hello, there is is business lies. climate clash — european leaders fail to agree to go carbon neutral by 2050. that is our top story, live from london, friday 21stjune. failure by european leaders to agree on tougher emissions targets highlights how coal is still king in some parts of europe. also we hear

about malaysia's bid to recover 65 million stolen dollars from bdb. that was the company linked to the film wolf of wall street. the ftse is up16 film wolf of wall street. the ftse is up 16 points at the moment. a volatile week for oil and iran tensions. facebook has unveiled its new digital currency and we explain what has been hogging the headlines and who let the dogs out? it is national bring your dog to work day. would your boss be happy if your brought your pouch in, or is it barking mad? brought your pouch in, or is it barking mad 7 let brought your pouch in, or is it barking mad? let us know. hello and welcome to your friday edition of business live. first climate change, european union

leaders have failed to agree a target of zero net greenhouse emissions by 2050. france and germany failed to get agreement at the summit. this after opposition from some eastern european countries over the economic cost. the eu has already agreed to cut greenhouse gas emissions by at least 40% from 1990 levels by 2030 and there has been some progress. emissions have fallen by 22% between 1990 and 2017, but scientist say that is not enough. this month the uk became the first major economy to make a legal commitment to carbon neutrality by twenty 50, but europe relies on coal and germany gets 40% of its

electricity from coal. but it does plan to close all its coal—fired power stations. in poland, 80% of its electricity comes from coal. it is one of the countries that is refusing to sign up to this target. well, morgan stanley says climate related disasters have cost the world 650 billion over the last few yea rs. world 650 billion over the last few years. the un scientists are warning such disasters could cost 5a trillion dollars by 2040. china such disasters could cost 54 trillion dollars by 2040. china is leading the way in renewable energy. they're spending 126 billion. with the us far behind at 40 billion. thank you. i'm joined

the us far behind at 40 billion. thank you. i'mjoined by the us far behind at 40 billion. thank you. i'm joined by bruce doogood. you engaged with oil and gas companies and car makers and talk them through becoming more environmentally friendly. what are the challenges that you face today in yourjob? so our challenge to these big environmentally exposed companies is they need to be prepared for this transition to the low carbon economy, that is going more rapidly than many expected to happen, with costs of renewables falling and the policies ratcheting up. are you surprised there wasn't an agreement among european countries to get carbon neutrality. there is a difference in terms of consensus, eastern europe relies more on coalfor energy, consensus, eastern europe relies more on coal for energy, there consensus, eastern europe relies more on coalfor energy, there is a difference and that is the difficulty? i'm not surprised that it wasn't necessarily agreed last

night. but that it is being debated and that the goal would be net zero by 2050 shows how policy is tightening and we have seen the uk come to this position, increasing its targets. this is triggered by the ipcc report last year, which showed what the impact of 1.5 degrees would be versus two degrees and the gain there would be to avoid that half a degree increase. where does the responsibility lie? governments have to move, but companies as well. where is the balance of responsibility? companies as well. where is the balance of responsibility7m companies as well. where is the balance of responsibility? it is a societal decision and it is vital that we have policy. but businesses are the main delivery engine of the transition and will provide the products, services and the low carbon energy that will change our lives. so they need to be on board and preparing and investing. many

companies are not setting their own ambitious tar gets and that demonstrates their ability to embrace the transition. thank you. now let's look at some of the other stories today. slack, the work place messaging company, their shares soared on their debut on the new york stock exchange. the firm is valued at over $23 billion. renault says it has reached agreement with nissan after the scandal. renault had threatened to block the reforms, because it wanted more say in the new structure. the alliance has been under strain since the arrest of one

business. the bank of england governor has given a cautious welcome to facebook plans to introduce a new currency. he spoke on brexit, saying a no—deal brexit should be a choice taken with absolute clarity about what it would mean for britain's economy. malaysian authorities have said they will not prosecute anyone who voluntarily returns money from the 1mdb scandal. it is part of an effort to recover 65 million stolen from the fund, 1mdb that was linked with the makers of film wolf of wall street. 0ur correspondent is in singapore for us. what have the authorities said? there is a new sheriff in town when it cops to corruption. she said 65 million.

this ties to goldman sachs and the former prime minister, who was kicked out of office last year. he set upa kicked out of office last year. he set up a fund in 2009. the commissioner says they have a straight forward case as there is a clear money trail showing funds from 1mdb were channelled into the former prime minister's bank account. now, you know he is on trial in kualar lumpur in the first of a series of cases related to 1mdb and he has pleaded not guilty and says he is denying any wrong doing. now, the other names in the list include several of his political allies and a jeweller, four ngos and found wisings. authority in the united states say four and a half billion dollars were stolen. they believe the money was used to pay for the

film wolf of wall street. thank you. now the markets and asian stock markets were mixed on friday. asia looking ahead to fresh trade talks between beijing and washington. 0il prices paired back some of the advances after a report that trump had u—turned on iranian air strikes. and gold's position as a safe haven and ina and gold's position as a safe haven and in a week where central banks have turned more dovish, tensions are risen and gold prices have gone through the roof and are at six—year highs. with the european partyings, data is out today and like all data,

it will be scrutinised for weakness. and of course great strength in the bbc team. here is what is ahead. . 0n bbc team. here is what is ahead. . on friday the us commerce department will release the sale and price of homes in the united states. economists believe it will say that sales rose 1.2% in may. the numbers are important, because it is another piece of information used to assess the strength of the housing market and the health of us economy. also happening on friday, the us federal reserve will release the initial results for its 2019 stress test of banks. this report will detail how much the country's biggest banks could expect to post in losses, if the us economy were to face a severe economic down turn. now richard

hunter is head of markets at interactive investor. now the snp and the us. what is going on there? it is an interesting point we find ourself in, these are unusual bed fellows, you have a stock market indexes hitting record highs and there is a nailed on possibility of an interest rate cut in the united states. those aren't two things you get together normally. 0ne states. those aren't two things you get together normally. one reason investors are taking the possibility of rate cut well is, as we have seen from the gold price, there are still lots of concerns about what might come over the us/china talks. they're meant to talk next week. that interest rate cut is seen as an antidote to any slowing down in the united states economy. do you think it is fairto united states economy. do you think it is fair to say that investors are

a bit over—optimistic? they're hanging their hopes on a resolution to trade talks that have been going on forever and the idea of a rate cut the federal reserve didn't say was happening next month. they are talking of 2020. you could be right. what the market is starting to consider is there might be two or three rate cuts before the end of the year. let alone 2020. until century it seemed t accepted wisdom the united states could be in danger ofa the united states could be in danger of a slow down. but not until 2020. the fed would want to be ahead of that. but as we have seen, sentiment can turn on a six pence. so it is so far so good. if nothing comes out of china talks or the tariffs are introduced it could be a different story. thank you. come back to talk

about dogs at work. i don't mean us! you're supposed to say, of course not. of course not. now you know it is live. i love live. i live for live. and we live for fridays. still to come, a volatile week for oil and iranian tensions and facebook unveil a new digital currency. 0ur friday editor is waiting to help make sense of it all. it is andrew walker of course. the number in of air passengers is predicted to double in the next 20 yea rs predicted to double in the next 20 years and the industry is under pressure to say how it is planning to cut its carbon emissions. nina

warhurst has been at the royal royce factually in derby. welcome to rolls—royce in factually in derby. welcome to rolls— royce in derby, factually in derby. welcome to rolls—royce in derby, this engine was built a hundred years ago by henry royce himself. now, if that is the old, then this is the new. the blades made from carbon fibres, making them lighter and more fuel efficient. 0ne making them lighter and more fuel efficient. one thing they're doing to address sustainability. alan, director of technology, you're also working with siemens? for us continuing to improve the turbine is pa rt of continuing to improve the turbine is part of it. if you look at short range missions, we see electric as the way ahead. when might a short haul flight be on a battery plane? at the moment they can only fly a

few miles. we could combine that with a hybrid conversion and see that in around 2030. if we are looking at going long haul to the united states, is that possible at any point? battery technology isn't there today. for the solution for that sector is sustainable fuels and we are working with the industry to develop those fuels. and across the industry, they're calling on government to get involved perhaps to subsidise biofuel technology and to subsidise biofuel technology and to look at ways of increasing regulation to make sure everyone is working together on the problem, because it is a big one and it is not going anywhere. thank you. now our web—site, because if you go on to it you will get the latest and ple nty to it you will get the latest and plenty more on our live news page, which keeps you up—to—date to the minute on what is going on. there is

a story about dixon's car phone. customers are holding on to phones longer and who can blame them and they have an annual loss of nearly £260 million. you're watching business live. 0ur top story, european leaders fail to agree to go carbon neutral by 2050. the markets, and this is how the european markets are looking. they have all turned into positive territory. nice and brief. and now andrew. he is the best bit. 0h, territory. nice and brief. and now andrew. he is the best bit. oh, i say, vicar! we have been talking about huge stories. iran. well it is striking, we heard news that the

australian airline has re—routed flights to avoid the air space around the gulf of oman. the economic significance is it will add to their costs, more fuel consumption and it will be a nuisance to passengers. but it is, it is an ultracautious attitude to the potential security risks. the big economic implication of course is for the oil price. some of the world's biggest oil producers such as saudi arabia and kuwait they ship most of their crude oil out through the area. for some, there are options. saudi arabia could send more via the red sea. there is no

question that if the strait of homus was disrupted it would have a big impact on the price of oil. the oil price in the last couple of weeks has been responding more to concerns about demand and worries about trade tensions. but if this situation in the gulf does get more serious, there is no question we will see it, there is no question we will see it, the impact in the price of crude oil going higher. let's talk about facebook, they're going higher. let's talk about facebook, they‘ re launching going higher. let's talk about facebook, they're launching a cryptocurrency that they hope will transform the global economy, can you explain to our viewers how it would work? it has been cautious welcomed by the governor here? the governor of the bank of england said he is open to the idea, although there was a warning they can expect

to be more regulated than they were in the early stages of their main line of business. when they launched this idea, this currency to be called the libra, facebook said it was an opportunity to provide financial services, banking services, to the 1.7 billion people that don't have access to that kind of stuff already. so you know you would be able in this vision to make payments more easily using a mobile phone. so there are people who have got access to a basic smartphone, but don't have access to the international financial system. that is... and there is the wider prospect of reducing the cost of doing this kind of thing, which we doing this kind of thing, which we do pay indirectly when we're making payments with our credit cards. there is among regulators a

willingness to see what facebook has to offer. although there is a degree of wariness. what does it mean for monetary policy, if there is this money being created outside the mainstream system, how do the tools for controlling inflation get affected. thank you. have a good weekend. and you. let's go if we can to paris, why not? ok let's do there. eurostar later. give us an hour. andrew is coming too. theo leggatt is there and he has been talking to the director of airbus. ooh la la! he is out of control. he is worried about britain leaving without a deal. in march we were

vocal about the risks of a no—deal brexit. that was a no—deal brexit by accident. it would still be bad new for industry. if it becomes more likely, we have to prepare and we need the governments to limit the damages, such as on the logistics. in the long—term we need to see what it means. but it would be bad news for even and we think a no—deal brexit is a threat to the uk, to the eu and industries and we think this is the responsibility of politicians to do whatever it takes to avoid this ugly scenario. let's take a look at some of the other stories making headlines. the world of business's big story is it is national bring your dog to work day in the uk. we have been asking viewers to let us know what happens. do you have an international bring

your dog to work day? a lot of tweeting. here are some. this is archy he is nine. his owner said, i'm retired, buti archy he is nine. his owner said, i'm retired, but i take him when i volunteer with parks in mind on mondays in bournemouth. we are going through this. we have adrian saying he will bring his dog to work. he works from home though. this is ronan a three—year—old german pincher. now back to archy. this is work soing well. let the pictures speakfor work soing well. let the pictures speak for themselves. the consensus has been that people, some people think it is a great idea, it is good for the environment for the way people work, makes them happy. others are worried about allergies.

yes and also the hairs. would it work in your office in the city. we are in an american company's service offices, the whacky furniture. you're probably dog central.m offices, the whacky furniture. you're probably dog central. it is like crufts at the best of the time so like crufts at the best of the time soi like crufts at the best of the time so i won't notice a difference. is it nice to have a dog in the work place. i sense you're not a dog person. not really and some of these i struggle to describe as dogs, the ones that fit in your handbag, the shawl ones —— small ones. there is a couple of small greyhounds, that is slightly odd. they don't need as much exercise. they're kept on a lead. obviously people might assume if you were happier in your work you might be more productive. what do you think? i think if the dogs are

quiet and not disturbing the general work place, it, according to this particular day, this report, they're saying it can increase co—operation and mo pral. if people —— morale. they bring dogs into retirement homes and children's hospitals. enough dogs now i'm told. thank you to our producer. the voice of reason. the story in science alert and across the papers, scientists used 17,000 lost wallets to see how honest people. they left 17,000 wallets lying around. fake wallets with fake ids. it says local currency. and basically what they we re currency. and basically what they were surprised about was not only for the most part were the wallets

returned, but the more that was in the wallet the more likely they were to hand it in. it is a scientific study, but the conclusion that is most people are trying to do the right thing. 72% would most people are trying to do the right thing. 7296 would hand in a wallet if it contained a large wad of cash. i would. wallet if it contained a large wad of cash. iwould. of wallet if it contained a large wad of cash. i would. of course you would. imagine you lose your wallet, how would you feel? and the cards and goodness knows what else. how would you feel? and the cards and goodness knows what elsem gies me more faith in —— gives me more faith in humanity. susan says, in my business, we are talking about dogs again, it would not be allowed, you would be there to do yourjob, not fuss over a dog. you know, enough dogs. we have had it all. dogs, central banks, cryptocurrency.

don't say it isn't a broad church on business live. have a very happy friday. goodbye. i have some summery weather to talk about for the next few days. temperatures will rise. but things becoming more settled. this area of high pressure moving up from the south. we still have a front affecting the far north of scotland. for most of us a dry day with sunshine. this morning a lot of sunshine. this morning a lot of sunshine and that will continue into the afternoon. the showers will continue across the far north west of scotla nd continue across the far north west of scotland and will be scattered. the odd shower in northern ireland. mostly you can see not a lot going on. a bit of cloud floating around. temperatures up to 20 celsius in the

south—east. cool in the north—west. highest here about 13 to 16 degrees. tonight, we will see clear skies and temperatures will fall away quickly. a chilly night. temperatures down into single figures for many of us. six to nine celsius. chillier than that in the country shooifd. —— countryside. the weekend will be fine with sunshine and it will warm up fine with sunshine and it will warm up on sunday. 0n fine with sunshine and it will warm up on sunday. on saturday a chill first thing, but with the clear skies it will warm up. a bit of cloud developing into the afternoon. but even then there is still some sunshine. maximum temperatures 16 to 21. sunday, that area of high pressure that keeps things settled will move towards scandinavia and allow this area of low pressure to have more of an influence. we will see the cloud increase in the west

and you will see some rain moving into cornwall, west devon and the west of wales and northern ireland. elsewhere, it should be dry and there will be some sunshine. maximum temperatures the 20 in the central belt of scotland. 25 in the south—east. with that warmth, will come humidity and through sunday night we are going see a few storms developing across england and wales. they could be intense, frequent lightning and there is a met office warning across much of england and wales, up to 40 millimetres of rain ina wales, up to 40 millimetres of rain in a short space of time over night into monday and next week temperatures will continue to rise, but so will the humidity and threat of storms.

you're watching bbc news at nine with me annita mcveigh. the headlines. foreign office minister mark field faces calls to resign after his treatment of a woman who disrupted a dinner in london. the conservative leadership race enters its final stage, with borisjohnson and jeremy hunt competing to be our next prime minister. us media reports that president trump approved retaliatory military strikes against iran yesterday before changing his mind. the first patients benefit from a pioneering new treatment for blood cancer now available on the nhs. it's a very exciting new development

and it gives new hope to a lot of our