this is the business briefing. i'm sally bundock. italy faces a deadline to revise its budget. the european union threatens fines if it doesn't, but the italian government says it will not budge. and stocks slide. asian markets follow wall street lower as investors hang up on apple. let's show you how they trade now. you can see injapan that this is a recovery, believe it or not down over 3% up not that long ago. italy and the eu remain locked on collision course. today is the deadline for rome to resubmit its rule—busting budget to the european commission after its unprecedented rejection last month. but italy's populist government has said it won't be making any substantial changes.

at issue is the government's plan to raise spending by 2.7% compared to last year, as it fulfils election promises such as a minimum income for the unemployed and scrapping extensions to the retirement age. it plans to keep to a budget deficit of 2.4% of economic output — orgdp. but that's three times the target of the previous italian government. one eurozone official is reported to have described that as "complete insanity" given italy's national debt of $2.6 trillion. at 131.8% the size of italy's economy, it leaves greece as the only eu country with a higher debt burden. brussels will give its verdict on 21 november. the european commission could announce sanctions, including ultimately, a fine of up to 0.7% of gdp. filippo alloatti, senior credit analyst at hermes investment management joins me now. great to have you on the programme.

what will happen today? will they manage to come sort of deal? it sounds like we headed to a stalemate? it seems laughable that today we will come to some sort of compromise. it will probably drag on through a few more weeks or months. so november 21 when the eu commission will announce some sort of sanctions. at the very least for breaching european rules. but the fairly newly elected government is proposing to boost the italian economy, will that work?” proposing to boost the italian economy, will that work? i don't think it will work but the idea behind it is kind of correct in the sense that the problem is not because of the accumulated deficit,

barring two years there has been a good financial status that it is the lack of growth. one would suspect some supply—side reforms which there is very little of. also restarting investment. in regard to that there is very little on restarting investment in the budget. what is your outlook for the italian economy? you've explained the reasons why it the —— why you do not feel the government's plan will give the economy to boost it needs. what do you think might happen in the next few years for the italian economy, which is critical to the eurozone? it is very critical. one of the most positive things that could happen is some sort of compromise. and the european authorities agree that to roo launch gdp growth in italy —— agree that to

lollo will the gdp growth in italy, —— relaunch growth. there needs to be some type of supply—side reform. one of the big fundamental problems faced by italy and other economies such as spain is the issue of youth unemployment and those issues are not easily solved nor are they solved quickly. and you have a turnaround of government all the time and the political scene changing rapidly, those issues never really get dealt with properly, do they? now. the nature of the long—term, the use unemployment is probably a european tragedy. and that goes well beyond the single government. there must be better spending on communication in the

italy it is very low complexity oecd. but that needs more than a government mandate. thank you for coming in. we shall let you know what happens today and in the weeks ahead. it is quite important for italy. asian stocks have been sliding this morning after wall street slumped overnight. the falls in the us were driven by a selloff in apple after a profit warning from one of its major suppliers, which exacerbated concerns that demand for iphones is slowing down. while tech stocks were hit hard, other sectors are also this felt the pain. our new york business correspondent michelle fleury gave us the details. some of this was due to a sell—off in the oil. if you look at stocks like exxon mobile, they saw more than one percentage point drop. that its concerns about slowing growth. if you talk about goldman sachs, this stock for its worst loss in many months. this is to do with the

scandal concerns in malaysia with 1mdb and who knew what at the bank and how far rocket went. there are concerns about some of the investigations going on. and then you have apple. one of its suppliers came out and basically said that the manfred product was left than had been expected. that led to fears that perhaps demand for apple products was not as strong as people previously thought. if you want to try and draw all this together, the story is one of us growth. how strong is it against the backdrop of an ongoing traits but with china. there is also the strength of the us dollar, how much will that hurt american companies train to compete abroad? so that was michelle in new york for is explaining what is happening on wall street. let's go to our asia business hub now where sharanjit leyl has been keeping a keen eye on those asian markets. talking about some of the issues the night before we saw some serious

declines for some asian stocks. absolutely. the asian markets were following on from the us. the tokyo market dropped well over 3% earlier. it seems to have given back some of those losses now howeverjust like the us, those concerns over apple suppliers have hit asian mark suppliers have hit asian mark suppliers —— markets as well and there has been a big sell—off in tech companies, some diving well over 8%. taiwanese suppliers of the iphone a deep in the red. oil prices we re iphone a deep in the red. oil prices were mentioned earlier, they were the other reason for falls hitting energy and resource stocks in the region, particularly in australia. oil is still hovering near multi— month lows after declining for an 11th straight session. and that has made the losses in australia. in

asian stocks are giving back some of their earlier steeper losses. there are some hopes of reports that there may be a deescalation of the terror of war between the us and china. and this is after reports that the drop chinese trade negotiators are preparing to meet —— visit the us ahead of a meeting. we saw the south china morning post reporting that a delegation may visit washington in preparation for talks between donald trump and his chinese counterpart on the sideline of the summit in argentina. you spoke about the italian government facing a deadline this tuesday for submitting of revised budget to the eu which also lets —— adds to uncertainty in asia which is why we continue to see asian markets falling. a little bit of optimism around the us china trade war. you are well and truly up—to—date on financial markets now.

let's talk food now. start—up gourmet shawarma restaurant wild peeta launched by two brothers just as the financial crisis hit. around a decade later and a tv show under their belt, they've relaunched the business. so we are at wild peeta right now and this is a gourmet shawarma restau ra nt. we have been brewing this concept of a gourmet shawarma for seven years and we opened up wild peeta gourmet shawarma in 2009, write to win global recession hit. i think we made some good decisions but we also made some good decisions but we also made a lot of bad decisions. in 2012 when we shut down wild

peeta, it was the birth of our tv show. is just peeta, it was the birth of our tv show. isjust a couple ofjulian there. that was a journey of two yea rs, 2a there. that was a journey of two years, 2a episodes and we visited every continent dressed like this. that series ended up broadcasting to 15 million homes around the world through the internet and through cable tv. we reached out to investors and nobody wanted to investors and nobody wanted to invest in us. i think this is one of the biggest challenges, finding investment. that often is the biggest challenge. that often is the biggest challenge. that is it for business breathing. —— briefing. britain's first specialist wound research centre

for the treatment of injured military personnel, as well as civilians, opens today. the new centre at queen elizabeth hospital in birmingham is develoing new techniques to treat injuries such as burns, with the goal of achieving scar free healing within a generation. our defence correspondent jonathan beale reports. hundreds of british service personnel suffered life changing injuries while fighting in afghanistan and iraq. and many are still living with the visible scars from battle. josh lost both his legs and his right arm when he stepped on and his right arm when he stepped on a roadside bomb in 2010. here i have some scarring down the bottom. he still suffers from heavy scarring, susceptible to tearing. he now has hope that these wounds can be healed with the help of new pioneering techniques at queen elizabeth hospital in birmingham. the issue with the scarring is where it breaks down and the skin is notjoined

together, it is not used to bearing weights. anything that will help myself or other injured guys or anyone in society that has a lot of scarring, anything will help. at the scarring, anything will help. at the scar free foundation centre, four conflict wound research, they are already using laser technology to reduce the scarring on old wounds. they are also developing new treatment to deal with burns on the battlefield and elsewhere. patients and medical staff have taken their inspiration from the treatment of raf crews who suffered serious burns during the second world war. the goal now is to achieve scar free healing within a generation. we think it is doable. especially if you can treat the wound quickly and prevent scarring in the first place and, yes, it should be possible. the hope is that techniques developed it will not just a hope is that techniques developed it will notjust a wounded soldiers but also civilians who may have been the victim of a bomb or an acid attack. this is the briefing from bbc news.

the latest headlines: it still isn't known what caused the devastating wildfire in northern california, that's killed at least 52 people and destroyed an entire town. ahead of another crucial meeting of uk ministers, the prime minister says she's working round the clock to secure a brexit deal. and, stocks slide. asian markets follow wall street lower as investors hang up on apple. now it's time to look at the stories that are making the headlines in the media across the qorld.

—— world. we begin with the business insider and its headline reads: theresa may is rapidly pushing britain towards the brexit danger zone. from the business insider to the business standard. india's financial paper picks up on softbank‘s floatation bid, which could be one of the world's biggest listings. on to a story from the bbc now as we begin a major new project to tackle fake news. it covers the band who faked a fan base, but still failed. the irish times looks at michelle obama's memoir — released in the last few hours — unpicking whether she'll run for president and what she thinks about trump. and newspapers around the world remember marvel comics creator, stan lee. he's died at the age of 95. el pais in spain calls him spider—man's father. with me isjeremy—thomson cook, who's chief economist of the payments company, world first. is going to reveal his marvel euro

shortly, but first we are going to talk brexit. —— he is. shortly, but first we are going to talk brexit. -- he is. a hint about whom i have marvel superhero might be, and maybe pushed there as a result of brexit. we're getting close to the endgame according to theresa may but we only have four months until something needs to be done, something needs to be done by the end of the article 50 period on march 29 of next year, but u nfortu nately for march 29 of next year, but unfortunately for all the back and forth and resignations, brussels saying, sorry, westminster saying win 95% of the there. it was downing street saying that, it everyone else