Hello and welcome. Opec members are meeting in vienna today to consider whether to extend production cuts to try to prop up prices. But deals being made on the sidelines with non opec members are already making headlines. Saudi arabia and russia, a non opec member, have already come out to endorse a policy aimed at pushing up the price of crude oil as the world faces a weakened economy. Many Analysts Expect the group to roll over supply cuts of more than one Million Barrels per day until the end of the year. But the outlook for oil demand is murky at the moment. The ongoing trade war between the worlds two biggest economies, the us and china, has held back brent crude prices in recent months. Thats because fears over ongoing tariffs will damage global growth, reducing demand for the commodity. Thats been counterbalanced by tensions between iran and the us, which have heightened fears of supply disruptions in the middle east. Oilfrom iran is now at a trickle after us sanctions were put into place. But opec is walking a tightrope. High prices have driven up production of shale fracking in the us. The us has overtaken saudi arabia as the worlds top oil producer. We look forward for a positive meeting. Ive stated my views as the United Arab Emirates an extension. I think that is needed for the current condition of the market. So im expecting a rather easier meeting and hopefully will receive the numbers. My expectation is also for it to be higher than ioo . The Energy Ministerfor the Energy Minister for the United Arab Emirates. Will get more on that. Spencer welch, executive director, oil consultant, and analyst at ihs markitjoins me now. Welcome to you. Thank you for being with us. Is it pretty much a done deal . Yes, i think as your introduction said, it could be the most predictable opec meeting in the last five years. It has been well reported in the last couple of days that they are expected to roll over the deal. Where at the moment they are voluntarily taking one Million Barrels of oil of the market. They have and seem to have agreed just how long for. I have had six or nine months. Butt ending makes a huge difference. They have another meeting at the end of the year. Even if it was six months it gives them time to think about whether to do a further extension. Do you think any other countries, such as iran, will put upa other countries, such as iran, will put up a fight, their production has slowed to a trickle under the sanctions. The iranian minister has been reported as saying in the last couple of hours that they support the deal. Iran is relatively low producer at the moment because of the United States sanctions. So they would support the cuts because they would support the cuts because they dont have to cut anything and they dont have to cut anything and they benefit slightly from the higher price. What you make of the fa ct higher price. What you make of the fact that russia and saudi arabia are doing the steel. Effectively russia is having such a huge say in an organisation it is not a member of. It is very interesting. Obviously both sides see some benefit from doing that. There is some tension in that deal because russia does not want the oil price to be too high. They would actually like the price to be a little lower thanit like the price to be a little lower than it is. Where is that saudi arabia would like the price to be higher. They have come to a happy medium and want to continue working together. How concerned are you by the uncertainty in the oil market at the uncertainty in the oil market at the moment . It depends on who you are. If you are a consumer of oil then the fact that demand is weakening and there is a bit of an oversupply situation as may be a good thing, because prices are lower. Certainly the china us trade wa rfa re lower. Certainly the china us trade warfare is has pushed down forecasts for oil growth. We are forecasting a growth of 1. 1 million valerie wass per day. At the start of the year we expected it to be 1. 5 barrels per day. Demand is growing but it is lower. Good to get your analysis. Thank you. Vietnam and the European Union have signed a Free Trade Agreement. The deal will eliminate almost all tariffs for goods traded between vietnam and the eus 28 member countries. Lets go to our Asia Business hub where rico hizon is following the story. Rico. Samantha well, it has been billed as a next generation bill which will also include rules around Labour Rights and environmental and intellectual property protections stop analysts say, samantha, this deal is a win win situation for both sides. For vietnam it opens access to the European Market and will boost his main delivery so the block from textiles, shoes, smartphones, and computer parts, as for the European Union, they will be eager to drop into vietnams market of 95 Million People and its fast growing consumer class. Negotiations kicked off seven years consumer class. Negotiations kicked off seven years ago consumer class. Negotiations kicked off seven years ago with European Union under fire for not putting enough pressure on vietnam to improve its dismal rights record. From the looks of it this has been fixed. This is also the second eu Free Trade Agreement with a Southeast Asian nation after singapore signed a deal with the bloc last year. And it comes amid a worldwide trade turmoil with the dragging us china trade row, britains intending exit from the European Union all casting a dark cloud over Global Economic growth. Rico, for now, thank you. Now, lets brief you on some other business stories. The us and china have agreed to resume talks over their trade dispute. Announcing the agreement at the 620 summit injapan, President Donald Trump said he would allow American Companies to continue to sell to the chinese tech giant huawei. But the president s economic advisor, larry kudlow, has since clarified that the decision will apply only to products widely available around the world, leaving the most sensitive equipment off limits. The proportion of british manufacturers reporting a rise in their domestic orders has fallen to its lowest level in seven years. The british chambers of commerce also said that factories showed the weakest picture for export orders in four years in the april june period. Thats as as brexit uncertainty and the global slowdown take their toll. How much of a contribution does the Beauty Industry make to the uk economy . Well, quite a lot. According to new figures out today from the british beauty council, the sector generated more than 36 billion worth of business last year, and nearly a third of that was on beauty services. One big growth area is the rise of lash extensions, as our Business Correspondent emma simpson reports. Its he must have beauty accessory, lush extensions, and women arent batting an eyelid at the cost lash extensions. As part of their Monthly Budget now. They believe luscious in with them august, in with a bills, because is something thatis with a bills, because is something that is just with a bills, because is something that isjust done. She runs her own salon, age 30, in huddersfield. An eyelash entrepreneur. Im taking an extension and adding that one extension and adding that one extension to one natural lash. Extension and adding that one extension to one natural lashm ta kes extension to one natural lashm takes up to two hours and the last up takes up to two hours and the last up to two months with top ups. No two sets are the same and the options are endless. Jillys clients just want to feel good job rachel spends around £60 on her extensions every month. Its not necessarily about how other people perceive you. They feel so much better about myself for having lashes and so much better for not having to spend an age getting ready to go to work. Jillys oldest client is a 72 year old shirley. Jillys oldest client is a 72yearold shirley. No need to worry about miss gara and i feel more like a woman again. I didnt have very many eyelashes because they suffer from alopecia. And its just absolutely marvellous. Show my family, like, you dont need to go to uni to achieve greatness. I want to uni to achieve greatness. I want to make something of myself. Its not just lashes. A hit to make something of myself. Its notjust lashes. A hit tv show to make something of myself. Its not just lashes. A hit tv show to find thems next make up star. The entire Beauty Industry is looking good. 0k, guys, so today you are going to practise on your skills, so weve got waxing, make up, nails going on. At the London College of beauty therapy the technicians of the future. The Beauty Industry now employs over 1 million the future. The Beauty Industry now employs over1 Million People directly or indirectly in the uk. And here they pride themselves on getting most of the youngsters into work. Yeah, there are so many skills you can learn and they have learnt so you can learn and they have learnt so many already. You know, special effect and, you know, eyebrows and eyelashes with so many different parts and 70 roots you can go. For now i will gove freelance and focus on eyelashes. What is the dream job . Professional make up artist. My own company, my own brand. Jilly has got her dream job, shejust company, my own brand. Jilly has got her dream job, she just cant keep up her dream job, she just cant keep up with the demand. In future, could more women be wearing extensions that are not . Emma simpson, bbc news, huddersfield. Iam not i am not sure i would have the patience to sit there for two hours. Up next, newsbriefing well take you through the stories making headlines in the global news media. Stay with us. The foreign secretary, jeremy hunt, one of the two men hoping to replace theresa may as leader of the conservative party and british prime minster, is due to set out his plans to prepare the uk for a no deal brexit. Meanwhile, Boris Johnson has restated his belief that failing to leave the eu at the end of october would leave their party facing political extinction. Our Political Correspondent chris mason reports. It might look a bit like glastonbury, but this is actually a political gathering. Around 5000 people turned up to see nigel farage asa people turned up to see nigel farage as a brexit party rally. Its the performance of the brexit party, the winners of the European Parliament elections last month, that haunts so many conservatives. Brexit out on the campaign trail, both leadership contenders, borisjohnson the campaign trail, both leadership contenders, Boris Johnson and jeremy hunt, want to emphasise the desire to deliver brexit with or without a deal. Mr hunt acknowledges a no deal brexit could put some out of business. And he will say in a speech that in the event of a no deal his government would help farmers, the fishing industry, and Small Businesses in just the way banks were held in the financial crisis stop like mr hunt, Boris Johnson hopes he can get a better dealfrom johnson hopes he can get a better deal from brussels. Even johnson hopes he can get a better dealfrom brussels. Even though johnson hopes he can get a better deal from brussels. Even though the eu is saying no. And its notjust the conservatives. Two of the most seniorfigures in the the conservatives. Two of the most senior figures in the Labour Movement are in disagreement. John odonnell saying the party should move to a clear position abrasive, advocating another referendum, and advocating another referendum, and advocating remain. And yet Len Mccluskey says the party shouldnt panic, it should respect the results of the referendum. Little wonder finding clarity is so difficult. Chris mason with that report. And coming up at 6 00 on breakfast, dan walker and Louise Minchin will have all the days news, business and sport. This is the briefing from bbc news. The latest headlines at least seven people have been killed in sudan after tens of thousands returned to the streets to demand civilian rule. Hong kong has marked the 22nd anniversary of the handover from british to chinese control as pro democracy protestors are locked in a stand off with police. President trump has returned home after his groundbreaking visit to north korea. After meeting kim jong un, both leaders agreed to restart negotiations on the north Korean Nuclear programme. Now, its time to look at the stories that are making the headlines in the media across the world. We begin with the bbc news website and the latest reports from sudan where vast crowds have taken to the streets to demonstrate against military rule. According to sudans health ministry, seven people have died and 181 were hurt. The front of the Straits Times shows donald trump becoming the first sitting us president to set foot on north korean soil where he met with north Korean Leader kim jong un. Both men reportedly agreed to restart Nuclear Talks following their meeting in the dmz zone. The telegraph says uk foreign secretary and pm hopeful jeremy hunt has announced plans for a £20 billion war chest for a no deal brexit, which would include dramatic tax cuts designed to turbocharge the economy. In what the japan times describes as a polarizing move, japan will resume commercial whaling monday following its withdrawal from the International Whaling commission. Commercial whaling, however, will only resume within 200 nautical miles from the countrys shores. And finally, its an important week for tennis lovers as wimbledon kicks off today. The guardian, like many papers, has its guide to all the players vying to win this years tournament. Number one seed Novak Djokovic will be looking to defend his wimbledon title against other players such as rafael nadal and roger federer. Henry will be there. I will be. You are probably going to centre court. Iam very are probably going to centre court. I am very lucky. With me is henry bonsu, the broadcaster and commentator on international affairs. Lets start with sudan, whether mass protests have unfortunately turned deadly. You have to marvel at the determination of these protesters subjugated by 30 years to make sure the revolution is not stolen as some people say it was stolen north
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