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tv   BBC Business Live  BBC News  November 14, 2017 8:30am-9:01am GMT

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this is business live from bbc news with ben thompson and sally bundock. the us president trumpets 300 billion dollars in deals agreed during his trip to asia. but the devil may be in the detail. live from london, that's our top story on tuesday the 14th november. president trump says he's open for free and fair international trade but asian leaders trade but asian leaders still have their doubts — we get an expert view on just how successful the mammoth trump tour of asia was. also in the programme...uber and out. another boss leaves the ride hailing firm, this time in india. we'll cross to mumbai to find out more. he's the founder of easyjet
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and one of europe's best known businessmen. sir stelios haji—ioannou will be talking us about being a trailblazer and why it's important to give back. and reports say pets are the latest victim of the uk housing crisis, as houses get smaller with little or no outside space. so we want to know — do you still find space for your pet? let us know, preferably with pictures of your pets! just use the hashtag #bbcbizlive. hello and welcome to business live. to get the ball rolling i've already tweeted a picture of my dog in the sea so tweeted a picture of my dog in the sea so have a look at that. let's start with the top business story. five countries, nearly two weeks, and billions of dollars in deal—making. well that is the line
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from the white house. after all, the president is known to be a deal—maker. so much so, in fact, that he's promised a major statement on trade before he arrives back in washington. that means the clock is ticking. the white house is touting the rather whopping figure of $300 billion in deals during his trip of asia. the lion's share of that came during his trip to china — $250 billion. south korea, japan, and vietnam make up the remaining 50—odd billion. mr trump is still in the philippines, so we'll hold off on that figure. an announcement may come. this is business and you have to pay attention to the small print. so dig a little deeper and you'll see that some of these are memoranda of understanding — mous — so more promises of agreements to come.
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0r they're deals that had already been in the works, for months or even years. all will need official approval. sarah fowler, from the advisory firm 0xford analytica is with me. nice to see you. sally running through the details and the small print, there's devil in the detail. president trump has been tweeting, saying lots of meetings and we will turn them into great deals for our country, but i wonder if they are really as good as they would have us believe. i think there is a lot of relief nothing disastrous has been tweeted but equally disappointment because a lot of that 300 billion, some of it is not guaranteed. for example i think there's an 80
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billion shale gas deal that is subject to a lot of nonbinding clauses. there's also a feeling some of the deals were already agreed, they just waited to of the deals were already agreed, theyjust waited to announce them on theyjust waited to announce them on the big stage, as it were. i think the big stage, as it were. i think the 38 billion boeing dealfor china buying us aircraft, a lot of that was in the plans. i think a lot of the focus for president trump has been the trade deficit that he sees the us having with asian countries and that has been a motivating factor for and that has been a motivating factorfor him to and that has been a motivating factor for him to try to rebalance that trade relationship. his tone in this trip has been slightly more conciliatory. previously during his campaign and early months in office, he blamed other countries for the deficit. this trip, he has shifted his stance a little bit and he's blaming previous us administrations for lowering barriers and not insisting that other countries
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reciprocated. but actually good service is only one part of the deal because the us runs a big services surplus with many of the asian countries and actually because the asian domestic markets are largely growing faster than the us, in many cases to war three times, maintaining a good economic relationship between the two is actually really important. 0verriding the tendency to attack on trade is the importance of maintaining good relations for both sides. we have heard so much from president trump and he has blamed other administrations for the trade deals, things he's tried to get out of, yet you might think those are the things that would help that trade relationship. i suppose there are some unofficial ones in place
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already. trump has been quite positive on this trip about the bilateral deals with individual countries, and when he was injapan last week, he and abe were both quite positive on working towards a free trade deal. when he was in south korea the tone was also quite conciliatory in terms of renegotiating, talking about the career free trade deal. —— renegotiating, talking about the careerfree trade deal. —— korea. he has been less supportive on the multilateralism. the us taking less of global governance may give china more impetus in that area to take more impetus in that area to take more global responsibility, which is also bringing the rest of the world
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together for also bringing the rest of the world togetherfor more also bringing the rest of the world together for more cooperation, climate change, less protectionism against each other. we may also see with the rest of asia tbp ex—us is also on the cards. it is pretty complicated but thank you for explaining it. let's take a look at some of the other stories making the news. credit suisse has agreed to pay a settlement of $135 million after regulators in new york found its foreign exchange unit was involved in unlawful conduct. it's the latest settlement to emerge from a global investigation into foreign currency markets. credit suisse said it was pleased "to put this matter behind it". goldman sachs has written off the value of its stake in the weinstein company after claims from more than 50 women. that ex—chairman harvey weinstein
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sexually harassed or assaulted them. weinstein has denied the claims but the firm is seeking fresh funding after a number of investors severed links. shares in toymaker mattel — which owns barbie — jumped 20% after reports that rival hasbro could be considering a takeover. hasbro, the owner of play doh and my little pony, were also up. last month, shares in both companies fell on concerns that the bankruptcy of toys r us could hurt sales. let's head to india, where uber‘s chief of policy for the country and south asia has quit. it's the latest high—level departure at the ride—hailing firm. 0ur correspondent yogita limaye is in mumbai with the details. we have had a confirmation from both the company as well as the executive about the exit. neither has given a reason but eyebrows have been raised because she has only been in the job about a year. she was mainly there to liaise with the government, and policymakers in south asia. this
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follows a slew of uber exits around the world, the head of london uber as well, and in india, which is its most important market after the us, uber also faces stiff competition from its domestic rival. but it seems to have been a mixed bag of all week for the company. it also put out a statement yesterday saying it had agreed with a consortium led by softbank about a potential investment in the country. we've also had a statement from softbank today which confirms they are considering this investment but they do say no deal has been reached so farand if do say no deal has been reached so far and if the price is not good enough for them they could pull out. basically uber saying they could in the coming months have an investment from softbank. 0k, we will keep an eye on that. so people at top level at uber going, but at the same
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time uber doing deals. the markets are down, profit—taking going on to are down, profit—taking going on to a certain extent in asia. looking at europe, for the uk in general very much on inflation watch, we will have the numbers at 9:30am this morning but we have had good readings from vodafone, better than expected. tesco shares up, they have a deal to take over booker. and samira hussain has the details about what's ahead on wall street today. the biggest high—profile hedge fund investors will reveal their third—quarter purchases and sales of such closely watched stocks like apple and amazon .com. 0ther such closely watched stocks like apple and amazon .com. other than being a fascinating snapshot of how they invest, they will also reveal market trends including the stocks
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at the beginning of the second half of the year. the number one home improvement chain, home depot, is expected to have benefited from a demand for home essentials and restoration equipment during the aftermath of powerful hurricanes that tore through the country during the quarter. joining us is george godber from polar capital. let's talk about inflation because we get the latest update in the uk today and we have seen it rising consistently, what are you looking for? i think all eyes will be on the wea kness for? i think all eyes will be on the weakness in sterling which will trigger the governor of the bank of england having to write to the chancellor to explain why it is there but he would say it is temporary and it would be moderated
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as we go forward. how much impact do you think a rate rise would half? it ta kes you think a rate rise would half? it takes time to filter through to the economy but it's only a quarter percentage rise so does it have an impact on the inflation figure? this is the line in the bank is taking. uk output is tricky and uncertain at the moment so the bank is pushing the moment so the bank is pushing the line, this is one and done, we don't need to do any more from here and they were just taking off the emergency cut after the brexit vote last year. but after inflation is out of the bag, can you push it back in? in terms of the story is out today, you were talking about itv earlier, you were particularly interested in that one, why is that? the shares have been very tough in the wake of the brexit vote, it has
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exposed the uk economy. most of its earnings come from here and we have seen an important line in that statement which is important for all traditional media, fast moving consumer goods starting to put money back onto tv. they have been shifting their advertising dollars from traditional sources to facebook and google and so on. earlier in the year there was a big furore when we saw advertisements alongside adult content on youtube. the internet is unregulated and we are starting to see brand importance is muttering to the big advertisers. so our future is safe for now! we are still waiting for the robots, aren't we? still to come, the founder of easyjet has been talking to us
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about being a business trailblazer and why he's turning his hand to philanthropy. you're with business live from bbc news. stay with us. let's talk some more about itv. itv has announced a i% fall in revenue to around $2.7 billion for the nine months to 30th september. the ale has the details. just explain what these figures show, and clearly what state the broadcaster is in when carolyn mccall starts. there are two sides to this. itv has been coming under a fair amount of pressure in its business. the problem as itv sees it is first of
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all its competitive market. as we are hearing, there's a lot of competition for advertising revenues at the moment and at the same time companies have been cutting back on advertising spending, as itv it, because of economical uncertainty. there are signs those fast—moving consumer companies are starting to come back into the market, that's a positive development. itv‘s business and producing content, itv studios that produces things like coronation street, is doing very well, its reve nu es we re street, is doing very well, its revenues were up street, is doing very well, its revenues were up 9% and that is offsetting some of the losses in the traditional business so as you can see, the traditional advertising from television model that itv has pursued is weakening at the moment. 0n demand television is where it seems to be making its money at the moment. caroline mccall a regular on our
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business programme. she was in charge of guardian media group. interesting that she is going to ta ke interesting that she is going to take this on board in the new year? she is known for taking businesses on that operate under tight margins and the obvious one is easyjet. the budget airline market is a particularly difficult one to navigate so she will be looking at this and seeing where the weaknesses are and how she can sort it out, while not reducing the improved income from the other areas of the business. theo, thank you very much indeed. lots more detail on that story and others on our business live page. we will have full coverage, of course from the inflation figure. you're watching business live. our top story: president trump announces $300 billion worth of deals during his trip to asia. he's also stressed his commitment
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to free trade on fair terms. keep your pictures coming in of your pets. we are talking about whether houses are too small in the uk to have a pet. a report suggests they are being squeezed out during the housing crisis. our next guest is best known as the man behind budget airline easyjet and the easy brand that spans planes, hotels, pizzas even dog walking. he once said, "i have been lucky in life", having inherited wealth from his father, a self—made greek—cypriot shipping magnate. sir stelios founded the easyjet airline when he was just 28 years old but since then he has amassed considerable fortune. this year he joined the ranks of super—rich philanthropists, signing up to the giving pledge dedicating the bulk of his personal wealth to charity. he is also behind an annual award for disabled entrepreneurs
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which takes place tonight here in london. i caught up with him and started by asking about the awards and why he is involved. at that time i wanted to create a bit ofan at that time i wanted to create a bit of an institution, a bit of a legacy if you like. so we sat is down together with the people from leonard cheshire and created a annual award that goes to a disabled person who started a business. can you imagine how rare that is? starting a business that does well is difficult enough, and you superimpose the requirement to be a disabled person and then you get some truly exceptional and unique individuals who apply. so clearly, finnan tra pee is a very important pa rt finnan tra pee is a very important part of who you are now and what you are about and you are part of the giving pledge which is a pledge to give the majority of your wealth away. just tell us more about that and what you look for? the giving
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pledge was started by bill and me linda gates and warren buffet in 2010. it now accounts about 160 individuals orfamilies 2010. it now accounts about 160 individuals or families around the world who have made a pledge to give more than half the majority, the majority of their fortune to a good cause. essentially what i have decided to do is start a series of projects, good charitable projects which i'm involved with during my lifetime and then in the end, you live half —— leave half your estate to family, and half the estate to a charitable foundation and that foundation will carry on doing the good work forever. you tell us about the passion to give back and yet many might look at you and the fact that you are a resident of monaco, a tax haven, how do you marry the two? well, let's put things into prospective. i was born and raised in athens in greece. my family comes from cyprus. my laterfather
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in athens in greece. my family comes from cyprus. my later father was in athens in greece. my family comes from cyprus. my laterfather was a shipping magnet who left greece and moved to monaco in 1990, that's 27 yea rs moved to monaco in 1990, that's 27 years ago and that's five years before i started easyjet or before any of you would have heard of me. so monaco has been a family home if you like for many, many years, it's a very nice place to live. i also believe that, you know, i have done more than my fair share for the british economy. i created at least one very big business in this country. i created many others, this company has paid tax in the uk and i think where someone lives is a personal choice. so you own easy group which is an investment company in the uk that has more than 1,000 registered trademarks, some we have heard of course, easyjet, easy hotel, easy bus, what do you look for when a company approaches you looking for the easy trademark?” looking for the easy trademark?” look for someone who is ambitious
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and clever and know enough about business to be able to start it, but probably they are young enough not to know how much risk they are taking, a bit like myself when i started easyjet at the age of 28. i think 28 is a good year because you don't understand how much risk you're taking. let's talk about easyj et, you're taking. let's talk about easyjet, the most well—known easy brand as it were. it has got a new bossin brand as it were. it has got a new boss in place. just tell us about the outlook for the airline under his new stewardship?” the outlook for the airline under his new stewardship? i would like him to do well. i want to do good out of his making the money out of the company and for himself so i wish him very well. i think the company wish him very well. i think the com pa ny easyj et wish him very well. i think the company easyjet has had its ups and downs like most companies. at the risk of offending the all the people who run big businesses i think they are like politicians in the sense that they ride the cycles and the
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cycles go up and down with the economy or with how much risk you wa nt to ta ke economy or with how much risk you want to take or other factors in your industry. so, in reality they are not, they shouldn't be taking all the credit when things are going well and we shouldn't blame them when things are going down. easyjet at the moment is if you like not as profitable as it was three years ago, but it is growing faster and a lwa ys ago, but it is growing faster and always the excuse is let's grow faster and let's get through to the other end stronger. that was stelios who i spoke to yesterday. really fascinating chat about all sorts and we gave you four minutes worth there! did you talk about pets? there is an easy dog walking company. somebody approached him on a flight with their business plan and he said send me the information and he said send me the information and if it is good enough, you can have the easy brand. a—report talks
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about houses getting smaller so it means that pets are squeezed out. sally, you were tweeting the picture of your dog. where is that? that's hastings. one viewer says i live in a one bed flat. steve smith says, "my dog sky is big and we live happily in a cottage in wiltshire." that's a beautiful, beautiful dog. and sookie and sadie are watching the show and controlling the remote control! so they should! maybe this is the answer, get a dog that's small and then it doesn't take up any space in the house! there you go. let's talk to george. george you have got the job of explaining why we have got lots of beautiful pictures. those of us in
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the uk we are pet mad, but pet ownership has fallen and what the report says this is a function of the housing crisis and housing has got smaller, but importantly, less outside space. the ability for people to keep pets. mental health, you know, it's notjust about having pets, but having that outside space as well for people's mental health? the report touched on a few things. 0ne the report touched on a few things. one of the things i thought was most curious, it says pets can help their owners get dates! i don't know if that's in addition to their profile on social media or whether it is like 101 dalmatians, it is the pet that's driving the dating process. pets have huge benefits of having people feel better and recover from illnesses and just improve their general purpose. let's look at some other stories out there in the independent, uk wages, you have moved on from it actually ben. there is too many adverts on the page. let me remove the page. uk wages... go
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on, tell us more. the uk wage crisis still continues. there are pockets where we are starting to see improvement and parts of construction and some parts of engineering, but it is sluggish and this is what we are also seeing is not just the wages this is what we are also seeing is notjust the wages have gone up with the national living wage, but differentials, either bits above thatis differentials, either bits above that is where it is still very, very tough. now, the brexit will harm the uk economy, but will this actually, you know, help the uk economy by having less workers come in? that could be light at the end of the tunnel. thanks, george. thank you for putting up with all our pet pictures. thank you for your company. keep them coming in. we will look at them later. see you soon. bye—bye. hello. good morning. a milder day
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across—the—board today. hello. good morning. a milder day across—the—boa rd today. some hello. good morning. a milder day across—the—board today. some spots waking up to temperatures ten celsius warmer than they were this time yesterday. with the milder temperatures, it will be cloudier. the one exception to that though is in the north for scotland, the best of the brightness and sunshine. it the cloud having sunk its way slowly southwards earlier leaving clearer skies and the best of the brightness today. here is what's going on in the pressure charts. we have got this weather front across the central part of the uk bringing outbreaks of rain and drizzle, but it won't amount to much. so the best of the brightness for the north, scotla nd of the brightness for the north, scotland seeing plenty of sunshine today. it will extend into the far north of northern ireland and later into north—east england as well. some scattered, but heavy showers in the far north of scotland. elsewhere across northern ireland and england and wales, it will be cloudy with outbreaks of rain and drizzle. temperatures largely across england and wales in the double figures. 0utbreaks and wales in the double figures. outbreaks of rain and drizzle, but they won't amount to much. there will be a few brighters spells at times. temperatures in belfast
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reaching a maximum of 11 celsius. some clearer skiesjust reaching a maximum of 11 celsius. some clearer skies just feeding into the north—east of england. and we have got clear skies for scotland which will allow the temperatures to fall away. the showers in the north could be heavy and contain hail as well. through tonight, the showers will fizzle out into the early hours. holding on to clearer skies in the north. further south, it will be cloudier with outbreaks of rain and drizzle. there is the potential to see patches of fog forming across—the—board to see patches of fog forming across—the—boa rd and they to see patches of fog forming across—the—board and they could be dense. cooler temperatures in the north where we have got the clear is skies, we could see a touch of frost away from the west in scotland first thing tomorrow morning. and again the best of the brightness will be in the north tomorrow. any patches of fog will take their time to lift through the morning. the brightness extending further south so into the far north of wales. temperatures at a maximum of 13 celsius. the cloud will increase into the north and the west of scotland later, bringing outbreaks of rain into the late
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afternoon and early evening. in thursday, we will see a cold front sinking southwards. we will start to see more in the way of brightness feeding in behind t temperatures on thursday still in the double figures. a maximum of 13 celsius. but it will turn cooler and brighter again into friday. hello it's tuesday, it's nine o'clock, i'm victoria derbyshire, welcome to the programme. our top story this morning: it's another crucial day in the brexit countdown. battle lines over brexit as mrs may seeks to push through crucial legislation to take us out of the eu and tory rebels are warned that if they oppose mrs may they could pave they oppose mrs may they could pave the way forward jeremy corbyn government. —— for a jeremy corbyn government. we'll bring you all the details. also on the programme — in her first british tv interview we speak to a surrogate mother from california, who gave birth to two babies and then found out one of the children
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was biologically hers. i was already pregnant through in vitro
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