friday we'll be getting the inside track on the big stories of the week with our business editor, simon jackking at the price of oil, brexit and the impact of president trump's cancelling his uk visit. and as facebook announces its going to make posts from businesses and brands less prominent, today we want to know if you think these changes mean that the social media site is returning to its roots? let us know. just use #bbcbizlive. hello and welcome to business live. we start here in the uk — where tomorrow will see the start of a revolution in the way we manage our money. it's known as open banking — and it will soon be rolled out across europe, giving more power to customers and potentially weakening the power of the banks. so what is it? at the moment your financial data is held by your bank. but under new rules, ownership of this data will be transferred to the consumer. this will allow you to share it with other companies to see if they can give you a better deal — on anything from overdrafts to mortgages and loans to insurance. open banking has already been welcomed by some consumer

our business editor simon jack reports now on the collapse of carillion and its impact. near aberdeen is scotland's biggest construction project, with a price tag of £750 million. here's another one, around lincoln, cost, 100 million. just two of a50 contracts carillion has been awarded throughout the uk, but it did a lot more than build things. through contracts to manage schools, prisons and hospitals, it touched the lives of millions. today, the government said it would not support the company with public money. this is, however, the failure of a private sector company and it is the company's shareholders and its lenders who will bear the brunt of the losses. taxpayers should not, and will not, bail out a private sector company for private sector losses. this was the scene the midlands that are put in hospital in sandwell. the cranes came to a standstill over the £600 million project. philip ellis was one of 500 workers told to leave. img wages i was due to pick up leave. img wages i was due to pick up this week and white, so i don't know if i'm going to get them. tha

our business editor simon jack joins me now from davos. let's assess that speech. . in terms of the response you are picking up on, simon, was donald trump perhaps a little less protectionist, have people been concerned? what protectionist, have people been concerned ? what have protectionist, have people been concerned? what have they been saying to you? this speech was part victory lap and part sales pitch. he pointed to the strong economic growth, the strong global growth and low unemployment, the victory lap, look what i have done, isn't it great? and the good news, everyone, if the world's largest economy, america, does well, so does everyone else. there was also some carrot and stick, the stick when he slapped ta riffs stick, the stick when he slapped tariffs on washing machines and solar panels, saying that when people don't play by the rules, international property theft, you will come down on them like a tonne of bricks, so he means business on that, but the carrot, he had cut corporation tax to 21%, got rid of lots of regulations, so if you want to sell yo

our business editor simon jack is here. tomorrow and the focus will be on the whole. the whole. time,takeholders about it. stakeholders about it. said they did not have enough cash flow. flow. the regulator who has powers to oversee these things. oversee these things. why did they allow it to happen? allow it to happen? field has called that tentative and apologetic. apologetic. fix this, the company says if we do, we will go bust, what do you do? to have a better system for emergency contacts. while looking after their two daughters. was absent from school. she's been speaking to our education editor branwenjeffreys. chris daykin, devoted to his girls, he took photos, almost every day. with their dad. it was on a trip to london that she became worried. and i hadn't got an answer. was still on the doorstep. to find out that pearl was not at school that day. that my husband had died. but that the children were 0k. found in bed with him. pearl was only four and had just started school. her little sister, iris, was two. of their dad, too frightened to go downstairs. they don't talk about

simon jack, bbc news.k, has confirmed tonight that they have contacted some of their landlords asking for rent reductions. the company is due to publish its christmas trading results next week and has been trying to cut costs and revive sales. now on bbc news, it's time for newsnight. a man and to govern america betrayed. how much of it is true? to those who work with donald trump recognise the chaos it describes? we speak to the white house insider sebastian mand janice middleton. why was the sentence forjohn worboys so lenient? do we forget about the victims of sex crimes too quickly? we examine how they are treated by the justice system. and we examine how they are treated by thejustice system. and isn't we examine how they are treated by the justice system. and isn't cruel to breed puppies like this? half of all flat faced dogs needed treatment to help issues last year. why we insist on making them that's when they are so hard to breathe? good evening. "the events i've described in these pages", writes

simon jack, bbc news. the colmans' mustard factory in norwich is going to close.or 160 years. 0wner unilever shares the site with britvic, which had already said it was closing its part of the site. the factory will shut at the end of 2019. pupils entering secondary school are ill—equipped to deal with the emotional demands of social media, according to the children's commissioner. anne longfield says social media can quickly become an avalanche of pressure for children. she's calling for more education in primary schools and a greater awareness among pa rents. 0ur education correspondent, elaine dunkley, reports. for many young people, social media is at the centre of their lives. following, sharing and posting, part of growing up in a digital age. but for some children it's a steep and difficult learning curve. i made music, i posted it, i expressed how i felt so i got a lot of hate and backlash from that. james was 12 when he first started posting images of himself online. negative comments have had a huge impact on his self—esteem. i wasn't like the average bo

people here, among them the chief executive ofjp morgan chase, and he was talking to my colleague simon jack all started to talk to him about his plans for london in the light of brexit, with regard to how manyjobs may go atjp morgan chase in london. we love london, we love working there. we've got, as you point out, a lot of people there. there is huge efficiencies for us, its huge efficiencies for the eurozone too. but if they determine that you can't have reciprocal trade practices and reciprocal regulations it will be bad in thosejobs. how many? i don't know — it would be a lot. thousands? yeah. 4000? it would be more than 4000. so, this feels more like a bite than a bark. real tariffs on things like solar panels and washing machines. as donald trump started a trade workers might i totally agree. he has raised a lot of issues about trade. i am has raised a lot of issues about trade. iam pro—trade. some stuff about china is — intellectual property and lack of reciprocity. those of a legitimate issues. if they are, they should be fixed. that is the boss ofjp morgan speaking to simonjack th

racism, we would know about it because he would have been sued over and over again -- >> simone sanders is laughing, jacky? >> well, i -- >> come on -- >> i want to know why she thinks it's so funny. i don't know why she's laughing, she should be crying. but go ahead, simone, what do you wab the to say? >> if we had a history of racism, we would know it. the president is racist whether we want to talk about the central park five who were exonerated and the current president of the united states, then a private citizen, took out a whole ad in the new york times to say these young black men did it. >> where are the lawsuits. >> whether we're talking about -- >> where are the laws he broke. >> if you're not sued you're not a racist? >> no, you know this, my friend simone. >> oh -- >> the shortcut to victory is to call somebody a name. i have seen it over and over again. i know on the right we do it to the left, and the left does it to us, i think in this case, going beyond the crass language, he was trying to talk about may meritorious immigration. >> this is why this is problematic. the president of the un

our business editor simon jack is here. simon, are we looking at another carillion here?ar, don't they? for example, big profit warning, crash in the share price, nearly 50% today, 80% over the last year. big public outsourcing contracts that it has, then it looks and feels the same. but there are major differences. it doesn't have those very risky construction contracts which can go wrong and today some of the measures that the company took, while painfulfor shareholders, is precisely what carillion should have done two or three years ago. they have cut the dividend while they still have plenty of money in the bank, £1 billion, they are raising £700 million in new equity capital, which means you don't have to pay it back and they are going to go through all those contracts won by one. so very painful, looks a bit scary but a very different animal, i would say, to carillion. one thing i would say it is given the fact that government got the continuing to award contracts got the continuing to award co ntra cts to got the continuing to award contracts to carillion after a p

so, for someone like larry fink and my colleague simonjack who like larry fink and my colleague simon jack like larry fink and my colleague simonjack who interviewed lord black fine, the head of goldman sachs, they are saying you may not agree with all of the politics and controversy but when it comes to the brute economics president trump has been pretty good for these people. let's bring in one of our other colleagues. karishma vaswani joins us from singapore. the reason i bring you in is because i know you're listening to kamal ahmed and myself and larry fink, but where you are its a totally different story, the tariffs on steel products in asia coming from the white house and the counter response from south korea. indeed, sally, and all of this has to do with exactly what you and kamal ahmed have been talking about, the comments we expect to hear in this speech from donald trump in a few hours' time, everyone in asia is waiting to see whether he makes good oi'i waiting to see whether he makes good on this america first policy. wheel thatis on this america first policy. wheel that is or

you can see business contributions from simon jack. stay with us on the briefing.ve the sport reefing. and i am here at what is one of the biggest and most dense refugee camps in the world. ina and most dense refugee camps in the world. in a moment we will be showing you what it is like to live here. day one of operation desert storm to force the iraqis out of kuwait has seen the most intense air attacks since the second world war. tobacco is america's oldest industry, and it's one of its biggest, but the industry is nervous of this report. this may tend to make people want to stop smoking cigarettes. there is not a street that is unaffected. huge parts of kobe were simply demolished as buildings crashed into one another. this woman said she'd been given no help and no advice by the authorities. she stood outside the ruins of her business. tens of thousands of black children in south africa have taken advantage of laws, passed by the country's new multiracial government, and enrolled at formerly white schools. tonight sees the 9,610th performance of her long—runnin

simon jack, what are you doing in my uber car? his programme, so here we are. gareth, you are in the driver, thank you for picking us up. gareth, you are an uber driver, thank you for picking us up. how long have you been driving for? the firstjourney i made in an uber, i picked some kids up from school, and i got chatting to the drivers, i wanted to find something i could fit in between it contracts and start pursuing my passion, which was more creative fields, i wanted to do a bit of acting. is uber the new waiting tables in hollywood? i think it is. i tell people that. it beats waiting tables, because i don't have to go to the bar manager and say, "my grandmother, she's ill," that type of scenario. the flexibility of uber obviously works for you, but not all the drivers agree — we had that tribunal in the uk where it was recently upheld that uber drivers should be classified as workers, not as self—employed. let's listen to one of the guys who brought that appeal. the gig economy model like uber relies on workers they can explo

our business editor simon jack is here.night that ministers are drawing up plans to take over carillion prison contracts. that's right. what we learned this afternoon is a £200 million contract to run 50 prince. the ministry of justice is drawing up plans to bring it back under public control. this isa it back under public control. this is a company in big trouble. it owns the banks £900 million. it owns the pension scheme, £600 million. it is haemorrhaging money. it needs new funds, the lenders don't want to give them to them. it has had crisis talks with banks, on thursday a huddle with a huddle of ministers and today in talks with the pension fund to find out what happens to 28,000 members' of that pension scheme. the damage to the company is severe. losing 93% of its value since this time last year. an army of sub—contractors worried about what happens and the model of outsourcing some of the critical public services to the public sector is under attack. you said that the labour party, the unions are saying that they sh

simon jack. thank you. 0ur deputy political editor, john pienaar, is at westminster.isters are under so much pressure to deliver a clear answers, what is your reading of things at westminster? the government is trying to keep track of these services that ministers promised would carry on. the treasury has offered an open line of credit to the receiver to see that that happens. but the pressure is on. westminster feels like a scalp on right now, with demands for an enquiry into carillion coming thick and fast, and promises of parliamentary enquiries coming almost as quickly. we have seen the business secretary saying the receivers look at whether there was corporate misconduct that carillion and that should be done quickly. the government wants to be seen as part of the solution, not the problem. ministers would rather be seen as hunters rather than prey. expect changes in the way the rules are operated. i have been picking up talk that companies would have to go through stress tests to show they are sound businesses before they get contracts. not enough for a labour,

our business editor simon jack is here.. yes, carillion is no ordinary private company. it's got some very sensitive public service contracts with prisons, schools and hospitals. it's in big trouble. the bbc has learned that the ministry ofjustice is drawing up plans to bring a £200 million contract for maintenance and prisons back under public control. perhaps unsurprising given the fact this company has been struggling for its life all week. on wednesday it met the banks to is sikh whom it owes money to detail plans, it was rejected. 0n owes money to detail plans, it was rejected. on thursday there was a meeting with the department for transport to look at the options if it got into trouble. today they talk to the pension regulators to look at what happens to the 28,000 pension scheme members who would receive reduced benefits if it fell into administration. the really bad news would be if it did go under, that army of subcontractors who rely on carillion for payment of supply. it also brings up the question of farming ou

simon jack, bbc news. carillion was the £335 million contract to build the new royal liverpool hospital. it was one of the firm's biggest deals, and it first ran into difficulties last march, as our correspondent judith moritz explains. brick by brick, floor by floor, the new £335 million royal liverpool hospital has been taking shape, building work ongoing. until this week. since carillion's collapse, subcontractors here have stopped work. some are owed money and have downed tools for now. meanwhile, next door at the hospital it's due to replace, there's frustration for staff, who are waiting for the new building to be ready. but until things are clearer, hospital bosses know it'll be difficult to get the builders back to work. i would say to contractors, please come on site, you will get paid for the work you're doing now. we recognise there is an issue with the money you are owed by carillion, but there are guarantees about future payments. we will work with the hospital company and with the receivers t

simon jack, bbc news. e talking to our deputy political editor john pienaar in westminster, but first to our business editor simonjack, who is outside carillion‘s headquarters in wolverhampton. simon, judging from your report there is absolutely no secret this was a company in trouble? yes, it was a company in trouble? yes, it was ever since that big profit warning lastjuly everyone thought this company is a dead man walking. it was the most heavily bet against company on the london stock exchange. the government in its own way did try to help the company by co ntroversially way did try to help the company by controversially continuing toward those contracts. the hope of the company could take those contracts, go to its banks and they look, see we are still on the list, we still have a viable business that would make them reassured enough to continue to the money. but haemorrhaging cash, needed an extra £300 million. 0nce haemorrhaging cash, needed an extra £300 million. once it became clear the government

simon jack, bbc news. who have sto- -ed subcontractors who have stopped work.ney and have downed tools for now. next door at the hospital it is due to replace their risk frustration for staff who are waiting for the new building to be ready. until things are clear a hospital bosses know it'll be difficult to get the builders back to work. i would say please come on site, you'll get paid for the work you're doing now. we recognise there an issue with the money you are owed. there are guarantees about future payment and will work with the hospital company and the receivers to try and ensure there is some compensation for the work you've done. is their anger about this? we feel sorry for the staff and subcontractors of carillion. it's not anger, its empathy with the situation they are in, really. the old hospital was built in the 70s and is showing its age. crumbling concrete and rusting pipework. the new building was privately financed but it's progress was slow for various structural reasons and it was sited at the time of carillion‘s first profit warning. the n

simon jack, bbc news.yemen, has been devastated by war, which has claimed thousands of lives, driven millions to the brink of starvation and seen the world's most deadly outbreak of cholera. the current crisis started three years ago, when houthi rebels — backed by iran — together with forces loyal to the former president, ali abdullah saleh, took control of territory around the capital, sana'a. they have been fighting government forces, backed by a saudi—led coalition who control the south and east of the country. however, last month, mr saleh was killed by the houthi forces who had earlier supported him, after suggestions he might do a deal with their enemy, saudi arabia. in the second of her exclusive reports inside yemen, nawal al—maghafi has more from the capital, sana'a. the balance of power has shifted in yemen's civil war, from the saudi coalition to their bitter rivals, iran. for years, we've watched as this proxy war tore the nation apart, killing thousands and leaving millions homeless and starv

our business editor simon jack is here. this has taken analysts by surprise. they had gone up. people are looking for the first indications about the winners in christmas and you look at the figures, a strong light, online performance offsetting a fall in in—store sales. so the most interesting comments were about inflation. the boss of next said inflation. the boss of next said inflation of his clothing will go from 3% to 0% in the second half of the year. for most of last year prices have been going up faster than wages so you have had a big income squeezed. this is not food but some hint that that could turn around and we will all start feeling around and we will all start feeling a bit better off in the second part of this year. that is good for all consumers and very good for retailers as well. thank you. a homeless man who was hailed a "hero" for helping some of the injured at the manchester arena bombing, has pleaded guilty to stealing a purse and a mobile phone from victims of the attack. chris parker appeared at manchester crown court earlier — our co

simon jack, bbc news. how on earth did it still gets the contract is that it was awarded recently.xpayer. they have not bailed out this company they are a backstop for the four this private company. the ceo has walked away. the pension food has a huge black hole. now the taxpayer is taking on all the risk. why is there a failure to claw back some of the huge bonuses? some of the things that they can do have lapsed. there is going to be a lot of criticism for the directors. the third issue is how government procurement works in the future. this was passing it on to smaller and medium—sized companies. why couldn't they go directly to the government. ok, we want to issue a public safety announcement — don't take drugs and drive. if you do you may end up like this car in california. in these cctv pictures you can see the car speeding across a road, it hits the central reservation then smashes into a dentist's office on the 2nd floor of a building. the driver is being investigated by police for driving under the influence of narcotics. this is beyond 100 days from the bbc. coming up for

our business editor simon jack has warnings in the last six months.s biggest construction project with a price tag of £750 million. here is another, around lincoln, the cost £100 million. just two contracts carillion has been awarded throughout the uk, but it does a lot more than buildings. through contracts to manage schools, prisons and hospitals, it touched the lives of millions. today the government said it would not support the company with public money. this is, however, the failure of a private sector company and it is the company‘s shareholders and its lenders who will bear the brunt of the losses. taxpayers should not and will not bail out a private sector company for private sector losses. at their hq in wolverhampton, nervous faces and tight lips. any comment to make? it was a disaster, there are thousands of subcontractors who will not get paid. carillion's fuel cards are not working this morning, so staff are not being able to fill up theirvans. the thing is collapsing around us. the government seem to have this laissez faire attitude and

simon jack, bbc news. i spoke to brian berry, who's chief executive of the federation of master builders, about some of his members who've have been affected by the collapse of carillion. i know for example one of our companies who is owed £230,000 from carillion, and unfortunately their tools are locked on site they can't actually get the tools to do work on other sites. there is another company owed another £20,000. they area company owed another £20,000. they are a window fitting company. but i think the real tragedy apart from that if there are a number of apprentices who now find themselves not knowing what to do and there is a meeting tomorrow we're going to have across the construction industry to try and work out with the construction industry training board about placements, what we can do for those young people, because they are the innocent victims in this tragedy. some good news today. the banks have made it clear that they will try to continue to make sure funds are available so people can get

simonjack, bbc simon jack, bbc news.n women who were passengers in his cab is to be freed after serving ten years in jail. john worboys, who is now 60, was convicted of 19 offences in 2009. now a parole board has approved his release with what it calls stringent licence conditions. 0ur correspondent danny shaw said the parole board had looked carefully into the case. weather forecasters have issued warnings about a huge winter storm over the eastern united states which, it's thought, has already claimed the lives of 19 people. parts of the niagara falls have frozen because of the severe conditions. the state of florida, which has seen its first snowfall for almost 30 years, has declared a state of emergency. similar measures are also in place in georgia, virginia and north carolina. 0ur north america reporter nada tawfikjoins us from new york city. braving the cold there, just how cold is it, nada? well, with the wind chill, it is making it even more cold outside at the moment, it is 20 fahrenheit, but the wind—chill is

simon jack, bbc news.leaders have been meeting the business secretary, greg clark, today to try cushion the blow following the collapse of carillion and the risk to thousands ofjobs. frances 0'grady who's the general secretary of the tuc, says she wants a government task force to be formed to take immediate action. and point to the business secretary that we need to get everybody around a table. —— i was making the point of the business secretary. we need urgency of action to make sure that thousands of workers, and further thousands of workers, and further thousands more in the chain, do not lose theirjobs and livelihoods. and to protect everybody, too. it was a constructive meeting. we are meeting tomorrow. but we want those words backed up by action. len mccluskey said the investigation that has been set up by the government must get to the bottom of carillion‘s business culture. we want to know why directors were allowed to pay themselves massive bonuses, pay massive dividends to the shareholders at a

our business editor, simon jack, is here. what has gone wrong with this company?cting is a risky business. you have a lot of contracts and sometimes the overrun. this company but its revenue as if these contracts would go swimmingly. so they said, that money is as good as in the bank. but with several contracts, things went wrong, big cost overruns and a lot of dead, owing banks more than £900 million. so the bank said, we don't want to lend you more money, it needed money. the bank said, unless we get a good and guarantee for that money, we're not throwing good money after bad and they pulled the plug. the guidance says, we can't probably is company, it is a private company, we cannot use tax payers money. this is complicated because carillion is not just a building company, it supplies key public services. prisons, schools, hospital contract. what the government has said today is, if you area government has said today is, if you are a carillion employee, go to work great you will be paid. the government will stand behind the wages of those public service workers

. —— simon jack is —— simonjack is in davos for us.nited nations beach where she said the target should be two hours to do that. ultimately, it should automatically exclude itself, and they should do that by using developments in artificial intelligence. she's also going to say that britain wants to be a leading light in the development of artificial intelligence. everyone thinks that these are important issues. whether they are top of mind at the moment is a question. we are expecting donald trump to arrive, andl expecting donald trump to arrive, and i think she will have to go some way to outshine the darling of the co nfe re nce way to outshine the darling of the conference so far, emmanuel macron, and all eyes will be on president trump when he arrives this evening. talk us through that a little bit more, simon. davos is the most extraordinary place, isn't it? and one of the problems were any prime minister is that, around the corner, there is always someone more important about to make a speech. the result was a more important per

simon jack in davos.only move "very modestly" apart after brexit. to which a no 10 spokesperson has said that government plans for brexit "could not be described as very modest changes." let's talk about this more with our political correspondent leila nathoo, who joins us now from westminster. so, it's a he says, we say situation, which has ramifications about what the big message is, doesn't it? yeah, i think there has been a kind of truce, if you like, in the cabinet over the brexit position. we know there is a wide range of opinion among senior ministers about what they want brexit a lot like. it is no secret philip hammond was on the remaining side of the argument and advocates a close relationship with the eu after brexit. but it's telling that on the same day we have philip hammond making those comments we have the other side of the spectrum of the tory party jacob rees—mogg, prominent backbencher and a leader of the group of tory eurosceptic mps, also strongly criticising the government for a lack

our business editor simon jack is in davos for us now.re they listening? well, it depends on the pa rt listening? well, it depends on the part of the speech you are talking about. she wanted to talk about technology, responsibility, making the internet a safer place, and she did that but the real focus is on the meeting with donald trump and what happens to the future of brexit and trade. a couple of interesting things, how keen she was to do trade deals. there has been positive noises from ministers from washington and from the government about the enthusiasm to do that trade deal once they are outside of the eu and the question this afternoon is how special is the special relationship. it has been strained over the last 12 months, since going to washington after the election, the famous pits of them holding at the white house, there have been twitter clashes of trump tweet on far right material from britain first and him not deciding to show up at the us embassy. and on things that matter, trade, defence, intelligence, are the relations

let's bring in simone sanders and jack kingston, only one question tonight, how big a deal is this? forget what we were just hearing from anthony scaramucci about privileged information and timing. we don't know anything to disrupt the reporting as it stands. let's deal with the proposition as it lies. simone, if this is true, what does it mean politically? >> i mean i think politically it means a couple of things. what else do we not know about that happened over the last couple of months that donald trump and his folks have been denying or brushing to the side. how deep does the rabbit hole really go? it goes to show things cannot be trusted, something i've thought for a very long time and real political implications, if he did ask for special counsel to be fired, that's something you can't come back from in my opinion. >> jack? >> i think at the time you had a different legal counsel. this was before ty cobb got on board and mark kas vits, we did know at the time he put together a partisan group who had given generously to hillary clinton as time has gone on, we found that exactl