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This is Business Live from BBC News with Ben Thompson and Sally Bundock. | :00:00. | :00:18. | |
Live from London, that's our top story on the 24th of November. | :00:19. | :00:44. | |
European governments are wrapping up security spending, so what is the | :00:45. | :00:49. | |
cost and how will they pay for it. Also in the programme, the BBC | :00:50. | :00:56. | |
learns that VW can cheat official EU pollution test in the same way they | :00:57. | :01:01. | |
did in the US. The trading day is under way in Europe. Paris is down | :01:02. | :01:03. | |
over 1%. Germany, not far behind. assess white and talk through the | :01:04. | :01:13. | |
negative day in Asia. How did the largest businesses | :01:14. | :01:18. | |
be here with the inside track on the demands of global businesses | :01:19. | :01:23. | |
with Yahoo boss Marissa Meyer is wearing thin, and time is running | :01:24. | :01:46. | |
Now what is the cost of keeping Europe safe? | :01:47. | :01:48. | |
The Paris terror attacks and the ongoing lockdown in Brussels, | :01:49. | :01:50. | |
the capital of Belgium, has prompted countries across Europe to | :01:51. | :01:54. | |
The French government has announced a boost | :01:55. | :02:01. | |
of $641 million to its security budget at home for next year. | :02:02. | :02:03. | |
That's expected to cover the cost of hiring 5000 more police officers | :02:04. | :02:06. | |
as well as buying more specialist equipment. | :02:07. | :02:12. | |
As a result, the French government has already said it will fail to hit | :02:13. | :02:16. | |
The Belgian government has also set aside an additional $427 million | :02:17. | :02:20. | |
These funds will help reinforce border checks and put | :02:21. | :02:28. | |
And in the UK, Prime Minister David Cameron has outlined plans | :02:29. | :02:35. | |
for up to 10,000 troops that could be deployed onto British streets in | :02:36. | :02:38. | |
In total the UK plans to spend an additional $18 billion | :02:39. | :02:45. | |
Anthony Leather is a senior consultant | :02:46. | :02:53. | |
at Frost Sullivan covering Aerospace, Defence and Security. | :02:54. | :03:01. | |
Good morning. Just talk us through how significant these numbers are. | :03:02. | :03:06. | |
It is easy to look at the amount being spent by governments in Europe | :03:07. | :03:11. | |
to combat this threat. How significant are big in a time when | :03:12. | :03:15. | |
many defence budgets have been cut? Over the last few years we have seen | :03:16. | :03:20. | |
a decline in defence budgets and now that increases following recent | :03:21. | :03:24. | |
events. We were always going to see a strong response to events like | :03:25. | :03:30. | |
these and the numbers that reported there, the 600 million euros by | :03:31. | :03:34. | |
France, 400 million by Belgium and the recent announcements in the UK | :03:35. | :03:39. | |
yesterday, is in line to show the public and tissue businesses, to | :03:40. | :03:44. | |
instil confidence. Governments are taking this seriously and are | :03:45. | :03:45. | |
putting the clap measures in place to these attacks. What will this | :03:46. | :03:52. | |
might look like on the ground? How will this be spent and what the | :03:53. | :03:58. | |
public see? We are seeing, especially in France and Belgium, | :03:59. | :04:01. | |
information that they will make borders more robust, spend money | :04:02. | :04:07. | |
there, as well as putting 520 ground troops in and around specific | :04:08. | :04:11. | |
places. France has an increasing number of trips on the ground. In | :04:12. | :04:15. | |
the UK, through the defence budget we are looking at troops being | :04:16. | :04:18. | |
deployed, what we will see over the next few days is police budgets | :04:19. | :04:22. | |
being cut. The visible presence on the ground of police might be | :04:23. | :04:27. | |
produced and the only way they can continue to keep the levels of | :04:28. | :04:30. | |
security there is to be slightly more clever with the budgets they | :04:31. | :04:34. | |
have got, the more operationally efficient and invest in technology. | :04:35. | :04:39. | |
We have talked before about the day-to-day cost and whether that is | :04:40. | :04:43. | |
a hotel bookings down, people not travelling to countries affected by | :04:44. | :04:46. | |
events. It is hard to put a number on that, but it strikes me that some | :04:47. | :04:51. | |
of this spending is to reassure people. This is a visible sign they | :04:52. | :04:55. | |
are trying to do with this problem, to reassure people in the longer | :04:56. | :04:59. | |
term that it is safe to go to these countries. Absolutely. In the short | :05:00. | :05:07. | |
term we saw a blip on the markets. Investors retained their confidence. | :05:08. | :05:11. | |
In the medium term, we are looking at consumer confidence, people going | :05:12. | :05:15. | |
out and spending money, especially around Christmas, will continue? The | :05:16. | :05:20. | |
government projection of security is critical to boost that and richer | :05:21. | :05:24. | |
economies continue to grow. In the long term, there will be continued | :05:25. | :05:28. | |
investment to ensure that there are security measures in place. Whether | :05:29. | :05:31. | |
they are visible and different levels of troops and people on the | :05:32. | :05:35. | |
ground or whether they are more discrete solutions, the investment | :05:36. | :05:39. | |
in intelligence services has been reported, cyber security has been | :05:40. | :05:44. | |
widely reported, but also less visible presence of security and | :05:45. | :05:47. | |
more of the discrete security to keep citizens safe is expected. | :05:48. | :05:53. | |
Volkswagen says it has found technical solutions for more than | :05:54. | :05:56. | |
90% of its cars in Europe affected by the emissions cheating scandal. | :05:57. | :06:01. | |
Its chief executive has described it as 'good news', | :06:02. | :06:03. | |
saying the recall process is now financially and technically viable. | :06:04. | :06:07. | |
VW is recalling about 8.5 million cars in Europe. | :06:08. | :06:12. | |
Alibaba founder, Jack Ma, is reportedly in talks to buy | :06:13. | :06:14. | |
a stake in the publisher of Hong Kong's South China Morning Post. | :06:15. | :06:19. | |
If confirmed, the investment would be the latest in string of deals | :06:20. | :06:22. | |
in news and advertising, adding to Alibaba's growing media empire. | :06:23. | :06:24. | |
Both Alibaba and the South China Morning Post have | :06:25. | :06:29. | |
New data from Japan shows manufacturing activity climbed to | :06:30. | :06:37. | |
Industrial output edged up to 52.8, up from 52.4 in October, | :06:38. | :06:44. | |
suggesting Japan's economy returned to growth this quarter. | :06:45. | :06:46. | |
The manufacturing index is now the highest it's been since March | :06:47. | :06:53. | |
last year, ahead of the increase in sales tax. | :06:54. | :07:03. | |
Let's take a look round the world at what's business stories are | :07:04. | :07:06. | |
Confirmation of a $160 billion deal coming through. The concern is what | :07:07. | :07:25. | |
is known as tax inversion, whether Pfizer will move its headquarters to | :07:26. | :07:30. | |
Ireland. The attacks are coming from Hillary Clinton, Donald Trump. We | :07:31. | :07:34. | |
know what they are up to so they are being frugal. Especially important | :07:35. | :07:40. | |
ahead of an election. Other stories on the life peers. The Jaguar boss | :07:41. | :07:44. | |
warning of lower profits this year. He said they were committed | :07:45. | :07:49. | |
significantly less than in 2014. It reported a pre-tax loss of ?157 | :07:50. | :07:56. | |
million. It has also announced large investment in factories around the | :07:57. | :08:02. | |
world. Quite interesting. It... That was a big portal that lit up in | :08:03. | :08:07. | |
China. But destroyed thousands of Jaguar cars. That is reflected in | :08:08. | :08:15. | |
this story. One brief on. The IKEA boss was speaking to Steph on | :08:16. | :08:19. | |
breakfast and it is a pretty full interview, to be fair. Staff asking | :08:20. | :08:24. | |
her if the company had a band of people playing hide and seek. Steph | :08:25. | :08:32. | |
tried, but she didn't get far. The boss said she didn't have experience | :08:33. | :08:38. | |
in this market in the UK. I bet she can put shells together really well. | :08:39. | :08:41. | |
That must be a prerequisite for the job. | :08:42. | :08:48. | |
Shares of troubled Japanese display maker Sharp are on the climb today. | :08:49. | :08:51. | |
Rajeshni is in our Asia Business Hub in Singapore following the story. | :08:52. | :08:56. | |
What is going on? There are rumours flying today. Shares skyrocketed as | :08:57. | :09:09. | |
much as 35% today on a couple of big reports. First, local media said | :09:10. | :09:13. | |
that a state fund might invest in the struggling company with its | :09:14. | :09:18. | |
Japanese lenders agreed to write off some of its loans. It has been built | :09:19. | :09:23. | |
up twice in three years but its banks and the second reported | :09:24. | :09:27. | |
floating around is that they are in talks to sell their loss-making unit | :09:28. | :09:32. | |
to a government fund which is a unit of an Apple supplier. Sharp is known | :09:33. | :09:41. | |
for solar panels and TVs, but is facing competition from cheaper | :09:42. | :09:44. | |
rivals in China. They have pulled out North American market. They are | :09:45. | :09:50. | |
asking their employees to buy their products in attempts to boost sales. | :09:51. | :09:56. | |
If the banks boost some -- forgive some of its debt it will be a huge | :09:57. | :10:09. | |
step forward. That boosted markets. You can see a mixed picture | :10:10. | :10:12. | |
emerging. That is the close last night in the United States. But look | :10:13. | :10:16. | |
at Europe. Germany had some growth numbers out today. The third-quarter | :10:17. | :10:20. | |
growth figures. They were not that doesn't. We will talk about those in | :10:21. | :10:26. | |
a moment. Growth, .3 of a percent, down from the second quarter. France | :10:27. | :10:31. | |
is down more than 1%. And now Michelle Fleury can tell us | :10:32. | :10:34. | |
us what will making the headlines in the business world in the | :10:35. | :10:37. | |
United States today. Hewlett-Packard will make one last | :10:38. | :10:46. | |
appearance when the two companies is split into report combined earnings | :10:47. | :10:51. | |
for the last time. HP, which includes the printer and PC business | :10:52. | :10:56. | |
is expected to report strong earnings. Should pack of | :10:57. | :11:02. | |
enterprise, the services business, could disappoint. Meanwhile, the | :11:03. | :11:07. | |
luxury jeweller, Tiffany 's, is due to report glittering numbers were | :11:08. | :11:11. | |
reports third quarter earnings. Pay attention to the latest revision to | :11:12. | :11:16. | |
US GDP numbers. They will show an annual growth rate of 2.1% in the | :11:17. | :11:22. | |
third quarter. Michelle in new workforce. -- new York for us. | :11:23. | :11:28. | |
Joining us is Richard Lewis, head of Global Equities at | :11:29. | :11:31. | |
GDP down slightly. There are a couple of things in there. This | :11:32. | :11:41. | |
influx of refugees which Germany is welcoming is having as positive | :11:42. | :11:47. | |
impact on figures because the activity of providing temporary | :11:48. | :11:50. | |
housing and food for them is stimulative and that comes through | :11:51. | :11:55. | |
in higher government spending. On the downside, there is a slightly | :11:56. | :12:00. | |
less strong performance from the German trade machine, which is known | :12:01. | :12:07. | |
for churning out traffic figures, but exporter with. It is not too hot | :12:08. | :12:12. | |
and not too cold, which is perfect for financial markets. That will not | :12:13. | :12:17. | |
cause any concerns for stock markets or bond markets. As Michelle was | :12:18. | :12:23. | |
herding, we will get US growth figures, and a thing like that would | :12:24. | :12:26. | |
be digested with lots of interest in the decision next month. The Fed | :12:27. | :12:32. | |
boss Michael decision is done and dusted. The GDP figures are backward | :12:33. | :12:40. | |
looking. It is more about the monthly jobs report and I would not | :12:41. | :12:45. | |
expect any data to come out which would derail the intention to raise | :12:46. | :12:52. | |
rates this time. A quick word on the Pfizer did. Confirmed after a month | :12:53. | :12:57. | |
of speculation. Some concern in the US about this tax inversion. Pfizer | :12:58. | :13:01. | |
moving their headquarters to Ireland to pay 12 and a half percent tax | :13:02. | :13:08. | |
rather than 35% in the US. This is a hot topic. Five -- Pfizer has been | :13:09. | :13:14. | |
paying 20 or 22% tax. That is after allowances. Very few people pay the | :13:15. | :13:19. | |
full US tax it. With this tax inversion they could get down to 12% | :13:20. | :13:27. | |
were even lower. That is clearly attracting the ire of politicians | :13:28. | :13:32. | |
and why not? Having said that, it is built with me that this deal has | :13:33. | :13:37. | |
attracted the ire of the markets. The markets have welcomed all these | :13:38. | :13:42. | |
days so far with great cheers. This time, the markets have marked the | :13:43. | :13:44. | |
shares are down and that is interesting. We will talk more about | :13:45. | :13:49. | |
this a little later. For now, thank you. | :13:50. | :13:50. | |
What business is used by 98% of the UK's 100 leading companies? | :13:51. | :13:54. | |
The boss of BT Global Services will be here to tell us why keeping | :13:55. | :13:59. | |
the world's largest companies connected is big business. | :14:00. | :14:08. | |
British engineering giant Rolls-Royce is to launch a major | :14:09. | :14:10. | |
restructuring programme according to new chief executive Warren East. It | :14:11. | :14:14. | |
comes after four profit warnings in just over a year. Simon Jack has the | :14:15. | :14:20. | |
He has his work cut out today. He must convince shareholders. An | :14:21. | :14:37. | |
enormously important company. Busy prestige engineering company. It | :14:38. | :14:41. | |
employs 21,000 people. It accounts for 2% for goods exported from the | :14:42. | :14:47. | |
UK. They have had problems. Some of their blockbuster products, their | :14:48. | :14:50. | |
aircraft engine is getting old, so that has not been much cash getting | :14:51. | :14:54. | |
in. When your cash this is high you get profit warnings. The market does | :14:55. | :15:01. | |
not like that. We have had four in the past year. The share price has | :15:02. | :15:05. | |
fallen nearly 50% in a year. Today, we are expecting him to give a plan | :15:06. | :15:10. | |
to convince shareholders he will take cost. We will not get job loss | :15:11. | :15:14. | |
numbers, but he will give them a road map for a more prosperous | :15:15. | :15:17. | |
future. The order book is pretty full. It is current sales which are | :15:18. | :15:22. | |
disappointing. They have a big ring in show business and that is making | :15:23. | :15:26. | |
engines for oil tankers around the world. Demand for them has | :15:27. | :15:34. | |
Warren East will layout his plan today. Thank you very much, Simon. | :15:35. | :15:40. | |
Rolls-Royce, the engineering firm, keep an eye on that stock today as | :15:41. | :15:46. | |
he starts to share his idea with investors. A great story in the | :15:47. | :15:52. | |
Guardian. This is news from the boss of British Airways, Willie Walsh | :15:53. | :15:56. | |
talking about the cost of the proposed third runway for Heathrow. | :15:57. | :16:00. | |
He says the solution to the executor nat costs is ?17.6 billion. He says | :16:01. | :16:04. | |
that actually by charging for toll roads around the airport might be | :16:05. | :16:08. | |
one way of paying for that expansion. I wonder how that would | :16:09. | :16:12. | |
go down with those who live locally who have to deal with the extra | :16:13. | :16:16. | |
aircraft, etcetera? The cost of flying by the time you have got to | :16:17. | :16:21. | |
the airport and through the new airport and you have paid for your | :16:22. | :16:27. | |
new water. It goes on and on, taxes etcetera. Etcetera. Send in your | :16:28. | :16:32. | |
thoughts. It is always good to hear from you regarding the stories we're | :16:33. | :16:38. | |
covering. You can reach out viate BBC Live | :16:39. | :16:46. | |
page. -- via the BBC Live page. | :16:47. | :16:49. | |
Brussels is in its third day of lockdown, | :16:50. | :16:52. | |
with the city on the highest level of alert over fears of a Paris-style | :16:53. | :16:56. | |
The rising cost of keeping European cities safe is now forcing | :16:57. | :17:00. | |
governments to make tough decisions about their budgets and a number | :17:01. | :17:03. | |
of nations including France are expected to | :17:04. | :17:04. | |
30 years ago British Telecom, as it was known then, was sold off by the | :17:05. | :17:17. | |
We were talking about the Yahoo boss. Keep your comments coming in | :17:18. | :17:29. | |
and we will cover them later. Let us know whether you still use | :17:30. | :17:31. | |
yahoo. 30 years ago British Telecom, as it | :17:32. | :17:34. | |
was known then, was sold off by the UK government as part of a raft of | :17:35. | :17:39. | |
privatisations. The firm has since emerged as a global telecoms giant | :17:40. | :17:43. | |
with a pre-tax profit of ?2.6 In order to maintain its growing | :17:44. | :17:51. | |
profitability, BT is now focusing on | :17:52. | :17:57. | |
global expansion. The Global Services division has customers in | :17:58. | :17:59. | |
170 countries and is primarily responsible for managing | :18:00. | :18:01. | |
international companies' communication, data and IT networks. | :18:02. | :18:02. | |
Its clients include 98% of FTSE 100 companies and 82% of the Fortune | :18:03. | :18:05. | |
500. That business is generating increasingly large sums of cash for | :18:06. | :18:09. | |
the group. The division made an operating profit of $800 million | :18:10. | :18:13. | |
last year, significantly up on the figures for 2014. The man behind | :18:14. | :18:16. | |
those cheery numbers is Luis Alvarez. After joining in 1999, he | :18:17. | :18:25. | |
rose through the ranks before becoming the Chief Executive of BT | :18:26. | :18:31. | |
Global Services in 2012. What is global services and how do | :18:32. | :18:49. | |
they work? We use the power of communications to make a better | :18:50. | :18:52. | |
world and our role in global services is to help companies or | :18:53. | :18:56. | |
governments or global companies to really expand the business and | :18:57. | :19:00. | |
become more efficient, using the technology we provide to them. We | :19:01. | :19:05. | |
are an extension of their business. This is internet access, security, | :19:06. | :19:09. | |
Cloud, computing, mobile services for staff and that sort of things? | :19:10. | :19:17. | |
Thing? We replicate what in the way we connect people. We connect their | :19:18. | :19:21. | |
offices and their manufacturing centres. They are thousands of | :19:22. | :19:33. | |
kilometres away and we do that in a secure environment. Looking at your | :19:34. | :19:37. | |
client list, it does sound impressive. 98% of FTSE 100 | :19:38. | :19:43. | |
companies and 82% of Fortune 500. That's a sizeable chunk, but you | :19:44. | :19:47. | |
have strong and able competitors out there and as I was saying to you | :19:48. | :19:51. | |
when I met you earlier, when I think of BT, I don't think of innovation, | :19:52. | :19:56. | |
pioneering, new, the place to be, I think of old school, been around a | :19:57. | :20:00. | |
long time, once a nationalised company? We are in business | :20:01. | :20:07. | |
communications and we love to have competition because it forces us to | :20:08. | :20:09. | |
be a better company, but at the same time it means every day you need to | :20:10. | :20:16. | |
earn the trust of your customers. You touched on the security issue. A | :20:17. | :20:22. | |
lot of attention of late on hacking, on cyber threats to businesses and | :20:23. | :20:26. | |
you have talked a lot about trying to move into Cloud computing and | :20:27. | :20:29. | |
enabling firms to store information in the Cloud so they can access it | :20:30. | :20:33. | |
everywhere. What conversations do you have with your clients about | :20:34. | :20:36. | |
security to make sure they are not vulnerable to attack? Well, the | :20:37. | :20:40. | |
first one is making sure that they are aware that cyber security has to | :20:41. | :20:45. | |
be on the agenda. From the CEO to all the people in the company, they | :20:46. | :20:51. | |
have to be aware of the risks and how to protect themselves and how to | :20:52. | :20:54. | |
protect the assets they have, as well as their customers, they | :20:55. | :20:57. | |
operate with them. Cyber security has to be one of the critical | :20:58. | :21:02. | |
elements of the discussions a the board level. In terms of the | :21:03. | :21:09. | |
response you get, and the concern, for CEOs is it now one of their top | :21:10. | :21:12. | |
questions when they are approached by you or they are a current client | :21:13. | :21:17. | |
of yours, with regards to how you provide services to them? Well, no | :21:18. | :21:21. | |
doubt, I think we do provide the services. We have 2500 people around | :21:22. | :21:26. | |
the globe who are able to either make an assessment and consult or we | :21:27. | :21:32. | |
are able to run the services in the cyber environment. Yeah, it is a | :21:33. | :21:44. | |
growing line of business. You call yourselves a intrinsic line of the | :21:45. | :21:49. | |
community. Without the services you're able to offer and your | :21:50. | :21:53. | |
rivals, you're contributing to the global economy. You are creating | :21:54. | :21:56. | |
jobs and that's now an essential part of business? Well, I think we | :21:57. | :22:02. | |
are living in a digital transformation. When I was younger | :22:03. | :22:14. | |
now you can Justin Trattou listen to the music and streaming while you | :22:15. | :22:22. | |
run. For companies they are able to have with Fiat we provide them for | :22:23. | :22:28. | |
research and development, we work with Williams Formula One. They have | :22:29. | :22:32. | |
200 sensors on their Formula One cars. They are connected to their | :22:33. | :22:36. | |
head quarters so they have faster information and you have faster, | :22:37. | :22:42. | |
more secure mobile network as a result of our business. Luis Todd | :22:43. | :22:49. | |
for coming -- thank you for coming in. We want to mention your comments | :22:50. | :22:55. | |
coming in about Yahoo. We were asking you at the start of | :22:56. | :23:00. | |
the programme, the boss of Yahoo mid-way through a big turn around | :23:01. | :23:04. | |
plan for the K we have been asking you whether you still use Yahoo. I | :23:05. | :23:10. | |
Google says one viewer because I have grown up with it. What about | :23:11. | :23:16. | |
the yo Ben one. Maybe that tells us more about Andrew's age. He says yo | :23:17. | :23:24. | |
Ben tell the boss of Yahoo they are so 1990s, there is cobwebs forming | :23:25. | :23:31. | |
on the Yahoo website! One viewer says, "Lack that branding edge anden | :23:32. | :23:38. | |
ovation over competitors." My nine-year-old just asked me what is | :23:39. | :23:42. | |
Yahoo and that sums up the problem with the firm! This is how to get in | :23:43. | :23:45. | |
touch with us. In a moment, we'll take a look | :23:46. | :23:54. | |
through the Business Pages but first as part of a new BBC series, we have | :23:55. | :23:57. | |
been looking at 30 entrepreneurs One is Brit Morin, | :23:58. | :24:00. | |
founder and CEO of Brit and Co. It is difficult to start a company | :24:01. | :24:08. | |
when you are so young. I think a lot of people discredit you for not | :24:09. | :24:11. | |
having enough experience. I have mentors who is the CEO of Yahoo and | :24:12. | :24:17. | |
I'm inspired by women who build large global brands around | :24:18. | :24:22. | |
themselves like Oprah and Taylor Swift. I'm Brit Morin and I'm the | :24:23. | :24:30. | |
founder of Brit and Co which is a commerce company dedicated to | :24:31. | :24:33. | |
helping women and girls to become more creative. | :24:34. | :24:35. | |
You can find out more about our 30 under 30 series | :24:36. | :24:38. | |
All 30 entrepreneurs talk about their experiences | :24:39. | :24:41. | |
What other business stories has the media been taking an interest in? | :24:42. | :24:47. | |
Richard Lewis is joining us again to discuss. | :24:48. | :24:52. | |
Richard, nice to see you. We have been talking different stories. For | :24:53. | :25:04. | |
the internet companies that are making money from ads, not good | :25:05. | :25:08. | |
news. Not good news for Yahoo. It takes it from one side to the other, | :25:09. | :25:15. | |
doesn't it? Yahoo's core business is funded by display advertising on | :25:16. | :25:19. | |
PCs, desk tops. Let's think about what is wrong with that. Well, first | :25:20. | :25:23. | |
of all, there is the issue of ad blocking, the trend is towards | :25:24. | :25:26. | |
mobile and it is towards social media. The core business of Yahoo is | :25:27. | :25:31. | |
not where it needs to be for the 21st century internet. | :25:32. | :25:39. | |
Quickly, the billionaire who bought it, he did it on an Amex card, he | :25:40. | :25:47. | |
got a load of air miles? Well, that's what the 1% of the 1% do with | :25:48. | :25:54. | |
their money, isn't it? Air miles go to money. Richard nice to see you. | :25:55. | :25:58. | |
We will see you soon. Have a really good day. We will be here this time | :25:59. | :26:01. | |
tomorrow. Thanks for your company. Bye-bye. | :26:02. | :26:12. | |
Good morning. It wasn't quite as cold a start. It was frost-free | :26:13. | :26:13. |