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tv   BBC Business Live  BBC News  November 1, 2017 8:30am-9:01am GMT

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this is business live from bbc news with alice baxter and sally bundock. we are leading with the attack in new york where authorities are describing it as an act of terror. eight people have been killed and 11 injured. live from london, we will be bringing you the latest business news as usual. it's wednesday, 1st november. an unusual programme today. we are bringing you the latest on the events in new york. at least eight people have been killed in new york — and 11 people injured — by a man who drove a pick—up truck into pedestrians and cyclists before then crashing into a school bus. five of those killed were from argentina,
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one was from belgium. the attacker got out of the truck carrying two imitation guns. he was shot by police and arrested. police sources have named him as sayfullo saipov, aged 29m as sayfullo saipov, aged 29, reports say he's from uzbekistan and arrived in the united states in 2010. neda tawfik is in new york. this was the scene of the deadliest attack on new york since 9/11. cyclists enjoying a beautiful autumn day, struck down by a white pick—up truck travelling at high—speed, leaving bodies and bicycles scattered in its wake. the driver's journey ends only when he smashes into a school bus and passers—by had to call for help for some of the injured. he can be seen here leaving the vehicle and brandishing a paint ball and pellet gun before being shot by police. eyewitnesses describe the panicked
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moments when they realise something was terribly wrong. he was running around like with a gun and so police came out and then people called the cops and so they were coming in and the guy fired a couple of shots before and then there was like a shoot—out scene like the police and the guy and that's when they started to close down everything and we had to go. he was screaming in the street. he looked frustrated, panicked and confused. from there, a whole bunch of customers started running past me, a whole bunch of people came running past my way yelling, "he's got a gun. he's got a gun." the full force of new york's emergency responders swarmed the area. be advised, we have multiple people on the ground. there is multiple people on the ground. we need buses. authorities believe this was an act of terror aimed at innocent civilians. they say a note in the suspect‘s vehicle referenced the so—called islamic state. it's a very painful day in our city. a horrible tragedy on westside.
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let me be clear that based on the information that we have at this moment this was an act of terror and a particularly cowardly act of terror. the suspect has been identified as 29—year—old sayfullo saipov who came to the united states in 2010. he's said to have travelled to the east coast from florida and to have worked for the company uber as a driver. president trump has been briefed and in a series of tweets he promised to crackdown further on those entering the country. every day thousands of new yorkers make their way down this bike path on their way to work and school and just blocks from the site of the world trade center, this attack in lower manhattan is a stark reminder that the city remains a target. this attack happened on one of the most festive days in the big apple, just as children prepare to go trick or treating and new yorkers carried on with that tradition as normal with the annual hallowe‘en parade in a show of defiance and resilience. kenneth craig is a correspondent
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from the american news network cbs. he explains what more we know about the attacker. he isa he is a 29—year—old, sayfullo saipov, and he has a florida licence plate and his last known residence is in tampa florida. as far as we know right now according to authorities they believe it was a lone wolf attack. they do not believe that this was part of some larger terror plot. he came to the united states some seven years ago in 2010 from uzbekistan, during the course of the investigation today, after this all came to an end, authorities also according to one federal law enforcement source found a note inside that rented truck that
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had some sort of reference to isis. beyond that, i can tell you he had a commercial driver's licence and at one point was a driver for the commercial driver's licence and at one point was a driverfor the ride sharing service, uber which has since banned him from being able to drive for uber, but they said they did a full background check when they hired up and nothing came up, but at this point investigators have a lot of digging to do, talking to people in his circles and talking to people in his circles and talking to people he knew and going through his ceuphone people he knew and going through his cellphone records and any online correspondents to piece this together to figure out if he was working in tandem with any groups or larger organisations and how long he might have been plotting at attack here in new york city. that was kenneth craig. he is a correspondent with cbs. 0n the website, there is details of
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the five friends from argentina who we re the five friends from argentina who were killed in new york. they are among the eight who have died in this attack. they were there for an anniversary get together as a group of friends. and also there is footage showing the new york attack suspect. so take a look, if you want more detail, of course, this is updating all the time on the very latest information on that story. the world's most important central bank is set to give us its latest decision on interest rates later. the us federal reserve is unlikely to change rates, but investors are looking at what it says about the state of the world's biggest economy. now, the main federal funds rate is near record lows at just 1% to 1.25%. any move will be felt in economies around the world. the healthy of the wider us economy seems robust.
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on friday we learnt it grew by a more than expected 3% between july and september which means that there's more capacity to absorb a rate rise. but hanging around in the background is the record high us national debt of $20.45 trillion. jeremy cook, chief economist at world first, is here. good morning. 50, it's good morning. so, it's quite interesting actually because we had markets in asia today having such a strong session. it's almost a rally ahead of what's going on. we've got theissue ahead of what's going on. we've got the issue of president trump's decision on who will filljanet yelland's shoes, assuming she doesn't. we will talk about today's decision on rates and also the clawing back of quantitative easing. yes, no change expected in rates today. you would have to expect that's going to happen in december. there is a press conference that happens with it. it allows the central bank to meaningfully, the
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central bank to meaningfully, the central bank to meaningfully, the central bank policy is about communications at the moment. so, meaningfully be able to communicate what it means, what it's doing and why it's doing it, notjust to investors and analysts like myself, but businesses and consumers. and the person in charge, iejanet yelland had a critical role, hasn't she? yes. in the last few years because her, she and the team at the fed had to get the us economy off this massive, massive stimulus programme. i this massive, massive stimulus programme. i mean, this massive, massive stimulus programme. i mean, not seen before in history? a lot of people would say angela merkel is the most important woman in the world, but janet yelland has been over the course of the past couple of years. she carried on the stimulus that ben bean aningy put into place and they are tapering that off and starting to reduce the quantitative easing and starting to bring the us economy back to an even monetary policy keel as be fitting the gdp numbers we saw on friday. wide expectation that
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president trump is going to pick the successor to janet yelland tomorrow. talk us through the nominees on the table. there is three main runners at the moment. the lead is a chap called jerome powell who has been a member of the federal reserve before and voted on the hawkish side of things. he favoured higher interest rates. he seems to be the frontrunner, odds—on winner for tomorrow. and if he were to be the nominee, would markets breathe a sigh of relief. he is seen as the continuity candidate? yes, to be honest, regardless of who takes over, this will be janet yelland's fed. the fact that a new chair comes in doesn't change the thinking of a central bank. there is a lot of institutional memory that will be carried on. the wild card is a guy called john taylor. he is a professor of economics. he voted on a rule, depending on inflation and
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unemployment and growth where interest rates should be. in the uk, his role, said that in the uk interest rates should be at 6.5%. you have got kevin walsh, he is even more of a wilder card? he was one of the opponents to quantitative easing in the deep, dark depths of the globalfinancial in the deep, dark depths of the global financial crisis and of course, janet yelland could keep her job. she could. donald trump likes low rates. he is a real estate guy. they like low interest rates because everything is cheaper to buy. on rates, looking ahead to next month, also coming out of the states, we are expected a rate decision? we are expecting a hike in interest rates. the inflation picture isn't great in the yoits, but it is more stable than people were predicting, we are looking at pay pressure to start coming through in the united states. that be fits an interest rate rise and this is the federal reserve continuing its policy of normalising
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everything out of the global financial crisis. jeremy, thank you. jeremy will be back. he has some interesting stories to unpack. absolutely, stick around for that. let's take a look at some of the other stories making the news. malaysian police are investigating an attempt to sell data from more than 46 million mobile phone customers following a major security breach. a local technology website says it received a tip—off that someone was trying to sell huge databases of personal information on its forums. sony shares hit a nine—year high after tipping record earnings as restructuring efforts pay off. the japanese electronics giant said strong smartphone parts and gaming sales were among the factors likely to boost its full—year result, raising its guidance 26% from previous estimates in a statement late tuesday. shares surged more than 11% in tokyo trading. tech executives have finished their first day of testimony in front of the us congress.
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representatives from facebook, google and twitter have faced questions from policymakers about russian interference in the us presidential election. 0ur north america technology reporter, dave lee, has been following the story from washington. the first committee hearing has concluded. it was a fairly comfortable ride, i must say, for the three technology companies, facebook, google and twitter. they put on something of an united front. they wanted to show the senators that they were capable, they say, of dealing with this probelem on their own. the problem is enormous. facebook said as many as 126 million users may have been reached by russian propaganda. google said it could have been as many as 288 million on its platform and google said it has widespread problems
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on its network as well. however, they say they will enforce stricter policies, more transparent policies about advertising and that will stop this problem from occurring in the future election. 0n the other hand, senators do not seem so convinced of that. many of them are pushing for new regulation that would make the entire ad process and many of the algorithms on these networks a lot more transparent and public. and of course, the companies don't wa nt and of course, the companies don't want that. now let's turn to hong kong, where the city's stock exchange took a knock this week after mining giant glencore and luxury brand coach said they are pulling their listings from its bourse. ashleigh nghiem is in singapore. what's going on here? well, both companies have said that they are withdrawing their secondary listings in hong kong. that they want to seize trading in asia because there isn't enough interest here. it's not great timing for hong kong as the exchange has been struggling to attract international companies. it is even set to lose its place at the
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top of the global table for ipos this year to the new york stock exchange because of a lack of blost buster new listings. they have lost so buster new listings. they have lost so much business it led to a 77% slump in the amount of money they have made from share sale listings in the third quarter. unless they manage to attract more ipos before the end of the year it could fall into third place behind shanghai. in spite of this, it was a good day for traders in hong kong this wednesday. with the hang seng index closing 1 mers higher. thank you very much. bit of a rally in asia where shares scaled a 10—year high on wednesday on the back of solid economic growth globally. tokyo's nikkei closed at a fresh 21—year high on wednesday, as electronics giant sony led the way with an 11% gain after forecasting record annual profits. also in focus for traders — oil prices extended a bull run on hopes that major producers will maintain their output cuts. and events over in the states — investors are keeping a close eye
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on the progress of a us tax—cut plan being developed by president donald trump and fellow republicans and on trump's announcement of the next head of the federal reserve. the white house said he'll reveal his fed pick on thursday. meanwhile here in europe — shares are on the rise. again the main focus is events in washington but also in london — it's nearly decision time for the bank of england — because on thursday policymakers will reveal their interest rate decisions. and samira has the details about what's ahead on wall street today. in earnings news, facebook will be reporting. there is an expected rise in profit and revenue driven by its fast—growing mobile advertising business. facebook is looking for a new streams of revenue. also
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reporting earnings on wednesday, electric car maker tesla. higher sales of luxury vehicles will give sales of luxury vehicles will give sales a boost, but tesla continues to burn cash as production costs for its latest model ramp up. still to come: an airplane audience. do you ever read the in—flight magazine when you're on a plane? we'll tell you where they come from and why it's big business. you're with business live from bbc news. simonjack has simon jack has been simonjack has been talking to the head of mexico's state oil firm. he told him that if the current trade friction between the us and mexico we re friction between the us and mexico were to spread to the energy market,
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both countries would suffer. here is simon jack. we buy a lot of gas from the united states. i am a firm believer that trade is good for two people. it is not win — lose. we both win. ayes you must admit the tone of the relationship has changed. the idea of building a wall, if not a physical one, a trade one, nafta is creaking at the seams. is donald trump's bark worse than his bite? we export about 800,000 barrels of oil a day. mostly to the united states. we import 500,000 barrels of gasoline and diesel. mostly barrels of gasoline and diesel. m ostly fro m barrels of gasoline and diesel. mostly from the united states. we import2 mostly from the united states. we import 2 billion cubic feet of natural gas, mostly from the united states. and that is advantageous to
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both of us. if somebody wants to get in the middle of this trade, there are going to be lots of people who will be unhappy about this trade. there are lots ofjobs associated on both sides of the border with this. i think so far energy was not part of nafta. and so far there have been no talks about hindering any of this very advantageous trade between the two countries. but we will see. and if it does, people will complain. the us president, is he a friend or a file? let me not answer that! for us a file? let me not answer that! for us it has been a difficult year, for mexico. but we will see. in what way has been difficult? there has been a lot of noise around the relationship between mexico and the united
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states. this has put us in an interesting situation, a difficult situation sometimes, and an interesting situation sometimes. that was the head of the mexican state oilfirm. much more business and available on the website. 0ur our top story today. we are keeping you up to date with what has been going on in new york. a man is in police custody, in hospital, after he was shot following the killing of eight people, 11 seriously injured. also receiving treatment in hospitals in new york. it happened when a truck drove into pedestrians and cyclists in the city. police are treating the situation as a terror attack. much more on our website. we will have more at the top of the hour. let's quickly show you the
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financial markets. they are all headed high. this is following a very robust, strong session in asia today. lots of earning stories and so for the news has been pretty good from companies. now, we've all been there — waiting on a plane, maybe for it to take off, maybe mid—flight. so we pick up the magazine in the seat pocket in front of us. chances are it was published by a company called ink. it's the leader in travel media, creating 27 inflight magazines in 10 different languages. you'll find its publications on the globe's biggest international airlines, including american airlines, easyjet, etihad to name a few. these pages reach 802 million passengers a year on behalf of over 10,000 advertisers and brands. and that's important, because it's one of the few times when ads can reach their audience with little distraction. michael keating is co—chief
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executive of ink. welcome to the programme. good morning. with my three little boys i have every distraction on the planet trying to stop them from kicking the chair in the front. that is the usualjob i have on my hands and i never get to read the magazine. usualjob i have on my hands and i never get to read the magazinem you get them settled you can read the magazine. you started in the television industry, very much what we have been doing this morning on the bbc. somehow you morphed into this successful word of in—flight magazines. i was working from london tonight and i was doing a story. i was in beirutjust after the civil war. it was a story about how londoners were returning to beirut to ta ke londoners were returning to beirut to take package holidays, which was
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quite implausible at the time. i met a man who was starting an airline. as good business stories should be, it started in a bar beirut. that was a start—up airline. it was a one aircraft airline. the success story is that we are now publishing for the largest airlines in the world, including america, to carry 220 million passengers a year. when you talk about in—flight publishing, you're just talk about in—flight publishing, you'rejust —— talk about in—flight publishing, you're just —— much talk about in—flight publishing, you'rejust —— much more than talk about in—flight publishing, you're just —— much more than the magazines in front of us. correct. we started in print but now we monetise a lot of the digital touch points with an airline. this year we won the contract for virgin atlantic. we will be doing on—board opportunities, monetising the languages. it could be we have a deal with diageo, selling in—flight entertainment offering, producing video. we haven't an ad serving
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platform were reproduced the media on the boarding passes, for example. that is the easyjet boarding pass, which is a real boarding pass. we produce 12 million a year. that is highly targeted. it sounds to me like a highly targeted. it sounds to me likea win, highly targeted. it sounds to me like a win, win. as we have already mentioned, it is a captive audience. for advertisers, i guess they want to advertise. and yet all print media is struggling out there because of the relentless competition from social media and elsewhere? that is absolutely correct. digital has hammered the traditional newsprint market. we have very much bucked that trend. global passengers are growing. in the next 20 years passenger numbers will more than double. 4 billion passengers this year. that would be
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roughly 7.4 by 20 24. you are growing a reader base. it is a niche market. very sadly, we will have to leave it there. a short interview because of the events in new york. thank you for coming on. 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. you can stay ahead on the business live page. we keep you up—to—date with the latest details, with insight and analysis from the bb —— bbc team of editors around the world. we want to hear from you, too. get involved on the bbc business live web page. 0n too. get involved on the bbc business live web page. on twitter we are at bbc business. you can find us on we are at bbc business. you can find us on facebook. business live, on tv and online whenever you need to know. jeremy has returned. we are going to talk about a story that broke this
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time yesterday. christopher bailey bowing out of burberry. this is an interesting tale? it is. is it better to leave at the peak or fade away? he has been burberry for 17 yea rs. we have away? he has been burberry for 17 years. we have seen a couple high—profile departures. creative director, ceo, chairman... angela aa ro ns director, ceo, chairman... angela aarons used to be the big cheese at burberry. she went to apple in 2014. she was the highest—paid ftse ceo. she was the highest—paid ftse ceo. she was the highest—paid ftse ceo. she was a real star. apple just scooped. it is interesting how fashion and tech have started to melt. i wouldn't be surprised if christopher bailey went somewhere more tech oriented. sadly we have to leave it there. many thanks. that is it from us. we are back tomorrow. bye— bye. hello there. it is going to turn
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much colder as we go into this weekend. but before then, there is plenty of dry weather in the forecast, especially today across england and wales. patchy fog first thing across southern areas of england. that will cure. good spells of sunshine developing. further north, heavy rain in western scotland. that has been with us since monday evening. there could be problems in the west of scotland. eventually the rain spreads into dumfries and galloway, and the borders. showers behind that. rain spreading into northern ireland. more cloud in northern and eastern areas of england and wales this afternoon. for most it is dry and pretty bright with good spells of sunshine. top temperatures this afternoon getting to about 13 or 14 degrees. through tonight, this area of cloud and rain spreads gradually south. the rain pretty much breaking
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up. there will be patches of rain and drizzle. more cloud. temperatures 10 celsius. either side that it will turn colder. particularly in the south. widespread fog in central and southern areas. that will gradually clear. a few spots of rain for wales, the west midlands. much sunnier and brighter across scotland, northern england, northern ireland as well. temperatures tomorrow 12 to 13. that area of cloud and patchy rain is associated with a cold front which will move south. another will move into the far south—west later on friday. that has some significance for the weekend. it will not bring too much rain. just in the far north—west of scotland. elsewhere for many it is a dry day. turning increasingly wet across wales and the south—west of england. that is courtesy of this weather system which merges with
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this cold front. a complicated mixture as we go into the weekend. it will bring colder air. you can see that line of blue, the colder air moving south and east. to start on saturday, all of us under the influence of this north—westerly wind. this colder air. it will bring some showers over the weekend. there will still be good spells of sunshine. you will notice quite a cold wind. bye— bye. hello, it's wednesday, it's 9am, i'm victoria derbyshire, welcome to the programme. this morning, sexual harassment at work and how to stop it. today we've brought together a group of women and men — most of whom have experienced sexual harassment at some point in their lives — and in some cases, repeatedly. together we're going to talk about why and what needs to change. i'm sarahjane. i'm a tv presenter and actress and i think i've been sexually harassed up to 20 times.
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i'm michelle. i'm a nurse. i have beena i'm michelle. i'm a nurse. i have been a nurse for 30 years. i have been a nurse for 30 years. i have been off work for two years following a sexual assault by a colleague. i'm rebecca and when i worked as a waitress i was sexually harassed by my boss.|j worked as a waitress i was sexually harassed by my boss. i was sexually harassed by my boss. i was sexually harassed by my boss. i was sexually harassed by a high powered producer. also on the programme, in an exclusive interview we hear
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