Browse content similar to 27/11/2015. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Aaron Heslehurst and | :00:11. | :00:13. | |
Russia prepares to crack down on trade with Turkey. | :00:14. | :00:20. | |
But is it in danger of doing more damage to its own economy? | :00:21. | :00:23. | |
Live from London, that's our top story | :00:24. | :00:25. | |
Russia prepares for wide-ranging economic sanctions | :00:26. | :00:41. | |
against Turkey after they downed one of their military jets | :00:42. | :00:44. | |
And have you got that Black Friday feeling? | :00:45. | :00:50. | |
From toasters to TV's, retailers are slashing prices today | :00:51. | :00:53. | |
in a bid to get your cash, but is it worth the hype? | :00:54. | :01:04. | |
As markets across Europe open we have the latest on the winners | :01:05. | :01:10. | |
holiday but will open for a shorter trading day later. | :01:11. | :01:12. | |
And we'll be getting the inside track on some of the biggest | :01:13. | :01:15. | |
stories of the week, with our Business Editor Kamal Ahmed. | :01:16. | :01:19. | |
the markets including the biggest merger in pharmaceutical history. | :01:20. | :01:25. | |
Today we want to know what you think of Black Friday - | :01:26. | :01:28. | |
Welcome to the programme. of time and money? | :01:29. | :01:49. | |
It hopes to put in place sanctions against the country in the next few | :01:50. | :01:56. | |
days - if the sanctions go ahead it's likely that both countries will | :01:57. | :02:02. | |
lose out economically. The countries do $33 billion worth of trade each | :02:03. | :02:05. | |
year - until events of this week that number was | :02:06. | :02:09. | |
Now Prime Minister Dmitry Medvedev has called for a range | :02:10. | :02:16. | |
of economic sanctions to be drafted within 2 days. | :02:17. | :02:19. | |
There are fears the TurkStream gas pipeline project, | :02:20. | :02:24. | |
which would supply Europe via Turkey, could be under threat. | :02:25. | :02:27. | |
Russia has already advised its people not to travel to Turkish | :02:28. | :02:33. | |
tourist resorts - normally the top destination for Russians. | :02:34. | :02:40. | |
.5 visited Turkey last year. -- 4.5 million. | :02:41. | :02:48. | |
It's already stepped up checks on Turkish food products - and | :02:49. | :02:50. | |
It's also putting pressure on Turkish businessmen. | :02:51. | :02:54. | |
39 delegates at an agricultural exhibition have been deported | :02:55. | :02:57. | |
Sir Andrew Wood, a Former British Ambassador to Russia and now an | :02:58. | :03:06. | |
Associate Fellow with the Russia and Eurasia Programme at Chatham House. | :03:07. | :03:09. | |
Thank you for coming in. We are talking about bans and restrictions, | :03:10. | :03:17. | |
they could hit joint investments between the countries, including | :03:18. | :03:21. | |
that people in. Do you think that Russia is in danger of cutting off | :03:22. | :03:25. | |
its nose to spite its face? Certainly. It is developed a habit | :03:26. | :03:32. | |
of sanctioning everybody. They are very unhappy with the Russian | :03:33. | :03:36. | |
population because the main seem trivial but depriving yourself of | :03:37. | :03:40. | |
tomatoes altogether, that is a blow to people. We looked last year at | :03:41. | :03:45. | |
the bands and the sanctions on food from the EU. Turkey had come in and | :03:46. | :03:51. | |
had been filling that Hall and feeding effectively the Russian | :03:52. | :03:54. | |
population. Are the in a situation where we might see popularity fall | :03:55. | :03:58. | |
for the Russian leader because of this? I think this is a temporary | :03:59. | :04:03. | |
phase. It is silent noise without having the long-term significance | :04:04. | :04:08. | |
yawned making the idea of the close Russian Turkish alliance rather | :04:09. | :04:14. | |
promote. The Turkish pipeline was a periodical idea. -- theoretical. It | :04:15. | :04:23. | |
did not have a great future. The trouble is both countries are ruled | :04:24. | :04:30. | |
by similar types of people. People who are easily insulted making the | :04:31. | :04:35. | |
decisions. It is difficult to find any kind of face-saving formula? The | :04:36. | :04:40. | |
Russians are accusing the Turkish Prime Minister of corruption. | :04:41. | :04:47. | |
Biggest temptation for the Turkish people to return that compliment. On | :04:48. | :04:51. | |
a day-to-day basis, which could put a dent in the economy, that is | :04:52. | :04:57. | |
energy. Correct me if I am wrong, 57% of Turkey's gas comes from | :04:58. | :05:05. | |
Russia. Turkey also buys energy like steel, wheat, if Roger was to turn | :05:06. | :05:13. | |
off some of its gas, they might start with 20%, what does Turkey do | :05:14. | :05:18. | |
with its energy? There are other countries in the region that have | :05:19. | :05:27. | |
gas and oil to spear. -- to spear. There is the potential for gas in | :05:28. | :05:32. | |
the Mediterranean. It would be get another one mistake on the part of | :05:33. | :05:37. | |
Russia. I do not see either country having a real interest in taking | :05:38. | :05:44. | |
this too far. I wonder how unique this situation is. Two countries | :05:45. | :05:47. | |
backing the opposite sides of the Serbian war but they are of huge | :05:48. | :05:52. | |
economic importance to each other. -- Syrian. From the respect -- | :05:53. | :06:01. | |
perspective of most of us, Russia will back President Assad and in | :06:02. | :06:06. | |
this case to attack Turkish cousins just over the border. It was | :06:07. | :06:11. | |
careless of the Russians to go so close to the border whether you | :06:12. | :06:15. | |
accept if they went over it. They were asking for trouble and behaved | :06:16. | :06:20. | |
with arrogance towards Turkey. The Turks are not prepared to put up | :06:21. | :06:25. | |
with that and neither is the Turkish president. We should not be | :06:26. | :06:28. | |
surprised by what happened. Thank you very much for coming in and | :06:29. | :06:30. | |
talking as through that. The publisher of Hong Kong's South | :06:31. | :06:38. | |
China Morning Post has confirmed it In a filing to the stock exchange it | :06:39. | :06:41. | |
says it has received a 'preliminary The BBC understands that Chinese | :06:42. | :06:48. | |
e-ecommerce giant Alibaba is Mining giants BHP Billiton and Vale | :06:49. | :06:52. | |
have rejected a UN report which says mud released | :06:53. | :06:59. | |
in the Brazilian mine disaster A village was engulfed and | :07:00. | :07:01. | |
at least 13 people were killed when a dam burst at the San Marco | :07:02. | :07:08. | |
iron ore mine. UN experts earlier said there was | :07:09. | :07:12. | |
evidence the flood contained "high levels of toxic heavy metals | :07:13. | :07:17. | |
and other toxic chemicals". BHP though says | :07:18. | :07:20. | |
the debris poses no danger. Consumer goods giant Unilever | :07:21. | :07:23. | |
says it will switch to using Its also pledged to stop using | :07:24. | :07:25. | |
coal for energy within five years. The announcement comes ahead of the | :07:26. | :07:31. | |
global climate summit which begins in Paris on Sunday - where almost | :07:32. | :07:35. | |
200 countries will try to agree It is Black Friday today. Ben is out | :07:36. | :08:05. | |
at an electronic store. It is not curry as in the food. This is a very | :08:06. | :08:10. | |
unscientific poll about who is shopping today. There is nobody in | :08:11. | :08:19. | |
the shop he is in. It is not the scenes that we saw last year where | :08:20. | :08:22. | |
people were pouring in and fighting each other over flatscreen | :08:23. | :08:27. | |
televisions. He says are braving the coast today, 91% of the people he | :08:28. | :08:40. | |
has surveyed have said, no. We've only really had one year of Black | :08:41. | :08:46. | |
Friday. I was going to talk to you about something else. Let us move | :08:47. | :08:47. | |
on. Let's take a look round the world | :08:48. | :08:49. | |
at what business stories are making In China stocks have fallen sharply | :08:50. | :08:52. | |
- closing down more than 5%. Let's get more on this from Rajeshni | :08:53. | :08:59. | |
Naidu-Ghelani who is in Singapore. There is a series of reasons. If you | :09:00. | :09:10. | |
are events have shaken the investor confidence in the mainland market | :09:11. | :09:14. | |
today. First we had disappointing data which showed industrial profits | :09:15. | :09:19. | |
fell 46% and it over from one year ago. Igniting concerns of the | :09:20. | :09:26. | |
economy slowing down. 4.6%. And then a crackdown by regulators on | :09:27. | :09:30. | |
leveraging. And the biggest security firms saw big losses because | :09:31. | :09:34. | |
regulators said they were investing major brokerages. We know there is | :09:35. | :09:38. | |
increased pressure on the trading firms since the dramatic sell-off of | :09:39. | :09:42. | |
Chinese shares in the summer. It is a first batch that would make a | :09:43. | :09:46. | |
debut next week which will draw more liquidity from the market. Investors | :09:47. | :09:49. | |
in China have quite a bit to worry about today. Thank you very much. | :09:50. | :09:53. | |
You have a good weekend. The big drop in Chinese industrial | :09:54. | :09:56. | |
profits plus the lower value of China's yuan appear to have set | :09:57. | :09:58. | |
off a wave of selling And the bigger concern is certainly | :09:59. | :10:01. | |
the potential for China to steadily Also a fairly disappointing range | :10:02. | :10:12. | |
of Japanese data released today, Europe - the euro continued to | :10:13. | :10:24. | |
falter, hovering near 7month low. Europe - the euro continued | :10:25. | :10:41. | |
falter, hovering near a 7 month On expectations that the European | :10:42. | :10:44. | |
Central Bank could announce further Now in the US the markets have been | :10:45. | :10:47. | |
closed because of Thanksgiving. Today people will be trying to work | :10:48. | :10:53. | |
off some of that turkey dinner as they hit the high street and hunt | :10:54. | :10:56. | |
for some Black Friday bargains. Black Friday is now slowly beginning | :10:57. | :10:59. | |
to spread around the world with European shops increasingly | :11:00. | :11:02. | |
embracing the sales day. Here's a little look at what it | :11:03. | :11:04. | |
means in the US, the UK and China. The United States for Black Friday | :11:05. | :11:15. | |
as the day before buying is given, it traditionally marked the holiday | :11:16. | :11:19. | |
shopping season. Last year, 87 million people rushed to the stores | :11:20. | :11:26. | |
shop online for the chance to save money, spending $9 billion. Whether | :11:27. | :11:28. | |
you can call it the most famous shopping day is up for debate. Each | :11:29. | :11:31. | |
year retailers are bringing your sales earlier and earlier to out | :11:32. | :11:38. | |
competitors. British retailers decided to get in on the act. One | :11:39. | :11:44. | |
major credit card company reckons we will spend nearly $3 billion in the | :11:45. | :11:48. | |
UK today. One third more than last year. The question is could this be | :11:49. | :11:53. | |
the peak, fights broke out last year and some retailers are scaling back. | :11:54. | :11:59. | |
Asda, owned by Walmart, are not taking part. Here in Hong Kong, the | :12:00. | :12:06. | |
big day for discount shopping has already passed. China does not | :12:07. | :12:10. | |
celebrate Black Friday, instead it has what it calls single speed, | :12:11. | :12:16. | |
we're on the 11th of November, online retailers offer discounts of | :12:17. | :12:23. | |
up to 70% off regular prices. The online shopping giant Ali Bacher | :12:24. | :12:27. | |
run-up purchases of more than 14 billion US dollars. Making single | :12:28. | :12:31. | |
state a much bigger sales stayed on Black Friday. | :12:32. | :12:38. | |
Joining us is Mike Amey, managing director | :12:39. | :12:40. | |
James Newman said, the reduction should be 80% for Black Friday, not | :12:41. | :12:56. | |
25%. It is not worth it, I is spending the day at Chatsworth | :12:57. | :12:59. | |
house. If you want to know where James Newman as he is at Chatsworth | :13:00. | :13:09. | |
house. Have a lovely day. The ongoing concerns that Chinese | :13:10. | :13:13. | |
currency could be devalued, explained to us by the IMF is set to | :13:14. | :13:20. | |
include the Chinese currency as part of its standard drawing rights in | :13:21. | :13:25. | |
the Baskett by the 30th of November. What does that mean? The IMF is the | :13:26. | :13:32. | |
entity that lends to countries that nobody else will lend money. They | :13:33. | :13:38. | |
are the lender of last resort. It is the question of what cash will be | :13:39. | :13:42. | |
IMF want to lend to a country. You have to lend them cash which has | :13:43. | :13:47. | |
value in all markets. They define that as including the standard | :13:48. | :13:54. | |
drawing rights. Dollars, euros, Stirling and again. The benchmark of | :13:55. | :13:58. | |
the global trading currencies. Being in that gang is a good gang to be | :13:59. | :14:04. | |
in. -- the Japanese currency. That is official confirmation you are in | :14:05. | :14:09. | |
the top tier. The euro is having its worst run in history against the | :14:10. | :14:16. | |
Chinese currency, what is going on? Is it to do with policy decisions? | :14:17. | :14:21. | |
The Japanese and the Europeans have been trying to print cash to keep | :14:22. | :14:25. | |
the economy is going. The Japanese have tempered down their enthusiasm | :14:26. | :14:29. | |
for printing cash and the Europeans are going in the opposite direction. | :14:30. | :14:33. | |
As the Europeans start printing more cash and the Japanese hold fire, the | :14:34. | :14:38. | |
natural response is the value of the usual has to go down due to the | :14:39. | :14:43. | |
amount in circulation against the yen. We will see that next week. Do | :14:44. | :14:51. | |
come back. We have got lots of papers to get through. | :14:52. | :14:55. | |
Still to come we look back at the weeks biggest business | :14:56. | :14:58. | |
stories, including the biggest pharmaceuticals deal in history. | :14:59. | :15:00. | |
The US drugs giant Pfizer sealed a deal to buy the Botox-maker | :15:01. | :15:07. | |
Allergan for $160 billion at the start of the week. | :15:08. | :15:10. | |
The takeover could allow Pfizer to escape relatively US corporate tax | :15:11. | :15:12. | |
rates by moving its headquarters to Allergan's Dublin base. | :15:13. | :15:21. | |
You are with this is live on BBC News. Let us take a look at some of | :15:22. | :15:34. | |
the UK stories. Earlier this morning, cut-price deals were put | :15:35. | :15:38. | |
online overnight, Black Friday, we have heard about the expectations, | :15:39. | :15:45. | |
and our very own Ben Thompson, last week we talked to you. He was in | :15:46. | :15:49. | |
Salford and now you are in an electric store, Currys, on your own. | :15:50. | :15:58. | |
What have you done to everybody? Welcome to Brentford and it is Black | :15:59. | :16:02. | |
Friday, no repeat of those big crowds that we saw last year, you | :16:03. | :16:06. | |
remember those pictures fighting over this sort of stuff, it was | :16:07. | :16:12. | |
televisions, laptops, washing machines, to try and get their hands | :16:13. | :16:19. | |
on some of this. Nonetheless, it is Black Friday so that means that | :16:20. | :16:22. | |
retailers are trying to get more people through their doors to get | :16:23. | :16:27. | |
more money through. All of those scenes of people fighting last year, | :16:28. | :16:31. | |
retailers are very keen not to see a repeat of that because it was not | :16:32. | :16:35. | |
good for business and Black Friday actually cost businesses money, in | :16:36. | :16:39. | |
terms of extra security, opening their doors earlier. There is also | :16:40. | :16:46. | |
the issue of all of those orders that coming at the last minute | :16:47. | :16:52. | |
whether they can get to people on time. We have got somebody from a | :16:53. | :16:57. | |
credit card company, what is in this for retailers, because it strikes me | :16:58. | :17:01. | |
that there is a lot of added cost, do they make money? It is a very | :17:02. | :17:08. | |
good question, it is yet to be proven as a concept, this is a | :17:09. | :17:12. | |
concept that came through several years ago. Last year it only read it | :17:13. | :17:17. | |
came in, it is only going to work if you get value for the customer. The | :17:18. | :17:22. | |
deals, that you had to wait after Christmas for, we are now seeing | :17:23. | :17:26. | |
some of those in the period before Christmas. Thank you very much | :17:27. | :17:32. | |
indeed: More from you later, that is the issue, expected to be the | :17:33. | :17:37. | |
biggest shopping day of the year, ?1 billion, many people choosing to do | :17:38. | :17:43. | |
it online, no reports, of websites going down online, more from us a | :17:44. | :17:49. | |
bit later, I will see you soon. STUDIO: There are more BBC people | :17:50. | :17:56. | |
down at that store than apparently shoppers! It will be me later. You | :17:57. | :18:08. | |
are watching business live, Russia is preparing wide ranging economic | :18:09. | :18:12. | |
sanctions against Turkey after Turkey downed one of its military | :18:13. | :18:17. | |
jets on the border with Syria, the Prime Minister Dmitry Medvedev says | :18:18. | :18:19. | |
that the measures will be drafted within days and it could also hit | :18:20. | :18:24. | |
multibillion-dollar gas and oil investments. Let us get the inside | :18:25. | :18:29. | |
track on some of the big stories that had been hitting the headlines | :18:30. | :18:34. | |
this week. Our business editor joins to take us through lots of things, | :18:35. | :18:38. | |
but we are going to start with the big drug steel, I was on air that | :18:39. | :18:45. | |
day. We are talking about the maker of Viagra, bought the maker of | :18:46. | :18:52. | |
Botox. There is a joke there somewhere, we will not | :18:53. | :18:57. | |
repeat it at this time of the morning. Pfizer is taking over | :18:58. | :19:04. | |
another one, the Chief Executive of Pfizer remains the chief executive | :19:05. | :19:08. | |
of the increased size to business if it goes through, and it will be | :19:09. | :19:14. | |
called Pfizer. But technically it is a reverse takeover, the smaller | :19:15. | :19:18. | |
businesses actually taking over Pfizer, that allows for this taxing | :19:19. | :19:24. | |
version which is a key for Pfizer, in terms of the wider deal. It can | :19:25. | :19:29. | |
move its domicile from New York where the corporation tax rate is | :19:30. | :19:33. | |
35%, to Ireland where the corporation tax rate is 12.5%, you | :19:34. | :19:39. | |
do the maths. That is why Pfizer thinks it is so important. Has the | :19:40. | :19:43. | |
US not being trying to crack down on this? Yes but if it is a reverse | :19:44. | :19:50. | |
takeover the rules are different? They have tried to tax down -- they | :19:51. | :19:58. | |
have tried to crack on this type of taxing version, but there is | :19:59. | :20:05. | |
gridlock between Democrats and Republicans so despite Obama wanting | :20:06. | :20:09. | |
to rain this in, on what critics say is avoiding American taxes on | :20:10. | :20:13. | |
profits globally, there has been no agreement about it. But I think | :20:14. | :20:17. | |
there is quite a high chance that politics will intervene on this deal | :20:18. | :20:22. | |
and maybe change some of the terms of the deal because the break fee | :20:23. | :20:25. | |
which is usually put at billions of dollars for this, is only $400 | :20:26. | :20:30. | |
million if there is a political reason why the deal does not go | :20:31. | :20:35. | |
through. It looks like the deal will not complete until the end of next | :20:36. | :20:40. | |
year, Hillary Clinton, presidential candidate, has already said that she | :20:41. | :20:44. | |
does not like the has Bernie Sanders. There is quite a high level | :20:45. | :20:49. | |
of political risk in the deal, investors are worried about that | :20:50. | :20:52. | |
because both share prices fell immediately after the announcement. | :20:53. | :21:00. | |
We did see that. The other big story was the spending review, although | :21:01. | :21:04. | |
the latest round of cuts are shallower, the British State looks | :21:05. | :21:07. | |
like it is taking on quite a different shape in the future? | :21:08. | :21:13. | |
Absolutely there is a feeling that the British economy is growing | :21:14. | :21:17. | |
faster than expected, interest rate payments on UK debt will be lower | :21:18. | :21:21. | |
giving George Osborne Finance Secretary some room for manoeuvre. | :21:22. | :21:26. | |
What was very interesting of course, this has dominated western economies | :21:27. | :21:30. | |
across Europe, is the question security being so important. The | :21:31. | :21:35. | |
British government announcing increased funding for the security | :21:36. | :21:39. | |
services, no cut in the police services domestically. I think it | :21:40. | :21:43. | |
shows how much, countries like Turkey and Russia, Paris, France, | :21:44. | :21:48. | |
the UK, the economy is now have to be assessed with the issues of | :21:49. | :21:52. | |
security and that is dominating really the economic discussion. We | :21:53. | :21:57. | |
are going to have to leave it there, I'm afraid that we have run out of | :21:58. | :22:01. | |
time but we will have you on the show I am sure in future as always. | :22:02. | :22:06. | |
In a moment we will take you through the business pays is but first, a | :22:07. | :22:10. | |
video that has been doing very well on the BBC website, it is about the | :22:11. | :22:16. | |
Dulwich picture Gallery in London, one of the first to offer a reality | :22:17. | :22:21. | |
tour of the collection. The very first visual visitors were young | :22:22. | :22:24. | |
patients at the nearby Kings College. Take a look. | :22:25. | :22:38. | |
Della mac it is an art gallery with pictures everywhere, it feels like | :22:39. | :22:44. | |
you are everywhere. I have been to quite if you are at galleries, it is | :22:45. | :22:49. | |
quite realistic, you do get the feel of being there and seeing all of the | :22:50. | :22:55. | |
paintings, it is really cool. It is not as good as the actual thing, it | :22:56. | :23:00. | |
is not as good as a proper art gallery. You can definitely tell kit | :23:01. | :23:04. | |
is fake but for a little person they probably think it is the most | :23:05. | :23:06. | |
amazing thing in the world. That was a very Joe Mattock end to | :23:07. | :23:15. | |
the peace and you can see many more videos on our website. What other | :23:16. | :23:20. | |
business stories have been taking the media by storm? We just want to | :23:21. | :23:26. | |
start with this one, this is in the Wall Street Journal, this is all | :23:27. | :23:31. | |
about South Korea and being able to do a bit of a U-turn when it comes | :23:32. | :23:35. | |
to its Asian problem, too many men? That is | :23:36. | :23:43. | |
right, this is a great story, for a number of years, there is a | :23:44. | :23:48. | |
challenge of too many men, male births compared to female births, | :23:49. | :23:59. | |
150 to 120. Thankfully, Korea has led some movements to address that | :24:00. | :23:59. | |
and normalise things and issue than Korea, if you look at | :24:00. | :24:12. | |
things like China, the one child policy, if career can make this turn | :24:13. | :24:14. | |
and great news. And in one generation? | :24:15. | :24:25. | |
Yes. Speaking of population control, an astonishing story in China daily, | :24:26. | :24:30. | |
Beijing is vowing control over population growth, 21 million people | :24:31. | :24:36. | |
and they want a ceiling of 23 million. How will they do it? In a | :24:37. | :24:40. | |
controlled economy thereof ways that you can do that. In reality, the way | :24:41. | :24:46. | |
that you do it is that you move parts of the state out of ageing, | :24:47. | :24:53. | |
whether it be state enterprises, if you say, for any particular | :24:54. | :24:57. | |
department, it is going to move out, I think that is how they will do it. | :24:58. | :25:01. | |
People want to go to Beijing because it is the centre of the action. I | :25:02. | :25:06. | |
don't know how much time we have got. Eddie Jones, joins, he is now | :25:07. | :25:20. | |
the England rugby coach commie was the Japanese rugby coach, Japan | :25:21. | :25:25. | |
famously beat South Africa in the Rugby World Cup. He has got a very | :25:26. | :25:30. | |
big thank you courtesy of the private sector, joining the board of | :25:31. | :25:34. | |
Goldman Sachs in Japan. If he was short of incentives, there is yet | :25:35. | :25:42. | |
another want to encourage him. There you go. That is it I'm afraid, thank | :25:43. | :25:50. | |
you very much. You are going off to a shop to do some broadcasts. Will | :25:51. | :25:56. | |
you pick me up something. That is it from business live, goodbye. | :25:57. | :26:03. |