:00:00. > :00:07.This is Business Live from BBC News with Ben Thompson
:00:08. > :00:13.Britain has four months to decide whether to stay in or leave
:00:14. > :00:42.Live from London, that's our top story on Monday 22nd of February.
:00:43. > :00:45.In or out - the countdown begins for Britain to decide
:00:46. > :00:47.in or our of the world's largest trading club.
:00:48. > :00:49.We assess the case for and against the European Union.
:00:50. > :00:52.Also in the programme: Banking giant HSBC predicts a bumpier road ahead
:00:53. > :00:54.because of China's slowdown, even as profit swells
:00:55. > :01:00.And as China removes its securities regulator over
:01:01. > :01:05.We'll have all you need to know for the day ahead
:01:06. > :01:11.Many would like to say so but are perhaps
:01:12. > :01:16.Well later in the show we get the inside track on "Do-it-yourself"
:01:17. > :01:20.curries from a woman how knows how ? in fact she has made a very
:01:21. > :01:40.And the latest Lego mini figure is a stay at home dad
:01:41. > :01:43.Is this political correctness gone mad or an important step
:01:44. > :01:47.You know how to get in touch just use the hashtag BBCBizLive.
:01:48. > :01:52.The Mayor of London, Boris Johnson has announced
:01:53. > :01:54.he will campaign for Britain to leave the European Union.
:01:55. > :01:58.The decision has seen as a huge blow to the Prime Minister and comes
:01:59. > :02:01.after EU leaders agreed a package of reforms to the UK's membership
:02:02. > :02:08.Many of the changes relate to migration and benefits
:02:09. > :02:11.but agreements were also reached on a number of economic issues.
:02:12. > :02:14.On trade - it was agreed that Britain could keep the pound
:02:15. > :02:17.while being in the EU - without facing discrimination
:02:18. > :02:23.because it hadn't adopted the single currency.
:02:24. > :02:26.There are also safeguards for Britain's large financial
:02:27. > :02:28.services industry to prevent Eurozone regulations
:02:29. > :02:34.And it also calls on EU institutions to cut red tape.
:02:35. > :02:38.Despite the agreement though, those supporting Brexit say the EU
:02:39. > :02:42.imposes too many rules on business and charges billions of pounds
:02:43. > :02:45.a year in membership fees for little real return.
:02:46. > :02:48.The referendum on whether or not Britain should remain in the EU
:02:49. > :03:05.Kamal Ahmed, BBC Economics Editor is here.
:03:06. > :03:12.So, the deal was done, it has been talked about all we can. Give us
:03:13. > :03:16.your take on how good or bad it is. A lots of people will be making
:03:17. > :03:23.arguments about the nuances of the deal. Actually, when you look at
:03:24. > :03:26.what moves people's volts, I think the bigger economic picture will be
:03:27. > :03:31.far more important. I think we will see, on the issue of economics, lots
:03:32. > :03:36.of very big numbers thrown around. We do over ?220 billion of trade
:03:37. > :03:41.with the EU every year. It is a very important export market for the UK.
:03:42. > :03:49.The UK itself is the fifth largest economy in the world, so an
:03:50. > :03:53.important export market for the EU. I think it is important, over the
:03:54. > :03:56.next few months, that we do not expect economics to provide hard and
:03:57. > :04:01.fast answers. Many businesses will come out and say that they think we
:04:02. > :04:09.should stay in the European Union. That may sway some people's votes.
:04:10. > :04:13.Businesses like HSBC still say they want to stay in London, even if we
:04:14. > :04:19.were to leave the European Union. The debate is quite nuanced, and
:04:20. > :04:26.there will be no clear answers on economics. All the economic numbers,
:04:27. > :04:30.there is an old joke, you lay every economist end to end and they still
:04:31. > :04:35.do not reach a conclusion. After four months, it will be difficult to
:04:36. > :04:40.get conclusive facts on the economy. From that point of view, it is quite
:04:41. > :04:46.similar to the Scottish referendum. I remember prior to that vote, there
:04:47. > :04:51.were lots of very strong arguments for and against and they were using
:04:52. > :04:55.economic size a key point, and yet the opinions were starkly different.
:04:56. > :04:59.From the point of view of the person ticking the box, it is hard for them
:05:00. > :05:03.to know which one is right or wrong or otherwise. That's right. Whatever
:05:04. > :05:09.the outcome of the referendum in June, whether we stay or leave the
:05:10. > :05:14.European Union, businesses are dynamic. People will not sit there
:05:15. > :05:21.and say, that is the result, so what will happen next will be this, this
:05:22. > :05:25.and this. Businesses will react in different ways. There will be some
:05:26. > :05:35.market signals. We can expect pressure on sterling if it looks
:05:36. > :05:38.like we're coming up. Businesses servicing their debts, they might
:05:39. > :05:46.find it more expensive to service those because investors in that debt
:05:47. > :05:52.will ask for higher prices because of businesses being affected by
:05:53. > :05:55.leaving the European Union. As you say, the notion that the public can
:05:56. > :05:59.look at a set of economic numbers and say, those are the right ones
:06:00. > :06:05.and those are the wrong ones, that is difficult because after any
:06:06. > :06:10.event, whether we stay on leave, the economy, nation states, we'll all
:06:11. > :06:16.react in myriad ways. The important point is, our big trading partners
:06:17. > :06:21.outside the EU, countries like China and America, have made clear that
:06:22. > :06:24.they think at least that Britain in the European Union is better for
:06:25. > :06:28.trade with those countries. It is important to point out that sterling
:06:29. > :06:33.is already down today because of the situation with borrowings -- Boris
:06:34. > :06:42.Johnson saying he is on the side of Brexit. In business, you have the
:06:43. > :06:47.FTSE 100 businesses, the majority of them saying they are for staying in.
:06:48. > :06:52.In small and medium-sized companies, there is mixed opinions. It comes
:06:53. > :06:55.down to the issue of mules. Many of the companies in Britain do not do
:06:56. > :07:01.any trade at all with the European Union but do have to deal with
:07:02. > :07:07.regulations from there. A letter will come out in the times tomorrow
:07:08. > :07:11.morning from business owners. Many of them will say they want to stay
:07:12. > :07:15.in. The public needs to understand that even if large businesses are
:07:16. > :07:21.coming up, the business opinions are very changeable. Thank you very
:07:22. > :07:31.much. Needless to say, he is going to be all over this until the 23rd
:07:32. > :07:43.of June. Like the rest of us! Yes, leave is cancelled!
:07:44. > :07:53.There have been huge falls in the value of the Shanghai stock market.
:07:54. > :08:00.Samsung has unveiled its new smartphones. Some analysts say that
:08:01. > :08:03.the overall design is very similar to last year's model, which could be
:08:04. > :08:08.a challenge for the smartphone maker.
:08:09. > :08:11.UK and European banks have failed to sell any so-called Coco bonds
:08:12. > :08:13.this year amid worries about the health of the banking sector.
:08:14. > :08:15.Cocos - short for contingent convertible bonds -
:08:16. > :08:18.are turned into shares if a bank starts to struggle.
:08:19. > :08:19.European banks raised around 50-billion dollars
:08:20. > :08:27.But in 2016, none have been issued, amid wider investor fears
:08:28. > :08:37.HSBC is grabbing all the attention today, coming out with its full-year
:08:38. > :08:48.results. This is the Chief Executive, Stuart
:08:49. > :08:55.Gulliver. His total compensation last year fell by 3.7%. He made
:08:56. > :09:03.$7.34 million. Not bad. Sorry, pounds. $10.5 million. HSBC shares
:09:04. > :09:21.are down. It may be Europe's biggest bank,
:09:22. > :09:24.but the slowdown in China has Pre-tax profits at Europe's biggest
:09:25. > :09:28.bank rose 1% to $18.9 billion Sharanjit is has the details
:09:29. > :09:39.in our Asia Business Hub. HSBC are blaming slower economic
:09:40. > :09:40.growth in China for what is likely to be a bumpy road ahead for its
:09:41. > :09:51.growth prospects. Despite being Europe's largest bank,
:09:52. > :09:57.it is actually this part of the world, Asia, which accounted for
:09:58. > :10:02.most of its profit last year. Even though its chairman said that
:10:03. > :10:06.China's slowdown means -- may cause problems, it will continue to be the
:10:07. > :10:11.largest contributor to global growth. Stuart Gulliver said the
:10:12. > :10:18.bank would continue to deliver on those cost-cutting measures
:10:19. > :10:26.announced last year. It will also stay in London if the UK makes a
:10:27. > :10:34.Brexit. Those shares are down in Hong Kong, almost 5%.
:10:35. > :10:36.Here's how Asian markets finished with the Nikkei shrugging off early
:10:37. > :10:39.losses to close higher at the start of the trading week.
:10:40. > :10:42.That slight move higher for oil prices helping give a boost
:10:43. > :10:47.to optimism with a potential freeze by key producers on the cards again.
:10:48. > :10:50.The removal of China's securities regulator who oversaw last year's
:10:51. > :10:58.market volatility also going down well with investors.
:10:59. > :11:07.This is how Europe has opened and all eyes are on the pound today.
:11:08. > :11:14.In the wake of that news about the EU referendum, the pound has fallen
:11:15. > :11:20.by more than 1.5% against the dollar.
:11:21. > :11:25.All that on the news of a date for the UK EU referendum on 23rd
:11:26. > :11:27.June and the news that London Mayor Boris Johnson
:11:28. > :11:29.is to campaign for Britain to leave the European Union.
:11:30. > :11:32.We'll talk more about that in a moment, but first what's
:11:33. > :11:54.Wearable technology - a fad or the future? Fitbit is expected to have
:11:55. > :12:00.done well after the holiday period. The market wants to know what the
:12:01. > :12:07.management is doing. There is a lot out there for the likes of Apple and
:12:08. > :12:12.Adidas in this market. As for the share price, it has been a
:12:13. > :12:19.roller-coaster. Fitbit shares doubled in value since last year.
:12:20. > :12:30.Currently, they trade 20% below their IPO price. GoPro issued a
:12:31. > :12:34.profits warning earlier this year. Joining us is James Bevan,
:12:35. > :12:45.Chief Investment Officer at CCLA Good morning. Great to be here. The
:12:46. > :12:54.starting gun has been fired, we know it is June the 23rd. When you say
:12:55. > :12:58.the gun has been fired, for many people, it was five months ago. Now,
:12:59. > :13:03.the gloves are off and we will have some real campaigning. We still
:13:04. > :13:13.don't know what the big issues are. That is what is worryingly --
:13:14. > :13:25.investors. -- worrying investors. The bonds market may come under some
:13:26. > :13:30.pressure. Looking at the securities regulator, markets are taking a lot
:13:31. > :13:38.from this. All the volatility we so in the Chinese markets, all of that
:13:39. > :13:47.pinned on one man. He is gone. It is a very serious issue for the Chinese
:13:48. > :13:51.to understand. They are pulling in a former banker who clearly has
:13:52. > :14:01.experience and who will make better -- will make sure... They are trying
:14:02. > :14:09.to raise capital for small and medium-sized enterprises. The casino
:14:10. > :14:16.style of banking for private investors has been a big problem.
:14:17. > :14:21.We have lots of economic data today. This is quite interesting. People
:14:22. > :14:25.are saying, the markets are going back up, this is back to the races,
:14:26. > :14:30.great news. I do not think this rally will take us back to the prior
:14:31. > :14:35.highs. The corporate earnings numbers are so weak. We might see
:14:36. > :14:45.zero growth in the United States in the current year. The FTSE is above
:14:46. > :14:47.6000. Should we celebrate that? Don't get carried away. We will see
:14:48. > :14:53.how long it lasts. We meet the boss of Spice Tailor
:14:54. > :14:58.who tells us that the best currys aren't from your local takeway,
:14:59. > :15:01.they're those you rustle up at home. You're with Business
:15:02. > :15:06.Live from BBC News. The publisher, Trinity Mirror,
:15:07. > :15:08.has revealed more details of the first new stand-alone
:15:09. > :15:11.newspaper to be published in the UK The New Day represents a gamble
:15:12. > :15:17.in the current climate Our Business correspondent
:15:18. > :15:39.Simon Jack joins us An interesting time, isn't it, Ben?
:15:40. > :15:44.An exclusive look for BBC viewers of a dummy copy of the New Day. It will
:15:45. > :15:47.launch next week for real. It will be free on day one. It will be 25
:15:48. > :15:52.pence thereafter for two weeks and then it will settle at 50 pence.
:15:53. > :15:56.Now, I'm told it is aimed at women and men, who else is there? You
:15:57. > :16:02.might well ask? I'm told by the Chief Executive, the reason they put
:16:03. > :16:06.it in that order with its blue title, they are prioritising females
:16:07. > :16:10.who don't buy a newspaper. They don't think it will cannibalise
:16:11. > :16:14.anything else, but you might remember the Independent and the
:16:15. > :16:17.Today which this reminds me a little bit of, but let's not forget the
:16:18. > :16:21.realities of the newspaper publishing business and that is that
:16:22. > :16:25.circulations are dwindling as more people move online and once online,
:16:26. > :16:30.people are very reluctant to pay for it. It will be up against other
:16:31. > :16:34.commuter reads like Metro, but what they are hoping is the success of
:16:35. > :16:38.the I, recently sold to Johnston Press, showed that people are
:16:39. > :16:45.prepared to pay a little bit of money for a daily read. The
:16:46. > :16:49.Independent will be going online next week, exactly the moment when
:16:50. > :16:54.this hits the newsstands. There will be an empty slot at the newsstands
:16:55. > :16:57.in March and the publishers are hoping this will fill it. How
:16:58. > :17:00.convenient. Thank you, Simon. So that's an interesting story.
:17:01. > :17:03.And The Guardian says Sainsbury's expected to ask for more time
:17:04. > :17:08.in Home Retail Group battle, but if the Takeover Panel does not
:17:09. > :17:14.grant an extension the supermarket will be forced to either
:17:15. > :17:20.raise its ?1.3 billion offer or walk away.
:17:21. > :17:26.Clearly they have got to put up or shut up once again. There was a
:17:27. > :17:29.debate about the deadline and about whether they would continue in their
:17:30. > :17:33.pursuit of it and the pursuit is because they have got a lot of
:17:34. > :17:36.infrastructure in place over at Home Retail Group that Sainsbury's wants
:17:37. > :17:38.to get its hands on particularly when it comes to that network of
:17:39. > :17:42.distribution. Our top story: The case for Britain
:17:43. > :17:46.remaining inside a reformed What does the business community
:17:47. > :18:05.think about economic benefits A lot on that story on the BBC
:18:06. > :18:07.website. And a lot still to come. There will be a lot of debate until
:18:08. > :18:09.then! We all like a good curry,
:18:10. > :18:28.but how many of us would prepare I make a good curry, but only one
:18:29. > :18:31.type. I'm going to cook a curry for Ben!
:18:32. > :18:35.But globalisation and our love of travel means more of us
:18:36. > :18:40.are dabbling with exotic cuisine in our kitchens.
:18:41. > :18:43.Our next guest is a cookery writer, who has had her own TV series,
:18:44. > :18:45.and taken her expertise in healthy Indian cooking
:18:46. > :18:52.Anjum Anand is the Founder of the Spice Tailor,
:18:53. > :18:56.Like many small start-ups it's a family affair.
:18:57. > :18:59.Anjum is the creative and food brain, her husband runs
:19:00. > :19:01.the operational and customer facing parts of the business.
:19:02. > :19:05.Its main team is based in the UK, but all the manufacturing takes
:19:06. > :19:12.place in India - where the Anjum tell us the vegetables taste better!
:19:13. > :19:15.We will quiz her on that in a moment.
:19:16. > :19:18.Although it sells spices worldwide, the UK, Middle East and Australia
:19:19. > :19:32.It is good to have you on the show. And you are surrounded by your
:19:33. > :19:36.products. Those viewers in the UK watching us now might well be
:19:37. > :19:43.familiar with because they are sold in our major supermarkets in the
:19:44. > :19:49.UK... And online. Tesco, Morrison, Waitrose. The Co-op is coming soon.
:19:50. > :19:53.A couple of others are in the pipeline. We are really happy. We
:19:54. > :19:58.are a small business. We are five years old. We are run by my husband
:19:59. > :20:07.and I. In just five years to be in the major supermarkets in the UK,
:20:08. > :20:13.that is no mean feat, how did you pull that off? There is a lot of
:20:14. > :20:16.competition. The reason I started the brand because I remember when I
:20:17. > :20:20.went to university and I left home and zint get a proper Indian meal, I
:20:21. > :20:24.went to the supermarket and there wasn't anything I would consider
:20:25. > :20:28.Indian and then fast forward maybe ten years into my cookery writing
:20:29. > :20:30.career and I went back to the supermarket and the segment was
:20:31. > :20:34.still the same. There was no innovation and no change and it was
:20:35. > :20:38.always the same sort of balti Madrases and all the rest of it. I
:20:39. > :20:44.feel like, I felt that the British customer is more savvy now. It is
:20:45. > :20:50.not 20 years ago. We travel to India our our neighbour is Indian our or
:20:51. > :20:56.best friend is Indian and we know that Indian food has more flavour
:20:57. > :20:59.and I felt that the supermarkets weren't offering people like us
:21:00. > :21:05.Indian food and I thought I'm going to be the one to do it. As a small
:21:06. > :21:09.firm, how have you found relationships with the big
:21:10. > :21:12.supermarkets? The big retailers have so much power when it comes to their
:21:13. > :21:18.purchasing power and the influence they have on the market. How have
:21:19. > :21:23.you found those negotiations? Well, I think, we, when I first presented
:21:24. > :21:28.to the supermarkets, we had one who came on board. They were very foodie
:21:29. > :21:32.and they were excited by the premium product. There is nothing artificial
:21:33. > :21:34.in it. They felt their customer would love it and the other
:21:35. > :21:38.supermarkets were careful and didn't want to jump in. Our track record
:21:39. > :21:41.was really good. The product spoke for itself. People were buying it
:21:42. > :21:47.and the other supermarkets came online. To be honest, right now, we
:21:48. > :21:49.have a really positive, very supportive relationship because we
:21:50. > :21:54.are making the fixture grow. We are bringing people in who wouldn't
:21:55. > :22:00.normally shop in the Indian food aisle. What's your next step? As I
:22:01. > :22:03.say, there are many other products similar to yours out there and also
:22:04. > :22:08.there is other ranges of products where it is not so much the sauces
:22:09. > :22:11.in bags, but the spices and the bits with instructions. It tells you what
:22:12. > :22:16.need to get and how you put it together. How do you stay ahead? How
:22:17. > :22:19.do you compete with these other people who are thinking the same way
:22:20. > :22:24.as you are? I don't, I have to be honest, I don't look a lot around
:22:25. > :22:28.me. I think I'm quite inspired by what happens in India and I've grown
:22:29. > :22:33.up on this side of the world and I know how to eat here. I'm a working
:22:34. > :22:37.mum. I'm busy. I know what little time people have. If you want to
:22:38. > :22:42.scratch cook, that's there. What we are offering is a really authentic
:22:43. > :22:46.tasty product where there is a little bit of cooking involved. If
:22:47. > :22:51.you want free-range, buy free-range, you can Taylor it to your own
:22:52. > :22:54.tastes. I think we're quite strong in innovation, we are looking to
:22:55. > :22:58.launch other two ranges this year, we have got supermarket interest and
:22:59. > :23:04.I don't, yeah, I don't really worry about what everyone else is doing,
:23:05. > :23:08.but I'm really focussed on doing what we do and doing it really,
:23:09. > :23:12.really well. You work with your husband on this. He does one part of
:23:13. > :23:20.the business and you do the other. A lot of people say, "I can't think of
:23:21. > :23:25.anything worse than working with my other half?" He kept saying, this is
:23:26. > :23:31.not what I thought I would do in my life. I nagged him for 18 months
:23:32. > :23:36.before he said yes. He kept cooking amazing curry. I remember thinking
:23:37. > :23:41.it was a DISSer and we're going to get divorced. I suppose our
:23:42. > :23:44.strengths are different. I do the communication design and telly and
:23:45. > :23:48.he does the business side and our goals are the same. And we trust
:23:49. > :23:52.each other and that's really important in a business
:23:53. > :24:01.relationship. Can we mention his name? He is just known as the
:24:02. > :24:05.husband. ArnisH a lot of people wanting to start something, but we
:24:06. > :24:09.don't have every skill set so if you have a partner you can trust and I
:24:10. > :24:14.would always say do it together. Thank you for coming in. It has been
:24:15. > :24:15.a pleasure to meet you and we will keep an eye how the company
:24:16. > :24:20.progresses. In a moment we'll take a look
:24:21. > :24:23.through the Business Pages but first here's a quick reminder of how
:24:24. > :24:29.to get in touch with us. We will keep you up-to-date with the
:24:30. > :24:33.latest details with insight and analysis from the BBC's team of
:24:34. > :24:39.editors right around the world. And we want to hear from you too. Get
:24:40. > :24:43.involved on the BBC Business Live web page at:
:24:44. > :24:52.On Twitter we are at: And you can find us on Facebook at
:24:53. > :24:56.BBC Business News. Business Live on TV and online whenever you need to
:24:57. > :25:02.What have the business pages been What have the business pages been
:25:03. > :25:06.looking at? James Bevan is back with us. We start with Lego. We asked the
:25:07. > :25:10.viewers to get in touch about their thoughts on this story. New Lego set
:25:11. > :25:17.features stay at home dad and a working mum. This is in the
:25:18. > :25:23.Huffington Post. A sign of the times. This is a really important
:25:24. > :25:29.part of the Lego story. If you go back to 2003 when Lego was in real
:25:30. > :25:32.problems, everybody said it was over, it is about the internet,
:25:33. > :25:36.nobody wants to play with toys anybody. Allowing children to
:25:37. > :25:40.express themselves through specific make-ups of the Lego set was a real
:25:41. > :25:46.driver for the sales and that meant by last year they had become the
:25:47. > :25:54.world's largest toy manufacturer. You pick another one Ben.
:25:55. > :26:00.The issue is, I think that the Lego story is fascinating. We talk about
:26:01. > :26:04.the women role and the female role, but this is interesting.