the headlines on bbc news: firefighters battle a huge blaze on saddleworth moor, saying it is one of the biggest fires they have ever this is business live from bbc news had to deal with. this is one of the with ben thompson and sally bundock. biggest fires we have seen. because 30 days and counting: the uk it is coming from heather and it is government publishes figures showing that leaving the eu without a deal very combustible, it is quite will cost businesses billions. dramatic to see. pakistan says it live from london, that's our top has shot down two indian aircraft in its airspace over kashmir, a day story on wednesday 27th february. after india bombed targets in pakistan. mps will have their say on the next steps for brexit later as theresa may urges them to do their duty. jeremy corbyn‘s ally chris williamson is criticised for saying the labour party has been too apologetic over the new report says a no—deal brexit would cost companies more than $17 billion and warns many businesses are just not ready. also in the programme... president trump meets north korean officials in vietnam ahead of a crucial summit with kim jong—un. we'll find out what this could mean for opening up

the north korean economy. and european markets look like this: with lots of corprorate news moving the numbers, we'll explain what and why. what's it like promoting businesses in the british capital — as the clock ticks down towards brexit? we'll be talking to the boss of london first. and as global, the uk's largest commercial radio broadcaster, cuts back dramatically on local broadcasting, we're asking would you miss your local radio show? let us know, just use the hashtag bbcbizlive. hello and welcome to business live. wherever in the world you are watching, let us know what local news provision is where you are and how important that is how you consume your news and information. we will talk about that later. but

we will start with brexit. with continued uncertainty over brexit, the uk government has published a report looking at the impact of a no—deal departure from the eu and what affect it could have on business and trade. the report warns that some food prices could rise and more customs checks are likely, which could cost businesses an extra $17.2 billion a year. currently, 30% of the uk s food is imported from mainland europe. the document repeated earlier analysis, that a no—deal scenario could leave the uk economy between around 6% and 9% smaller over the next 15 years. some businesses have already made their own contingency plans, such as barclays bank, which says it will move $128 billion worth of client assets to dublin if there's no brexit deal. ford has also warned a no deal would cost it $800 million, forcing it to cutjobs at its plants in the uk.

andrew walker our economics correspondent is here. you have the report and you've read it, what does it tell us? it tells us an it, what does it tell us? it tells us an awful lot of businesses are not ready for a no—deal brexit. to give one particular example, the report estimates that there are 240,000 businesses that trade only with the european union. and they have not... of those, they've only had 40,000 or so that have gone through the business of getting the necessary registration for exporting their goods to the eu. bear in mind that, as things stands, those nearly quarter of a million businesses don't need to do any kind of registration procedures, just for the business of exporting, because they are only eu. suddenly, when they are only eu. suddenly, when they become exporters from a third country, they would need to have done all these procedures and they simply haven't. why do we think

businesses are not preparing in that way? the bank of england governor mark carney has been warning about this for a while and others within government. you would have thought they would have had time to prepare. ben mentioned barclays for example, some of the big ones actually have been making some preparations. but for small businesses there are a couple of things going on. one is that these preparations cost money. if you're on a tight margin, any additional cost is a potentially quite a serious problem to deal with. also, stretched management. there is a real management time involved in this. and all of it to prepare for something that they think might not happen. bear in mind, this is all very much contingency planning. if it doesn't happen, all that effort and cost put into these preparations would have been pointless and lots of small businesses especially don't want to waste time on that. it is important to state that what is in this report is predictions, it's not will

happen, if we leave without a deal. it's what might happen. it is what might happen if we leave without a deal and the report also emphasises that the government's clear preference is to leave on the 29th of march, as planned, but with an agreement in place. and the agreement in place. and the agreement would mean the transition, withdrawal agreement, or agreement would mean the transition, withdrawalagreement, orsome amended version of it would mean that these kind of trading arrangements would, for the time, continue as they are unchanged, which, would come if that turns out to be the case, mean that any preparations businesses were to do now with hindsight would have turned out to have been a waste of time and money. lots of possibility. thank you for now. lots more detail on our website of what that report says and analysis. we will keep you up to date. let's take a look at some of the other stories making the news. the white house says three of vietnam's commercial carriers, vietjet, bamboo airways and vietnam airlines, have signed aviation deals

with two american firms, boeing and sabre, worth at least $15 billion. they did so on the eve of the meeting between president trump and kimjong—un in hanoi. officials said the business deals would help support more than 80,000 american jobs and increase airline safety for vietnamese international travellers. music streaming giant spotify has launched its service in india, hoping to tap into its 140 million music consumers. multilingual music recommendations and playlists featuring music from popular bollywood movies will be available. the music streaming powerhouse will face stiff competition from rivals already in india. a rocket carrying six satellites built by airbus and 0neweb is set to blast off from french guiana later today in what's seen as the first step to give to high—speed internet beamed down from space to millions of people in remote and rural areas.

iam sure i am sure you noticed. president trump is overseas right now in vietnam. he has tweeted. 0f trump is overseas right now in vietnam. he has tweeted. of course he has. president trump has tweeted that north korea's economy would have "awesome" potential if it denuclearised — ahead of a meeting between the president and kimjong—un of north korea in hanoi this week. lucy hocking is in hanoi. lucy, good to see you. this is the second meeting, do we expect much progress because the first one was symbolic but didn't really agree much concrete change or reform? indeed, there is huge pressure on both of these leaders to deliver something a lot more concrete. for kimjong—un, something a lot more concrete. for kim jong—un, that's a sanctions relief, sanctions that stop north korea at the moment from trading or interacting with the rest of the world. you have to remember that chairman kim has said to the elites in his country and to the people, i

am the man, the leader, that can deliver my growth to you, i am not like my father or grandfather, this is something i can give you. he has come to hanoi asking for sanctions relief. absolutely no surprise that it is here in vietnam. you just mentioned those deals that have been announced with those american companies. standing here in hanoi in this buzzing metropolis, you can so feel how quickly the economy is growing. 7% vietnam grew last year. they want the americans and the vietnamese to say to the north koreans, this is what you could be, these are the things you can replicate here. we have seen teams from north korea, not chairman kim, but his team went to how long bay, a tourism site and they will be visiting a car factory this afternoon. there is a sense they wa nt to afternoon. there is a sense they want to show the north koreans exactly what could happen if they denuclearise. as president trump said in that tweet, the potential is there for you, look at vietnam.

interesting to see what they will come up with. they are meeting to night over dinner and then those big one—on—one conversation starting in earnest tomorrow. thank you. you will keep us right up to date across bbc news about what happens. that historic summit in hanoi. japan's nikkei closed up with investors buying defensive stocks, including pharmaceutical and real estate firms. also some profit taking as tensions between the us and china over trade start to thaw. domestic demand is important with domestic stocks, growing domestic demand, things that we use every day. in europe, we've got an eye on retailer m&s as it confirms a joint venture with delivery firm 0cado — after lots of speculation. the deal will see m&s take a 50% stake. it could be a landmark moment for the retailer. more on that, shortly.

commerical broadcaster itv reported profits for 2018 up 13% to £567 million. it comes as the firm announces plans with the bbc to launch a rival to netflix with a streaming service to be called britbox. you will have to pay for it. that's already been up and running in the usn for two years. coming to the uk soon. speaking of which, samira is looking at what to watch on wall street today. capitol hill will, again, be taking centre stage on wednesday, as the us trade representative, robert lighthizer, will be speaking to members of the house of representatives on us—china trade issues. now, remember, mr lighthizer is the lead negotiator in the ongoing trade negotiations with beijing. the two of the largest economies in the world are trying to come to some sort of agreement, amid a bitter dispute that has seen both sides impose tariffs on imports. and the us federal reserve chair, jerome powell, will make his second

appearance on capitol hill, where he will testify before the house financial services committee, discussing monetary policy and the economy. a lot going on. joining us is george godber, fund manager, polar capital. good morning. we haven't managed to mention all the results and corporate stories, what has caught your attention? it's a very busy time of yearfor your attention? it's a very busy time of year for corporate announcements but an interesting story with what we are seeing with bbc and itv and the britbox announcement. how do these legacy platform businesses try and compete with the likes of netflix? business that used to have huge reach and now they need to millennials off this, they need to millennials off this, they are spending five hours a day on this and how do they monetise that invaluable back content? they have been running britbox for two yea rs have been running britbox for two years in the states and they will launch it on a more global basis. interesting to see whether or not... what the ta ke—up interesting to see whether or not... what the take—up is and how much people are willing to pay for this

service. both these businesses need to wise up, they are putting this stuff for free on youtube and giving google a free ride on very valuable ip. what is interesting, up and running in the united states are ready, britbox and it proves people are willing to pay for it. but does this muddy the water because some content available for as part of your licence fee on iplayer and this extra bit, some archive stuff, some new stuff on a paid for service, that becomes really confusing. that's the problem. the two junctures of old business versus new business. i think it's the same story is when you talk about a retailer, what are you doing online versus your shop? it's the same with any business that is having to compete against a delivery business that has come into their segment. it's a challenge for all companies. 0ne viewer has been in touch who is called old fashion comedy on twitter who says it will be full of repeats,

drama, comedy, way back from the 19605. drama, comedy, way back from the 1960s. quiz shows, talent shows, reality shows and he doesn't think there is that good content out there from bbc and itv. he won't be the first to subscribe! let's move on. sterling extremely volatile, what a week. really interesting, you talk about this on this show all the time, the frustration about brexit and people... the country is running through treacle, what does it mean? when we get these moments of clarity 01’ some when we get these moments of clarity or some form of good news, speculation had no confirmation of effectively no deal being bulleted, you see the move in sterling, a very strong move this week. there is an awful lot of business investment pent up waiting to invest in the uk. and it expressed itself through the fx market. thank you. interesting stuff to get our teeth stuck into today on business live. still to come: putting london first. we'll hear from the woman championing business in the british capital as the clock ticks down to brexit.

you're with business live from bbc news. marks and spencer has confirmed recent speculation that it's to launch a joint venture with grocery delivery firm 0cado. worst kept secret in retail! the deal will see m&s take a 50% stake, at a cost of £750 million. it means 0cado's19—year relationship with rival supermarket waitrose will end. let's speak to russ mould, investment director for a] bell. good morning. 0cado and waitrose have been so intertwined for so long, i actually thought 0cado was a pa rt long, i actually thought 0cado was a part of waitrose, years ago. this is a big shift, a big move, isn't it? it is. there was a ten year agreement due to expire in september 2020 struck between a and 0cado.

there is an exclusive deal with waitrose supplying into 0cado but waitrose supplying into 0cado but waitrose can also compete with 0cado with its own service on waitrose. com. with its own service on waitrose.com. something that m&s has been happy to free itself from and get a future plan together. is this enough to help m&s? clothing sales and homeware sales were struggling but food was the bit keeping it going and then food sales took a dip, is this enough to get those m&s sales up leicester that is steve rhodes, chief executive, master plan. -- that is steve rhodes' masterplan. they have actually backtracked on rolling out the food stores. the online m&s is growing but not quickly and it doesn't do an awful lot in terms of general merchandise or food, for example. there is a huge step up that m&s can push through and it is an attempt to get m&s's food business in. the

average basket is about £13 i read this morning. 0n 0cado it's over £100. they will look to monetise those little baskets and try and make them a lot bigger. even if it drives sales, which seems statistically possible, can they actually get this to turn a profit? 0cado has struggled to turn a profit through the food delivery business. remember, used to see lots of bakers and butchers boys knocking around but not anymore because they were not particularly profitable for butchers and bakers. we are talking about a bigger business, £1.4 billion of annual sales in this joint venture which is a lot more scale, but can they turn it into profit? thank you. we needed a candlestick maker and we would have had thejob lot! much more online. your're watching business live — our top story: a new uk government report says that leaving the eu without a deal would cost businesses

more than $17 billion. this comesjust 30 days before brexit. brexit is our top story, again. the warning that it could cost the economy between 6% and 9% over the next 15 years in economic output. a quick look at how the markets are faring. this is all you need to know, optimism in asia overnight to kick off the back of the us— china trade talks and ahead of that meeting with kim jong—un talks and ahead of that meeting with kimjong—un and talks and ahead of that meeting with kim jong—un and president trump, european markets not off to the brightest to start on this wednesday. let's return to brexit — and its impact on business and the economy. and that's expected to be felt keenly in the uk's financial heartland — the city of london. it finances uk plc to a great degree. london first is a campaigning group that's aiming to make london the top global city to do business. it has 200 members across

different industries. they include some of the country's leading employers, the like of pwc, airbnb, heathrow and gatwick airports and lloyds banking group. it does say it there if you can read it through the text. it's led by jasmine whitbread, who's the chief executive, as well as holding nonexecutive roles at bt and standard chartered bank. jasmine whitbread, chief executive of london first. we outlined what you do but tell us more what you are about. london first was formed by business leaders getting together 25 years ago when london was last facing a bit of a moment ofjeopardy london was last facing a bit of a moment of jeopardy and london was last facing a bit of a moment ofjeopardy and was really in the doldrums and there was no leadership overall. schools were failing, transport investment was nowhere near where it needed to be. they got together to bring teachers from america over to the uk, to form teach first and lobbied the government to create the executive office of government and they got business behind paying for crossrail

to get that out of the sidings as the project that was too expensive. 25 years on, london has become the best city in the world in which to do business. it is ranking top in all of the global charts, still, but there is a real moment ofjeopardy, as we all aware. the jeopardy is caused primarily by brexit. they are a number of things we have to be focusing on to keep london competitive. housing, transport investment is still an issue. this uncertainty around brexit and, particularly, about people. that's what i hear. all those different sectors that london first is made up of, they can all agree that they can deal with whatever brexit brings, as long as they can get access to people they need from around the world and home grown. that is such an important issue. particularly keenly felt in london, huge melting pot of different nationalities, backgrounds. but those essential workers that find it very expensive to be here. they could potentially be looked at by the changes to immigration. this is our real

concern. “ immigration. this is our real concern. -- locked out by. we got a bunch of our chief executives around the table a few years ago and we said there might be an opportunity to redesign an immigration system thatis to redesign an immigration system that is fair and managed. we will have to have a new one, so let's start with a blank sheet of paper, what do we need? they came up with a whole range of proposals, which, many of those have been taken on board by the government, with the white paper that is now out there for consultation. but the one area we are for consultation. but the one area we a re really for consultation. but the one area we are really stuck on, we've got to see some movement on, is that threshold of £30,000 for any tear to the user. £30,000, half of all londoners earned less than that —— tier two. you have to be earning £30,000 or more to get this visa? that's right. people like nurses, ca re that's right. people like nurses, care workers, social workers, anybody working in hospitality. half of all londoners actually earn less than that. what we are pushing very

ha rd than that. what we are pushing very hard for is for the government to listen. they say they're listening. there is a period of consultation to really bring that down. we are actually arguing it should be paid to the london living wage, which would work for the whole country. government is listening. but our big concern is that brexit is this great big sucking noise and it's very hard to get any attention paid on the really important things like what is future immigration looking like? you touched on the essential workers, the potential for not being allowed in. the impact on care and hospitality and social work. what about the other end. i have travelled around the country and engineers in short supply, where will they come from? you've got your finger on it because there is the mood music that comes out of the uk at the moment. take students, for

example, phd students coming out of our top universities, the world's top universities in london. they are getting the message that they are not really wanted. post study work visa that would enable them to start up visa that would enable them to start upa company, visa that would enable them to start up a company, collaborate with business has become criticalfor many cities around the world. the mood music is all wrong. people with choice, bright, talented, qualified people can choose to go elsewhere. it's really important that we get behind this mantra that the mayor is putting out there that london is open and we do want those people to come here. there have been mixed m essa 9 es come here. there have been mixed messages coming out of the government around eu citizens‘ right but it is now clear that... the prime minister reiterated it even yesterday, they are needed and wa nted yesterday, they are needed and wanted at all levels from very high skilled to those essential workers we are talking about. we will leave it there. thank you for coming in,

jasmine. giving us a sense of what is happening in the capital city. get in touch with your thoughts. many who try and live and work in london, it will be a poignant issue. absolutely. we have been asking for your thoughts on this, the biggest commercial radio provider in the uk is to cut the number of shows and brea kfast is to cut the number of shows and breakfast shows and evening shows it has and try to centralise one from the capital. let me show you on the tablet, bbc news covered this yesterday, capital, heartand tablet, bbc news covered this yesterday, capital, heart and smooth cutting lots of local shows. lots have been in touch. we had from darryl who said i would not miss it, i only listen to radio two, bbc radio two, there isn‘t a local radio in cheshire where he lives. jack says my dad and i would miss our local radio show. social media helps to bridge the gap in some local news provision but nonetheless not making

up provision but nonetheless not making upfor provision but nonetheless not making up for some of the information that it does provide. the leaders of the us and north korea are set to meet in vietnam later today. as lucy was telling us earlier. in this, their second nuclear summit, donald trump is likely to highlight the opportunities of opening up the north korean economy to international investors. if it was to denuclearise. mariko 0i explains. when the vietnam war ended in 1975, the economy was in tatters. but today it‘s one of asia‘s fastest—growing economies. check out how it‘s grown over the last three decades. since 2000, the economy has expanded at an average pace of 6.6%. and what kim jong—un may like is this: vietnam‘s communist party achieved this while retaining absolute power. so how was it done? it opened up its economy in 1986. the reforms were called doi moi,

which means renovation, and it led to big change in the agriculture sector, and the country, which used to import rice is now one of the world‘s biggest rice exporters. it went on to set up a foreign investment law, normalise its relationship with the world, and privatise many of its state owned corporations. of its state—owned corporations. and it paid off. in 1994, us president bill clinton lifted the trade embargo against vietnam. a year later, vietnam joined the association of southeast asia nations. and in 2007, vietnam became a member of the world trade organisation. and while kimjong—un has been meeting a lot with the chinese president xi jinping last year, because of its size, vietnam may be a more relevant example than china for north korea to learn from.

she is in singapore trying to get in that because she has done an early shift but the neighbours are too noisy! hi, there, good morning. yesterday was the warmest february day on record, 21.2 celsius recorded in greater london. now, today, we‘re going to see the last of the really warm sunshine, it‘s all going to change from tomorrow. the to change from tomorrow. jet stream will become to change from tomorrow. more westerly, cooler conditions become more westerly, cooler conditions and a change as we go through tomorrow. today is the last day of the warm sunshine. we start this morning with mist and fog across southern areas, the vale of york, that will most likely away and like the last couple of days, lots of blue skies in the afternoon. a bit of cloud around the isle of man and west of scotland but temperatures are similar to

yesterday, 14—18. we could reach 20 in the capital today but not quite as high as 21 from yesterday. tonight, cloud around the irish sea and across western scotland. generally, the cloud will increase from the west because we‘ve got this weather front just starting to from the west because we‘ve got this weather frontjust starting to move its way gradually in. the air is coming in from a westerly direction, there will be a change as we go through into thursday. thursday morning starts off milder in western parts but still a bit chilly across the east, temperature is around two celsius. thursday, a big change, lots more cloud around and we start off with sunshine across eastern parts before the cloud moves in with showery outbreaks of rain from northern ireland, the isle of man, northern ireland, the isle of man, north west inventor, wales, the south—east of england and drier further north and east —— north west england. 8—13 celsius. the rest of the week, the air is coming in from

the week, the air is coming in from the west, with a small ridge of high pressure building in for friday before more weather systems come in for the weekend. during friday it should be dry and bright to start off during friday. the cloud will increase across northern ireland and western scotland and rain moving in by the end of the day. maximum temperatures on friday 11—13 degrees celsius, worth noting, still above the average for the time of year. the weekend will turn more unsettled with weather fronts moving through, giving us a few splashes of rain from time to time at temperatures remaining around 9—12 or 13 celsius. goodbye.