have a great weekend, simonjack.profit to date of $10.4 billion according to its results out yesterday. but what effect could president trump have on the auto industry? they have revealed they are cancelling a planned new plant in mexico, it has cost $200 million. earlier i sat down and spoke tojim farley, their boss for europe, the middle east and africa, and he explained why free trade was very important to them. 0ur industry is based on free trade, you know, a good example is here in europe — we build all of our engines in the uk, we export them to europe, put them in cars, and we reimport them into the uk. we are the number—one brand here in the uk, so you know, this model of free trade is the basis for our business. but that could change, couldn't it? president trump is talking about 20%, your cars, whatever party make in mexico to bring to the states, you may have to pay 20% on those. in mexico to bring to the states, you may have to pay 20% on thosem is early days, we don't really know, so we will see, but it

simonjack, bbc news, davos.c.com/news, including our top stories and all the best video. don't forget you can find me on twitter. i'm on @bbckasiamadera. time now for all the sports news, in sport today. hello, i'm chris mitchell and this is sport today, live from the bbc sport centre. coming up on this programme: not an ace start in melbourne for murray but his hunt for a first title there continues. he faces jeremy chardy in the second round. he is 2—0 up. and ghana get their africa cup of nations campaign off to a winning start. the action is under way on day three of the australian open. the world number one andy murray plays andrey rublev in round two on later on wednesday. the russian teenager, the son of a former professional

simonjack there morning around 7.00am. 0k simon.orning around 7.00am. 0k simon. simonjack there for us, our business editor, with the latest on that business story. a brief look at some of the day's other other news stories. more than 4,000 people have been sleeping rough every night on england's streets. the latest figures show that while london has the highest number of homeless people, more than half of councils in england recorded a rise in rough sleepers compared to the previous year. a man arrested over alleged threats made against gina miller, the woman behind the brexit legal challenge, has been released on bail. the 50—year—old man was detained on wednesday on suspicion of racially—aggravated malicious communications. he has been bailed until mid—february. northumbria university has apologised and been fined £400,000 after two people nearly died taking part in a science experiment. the students were accidentally given enough caffeine for 300 cups of coffee, 100 times the intended dose. laws to prevent discrimination against

simonjack there, our business editor. there is a lot about that story on our website.ted quite a bit of the programme to it, it is bmw, they are telling us that they are determined to build their plant in mexico despite the fact that ford, fiat and others have gone back on that decision. bmw ploughing ahead with building a plant in mexico, contrary to president—elect‘s, donald trump's, favourite policies. you're watching business live. our top story, fiat chrysler says it will invest $1 billion in the united states as the detroit motor show gets underway. a quick look at how markets are faring. london up. just a bit. meaning, you know, it keeps going on and on, doesn't it? this whole record rally as it were. very close to all-time highs. not quite there. we have got another 30 or 40 points before we get there. for many of us, a reliable power supply is something we take for granted. we turn on the fridge or the tv and itjust works. but for many others it's a very different story, the international energy agency says 1.2 billion people around the world do not have acces

simonjacks is and strasbourg and brussels as well. simon jacks is in and strasbourg and brussels as well. simonjacks is in davos where the chinese leader has made a heartfelt case for globalisation. our middle east editor is in aleppo and we will play you the latest report from jeremy bowen on the destruction he has seen there. vladimir putin has made his first comments on unverified allegations that russia has compromising information on donald trump. the uk is going to leave the eu's single market. and you can argue that had become politically inevitable. many people supported brexit because of concerns about immigration. theresa may was never likely to ignore that. and the eu's most seniorfigures have consistently said no membership of the single market without freedom of movement. they were never likely to compromise. for all the talk of soft brexit it was hard to see what that meant in practical terms. none the less, this speech is a moment a huge significance. not just for its headline announcement — but other policy details too

simonjack, bbc news, nottingham. remember this from a few months ago?axy note 7 mobile phone overheating and bursting into flames. it led to the phone being banned on planes and pulled from the shops. now the investigation into what caused the overheating has concluded — and found that it was a fault in the design and manufacturing of the batteries. rory cellan—jones has been writing about this on the bbc website. he explained what was found in this investigation. they poured enormous resources into the investigation and knew how important it was. they had three outside bodies and many top scientists to investigate. and they concluded that it was the batteries. tell me something new! but there was something fascinating in there, a line from the man in charge of the smartphone division saying what we've done is ask more and more and more of the battery in this high—performance smartphone, we ask too much of it. there's a general truth, everyone is trying to put more and more capability into these extraordinary devices which of course are very powerful co

simonjack, bbc news.er said higherfuel prices and the weaker pound, since britain voted to leave the european union, was to blame. shares in easyjet have slumped 6% since today‘s announcement. a 15—year—old boy has been arrested after a teenager was stabbed in north—west london and later died. officers were called to capital city academy in willesden before 3.30pm yesterday. police say the area was busy, as children were heading home from school, and have appealed for information. us president donald trump has approved two controversial pipelines. the keystone xl, designed to carry crude from canada to us refineries on the gulf coast, was rejected by obama in 2015 because of environmental concerns. construction on the dakota access pipeline was halted last month amid huge protests from native americans who claim it threatened water resources. he‘s dominated formula one for nearly 40 years and turned it into the biggest annual sporting event in the world, outstripped only by the olympics and the world cup.

simonjack, bbc news, davos.r for the european parliament, guy verhofstadt, has warned that it's an illusion to think britain will be allowed to keep the advantages of trade with the european union without accepting the obligations. 0ur correspondent damian grammaticas has been assessing the reaction among members of the european parliament in strasbourg. he wasn't commenting, butjean—claude juncker, and his eu commissioners were today listening to theresa may, keen to hear her vision for brexit. the response from the european parliament's chief negotiator — it doesn't add up. it creates also an illusion that you can go out of the single market, that you can go out of the customs union and that you can cherry—pick and have still a number of advantages. and, yeah, i think that will not happen. the eu today was busy with its own affairs, electing a new president of the european parliament. many here are sceptical the uk can get all it wants in a special trade and customs deal. we will all love to have a europe a la

simonjacks is and strasbourg and brussels as well.sels as well. simonjacks is in davos where the chinese leader has made a heartfelt case for globalisation. 0ur

simonjack, bbc news, nottingham. designed for use on premature babies. there are only two of these scanners in the world, and doctors say the equipment produces images which are far more detailed than an ultrasound scan. our medical correspondent, fergus walsh, sent this exclusive report from sheffield. isaac was severely premature and needs a scan to check the swelling on his brain. ultrasound like this is how all premature babies are scanned, but it doesn't always reveal what's gone wrong. another premature baby, alison rose, born at 2a weeks, is on her way to have an mri scan. newborns are usually too fragile to be moved, but at the royal hallamshire, the purpose—built baby mri is just metres from the special care unit. the white bits on that section, you can see are a little bit wider than they should be. the mri confirms two bleeds on her brain, but, crucially, shows no further damage. for her parents, it's comforting news. i think it is a lot easier to understand with this kind of scan, as opposed to the ultras

simonjack, bbc news, nottingham. now it's time for newsnight with emily maitlis.ell the facts as he knows them" — but berates the media for constantly undermining president trump. over and over again there's this constant attempt to undermine his credibility and the movement he represents. and it's frustrating, for notjust him but i think so many of us who are trying to get this message out. on his first day in office, the new president dumps a major trade deal. what will this tell us about the direction america's taking from here? we ask senator bernie sanders. well, trump says he wants to help the american worker. over here, our own government set out its ideas for britain — a new industrial strategy. is it better than the old ones? the former business secretary, lord mandelson, and the current one, greg clarke, are both with us. also tonight, the trident missile that went awol. we'll look at the political fallout. and pulitzer prize—winning journalist, thomas friedman, on trump and facts. if you engage with him too much, too often and too closely, he will actua

we'll that wasn't simonjack. we'll be in davos with kamal ahmed shortly. —— that was simon jack.t mountain rescue teams are shovelling through huge mounds of snow and debris after a hotel in italy was hit by an avalanche. at least three people have died and 30 more are still missing from the mountain resort in the central region of abruzzo. the area was hit by four earthquakes yesterday — and further tremors were reported overnight. bad weather from recent storms has brought down power lines and cut off villages. the first rescuers arrived at the hotel on skis because all the roads were blocked. frankie mccamley reports. buried in snow, barely visible, this is the 3—storey hotel hit by last night avalanche. unrecognisable to what it had looked like before. now inside, the extent of the damage is becoming clear. hear what looks like a reception with corridors leading to nowhere. packed full of snow and debris. up to 20 people were staying in the hotel along with seven members of staff. but faced with bad weather, it took rescuers hours to get here. translation: the hotelwas reache

simonjack, oval office on 20th january. simon jack, thank you. in the teeth" after months of widespread strike disruption. the department store harrods has promised to improve the tipping system for staff in its restaurants following a threat of industrial action. the union that represents some of the 483 hospitality workers in the store had complained they were not getting their fair share of the service charge. harrods did not confirm that was the case, but said it would be improving the current distribution system. fashion retailerjigsaw says sales in the five weeks to the end of 2016 were 10% higher than the same period a year earlier. tomorrow we'll get a trading statement from next, to help us get a clearer idea of how shops have performed over the christmas period. we have seen a strong start in the united states. we have seen the ftse 100 moving up 30 points. and also the oil price moving up by almost 2%. and the reason for that is because the agreement which was put together by opec and unusually non opec countries before christmas, now

here's our business editor, simonjack. 1.5 days work, but already the top ceos have and more. it is depressing, and some people are shocked. the thing is, it is getting worse. in the 70s, the average chief executive and around 20 times what the average worker did, now it's around 160 times. in the us it's even bigger, so there is a big outcry. are they worth it, is the question according to recent studies, no. although their pay has gone up in recent years, the return from it, their businesses have gone up from it, their businesses have gone up1%. so, it from it, their businesses have gone up 1%. so, it seems they are not working. the second question is, what to do about it? it is up to the shareholders to see if the people who are running the company are worth it. you get the odd rebellion, where shareholders waive these pay deals through. does it create social division and resentment, yes, which is why governments try to get involved. in the uk, theresa may has said she wants to get a handle on it, because it is an unfai

simonjack, bbc news, davos.an parliament, guy verhofstadt, has warned that it's an illusion to think britain will be allowed to keep the advantages of trade with the european union without accepting the obligations. our correspondent damian grammaticas has been assessing the reaction among members of the european parliament in strasbourg. he wasn't commenting, butjean—claude juncker, and his commissioners were today listening to theresa may — keen to hear her vision for brexit. the response from the european parliament's chief negotiator — it doesn't add up. it creates also an illusion that you can go out of the single market, that you can go out of the customs union and that you can cherry—pick and have still a number of advantages. and, yeah, i think that will not happen. the eu today was busy with its own affairs, electing a new president of the european parliament. many here are sceptical the uk can get all it wants in a special trade and customs deal. we will all love to have a europe a la carte! it is a ri

our business editor, simonjack, is there. what has been the reaction so far?ge, no ifs, no buts, no single market and as norman was saying, most companies had conceded, it is and what they wa nted had conceded, it is and what they wanted but they have accepted that reality as being incompatible with ambitions to control migration. interested to hear more detail on the transitional period, what happens two years from triggering article 50. she said we won't have some never—ending standstill agreement, where we keep negotiating, we want the deal struck within two years with some implementation phases so everyone can get used to the idea. businesses are worried that getting the deal in principle in two years is unrealistic and what we might do is fall off a cliff into this regulatory and trade no man's land and people have warned that would be damaging. interesting that she repeated the threat that philip hammond raised, that if we don't get a good deal, if you play hardball, we can lower taxes and change the economic model, becoming a lower tax jurisdiction for

simonjack is our business editor and he's been following the story.s detail late yesterday, what can you tell us? this is another big financial body blow for rbs. they have put in nearly $4 billion to one side. this isjust into a kitty they are putting together to have a monsterfind are putting together to have a monster find they are expecting for their role in the sub—prime crisis. the kitty is that $9 billion at the moment. they are saying this is not a settlement and it is not final, because it's very likely they will have to put more money in this kitty next year. now, fine could be anywhere in the region of io— next year. now, fine could be anywhere in the region of 10— $20 billion, wejust don't anywhere in the region of 10— $20 billion, we just don't know yet. what it means that this charge they are taking today will guarantee another losing year for rbs. that will be the ninth year in a row that they have lost money. this is the bank that the uk public owns 72%. this is another big body blow. is it yet? no, it's not. management hope this is on

with me is our business editor simonjack.were talking to some of those in the know about this recently. businesses have been very enthusiastic about the proposed tax reforms? yes, the less tax a company pays, the more of its own profits it gets to keep, and the more valuable the company is, and you have seen share prices rise since the election. but crucially, trillions of dollars are held overseas, and getting those back, there is a massive disincentive. the chief executive of the boston consulting group sits on donald trump's policy forum, he explained what is keeping the money overseas. that creates a discouragement to bring it back, you leave it overseas, you show bring it back, you leave it overseas, you show higher earnings, because you have not pay taxes on it, but the money cannot be put to work in the us, so it creates challenges the companies. most of the rest of the world does not operate that way, and there has been pressure for years. it is by both parties, the system is antiquated, but the gridlock has prevented

simonjack, bbc news, nottingham.s still refuse to say if the last trident missile test went wrong — labour say it's a cover—up. and coming up, the new face of sinn fein — michelle o'neill takes over from martin mcguinness. coming up in sportsday on bbc news: johanna konta will face serena williams in the quarter—finals of the australian open. the british number one hasn't dropped a set all tournament. it's one of britain's best known new towns — but half a century ago this was milton keynes — a small rural village in buckinghamshire. then, within just a few years the surrounding area was transformed into a modern city scape. and this is the town today as it celebrates its 50th anniversary. our home editor mark easton has been to see how it has aged — and what lessons it might hold for future new towns. # happy birthday to you. happy birthday, milton keynes dons the little los angeles of buckinghamshire. that's what they call to 50 years ago with your shopping malls and grid planned streets. your concrete cows. not so

our business editor simonjack is with me. a key objective of these talks was to talk trade. the press conference after the meeting but there was no detail. it was a sideshow. traders are co mforta ble it was a sideshow. traders are comfortable subject they can talk about and one of the things raised in the press conference by laura. we have a pretty good trading relationship with the us already. the us is the number one destination, single country destination, single country destination, for british exports, 2596 destination, for british exports, 25% go there. the number —— the un —— of uk's number one place for foreign investment, so it's not a broken relationship that needs fixing. it's more political. donald trump needs a deal so he can prove to everyone that he's not a wall building protectionist, the distracts from the mexico thing, and the pm needs a deal, to show we have powerful friends who are outside the eu, waiting to embrace as the minute we are out. it's a political win for both sides. the reality is, there's different details, for example they washed their chic

here's bbc business editor, simonjack.y we expect to have profits warnings. it's a very strong company with quite a reliable, dependable and forecastable business. we just don't expect these kind of issues. why this sudden and very dramatic slump? bt has problems on a number of fronts. today we learned the accounting scandal in bt‘s italian business is much worse than expected. the black hole there has widened from £145 million to £530 million. even more worrying for investors, it warned today that profits in its core business will be 175 million lower this year and next. now that's down to stagnating revenue from some of its biggest customers, who are not renewing major contracts. today's news is set againstan major contracts. today's news is set against an already uncertain back drop for the company. the company is fighting calls from competitors and the regulator to split off its open reach network division. it has one of the biggest pension fund deficits and it's been spending big on entertainment. there's a lot of ner

our business editor, simonjack, has more details. i don't even have time to open doors any more...ld name, but bt definitely is. its services are used by millions and its shares are some of the most widely owned by the public, with nearly a million small investors still holding shares from the privatisation back in 1984. here is what happened to those shares today — a 20% drop, its biggest fall in its history as a public company. that caught even big investors off guard. it was a real shock, bt‘s not the kind of company we expect to have profits warnings. it's a very strong company with quite a reliable, dependable and forecastable business, so we just don't expect these kind of issues. so why this sudden and very dramatic slump? well, bt has problems on a number fronts. today we learned the accounting scandal in bt‘s italian business is much worse than expected, the black hole there has widen from £145 million to £530 million. perhaps even more worrying for investors, it also warned today that profits in its core business will be £175 million lower this year and next. now, that's

more on that from our business editor simonjack, who is at the world economic forum in switzerland.rope correspondent damian grammaticas, who's in strasbourg. damian, isuppose damian, i suppose people are still die jesting damian, i suppose people are still diejesting the damian, i suppose people are still die jesting the speech, but any themes emerging? —— digesting. die jesting the speech, but any themes emerging? -- digesting. there isa themes emerging? -- digesting. there is a feeling that there is a little more clarity, but the european parliament's chief more clarity, but the european pa rliament‘s chief negotiator said that in his view theresa may was selling an illusion, because this idea that you could read the single market, leave the customs union and then still enjoy privileged access, he said that was an illusion. also, another senior mep said to me that theresa may was overselling the benefits of what could be achieved with trade deals with distant countries, and underestimating the difficulties that there will be for british companies, british businesses, giving trade

our business editor simonjack is in davos, where the world economic forum taking place this week, andolitical editor john pienaar is in downing street. we'll come to jump in a moment. we'll come tojump in a moment. what oui’ we'll come tojump in a moment. what our business leaders saying about their hopes, ambitions, even fears before tomorrow's speech?” their hopes, ambitions, even fears before tomorrow's speech? i think that the writing has been on the wall for some time that we are leaving the single market. what is new is that we are more than likely to leave the customs union which is a perimeter around europe which governs what stuff comes in but then things can move freely within so you don't have to open every palate and inspect every lorry—load. looks and we'll be leaving that to make the most of trade deals around the world. they are holding more cards than you thought, you had donald trump endorsing the uk approach, senior eu negotiators admitting it would be very disruptive for the eu if the uk was to leave on bad terms. even mild mannered philip hammond has said he might

in a moment we'll talk to our business editor simonjack, who's at the world economic forum in davos,et's talk to our europe correspondent damian grammaticas, who is in strasbourg. what did you make of the responses today? i think two things, theresa may's plan depends on achieving a far—reaching trade deal with the eu. their voices in the uk who say we are already in the free market, we have free trade, that should be easy. eu leaders have said consistently that this will be a very, very difficult negotiation because, they say, theresa may has prioritised a political decision to prevent the freedom of movement of people and so leave the single market. outside it, they say, access will be much more limited. they say it is not punishing the uk, it is the consequence of decisions taken by the uk. few here think the time frame of two yea rs few here think the time frame of two years is few here think the time frame of two yea rs is really few here think the time frame of two years is really achievable. the reason for that, i think, is they say there is the expert negotiation to agree fir

our business editor simonjack has the story. out to face the global elite she has been so scathing about. an audience she acknowledged was still struggling to understand the referendum result. i know that this, and the other reasons britain took such a decision, is not always well understood internationally. particularly among our friends and allies in europe. some of our european partners feel that we have turned our back on them, and i know that many fear what our decision means for the future of the eu itself. but she reassured them it was about taking back control rather than turning our back and said the uk remained a faithful partner. britain will always be open for business and open to investment in infrastructure, open to businesses, open to those who want to buy our goods and services, and open to businesses. breaking straight afterwards, the dutch prime minister insisted this there would be a cost for leaving. the uk is making a choice, to control migration, and they are paying a huge price, the economic welfare of the

well, the bbc‘s business editor simonjack spoke with the company's chief executive torsten mueller—uversean union. i would love to see that the speculation what happens and what happens if it stops to a certain exte ntm e nt happens if it stops to a certain extentment we need more clarity on what happens, when? and number two, we are very much interested knowing that over 90% of our cars, we are building are exported into the whole world that we are not faced any trade barriers and that we see a free flow of goods still happening and that we can exchange goods worldwide, that we can also get talent from all over the world. 80% of our workforce is british, but 20% are truly international as well. i would like to maintain that. so that's my clear request and understanding. customs union in or out? customs union. in? it is important because what we don't want to see is that we are faced and confronted with trade barriers. so immediately import taxes or whatever which also would lead to knowing that we are importing a lot of goods from europe and also from the rest of the world, it would also

simonjack, bbc news, nottingham.rial strategy chi onwurah. thanks for being with us. more of an investment in skills and infrastructure to boost productivity, what is not to like. obviously it is really good to see that the government has put aside the seven wasted years where industrial strategy wasn't a word that was allowed in either the treasury or the department, so we welcome that, but what we need to see is whether there is actually real change whether it is just lip service. we look at what is actually in there, there is not really a vision for the kind of economy we wa nt to vision for the kind of economy we want to be, so all the objectives the layout could be met if as a country we were all on minimum wage and fever were contracts, because nothing about the kind of economy we want. it talks about his competitive economy but do we compete on zero contracts and as a tax haven or on high skills and high wages economy? there's a lack of vision and when you get to some of the details, we really welcome emphasis

simonjack has been speaking tojes staley, the chief executive of barclays.e the city of london. all sorts of reasons why. also, i think the uk will continue to be the financial lungs for europe. we may have to move certain activities, we may have to change the legal structure that we use to operate in europe, but i think it's going to be at the margin, and will be manageable. well, the message that finance will continue to play a european role from london is one that is welcomed by the mayor of london, sadiq khan. he told our economics editor that london will remain open for business after britain leaves the eu. london has been open to trade for people and ideas for more than 1000 years. the key thing that i'm impressing upon chief executives, not just those in the financial sector, but the tech sector and others, is that london is open. we're going to carry on being a place that attracts talent and a place we can have access to a massive market. that's why it's important our prime minister and our government understands the importance of privileged access t

mrs may said the world economy must be made to work for everyone, as our business editor simonjack reports theresa may stepped out to face the global elite she has been so scathing about. an audience she acknowledged was still struggling to understand the referendum result. i know that this, and the other reasons britain took such a decision, is not always well understood internationally. particularly among our friends and allies in europe. some of our european partners feel that we have turned our back on them, and i know that many fear what our decision means for the future of the eu itself. but she reassured them it was about taking back control rather than turning our back and said the uk remained a faithful partner. britain is and will always be open for business and open to investment in infrastructure, open to businesses, open to those who want to buy our goods and services, and open to businesses. and open to talent and opportunities. speaking straight afterwards, the dutch prime minister insisted there would be a cost for leaving. the uk is making a choice, to control migration, a