:00:00. > :00:08.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:09. > :00:12.Free to roam - well, nearly - the European Parliament is expected
:00:13. > :00:15.to pass legislation to cut the cost of using mobile phones abroad.
:00:16. > :00:35.Live from London, that's our top story on Tuesday 27th October.
:00:36. > :00:37.After years of complaints and legal wrangling, roaming fees
:00:38. > :00:42.will be slashed - but it won't take effect until June 2017.
:00:43. > :00:45.Also in the programme - as the latest Bond instalment got the royal
:00:46. > :00:51.seal of approval at last night's premiere - we'll assess Brand Bond.
:00:52. > :00:54.The multi-million dollar industry vying to dress, style and brand
:00:55. > :01:02.Oil results, central bank rumours and a first look at UK growth
:01:03. > :01:11.And what is it like to be the most powerful central banker
:01:12. > :01:17.in the world during the biggest crisis since the great depression?
:01:18. > :01:22.We get the Inside Track from Former Fed Chairman Ben Bernanke.
:01:23. > :01:27.And as one company in China says it will FINE its staff
:01:28. > :01:31.for calling their superiors by their official titles, is it
:01:32. > :01:36.Would you call your boss by his or her nickname or do you
:01:37. > :01:55.Let us know - just use the hashtag BBCBizLive.
:01:56. > :01:59.We've all been there - a work trip overseas or a quick few
:02:00. > :02:02.days holiday, and you get home to a pretty hefty mobile phone bill.
:02:03. > :02:08.But it could be a thing of the past when a ban on roaming charges
:02:09. > :02:12.The European Parliament will vote later on the reforms.
:02:13. > :02:15.It's been a long time coming, mired in legal disputes
:02:16. > :02:18.and companies unwilling to forgo often lucrative charges, and it's
:02:19. > :02:22.not all good news quite yet - you'll have to wait until June 2017
:02:23. > :02:32.Well, telecoms operators will only be able to add a surcharge
:02:33. > :02:35.of 5 euro cents per minute for outgoing voice calls - no more.
:02:36. > :02:45.The same for data use - 5 cents per megabyte of mobile internet.
:02:46. > :02:47.And just 2 euro cents for text messages.
:02:48. > :02:50.The cap on charges for incoming voice calls will be determined later
:02:51. > :02:53.this year and is expected to be much lower than for outgoing calls.
:02:54. > :03:11.Let's get more from Alex, who is at the European Parliament in
:03:12. > :03:18.Strasbourg for us. Then outlined the proposals, but not all MEPs are on
:03:19. > :03:21.board. What are their concerns? Most of them like the idea of this, none
:03:22. > :03:28.of them would want their constituents to go away, come back
:03:29. > :03:34.with a big bill, and the very principle of being able to move,
:03:35. > :03:40.travel, work freely between EU states is one of the basic guiding
:03:41. > :03:45.elements of the European Union. It is the detail of the specific
:03:46. > :03:49.proposal. Some of the concerns MEPs have is this has taken such a long
:03:50. > :03:54.time to negotiate, has been so complicated, that they say it has
:03:55. > :04:03.left a few loopholes. It could allow a few extra surcharges to be put in
:04:04. > :04:09.so it is a watered down version. Others suggest mobile phone
:04:10. > :04:15.companies that will be losing out could push prices up for everybody.
:04:16. > :04:17.Those in favour of this legislation say there are safeguards to prevent
:04:18. > :04:23.those things happening, a limit on how much travel you can do and
:04:24. > :04:30.regulations to make sure that telecoms firms don't spread the cost
:04:31. > :04:35.of this elsewhere, but all that concern means despite the years it
:04:36. > :04:42.has taken to get to this point, it looks likely to go ahead but is not
:04:43. > :04:48.quite a done deal. It has been a long, long process and even if it
:04:49. > :04:54.does get voted through we are still looking at 2017 for application. Why
:04:55. > :05:01.such a long time and also, give us the reaction from mobile phone
:05:02. > :05:06.companies to this. Nothing is ever that straightforward in the European
:05:07. > :05:11.Union because the gritty Haixun 01 takes place between 28 countries.
:05:12. > :05:16.The phased approach is because this is part of the deal that has been
:05:17. > :05:26.agreed after lengthy talks. From next year there will be the cost for
:05:27. > :05:31.things like data usage. -- there will be limit. Another reason for
:05:32. > :05:36.the delay is this is wrapped up in another concept, introducing the
:05:37. > :05:40.idea of net neutrality. That is the idea that everything needs to be on
:05:41. > :05:45.the same playing field regardless of where it comes from. That is a
:05:46. > :05:49.complicated concept and because they are interlinked that has slowed the
:05:50. > :05:53.process down. Mobile phone companies, because it has taken so
:05:54. > :05:59.long to get to this point, have had some time to prepare but there does
:06:00. > :06:04.remain that concern from critics who say despite the safeguards, there
:06:05. > :06:12.could be mobile firms who want to recoup the money in other ways.
:06:13. > :06:16.Thank you very much, we will be updated when the vote takes place.
:06:17. > :06:18.In the meantime, let's bring you up with other news.
:06:19. > :06:20.Fast food chain Burger King has opened its first outlet in Mongolia,
:06:21. > :06:22.joining companies from Pizza Hut to Porsche
:06:23. > :06:25.in anticipating an economic boom sparked by copper and gold mining.
:06:26. > :06:27.A large, sparsely populated nation, landlocked between China
:06:28. > :06:38.and Russia, Mongolia still has no McDonalds or Starbucks.
:06:39. > :06:45.Indonesia's president says his country will join transpacific
:06:46. > :06:51.partnership deal. He cut short his visit to deal with the worsening
:06:52. > :06:54.haze situation in his country. Maggi noodles will be back on the
:06:55. > :06:57.shelves across India next month. In May, food safety authorities
:06:58. > :07:00.banned the production and sale of the noodles made by Swiss giant
:07:01. > :07:03.Nestle - after claims they contained That ban was later overturned but
:07:04. > :07:22.400 million packets were destroyed. It is a busy day and you can take a
:07:23. > :07:29.look at the stories as they break online. Among the big companies
:07:30. > :07:36.reporting, BP, but also this story caught our attention about Walmart
:07:37. > :07:42.looking to the skies. In the same way that Amazon has looked for
:07:43. > :07:46.permission to deliver via a drone, Walmart are also looking for that
:07:47. > :07:50.permission. They need approval from the authorities to be able to do
:07:51. > :08:03.that, particularly to fly drones over populated areas. A lot more
:08:04. > :08:07.they're coming. Also, the growth numbers in the UK. Andrew Walker,
:08:08. > :08:15.one of our economic correspondence, talking about that at 9:30am. Keep
:08:16. > :08:21.your comments coming in. We asked you at the start of the programme,
:08:22. > :08:26.what would you like to call your boss? Many of you getting in touch,
:08:27. > :08:29.using words we cannot read out on the television!
:08:30. > :08:32.Let's take you to Asia now, where India's largest carrier IndiGo has
:08:33. > :08:35.launched the country's biggest stock market listing in three years.
:08:36. > :08:41.Rajeshni is following the story from our Asia Business Hub in Singapore.
:08:42. > :08:52.Tell us more. That is right. This is a chance to invest in one of the
:08:53. > :09:03.world's fastest-growing travel markets. This budget airline is
:09:04. > :09:07.India's only consistently profitable carrier, in what is a very
:09:08. > :09:16.competitive market. We have seen other airlines grounded. The
:09:17. > :09:24.government has been forced to bail out another budget carrier. So
:09:25. > :09:33.IndiGo is a real success story. The low-cost airline is earning two
:09:34. > :09:37.thirds of the market. There is a bit of a revival in the IPO market in
:09:38. > :09:38.India right now. A pretty lacklustre session in Asia
:09:39. > :09:41.- as investors wait for news from the US Federal Reserve - America's
:09:42. > :09:43.Central Bank begins two days of deliberations today - even though
:09:44. > :09:47.it's highly unlikely we'll see any Not least because the
:09:48. > :09:49.European Central Bank signalled last week that it could be prepared to
:09:50. > :09:52.inject even more stimulus into the sluggish economy, and there's
:09:53. > :09:57.also that little matter of China's The Bank of Japan also
:09:58. > :10:02.meets later this week. In Europe we're waiting
:10:03. > :10:05.for the first reading of UK economic It's due within the hour -
:10:06. > :10:10.and expected to come in slightly But crucially these numbers won't
:10:11. > :10:36.include the big jump in September's It may be the biggest week of the
:10:37. > :10:51.season but two companies are sure to grab lots of headlines, Apple and
:10:52. > :10:55.Alibaba. With much of Apple's revenue collected abroad, the strong
:10:56. > :10:58.dollar might weigh on the results. M3 Mac is grappling with lower
:10:59. > :11:00.consumer spending. Investors will consumer spending. Investors will
:11:01. > :11:06.want to know how they are coping with the economic slowdown in China
:11:07. > :11:11.-- Alibaba is grappling. America's Central bank begins a meeting on
:11:12. > :11:21.interest rates. No change is expected. Very busy in the states.
:11:22. > :11:27.So much to talk about. Where do you want to start? I think the
:11:28. > :11:34.interesting thing today is the BP News, the key thing is whether they
:11:35. > :11:41.can hold the dividend up. BP is such a massive company, a lot of
:11:42. > :11:46.pensioners depend on that dividend, so keeping that up is important to a
:11:47. > :11:51.lot of people. Just to mention, heard quarter replacement cost
:11:52. > :11:56.profits coming in at $1.2 billion, that is almost half compared to the
:11:57. > :12:01.previous year. No big surprise. A little bit better than expected, the
:12:02. > :12:04.stock was up a couple of percent. What they are trying to do is hold
:12:05. > :12:08.up the dividends, hold up the amount they pay out by reducing
:12:09. > :12:15.expenditure. Capital expenditure keeps coming down, profits are
:12:16. > :12:19.holding up a little bit better than expected, which gives them some
:12:20. > :12:24.chance of maintaining that evidence. The yield on these things is running
:12:25. > :12:30.at 7%. These are very attractive. If you can hold that up, it is the key.
:12:31. > :12:37.We get another snapshot of the UK economy at 9:30am. We will find out
:12:38. > :12:41.what the GDP number did. Expected to come in slightly below the second
:12:42. > :12:47.quarter. That is partly the slowdown in manufacturing. There are two
:12:48. > :12:54.aspect to the UK growth dynamic. The domestic confidence is doing pretty
:12:55. > :12:55.well, 15 year high, what is going on is going well, unfortunately,
:12:56. > :13:05.exports are under pressure, so many exports are under pressure, so many
:13:06. > :13:12.parts of the world have had a bad 12 months. Putting that together, it is
:13:13. > :13:19.still not a bad result. Thank you very much. Mike will return in about
:13:20. > :13:25.five minutes. Other companies reporting this week. It is all
:13:26. > :13:26.happening. We will have all the figures here.
:13:27. > :13:30.We'll get the inside track on life at the centre
:13:31. > :13:33.Former US Fed Chairman Ben Bernanke sits down with our economics editor
:13:34. > :13:37.- to discuss what it was REALLY like to run America's Central Bank
:13:38. > :13:38.during the depths of the global economic meltdown.
:13:39. > :13:46.Oil giant BP has reported a sharp fall in profits blamed
:13:47. > :13:51.Tanya Beckett is in the Business Newsroom and
:13:52. > :14:02.As we just discussed, these coming in slightly better than expected, so
:14:03. > :14:11.we can see the share price up slightly this morning. , -- yes we
:14:12. > :14:23.can, this is a price has been hit by two factors. They are saying it has
:14:24. > :14:29.paid out $50 billion in relation to the deepwater horizon disaster, it
:14:30. > :14:34.is still not completely past that. This is what I think is interesting
:14:35. > :14:43.about this share price. You see it falling about 16% over the last year
:14:44. > :14:48.has fallen further. Investors are has fallen further. Investors are
:14:49. > :14:53.looking at the balance of business oil companies. How much is Upstream,
:14:54. > :14:58.how much is downstream, to what extent are they insulated against
:14:59. > :15:14.projects? They are taking a very nuanced look. It is important, the
:15:15. > :15:24.FTSE 100 has been hit. Just a brief word on GDP figures. I expect them
:15:25. > :15:26.to come in a little lower than in the second quarter. Partially offset
:15:27. > :15:30.because we've not got the retail figures. Also that slowdown in
:15:31. > :15:40.manufacturing. There is a slightly more gloomy
:15:41. > :15:44.interpretation, because of the fall from the Chinese market. That is
:15:45. > :15:48.dented confidence and raised the question, what is happening in terms
:15:49. > :15:53.of the transition of the economy. And there might be some confidence
:15:54. > :15:57.going out. Martin Sorrell of DWP yesterday was saying there is a risk
:15:58. > :16:02.of aversion creeping back into the market. And worries about if people
:16:03. > :16:05.can access credit. That might be affecting how companies are
:16:06. > :16:12.performing, or have done, in the last quarter. Thank you very much.
:16:13. > :16:15.The other big story which is big business implications is Chancellor
:16:16. > :16:23.Osborne now having to rethink his Autumn Statement following the House
:16:24. > :16:25.of Lords voting against his tax credit situation.
:16:26. > :16:27.You're watching Business Live - our top story - the European Parliament
:16:28. > :16:31.is expected to vote through new laws on roaming charges in Europe that
:16:32. > :16:35.could save you a bundle when travelling in the continent.
:16:36. > :16:42.More details on that online. You are looking at the man who had a
:16:43. > :16:43.ringside seat at one of the most turbulent periods of our economic
:16:44. > :16:45.history. From the boom days of global stock
:16:46. > :16:48.markets to the height Ben Bernanke led America's Central
:16:49. > :16:52.Bank - the Federal Reserve for 8 He saw out pretty
:16:53. > :17:02.turbulent times. He was at the helm -
:17:03. > :17:05.and played a crucial role in the He took the bank
:17:06. > :17:13.into uncharted territory and made some bold moves during his time in
:17:14. > :17:16.the top job. He oversaw the takeover of
:17:17. > :17:18.Bear Stearns by JP Morgan He introduced a programme
:17:19. > :17:22.of quantitative easing - pumping hundreds of billions of dollars into
:17:23. > :17:30.the economy, and lowered interest rates 10 times - from 5.25 to its
:17:31. > :17:34.current near 0%. As chairman, Ben Bernanke also
:17:35. > :17:36.increased the Fed's transparency holding quarterly press conferences
:17:37. > :17:41.to explain policy decisions. Some criticised him
:17:42. > :17:44.for not seeing the crisis coming, while others questioned
:17:45. > :17:48.his maverick policies. He has written a book and sat
:17:49. > :17:53.down with our Business Editor The media wouldn't let us forget,
:17:54. > :18:04.the politicians wouldn't let us We went to President Bush to talk
:18:05. > :18:10.to him about the crisis in 2008. He basically said,
:18:11. > :18:12.you guys are in charge, what ever The amount
:18:13. > :18:15.of noise was extraordinary. How difficult was it to
:18:16. > :18:20.make rational decisions? The news was playing it up,
:18:21. > :18:31.as they appropriately should have. Inside the Fed there was
:18:32. > :18:34.a cloistered feeling at times. We were able to sit together
:18:35. > :18:36.and analyse. I always tried to focus
:18:37. > :18:44.on the immediate task. The testimony the next day,
:18:45. > :18:46.the memorandum I was working on, so I did focus and concentrate
:18:47. > :18:52.on what had to be done. Nothing quite as severe
:18:53. > :18:55.as this had happened since the late 20s, early 1930s, how prepared was
:18:56. > :18:58.the Fed as an institution to deal There had been some work done after
:18:59. > :19:08.9/11, which obviously disrupted the There had been some work,
:19:09. > :19:17.contingency planning, things of that sort, but nothing really
:19:18. > :19:20.prepared the Fed or anyone, really, for a crisis of this scope and
:19:21. > :19:24.nature as the one we saw in 2008. One of the things you point out is
:19:25. > :19:27.that over here in the UK the governor of the Bank of England
:19:28. > :19:31.was very concerned about what The idea that if you bail banks out
:19:32. > :19:39.they are then more likely to take risks in the future because they
:19:40. > :19:42.know they are going to be saved. Why were you less concerned about,
:19:43. > :19:44.in a sense, That is
:19:45. > :19:52.a perfectly legitimate concern. Early on in 2007 we were trying to
:19:53. > :19:55.balance those issues, try to figure But there comes a time
:19:56. > :20:04.when the situation is sufficiently severe that you have to
:20:05. > :20:07.respond. In order to punish some individuals
:20:08. > :20:10.on Wall Street, you don't want to What we tried to do,
:20:11. > :20:19.and what we could, was to make sure the companies that
:20:20. > :20:22.were being helped did not benefit Pulling together all of your
:20:23. > :20:26.experience over the last few years, do you think politicians, and indeed
:20:27. > :20:29.people, expected rather too much of central banks, and should have
:20:30. > :20:31.expected rather more of governments? Yes, I think that way too much
:20:32. > :20:34.of the burden has been placed People complain about quantitative
:20:35. > :20:52.easing, low interest rates, well, the central banks are trying to use
:20:53. > :20:55.the tools they have to accomplish If we had a more balanced monetary
:20:56. > :21:04.mix, for example, the US, as well as Europe and the UK, central banks
:21:05. > :21:07.could do less and some of those Have the politicians
:21:08. > :21:12.learned those lessons? I think the politicians have been
:21:13. > :21:15.too focused on near-term budget cuts You became a sort of brand
:21:16. > :21:20.for the world. On you Tube, all over the Internet,
:21:21. > :21:28.was this idea of "The Bernanke" saving the world -
:21:29. > :21:31.how did that feel? CHUCKLES I was a big part
:21:32. > :21:34.of both those in favour of what we were doing, and those who
:21:35. > :21:38.opposed what we were doing. It wasn't always comfortable,
:21:39. > :21:45.but it comes with the job. In
:21:46. > :21:48.CHUCKLES That should do they should get their
:21:49. > :21:49.on programme. Mike is back to look at some
:21:50. > :21:59.of the papers. We have to talk about James Bond.
:22:00. > :22:02.Premiere last night. We know it is a moneymaking machine, but this
:22:03. > :22:09.article in the Financial Times lays that out even more clearly. ?2500
:22:10. > :22:13.tuxedo, ?500 boots, things you don't even see in the film they are paying
:22:14. > :22:18.a lot of money to be involved. That's right. Couple of angles to
:22:19. > :22:22.this, one is the power of the brand. Classically people thought of it as
:22:23. > :22:26.a British brand. If you look at the companies involved, they are not all
:22:27. > :22:32.purely British brands. There is an international aspect of this. There
:22:33. > :22:37.was the ability to use that. As you say, ?2500 for a tuxedo. I can
:22:38. > :22:40.safely say I went been buying one of those, but that is the association.
:22:41. > :22:45.CHUCKLES It is not as if you will go out, you
:22:46. > :22:52.saw it in the film, I want that watch, that suit, it is just the
:22:53. > :22:56.association with the brand and power that Bond brings. That's right. You
:22:57. > :22:59.don't have to get straight sale. If you look at some of the designers
:23:00. > :23:04.involved, selling through regular stores that we go to, like high
:23:05. > :23:07.street shops. If you can make that transition then it becomes a
:23:08. > :23:12.powerful marketing tool, and that is what you can see here. Quite
:23:13. > :23:16.incredible. Let's go from one British brand to another. Oxford and
:23:17. > :23:20.Cambridge. Looking at the competition between them. We think
:23:21. > :23:26.of the boat race, but this is actually about technology, tell us
:23:27. > :23:31.more. Classically, if you go back to the 1970s, I was born in 1970, the
:23:32. > :23:36.Trinity College in Cambridge set up a science park to try and harness
:23:37. > :23:45.some of the research into profitable business activities. That is one of
:23:46. > :23:49.the great industries out there. Oxford, to some degree, is playing
:23:50. > :23:55.catch up. But it is no longer, it has caught up. And it is way ahead
:23:56. > :24:04.if you look at this chart. 169.2 million from Oxford, and
:24:05. > :24:09.Cambridge 162.8 million. It is about selling the research and making
:24:10. > :24:14.money from it, isn't it? Exactly. If you have the ideas in the research
:24:15. > :24:18.centres, centres of excellence, making cash on the back of that is
:24:19. > :24:22.clearly key. To have two centres is good news for us as a country. One
:24:23. > :24:30.of the challenges we have always had is to maintain, you know, the kind
:24:31. > :24:36.of high-tech and productivity growth. The two macro competing is
:24:37. > :24:40.great. -- the two macro competing is great.
:24:41. > :24:48.What do you call your boss, what did your staff call you?
:24:49. > :24:55.Does he want to say. It is all about being friendly,
:24:56. > :25:00.nicknames, improving this idea of a harmonious workplace. Does it really
:25:01. > :25:05.work? We use Christian names. Friendly. My name is Mike, that is
:25:06. > :25:11.what people call me. That works reasonably well. The interesting
:25:12. > :25:14.thing about this is it indicates an economy that is trying to open up
:25:15. > :25:19.and make itself more UK user-friendly. A very century
:25:20. > :25:24.dominated economy where you call everybody boss is the kind of
:25:25. > :25:28.classic historical view. But the idea of creating this culture of
:25:29. > :25:36.inclusiveness and friendliness, but then they will fire you!
:25:37. > :25:39.If you don't behave. -- they will fine you. Hopefully the money will
:25:40. > :25:44.go to a charity, so something good can come out of it if it goes down
:25:45. > :25:48.that route. Thank you, Mike, for being on the programme. Thank you
:25:49. > :25:53.for your messages on Twitter today. We have mentioned some, but some we
:25:54. > :25:59.could not say out loud. Too naughty. Yes, keep them coming. Goodbyes. --
:26:00. > :26:16.goodbye. The clock change tends to make you
:26:17. > :26:18.think about approaching winter. But where the sun breaks today you might