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This is Business Live from BBC News with Sally Bundock and Victoria
Two years on from the disappearance of flight MH370, has safety
We look at the facts as key players in the industry warn important
changes are not being made fast enough.
Live from London, that's our focus today -
Two years on since flight MH370 disappeared,
new global standards are announced for flight safety.
But it will take years before they come into force.
We ask, has enough been done to improve flight safety?
Also in the programme: The energy firm Npower says it's cutting almost
2400 jobs in the UK as it announces a loss of more than $150-million
And we've got the latest from the markets -
where China trade tumbles, the mood sours on stock markets
and traders wonder is the slowdown deepening?
And on International Woman's Day the head of the International
Monetary Fund Christine Lagarde speaks exclusively to
the BBC about lots of things
including her view on the UK's future in Europe.
Plus bonuses on Wall Street have fallen 27% in the last 10
years - the average bonus is now around $146,000.
Today we want to know, is this too high?
Do you feel for the bankers whose bonuses are declining?
Don't hold back, you know how to get in touch -
It's been two years since Malaysia Airlines flight
And, despite a $130 million search operation,
the aircraft has still not been found.
Many questions were raised at the time about flight safety -
The UN's aviation agency has adopted rules that aircrafts
in distress need to report their location every minute.
The idea is that it makes missing planes easier to find.
Those rules come into effect in 2021.
It has also approved plans to extend the life of the location beacons
But that, too, will take time - coming into force in 2018.
The US says by 2020 all aircraft in its airspace
will need to be fitted with a new type of satellite
tracking technology, but so far there's been no agreed
The head of the NTSB - America's crash investigation agency
- says he's concerned about the slow pace of progress,
in adopting new technologies - and that it's long overdue.
Independent aviation expert David Learmount is with us.
Why are these changes taking so long? Much of the demands are
extremely technologically demanding, such as making
sure that a black box that goes to the bottom of the sea can continue
to send its signal, it is much, much easier to say than to do. To keep it
in perspective, the airlines are voluntarily adopting a lot of the
technology that can be adopted, and they have already done it.
But none of the technology will prevent events happening. They are
all designed to enable us to find the wreckage,
case of MH370, after two years we still have not, and therefore to
learn what happened, and possibly if we are tracking the aircraft all the
time, if we had been tracking MH370 all the time, we might have been
able to save a few lives wherever it went down, and that of course
is a possibility. That technology is already here. Sorry to
interrupt, Sally. You are saying that even if these improvements come
into effect in the next few years, planes are not
going to be, in and of themselves, any safer? They will not be safer,
because the black-box recorder is easier to find. We will learn more
quickly what happened to the aircraft, we will even
find the aircraft more quickly. We will be able to improve, if
technology was involved in the failure, but increasingly nowadays
when aircraft go missing or have an accident it isn't technology.
Aircraft and engineering is getting so good now that it is usually human
factors, and there is not much you can do about that technology. And
where is it that planes are out of Because it is not won a plane is
overland, is it, but when they are over the
ocean? Mostly if they are overland, there are some wilderness or desert
areas where it would not be true that they would be on radar or some
other form of surveillance. It is over the host Yannick areas,
by and large, that the aircraft cannot be seen. -- the oceanic
areas. But technology has been adopted by a lot of airlines for
making sure the owners can track the aircraft at all times. Basically
they send out a pinger via satellite and the
agreement is that every 15 minutes you get an update of that aircraft's
position. We appreciate your time, thank you
for coming in and talking about that. It is a story that has been
covered extensively today on BBC world News Addis is the two-year
anniversary. -- as it is the two-year anniversary.
Energy firm Npower says it's cutting almost 2500 jobs,
more than a fifth of its UK workforce.
The German-owned firm made an operating loss of more
than $150-million last year and it warned billing issues
would lead to more problems this year.
The sportswear giant Nike has suspended its ties
with the tennis star Maria Sharapova, after she admitted
Energy firm Npower says it's cutting almost 2500 jobs,
The positive test was for meldonium - a substance she claims she has
been taking since 2006 for health issues.
Ms Sharapova is the world's highest paid female athlete.
And Japan's economy shrank less than previously thought in the last
Asia's number two economy contracted at an annualised rate of 1.1%.
This is a slight improvement on the previous estimate.
Japan has been trying to revive its flagging economy,
which has struggled with deflation for nearly 20 years.
programme, we will hear from some rising stars in business
including Christine Lagarde. This lady on the Business Live page,
Martha Lane Fox, who became very well-known in the UK many years ago
when she and another individual launched lastminute.com, which many
people bought would disappear very quickly when the dot-com bubble
burst, but it is still going strong. She is talking about the fact that
the percentage of women running or
involved in technology companies in the UK is less than the number of
women in parliament, which I found astounding
They say only about 17% of women work in tech, she says it is even
smaller in the venture capital world, 9% of the people she deals
with our women overall in that sector.
focus on China yet again, bad news from the world's number two economy.
Latest economic figures from China show that exports in February
plunged to their lowest level in six years.
Are they taking their cue from what has happened with trade figures?
They have, stocks fell before recovering before the close of trade
in China. Today the numbers were grim, exports fell by more than 25%
last month, compared that to about 11% in January, imports falling 14%,
cooling demand both at home and abroad, so this is reinforcing
worries that there is weakness in China's economy. It is worth
mentioning that the trade numbers have been affected by the lunar New
Year holiday when factory shut down for a week so businesses come to a
standstill. But economists say ultimately there is a deep malaise
in China's economy and its trading partners are affected so we see a
corresponding drop in their numbers as well. The question is what the
Chinese government will do to stimulate growth. When the leaders
gather in Beijing this week, we will keep a close eye on what their
economic plans are going to be. We certainly will, thank you.
They're tracking, as is often the case these days,
what's going on with the commodities markets.
Energy stocks across Asia were lower.
At one stage on Monday, Brent crude oil was trading at $41.04.
We're seeing oil come back from that point though.
Trading across Europe already low, the Footsie dragged down by mining
stocks. Michelle Fleury is our
correspondent in New York. Here she is, with America's
business agenda. Fears about the help of the US
economy have been overdone, the American stock market has broadly
speaking been in rally mode for the last few weeks and last Friday's
jobs report pointed to a growing Labour force. In a relatively light
week for economic data, one to watch this Tuesday is the national
Federation of Independent business is optimism report, investors pay
attention to this to see if small businesses are braving pay, and
early sign that wage growth across the economy may soon be coming. If
the labour market were overheating it would support the Federal
reserve's case for raising rates this year, but economists do not
expect America's Central Bank to make any move at its policy meeting
next week. On the earnings front, a sporting retailer will be announcing
its results, with its fortunes expected
to be lifted because of the bankruptcy of a rebel.
We are joined by Richard Hunter, independent market analyst.
Good taboo here. Do you feel the rated as an
independent?! Good to have you here, We could not reveal the numbers in
the screens, but it all headed south in Europe. A lot going on, safety is
back in passion today, and yet not that long ago I was saying it was
out of passion, everybody getting back into shares, the oil price
going down, today it is still above $40 a barrel. Yes, and the Dow Jones
finished slightly up yesterday, down about 2% on the year-to-date, which
compares to mid-February when it was down 10%. We know the European
markets have had a rally as well. It is probably too early to decide
whether we have turned a corner, a couple of things have changed over
the last few days which could be rather more positive. The market is
not going to go up in a straight line as we are seeing this morning
but on the one hand you have the five-year economic plan from China
over the weekend which implied, apart from an annual GDP growth of
6.5-7%, it implied a move away from manufacturing into a more consumer
the back burner which means the the back burner which means the
Chinese are focusing on growth. At the same time, another good set of
jobs figures from the state on Friday, 242,000 above expectations,
and the likelihood of a June interest rate hike in the States in
terms of the spread betters, if you like, has gone up to 50%. One of the
worries we have had in the year to date is slowing global growth and in
particular recession in the States, but those two latest indicators from
the two worlds largest economies are a pretty good mood. There is a lot
riding on the US. We will have you back here later to talk about the
papers. Still to come, Christine Lagarde
speaks exclusively to the BBC, giving her views on lots of
different things, including what the UK should do about its future in
Europe. This is Business Live from BBC News.
Npower, the British unit of German utility RWE,
has announced it will cut 2,400 out of 11,500 positions,
after it made an operating loss last year.
Joe Lynam has been following the story for us.
These jobs numbers coming in, they were widely trailed over the
weekend, more detail coming through today. How bad is the situation for
Europe and the energy prices that we are seeing?
Yes, we had the 2400 jobs -- we heard that 2400 jobs would be going,
the number touted at the weekend was 2500 so slightly better than we
expected. Losses for and power the 20 14th at around ?100 million, huge
loss -- losses the Npower in 2014. The last three months have got
progressively worse. It is the question of customer service, that
is the real issue for Npower. They had a poor reputation for customer
service and will find ?26 million by the regulator, Ofgem, in December
for treating customers unfairly. They say they have radically changed
things around and in their statement this morning
they said they would fundamentally change the business so it reflects
the needs of shareholders and customers. They put their hand up
and say it is going to be a huge task and would take a while, two
years with these job cuts to kick in. Let me show you the RW we share
price, you can see it has pretty much tracked the fall in oil prices
around the world but over the last three months it has stabilised bit
as oil you have been discussing, have also
stabilised. So Npower putting 2400 jobs, now confirmed.
Lots more about that story on the Business Live page, including this
story as well, Burberry shares doing well today.
Shares rising today on reports that we're going to be talking about in
our papers section with Richard about possible bid actually for the
company. Someone is building a stake in the firm at the moment. They
don't actually know who it is. So the search is on and Richard, our
markets guy who, is coming back, he says he has a Burberry tie.
Unfortunately he forgot to put it on today. Had he known, he would have
put it on! Our top story, two years
on from the disappearance Key players in the industry warn
important changes are not being made Today is International Women's Day
and all day we're going to be bringing you the thoughts of women
in business right across the world. She's the chief financial officer
of the Indian telecoms giant The company has one of the longest
undersea cable networks It stretches more than
500,000 kilometres. The company also owns the world's
only fibre optic ring Tata Communications has more
than 8,000 staff globally The BBC's Jamie Robertson caught up
with Pratibha Advani, to find out more about the business
and the obstacles facing women trying to rise to the top
of business in India. In all fairness I have to confess I
haven't found that women hit the glass ceiling. And really not faced
any obstacles so when I look back and reflect on my career journey, I
have worked with the large Indian conglomerate where the company
policies were so good. When I had my kids, I recall for almost a year I
was working half days. Haven't you just been lucky, do you think? Not
really. If you actually see some of the women in business in India for
example, a large private bank in India is headed by a woman. There is
another multinational bank in India whose CEO used to be a woman. So you
are seeing a lot of women rising up to the top positions in India. But
generally, for women, isn't it hard for them to rise up through the
ranks in a business in India? I would say from an organisation's
standing point, yes women are acceptable across all levels. But
what tends to happen, at mid-career level you start to see them dropping
out. So at the lower levels, you will see a lot of women. So almost
30%, 40% of the workforce would be women. But as they start to climb
the careers is when the dropping off starts to happen and I think that's
more an account of family pressure, the need to raise children and I
guess Indian men will still take some time to be equal partners. But
what can you do at the top of an organisation to help the process of
gender diversification? I think there is a lot of emphasis being
placed on organisations to drive gender diversity. Just leaving it to
corporations is not something I believe in. As a matter of fact, we
need to move on and become more gender neutral both at home as well
as an organisation. So you're putting the onus on society, not on
business? Business can't do very much, can it? Actually in India, the
biggest enemies for women are women themselves. You will find the
mother-in-law was always trying to badger the daughter-in-law. So
unless we start to educate women, and once you educate them, they're
going to see the need and realise the need for, you know, their
daughters and daurls to go out and work -- daughter in laws to go out
and create a place for themselves. Pratibha Advani there from Tata
Communications. Big players are being brought,
whether they like it or not, into the debate over whether Britain
should leave the European Union. Later today the Governor
of the Bank of England, Mark Carney, will be asked
about the Bank's preparations in the event of Britain's
departure from the EU. Meanwhile, the Managing Director
of the IMF, Christine Lagarde, says both the UK and the EU
would suffer if Britain decided The IMF boss told the BBC's Katy Kay
that any uncertainty surrounding Well, at the IMF we believe it is
critical that this situation be resolved as quickly as possible to
eliminate the uncertainty which is all negative for economic
circumstances and decision making processes. My intuition tells me
that outcome would be better for both the UK and Europe if it was a
positive one, in other words, if the UK was to stay, we are currently
working... You would prefer to see Britain stay? I would personally,
that's a personal preference, I would personally very much prefer to
see the UK stay in European Union, but I believe our economic findings
will strongly support that view that it would hurt both, the UK and the
EU if the UK was to go. We are working on that. We will be
delivering the results of our findings later on in the year, in
May. Before the referendum? Well, that's when our Article 4, the audit
of each large economy will be completed and we will come out
publicly in that respect, yes. Christine had a lot more to say to
Katy Kay, you can catch that interview full-on our website.
As promised, Richard the independent is back. It is a hot topic ta always
gets a big response from viewers bankers bonuses. We have had a few
tweets in. One viewer says, "The real question is should they be
deserved? No profit or still owning Government money. Therefore, no know
bus." We have got many more which are negative. Another viewer says,
"They are a great incentive to increase productivity. The higher
the better." Richard, your thought? The drop is no surprise. We are
talking about 2006 which was two years prior to the financial crisis
when the world was a different place. In terms of 2016 quite apart
fromle volatility that we have had in the intervening years in terms of
regulation, and general regulatory red tape, banks had to employ more
and more compliance people. That brings the average bonus down. There
has been as we have seen in the UK, the requirement to ring-fence the
retail and investment banking operations. All of these things, of
course, had an impact. This has been discussed in the financial times
today. Regulation is taking its toll on bonuses, the average bonus is
?146,200. Many argue they are getting the benefits, but it happens
through other means? What happens in investment banking is bonuses been
calculated as some percentage of the overall profit. Clearly, even the
investment banks in this day and age are not making the kind of money
they were making before and therefore, the percentages are lower
and not surprisingly the bonuses have drifted lower also.
On that story, I saw on the Evening Standard there is a big pay
disparity between men and women when it comes to bonuses in financial
services. However, I will move on. Let's talk about a story that's in
the Times and the Financial Times, Burberry is trying to find out the
identity of a mystery investor, they have built up a stake of 5% in the
group and shares today are rising? Yes, that's right. The potential of
any sort of M and A activity is something the market likes. Burberry
had a tough time of late. It has a large exposure to China where a lot
of the consumers are pulling their belts it. It shouldn't be too
difficult for Burberry to find out the identity of this individual or
individuals, there is disclosure rules. If your share holding goes up
to 3%, they can find out. The picture in the times is of
Christopher Bailey who is relatively new of Chief Executive as Burberry,
he is there with Cate Blanchett, he took over when the former Chief
Executive was head-hunted by Apple. Just to say, as it is international
women's day, a couple of years ago, as CEO of Burberry, she was the
highest paid CEO in the UK. So she was not only a FTSE 100 chief, the
highest paid FTSE 100 chief sthnchts yeah, that's right and Burberry had
a very good few years of it. What about since she left? There were a
lot of questions... That's been more difficult. Not so much in terms of
his particular background which is more on the sort of design side, but
also of course, given Burberry's exposure to Asia and China in
particular, they have had a slightly rockier ride. The flip side of that,
of course, is Japanese and Chinese tourists haven't been coming to
Europe so much and that was another big area for Burberry as well. They
have had a tricky time. Yeah, that's it from Business Live
for today. There will be more business news
throughout the day on the BBC Live webpage and on World Business
Report. Zblel Hello, the weather is chopping
and changing a fair bit through the rest of this week. It has been a
cold start, but it should be milder by the end, this morning, we were
well below freezing for