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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