Browse content similar to 14/02/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News, with Jamie Robertson | :00:08. | :00:09. | |
Yesterday he financed superhero movies, today he's | :00:10. | :00:13. | |
the new US Treasury Secretary, but has Steven Mnuchin got what it | :00:14. | :00:18. | |
takes to balance the books of the world's biggest economy? | :00:19. | :00:22. | |
Live from London, that's our top story. | :00:23. | :00:44. | |
He's rejected claims he profiteered from the financial crash and vows | :00:45. | :00:48. | |
to do everything he can to boost the US economy. | :00:49. | :00:52. | |
Also in the programme, Toshiba shocks investors | :00:53. | :00:55. | |
It says it's "not ready" to unveil financial results, | :00:56. | :01:04. | |
as the mystery over its nuclear division gets even murkier. | :01:05. | :01:10. | |
The biggest mover in the market so far is the Footsie. | :01:11. | :01:16. | |
Tired of cramped legs and aching backs after | :01:17. | :01:19. | |
We'll meet the company aiming to put the luxury back into flying, | :01:20. | :01:24. | |
At the other end of the scale, Dubai has just tested its first | :01:25. | :01:30. | |
Today we want to know, how comfortable would you feel | :01:31. | :01:38. | |
being whizzed about in the air without a pilot on board? | :01:39. | :01:45. | |
In the last few hours, former banker Steven Mnuchin has | :01:46. | :01:48. | |
been confirmed as the new Treasury Secretary. | :01:49. | :01:50. | |
As jobs go, it's a very important one. | :01:51. | :01:52. | |
Besides serving as the nation's banker, paying its bills, collecting | :01:53. | :01:55. | |
taxes and managing its debt, the Secretary is also one | :01:56. | :01:58. | |
of the leading regulators of banks and Wall Street. | :01:59. | :02:01. | |
So how well do we think he'll perform in this new role? | :02:02. | :02:07. | |
He's been criticised as a Wall Street insider, | :02:08. | :02:10. | |
having spent 17 years working for Goldman Sachs, and also setting | :02:11. | :02:17. | |
This has enabled him to finance dozens of high-profile Hollywood | :02:18. | :02:24. | |
films, including titles like Suicide Squad and | :02:25. | :02:27. | |
Last April he joined the Trump campaign when the organisation's | :02:28. | :02:33. | |
Now he's deeply involved in developing the President's tax | :02:34. | :02:39. | |
proposals, which could deliver as much as $6 trillion in tax | :02:40. | :02:44. | |
Most controversially, he's been accused of profiting | :02:45. | :02:49. | |
In 2009, Mnuchin assembled a group of investors to buy | :02:50. | :02:55. | |
He renamed it OneWest and turned it around, | :02:56. | :03:01. | |
selling it for a large profit in 2014. | :03:02. | :03:05. | |
Housing-advocacy groups claim OneWest foreclosed | :03:06. | :03:08. | |
on more than 36,000 homeowners in California. | :03:09. | :03:14. | |
Here's how Steven Mnuchin responded to the criticism. | :03:15. | :03:16. | |
Since I was first nominated to serve as Treasury Secretary I have been | :03:17. | :03:20. | |
maligned as taking advantage of others' hardship | :03:21. | :03:25. | |
Nothing could be further from the truth. | :03:26. | :03:31. | |
During the summer of 2008 I saw the devastation that was caused | :03:32. | :03:35. | |
by the housing crisis, when I watched people line up | :03:36. | :03:39. | |
to get their life's savings out of IndyMac bank. | :03:40. | :03:45. | |
It was the middle of the financial crisis, and despite the global panic | :03:46. | :03:48. | |
Professor Inderjeet Parmar, International Politics, | :03:49. | :03:59. | |
First, let me finish my Twitter question. How would you feel about | :04:00. | :04:12. | |
jumping into a pilotless drone? Would you fly? Let us know, use the | :04:13. | :04:18. | |
hashtag. Let's get stuck into this story. What is going on with Donald | :04:19. | :04:25. | |
Trump? You can never guess, but he said he is going to clean up the | :04:26. | :04:30. | |
swamp, stop Wall Street from ruling, and one of the most important jobs | :04:31. | :04:33. | |
he has placed a long term big Wall Street man. Absolutely, he has gone | :04:34. | :04:40. | |
everything -- against everything he stood for in the election, he | :04:41. | :04:45. | |
Clinton for Goldman Sachs, but this Clinton for Goldman Sachs, but this | :04:46. | :04:51. | |
is a heavy accent on the power of Wall Street in American Government | :04:52. | :04:56. | |
this time, because Barack Obama in the wake of the financial crisis | :04:57. | :04:59. | |
also appointed somebody straight from the New York Federal reserve | :05:00. | :05:05. | |
and a former central banker. So this is nothing new in that sense. The | :05:06. | :05:12. | |
revolving door between Wall Street and Washington, DC continues to | :05:13. | :05:21. | |
operate. Mottram has not changed it, but he is going to have a go at some | :05:22. | :05:25. | |
of the regulation that was introduced in the various laws after | :05:26. | :05:29. | |
Barack Obama was elected. What do you think... Will he be determined | :05:30. | :05:37. | |
as president Trump is to rein them in, and will Congress go along with | :05:38. | :05:41. | |
Trump is. It separated Rigoletto is Trump is. It separated Rigoletto is | :05:42. | :05:49. | |
from the regulated somewhat, protected through the kitchen | :05:50. | :05:53. | |
production financial bureau some consumers, and those regulations | :05:54. | :06:01. | |
will be stripped back. Progress is done on it by Republicans. Some of | :06:02. | :06:05. | |
them may have reservations, but most of them will be looking forward to a | :06:06. | :06:14. | |
bonfire of regulations in general. The Treasury Secretary also has | :06:15. | :06:19. | |
control over sanctions. It will be very interesting. With Russia, | :06:20. | :06:23. | |
right? The United States has imposed | :06:24. | :06:25. | |
sanctions on Venezuela's Vice-President, accusing him | :06:26. | :06:27. | |
of involvement in drug trafficking. The Americans say Tareck El Aissami | :06:28. | :06:30. | |
facilitated huge shipments of narcotics from Venezuela by air | :06:31. | :06:34. | |
and sea, and protected There was no immediate | :06:35. | :06:37. | |
reaction from Mr El Aissami, Inflation in China reached 2.5% | :06:38. | :06:42. | |
in January, the highest since May 2014, and faster | :06:43. | :06:50. | |
than analysts had predicted. Inflation expectations are rising | :06:51. | :06:56. | |
in most major economies as the recovery in commodities | :06:57. | :07:02. | |
provides a boost to prices. Markets now believe that a Chinese | :07:03. | :07:09. | |
interest rate rise is more likely, though inflation still remain | :07:10. | :07:13. | |
within the central Japanese electronics giant Toshiba | :07:14. | :07:15. | |
has seen shares plunge as the firm delayed a crucial announcement | :07:16. | :07:21. | |
expected to detail Rupert Wingfield Hayes | :07:22. | :07:24. | |
is in Tokyo for us. Who have got the latest news that | :07:25. | :07:47. | |
they might have been a resignation? It is a roller-coaster here today, | :07:48. | :07:51. | |
first they were going to announce their free quarterly results, | :07:52. | :07:58. | |
Toshiba was not expected to announce a huge net loss, but then they | :07:59. | :08:01. | |
cancelled the announcement. In the last half an hour the chairman of | :08:02. | :08:10. | |
Toshiba came onto the stage at the headquarters to say he is resigning, | :08:11. | :08:14. | |
to take responsibility for the mess that the company is in. Although he | :08:15. | :08:19. | |
says he will stay on until the June shareholder meeting. He is | :08:20. | :08:23. | |
definitely going, but not quite yet, perhaps. On the Japanese news agency | :08:24. | :08:29. | |
in the last few seconds, they have said estimated losses for the last | :08:30. | :08:34. | |
three quarters of 5 billion US dollars for Toshiba. That is more | :08:35. | :08:43. | |
than was expected. That is not from the company, that is from the news | :08:44. | :08:44. | |
agency. That they could look at the Asian | :08:45. | :08:54. | |
markets. Guess why dedicate is down, maybe something to do with Toshiba. | :08:55. | :09:09. | |
European markets have all opened pretty mixed at the moment, just | :09:10. | :09:15. | |
waiting to see what happens. " Things coming up. | :09:16. | :09:27. | |
Lawrence Gosling, editor-in-chief of Investment Week. | :09:28. | :09:32. | |
Always good to see you. I was mentioning China's inflation | :09:33. | :09:42. | |
numbers, we are getting inflation in the UK. We are expecting 1.9%, an | :09:43. | :09:49. | |
increase. Still relatively low, but the direction of travel is what | :09:50. | :09:55. | |
concerns economists. Will it keep increasing? On a global scale, do we | :09:56. | :10:03. | |
like inflation? We like a little bit. Central banks like it if they | :10:04. | :10:09. | |
can control it. They wanted to gently rise and then stop when they | :10:10. | :10:15. | |
want. Businesses can put their prices up and nobody notices. | :10:16. | :10:20. | |
Exactly. We like it as employees, because we might get more of a pay | :10:21. | :10:25. | |
rise. It is an illusion. Not if you work for the BBC! | :10:26. | :10:31. | |
Janet Yellen is speaking in the state. | :10:32. | :10:38. | |
The boss of America's Central bank. She is before the Senate committee, | :10:39. | :10:46. | |
economy, she is in the last few economy, she is in the last few | :10:47. | :10:50. | |
months of her term in the Federal Reserve, so she will not say | :10:51. | :10:53. | |
anything outlandish, we don't think. When Trump was coming in to power, | :10:54. | :10:58. | |
we always thought they were going to butt heads,... | :10:59. | :11:07. | |
They are waiting. There will come a point where they will go | :11:08. | :11:10. | |
head-to-head, especially when her successor begins to be mooted. A | :11:11. | :11:15. | |
quick word on corporate news. Quite a lot of bad news around, we have | :11:16. | :11:21. | |
heard about Toshiba, Rolls-Royce, what is the mood in the market in | :11:22. | :11:28. | |
the way about corporate score? We heard about a lot of corporate news | :11:29. | :11:36. | |
with in the regional companies that had problems building up. A binary | :11:37. | :11:43. | |
market, good companies are doing well and about companies are getting | :11:44. | :11:47. | |
the bad news out quite early in the year, so it is no cover incidents. | :11:48. | :11:52. | |
Tired of getting off long-haul flights feeling achy and cranky? | :11:53. | :11:59. | |
We'll get the science and secrets of designing | :12:00. | :12:05. | |
You're with Business Live from BBC News. | :12:06. | :12:13. | |
Engine maker Rolls-Royce has reported a ?4.6 billion loss | :12:14. | :12:20. | |
It follows a tough few years for the British firm, | :12:21. | :12:29. | |
which has been fined ?671 million for bribery, faced challenging | :12:30. | :12:34. | |
market conditions and struggled with the recent fall in the pound. | :12:35. | :12:40. | |
Joining us now from the Newsroom is independent aerospace | :12:41. | :12:42. | |
It is a staggering number. Is it mostly due to the currency? To have | :12:43. | :13:01. | |
a loss of 4.6 billion, is it mostly the drop in the pound? It is. This | :13:02. | :13:07. | |
is a company that manufactures its aero engines in the UK and in | :13:08. | :13:14. | |
Singapore and a few in the states. But it sells everything in dollars. | :13:15. | :13:18. | |
If your costs are in sterling and sterling falls in the way it has, | :13:19. | :13:23. | |
and these contracts are arranged several years in advance, you get an | :13:24. | :13:29. | |
order and the delivery stage maybe six or seven years as head before it | :13:30. | :13:34. | |
is completed, you have to take your hedging at the start, so you have to | :13:35. | :13:37. | |
think where your currency might be five or six years before, that is | :13:38. | :13:42. | |
the problem for them, nobody anticipated sterling could fall in | :13:43. | :13:45. | |
the way it has, because we did not expect Brexit. | :13:46. | :13:54. | |
They are going to say the worst is behind them, drawing a line in the | :13:55. | :14:01. | |
sand, is that true? The worst is behind them in terms of hedging, I | :14:02. | :14:07. | |
hope. It is behind them in terms of the deferred prosecution agreement, | :14:08. | :14:12. | |
the cash is yet to come out, but there is one further straw in the | :14:13. | :14:16. | |
wind, the change of accounting standards, which will fit them next | :14:17. | :14:19. | |
year. It will be some years before we see really decent profits. The | :14:20. | :14:24. | |
underlying profits will be there, and they will get better because of | :14:25. | :14:28. | |
the cost efficiencies, but there are some straws in the wind yet. But | :14:29. | :14:33. | |
Rolls-Royce is a strong company, it will get through this, and it is | :14:34. | :14:36. | |
managing its way through all of its problems extreme you well with a | :14:37. | :14:38. | |
very good team. You are such a creep! I'm joking. | :14:39. | :14:57. | |
Our top story, there's a new man in charge | :14:58. | :15:00. | |
Wall Street executive and Hollywood movie financier, | :15:01. | :15:06. | |
Steven Mnuchin has been appointed US Treasury Secretary. | :15:07. | :15:08. | |
A quick look at how markets are faring. | :15:09. | :15:14. | |
A fairly mixed picture. The FTSE down. It is not mixed at all, it is | :15:15. | :15:23. | |
all down, isn't it? There is the pound and dollar. It | :15:24. | :15:30. | |
has been at 125, 130 all week. It is pretty stable. It is not going | :15:31. | :15:37. | |
anywhere. That's perhaps because there is no big news to shake the | :15:38. | :15:40. | |
pound, dollar rate. Have you ever touched down | :15:41. | :15:44. | |
after a long-haul flight Well, our next guest | :15:45. | :15:46. | |
is on a mission to make those days He's the boss of Acumen Design | :15:47. | :15:50. | |
Associates which specialises in putting the luxury back | :15:51. | :15:53. | |
into travel through The firm was founded in 1981 | :15:54. | :15:55. | |
and focuses on transport Acumen made its name in the aviation | :15:56. | :15:59. | |
industry by designing the British Airways bed in the sky, | :16:00. | :16:02. | |
the world's first flat bed aboard More recently Acumen has | :16:03. | :16:05. | |
designed the next level in super-luxury commercial flight | :16:06. | :16:09. | |
with the Etihad Airways Residence which includes a living room | :16:10. | :16:14. | |
and separate bedroom with en suite Ian Dryburgh is CEO and Founder | :16:15. | :16:16. | |
of Acumen Design Associates Ian, it is great to have you with us | :16:17. | :16:35. | |
onth programme. I love this area. The first flat bed. Then and you're | :16:36. | :16:42. | |
dealing with 35 different airlines. So yeah, my question would be, if I | :16:43. | :16:47. | |
am he an airline, and I want you to make a seat, how are you going to | :16:48. | :16:51. | |
make it any different for me when you've done 35 others? Clearly, they | :16:52. | :16:57. | |
weren't all simultaneously. With every airline and every culture, an | :16:58. | :17:02. | |
airline is almost a flag carrier effectively and so each airline | :17:03. | :17:06. | |
generates its own brief. It generates new opportunities. So | :17:07. | :17:10. | |
where did the ideas come from? Is it the airline who say, "This is what | :17:11. | :17:13. | |
we want." Do you come up? Where is we want." Do you come up? Where is | :17:14. | :17:19. | |
the creativity? Acumen is an inowe Environment Agency'ses company as | :17:20. | :17:21. | |
much as waiting for a brief to come in. We've developed our own IP, I | :17:22. | :17:31. | |
might come up with a new super efficient layout for Business Class | :17:32. | :17:36. | |
as we've done for United Airlines so I would licence that IP to them. | :17:37. | :17:41. | |
Other times someone like another airline would come and say, "We want | :17:42. | :17:46. | |
the best first class in the world. Can you help us?" United's new | :17:47. | :17:52. | |
product, you designed that where? The idea came to me on the way home | :17:53. | :17:58. | |
on the train! On a train? You were sitting there... I was scribbling an | :17:59. | :18:04. | |
idea. Halfs it? What made you think about it? I was thinking it would be | :18:05. | :18:09. | |
the Holy Grail for airlines and customers in terms of efficiency and | :18:10. | :18:15. | |
by coming up with this new layout which nests the seats in line and | :18:16. | :18:25. | |
her ring bone we managed to create a super efficient lay-out. Is this | :18:26. | :18:30. | |
where you come up with your ideas, on the train? Quite often. Really? | :18:31. | :18:36. | |
Not exclusively. We have a very good team at Acumen which I'm very proud | :18:37. | :18:39. | |
of and it is very much a team effort. I'm wondering if you're part | :18:40. | :18:49. | |
of the some of the problem now for the airlines, I'm jesting, but a lot | :18:50. | :18:52. | |
of the airlines are getting rid of their first class product and it is | :18:53. | :18:58. | |
becoming a business or top of their range executive product. It is hard | :18:59. | :19:02. | |
to different ate between a first class seat now and the business | :19:03. | :19:06. | |
class seats are first class seats, aren't they? Very true. When you | :19:07. | :19:13. | |
look at what we created for BA, the bed in the sky, that was first class | :19:14. | :19:18. | |
and that's business class now. With the airlines reducing the size of | :19:19. | :19:21. | |
the first class cabins, most of them anyway, they often go down to our | :19:22. | :19:28. | |
dual class or try class. The battle ground shifted to economy and | :19:29. | :19:31. | |
business class moving forward. So you will design stuff for the likes | :19:32. | :19:36. | |
of me, and not just for the likes of Aaron? We're on the case! That's | :19:37. | :19:41. | |
going to be tricky. You are still limited. The airlines need X amount | :19:42. | :19:48. | |
of seats and you have only got so much space? It is a fine balance | :19:49. | :19:53. | |
when economics and looking after the passengers' interests and improving | :19:54. | :20:00. | |
their lot obviously. You do paper towels and also some health products | :20:01. | :20:04. | |
as well. That's right. Why do you suddenly rush off in different | :20:05. | :20:07. | |
directions and do other things? I thought you would specialise in just | :20:08. | :20:12. | |
doing seats and things like that? We are an innovations company. So we | :20:13. | :20:16. | |
get involved with product design as much as transport design. On our | :20:17. | :20:22. | |
innovation arm, we have been founding shareholders of start-ups, | :20:23. | :20:25. | |
you know, in terms of the paper company like you referred to, the | :20:26. | :20:34. | |
world's first round paper towel. A round paper towel? And medical | :20:35. | :20:39. | |
products. We got involved in a start-up on anti- anti-Deep Vein | :20:40. | :20:46. | |
Thrombosis. Clever professors came up with a technology and we turned | :20:47. | :20:51. | |
it into a product. We've got to wrap it up Ian. You must travel around | :20:52. | :20:56. | |
the world. How often do you fly on the seats that you've designed? Not | :20:57. | :21:05. | |
as often as I'd like! What if you got into one of your seats and | :21:06. | :21:09. | |
thought, "I don't like this. Maybe we need to tweak it." Hopefully that | :21:10. | :21:14. | |
keeps us in employment. That's what my wife tells me. | :21:15. | :21:17. | |
We appreciate your timement thank you very much. | :21:18. | :21:22. | |
In a moment we'll take a look through the Business Pages but first | :21:23. | :21:25. | |
here's a quick reminder of how to get in touch with us. | :21:26. | :21:28. | |
The Business Live page is where you can stay | :21:29. | :21:30. | |
ahead with all the day's breaking business news. | :21:31. | :21:32. | |
We'll keep you up-to-date with all the latest details | :21:33. | :21:34. | |
with insight and analysis from the BBC's team of editors | :21:35. | :21:37. | |
right around the world and we want to hear from you too. | :21:38. | :21:39. | |
Get involved on the BBC Business Live web page. | :21:40. | :21:42. | |
On Twitter we're at BBC business and you can find us on Facebook. | :21:43. | :21:45. | |
Business Live, on TV and online, whenever you need to know. | :21:46. | :22:00. | |
Just keep talking Jamie. Just keep talking, Jamie! | :22:01. | :22:10. | |
We are going to look at some of the business news stories and on the BBC | :22:11. | :22:11. | |
evens website. . website.. We got this story which sort of | :22:12. | :22:24. | |
began to break in the Budget. Self employment, rise in self employment | :22:25. | :22:27. | |
was damaging tax revenues because they are not paying as much tax? The | :22:28. | :22:31. | |
employment legislation was designed for the old world of employment | :22:32. | :22:34. | |
where everyone was directly employed or properly self-employed. Here you | :22:35. | :22:40. | |
have a number of clients and you're not working exclusively for anyone. | :22:41. | :22:44. | |
People who can work for one employer can be treated as self-employed like | :22:45. | :22:52. | |
delivery drivers. The gig economy? It is a double-edged sword. Some | :22:53. | :22:55. | |
people like it. They like freedom and at the BBC we have been talking | :22:56. | :22:58. | |
to people who have been talking about the up sides of the gig | :22:59. | :23:02. | |
economy, work when you want, but the down side is you don't get a | :23:03. | :23:05. | |
pension, you don't get paid holiday and ruthless employers will make you | :23:06. | :23:09. | |
rent the equipment you need to do your job. Really? It is a | :23:10. | :23:13. | |
double-edged sword and I think over time and we have this Government | :23:14. | :23:18. | |
report out today, over time employment legislation will tighten | :23:19. | :23:25. | |
up. Will they get tax back? If you stand back. Corporation tax is in | :23:26. | :23:33. | |
decline. We maybe heading for an era where corporation tax is no longer | :23:34. | :23:37. | |
levied on companies. You will end up with a thing where activity will be | :23:38. | :23:40. | |
taxed. That's where we're headed in the long-term. So employment | :23:41. | :23:43. | |
activity will be taxed because it is easy for companies to avoid | :23:44. | :23:48. | |
corporation tax. It becomes an optional activity. You're turning | :23:49. | :23:57. | |
this into HardTalk. This is a paper review! | :23:58. | :24:04. | |
Let's talk about drones. That is quite... Would you step into that? | :24:05. | :24:10. | |
Would you? You have got to work your way around a propeller. It is a | :24:11. | :24:14. | |
Chinese made drone. It was shown off at a show in Dubai. If you have been | :24:15. | :24:19. | |
to Dubai, Dubai's traffic is terrible by any world city | :24:20. | :24:24. | |
standards. It is awful. They have they will have this thing flying | :24:25. | :24:28. | |
around in Dubai in July. It carries one person. I'm not sure I'd jump | :24:29. | :24:34. | |
in. But if you travel on London Underground most of the time you're | :24:35. | :24:39. | |
travelling on a not driver controlled train. Not a driverless | :24:40. | :24:43. | |
train, but the trains are driven by computers. So transport systems are | :24:44. | :24:47. | |
largely run by machines rather than men. What happens if you have masses | :24:48. | :24:52. | |
of them up there, that's when it gets scary. And a Tube train is not | :24:53. | :24:58. | |
flying 500 feet up! Hopefully the technology is good | :24:59. | :25:01. | |
enough so it won't have lots of crashes. Less than a minute left. | :25:02. | :25:05. | |
Greece is back in the headlines, right. The amount of money it has to | :25:06. | :25:09. | |
pay off between now and July, it's staggering. There are periodic | :25:10. | :25:15. | |
crisis in Greece. A good way of gauging is looking at the price of | :25:16. | :25:20. | |
its bonds. Its debt? On its Government debt. When things are | :25:21. | :25:25. | |
really bad it got above 14%, we're only at 10% and 11%. We are a few | :25:26. | :25:31. | |
minutes away from midnight. It is the same argument, the IMF doesn't | :25:32. | :25:34. | |
want to lend money until it is reformed. Greece will never be able | :25:35. | :25:38. | |
to pay this money back. The debt will never be able to be repaid. At | :25:39. | :25:44. | |
sometime they will have to bite the bullet. That's hard for any German | :25:45. | :25:50. | |
politician to sell at the moment. It depends who is in charge in Europe | :25:51. | :25:57. | |
with all the votes going on. Dominic, thank you, mate. | :25:58. | :26:02. | |
Wrap it up Jamie. That's it from Business Live today. There will be | :26:03. | :26:05. | |
more business news throughout the day. We will see you later. | :26:06. | :26:11. | |
Hello there. Good morning. We will start with a look back at | :26:12. | :26:16. | |
yesterday's morning. There was a variety on offer. Many of us saw a | :26:17. | :26:20. | |
good deal of sunshine, but that wasn't the case for all. There was a | :26:21. | :26:23. | |
fair bit of cloud across the north-east | :26:24. | :26:24. |