31/05/2016 BBC Business Live


31/05/2016

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Hello, this is business news. India is predicted to hold onto its

:00:13.:00:21.

fastest growing economy. Can it but, fastest growing economy. Can it but,

:00:22.:00:31.

the powerhouse for world growth? -- can it become.

:00:32.:00:43.

India's agriculture and service sectors are expected to deliver its

:00:44.:00:49.

strong growth as China slows, is it a beacon of hope for the global

:00:50.:00:55.

economy. Also, Latin America's biggest airline says it will suspend

:00:56.:01:01.

flights to Venezuela because of the deteriorating economic situation.

:01:02.:01:05.

Here is a look at the trading day for the markets. And being paid to

:01:06.:01:11.

share your personal information. We will be hearing from a website that

:01:12.:01:14.

is putting consumers back in control of their data and I love this, what

:01:15.:01:20.

about this fellow here? He is that high when he's home robot for 410

:01:21.:01:31.

quid. He can help with age care, health care and help control your

:01:32.:01:36.

smartphone, what you think? Would you want one? And if so what would

:01:37.:01:42.

you do in your home? If you do, let us know on Twitter. -- do know. The

:01:43.:01:57.

world's fastest-growing major economy is due to release its

:01:58.:02:02.

figures later. With the agriculture and service sectors expecting to

:02:03.:02:06.

drive continued growth. Economists predict the economy will have

:02:07.:02:08.

grown by 7.5%. There it is in the five months until the end of March.

:02:09.:02:15.

With China slumming, India's success is being seen as a bright spot with

:02:16.:02:21.

the potential to drive growth in the global economy.

:02:22.:02:24.

Singapore's Prime Minister says India is a hope for us all.

:02:25.:02:27.

when China was ten years ago. Not everyone is quite so optimistic. The

:02:28.:02:36.

governor of the reserve bank has been criticised for telling the

:02:37.:02:39.

website market watch that in the land of the Blind, the

:02:40.:02:51.

Onenightinvienna is king. Our correspondent joins us, good to see

:02:52.:03:01.

you. For the uninitiated, in the land of the blind, the one eyed man

:03:02.:03:08.

is king, what is he saying that? If you talk about him as the boss of

:03:09.:03:12.

the central bank, the real message he is sending out is that India is

:03:13.:03:17.

growing, but don't get carried away. Lots of work still to be done, India

:03:18.:03:22.

had slowed down to three years back. India was not growing at the pace it

:03:23.:03:28.

is growing now. You can see the numbers jumping up and stop the

:03:29.:03:33.

economy has picked up a pace. You spoke about agriculture and the

:03:34.:03:37.

private sector, but manufacturing is still a challenge, in the structure

:03:38.:03:42.

is still a challenge, the banking sector is still struggling and for

:03:43.:03:46.

India to retain the size of China, it will have to keep growing

:03:47.:03:56.

consistently. Correct me if I am wrong, but one of the perils that

:03:57.:04:01.

goes along or comes with a nation that becomes the fastest-growing

:04:02.:04:05.

economy in the world, the rest of the world looks at it and says India

:04:06.:04:09.

can to help us with propping up the global economy. The thing is a lot

:04:10.:04:19.

of time the world compares India to China. India's economy is one fifth

:04:20.:04:26.

the size of China's economy, there is no comparison there. India is one

:04:27.:04:30.

of the fastest-growing economies in the world, it has a huge pace,

:04:31.:04:35.

foreign investors look at India as a huge market. The second most

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populated country in the world, they look at India as a big market. There

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is huge consumption here. At the same time, there are some

:04:52.:04:54.

bottlenecks as I can use that term, challenges when it comes to

:04:55.:04:59.

different infrastructure, roads, bridges, boats. You need that to

:05:00.:05:03.

come at a rapid pace to make India a global powerhouse for the economy.

:05:04.:05:09.

We appreciate your time, I know you will keep across those numbers as

:05:10.:05:12.

Souness they are out. Joining us live from Mumbai, really neat

:05:13.:05:17.

infrastructure! Latan will be stopping its flights

:05:18.:05:42.

to Latin America. The queues for basic products continue in Venezuela

:05:43.:05:48.

and economic crisis has now caused a foreign company to think about its

:05:49.:05:51.

involvement in the South American nation. Following announcement by

:05:52.:05:56.

the German airline Lufthansa that they will be suspending flights, now

:05:57.:06:06.

Latan is following suit. It will end first within days and the other

:06:07.:06:09.

routes it runs from Lima is an Thiago will be halted by the end of

:06:10.:06:18.

July. The President Polk -- points to an economic war to force his

:06:19.:06:23.

government from power. It comes after both companies have complained

:06:24.:06:28.

that the government's tight currency controls have made it impossible for

:06:29.:06:33.

them to repatriate in hard currency. Instead they have millions of

:06:34.:06:39.

dollars tied up in the rapidly developing Karen scene. Let's check

:06:40.:06:46.

in with some of the other stories. -- developing currency.

:06:47.:07:01.

Rail workers will begin a network strike on Tuesday. There will be an

:07:02.:07:22.

ongoing blockade. All of this as the country hosts the football

:07:23.:07:26.

tournament. Air traffic controllers and staff are going on strike. Is

:07:27.:07:34.

anyone not going on strike in France? A transfer pact between the

:07:35.:07:42.

EU and the US create significant improvements. The privacy shield was

:07:43.:07:47.

meant to guard EU citizens personal information when it is stored in the

:07:48.:07:59.

US. Volkswagen has released its latest numbers and sales and profits

:08:00.:08:01.

are both down for the first three months. The profits have fallen by

:08:02.:08:13.

20% and they expect overall sales to drop by 5% by the end of the year.

:08:14.:08:22.

Hong Kong has overtaken the United States as the world's most

:08:23.:08:26.

competitive economy. Where is that coming from? United States had held

:08:27.:08:37.

the top spot for the last few years. Explain this to us, what has Hong

:08:38.:08:46.

Kong got that pits the US? Hong Kong beat everyone, not just the US,

:08:47.:08:50.

according to the survey by the IND, because of its innovation and its

:08:51.:08:56.

low tax rates. It has some of the lowest tax rates in Asia. It is also

:08:57.:09:00.

because Hong Kong is seen as a gateway to China for foreign and

:09:01.:09:04.

direct investment. Mainland China also came in the top 25 of the most

:09:05.:09:10.

competitive countries in the survey. Singapore came in fourth place and

:09:11.:09:14.

the US held that top spot for four years and has been knocked off. Hong

:09:15.:09:20.

Kong's fortunes are also inextricably linked to China. While

:09:21.:09:25.

China's economy did well over the last decade, Hong Kong did well as

:09:26.:09:29.

well. In the last few quarters, we are seeing the growth moderate and I

:09:30.:09:33.

expect that Junior as China's economy increases. -- I expect that

:09:34.:09:44.

to continue. Shares have recovered from a wobbly start. Japan recorded

:09:45.:09:48.

better than expected hater. Shares were lifted and shares hike that was

:09:49.:09:55.

planned is likely to be delayed until 2019. No trading on Monday

:09:56.:09:59.

because of a public holiday. Let's flick over and look at the European

:10:00.:10:04.

markets. The FTSE 100 responding to that from Asia. Good on you. He is

:10:05.:10:11.

settling in! Let's stay with the markets. We have a global market

:10:12.:10:18.

strategist. She joins us. Good to have you with us. We know the

:10:19.:10:25.

markets are focused on the US, the European Central Bank meets later

:10:26.:10:30.

this week. Our second headline story was Venezuelan. Lufthansa, Latan,

:10:31.:10:38.

others are likely to follow suit because they will not get their

:10:39.:10:43.

money back. More of an economic impact. Just a highlight around the

:10:44.:10:48.

world, this country is being hammered at the moment. We are

:10:49.:10:53.

talking about inflation of 700. It was up to 500, it is tougher a

:10:54.:10:58.

country like Venezuela that is so dependent on the oil price. The cars

:10:59.:11:03.

of the political situation and the restrictions on free trade of goods,

:11:04.:11:08.

it is now basic goods are Venezuelans, it is extremely rare.

:11:09.:11:12.

Companies and stores can keep jacking up the price, unless you

:11:13.:11:17.

have a runaway inflation situation. I want to talk to you about Europe.

:11:18.:11:27.

This is not sustainable surely? What happens? The inflation continues to

:11:28.:11:33.

go that way, unemployment. Is this a bailout or an IMF scenario? Global

:11:34.:11:39.

organisations are paying attention, there will be some step it whether

:11:40.:11:43.

it is a big political change or the IMF saying we have to get this

:11:44.:11:50.

figured out. It means a lot in Europe, the delay in the sales tax,

:11:51.:11:55.

the hike in Japan, it has helped the Asian markets, it has not fed

:11:56.:12:00.

through this morning to the European ones, it is a holiday weekend the

:12:01.:12:06.

UK. The markets are a bit quiet, a wait and see. The last day in May

:12:07.:12:10.

when next month we have so many market moving events and then it is

:12:11.:12:15.

a quieter part of the week. You will come back and take us through the

:12:16.:12:18.

newspapers. We will talk about robots. Still to come: being paid to

:12:19.:12:27.

share your personal information. We will hear from the new website that

:12:28.:12:31.

claims it is putting consumers back in control of their data. On that

:12:32.:12:37.

note, give us a tweet. Do you trust organisations with your data and

:12:38.:12:42.

would you flog it for some money? You are with business live from BBC

:12:43.:12:48.

News. It is set to be a tough time for the class of 2016 graduates this

:12:49.:12:53.

year. They will find it harder to get a job after university than in

:12:54.:12:58.

previous years. Jobs advertised down 8% and the average pay offered has

:12:59.:13:04.

fallen to 2013 levels. Rob Young is in our business newsroom. How tough

:13:05.:13:09.

are things actually for graduates? It seems people leaving university

:13:10.:13:15.

trying to get a job of being hit by a double whammy. The number of

:13:16.:13:20.

graduate level jobs advertised is down 8% on a year ago, still 13,000

:13:21.:13:25.

of them advertised in April. This report from the jobs website says

:13:26.:13:30.

that entry-level salaries have been falling as well, they have gone

:13:31.:13:34.

backwards, down to the level they were at two and a half years ago,

:13:35.:13:43.

still at a pretty decent ?23,000. Does it suggest that businesses are

:13:44.:13:49.

just not confident about the future? And of course just around the corner

:13:50.:13:57.

at the EU referendum. This has been described as the toughest jobs

:13:58.:14:02.

market the years, but recruitment experts say this reflects a wider

:14:03.:14:06.

jobs market and it may well be this is a temporary factor because

:14:07.:14:10.

businesses are concerned about the outcome of the European Union

:14:11.:14:14.

referendum. Economists also say there are other factors at play here

:14:15.:14:19.

as well. If you look around the world, there are slowing economies

:14:20.:14:22.

such as the United States and China as well. We appreciate your time, we

:14:23.:14:30.

will talk to you soon. Rob Young joining us from our fancy newsroom.

:14:31.:14:36.

We have the tablet thingy and it is not working. LAUGHTER

:14:37.:14:46.

We have already mentioned the Volkswagen, check out our website,

:14:47.:14:51.

the boss was saying false wagon is satisfied. -- false -- Volkswagen.

:14:52.:15:07.

He said it was a challenging environment. Sales are down by 5%

:15:08.:15:14.

between now and the end of the year. Our top story: India's predicted

:15:15.:15:22.

to hold onto its ranking as the world's fastest

:15:23.:15:27.

growing major economy, but can it become the powerhouse

:15:28.:15:30.

for world growth? Would you share your personal

:15:31.:15:36.

information if you were paid for it? Consumer data can be incredibly

:15:37.:15:41.

valuable but often we don't realise it is worth and end up

:15:42.:15:44.

giving it away for free. Putting a value on personal

:15:45.:15:48.

data can be tough, but to give you an idea the firm

:15:49.:15:53.

ESOMAR says the global market research industry is worth

:15:54.:16:04.

$43 billion a year. But the balance of power

:16:05.:16:08.

could be shifting. New EU legislation due out in 2018

:16:09.:16:10.

requires consumers to give explicit permission before

:16:11.:16:13.

companies hold their details. One firm getting to grips

:16:14.:16:23.

with that shift is People.IO. It lets consumers licence their data

:16:24.:16:25.

to companies and says each person's Nicholas Oliver, founder

:16:26.:16:30.

of People.io, a company that allows consumers

:16:31.:16:34.

to license their data Great to have you in the studio.

:16:35.:16:46.

You're quite good, quite savvy. I give you my information and I want

:16:47.:16:49.

to know what sort of information you're asking for and you're going

:16:50.:16:51.

to give me some money for that? Exactly. The way that it works is

:16:52.:16:55.

giving you more control over it. So the important thing is we're not

:16:56.:16:59.

selling your data to anybody. We're not sharing your data outside of the

:17:00.:17:02.

system and anything that you're putting into it is stored within the

:17:03.:17:06.

system. What are you asking from me though? May name? From the colours

:17:07.:17:11.

you like to where you like going on holiday because what's really

:17:12.:17:14.

interesting is you as a person have so many fascinating things about you

:17:15.:17:21.

that advertisers shouldn't know. I just wonder how much it will work

:17:22.:17:25.

because people are already giving away this data free. You fill out

:17:26.:17:31.

your profile on Facebook or Twitter, you tell people what your favourite

:17:32.:17:36.

colours and what your birthday is? That's what the new European

:17:37.:17:39.

regulation is going to start creating an interesting area. A lot

:17:40.:17:43.

of this data is being collected without you realising it. You go on

:17:44.:17:47.

mainstream publishing websites and there are 50 or 60 different

:17:48.:17:52.

companies tracking you as you're browsing around the internet. We

:17:53.:17:54.

will start to see more control for the consumer. As we see that, they

:17:55.:17:58.

will start to realise the value of their data. You were talking before

:17:59.:18:06.

the show started, talking about when we fill those loyalty cards out for

:18:07.:18:10.

a supermarket or airline, how valuable is information. I could

:18:11.:18:12.

give you the information, but it is out there. As a lay man, I'm

:18:13.:18:16.

confused by that, why is there a value to you when it is already out

:18:17.:18:20.

there? The way that it is working is, you start respond to go

:18:21.:18:26.

questions yourself. And by creating your own individual profile the

:18:27.:18:31.

brands are able to talk to you as an individual, they can talk to you as

:18:32.:18:34.

an individual without knowing who you are. Whilst you retain the

:18:35.:18:38.

control and the privacy, you're able to create a lot more value because

:18:39.:18:42.

it is a one-to-one communication instead of mass conversation. What

:18:43.:18:45.

kind of companies do you think would be interested in buying the data

:18:46.:18:49.

from you? So any company that understands the value of the

:18:50.:18:53.

consumer having the control. I think more and more big brands are

:18:54.:18:56.

understanding consumers should be the one in control because if you're

:18:57.:19:01.

disrupting their life or they feel like you are being evasive or taking

:19:02.:19:05.

advantage of that data, you as a consumer won't like that brand as

:19:06.:19:09.

much. By giving you the control, any smart brand realises that's the way

:19:10.:19:12.

to do it. The important thing, we are not giving them your data, we

:19:13.:19:15.

have the platform that allows them to connect with you, without sharing

:19:16.:19:20.

the data. That's a really interesting point. Once you've given

:19:21.:19:31.

them data they hold it? What's important if you look across the

:19:32.:19:35.

market, some of the biggest and successful companies don't own the

:19:36.:19:39.

assets. Facebook doesn't own the content. Airbnb don't own the

:19:40.:19:46.

property. Why would you want to own the data. What happens if Ben and I

:19:47.:19:50.

say we want to leave. We've had enough of you? What do you do? What

:19:51.:19:55.

promises? What is the guarantee that... It all gets deleted. Really?

:19:56.:20:00.

We are working with the best lawyers in Europe at the moment to make sure

:20:01.:20:04.

that you as a consumer have the control. Nicholas, great stuff. I

:20:05.:20:10.

know we have got to wrap it up, but you had angel investment. We have

:20:11.:20:14.

just finished our second investment round and we have Wire which is

:20:15.:20:22.

Telefonica's programme. You're young too, aren't you? The guy is going to

:20:23.:20:27.

be a millionaire before we know it T wrong path I took! Nicholas, great

:20:28.:20:28.

stuff. Nicholas Oliver, thank you. Now, after six decades in football,

:20:29.:20:36.

the only player ever to have won three World Cup winning medals,

:20:37.:20:39.

Brazil legend Pele has decided to auction off the memorabilia

:20:40.:20:41.

he has accumulated Here are some of the weird

:20:42.:20:43.

and wonderful things you could buy. Would you buy any of it? Maybe.

:20:44.:22:02.

Maybe. Would you buy any of it? Maybe if the price is right.

:22:03.:22:09.

Can we start with the robot story? We've got pictures of it. A viewer

:22:10.:22:19.

tweets in from Nairobi, she says, "A robot in my home? Yes! " What would

:22:20.:22:31.

you do? There could be a lot of Dirksal values syncing up to

:22:32.:22:35.

lighting and safety maybe if people are away from their home for hours

:22:36.:22:39.

taking pictures and sending them to you on your smartphone. It depends

:22:40.:22:43.

how connected it can get and if people want to buy that ?400 price

:22:44.:22:49.

mark. You know with an ageing population around the world, and you

:22:50.:22:54.

know, I can say look, "Hands up, my mum is by herself in Australia, not

:22:55.:22:58.

doing that well." We are looking at get ago carer in to visit twice a

:22:59.:23:03.

week. Put the robot in, connect with a cam ration we could check-in. It

:23:04.:23:08.

gives you piece of mind, but it doesn't give the human contact. It

:23:09.:23:17.

will say, "Take your pills." It has the reminder effects. I don't know

:23:18.:23:21.

if it has the human caretaking skills. You have the smart devices.

:23:22.:23:27.

Like I can control the heating from my phone. Can you really do that? I

:23:28.:23:38.

had to deactivate the automatic robotic element where it said, "We

:23:39.:23:42.

will figure out the schedule. My schedule is over the place." There

:23:43.:23:46.

is an element of that, but it moves in that direction. A first step in

:23:47.:23:50.

the artificial intelligence journey. We can't get away from it. This is

:23:51.:23:57.

the future, robots. There will be robots doing our job. Don't you

:23:58.:24:02.

tweet in saying, "A better job." When they start doing the hovering

:24:03.:24:07.

and ironing where does it stop? The sharing community around the world,

:24:08.:24:17.

it is big. We've got Airbnb and Uber, it was in the FT where its

:24:18.:24:21.

European Commission is urging European EU countries don't ban

:24:22.:24:25.

these things. It is an interesting dynamic right because in the UK you

:24:26.:24:31.

have Uber and Airbnb, growing and working very well or engaging in the

:24:32.:24:34.

population and in the economy whereas other countries like France

:24:35.:24:38.

have completely shot down the institution of Uber on a large

:24:39.:24:42.

scale. This is a classic example of the EU 28 regular lasses having

:24:43.:24:45.

different rules in different countries. It is confusing for

:24:46.:24:51.

start-ups or companies like Uber and Airbnb get ago foot hold in a region

:24:52.:24:56.

that has so many different rules. Some will be relieved to hear this.

:24:57.:25:00.

They rely on the services and they want to see them flourish. Others

:25:01.:25:05.

like black cab drivers perhaps not so happy. That's the biggest

:25:06.:25:10.

resistance in France. The local taxi drivers saying, "This is eating into

:25:11.:25:18.

our market share." One thing you don't tend to use much is cash when

:25:19.:25:22.

you are using these apps. Well said. You should take this up as a job!

:25:23.:25:28.

Plastic notes. They are modifying the designs so they don't stick

:25:29.:25:32.

together. If we get them, count carefully before you spend them! OK.

:25:33.:25:36.

We have had plastic money in Australia for a long time. Yeah,

:25:37.:25:42.

right, you are a step ahead. I don't remember them sticking together.

:25:43.:25:45.

Thank you. It has been a pleasure. Have a great day. We will see you

:25:46.:25:49.

soon. That's it from Business Live. Thanks for watching. You've got more

:25:50.:25:53.

business throughout the rest of the day. I do. I do. .

:25:54.:26:07.

Hello there. Good morning. If you're spending your day in northern or

:26:08.:26:13.

western areas of the British Isles expect another fine, dry and mosty

:26:14.:26:17.

sunny one. However, further east it is a different story. This rope of

:26:18.:26:20.

cloud has been

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