A warning to the brexit negotiators britain is facing a significant brain drain and manufacturers are worried. Plus a juicy story from down under is australia running out of oranges . And is chinese thirst to blame . Well investigate. Hello, and a very warm welcome to World Business report. Im sally bundock. Also in the Programme Financial markets react to the the north Korean Missile launch our team in singapore will have the latest. First of all, though, as the third round of brexit negotiations continues in brussels, today, a major body representing uk manufacturers is warning britain is already facing a brain drain with skilled workers from across europe turning their backs on the country. A survey released this morning by the eef found that a quarter of manufacturers have seen a decrease in applications from eu nationals. Meanwhile, 16 have seen the number of eu nationals actually leaving their business going up. Kpmg also released its own report this week. It predicts one million eu nationals that currently work in the uk are now considering leaving. With me is tom hadley, director of policy at the recruitment and employment confederation. Good morning. From your perspective, how bad is this . We have been saying for a while that this is the biggest challenge for ourjobs market, the demand of supply. Every month, recruitment agencies as saying they are making more placements than in the month previously, but availability has been declining since 2013. The difficulty is finding enough staff. The concern for our members as if that is going to get harder, and it appears that things are happening. People are making decisions, now, do not come to the uk, or to leave it. The challenge for the Business Committee is if it gets worse. Where are the crisis points . 0ne survey highlighted the manufacturing sector. It cuts across. You have engineering, it, financial services. Some higher in parts of our financial market. But it cuts across. Construction, one in three construction workers in london is from the eu. Manufacturing is another. Care is another, hospitality. It cuts across a range of sectors. What can be done while the process is under way . It is extremely murky. We dont know what the outcome will be. How do employers tackle the issue right now when they are facing some, perhaps, leaving the organisation, or a lack of supply . We are looking for some reassurance from government. Again, we are looking to show eu workers that they have a future in the uk. We have seen some progress in that and we would like to see more. We would like a clear outline of what immigration strategy might look like five years down the line. The other side is for employers, what they can do now to prepare. And we need to start thinking that we will be less workers from the eu, so how can we change recruitment procedures . Can we use different schemes to bring people in . Part of our work at the rec, is to look at what we can do to change a hiring the speeches while still having cleared messages for the government. Hiring procedures. How confident are you about the Brexit Process . We are confident that the government is sad to see the importance of access to skills from the eu. We are confident for the outlook for the uk jobs market. There will be ups and downs. We have a vibrant and flexible job market in the uk. At times of uncertainty, what might happen is employers by using more temporary and contract staff as they see out things pan out. We are at near full employment at the moment, which makes things more tricky it terms of demand and supply . It does. 20 of demand and supply . It does. 2096 of employers say that they could hire more in the next few months. If countries want to grow, they need to hire more staff. It is partly immigration policy, but also looking at how we can do things differently in the business community, to attract the stuff of skills we need. Thank you for your perspective on this, tom. It is something well be talking about in more detail later on the bbc. But lets talk about globalfinancial on the bbc. But lets talk about Global Financial markets, now. Global markets have been rattled by an escalation in tensions after the north Korean Missile launch we told you about earlier. Rico hizon is in our Asia Business hub in singapore. Rico, how are the markets reacting . Iam assuming i am assuming it is all about flight to safety . That is appositely right. Flight to save haven assets. Investors are nervous. That is keeping the markets on edge in midday trading. It is not only asian stocks in negative territory. Wilson have futures stocks in the red. Expect wall street to start lower when they open for trade in about eight hours. The nikkei two to five is down to a four month low. The south korean index is the biggest loser today. It led the declining list across the region. But safe haven assets of benefited most. You haven assets of benefited most. You have the japanese yen gaining against all major developed currency. The swiss franc is developing as well. The yen tends to benefit in times of geopolitical financial stress, as it is the biggest creditor nation. There is a thought that Japanese Companies might repatriate funds if the crisis should escalate. Gold is above 1320 an ounce. This is is highest level since november nine last year. Investors are also rushing to the safety of us treasuries, pushing down the ten month yield to a two month low. Investors are also looking to how donald trump will react to north korea and to his push of reforms after hurricane harvey. A lot of developments that investors are digesting today. Thank you for that, rico hizon. Lets talk about australia and what is happening there. Australia is according to some companies in the grips of a National Orange shortage. Some drinks manufacturers are having to import from abroad because there isnt enough home grown fruit. Huge demand for australian oranges in china is one reason being given for the short fall. 0ur correspondent, hywel griffith, has been to find out more. Groan under the south australian sun, these trees may look leaden with oranges, but however fast they are picked, there isjust not enough to go around. Shoppers are being warned that they cannot expect that used to be made with australia and oranges, which is confusing, when they seem to be plenty in the shops. Grown under. When was the last time you saw one of these . This morning. You dont know about the shortage . No. I have a tree. You dont know about the shortage . So what is going on . We cant accept any more orders for fruit. This man says that growers have been hit with a perfect storm. 0ver says that growers have been hit with a perfect storm. Over the years, production costs have gone up, and so few have been producing valencia oranges forjuicing. So few have been producing valencia oranges for juicing. But so few have been producing valencia oranges forjuicing. But now there isa oranges forjuicing. But now there is a surge in demand for all of our oranges, led by china. We arejust another probably the worst six months in my memory. And i have been in this since high school. We have massive demand for even valencias, not just our massive demand for even valencias, notjust our navels, into asia. They we re notjust our navels, into asia. They were sucked up by asia as well. We finished up doing something i never thought we would do, importing container after container of whole oranges, itjuicing container after container of whole oranges, it juicing valencia oranges, it juicing valencia oranges, from egypt, of all places. Australia exports two thirds of the foodie grows. And china has become its biggest, rs customer. After huge success exporting iron ore and coal to china in the last decade, some argue that australia should start moving towards being a food bowl for asia. Notjust oranges, but apples, grapes, and meat, too. Not that it is always an easy path to tread. Last year, there was an import ban into china after questions were raised over labelling. Some argue the best way forward is to concentrate on the quality of exports, rather than the quantity. We can offer something that they we re we can offer something that they were to pay for. That means consistent quality, and understanding were it is coming from. Traceable back. What its origin is. It seems to me that increasingly in food and wine markets, there is a story to tell. When it comes to oranges, it is a trading Success Story which seems to have put the squeeze on australia supplies. Hywel griffith, bbc news, adelaide. Now, lets look at some other stories. In other news, many refineries have shut and almost a fifth of oil and Gas Production in the gulf of mexico has been suspended amid the largest storm to hit in the us in more than a decade. The closures are expected to cause a temporary spike in us gas prices. Analysts expect the Economic Impact of the storm to surpass 40 billion, with direct losses of over 20 billion. On monday, amazon officially took over whole foods. Its a deal that cost online giant nearly 14 billion. And monday was also the day when the internet giant fullfilled a promise. It slashed prices on popular items like avocados and apples by a third as it bid to shake off its reputation for high prices. But for competitors like walmart and costco, the ecommerce giants entry is a source of concern. That is World Business report. We will be back in a moment to review some of the stories in the press. I will see you then. Stay with us. More than half of those mis sold payment protection insurance, or ppi, may not yet have claimed compensation. The regulator, the financial conduct authority, is launching a Campaign Later today encouraging people to claim before a deadline runs out in two years time. Heres our personal finance reporter kevin peachey. Eddie harrison was one of millions miss sold ppi, designed to protect thoseit miss sold ppi, designed to protect those it if they fell ill or lost jobs. He was a freelancer who did not need ppi, and fought a three year bottle to get his money back. The actual amount they ended up back. The actual amount they ended up paying was forfeited. Eddies was among 64 million policies sold in the uk, not all of which were mis sold. So far, £27 billion in compensation has been claimed. Banks have set aside £37 billion to pay people back. The two year deadline will encourage victims to make a claim, which they can do themselves, and forfree. Claim, which they can do themselves, and for free. But it will also mean more of these, Text Messages and calls from claims management companies, who offered to do the paperwork, but take a cut of up to one third of any pay out. Paperwork, but take a cut of up to one third of any payout. There are a number of customers who dont want to deal with the claim themselves, which suggests that 50 dont want to deal with a bank or Building Society themselves. It is reasonable then that organisations exist to assist those customers. With the clock ticking, consumer groups a bank should be doing more to help people get their money back. Kevin peachey, bbc news. Coming up at 6am on breakfast, dan walker and Louise Minchin will have all the days news, business and sport. Theyll also have more on a bbc investigation that suggests the levels of uninsured driving may be rising for the first time in more than a decade. This is bbc news. The latest headlines north korea has fired a missile that flew overjapan before crashing into the sea. Japans Prime Minister called the launch an unprecedented and grave threat to the nation. The Un Security Council will meet to discuss the launch. President trump has pledged his full support for texas and louisiana. Both states are being devastated by massive flooding from Tropical Storm harvey. More than half a million evacuated people may need shelter. Now its time for our newspaper review. Whats making headlines around the world . 0nline, the japan times leads with the unprecedented, grave and serious threat posed by north korea. Those comments from japanese president shinzo abe. Social media and stock markets also reacting to the news of an unidentified Ballistic Missile which was test fired by north korea, flying over japan on tuesday morning. The focus of several front pages is whats happening in texas. Illustrated here in the new york times. It shows the devastation from hurricane harvey, with roads turned into rivers in whats been the most powerful storm to hit texas in decades
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