12/11/2015 BBC Business Live


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Hello, everybody, this is business live from BBC News. The Indian Prime


Minister heads for the UK with billions of dollars of deals on the


table, but it's Britain in danger of missing out on India's economic


rise? That is our top story today on Thursday the 12th of November.


From being one of India's top trading partners, the UK is now just


12th on the list. Trading between the two felt almost 10% in the last


year despite the pledge by the British Prime Minister to double it.


Also, could self driving trucks be good news for truck drivers. They


say yes because the computer in the cab will take out the boring bits of


the journey. As usual we will explain the


markets. They have come down and we will explain why.


We will be joined by this man, who is described as the trip advisor for


the workplace. It is a website where current and former employees rated


the companies where they work. We will be asking him can you believe


the information out there? Tell tell us what you think about the


driverless trucks. Get in touch. Welcome to the programme. An


historic opportunity, that is what the British Prime Minister David


Cameron is calling a visit by his Indian counterpart to the country.


He lands in a couple of hours' time. India's economy is expected to


grow more than 7% this year, probably outstripping the growth


rate in China. There is a huge amount at stake for Britain. Is


Britain doing enough to build on those economic ties? India's trade


with the UK was worth $14.3 billion last year, less than with countries


like China, the US, Saudi Arabia and even Belgium. Looking at the


figures, the UK is only India's 12th biggest trading partner. Trading


fell almost 10% in the last financial year, despite a pledge by


David Cameron two double it. What could be worrying for the future?


The number of Indian students choosing to study in the UK has


slumped to half in the past four years.


We can speak to an Indian born entrepreneur. Tell us how


significant this trip is and the next few days? Some described the


trade relationship between India and the UK as pitiful, even Belgium


exports more to India than we did. I think this visit is quite historic,


it has been almost ten years the last time anyone came. I think it is


an opportunity to grow the business between the two countries. Mr Modi


has had some bad election results and he is hoping good business deals


will turn the mood around in India. I have been here for 14 years and I


realised you Brits have a love affair with India and historic ties.


Why the slippage in trade between the two? All our exports from India


have slipped over the last couple of years. The rate of exports from


India was clothing, textiles, diamonds, etc, which has been


slumping a lot. The British retail, like Tesco, were trying to get into


India, but they faced hurdles. But we have seen successes with the


likes of Vodafone. But we think British businesses can work on this


chance, like the financial services, could have a go at the


Indian businesses. What deals are likely to be done? India is very


receptive in the defence sector at the moment. They want to attract


foreign investment into local manufacturing. Mr Modi has got this


made in India campaign where he expects to attract a lot of foreign


investment into various fields like defence and the food industry. Local


employment can be created. I want to talk about the drop in students.


That is a concern here, I guess Indian students are choosing


elsewhere to study? It is partly driven by the British visa


restrictions. If you look at it since the Visa rules were changed,


probably because of the EU influx of foreigners, the Indian students


earlier were permitted to work for an extra year or so and that has


been taken away. Secondly, they have now included the students under the


oral English cat which is a bone of contention. I am sure that will be


brought out on this visit. It is fascinating to talk about this,


thank you for coming in. It will be talked about over the next few days.


It probably will. That is Alibaba, we were talking


about this yesterday. $14.3 billion of goods were sold in one day.


Yesterday was known as singles day in China. It is a mock festival for


people not in a relationship and has turned that data into a huge


shopping day which outstrips America's Black Friday and cyber


Monday combined. The sales were up 60% on last year.


The Australian dollar has been surging. It came in far stronger


than expected. Australian employers created 58,000 jobs last month. They


are expecting about 50,000, a massive jump compared with


expectations. The jobless rate has dropped to 5.9%.


That is good news, but not good news if you live outside and you go home


every year for a visit and it is more expensive!


Lots of other stories out there. There is plenty on the Business Live


page. Looking at Rolls-Royce, their shares have fallen today. It faced


increased profit headwinds. That is its warning about future profits.


Burberry profits were stronger and sales were stronger, but again


warning about challenges and China in particular. A lot of companies


coming out with mixed news. We will look at Rolls-Royce later


on. I am curious if it is across the border or is it the car side by the


end in sight? Let's go straight over to


Singapore. You are going to talk about the world's biggest PC makers.


Some people are not buying PC as much any more. That is right. The


tech industry is dealing with major changes. The Chinese company had a


loss of $7.4 million. The reasons for this are acquisitions and


restructuring costs. Last year they bought ability from Google as part


of its strategy to deal with the town downturn in the business. It


spent hundreds of millions of dollars clearing smartphone


inventories. But its shares were up over 5% in Hong Kong because


investors were expecting the loss to be much bigger than it was. Always


great stuff, talk to you soon. Let's stay with the markets. Much of the


Australian dollar. Oil prices have eased, they are still very low.


is the funny thing about the markets, the current funny thing


about the global markets, which are driven by the perception of the


central bank action. We listen to what the bankers say and then


investors come in and then the moves are exaggerated. In the United


States huge expectations on both central banks. Experts say with the


huge expectations on those central banks, there is limited opportunity


for now. Let's head over to the United States. New figures are


expected to Americans applied for unemployment


benefits last week, evidence of job growth continues to strengthen into


November. It adds more weight to the November. It adds more weight to the


notion that the Federal reserve will raise rates. We saw the US oil


crisis slide of the US energy information Administration is


expected to report on Thursday that US crude supplies are grown for a


seventh straight week. That fourth-quarter earnings. They have


been losing advertising dollars over likely investors.


facing as viewers shift to online streaming services. James Hughes is


with us, chief market analyst. Nice to see you. A lot


mention Rolls-Royce in a bit more detail, the shares really falling


today. This is the aerospace element of the business, what about the


future? This is a big thing. Rolls-Royce make massive jet engines


for the majority of aeroplanes out there. It shows something about the


air industry. We have had low oil prices pushing a little higher of


late and that affects things. The aerospace industry is an uncertain


area. Especially airlines and business travel. Corporate jet


engines is what they are struggling to sell.


2015, but they are down now. Let's talk about the markets in general.


We try to avoid talking about the US Federal reserve because it gets a


bit boring after a while. The markets are down, and the US dollar


is pretty high at the moment. This is the situation. I know the Federal


reserve is boring everyone to tears, but we have to talk about it. They


looked like they are going to do it in December, but they looked like


they were going to do it in September as well. The dollar is


strong on the back of that, but raising rates is bad news for equity


markets and good news for the US dollar. We are seeing moving the


markets in the right way, which we do not see these days. It is


interesting, but the problem we will get is if we get to December and the


Federal reserve do not raise interest rates and the markets go


crazy, then we are all back to square one. If they do not do it in


December we are going to go over there and talk to Janet year land.


If she listened to you say that, that would be another reason for how


to do it. How do you apply for a job changing?


We are joined by the boss of a website called Glass Door, which


allows you to find out what the company is to work like before you


even set foot in it. First, some other stories critical


to the UK. If you are over 65 and want to buy a new home, there is


good news. Age limit rules on mortgages are set


to be relaxed by Britain's building societies. Lenders typically in the


borrowers pay back home and by the time they are 7075 because they want


to be sure they want to get their money back.


Let's be nice about it! But the combination of longer life


expectancy and the demand for mortgages for older people means of


building societies are having a rethink.


People are now living longer and they are living in a very


definitely. Sometimes they live lives differently and they leave


their property to help the children get on the housing ladder. Age


limits have been in place for an number of years. It has fired off a


debate about whether the mortgage market is flexible enough to cater


for the ageing population. Building societies will review their age


limits to make sure we can facilitate people to have the life


they want in retirement. HMRC staff could find out today if it is


closing. 170 of its offices across the country could be replaced by 13


regional accent is according to the Daily Telegraph. It is designed to


save millions of pounds and is likely to result in redundancies


amongst its 56,000 staff. There has been criticism of its


customer service recently with people saying it was so bad it could


be affecting tax collection. It is your turn.


Burberry said sales have picked up in the third quarter, compared with


the second quarter. An adjusted pre-tax profit of 153 million quid.


Better than the experts were expecting. It has been struggling


with a slowdown in demand. That is from China where it does more than a


third of its business. This is a deal expected to be done


in the next couple of days. India wants more of our pilot


training jets. Good that deal is clenched. That is one of the ones


they are discussing. The Indian Prime Minister is


beginning a three-day visit to the UK. He is the first Indian Premier


to come to Britain in nearly a decade. Millions of dollars of trade


deals are expected to be signed. Imagine if you knew what a company


was like to work for before you apply for a job.


That would no doubt influence your decision to apply to go there.


Glass Door is a job site described as the trip advisor for job-seekers.


You can check out what the potential of your employers might be like by


reading anonymous reviews by employees and former employees.


The co-founder describes himself as a major geek. He runs his 550 person


start-up by day and still personally codes by night.


When not running the company or coding he is playing computer games


with his sons. He has been known to say that his company would not be


around, if it were not for computer games. He is with us here to tell us


more. Welcome, Robert. It all sounds intriguing. I wish Glass Door was


around when I was applying for jobs. How did you come up with this idea?


I had been lucky to be part of the Expedia journey and what happened on


my travels is we took the travel agent green screen which agents used


to have and you would bang away at the keyboard and interpret the


results and give it to people and it was powerful. I looked around after


Expedia about the big decisions people made in their lives and I


fell in love with this. When they choose where to go to work it is one


of their biggest decisions in their lives. You came up with this idea


after leaving Microsoft and Expedia and you took a year off. He took a


year off to play a video game. Which one was it? World Of Watercraft. A


year? I learned a couple of things about myself and for the first time


I saw the power of people engaging with each other using technology,


which is what was happening in this game. You were playing with other


human beings. That is what our company is about, it allows people


to find other people find a company that they love. They talk about the


parts of the company they love, the things that they wished to be


better. If they could sit down with the CEO, they would say, how much


they wanted to change this, how much they earn. One of the criticisms of


trip advisor and other sites is when you are looking at it you do not


know how much of it is genuine or people having a gripe because they


were not upgraded to a better room or whatever. How do we know when we


read about the company that all the comments on their are genuine


reviews as opposed to somebody who may be a bit bitter because they did


not get the promotion they wanted? That is one of the most important


things about the site. Everything is pin modified before it goes on. We


shake the community and enforce rules and guidelines. Back to the


person who has a negative experience, our opinion is there one


viewpoint is as valid viewpoint. We go to great lengths to make sure


they cannot stuff the ballot box with multiple reviews. We want to


hear all those stories from different employees. We have been


trained from 20 years of consuming reviews on trip advisor and other


places to find a story that speaks to us. Was it difficult when you


started to start getting the information? We started in the Bay


area in California in the States and we started with software engineers.


Anywhere we could find software engineers, for a chance to win an


iPad at the time, we would ask them to tell us how much money they made


and what it was like to work at their companies. When we launched,


within 48 hours we had data from 100 countries around the world. This


transparency, the need to know what it will be like before you work for


a company and what they pay rapidly transcended it. You said you knew


you had an impact on the jobs market because company bosses were ringing


you up because they were not happy with their rating. Tell us how you


make money. It sounds like it is a very time-consuming job. You have a


lot of people working for you. Do people advertise on your site? We


make money helping companies recruit. Our mission is to help


people find a job and company that they love. Companies want that as


well. They want people who are committed and we send companies are


really high qualified candidate. Employer brand is becoming


important. As the war for talent grows and we are all fighting for


the small pool of talented individuals, how strong your


employer brand is determines whether or not you get those people.


Apparently the BBC rates not bad. 73% approval rate. There you go.


Nice to meet you. In a moment we are going to take you


through other stories out there, but first of all here is a reminder of


how you can keep across all you need to know. On the live page you can


stay ahead with all the breaking news and it will keep you up-to-date


with all the details and analysis. We want to hear from you. Get


involved on the BBC Business Live web page. You can find us on Twitter


and on Facebook. On TV and online whenever you need to know.


James is back. You were an earlier as well! In the States trucks haul


$700 billion of goods. That is an important factor for that economy.


Yes, it is a big number. We talk about driverless trucks, but they


are not necessarily driverless. The companies are saying it is not a


matter of losing drivers or drivers being unemployed, but they are


making it safer. They want it so tiredness does not come into it.


These trucks need somebody in them operating them, driving them. A lot


of these companies are paying employees more money because they


are aiming at people who understand software rather than those who can


just drive a truck. It is a big shift in business and it is to make


things safer and not necessarily in the short-term saving a lot of


money. It sounds good in theory, but you have to find out what it will be


like in real life. Computers do not need Red Bull to keep them going.


From Red Bull to beer. This is an enormous merger. It has to go


through the competition authorities. Today SAB Miller came


out with their results and they were not that great. The numbers were not


that great. It posted pretty poor figures when you look at it. And


they played hard to get. Yes, they did and considering they were paid


50% more than they were looking in the first place, they will look at


these figures and they will say, this is not good. A key point is


this still has to go through the competitions authority. Commission


depending on which country. And we are talking about the SAB Miller


brand. We are going to end it there. That is all from Business Live. See


you soon.


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