this is the business briefing. i'm maryam moshiri. premium fare. taxi app lyft is valued at over $24 billion as investors pile on board in the biggest stock market listing since 2014. plus — the rise and rise of huawei. china's tech giant posts record sales despite growing controversy around the world and on the markets, asian shares creeping higher on revived hopes of progress in us—china trade talks.

we start in new york — where taxi app lyft is set for the biggest stock market listing since alibaba went public in 2014. strong demand for shares has seen them priced at $72 — higher than expected — valuing the company at $24.3 billion. lyft is the smaller rival to uber— which is expected to list its own shares next month — and could be worth almost five times as much. let's show you some of the numbers. lyft says it now has a 39% share of the ride hailing market in the us. that's up from 22% two years earlier. its drivers have given more than a billion rides since it was founded in 2012. and its revenues double last year — to more than $2 billion. but like uber — it's losing money. in fact its losses are deepening as the company invests in expansion. last year it was getting

on for a billion dollars in the red. our us technology correspondent dave lee has been on the road in lyft‘s home city of san francisco. this is the sketchy used goober of all time. if lyft does poorly than that will hurt cuba. i think there is enough sustaining hype for a company like lyft to do well out of the gate even if people have concerns. they have not been profitable yet but they have been engaged as cost—cutting war with taxis and each other but they will have to raise prices. they seem so

far from being profitable right now that i will need to make some massive change full it seems like that's why they're trying to make better on other types of transportation like scooters and bicycles and self driving cars. transportation like scooters and bicycles and self driving carsi have done 23,000 rides. so you are in line fora have done 23,000 rides. so you are in line for a bit of a bonus when lyft does go public. what happens then? they sent me an e-mail telling mei then? they sent me an e-mail telling me i was entitled to a $1000 bonus which i could either take as cash later this month or i could have free ipo stock. so you could become a lyft investor? or you could take your money. take the money and run. what do you think you will do. your money. take the money and run.

what do you think you will doll don't have a lot of confidence that lyft will turn a profit anytime $0011. lyft will turn a profit anytime soon. i think it will be a much more interesting day when they do the ipo ifi interesting day when they do the ipo if ijust interesting day when they do the ipo if i just let it interesting day when they do the ipo if ijust let it go with the pre— ipo stock. tommy stadlen is a technology entrepreneur who's now a partner at firstminute capital, a $100 million tech investment fund. what do you make of lyft‘s move? this will be big. it is a big day. a day that many people in tech have been waiting for. the first of what people hope will be a bumpy year in technology ipo. everyone has been watching the pricing carefully and it looks like it will be on the upper side which is rate news. but not too high? $24 billion? still a loss maker. it lost almost $1 billion last year and investors are betting that lyft can make great strides in autonomous vehicles. it is the only clear way they can get to profit. that will put drivers out of work however. and there has been

a lot of controversy about how lyft and goober treat their drivers. what are the difference between the two in the us? the big difference is that lyft are the nice guys. goober have had so many scandals from sexism to the way they treat their drivers and all sorts of issues. lyft is a friendly upstart competitor who benefited hugely from either pr ‘s scandals. competitor who benefited hugely from either pr 's scandals. the interesting thing about lyft is that they will be ipo on the nasdaq whereas you have chosen the dow jones. what does the difference signify? people get intense on these choices and people wonder. everything means something! what everybody is looking out for is the dual class of shares. the founder ‘s own so dual class of shares. the founder ‘s own so little but still retain outside control. that is what many people are worried about. tech found

this who wield huge control in the company even this who wield huge control in the com pa ny even after this who wield huge control in the company even after they go public. i'm sure you will be back to talk to us i'm sure you will be back to talk to us about this later on this year. let's turn to brexit now — because the head of the british chambers of commerce has launched an attack on politicians over their handling of the issue — accusing them of letting business down — and urging them to stop "chasing rainbows". adam marshall told business leaders at their annual conference in london that the uk is not in any position to leave the eu without a deal or a transition period. 0ne one thing is very clear. the uk is not ready for abrupt change. government and many of its agencies are simply not ready. many businesses are not ready. nor is the general public. some of our business communities, particularly in places like kent and northern ireland would be acutely affected overnight. too many radical questions remain

unanswered. no—one would run a business like this. and it is no way to runa business like this. and it is no way to run a country. let's go to asia now, where china's tech giant huawei says it made record revenues last year, despite controversy around the world over the security of its products. sales of its smartphones soared — it may be on track to leapfrog apple and samsung to become the world's market leader this year. but it's also been the subject of increasing suspicion — particularly in the us. christie hah is following the story in singapore. christine, what we hearfrom huawei? well, remember this is a company that the us is saying could help china spy on countries and companies all over the world. so in its annual report, huawei calls it bullish growth in the face of adversity.

0nly growth in the face of adversity. only a slight decline despite that and the key reason is that it is a long—term business. any drop in investment happening now will only really see a few years down the road. know what has been the star in huawei as its consumer business. selling smart phones and tablets. that has almost doubled in 2018, helping to drive there over new —— overall revenue over a billion for the first time ever and bringing it up the first time ever and bringing it up to the same level as the big boys such as apple and google. it also does a lot more business with companies. enterprise business are seeing a 24% jump companies. enterprise business are seeing a 24%jump in revenue. there are challenges ahead for the company. the founder ‘s daughter is still in canada with the extradition hearings. and the uk this week has said that technical details have not been worked out and it is still

caught up in the middle of the ongoing us china trade war. great to see you thank you very much indeed. now let's brief you on some other business stories. negotiators from the us are in china for the latest round of talks aimed at resolving their ongoing trade war. us treasury secretary steven mnuchin and us trade representative robert lighthizer are meeting china's vice premier liu he for a full day of negotiations on friday with both sides warning there's still a lot of work to be done. five of the uk's largest airlines are facing legal action which claims pilots and cabin crew are regularly exposed to toxic fumes during flights. the unite union says legal notice has been served in 51 cases, the majority of which are against british airways — as well as easyjet, thomas cook, jet2 and virgin atlantic. the airlines say that previous studies found no proof of long—term ill—health arising from cabin air quality. the wealthy sackler family is facing new charges it fraudulently transferred billions

of dollars from purdue pharma, the firm it owns that makes opioid painkillers — to protect the funds from litigation. purdue is facing thousands of lawsuits over how it marketed 0xycontin. the family say it "strongly" denies the allegations and will "vigorously defend against them". and now — what's trending in the business news this morning. the wall streetjournal focuses on lyft and the latest move in its money—raising battle with uber. it says today's ipo comes despite its much—larger rival‘s attempts to starve it of capital. and i want to show you the us markets because lyft will be entering the nasdaq later on. i'm next we have the news briefing where we ta ke next we have the news briefing where we take you through the stories that make headlines in global news media. stay with us here on bbc news.

the current system of checking newborn babies for hip problems in england is failing, resulting in too many late diagnoses and corrective surgery. a new study by surgeons from southampton children's hospital said the rate of late diagnoses had not improved since screening started, over 30 years ago. duncan kennedy has more. she is only seven years old but she has already had two operations on her left hip. she has a condition called hip dysplasia where the ball—and—socket joint have not formed properly. how much pain is there? not a lot of pain but there was some and... it was comfy when i

was some and... it was comfy when i was walking, actually, because i like walking. it is terrible, really. they should have founded as a tiny baby, a newborn, really, and she would not have to go through what she has. it dysplasia affects thousands of children and can easily be treated if picked up early. if it is not, then that means surgery. a screening programme to spot it was introduced in 1986. the research today from university hospital in southhampton says that hundreds of children are being diagnosed too late. what we wanted to highlight is just how many children there are who are missed despite the current national screening programme. something that is so readily and easily treatable. some surgeons are calling for universal screening of all newborn babies. public health england say that could cause more

harm. for leah, it took surgery to make her mobile after years of discomfort and worry. for more on that story, check out brea kfast. they'll have all the day's news, business and sport. this is the briefing from bbc news. the latest headlines: 0n the day that britain was supposed to leave the eu, mp's will once again vote on theresa may's brexit deal. thousands of people have attended a remembrance service in christchurch a fortnight after 50 people were killed in two mosque shootings. venezuela's government has banned the opposition leaderjuan guaido from holding public office for 15 years. he's accused of inconsistencies in his personal financial statements. now it's time to look at the stories that are making the headlines in the media across the world. let's kick off with one of the tabloids here —

it's the sun and brexit, of course. it describes the prime minister as three—sa may as she attempts to get mps to back her eu withdrawl dealfor the third time. on to the main story for the i newspaper. it looks at who could replace mrs may, who's already put her resignation on the cards, picking out borisjohnson who it says is already working on his bid. business insider has a story on facebook. it says the company's upping security for its 80,000 employees across the world. on to bloomberg now. it reports on a banker spying on a fellow eurostar passenger — catching glimpses of documents over his shoulder that helped him crack a $15 billion deal. and finally, portugal times. it covers an eu ruling that means it's time's up for clock changes across europe. with me is kulveer ranger, who's senior vice president strategy and communication at atos.

and also former advisor to the then mayor borisjohnson and also former advisor to the then mayor boris johnson and and also former advisor to the then mayor borisjohnson and possible future prime minister, if the i newspapers to be believed. let us about brexit festival. this i newspaper has this very helpful diagram of what they are expecting to happened today —— first of all. i wa nt to to happened today —— first of all. i want to ask you about the significance of holding this final vote, we think it is a final vote, on the day we should have been leaving the eu. this was meant to be the end. this was meant to be the day signposted by the prime minister, post the referendum in 2016, that britain would leave. and, u nfortu nately, 2016, that britain would leave. and, unfortunately, that is not going to happen. i don't mean unfortunately as in we should leave or should leave, but there has been a commitment to the british public that this would happen on that date. it appears they could still happen in some way or another but it won't happen today. so this event that