we start in germany — where after 16 years — the era of chancellor angela merkel is finally coming to an end. she is set to be replaced by former finance minister olaf scholz. he has become germany's chancellor—in—waiting, after the social democrat party struck a three—way coalition deal with the greens and the free democrats. they have pledged to transform europe's biggest economy — with a decade of investment in renewable energy. but they have many big challenges ahead as damien mcguinness reports from berlin. the end of an era in germany. after 16 years of conservative—led government under angela merkel, germany's new leaders are younger and more radical, and they want to modernise the country. it's an unusual alliance — a left—wing social democrat chancellor, olaf scholz, in government with the greens and the business—friendly liberals. in germany, it's called a "traffic light coalition" after the colours of each party. mr scholz drew parallels between the incoming coalition and germany's first—ever real traffic lights on potsdamer platz in berlin in 192a. translation: my aspiration i as chancellor is to make sure that this traffic light coalition can play a similarly groundbreaking role in germany. the climate change measures are ambitious — by 2030, coal will be phased out and 80% of germany's electricity will come from renewable sources. tackling social inequality is also a top priority. healthcare workers will get a bonus and the minimum wage will be increased. but with germany seeing record covid infection and death rates, for many voters, the biggest challenge right now is how the incoming government will fight the pandemic. translation: the first thing should be to sortl out the pandemic. it cannot stay like this. that's the top priority for me. translation: i think the most important thing at the moment| is the covid crisis. there's nothing else as far as i'm concerned. and how will we proceed with vaccinations? what are the new regulations? the leaders of the new coalition appear to have energy, ambition and confidence — qualities they will need given they are taking over in a time of crisis. damien mcguinness, bbc news, berlin. peter schaffrik is chief european strategist at rbc capital markets here in london. good morning and thank you for joining us. we heard there in that report that there are many challenges ahead but he says the new leaders have energy and confidence and ambition. the first challenge is covid infections on the rise in germany. what do you expect in terms of how they will tackle that? �* , , ., , terms of how they will tackle that? �* , , ., terms of how they will tackle that? a , terms of how they will tackle that? �* , , ., terms of how they will tackle that? a , terms of how they will tackle that? �* , , ., terms of how they will tackle that? as you 'ust said it must be the that? as you just said it must be the absolute _ that? as you just said it must be the absolute top _ that? as you just said it must be the absolute top priority i be the absolute top priority for anything else. one of the things that is possible is that they go into a mild lockdown as some regions have already but what i would expect the main thrust is that they ramp up not only vaccinations in the first place but also a booster programme which, in germany, is significantly behind where we are in the uk.— significantly behind where we are in the uk. and in terms of some of— are in the uk. and in terms of some of their _ are in the uk. and in terms of some of their ambitious - are in the uk. and in terms of| some of their ambitious plans, certainly when it comes to energy, where are we with this new coalition in terms of the nord stream two pipeline which is very controversial, which, you know, could come on stream day if it were approved. it is very controversial _ day if it were approved. it 3 very controversial indeed. i have always thought that even how far in the process of tilting this and approving it is it seems very unlikely to me that at the very last minute approval will not be given. so i think the coalition will probably push through. when you look ahead the key in my mind, economically speaking, is that there will be a significantly higher amount of investment as wejust heard from higher amount of investment as we just heard from your colleague in everything renewable and those across the piece so that will be the hallmark, not necessarily the key project which is basically ready. key pro'ect which is basically read . �* ., ready. and within the coalition we have the — ready. and within the coalition we have the greens, _ ready. and within the coalition we have the greens, climate l ready. and within the coalition i we have the greens, climate was huge when it comes to the priority of voters in germany. so it is very much on message for the politicians there. but it will be expensive. what will be the cost of the biggest economy in europe of the investment in renewables. it is difficult to _ investment in renewables. it is difficult to say _ investment in renewables. it is difficult to say our— investment in renewables. it 3 difficult to say our priori what it will cost exactly but one thing that is clear and one thing we do expect is that it is a bit controversial but in the coalition as well, public spending will stay significantly higher, certainly where it was before the pandemic. in my mind this is absolutely when you look at some of the key players in this coalition, the new finance minister is from the fridge democrats and has been vocal that public finances cannot go overboard. this will be a power struggle going forward but there is another element that i believe is key when it comes to renewable energy and how much it costs and that is how much germany will push for or at the very least allow to be funded on a european level because we know that the ndu, the next generation budget been controversial for the fiscal halls of germany. you have some fiscal hawks in a government thatis fiscal hawks in a government that is generally much more appreciative of public spending. this will be a key struggle, really.— struggle, really. thank you very much _ struggle, really. thank you very much indeed. - struggle, really. thank you very much indeed. peter i struggle, really. thank you . very much indeed. peter there from rbc capital markets. so will germany's new government mean a change of political power in europe? france and italy are due to sign a treaty later forging closer ties. let's speak to thomas michalski — economics professor from the hec business school in paris — he's in rome this morning. nice to see you. i don't know if you overheard the conversation but really interesting to think about how your will change with a new government in germany and what that means for france. first government in germany and what that means for france.— that means for france. first of all, the french _ that means for france. first of all, the french up— that means for france. first of all, the french up parting - that means for france. first of all, the french up parting with j all, the french up parting with all, the french up parting with a long and stable government which was led by angela merkel and was quite predictable in what they would do but also pragmatic in solving european affairs and there was a great chemistry between the french president and chancellor, typically. and it was very easy, it was easier, at least, to solve problems if there was a working relationship between france and germany. now for example if the coalition is going to be more difficult. but what is important is that the stripe of the coalition changed and perhaps as indicated before, there will be some more leeway on fiscal issues on investment than perhaps is going to go for but will touch on other issues and will be more pro— european. on other issues and will be more pro- european.- on other issues and will be more pro- european. let's talk about that- _ more pro- european. let's talk about that. emmanuel- more pro- european. let's talk| about that. emmanuel macron, when he was elected in france, he was very much coming in to europe as a leader with huge vision for closer ties across the european union on many levels. talk us through the treaty today with italy and what that means in this political power within? he came to paris wanting _ political power within? he came to paris wanting to _ to paris wanting to revolutionise europe but perhaps he was too cavalier in that and the idea of the treaty with italy goes back to that time in 2017 where there were primary talks and then we had migrant crisis between italy and france and misunderstandings. that was sorted out and the treaty that will be signed today between emmanuel macron and the italian leader is going to be covering few deals but those where both countries are convergent on. some related to foreign affairs. europe and what is going to happen in lithuania —— in africa and also the defence and cultural exchange. we have to leave it _ and cultural exchange. we have to leave it there. _ and cultural exchange. we have to leave it there. there - and cultural exchange. we have to leave it there. there is - and cultural exchange. we have to leave it there. there is so . to leave it there. there is so much more to talk about but we will talk again for use —— with you soon. let's go to the us now — where businesses and financial markets are closed for thanksgiving. retailers though are gearing up for the busiest time of the year — with the start of the holiday shopping season on friday. and the early signs are that after the upheaval of the pandemic, american consumers are ready to hit the shops again — as michelle fleury reports from new york. covid—19 brought chaos for american retailers but nearly two years on, holiday traditions are coming back. here at macy's flagship department store in harold square, christmas windows are on display and sound respectful in person visits. retailers are celebrating the return of the american shopper. this celebrating the return of the american shopper.— celebrating the return of the american shopper. this is so much better— american shopper. this is so much better than _ american shopper. this is so much better than previous i much better than previous years. it is good to see people out and about.— out and about. after being locked up _ out and about. after being locked up for _ out and about. after being locked up for so _ out and about. after being locked up for so long - out and about. after being locked up for so long it - out and about. after being locked up for so long it is. locked up for so long it is likely— locked up for so long it is likely get to show our love to more — likely get to show our love to more people. likely get to show our love to more maple-— likely get to show our love to more people. getting an early start on christmas _ more people. getting an early start on christmas holiday - start on christmas holiday shopping, consumerspending actually rose in october, boosting sales of some of the country's biggest department stores. and that was not the only good piece of economic news on wednesday. the number of americans claiming unemployment benefits finally fell below pre— pandemic levels and the last time it was this low was back in 1969, the same year as the moon landing. those hitting the shops may not like the higher prices, the result of supply chain worries and inflation but look at the crowds, it does not seem to stop them. the prospect of a return to pre— pandemic spending levels seems bright. let's speak to fiona cincotta — market analyst at city index in london. nice to see you, fiona. it is all very encouraging, the american consumer is back and thatis american consumer is back and that is great for the global economy. but talk us through the latestjobs economy. but talk us through the latest jobs figures economy. but talk us through the latestjobs figures as well that look pretty historic, actually. that look pretty historic, actually-— that look pretty historic, actuall . , ., ., ,, actually. they do. perhaps ma be actually. they do. perhaps maybe too good _ actually. they do. perhaps maybe too good to - actually. they do. perhaps maybe too good to be - actually. they do. perhaps| maybe too good to be true. actually. they do. perhaps - maybe too good to be true. what we saw is that the number of people applying for unemployment benefits for the first time dropped by 71,000, down to 199,000 down from 260,000. that was a huge drop, and historic drop and one that we are probably going to see revived slightly higher in the coming weeks. it is probably more to do with a seasonal quirk adjustment rather than actually really a record—breaking number. buti think the general trend is a good trend and that is the key point here. we do know that the labour market —— that the labour market is picking up in the united states and that is a good sign as far as the economy is concerned. also as far as the idea of the federal reserve withdrawing support from the economy. it has focused on the labour market in order to be able to get the economy back to normal. 50 able to get the economy back to normal. ., , ., , ., normal. so more people are in work and _ normal. so more people are in work and americans _ normal. so more people are in work and americans are - normal. so more people are in work and americans are ready| normal. so more people are in i work and americans are ready to spend. it is the thanksgiving break and a time of goodwill and good vibes. what about inflation?— inflation? isn't that still a wor ? inflation? isn't that still a worry? it _ inflation? isn't that still a worry? it is _ inflation? isn't that still a worry? it is still- inflation? isn't that still a worry? it is still a - inflation? isn't that still a worry? it is still a worry. | inflation? isn't that still a l worry? it is still a worry. it is a 30 year high so it is extremely we are seeing this because of labour market shortages and also supply chain bottlenecks which have created this push in inflation up to levels that we have not seen for a long time. the important thing here is that the american consumer is still showing signs of resilience. they are still keen to get out there and get shopping and that is great news. perhaps when we see more of a problem is not on the demand side but on the supply side. so those retailers who are having problems getting product onto the shop floor, they are the ones suffering more. ,., ., they are the ones suffering more, , ., ., ., they are the ones suffering more. ., ., ~ ., more. good to talk to you, fiona, thank— more. good to talk to you, fiona, thank you _ more. good to talk to you, fiona, thank you very - more. good to talk to you, i fiona, thank you very much. banking giantjp morgan has been scrambling to limit the damage to its chinese business after a joke by its boss jamie dimon. nick marsh is following the story in singapore what did jamie dimon say? another day another apology to the chinese communist party. jamie dimon made this drug at a conference of ceo's said jpmorgan and the chinese communist party are both celebrating 100 years and he bets thatjpmorgan will outlast the ccp. not exactly awful, there i say, not exactly hilarious but when a company has $20 billion of exposure in a country whose entire financial market is worth $54 trillion it is probably best not to take any chances. jamie dimonjust got back not to take any chances. jamie dimon just got back from hong kong where he got a red carpet treatment. the first wall street boss to visit since the start of the pandemic, he was allowed to skip quarantine which is a whole other story in its own right. the point is he and jpmorgan have enjoyed pretty decent relationship with the chinese state especially when you look at the product context of us tension so in terms of whether this is that serious, probably not. there has not been a massive reaction, maybe some eye rolling, it was not a human rights criticism, for example, — he would have been facing a much thorny situation. but when you're doing business in china, the episode shows that there is no such thing as being too careful. ~ , ,., , ., ~ no such thing as being too careful. ~ , , . ~' ,, careful. absolutely. thank you very much- — careful. absolutely. thank you very much. you _ careful. absolutely. thank you very much. you are _ very much. you are with bbc news. stay with us on bbc news, still to come: cashing the check. why pandemic lockdowns have been a win for the chess business. president kennedy was shot down and died almost immediately. the murder ofjohn kennedy is a disaster for the whole free world. he caught the imagination of the world, the first of a new generation of leaders. margaret thatcher is resigning as leader of the conservative party and prime minister. before leaving number ten to see the queen, she told her cabinet, "it's a funny old world." angela merkel is germany's first woman chancellor, easily securing the majority she needed. attempts to fly a hot air balloon had to be abandoned after a few minutes, but nobody seemed to mind very much. as one local comic put it, "it's not hot air we need, it's hard cash." cuba has declared nine days of mourning following the death of fidel castro at the age of 90. castro developed close ties with the soviet union in the 1960s. it was an alliance that brought the world to the brink of nuclear war with the cuban missile crisis. this is bbc world news. the latest headlines: france and britain say they'll step up efforts to prevent migrant crossings, after at least 27 people drown. germany passes the 100,000 covid deaths milestone as western europe struggles to combat a new surge. almost two years ago, auto industry boss carlos ghosn made headlines when he escaped to lebanon from japan, where he was awaiting trial for financial crimes. mr ghosn�*s supporters claim his arrest was engineered by rival executives at nissan, to prevent a planned merger with renault from going ahead. but his right—hand man, greg kelly, remains injapan, where he has spent months on trial. his wife dee has been telling the bbc�*s theo leggett about the impact his detention is having on theirfamily. it really has been devastating. when you are a young person and you lose three years of your life, it is a sad but when you are 62, you are not going to have much time after that down the road and to have lost this much of our lives is pretty devastating. the most important thing in our lives is our family and we have not enabled to see our sons, our friends, for two years. he gave 30 years of his life to that company. did not want fame and fortune, but whatever was best for the company. but whatever was best for the company-— but whatever was best for the coman .~ , ., ~ company. why do you think your husband was _ company. why do you think your husband was targeted? - company. why do you think your husband was targeted? carlos i husband was targeted? carlos ghosn was the high—profile man, the linchpin in the relationship. you can see if he wanted to disrupt the relationship.- wanted to disrupt the relationshi. ., , , , relationship. he was supportive of carlos ghosn. _ relationship. he was supportive of carlos ghosn. he _ relationship. he was supportive of carlos ghosn. he was - relationship. he was supportive of carlos ghosn. he was a - relationship. he was supportive j of carlos ghosn. he was a great business executive and good for nissan but what really hurt him was inaudible the two companies should be made permanent. he may push back against what they were trying to do.— were trying to do. carlos ghosn as we know _ were trying to do. carlos ghosn as we know was _ were trying to do. carlos ghosn as we know was able to - were trying to do. carlos ghosn as we know was able to escape | as we know was able to escape japan and what was ultimately a profile way. now that the media your hazard down, do you think he has become the forgotten man? �* , , he has become the forgotten man? 2 , ., ., man? he's definitely collateral damaue man? he's definitely collateral damage and — damage and i think he is forgotten by time, especially the media. carlos ghosn is one of the most famous executives in the world in all industry. you are the second person so definitely he is collateral damage and left behind. he has been on trial for some time. - been on trial for some time. many commentators have suggested that trial has become a proxy for a carlos ghosn trial? ., a proxy for a carlos ghosn trial? ~' ,.., , ., trial? i think the escape of carlos ghosn _ trial? i think the escape of carlos ghosn embarrass i trial? i think the escape of - carlos ghosn embarrass people in japan and carlos ghosn embarrass people injapan and you have to factor that in to the calculations when you look at the case itself. i mean, we went through probably days of testimony. when craig did not even come up which is fascinating when he was the defendant. the which is fascinating when he was the defendant. the wife of crai: was the defendant. the wife of craig kelly _ was the defendant. the wife of craig kelly on _ was the defendant. the wife of craig kelly on trial— was the defendant. the wife of craig kelly on trial in _ was the defendant. the wife of craig kelly on trial in japan. . finally, let's go to dubai where the world chess championship is getting under way, with a $2 million prize fund at stake. the game has become big business during the pandemic. the leading online platform chess.com has seen its membership more than double to 76 million. sales of chess sets and books have also soared, boosted notjust by lockdowns but the success of the netflix drama the queen's gambit. let's go to dubai and speak to ilya merenzon, chief executive of world chess, which organises the world championships. this is the big event. who was in the frame? i this is the big event. who was in the frame?— in the frame? i would 'ust like to cive in the frame? i would 'ust like to give you i in the frame? i would 'ust like to give you a t in the frame? i would 'ust like to give you a quickh in the frame? i would just like to give you a quick overview i in the frame? i would just like| to give you a quick overview of the championship. it is organised by fide an exco. magnus carlson, the current world champion andian nepomniachtchi the russian player. nepomniachtchi the russian -la er. ~ ., , nepomniachtchi the russian laer, ., , nepomniachtchi the russian -la er. ~ ., ., ,~/ player. who is your money on? or are you _ player. who is your money on? or are you not _ player. who is your money on? or are you not allowed - player. who is your money on? or are you not allowed to - player. who is your money on? or are you not allowed to say? | or are you not allowed to say? we organised the championships in london and new york and magnus carlson was always the favourite. now it is a little bit more tough to predict and his challengerian nepomniachtchi is his friend. that — his challenger. haifa nepomniachtchi is his friend. that - his challenger. how has lockdown _ that - his challenger. how has lockdown impacted _ that - his challenger. how has lockdown impacted chess - that - his challenger. how has lockdown impacted chess and l that - his challenger. how has i lockdown impacted chess and the huge appetite for the game? it huge appetite for the game? it is somehow a perfect stop. the netflix film, the queens gabba, the pandemic, people interested in chest simply because it is a good way to train the mind. somehow it resulted in an explosion of interest. chess sales have troubled. we have experienced the nominal interest from people. —— phenomenal. it is tricky now because it is actually a bubble but it has not been monetised yet so we will see how we use the momentum to get the product ready for people to enjoy. irate ready for people to en'oy. we can see ready for people to en'oy. we can you i ready for people to enjoy. we can see you again, for a moment we could not see you. very quickly, how will you build on this momentum that has been in play now because of the net figure programme and also because of lockdown? emir; figure programme and also because of lockdown? only 1% of --eole because of lockdown? only 1% of people who _ because of lockdown? only 1% of people who play _ because of lockdown? only 1% of people who play chess _ people who play chess professionally. the main driver of chess is online so all the online platforms have exploded and our platform is the official fide forum to play chess with ratings. just for us to make it appealing, make chess sexier.— chess sexier. that is check mate, chess sexier. that is check mate. i'm _ chess sexier. that is check mate, i'm afraid. - chess sexier. that is check mate, i'm afraid. thank i chess sexier. that is checkl mate, i'm afraid. thank you chess sexier. that is check - mate, i'm afraid. thank you for being on the programme and thanks to you as well. see you soon. hello. some pretty lively weather conditions on the way to us later in the week and into the start of the weekend. we could see some severe gales develop quite widely, particularly through friday into saturday. and to go with it, a realfeel of winter in the air — much, much colder with more of you seeing a little bit of sleet or even snow. that colder air pushing southwards overnight into the start of thursday, and that really makes for the chill for the first of the commutes of the day, temperatures widely at or just above freezing. so, frost in places, maybe just frost—free in the south—east corner where the overnight cloud and patchy drizzle just about to clear, and in the far north of scotland overnight, heavy showers continuing with sleet and snow, even down to sea level. they'll continue throughout the day, a few showers down across eastern coastal counties of england, one or two to the west of wales, cornwall and across northern ireland. but for most of you, thursday is one of those crisp, clear days, good visibility, but a chilly feel in the breeze, temperatures around 5 to 8 degrees. now, as we go into thursday night, temperatures actually lift a little bit. outbreaks of rain spreading their way in, from the north and the west, but strengthening winds across the board. that will stop temperatures from falling to freezing here, but there could be a frost to start friday, east anglia and the south—east in particular. but even here, we'll see rain push through on friday. this is the area of low pressure that's going to cause us all sorts of problems. the exact track will dictate who sees the strongest of the winds and who will see a bit of snow. to begin friday, it's outbreaks of rain spreading southwards and eastwards. the strongest of the winds to the north and the west of the country could touch damaging 70, maybe 80mph for one or two later in the day, and blizzard conditions developing across parts of higher ground of scotland. and this is where we'll see the strongest of the winds really late friday and into friday night, pushing down the western side of this area of low pressure. cold air with it, so a mixture of rain, sleet and snow notjust to the hills, one or two to lower levels, but it's going to be a difficult mix to get exactly right. keep checking the forecast. but it could be a night of disruption into the start of saturday with strong winds. more wintry showers around on saturday, an icy wind and an added wind chill too. so, whilst temperatures on the thermometers saturday afternoon say 4 to 7 degrees, already lower than normally expected at this stage of november, it will feel closer to freezing, if not below for many of you. things will turn quieter, though, through saturday night into sunday. widespread frost to begin the day, but for most, it'll be a dry day with some spells of hazy sunshine. keep up to date with the latest forecast details here on bbc news. good morning, welcome to breakfast with naga munchetty and charlie stayt. our headlines today. britain and france agree to step up efforts to stop people crossing the channel after 27 drowned when their boat sank as they tried to reach the uk. the french interior minister says it's a day of national grief. ministers will hold crisis talks in paris this morning. translation: the first people responsible for this despicable | situation are the smugglers. we'll be hearing from the people trying to reach the uk about why they're willing to risk their lives crossing the world's busiest shipping lane in tiny inflatable boats. where are you going now? the uk.