:00:11. > :00:13.This is Business Live from BBC News with Sally Bundock and Victoria
:00:14. > :00:21.Two years on from the disappearance of flight MH370, has safety
:00:22. > :00:25.We look at the facts as key players in the industry warn important
:00:26. > :00:27.changes are not being made fast enough.
:00:28. > :00:29.Live from London, that's our focus today -
:00:30. > :00:45.Two years on since flight MH370 disappeared,
:00:46. > :00:49.new global standards are announced for flight safety.
:00:50. > :00:55.But it will take years before they come into force.
:00:56. > :01:03.We ask, has enough been done to improve flight safety?
:01:04. > :01:17.Also in the programme: The energy firm Npower says it's cutting almost
:01:18. > :01:20.2400 jobs in the UK as it announces a loss of more than $150-million
:01:21. > :01:23.And we've got the latest from the markets -
:01:24. > :01:26.where China trade tumbles, the mood sours on stock markets
:01:27. > :01:27.and traders wonder is the slowdown deepening?
:01:28. > :01:30.And on International Woman's Day the head of the International
:01:31. > :01:32.Monetary Fund Christine Lagarde speaks exclusively to
:01:33. > :01:34.the BBC about lots of things
:01:35. > :01:39.including her view on the UK's future in Europe.
:01:40. > :01:48.Plus bonuses on Wall Street have fallen 27% in the last 10
:01:49. > :01:54.years - the average bonus is now around $146,000.
:01:55. > :01:58.Today we want to know, is this too high?
:01:59. > :02:04.Do you feel for the bankers whose bonuses are declining?
:02:05. > :02:06.Don't hold back, you know how to get in touch -
:02:07. > :02:13.It's been two years since Malaysia Airlines flight
:02:14. > :02:23.And, despite a $130 million search operation,
:02:24. > :02:24.the aircraft has still not been found.
:02:25. > :02:27.Many questions were raised at the time about flight safety -
:02:28. > :02:30.The UN's aviation agency has adopted rules that aircrafts
:02:31. > :02:32.in distress need to report their location every minute.
:02:33. > :02:35.The idea is that it makes missing planes easier to find.
:02:36. > :02:38.Those rules come into effect in 2021.
:02:39. > :02:41.It has also approved plans to extend the life of the location beacons
:02:42. > :02:45.But that, too, will take time - coming into force in 2018.
:02:46. > :02:48.The US says by 2020 all aircraft in its airspace
:02:49. > :02:50.will need to be fitted with a new type of satellite
:02:51. > :02:52.tracking technology, but so far there's been no agreed
:02:53. > :03:14.The head of the NTSB - America's crash investigation agency
:03:15. > :03:16.- says he's concerned about the slow pace of progress,
:03:17. > :03:19.in adopting new technologies - and that it's long overdue.
:03:20. > :03:23.Independent aviation expert David Learmount is with us.
:03:24. > :03:31.Why are these changes taking so long? Much of the demands are
:03:32. > :03:31.extremely technologically demanding, such as making
:03:32. > :03:37.sure that a black box that goes to the bottom of the sea can continue
:03:38. > :03:43.to send its signal, it is much, much easier to say than to do. To keep it
:03:44. > :03:45.in perspective, the airlines are voluntarily adopting a lot of the
:03:46. > :03:49.technology that can be adopted, and they have already done it.
:03:50. > :03:56.But none of the technology will prevent events happening. They are
:03:57. > :03:59.all designed to enable us to find the wreckage,
:04:00. > :04:07.case of MH370, after two years we still have not, and therefore to
:04:08. > :04:12.learn what happened, and possibly if we are tracking the aircraft all the
:04:13. > :04:16.time, if we had been tracking MH370 all the time, we might have been
:04:17. > :04:20.able to save a few lives wherever it went down, and that of course
:04:21. > :04:28.is a possibility. That technology is already here. Sorry to
:04:29. > :04:33.interrupt, Sally. You are saying that even if these improvements come
:04:34. > :04:34.into effect in the next few years, planes are not
:04:35. > :04:42.going to be, in and of themselves, any safer? They will not be safer,
:04:43. > :04:48.because the black-box recorder is easier to find. We will learn more
:04:49. > :04:50.quickly what happened to the aircraft, we will even
:04:51. > :04:57.find the aircraft more quickly. We will be able to improve, if
:04:58. > :05:00.technology was involved in the failure, but increasingly nowadays
:05:01. > :05:06.when aircraft go missing or have an accident it isn't technology.
:05:07. > :05:11.Aircraft and engineering is getting so good now that it is usually human
:05:12. > :05:13.factors, and there is not much you can do about that technology. And
:05:14. > :05:19.where is it that planes are out of Because it is not won a plane is
:05:20. > :05:29.overland, is it, but when they are over the
:05:30. > :05:32.ocean? Mostly if they are overland, there are some wilderness or desert
:05:33. > :05:34.areas where it would not be true that they would be on radar or some
:05:35. > :05:40.other form of surveillance. It is over the host Yannick areas,
:05:41. > :05:47.by and large, that the aircraft cannot be seen. -- the oceanic
:05:48. > :05:49.areas. But technology has been adopted by a lot of airlines for
:05:50. > :05:52.making sure the owners can track the aircraft at all times. Basically
:05:53. > :05:59.they send out a pinger via satellite and the
:06:00. > :06:01.agreement is that every 15 minutes you get an update of that aircraft's
:06:02. > :06:08.position. We appreciate your time, thank you
:06:09. > :06:12.for coming in and talking about that. It is a story that has been
:06:13. > :06:18.covered extensively today on BBC world News Addis is the two-year
:06:19. > :06:28.anniversary. -- as it is the two-year anniversary.
:06:29. > :06:33.Energy firm Npower says it's cutting almost 2500 jobs,
:06:34. > :06:35.more than a fifth of its UK workforce.
:06:36. > :06:39.The German-owned firm made an operating loss of more
:06:40. > :06:41.than $150-million last year and it warned billing issues
:06:42. > :06:45.would lead to more problems this year.
:06:46. > :06:48.The sportswear giant Nike has suspended its ties
:06:49. > :06:50.with the tennis star Maria Sharapova, after she admitted
:06:51. > :06:55.Energy firm Npower says it's cutting almost 2500 jobs,
:06:56. > :06:58.The positive test was for meldonium - a substance she claims she has
:06:59. > :07:00.been taking since 2006 for health issues.
:07:01. > :07:02.Ms Sharapova is the world's highest paid female athlete.
:07:03. > :07:05.And Japan's economy shrank less than previously thought in the last
:07:06. > :07:11.Asia's number two economy contracted at an annualised rate of 1.1%.
:07:12. > :07:14.This is a slight improvement on the previous estimate.
:07:15. > :07:16.Japan has been trying to revive its flagging economy,
:07:17. > :07:22.which has struggled with deflation for nearly 20 years.
:07:23. > :07:29.programme, we will hear from some rising stars in business
:07:30. > :07:36.including Christine Lagarde. This lady on the Business Live page,
:07:37. > :07:39.Martha Lane Fox, who became very well-known in the UK many years ago
:07:40. > :07:52.when she and another individual launched lastminute.com, which many
:07:53. > :07:56.people bought would disappear very quickly when the dot-com bubble
:07:57. > :07:58.burst, but it is still going strong. She is talking about the fact that
:07:59. > :08:02.the percentage of women running or
:08:03. > :08:05.involved in technology companies in the UK is less than the number of
:08:06. > :08:06.women in parliament, which I found astounding
:08:07. > :08:17.They say only about 17% of women work in tech, she says it is even
:08:18. > :08:20.smaller in the venture capital world, 9% of the people she deals
:08:21. > :08:28.with our women overall in that sector.
:08:29. > :08:35.focus on China yet again, bad news from the world's number two economy.
:08:36. > :08:38.Latest economic figures from China show that exports in February
:08:39. > :08:41.plunged to their lowest level in six years.
:08:42. > :08:54.Are they taking their cue from what has happened with trade figures?
:08:55. > :08:58.They have, stocks fell before recovering before the close of trade
:08:59. > :09:04.in China. Today the numbers were grim, exports fell by more than 25%
:09:05. > :09:08.last month, compared that to about 11% in January, imports falling 14%,
:09:09. > :09:14.cooling demand both at home and abroad, so this is reinforcing
:09:15. > :09:17.worries that there is weakness in China's economy. It is worth
:09:18. > :09:23.mentioning that the trade numbers have been affected by the lunar New
:09:24. > :09:27.Year holiday when factory shut down for a week so businesses come to a
:09:28. > :09:35.standstill. But economists say ultimately there is a deep malaise
:09:36. > :09:38.in China's economy and its trading partners are affected so we see a
:09:39. > :09:43.corresponding drop in their numbers as well. The question is what the
:09:44. > :09:46.Chinese government will do to stimulate growth. When the leaders
:09:47. > :09:50.gather in Beijing this week, we will keep a close eye on what their
:09:51. > :09:53.economic plans are going to be. We certainly will, thank you.
:09:54. > :09:57.They're tracking, as is often the case these days,
:09:58. > :09:59.what's going on with the commodities markets.
:10:00. > :10:04.Energy stocks across Asia were lower.
:10:05. > :10:08.At one stage on Monday, Brent crude oil was trading at $41.04.
:10:09. > :10:17.We're seeing oil come back from that point though.
:10:18. > :10:20.Trading across Europe already low, the Footsie dragged down by mining
:10:21. > :10:22.stocks. Michelle Fleury is our
:10:23. > :10:24.correspondent in New York. Here she is, with America's
:10:25. > :10:32.business agenda. Fears about the help of the US
:10:33. > :10:35.economy have been overdone, the American stock market has broadly
:10:36. > :10:40.speaking been in rally mode for the last few weeks and last Friday's
:10:41. > :10:46.jobs report pointed to a growing Labour force. In a relatively light
:10:47. > :10:50.week for economic data, one to watch this Tuesday is the national
:10:51. > :10:53.Federation of Independent business is optimism report, investors pay
:10:54. > :10:57.attention to this to see if small businesses are braving pay, and
:10:58. > :11:02.early sign that wage growth across the economy may soon be coming. If
:11:03. > :11:11.the labour market were overheating it would support the Federal
:11:12. > :11:14.reserve's case for raising rates this year, but economists do not
:11:15. > :11:17.expect America's Central Bank to make any move at its policy meeting
:11:18. > :11:19.next week. On the earnings front, a sporting retailer will be announcing
:11:20. > :11:24.its results, with its fortunes expected
:11:25. > :11:27.to be lifted because of the bankruptcy of a rebel.
:11:28. > :11:29.We are joined by Richard Hunter, independent market analyst.
:11:30. > :11:36.Good taboo here. Do you feel the rated as an
:11:37. > :11:49.independent?! Good to have you here, We could not reveal the numbers in
:11:50. > :11:55.the screens, but it all headed south in Europe. A lot going on, safety is
:11:56. > :11:59.back in passion today, and yet not that long ago I was saying it was
:12:00. > :12:04.out of passion, everybody getting back into shares, the oil price
:12:05. > :12:10.going down, today it is still above $40 a barrel. Yes, and the Dow Jones
:12:11. > :12:14.finished slightly up yesterday, down about 2% on the year-to-date, which
:12:15. > :12:19.compares to mid-February when it was down 10%. We know the European
:12:20. > :12:23.markets have had a rally as well. It is probably too early to decide
:12:24. > :12:26.whether we have turned a corner, a couple of things have changed over
:12:27. > :12:31.the last few days which could be rather more positive. The market is
:12:32. > :12:35.not going to go up in a straight line as we are seeing this morning
:12:36. > :12:39.but on the one hand you have the five-year economic plan from China
:12:40. > :12:46.over the weekend which implied, apart from an annual GDP growth of
:12:47. > :12:50.6.5-7%, it implied a move away from manufacturing into a more consumer
:12:51. > :12:54.the back burner which means the the back burner which means the
:12:55. > :13:00.Chinese are focusing on growth. At the same time, another good set of
:13:01. > :13:03.jobs figures from the state on Friday, 242,000 above expectations,
:13:04. > :13:08.and the likelihood of a June interest rate hike in the States in
:13:09. > :13:13.terms of the spread betters, if you like, has gone up to 50%. One of the
:13:14. > :13:17.worries we have had in the year to date is slowing global growth and in
:13:18. > :13:24.particular recession in the States, but those two latest indicators from
:13:25. > :13:28.the two worlds largest economies are a pretty good mood. There is a lot
:13:29. > :13:33.riding on the US. We will have you back here later to talk about the
:13:34. > :13:37.papers. Still to come, Christine Lagarde
:13:38. > :13:39.speaks exclusively to the BBC, giving her views on lots of
:13:40. > :13:44.different things, including what the UK should do about its future in
:13:45. > :13:50.Europe. This is Business Live from BBC News.
:13:51. > :13:58.Npower, the British unit of German utility RWE,
:13:59. > :14:00.has announced it will cut 2,400 out of 11,500 positions,
:14:01. > :14:02.after it made an operating loss last year.
:14:03. > :14:07.Joe Lynam has been following the story for us.
:14:08. > :14:13.These jobs numbers coming in, they were widely trailed over the
:14:14. > :14:17.weekend, more detail coming through today. How bad is the situation for
:14:18. > :14:24.Europe and the energy prices that we are seeing?
:14:25. > :14:29.Yes, we had the 2400 jobs -- we heard that 2400 jobs would be going,
:14:30. > :14:34.the number touted at the weekend was 2500 so slightly better than we
:14:35. > :14:45.expected. Losses for and power the 20 14th at around ?100 million, huge
:14:46. > :14:48.loss -- losses the Npower in 2014. The last three months have got
:14:49. > :14:53.progressively worse. It is the question of customer service, that
:14:54. > :14:58.is the real issue for Npower. They had a poor reputation for customer
:14:59. > :15:02.service and will find ?26 million by the regulator, Ofgem, in December
:15:03. > :15:03.for treating customers unfairly. They say they have radically changed
:15:04. > :15:08.things around and in their statement this morning
:15:09. > :15:12.they said they would fundamentally change the business so it reflects
:15:13. > :15:16.the needs of shareholders and customers. They put their hand up
:15:17. > :15:20.and say it is going to be a huge task and would take a while, two
:15:21. > :15:23.years with these job cuts to kick in. Let me show you the RW we share
:15:24. > :15:29.price, you can see it has pretty much tracked the fall in oil prices
:15:30. > :15:31.around the world but over the last three months it has stabilised bit
:15:32. > :15:37.as oil you have been discussing, have also
:15:38. > :15:43.stabilised. So Npower putting 2400 jobs, now confirmed.
:15:44. > :15:46.Lots more about that story on the Business Live page, including this
:15:47. > :15:53.story as well, Burberry shares doing well today.
:15:54. > :15:59.Shares rising today on reports that we're going to be talking about in
:16:00. > :16:02.our papers section with Richard about possible bid actually for the
:16:03. > :16:06.company. Someone is building a stake in the firm at the moment. They
:16:07. > :16:10.don't actually know who it is. So the search is on and Richard, our
:16:11. > :16:14.markets guy who, is coming back, he says he has a Burberry tie.
:16:15. > :16:16.Unfortunately he forgot to put it on today. Had he known, he would have
:16:17. > :16:22.put it on! Our top story, two years
:16:23. > :16:25.on from the disappearance Key players in the industry warn
:16:26. > :16:30.important changes are not being made Today is International Women's Day
:16:31. > :16:44.and all day we're going to be bringing you the thoughts of women
:16:45. > :16:47.in business right across the world. She's the chief financial officer
:16:48. > :16:51.of the Indian telecoms giant The company has one of the longest
:16:52. > :16:54.undersea cable networks It stretches more than
:16:55. > :17:03.500,000 kilometres. The company also owns the world's
:17:04. > :17:05.only fibre optic ring Tata Communications has more
:17:06. > :17:08.than 8,000 staff globally The BBC's Jamie Robertson caught up
:17:09. > :17:12.with Pratibha Advani, to find out more about the business
:17:13. > :17:15.and the obstacles facing women trying to rise to the top
:17:16. > :17:27.of business in India. In all fairness I have to confess I
:17:28. > :17:32.haven't found that women hit the glass ceiling. And really not faced
:17:33. > :17:40.any obstacles so when I look back and reflect on my career journey, I
:17:41. > :17:45.have worked with the large Indian conglomerate where the company
:17:46. > :17:49.policies were so good. When I had my kids, I recall for almost a year I
:17:50. > :17:54.was working half days. Haven't you just been lucky, do you think? Not
:17:55. > :18:02.really. If you actually see some of the women in business in India for
:18:03. > :18:07.example, a large private bank in India is headed by a woman. There is
:18:08. > :18:13.another multinational bank in India whose CEO used to be a woman. So you
:18:14. > :18:17.are seeing a lot of women rising up to the top positions in India. But
:18:18. > :18:23.generally, for women, isn't it hard for them to rise up through the
:18:24. > :18:28.ranks in a business in India? I would say from an organisation's
:18:29. > :18:32.standing point, yes women are acceptable across all levels. But
:18:33. > :18:35.what tends to happen, at mid-career level you start to see them dropping
:18:36. > :18:40.out. So at the lower levels, you will see a lot of women. So almost
:18:41. > :18:46.30%, 40% of the workforce would be women. But as they start to climb
:18:47. > :18:53.the careers is when the dropping off starts to happen and I think that's
:18:54. > :18:56.more an account of family pressure, the need to raise children and I
:18:57. > :19:01.guess Indian men will still take some time to be equal partners. But
:19:02. > :19:06.what can you do at the top of an organisation to help the process of
:19:07. > :19:11.gender diversification? I think there is a lot of emphasis being
:19:12. > :19:16.placed on organisations to drive gender diversity. Just leaving it to
:19:17. > :19:19.corporations is not something I believe in. As a matter of fact, we
:19:20. > :19:24.need to move on and become more gender neutral both at home as well
:19:25. > :19:28.as an organisation. So you're putting the onus on society, not on
:19:29. > :19:33.business? Business can't do very much, can it? Actually in India, the
:19:34. > :19:38.biggest enemies for women are women themselves. You will find the
:19:39. > :19:43.mother-in-law was always trying to badger the daughter-in-law. So
:19:44. > :19:49.unless we start to educate women, and once you educate them, they're
:19:50. > :19:55.going to see the need and realise the need for, you know, their
:19:56. > :20:00.daughters and daurls to go out and work -- daughter in laws to go out
:20:01. > :20:04.and create a place for themselves. Pratibha Advani there from Tata
:20:05. > :20:08.Communications. Big players are being brought,
:20:09. > :20:11.whether they like it or not, into the debate over whether Britain
:20:12. > :20:13.should leave the European Union. Later today the Governor
:20:14. > :20:16.of the Bank of England, Mark Carney, will be asked
:20:17. > :20:18.about the Bank's preparations in the event of Britain's
:20:19. > :20:20.departure from the EU. Meanwhile, the Managing Director
:20:21. > :20:22.of the IMF, Christine Lagarde, says both the UK and the EU
:20:23. > :20:25.would suffer if Britain decided The IMF boss told the BBC's Katy Kay
:20:26. > :20:39.that any uncertainty surrounding Well, at the IMF we believe it is
:20:40. > :20:43.critical that this situation be resolved as quickly as possible to
:20:44. > :20:46.eliminate the uncertainty which is all negative for economic
:20:47. > :20:54.circumstances and decision making processes. My intuition tells me
:20:55. > :20:58.that outcome would be better for both the UK and Europe if it was a
:20:59. > :21:02.positive one, in other words, if the UK was to stay, we are currently
:21:03. > :21:07.working... You would prefer to see Britain stay? I would personally,
:21:08. > :21:11.that's a personal preference, I would personally very much prefer to
:21:12. > :21:16.see the UK stay in European Union, but I believe our economic findings
:21:17. > :21:21.will strongly support that view that it would hurt both, the UK and the
:21:22. > :21:26.EU if the UK was to go. We are working on that. We will be
:21:27. > :21:33.delivering the results of our findings later on in the year, in
:21:34. > :21:38.May. Before the referendum? Well, that's when our Article 4, the audit
:21:39. > :21:43.of each large economy will be completed and we will come out
:21:44. > :21:49.publicly in that respect, yes. Christine had a lot more to say to
:21:50. > :21:55.Katy Kay, you can catch that interview full-on our website.
:21:56. > :22:01.As promised, Richard the independent is back. It is a hot topic ta always
:22:02. > :22:07.gets a big response from viewers bankers bonuses. We have had a few
:22:08. > :22:12.tweets in. One viewer says, "The real question is should they be
:22:13. > :22:19.deserved? No profit or still owning Government money. Therefore, no know
:22:20. > :22:25.bus." We have got many more which are negative. Another viewer says,
:22:26. > :22:30."They are a great incentive to increase productivity. The higher
:22:31. > :22:34.the better." Richard, your thought? The drop is no surprise. We are
:22:35. > :22:36.talking about 2006 which was two years prior to the financial crisis
:22:37. > :22:43.when the world was a different place. In terms of 2016 quite apart
:22:44. > :22:48.fromle volatility that we have had in the intervening years in terms of
:22:49. > :22:53.regulation, and general regulatory red tape, banks had to employ more
:22:54. > :22:58.and more compliance people. That brings the average bonus down. There
:22:59. > :23:00.has been as we have seen in the UK, the requirement to ring-fence the
:23:01. > :23:06.retail and investment banking operations. All of these things, of
:23:07. > :23:11.course, had an impact. This has been discussed in the financial times
:23:12. > :23:24.today. Regulation is taking its toll on bonuses, the average bonus is
:23:25. > :23:28.?146,200. Many argue they are getting the benefits, but it happens
:23:29. > :23:34.through other means? What happens in investment banking is bonuses been
:23:35. > :23:37.calculated as some percentage of the overall profit. Clearly, even the
:23:38. > :23:40.investment banks in this day and age are not making the kind of money
:23:41. > :23:44.they were making before and therefore, the percentages are lower
:23:45. > :23:49.and not surprisingly the bonuses have drifted lower also.
:23:50. > :23:54.On that story, I saw on the Evening Standard there is a big pay
:23:55. > :23:58.disparity between men and women when it comes to bonuses in financial
:23:59. > :24:02.services. However, I will move on. Let's talk about a story that's in
:24:03. > :24:05.the Times and the Financial Times, Burberry is trying to find out the
:24:06. > :24:09.identity of a mystery investor, they have built up a stake of 5% in the
:24:10. > :24:17.group and shares today are rising? Yes, that's right. The potential of
:24:18. > :24:21.any sort of M and A activity is something the market likes. Burberry
:24:22. > :24:25.had a tough time of late. It has a large exposure to China where a lot
:24:26. > :24:30.of the consumers are pulling their belts it. It shouldn't be too
:24:31. > :24:35.difficult for Burberry to find out the identity of this individual or
:24:36. > :24:42.individuals, there is disclosure rules. If your share holding goes up
:24:43. > :24:45.to 3%, they can find out. The picture in the times is of
:24:46. > :24:51.Christopher Bailey who is relatively new of Chief Executive as Burberry,
:24:52. > :24:55.he is there with Cate Blanchett, he took over when the former Chief
:24:56. > :24:59.Executive was head-hunted by Apple. Just to say, as it is international
:25:00. > :25:04.women's day, a couple of years ago, as CEO of Burberry, she was the
:25:05. > :25:09.highest paid CEO in the UK. So she was not only a FTSE 100 chief, the
:25:10. > :25:13.highest paid FTSE 100 chief sthnchts yeah, that's right and Burberry had
:25:14. > :25:16.a very good few years of it. What about since she left? There were a
:25:17. > :25:20.lot of questions... That's been more difficult. Not so much in terms of
:25:21. > :25:26.his particular background which is more on the sort of design side, but
:25:27. > :25:29.also of course, given Burberry's exposure to Asia and China in
:25:30. > :25:34.particular, they have had a slightly rockier ride. The flip side of that,
:25:35. > :25:40.of course, is Japanese and Chinese tourists haven't been coming to
:25:41. > :25:49.Europe so much and that was another big area for Burberry as well. They
:25:50. > :25:51.have had a tricky time. Yeah, that's it from Business Live
:25:52. > :25:53.for today. There will be more business news
:25:54. > :25:57.throughout the day on the BBC Live webpage and on World Business
:25:58. > :26:13.Report. Zblel Hello, the weather is chopping
:26:14. > :26:17.and changing a fair bit through the rest of this week. It has been a
:26:18. > :26:22.cold start, but it should be milder by the end, this morning, we were
:26:23. > :26:23.well below freezing for