Browse content similar to 09/11/2015. Check below for episodes and series from the same categories and more!
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Hello, you are with Business Live. An industry in crisis. After | :00:10. | :00:18. | |
thousands of job cuts and plant closures, EU ministers have called | :00:19. | :00:21. | |
an emergency meeting in Brussels to discuss the fate of your's embattled | :00:22. | :00:28. | |
steel industry. That is our top story on Monday 9th of November. | :00:29. | :00:47. | |
Europe's steel industry is demanding tougher action against cheap imports | :00:48. | :00:52. | |
of Chinese steel that it blames for the low global steel prices. Also in | :00:53. | :00:56. | |
the programme, Lufthansa grounded again. The German airline has | :00:57. | :01:00. | |
cancelled almost 1000 flights as cabin crew go on strikes over | :01:01. | :01:06. | |
cost-cutting. Over 113,000 travellers stranded. Also today, the | :01:07. | :01:09. | |
markets have just started their week. The FTSE is bucking the trend | :01:10. | :01:15. | |
in Europe. We explain why. And we are joined by the perfume queen. | :01:16. | :01:23. | |
Yes, the shears, Jo Malone. Her story is a real rags to riches one. | :01:24. | :01:29. | |
She is going to be in the studio joining us later in the programme. | :01:30. | :01:35. | |
And snap chat. It says it now gets over 6 million views a day. -- 6 | :01:36. | :01:41. | |
billion. This is what we want in all, do you use Snapchat or is it a | :01:42. | :01:49. | |
waste of time? Use the hash tag right there. | :01:50. | :02:01. | |
Aaron should appreciate my lines, really. Welcome to the programme. EU | :02:02. | :02:09. | |
ministers are meeting in Brussels to discuss the trouble steel industry | :02:10. | :02:12. | |
in Europe. Written's against steel maker Tata is facing turmoil. Last | :02:13. | :02:23. | |
month, the firm said it was cutting 1200 jobs in the UK as prices fall | :02:24. | :02:28. | |
around the world. As you can see, the price of the ion alloy has quite | :02:29. | :02:33. | |
literally fallen through the floor in the past five years. Production | :02:34. | :02:40. | |
is dominated by China. It makes almost 50% of the world's steel. You | :02:41. | :02:44. | |
can see very clearly the EU is lagging some way behind. As growth | :02:45. | :02:53. | |
in China's economy grows, it is sending more still overseas. Exports | :02:54. | :02:58. | |
are over 50% while other major producers have flat line. European | :02:59. | :03:03. | |
producers say that that glut in production is pushing the industry | :03:04. | :03:07. | |
to the point of collapse. Astonishing numbers. Peter Fisher is | :03:08. | :03:15. | |
managing director of steel consultancy NEP maps. He joins us | :03:16. | :03:22. | |
now. Thanks for joining us. Can make something clear of all. Big concerns | :03:23. | :03:28. | |
about China dumping cheap steel into Britain and Europe. I want to make | :03:29. | :03:32. | |
this clear. British manufacturers and European manufacturers are | :03:33. | :03:37. | |
buying this Chinese cheap steel. The Chinese are not putting a gun to | :03:38. | :03:41. | |
their That is true. There is no doubt that it is so competitive that | :03:42. | :03:47. | |
the fire is still don't really worry about what is happening at the other | :03:48. | :03:53. | |
end. They are obtaining this cheap steel and it helps. It helps costs. | :03:54. | :03:59. | |
Should countries produce their own steel? Do countries need to produce | :04:00. | :04:06. | |
their own steel, do you think? It is not absolutely net is only -- | :04:07. | :04:13. | |
absolutely necessary, but it is good to have a base load steel-making to | :04:14. | :04:24. | |
be a manufacturing country. You do not want to wait for steel to | :04:25. | :04:31. | |
arrive. We won't disseminate in the country that you are | :04:32. | :04:35. | |
manufacturing,. -- you want a certain amount in the country. | :04:36. | :04:40. | |
Michael say that what is happening to them could spread to Europe. I | :04:41. | :04:48. | |
was speaking to annex that earlier. He said it costs twice as much to | :04:49. | :04:52. | |
make this deal in Britain than it does in, say, Germany. I think there | :04:53. | :04:58. | |
is a problem there. There are differences between EU countries and | :04:59. | :05:04. | |
the way they treat raw material imports and energy imports. That is | :05:05. | :05:11. | |
a difficult thing to solve. Our Government cannot insist in the | :05:12. | :05:20. | |
Germans pushing the price for energy up. It is a decision for us to get | :05:21. | :05:28. | |
into line with others. Peter, Mrs Sally joining in the conversation. | :05:29. | :05:32. | |
What are you hoping will happen in Brussels? I know that many in Europe | :05:33. | :05:38. | |
feel it takes far too long for Europe to react to the situation and | :05:39. | :05:42. | |
therefore the steel makers in Europe are really losing out. That is | :05:43. | :05:48. | |
perfectly true. In fact, it could be ten, 11 months before a complaint | :05:49. | :05:52. | |
goes in and any decision is taken. That is clearly too long. There are | :05:53. | :05:59. | |
ways that I think action could be taken. The US, for instance, and | :06:00. | :06:09. | |
India... If there is a complaint and that seems to be valid, they slap | :06:10. | :06:15. | |
tariffs on imports pretty quickly. I am not saying that will solve the | :06:16. | :06:18. | |
problem at a listed helps. Peter, thank you for your time. | :06:19. | :06:26. | |
Peter joining us there. Did you make sure you told him it was Sally in | :06:27. | :06:30. | |
case you thought my voice a change? It is just common cutter CX Mackie | :06:31. | :06:34. | |
is not with us in the studio and does not know who I am. | :06:35. | :06:37. | |
Shall we touch on some of the other stories making headlines? Back to | :06:38. | :06:42. | |
China. It saw imports drop in for the 12 month in a row, giving | :06:43. | :06:46. | |
further cause for concern over Chinese economy imports. | :06:47. | :06:58. | |
Trading fell 18% compared to... That is a slight improvement on | :06:59. | :07:01. | |
September's decline. China revealed its economy grew by 6.9% in the | :07:02. | :07:07. | |
third quarter, the weakest rate and they global economic crisis. The | :07:08. | :07:13. | |
World Bank has want 100 million more people will be pushed into poverty | :07:14. | :07:16. | |
by 2030 unless action is taken to prevent global warming. It forecast | :07:17. | :07:21. | |
food prices in Africa could rise by 12%. Millions more could be at risk | :07:22. | :07:25. | |
from malaria and migration could increase. | :07:26. | :07:33. | |
Quick look at this. I want to talk about this. Maggi noodles. That just | :07:34. | :07:46. | |
jumped, but I want to go back to the Maggi noodles. Big problems in India | :07:47. | :07:53. | |
over several months. There was too much... | :07:54. | :07:58. | |
It was alleged by Indian authorities that there was too much lead in the | :07:59. | :08:04. | |
noodles but actually Nestle, the owners of Maggi noodles, fought back | :08:05. | :08:07. | |
and it went on and on. It was appealed and found that that was not | :08:08. | :08:11. | |
the case. Anyway, they are back on sale. | :08:12. | :08:14. | |
They return to the shelves after a five-month absence. Talking about | :08:15. | :08:22. | |
German trade. It bounces back. We had industrial manufacturing numbers | :08:23. | :08:24. | |
from Germany. It is up and down but it is low and slow as one expert | :08:25. | :08:31. | |
tells me. You might get to meet him in the programme. Very important, of | :08:32. | :08:37. | |
course. We are talking about Europe's largest economy. Indeed. | :08:38. | :08:41. | |
Let's look at the big stories breaking in Asia today. | :08:42. | :08:46. | |
Sheba has been embroiled in an accounting scandal. -- Toshiba. We | :08:47. | :08:52. | |
have that story from Singapore now. How bad was it? | :08:53. | :09:02. | |
Toshiba's shares plunged 7.5% after the bad news. Over the weekend, the | :09:03. | :09:06. | |
company said it had an operating loss of $645 million in the | :09:07. | :09:13. | |
September quarter. On top of this, Toshiba is suing five former | :09:14. | :09:16. | |
executives, including three former CEOs, for mismanagement. This has to | :09:17. | :09:24. | |
do with the accounting scandal, $1.3 billion, that unravelled in July. | :09:25. | :09:29. | |
Executives had a hand in overstating the company's profit over seven | :09:30. | :09:34. | |
years. Toshiba is seeking 2.4 billion dollars in damages. | :09:35. | :09:42. | |
Investors are not impressed at the restructuring process of the | :09:43. | :09:44. | |
business and she is down on was 40% this year. -- shares are down. | :09:45. | :09:55. | |
Japan ended the day up nearly 2%. Hong Kong pretty flat. That is the | :09:56. | :10:00. | |
close on Friday in the US. China coming out with trade figures that | :10:01. | :10:04. | |
were not that encouraging. It has not spooked markets too much. | :10:05. | :10:12. | |
Looking at Europe, fairly mixed. Just you the Dax in Frankfurt. Then | :10:13. | :10:17. | |
just slightly. And the FTSE up a little bit. What's going on today. | :10:18. | :10:25. | |
The CBI conference in London, a lot of the big business leaders, many | :10:26. | :10:28. | |
listed in London, meeting to discuss all sorts of issues. We will touch | :10:29. | :10:33. | |
on that later. Let's take a look on what is in store if you're watching | :10:34. | :10:39. | |
Wall Street. This week is full of data that | :10:40. | :10:43. | |
should spell more good news for the United States economic recovery. On | :10:44. | :10:47. | |
Thursday, we will get a look at the number of Americans affected by | :10:48. | :10:54. | |
unemployment. And on Friday, the Labor Department will release | :10:55. | :10:58. | |
figures for October's producer price index. Full is the it will give a | :10:59. | :11:07. | |
sneak peek on inflation. -- it will give a sneak peek on inflation and | :11:08. | :11:10. | |
it is a piece of data that will be looked at to see whether or not | :11:11. | :11:13. | |
interest rates will be raised. And how cable companies deal with | :11:14. | :11:21. | |
competition from online streaming services. We will find out on | :11:22. | :11:26. | |
Thursday. Changes in viewership will have set advertising revenue and | :11:27. | :11:29. | |
will weigh on profit. Let's stay with the markets. Pleased | :11:30. | :11:38. | |
to see you. Can I just do this quote Mark Shand tell him I am Sally as | :11:39. | :11:44. | |
well? I know that you want to say | :11:45. | :11:48. | |
something about the steel. It is a big problem in Britain. It is a huge | :11:49. | :11:54. | |
problem. The Government managed to hamstring us straightaway by making | :11:55. | :12:03. | |
the power charges double what they are in Europe. If we have another | :12:04. | :12:09. | |
cold snap as we had in 2012, we have shut the major plant since then, we | :12:10. | :12:17. | |
will have blackouts. In Sheffield, Sheffield is shifting more steel | :12:18. | :12:21. | |
highly manufactured, highway highly manufactured, highway | :12:22. | :12:23. | |
engineer staff and doing very well indeed. It is the actual steel | :12:24. | :12:27. | |
production itself, that is the area we are losing out to. The top end | :12:28. | :12:32. | |
area, we are doing very well. So have a look at Sheffield. US jobs. | :12:33. | :12:42. | |
271,000! The expectation was for 186,000. This is cracking and it | :12:43. | :12:48. | |
means we big boss cannot say no no. She will have to make our mind up. | :12:49. | :12:54. | |
The Fed do not agree with what is going on but now she has no choice. | :12:55. | :13:02. | |
These basic figures... Now it is really... Immediate reaction in the | :13:03. | :13:09. | |
markets, use the dollar rise significantly against the pound at | :13:10. | :13:12. | |
that looks like it is a move how much? What, maybe. I would have | :13:13. | :13:18. | |
moved before to say, actually, we trimmed the sales and are heading in | :13:19. | :13:21. | |
that direction. Bearing in mind there is no sign of inflation. That | :13:22. | :13:24. | |
will be one of the key measures to have but there is no choice now. We | :13:25. | :13:29. | |
will see a law, slower world in the next few years. Raise rates now on | :13:30. | :13:35. | |
the basis you can cut them later. You can talk to just the next time. | :13:36. | :13:44. | |
-- Justin. Promise. Let's speak to... Later, we will be | :13:45. | :13:51. | |
speaking to the founder of the pair fume empire, Jo Malone. She will be | :13:52. | :13:58. | |
with us in the studio. This is Business Live, from business | :13:59. | :14:04. | |
news. Let's talk about Britain's future in Europe. Of course a very | :14:05. | :14:07. | |
hot topic at the moment and it will be one of the topics under | :14:08. | :14:12. | |
discussion at the UK's conference of business leaders. The British Prime | :14:13. | :14:16. | |
Minister, David Cameron, is addressing the CBI conference later. | :14:17. | :14:20. | |
It will consider whether Britain will be more successful inside or | :14:21. | :14:27. | |
outside the EU. Our correspondent is at the conference, where they are | :14:28. | :14:30. | |
looking at the challenges facing business. What is going on? | :14:31. | :14:36. | |
Welcome to the Grosvenor house hotel ballroom, where the glitterati of UK | :14:37. | :14:40. | |
business will come to see David Cameron on the stage and about one | :14:41. | :14:44. | |
hour give an update on how his negotiations for reform of the | :14:45. | :14:47. | |
Russian ship between the UK and EU are going. The role of business in | :14:48. | :14:51. | |
this referendum is important and very interesting. Businesses cannot | :14:52. | :14:58. | |
vote but their voices powerful. You will see underneath the CBI, The | :14:59. | :15:03. | |
Voice Of Business. They are largely saying they are in favour of staying | :15:04. | :15:07. | |
in a reformed European Union. But that voice is being disputed. | :15:08. | :15:12. | |
Another group, called Business for Britain is throwing their lot in | :15:13. | :15:18. | |
with Vote Leave to see that this does not show the full voice of | :15:19. | :15:24. | |
British business. The business voice came very late to the Scottish | :15:25. | :15:28. | |
referendum and it is coming out of this one. Already there are deep | :15:29. | :15:31. | |
divisions. David Cameron will be here and about one hour to outline | :15:32. | :15:37. | |
how those renegotiations are going. You have a sit in Taiwan! -- suit | :15:38. | :15:48. | |
and tie on! For once. That is something about radio. He is | :15:49. | :15:53. | |
so lucky. He can dress down. If I was on radio, I would wear my | :15:54. | :16:01. | |
pyjamas! Send us e-mails if you want a dress down day and we will tell | :16:02. | :16:03. | |
the bosses. Spending cuts. Less tough than they look. | :16:04. | :16:06. | |
This is about George Osborne, he is expected to announce today he has | :16:07. | :16:10. | |
done deals with four Government departments. That is Treasury, | :16:11. | :16:21. | |
Transport, local environment... That is significant cuts if it were | :16:22. | :16:25. | |
confirmed. He is expected to make this announcement today. Abigail | :16:26. | :16:30. | |
Hughes talking about this and David Cameron speaking at the CBI. Indeed, | :16:31. | :16:36. | |
we will be all others like a rash. -- all over this. | :16:37. | :16:43. | |
Our top story, ministers from the EU states will meet today to discuss | :16:44. | :16:48. | |
this dire issue facing steelmakers in the region. Many plants have been | :16:49. | :16:54. | |
close, thousands of jobs cut, the price of steel falling off a cliff | :16:55. | :16:57. | |
and your's steel industry is pushing for tougher action on cheap Chinese | :16:58. | :17:03. | |
imports which they say are falling down. They say are tsunami of | :17:04. | :17:09. | |
Chinese steel. That is how it was described to me this morning. The | :17:10. | :17:14. | |
British blog. Chinese tsunami of British Steel. -- the British | :17:15. | :17:21. | |
bloke. Today's guest has a rags to riches story. Jo Malone is a | :17:22. | :17:25. | |
successful businesswoman who is known for her perfume fragrance. She | :17:26. | :17:32. | |
Lescott 14 with no qualifications. At the age of 21, she started her | :17:33. | :17:38. | |
first business in the kitchen, mixing bath oils that she then sold | :17:39. | :17:42. | |
her facial clients. They were so popular her husband quit his job to | :17:43. | :17:47. | |
help get up and running in Chelsea, and she went on to run an | :17:48. | :17:53. | |
multi-million pound fragrance business. In 1999, she sold the | :17:54. | :17:56. | |
business to Estee Lauder and stayed business to Estee Lauder and stayed | :17:57. | :18:00. | |
on for seven years before leaving. In 2011, she wants -- launched her | :18:01. | :18:07. | |
new fragrance business and it is called Jo Loves. Jo Malone is here. | :18:08. | :18:21. | |
Welcome. Can I start with this? Yes, go for it! I am going to get you to | :18:22. | :18:30. | |
show us what this is all about. Why fragrances? I heard you have a good | :18:31. | :18:34. | |
nose. You have that thing, haven't you? Apparently, I do. Apparently, I | :18:35. | :18:42. | |
have that thing. I am dyslexic, so my nose is like Mike paintbrush. I | :18:43. | :18:51. | |
tasted, I smell fragrance. You see colours? I see colour. Like the | :18:52. | :18:58. | |
poppy, ie see the colour of the poppy and I need you smell something | :18:59. | :19:01. | |
before I see the colour. Synaesthesia? Apparently. That is | :19:02. | :19:08. | |
amazing. You left school at 14 with no qualifications and work in a | :19:09. | :19:12. | |
florist at 16, which goes with all your senses, as you said. But then | :19:13. | :19:16. | |
to actually create and make stuff... I wouldn't know where to | :19:17. | :19:23. | |
begin. And the business sense behind it, webs that come from? It was cut | :19:24. | :19:38. | |
dumber gut instinct. --. Inspect. I got my business knowledge from my | :19:39. | :19:44. | |
father. He was also a magician. So I was the magician's assistant on | :19:45. | :19:49. | |
Saturday. That is where I learnt the of entertainment and entertaining | :19:50. | :19:53. | |
someone. The importance of a story. So all of those things. And my first | :19:54. | :19:57. | |
job was in a flower shop, which I absolutely love. I love taking the | :19:58. | :20:01. | |
flowers and making the bouquets and going to the market. Must have | :20:02. | :20:05. | |
driven me crazy, all the smells around you constantly! I could watch | :20:06. | :20:11. | |
when the market and when I ordered flowers, I would know where I was by | :20:12. | :20:14. | |
smell. I would also know that the orange blossom that was freshest, | :20:15. | :20:20. | |
because they did not allow strong because the body had not come out. | :20:21. | :20:23. | |
It makes sense that you're making money is the smell. I mean, | :20:24. | :20:31. | |
completely. He went from there, 21, mixing things in your kitchen and | :20:32. | :20:34. | |
came up with fragrances and candles and the whole business. I would hear | :20:35. | :20:43. | |
these genes in my head. -- tunes. I had eight or nine ladies, to have | :20:44. | :20:47. | |
their faces done. As a little thank you, I created oil. It was a thank | :20:48. | :20:54. | |
you to them for coming. One lady Wendy ordered 100 bottles and that | :20:55. | :20:56. | |
was the crossroads and the timing point of everything. From there, we | :20:57. | :21:05. | |
saw this huge kind of demand for products and I was making it in a | :21:06. | :21:11. | |
little kitchen no bigger than that. It went to this multi-million pound | :21:12. | :21:15. | |
business you created. In 1999, Estee Lauder knocked on the door. They | :21:16. | :21:19. | |
might have been knocking on the door earlier than that, but you decide, | :21:20. | :21:23. | |
yes, now 's the time to... What was like going from being your own | :21:24. | :21:30. | |
business to working with them? Your market was different. As the creator | :21:31. | :21:35. | |
and founder, I still continue to delight headed for a while. I was | :21:36. | :21:38. | |
really happy for a long time creating and learning, travelling | :21:39. | :21:43. | |
the world. Taking pictures... The whole thing was a wonderful, | :21:44. | :21:47. | |
incredible adventure. We are fortunate running out of time but it | :21:48. | :21:51. | |
was an incredible adventure, but then you're diagnosed with | :21:52. | :21:55. | |
aggressive best cancer. You had to fight that and it was at that sort | :21:56. | :21:59. | |
of time you left Estee Lauder. -- aggressive breast cancer. I spent | :22:00. | :22:06. | |
one year fighting that and after one year, I was in the same person. I | :22:07. | :22:14. | |
stepped away in 2006 and left. So then, Jo Loves was born? After five | :22:15. | :22:24. | |
years, I wanted to go back in the industry and build another global | :22:25. | :22:26. | |
brand and this is my little baby at the moment. It is one set, and then | :22:27. | :22:35. | |
this is another one and it makes this one together. Unfortunately, | :22:36. | :22:40. | |
we're running out of time we appreciate you coming in. Can you | :22:41. | :22:47. | |
make that disappear? By! Thank you, Jo As ever, we would like to hear | :22:48. | :22:57. | |
from you. Do get in touch. This is to be involved. The business live | :22:58. | :23:02. | |
pages where you can stay ahead with other day's breaking business news. | :23:03. | :23:05. | |
It'll keep you up-to-date with all the latest details with insight and | :23:06. | :23:10. | |
analysis from the BBC's team of editors around the world. And we | :23:11. | :23:14. | |
want to hear from you, too. Get involved on the BBC Business Life | :23:15. | :23:21. | |
Web Page. You Can Also Find Us On Twitter And Facebook. | :23:22. | :23:35. | |
Justin is back. We will look at some of the other stories in the business | :23:36. | :23:48. | |
news today. This says, I love Snapchat, it is not as personal as | :23:49. | :23:54. | |
Facebook. We will talk about that in more detail in a moment but first of | :23:55. | :23:58. | |
all, Lufthansa. They have had a torrid year. We have lost count of | :23:59. | :24:01. | |
how many strikes you have had to deal with. They have lost millions | :24:02. | :24:06. | |
of dollars from the pilot strike. This is trying to compete with the | :24:07. | :24:10. | |
Gulf carriers. This is the issue. All the old | :24:11. | :24:13. | |
carriers have to try and reinvent themselves. BA had to go through | :24:14. | :24:18. | |
this with Willie Walsh and Iberia, which is really painful. And they | :24:19. | :24:22. | |
have done it and come through the other side and it is now making | :24:23. | :24:27. | |
money. Making quite a lot of money. The French are not very good at | :24:28. | :24:29. | |
reforms, as you can see. With reforms, as you can see. With | :24:30. | :24:34. | |
cancer, you would have fought the would have addressed this but they | :24:35. | :24:37. | |
have not. They are very conservative. We have got to get | :24:38. | :24:42. | |
through this quickly and it will be painful. Anyone working and airlines | :24:43. | :24:46. | |
to look at the ones that are successful and the other one is that | :24:47. | :24:49. | |
we organise their business style. A lot of those, the heavy discounters, | :24:50. | :24:55. | |
the exceptions would be the Middle Eastern ones, but again they start | :24:56. | :24:57. | |
off with a blank sheet of paper. They start off and don't have the | :24:58. | :25:00. | |
overhead is that the old-fashioned carriers have. Snapchat. Are you a | :25:01. | :25:06. | |
user? Not argue. I thought it was user? Not argue. I thought it was | :25:07. | :25:12. | |
something young people do not did things with. I did not realise it | :25:13. | :25:16. | |
was such a big thing. Not just a lot of things, I have to clarify that. | :25:17. | :25:21. | |
These things are developing like flowers blooming and then dying | :25:22. | :25:24. | |
thereafter because the technology changes so quickly. And so the | :25:25. | :25:28. | |
younger generation will click onto the next one. Meanwhile, Facebook, | :25:29. | :25:34. | |
Twitter and the others have to catch up with the applications. Snapchat | :25:35. | :25:40. | |
says it gets over 6 billion views a day. Is this bit worried or will it | :25:41. | :25:43. | |
think, maybe we should buy this company? What you're finding is the | :25:44. | :25:49. | |
bringing in more technology to try and beat it. Thank you very much. | :25:50. | :25:54. | |
Pleasure. The table! Banging the table. We will see you later. | :25:55. | :25:56. | |
Goodbye. | :25:57. | :26:06. |