this is business live from bbc news with maryam moshiri and samantha simmonds. the brexit withdrawal deal is approved by the european union. why has the pound barely budged on the news? live from london, that's our top story on monday 26th november. prime minister theresa may now has an uphill battle to persuade british politicians to back the deal. she'll warn mps today that rejecting it would lead to yet more uncertainty. also in the programme... it's cyber monday — one of the biggest online shopping days of the year. why could it prove the biggest gift to cyber criminals? the european markets are open in positive territory. and in tune with millennials. we'll get the inside track on shoobs — the uk ticketing platform for urban events — which hasjust launched in the us. today we want to know,

as an independent rail complaints service is launched in the uk, we want to know whether you're unhappy with how trains run where you are in the world. will this improve services? let us know. just use the hashtag bbcbizlive. hello and welcome to business live. it will prove a very busy week. we start in europe, where eu leaders have given their formal backing to theresa may's brexit deal, calling it "the best deal possible." but they were also clear there's no alternative plan, other than a no deal exit, should the uk parliament reject the withdrawal deal next month. so, what might a future trading relationship between the two sides look like? the eu is currently the uk's largest trading partner. in 2017, uk exports to the eu were worth over $350 billion — that's 44% of the total. the brexit deal envisages a trading

relationship that is as "close as possible" on goods. to avoid a hard border on the island of ireland, under the deal, the uk will remain in a customs union after a 21—month transition period if a wider trade deal isn't agreed in time. britain hopes to negotiate trade deals around the world. but the concept of a "single customs territory", which forms the basis of the irish backstop, could restrict britain's ability to sign comprehensive trade deals with other countries outside the bloc. the uk's financial services industry has expressed concern over the lack of detail about access to the eu's financial markets after brexit. the question on whether the eu's existing access to uk waters will continue has also been deferred until 2020. france is one european country keen to protect its fishermen by maintaining the current arrangement.

maria demertzis is deputy director at the economics think—tank, bruegel, in brussels. maria, welcome to you. thank you for being with us. the withdrawal agreement is done but we are none the wiser about how trade will work between the eu and the uk, are we? no, we are not. we do know there is a lot of goodwill shown in the political declaration that has been published by the european commission in which both parties agree we need to get this right. but we need time. trade deals have not been done in 21 months, they need to to five years before they can take a final shape. we have a lot of work ahead of us but it is goodwill to have a good trade deal between the two. there is goodwill at the moment but who knows

where that will lend up after we get down to the nitty—gritty? lots of europeans are working in the uk and lots of british people are working in europe. what will happen with their arrangements? there were three things in this agreement that had to be settled, the backstop islanders very important and then it was the divorce, the divorce bill between the eu and the uk, how will we deal with that? then it was about the citizens. that was one of the first things that were tackled. there will be reciprocity, whatever happens to uk citizens of the will hold for eu citizens of the uk. there is hope to maintain status quo for the people who are currently on either side of the channel to maintain their rights. that is only in the short—term, just be withdrawl agreement. we do not know what will happen the long term. you think it will continue because both sides

need to maintain the status quo. citizens' rights, everyone agrees that should not change, the way that uk citizens come to the youth. it is about rights of people to live in different countries in the eu. it is difficult over something like this to be drawn back. what is your view on the suggestion today, a report by the national institute of social and economic research finding that the uk will be £100 billion better off after brexit. this report was commissioned by the people's vote who do want another referendum. what is sure independent analysis? prior to the referendum there have been a number of studies tried to estimate at the time what the cost of brexit would be. the current number is on the high side if you compare it to the high side if you compare it to the numbers that were reported back then. however we do have more information now, we seen a lot of the details and the sectors it would

affect. i am not surprise the number is as high. the right comparison to make in order to have a view whether this is a big number or a small number is what the cost would be if the uk was to have no deal. if we we re the uk was to have no deal. if we were to have a hard brexit, what would be the economic cost of such a thing happening to the uk? that number would be catastrophic. this number would be catastrophic. this numberagain is on number would be catastrophic. this number again is on the high side but i think to the extent i can judge number again is on the high side but i think to the extent i canjudge is it is not a unique study that has been reported before and i'm sure it has an element of truth. thank you for the analysis this morning. let's take a look at some of the other stories making the news. cash—strapped venezuela has struck a $1.2 billion deal to prevent its major crude refining business from falling into the hands of creditors. the agreement suspends a court—ordered auction of citgo petroleum as a way to compensate for a debt owed to the canadian miner crystallex. citgo is a us—based subsidiary of the venezuelan state—owned oil company. a cache of facebook documents has

been seized by members of the british parliament, investigating the cambridge analytica data scandal. rarely used parliamentary powers were used to demand that the boss of a us software firm hand over the details. the observer newspaper, which first reported the story, said the documents included data about facebook‘s privacy controls. a court in milan is considering charges of corruption against eni and shell in a controversial oil deal that led to nigeria losing an estimated $6 billion. the campaign group global witness has calculated the 0pl 2115 deal in 2011 deprived nigeria of double its annual education and healthca re budget. eni and shell are accused of paying money to nigeria, knowing that it would be used for bribes. the energy companies deny any wrongdoing. the renault—nissan—mitsubishi alliance continues to grapple with the arrest of automobile mogul carlos ghosn. the board of mitsubishi motors

will meet on monday to oust ghosn as chairman. he continues to deny the allegations against him. sharanjit leyl is in singapore. bring us up to date. that is right. everything you said in fact the board was scheduled to start meeting about an hour ago and expectations are that just like the about an hour ago and expectations are thatjust like the alliance partner nissan motor, they will look to re m ove partner nissan motor, they will look to remove carlos ghosn from his role as after his arrest or alleged financial misconduct. he continues to deny those charges. a removal of ghosn will cnn and to his chairmanship of japanese auto—makers. —— will see an end. the japanese auto—maker was rescued from

ba n kru ptcy japanese auto—maker was rescued from bankruptcy and the alliance included mitsubishi with controlled costs. there is a query of the future of that partnership between the three. they are bound together by cross shareholdings that could potentially be complicated to pick. thank you very much indeed. let's stay in asia. trading cautious in the midst of a busy weekend for retailers. oil price has recovered a bit of value after the big sell off on friday. a meeting between president trump and president xijinping later this week in buenes aires has renewed hopes of some sort of resolution to the trade war beween china and the us. european stocks have risen following in the footsteps of asian shares and us equity futures after a brexit deal approved by eu leaders. and michelle fleury has the details of what's ahead on wall street today. attention shoppers, mail ready be

sick and tired of all lovers of great deals but today is cyber monday, promoted by online retailers of the day for exceptional bargains. how did it get started? back in 2005, the national retail federation in the us noticed a spike in online spending on the monday after the american thanksgiving holiday. they put it down to people making purchases on office computers where the internet connection was faster. so they coined the term monday to describe the trends and an annual shopping event was born. while it is known in the us has the biggest online shopping day of the year, it is not the biggest in the world. that honour goes to single stay in china. it is a quiet day for company earnings on the economic ‘s front look out for the latest regional manufacturing report. let's just bring you some breaking

news coming in from italy. we understand the italian government has had a bit of a climb—down. it has had a bit of a climb—down. it has had a bit of a climb—down. it has had issues over its budget and the eu threatening to impose sanctions on it because they were not willing to budge on their debt and how much they were borrowing. now they have said they are open to a deficit cut. that is all the details we have had at the moment. joining us is sophie kilvert, senior investment manager at seven investment management. we have just had this news in that it has been an ongoing issue for months. they did not look as if the italians would budge but with eu threatening sanctions it looks like there may be a shift. it looks like there may be a shift. it looks like there have been some concessions from the italian side. it did not look like they would be many from the european side. the italy budget was big on spending and they wanted to introduce a citizens income. the eu was not happy with that a

particular with the amount of debt that italy has. to keep the european project going there had to be a climb—down and the only one with italy. european investors will be heaving a sigh of relief, mainly because italy was, for many, a bigger worry than the brexit negotiations. we had seen a italian bonds deals. the rate the italian government can borrow out was gradually rising and getting more and more expensive and we should see and more expensive and we should see a climb—down as well. and more expensive and we should see a climb-down as well. let's talk about sterling. most analysts did expect the shift once the deal was ratified by the eu. it has not really shifted. is that because they're probably will not be much movement now until the fact it has not moved shows there is a long way to go. it isjust an agreement at the moment and there is a long way to go for it. i suspect a lot of the

agreement over the weekend was priced into the sterling market. we we re priced into the sterling market. we were hoping it would be agreed. their real risk would be if we do go into a no deal scenario again and it is not agreed by parliament or something else comes to hit it again, ithink something else comes to hit it again, i think that is the real risk. we will see. thank you very much. we will see you a bit more to go through some of the business stories in the paper. thank you. still to come... what do you do with your disposable income? well, millennials are increasingly opting to spend it on experiences rather than material things and favouring urban music rather than rock and pop. joining us will be the founder of shoobs — a ticketing platform catering to that growing market. you're with business live from bbc news. prime minister theresa may has secured the support of the other 27 eu leaders for her brexit deal, but she will now face the task to persuade the uk parliament to back it.

mrs may faces an uphill struggle after the opposition and some what does business make of the agreement? victoria fritzjoins us from a webbing factory in loughborough. hello. i am at a factory outside loughborough in a little village. they have been manufacturing all sorts of things from webbing to knicker elastic, all the ways here since 1970. george wright, it is the sixth generation of this business. what to make with the deal that theresa may has come back with and she has two cell to politicians? we must have full confidence in the business community which will allow plans to really continue and to enable a good success to be made from the legend opportunities coming from the legend opportunities coming from brexit. there is no guarantee you'll get voted through by

parliament. absolutely. crashing out will be terrible. it is very important we get a decent deal. will be terrible. it is very important we get a decent dealm you had theresa may in factory here today, what would you tell her?|j would today, what would you tell her?” would tell her we have 60 people and we are operating within global supply chains. it is critical for british manufacturing and the position in the global economy that we have a good deal. we will leave it there. it talking to some of the shop floor workers, they have quite a different view. they are awed of brexit, they are bobs. they want to get on a move on. —— board. that is the sentiment that theresa may is backing on and hoping on, that politicians will agree with our and back her plan. thank you. if you are not a board of

brexit there is plenty on our page including keir starmer talking to the bbc about what he believes will happen if the brexit vote failed in parliament and also there is plenty more on the price of oil which is actually recovering, up 1.5% now. friday was dubbed by some investors as black friday with a bad day for oil but plenty on the website. you're watching business live. our top story... the pound has barely budged, despite the european union approving the brexit withdrawal deal. british prime minister theresa may now has an uphill battle to persuade british politicians to back the plan. now let's get the inside track on what millennials like to do with their money. that is not us! not by a long way! well, it seems a whopping 78% would prefer to splash out on an experience rather

than material things. that's according to a survey by eventbrite and harris. 72% said they would like to increase their spending on experiences — a trend which is fuelling growth in the experience economy. the value of the global concert ticket market is predicted to increase by almost 7% annually in the next five years. millennials are favour urban music genres over rock and pop more than any previous generation. last year, r&b/hip—hop music was the year's biggest genre, accounting for almost a quarter of all music consumed in the us. with us is louise broni—mensah, founder of shoobs — a ticketing platform for urban events. explain to us how you came up with this idea and how it is different from other ticketing companies. the

idea came from two distinct problems i had personal experience of. firstly, to actually discover urban events like hip—hop parties was a lwa ys events like hip—hop parties was always a struggle. i would have to go to endless searching on google or a stackable promotional flyers or i could call one of my friends i was lucky and they might know what was happening. buying tickets for the events was cumbersome. i would have to trek across london to get physical tickets in person. ijust thought there must be a better way, it seemed so archaic and old school. why cannot buy tickets to hip—hop parties in the same way i do for concerts? so what exactly is shoobs and what does it mean? it is a slang term for a house party. you can say to your friends, tonight i'm term for a house party. you can say to yourfriends, tonight i'm going to yourfriends, tonight i'm going toa to yourfriends, tonight i'm going to a shoobs! i have no idea! are we

invited? absolutely! but your story is amazing because you have had funding from places where it is very difficult to get funding right now. tell me about what your experience has been in getting funding for this start—up? has been in getting funding for this start-up? fundraising initially was a challenge. around 2% of venture capitalfunding a challenge. around 2% of venture capital funding goes to women and less that 1% goes to people of colour. 0bviously less that 1% goes to people of colour. obviously the odds were stacked against me at the beginning but thankfully we were able to defy those odds and later we received funding from places including an accelerator programme in silicon valley and most recently from morgan sta nley valley and most recently from morgan stanley investment bank which enables us to accelerate our growth to global cities. and you don'tjust sell tickets, you help people demote the events so how do you make money?

that's right. there are a number of ticketing sites so to stand out, we recognise we had to be more of a promotional powerhouse to help the event organisers promote their events to the right event goers so we make money firstly by charging a commission on top of face value of the tickets and also advertising services to help the promoters further promote their events. what is it like trying to run a business like this as a young woman of colour? there were definitely some challenges will stop i black woman to receive funding from that investor. i appreciate i am breaking glass ceilings in what i'm doing but i am fiercely ambitious andi doing but i am fiercely ambitious and i have never allowed the fact that i don't necessarily fit the ideal model for a tech founder to stop me. and neither should anybody else. you are moving to the us, there must be a massive market.

absolutely. urban music is the numberform absolutely. urban music is the number form of music across the globe and doing well in the uk with artists like stormzy who is headlining glastonbury and in the us it is the main genre. we are about to launch in the us, we have launched in new york and we will be launching in further cities. why do you think it is so popular with the younger generation and it has overta ken younger generation and it has overtaken things like rock and pop music? it has been happening in the last few years but i would think the latter pa rt last few years but i would think the latter part of the 90s hip—hop was becoming the preferred genre will stop and in places like the uk, we have uk garage, grime music doing well. it is basically in the last year or so that urban music accounts for about a quarter of all music consumption and the culture for today's musical generation. not for old people like us! it was being driven by millennial is but i am sure, after this i will take you to a hip—hop party!

sure, after this i will take you to a hip-hop party! we would love to go toa a hip-hop party! we would love to go to a hip—hop party... i thought we we re to a hip—hop party... i thought we were going for brunch! would we stand out like sore thumbs? absolutely not! it has become the culture and music. we have to make sure we can dress appropriately! great to have you with us, thank you so much. we will be there. in a moment we'll take a look through the business pages but first here's what french president emmanuel macron said when asked if he was willing to compromise on this point — to help theresa may win the support of parliament on the brexit withdrawal deal. he was talking about the issue of fishing. i don't want to interfere in the decision and the vote of the parliament but let me just remind you that you have a withdrawal agreement, plus a declaration of intention for the future relation. it's not france. the 27 countries do back the position on fisheries ijust mentioned. and you just have to take it as we discussed and as we agreed, and an holistic approach,

withdrawal agreement and future relations and our position on the future relations, the 27 is very clear. we asked you earlier to talk to us about trains and rail because in the uk, a new independent ombudsman has been an ounce, somewhere you can go to complain about your rail experience —— mega has been announced. sophie kilvert from seven investment managementjoins us again to discuss. this is on our website. we had a huge number of tweets about it but talk me through what you think about the fact that there has not been an independent rail ombudsman until now. i am amazed there has not been to be honest. i think everyone assumed i would have been. you can have a cough while we read things out! we all have a rail store way —— mega story

—— makea —— make a story. one says of the train services i have used around europe, the uk's are by far the worst value for money, and co mforta ble worst value for money, and comfortable trains at first—class prices and were not even talking about cancellations. this one says, trains are important but a proper ombudsman should be appointed to guarantee... this one says, the train services are shocking, there isa train services are shocking, there is a lack of carriages, trains, and reliability. just this morning two peak—time trains into leeds were cancelled. joe says, the trains in scotla nd cancelled. joe says, the trains in scotland are clean and scotland and on time! elizabeth says it is just another device to shut people up and make you think they are doing something just to give people the service they paid for and to get on with it. sophie is back with us now, are you 0k? with it. sophie is back with us now, are you ok? i'm fine! do you think it will make a difference, there is no point in having an ombudsman without teeth. that's right, they have to be able to do something but

where do complaints go at the moment if you have a complaint about a rail company, just with the company. at least there is the option to take it further but actually if it makes any difference, people will always have something to complain about. and a piece in the guardian, elon musk saying he is thinking of moving to mars for good despite the threat of death! he is an incredible futurist and is making the future happen so maybe not so ridiculous and he is talking about six years' time! we saw there is the vehicle landing on mars today. it is that growing exploration and space travel and he is an amazing person, albeit after a difficult year. we are glad your throat is better! thank you very much. thank you forjoining us. plenty more to come on bbc news throughout the day, goodbye for now. good morning. 0ver

good morning. over the last week or so we have had an easterly or south—easterly wind and that has put in some chilly conditions over the uk. we still have that blue across us uk. we still have that blue across us at the moment but gradually we switch to a south—westerly wind and you can see the oranges moving in across the uk. it will turn milder through the middle of this week but that will have other consequences. potentially quite disruptive winds with some gales in northern and western areas and with that of some heavy rain moving in. today, it'll start off rather chilly, some showers in eastern england, eastern scotland. the further west you are, some sunshine through the course of today, mostly dry with a maximum temperature up to about 9 degrees. this evening and tonight, we continue with the odd shower in eastern areas but there will be some patchy mist and fog developing in

the midlands, central and southern england in particular. elsewhere, a few breaks developing and it could turn quite chilly, perhaps frosty in some locations. later on we can see the rain moving in to the far west of cornwall. it is this area moving m, of cornwall. it is this area moving in, on tuesday, it will bring the wind from the south—west. gradually things are turning less cold. the rain not quite reaching eastern areas until later on so some brighter skies here but a short speu brighter skies here but a short spell of heavy rain in western areas, perhaps even some snow in the high ground of north wales. temperatures between eight and 12 degrees in the south—west. that system will move through on tuesday night and then we have this big area of low pressure which will moving. you can see the isobars close together so it will be quite windy with some gales on wednesday, especially around the irish sea

coasts and towards the north—west. heavy rain moving north and westward through the day. some breaks in the cloud here or there in the afternoon but these are an indication of the winds, quite widely it will be windy for all of us but because it is coming from the south—west, it has a big impact on the temperatures, 12-14d big impact on the temperatures, 12—14d and we have not seen values like that for a while. later in the week it will turn a bit more showery with some sunshine but temperatures should stay up. goodbye. you're watching bbc news at nine with me, ben brown. the headlines... the united arab emirates issues a presidential pardon with immediate effect forjailed british academic matthew hedges. in full consideration of the historic relationship and close ties between the united arab emirates and the united kingdom, his highness has decided to include mr matthew hedges among the 785 prisoners released. theresa may begins the big sell of her brexit deal,

warning of division and uncertainty if mps oppose it. the prime minister has secured the deal — a very good deal for the united kingdom. it is now the job for all of us in the cabinet to make the case. but an uphill struggle awaits — the dup, dozens of tory backbenchers and all opposition parties say they won't support it.