brexit — round one. as eu leaders gather in malta — its prime minister calls for a "fair deal" for britain — but warns it will pay a price for leaving. and following the announcement that snapchat will be listing on the us stock market, today we want to know — would you buy shares in a company with a limited track record of turning a profit? in fact, it has not made a profit. the value of facebook has tripled since it went public in 2012, but will snapchat be a similar success? do you snapchat? in the last few hours the social networking company has filed documents to float its shares on the new york stock exchange. it's likely to be the biggest ipo in the technology world since facebook floated in 2012. for those of you who don't use it — it's kind of the opposite of facebook — instead of making a permanent record of your life it lets you send picture messages that then disappear. here are some figures. according to the company — 158 million people use snapchat every day to send picture messages oi’ snaps. that's nothing compared to the almost 2 billion people that use facebook. but it's very popular among young people, especially in the us. an estimated 41% of americans aged 18—34 are on snapchat. its users are young — and so are its founders. it was set up by evan spiegel, on the left — now still only 26 — and bobby murphy, 29. three years ago they turned down $3 billion in cash for the company from facebook boss mark zuckerberg. so was that a smart move? we'll find out — snapchat could have a stock market value of up to $25 billion once it floats. making the founders multi—billionaires. how does that sound? i want to cry. with me is our technology correspondent rory—cellan jones. i could have got deja vu here because around five years ago we would have been sitting in the bbc studio somewhere talking about facebook before it went public and gone how is it going to monetise its ads and make money, and it's the same here, i will snapchat make money? it already is that you are right, there is a huge parallel with facebook but is there a parallel with twitter? we have a company, it is not aimed at you, and rachel i am not even sure it is aimed at you. sadly not, just out the bracket!m is aimed at 15 to 24—year—olds, i have just is aimed at 15 to 24—year—olds, i havejust done a is aimed at 15 to 24—year—olds, i have just done a little snap which features us fooling around with fresh. it's about reinventing the camera which is what the company say, injecting fun into the way kids interact. people who understand this understand it brilliantly and use it all day, but the rest of us struggle with it. if it is going to be worth what the market thinks it's worth it has two continue growing its audience. there are some quite worrying charts in the ipo document released overnight, one of them shows the growth tailing off a little just as they are coming to market. you don't want to see that. that reflects they are up against the gorilla in the room, facebook, which has been taking their ideas and putting them into instagram which it owns and winning over some of that audience. rachel wants to come in but can i bring that end, you said it, mark zuckerberg says here is $3 billion, they did not ta ke here is $3 billion, they did not take it so he went and bought instagram, thinking ifi take it so he went and bought instagram, thinking if i cannot have you nobody will. mark zuckerberg was offered billions at quite an early stage in his early 20s, for facebook, he was brave, rejected all offers and said i will do it my way. the snapchat guys are doing exactly what mark zuckerberg did. the question is if they can follow the same path but i think a lot of people will be spooked by slowing user growth. in the listings they talk about themselves as a camera company, what is that about, are they trying to monetise through hardware? they released spectacles. yes, they have released these things we re yes, they have released these things were you record instant video. they are trying to stress the difference between them and facebook and twitter. they are not about text, they are about images and they think they are about images and they think they have tapped into something real and powerful amongst that group, the millennial is that love to communicate and have fun. they think it's communicate and have fun. they think its powerful to advertisers. communicate and have fun. they think it's powerful to advertisers. always a pleasure, we have two wrap it up but let's put you on the spot to revisit in five years, will it be twitter or facebook?” revisit in five years, will it be twitter or facebook? i think it will be twitter. sad. in other news: the chief executive and co—founder of uber, travis kalanick, has quit president donald trump's business advisory group. the boss of the ride hailing service has been coming under mounting pressure over the trump administration's immigration policies. critics included uber drivers, many of whom are themselves immigrants — and a social media campaign urging users to delete the uber app. the e—commerce giant amazon has reported record sales of $43.7bn in the last three months of 2016. however that was short of market expectations so its shares have fallen in after hours trading. profits for the quarter were $749m. the us based firm said growing costs would hit future profits. apple is to start making iphones in india this year as the firm looks to tap into a booming middle class, as sales in china slow. the chief executive tim cook said this week the company intends to "invest significantly" in india — where they only have a 2% share of the market. shilpa kannan is in delhi. isn't the issue with these apple iphone's, are they notjust too expensive for the market? absolutely, it's beyond the reach of many ordinary citizens. they did ship about 2.5 million iphone's, a record for apple, but in the indian market which consumes about 300 million smartphones in a year it is only in tenth place. 0ne million smartphones in a year it is only in tenth place. one of the problems is that it is so expensive because they are not manufacturing 01’ because they are not manufacturing or assembling in india. they have just had a meeting with it officials ina just had a meeting with it officials in a southern state to express the intention to maybe assemble and in the long—term manufacturer there. i spoke to the local it minister who confirmed they had this meeting and they are hopeful they might start as soon as april this year. apple has tied up with a company from thailand and they might start making these iphones very soon. if they want to scale up they also have manufacturing facilities in india so it will be an easyjob. there are challenges ahead because apple want a lot of concessions which india has not agreed to and already other manufacturers are protesting. great explanation, thank you. so lets take a look at the markets and in asia there was a bit of a shock when china's central bank announced plans to raise the cost of short term borrowing — no official word on why they've done this but analysts think the government is worried about the huge amount of lending that has been going on — concerned about a property bubble so tightening policy. the chinese markets had been closed for a week because of lunar new year and when they opened they fell posting their biggest losses for two weeks — and that followed on from what investors called a cautious day on wall street. the dow closing ever so slightly down. in europe markets were expected to continue that cautious trend — but lots of figures due out today — services pmi for germany and france and a key us jobs report — so lets go to wall street and see what samira hussain has to tell us. it's the first friday of a new month which means we are expecting the latest americanjob which means we are expecting the latest american job numbers. which means we are expecting the latest americanjob numbers. the unemployment rate is currently at 4.796, unemployment rate is currently at 4.7%, the lowest in almost a decade. this particular report will be closely watched by the federal reserve and of course the new trump administration. something delicious will be happening on friday, the maker of her shoes and reese ‘s peanut butter cups will be reporting earnings, they have raised their full—year profit forecast in october because demand strengthened in the united states and they spent less on advertising. it also expects new products to help boost sales during the holiday season. funny that i now fa ncy the holiday season. funny that i now fancy some chocolate. the holiday season. funny that i now fancy some chocolatelj the holiday season. funny that i now fancy some chocolate. i always fancied some chocolate. joining us is michael hewson, chief market analyst, cmc markets. good to have you with us, the chinese, the lunar new year holiday, the centre back coming back saying let's surprise them, are they worried about a real estate bubble in china? i think they have been for quite some time and i don't think this slight tightening of policy will make that much difference. there are wider issues at play, financial conditions are tightening across the world. we see it reflected in bond yields, rising inflation, maybe they are concerned about that, chinese factory gate prices have rebounded massively. maybe they are sounding a note of caution with reserve to that, the bank of england yesterday was resident about upgrading inflation forecasts, i think inflation will runa forecasts, i think inflation will run a lot hotter than a lot of people think it will do and i think this is maybe a reflection of that and also there is a concern with donald trump in the white house they do not want to weaken the currency at the moment. american job figures out later today, people say it might be about a hundreds 2000, you think it may be 200,000? i think it could be above 200,000, the private payroll report, generally there is a close correlation over the last 12 months between the two, never more than a months between the two, never more thana 30,000 months between the two, never more than a 30,000 discrepancy, 2a6,000, i think as president 0bama's legacy... these are his last numbers. i think we should get an numbers. i think we should get an number in excess of 200,000. we shall find out. also in the programme: brexit — round one. as eu leaders gather in malta — its prime minister calls for a "fair deal" for britain — but warns it will pay a price for leaving. you're with business live from bbc news. some supermarket‘s are rationing some vegetables to customers — blaming poor growing conditions in europe for a shortage in uk stores. both tesco and morrisons are limiting shoppers, following a uk courgette shortage last month, after wet and cold weather in southern europe devastated crops. our business correspondent theo leggettjoins us now from the business newsroom. did i hear this right, some supermarkets are limiting iceberg lettuce to three? when is the last time somebody bought three? there is a point to this that i will get to but yes tesco are limiting customers to three iceberg lettuce's per person, morrisons with the same limitand person, morrisons with the same limit and they are limiting people to three florets of broccoli per person as well, i think that is the right term, broccoli is not my specialist subject. a lot of this vegeta bles specialist subject. a lot of this vegetables over the winter come some southern spain where you can get a winter crop, grown in regions near valencia, but there has been appalling weather in that region over christmas. whites bled flooding, crops ruined, fields out of action. when the young crops were coming through there was also frost and snow, the coldest weather in decades. so the crop from spain has been drastically reduced which has greeted the shortage. this shortage has been made worse by supermarkets because you have catering companies and because you have catering companies a nd restau ra nts because you have catering companies and restaurants and corner shops running out of supplies and heading down to the supermarkets to stop up. it is them those rules are aimed at, because if i go into a supermarket i am not going to buy three iceberg lettu ces what am not going to buy three iceberg lettuces what a catering company thatis lettuces what a catering company that is thinking all my goodness the normal supplier cannot get us what we need, they will go down to the supermarket and clear the shelves. letters a nd supermarket and clear the shelves. letters and broccoli, also cou rg ettes. letters and broccoli, also courgettes. go and get your quarter. have you ever bought three... you have got it? yes, but they don't eat a whole iceberg each! it isa iceberg each! it is a lot for your hamburgers! too much. you're watching business live. our top story — the social networking company snapchat has filed documents to float its shares on the new york stock exchange. it's likely to be the biggest ipo in the technology world since facebook floated in 2012. the company is yet to return a profit in its five—year history, but snapchat could still be worth up to $25 billion when it goes public. staggering. that is a lot of money. let's cross over to the maltese capital valletta now — eu leaders are gathering for their first summit of the year two days after the british parliament voted overwhelmingly to start the process of brexit. prime minister theresa may will be holding one—on—one talks with various eu leaders — so what is she up against? malta holds the rotating presidency of the eu. its prime minister, joseph muscat, has been clear britain can't have its cake and eat it. he has told the european parliament, "we want a fair deal for the united kingdom." but "that deal necessarily needs to be inferior to membership". there is also huge time pressure. assuming britain formally gives its two—year leaving notice next month — known as triggering article 50 of the lisbon treaty — mr muscat says they must agree a brexit deal by october. that's so it has time to be ratified by member states and the european parliament before the uk is formally out. then there's the small matter of this — the uk's bill for quitting the eu. as much as 60 billion euros is what britain will owe — according to some in europe — taking into account its share of budget commitments, pensions, spending on uk—based projects, etc. that bill, that's likely to be the subject of a lot of wrangling. thomas, you are an independent a nalyst, thomas, you are an independent analyst, great happy with us. they are going to be discussing all sorts of things, including... president trump. in what way could he be a threat to the eu? we have seen comments prior to and since inauguration saying he thinks other countries might want to leave the eu said there is a fear among the member states that after the eu —— that after britain leaving, there is a certain fear about that, so they are concerned and we saw this ma nifest are concerned and we saw this manifest in president donald tusk, the president of the european council, in his statement to the european ladies, saying, united we stand, divided we fall. the future of the eu will be discussed at the afternoon session of the meeting today. theresa may will be there this morning and then leave that lunchtime, then this afternoon the other states will discuss the future of the eu. what do you think will be on the agenda? this morning pospert procession and the afternoon session are inextricably linked, this morning is about migration, specifically the mortar and libya brut, yesterday there were talks with donald tusk and the italian prime minister to see how they can improve operations with libyans on the ground and stop the migration flows. we know that in regular migration has been an issue in many european election campaigns, also in the brexit referendum last year, so that brings us on to the future of the eu and how to take things forward. donald tusk essentially saying to all eu leaders, the eu 27, because theresa may will not be there, we need a firm start, we have there, we need a firm start, we have the migration crisis, we have russia, we have the us administration which we are not sure where they are going with that, radical terrorism, where they are going with that, radicalterrorism, populism, all theseissues radicalterrorism, populism, all these issues we need to take a stance. they can all very well sit there all these leaders and do the talking but the people in their respective countries may do the talking for them and they may not be the leaders any more? very good point. that is the issue they will be facing, netherlands, france, germany elections. exactly, go back to 2007, the 50th anniversary of the european community which became the eu. back in 2007 no—one would have said that ten years onward beat this crisis, the ihenacho crisis, the social crisis and now the political crisis. this is something they will be whereof, they may welcome up with suggestions how to tackle migration, ta ke suggestions how to tackle migration, take the eu forward, but at the end of the date a lot of them will be concerned about domestic electoral issues closer to home. and whether they have a job or not! thomas, we appreciate your time, we will talk to soon. in a moment we'll take a look through the business pages but first here's a quick reminder of how to get in touch with us. the business live page is where you can stay ahead with all the day's breaking business news. we'll keep you up—to—date with all the latest details, with insight and analysis from the bbc‘s team of editors right around the world. and we want to hear from you, too. get involved on the bbc business live web page, at bbc.com/business. on twitter we're @bbcbusiness, and you can find us on facebook, at "bbc business news". business live on tv and online, whenever you need to know. michael is back. snapchat. i don't. neither do i, we are far too old! remember the press conference earlier this year where someone was caught doing bunnies, misbehaving? we asked our audience to send us a text, a tweet! that his owl —— that is how old i am! to ask whether it will take off. i'm 26 and just signed up. tut, it is confusing, don't see why it has spread outside millennials. ryan things snapchat will be a fad, a waste of money and people will look stupid in 12 months‘ time. a lot of people are saying, wait and see. there are so many of these social media instant gratification apps. social media instant gratification apps, instagram, twitter hasjust dropped vine, which was six second videos, i‘m not sure how different snapchat is, $25 billion, hasn‘t made a profit, you have no voting rights with the shares. investors need to decide whether or not to buy it, they cannot wait and see. what do you think will happen when it floats ? do you think will happen when it floats? i think initially there will bea floats? i think initially there will be a bit ofa floats? i think initially there will be a bit of a pop but automatically when you look at the company you look at the commercials, and ultimately even though revenue growth is going the right way, user growth is going the right way, user growth is going the right way, user growth is starting to slow and that, for me, is the problem twitter is having, they cannot monetise their user base. if snapchat cannot monetise its user base, it will ultimately be a flash in the pan. or a snap... your household must be a barrel of laughs! this story is amazing, could you imagine uk, brits, even aussies, chipping into their own pockets to help out the government? i am buying a house next week so i guess i am helping out the government! mongolian citizens offering cash, jewellery and horses to pay government debt. mongolia is a victim of the crash in property prices, it is a resource rich nation. what commodities do they have? copper, gold, easily extract a ball, so it should be a rich country but the government went on a spending boom just as monetary conditions in china started to tighten and ultimately they spent more than they had coming in, so now they are going cap in hand to the imf and their citizens have decided to offer cash, jewellery, horses to help. that is lovely! help your government even though it has been com pletely government even though it has been completely incompetent. that is true! i don't think it would happen over here, somehow. nordstrom, very nice department store in the united states, they have dropped ivanka trump‘s brand. states, they have dropped ivanka trump's brand. yes, this is a hashtag campaign that was started in 0ctober asking brands not to stock trump brands because of his rhetoric... but nordstrom has said this is based only on performance? they have to say that, they don‘t wa nt to they have to say that, they don‘t want to be seen to be giving in to the politics. michael, always a pleasure, have a great weekend and thank you forjoining us. that‘s it from business live today. there will be more business news throughout the day on the bbc live webpage and on world business report. and unsettled spell of weather continues with some strong wind and heavy rain in the forecast today. yesterday was a blustery, windy day, this was the scene around the irish sea coast, ta ken this was the scene around the irish sea coast, taken by one of our weather watchers, and today we are likely to seen similar scenes again with an area of low pressure approaching from the south—west bringing windy weather particularly across southern england and the english channel as well. further north and north—east it is a slightly quieter weather picture. as we had through today, heavy rain setting in across the south—west of england and wales, the wind picking up england and wales, the wind picking up here as well. further east, dry with some wintry sunshine breaking through, the crowd not as windy further north. a scattering of showers to the north—west of scotland, much of scotland dry into the afternoon but the rain will move in across parts of northern ireland, antrim and county down facing some rain later on which could turn to snow on higher ground. across the midlands and southern england, spell the rain, possibly heavy at times in the rain, possibly heavy at times in the south—west, a chance of snow across the moors into the end of the afternoon and the wind will be the real feature of the weather. as well as standing water we could see some gusts, 50 mph, up to 70 mph in the channel isles, and the strongest wind transferring to the east, 50 mph here, enough to cause some disruption there could well be some hill snow on the back edge of the system, perhaps northern ireland, northern england could see wing trimmer is across the hills. at low levels it will fall as rain but some wintry showers also in scotland in the early hours of saturday morning. the chilly start to saturday for northern ireland, scotland and northern england. cloud and rain moving into southern and south—eastern parts of england once again, blustery showers across scotla nd again, blustery showers across scotland but elsewhere quite a good deal of dry, reasonably bright weather, though it will feel fresher than in recent days. that continues into sunday, too. a few showers mainly around the east and west peripheries of the uk but dry and bright with sunshine and bright with sunshine for most, and five to 8 degrees. goodbye. hello it‘s friday, it‘s 9am, i‘m victoria derbyshire, welcome to the programme theresa may has arrived in malta where she‘ll tell eu leaders that the uk wants a positive and constructive new relationship with europe. theresa may is here ready to talk about the migration crisis, about the trump effect on global politics and of course about brexit which throws a pretty long shadow here. parts of the uk have higher rates of tuberculosis than some developing countries. we‘ll have a special report on the disease and find out how mobile treatment units are being deployed to tackle the problem. the symptoms are very painful and people suffer because they are homeless, it‘s very uncomfortable.