andmirimuej—ut,l with the threat of more sanctions from the us and inflation predicted to rise to ten million percent, is there any hope for venezuela which limps from one economic crisis to another? are opened in europe, looking generally pretty good. —— the markets have opened. and we'll be getting more

reaction from davos, where the head of goldman sachs tells us he supports president trump's stand against china's trade policies. the japanese sportswear firm asics ; let us know — just use the wilma—m we start: inveneguela ,,, = which faces a deepening economic crisis — as the standoff continues between president nicolas maduro and opposition leaderjuan guaido. the us — together with many other nations — is recognising mr guaido as interim president — and vowing to cut off the existing government's source of revenue. that could take the form of further sanctions — according to president trump. venezuela already faces various restrictions on accessing us financial markets.

but not — so far — on its vital oil industry. oil makes up 95% of venezuela's revenue — and the us is the biggest customer. more than half of that revenue, though, goes straight back out again to service debts. venezuelans already face spiralling prices for everyday goods. the international monetary fund predicts inflation will rise to 10 million percent this year. it's already at 1.3 million percent. the government introduced a new currency last year — the sovereign bolivar — knocking five zeros off the existing currency to mask the effects of inflation. but it has already slumped to more than 630 to the us dollar. staggering numbers there. thank - for

thank for in. what is going on mind—boggling, what is going on there, ’3 f°r mind—boggling, what is going on there, - 57:5 for fuel for there, people paying forfuel for their cars and bananas, we are hearing, solo is the confidence in the currency. you are from venezuela, is this an economy beyond salvation? it's not beyond salvation but the economy requires change, the current day she is not ready to undertake sensible economic policies, the being in powerfor almost 20 years. they have let this happen over the past few years, they have let the economy collapse. there's been complete policy in action. out of there's been complete policy in action. requires out of there's been complete policy in action. - requires ggé—zu the public and the entire nation to trust the policies and the nation doesn't. trust the policies and the nation doesn't not trust the government of maduro. is there any hope that his

rival is an economic lifeline? he wa nts to rival is an economic lifeline? he wants to become the interim president, he hasn't said he wants to become the president after legitimate elections are held. he is not the president or the candidate is presenting a page here is e-----—- %!.::=-; ---——- l525; uses; — fl —— w ,, 7 7 e-----—- 7.527. ---——- 57:7; uses; — 77 7 —7 —7 7 7 presenting; plan . get candidate presenting a plan to get rid of the regime, that's the first step, so far | think rid of the regime, that's the first step, so far|think in my rid of the regime, that's the first step, so far | think in my opinion, step, so far i think in my opinion, he has taken all the right steps to get rid of maduro. he has but he doesn't at the moment garnered the support of the likes of china, russia or even his own military. without those key players what change can realistically be affected in venezuela? without the support of the military is a must impossible to get rid of maduro unless you have a us invasion. that is not the baseline scenario right now, we don't think there is going to be a

us invasion of votes not unthinkable. and the game is to convince the military that they have to be on the right side of history and support the opposition for change. that's a sickly what they are betting on. the intervention could come in a different form. we talk about sanctions, particularly oil sanctions. you think that's likely to happen or, you know, the us is one of the biggest customers of venezuelan oil. i think the us is waiting for the right excuse to do it, the right excuse with the f maduro imprisons his opposition number, the us would definitely move to impose oil sanctions. they don't necessarily have to be direct, they can be an asset freeze which is something the opposition controlled national assembly as requested to a number of countries including the uk. if the united states dollars

that, they cannot pay that the oil exports from venezuela. the regime not export oil to the united states, it won't get paid, they will have to redirect oil exports to the other main clients, china and india. it's not clear whether they will manage to do that. at least in the short term they could lose more than half of the cash flow. but perhaps as much as 75%. and that's kind of like, the very powerful weapon that the us can yield against the regime, if they do that, the bed is, the military will betray maduro because they run out of money. it's risky, it's not guaranteed - it will nothing is guaranteed except work. nothing is guaranteed except for work. nothing is guaranteed except mfg work. nothing is guaranteed except for % excellent analysis, thank for europe excellent analysis, thank you stop also - it's friday, london pride is going to tokyo. what are we talking about?

microsoft hastonfirmedthat engine in china has been restored after an outage. ...e. 2. jg.-. ......s z the. outagecaused cg .. a second month without pay. many have turned to family and friends for help while the more desperate have resorted to food banks. the sportswear brand asics hopes to gather 30,000 items through collection boxes in stores

and at sporting events — and recycle them to make japan's olympic and paralymic uniforms. it comes as the fashion industry faces increasing pressure to make more sustainable clothing. mariko 0i is in singapore... this is a good story in terms of those who are dry to push for a move away from fast fashion. what is behind this decision?” away from fast fashion. what is behind this decision? i think it's all about recycling for tokyo 2020. as you mentioned, the company is hoping to collect those donated items and extract polyester to make items and extract polyester to make it into uniform is. it's not like those athletes will have to wear second—hand uniforms and other re cycla ble second—hand uniforms and other recyclable materials would be wasted either, the company says babel be turned into fuel and so on. as you mention it comes at a time when the fashion industry is under a lot of

pressure to be more sustainable but japan isa pressure to be more sustainable but japan is a nation of recyclers if i can say that. it's notjust japan is a nation of recyclers if i can say that. it's not just the clothing we are talking about, olympic and paralympic medals will also be made from recycled mobile phones. the japanese public has been asked to donate all phones and small appliances to gather two tonnes of gold, silver and bronze. thank you so gold, silver and bronze. thank you so much. let's take a look at the asian markets. they have rallied, the nickie aiken ending on a five—week high. following the leads of wall street tech stocks, pushing on nasdaq higher. the dowjones ending flat. a good week for european stocks, sterling up today bolstered speculation the uk may avoid a no deal brexit. overnight trading sent the pound up. some news from vodafone, quarterly revenues dropping, struggling for growth. followers share price up 31% after it announced its selling its

business to a japanese firm. did you brush your teeth this morning? did you use toothpaste? well, chances are you used one made by the company colgate palmolive. they are, after all, the world's largest pacemaker maker and they'll be reporting earnings on friday. they're expected to report a bit of a slip in the fourth quarter. part of it is explained in the strong us dollar and part of the drop has to do with raw materials being more costly. colgate ended up raising prices in emerging markets, like latin america, but that meant consumers dropped the colgate brand altogether, going for cheaper local brands. some investors will be keen to hear on the company's plans going forward. joining us is sue noffke, uk equities fund manager at schroders. hello and welcome back. let's talk about the pound, it's on track for its best week in about a year. what

is behind the rise? i think sterling had got quite low levels especially in novemberand had got quite low levels especially in november and december, had got quite low levels especially in novemberand december, lots had got quite low levels especially in november and december, lots of fear about brexit. what's happened since then is a little bit more fear, some hope that perhaps the crash out no deal brexit is becoming a little bit of the table. it's being more bogle lysed by politicians, we can see a lot of business people very vocal. —— is being more vocalised. so much to be decided through parliament. but markets are beginning to think actually, we willjust reduce the probability so we've seen sterling rise a little. at the same time we've seen a weakness in europe, exchange rates are pulling and pushing. reduced prospects for growth across europe. that has actually improved the sterling

exchange. we've been talking about the us government shutdown, how much ofan impact the us government shutdown, how much of an impact is that having on the us economy and what are people saying in the city? the analysis that we can look out from the past, 2013 was the last major shutdown, the weekly impact on gdp is appointed —— is about 0.1%, this has been going on for 34 days. that's 3-4 been going on for 34 days. that's 3—4 weeks if you say the christmas week isa 3—4 weeks if you say the christmas week is a pretty modest economic activity type of weeks. that can have quite a big impact unless it's sorted out quite soon stop on the first quarter gdp data, but be seen in the past is that hit comes back quite quickly once things are result. we will either there are, but comeback in a moment, we will have some newspaper stories run through with you. still to come...

we'll be live in davos, covering the latest comments on brexit and global tradeiensiom z,i..,§,,, '.l,r7.,.i,,:’f_ businesses are preparing themselves. .. jz....f’"'7’.7..g.... percent of all uk food and drink exports. but failure to strike a deal with the eu could cost the industry dear. ben thompson has more. we're in scotland today, looking at the scotch whisky industry, because it doesn't get more scottish. but a lot of component parts that this place needs comes from the european union. take a look at this. this is 12,000 litres of water, yeast and sugar. that will be fermenting in there. that ends up making about 3,000 of these things. they export right around the world, of course, but the european union a big market for it.

actually come from the eu, don't they? well. 73. letref the gene . so barley, yeast, water so, quite a lot of the glass the industry uses for bottles comes from europe. the corks and caps that are closures for bottles, many of those come from europe. some of the machinery that you will see here is produced in europe and, you know, if we need new parts when that machinery needs to be maintained, that will need to come in from europe. yeah, lots of big things to contend with. karen, for now, thank you so much. so there you have it, one of the thoughts of one industry, a big export industry, one of our biggest from the uk. some practical changes that need to take place. whether they have time to do so, of course, the big question.

ben thompson in a whiskey distillery, goodness knows how much he would have drunk by the end of the day. and as he's still bear? probably under a barrel! and let us know your thoughts. followers selling their business to a japanese beer industry has and i beer industry has and forieer industry has and for greater |stry has and for greater competition changedland for greater competition members in the industry. between members in the industry. they say it's good work. shares of 20-22%, the they say it's good work. shares of 20—22%, the market loving this '§fi=gg?§'.'tnemaniet it}? ng ti”! 5 good news for ”f. f j... g have taken to the streets demanding a change of government.

let's cross now to davos for the latest from sally, is it still very, but it's sally, is it still very, - the but it's itfr‘: is. u 7*||j‘ j told it's -1? on the bbc but i'm told it's —17 on the bbc balcony. it is pretty chilly but there's been a lot of hot air here within the bbc davos studios. we have the chancellor of the exchequer of minister if you have the chancellor of the exchequer of - minister if you prefer, of finance minister if you prefett of finance minister if you prefefi hammond, talking - about philip hammond, talking to us about drake said. he has been grilled by my colleague simonjack drake said. he has been grilled by my colleague simon jack on various issues. and one of the points he made is in parliament he aired his frustration, he said both sides are still dug in their positions. as opposed to coming together to get a

deal done. you've got a real sense of his frustration. about the deadlock in westminster at the moment, something that's been discussed quite a lot here in davos. let's listen in to say. we need to bring this to a conclusion, we need to use the pressure of time to force people to face up to the reality that we are in, to deal with the clear challenge, the clear choice that we have to make about how we go forward and i'm repeating myself, but the only way to get a good outcome here is for people to compromise, to agree a deal that allows us to respect the referendum decision to go forward in a way that protects our economy and crucially important, he of the nations that they can go forward because a divided nation will never be a successful nation. what have other business leaders been seen to you about brexit? i have to say they are

all extremely frustrated. similar sentiment to what we heard from tom enders, chief executive of the airbus yesterday, talking about it being a disaster, threatening to pulljobs out of the uk if there is ano pulljobs out of the uk if there is a no deal. he isn't here but the business leaders that i have talked to have a very similar view and basically talking about the fact that actually, in some cases, global companies plan years in advance, they don't plan weeks or days in advance. to get to this point without any clarity on what's happening is from their perspective, is completely —— complete lunacy. i've been talking to the polish foreign minister, not personally but he has been talking to us at the bbc, who suggested maybe there should be a five—year limit to the irish backstop. this is one of the elements in the straws —— the

withdrawal deal that theresa may has brokered that been so controversial but when i put that to the european commissioner forjobs growth but when i put that to the european commissioner for jobs growth and competitiveness, i spoke to him yesterday, i said to him, would it bea yesterday, i said to him, would it be a good idea to take the backstop of the agenda or change the backstop? he was talking about the fa ct backstop? he was talking about the fact that 27 eu nations are committed and united in the deal that's been brokered with the united kingdom. so, you can see there are lots of different hues here as well as there are within westminster and that makes this all the more difficult. 0k, sally, thank you so much. quite a different forum in davos this year, no emanuel macron, president trump, theresa may. let's get more from davos now, where the trade war between the us and china is one of the big issues concerning global business leaders at this year's world economic forum. as the new boss of investment giant goldman sachs —

david solomon is one of the most powerful figures in global finance. he told the bbc that he wants to see a more level playing field for us firms dealing with china — and supports the stand the trump administration is taking: i think one of the things we will be the width is china as an up and coming economy. there are handful of issues with which the us and china are in conflict, the us would like to see china opening up markets have some protection on of those issues process of resolving those issues g process of resolving those issues and forward along with process of resolving those issues g forward along with the oi'i on trade is us and :-:777 us and for tiff- us and for some if: us and for some time. 1 us and for some time. i 7 we'll wellslié progress but i think we'll make progress but i think we'll make progress but i think this is that will of the l;;f“"~ there have m—jfj * f— q”— particularly the openness china

p. had ilarly the openness china p. had ilarly the op( to ess china p. had ilarly the op( to us china p. had ilarly the op( to us have a p. had ilarly the op( to us have to p. i§§§e%ly the op( tn china veto pn i§§§e%ly the opn tn china bratty of and and it i “i fi think in the us services. i think in the us we want to see a 11 playing field g services. i think in the us we want to se to 11 playing field g services. i think in the us we want to se to see laying field g services. i think in the us we want to se to see laying protected. the want to see issues protected. the administration! a want to see issues protected. the administration, a there administration has a right, there needs to :? beenéééi administration has a right, there needs to 5 been a g administration has a right, there needs to 5 been a change business the— of years, 1” % time to make 5712.7, and i 1” % time to make 55.277. and | its time to make progress and i think the is its time to make progress and i think the on s its time to make progress and i think the - solomon, the its time to make progress and i solomon, the g waldman sacks. sachs. taking an interest in? sue noffke, uk equities fund manager at schroders, is with us again one story we've been looking at is

pregnant women getting more protection in the workplace. what do you think? at this stage it'sjust a we have a - look that women - still come from come - from having 2 child they come back from having a child and this proposal bus and this proposal wouldn't bus returning mothers but have ta ken have taken shared - leave ‘any parent taking assured is, >7 jiij i=_-i- igiiii ieazxe. it could be lease. it could be a good paternal leave. it could be a good thing, people are still finding workplace discrimination, either subject are losing theirjobs or finding actually they are made to feel so awful when they return that effectively they give up theirjobs and leave. it's really striking, i was reading some statistics this morning and it said nearly half of all women who do not take time off, in fact all carers, parental leave, do not take the full amount owed to

them because they are worried about them because they are worried about thejob and them because they are worried about the job and the job security. i wonder whether measures like this, extending the period, will do enough of whether you might end up not being sacked in two weeks but six months instead? i think it's probably a good thing and if it is enacted in law provides protection but it has to be seen in consultation with culture and other measures, particularly the affordability of child care which is affordability of child care which is a huge issue for many, many families. and it's making sure that businesses, organisations, are supportive of new parents coming back into the workplace. and we don't lose all those skills and have a hit on the product. let's talk about the japanese clothing firm tassagh one. japan saying they are going to be using used clothing in olympic uniforms, i'm not talking about sweaty hands being given to

someone about sweaty hands being given to someone to wear about sweaty hands being given to someone to wear and about sweaty hands being given to someone to wear and the colour changed, i'm talking about clothes being cleaned and properly recycled. it's taking out the fibrous and creating something new. obviously a good thing. it's a great initiative. i think the most interesting bit for me is actually the pulling together and the team effort from japanese citizens. everyone is being asked to contribute, whether it's shoes, clothing, phones. contribute, whether it's shoes, clothing, - phones. mobile clothing, mobile phones. mobile phones used clothing, mobile phones. mobile phones l gives ied . rfi clothing, mobile phones. mobile phones l gives ad. rfi it will be very and i think it will be very see what to do interesting toseerwhatrtoflee come interesting toseerwhatetoecr come out and just the science come out and just the creativity that recycling can achieve. let's talk about some of the tweets that have come in over the tweets that have come in over the course of the programme. lorenzo says all the talk about disposable fashion harming the planet, initiatives like this are good thing. why not? we reuse other items

in day—to—day life, let's be frank there'd be stricter hygiene guidelines that need to be passed before resale, people would be on board. not if i am before resale, people would be on board. not if! am wearing before resale, people would be on board. not if i am wearing them, before resale, people would be on board. not if! am wearing them, i don't sweat. another viewer says it's a battle of fashion versus cost effectiveness, not sure whether this is about cost, i think it's the environment. lovely to have you on the programme. i'm sure you will be back soon to talk through some other stories. if you want to get more on the world of business, go to the website. plenty more on that and of course the latest in the brexit sager, next week will be very busy and very important if you are interested in what's going on in brexit in the uk. the next date for your brexit barry, we all have one, is tuesday, the big vote happening. we are off for the weekend. happy friday! goodbye.

hello. a day picked you can see westerly wind. you can see the westerly wind. you can see the westerly wind. you can see the westerly wind the top westerly wind. you can see the wn this ly wind the top westerly wind. you can see the wn this high. d the top westerly wind. you can see the wn this high. the the top westerly wind. you can see the wn this high. the isobar- the top westerly wind. you can see the wn this high. the isobar is i the top westerly wind. you can see the wn this high. the isobar is still 1e top but. are but i are looking at cloud offer some of cloud today, they can offer some outbreaks of rain and drizzle. gradually brightening up as we move 5" ' n 7 7 as we move through ' n 7 7 as we move through the n 7 7 areas as we move through the afternoon. some sunny spells developing that more significant w pushing rain pushing into north—west scotla nd rain pushing into north—west scotland through this afternoon. from - north figures. this and “iii i: i7 further rain for -arts of overnight, further rain for parts of scotland, perhaps turning to snow over the high ground for a time. cooler here but away - that, temperatures not falling temperatures r of falling temperatn i es r of falling temperatn i would falling temperatn i would fallir for plenty . cloud around and us do plenty of cloud around and some outbreaks of rain and drizzle. more persistent rain pushing in from the north and west. behind it, something a bit showery. highs of 10 annita mcveigh. the headlines: a british man convicted

of the manslaughter of a woman in a motorboat accident in the thames is expected to appear before a court in georgia shortly. in what's being seen as a veiled reference to the brexit debate, the queen has spoken of the need to come together to seek the bigger picture. as the clock ticks down, the chancellor, philip hammond warns of "very significant" short term disruption if britain leaves the eu without a deal. we need to bring this to a conclusion now. we need to use the pressure of time to force people to face up to the reality that we're in. new proposals for stricter food labelling laws — to prevent further deaths of people with allergies.