this is the business briefing. i'm sally bundock. the art of the deal — president trump meets business leaders on the second day of his state visit to the uk. download cancelled — apple scraps its itunes music service after 18 years. and the fear factor remains on financial markets. but performance in asia but the big losers were the so—called faang stocks. they lost a bit of ground on wall street, we will explain.

so after all the pomp and ceremony of yesterday, donald trump gets down to business on day two of his state visit to the uk. in a few hours, he will address uk business leaders — with talks on a possible post brexit trade deal, very much on the agenda. total trade between the us and uk was worth more than $262 billion in 2018, making the united kingdom america's fifth—biggest export market for goods. the top us exports to the uk last year were aircraft, precious metals and machinery. agriculture made up only a tiny proportion of exports to the uk, with a value ofjust $2 billion. washington wants to boost that

figure after brexit, saying eu regulations "unfairly ban things" like chlorinated chicken and hormone—treated beef. but even more contentious is the question of the nhs, the uk's national health service. the us ambassador to britain has said the "entire economy" would be included in transatlantic negotiations, which could include allowing american firms to bid for nhs contracts. with me now is david collins, professor of international economic law, at london university. good morning, david. good morning. from the point of view of the us president, the result are paid for but it does depend on the uk's relationship with teu in the future. that is how it works. the uk can't signa that is how it works. the uk can't sign a trade agreement with anybody that stays within the single market. it's going to be difficult for the uk to sign free trade agreements that include services. he is absolutely right, so we have to wait to see what happens with brexit

before the us can proceed with comprehensive negotiations on these issues. if i quote comprehensive negotiations on these issues. ifi quote president from now, this is what he put out on twitter before he left the us. he said "a big trade deal as possible once the uk gets rid of the shackles. " by that, he means a clea n b rea k shackles. " by that, he means a clean break from the shackles. " by that, he means a clean breakfrom the eu? shackles. " by that, he means a clean break from the eu? yes. a clea n clean break from the eu? yes. a clean break, absolutely, but it doesn't mean the uk can't also have a conventional re trade agreement with europe, that the beauty of free trade agreements, you can have them with multiple partners —— free trade agreement with europe. hopefully it looks like a free trade agreement with the us is going to happen. looks like a free trade agreement with the us is going to happenm terms of the business leaders who are there, quite a few, just daily, the chief executive of barclays bank, emma maudsley, the ceo of glaxo civil claim, many others there, they've probably been

strategically pegged. from the point of view of the uk, a trade deal with the us as soon as possible would be very important, wouldn't it? the us as soon as possible would be very important, wouldn't mm would be a win for both countries, andi would be a win for both countries, and i think those individuals are there to reflect the interest of those industries. the us as a mass services market and this is the access that the uk companies want —— massive, the us is seeking access to the british agricultural market. that seems to be the central trade—off that is taking place publicly. when it comes to issues like chlorinated chicken, are there types of agricultural products that are not able to come into the uk because of regulation, for example, the agricultural body and health and safety would argue actually, this sort of regulation protect us. we wa nt sort of regulation protect us. we want this. i'm not sure about that. chlorinated chicken is not unsafe. want this. i'm not sure about that. chlorinated chicken is not unsafelj know it's not unsafe. this is an aspect of the eu's detection is amended often has to do animal

treatment and my approach to this is it's an aspect of consumer choice. we don't buy products if we don't wa nt we don't buy products if we don't want them. i would hate to think thatis want them. i would hate to think that is a stumbling block for the free trade agreement, those types of issues. but they are contentious and i think the important thing is to educate society and be transparent about the risks and what they actually are. animal welfare is the main issue about that, as you said, it's not unsafe at all. give in, very interesting. and as we mentioned earlier, we are going to be across this old today, day two on that state visit —— across this all day. but now let's look at south korea's economy. south korea's economy shrank more than initially estimated in the first three months of the year. it'll put pressure on the central bank to cut interest rates. let's go to our asia business hub where rico hizon is following the story. sally! nice to see you! tell us about south korea. ways the economy

shrinking at the moment? with this construction, the country is now one of the worst performing economies in asia —— contraction. it was dragged down by slowing global demand for electronics. the gdp of asia's fourth largest economy decreased by 0.4%, compared to the previous period which was the largest drop since 2008. sally, the bank of south korea revealed a 3.3% fall in manufacturing due to lower production of electronics was a key reason for this contraction. also hit by slowing global demand for semiconductors and uncertainty sparked by this protracted us—china trade war. so we've been speaking about this slowdown and surely there will be pressure on the central bank to ease monetary policy sooner rather than later. nice to see you,

rico. now let's brief you on some other business stories: facebook investors will only be allowed to vote on mark zuckerberg's salary every three years. it's the result of a shareholder vote last week. the facebook boss and some fellow executives hold a special class of shares which carry 10 times the voting power of standard shares. some standard shareholders had wanted mr zuckerberg's salary reviewed annually. uncertainty over brexit saw new foreign direct investment projects in the uk fall 13% last year. a study by professional services firm ey says that despite the dip, the uk remained the top investment destination in europe last year, although france and germany have narrowed the gap. it's the end of an era for apple. it's scrapping its itunes music download service after 18 years. the firm also revealed a number of new privacy measures at its annual developer conference in san jose. dave lee has more.

it's been almost 20 years since steve jobs introduced itunes it's been almost 20 years since stevejobs introduced itunes into the world. and the world of entertainment has changed a lot in them. so as many apple fans have been predicting for some time, itunes is going to be phased out and replaced with three separate ups. once for music, one for pod casts and one for apple balls dv subscription services that is going to come later this year —— podcast and their subscriptions service. they are creating a unique e—mail address for every up you sign up with, so if there is a data breach down the line, that's not going to affect you as much and the data isn't going to be useful for advertisers either. for the first time in six years, apple announced a new desktop pc, it's going to cost $5,999 to start, which means it is being aimed squarely at the creative industries, a group of people who feel they have been slightly neglected by apple in recent years.

dave lee, bbc news, in sanjose. let's stay with the big tech giants, including apple. the share price of the so called faang companies have slumped in the us. so that's facebook amazon, apple, netflix and google's parent company, alphabet. they saw $137 billion wiped off their stock market value. here's michelle fleury in new york to explain why. what sparked the sell—off was the prospect of greater regulatory scrutiny. us anti—trust forces have a p pa re ntly scrutiny. us anti—trust forces have apparently carved up jurisdiction for possible investigations into google, facebook, and was on and apple. the wall streetjournal reported on friday that the us justice department is preparing an anti— trust investigation into google's business practices. the washington post claim that the federal trade commission is looking into potential anti—trust violations of amazon. bloomberg says the ftc might open a anti—trust probe into

facebook. it's not uncommon for the agencies to negotiate over who gets to that which companies and markets. it is to avoid duplication and stepping on each others' toes. it's also worth noting that the last big anti—trust suit in the united states was against microsoft, that was roughly 20 years ago. part of the challenges that it's hard to show american consumers that have been harmed. as a requirement of us anti—trust law. big tech companies like google and facebook and they hang ona like google and facebook and they hang on a second, we are providing oui’ hang on a second, we are providing our services for free in exchange for people's personal data. but make no mistake, the threat here is real. for a while now, many americans have come to believe that the tech industry has too much power and needs to be reined in. but washington, well, it's tended to be hands. silicon valley was seen to be an engine of economic growth not to

be tampered with, but opinion has shifted. democrats say these firms are too powerful and are hurting consumers and society. to quote bob dyla n, consumers and society. to quote bob dylan, it seems for big tech companies, times are a changing. that is your business briefing. supermarket customers will be able to fill up their own containers with products that were previously wrapped, as part of a new trial by one major supermarket. in an attempt to reduce plastic waste, products including pasta, wine and washing—up liquid will be available at waitrose without any packaging. our business correspondent emma simpson has all the details.

we have all become used to taking oui’ we have all become used to taking our own bags to do our own grocery shopping, but what about taking your own plastic containers as well? in the corner of the supermarket, there isa the corner of the supermarket, there is a refill station. you can park your own food from lentils and pastor to frozen fruit. no box, then borrow one or pastor to frozen fruit. no box, then boi’i’ow one 01’ use pastor to frozen fruit. no box, then boi’i’ow one 01’ use an pastor to frozen fruit. no box, then borrow one or use an environmentally friendly bag. some of these things, if they were rolled out across all shops and all customers, it would have — it would save thousands of tons of mastic in packaging and would completely change the way we shop. is this commercially viable? that is what we need to find out do this test. by their reusable bottles and you can do wine and beer too, and you can do wine and beer too, and lots of loose fruit and vegetables. plenty of independent shops offer food vegetables. plenty of independent shops offerfood on rap, but no supermarket‘s tried anything as varied as this. it's nice being able

to weigh the amount, it's just more flexible and it looks better. to weigh the amount, it's just more flexible and it looks betterlj think it's high time there was less plastic and more — just going back to europe, i'm not sure it's enough, but it's a good start. waitrose says this is a genuine test to find out if shoppers really have an appetite for change. emma simpson, bbc news, oxford. what an interesting idea. we will talk about that in more detail in our news briefing. coming up at 6:00am on breakfast, dan walker and louise minchin will have all the day's news, business and sport. this is the briefing from bbc news. the latest headlines: after the pomp comes the politics. it's day two of president trump's state visit to the uk, with talks with the prime minister and business leaders on the agenda. sudan's military has called a snap election after its deadly crackdown on protesters, scrapping plans

for a three year transition. now it's time to look at the stories that are making the headlines in the media across the world. we begin with the times. there's only one show in town and only one story — it's the state visit of donald trump. the times is looking ahead to today's meeting between the president and theresa may. staying with the state visit, it's the daily mirror and their headline is ‘pomp and protest‘, because today massive protests are planned as angry demonstrations will take place outside buckingham palace. on to thejapan times remembering 30 years' since the tiananmen square protests. a taiwanese artist working under

the name shake has created a huge inflatable replica of the iconic ‘tank man' moment — the lone protestor who stood in front of the convoy of tanks. back to the times. it looks at a trial by supermarket giants waitrose and their push to sell loose cereals, coffee and pasta to see if they can wean shoppers off plastic. now on to the ft. it looks at internet security and a new level of verification that will come into action in september, and asks, are people ready? and finally, japan's daily newspaper the mainichi which has this story —— now on to the ft. it looks at internet security and a new level of verification that will come into action in september, and asks, are people ready? and finally, japan's daily newspaper the mainichi which has this story about a group fighting gender—based workplace discrimination, calling for a ban on dress codes