12/11/2015 BBC Business Live

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.