06/10/2016 BBC Business Live

This is Business Alive. A two face the economy, booming growth, and a

third of the world's poorest people, India looks for a way forward. That

is our top story on Thursday the 6th of October.

India playing host to the World Economic Forum. How can one of the

world's fastest economies tackle poverty at home? Also mobile wars.

Samsung takes on an artificial intelligence pioneer, and the maker

of Apple's Siri. Deutsche Bank shares doing well this morning, up

2.5%. We will hear from the Nigerian e-commerce firm taking on the giants

of the tech world. Jet packs may be about to go on sale to the public

next year. Certainly the case in the UK. What kind of sci-fi invention

would you like to see developed? Use the hashtag.

Welcome to Business Alive. In India business and political leaders are

gathering for a summit of the World Economic Forum. India amongst the

world's fastest growing economies. Rising asperity helping to reduce

global poverty levels. Still serious problems. The World Bank defines

extreme poverty than living on less than $1 90 day. About 760 million

people in 2013. Although that is 100 million fewer than the previous

year. Part of a longer term trend. The number of people living in

extreme poverty has fallen by 1.1 billion since 1990, despite growth

in the world's population. Down to a strong income group in Asia,

particularly China, but India as well. Around half of the world's

poorest live in sub-Saharan Africa. 224 million of the poorest people in

the world, one in three still live in India. By far the country with

the most poor people. Let's go live to the World Economic Forum, under

way in Delhi. You have been talking to many of those attending this

event, with various views on how to tackle this challenge. Tell us more.

Like you said, a big challenge that India faces. Growth has been steady

for the last couple of years, and predicted to be strong this year,

and the next year. There is a huge growing divide between those who

have and have not. A challenge to make sure there are enough jobs for

the millions coming into the job market, lifting them out of poverty.

They have do attract more foreign companies to invest. They have been

talking about infrastructure. I have a businessman, can I ask you,

infrastructure, India needs about $1 trillion of investment, is that

happening? We need about $1 trillion, any next five years, after

that a couple more. Some of it is happening. A lot more can happen, in

terms of getting better investment off the ground. The big challenges,

when foreign companies talk about investing. What sectors? India needs

investment in all areas. We need across all sectors. Most of it is

focused on the roads. It has developed the most over the last few

years. Especially the actions in the last 24 months, a lot more interest

in the roads. Especially on Brownfield sites. A lot of insurance

funds, investment funds seeking to take positions on these assets. One

of the big challenges, the build-out, still fairly significant.

Most global companies are not really in the mood, they don't have the

appetite to take on these, roads, power, ports. Is it fear because of

the timing it takes to pass these various orders can getting land

rights? Environmental clearances? These are huge projects, getting

them off the ground could take years in India? It is a very endemic

challenge, for infrastructure in most parts of the world. Tough to

get clearance, right away. Tough to get them going, probably more than

in many other countries. Having said that, in a number of sectors we have

seen progress, power. The policy is very clear around linkage. The next

big step would be to start seeing these minds starting to produce.

Once we see steps like that, the appetite for foreign investors,

financing and operating, it will be a lot more. As you heard India needs

more than $1 trillion of investment in the next five years in

infrastructure. Offering a lot of opportunities for foreign companies,

getting them here and attract them will be in the's big challenge.

Thanks, good to see you, interesting what is happening at the World

Economic Forum in Delhi. A lock disgust. Some of the other

news. Shares of Twitter slumped almost 10

per cent late on Wednesday on a report that Google is not

going ahead with a takeover bid. The report on tech news website

Recode also claims Apple is unlikely to be a buyer for the struggling

social media firm. Twitter has told potential buyers it

wants to wrap up sale negotiations by the time it reports third quarter

earnings on October 27th - according to Reuters -

which reports that Salesforce.com and Walt Disney are

also in the running. The Walt Disney company has told

Bloomberg News visitor numbers to its new theme park in Shanghai

have "exceeded our expectations". That's despite reports

in the South China Morning Post that attendance levels are about half

what analysts had estimated. Guests have complained about high

ticket prices and long waits for rides -

according to the newspaper. The park opened in June at a cost

of 5.5 billion dollars. Our tablet is not working this

morning. Always best to confess. When we get it working, we will

follow on some other stories. Samsung has stepped up its focus

on artificial intelligence by taking over Viv, a digital assistant

developed by the maker The acquisition comes

just days after Google launched its new pixel phone

which also puts a strong focus on an AI digital

assistance function. This is an interesting thing? A lots

of different companies looking to do this at the moment? Are exactly

right. The new technology everyone is talking about, everyone wants to

be part of. Samsun, the South Korean company making a big leap into the

world of artificial intelligence by buying Viv, who founded Siri, which

they sold to Apple in 2010. This is supposed to be a more powerful

version of Siri, which Samsung say they will use in their devices. The

aim of the company is to provide additional assistance which breathes

life into inanimate objects. We will see what that is like in practice.

One of Samsun's upgraded phones exploding again? What is going on?

Right after recalling 2.5 million of the Galaxy Note handsets, one of

those announced that was safe, reportedly started smoking on a

plane in the US on Wednesday. The plane was evacuated before take-off,

Samsun saying they are investigating the incident. It will mark an

embarrassing, an expensive new development for the smartphone

maker. Stocks are a bit

stronger in Asian trade. In Japan the yen is weaker,

sending the Nikkei up as Japanese-made goods become

cheaper for the rest of the world. The stronger US dollar leaves

gold under pressure. The British pound flirted

near a three-decade low of $1.2686 touched on Wednesday on worries

about Britain's EU exit. Deutsche Bank shares have been

rising in European The German government is pursuing

discreet talks with US authorities to help Deutsche Bank

secure a swift settlement over the sale of toxic mortgage bonds,

according to sources in Berlin. The US Treasury Secretary will

discuss America's agenda for the upcoming International monetary fund

and World Bank meetings. We will get some insight into his views on the

state of the global economy. The Atlanta Federal reserve bank, the

president will hold a web cast to discuss how the bank will pick its

next president. They have formed a committee to conduct a nationwide

search to find a broad, highly diversified talent pool for the next

president. Weekly claims for state unemployment benefits are expected

to have gone up. What does this mean for the overall labour market? We

will see on Friday, when we get the latest jobs numbers, when they are

released. Joining us is Lawrence Gosling,

editor-in-chief of Investment Week. Lovely to see you. So much coming

on, companies, twitter, Samsung, easyJet, a profit warning. Classic

post-Brexit, listed company. We're still using it to fly a lot. It has

the problem of the oil price. Biggest input costs. Then we have

the currencies, the weaker pound having an effect on their business.

We have Next on we will see inflation brought in on the back of

that. Other companies doing poorly, on the other side of the Atlantic.

Twitter struggling. The earnings update on the 27th of October. It

reminds us a bit of Yahoo, desperate for the sale. Are they going to be

any kind of position to announce? Definitely not, if they don't have

one well down the line, you cannot successfully announce a deal in two

weeks' time. It looks desperate. They are struggling to monetise the

way people use it. Why would you want to buy Twitter? If you were

Walt Disney or Apple? You were buying more data, more connection

with customers. For Disney, you can get that distribution of potential

content. I am slightly worried, sales force is a more

business kind of kit, does not necessarily link with Twitter. We

will leave it there. We were told later about many things, including

the jet pack. We want you to get in touch about that. Jet packs

available in one year's time. What sci-fi invention would you like to

play with? Keep those inventions coming in. We have quite a number,

some real corkers. What does it take to beat

Amazon at its own game? We'll meet the boss of the Nigerian

e-commerce firm giving the tech You're with Business

Live from BBC News. And we're looking at the effects of

globalisation across the BBC today. Our reporter Steph McGovern

is in her home town today, on Teesside, to see how global trade

has impacted the people This is a report on Teesside, we

have containers going out and coming in. Fairly small in terms of what

they are dealing with. Normally ships were about 1000 containers

bringing all manner of things into the UK. Anything from timber,

furniture, maybe some of your Christmas presents amongst the

containers. We are here to talk about global trade. A big meeting

happening in America, talking about what impact global trade has had on

economies. The good and the bad. The likes of the World Bank and the IMF

meeting to discuss this. For an area like this, which is importing and

exporting products, it can be good and bad for them. We have seen the

likes of the steel industry in my home town Middlesbrough, we have

seen the demise, originally built here, the great heritage of

steel-making. Hit hard because of the Chinese able to make it cheaper.

On the other hand, other businesses on the Digital economy,

petrochemicals. We have the touchy rail plan. -- Hitachi rail plant.

Interestingly, our business presenter on Radio 4 has been in

Sunderland today. A lot of detail on the Business Live page. There is a

Nissan plant there, a lot of worry about Brexit. The boss talking about

investment, perhaps put on hold because of the negotiations. He told

workers he plans to spend 1 million a week on the local economy. Concern

from Sunderland Council whether that will happen. This is Business Live.

The top story today: India is playing host to the World Economic

Forum but can one of the leading economies in the world tackle the

high levels of poverty at home. We can get the latest from Delhi on our

Twitter feed. Now the European markets. A mixed picture emerging.

EasyJet shares were down over 8% today. Really struggling. This is a

warning that profits will be much lower, down a third from where they

thought they would be. Lots of different issues affecting that

company, including terrorist attacks, but also the value of oil

has been rising and there has been a real weakness in sterling as well.

One tweet I saw today was looking at the pound and parity with the Euro.

Could we get to that point soon? Very interesting. There is a five

year low against the Euro now which we will keep an eye on.

Say the phrase tech Titan and most people think of Silicon Valley

in the US or possibly even Shenzhen in China.

One company that's aiming to challenge that duopoly is Konga,

The company describes itself as the country's largest online

mall and caters to over a million customers.

In total the company has over 30,000 small businesses selling

on its website and operates something called KongaPay,

its own online payment system for all transactions on the site.

So far they've received over $80 million in investment

and they now have their sights set on growing the business

A little earlier my colleague Ben Bland spoke to Shola Adekoya,

the CEO of Konga, and began by asking him to tell us a bit

Konga is an e-commerce company based in Nigeria.

The platform service was first-party retail and then a marketplace,

a marketplace of over 60,000 SMEs trading on a platform

We do logistics, we do payment, and we have a company

How do you compete against the giants like Amazon and eBay?

EBay and Amazon have absolutely no direct presence in Nigeria.

You can buy and they ship it to Nigeria.

I guess one of our strengths when you compare us to them

We can deliver quicker than they can.

We had teething challenges getting the logistics right.

But where we are today, we are a lot faster in delivering

So if someone ordered something on one side of Nigeria for delivery

to the other, how quickly could you make that happen?

An average of five days across Nigeria.

And this is one of the fantastic things about the network

In the past we were looking at anything between

Today people are getting it in five days, in three days,

literally from the very end of Nigeria.

Now we are beginning to see in Lagos and Abuja, the big cities,

Where are you finding the traffic is coming from?

75% of transaction traffic is mobile.

But in this there are some very interesting behaviours.

People are still very sensitive to the data consumption.

So you find that people browse, add to cart, and then maybe

when they get a chance on a desktop, look at those items

that they are interested in, see all the details,

You find people moving between phones and desktop.

Did you find people were reluctant to move away from cash

I guess for payments, people put in their card details

online, so first of all you had to get through the barrier of people

There has been a lot of fraud in the past.

But even though that had been fixed, people had issues putting

What we have had to do is work on KongaPay,

taking cards and working with MasterCard and a few other

such that we give customers comfort around their payment.

And then payments move from a world of six clicks down

What were the challenges you were trying to face

when you tried to create an online payment system?

Well, the biggest challenge was convincing

Convincing them that we are not after your customer.

Our main aim is to ensure that payment happens seamlessly

on our platform, that customers have a fantastic experience shopping

and being able to prepay for their products.

That was the chief executive of Konga talking to Ben Bland. We have

been asking you what you would like to see being made into reality

because there is a story in the Telegraph about jet packs being

brought into the UK as of next year. These other tweaks we have got

coming in. Very popular our transporters and teleporting, from

Chris, Steve, Gary and marina. They want the Star Trek transporter,

which is very specific! You have got to be specific! And Vince says a

replicator because then you can have whatever you want in any quantity

whenever you want. To me that sounds dangerous. Extremely dangerous. The

editor in chief of Investment Weekly is waiting patiently. I would like

to have hindsight because so many people in the markets say they would

have done something else with hindsight. Particularly since 2008.

So you don't fancy one of these? We have a video of how the jet packs

work. Finally enough, I would, because just getting from Canary

Wharf to the West End or even the City, in minutes, in seconds

potentially, and 60 kilometres per hour. These are the ones where they

are attached. I have seen these already on the Thames. Going over

the Thames. This new one at the Telegraph is talking about, there is

no attachment whatsoever. They are looking for more money at the moment

to make this mass market. They are saying they could get the public

involved in a James Bond style experience. That will be popular.

You have got to avoid the drones delivering your goods! There is a

lot of crowded airspace at the moment over major cities. And this

tweet says, I would like a smartphone with the battery power I

require. And have we mentioned Vince? Yes. Marina, teleporting?

Yes, but only for me and the people I like, she says! Obviously a time

machine would be great. Imagine the money you could make. That is

insider trading! If we all knew the numbers for the lottery in a couple

of days' time, we would get a lion! I word! Lovely. In a Financial

Times, Uber is offering free rides to solve parking crises in US towns.

This is called the last mile. Everybody gets off the train that

comes into the city and then jumps in a taxi, so like park and ride.

The jet packs would solve that. Uber has this contract. It probably takes

it out of conflict that it has had with cities around the world. An

interesting development for Uber. Fascinating to see if they can

replicated around the world. And whether the private taxi companies

will start pitching for local authority contracts. You are a man

of many talents. Beyond investing, you are heavily involved in thinking

and talking about football. This story caught our attention as well.

Yes, this is in the Metro. Two of Arsenal's star players are demanding

?250,000 a week contracts. Where will it end? It is going up and up.

If I was there aged, I would say they are underpricing themselves.

Paul Pogba at Manchester United is reputedly on ?395,000 a week. There

is a lot of competition for European football to go to China and that is

why prices are going up. I suspect they will get those contracts.

Lawrence will teleport off somewhere else. We have got to go. That is

Business Live. Hello once again. A cloudy sphere behind me and with

good reason. That is one of the factors that will make the date feel

for