Brexit, round one. As eu leaders gather in malta. Maltas Prime Minister calls for a fair deal for britain, but warns it will pay a price for leaving. Plus, small talk, big money. Snapchat files for a stock market flotation, that could be the biggest tech ipo since facebook. Welcome to World Business report. Im aaron hesslehurst. In a minute well have, World Business report. But first this. We start in the maltese capital, valletta, where eu leaders are gathering for a special summit, 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 cant have its cake and eat it too. He has told the European Parliament this. We want a fair deal for the United Kingdom. But and its a big 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. Thats so it has time to be ratified by Member States and the European Parliament before the uk is formally out. Then theres the small matter of this, the uks 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. Thats likely to be the subject of a lot of wrangling. Juergen stark is a former board member of the European Central bank. He told the bbcs Andrew Walker that brexit will require a major re think of the eu and the euro currency. I dont see under current circumstances the risk. However, in the context of constitutional reforms in europe, the context of Structural Reforms in europe, i think we need to think about the reallocation of responsibilities. I am in principle against any other centralisation of policies at the european level. And in this context, i would like to talk about the resent of europe, to reinvent europe. And in this context, one might also consider the exit of one oi might also consider the exit of one or another country from the eu. So, for me, it is not a given that the euro area, the current country composition, will exist in this layout in ten years time. Composition, will exist in this layout in ten years time. Looking at the layout, britain is in the process of leaving. Is there a danger to the stability of the eu itself . It depends on the negotiations and the outcome of the negotiations. Whether the United Kingdom will in the end be better off than it is now as a full member off than it is now as a full member of the European Union. This will have a Ripple Effect to other countries. I think both sides of the channel will start in the very tough negotiations at this point. I think europeans have no interest at all to give the signal to now full members of the European Union so that there is still a balance and benefit exceeding the cost. That sucks the life out of the show. Lets go to rico hizon. The chinese economy comes back from holiday. They dont like. Everyone he was caught offguard by the latest move by the central bank. Chinese and regional equities are slumping to their steepest losses in two weeks. And at this point there is still no official word from the peoples Bank Official word from the peoples bank of china why there is no movement. It basically reinforces the view that chinese authorities are intent on forcing that handling companies to deleverage. It appears to be intent on controlling a real estate bubble. It could try to arrest the yuans depreciation against the us dollar. There have been allowances for Policy Makers to have more room to look at debt this year. Analysts think this will have to be gradual. They believe the central bank will be in no hurry to raise the policy Standing Rate for now. Aaron, have a good weekend. Do you snapchat . I dont. I am good weekend. Do you snapchat . I dont. Iam behind good weekend. Do you snapchat . I dont. I am behind on social media. That is because you are old like me us oldies dont do it we are also looking at snapchat. In the last few hours the social Networking Company has filed documents to float its shares on the new york stock exchange. Its likely to be the biggest ipo, or initial public offering, in the Technology World since facebook floated in 2012. For those of you who dont use it, its 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 for you. According to the company, 158 Million People use snapchat every day to send Picture Messages or snaps. Thats nothing compared to the almost two billion people that use facebook. But its 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, boy, so are its founders. It was set up by evan spiegel, on the left, now still only 26, and bobby murphy, 29. And how about this . Three years ago they turned down 3 billion in cash for the company from facebook boss, mark zuckerberg. So, was that a smart move . You could say that. Snapchat could have a Stock Market Value of up to 25 billion once it floats. Making them both multi billionaires. We have been trying to get our brains around it. Here is the problem. I have been on snapchat for a few years but have never got it. Now, finally, i am determined to understand it, with a younger person, priscilla. What should i do . The best thing to do on snapchat is ta ke the best thing to do on snapchat is take selfies. Double tap your screen. If you want to put a filter, you hold onto yourface, and you have different filters. You hold onto yourface, and you have different filterslj you hold onto yourface, and you have different filters. I have got that filter, that filter. I have got ears. To send that to someone individually, you click on the arrow. You can share yourself with the world. That is the point of snapchat. I dont know if he has got it. Steve brazier is ceo of the Technology Research firm, ca nalys. Thank you for coming in at this horrid hour. Snapchat are in the situation facebook was 5 6 years ago, because people said facebook has to learn how to monetise and make money. Snapchat needs to make money. That is true. Twitter was in the same situation. The big question with snapchat, is it facebook, or is it twitter . It has a valuable audience, the young people of the us. But it has a lot of people on the apple platform. It does not have much outside of the us. And it is not good with its app on android. It isa not good with its app on android. It is a limited demographic. Not good with its app on android. It is a limited demographicm not good with its app on android. It is a limited demographic. It is not with the old or outside the us. Does that mean it has the room for growth and other markets to look it . That mean it has the room for growth and other markets to look mm that mean it has the room for growth and other markets to look it . It has and other markets to look it . It has a chance. It is a popular app. But it has a lot of competition, especially outside of the us, and with companies in Asia Like Lion and wechat. Anything they do can be copied and has been copied. Use a instagram. Mark zuckerberg owns facebook. He was turned down for snapchat so he bought out instagram to kill them off. Is it a smart move by these chaps now to go public to wall street . There is great urgency to go public quickly. The era of quick money is at an end. We just heard about the Interest Rate rise in china and we will have it in the us later this year. The availability of cheap money will be harder. It is good to do it now with the ipo before the hype around technology diminishes. While i have you and with your background in technology, i have to ask you about amazon, one of the Biggest Companies in the world. They came out last night and said they are not making as much money as we all expected to be that is something to do with spending a lot on investment. The a1 is the most Innovative Company in the world. Amazon. They have innovated groceries and Cloud Computing and the echo. Lots went right for them but they have disappointed with overall revenues. They are asking shoppers to buy on convenience, notjust with lowest prices any more. There is competition coming in, especially from google, with amazon. Thank you for coming in andjoining from google, with amazon. Thank you for coming in and joining us. We will leave it there had this. This is really interesting. The Chief Executive and co founder of uber, another kid. Travis kalanick, has quit president Donald TrumpsBusiness Advisory group. The boss of the Ride Hailing Service had been coming under mounting pressure over the trump administrations immigration policies. Critics included uber drivers, many of whom are themselves immigrants, and a social Media Campaign urging users to delete the uber app. There we go. But elon musk is still going to the meeting today with president trump. We will keep you across that. Dont forget, you can get in touch with me and some of the team on twitter. Im bbcaaron. I will be back to look at the papers from around the world. See you soon. A group of mps is warning that government plans to cut Unemployment Benefit for new disabled claimants could leave some unable to meet essential living costs. The work and Pensions Committee says the reduction will not motivate recipients to find a job. Sima kotecha reports. There are many things to think about with this survey. A booth of disabled people are being taught how to write a cv properly. They are all unemployed and some are worried about the Disability Information coming out soon. Bob suffers with a spine injury. People need that money. They need help. I have no mobility. 0bviously, people with Different Things wrong with them, it isa Different Things wrong with them, it is a help to them as well. Todays report calls on the government to postpone reducing the amount of cash given to those who cannot work because they are ill or disabled. All of these people here fallen to what the government calls the work related activity group. They are those that cannot work at the moment but arejudged are those that cannot work at the moment but are judged capable of returning back to work at some point in the future. And it is those who will be put into this category that will be put into this category that will be put into this category that will be affected. At the moment, they are being paid £102 per week. But from april, the amount will go down to £73. 0nly new claimants will get the level rate. But mps say they wa nt get the level rate. But mps say they want clarity on how the government will help those in this group that wont be able to make ends meet because of the changes. Ministers argue their Welfare Reforms are increasingly incentives for people to get into work. They say they are giving extra money to those who needed because they are disabled. Sima kotecha, bbc news, west bromwich. Coming up at 6am on breakfast, Charlie Stayt and Steph Mcgovern will have more on supermarkets rationing lettuces because of bad weather. Im james menendez. The top stories this hour in her first public remarks as the United States new representative at the united nations, Ambassador Nikki Haley has condemned russias aggressive actions in ukraine, and pledged strong us support for the government in kiev. An estimated 200,000 protesters have staged a third night of demonstrations in romania against a Government Decree that decriminalises some types of corruption. The Prime Minister says he wont withdraw the decree. Europes migrant crisis, the election of donald trump, and britains exit from the European Union are all likely to dominate the eus first summit of the year. The meeting of the groups leaders is taking place in malta. The new American Defence secretary has said the us will deliver an effective and overwhelming response if north korea uses nuclear weapons. Generaljames mattis said any attack on the us or its allies