Browse content similar to 08/07/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News, with Sally Bundock | :00:00. | :00:08. | |
Trading on an old relationship - the UK's Business Minister | :00:09. | :00:13. | |
is in India today as he begins a global mission to drum up support | :00:14. | :00:16. | |
Live from London, that's our top story on Friday 8th July. | :00:17. | :00:37. | |
Flying the flag for British business in a post-Brexit world. | :00:38. | :00:40. | |
Britain's Business Secretary, Sajid Javid, is in India | :00:41. | :00:44. | |
today for the UK's first post-referendum trade talks. | :00:45. | :00:49. | |
in Mumbai to discuss the future of its UK steel operations. | :00:50. | :00:55. | |
It is expected to pause the sale of the main Port Talbot plant, | :00:56. | :01:01. | |
but go ahead with the sale of its other speciality business. | :01:02. | :01:04. | |
And Asian markets were cautious, awaiting the latest jobs data | :01:05. | :01:06. | |
And we'll have our business editor Simon Jack with us to take us | :01:07. | :01:12. | |
through a tumultuous week on currency markets - | :01:13. | :01:24. | |
as well as the problems storing up in Europe's biggest banks. | :01:25. | :01:31. | |
And of course do get in touch with us throughout the programme | :01:32. | :01:33. | |
about the stories we're covering - just use the hashtag #BBCBizLive. | :01:34. | :01:41. | |
The UK is launching its first trade talks since the vote to leave | :01:42. | :01:47. | |
the EU, as Business Secretary Sajid Javid meets the Indian | :01:48. | :01:50. | |
He will discuss how the trading relationship with India might | :01:51. | :02:00. | |
work with the UK outside the European Union. | :02:01. | :02:04. | |
The Business Secretary will also visit the US, China, | :02:05. | :02:07. | |
Japan and South Korea in the coming months. | :02:08. | :02:13. | |
India is the third biggest foreign investor in the UK, and total trade | :02:14. | :02:17. | |
between the two countries was worth over $21 billion last year. | :02:18. | :02:22. | |
Commonwealth countries, including India accounted | :02:23. | :02:29. | |
for about 10%, or ?47.8 billion, $61.81 billion, of UK exports | :02:30. | :02:36. | |
in 2014, whereas about 44%, or ?228.9 billion or $296 | :02:37. | :02:38. | |
In total, the EU has trade agreements with 52 countries | :02:39. | :02:54. | |
and it is expected the UK will need to re-negotiate all these once it | :02:55. | :02:57. | |
The UK's Business Secretary, Sajid Javid will meet Tata's | :02:58. | :03:05. | |
chairman Cyrus Mistry in Mumbai today ahead of a Tata board | :03:06. | :03:07. | |
India is the first country where a Yogita Limaye joins us now. | :03:08. | :03:16. | |
India is the first country where a Sajid Javid will be held these kind | :03:17. | :03:21. | |
of discussions. Trade between India and the UK is roughly $20 billion, | :03:22. | :03:28. | |
and growing. Even so, the UK is only in's 12 largest trading partner, a | :03:29. | :03:32. | |
situation it has been trying to change. India has been separately | :03:33. | :03:36. | |
negotiating a free trade agreement with the EU for several years, but | :03:37. | :03:40. | |
negotiations have stored on some issues. And so even before the | :03:41. | :03:44. | |
Brexit Road, many from industry here were saying that the UK and India | :03:45. | :03:48. | |
should forge a separate trade relationship. And now of course, | :03:49. | :03:56. | |
since we have of the referendum, rebel here are saying that this | :03:57. | :03:58. | |
could be an opportunity, because the UK would be free to strike a deal | :03:59. | :04:02. | |
with India without thinking what the EU wants. That is the positive side | :04:03. | :04:06. | |
of things. At of course there are many Indian companies which have big | :04:07. | :04:10. | |
investments in the UK and who are worried. They see the UK as a | :04:11. | :04:15. | |
gateway to Europe. And so they are concerned about access to that | :04:16. | :04:18. | |
market. Those questions are likely to come up in the meeting between | :04:19. | :04:21. | |
the finance minister and Sajid Javid. Before that he will be here | :04:22. | :04:27. | |
in Mumbai meeting the bosses of Tata Steel. Again, the Brexit vote has | :04:28. | :04:31. | |
been occasions for the company, which has operations in the UK but | :04:32. | :04:36. | |
also in Europe, in the Netherlands. About a quarter of the steel that it | :04:37. | :04:40. | |
produces in the UK is sold in Europe, so that is a key market. | :04:41. | :04:46. | |
Will be a concern not just for Tata but also for potential buyers. | :04:47. | :04:50. | |
That's why there are expectations that Tata might pause the sale | :04:51. | :04:53. | |
process of its British business operations. And we will have a lot | :04:54. | :05:00. | |
more detail on that from Simon Jack, our business editor, who will be | :05:01. | :05:02. | |
joining us in about five minutes. Four of the biggest US banks have | :05:03. | :05:04. | |
committed to helping maintain London's position as a global | :05:05. | :05:11. | |
financial hub after the UK In a statement, the banks | :05:12. | :05:14. | |
and Chancellor George Osborne said they would work to ensure London | :05:15. | :05:20. | |
"retains its position". It was signed by JPMorgan, | :05:21. | :05:22. | |
Goldman Sachs, Bank of America Merrill Lynch | :05:23. | :05:24. | |
and Morgan Stanley, as well as Consumer confidence in Britain has | :05:25. | :05:26. | |
seen its biggest slump in 22 years following | :05:27. | :05:29. | |
the referendum on June 23rd. That's according to market | :05:30. | :05:31. | |
research company GfK. The survey tracks people's | :05:32. | :05:36. | |
willingness to make big purchases as well as worries | :05:37. | :05:39. | |
about their own personal finances It found a marked deterioration | :05:40. | :05:41. | |
in confidence across regions and age groups - and among people | :05:42. | :05:46. | |
who had voted to leave the EU as well as those | :05:47. | :05:54. | |
who wanted to Remain - although the latter | :05:55. | :05:57. | |
group were more gloomy. Tata Steel is expected to announce | :05:58. | :06:07. | |
today that it will pause the sale of most of its UK business, | :06:08. | :06:10. | |
including its Port Talbot plant. However, it will proceed | :06:11. | :06:13. | |
with the sale of its speciality steel-making business, | :06:14. | :06:15. | |
which employs 2,000 people The company says it wants | :06:16. | :06:17. | |
to consider the options and assess Now let's get the latest on the | :06:18. | :06:30. | |
developing story in Dallas, where five police officers have been | :06:31. | :06:32. | |
killed and six wounded by sniper fire. We got an update from a | :06:33. | :06:39. | |
reporter there are not so long ago. Currently we are in negotiations | :06:40. | :06:41. | |
with the suspect involved in the shootings at the garage in downtown | :06:42. | :06:47. | |
Dallas. This suspect we are negotiating with for the last 45 | :06:48. | :06:52. | |
minutes has been exchanging gunfire with us and not being very | :06:53. | :06:55. | |
co-operative in the negotiations. Before I came here, I asked for | :06:56. | :07:04. | |
plans to end this stand-off, and as soon as I am done here, I will be | :07:05. | :07:09. | |
presented with those plans. We can speak now to Peter Bowes, in LA. | :07:10. | :07:15. | |
This happened during protests about two recent fatal police shooting is? | :07:16. | :07:19. | |
Yes, it was one of many protests taking place in cities around the | :07:20. | :07:26. | |
United States over the last 24 hours also, protesting at the shooting of | :07:27. | :07:30. | |
two black men in separate incidents in Louisiana and Minnesota. This was | :07:31. | :07:36. | |
taking place in downtown Dallas. It was a similar sized protest to the | :07:37. | :07:41. | |
one in New York City. It was a peaceful protest in Dallas, up until | :07:42. | :07:46. | |
the shooting started. At that point, there was a certain amount of panic | :07:47. | :07:52. | |
and chaos, as the crowd tried to disperse and people tried to get to | :07:53. | :07:56. | |
safety. Police chief of the lesson later said he believed two snipers | :07:57. | :08:03. | |
were responsible, snipers, as he put it, in an elevated position above | :08:04. | :08:08. | |
the crowd, who were targeting police officers on the ground. We now know | :08:09. | :08:15. | |
that three people in fact are in custody, and the fourth is holed up | :08:16. | :08:20. | |
apparently in a parking structure in Dallas. There has been an exchange | :08:21. | :08:27. | |
of gunfire with the police, and they are trying to negotiate with this | :08:28. | :08:31. | |
person, who the police say is not negotiating. The person has made a | :08:32. | :08:35. | |
number of threats, saying that the end is coming, that they're going to | :08:36. | :08:40. | |
hurt and kill more police officers, and saying that there are bombs all | :08:41. | :08:44. | |
over the place in downtown Dallas. This is a situation which is far | :08:45. | :08:49. | |
from over. The police are still describing it as an active crime | :08:50. | :08:55. | |
scene. Do we know weather or not all of the suspects have now been | :08:56. | :08:58. | |
located, if not rounded up? No, we do not know that. In fact the police | :08:59. | :09:04. | |
chief said they do not have a complete comfort level that all of | :09:05. | :09:09. | |
the suspects have been found. The indication being that there could be | :09:10. | :09:12. | |
other people involved in this. What he did say, with some certainty, was | :09:13. | :09:17. | |
that he believes that these people have worked together, that they were | :09:18. | :09:23. | |
acting together. He said that they had triangulated in different | :09:24. | :09:26. | |
positions with their rifles, aiming at the people on the ground, | :09:27. | :09:31. | |
specifically the police officers. He said it seemed as if they had some | :09:32. | :09:34. | |
knowledge of the planning of the route of the March, the progress of | :09:35. | :09:39. | |
the demonstration through downtown Dallas, implying that a certain | :09:40. | :09:43. | |
amount of planning and perhaps intelligent planning with some in | :09:44. | :09:49. | |
fight -- inside information perhaps, as to what had been planned for the | :09:50. | :09:53. | |
route of this protest. For now, Peter, thank you very much. Any more | :09:54. | :09:59. | |
news on that, we will update you. We can show you how the markets have | :10:00. | :10:04. | |
been trading across the world. In Japan, closing down just over 1%. | :10:05. | :10:09. | |
Hong Kong, similar scenario. Among the real movers, energy shares, by | :10:10. | :10:14. | |
the energy companies Yadav related to that sector. We have got the oil | :10:15. | :10:18. | |
price down quite significantly yesterday. That has caused some, not | :10:19. | :10:29. | |
serious nerves, but it has had an impact on trade. Also we are looking | :10:30. | :10:32. | |
ahead to the US jobs data, which comes out later. And if I can | :10:33. | :10:37. | |
quickly show you the European markets, which all closed about 1% | :10:38. | :10:42. | |
higher yesterday's. All headed in the right direction for the time | :10:43. | :10:46. | |
being. A lot of nervous trade today ahead of the jobs figures coming out | :10:47. | :10:51. | |
later in the US. The last time they were released, it was a real | :10:52. | :10:55. | |
surprise. The US economy, not adding as many jobs as many had predicted. | :10:56. | :11:02. | |
We can hear from Samira Hussain, in New York, as to what we can expect | :11:03. | :11:07. | |
on that number to day. The latest US jobs report comes out on Friday. In | :11:08. | :11:11. | |
the last month, the US economy only added 38,000 jobs, nicking it the | :11:12. | :11:15. | |
worst employment report since the autumn of 2010. Given a court in | :11:16. | :11:22. | |
dismal employment numbers, some are calling the June jobs report the | :11:23. | :11:27. | |
most important of the year, even though America's central bank has | :11:28. | :11:32. | |
already signalled it will not be raising interest rates any time | :11:33. | :11:38. | |
soon. But the Federal Reserve will still be paying attention to these | :11:39. | :11:44. | |
numbers, specifically, they will be looking for increases in how much | :11:45. | :11:50. | |
people are being paid. That will be one sign that the labour market is | :11:51. | :11:57. | |
getting stronger, and a clear reflection of the overall health of | :11:58. | :12:03. | |
the US economy. Still to come... As we mentioned, Simon Jack will be | :12:04. | :12:07. | |
with us to talk us through some detail of the situation with regards | :12:08. | :12:09. | |
to Tata Steel. We'll have the BBC's | :12:10. | :12:17. | |
business editor on the show, taking us through the realities | :12:18. | :12:19. | |
for people and companies You're with Business | :12:20. | :12:21. | |
Live from BBC News. UK energy prices climbed | :12:22. | :12:29. | |
to near nine-month highs in the aftermath of the EU | :12:30. | :12:31. | |
referendum, as the market began Let's speak now to Jamie Stewart, | :12:32. | :12:40. | |
electricity editor at ICIS. How have energy prices been affect | :12:41. | :12:48. | |
did so far by the Brexit news? So far, there has been no direct | :12:49. | :12:54. | |
impact. What we do see is In terms of what we have | :12:55. | :13:20. | |
mentioned already, the fact that there has been a lot of power plant | :13:21. | :13:24. | |
closures in the last year, the UK energy has had a massive | :13:25. | :13:29. | |
transformation, in many ways. Looking ahead now, what are the key | :13:30. | :13:35. | |
issues? Well, over the last quarter, we have really seen mass coal plant | :13:36. | :13:41. | |
closures, both for economic and environmental reasons. This means we | :13:42. | :13:46. | |
are now burning a lot more gas than we were this time last year, in | :13:47. | :13:50. | |
order to fill that supply gap. Price of gas has risen over the last | :13:51. | :13:56. | |
quarter. Just, we are now looking at a 9% increase. Electricity, 13%. -- | :13:57. | :14:03. | |
gas. That more expensive gas being burned in our power plants raises | :14:04. | :14:11. | |
the energy price overall. Thank you so much for joining us. Jamie | :14:12. | :14:14. | |
Stuart, electricity editor. This is Hammerson expanding in | :14:15. | :14:31. | |
Ireland. Lots of concerns about Brexit will mean for some of the big | :14:32. | :14:37. | |
cities here in the UK. Of course, Dublin with its far more generous I | :14:38. | :14:42. | |
suppose corporate tax level, lots of businesses might be looking to | :14:43. | :14:46. | |
relocate to Dublin or Berlin as a result of that Brexit vote. | :14:47. | :14:52. | |
Interesting comments coming out from the retail analyst Nick Bubb at the | :14:53. | :14:57. | |
moment. Still to come on the programme, as | :14:58. | :15:01. | |
well as the rest of the business news we will be right across | :15:02. | :15:05. | |
developments in Dallas where five police officers have been killed and | :15:06. | :15:10. | |
six injured. That's developments taking place overnight. We will | :15:11. | :15:14. | |
speak to a reporter outside the hospital in central Dallas where the | :15:15. | :15:17. | |
wounded police officers are being treated. | :15:18. | :15:21. | |
Now let's talk some more about Tata Steel. We are expecting various | :15:22. | :15:26. | |
announcements today about its UK business. | :15:27. | :15:32. | |
Including the Port Talbot plant. Plans to find rescuers for this deal | :15:33. | :15:36. | |
had been thrown into doubt by the Brexit vote. According to Bloomberg | :15:37. | :15:40. | |
they're saying four out of the seven potential bidders have backed out | :15:41. | :15:44. | |
since the referendum. The struggling business in the UK was put up for | :15:45. | :15:49. | |
sale in March T employs about 11,000 people at plants across the UK | :15:50. | :15:54. | |
including the huge Port Talbot plant in Wales. But it's currently losing | :15:55. | :16:01. | |
around ?1 million a day. One of the key reasons why is the | :16:02. | :16:06. | |
price of steel. Slumping since its peak in 2011. Although it has been | :16:07. | :16:11. | |
recovering in recent months. Global demand has been dropping, whilst | :16:12. | :16:15. | |
there's been an oversupply in steel, particularly a lot coming from | :16:16. | :16:18. | |
China. As promised here is Simon jack our business editor. | :16:19. | :16:24. | |
Today is critical really. Two things are going to happen today. The UK | :16:25. | :16:29. | |
Business Secretary is in Mumbai. He is going to meet the chairman of | :16:30. | :16:33. | |
Tata before a board meeting at which two things I think will happen. One | :16:34. | :16:37. | |
is that they will say they're going to sell off another bit of their | :16:38. | :16:48. | |
empire, if you like. This is a specialty steel business in, those | :16:49. | :16:51. | |
people will have certainty, yes there is a buyer for those. The | :16:52. | :16:56. | |
large share of the business that includes the plant in Port Talbot | :16:57. | :17:00. | |
and employs 9,000 people, that we expect them to hit the pause button | :17:01. | :17:04. | |
on that. We talked about this before. Back in March, Tata was in a | :17:05. | :17:08. | |
hurry to get rid of this business, it said it was losing ?1 million a | :17:09. | :17:13. | |
day, we want to get shot of it as quickly as possible, there was a | :17:14. | :17:16. | |
worry if nothing happened in a short period of time it would shut the | :17:17. | :17:20. | |
doors and that would be bad news for people. Since then they've become | :17:21. | :17:23. | |
more relaxed. That's for a couple of reasons. First, the steel market has | :17:24. | :17:29. | |
improved a bit since back then, prices - they're not losing so much | :17:30. | :17:32. | |
money, they can relax a little bit. The second is the Government has | :17:33. | :17:36. | |
been showering incentives or inducements on anyone who will keep | :17:37. | :17:40. | |
this plant going. That includes, they've offered to take - to provide | :17:41. | :17:43. | |
hundreds of millions of loans, take up to a 25% stake, that was | :17:44. | :17:48. | |
controversial, that's part nationalisation. They've looked at | :17:49. | :17:54. | |
one-off legislation to reduce the burden of the enormous pension fund. | :17:55. | :18:04. | |
None of the bidders wanted to take that as it is. They're waiting to | :18:05. | :18:08. | |
see whether consultation on that legislation means that burden will | :18:09. | :18:14. | |
be redo you gossed, either -- will be reduced either for Tata or new | :18:15. | :18:21. | |
buyers. The uncertainty isn't just coming out in the financial markets | :18:22. | :18:28. | |
and the commodity markets, we are seeing Italy's lenders really on the | :18:29. | :18:32. | |
edge. Do you think this is the new banking crisis we will see across | :18:33. | :18:38. | |
Europe? Italy's banks have always been a little shaky, what they | :18:39. | :18:46. | |
didn't do, they didn't set up a bad bank to put loans in. What we have | :18:47. | :18:52. | |
seen in the last few weeks and months, particularly since Brexit, | :18:53. | :18:56. | |
is we have seen the idea that we might lower interest rates again. | :18:57. | :18:59. | |
Everyone thinks that's great for everyone, lower interest rates, | :19:00. | :19:02. | |
markets go up. But it's actually pretty bad for banks because they | :19:03. | :19:06. | |
make money on the difference between what they borrow and lend at and if | :19:07. | :19:10. | |
interest rates go lower and lower, that margin, the net interest margin | :19:11. | :19:16. | |
they call it gets compressed. Also, the Italian economy hasn't grown | :19:17. | :19:20. | |
hardly from the last five, six years and if we get a down town because of | :19:21. | :19:24. | |
Brexit a poor economy, higher losses on loans, it's a problem for them. | :19:25. | :19:28. | |
How big a deal is the situation with the Italian banks. The authorities | :19:29. | :19:32. | |
said they put this money aside, we have this escape route. There is a | :19:33. | :19:35. | |
escape route but it's controversial. By the letter of the law they're not | :19:36. | :19:40. | |
supposed to do this. There are state aid rules as to what happens about | :19:41. | :19:44. | |
what you can do. Those have changed about whether you can put money into | :19:45. | :19:50. | |
banks. I guess, we all know to our cost, when banks go bad it costs | :19:51. | :19:55. | |
everyone loads of money. Banks play by different rules, they're not like | :19:56. | :19:58. | |
normal companies, they're the blood stream of entire economies. I | :19:59. | :20:02. | |
suspect that a deal will be done. A way to help them will be found. It's | :20:03. | :20:11. | |
not just Italian banks. If you look at Deutsche bank, that's trading at | :20:12. | :20:17. | |
30% of what it's worth on paper. There are banking issues throughout | :20:18. | :20:21. | |
the European Union. You could argue given its systemic importance that | :20:22. | :20:24. | |
is the most dangerous bank in Europe. Too big too fail. | :20:25. | :20:28. | |
Definitely. If you think about it, history and Germany's past t used to | :20:29. | :20:38. | |
be hand in glove with the Bunde bank. They'll be keeping an eye on | :20:39. | :20:42. | |
that. Thank you very much. We will leave it there. | :20:43. | :20:46. | |
Let's continue with the situation in Dallas. | :20:47. | :20:51. | |
We have been hearing the shooting dead of five police officers at a | :20:52. | :20:55. | |
rally there. Several others are still fighting for their lives in | :20:56. | :20:56. | |
hospital. One woman, Shetamia Taylor, | :20:57. | :20:59. | |
was at the protest earlier. She brought her three sons along | :21:00. | :21:01. | |
with her but was injured She's currently receiving treatment | :21:02. | :21:04. | |
at the Baylor Hospital in Dallas, where Dr Sima Yasmin, | :21:05. | :21:11. | |
a doctor and reporter for the Dallas Morning | :21:12. | :21:12. | |
News, is just outside. Earlier, Sima spoke | :21:13. | :21:15. | |
to her sister Theresa. A peaceful rally, just to show them | :21:16. | :21:24. | |
that you know it's OK to stand up for who you are and what you believe | :21:25. | :21:31. | |
in and just a simple message, you know, violence doesn't get you | :21:32. | :21:35. | |
anywhere. Just come together. Communicate with one another. | :21:36. | :21:40. | |
That was one reaction coming from the hospital where people are being | :21:41. | :21:46. | |
treated in Dallas. We are trying to keep you across what's going on. | :21:47. | :21:52. | |
It's a moving picture at the moment. It certainly is. Dr Sima is on the | :21:53. | :21:59. | |
line now, we understand from the hospital where those injured are | :22:00. | :22:02. | |
being treated. I hope you can hear me. Yes, I can. Excellent. Can you | :22:03. | :22:09. | |
give us a little bit of an update of the situation outside the hospital. | :22:10. | :22:14. | |
I am outside one hospital in Dallas about two miles east of where the | :22:15. | :22:18. | |
shooting and protests occurred a few hours ago. This is one of two Dallas | :22:19. | :22:23. | |
hospitals where we believe the injured officers have been taken to | :22:24. | :22:27. | |
and injured civilians. The hospital I am outside of at least two cops | :22:28. | :22:31. | |
are being treated inside as well as the woman we spoke about. She's | :22:32. | :22:36. | |
currently in theatre undergoing surgery for a gunshot wound to the | :22:37. | :22:39. | |
leg. She is the woman that took her three sons to this protest because | :22:40. | :22:43. | |
overwhelmingly we are hearing that this was a peaceful protest. It was | :22:44. | :22:51. | |
a protest in regards to the police involved shooting of black men and | :22:52. | :22:57. | |
we are hearing shots were fired as people were leaving the | :22:58. | :23:02. | |
demonstration. It was around 9.00pm local time when shots were fired and | :23:03. | :23:06. | |
this woman said her sister said she shielded her sons and she was shot | :23:07. | :23:10. | |
in her leg at that time and the recent updates that we have are that | :23:11. | :23:14. | |
six officers have been injured and five officers have passed away. It's | :23:15. | :23:20. | |
an horrific situation. We understand the police are still dealing with | :23:21. | :23:24. | |
some suspects. They haven't yet all been rounded up, have they? This is | :23:25. | :23:28. | |
an ongoing scenario, isn't it? That's correct. In fact, the woman | :23:29. | :23:32. | |
in surgery now for that gunshot wound to the leg became separated | :23:33. | :23:37. | |
from her sons and two of them are still in the area which is | :23:38. | :23:40. | |
considered an active shooting situation, while their mother is | :23:41. | :23:42. | |
receiving treatment they're not able to leave that area. The latest | :23:43. | :23:47. | |
reports we heard is that possibly one suspect, we are thinking there | :23:48. | :23:51. | |
maybe two or three, but one suspect has been neutralised and that's the | :23:52. | :23:54. | |
word used by police. Some reports saying that suspect may have shot | :23:55. | :23:57. | |
themselves. Others saying the police may have shot that suspect. In a | :23:58. | :24:05. | |
press conference a few hours ago the Dallas police chief used the word | :24:06. | :24:11. | |
triangulation, possibly snipers positioned in a way to kill as many | :24:12. | :24:15. | |
officers and injure as many officers as possible. There was also a | :24:16. | :24:19. | |
possible bomb threat. We have had FBI agents in the area investigating | :24:20. | :24:25. | |
that possibility, as well. We appreciate your time and thank you | :24:26. | :24:28. | |
for bringing us up to date with what's going on where you are | :24:29. | :24:31. | |
outside the hospital where people are being treated who were shot in | :24:32. | :24:35. | |
the overnight developments in Dallas. | :24:36. | :24:40. | |
We have Michael Houston in to talk through a couple of stories that are | :24:41. | :24:46. | |
in the business pages at the moment. Because of Dallas we obviously have | :24:47. | :24:49. | |
to focus coverage there. One story this is in the FT. This is China's | :24:50. | :24:55. | |
richest man planning to back a sort of rival really to Uefa Champions | :24:56. | :24:59. | |
League. Tell us more. Yeah, absolutely. I think it's a terrible | :25:00. | :25:07. | |
idea. China wants to increase its exposure to global football and | :25:08. | :25:11. | |
wants to attract superstars and bank roll essentially a rival to the | :25:12. | :25:16. | |
Champions League. We already know how much money goes into global | :25:17. | :25:20. | |
football already. There is already concerns about sky high ticket | :25:21. | :25:26. | |
prices and for me I think this is just going to drive ordinary people | :25:27. | :25:29. | |
away from mainstream football. Too expensive? Too expensive. Another | :25:30. | :25:33. | |
thing, you never get a Leicester City. That's one of the great things | :25:34. | :25:39. | |
about the football season this season and we have already seen Euro | :25:40. | :25:45. | |
2016, England's abject performance. For me we need to focus more on | :25:46. | :25:48. | |
grass roots and less on this sort of stuff. Michael, we will leave it | :25:49. | :25:52. | |
there. That's it from Business Live today. Thank you very much. Plenty | :25:53. | :25:56. | |
more business news throughout the day and on the website. | :25:57. | :26:03. |