What will it means for tariffs means for tariffs and workers rights . And banning plastic bags new york becomes the latest american state to crack down on Single Use Plastics but is the big apple ready . And we will speak to the founder of one of the uks biggest banks. And has the coronavirus affected your travel plans for leisure or business . Let us know just use the hashtag bbcworklife. Hello and welcome to worklife. A warm welcome to the programme. We start with the coronavirus. Even more of the worlds Biggest Companies are warning the outbreak will dent profits. In the last few hours weve heard from Standard Chartered bank, carmaker aston martin and the French Aerospace giant safran that profits and production are taking a knock. But as the virus spreads around the world the Big Pharmaceutical Companies are in a multi billion dollar race to find a vaccine. President trump is asking congress to approve spending of 2. 5 billion to fight the virus a billion of which would go to Vaccine Development programmes. Drugs giants including uks glaxosmithkline, frances sanofi and Johnson Johnson of the us are all conducting research. But investor focus this week has been on Us Biotech Firm moderna. Its already shipped vials of an experimental vaccine for phase one testing. That announcement has sent its share price soaring in the past few days. We have the Vice President of a Data Analytics company. All eyes around the world are on the development of a vaccine. Talk us through the process and how soon we can expect a vaccine . It normally takes about eight to ten years to bring a drug or vaccine to market. You have to go through discovery and Preclinical Phase and then you move to human Clinical Trials which is what we hear is happening now and then Regulatory Approval and then you have to bring it to market so it is quite a long process traditionally. Do you think the Current Situation of crisis in many places will accelerate the process that normally ta kes yea rs . Accelerate the process that normally takes years . Yeah, absolutely. The way you accelerate the processes by building on what already exists and thatis building on what already exists and that is what we are hearing about in the news already so there has been a lot of Research Done for both vaccines and drug treatment and we are starting to heat about previously developed drugs, vaccines that are going into Clinical Trials which could get something to market in six months. But that is obviously not going to be quick enough to deal with this outbreak, so what in the short term are Drugs Companies doing to try to alleviate this crisis . They are doing a range of Different Things to prepare. They are going back to all the Different Development they have done to look for other candidates and ways to accelerate the process. They are looking at drugs already on the market to enter them into trials to see if we may already have a viable drug to treat. We have seen lots of money going towards vaccines. Is this a global effort with everyone trying to help each other . Absolutely. Drug development has a lwa ys absolutely. Drug development has always been a collaborative effort with money flowing in from the Public Sector as well as private industry and venture capitalists. Drug Companies Often collaborate with academic researchers to do the research to discover and bring a drug to market and that is no different now, there isjust drug to market and that is no different now, there is just a drug to market and that is no different now, there isjust a lot of money flowing in with a specific focus on coronavirus. What sort of money are we talking about and how profitable could that be for the company that finds it . Traditionally bringing a drug to market will cost over 1 billion so if they are able to short circuit the process and start with something they have already done the remaining costs may be half of that, but if they have to go back to the beginning then it could still be 1 billion and it is not Just One Company could still be 1 billion and it is notJust One Company or organisation, it is multiple billions because multiple people are taking different approaches. Thank you very much. Lets turn to the impact in china now where the government has been trying to reassure Foreign Companies that problems with their supply chains could soon be resolved. Sharanjit leyljoins us now from singapore. What are we hearing . Commerce officials updated reporters today and an attempt to reassure people and an attempt to reassure people and businesses and pretty much stated what was obvious that many foreign firms face the risk of cancelled orders but they also insisted that china has not seen a major shift of supply are manufacturing chains out of the country are as yet and some Foreign Companies continue to try to expand the investments in the country. This doesnt really echo the findings of an American Chamber of commerce report today which released a survey of its members and essentiallyit found that companies are seeing reve nu es found that companies are seeing revenues for this year could decline by more than half of the outbreak continues until the summer. Only about the third of the american firms operating in china expect the crisis to come down by the end of march and some firm seeing it could affect their planned investments although many of course acknowledging that perhaps it is too soon acknowledging that perhaps it is too soon to tell. Thank you very much. Some of the other stories making the news. Facebook says it would ban advertisements for products offering any cures or prevention around the coronavirus outbreak, and those that create a sense of urgency around the situation. It comes as the social media giant faces increasing regulatory scrutiny over the type of content posted on its platform. The virus believed to have originated in the chinese city of wuhan last year has killed more than 2,700 people. A German Chemicals firm is facing lawsuits. The number has reached 48600 and it has lost several cases in the us and insists its product is safe to use. It is exploring whether it can reach a mass settlement. Apples chief executive tim cook said the company would open its First Physical stores india in 2021 and a Online Outlet later this year. Apple had to seek special approvalfrom the Indian Government to open a store without a local partner. The announcement was made at the companys annual shareholders meeting. Stocks have sunk deeper into the red on thursday. The nicky down significantly. Hit by fears about the spread of the coronavirus. The ftse down significantly. Taking a hit by coronavirus. Reaching its tentacles throughout europe. All of the market is showing signs that this epidemic is going to hit corporate companies. It is an important day for britains plans with the eu once they brexit transition period finishes at the end of the year. Boris johnsons government has published its strategy as it prepares for formal negotiations with the eu to begin. What are we expecting . The oasis of brexit free about to come to come to a crashing conclusion. The uk left the European Union legally at the end of last month but we are currently in a transition period which means in a practical sense nothing has changed so what does the long term relationship look like the on the end of this year when the transition period runs out . The European Union publish this 46 page negotiating mandate looking at things like the Financial Services industry and fishing a deviation and tax and data sharing and email you and one things sides and the uk government will publish its equivalent document of broadly similar length as the two sides try to unpick the complexity of a generation long relationship. Things will get spiky pretty quickly. Fishing for instance there is an agreed deadline ofjuly of this year for sorting out that very contentious issue. Relatively marginal economically in the uk but geographically concentrated symbolically important in the uk holds a strong hand in negotiations on that. Perhaps a weaker hand and some of other sectors. Uk government says it is willing to see barriers to trade developing as a result of this and accept that as a reality of the kind of Free Trade Agreement taken to canadas that it would like to achieve. The eu is nervous about that kind of canada relationship, fea rful that kind of canada relationship, fearful the uk is much more geographically and economically tied in to the European Union and that could be a threat to the eu economically. Big negotiations to come. Brexit is back. Thank you very much. Time now for our daily look at some of the newspaper and website stories which have caught our eye. Joining me is oli barrett host of the lens podcast and co founder of Entrepreneurship Campaign startup britain. We are starting with the sun and this from the Health Secretary confirming workers who are forced to self isolate will get sick pay. Good news for them but do we know who is going to pay for it. This is what all organisations are asking themselves, what are we going to do . This is our head of health and the government saying they will get sick pay because employers are sending some of their teams home. Yesterday in london we saw exon sending people home. We are talking in the hundreds at the moment. In the hundreds, but sending people home for a couple of days. Acas has said of course they should get sick pay and it raises a fascinating question because if you are sent home sick the idea traditionally would be you are not going to work but it is more complicated because in theory people could continue working from home and that gets more complicated because not alljobs that gets more complicated because not all jobs can that gets more complicated because not alljobs can be done from home. A huge conundrum which makes me think this is about an idea, a mind virus, as much as a physical disease. It is how employers cope with this. Especially the smaller ones with so much on their plates already. This is another curve ball. It is not like a storm blowing in and out over a week or two. It is going to go on for months. Globally it isa going to go on for months. Globally it is a massive issue. Of course and it is a massive issue. Of course and it is a massive issue. Of course and it is deadly serious for employers around the world who want to look after their people. Big challenges ahead. Talking about travel in another aspect. Heathrow expansion and potential pitfall for those plans. This could apply to any big airport in the world. The third runway, will it happen . A big case coming to fruition in the court of appeal because campaigners say it is illegal, it is too noisy, to polluters, it is all wrong, and if thatjudgment was polluters, it is all wrong, and if that judgment was that we have polluters, it is all wrong, and if thatjudgment was that we have the campaigners it spells curtains for the third runway at heathrow and evenif the third runway at heathrow and even if it doesnt it may be in jeopardy and we have a big clash of two different beliefs. On the one hand Heathrow Airport seeing we are an island, how can we be global without more flights . On the other hand the topic is very topical. In britain mps in 2018 voted overwhelmingly to see yes, the plans are good, lets carry on. It has been rolling on but now there is so much at stake it is the number one flashing red on the dashboard concern about the environment and here is business saying we have to keep trading and expanding. The coronavirus outbreak affecting travelling europe. Some papers reporting there are bargains to be had because people are not travelling is not that the Uk Foreign Office advice to travel to parts of italy has changed. It is difficult to know where to look first. It is. At a time when peoples Holiday Plans will be on their minds, huge conferences taking place in business around the world, the olympics and the one, how will it play out . Certain things will be decreed that must happen but individuals will have to make big and sometimes quite scary choices. People will have to check out their holiday insurance. People may be delayed for 14 days. This sparks a Big Conversation about where we travel and by we work. I have to see a bit of light in this challenging time. Taking a bite out of the big apples bags, cracking down on single use plastic, but is it ready . Buy now, pay later products in the uk are set to more than double by 2023 thats according to a new report from the online payments platform world pay. In the next three years digital wallets are also set to account for one third of our online payments. Maria prados is Vice President of Global Retail at worldpay. Welcome. Tell us what you are noticing. Yeah, definitely, our report shows that those are the two biggest Payment Methods that are going to overtake pretty much other Payment Methods by 2023 and this is mainly driven by mobile and what we call mobile commerce which is the Fastest Growing channel. It will become around 13 year on year growth in the next three years. This is buying products essentially on hp, borrowing money and the knock on effect could be huge in terms of repayments, depending on what the Interest Rates are. Not necessarily. The buy now pay later product can have two aspects. The first one is to probably use the returns and refunds so the showers can buy something and only pay for it once they have received it and check it is the products they want. That is one aspect and the other potentially is increasing their options and Payment Options for the new generations to pay and making pretty much things that are affordable for everyone. What about digital wallets . Everyone. What about digital wallets . Is there any prospect of a com pletely wallets . Is there any prospect of a completely cashless britain in the near future . I would not see in the near future . I would not see in the near future . I would not see in the near future but definitely we are seeing cash is declining and in store, which is where mostly caches years, is declining 10 year on year so we are definitely seeing that decline is happening. Thank you very much. It is certainly something you can milk the system if you want to. You can buy and pay later and you get a discount in some places. That is what ijust get on a computer . Really . Yes. You get a discount. You just have to remember to pay at all. We will be back in a second. Our top story, to pay at all. We will be back in a second. Ourtop story, more to pay at all. We will be back in a second. Our top story, more big losses as european stock markets open with fears over the effect of coronavirus continuing to spook investors. Now, every so often, industries become disrupted by an innovative idea that matches customer demand. We have seen how uber changed the landscape for the taxi industry, using app that offers a quick and easy way to get a cab. Airbnb rocking its market to be an alternative to hotels for booking accommodation. And now Starling Bank is taking on the banking world with its a mobile only account which has great perks for those who often head abroad. I entered the banking crisis a long time ago and i became ashamed to be a banker. We made a mess in the financial crisis and i decided to start a new bank with new technology and a new way of engaging with customers. We got a Banking Licence in 2016. We launched in 2017 and now we have 1. 2 million customers. In 2016. We launched in 2017 and now we have 1. 2 million customersm really is new. A fledgling if you like. What are you offering that is different . We offer a different engagement with customers. It is very easy to get an account. We are very easy to get an account. We are very good value. When you travel abroad we are the best value. You got all the information about your transactions in your app so you can do all your business in your app and you can also use the post office network. We are connected to 11,500 post offices. Isnt that the same as a Traditional Bank . How are you appealing to new customers . What are they seeing a new that is different. People are seeing the app is the best in class. It is very easy to use and we are good value and our fees are nonexistent and we actually have fair overdraft rates and we pay a little bit of interest. Proposition is good value, high and people love using it and we have the values of a new organisation. What is the competition like . Are similar bank seeing a similar success rate . We have a set of new banks coming to market and we are taking on the big boys. People are abandoning the big banks and starting to use as more and more. Starling is a signatory of the 30 club. What are your thoughts about diversity in this financial world . About diversity in this financial world . It is so important. I have had a long career but i have been the only women around the table. There are not many women in tech or finance and entrepreneurs there are hardly any so i hope as a ceo and founder of a new bank, inno tech bank, we can attract talent from all sorts, and styling is hugely diverse. Are you finding that talent . Yes. People like working for an organisation that stands for something. That actually does things ina very something. That actually does things in a very different engaging way. As a women dig to find that a barrier to being taken seriously . Of course. When i was knocking on doors six yea rs when i was knocking on doors six years ago trying to raise finance people didnt start banks and women like me didnt start banks, but we have done it and we have lots of people signing up for a new account and enjoying the experience. We appreciate you coming by. In a moment well run through some viewer responses to our twitter question. But first, lets go back to new york where a ban on single use plastic bags starts march 1st. The law is aimed at reducing the estimated 23 billion plastic bags used each year by new yorkers, which get caught in trees, harm wildlife and leak into oceans. But is new york ready for the change . The bbcs Michelle Fleury went to find out. An endangered species, the plastic bag. Many american supermarkets started using them in the 1980s but with the band starting on the 1st of march all new yorkers will have to bring their own Reusable Bags to the Grocery Store or pay 5 cents for a paper once a work to shocker percent so paper once a work to shocker percent so what do shoppers think . |j think so what do shoppers think . think it is good. Plastic bags, it doesnt make sense. You have your reusable bag. They are useful for many reasons. To help shoppers prepare, this shop is giving away these usable bags to any customers that spans over 25. Change is hard. People use those plastic bags for everyday use. People use them to pick up dog to, to put in trash bags. Not all plastic bags are banned. For example those used for prescription drugs, for take out food, are exempt. That will limit the effectiveness of the ban in reducing plastic waste. A new York Recycling plant. One of the ends of the law is to reduce Greenhouse Gas emissions tied to the disposal of plastic bags. The plastics industry has fought the ban and claims it will not even address the problem of plastic waste. A Plastic Bag Ban is not going to have a Significant Impact because of 95 of plastic going into the oceans comes from South East Asia and africa. As new yorkers prepare for the ban, one chain has prepared to mark the occasion, turning plastic bags into collectors items. Maybe they will be worth something in the future. It is certainly going to be a big change. You think of the city as having the brown paper bags. Obviously not. We asked you about coronavirus and how it is affecting your travel plans. Lets look at some of your responses. Angela says my friend and i have a holiday booked in mid march to lanzarote and we are still going. Someone says not affecting me so far. At work or transport company is keeping us updated. Like the flu, keeping an eye out for people who look ill and lots of hand washing. I am supposed to be going to asia in the summer andi to be going to asia in the summer and i am holding off on the looking hotels. So many people must be doing the same, waiting to see, and that must be causing havoc. I am one of the guilty ones, i am waiting. You have just done your travel insurance to make sure if you do you will not be affected. Something we all need to do. Check it. Thats it from worklife today. There will be more Business News throughout the day on the bbc live webpage and on World Business report. We have got a complicated mixture of rain, sleet and snow this morning. Much of the snow is falling over the Higher Ground, the hills of the pennines, the welsh mountains and of course the cotswolds and the chilterns. Its all going to move its way to the south and the east and clear away but we will still see some wintry showers across scotland and northern ireland. It is this area of low pressure which is bringing this wet weather this morning. Moving its gradually east and pulling away and it will take the rain, sleet and snow with it. It will probably take until 12, one oclock this afternoon before it finally clears away and then we are looking at lots of sunshine across england and wales but still some showers into scotland. Again, snow over the Higher Ground here and maximum temperatures this afternoon six to nine, maybe even 10 celsius. Through tonight, still some wintry showers across scotland. There will be some clear spells for many of us. Just the odd rogue shower and then the cloud will start to increase from the south west tonight and with that rain slowly moves its way in. But for northern and eastern areas the skies will be clearest for longest and that means we will have a touch of frost with temperatures just dropping below freezing. Then its into friday that weve got this big area of low pressure and these weather systems moving their way in, so further bouts of heavy rain expected throughout the day. Rain particularly heavy across wales, through the West Midlands into North Western parts of england and western scotland. Rain spreads its way northward and eastward, so a very wet afternoon to come, and a little bit of snow over the Higher Ground for a time. Temperatures here still four or five degrees but elsewhere temperatures starting to rise on friday, about ten or 11 celsius. As we go through friday night and into saturday, that rain willjust continue to move its way in across many parts, of course hitting those flood hit areas. Further heavy rain in that cold front as it comes in as we go through saturday. This is that area of low pressure. Look at the squeeze on the isobars for northern parts. It is turning quite windy as well as we go into saturday and behind that weather system weve got air coming in from the north and west so after a mild day on friday its going to turn chillier over the weekend. Saturday and sunday its coming in from the west but it will bring sunny spells and showers. A very wet day expected on friday. That could lead to furtherflooding issues. Some respite i think on saturday and sunday with more showery rain but quite strong winds developing for a time. Thats all from me. Bye bye. Youre watching bbc news at nine with me, annita mcveigh. The headlines with over 40 countries infected with coronavirus, saudi arabia is stopping pilgrms from entering the country over fears about the spread of the virus. President trump tries to calm fears about coronavirus, telling his country the risk remains very low. Hes put Vice President mike pence in charge of the us response. With over 40 countries infected with coronavirus, a dramatic surge in the number of coronavirus cases in italy. More than 400 people are infected. And 160 british tourists remain quarantined at a hotel in tenerife after a guest tested positive. Warnings of another ten days of flooding misery