09/03/2016

Download Subtitles

Transcript

:00:12. > :00:18.This is Business Live. Trump wins big and Clinton suffers a surprise

:00:19. > :00:22.defeat in the key State of Michigan. We bring you the latest in the race

:00:23. > :00:27.to the White House and the lead of Britain's biggest, of the world's

:00:28. > :00:29.biggest economy. Live from London, that's our top story on Wednesday,

:00:30. > :00:49.9th March. Donald Trump and Hillary Clinton

:00:50. > :00:53.increase their leads, but the race is far from over. We will be looking

:00:54. > :00:58.at the economic goals of the main contenders. It has been a bad week

:00:59. > :01:04.for the energy giants. Today, it is the turn of the German power company

:01:05. > :01:07.E.ON to unveil a multibillion dollar loss, warning of tougher times

:01:08. > :01:11.ahead. And for financial markets, it is a really mixed day. They're up,

:01:12. > :01:16.they're down, where are they going to head next? We will tell you all

:01:17. > :01:19.you need to know. What do you think was voted Europe's

:01:20. > :01:27.best attraction? Buckingham Palace maybe? The Eiffel Tower? The

:01:28. > :01:31.Coliseum in Rome, perhaps? No, it was this, the Guinness Store House.

:01:32. > :01:35.We will be talking to the man who set it up and runs it to this day.

:01:36. > :01:41.Today, we want to know what you think of how big business is

:01:42. > :01:45.treating Maria Sharapova after her revelation that she failed a drugs

:01:46. > :01:50.test. Within 24 hours she has been dropped by Nike and Tag Heuer and

:01:51. > :02:02.Porsche, was it the right decision? Just get in touch with us use.

:02:03. > :02:06.-- use the hashtag. It has been another big night

:02:07. > :02:11.in the US with several key states voting for

:02:12. > :02:13.the presidential candidates. For the Republicans,

:02:14. > :02:18.the momentum behind Donald Trump is gaining after he swept to victory

:02:19. > :02:27.in Mississippi and the key industrial State of Michigan

:02:28. > :02:29.which has suffered a prolonged Democratic front-runner

:02:30. > :02:34.Hillary Clinton won her party's primary in Mississippi

:02:35. > :02:39.with Bernie Sanders Now, let's turn the spotlight

:02:40. > :02:50.on the policies for the front-runners of both parties

:02:51. > :03:06.in this election. Many believe Ted Cruz has a chance

:03:07. > :03:11.despite the fend nom ma of Donald Trump.

:03:12. > :03:12.What will it mean for the relationship between the US and the

:03:13. > :03:31.rest of the world? Victoria. With us is Professor

:03:32. > :03:33.Peter Trubowitz. He's the director of

:03:34. > :03:41.the United States Centre At this point in the electoral cycle

:03:42. > :03:46.people are not looking for somebody to sketch out the details. They are

:03:47. > :03:51.looking for somebody to shape the etch a sketch and that's what Donald

:03:52. > :03:55.Trump is doing. He is offering, he is tapping into an anger, I think a

:03:56. > :04:00.resentment, a frustration in the United States, especially, on the

:04:01. > :04:04.Republican side about the status quo, about what is happening in

:04:05. > :04:09.Washington, what is happening in the federal Government. If you look at

:04:10. > :04:13.the exit polls, from yesterday, about 50% of those Republicans who

:04:14. > :04:15.went to the polls expressed frustration with what is happening

:04:16. > :04:19.in Washington. They want a change. That's what Donald Trump is trying

:04:20. > :04:24.to offer them. OK and particularly this is all about trade and in

:04:25. > :04:30.Michigan, manufacturing and the auto sector and jobs. Irrespective of

:04:31. > :04:34.whether we may get Hillary Clinton, we may get Donald Trump, to what

:04:35. > :04:38.extent do you think we might see a more protectionist America in the

:04:39. > :04:39.future if the feeling is that actually people are afraid and

:04:40. > :04:43.people are really annoyed about what people are really annoyed about what

:04:44. > :04:48.is going on with trade in the US? Yeah, well, it is a great question

:04:49. > :04:51.and again if you look at the exit polls, last night in Michigan, 60%

:04:52. > :04:55.of those who went to the polls expressed frustration with free

:04:56. > :04:59.trade, believing that it takes American jobs. Jobs are disappearing

:05:00. > :05:04.from the United States because of deals like the TPP and I think what

:05:05. > :05:08.that means, kind of going forward, is that whoever becomes the next

:05:09. > :05:14.president, is going to be under pressure to put a damper on trade. I

:05:15. > :05:21.don't expect it to be kind of at the top of anybody's aagained da, serge

:05:22. > :05:25.not in the first year. For the current president, Barack Obama,

:05:26. > :05:32.many are saying part of his legacy is the big trade deals that he has

:05:33. > :05:37.been pushing with Asia, Europe, TTIP and the various acronyms. Will that

:05:38. > :05:46.be unravelled to a degree regardless of who gets the new job? Well, we

:05:47. > :05:51.will find out this spring about TTP because it will go up for a vote.

:05:52. > :05:55.Whoever is the next president, they are fortunate that the ground will

:05:56. > :06:00.be cleared. It will get nailed or it will go through and Obama will own

:06:01. > :06:04.it. Think the thing is that what Democrats and Republicans are

:06:05. > :06:09.hearing, the candidates are hearing, people are frustrated with free

:06:10. > :06:13.trade and so I just think that the agenda, if I was looking at say if

:06:14. > :06:18.it was Clinton who comes in, I don't think trade will be front and

:06:19. > :06:23.centre, I think what she will focus on when it comes to economics,

:06:24. > :06:28.losing the tax loopholes and raising the minimum wage which is $7.25 an

:06:29. > :06:35.hour and what she is talking is about bringing it up to $12 and $15

:06:36. > :06:39.an hour, that's a heavy lift and to get that through Congress she would

:06:40. > :06:50.have to make deals, because she will be dealing with the Republicans.

:06:51. > :06:55.Thank you very much for coming in and taking us through that. We have

:06:56. > :06:58.a long way to go. Yes. We are enjoying it. Every twist and turn

:06:59. > :07:15.provides so much entertainment. E.ON preferred 7 billion euro,

:07:16. > :07:18.that's 7 billion euro boss. It is warning the course will be longer

:07:19. > :07:24.and tougher than anticipated. E.ON is saying as a result of its planned

:07:25. > :07:26.spin off of its convention oil and gas fired activities, it expects the

:07:27. > :07:33.outlook to be lower than it previously

:07:34. > :07:35.France faces a wave of protests on Wednesday against labour reforms,

:07:36. > :07:38.that aim to change working hours and rules about days off.

:07:39. > :07:43.The reforms have divided an already fractured Socialist government.

:07:44. > :07:46.The protest coincide with a separate 36-hour Rail strike that's set

:07:47. > :07:59.to disrupt train traffic across France.

:08:00. > :08:01.European prosecutors are tightening the screw on car gaint VW

:08:02. > :08:03.in the wake of the emissions scandal spread.

:08:04. > :08:05.France has opened a formal probe into "aggravated fraud",

:08:06. > :08:07.while in Germany, the number of VW employees under

:08:08. > :08:10.VW's boss warned the firm would suffer "substantial

:08:11. > :08:23.and painful" damage to its reputation and finances.

:08:24. > :08:31.You might be familiar with this. This is one of cases you see a lot

:08:32. > :08:34.in airports across the world, they are Trunki, but they are known as

:08:35. > :08:37.Kiddy Case. This is a case that's Kiddy Case. This is a case that's

:08:38. > :08:42.gone all the way to the Supreme Court and a judgement is due on that

:08:43. > :08:47.later on today. It is interesting because I was loaned a Trunki to use

:08:48. > :08:53.on a holiday with my little boys. The idea is they can pull it along

:08:54. > :09:02.themselves and they can sit on it. It is a seat. It was a nightmare.

:09:03. > :09:06.This idea was pitched on dragons Den and they said no. You see them the

:09:07. > :09:17.whole time. Don't believe what you see all the time on television.

:09:18. > :09:21.Let's talk about Cathay Pacific, its annual profits nearly doubled last

:09:22. > :09:25.year, going up by 90%. Boosted bypass injury numbers going up and

:09:26. > :09:27.also huge savings, of course, on fuel because oil prices, we know,

:09:28. > :09:44.have tumbled. Profits beat expectation and this is

:09:45. > :09:49.due to the low oil prices so we saw crude collapse from more than $100 a

:09:50. > :09:54.barrel to $30 a barrel over the last two years. This had an impact across

:09:55. > :09:57.the aviation industry and this helped Cathay Pacific by reduce

:09:58. > :10:03.their fuel costs by nearly 40% last year. Jet fuel is their biggest

:10:04. > :10:07.expense. They spend $4 billion a year on it, last year they lost $1

:10:08. > :10:11.billion in something called hedging contracts. This is something very

:10:12. > :10:14.similar to insurance and it is aimed at reducing fuel volatility, but it

:10:15. > :10:19.locked them into the higher oil prices and they have all come down.

:10:20. > :10:23.But now, we are going to see Cathay Pacific bring in 17 new planes which

:10:24. > :10:26.are more fuel efficient and investors are happy because their

:10:27. > :10:33.shares rose more than 3% in Hong Kong on the results.

:10:34. > :10:39.It is a downbeat day. That's the US last night of the that's how things

:10:40. > :10:42.ended in Asia today. Let's look at Europe quickly. We have got China.

:10:43. > :10:46.The national people's congress is underway. They're discussing toxic

:10:47. > :10:50.debt, that was on the agenda today. This is how things are going in

:10:51. > :10:55.Europe. For the global markets, investors, they are looking ahead to

:10:56. > :10:59.the European Central Bank. Mario Draghi and his team meet today.

:11:00. > :11:01.Michelle Fleury has the details about what's ahead on Wall Street

:11:02. > :11:14.You may not have have heard of Square, but you may have heard of

:11:15. > :11:18.its boss. It is known for its coop shaped plug that attaches to

:11:19. > :11:23.smartphones and tablets to allow them to accept credit card payments,

:11:24. > :11:28.it was one of the highest profile companies to go public last year and

:11:29. > :11:32.it reports its first set of results since the stock market debut. The

:11:33. > :11:38.company is expected to turn in a slight loss, not because it is not

:11:39. > :11:42.making money, but because it had to invest heavily in new hardware. What

:11:43. > :11:45.has that meant for its share price? Well, it has been fairly volatile

:11:46. > :11:53.since it began trading last November. Another reason for that is

:11:54. > :12:02.investors worry Square's founder maybe stretched thin running both

:12:03. > :12:06.Square and Twitter. Joining us is James Quinn. Welcome

:12:07. > :12:09.to the programme. We have seen for sometime haven't we, we have seen

:12:10. > :12:15.commodities really tell the story when it comes to equities, they ten

:12:16. > :12:21.to follow each other. We saw a big jump in iron ore prices recently.

:12:22. > :12:25.They have come down somewhat and you think you know what's going on? Yes.

:12:26. > :12:31.A great story overnight out of China. A flower show, courtesy of

:12:32. > :12:37.the financial times this morning, a rival paper suggesting that the

:12:38. > :12:41.spike in iron ore, the biggest spike in 20 years was courtesy of a flower

:12:42. > :12:46.show, expecting ten million visitors over a week and therefore, all the

:12:47. > :12:50.steel plants were bulk buying iron ore ahead of the flower show because

:12:51. > :12:55.they were told to stop producing to keep the skies clear because of this

:12:56. > :12:58.exhibit! The idea is that supply is constrained so therefore, the price

:12:59. > :13:02.goes up? That's right. That's right. That's why it was a volatile spike

:13:03. > :13:07.that came back. A flower show. It is incredible. All these little quirky

:13:08. > :13:11.events and facts that move markets and yet it is fun yu because us as

:13:12. > :13:15.financial journalists try and figure these things out. Yeah, that's

:13:16. > :13:18.right. It is incredible. It is about sentiment and trying to guess what's

:13:19. > :13:20.happening as opposed to always happening as opposed to always

:13:21. > :13:27.knowing what's going on. European Central Bank... We have got the ECB

:13:28. > :13:32.meeting starting today. The press conference Tom, Mario Draghi

:13:33. > :13:37.expected to intervene in the potential for more QE, it could be

:13:38. > :13:41.interesting tomorrow. It will move the markets up and down. The euro is

:13:42. > :13:46.preparing itself. It is moving around. Traders wondering not if,

:13:47. > :13:50.but how much the stimulus we're going to get tomorrow.

:13:51. > :13:55.What makes a successful tourist attraction? We will be hearing from

:13:56. > :13:58.the man who set-up the Guinness Store House in Dublin which

:13:59. > :14:00.attracted more than 13 million visitors.

:14:01. > :14:04.You're with Business Live from BBC News.

:14:05. > :14:07.Now a look at some of the stories from around the UK.

:14:08. > :14:13.Plans to relax Sunday trading laws in England and Wales could be

:14:14. > :14:15.blocked after the Scottish National Party said it would join

:14:16. > :14:19.Conservative rebels in voting against the proposals.

:14:20. > :14:21.It could mean the Government plans are defeated.

:14:22. > :14:24.The SNP said it wanted to defend workers' pay and conditions

:14:25. > :14:28.in Scotland as Eleanor Garnier reports.

:14:29. > :14:38.Small shops can stay open on Sundays all day if they like but in England

:14:39. > :14:44.The Government wants to relax the rules and give councils the power to

:14:45. > :14:49.set opening hours in their own areas. They say it will boost the

:14:50. > :14:54.economy and help high streets to tackle competition from the online

:14:55. > :14:58.market. In Scotland, shops can open when they like and staff there are

:14:59. > :15:03.paid more for working on a Sunday. But the SNP argue that if the law is

:15:04. > :15:10.changed in England and Wales, that could affect the wages paid in

:15:11. > :15:13.Scotland too. Despite promising not to interfere in laws that only cover

:15:14. > :15:23.England and Wales, it will vote against the plans. This is about

:15:24. > :15:26.protecting premium pay. If the UK Government were serious they should

:15:27. > :15:33.have come forward with a plan which protected premium pay in Scotland

:15:34. > :15:37.which is deliverable across the UK. The government is calling the SNP

:15:38. > :15:42.hypocritical for denying people the freedom is to shop already available

:15:43. > :15:46.in Scotland, and a letter signed by more than 100 Conservative council

:15:47. > :15:52.leaders urges the government to push ahead with the changes. With the

:15:53. > :15:57.SNP, Labour and around 20 Tory MPs opposed to the plans it will

:15:58. > :16:06.struggle to get the changes passed unless compromise is reached. We

:16:07. > :16:12.will keep an eye on that as it develops. Quickly looking at some

:16:13. > :16:21.other stories. This is from G4S, the security firm, reporting a slump in

:16:22. > :16:27.profits. Of course, they are in the middle of a massive overhaul,

:16:28. > :16:32.including overcharging the government for tackling criminals

:16:33. > :16:37.who were not even alive. No surprise to see a fall in the share price.

:16:38. > :16:46.Not coming out with good numbers at all. More details online. You are

:16:47. > :16:50.watching business live. We are focused on the results coming

:16:51. > :16:55.through overnight from the United States, with several key states

:16:56. > :17:07.voting for the presidential nominees. Let's move on. When you

:17:08. > :17:10.think about leading US tourist attractions, you might think about

:17:11. > :17:14.the Eiffel Tower in Paris, the Colosseum in Rome, but think again,

:17:15. > :17:21.according to the world travel awards they voted on the Guinness score

:17:22. > :17:26.house -- Storehouse as the top attraction. They say it proves brand

:17:27. > :17:32.names can be big when it comes to pulling in tourism. 1.5 million

:17:33. > :17:40.people visited it in Dublin. They say that half of all tourists in

:17:41. > :17:53.Dublin make the trip. It is a chance to sample some of it. Paul Carty set

:17:54. > :17:58.up the tourist attraction, and he is the managing director. He joins us.

:17:59. > :18:02.It shows you the pulling power of brands. Who would have thought the

:18:03. > :18:11.Guinness Storehouse would be so huge and would be rivalling some of the

:18:12. > :18:15.biggest names across the world? It is the nominal. Sometimes I've got

:18:16. > :18:20.to pinch myself that we have 1.5 million visitors every year. Quite

:18:21. > :18:27.incredible. The reason is we have become an iconic, must see part of a

:18:28. > :18:34.trip to Dublin. People love the brand and they associate it with

:18:35. > :18:39.Dublin. Not necessarily the taste. It is almost the Marmite of the

:18:40. > :18:43.drinks world. So it is interesting that the product itself is not

:18:44. > :18:50.universally loved yet the brand has this cachet. 20% of the visitors

:18:51. > :18:56.have never tasted Guinness. Quite extraordinary. It is a beautiful

:18:57. > :19:02.tasting beer and we show people how to taste it. That goes down

:19:03. > :19:10.particularly well with female audiences. We show people how to

:19:11. > :19:20.pour the perfect pint and give them a certificate. The thing about

:19:21. > :19:28.Guinness, it is a 2-part port. It is hugely popular around the world.

:19:29. > :19:32.When you started this in 2000, you were not working for the company or

:19:33. > :19:39.the brand. You would in the hotels business around the world. You were

:19:40. > :19:50.headhunted, you arrived, it was just you and an empty building. How did

:19:51. > :19:57.you make this happen? You are right, I started by bringing in creative

:19:58. > :20:07.people from the hospitality and hotel industry because I felt they

:20:08. > :20:22.possessed the right skills. They have every other aspect of it. I

:20:23. > :20:33.think they work but I could not have done it without the help of

:20:34. > :20:42.fantastic staff who generate a warm welcome for the visitors. Thinking

:20:43. > :20:47.more generally about Ireland and the uncertainty it is facing, can Dublin

:20:48. > :20:55.cope with the numbers you're receiving? Dublin is brimming with

:20:56. > :21:06.tourism at the moment, in fact, as we speak, they are creating another

:21:07. > :21:12.5000 hotel bedrooms. Yes, it is great, it is a great place to be. We

:21:13. > :21:17.are constantly reinventing and adding to it and listening to our

:21:18. > :21:25.visitors and refreshing the product. We've got a great future ahead of us

:21:26. > :21:31.in Ireland. To Riz and supports 20,000 jobs and brings in ?7 billion

:21:32. > :21:38.for the Exchequer. He looks very good. Apparently the routes between

:21:39. > :21:50.Heathrow and Dublin is the second busiest. You can get a flight to

:21:51. > :22:04.USA are our biggest market by far. USA are our biggest market by far.

:22:05. > :22:07.In a moment we will be looking at the

:22:08. > :22:17.other stories but first, a reminder how to get in touch. We will keep

:22:18. > :22:22.you up-to-date with insight and analysis from the BBC's team of

:22:23. > :22:31.editors and we want to hear from you as well. Get involved. We are on

:22:32. > :22:47.Twitter and Facebook. Let's have a quick look at some of

:22:48. > :22:54.the stories the media is taking an interest in. We've been talking

:22:55. > :22:58.about Maria Sharapova and the decision by lots of the big brands

:22:59. > :23:12.to pull away from her after this revelation. We've been asking for

:23:13. > :23:18.some inside. This is something that happens, big brands don't want to be

:23:19. > :23:24.involved with people in corporate scandal. We saw that with Lance

:23:25. > :23:31.Armstrong, Tiger Woods... Don't you think that they are very quick to

:23:32. > :23:36.react? They have learned lessons. They would linger for a bit longer

:23:37. > :23:41.before but now they are just out. They've learned the lessons of the

:23:42. > :23:50.past. When previous athletes have been involved in scandals. It is

:23:51. > :24:00.super important to Maria Sharapova. She is worth $170 million. She will

:24:01. > :24:07.be out-of-pocket significantly. We've got some tweaks in -- messages

:24:08. > :24:12.in saying, it is the right decision, if you're not playing in the correct

:24:13. > :24:19.way you will pay the price because you are a brand idol. We got another

:24:20. > :24:21.one saying she should have distanced himself when the initial story

:24:22. > :24:47.broke. They are partly owned... Just to say

:24:48. > :24:55.there are differences between the stories in the sense that what she

:24:56. > :24:58.has done has enhanced performance whereas with Tiger Woods that was

:24:59. > :25:01.just a indiscretion. It is different in terms of how the sponsors decide

:25:02. > :25:03.what they are doing next. If you are a young person who wants to emulate

:25:04. > :25:06.Maria Sharapova, maybe don't... Let's move on, this story is in all

:25:07. > :25:12.the papers. I think he did a great job at not coming down on either

:25:13. > :25:17.side. Both camps looking to pick holes in him. He was saying that the

:25:18. > :25:25.EU except would be the biggest domestic risk but not the biggest

:25:26. > :25:32.risk in total. He gave an extraordinary performance, long

:25:33. > :25:39.answers, very considered, trying not to come out on either side. He needs

:25:40. > :25:54.to sit in the middle and provide information. He managed a lot of

:25:55. > :26:05.doubt and no definite. That is it from business live.