the white house tells mexico and canada it won't cancel the north american free trade agreement, but will renegotiate it. the peso and canadian dollar soar. plus, is it terminalfor alitalia? italy's flag carrier battles to stay in the sky as its rescuer pulls the plug. welcome to world business report. i'm aaron heslehurst. also coming up, raking it in, but are they worth it? top bosses face their shareholders amid growing concern over excessive boardroom pay. we start with president trump, because once again he's taken the business world by surprise. the white house has confirmed it has told the leaders of canada and mexico they won't be scrapping the north american free trade agreement. but instead they will seek to renegotiate the terms of it. that has sent the canadian dollar and mexican peso soaring. president trump has repeatedly vowed to pull out from the 23—year—old trade pact with the two neighbouring countries, calling it ‘the worst trade deal in history'. he already used an executive order onjan 23 to pull out of the huge tra ns—pacific partnership trade deal. financial markets were worried he was about to do the same with nafta, with huge implications for industries from agriculture to the auto sector. the news is moving the currency markets, both the mexican peso and the canadian dollar have surged. rico hizon is looking at this in singapore. we don't have a lot of time, but what sort of games are we talking about? -- gains. we are seeing it moved drastically, there was a plan to pull out of the nafta agreement but there has now been a change of heart. according to analysts, disruption in trade could create chaos in the auto sector and other industries, impacting profits for companies. mexico's low labour costs could also be affected. they are taking this renegotiating process, they are taking it seriously. the mexican peso and canadian dollar have soared. trade watchers have said that nafta could be expanded to cover issues that did not exist when it was created, such as e—commerce. with this renegotiation process, trade watchers are asking about the trans—pacific partnership. trade watchers are asking about the tra ns—pacific partnership. that could be renegotiated after the us pulled out several months ago. thank you for that. we will talk to you again soon. marco lopez is an international trade consultant and he joins us now from hermosillo in the sonora state of mexico. another surprise for all of us, i guess from where you are sitting, this is a very good surprise?‘ guess from where you are sitting, this is a very good surprise? a very good surprise indeed. we have been saying it is very difficult to try and go out and kill 6 millionjobs that rely on american free trade, which was exactly what he was proposing. so, good news for those american workers, 6 million that are —— that depend on trade with mexico. i think he has figured out that it isa i think he has figured out that it is a lot more difficult to govern thanit is a lot more difficult to govern than it is to campaign. this is a sign for everyone in all of those industries, especially the auto industry, agriculture, e—commerce, industries that depend on keeping the relationship between the us, mexico and canada alive and well, it's a sign that things will get better. from the mexico side of things, does mexico think it needs to be renegotiated 7 things, does mexico think it needs to be renegotiated? i am wondering where they would try to renegotiate it? i think that after all the criticism that came from president trump, and with my experience as director of the department of commerce in the state of arizona, you realise that there are things that occur throughout a period of 25 yea rs that occur throughout a period of 25 years that do need to be looked at. e—commerce is one. energy, trade facilitation is a second. there are things in the agricultural space that might need to be strengthened. it is at least important to have that conversation. i think we are getting to that place. even congress is literally having to vote on any adjustments enacted before the midterms next year. so, this could bea midterms next year. so, this could be a very long process. we do exactly what shape it will take, but will not be easy. indeed it won't be. but thank you so much for joining us. let's return to london where spring is in the air, and that means it's the season for agms, annual general meetings, where top companies have to face their shareholders. top of the list of concerns for investors, how much bosses get paid, and whether they deserve it. let's give you an idea of the sums we are talking about. pharmaceutical giant astrazeneca holds its annual general meeting today. the ceo saw his overall payjump 68% last year to more than $17 million. and that's after his annual bonus was halved! so there could be some grumbling there. consumer goods maker unilever is also meeting its shareholders. they will be voting on changes to the way its bosses are paid, making more of it in shares as a performance incentive. unilever‘s ceo made 8.4 million euros last year. that was down 20% on 2015, but a lot of the fall is down to the weak pound, his pay is set in sterling but paid in euros. tomorrow could be the big one, when global banking giant hsbc faces investors. ceo stuart gulliver has seen his potential pay soar, despite missing profit targets. he could earn up to $12 million. excessive ceo pay has become a big political issue here in the uk. the government has proposed reforms including giving shareholders more control over what top executives get paid. here's what prime minister theresa may said at the annual conference of the bosses organisation, the cbi, last november. the behaviour of a limited few has damaged the reputation of the many. and fair or not, it is clear that something has to change. for when a small minority of businesses and business figures appear to game the system and work to a different set of rules, we have to recognise that the social contract between business and society fails, and the reputation of business as a whole is undermined. theresa may speaking in november. great for you to come in at this horrible time of mourning. this is becoming a huge political issue, and also a moral issue. i am all for, work hard, be rewarded. but when bosses are being paid nearly 140 times more than the average worker, it leaves a bad taste in your mouse? it does. that is why it is such a hot political issue. at the end of the day, millions of ordinary people in the uk and around the world, who are paid very modest earnings and have seen very modest pay rises, are paying into pension schemes and retirement system is that, buy the shares in the companies and what losses are getting, they are getting a 68% pay rise. this is a company thatis a 68% pay rise. this is a company that is facing a profit warning around some of its products. that's why this is such a hot issue. this has been rumbling on year after year. what we are seeing is a lot more melodrama than action. why and investors being more vocal and aggressive about this? investors are in on the same games to a large extent. working people hand our retirement savings over two companies whose bosses are in on the same tricks. it's a very big challenge about, who have we put in charge of controlling this problem? talking about being in charge, theresa may, she is trying to make a big push. we have the general election, i imagine this is going to bea election, i imagine this is going to be a big focus? some would be asking why we aren't more like germany, where a representative for workers is on the board so they get is a straightaway? there was a proposal from theresa may to put workers on boards but she backtracked on it. we will see what happens. i think the government is serious about reforms on this. i think we need to focus on holding accountable by large, institutional shareholders to whom we hand control of the vote for the cast on pay. one thing to watch out for this season is that this is a season for this season is that this is a season in the uk where we will see a lot of winding, three—year votes on pay policy. a big controversy last year was the pay of the bp ceo. this year, the company has changed its structure, as has shell. what we are saying is that shareholders should ta ke saying is that shareholders should take a tough line on the three—year binding vote. i think we will be talking about this for the next three... we do have to wrap it up u nfortu nately. three... we do have to wrap it up unfortunately. that is the issue, being more aggressive. we want shareholders taking a tough line on behalf of all of us. i wish we had more time. thank you. we are also looking at italy's flag carrier airline alitalia. its shareholders are meeting to discuss starting bankruptcy proceedings after labour unions voted to reject a cost—cutting plan. alitalia's investors, including the gulf airline etihad, have reacted to the vote by cancelling a $2.2 billion dollar cash injection, which the airline was relying on to secure its future. here's what you need to know. alitalia is the sick man of the skies. it loses hundreds of millions of dollars a year. in 2015, desperate for cash, it sold 49% of its shares to etihad airways. that company offered to inject $2.2 billion to fund alitalia's recovery. a key condition was for alitalia to cut costs. the airline's plan was to lay off 1700 staff. cut wages by 8%. and cut its fleet size. but union members voted to reject these measures, the etihad airways has taken its money off the table. now, alitalia is planning to appoint an administrator to decide whether the airline can be said, or whether it should be wound up. the italian government says it will give alitalia a bridging loan so it can continue to operate for the next few months. there you go full. can follow me on twitter, i'll be back later to take a look at the papers from around the world with james. a simple eye test could lead to much earlier detection of a condition which causes irreversible sight loss, according to researchers from university college london. diagnosing glaucoma sooner would mean patients could start treatment before their vision deteriorates. our health correspondent jane dreaper has the details. francesca's eyesight is crucial for her work as an artist. glaucoma develops slowly, there is no cure. doctors in london believe this new injection will eventually help patients to get diagnosed and treated much sooner. to lose one's eyesight is devastating, really, especially if you have an artistic background. this sort of gave you hope that they could monitor the condition and if need be, they could give you buy drops which would slow it down slightly. glaucoma is more common as you get older. it affects 600,000 people in the uk. if left untreated, nerve cells in the retina die, leading to sight loss. the test uses a fluorescent marker to highlight failings cells, potentially revolutionising treatment. we believe in glaucoma, it is ten years between the defect being identified and when the process starts. that ten year delay would mean that you have delayed starting treatment at the time when it is most accessible to treatment, and when you could even prevent vision loss occurring. francesca wa nts to vision loss occurring. francesca wants to save her site from deteriorating, and she is hopeful this test will benefit others as well —— sight. 16 people have been involved in trials, so more research is needed. but the london team say these are promising results which could perhaps also be used to detect early signs of degenerative brain illnesses.