13/07/2016 BBC Business Live

This is Business Live from BBC News, with Ben Thompson and Sally Bundock.

Theresa May takes the helm as the UK's Prime Minister today

but will she be able to steer the world's fifth-biggest economy

Live from London, that's our top story

As David Cameron leaves Downing Street, a group of pro-Brexit

economists says the UK doesn't need a new agreement with the EU to trade

with the single market - and that London can keep its role

as Europe's biggest financial centre.

We will be hearing from one of those pro-Brexit economists.

Odeon and UCI Cinemas are snapped up by Dalian Wanda, the world's biggest

And we are 30 minutes into the trading day in Europe.

The markets are mixed, with some, like London,

pushing the pause button on the recent gains.

And we'll get the inside track on those amazing

From green screen to silver screen - we'll speak to the boss of a company

that put George Clooney and Sandra Bullock into space.

Today we want to know, what do you want from Britain's

New trade deals, tougher rules on bankers' pay

What is on Theresa May's to do list as far as you are concerned?

It is another historic day for the UK. They are coming thick and fast

at the moment. We are going to get our first female leader for over 25

years. As Prime Minister, Theresa May

will have to renegotiate Britain's relationship with the EU and bring

the country together So what's on Mrs May's to-do list

when she's sworn in later today? Well, many would argue first

she needs to reassure The pound has rebounded slightly

in the last 25 hours but is still close to a record low

against the dollar - blamed on the uncertainty

surrounding the vote. Mrs May will also need to decide

what sort of economic relationship the UK will have

with the EU after it That could hinge

on whether to accept or reject a deal involving

the free movement of people, in exchange for tariff-free access

to the common market. She will also have to negotiate

new trade deals with 50 nations that currently have

agreements with the EU. Pro-Brexit economists have long

argued that the UK will be able to get better deals as a stand-alone

country and today some of them will lay out their vision for the UK

after it leaves the EU. With me is Professor Patrick

Minford, an economist and former advisor to Margaret Thatcher,

who teaches at Cardiff University. Nice to see you. Welcome to the

programme. Sally was running through some of the issues for Theresa May

this morning, not least will be the issue of trying to reassure the

markets, reassure investors and all others that she has things under

control. What will be the top of her to do list? She's got to mean Brexit

when she does Brexit and that means basically getting something that is

what the people voted for, which has control of borders and controlled

laws and regulations. That can only really be done by leaving the EU

properly, leaving the single market and going to a unilateral free trade

deal with the rest of the world and selling back into the single market

as an outsider trader. Of course, that will then lead to some sort of

deals with the U -- the EU but from some position of strength, because

we will be outside and they will be desperate, actually, for us to give

them a market that still gives them the sort of prices they had before.

But of course, when we go to world free trade, that will be world

prices, much lower than the projected prices inside be used

single market, which is a protectionist organisation, so

there's a whole bunch of things she's got to do which will give us a

good future - lower prices, less protection, more competition. A lot

of critics would say that what we may end up with is a fudged deal but

equally, that could work in our favour, a fudged deal, whereby we

get some access to the Common Market or access that we need, but we also

is that many people voted to leave is that many people voted to leave

the EU for. Well, the problem about a fudged deal is it is fundamentally

the status quo because the rules of the single market are that you have

to have free migration and there really isn't a way of fudging that,

as David Cameron found when he tried to do that renegotiation. So if you

want to get control of your borders and you want to get control of your

laws, you really have to leave this outfit and then from the outside, do

a deal, a free trade deal, an particular industries, perhaps, that

are ones it would suit you to do a deal on, like cars. That is what we

are saying. You have to leave the whole thing, get rid of all this EU

protectionism, get rid of all this EU regulation, go back to being a

self-governing, free trading country and then the EU will want to do

deals with us, will want to have a free trade deal because it suits

them to have a market where they can sell into at good prices. Away from

the EU issue, there is a lot she has laid out she would like to do, like

curbing executive pay or making it clear as far as executive pay is

concerned, giving competition authorities more powers. But what

many people have pointed to is the difficulties she may face when doing

that because friendly, she's not got a huge personal mandate, not elected

by the population, not particularly a unified party behind her. She may

find it very difficult to push these things through, will she not? One of

the things about executive pay is a hardy perennial. Everyone is against

executive pay but there is no way of controlling it, so it's a no-no and

she can say as much as she likes but nothing will be done. I think a lot

of these things she will try to unite the party and be straight down

the middle. Her biggest problem is Brexit and if she tries to forge

Brexit, she'll be in deep trouble because she will be against the

popular will. In one sentence, what would you like to see from Theresa

May? I want to see this clear vision on Brexit, that it really means what

it says on the tin and what the people voted for. Wonderful.

Professor Patrick Minford, great to see you. Thank you.

Talking of what is on the tin, one member of ten Downing St is going to

stay. It is Larry. He has a very important job of catching the mice.

It was an issue when the Cameron Smith dim, so he's staying. The

question is, is Theresa a cat lover? We will find out. Not packing his

bags. He stays. We will find out what he makes of the new residents.

Airbus says it's more than halved its delivery target

It said it would supply 12 of the aircraft every year

from 2018 - that's down from the 27 it delivered in 2015.

The aircraft only began breaking even last year but it's now feared

the plane could start losing money again, if airlines

Amazon customers in the United States are reporting

problems completing purchases on one of the busiest days

of the year for the site - its so-called Prime Day.

The discounted-shopping event promotes its subscription service

but Amazon's Twitter account said it was now working to

The promotion ran for the first time last year, when the site also faced

Revenues at fashion brand Burberry have come in flat at $562 million

for the three months to the end of June.

It comes as the firm named retail veteran Marco Gobbetti to succeed

Christopher Bailey as chief executive next year.

Mr Bailey will become president and remain chief creative officer.

Let me take you to the Business Live page but as always happens at this

time, the Wi-Fi is very slow. Theresa May takes office at ten

Downing St today. Full coverage of that. And a bit more on the story

Sally was mentioning about the reshuffle at Burberry. Sales down

3%, not coming in as a particularly great time for the new boss, who

takes over. But remember Christopher Bailey stays on as creative boss.

And a deal that has been doubled in the last half hour or so, news for

the discount retailer Poundland. Sally will talk you through the

details. The story is on the home page.

Steinhoff, the South African retail group, has finally agreed to buy

Poundland for ?597 million. They did make an offer a month ago but that

was rejected at the time. It would seem Poundland has changed its mind.

More detail on that story on our website.

I hope I didn't make you dizzy by all that scrolling through the

website! Talking of dizzy, let's talk about cinema.

We're going to talk about cinema special effects later

in the programme, but movies are also big business

In China, the country's richest man is snapping up Odeon

cinemas from the UK private equity firm Terra Firma,

It already has plans to jazz up theatres with reclining seats

Our correspondent is in Singapore with more details. What can you tell

us? This is going to be the biggest purchase in the UK since it voted to

leave the EU and it comes courtesy of China's richest man, who is worth

an estimated $33 billion. He is buying Odeon and UCI, which are

Europe's larger cinema chain, from the London financier who owns the

private equity firm terra firma and the deal is worth 1.2 billion in a

cash and stock agreement. This will make the Chinese, be the biggest

movie theatre operator in the world and by quite a large margin because

he already owns a big US cinema chain called AMC. But for the

European assets, he's been negotiating to buy this for three

years and the deal came because of Brexit. Analysts say that the deal

is 10% less expensive than it was a couple of weeks ago because of the

fall in the value of the pound, so it looks like the buyer has got a

pretty good deal because no UK assets are cheaper for overseas

investors like him. Thank you so much. We will keep an

eye on that story. Let's have a look of the financial markets. On Wall

Street it was all up, up and up. Other stories really boosting

sentiment. We've still got the view that Mark Carney will cut rates on

Thursday in the UK. There was a bullish sentiment about what Japan

might do discriminate growth and, of course, at the end of the week we

are looking ahead to China and its latest growth numbers. Let's have a

look at Europe. We've seen the market is rising for several days in

a row. The FTSE pausing, only down slightly when you think about how

much it has gone up in the last few days, but it is taking a force.

Germany pretty flat. Among the big movers, Nokia, its shares up and it

has raised its forecast, announcing a licensing agreement with Samsung.

Specific companies with specific stories on the move.

And Michelle Fleury has the details about what's ahead

US stock-market investors continue to be buoyed by signs

This Wednesday the Federal Reserve's beige book report is out,

it provides details about local conditions.

Last month pointed to a tight labour market and wage increases.

The Federal Reserve is still in no rush to raise interest rates.

This week, the Fed's president stuck to his view that the central bank

may need only a single rate hike for years to come.

He believes the trend in job creation will ease

In company news, CSX, the number-three US railway company,

report second-quarter earnings, so does Yum Brands, the owner

Wall Street hopes profits are tasty this earning season.

He's the co-founder and chief executive of online

Nice to see you. Let's pick up with that thought from the US. Good

figures yesterday amid a time when you would think everyone was a bit

nervous. I think everyone is very nervous and Michelle are saying we

want some tasty figures. I'm afraid I don't think that's going to be the

case from companies. If we see falling earnings per share, it will

be the seventh quarter in a row that that has happened and it is the

first time that we've ever seen that in the US outside of a recession. So

what we've got, and the reason people are nervous, is the fact that

companies aren't doing as well as we'd hoped and the stock market is

reaching record highs, based on the proportion from central banks who

are running the show at the moment. Question for all of us as investors

is, is it a worthwhile rally or is what we're seeing actually a bit of

hot air and we need to take a close about the companies? That's always

the bit of wisdom, take a close look at the companies. Let's look at

China because towards the end of the week we are going to get growth

numbers from China's refocusing on it and other emerging markets. Most

investors and economists have been pretty shocked about how well the

China stock market, emerging markets, have performed in the last

six months. There is a bit of money flowing out of the UK and Europe as

we worry about the political risks into those asset classes. But there

is no real reason for it to have happened, except a bit of a

devaluation of currencies making it slightly more attractive to invest.

And, of course, the possibility that the Chinese have been a bit more

exciting with their production numbers and their use of steel and

other commodities, which ups Australia and other countries, than

we expected, and perhaps than the government forecast. We are hoping

for a positive surprise. It would be a real shame if the next couple of

earnings from the US and the GDP from China was positive.

We speak to the boss of a company capable of putting a man on the moon

You're with Business Live from BBC News.

When Theresa May takes the helm she's planning a shakeup

of company boardrooms, pledging to overhaul corporate

governance and appoint more employees through the ranks

But will that change the ethnic makeup at the top of organisations?

New research today says 70% of employees have faced

Lord Ouseley is former chair of the Commission For Racial Equality

and founder of Kick It Out, football's equality organisation.

Good morning. Let's begin to the route to the top, 70% of people face

discrimination. How does it manifest itself? When vacancies occur within

management position, there is a management position, there is a

mindset amongst the CEO and board members, they have a picture in

their mind about who will replace that individual. It is usually a

stereotypical more of the same, a white male. Nothing wrong with that,

but they never change the characteristics and bring on fresh

talent to revitalise the organisation. There is an

overlooking of talent from a broader range. It represents a problem, it

demoralises those who are fairly close to the top and see themselves

being overlooked, and they realise that their talent and ability and

the fact that merit is supposed to be the main criterion, when they see

others rising above them, they realise with great frustration they

are not going to get there. It is wasting talent. It is feeding into

disaffection, which a lot of black and minority ethnic people are

experiencing who are close to the top but never able to make the

breakthrough. What do you want to reason me to do? There are many

things, but one of the big areas I think she can tackle as part of a

revolution for the boardrooms is to ensure that when contracts are being

made available and private companies are competing for them, there is a

criterion that they have to demonstrate their performance on

equality, diversity, in order to be considered for this contract. We

appreciate your time. This is a big issue, it is not just about gender,

it is about diversity in the boardroom.

Stay with us. Theresa May takes the helm

as the UK's Prime Minister today, but will she be able to steer

the world's fifth-biggest economy A quick look at how

markets are faring. Not a huge amount of move, they are

waiting to see. Tomorrow is a big day for interest rates in the UK

tomorrow, they are expected to be cut to 0.25%. It is a bit to get is

spending if there is a downturn on the way.

I guess we will talk about that tomorrow!

Now, we often take them for granted these days,

those special effects in movies that seem to get bigger and better every

But have you ever thought about the companies that

recreate all those effects in painstaking detail?

Well, The Foundry is a visual-effects company

and its software is used in the world's best-selling video

Some of its recent work was seen in blockbuster films like Gravity

Alex Mahon is the chief executive of The Foundry.

She joined the company in November, after it was bought

Before joining The Foundry, Alex was chief executive of the TV

During her time here, she oversaw the development

of internationally-successful TV series such as MasterChef

Welcome to the programme. You have been running this company for six

months, how is it going? It is fun, because it is an overlap of the

creative industries and technology, and that is a rare place to be. You

work with artists, people raising the creative bar, but at the same

time it is technology, so it is pure software development, and that is

unusual. Was it an easy transition, unusual. Was it an easy transition,

because it was a different world for you? It is a different world in

terms of what we do, but not in terms of the clients, so that is

it is not entirely removed. It has it is not entirely removed. It has

all changed, virtual reality, augmented reality, and those skills

come out of the film and TV industry. This is what I found

astonishing, every film nominated for the best visual effects Academy

Award in the last five years has made using software that you

pioneered. From that position at the top of the market, what separates

you? For Lehman, it strikes me that it is computers creating effects,

In the best compensated films, the In the best compensated films, the

best films with special effects and context graphics, something like

spend thousands of hours creating spend thousands of hours creating

the scene of space and the Milky Way might take tens of hours. You need

are prepared to pay for, that allows are prepared to pay for, that allows

you to work 16 hours a day. To give us as he was the sense that it was

all shot in space. We can look at all shot in space. We can look at

this, talk us through what we are seeing. This is a building up of the

also in scenes that you would not also in scenes that you would not

necessarily expect, it is not just about creating wonderful seascapes,

some more mundane stuff. We used to pick that the green screen was for

Superman or only for robots, but now it is used for advertisement,

everything we see, because it is quicker, easier to shoot, it gives

higher visual standard of what we higher visual standard of what we

expect all the time. In terms of expect all the time. In terms of

incredibly talented individuals incredibly talented individuals

working for companies like yours? If so, is it difficult? The real talent

is software engineers and people with a long background in visual

computing and image processing, and that is hard to find. Everybody in

London finds it hard to find the best engineers. Is it harder because

of Brexit? It will be harder to retain the best talent and attract

international talent. I would love to talk more, but we have to fit so

much in. Nice to see you. It is fascinating. We need more time

on this programme! Send in your request!

In a moment we'll take a look through the Business pages,

but first here's a quick reminder of how to get in touch with us.

You can stay ahead with all of the braking business news. We keep you

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world. We want to hear from you as well. Get involved on our web page.

We are also on Twitter, and you can find us on Facebook. On TV and

online, whenever you need to know. You have been getting in touch. We

have asked, what would you ask Theresa May to do for you? Paris

says, cut the best deal for Brexit, diminish immigration to manageable

levels, negotiate trade deals with the Commonwealth. That is three

things! Nicky says a housing theme, ensure

housing is built and make sure we build social housing. That is a key

thing at the centre of the referendum campaign. How many and I

allowed? Just one? A real established working group on matters

of intergenerational unfairness. There is a huge divide between those

who have retired, those at the beginning of their working life. We

need to see all parties get involved and, with some real ideas about what

are the key things that are disappointing people in those

different generations and how we can bring people together. They will

talk a bit about it with tensions in the papers. We have got one minute,

so let's focus on that. ?383 billion on the liabilities hit

a record. It is terrible news, this happens because of a couple of

reasons. The stock market falls, the gap between what is in the pension

fund and what is needed to pay them widens. And the retirement age has

not kept up with life expectancy. We have not raised the retirement age

quick enough and people are living for longer. It does not work out,

the numbers don't make sense. That is in the Telegraph. The sheep are

being used for Google Street view, it is incredible. In the Faroe

Islands, north of Scotland, ten Islands, north of Scotland, ten

different islands, instead of cars, they have sheep. On that note, thank

you! We will follow the sheep. See you

seem, goodbye.