this is the business briefing. i'm sally bundock. japan's biggest—ever overseas takeover gets the go—ahead as shareholders in takeda pharmaceutical approve its $59 billion acquisition of ireland's shire. china pledges to implement changes agreed in trade talks between presidents xi and trump "as soon as possible", easing investor scepticism about the truce. and how other financial markets in asia now given the massive losses soar on wall street on tuesday. as you can see we're seeing declines but for some markets they have carried their losses. spy concerns about global trade,

business is ongoing and deals are being done around the world. today we have news of the biggest ever overseas acquisition by a japanese company. shareholders in takeda pharmaceutical have approved its planned takeover of ireland's shire — traded on the london stock exchange — at an extraordinary general meeting in osaka. that's despite a small group of investors voicing opposition. the pharma mega merger values shire at almost $59 billion. shareholders in shire are to vote on the merger plan later today in dublin. takeda is run by the frenchman christophe weber who says the takeover will bring cost savings and help the enlarged company to become a market leader in areas including neruoscience, cancer treatments and rare diseases. one potentially lucrative treatment is being sold off because the eu didn't want

competition to be stifled. it's a treatment for inflammatory bowel disease being developed by shire which is similar to one already sold by takeda. but there's still plenty of money to be made for the combined drug company as itjoins the ranks of the world's top 10. an estimated $7.2 trillion was spent globally on healthcare in 2015, that's10% of the world's wealth. joining me is brandon zero, risk arbitrage editor at dealreporter europe. good morning. these figures are big. $59 billion. at takeda pharmaceutical wants this company. absolutely. if you rewind back to march of this year we saw large pharmaceutical giants considering getting involved in a bidding war so you can see that shire is a company

that has attracted international attention in the past and this is because of its rare diseases sector. at takeda pharmaceutical, rare diseases already encompasses a certain percentage vote shire is a market leader. it is expected to be a fast—growing market and takeda pharmaceutical want to snap it up. are there any concerns about the price, the $59 billion. takeda pharmaceutical will prop burghley need to borrow quite a bit to snap this up. that is the question that was waning ahead of the extraordinary general meeting that happened this morning, whether or not the leveraged ratio would be so high it could threaten the potential dividend that shareholders have come to know and love. the company has already announced that they plan on doing $10 billion —— to divest $10

billion and the lion of takeda pharmaceutical throughout this acquisition has been that they can deliver on the long—term. acquisition has been that they can deliver on the long-term. it is assumed and thought the shire shareholders will approve this today filled is more than likely that this will go ahead. talk us through the synergy will go ahead. talk us through the synergy and will there be any cost saving for both companies? the early reports that we have indicate that shareholders are likely to support the deal, given the high premium, the deal, given the high premium, the 50% for the deal. shareholders as well will get a mixed consideration of cash and stock so there is upside is in the combined entity. and going forward, if you area entity. and going forward, if you are a shareholderfor entity. and going forward, if you are a shareholder for shire, this entity. and going forward, if you are a shareholderfor shire, this is the best deal on the table. pharmaceuticals, we did not give it much attention as much that probably should, it is quietly in the background in terms of stocks available on the financial markets. in effect, a lucrative field and you mentioned just what is spent on

healthcare globally and that is likely increase, isn't it as, you know, diseases like alzheimer's and things like obesity in the western world, lots of issues come to the fore. these companies will become cash cows, what are they? absolutely. and that is that the gamble that ta keda absolutely. and that is that the gamble that takeda pharmaceutical is taking. if you think about rare diseases, there are many opportunities to distribution with indicators existing, that is a big pa rt indicators existing, that is a big part of the deal rationale as well. thank you for being on the programme so thank you for being on the programme so early as well. we will keep an eye on what happens in dublin later. let's talk now about the global stock markets. with shares surging on monday on hopes of a resolution to the us—china trade war, then tumbling on tuesday as scepticism set in. now china has issued a statement, pledging to implement changes agreed in trade talks between presidents xi and trump "as soon as possible". we can cross live to karishma vaswani in singapore: lovely seat you. i feel like it has

been a opera this week. what is the latest development? a soap opera with different storylines. 0n latest development? a soap opera with different storylines. on one hand beijing say that the talks between the two ladies —— leaders we re between the two ladies —— leaders were great success. between the two ladies —— leaders were great success. china also said today that it is confident in implementing trade commitments to the us as soon as possible. but no details yet. this has been the major issue with the agreement because while it was hailed by both president trump and president shi as a breakthrough, investors are not buying it. and that is why you see the tumbles on share price in the us and in asia. the fact remains that there are no specific details in this agreement and also there is the fa ct this agreement and also there is the fact that china and the us appear to

have different understandings of what the agreement actually covers. that is unnerving investors in the united states and in asia. investors in the us are seriously unnerved, trade being one of the reasons. the yield curve and what is going on with that being the other as was unravelled for us earlier in the programme. the markets have been through a torrid 2a hours. programme. the markets have been through a torrid 24 hours. we did start the day significantly lower in asia. most of the major markets are lower. some have seen gains in the last few hours that certainly be toned amongst investors, the sentiment is one of uncertainty. as you say that follows on from the us's lower close overnight and not just on the trade war. it is also on concerns of slowing economic growth in the united states. it is a very important indicator for how asian economies do as well and investors

are watching the yield curve. as kim explained that so well a few minutes ago, and that will trouble the minds of many people out here in asia as well. thank you very much for your time. always good to see you making sense of the markets. now let's brief you on some other business stories. chanel has become the first luxury fashion house in the world to stop using exotic animal skins — including snake, crocodile, lizard and stingray. the firm says it had become harder to source materials ethically. chanel will also stop using fur. new zealand's biggest ecommerce website — trade me — says it has received a $1.7—billion takeover offer from the us equity firm hellman & friedman. the amount offered is higher than an earlier takeover bid last month by a london—based group, apax partners. italy's economy minister says the government is considering additional assets sales next year — in an effort to cut debt and settle a dispute with the european commission over its budget. italy says it would aim to raise as much at 1% of gross domestic product next year through privatisations. and now — what's trending

in the business news this morning. bloomberg carries a opinion piece from the former bank of england governor and brexit supporter mervyn king. he says theresa may's deal is a betrayal of britain — and argues that a second referendum is vital to escape from what he describes as a continuing nightmare. new york has become the first us city to set a minimum wage for uber and lyft drivers. business insider says high volume drivers will receive a wage per trip that corresponds to $27.86 per hour. the south china morning post says hong kong has held onto its title as the world's most visited city. it says however the territory has a heavy reliance on tourists from mainland china which could suffer if the us—china trade war escalates further.

and don't forget — let us know what you've spotted online — use the hashtag #bbcthebriefing a hectic session on the markets. the dowjones is down, down heavily. we have the key asian markets over here but look at the next board. the oil price is down as well nearly 2%. oil has been rising steadily this week ahead of the opec meeting and that kicks off tomorrow. we will be right across that meeting for you here as well in our business coverage. up next — newsbriefing.

the home office has been accused of failing to act on repeated warnings about the negative affect its measures to curb illegal immigration would have on members of the windrush generation. a report from the national audit office says the department operated a "target—driven" policy, and it's yet to establish the full scale of the scandal. here's our community affairs correspondent, adina campbell. the empire wind rush rings jamaicans to britain. they were invited over to britain. they were invited over to help rebuild post—war britain. that many of the children from the windrush generation were never given official documents to prove their right to legally remain in the uk. now a new report from the national audit office says attempts by the home office to target illegal emigration previously known as hostile environment had severe

consequences on the windrush community. despite a number of warnings. since the scandal came to light, over 6500 calls have been made to a special task force set up by the home office to help people sort out their legal status. about one third of those cases have now been resolved. but 164 people have been resolved. but 164 people have been removed or detained even though they may have been a long—term uk resident. the home office says it is determined to right the wrongs of the past and has set up a review to learn lessons from what has happened to. the campaigners say government action is taking too long and too many lives have been turned upside down. people 's lives have been ruined because of the way they have been treated by this government. they have been treated beneath contempt, that is the way to explain it. the national audit office is now

recommending that the home office puts better measures in place to help stop similar problems in the future. this is the briefing from bbc news. the latest headlines: british prime minister theresa may will spend another day trying to increase support for her brexit deal, after the government suffered three defeats in the commons on tuesday. the office investigating russian collusion in the us election has recommended that the former national security adviser michael flynn should be spared a jail sentence because of his cooperation. now it is time to look at the stories that are making the headlines in the media across the world. we begin with the telegraph, and uk prime minister theresa may, who lost several brexit—related votes, making her the first prime minister in 40 years to be defeated three times in one day. on the poliico website, former ukip leader nigel farage has quit the party after disagreements

with the current leadership. he said the party's direction had changed fundamentally, and was fixated with issues related to islam. business insider uk reports new york city is the first us city to adopt a minimum wage for drivers working for ride—hailing services like uber and lyft. the new rules could result in the equivalent of a $10,000 annual raise for some of new york city's cab drivers. on the bbc news website, there is an article which asks is it ever ok to hug at work, or is itjust best to stick to a polite handshake, and what are your rights to refuse if you are really not into the idea of hugging colleagues? and finally, chanel has announced it will no longer use exotic animal skins or fur in its collections. this means the french fashion house will stop making products with crocodile, lizard, snake and stingray skins.

gucci, versace, burberry and michael kors have all committed to going fur—free in recent years, in a bid to prioritise ethical sourcing and production. with me is bev shah, who is co—founder and chief executive of city hive. let's get started. what a week for our politicians. it is an absolute marathon, and they started yesterday. really, it wasjust breathtaking, wasn't it?