On the last few days. The ftse just starting up a little bit. Well take a look at what this means for prices at the pump. And following the vice like grip of the handshake between president s trump and macron, were getting to grips with the perfect greeting and asking how important is the handshake . Hello and welcome to Business Live. Yesterday it was nato, today its the g7. A different place, sicily this time, a different combination of world leaders, a different agenda. Lets take a look at why its important. These seven countries account for getting on for half of the worlds wealth about 46 . But many of them are struggling with comparatively stagnant economies. The International Monetary fund is forecasting the worlds economy will grow by 3. 5 this year, butjust1. 9 in the g7. Also high on the list of worries the rise of Trade Protectionism after President Trump came to power promising to put america first. The other g7 members will be pushing him to soften this position. Then theres the environment the future of the 2015 paris Climate Change agreement. President trump has threatened to pull the us out of the deal. His fellow g7 leaders will try to convince him otherwise. The hosts, italy, are at the forefront of the migrant crisis. They will be pushing plans to strengthen africas economies to try and cut the number of migrants leaving and to promote Food Security for developing countries. Geoffrey yu, head of Investment Office uk at ubs at ubs wealth management, is with me. Plenty on the agenda, what do you think will be the main priorities that they will be focusing on first . Probably trade and where donald trump stands, is he going to follow up trump stands, is he going to follow up with certain threats made during the Election Campaign to basically through protection arisen protectionism around the us, particularly with what happened with the tra ns pacific partnership, the Trans Pacific partnership, and this could be a very interesting dialogue. What about teater, the American European agreement . Donald trump of the nail in that coughing, is there any chance of it coming back . What about ttip. At this point it would really be quite a u turn, after moving away from the ttip to embrace a new partnership. But they will try to convince him otherwise of the benefits and the Business Lobby in the us will be pushing for something as well. Climate is a big issue, there is the Paris Agreement that trump has threatened to pull the us out of, is that realistic orjust his starting position for negotiations to try and make it more favourable to the us . would say it is a starting position, there are ways to preserve the framework or domestically targeting Certain Industries that may struggle a bit with this agreement, so trying to provide benefits for injections around those, but he has a domestic audience and he is going to play to that. He rode to power almost on the coal industry, those old rust belt industries. That is very important for him as part of his core constituency. Having said that, he is not going to lose that constituency but he needs to show after the bad news domestically of late, he needs to deliver some results. The other interesting aspect is what they are going to do to help african economies. The host, italy, is at the forefront of the migrant crisis, people coming to their shores in the hope of a better life. What realistically can they do to help support africas economies and reduce the need for people to leave . And reduce the need for people to leave . The most important thing is to not apply a broad brush to all North African economies at this point, there are differences between morocco, libya is the issue right now, former colonial power, they need to make sure there is stability from the failed state and with the tragic events in manchester that has come to the forefront as well so that should be the starting point, combat institutional structures, failures and make sure terrorism is contained. Jeffri, many thanks. Lets cross to canada, where to singapore, where canadas Trade Minister is on a visit. Karishma vaswani is in singapore. Donald trump talked about the trade deal, he said it was a disaster costing millions of american jobs. He has talked about withdrawing from it completely if he cannot get better deals with canada and mexico. So canada has been looking further afield, to asia, in fact, to sign some new deals. This week the canadian Trade Minister has been touring asia, vietnam, singapore, south korea and japan. We spoke to him today and he told us that nafta has been extremely beneficial, not just for canada but for the us as well. This agreement has provided millions of good middle class jobs on the boat side, 9 millionjobs in the us depend on canada but what makes it different is the relationship is unique, because we dont sell to each other, we make things together. Look at a car, for example, a typical car would often cioss example, a typical car would often cross the border seven times before reaching the consumer so this agreement has been good, provided millions of middle class jobs, agreement has been good, provided millions of middle classjobs, and by the way this has been done two decades ago, it has been amended 11 times already so obviously we are proactive, we are confident, we will put things on the table, the us will do so, and it has to be in the interest of all three parties. The canadian Trade Minister speaking to the bbc a little earlier today, trade is a major theme for asia with donald trump having pulled out of the tpp, as you were saying earlier, lots of countries in this part of the world are looking for new partners in the wake of that withdrawal and are looking to redraw the trade map, so one to watch for yea rs years to come. Thank you very much indeed. Lets have a quick look at the market, the mckay down a touch, three quarters of a percent, the dow ended yesterday at an all time high, surrey, the Dow A Little Bit of the all time high. The european markets have just started, not a huge amount of movement but all down and key to thatis of movement but all down and key to that is the oil price, we will be talking about that in a second. Samira hussain has the details about whats ahead on wall street today. Its the friday before a long weekend in the united states. Monday is memorial day and a federal holiday which means us markets will be closed. It is also the unofficial kick off to the summer, but before we fire up the barbecues, some Economic News to get through. The second reading of the us gdp, the Gross Domestic Product growth, in the First Quarter is expected to be revised up 0. 9 from an initial reading of 0. 7 . Also happening on friday, the Commerce Department will release durable goods data which is likely to have dropped 1. 2 in april. Finally, the university of michigans survey of consumers releases its final may Consumer Sentiment index. This is important given two thirds of the us economy depends on us consumer spending. The more confident americans feel, the more they will spend. Joining us is mike amey, Managing Director and Portfolio Manager at pimco. Good to see you. The oil price down sharply, is there a sense among investors that Oil Producing companies did the bare minimum of what was expected and no more . Exactly, coming into the meeting there was an expectation we would cease production cuts, guided that way by the saudis and the russians, and really what they did was exactly what they said they would do. I think there was a little bit of hope and expectation that maybe you would get more than just the saudis and the russians, so a few more Oil Producing would join the production cuts, that not happen, they did what they said they would do but the markets got ahead of themselves and we saw on the day a big move, 5 down is a big day limu. I have this picture in my mind of the saudis, the russians, opec, trying to cut production is the price goes up, and The Americans on the other Hand Throwing Oil in as fast as they can from the shale oil producers, trying to make as much money as possible and push the price down. There is an element of truth to that. Saudi and russia, Government Revenues are so dependent on oil revenues, they want to keep prices as high as possible. U nfortu Nately Prices as high as possible. Unfortunately other producers over in the states, where the cost of production is around these kinds of metals, so unfortunately it is hard to get the price much above this because then you get this big supply from the us, so you have these two competing forces, which is why daily moves competing forces, which is why daily m oves ca n competing forces, which is why daily moves can be quite big but in the long term the Oil Price Looks Like itll be pretty stable, inbred towns around 50 a barrel. At the pump, which is what a lot of people care about, we would expect prices to be sta ble about, we would expect prices to be stable for the next year or two. The us markets dd again, the snp and the nasdaq both at record highs. What is going . The move is seen to be quite sharp at the moment. It is impressive, you get this impressive regular stock markets, most of them up regular stock markets, most of them up10 regular stock markets, most of them up 10 this year, we are only in may, and you get this continued rise. We get bouts of uncertainty but broadly speaking most economies are doing well, Unemployment Rates are doing well, Unemployment Rates are coming down, earnings are holding well and if earnings hold well when people look for places to put their money, Deposit Rates are low, they look elsewhere and that is why the stock market is doing well. From your point of view, i would have thought the states are a bit risky at the moment . We have a preference for european stocks because the european Stock Market Economy is a couple of years behind the us on the recovery so we would agree that the us looks like it is ahead of the cycle. And too expensive, do you think . We would say fair to expensive, do you think . We would sayfairtoa expensive, do you think . We would say fair to a little bit expensive. Thank you, you will be back to talk through some of the paper stories with us. Stay with us on Business Live. Still to come. Well get the inside track on this weeks big economic stories. Its been an important week for greece and china stay tuned to find out more. Youre with Business Live from bbc news. House prices in london are predicted to fall in real terms across 2017 marking the first time this has happened since 2011. Hometracks latest report shows annual House Price Growth in london is already running at less than a third of the levels seen a year ago. Theo leggett has more from the Business Newsroom. This is a survey of house prices in cities up and down the uk, exclusively cities, and it seems there is a north south divide, or rather it comes in at the midlands, because if you look at the southern cities, growing very rapidly in terms of house prices over the last few years, terms of house prices over the last few yea rs, not terms of house prices over the last few years, not just terms of house prices over the last few years, Notjust London but bristol, 0xford, places like that, the rate of growth has gone down quite significantly from double figures to single figures, as you said in london we are looking at House Price Growth falling below the rate of inflation and therefore real terms falls for the First Time Since 2011. But if you go to the midlands, birmingham and beyond, you see pretty big increases. In manchester, House Price Growth last year was about 6. 3 , it is now 8. 4 . Leicester, nottingham, birmingham, also edinburgh, all of the city showing an increase in price growth and the reason is that in the southern cities where growth has been strong up cities where growth has been strong up to now, there is an affordability problem, people are being priced out of the market. There is also a question of investors becoming less keen on buy to let property because of changes to the stamp duty regime, so you have this real difference between london, the home counties, the south of england, and the rest of the united kingdom. 0k, thank you very much indeed for that. Lets see what is on the Business Live page. The biggest uk Tech Flotation for two years, a british Softwa Re Flotation for two years, a British Software developer valued at nearly £1 billion, which would make it the biggest uk tech firm. It is called Alfa Financial software. Software for the financial industry, i dont quite understand it this is quite a good job, professor of play, sponsored by lego, Paul Brownjohn of play, sponsored by lego, paul brown john downey. A£4 brown john downey. A £4 million grant to help fund that. It pays for a lot of lego bricks you are watching business life. Greece failed to secure to unable to getan greece failed to secure to unable to get an extra in stormont for its bailout. 0ur Economics correspondent Andrew Walkerjoins us now. We have been here before. We may well be here again. Yet again we have a greek Debt Repayment deadline looming, money owed to investors and the European Central bank coming in july and greece needs the next Bailout Payment which has been delayed for many months in order to meet that debt obligation. We have been there before as well. On one occasion greece missed a payment deadline to the International Monetary fund by a short time. But what has been happening is greece has now made reform commitments to satisfy the rest of the eurozone. They have also got the commendation of the International Monetary fund, but some of the rest of the eurozone who would be making this payment indirectly through a eurozone agency, particularly germany, wants to see the imf sign off on the programme is being credible and the imf is not prepared to do that. It thinks the projections for the greek government finances and Economic Growth are not credible, they are too optimistic. They also think greece needs some commitment to debt relief. There have been some narrowing of differences. There is a chance they will sign it of in mid june when they meet, but they are not there yet. Regardless of all the details, a former Treasury Secretary says it does not make sense, there is a big hole in it. What is going on is the Donald Trump Administration has come up with a budget that includes proposals for cutting taxes and a central part of their Economic Strategy is the idea that tax cuts and deregulation will stimulate stronger Economic Growth, give incentives to businesses to invest, people to work more, and also the idea is that by cutting tax rates you eliminate or reduce the incentive to avoid taxes. So they are saying that the stronger Economic Growth will both offset the tax cuts by generating a larger taxpayers, but they also say it will help them close the Budget Deficit com pletely help them close the Budget Deficit completely and eliminated by the end ofa completely and eliminated by the end of a 10 year period. Completely and eliminated by the end of a 10year period. You can do one but not the other. That is what Larry Summers has suggested, but the Trump Administration rejects this. But a whole load of people are joining in on the criticism. Another point critics have made is the assumption is in these Budget Projections is the us economy will grow at 3 per year over this 10 year period. Many regard that as unrealistic. Yes, the us has done that in the past but Productivity Growth has been slow recently and the population is ageing, so a lot of people will be retiring and not generating that Economic Growth. One of the other big stories, moody s, the Ratings Agency downgrading china for the first time in almost 30 yea rs. For the first time in almost 30 years. It is worth emphasising the Credit Rating is still comfortably in Investment Grade territory. We are talking nothing like a downgraded tojunk are talking nothing like a downgraded to junk status, but it is still striking. It reflects a slowdown in Economic Growth in china which we have talked about a lot in the last few years, plus moodys assessment of the way in which china is responding to it. China wants to make this slowdown carefully managed and not too sharp. There has been quite a lot of stimulus coming from the Chinese Government to ensure thatis the Chinese Government to ensure that is the case. Because moodys have concerns, they are more likely to put the burden of any stimulus on fiscal policy, so more Government Borrowing and concerns about increasing debt amongst some of the state owned enterprises and local government which makes them think the Debt Situation combined with slower Economic Growth means it is not as strong as it was. Is it a real problem, debt . Not an immediate problem but across the economy as a whole. We are talking about 30 50 of gdp, which compared to greece is very small but there is household debt, local government and state owned enterprises, all of these add up owned enterprises, all of these add up to the burden which is quite large for a country at that stage of economic development, but not an immediate catastrophe. Andrew, thank you very much. A quick reminder of how to get in touch with us. The Business Live page is where you can stay ahead with all the days breaking Business News. We will keep you up to date with all the details with analysis from the bbcs editors right around write around the world. We wa nt right around write around the world. We want to hear from you as well. Get involved on the bbc Business Live web page. We are also on twitter and facebook. Business live on tv and online, whenever you need to know. Lets see what other stories are being talked about on social media. We were talking about the handshake between the two president s. It was a battle of the grips, rather than a greeting. Quite vice like. How important is the handshake . M greeting. Quite vice like. How important is the handshake . Is it still important . I think it is. U nfortu nately still important . I think it is. Unfortunately these two people have not met each other before and the first time they do it is in front of the worlds cameras and they have both got a point to make. Who won it . The bookies conclusion is that Emmanuel Macron might have just got this one. It will be interesting next time and every time they meet because people will be looking to see what happens. I think now, yes, absolutely, the next few times they meet that is what we will look for. There are videos of Donald Trumps embarrassing handshakes and there area embarrassing handshakes and there are a whole mass of them. He wants to make a point. Presentation is very important to him and one of the ways you try and get an early score is this. It is testosterone. That was our twitter question, how important is handshake . James says, It Isa Important is handshake . James says, it is a file one. Ryan says for some reason people do not give a Firm Handshake back. He is wondering what is going on. It was a bit aggressive. Thank you for those tweets. What else was in the papers . We were talking about the papers . We were talking about the world bank and this is interesting. It is about clarity of language and keeping things nice and simple. 0ne language and keeping things nice and simple. One of their economists has been attacked for saying that he wa nts a been attacked for saying that he wants a limit on the number of the word and in a report. Izzy on to something or is he being pedantic . think he is. If you have been lucky to see one of these reports, and the imf and the world bank produce dense documents, and his point is can we get the punch line out early and tighten up the language . They need journalists. We do not tend to go on at length and may question is longer than they need to be and carry on and go on and on. I labour the point, but there you go. We are all guilty of this, but it is that aim for brevity. He says he wants to reduce the number of ands down to 2. 6 . You can get carried away with the statistics which economists do. But he has got afair point which economists do. But he has got a fair point because these reporters are dense and quite long and if you have a point to make, make it early on and then have the rest of the document to back it up. There is another one we wanted to talk about, the age of retirement. The World Economic forum saying that maybe we should look at retiring at 70 to avoid a pensions crisis. Indeed. This is the uk. If the uk does it, everyone else will have to. If one western country goes that way, there will be a momentum and in a year everyone will do it or nobody will do it. The challenge is as we are all lucky to see our Life Expectancy rise, we need to pay for that somehow. Working longer is one of the best way to do it. I take exception to this, this is the World Economic forum. This is the elite, all of whom could retire at 30 and they are telling us we have to keep working until 70. I had until 70. Ihada until 70. I had a tweet earlier saying it is difficult for people in heavy industries. Maybe for News Presenters it is fine, but not for everyone. This is heavy industry, mate iam this is heavy industry, mate i am saying nothing that is it. There will be more Business News throughout the day. Have a good weekend, goodbye. Good morning. If you have plans for the Bank Holiday Weekend it is worth staying tuned until the end of the forecast because there are some su btle forecast because there are some subtle changes on the way but not much is going to change today. Another hot day with plenty of strong sunshine and across the length and breadth of country there will be sunny skies. 0n the coasts it will be a bit cooler. Wherever you are in the sunshine the uv levels are you are in the sunshine the uv levels a re pretty you are in the sunshine the uv levels are pretty high. Bear that in mind if you are out for any length of time. Note the cooler field to the coast with an easterly breeze blowing. Into the midlands, wales and Northern England we could see temperatures up to 28 or 29. In Northern Ireland there is a risk of the thunderstorm breaking out late this afternoon. A similar story in the far north of scotland, but notice a temperature of 30 degrees, a particularly hot day in northern scotland. It will stay warm this evening and overnight. But some thunderstorms pushing in from the west, especially for wales and south west england. Tomorrow morning as this area of low pressure slides its way in, we will see a spell of heavy, thundery downpours in places. Dry weather in between. It should clear up dry weather in between. It should clearup again dry weather in between. It should clear up again in wales and the south west. A different story for Northern Ireland and scotland. Here there is heavy and persistent rain with the odd flash of lightning and temperatures will drop away from the west. But some warm air holding on in the south east and northern scotland. On sunday it should be a fresher day for most places. There will be a lot of dry weather and some sunshine, but thunderstorms creeping into the south east and it is still a bit muggy here as well. For Bank Holiday Monday there will bea for Bank Holiday Monday there will be a few thunderstorms in places, particularly in the south. By this Stage Temperatures will be much lower for all of Stage Temperatures will be much lowerfor all of us. Yes, there Stage Temperatures will be much lower for all of us. Yes, there will be some sunny spells and thundery downpours as well and it will gradually turn fresher. Hello, its friday, its 9am im chloe tilley in for victoria. Welcome to the programme. The War On Terror is simply not working. Thats the view ofjeremy corbyn, whos promising change if labour win the election. But his views have been sharply criticised by the conservatives. I thinkjeremy corbyns comments are totally inappropriate and crassly timed. Will either at Police Headquarters in manchester as another arrest is made in connection with monday nights bombing. We are live. The uk Terror Threat level remains critical meaning another attack could be imminent. Well look at how security is being stepped up at this weekends major events. Also in the programme, well have the extraordinary story of a how a man who was abandoned as a baby tracked down his
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