The inside track on the big stories of the week with our Business Editor, simon jack looking at the price of oil, brexit and the impact of President Trumps cancelling his uk visit. And as facebook announces its going to make posts from businesses and brands less prominent, today we want to know if you think these changes mean that the social media site is returning to its roots . Let us know. Just use bbcbizlive. Hello and welcome to business live. We start here in the uk where tomorrow will see the start of a revolution in the way we manage our money. Its known as open banking and it will soon be rolled out across europe, giving more power to customers and potentially weakening the power of the banks. So what is it . At the moment your Financial Data is held by your bank. But under new rules, ownership of this data will be transferred to the consumer. This will allow you to share it with other companies to see if they can give you a better deal on anything from overdrafts to mortgages and loans to insurance. Open banking has already been welcomed by some consumer groups as a way to bring more competition into the market others though are uneasy about what might happen to all this previously private Financial Data. They worry about security and dealing with unknown third parties. It could also could pose a major threat to traditional banking. One report claims almost a third of european banks profits some 35 billion a year are at risk from new rivals in the Financial Technology or fintech sector. Jeremy light, accenture managing director of payment service, europe, africa and latin america is with me. Thank you for coming in, how huge is this change . I believe this will be the biggest revolution in banking since the big band in the city in 1986. That was about Investment Banking and stockbroking but this is about Retail Banking and high street banks. How keen do you think customers will be to take up the offer of selling out financial detail, giving you access to two other companies, people like me who have had the same bank account since i was 18, have had the same bank account since iwas18, i have had the same bank account since i was 18, i would be concerned were that data would go. It will take time, we will not see a lot of activity over the next few months but over the course of the year well but over the course of the year we ll start but over the course of the year well start seeing new propositions, for example, able to pay directly out of your bank account on retail websites without using cards. You can load your banking information into product comparison websites to get the best deal for current accou nts get the best deal for current accounts and accounts. And a lot of consumers, 20 or 30 of them have accou nts consumers, 20 or 30 of them have accounts at more than one bank and you will be able to see all those accou nts you will be able to see all those accounts in one place, the balances, the transactions are new will have apps which will do spread analysis, identified deals and so on. For insta nce identified deals and so on. For instance if i want to get a mortgage at the moment i go on to different websites and compare the different prices, how will it be different from that . At the moment the easiest way to get a mortgage is from your own bank because they know you and have your data and can make a quick decision on what you can afford. You can go to other banks and Building Societies but you have to give them the data, statements, download them 01 the data, statements, download them or e mail them, and then you have to sit down with them to explain what your income is and what you spend your income is and what you spend your money on and so on. With open banking you can do it at a press of a button. You can see it gives the consumer a lot more choice, id take things out of the process. What happens when you press the button . The bag get access to your bank account data, up to two years of transactions, they can see your income, how you manage your money in terms of keeping in credit are having an overdraft and so on. How concerned are banks about this because initially they were quite relu cta nt, because initially they were quite reluctant, they had to comply with the law now, will it damage them or is it going to open up fresh ideas and new business. If they embrace it its a huge opportunity. It is an opportunity to allow third parties to in effect distribute their products. The biggest change with open banking is in addition to the edition ways of banking, mobile, the internet, and branches. You can do your banking outside of the banking environment. Make payments on retail website, go on to social media and make payments, see all your accounts in one place. If banks are discoverable, its a bit like in other industries, like, say, with travel. You can buy a ticket on an Airline Website or a hotel but they are discoverable on apps like xp they are and so on and you can, by being on there, those airlines and hotels are actually helping distribute the products so itd be the same with banking. Big changes ahead, great to see you. Lets take a look at some of the other stories making the news. Facebook says it will change its focus to emphasize what it calls meaningful social interactions between friends rather than posts from Media Outlets and businesses. The social network has faced criticism over fake news and being too addictive. The chief executive Mark Zuckerberg has warned it might hit the business in the short term but would be better for the company and the community in the long term. The us carmaker Fiat Chrysler says it will invest 1bn in its plant just outside detroit so that it can move production of some pick up trucks there. The vehicles are popular in the us and are currently made in mexico but that could atttract hefty taxes if President Trump pulls out of the nafta free trade deal. The mexican factory will now make cars for the rest of the world. Theres been a breakthrough in talks in germany on forming a new coalition government. Chancellor Angela Merkels christian democrats and their former coalition partners, the social democrats, had been working through the night, in a bid to strike a deal. Theyve now agreed a basis upon which a Coalition Treaty can be negotiated. The latest from reuters is that parties are prepared to boost german contribution to the eu budget which isa contribution to the eu budget which is a sticking point. Our berlin corresopondent jenny hilljoins us now. Bring us the latest . Yes it looks as though Angela Merkels dinner seems to have helped clinch the deer after gruelling overnight talks which appear to have got blocked up over policy areas like finance and predictably of course refugee policies. Angela merkel has not emerged, when she does it will no doubt be with a smile, this comes as a huge relief as she was running out of options on how to form a stable government. But shes not out of the woods just yet. This government. But shes not out of the woodsjust yet. This is government. But shes not out of the woods just yet. This is german politics, it is complex, a lengthy process. These were just exploratory talks designed to establish whether 01 talks designed to establish whether or not there was a basis upon which a formal Coalition Treaty can be negotiated. So what happens next is a round of more detailed formal negotiations. But before that can begin the social democrats rank and file will gather at a Party Conference later this month to vote on whether they want to take this any further. Bear in mind of course the social democrats initially said they did not want to ever work with Angela Merkel again. They changed their mind but there is still a deep sense of discomfort within the party over whether they really want another four years of an Angela Merkel government. First of all we will see that vote. If those talks then proceed and it will take some time before they can get under way, all 400,000 members of the spd will have devote any postal ballot on any final coalition. Angela merkel may be released this morning but there are still some way to go. Chinas annual trade surplus with the us has hit a record high in 2017, according to data released by china today. First, Karishma Vaswani is in singapore. Tell us about these figures, this will not help relations with the us will not help relations with the us will it . Absolutely, you have hit on exactly the right point. The trade surplus between china and the us according to data from the chinese shows it went up by about 10 to a record 275 billion and analysts say that figure could actually be a few Percentage Points bigger than that because some of the trade from china to the us goes through hong kong and thatis to the us goes through hong kong and that is of course unaccounted for in this set of data. A bigger trade surplus between the us and china is exactly the opposite of what President Trump has been talking about over the last year since hes beenin about over the last year since hes been in office. This is a problem which is only going to get larger. Growth United States picks up as we expect, so americans will buy more from china and as chinese growth stabilises or slows down which we expect this year as well the chinese are importing less from the United States. So what do you get . You get an even wider trade surplus. With the us dollar strengthening this year all the factors point towards the trade surplus getting wider. But these figures were not the only ones which were interesting in the data, china also released its trade figures for north korea showing a fall of 81 and imports. Hopefully that will go some way towards convincing the Trump Administration that china is trying to clean up the north korea problem. Thank you very much, lets look at how the markets have been progressing. Is that its going to be a good week for the us markets, in fact all the markets. The oil price coming off its high, down to just below 70 a barrel, we will talk about that in a second, the oil price symptomatic of a growing healthy global economy. And Yogita Limaye has the details about whats ahead on wall street today. Its going to be a busy day because their eyes a lot happening on both their eyes a lot happening on both the corporate and economic fronts. Fourth quarter earnings season sta rts Fourth Quarter earnings season starts today led by major banks here in the us. Jp starts today led by major banks here in the us. Jp morgan chase, wells fargo and Pnc Financial services will be revealing how they performed from october december. All eyes will be on how the new tax law will impact these banks. Investment manager blackrock will also report earnings and there is an important Economic Data to be released as well. Numbers for the Consumer Price index, a key measure of inflation will be out and they are expected to show a sluggish price rise continues to bea show a sluggish price rise continues to be a feature of American Growth stories right now, one economists, policymakers and even the people at the Federal Reserve cannot explain but they do expect it to change soon. Joining us is lawrence gosling, editor in chief, what investment. We are going to look at this facebook story, Mark Zuckerberg made it his new year s resolution to go back to the roots of what he envisaged it as. He said hes going to stop pushing, thats not the words he used, but business, i dont know if its going to be adverts or just posts, that will be interesting, but business will have something to say about that because they pay a huge amount of money. This is it, facebook spent the last few years not really bothering what is pushed in front of its users as long as the advertisers are happy. There was a wave last year about the Mental Health issues of facebook and other social media platforms. They are trying to be more responsible, talking about content which is more engaging and fits in more with their sort of personal use at i think well have to see how it emerges the year, its a genuine content. How is my bit coin investment doing . Not as good as it was. I gladly have any the prize came down, the south korean government the latest to become concerned, they are talking about banning the exchanges that investors can buy them, crypto currency through. The price coming down from closed in 19,000 just before christmas to 13,000 yesterday. Only up 1000 last year, would have been an amazing investment. If i had bought would have been an amazing investment. Ifi had bought them at the beginning of last year you would still be in the money. People are still trying to find those Old Computers they bought them in. End of year results, interesting data, the first week, the first week Financial Markets sorry, an interesting analysis. Its one that stat was like. If you look at the first trading week of the year, if it is positive foresee the ftse 100 it is positive foresee the ftse100 there is an 80 chance the index will finish the year up. That is statistical . Purely statistical. Yeah, there is no great primary is on but a big part of what drives the is sentiment. You might be able to work out if it is over clouded on tuesday in the first week of the year. Tuesday in the first week of the year. We debate if there will be a stock market crash in october because we had won in 1987. Thank you very much. Still to come well be getting the inside track on the big stories of the week with our Business Editor, simon jack including the latest on brexit and President Trumps cancelling his uk visit. Youre with business live from bbc news. Housing commentator henry pryor, joins us now. It is interesting to see these results. All big House Builders and developers, these results are optimistic for 2018. They have had a dismal 2017. They appear to be putting their house in order. What about the sector as a whole . They had a tremendous few years. Since 2012, we saw housing stocks going through the roof. Jolly difficult not to make money in the sector at the moment. If you look at everything sitting behind housing at the moment, the government is making huge efforts now to build more homes and get more built and indeed they are funding a Party Funding the actual customers buying the products. We can see there with firms like bovis, about 30 of their transactions are taking out the controversial help to buy scheme and that means it is jolly difficult for anybody to lose money at the present time in this sector. What about house buyers . It is certainly not been good in london for sellers. What i would call the marzipan layer, the top end of the Housing Market, but in the bread and butter market, but in the bread and butter market things are looking actually pretty robust across the uk. Demand outstrips supply and the way the government is underpinning demand by giving people a leg up onto the Housing Market will ensure we continue to see house price growth indeed growth in the builders and developers creating those homes. Thank you. Youre watching business live. Lets look at what is on the website. This isa look at what is on the website. This is a friday story, chrisjohnson does admit. Users like for like sales are at 3. 9 . 225,000 meals sold on christmas day. Five of 5 more than last year. Youre watching business live our top story is about open banking. New rules coming in this weekend will give consumers more control of their own Financial Data which could ultimately challenge the power of the big banks. A quick look at how markets are faring. They are still up. A slightly weaker dollar at the moment. And now lets get the inside track on all the big business stories of the week including oil prices hovering around 70 a barrel and more brexit developments. Our Business Editor is simonjack. Oil is doing pretty well . Yes, 70 a barrel, which is the highest for three years, since 2013, we have been as high as 110 and as low as 26. So were pushing back up. There are three things to consider, demand, disruption and this claim. In the us and asia and the eurozone, doing well, that meant plenty of demand and Economic Activity pushing it up. Disruption, we have had some from venezuelan, iraq, and then the big one, the most interesting one is discipline. What do they do when it sta rts discipline. What do they do when it starts getting up . The shale gas in the us has made a huge change in the market. And it gets toward these levels, do they start drilling like mad or do they have discipline and start paying down some of the massive debts . That is not much to impose discipline on them, unlike opec. Opec gettogether at a big clu b opec. Opec gettogether at a big club and try to get prices, when it went low, that was seen as an attempt to put the shale gas are people out of business. But the thing is, will these shale gas guys be disciplined enough not to start drilling like crazy and bring it down . There was a report released that says shale operators are being more disciplined and using money to pay down large debts. All we know about this oil price is about 80 is considered too high, 40 is considered too high, 40 is considered too high, 40 is considered too low, somewhere in the middle at the moment. It will be interesting to see whether this affects global inflation. High demand, high oil price, and then the fed would have to raise rates quickly on the market would crash. You have a story about banks paying for eu access. Basically, Philip Hammond and david davis went to germany this week and theyre trying to coax from the other side is some sort of, what is about you guys want . You keep criticising us. We would like you to make us an offer. That might include something like, because they want to keep close ties with the uk, stick around and you can have access to a Single Market, things like banking, im forced to financial services. But you have to pay for that. Banking sources say this is not on the table at the moment, the government does not want to be the one to raise it, politically unpalatable to say they will pay for Single Market access. But banking sources have said if we could pay for access, we might be prepared to. Basically, our overall bill to the access for its Single Market is ex building, lets divvy it up between banks, pharmaceuticals, car manufacturers, and obviously we are an exporter which is successful. What about mr trump . Is he coming over here . |j have trump . Is he coming over here . have no special political insight. He is saying hes not coming to open the us embassy in grosvenor square. A prestige pay for a location which has now moved to nine elms. I dont wa nt to has now moved to nine elms. I dont want to be rude to people that live there but does not grosvenor square. He said he thought it was a bad deal by the Obama Administration to move from a prestigious location, sell it for peanuts and moved to this new location. All i will say is that ever since theresa may went over to be the first leader into the white house, organising the return leg has not been straightforward there would obviously be some level of protest. People are speculating that because the queen will not be involved and there will be bells and whistles and golden carriages. That he may well come, this isjust a cancellation of this particular visit to open the embassy. Yes, there is a meeting planned with theresa may, i think. All i can tell you as a all i can tell you is that some residents in battersea will be disappointed they will not get to see the president. In a moment, well take a look through the business pages but first heres a quick reminder of how to get in touch with us. We wa nted we wanted to hear from you, get involved on the web page. We on twitter. Find us on facebook. What other business stories has the media been taking an interest in . Lawrence gosling is joining us again to discuss. It is all about carillion. Yes. It is involved in schools, motorways, the armed forces and the hs2 ruling. It has 1. 5 billion of debt. The company is only worth £100 these days. Its an absolute mess. For the government, they have had a meeting to figure out what they will do. Government, they have had a meeting to figure out what they will dam employs 43,000 people globally. Half of those in the uk, so is important. Infrastructure is a long term driver for growth. There was talk last week about a bailout. I would suspect we will probably see a bailout. A bit of government money and a large overdraft from the major banks supporting it. We must leave it there. Thats it from business live today. Well see you again tomorrow. Good morning. We will see significant changes in the weather next week. This morning, misty and marquee, fog patches around, that should clear away but it will stay cloudy this afternoon. Dry conditions but we have chris law affecting eastern areas of england. That will move further westwards. Fog in central and southern england, and in south west england, the midlands, that should clear, writer skies across scotland, particularly far north west. Maximum temperatures, 6 degrees. Tonight, rain will move into western areas. Slow progress eastwards but a strengthening wind with that. Elsewhere, cloudy with hillfort. Overnight temperatures around 5 degrees, so largely frost free. For the weekend, that rain in the west, mostly cloudy skies and a breezy start on saturday. Winds becoming lighter by sunday. During saturday, this area of rain across northern ireland, through wales and england will not move a great deal further eastwards. Perhaps into western scotland. Some showers, bright spells, top temperatures on saturday around seven celsius. Saturday evening, the rain will weaken. Showers into the early hours of sunday. Lots of cloud on sunday, later, wind is picking up in the far north west. Temperatures around nine celsius. Rain in in; 251135. Re hea andwillush re hea and willush south be pretty heavy and will push south and eastwards into monday morning. Behind that, look at those isobars, close together, a windy spell of weather into mundie and next week. That is coming from the north west, soa that is coming from the north west, so a cold direction. Quite a change into next week, strengthening wind. Some outbreaks of rain showers, sunshine at times as well. Hello its 9 oclock. Welcome to the programme. Theres a major fire at nottingham station. Trains are suspended and passengers moved to safety as fire crews try to bring it under control. Well have the latest. Donald trump cancels a visit to the uk to open a new us embassy in london. In a tweet he calls the project a bad deal and says they wanted me to cut the ribbon no . But did the fear of demonstrations put him off . I think its well know that there may have been demonstrations, there has not been a huge amount of love towards them from the british people and perhaps the president did not want to walk into that . Theres still no date for a state visit, but theresa may has confirmed its on the cards. Well have the details. Also today as more children than ever are referred to social