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tv   BBC Business Live  BBC News  August 16, 2017 8:30am-9:01am BST

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this is business live from bbc news with ben thompson and ben bland. brexit proposals: the uk government says there'll be no return to a hard border with ireland. live from london, that's our top story. the british government has unveiled its second brexit position paper — looking to minimise disruption at the irish border and let people and products flow freely between northern ireland and ireland. also in the programme.... why apple is making it harder for touts in asia to profit from the sale of its iphones. european markets are looking like this in the first half hour of
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trade. more and more of us are globe—trotting alone, we speak to the founder of one firm who turned her own terrible travel tale into a successful business. today we want to know about your travel highs and lows: tell us your stand—out experience while travelling the world? let us know. just use the hashtag bbcbizlive. hello and welcome to business live. the british government has unveiled its second brexit position paper, ahead of negotiations in brussels at the end of this month. this time, it's about minimising disruption at the irish border. northern ireland is the only part of the uk which will share a land border with an eu member state when the uk leaves the eu in 2019. under one option the government has proposed, there'd be no customs border at all between the uk and ireland, enabling goods to flow freely between the republic of ireland and northern ireland. protecting the common
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travel area is key. thanks to the current arrangement, people can move freely between northern ireland, the republic and the rest of the uk without passport checks. this is important because, according to the centre for cross border studies, up to 30,000 people cross the border every day for work. and the central statistics office estimates the value of ireland's exports to britain has grown by 14 % to $8.5 billion so far this year. with us is dr paul breen, senior lecturer, university of westminster. good to see you. welcome to the programme. it is hard to overemphasise how important politically and economically there is an invisible border on the free flow of people and goods between the republic of ireland and northern
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ireland. in ait is absolutely essential there is a detailed plan in place well in advance of march, 2019. here in london, where we are now, we can get on the london underground march 2019, the morning after brexit. for people living on the irish border, it will affect them very dramatically. we need ideas now in place so that we can actually make sure there is a sea mless actually make sure there is a seamless and frictionless transition the morning after brexit. you mentioned it would have an impact if suddenly there was a hard order and border checks. what would the potential effect of that be? there are at least 30,000 people who travel across the border back and forwards every day for work. then there is the business impact. northern ireland relies very heavily
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on its trade with the republic and vice versa. it is completely essential there is free movement of goods people. 0therwise essential there is free movement of goods people. otherwise we will end up goods people. otherwise we will end up in goods people. otherwise we will end upina goods people. otherwise we will end up in a very chaotic situation has to be planned in advance. 30,000 bigger people crossing the border, thatis bigger people crossing the border, that is probably a conservative estimate. that is probably people who travel for work. then there are leisure travellers and people moving around the country. another issue link to that is the fact that a lot of people in northern ireland to identify very strongly with ireland as an entity, as a whole, the whole island. culturally they also have a lot of activities and a lot of involvement with people on both sides of the border. for example co fermanagh, where i am originally from, is bored —— bordered by county donegal. people would have interaction with neighbours across the border. who has the final decision? you could have a situation where the uk government and irish
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fitment agree not having any border, no border checks, but then you have to get the agreement of the european union well. —— irish government. everything has to be arranged within the parameters of the good friday agreement. in the most recent statement the government has emphasised that the peace process has to be prioritised. i think there can be no deal or no series of actions that would jeopardise the peace process and the terms of the good friday agreement, which can't really be up for negotiation. thank you very much. interesting to get your thoughts. thank you. some of the other top business stories. donald trump has hit back at the business leaders who resigned from his manufacturing council in the last couple of days. so far six high profile figures, including the bosses of intel, merck and under armour, have left mr trump's panel in protest at the president's handling of the rally held by far right wing groups in virginia. at a press conference mr trump said the bosses in question were not
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taking theirjob seriously. technology companies such as microsoft and cisco systems have ramped up lobbying ahead of talks to renegotiate the north american free trade agreement. the firms are looking to avoid any future restrictions on cloud storage and to promote an international pact to eliminate technology goods tariffs. the us, mexican and canadian negotiators are due to start talks on the 23—year—old trade pact on wednesday. us wholesaler costco is facing a $19 million bill in damages after the jewellery chain tiffany sued it for infringing its trademark. it accused costco of selling "tiffa ny" engagement rings, but costco disputed the claim, saying "tiffa ny" is now a generic term. the court ruled however that it must call them "tiffa ny—style" rings instead.
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iam i am sorry. you will set me off in a minute. plenty of news on the business live page. 0n there now, they are taking the nuts away. no more nuts on walnut whips. this is nestle is saying that to cut costs they are taking the nut from the new versions of the classic walnut whip. as the director points out it is now just a whip. controversially, i never liked the nut on the top anyway. it is music to my ears. we have also been asking about your views on travelling the world solo. mel says, massive hydraulic your own comment meeting the best people you will ever meet. below is seeing how people live in different countries. maybe suggesting people living in poverty forced up karen says, i love
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it. meeting new people and choosing my own adventure. some of the best holidays ever. keep your comments coming in. apple is attempting to crack down on touts buying new iphones in hong kong and selling on the chinese black market. sarah toms is in singapore. there are a number of reasons. the first reason is hong kong's lower taxes and duties are offering a powerful incentive for people offering a quick. every year after an iphone delays they pop up in hong kong and now sold on the black market. they are sold to tourists or across the border, to mainland china, but customers who are willing —— unwilling to wait for them to become available there. this does not happen any more. from yesterday you can no longer return or exchange
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any apple products online in hong kong unless they are defective. the previous policy allowed 1a days for products to be returned in the city. this change in policy is very timely. apple is expected to unveil its new iphone models later this year. it is a hotly anticipated tenth anniversary edition and is supposed to have a completely overhauled look. it isjust supposed to have a completely overhauled look. it is just in time for this. really interesting story as apple gets tough on the touts. there's been a decent rebound in markets over the last couple of days after tensions calmed between north korea and the us. money moving back into some riskier assets but we're still not back to where we were last week, suggesting there's still a lot of caution amongst investors. this evening's minutes from the us fed are likely to give markets a taste of what was discussed at thejuly meeting between fed members and some indication
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of rate rise timings. in europe today we're watching for confirmation of the eu gdp number — expected to show growth of 0.6%. and hot on the heels of yesterday's inflation data in the uk, showing the consumer prices index held steady at 2.6%. today we get the unemployment stats, including average earnings, which should give some insight into whether wages are keeping up with rising prices. more on that in a moment, but first let's head to the us where samira has the details of the day ahead on wall street. the us federal reserve will release the minutes from its past policy meeting back in july. at that meeting policymakers unanimously decided to keep interest rates unchanged and planned to reduce the massive bond holdings relatively soon. in other news, american retailer target will be reporting earnings. last month, target said it expects sales to increase
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which would be the first such rise in five quarters. it will thanks to improved customer traffic and sales trends and the company has also invested very heavily in keeping prices low and improving its e—commerce business. and finally, cisco systems is also reporting earnings. the world's largest networking gear maker will likely report another fall in revenue as declines in its legacy hardware business outweigh gains from its new divisions such as security. joining us is lucy macdonald, chief investment officer, global equities at allianz global investors. welcome. this morning, interestingly from the imf about china's being filled much by debt. that is exactly the case was that we are seeing debt everywhere in the world as being the
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major determinant of growth. that has been the case since the financial crisis, but particularly so in china, which has really driven excess growth, over 6%. that has helped the rest of the world, for sure. pointing out this debt is there and will need to be financed over time is a good caution, i think. it is a common picture around the world, the growth is fuelled by debt. where is the dividing line? read as a become manageable and healthy to keep the economy growing, and being into dangerous territory? we had a very clear number at 90% of gdp. that proved to be not entirely clear that it was an exact number. we are now in the hundreds of percent. 250% we are talking in china and similar levels house where in the world. it comes down to the ability to finance that debt. that
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is affected by how close the economy is affected by how close the economy is in china. it is a very close economy. it is relatively easy to control and a similar picture in japan as well. the central banks now own a faith of the overall debt. there certainly are major holders of it. it does depend on the structure, the majority of the debt and who the holders are, how manageable it is. we are in totally new territory as far as the levels are concerned. interesting. thank you very much. i know you will talk this through some of the newspaper stories later. for now, thank you. still to come... going solo? we'll meet the founder of one firm who turned her own terrible travel tale into a global business. you're with business live from bbc news. we'll get the latest economic update for the uk this morning,
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with the latest unemployment figures due out shortly. wages are still expected to be falling behind inflation, which we found out yesterday came in at 2.6%. let's speak to professor geraint johnes from lancaster university. i suppose that is always the issue for the regardless of unemployment figures, wages are not going up and people are feeling the squeeze. that is right. we do not know what today's figure is will bring. if they are in line with what we have been seeing over the last couple of yea rs we ca n been seeing over the last couple of years we can expect to see a further rise in employment, possibly a fall in the unemployment rate. we will see very little joy on in the unemployment rate. we will see very littlejoy on pay. the cip de brought out a survey earlier this
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week saying employment was still set to grow over the coming months that there was very little action on pay. that is in line with the information we have from the bank of england's agents reports. 0ver we have from the bank of england's agents reports. over the last ten yea rs or agents reports. over the last ten years or so we have seen agents reports. over the last ten years or so we have seen implement grow from 29 million to 32 million, huge increase in employment. 0utput in the economy has not grown as rapidly. that means productivity growth has been sluggish and that is not enabling firms toward paying creases, also essential pay increases, two employees. there is also a significant availability of labour. normally would we would suggest that when unemployment is falling it is more difficult to find workers. that means there is pressure for employers to put up what they pay. yellow macro ten yea rs what they pay. yellow macro ten years ago we had 30% of all workers we re years ago we had 30% of all workers were self—employed. —— years ago we had 30% of all workers were self-employed. -- ten years ago. 27% are now part—time. many of those want to work longer hours than
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they currently have. there is an increased availability of labour. we are seeing that as well at the top end of the age range. there are a lot of older workers now wanting to remain in employment. good to talk to you. the business live page is updated through the day. balfour beatty has seen through the day. balfour beatty has seen profits for the first half of this year doubled to £20 million and the chief executive credit it to winning a series of large infra structure projects. you're watching business live. our top story... the news that the british government is to unveil its second brexit battle, how to minimise the disruption between the irish republic and northern ireland of course to maintain relations and
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trade links and the passage of people across that border. they have laid out a number of options but it is still very early days in the negotiations. a quick look at how markets are faring. that is what the pound will get you against the dollar. ever fancied travelling the world with just a backpack for company? well, you're not alone. but what if you wanted some like—minded travel companions to meet up with along the way? well, our next guest founded her travel firm, flash pack, after facing exactly that dilemma. the market for solo travel is booming, especially 30 and ao—year—old singletons with disposable income. according to uk travel body abta, nearly one in six britons — that's15% of the population — have travelled alone. despite safety worries, a tripadvisor survey of more than 9,000 women showed that 74% had already travelled alone in 2015. radha vyas is co—founder and chief executive of flash pack — she runs the firm with her husband.
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welcome to the programme. let's start with how it began because we touched on a bit of your story, a terrible travel experience and you thought there had to be a better way of doing it so how did it come about? i was single and in my 30s and like many people working long hours and feeling overwhelmed and i needed some adventure and fun in my life. for the first am i could not find anyone to go on holiday with and being in my 30s a lot of friends we re and being in my 30s a lot of friends were settling down or getting married or busy with their own careers and a friend said i should go on careers and a friend said i should goona careers and a friend said i should go on a group tour. this was the first time the concept came on my radar, i did not know what one was, that it was available for some of my age so i was intrigued. i had always travelled solo and was craving company so i started researching and
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realised the mass group tour companies were predominantly catering to young budget backpackers with a focus on partying or the more luxurious ones for the 65 and over market and i was in between. i wa nted market and i was in between. i wanted adventure and a dynamic itinerary put the boutique hotel at the end of the day also the problem is the expense, travelling solo you pay a single room supplement and your trip can be incredibly expensive so how does what you have set up deal with that, if at all? i understand it from both sides. it feels a bit like discrimination if you are travelling solo but equally the hotels need to earn a certain margin and if you are renting a room on airbnb, you would not expect to have half the rent is a single person was renting from you. we do not enforce a single supplement and we give you a chance to share a room with somebody you would get on with. you get to experience a nice hotel and share the cost with somebody. and when you're travelling around
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the world, it is about meeting like—minded people. it is sort of not solo travel in some respects because you are with a group when you are out there but how do you make sure you find a like—minded group? there are certainly different interpretations of what a holiday is or could be so how do you get similar people on the tours? we only cater to people in their 30s and 40s and 90% of our customers come on their own. a couple of people come with a friend but most on their own and most are single, busy professionals at the same life stage. they already have a lot in common, everybody is up for an adventure and meeting new people to the probability of getting on with people is high. and we talked about experiences and we have been asking people to send us highs and lows and it strikes me the world is a much smaller place now. you can do most places, do most things, if there are still some work on your list you
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have not ticked off or places you could not offer at all? north korea for example, but there is still demand. absolutely and we started the company by offering really cutting edge destinations like sierra leone also my husband and i have both been to over 100 destinations between us but there are still so many more, i would love to go to south korea, to iran, places in south america i would like to explore and north america. there area to explore and north america. there are a few places that we do a void just because of the risk. i would love to do hiking in north korea but it is just not possible right now. we have been asking for people to share their highs and lows and we have had some fantastic ones. this is from maria her with a koala, saying it was her highlight in australia. and this one says the edge of the moon valley called
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paradise on earth. a lot of people sharing. and similar themes, paradise on earth. a lot of people sharing. and similarthemes, philip says travelling solo lets to be a version of yourself you never knew, that idea of discovery and jeff said it is easier to meet new people. he also says the load that sometimes it can be lonely and you don't get to share the memories. —— the low. do you find people stay in touch after the trip? so many people do. when you are backpacking alone in your 20s you can stay in hostels and it is easy to meet other travellers but in your 30s is easy to meet other travellers but in your30s and is easy to meet other travellers but in your 30s and 40s you might want to stay in hotels and it is harder to stay in hotels and it is harder to meet people and that is when a group tour situation comes onto your radar and people start researching our company. what we're finding interesting is that people do stay in touch for long periods. we have had a couple of people who have become housemates in london after meeting on one of our adventures. we
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have now launched these mini experiences all across london and we are about launch in new york where you can experience a flash pack adventure in one day, joining a jordanian supper club for example. we are seeing customers using that as an excuse to meet each other again. any marriages yet?! no matchmaking! really nice to see you. 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 life page is where you can stay ahead with all the breaking businesses of the day keep up—to—date with the latest details with insight and analysis from the bbc‘s team of editors around the world. and we want to hear from you as well, get involved on our web page. and on twitter and you can find us on facebook. business live,
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on tv and online whenever you need to know. what other business stories has the media been taking an interest in? lucy macdonald, c10, global equities at allianz global investors is joining us again to discuss. 0ne one in the washington post, trump tried to save theirjobs that they we re tried to save theirjobs that they were quitting anyway. two element here, what is the fact there is enough confidence in the labour market for people to want to move around but the other, the underlying theme, is this substitution of capital labour, automation, and whether anything can be done to keep these jobs whether anything can be done to keep thesejobs in whether anything can be done to keep these jobs in the longer term with manufacturing being a dwindling part of the economy. and the crux of this, trump said we need manufacturing jobs and these blue—collar workers to stay in the states but what the article makes clear is that america is moving away from these for nonpolitical reasons.
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and it is notjust america, it is everywhere where economies are developing. the other issue is that even within manufacturing, the educational level required for the workers is rising because you are getting more technology in manufacturing and software and so the kind of people you need need to be more white—collar. you also are getting more automation. it is all changing and you can cushion that to some extent but you cannot really hold it back over time. interesting given the renegotiations happening on nafta between the us, canada and mexico. lucy, good to see you. that's it from business live today. thank you for all your messages as well. we will be back tomorrow. goodbye. good morning, rather chilly start
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across many parts of the uk, some clear skies overnight. that translated into sunshine for many parts through today come gradually we will see some rain spreading from the west. ahead of that, increasing cloud coming from this area of low pressure and this weather front bringing the rain from the west. this morning, already raining in northern ireland and by lunchtime that will have spread into western scotla nd that will have spread into western scotland but for most of us for most of the date it will be dry with some sunny spells. by about 4pm the rain will move into cornwall, pembrokeshire and anglesey and elsewhere in wales, a bit more cloudy in the afternoon but for the midlands and eastern and south—eastern parts, fine and sunny. a bit of rain come into cumbria and the isle of man and it continues in northern ireland and by this time in the afternoon much of scotland
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beneath the cloud and rain and quite breezy especially around the western isles with temperatures 16—17 but 23-24 in isles with temperatures 16—17 but 23—24 in the south—east. this evening, the rain will move further east erratically, quite breezy as well, not quite as cold tonight in england and wales with 15—16d. with some clearer spells in scotland and northern ireland, temperatures could get into single figures. 0n thursday, this area of rain will move off into the north sea and otherwise we have a prior day with some sunny spells. 0ne otherwise we have a prior day with some sunny spells. one or two scattered showers in scotland and northern ireland —— dryer date. still sunny spells in between them and temperatures on thursday between 18-19d. on and temperatures on thursday between 18—19d. on friday, the wind direction changes slightly to a northerly direction which means it will be a bit fresher on friday and
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chilly up with temperatures down by a few degrees and more showers. particularly in the northern half of the uk but southern areas it should stay largely dry. temperatures up to 21 again, high teens elsewhere. at the weekend, quite breezy, a mixture of sunny spells and showers. you can find more details about that on the website but that is it from me. goodbye. hello. it's wednesday, it's 9 o'clock. i'm joanna gosling. welcome to the programme. the government is insisting that there will be no re—introduction of border posts between northern ireland and the republic of ireland after brexit takes place. but is their promise of no checks on what will be the new frontier between the uk and eu realistic and to be trusted? this programme revealed in april that hundreds of women were taking legal action against the nhs ever
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pain and convocations experienced after being fitted with vagina meshes. now the scale of the problem is further laid bare as figures revealed thousands of women have had to have the implants removed. revealed thousands of women have had to have the implants removedlj revealed thousands of women have had to have the implants removed. i want the procedure banned. i want the material banned. it is a
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