Browse content similar to 14/03/2017. Check below for episodes and series from the same categories and more!
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Welcome to World Business Report, I'm Sally Bundock. | :00:08. | :00:09. | |
Also in the programme: A smart jacket, and we are talking | :00:10. | :00:12. | |
The UK Parliament has approved legislation giving | :00:13. | :00:24. | |
Prime Minister Theresa May the power to begin formal divorce talks | :00:25. | :00:27. | |
However, she won't do that immediately, as some had thought, | :00:28. | :00:42. | |
but it will happen before the end of March. | :00:43. | :00:44. | |
The negotiations will bring a period of uncertainty for the UK economy. | :00:45. | :00:47. | |
Britain recorded growth of 2% last year. | :00:48. | :00:56. | |
But in 2017, the International Monetary Fund predicts this | :00:57. | :01:08. | |
will slow to 1.5%, though this is actually up from their previous | :01:09. | :01:11. | |
The story gets worse in 2018, where growth is expected to come | :01:12. | :01:22. | |
The ongoing uncertainty has also taken its toll on the currency. | :01:23. | :01:30. | |
Since the referendum last June, the value of the pound has fallen | :01:31. | :01:33. | |
The weakness in sterling has made imports into | :01:34. | :01:43. | |
In the three months ending in January, fish prices rose 8.8%, | :01:44. | :01:54. | |
tea prices were up 6%, and butter prices rose some 15.8%. | :01:55. | :02:02. | |
The negotiations will take place as eurosceptic political parties | :02:03. | :02:05. | |
gain ground across much of the continent. | :02:06. | :02:07. | |
The Netherlands is set to head to the polls tomorrow, | :02:08. | :02:09. | |
with France and Germany both set to face national elections | :02:10. | :02:12. | |
Carsten Nickel, managing director Europe, Teneo Intelligence | :02:13. | :02:28. | |
We have heard a lot already in this programme about what people think | :02:29. | :02:41. | |
about this in the United Kingdom. What is the view now in Europe, | :02:42. | :02:46. | |
given the fact that Article 50 is likely to be triggered very soon? | :02:47. | :02:51. | |
Well, I think the key point, the key word, is the one that you just | :02:52. | :02:56. | |
mentioned. It is uncertainty. So I think the whole question of the | :02:57. | :02:59. | |
Scottish independence push obviously adds an additional layer of | :03:00. | :03:02. | |
uncertainty, just in a moment when we should have really gained | :03:03. | :03:08. | |
slightly greater clarity from the UK side about the Brexit process that | :03:09. | :03:12. | |
is about to start now. So I think it is still very much a wait and see a | :03:13. | :03:16. | |
approach from the European side, and I think there is no expectation for | :03:17. | :03:22. | |
greater clarity until the end of 2017, really. As you say, the news | :03:23. | :03:25. | |
coming from Scotland, that it is looking for a new referendum on its | :03:26. | :03:31. | |
position in the United Kingdom, it throws in a brand-new curveball, | :03:32. | :03:34. | |
which makes things that much more complicated, given the fact that | :03:35. | :03:39. | |
Europe as well has an extremely interesting year ahead with the | :03:40. | :03:44. | |
various general elections I have mentioned. It means these | :03:45. | :03:47. | |
negotiations will be extremely critical, doesn't it? Yes, and again | :03:48. | :03:53. | |
I think what we are going to see in 2017 is a pretty high-level | :03:54. | :03:56. | |
conversation about a couple of points. One that we have been | :03:57. | :03:59. | |
frankly reading about in the media quite a bit over the last weeks and | :04:00. | :04:05. | |
months, is the ?60 billion Brexit Bill, the question of residents | :04:06. | :04:10. | |
writes for EU citizens and vice-versa. I think the really | :04:11. | :04:16. | |
thorny issue for the UK and the EU relationship, free trade agreements, | :04:17. | :04:19. | |
the future of Freedom of movement, these kinds of issues, they will not | :04:20. | :04:23. | |
be discussed until 2018 because only European side the question is, you | :04:24. | :04:27. | |
know, who is going to lead France, who is going to leave the | :04:28. | :04:30. | |
Netherlands, what about the next German government? I think these are | :04:31. | :04:34. | |
crucial questions on the Scottish question raises the question of | :04:35. | :04:37. | |
separatism in other member states of the European Union. So that will | :04:38. | :04:42. | |
further complicated the talks ahead in 2017 and 2018 -- further | :04:43. | :04:52. | |
complicate. While politicians try and win the election and economists | :04:53. | :04:55. | |
predict what will happen next, how our business is navigating this | :04:56. | :05:00. | |
uncertainty from your point of view? Well, that is really difficult to | :05:01. | :05:04. | |
say at this point. Again, it is a very much wait-and-see approach | :05:05. | :05:08. | |
because I think there is a strong sense that a serious conversation | :05:09. | :05:11. | |
about what is ahead in the future won't really began before 2018. In | :05:12. | :05:18. | |
the way the political -- in a way, the political conversation in 2017 | :05:19. | :05:21. | |
will be backwards looking, looking at the legacy of UK membership in | :05:22. | :05:25. | |
the EU. What will be ahead is not going to be discussed until early | :05:26. | :05:29. | |
next year, so I think that really complicated makes it very difficult | :05:30. | :05:32. | |
for businesses to take a really forward-looking view here. Very | :05:33. | :05:36. | |
interesting. Thank you very much for your time. There is a lot more to | :05:37. | :05:43. | |
discussed in this story, and we will touch on some of that in our | :05:44. | :05:47. | |
newspaper review. It is all about the papers, worldwide. | :05:48. | :05:48. | |
Shares of Japanese conglomerate Toshiba have fallen 8% in Tokyo. | :05:49. | :05:50. | |
That is after the company announced it will extend the deadline | :05:51. | :05:53. | |
for submitting its earnings report, for the second time. | :05:54. | :05:58. | |
Sharanjit Leyl is in our Asia business hub in Singapore. | :05:59. | :06:05. | |
As second delay, that does not bode well at all in terms of what it will | :06:06. | :06:13. | |
tell us when it finally announces what is going on. That's right, | :06:14. | :06:16. | |
doesn't bode well. But unusually, for its shares, you mentioned it had | :06:17. | :06:23. | |
fallen as much as 8%. It has scaled back those steep losses after | :06:24. | :06:27. | |
announcing that earnings delay. The firm essentially asked regulators to | :06:28. | :06:30. | |
extend the March 14 deadline for official earnings to a little later. | :06:31. | :06:36. | |
They will be holding a news conference about this later on to | :06:37. | :06:41. | |
clarify things for investors. But essentially the first time they | :06:42. | :06:44. | |
delayed their earnings was in February. Doing so again, there were | :06:45. | :06:49. | |
disagreements with its auditors in fabric, when its chairman stepped | :06:50. | :06:54. | |
down, and all this because they are expecting a $6 billion write-down. | :06:55. | :06:57. | |
Some of its US nuclear assets not worth as much as previously | :06:58. | :07:01. | |
estimated, the situation leading many analysts to warn that the | :07:02. | :07:05. | |
country's future is at risk -- company's future is at risk. This | :07:06. | :07:09. | |
extension will need regulatory approval and failure to attain that | :07:10. | :07:14. | |
would mean it needed to submit earnings by the end of the month or | :07:15. | :07:18. | |
face delisting from the stock exchange. Toshiba is often | :07:19. | :07:21. | |
associated with its technology products but it is now a diverse | :07:22. | :07:27. | |
conglomerate. Its nuclear service business brings in the third of its | :07:28. | :07:30. | |
revenue and yet that side of the business has not been making a | :07:31. | :07:34. | |
profit since 2013. Nuclear services worldwide are struggling since the | :07:35. | :07:44. | |
Fukushima disaster of 2011. In December the said they faced a heavy | :07:45. | :07:49. | |
1-off loss due to its nuclear subsidiary, Westinghouse Electric. | :07:50. | :07:53. | |
Since that announcement in December, the shares have lost more than half | :07:54. | :07:57. | |
of their value. Thank you for bringing us up to date. | :07:58. | :08:00. | |
Thousands of tech leaders, policy makers and celebrities have | :08:01. | :08:02. | |
flocked to Texas, and not just for its famous barbeque | :08:03. | :08:05. | |
The annual South by Southwest conference and festival is in full | :08:06. | :08:09. | |
swing, and our North America technology correspondent Dave Lee | :08:10. | :08:11. | |
sent this report about the coolest thing he has spotted at the event. | :08:12. | :08:35. | |
The goal for Google is to provide our customers access to their | :08:36. | :08:43. | |
favourite services and information from everywhere and anywhere and at | :08:44. | :08:46. | |
any time. Whenever they are biking or walking or hiking or their hands | :08:47. | :08:51. | |
are busy, they should be able to access their favourite services, | :08:52. | :08:54. | |
literally from the cuff of your sleeve. Tell us what exactly is on | :08:55. | :08:59. | |
my cuff here, and how it works? What we have is a woven interface | :09:00. | :09:02. | |
integrated into the cuff material and the threads which capture your | :09:03. | :09:07. | |
gestures integrate together, and are transferred to this little tag that | :09:08. | :09:11. | |
we just snap on. You can see it is now Bluetooth head. A simple brush | :09:12. | :09:17. | |
brings you the time. It to 30 seven p.m.. Time the destination. Your ETA | :09:18. | :09:24. | |
is six minutes. You can control the music. Bidders is 2:37 p.m.. -- it | :09:25. | :09:40. | |
is 2:37 p.m.. That is quite expensive. It is a nice jacket, but | :09:41. | :09:45. | |
it feels quite pricey. How much of that money is going on connectivity? | :09:46. | :09:50. | |
So it is going to be about $150 without the additional technology | :09:51. | :09:53. | |
and we think that this is a really useful piece of performance | :09:54. | :09:56. | |
opportunity. This is what people need when they are on their bikes. | :09:57. | :10:00. | |
$350 price point is kind of where we go when we have really advanced | :10:01. | :10:04. | |
technology in our clothes. So what do you make of that? Send me your | :10:05. | :10:08. | |
thoughts on Twitter. It brings a whole new meaning to that is a smart | :10:09. | :10:12. | |
new jacket, doesn't it? I will see you soon. | :10:13. | :10:18. | |
It is claimed the amount of exercise children do starts to decline | :10:19. | :10:21. | |
Researchers at the University of Strathclyde tracked the activity | :10:22. | :10:26. | |
levels of more than 400 girls and boys over an eight-year period, | :10:27. | :10:30. |