this is the business briefing. i'm sally bundock. as the uk awaits a new prime minister, what kind of trade deals can the country expect after brexit? india's two billion dollar co—living market. how the country's millenials are changing the traditional concept of a home. markers are doing better in asia than this time yesterday. lots of corporate news coming out of big names in the us this week that will

catch everyone‘s attention. —— markets. it's a huge day for uk politics, because in a few hours from now, the conservative party will have a new leader. the markets and investors will be keeping a close eye on developments, to see how the change of leadership will effect post—brexit trade negotiations. so far, the uk has agreed continuity deals with 12 countries and regions. these include a group of countries from south america and the caribbean, and agreements with norway and switzerland as well as others. the total value of these deals is around $91; billion. injune, the uk signed an outline free trade agreement with south korea, which would look to maintain the current deal.

trade between the two countries is currently around $10 billion a year. mutual recognition agreements have also been reached with the united states, australia and new zealand. these deals are not free trade agreements, but similar to current deals these countries have with the european union. last year trade between the us and uk hit a record high of $127 billion. however, some countries have decided to hedge their bets until they see how brexit turns out. they include india and canada, with both refusing to sign any fresh agreements for the time being. joining me now is catherine mcbride, senior economist, international trade & competition unit, iea. good morning. nice to see you again. things will become clearer as to how

we exit the european union, one would hope. we will certainly know who is going to be in charge of that process. if it is borisjohnson and we leave without a gl october 31, what will that mean for businesses in november? well, they have a ready published back in march what would be the tariff schedule and they are dropping the tariffs on a lot of things. —— and we leave without a deal on october 31. a lot of businesses won't be that affected. this is the uk government's proposal, when you say they are dropping tariffs. yes, and that is why the canadians don't want to roll over the agreement which is the comprehensive european trade agreement, because they think that the new tariff schedule may be better for them but certainly, the new tariff schedule may be betterfor them but certainly, i do think that the uk and canada could doa think that the uk and canada could do a much better deal than that because there are a lot of things left out of it, agriculture, food

and a lot of service industries which the uk could sell to canada and also data protection laws. there area and also data protection laws. there are a lot of things that have been left out off the deal and bilateral agreements are much quicker to do deals with 28 countries. because the uk has not been allowed to formally negotiate trade deals or sign any deals prior to leaving the european union but as we have already explained, as much as possible, the uk has got their ducks in a row for future trade agreements with various countries around the world. give us your take on this process so far.” think it is something we could a lwa ys think it is something we could always have done. trade agreements, australia for instance has an average trade agreement are for less than two years. they can be done very quickly if they are bilateral because countries know what they want. the biggest stumbling block is

the quota system on a lot of agricultural goods and the eu quota, they wanted to divide it with the uk when the uk left the eu and a lot of their countries said that isn't fair because when the eu expanded, they didn't increase the quota standards. i think they have got around that 110w i think they have got around that now and we should be able to sign agreements with those two countries. we are the biggest buyer of the goodsin we are the biggest buyer of the goods in the eu anyway so it makes sense that we should be doing trade deals with them. a lot of those deals with them. a lot of those deals have been blocked by different european countries which have different industries or farmers to protect which we don't have. we will certainly keep a close eye on how it all goes. thank you forjoining us in westminster today where it will be an extremely busy day. we will

have more of course on the political events that are taking place a little later but now let's discuss other business stories. india could be about to deal a major blow to crypto currencies as they aim to become globally—accepted payment systems. this as the government panel has recommended banning digital tokens such as bitcoin, ripple, and ethereum. rico hizon is following the story from our asia business hub. this is so interesting, isn't it, given the fact that facebook is due to launch its own digital currency. we are seeing this indian panel planning to ban cryptocurrency, private ones, as you mentioned. we could see it up, a jail term of up to ten years and finds for anyone dealing in cryptocurrencies. government has issued warnings saying that they were like ponzi schemes that offer early retirement.

it will be examined by the government and regulators before they make a final decision. there is a caveat, the panel is recommended that the government recommends its own digital currency that will unction like banknotes through the central bank. digital currencies have been controversial worldwide with authorities considering initiatives on how to regulate cryptocurrency ‘s, particularly after facebook announced plans to launch their own called libra. we will have to wait to see how it all pans out in india and whether or not cryptocurrencies will be banned. thank you, rico hizon. now let's brief you on some other business stories. donald trump has said a two—year deal has been struck with congressional leaders to raise the treasury department's borrowing authority and to set budget spending caps. on twitter, the us president said an agreement had been reached, "on a two—year budget and debt ceiling, with no poison pills".

a major power cut has caused widespread disruption across venezuela. the metro system is suspended in the capital, caracas, while homes and businesses have been left without in electricity in all 23 venezuelan states. the information minister, jorge rodrigues, said the blackout had been caused by sabotage against the main hydroelectric dam. —— across venezuela. millennials, those born between 1981 and 1996, in india are changing the traditional concept of a home. have you heard of co—living? that's where renters share kitchens, bathrooms and lounges in exchange for services like social events, cleaning and meals. the industry is expected to be worth some $2 billion in 3 years, and the number of beds in co—living spaces has more than doubled in the last year. zoe thomas went to bangalore

to find out more. bangalore, the rise of the city's young population has led to changes, including what many are calling home. co—living is a new version of flat sharing. residents rent a bedroom from a company that maintains common spaces and provides social events. residents can stay for as little as a month and on average stay forjust six. tanu nayyar moved into this co—living building run by oyo in february, when her company transferred her from delhi. if you go for a flat, you have to have a security deposit, you need to at least give them ten months deposit. which i faced. i mena, that was an issue i faced. —— i mean. i am new to the city, it is not necessarily i would actually be in the city for long. co—living brands like oyo, lemon tree, nestaway and zolo are attracting millions from foreign investors. the market here is expected to be worth $2 billion by 2022.

one reason investors see so much potential for the co—living space in india is that the model already exists here. these places advertising for pg or paying guests will rent you a room that comes with food and access to shared space, but there's not a lot of freedom for the residents, and not a lot of organisation across the market. paying guest accommodation typically have curfews and restrictions on food and visitors but the rules vary depending on the owner. by offering consistency and better services, co—living apps are winning young customers. but for investors, the real indian real estate market poses risks. the amount of money that some of the players have taken has also led to a high cash bond which is not sustainable in the longer run. india has one of the largest young population in the world. they're expected to rent homes longer than previous generations and are more willing to spend on experiences. investors think that combination will be co—living's recipe for success. zoe thomas, bbc news, bengalore.

—— bangalore. i will be back soon for more discussion on what is happening here today. the information commissioner's office says it has "serious concerns" about the police policy of so called "digital strip searching" victims of crime. following a series of failures by police and prosecutors to disclose digital evidence to defendants, the police began asking for phones and mobile devices to be handed over so they can be searched for evidence relevant to the case. our legal correspondent clive coleman reports. following a series of failures by

police and prosecutors to disclose digital evidence to defendants including liam allan who was wrongly accused of rape, police in england and wales introduced forms asking alleged limbs for permission to view data on their mobile devices, including messages, photographs, e—mails and social media accounts. if they don't comply, prosecutions can be halted. courtney, not her real name, reported a sexual assault to police. the choice they gave me was that i should give my cellphone to them to be downloaded in its entirety, all the personal material thatis entirety, all the personal material that is on that phone will be seen potentially by officers and my attacker or i can refuse and my case will be dropped. i chose the latter and its deeply upsetting because i feel like at this time that i'm not able to getjustice for that crime. ina new able to getjustice for that crime. in a new report, big rather watch names the search are highly likely

to infringe a victim's visit —— privacy and data protection rights and delay investigations and the information commissioner ‘s office which is shortly to report on the issue says it has serious concerns about the policy's impact on rights. the council says it believes that consent forms are the best way of meeting police obligations to search for relevant material but recognises the concerns and wilker —— carefully consider both reports. clive coleman, bbc news. this is the briefing from bbc news. the latest headlines: the conservative leadership contest reaches its climax in just a few hours time. jeremy hunt taking on borisjohnson in the battle to be prime minister. dozens of people have been injured as massive wildfires sweep through central portugal. let's head back to westminster now.

let's now take a look at what today's papers are talking about. here in the uk, you can imagine there is one story in town. we begin with the i newspaper. like nearly all of today's papers, it's all about the tory leadership race. the i looks ahead to the result of the leadership contest — predicting victory for front—runner borisjohnson, who is widely expected to become the uk's next prime minister. it says the former foreign secretary will appealfor party unity and will warn of electoral disaster if brexit is not delivered. now onto cityam and yes you guessed it, it's more on boris! this time, sir alan duncan has resigned as minister of state for europe and the americas ahead of borisjohnson‘s tory leadership win, assuming he wins. the pro—european minister has previously voiced his opposition tojohnson and his departure

is the first of a string of mooted resignations, as ministers opt to step down instead of serving under mrjohnson. the guardian has this picture of a smiling jo swinson as she is elected as the new leader of the lib dems, the first female leader of that party and she's only 39! now onto the financial times. it leads onjeremy hunt's calls for european allies to lead a new maritime alliance to protect commercial ships sailing through the strait of hormuz. the foreign secretary's comments come after iran seized a british—flagged tanker in the gulf, amid growing tensions between the west and tehran. (ani) the bbc online reports on a key meeting held in paris between eu nations. the eight eu countries have agreed to share the resettlement of migrants rescued in the mediterranean —