70th anniversary. We look at the economic inequality fuelling the pro democracy movement. European shares are struggling this monday morning. While in asia shares were little changed overnight with no great reaction to the news that the us governemnt is considering Delisting Chinese Companies from its stock exchanges. And well be getting the inside track on being a Financial Success in a newspaper industry thats increasingly digital. The boss of the Financial Times group will be here a little later. As forever 21 files for bankruptcy we want to know if this means our fast fashion tastes are changing . Are consumers now opting to spend more on their clothes . 0r buy secondhand 7 let us knowjust use the hashtag bbcbizlive. Hello and welcome to business live. Welcome to the programme. We start in germany where one of the worlds biggest car makers volkswagen goes back to court today as the company once again faces the fallout of the diesel gate emissions cheating scandal. Hundreds of thousands of german vw customers have joined a first of its kind grouped proceeding to seek compensation from the automaker. The firm admitted in 2015 to using Illegal Software to cheat on emissions tests in 11 million vehicles worldwide. So far the scandal has cost the group over 33 billion however the vast majority of that sum 22 billion has gone to the us in fines, compensation and legal costs. Vw owners in the uk will be watching with interest as around 117,000 claimants are part of a similar action, also seeking compensation from the auto giant. Jim holder, editorial director at autocar is with me now. Vw back in the headlines, because of this enormous scandal, that surprised us all when we learned about it, talk us through the case. The case is around the owners of the vehicles affected from the vw group, taking in skoda, audi and siat. Theyre trying to prove they have been misled in buying the vehicles 01 been misled in buying the vehicles or financially impacted. They have to prove they have suffered Economic Loss 7 to prove they have suffered Economic Loss . Yes the case revolves around are the cars now more expensive to run 01 are are the cars now more expensive to run or are they worth less when they come to sell them on . How do you think this will play out . With legal cases you hold your breath and particularly in germany, because it is the first case of its kind. I think vw think it has a robust case. The law in europe is different to the law in the us. It says it didnt break any regulations in europe. There doesnt seem to be from our data any evidence that the used values have fallen more significantly. I think the people making the claim are up against it. But there is always the chance of an out of court settlement. There is also a chance it could be appealed and appealed and going on and on until 2023, some estimate this could ta ke yea rs. Until 2023, some estimate this could take years. But this whole drama kind of kicked off the electrification push to which vw is really trying to spearhead . Yes, the scandal itself was a catalyst for change, the electrification of the car was already on the agenda, but it sped up massively and vw has led that and recognised it has to change asa that and recognised it has to change as a company and it has invested the highest amount in going through that transformation and gets his First Electric vehicle to market next year. So there is an irony in that. But it has changed the way it works and it has bet more than any other car maker on going through with that transformation. Thank you so much, jim. Lets take a look at some of the other stories making the news. Us fashion retailer forever 21 known for its cheap, trendy clothing and accessories has filed for chapter 11 bankruptcy protection. In a statement, the company said it planned to, exit most International Locations in asia and europe. According to the court filing in the us, the company has both assets and liabilities in the range of 1 billion to 10 billion. Saudi arabias crown prince has warned that oil prices could rise to unimaginably high numbers if the world does not act to deter iran. Speaking to cbs news, Mohammed Bin Salman said a war between saudi arabia and iran would ruin the global economy, following an attack on its Oil Facilities two weeks ago which it blames on tehran. The World Trade Organization is set to rule on a us request to impose tariffs on billions of dollars of european goods, potentially sparking a new trade war. Wto arbitrators are scheduled meeting at 10 am local time in geneva to finalise the 15 year old case brought by washington. The us is seeking compensation for what it says are illegal subsidies granted by european governments to the plane maker airbus. In hong kong, there were more protests overnight. The citys on high alert ahead of tomorrows 70th anniversary of communist china. Karishma vaswani has been there and shejoins us now back in singapore. Tomorrow is the 70th anniversary of communist rule in china whats the feeling amongst people youve been talking to . As you say, ive come back from hong kong and trying to understand what it is like for young people there. That is not to say the reason why people are taking to the streets is because they cant get a home or a flat, nobodys chanting for better housing instead of democracy, but the people i met definitely feel that their government isnt working in their best interests. Now, i met with a group of Young Students who told me tales of their frustration and futility. Listen to what they had to say. I want to change my familys life. They have to work ha rd to familys life. They have to work hard to pay the high food price. Now i cannot do that. Even when the i graduate from the university i will live with my family. Why7 i spend a lot of money to buy a small flat, which limited my imagination of my life. I think that gives you a sense of what young people face in hong kong and you know the city is one of most expensive places in the world to own a home. This statistic is shocking, more than half of hong kongs households dont earn enough to own one. There has not been enough investment in the Education System to get young people ready for the jobs of future. Part of the problem is these decisions are made by hong kongs legislative council, that is a government body dominated by business groups, voting the criticism is, in the interests of business. This resentment is building and has spilled out on to the streets over the better part of the streets over the better part of the last four months and gearing up for that anniversary of the peoples republic of china tomorrow. Interesting stuff. Thank you. For the most part, asia shares fairly flat on monday. Fairly flat on monday including in china shrugging off news that the Us Administration is considering Delisting Chinese Companies from us stock exchanges. The report knocked us listed chinese shares such as Alibaba Group holding and jd. Com on friday. But trading in Chinese Markets theselves was relatively quiet as after monday, they will shut over the countrys national day holiday, which runs until oct. Japans nikkei had the best month in a year although it did fall on monday japanese shares are generally more sensitive to chinas Economic Performance than us counterparts. And that ongoing us china trade war still affecting european stocks on monday, which are expected to end the month and quarter on a slightly weak note. Shares struggling this morning. And Samira Hussain has the details of whats ahead on wall street today. All eyes will be on us Financial Markets for the reaction to possible moves by the white house. It was reported on friday that the Trump Administration is exploring the idea of limiting Us Investment in china, with the ultimate goal of protecting american investors. While no official decision has been made, initial reports saw swift reaction on markets. So, that is certainly something to watch. This week we will see a crescendo of Economic Data with the latestjobs report coming out on friday. The us non farm payroll numbers will be closely watched by the us federal reserve, americas central bank, ahead of its next meeting at the end of october. Joining us is tom stevenson, investment director at fidelity international. We were talking about how japan we were talking about howjapan did in september, it dawned on me it is object tomorrow. Yes a new quarter and october is a tricky month in the markets, people tend to be nervous. We have seen the upheavals in hong kong and the middle east. Underlying that, the big story, is this trade story, we are going to see this week some evidence of how much that is affecting the global economy, we have gotjobs figures affecting the global economy, we have got jobs figures on affecting the global economy, we have gotjobs figures on friday in america, already today we have had manufacturing figures from china, which showed the fifth month in a iow which showed the fifth month in a row of declining activity. Later we have got some german unemployment data and global trade is important to germany. Some interesting things happening injapan, as of tomorrow . Yes, that is right, japan has got a big debt problem. It is trying to manage that and in one way it is increasing vat. It has done this a couple of years ago, raising it from 596 couple of years ago, raising it from 5 to 8 . Which didnt go down well. That caused a wobble in the market. Tomorrow it goes from 8 to 10 . So we hold our breath to see how that pans out. When i said it is october tomorrow, the first thing i thought of was october 31st. Brexit. We havent said that word yet in the show. Yes we have managed to talk about the Global Markets without mentioning brexit. This is a big week in uk and us politics. The political uncertainties on both size of the atlantic are also a big issue. Fascinating events coming up. You are back laterment still to come the head of thw ft group will be here to talk about how they have managed to do what some thought impossible make money from newspapers in the age of internet news. Youre with business live from bbc news. The government will this morning announce a National Strategy for britains buses as part of its £25 billion plans to develop the uks infrastructure. The chancellor sajid javid will pledge the money to help develop the uks first only electric bus town. Victoria fritz is at one of the uks biggest bus makers in scarborough. When you want a bus, you never find one7 when you want a bus, you never find one . No, and now apparently im in charge of one. This one is heading to you in london at about 9 oclock. So ive another 20 minutes before it disappears. Bus making is big business in scarborough, about 700 people are involved in the industry. But the sales are down 40 on last year. Passenger numbers continue to fall, down 5 over the last five years. So what will it take to invest more in the network. Graham, you represent about 95 of the Bus Companies operating in britain, is this National Bus Strategy enough . Well, it is a great start, the money the chancellor announced this month and the proposals today are important. In particular the proposal to supercharge Partnership Working between councils and Bus Operators. Where the partnerships work, that is where we are seeing growth in passenger numbers. We know about 1,200 right bus workers have been made redub tant, what is redundant, what is stopping that happening. It is hard to see that and the impact in Northern Ireland. What we need is a long term plan, such as the one that we set out earlier this month, where Bus Operators committed from 2025 to make every bus they buy a zero emission or low emission bus. Planning for the long term with funding in place from government can help all parts of the supply chain Work Together and make the industry flourish. Thank you very much. Interesting, so the big question is whether the bus industry can ditch the diesel and at what point . There isa the diesel and at what point . There is a lot of emphasis on electric in terms of transforming the bus services in england, but will the companies that set the fares and the routes get on board . Plenty more to discuss. Volkswagen face the anger of a50 thousand german car owners as the emisssions cheating scandal goes to court. It isa it is a first of its kind class action. A quick look at how the markets are faring. In europe theyre struggling. They have that monday morning feeling . You know . I do know. Now, with more and more people consuming news digitally, the future ofjournalism has never been brighter. But it hasnt all been rosy for news organisations in recent times. Many are going through sticky patches facing cutbacks due to low ad revenues, audience flight or grappling with what to do about the rise of fake news. Well our next guest, john ridding chief executive of the International Daily newspaper group, the Financial Times says he remains bullish about the future of the industry, despite all the challenges. You have been with the Financial Times for 30 year. Yes, started as reporter, Foreign Correspondent and then editor and then the business side. What does it take to become global ce of the. Having experience of the organisation, it is a very different industry from most, we have a strong tradition of independent journalism and the business side and the editorial side are separate and that leads to a healthy culture, but you have to understand that. Having worked on both sides of wallis very helpful. What do you like best about being ce and what do you like the least. |j like the global expansion, we are an international business. It is a very tough industry, it has been a difficult industry in the past ten years, reworking the Business Model and dealing with digital disruption and dealing with digital disruption and embracing the opportunitieses from that and that is the thing that is hardest is thinking about that consta nt is hardest is thinking about that constant world of disruption. That has worked in your favour, since the crisis of 2008, people have turned to the ft and many of those others who are specialist in Financial News to figure out what is going on and it has not stopped since then . Yes, in times of trouble, people value a trusted guide and in the three decades i have been there, i cant remembera decades i have been there, i cant remember a greatest period of uncertainty. You have brexit and impeachment hearings in the United States and problems in hong kong. It is incredibly unstable. And as you said, it is important to know both sides of the fence, yet you were in the head looichs this year, the headlines, the Financial Times saying you have had to give up £30 million, because there was a revote in the ft about your pay and there was a vote of no confidence in you. There was a vote by the union that demonstrated the editorial independence in the ft that they can write about the ce. Doesnt it show you out of touch . I dont think so, there was a series of opinions. This was 2017 was the issue and in 2018, the pay was announced. But it was really related to, as it should be, a strong renumeration related to performance, we had a strong year in 2017. On reflection and having listened to various voices, i decided the right thing to do was to return some money. I think you will understand that news organisations can be a dynamic environment and one is always trying to listen and understand. But i feel that there is a tremendous unity around the ft and going back to what you said about unusual times. The mission of the ft and independent quality journalism has never been more important. And independent quality journalism has never been more importantm doesnt look important when t global ce and youre writing about globalisation and your staff feel you have been overpaid in the year you have been overpaid in the year you did well. It was addressed i think some time ago. It is an old issue and that shows you do listen and respond and address and you move on. I think we have and respond and address and you move on. Ithink we have moved and respond and address and you move on. I think we have moved on. And respond and address and you move on. Ithink we have moved on. The fa ct we on. Ithink we have moved on. The fact we havent skipped in beat in terms of growth and growing our readership shows it is still and is a dynamic, focussed organisation that takes its mission seriously. On some of the disruption to the media landscape and the challenges you referred to you have had a paid for service for 17 years and passed that one million subscribers in april. Why do you think the ft has been so successful in drumming up revenue outside of advertising and getting people to pay for your paper when perhaps they are not, havent proved willing to pay for others. We were pioneers and started ahead of field, because we thought people would value qualityjournalism. At time it was a controversial idea, everyone said the internet wants to be free. But there is a lot of Science Behind this, understanding reader behaviour and developing the model is not something you can just flick a switch on. Now there is more a consensus switch on. Now there is more a consensus that paid forjournalism is the way to go if you want quality journalism, you have to invest in the news room. There are lots of model, but getting revenues when google and others are hoovering up the advertising. How do you react with these organisations s. They are taking 80 cents of digital ads goes to google or facebook. But these big tech plat farms are a great way of reaching new audiences, but you have to be confident in how you relate to them, stands your ground and make sure you have the relationship with readers and dont get swept up in having to put your material on the sites to generate advertising. Thank you it has been fascinating. I wish we had more time. I know. Here is how to get in touch. Our correspondents have your Business World covered on air and online. Get in touch via the business live page orfind us on facebook. Join the bbcs business conversation. Tom stevenson from fidelity internationaljoins us again. Forever 21 , forever 21, this globalfashion retailer, it has filed for bankruptcy, what do you make of this . It is a big company, more than 800 stores in more than 50 countries around the world. You know, i think like many retailers, bricks and mortar retailers, it has struggled with the transition to Trading Online and it is not if first, in the last two year, we have seen more than 20 us retailers go to the wall, Companies Like toys are us, and others 5 which have failed to manage this transition. Im thinking of woolworths, when they went, it was like another institution going in the uk. So many retailers have gone in this direction, do you think it is how we are changing our view on what we buy and why . I dont know if the younger consumer is a bit more aware of cheap clothing. Moving from fast fashion. Throwaway fashion . That is an interesting question, if you look at the performance of primark, that would suggest that is not the case. I think there is that awareness, but it is not stopping primark. Some viewers would disagree, we tweeted out that question and one viewer, i buy second hand and more expensive goods using Charity Shops and now i have opted to have my clothes mended. Honeypot say, forever 21 struggled to compete. Thank you forjoining us. To compete. Thank you forjoining us. Thank you for your company as well. See you soon. Not many of us escaped the rain over the weekend. There was some atrocious conditions across many parts of particularly wales and northern parts of england. This is the rain fall radar over the weekend. Quite high rain fall totals. 97 millimetres in north west england. North wales saw 72 millimetres throughout saturday and sunday. No surprise there are a number of flood warnings in face england and wales and it is courtesy of this low pressure that will move its way in. The associate fronts bring the heavy rain. Ahead of the rain, for northern and eastern parts of england, there will be some brighter weather and some sunshine this morning. Cloudy for Northern Ireland and scotland and some showers in the far north. Most northern and eastern parts staying dry. It is in the south west where the rain comes in. Maximum temperatures 13 in the north. Tonight you can see the greens spreading through wales and the midlands and Northern England. Met Office Warnings in force. The rain just persists across Northern England and across the far south of Northern Ireland and throughout tuesday, we have got these heavy and thundery showers, frequent lightning and torrential down pours. Dry in the north, but chilly. The weather system bringing the rain clears, but then we track these isobars to the north and you can see by the blues, well, we have a plunge of colder air across the uk. First thing on wednesday, the first major widespread frost of the season, temperatures below freezing in the north. Six degrees in the south. But wednesday will start off dry with a lot of sunshine. Some cloud around the south west and northern eastern areas of england. Chilly on wednesday. The maximum temperature 11 to 13 or 1a celsius. By the end of the week it is turning warmer, but a bit of uncertainty with the re m na nts of but a bit of uncertainty with the remnants of ex hurricane lorenzo. It could mean some wet and windy weather. Youre watching bbc news at 9 with me, carrie gracie. The headlines. Chancellor sajid javid is to pledge billions to improve the countrys transport and Broadband Networks on day two of the conservative party conference. Infrastructure that, in turn, is going to improve our productivity as we build those roads, build those rail networks. It comes against a backdrop of questions about leader borisjohnsons private life. Get your children vaccinated or they cant start school . The government considers tough new measures after a surge in measles. Saudis crown prince admits some responsibility for the murder of journalist Jamal Khashoggi but denies personally