this is business live from bbc news with maryam moshiri and ben thompson. a stark warning on the state of the global economy — as the world economic forum kicks off in davos. live from london, that's our top story on tuesday the 22nd of january. the warning from the imf comes at the start of the annual gathering in the swiss ski resort. sally bundock is there for us — we'll get the latest, live. also in the programme... a turbulent set of results for easyjet, it's announced a heavy loss after the gatwick drone chaos grounded flights. and in the first half hour of european trade, this is how european markets are looking... and there's big money in second—hand trainers. we meet the man behind the ‘stock market of things‘ — a site that lets you sell unwanted trainers and other luxury items

like watches and handbags. and what do you look for when you travel abroad 7 staff that speak your language? food you eat at home? as scotland tries to woo more chinese visitors with tastes of home — we want to know what you want when you're travelling overseas? let us know, use the hashtag bbcbizlive. whenever i travel i like a nice big plate of sausages, chips and gravy. i'm not sure you will be able to get this in davos. we start in swiss mountain resort of davos, that's where the annual world economic forum is getting under way. and how to breathe new life into a slowing global economy is one of the most pressing concerns for the thousands of business leaders and top politicians who are there. on monday the international monetary fund cut it forecast

for global economic growth this year from 3.7% to 3.5% and warned of the dangers of escalating trade tensions between the us and china. the growth forecast for the eurozone suffered one of the biggest trims, down from 1.9% to 1.6% with reasons including less demand for german exports, the cost of italian debt and protests in france. however, grabbing the headlines is the long list of influential names who have decided to skip the event. they include us president donald trump and the heads of the uk, france and india due to more pressing matters at home. ahead of the event, the head of wef told us about his concerns over globalisation. now‘s the time has come, which does not, any more, tolerate that losers are left out. because competition and globalisation means increased competition. creates winners and losers. now we have to create a framework, which takes more care of those

who are left behind. let's take you live to davos and our very own sally bundock, who's there for us. sally, lovely to see you, hope you are staying warm. as we said, the crucial thing we are looking at, not necessarily who is there but who is not there. absolutely, staying warm, it's -16 i'm not there. absolutely, staying warm, it's —16 i'm told in this spot, a gorgeous day today, a helicopter just gone overhead, delegates just arriving. proceedings get under way today. many key leaders have cancelled the trip, among them president trump, prime minister theresa may, emanuel macron from france. busy dealing with their own domestic crises. that is a part of the conversation but having said that there is some stars taking to the stage. rinse william here and

david attenborough to hear in the early afternoon, they are hosting a huge event which is apparently packed out, they have had to get an extra large room but the event, they are talking about climate change and the risk that goes into the world economy. another helicopter arriving, i hope you can hear me. the newly inaugurated president of brazil is here, speaking today, his first speech on an international stage which is really interesting because he's seen as the president trump of brazil, a very controversial leader and also, some would say, a climate change denier. it will be a day of controversy and will make headlines for sure but let me introduce you to my guest. bob morris, chairman of pwc, good to see you. every year you do a survey in

line with this event to gauge of what the world's top bosses are thinking about the year ahead. the top ceos, this year it your survey shows pessimism has risen sharply in the last 12 months, why? you started with a the last 12 months, why? you started witha numberof the last 12 months, why? you started with a number of different issues impacting some of the leaders for not being here and that's one of the many reasons why this ceos are worried about the economy and the ability to execute and deliver revenues and bottom—line growth. the risks and threats they are dealing with continues to increase, more and more coming, in the past we had regulation, climate change as you mentioned, now we have policy issues like in europe, geopolitical issues and trade barriers between the us and trade barriers between the us and china, technology and the digitisation and the implications of all those things. lots of things weighing the minds of ceos, rising interest rates, slowing economies. is this year less relevant because

of the key political leaders who have not come. not at all. the business community here, the political leaders and the public represented in ngos and others still need to come together to solve problems on the minds of individuals, for countries, corporations. dialogue is needed to help get action coming from this. give us your sense of what we are going into this year and next. this time last year sentiment was so high and actually come off while we were here in davos, president trump first announced talk of tariffs on things like steel, so much has happened in 12 months. so much and you look back the last 22 years, the ceos and what they predict is a good correlation to gdp growth. if this ceos are right this year we may end up with a gdp growth at a slightly less than a prediction that came yesterday. we had record optimism last year, that

has changed, the challenge ceos are dealing with now, why do i and they achieve strategies to deliver quality goods, create a good customer experience, manage supply chains. and take care and stakeholder needs out there. thank you so much. it's a packed agenda here again today. i better get back in the warm, get a nice hot chocolate, i will see you soon. more from you tomorrow, sally, thank you so from you tomorrow, sally, thank you so much, enjoy your time, i from you tomorrow, sally, thank you so much, enjoy yourtime, i note from you tomorrow, sally, thank you so much, enjoy your time, i note you are busy. the question many people will be asking is for that hot chocolate have marshmallows in it? mine would! i am sure it will. let's take a look at some of the other stories making the news. the european low—cost airline easyjet says the drone disruption at london's gatwick airport last month cost it millions through cancelled flights and costs for customers. in its latest update to investors, the airline says it spent about $i9—million on the problems at gatwick. it took some of the shine off the results for the last three months of last year,

in which sales grew 13.7% to $1.67 billion. a court in tokyo has rejected a new bail request from the former chairman of nissan — carlos ghosn. he's facing trial for alleged financial misconduct. he's been in custody since november — and denies any wrongdoing. tencent has suffered a fresh blow in it's bid to get new computer games approved by china's regulator — with none of its new titles on the latest list. 93 new games have been approved but for only the third time, none of them are from the tech giant. south korea's economy grew at it's slowest pace for six years last year, growing by 2.7% after picking up speed in the last part of the year. that's thanks to a rise in government spending which helped offset a fall in exports. huawei executive mung wan—jo could be extradited to the us — according to reports. wan—jo — who is huawei's chief financial officer and the daughter of its founder, was arrested last month on charges of circumventing us sanctions on iran. she has been released

on bail pending a decision on her deportation. karishma is following this story from our asia business hub in singapore. this has been going on quite a while, it's about who said what to whom. you are right, we don't know very much at the moment, these reports coming from canadian media that the extradition will go ahead but more significantly, what the stars, it complicates the issue that's really underlying all of this which is the us china trade war. remember that this comes as both sides are locked in really hard talks, tough negotiations, next week we have the top chinese trade negotiator heading to washington to talk about things like intellectual property theft, joint ventures, tech transfer, stuff we talk about all the time. this move on the us part

is almost undoubtedly going to be seen as is almost undoubtedly going to be seen as washington playing hardball and using this case as leveraged. that's what china has consistently said it doesn't want from these negotiations. but we've also heard china repeatedly saying that she must be released and it's not any way to conduct trade negotiations. it's very hard to see how this may not come decay trade negotiations going ahead between the us and china. great stuff, thank you for that, i note you will stay across this story for us. for now, thank you. let's see what the markets are doing. in asia, that's the closing numberfrom doing. in asia, that's the closing number from the dow on friday. yesterday, the markets shut for martin luther king day. they reopen later. investors worried about the prospects for global economic

growth, that has had an impact, they are moving further away from risky assets. let's look at european stocks. easyjet a big name on the london market coming out with its figures, good sales considering, however, it's that a true issue in gatwick that has cost of around $20 million, the share price up around 296. and now, here's what's ahead on wall street today. us market are closed on monday, the week on wall street begins on tuesday. the pharmaceutical and consumer goods companyjohnson and johnson reports its earnings, expected to report a profit in the last quarter. johnson and johnson is facing thousands of lawsuits related to its talcum powder containing a cancer—causing ingredient. investigation revealed in december that the company knew about the dangers in its products for much longer than they originally said. johnson and johnson has refuted the claims made. they are expected to

settle most of the lawsuits this year. and investors will be looking very closely atjohnson and johnson's expectations for the year ahead. that's a look at what is happening on wall street. joining us is jane sydenham — investment director at rathbones investment management. lovely to see you as always. we were talking about about what is happening in china, interesting now we are getting a picture of what the government is prepared to do to make sure the slowdown is slow and steady. one of the interesting aspects of this slowdown is how it coordinates with the rest of the world. go back to 2007—8, china was growing at 14%. when the rest of the world slowed down its supported growth globally. now we are in a situation china is beginning to coordinate with the rest of the world in slowing down. is that necessarily a good thing? you talk

about 2007, eight, nine, we needed china to prop us up around the rest of the world, if we do not have that, is that a problem? it's something particularly investors would need to think about and obviously anyone running companies and economies and so one, everything is coordinated. it's quite difficult to find somewhere positive to invest. let's move it back to the uk, unemployment figures later, what are we expecting? still pretty full employment. for percent. somewhere near those levels since the 70s. questions around productivity. but certainly the employment numbers falling, earnings rising around inflation. still pretty positive. we will get those figures at 9:30am, local time. thanks so much. you'll be back to talk us through some of the business pages in the paper. still to come. we'll tell you about the online exchange which offers cash, if your running shoes have hit the end of the track.

you're with business live from bbc news. dixons carphone, the owner of currys pc world, has reported a slight rise in revenues for the ten weeks to january. that was down to a boost in overseas revenues, but sales at its struggling mobile phone business continued to fall. helal miah, who follows the stock, joins us this morning. nice to see you and welcome to the programme. an interesting one, a tale of two cities, sure is a pretty sharply this morning despite the slowdown in the mobile business, we are not upgrading our phones so often. it's been an ongoing story for a file. the last trading update

in mid—november, december, we saw shares taking a big dive simply because it's the business, we are just not, our mobiles and phone contracts, it'sjust the just not, our mobiles and phone contracts, it's just the way things are going. this time round it was far more than the slowdown and the market predicted. there are aspects of the business, we have seen share gains across all categories online and in—store. gains across all categories online and in-store. offsetting a wider market decline. yes, when you exclude the mobile business, the actual numbers look reasonably good. we seen like—for—like sales growth in the uk in electronics, large tvs are selling well, gaming systems as well as smarter devices in the home. it has gone against the grain in terms of general merchandise during christmas sales when you look at most other retailers it's been going down, with them it's been increasing. but they have restructured the business for a good

numberof restructured the business for a good number of years. and they've been training staff, investing in that more, some of the positives are coming through. overall good numbers but the mobile business which is letting it down. tough job ahead of them. good to talk to you, thanks so much for explaining all of that. dixons carphone, the latest results out the small ink. we have this story patisserie valerie, i don't want to show to you because it shows kate. a serious note the markets watching to see if an update. it was hit by a huge accounting fraud and in talks with hsbc and barclays about extending its current standstill agreement, very important for so many jobs its current standstill agreement, very important for so manyjobs up and down the country. your‘re watching business live — our top story — the imf delivers

a stark warning on the health of the global economy as world leaders gather in davos for the world economic forum. a quick look at how the markets are faring. this is how they have opened, looking pretty flat, to be honest, following losses in asia. call them what you want — kicks, trainers and sneakers? kicks, really? are they cold kicks? but globally the sports footwear market is huge. it's worth around 50 billion dollars and according to new research, it's set to double to over 95 billion dollars in the next six years. but it's not all about new shoes.... the resale market, for rare and limited—release footwear, is a growing industry in itself — worth over a billion dollars. to give you an idea of how popular sneakers can be to so—called "sneaker freakers", a pair of nike air mags, similar to those worn in the "back to the future" films, sold for over 40,000 dollars on the online

sneaker exchange stockx. and the chief executive and co—founder of stock x is with us now, he'sjosh luber. welcome to the programme, nice to see you. first of all, let's clarify, what do you call them? sneakers roomy, trainers is good. clarify, what do you call them? sneakers roomy, trainers is goodlj thought kicks of what you do under the table. let's talk about the company, its marketplace, you run it along the same lines as the stock exchange, it means the price of these things is determined by supply and demand. exactly. we are a marketplace and we happen to be the largest marketplace in the world for and streetwear and other products and streetwear and other products and the reasons why is it works exactly the same they have done this. the concept of true market value. you know what things are worse because of the concept of supply and demand. when you talk about supply and demand you see

prices varying across minutes, hours, days, doesn't change was trainers? i think if you pick up something like this, that has a value i would be prepared to pay for it but how doesn't vary across the day. the major difference from a liquidity standpoint, liquidity for anyone stock happens at want to assemble ina anyone stock happens at want to assemble in a marketplace and the speakers it happens to be spread out over many different places. you can buy the shoes in a lot of places. it doesn't move every second, there are trade happening every second but we sell probably 12—13,000 pairs every day. unbelievable amount of trainers or sneakers to be selling. the most expensive one was around $40,000? why do you think people are so willing to pay so much money for what are fundamentally something you wear on your feet and wear out? it's really just supply and wear on your feet and wear out? it's reallyjust supply and demand. it's perhaps even more pure than the

actual stock market because the actual stock market because the actual stock market the performance of the company dictates supply and demand. sneakers, trainers, they have this thing, they are colle cta ble, have this thing, they are collectable, investments, they are. pieces of clothing, almost everybody has some affiliation with speakers in some way and this helps the demand side of the equation. what about you, what's your story come off what got you into this? listen, lam off what got you into this? listen, iam40 off what got you into this? listen, i am 40 years old, i have the exact same story as any other 40—year—old sneaker head, i grew up playing basketball, i wanted a peer of a jordans. as soon as i grew up i got a pair. who is buying them, people like you who haven't session was trainers and why? is it about wearing them or putting them in a cupboard. both and investment and showing them off. it runs the gamut. for us you have a lot of the core collector sneaker head community but

you have the person who bossed the la st you have the person who bossed the last player of shoes and is now discovering this ultimate place to buy sneakers to work. it runs the gamut of who is buying them. you brought in a couple of players. how much with this set you back? i'll give you the number, you could buy a pairon the give you the number, you could buy a pair on the site for 20 —— 2100 us dollars. they are not your size. and what about these, what makes them special? this happens to be issued from 2006, a collaboration between nike and the brand supreme which makes streetwear and a spray popular and are it was limited and nike and supreme, and are it was limited and nike and supreme, it's a function of all of that. what about the canyon wes brown? what did that mean? it's his nickname. his fans are spitting out

coffee right now! probably not awake. his shoes are such a perfect example of supply and demand. they've been made relatively omitted and he brings the demand. there is... he is the michaeljordan of today. a perfect example of that, because of that, many different models, some are inexpensive as 200 us dollars up to 5000. we are in the wrong game, clearly. and your feet are too big. let's leave it there. josh, great to talk to you. thanks for coming in. great to see you. let's get more now on the international monetary fund lowering its forecast for the global economy. its chief economist says if the trade war with the us worsens — then growth in china could further weaken. revisions that we've made right now are fairly modest. but the risks are very high. the risks i would flag, too, as being quite important. one is escalation of trade tensions.

and the second is a further deterioration in financial conditions. the reason the two of them are particularly costly is because they have become intertwined, which was not the case for much of 2018. given that many countries in the world still have high levels of debt, any further increase in borrowing costs is going to be very costly for them. and with trade, any disruption in global supply chains, those would have much bigger effects to the global economy. going to have much more from sally at the world economic forum over the course of the week. jane has rejoined us to look at what's in the newspapers. a nice story, in the times, highlands hoteliers urged to welcome chinese visitors with part was. i think this is likely to in cheek but it's about accommodating... i think it's about making tourists feel comfortable, whether it's chopsticks or mandarin speakers or actually the opening

hours of local shops, china you can probably shop until 10pm, in scotland you struggle even —— probably struggle to buy anything after 6pm. a chinese visitors says your shops close at 60 and so after we had dinner there is no fur to spend our money, that's crucial. have your shops open. absolutely. we axed people to treat us about holiday likes and dislikes, when you travel anywhere in the world you like on conference to be there or do you like to taste where you are from? loads you like to taste where you are from ? loads of you like to taste where you are from? loads of tweets, daniel says i prefer from? loads of tweets, daniel says i p refer to from? loads of tweets, daniel says i prefer to get a taste of where i am, what's the point of travelling just to be somewhere that like home. i think depends how long you are away from. steve says the same, taste the local experience, that's why we travel. that's the point of travel, you are supposed to go and experience different things. you are supposed to go and experience different thingslj

you are supposed to go and experience different things. i still struggle at breakfast time, i need my crispy bacon. there is a limit, isn't there? dave says it's difficult to eat deep—fried mars bars with chopsticks. and mr flavours says at taste of where i am, definitely, don't change anything, scotland. that's very sweet. joanna, the full english abroad as well, i suspect the opposite is also true. this is about business thinking what we need to do is accommodate other people and make sure we are as welcoming as possible, especially to their money. there are certain things certain travellers feel, they don't feel comfortable unless they have done with them, i guess it's responding to that. jane, thanks so much for joining us. thanks for your company today, we will both be back tomorrow, more from sally in davos. have a great day come off or up to. —— whatever you are up to. hello, good morning. a pretty cold

start to the day. some icy patches around. rain moving south and east through the night. bringing colder conditions. this band of cloud associated with the rain pushing into the south—east linkedin to this cold front. as it suggests behind the call from a north—westerly wind winning cold airand the call from a north—westerly wind winning cold air and these white blobs here indicative of snow. through this morning, and icy start for some of us. throughout the some sunny spells, commentary showers. what do we mean by wintry? a mixture of hail, sleet and snow. much of the snow this morning over the higher ground of scotland, north—west england, wales. they could even be sleet and snow down to lower levels and heavier showers and thunderstorms. this afternoon the shower is focused in the east, sunny

spells developing in between the showers, maximum temperature between 4-6d. showers, maximum temperature between 4—6d. rush hour evening, some showers could still be problematic, still some snow over the tops of the hills of scotland, northern ireland into the pennines. some snow showers down the eastern side of england, in particular and anyone of us could catch some showers, some down to lower levels, being showers they will be hit and miss, some sunshine in between. through this evening and denied, wintry showers continuing across northern ireland into north—west england, north wales, perhaps the midlands as well. some is around through tonight as well, with tears fell stand which is falling quite sharply through this evening and denied. in towns and cities tempter staying above freezing but in the countryside there will be a frost. wintry showers down the east and tomorrow,

someone showers down the east and tomorrow, someone tree showers down the east and tomorrow, someone tree showers across showers down the east and tomorrow, someone tree showers across wales and the south—west and across northern ireland. for many on wednesday a dry day, brighter, much more sunshine coming through but still pretty cold, maximum temperature 2—4d, 7 degrees in the south, milder here. milder eric pushing eastwards as we go through this week, by friday 8—9d. there's colder as we go into the weekend, lots of dry weather over the next few days, some rain arriving for the weekend. goodbye. you're watching bbc news at 9am with me annita mcveigh. the headlines: mps put forward proposals to change theresa may's brexit plan — including a labour amendment saying parliament should decide whether to hold another referendum on its final plan. in the event of us hurtling towards no deal, to avoid that situation, all options should be put on the table before parliament, and that included a people's vote. a campaign lead by katie price

to make the online abuse of disabled people a crime is backed by mps after more than 220,000 people sign a petition. zimbabwean president emmerson mnangagwa has broken off a trip to europe, after violent protests in his home country. beefeaters at the tower of london and other staff at the royal palaces are continuing their strike action today in a row over pensions.