Retailers hoping more will part with their cash. Share prices in europe, starting the week downbeat, not catching the retail wave. Well be getting the inside track on big tobacco with the big boss of Philip Morris in the uk. Their brands include marlboro lights, parliament and dupont, but with the switch to e cigarettes gathering pace can they ever really replace the huge profits from traditional cigarettes and tobacco . Today is cyber monday, last week was black friday. Are you fed up of all these dedicated shopping days . The dedicated shopping days . Let us know just use the hashtag bbcbizlive. Hello and welcome to business live. As the clock ticks down on britians departure from the european union, the government is keen to reshape the worlds fifth biggest economy. And to do that its launching a new industrial strategy as part of Prime Minister theresa mays pledge to, as she put it build a britain fit for the future. It will focus on five major sectors of the economy the government thinks the country is good at, but needs more investment. They include the construction, Artificial Intelligence and automotive sectors. Another of them is pharmaceuticals. The big headline is the £1 billion thats just over 1. 3 billion that us healthcare giant msd is plowing into a new uk research centre. A lot of the focus is on research and development of new products and technology. The uk currently spend 1. 7 of its wealth on that. Which is below the 2. 4 average for advanced economies. Michaeljacobs is director of the commission on economicjustice at the uk think tank the institute for Public Policy research. Michael de. Its quite interesting, this government, a conservative government, very against industrial strategy, government interference. Does it really need one . Almost every other developed country in the world has an industrial strategy and is not controversial. It is not something that provides left and right in most countries. But here, the conservative party in general fields if you leave markets and general enterprise to their own devices, it generates the best results of the economy. The problem is as generated very good results for our economy, as we are beginning to realise, and as we are beginning to realise, and as the chancellor had to admit last week when the ons downgraded our productivity. This is a very welcome sense that the government acknowledges that it self, government has to be more active. What kind of leavers do you think the government has to pull in order to be able to push forward. Productivity is one of the big questions, so much in the news over the last few weeks. Tiago it is a bickering, industrial strategy. Saying the government needs to intervene in most parts of the economy to get investment moving better. The thing we have heard about in the headlines this morning is innovation. Britain is good at something is, pharmaceuticals, automotive and so on. But in a narrow range of sectors. If you look at germany, which supports more than us, it is innovative across a range of sectors. The government needs to make sure businesses are investing in research and development. As you we in the invest much less of our national income, and among a range of sectors. Money put it in to support businesses to do that. Of sectors. Money put it in to support businesses to do thatm of sectors. Money put it in to support businesses to do that. It is to do with new technology . To develop new technology, such as pharmaceuticals or Artificial Intelligence or driverless vehicles. The government has also been talking a lot about productivity, which is how much we make every hour we work. Where britains product red productivity record is terrible, much worse than germany, france or the United States and stalled since the United States and stalled since the financial crisis. But supporting innovative Frontier Companies does not raise productivity, because those companies are already very productive. It is a big hinterland of british companies. Ordinary firms in the everyday economy, firms in retail or wholesale or tourism an hospitality, food and drink. Leaving the government will do anything about that . Thats what were waiting to see when industrial strategy is published. Can improve the improvements in productivity . What could it do . What we know is most businesses dont realise they are not as productive as they could be. There is a huge disparity between the productivity of the best, the average in the worst, especially around the country, some parts of the country much less productive than others most businesses dont know that. Giving businesses dont know that. Giving businesses advice and support and getting them to install new technologies and installing technologies and installing technologies which has been around a long time, ordinary digital economies, will help them improve productivity. That is what will make britain richer and enable us will make britain richer and enable us to pay higher wages. Boring and ordered my stuff. Not if you are in that sector. What people know now is their wages have been stagnant for a a decade. Fascinating, thank you very much indeed. More on that industrial strategy throughout the day. We will be looking at it, the really big story in business today. Lets take a look at some of the other stories making the news. The us media group, time inc, is to be bought a rival corporation in a deal backed by two conservative billionaires, the koch brothers. The Meredith Group said the agreement was reached in talks on sunday to buy up times outstanding shares in a deal valued at 2. 8 billion. Venezuelas president Nicolas Maduro has appointed an army general as head of the state owned pdvsa oil company and also as energy minister. In a televised address, mr maduro said the new appointment was aimed at tackling corruption in the sector. The country is under pressure to deal with its huge debts. Shares in the japanese Computer Games giant ninetendo have hit a new nine year high, thanks to black friday. They closed up nearly 2. 5 thanks to strong sales of the switch console which has continued to sell well all over the world since its launch in march. One of asias most popular tourist destinations is being closed down because of the imminent threat of a major volanic eruption. Mount agung on the indonesian island of bali has been emitting huge plumes of smoke and fire which could also pose a dange to airplanes in the region. Our Asia Business correspondent, karishma vaswani, is in singapore. Just tell us about the warnings, some are saying we could see an eruption within 2a hours. Some are saying we could see an eruption within 24 hours. Yes, well sadly there have been warnings from the indonesian officials since late yesterday, in fact. Thousands of terrorists have been stranded in bali because of these worries, mainly volcanic ash as a result of the fact mount agung was seen committing these continuous ash parts and there were explosive eruptions and ash billowing thousands of metres and the air. Officials in indonesia raised the alert at the mount agung volcano to level four, the highest level, because of concerns that the potential of a larger eruption. It is very difficult, vulcanologists say, to predict exactly when that eruption may be all the size of the eruption may be all the size of the eruption that officials are taking no chances. They have closed the only International Airport on the airport, at least until tomorrow morning. Every six hours there is an evaluation of how bad the situation is. More than 400 flights have been affected, with heirlooms including qantas and Malaysian Airlines cancelling flights to and from the eye lines. Airlines. Cancelling flights to and from the eye lines. Airlines. The european market, as you saw earlier, are all headed low as we start a new trading week. That follows the mood in asia as well. We were talking more detail about the markets for the moment but lets have a look ahead to the dale wall street with samir hussein. Now that the american thanksgiving holiday and black friday are behind us, its time to look ahead to cyber monday, generally when people do a lot of their online shopping. So, online retailers are trying to attract shoppers by offering deals that are not available in stores. So they incentivise customers with discounts and Free Shipping deals online, ahead of the christmas season. In related news, fresh Consumer Spending numbers for the month of november are out on thursday, and analysts are expecting to see a slight drop compared to the month before. On wednesday, Federal Reserve chairjanet yelland testifies before us lawmakers on the us economic outlook. This comes just two weeks before the next Central Bank Meeting and its expected to raise Interest Rates then and this will also likely be ms yellands final appearance before congress, as a replacement fed Governorjerome Powell is set to take over as leader early next year. Joining us is mike bell, Global Market strategist atjp morgan Asset Management. Lets start in china. We saw some quite sharp sell off sat the end of last week, 3 down on friday and more today. What people about, debt . A couple of concerns. The chinese economy we expect to slow in 2018, so it grows at 6 rather than seventh and weve been seeing for most of this year. It is important that that in perspective. It is still growing significantly faster than most other market economies, because of the strength and consumption coming through. But some concerns around debt levels, particularly in the corporate sector and a little bit of profit taking on shares of done well. Should we be worrying about it . I think the likelihood of having a serious impact on the uk or Global Economy is quite low, because as long as it delivers 6 growth, it will be supportive of the Global Economy. Markets this week, europe starting the week fairly flat, a little downbeat and lacklustre. We ended last week in holiday mode in the United States. Cyber monday today. Give us your take on black friday, cyber monday, all these events, will it help the retailers . What is fascinating is if you look at the singles day sales, in china, north of 25 billion worth of sales. In 24 hours . Yes, far more than you saw in the us last year. About four times more than they did across black friday and cyber monday. The problem for retailers is if they discount too much, they may it an increased amount of sales but the profits may not look quite as good. I think you have to look at it over the whole Christmas Period and see what retail sales are right. You look at the uk economy, signs are not laggard. Lower football and Consumer Confidence has been deteriorating in the last 12 months. We will get numbers out of europe this week which will be closely watched and should be good . M contrast to the uk where there has been deteriorating Consumer Confidence, in the eurozone Consumer Confidence, in the eurozone Consumer Confidence has continue to improve. We expect that to be destroyed asleep. As Consumer Confidence picks up, consumption, retail sales asleep. As Consumer Confidence picks up, consumption, retailsales in europe are rising. Quite a positive picture in europe but are less good one here. One example of Consumer Confidence here, we asked people if they were fed up with all these cyber monday and the rest of it. Tony says, never that is one example of Consumer Confidence. Do you think there is an element of sarcasm . I dont think so, i think its genuine, believes it, i can tell. Interesting the price of oil has come down a little bit. Interesting to keep an eye on that this week as well. Our view is the oil price has come up well. Our view is the oil price has come up a well. Our view is the oil price has come up a fair bit over the last year and will probably stay somewhere below the 60 a barrel range. Somewhere in the 50 60 a barrel. We think it is more likely to trade sideways rather than make serious games. We will get back to you shortly. We will also talk about another investment, victor keunen. 1007 this year. Just the beginning we will get your opinion on it later. On temporary map. Still to come. Well speak to the big boss of Philip Morris in the uk about whether e cigarettes can really replace the big profits of traditional tobacco youre with business live from bbc news. We will be back with you. National consumer week launches today, and this year its focusing on problematic subscriptions and subscription traps. Lets find out more, joining us now is tom macinnes, head of data at citizens advice. What is a subscription trap . We get hundreds of people calling our helpline with problems with subscriptions where they have signed up subscriptions where they have signed upfor subscriptions where they have signed up for something and found that really easy and found it really hard to leave and they end up running up more costs when they are trying to give up their subscription. So for insta nce we give up their subscription. So for instance we had a woman who wanted to give up the subscription to her gym and in the terms and conditions, if she lost herjob, she was allowed to leave and when she lost herjob she presented that evidence and they asked for more evidence and asked for a p45 and dragged out the process so she was paying for something that she didnt want or need and made it difficult for her. What protection is there against that kind of thing . Do we have a leg to stand on as a consumer if we havent read all the small print . Well, it is the responsibility of the companies to act in a responsible way and not put unnecessary barriers in the way, but it is really important that you check the terms and conditions before you sign up and one of the things that were concerned about this week is around online subscription. It is easy to tick a box online and it is not clear what you are signing up to is an on going commitment rather than a one off cost. Can you give us some golden rules . Cost. Can you give us some golden rules . The obvious thing which is to check the terms and conditions. But they can go on for pages and pages . Thats right, but the key part in that then if you want to leave is around the cancellation policy. Check what the con sellation policy and make sure you are stuck to go that. If you want to speak to someone, it is Customer Services and if you are having problems, the citizens advice helpline is there to help you out too. Tom, we appreciate your time. There is a lot more on that story on our websitement take a look. Looking at president bbc live page on our website. We have got driving in the dark. It is really bizarre picture of a rather weird looking car there you go. Laughter technology is letting us down. We will be back if our Technology Holds up will be back if our Technology Holds up in will be back if our Technology Holds upina will be back if our Technology Holds up in a second youre watching business live. Our top story the buck business secretary has told the bbc that the governments new industrial strategy, which is being launched today, will make a massive amount of difference to the economy after brexit. Thats his promise. A quick look at how markets are faring. Our computer works. The ftse hasnt moved at all. The dax are down a touch and the pound is looking stronger. It was down at about 1. 32 at the end of last week, but it seems to have cofrd a little. When is smoking not really smoking . Well more and more tobacco giants are diversifying away from conventional cigarettes. The number of cigarettes sold globally is continuing to fall as people seek to avoid what can be a deadly habit. The worlds Biggest International tobacco firm by sales, Philip Morris, is investing heavily in developing smoke free products. It says four Million People are already using its iqos product which works by heating up tobacco rather than by burning it. Peter nixon is the uk and ireland managing director of Philip Morris international. Good morning. Good morning. What is it, iqos . Heated tobacco. How does it work. Iqos. We launched a couple of years ago. It heats rather than burns tobacco. You use a tobacco stick and you put it in a holder and it releases a vapour. Because it heats it to releases a vapour. Because it heats ittoa releases a vapour. Because it heats it to a certain temperature, it doesnt burn and releases 90 to 95 of the harmful things you find in smoke. We launched injapan in 2014 and we have seen incredible results and we have seen incredible results and seven out of ten people who buy this product are able to stop smoking and move to it and thats unprecedented in our industry. For electronic second receipts we see 20 , seven out of ten people is incredible. Four Million People already have switched and we see 8,000 to 10,000 people switching every day, stopping smoking and moving to this. One, are you marketing this to just users of conventional cigarettes . Two, are you marketing it to people who dont smoke . This is a product for smokers. So we have 7. 5 million smokers. So we have 7. 5 million smokers in the uk. This is the market i look after. Our objective is to switch those 7. 5 Million People to iqos or Electronic Cigarettes and reduced risk products. You wouldnt mind people taking it up for the first time if they never smoked before . Our focus is for smokers. Since we have launched the product injapan, we see that vast majority, 99 of people who use the product are smokers. Because it uses tobacco and heats tobacco, it is close to the ritual that with cigarettes. You focus on the uk and ireland. What percentage of your sales is traditional cigarettes and these new products, the e cigarettes are heated tobacco . It is small. The heated tobacco . It is small. The heated tobacco . It is small. The heated tobacco we launched one year. And iqos one year. Electronic rig receipts we have had for a number of yea rs. Receipts we have had for a number of years. A tiny percentage . Heated tobacco is a tiny percentage. You are talking four or five percent. Sorry to interrupt. By switching from the traditional smokers to the heated product thats a huge task ahead, isnt it . Technology has moved fast and my objective is to stop selling cigarettes and replace the cigarettes with these things. If we look at japan, the cigarettes with these things. If we look atjapan, 15 of smokers have moved to this. We sell more of those products. But what percentage profit do you make, so a packet of traditional cigarettes compared to a packet of heated . Well, at the moment we havejust launched. They havent turned a profit yet because we have spent 3 billion in developing the product and the research and development and 400 scientists in switzerland who are developing it. You cant have done it without working out what your profit margin will be . You want to remaina your profit margin will be . You want to remain a Profitable Company afterwards. Absolutely. It is more profitable or less profitable . Afterwards. Absolutely. It is more profitable or less profitable . M depends how many people switch to them. We have to see because we have invested so much up to now. We have to see how it goes in the future. The potential of the product is massive. 7. 5 Million People smoke who want to stop smoking and this provides an alternative. Give us some of the figures on how dangerous it is. It will still kill you and it has warnings on the packet . When compared with the smoke you find in a cigarette and versus the harmful chemicals, 90 to 95 less harmful chemicals. This is what gives us confidence that this can be a reduced tobacco product. Someone tweeted to ask do you smoke . reduced tobacco product. Someone tweeted to ask do you smoke . I use the iqos product myself. Whats it like . I am not a big smoker, but i use it as a social smoker, but i have switched from smoking to this. It isa have switched from smoking to this. It is a shame weve run out of time. So much more to discuss. Thank you for coming in today. We appreciate it. In a moment well take a look through the business pages but first heres a quick reminder of how to get in touch with us. The business live page is where you can stay ahead of all the days breaking business news. Well keep you up to date with all the latest details with insight and analysis from the bbcs team of editors right around the world. And we want to hear from you, too. Get involved on the bbc business live web page, bbc. Com business. On twitter, bbcbusiness and you can find us on facebook at bbc business news. Business live on tv and online, whenever you need to know. What other business stories has the media been taking an interest in . Mike bell is back. He is Global Market strategist atjp morgan Asset Management joins us once more. Iam i am getting excited about bitcoin. Dont put any money into it that you cant afford. Anything that exhibits that kind of price gain, it looks too good to be true usually ends up. This is different this time. Thats what they always say there isa thats what they always say there is a lot of risks in it. The currency that backs it has a great future ahead, but bitcoin, i think there are significant risks. It is a rare commodity. It is very difficult to mine them and create them anymore. It is a rare commodity. It is like houses in the uk so, if you have got a limited supply, the price is going to continue to go up . Supply and demand. The problem with bitcoin it is not backed by a government. So if it ever becomes significant enough that governments wa nt to significant enough that governments want to be able to control it, then there is just the serious risk. Central bank. Lets move on. This is the ultimate internet play. The bubble is yet to burst. Speculators are doing well. One more comment about the various retail days. We were talking about this earlier in the green room how this impacts retailers who cant afford, the smaller players, who cant afford to discount against the likes of amazon who can afford to take a hit for a couple of months in the run up to christmas . Hit for a couple of months in the runup to christmas . It is a huge problem and it is notjust on black friday, you see online retailers with massive scale competing against smaller players that dont have the capacity to compete with the large players. Thats not something thats going to go away and that poses a risk to the smaller players which are being dominated by the larger players such as amazon. Mike bell, thank you very much indeed for joining us on business live. We will be back again tomorrow, wont we . Thats it for the moment. Thats it, we will see you soon. Have a good day. Bye bye. Hello there. A fairly wintry feel to things as we move through the next few days. The temperatures are starting to drop off so it will feel cold with a mixture of sunny spells and showers. The showers could be wintry at times particularly over high ground. This morning in the south did start off wet and windy. A brisk north westerly wind pushing it through. As we move through the rest of the day today, we are looking at a mixture of sunny spells and showers. The showers working their way south and east thanks to the brisk north westerly breeze. It could be heavy, the odd rumble of thunder not out of the question. So here we are this afternoon. A good scattering of showers across wales, south west england. There be brighter intervals and sunny spells mixed in, but not feeling particularly warm. Temperatures in the single figures, perhaps creeping into the double figures in the south east. Highs of ten celsius for london. A mixture of sunny spells and showers for northern england, Northern Ireland and scotland, temperatures in the single figures. That wind fairly breezy with highs of four celsius in inverness. It will not feel particularly warm. Despite being a wet and windy start in the south, temperatures in the double figures this morning, but as we move through the day, we will replace the milder air with something colderfrom replace the milder air with something colder from the replace the milder air with something colderfrom the north. As we see the wind spinning around from a north westerly to more of a northerly. You can see the vertical isobars here on the pressure charts for tomorrow. A cold feel and a cold start to the day. A touch of frost in the north possible and one or two patches of ice where we have seen a few showers overnight. Again, though, a mixture of sunny spells and showers. The showers are for the north and eastern coastal regions. A few showers for wales and the south west. They will push their way southwards through the day, but not feeling particularly warm. Highs of nine celsius. The showers could have a slight wintry element particularly in the north. And it is a similar story as we move into wednesday dragging the air in from the north. A brisk north easterly breeze, not feeling particularly warm. A cold start to the day and then a mixture of sunny spells and showers. Those showers largely for eastern coastal regions. Again a few for wales and the south west. Dry for central parts of the country. And the showers could have a wintry element to them. Feeling a touch cooler with highs of around seven celsius and it isa similar highs of around seven celsius and it is a similar story as we move into thursday. Hello, its monday, its 9am, im victoria derbyshire, welcome to the programme. Our top story today we can bring you exclusive news of early specific development in the vaginal mesh scandal this programme has learned that the Health Watchdog will recommend its banned from treating organ prolapse in england. My husband has turned into my carer and hes so much less of my husband. We cant have sex. We havent had sex for four and half years. Did you have any suicidal thoughts . You did . Yeah. Gosh. I planned it, i mapped it out. It comes after we revealed more than 800 uk women are taking legal action against the nhs and the makers of vaginal mesh implants