neil carbury of the cbi.ogramme that toys r us with its american owner is in deep trouble, it says it is in chapter 11 ba n kru ptcy trouble, it says it is in chapter 11 bankruptcy protection in the us which puts its uk arm, with 106 stores, in jeopardy. which puts its uk arm, with 106 stores, injeopardy. plenty more on the website. check it out. you're watching business live. our top story, a day of reckoning for retail group steinhoff as the company meets with its creditors over a gaping black hole in its finances. it owns businesses in 60 countries around the world. investors are meeting to discuss the black hole and they are asking creditors for more time to pay the money back. repercussions could be felt around the world. a quick look at how markets are faring. they have mixed a bit more modestly than we saw over the last few sessions. the european markets are by and large following the us markets a little higher. this is, as we we re markets a little higher. this is, as we were discussing, because we ar

paul drechsler, president of the cbi there.tute of directors. how do you feel about the state of the talks right now? this morning's talk was a great... we're going to be here again several times over the few months and ears, because these negotiations will be tough. our members will certainly be feeling relieved this morning, particularly because they can now say to their staff, their eu staff, we have got much more clarity on your position here. how it is go to work, that is hugely welcome. is there sufficient clarity at this point as we speak for your members to put off their contingency plans? in order for businesses to suspend or delay the most severe contingency plans, we need to get agreement on that transition deal pretty soon. early in the new year, certainly. in the first quarter of next year. that is the sort of time by which businesses will need to know, otherwise they will need to know, otherwise they will start putting some of those plans and even as far as moving operations and offices. clearly, we don't want tha

now for the hard work, the words from the cbi.t week to begin discussing the future trade relationship. more details on the website. the talks on brexit have reached something of a milestone. and it looks like they are progressing to the talks on trade in the coming months. talks about talks beginning on monday, according to donald tusk of . let‘s turn our attention to the other side a —— the other side of the atlantic. the us congress has passed a last—minute bill to stop the government running out of money — but only for two weeks. now president trump and the house have until december 22nd to thrash out long term deal on spending. it‘s all about what‘s known as the ‘debt ceiling‘ —the country‘s borrowing limit set by congress. mike jacob and joined us. we seem to reach this point any soap —— every so often, is it different this time? it was only three months ago we last talked about this when trump struck a deal with democrat leadership rather than republicans and upset his party significantly. i‘m really sorry to interrupt... w

paul drechsler, president of the cbi there.imistic of the future of the brexit talks following this? we welcome what happened last night, we are very pleased to see that we are moving forward to the next stage, there has been a lot of uncertainty around this. we are certainly very pleased as well to hear and see assurances being given for eu nationals in the uk, that is an important point for uk manufacturers. to make those reassu ra nces manufacturers. to make those reassurances is very manufacturers. to make those reassurances is very important. there is a lot to do next. come go on to what needs to be done? varity. —— clarity. making sure there are no barriers to trade. the supplied trains between —— supply chains... any barriers to that, anything we add two additional customs requirements bureaucracy, that would be damaging. we need to make sure it is keep that as clear as possible. i'm not sure if it is within your purview to commenting on this, but do you think that no hard border in northern ireland means no hard border

or the inevitable organisations like the cbi wants a transition.ans have not sat down with any seriousness and talked about the ends arrangement. they put it off, have talked about things they want to talk about, are obsessed by money, have done nothing to reduce their budgets. they know they will be 10 billion worse off without us. they have their own arrangements to go after and that's what they have been pursuing. there's a huge commercial interest across europe, 5 million europeans, depending on sales to the uk. they have a 71.8 billion surplus this last year. it is massively in their interests that we have a trade deal. you're saying if you are not going to seriously talk about trade, the next best option is not a leap in the dark, it is to work on wto terms. countries like india and america have accelerated their sales into the european single market faster from outside the single market and we have from within. it's not solely about trade. it's about citizens rights as well. you area about citizens rights as well. you are a former secretary

the cbi sees expansion of 1.5% in 2019, and one .3% the worst annual performances 2009.aid downside risks are high as they are assuming brexit goes smoothly. maduro has announced dennis way that will create its own petrol currency backed by reserves in oil, gas, gold, and diamonds. he currency is in freefall says it will enable venezuela to advance new forms of financing. economysees venezuela's shrinking 12% and inflation rising beyond 2300%. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. >> it has been a manic monday across asia with asian stocks fluctuating. look at u.s. futures has investors weigh the implication of the u.s. tax cuts, the dollar higher, so every asian currency underwater. the yen has had an impact on japanese equities, but look at the turnaround in south korea, up .7%, apple suppliers entire one-hit hard last week and the csi 300, a selloff and large-cap stocks over the last couple of weeks, but a turnaround today significant and the hang seng being lifted as we see a turna

business investment numbers are the ones we're looking at what we saw in recent business surveys from the cbi is that firms have become a lot more cautious. when we turn back the clock to immediately after the referendum vote, we thought there would be a quick impact on investment that didn't come through that's where the global picture is influential the uk would have been weaker were it not for the positive surprise on the global economy >> you think that will slow down next year? >> we don't. we think the world economy is in for a couple of good years 2018 slightly better than 2017 this year already the best year since 2010 global conditions will help the uk >> i've opened quite a few chocolates on my advaent calendr now, what are the threats for the new year you must have some concerns what are they >> when we say we don't see a looming threat in the next 12 months, that's quite different to the last few years. there's always been something serious to worry about that could impact growth quickly. the fiscal cliff in the u.s., the eurozone crisis, china hard landing was the big worry in 20

u.s.concrete is the one to buy after the close mcdermott, not a company i'm really crazy about and cbi combine together in what is a $6 billion deal. let's say at least some thought about what that merger may mean. if it makes it a more attractive company. that's what i'm promising you. there is no sense me saying i'm dismissing that merger. maybe it is really good news. let's go to russell in new york. russell. >> caller: happy holiday boo yeah to you. >> same to you. what's going on? >> caller: with the corporate tax rate possibly going to 21% which would allow companies to stay in the u.s. and compete, do you see a company like bzu being viable and if so what do you think the company will do? >> website design company and a growth vehicle. up 167%. my say, my case is buy it. let's go to brian in michigan. >> caller: jim, this friday marks the half way point of a communication launch of the next generation high speed data constiilation. replacing a network with a high speed satellite network enabling a truly global internet of things and global connectivity. with a forecasted less th

we don't want to be in the engineering group cbi neither. these are very hard business we don't want to touch them. we'll stay away. >>> it's story time and the narrative is changing, cvs and disney are trying to change their images that's what the recent action is all about. much more "mad money." including what amazon's purchase of whole foods and the subsequent selloff of the grossers can tell us about other bezos induced declines >>> as smartphones become more popular, accurate information is more important than ever i'm eyeing one company hoping to bank on the trend. don't miss my exclusive with yext it's a cancer fighting bio tech with stock up 25% this year. i'll reveal the name and tell you if it's worth owning when i turn in tonight's home work so stick with cramer. i think that she's a very nice girl... you never got the brakes looked at? oh yeah. no. at cognizant, we're helping today's leading manufacturers make things that think and do automatically. imagine that, a world of new digital products and services all working together

yes, it definitely is stable enough i think things have been overplayed, particularly by the cbi and put the final is on the public and put the frighteners on mps. most of your audience and the mps, they've been told that the prices will go up. that is not true. there was a lot of disinformation. we wa nt there was a lot of disinformation. we want a decent deal and we want to get on with the europeans. nothing against them individually, but i am worried about the disinformation which is inclined to make us do a bad deal. thank you for coming to see this morning. disinformation works both ways people will immediately contest some of the things you are claiming as well, but thatis things you are claiming as well, but that is the point. it's called democracy. thank you. here's stav with a look at this morning's weather. shropshire saw a lot of disruptive snow yesterday. a couple of inches at least. there will be trouble where you had snow yesterday, watch out for the isas well. most of the snow across scotland and ireland. most of the country though it will be dry and find with lots of

we have cbi today, inflationary prices coming in line with what estimates were. nice rebound from the decline we saw in the previous month. it slightly exceeded what economists broadcast. you know we have been talking quite a bit about where inflation is in the market here in the u.s. and japan. really there is no difference in south korea though they may be in a little better shape. it is perplexing. because things are low, they are bound to go up. i a magic the commodity markets will kick in. the commodity market will kick in. fact that an expected tightening from the fed and others is a key risk to watch and 2018. betty: certainly we are watching the markets here today in the u.s.. let's quickly pull up where we ended up and u.s. markets today. 1/5 of 1%.er by the nasdaq also higher. pretty much green across the screen. a lot of people are not taking on any huge position. the volume is spinning out as we get to the end of the year. >> a lot of people are not at their desks. betty: we are. anchor: blame the day job for that one. a shortened trading session in n

flour would like to buy it cbi.'t give it away don't just sell it to the stock market >> let's get an update on what's going on on capitol hill and then we'll talk about amazon >> oh, my god, yes >> but let's get to that push for tax reform continues she has the latest for us. >> fresh momentum here senator ron johnson confirming to us that he will support this tax bill and what won him over was an increase in the pass-through deduction. originally going from 17.4% to 20%. now it's going up to 23% and this is something that was negotiated overnight with gop leadership it also won over senator steve daines of montana who announced his support earlier this morning. one thing, however, that is still unclear about this deal is how they're going to pay for it. and what that could mean for deficit hawks like senator bob corker and also senator jeff flake of arizona they'd run into a snafu last night when the compromise that they had worked out with republican leadership over creating a fiscal trigger that would automatica

the next round, the next cbi is probablyasure going to see a round of 4.2 to 4.4.limb from there. a large part of that is notional allowance, that provincial governments in india are likely to give. it is still risky, particularly given the way that oil and commodity prices have moved. fiscal side is an even bigger concern. bank of india studies have indicated that inflation is very level dependent. how thet really know state governments are likely to conduct their fiscal affairs. the center's fiscal situation is still not very clear. at this point in time, it is almost a certainty that they will hold. the important thing is if they will do a wait and watch for if it is an extended pause. david: very quickly, before we move on, do you think the next move would be a hike or a cut, or is that also uncertain? >> i do not quite see at this point in time. i think india's growth is still fairly fragile. whatever inflation you see is transient, not driven by fundamentals. david: you mentioned oil and the .mport bill at what level, at what price of oil does it start to rea

they are closing the discretionary fund and letting investors shift to the main cbi fund.llenassets roughly in half. that is your bloomberg business flash. alix: in the commodity market, brent prices are getting a boost as opec wrapped up last night. the oil-producing nations did agree to extend production nuts -- cuts through 2015. they did not discuss the mechanism for looking at the cuts did this is with the oil minister had to say about the expectations. 2018 is what we would have done in 2017. we see it -- and increasing level in compliance. october are very encouraging. reflectt november to this as well. is a joining us now bloomberg view reporter. what is the biggest question we still don't have an answer to? point, the question that needs to be answered is how the deal is going to be unwound here it we hear from people here on the ground. the complexity in making this happen was substantial. the market had baked that in as the consensus. with libya notnt being asked the pump beyond their 2017 highs. they both say it's too early about an exit strategy. then see how1