:00:10. > :00:18.Hello, you are with Business Live. An industry in crisis. After
:00:19. > :00:21.thousands of job cuts and plant closures, EU ministers have called
:00:22. > :00:28.an emergency meeting in Brussels to discuss the fate of your's embattled
:00:29. > :00:47.steel industry. That is our top story on Monday 9th of November.
:00:48. > :00:52.Europe's steel industry is demanding tougher action against cheap imports
:00:53. > :00:56.of Chinese steel that it blames for the low global steel prices. Also in
:00:57. > :01:00.the programme, Lufthansa grounded again. The German airline has
:01:01. > :01:06.cancelled almost 1000 flights as cabin crew go on strikes over
:01:07. > :01:09.cost-cutting. Over 113,000 travellers stranded. Also today, the
:01:10. > :01:15.markets have just started their week. The FTSE is bucking the trend
:01:16. > :01:23.in Europe. We explain why. And we are joined by the perfume queen.
:01:24. > :01:29.Yes, the shears, Jo Malone. Her story is a real rags to riches one.
:01:30. > :01:35.She is going to be in the studio joining us later in the programme.
:01:36. > :01:41.And snap chat. It says it now gets over 6 million views a day. -- 6
:01:42. > :01:49.billion. This is what we want in all, do you use Snapchat or is it a
:01:50. > :02:01.waste of time? Use the hash tag right there.
:02:02. > :02:09.Aaron should appreciate my lines, really. Welcome to the programme. EU
:02:10. > :02:12.ministers are meeting in Brussels to discuss the trouble steel industry
:02:13. > :02:23.in Europe. Written's against steel maker Tata is facing turmoil. Last
:02:24. > :02:28.month, the firm said it was cutting 1200 jobs in the UK as prices fall
:02:29. > :02:33.around the world. As you can see, the price of the ion alloy has quite
:02:34. > :02:40.literally fallen through the floor in the past five years. Production
:02:41. > :02:44.is dominated by China. It makes almost 50% of the world's steel. You
:02:45. > :02:53.can see very clearly the EU is lagging some way behind. As growth
:02:54. > :02:58.in China's economy grows, it is sending more still overseas. Exports
:02:59. > :03:03.are over 50% while other major producers have flat line. European
:03:04. > :03:07.producers say that that glut in production is pushing the industry
:03:08. > :03:15.to the point of collapse. Astonishing numbers. Peter Fisher is
:03:16. > :03:22.managing director of steel consultancy NEP maps. He joins us
:03:23. > :03:28.now. Thanks for joining us. Can make something clear of all. Big concerns
:03:29. > :03:32.about China dumping cheap steel into Britain and Europe. I want to make
:03:33. > :03:37.this clear. British manufacturers and European manufacturers are
:03:38. > :03:41.buying this Chinese cheap steel. The Chinese are not putting a gun to
:03:42. > :03:47.their That is true. There is no doubt that it is so competitive that
:03:48. > :03:53.the fire is still don't really worry about what is happening at the other
:03:54. > :03:59.end. They are obtaining this cheap steel and it helps. It helps costs.
:04:00. > :04:06.Should countries produce their own steel? Do countries need to produce
:04:07. > :04:13.their own steel, do you think? It is not absolutely net is only --
:04:14. > :04:24.absolutely necessary, but it is good to have a base load steel-making to
:04:25. > :04:31.be a manufacturing country. You do not want to wait for steel to
:04:32. > :04:35.arrive. We won't disseminate in the country that you are
:04:36. > :04:40.manufacturing,. -- you want a certain amount in the country.
:04:41. > :04:48.Michael say that what is happening to them could spread to Europe. I
:04:49. > :04:52.was speaking to annex that earlier. He said it costs twice as much to
:04:53. > :04:58.make this deal in Britain than it does in, say, Germany. I think there
:04:59. > :05:04.is a problem there. There are differences between EU countries and
:05:05. > :05:11.the way they treat raw material imports and energy imports. That is
:05:12. > :05:20.a difficult thing to solve. Our Government cannot insist in the
:05:21. > :05:28.Germans pushing the price for energy up. It is a decision for us to get
:05:29. > :05:32.into line with others. Peter, Mrs Sally joining in the conversation.
:05:33. > :05:38.What are you hoping will happen in Brussels? I know that many in Europe
:05:39. > :05:42.feel it takes far too long for Europe to react to the situation and
:05:43. > :05:48.therefore the steel makers in Europe are really losing out. That is
:05:49. > :05:52.perfectly true. In fact, it could be ten, 11 months before a complaint
:05:53. > :05:59.goes in and any decision is taken. That is clearly too long. There are
:06:00. > :06:09.ways that I think action could be taken. The US, for instance, and
:06:10. > :06:15.India... If there is a complaint and that seems to be valid, they slap
:06:16. > :06:18.tariffs on imports pretty quickly. I am not saying that will solve the
:06:19. > :06:26.problem at a listed helps. Peter, thank you for your time.
:06:27. > :06:30.Peter joining us there. Did you make sure you told him it was Sally in
:06:31. > :06:34.case you thought my voice a change? It is just common cutter CX Mackie
:06:35. > :06:37.is not with us in the studio and does not know who I am.
:06:38. > :06:42.Shall we touch on some of the other stories making headlines? Back to
:06:43. > :06:46.China. It saw imports drop in for the 12 month in a row, giving
:06:47. > :06:58.further cause for concern over Chinese economy imports.
:06:59. > :07:01.Trading fell 18% compared to... That is a slight improvement on
:07:02. > :07:07.September's decline. China revealed its economy grew by 6.9% in the
:07:08. > :07:13.third quarter, the weakest rate and they global economic crisis. The
:07:14. > :07:16.World Bank has want 100 million more people will be pushed into poverty
:07:17. > :07:21.by 2030 unless action is taken to prevent global warming. It forecast
:07:22. > :07:25.food prices in Africa could rise by 12%. Millions more could be at risk
:07:26. > :07:33.from malaria and migration could increase.
:07:34. > :07:46.Quick look at this. I want to talk about this. Maggi noodles. That just
:07:47. > :07:53.jumped, but I want to go back to the Maggi noodles. Big problems in India
:07:54. > :07:58.over several months. There was too much...
:07:59. > :08:04.It was alleged by Indian authorities that there was too much lead in the
:08:05. > :08:07.noodles but actually Nestle, the owners of Maggi noodles, fought back
:08:08. > :08:11.and it went on and on. It was appealed and found that that was not
:08:12. > :08:14.the case. Anyway, they are back on sale.
:08:15. > :08:22.They return to the shelves after a five-month absence. Talking about
:08:23. > :08:24.German trade. It bounces back. We had industrial manufacturing numbers
:08:25. > :08:31.from Germany. It is up and down but it is low and slow as one expert
:08:32. > :08:37.tells me. You might get to meet him in the programme. Very important, of
:08:38. > :08:41.course. We are talking about Europe's largest economy. Indeed.
:08:42. > :08:46.Let's look at the big stories breaking in Asia today.
:08:47. > :08:52.Sheba has been embroiled in an accounting scandal. -- Toshiba. We
:08:53. > :09:02.have that story from Singapore now. How bad was it?
:09:03. > :09:06.Toshiba's shares plunged 7.5% after the bad news. Over the weekend, the
:09:07. > :09:13.company said it had an operating loss of $645 million in the
:09:14. > :09:16.September quarter. On top of this, Toshiba is suing five former
:09:17. > :09:24.executives, including three former CEOs, for mismanagement. This has to
:09:25. > :09:29.do with the accounting scandal, $1.3 billion, that unravelled in July.
:09:30. > :09:34.Executives had a hand in overstating the company's profit over seven
:09:35. > :09:42.years. Toshiba is seeking 2.4 billion dollars in damages.
:09:43. > :09:44.Investors are not impressed at the restructuring process of the
:09:45. > :09:55.business and she is down on was 40% this year. -- shares are down.
:09:56. > :10:00.Japan ended the day up nearly 2%. Hong Kong pretty flat. That is the
:10:01. > :10:04.close on Friday in the US. China coming out with trade figures that
:10:05. > :10:12.were not that encouraging. It has not spooked markets too much.
:10:13. > :10:17.Looking at Europe, fairly mixed. Just you the Dax in Frankfurt. Then
:10:18. > :10:25.just slightly. And the FTSE up a little bit. What's going on today.
:10:26. > :10:28.The CBI conference in London, a lot of the big business leaders, many
:10:29. > :10:33.listed in London, meeting to discuss all sorts of issues. We will touch
:10:34. > :10:39.on that later. Let's take a look on what is in store if you're watching
:10:40. > :10:43.Wall Street. This week is full of data that
:10:44. > :10:47.should spell more good news for the United States economic recovery. On
:10:48. > :10:54.Thursday, we will get a look at the number of Americans affected by
:10:55. > :10:58.unemployment. And on Friday, the Labor Department will release
:10:59. > :11:07.figures for October's producer price index. Full is the it will give a
:11:08. > :11:10.sneak peek on inflation. -- it will give a sneak peek on inflation and
:11:11. > :11:13.it is a piece of data that will be looked at to see whether or not
:11:14. > :11:21.interest rates will be raised. And how cable companies deal with
:11:22. > :11:26.competition from online streaming services. We will find out on
:11:27. > :11:29.Thursday. Changes in viewership will have set advertising revenue and
:11:30. > :11:38.will weigh on profit. Let's stay with the markets. Pleased
:11:39. > :11:44.to see you. Can I just do this quote Mark Shand tell him I am Sally as
:11:45. > :11:48.well? I know that you want to say
:11:49. > :11:54.something about the steel. It is a big problem in Britain. It is a huge
:11:55. > :12:03.problem. The Government managed to hamstring us straightaway by making
:12:04. > :12:09.the power charges double what they are in Europe. If we have another
:12:10. > :12:17.cold snap as we had in 2012, we have shut the major plant since then, we
:12:18. > :12:21.will have blackouts. In Sheffield, Sheffield is shifting more steel
:12:22. > :12:23.highly manufactured, highway highly manufactured, highway
:12:24. > :12:27.engineer staff and doing very well indeed. It is the actual steel
:12:28. > :12:32.production itself, that is the area we are losing out to. The top end
:12:33. > :12:42.area, we are doing very well. So have a look at Sheffield. US jobs.
:12:43. > :12:48.271,000! The expectation was for 186,000. This is cracking and it
:12:49. > :12:54.means we big boss cannot say no no. She will have to make our mind up.
:12:55. > :13:02.The Fed do not agree with what is going on but now she has no choice.
:13:03. > :13:09.These basic figures... Now it is really... Immediate reaction in the
:13:10. > :13:12.markets, use the dollar rise significantly against the pound at
:13:13. > :13:18.that looks like it is a move how much? What, maybe. I would have
:13:19. > :13:21.moved before to say, actually, we trimmed the sales and are heading in
:13:22. > :13:24.that direction. Bearing in mind there is no sign of inflation. That
:13:25. > :13:29.will be one of the key measures to have but there is no choice now. We
:13:30. > :13:35.will see a law, slower world in the next few years. Raise rates now on
:13:36. > :13:44.the basis you can cut them later. You can talk to just the next time.
:13:45. > :13:51.-- Justin. Promise. Let's speak to... Later, we will be
:13:52. > :13:58.speaking to the founder of the pair fume empire, Jo Malone. She will be
:13:59. > :14:04.with us in the studio. This is Business Live, from business
:14:05. > :14:07.news. Let's talk about Britain's future in Europe. Of course a very
:14:08. > :14:12.hot topic at the moment and it will be one of the topics under
:14:13. > :14:16.discussion at the UK's conference of business leaders. The British Prime
:14:17. > :14:20.Minister, David Cameron, is addressing the CBI conference later.
:14:21. > :14:27.It will consider whether Britain will be more successful inside or
:14:28. > :14:30.outside the EU. Our correspondent is at the conference, where they are
:14:31. > :14:36.looking at the challenges facing business. What is going on?
:14:37. > :14:40.Welcome to the Grosvenor house hotel ballroom, where the glitterati of UK
:14:41. > :14:44.business will come to see David Cameron on the stage and about one
:14:45. > :14:47.hour give an update on how his negotiations for reform of the
:14:48. > :14:51.Russian ship between the UK and EU are going. The role of business in
:14:52. > :14:58.this referendum is important and very interesting. Businesses cannot
:14:59. > :15:03.vote but their voices powerful. You will see underneath the CBI, The
:15:04. > :15:07.Voice Of Business. They are largely saying they are in favour of staying
:15:08. > :15:12.in a reformed European Union. But that voice is being disputed.
:15:13. > :15:18.Another group, called Business for Britain is throwing their lot in
:15:19. > :15:24.with Vote Leave to see that this does not show the full voice of
:15:25. > :15:28.British business. The business voice came very late to the Scottish
:15:29. > :15:31.referendum and it is coming out of this one. Already there are deep
:15:32. > :15:37.divisions. David Cameron will be here and about one hour to outline
:15:38. > :15:48.how those renegotiations are going. You have a sit in Taiwan! -- suit
:15:49. > :15:53.and tie on! For once. That is something about radio. He is
:15:54. > :16:01.so lucky. He can dress down. If I was on radio, I would wear my
:16:02. > :16:03.pyjamas! Send us e-mails if you want a dress down day and we will tell
:16:04. > :16:06.the bosses. Spending cuts. Less tough than they look.
:16:07. > :16:10.This is about George Osborne, he is expected to announce today he has
:16:11. > :16:21.done deals with four Government departments. That is Treasury,
:16:22. > :16:25.Transport, local environment... That is significant cuts if it were
:16:26. > :16:30.confirmed. He is expected to make this announcement today. Abigail
:16:31. > :16:36.Hughes talking about this and David Cameron speaking at the CBI. Indeed,
:16:37. > :16:43.we will be all others like a rash. -- all over this.
:16:44. > :16:48.Our top story, ministers from the EU states will meet today to discuss
:16:49. > :16:54.this dire issue facing steelmakers in the region. Many plants have been
:16:55. > :16:57.close, thousands of jobs cut, the price of steel falling off a cliff
:16:58. > :17:03.and your's steel industry is pushing for tougher action on cheap Chinese
:17:04. > :17:09.imports which they say are falling down. They say are tsunami of
:17:10. > :17:14.Chinese steel. That is how it was described to me this morning. The
:17:15. > :17:21.British blog. Chinese tsunami of British Steel. -- the British
:17:22. > :17:25.bloke. Today's guest has a rags to riches story. Jo Malone is a
:17:26. > :17:32.successful businesswoman who is known for her perfume fragrance. She
:17:33. > :17:38.Lescott 14 with no qualifications. At the age of 21, she started her
:17:39. > :17:42.first business in the kitchen, mixing bath oils that she then sold
:17:43. > :17:47.her facial clients. They were so popular her husband quit his job to
:17:48. > :17:53.help get up and running in Chelsea, and she went on to run an
:17:54. > :17:56.multi-million pound fragrance business. In 1999, she sold the
:17:57. > :18:00.business to Estee Lauder and stayed business to Estee Lauder and stayed
:18:01. > :18:07.on for seven years before leaving. In 2011, she wants -- launched her
:18:08. > :18:21.new fragrance business and it is called Jo Loves. Jo Malone is here.
:18:22. > :18:30.Welcome. Can I start with this? Yes, go for it! I am going to get you to
:18:31. > :18:34.show us what this is all about. Why fragrances? I heard you have a good
:18:35. > :18:42.nose. You have that thing, haven't you? Apparently, I do. Apparently, I
:18:43. > :18:51.have that thing. I am dyslexic, so my nose is like Mike paintbrush. I
:18:52. > :18:58.tasted, I smell fragrance. You see colours? I see colour. Like the
:18:59. > :19:01.poppy, ie see the colour of the poppy and I need you smell something
:19:02. > :19:08.before I see the colour. Synaesthesia? Apparently. That is
:19:09. > :19:12.amazing. You left school at 14 with no qualifications and work in a
:19:13. > :19:16.florist at 16, which goes with all your senses, as you said. But then
:19:17. > :19:23.to actually create and make stuff... I wouldn't know where to
:19:24. > :19:38.begin. And the business sense behind it, webs that come from? It was cut
:19:39. > :19:44.dumber gut instinct. --. Inspect. I got my business knowledge from my
:19:45. > :19:49.father. He was also a magician. So I was the magician's assistant on
:19:50. > :19:53.Saturday. That is where I learnt the of entertainment and entertaining
:19:54. > :19:57.someone. The importance of a story. So all of those things. And my first
:19:58. > :20:01.job was in a flower shop, which I absolutely love. I love taking the
:20:02. > :20:05.flowers and making the bouquets and going to the market. Must have
:20:06. > :20:11.driven me crazy, all the smells around you constantly! I could watch
:20:12. > :20:14.when the market and when I ordered flowers, I would know where I was by
:20:15. > :20:20.smell. I would also know that the orange blossom that was freshest,
:20:21. > :20:23.because they did not allow strong because the body had not come out.
:20:24. > :20:31.It makes sense that you're making money is the smell. I mean,
:20:32. > :20:34.completely. He went from there, 21, mixing things in your kitchen and
:20:35. > :20:43.came up with fragrances and candles and the whole business. I would hear
:20:44. > :20:47.these genes in my head. -- tunes. I had eight or nine ladies, to have
:20:48. > :20:54.their faces done. As a little thank you, I created oil. It was a thank
:20:55. > :20:56.you to them for coming. One lady Wendy ordered 100 bottles and that
:20:57. > :21:05.was the crossroads and the timing point of everything. From there, we
:21:06. > :21:11.saw this huge kind of demand for products and I was making it in a
:21:12. > :21:15.little kitchen no bigger than that. It went to this multi-million pound
:21:16. > :21:19.business you created. In 1999, Estee Lauder knocked on the door. They
:21:20. > :21:23.might have been knocking on the door earlier than that, but you decide,
:21:24. > :21:30.yes, now 's the time to... What was like going from being your own
:21:31. > :21:35.business to working with them? Your market was different. As the creator
:21:36. > :21:38.and founder, I still continue to delight headed for a while. I was
:21:39. > :21:43.really happy for a long time creating and learning, travelling
:21:44. > :21:47.the world. Taking pictures... The whole thing was a wonderful,
:21:48. > :21:51.incredible adventure. We are fortunate running out of time but it
:21:52. > :21:55.was an incredible adventure, but then you're diagnosed with
:21:56. > :21:59.aggressive best cancer. You had to fight that and it was at that sort
:22:00. > :22:06.of time you left Estee Lauder. -- aggressive breast cancer. I spent
:22:07. > :22:14.one year fighting that and after one year, I was in the same person. I
:22:15. > :22:24.stepped away in 2006 and left. So then, Jo Loves was born? After five
:22:25. > :22:26.years, I wanted to go back in the industry and build another global
:22:27. > :22:35.brand and this is my little baby at the moment. It is one set, and then
:22:36. > :22:40.this is another one and it makes this one together. Unfortunately,
:22:41. > :22:47.we're running out of time we appreciate you coming in. Can you
:22:48. > :22:57.make that disappear? By! Thank you, Jo As ever, we would like to hear
:22:58. > :23:02.from you. Do get in touch. This is to be involved. The business live
:23:03. > :23:05.pages where you can stay ahead with other day's breaking business news.
:23:06. > :23:10.It'll keep you up-to-date with all the latest details with insight and
:23:11. > :23:14.analysis from the BBC's team of editors around the world. And we
:23:15. > :23:21.want to hear from you, too. Get involved on the BBC Business Life
:23:22. > :23:35.Web Page. You Can Also Find Us On Twitter And Facebook.
:23:36. > :23:48.Justin is back. We will look at some of the other stories in the business
:23:49. > :23:54.news today. This says, I love Snapchat, it is not as personal as
:23:55. > :23:58.Facebook. We will talk about that in more detail in a moment but first of
:23:59. > :24:01.all, Lufthansa. They have had a torrid year. We have lost count of
:24:02. > :24:06.how many strikes you have had to deal with. They have lost millions
:24:07. > :24:10.of dollars from the pilot strike. This is trying to compete with the
:24:11. > :24:13.Gulf carriers. This is the issue. All the old
:24:14. > :24:18.carriers have to try and reinvent themselves. BA had to go through
:24:19. > :24:22.this with Willie Walsh and Iberia, which is really painful. And they
:24:23. > :24:27.have done it and come through the other side and it is now making
:24:28. > :24:29.money. Making quite a lot of money. The French are not very good at
:24:30. > :24:34.reforms, as you can see. With reforms, as you can see. With
:24:35. > :24:37.cancer, you would have fought the would have addressed this but they
:24:38. > :24:42.have not. They are very conservative. We have got to get
:24:43. > :24:46.through this quickly and it will be painful. Anyone working and airlines
:24:47. > :24:49.to look at the ones that are successful and the other one is that
:24:50. > :24:55.we organise their business style. A lot of those, the heavy discounters,
:24:56. > :24:57.the exceptions would be the Middle Eastern ones, but again they start
:24:58. > :25:00.off with a blank sheet of paper. They start off and don't have the
:25:01. > :25:06.overhead is that the old-fashioned carriers have. Snapchat. Are you a
:25:07. > :25:12.user? Not argue. I thought it was user? Not argue. I thought it was
:25:13. > :25:16.something young people do not did things with. I did not realise it
:25:17. > :25:21.was such a big thing. Not just a lot of things, I have to clarify that.
:25:22. > :25:24.These things are developing like flowers blooming and then dying
:25:25. > :25:28.thereafter because the technology changes so quickly. And so the
:25:29. > :25:34.younger generation will click onto the next one. Meanwhile, Facebook,
:25:35. > :25:40.Twitter and the others have to catch up with the applications. Snapchat
:25:41. > :25:43.says it gets over 6 billion views a day. Is this bit worried or will it
:25:44. > :25:49.think, maybe we should buy this company? What you're finding is the
:25:50. > :25:54.bringing in more technology to try and beat it. Thank you very much.
:25:55. > :25:56.Pleasure. The table! Banging the table. We will see you later.
:25:57. > :26:06.Goodbye.