago. and less oilfrom iran could make prices go up still further. here is a man who is across oil prices. herman wang, senior oil writer at s&p global platts, is with me now. it is yourjob to watch every twist and turn, what effect do you think these sanctions will have? america wa nted these sanctions will have? america wanted to wield a big stick, because of the political realities of the

oil market they are having to wield maybe a switch instead, pressuring a lot of countries to reduce oil exports but they are giving aid waivers to eight countries to continue to import iranians oil. and they are going to give them time to do that but the devil will be in the detail, they haven't announced what countries, the terms, how long they will be allowed to import or come quantities, they say these countries will eventually have to bring them down to zero as much as possible, we expect those details later today on the countries, the markets and the impact, how much oil will come from the market. if it is worst-case scenario, let's say the us is successful, what impact will that have the global oil markets? you have the global oil markets? you have the global oil markets? you have the goldman sachs forecast, are own analytics says $1.1 million —— dollar barrels a day. that's a cut

of the million and a half barrels a day from the peak, that's... of the million and a half barrels a day from the peak, that's. .. will other methods fill the void?‘ day from the peak, that's. .. will other methods fill the void? a lot of countries have increased production, at the behest of the us today to try the anticipated void of the anticipated oil sanctions, saudi arabia producing a record high, russia also announcing its at a record high, the us at around 11 point for as well. all this increase production is coming on the market at the time when the us says it might give waivers, it's an interesting thing, a lot of anticipation baby about a month ago that prices could go up to $100 a barrel, a lot of missing barrels from the market because of the iran sanctions. now you've got these waivers, but could be more oil on the market than anticipated. for iran itself it's ready in a difficult spot on when comes to things like idle investment that is neededin things like idle investment that is needed in the oil sector, that's even less likely. these sanctions make it tough, we've already seen

the french oil major total withdrawal from a gas project in iran, they say they cannot risk running foul of us sanctions, iran has a lot of investment that it needs to attract, a lot of its oil fields and facilities are ageing, these sanctions make it tough for them to maintain the level of production. herman, thank you, we will keep you across the impact all of this has on iran as the days and weeks progress. thank you. let's ta ke weeks progress. thank you. let's take a look at some of the other stories making the news. profits at softbank have surged more than five—fold in its second quarter results. the japanese giant said it's largely off the back of returns from its $100 billion vision fund. the fund has invested in companies like uber and real estate firm wework. italy's budget will be the focus of a meeting of eurozone finance ministers in brussels later on monday. the eu says the italian government's spending plans are unaffordable — and is demanding a new budget be submitted by november 13th. but so far, rome is

refusing to comply. uber has launched a membership scheme called ride pass, for passengers in five us cities. the deal allows passengers to avoid price surging, when costs rise at rush hour and other in—demand times. the fixed—fare plan is being trialled in major us markets for the company including los angeles and orlando. china's president xijinping has used a speech to criticise what he described at trade practices of "the law of the jungle". speaking in shanghai, he vowed to further cut import tariffs and open up the chinese economy. we can go live to singapore... translation: china will unswervingly pursue the win—win strategy of opening up implement policies

of high standard liberalisation and facilitation of trade and investment. that gives you a snapshot of that event. christine hah is in singapore. he once the global audience to hear his message, especially in light of the trade war. this was all about correcting the perception of china as the world's factory, then selling and not ironing, they are telling the world they can be a big fire at two accordingly like you said, the president's speech promising to boost imports and cutouts with customs clearances, reduce bureaucracy costs, he repeated what has become china's clarion call for a commitment to multilateralfree trade in opposition to what the us has been saying. calling for

economic globalisation, inclusive growth, we've been hearing a lot about this but much of this misses the point of what is driving the trade war, businesses, us and european businesses said they want china to commit to concrete time and ta bles china to commit to concrete time and tables per opening up sectors that are difficult for foreign players, telecoms, energy services, addressing intellectual property theft and practices and all of this was not mentioned in the speech. christine, thank you so much. let's look at what the markets had been doing, asian markets not looking so good, has to be said trading is pretty thin ahead of the us mid—term elections. also we have renewed worries that a resolution for the trade war between china and the us may not be as quick as people had hoped. the markets in asia suffering asa hoped. the markets in asia suffering as a consequence. a quick look at european stocks. they opened a little while ago, looking mixed, mostly hovering around the opening mark. and samira hussain has

the details of what's ahead on wall street today. and monday marriot international will report earnings, recently edinburgh spina will report earnings, recently edinburgh spin a more robust demand and global travel sobers optimist the —— bus optimism the company will report a profit but there are worries about a slowdown in the hotel industry because of concerns over international trade disputes. also reporting earnings is former signal company mylan, the low price of generic drugs will likely hurt the company but investors will look to hear updates on shortages of the epi— pen, the emergency injections, something that has gotten a lot of attention lately. samir hussein in new york, thank you. joining us is randeep somel, the director of global equities at the fund manager m&g. what are you watching this week, concerns mainly about the midterms.

there is naturally concerned about the presidency, even though donald trump is not on any ballot. we have seen the dollar strong, equity markets strong so i think they need to getan markets strong so i think they need to get an understanding of what the democrats will want from this process as it is likely they will pick up the house tomorrow. what other aspects at market traders and investors looking at this week in particular the trade war between china and the us is very much in focus? yes. coming back to the election, don't expect a democratic ta keover of election, don't expect a democratic takeover of the house to mean any change when it comes to trade wars 01’ change when it comes to trade wars or tariffs. the democrats are trade protectionist people, more so than the house republicans, i wouldn't expect that to change. looking at this, thinking that from a wider perspective, china needs the us more than the us needs china so i think as we come towards the next g20,

chinese president will look about how he can change policy in china to try and kicked the effect of the trade wars to dissipate. all right, we will leave it there, you are back later. some interesting stories to discuss including the value of further education, get in touch with your thoughts. still to come as the living wage rises we should look at how you should negotiate next pay rise. i will be listening to that! you're with business live from bbc news. if you work for an employer who signed up for the real living wage in the uk, you could be set for a pay rise this week. the minimum hourly rate will rise to £9 across the uk and to £10.55 in london. lola mcevoy from the living wage foundation is joining us. first of all, explain to me, not all companies abide by the living wage,

what percentage have you got on board? that's right, i rate is voluntarily paid by a700 uk businesses, they stepped up to go further than the government minimum because the real living wage is based on the cost of living. it has nothing to do with the government minimum despite the government minimum despite the government minimum being called the national living wage, it was renamed a couple of years ago because of the success of years ago because of the success of ourcampaign, it of years ago because of the success of our campaign, it isn't a living wage, it doesn't have anything to do with living costs, iris is based on living costs, you have the real living costs, you have the real living wage of £9 an hour today, in london, £10 35 p. great for those who are the beneficiaries but that's still a small number of those in the workforce. what will it take for more businesses to sign up? the campaign has been going since 2001 and has had huge excess with big businesses like ikea, lush cosmetic —— lush cosmetics and four premier

league football clubs signing up, there are still millions of people paid there are still millions of people pa id less there are still millions of people paid less than the living wage, that skaters, cleaners, carers, businesses don't know the extent of low pay in their businesses. bobby said to is get in touch, will help you go through the contracts and find out you actually paying your stabbing of tillous—borde or are they working a full day and week for youth and using every bank on the way home? today what we want to see a more businesses stepping up, we have for premier league clubs everton, liverpool, west ham and chelsea signed up to take the living wage but we want the other one to sign up andjoin wage but we want the other one to sign up and join us as well. lola, thank you. more on that story, jaguar land rover shutting its solihull plant for a fortnight, and workers on a three—day week, some experts saying this will eventually lead to further job cuts atjaguar land rover.

this will eventually lead to further job cuts at jaguar land rover. you can read more of that on the website, plus other stories including more detail on the story about softbank that we mentioned earlier. your‘re watching business live — our top story — the us has just unleashed what it's calling the "toughest ever" sanctions against iran. it follows president trump's decision to withdraw from the iran nuclear deal. from today all sanctions removed under the deal will be reinstated — targetting shipping, banking — and the country's all imprtant oil industry. now let's get the inside track on negotiation now, and if you've ever struggled to get a pay rise, our guest might be able to help... according to a survey by hiring firm glassdoor, a full two—thirds of women in the us accept an initial salary offer without negotiation, compared to just half of all men. and when workers do ask for wage rises, a study from a group of universities in the us and uk found men are 25% more likely to receive them than women and according to that same study,

overall only 16% of females were successful when they asked for a raise. our guest today is the head of an initiative to try and get women negotiating more, and better. with us now is natalie reynolds, a visiting professor at cass business school and author of we have a deal. so how do you do it? it's about recognising negotiation isn't as complicated as we like to think. there are simple steps you can take to get a better outcome, we need to demystify the process. go ahead, we are all ears? i advocate a five step approach, deals method, discover, established, ask, lead and seal and that can apply to any negotiation, we've seen it used in diplomacy and political discussions, also in personal negotiations like for salary. the parts of what we need to

focus on, discover and established, do your research, don't win it, know your worth and then be prepared to ask for it as well. you talked about globally, not just ask for it as well. you talked about globally, notjust personally and globally, notjust personally and globally right now there's never been a more important time for deal—making and deal—makers. what do you think about what's going on with brexit negotiations, trade, how difficult is it at, how well are we doing? i think one of my biggest concerns is how negotiation is currently being portrayed around the world, we see it in brexit, trade deals, intron‘s america. and people think of what makes a good negotiator we think of the people who can bind their fist on the table the hardest, those who shout the loudest, who can be the most aggressive. and unfortunately this is reverberating outwards in terms of how business is done generally, how we interacted with each other and it puts people off negotiating. it's quite interesting, we are in a

political environment in many countries they are having to work with one another cos no one is getting an outright majority, more coalition governments around the world now than we have for some time. who stands out on the global stage is a good negotiator? this is a challenging question because i struggle to think of someone as a stand—up negotiator. link about who we see in the news, it's a very aggressive stereotype that we see in terms of the those years. i can think of people like angela merkel, barack obama think of people like angela merkel, ba rack obama who think of people like angela merkel, barack obama who over the years, had been able to use relationships and personality and charisma, trying to get what they need. i always say, you will get a deal by being a bully and being aggressive potentially but it's never going to be as good deed if you take the steps to understand your counterpart and help them win too. one thing i read that you say the best deal is when both sides feel they have one. yes. how do you achieve that? it's about understanding each other and i think

the problem is we come to the negotiating table only seemed that the world through our own eyes, thinking about who we are answerable to but we need to understand who is this other person, what do they want and why did they wanted? if you can help them feel like they have one day at proving to be far more likely to help you win. we have spoken about women quite a lot, how they negotiate pay deals, what other main differences between the way women negotiate and men, in all aspects?” think i'd start by saying clearly men are not better than men and women are not better than men but we are perceived differently when we negotiate and we do at times negotiate and we do at times negotiate differently. i know we've talked about a social patterns and the that's applied to women, but that means is when women ask for something at the negotiation table we are often viewed far more negatively than when a man asks. and because of the social penalty and an awareness by women that we are viewed more negatively it tends to do take what we go on to ask for. we

ask for less because they fear of being seen as too greedy. and that then has a knock—on effect in terms of what we end up with. so there are differences but i wouldn't say women are more collaborative, men are more competitive, it's not that straightforward. i think the biggest issueis straightforward. i think the biggest issue is how we are perceived to be doing because that then impacts were bigger want to do. do you think some sectors, industries are inhibited by the lack of gender mix, one of the things that many people said in a financial crisis of 2008, because it's a male dominated environment, taking a lot of risk, high—risk, we got to work we work, i know that's a simplistic view. but it's a very important one, ie talk a lot about the importance of diversity, not just in business but specifically in negotiation and any kind of decision—making process. of course we could talk about making sure its men and women involved in the process but i actively believe its diversity in all its forms that picks for successful business and

successful negotiations. if you don't have differences of opinion and prospective, you can never be creative, you can never see alternative routes to getting a solution. if we all think the same we are all going to end up in the same place. natalie, fascinating, thank you first during your skills, iam sure thank you first during your skills, i am sure many viewers will take notes, i would i am sure many viewers will take notes, iwould imagine. natalie, thank you. the us midterm elections are just one day away. so what are investors expecting this time? samira hussain has the scoop from new york. we've seen technology supper, some industry supper, dust that gives you an opportunity am about will be the question. sometimes it takes a little longer for the market to snap back, i don't think the midterms have anything to do. depending on who you ask people on wall street are either really nervous or not worried at all about the upcoming mid—term elections. what traders can agree on though is that that the exception of a few rough patches us

markets have been on the rise since the tramp election. when the markets we re the tramp election. when the markets were hard, the president talked about it a lot and was even taking credit for it. the stock market is hitting and all time high record. we have an all—time record. the market is up almost 300 points today. —— trump. if we go back to the day after mr trump. if we go back to the day afteertrump was trump. if we go back to the day after mr trump was elected being on the floor of the new york stock exchange was a little like being in the freeway in the middle of rush hour. pardon me. investors got it wrong. so did many pollsters. what can we expect from these elections? election night has a variety of possibilities and you are supposed to expect volatility. if investors have learned anything in 2016 it's about absolutely anything can happen. the most likely outcome is democrats win the house and republicans keep the senate but what the polls are telling you is that there is probably a 60% is a chance

that will happen, it tells you there's almost a ao% chance something totally different will happen. all the uncertainty makes it ha rd happen. all the uncertainty makes it hard for president trump to claim soaring markets on the campaign trail and depending on what happens on election day he may not even have markets to point to. we are working that young lady hired, a special grammarof the us that young lady hired, a special grammar of the us mid—term elections here and the bbc. our guest is back, thank you. talking about student debt, the government commissioning a review of post—18 education they collared, further education. stu d e nts collared, further education. students paying for some years now for their education in this country. imean, we for their education in this country. i mean, we need to look back and think, when you are a student you need to have an idea of what degree you want to do and what degree will get you a good job, what the marketplace needs, there is an onus

on employers, go into schools, try and impression these people in a degrees they want to do, what workforce you are looking for and how they will be equipped. that means degrees are no longer expanding your mind and the subject you love, its like a commodity, you are working something that you can sell on later to an employer. when you are paying this amount you need to have an idea and an understanding your going to be able to pay the debt back and getting employment is the way to do that. we've asked viewers for their experience and university degrees and we had a lot of responses. thomas from delhi, a university degree is an important get a job at remuneration offered to fresh graduates is to look per to the high fees students pay to get the high fees students pay to get the degree. many of you agree, selina saint university did not help me in my career at all, it taught me real life, social skills, i don't believe i would have had those

otherwise. have a look at computer programming degrees and see what they pay, i can assure you people will not complain, the government is trying to structure education for thejobs trying to structure education for the jobs people require trying to structure education for thejobs people require going forward , thejobs people require going forward, the international baccalaureate that was introduced, science technology engineering and maths focused, trying to cut the workforce going forward, but the demands of what employers need. tell us demands of what employers need. tell us about this story, in the business press, china's new social credit system coming into effect in 2020, trying to manage people's behaviour. yes. china is a 1—party command and control economy, they've always tried to control the population in terms of what they do and how they wa nt to terms of what they do and how they want to guide them. i think is the world moves now into a digital sphere this is another way for them to do that, controlling your credit, controlling what video games you pay, pitting penalties in place to ensure that the population is behaving the way the government thinks is right for the country. it's kind of like an experienced

credit search that we have in the uk and ina credit search that we have in the uk and in a completely credit way, it's big brother all over. it is, eve ryo ne big brother all over. it is, everyone starts off with 1000 score and you can only be penalised, trying to maintain a level of behaviour that they think is right that the economy and best joiner.m is like being a mother, sally, it's like what you do with your kids. i must admit, that is what i am doing, they get a travel ban if they misbehave and they are not allowed out at night. thank you. that's it from business live today. there will be more business news throughout the day on the bbc live web page and on world business report. so many tweets about university degrees, keep them coming, we love reading them. harry says i am 68 thousand in debt but i hoping the idea of university is worth it. goodbye. we'll see you again tomorrow. hello, good morning, quite a mild

week ahead, temperatures not really getting into the frost category. quite windy at times, some rain in the forecast, particularly across western parts of the uk. this is the satellite imagery through this morning, lots of cloud, some breaks towards eastern parts through this morning, that's for you have the best of the bright and sunny weather through this morning, eastern and central parts. sunshine grocers extending into northern england, wales and the south—west, quite wet at times across northern ireland, north and west of scotland. with a southerly wind feeding in mild conditions, temperatures no higher than 11—17d, quite mild for the time of year. if you are heading out this evening, rain in the far west, for the major towns and cities it should

be dry, temperatures between 10—13d, pretty mild. overnight we continue with rain across the west of northern ireland, north and west of scotland, some jammers cropping northern ireland, north and west of scotland, somejammers cropping up across the pennines and the southern scotland, otherwise try it with clear spells. a very mild night to come, temperatures no lower than 8-11d. come, temperatures no lower than 8—11d. through tuesday continuing with rain across the west, intensifying in northern ireland, some rain spreading into the west of wales, cornwall, west of scotland. elsewhere, try, some sunny spells, pretty warm for a time of year, temperatures reaching 15—17d. on wednesday, the weather fronts temperatures reaching 15—17d. on wednesday, the weatherfronts in temperatures reaching 15—17d. on wednesday, the weather fronts in the west are giving this unsettled weather in western parts, gradually working their way a little further eastwards, on wednesday, more of us perhaps seeing some outbreaks of rain, quite patchy across eastern areas, some lengthy dry spells but a

wet day central and eastern areas. still some rain for northern ireland and scotland. again, fairly mild, temperatures lower than today and tomorrow still on wednesday to about 13-1ad. tomorrow still on wednesday to about 13—1ad. for the rest of the week, we continue with milder conditions, with a bit of a breeze from the south. but again, staying fairly u nsettled, south. but again, staying fairly unsettled, some rain in the forecast but most of it i think will be towards the west. that's it from me. goodbye. you're watching bbc news at nine — the headlines this morning... after the stabbing of four people in the capital this weekend, london's mayor warns it could take a decade to tackle knife crime. to really make significant progress can take up to ten years, a generation. children in primary school — in primary school — are thinking not only is it ok to carry a knife, but it gives them a sense of belonging joining a criminal gang. the united states imposes

its "toughest ever" sanctions against iran — they will hit oil exports, shipping and banks. a pay rise for some 180,000 workers: companies signed up to the real living wage agree to pay staff £9 an hour from today. the eu says it's 50—50 that a deal on the irish border will be struck — as brexit negotiations enter the final phase.