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This is Business Live. Trump wins big and Clinton suffers a surprise
defeat in the key State of Michigan. We bring you the latest in the race
to the White House and the lead of Britain's biggest, of the world's
biggest economy. Live from London, that's our top story on Wednesday,
9th March. Donald Trump and Hillary Clinton
increase their leads, but the race is far from over. We will be looking
at the economic goals of the main contenders. It has been a bad week
for the energy giants. Today, it is the turn of the German power company
E.ON to unveil a multibillion dollar loss, warning of tougher times
ahead. And for financial markets, it is a really mixed day. They're up,
they're down, where are they going to head next? We will tell you all
you need to know. What do you think was voted Europe's
best attraction? Buckingham Palace maybe? The Eiffel Tower? The
Coliseum in Rome, perhaps? No, it was this, the Guinness Store House.
We will be talking to the man who set it up and runs it to this day.
Today, we want to know what you think of how big business is
treating Maria Sharapova after her revelation that she failed a drugs
test. Within 24 hours she has been dropped by Nike and Tag Heuer and
Porsche, was it the right decision? Just get in touch with us use.
-- use the hashtag. It has been another big night
in the US with several key states voting for
the presidential candidates. For the Republicans,
the momentum behind Donald Trump is gaining after he swept to victory
in Mississippi and the key industrial State of Michigan
which has suffered a prolonged Democratic front-runner
Hillary Clinton won her party's primary in Mississippi
with Bernie Sanders Now, let's turn the spotlight
on the policies for the front-runners of both parties
in this election. Many believe Ted Cruz has a chance
despite the fend nom ma of Donald Trump.
What will it mean for the relationship between the US and the
rest of the world? Victoria. With us is Professor
Peter Trubowitz. He's the director of
the United States Centre At this point in the electoral cycle
people are not looking for somebody to sketch out the details. They are
looking for somebody to shape the etch a sketch and that's what Donald
Trump is doing. He is offering, he is tapping into an anger, I think a
resentment, a frustration in the United States, especially, on the
Republican side about the status quo, about what is happening in
Washington, what is happening in the federal Government. If you look at
the exit polls, from yesterday, about 50% of those Republicans who
went to the polls expressed frustration with what is happening
in Washington. They want a change. That's what Donald Trump is trying
to offer them. OK and particularly this is all about trade and in
Michigan, manufacturing and the auto sector and jobs. Irrespective of
whether we may get Hillary Clinton, we may get Donald Trump, to what
extent do you think we might see a more protectionist America in the
future if the feeling is that actually people are afraid and
people are really annoyed about what people are really annoyed about what
is going on with trade in the US? Yeah, well, it is a great question
and again if you look at the exit polls, last night in Michigan, 60%
of those who went to the polls expressed frustration with free
trade, believing that it takes American jobs. Jobs are disappearing
from the United States because of deals like the TPP and I think what
that means, kind of going forward, is that whoever becomes the next
president, is going to be under pressure to put a damper on trade. I
don't expect it to be kind of at the top of anybody's aagained da, serge
not in the first year. For the current president, Barack Obama,
many are saying part of his legacy is the big trade deals that he has
been pushing with Asia, Europe, TTIP and the various acronyms. Will that
be unravelled to a degree regardless of who gets the new job? Well, we
will find out this spring about TTP because it will go up for a vote.
Whoever is the next president, they are fortunate that the ground will
be cleared. It will get nailed or it will go through and Obama will own
it. Think the thing is that what Democrats and Republicans are
hearing, the candidates are hearing, people are frustrated with free
trade and so I just think that the agenda, if I was looking at say if
it was Clinton who comes in, I don't think trade will be front and
centre, I think what she will focus on when it comes to economics,
losing the tax loopholes and raising the minimum wage which is $7.25 an
hour and what she is talking is about bringing it up to $12 and $15
an hour, that's a heavy lift and to get that through Congress she would
have to make deals, because she will be dealing with the Republicans.
Thank you very much for coming in and taking us through that. We have
a long way to go. Yes. We are enjoying it. Every twist and turn
provides so much entertainment. E.ON preferred 7 billion euro,
that's 7 billion euro boss. It is warning the course will be longer
and tougher than anticipated. E.ON is saying as a result of its planned
spin off of its convention oil and gas fired activities, it expects the
outlook to be lower than it previously
France faces a wave of protests on Wednesday against labour reforms,
that aim to change working hours and rules about days off.
The reforms have divided an already fractured Socialist government.
The protest coincide with a separate 36-hour Rail strike that's set
to disrupt train traffic across France.
European prosecutors are tightening the screw on car gaint VW
in the wake of the emissions scandal spread.
France has opened a formal probe into "aggravated fraud",
while in Germany, the number of VW employees under
VW's boss warned the firm would suffer "substantial
and painful" damage to its reputation and finances.
You might be familiar with this. This is one of cases you see a lot
in airports across the world, they are Trunki, but they are known as
Kiddy Case. This is a case that's Kiddy Case. This is a case that's
gone all the way to the Supreme Court and a judgement is due on that
later on today. It is interesting because I was loaned a Trunki to use
on a holiday with my little boys. The idea is they can pull it along
themselves and they can sit on it. It is a seat. It was a nightmare.
This idea was pitched on dragons Den and they said no. You see them the
whole time. Don't believe what you see all the time on television.
Let's talk about Cathay Pacific, its annual profits nearly doubled last
year, going up by 90%. Boosted bypass injury numbers going up and
also huge savings, of course, on fuel because oil prices, we know,
have tumbled. Profits beat expectation and this is
due to the low oil prices so we saw crude collapse from more than $100 a
barrel to $30 a barrel over the last two years. This had an impact across
the aviation industry and this helped Cathay Pacific by reduce
their fuel costs by nearly 40% last year. Jet fuel is their biggest
expense. They spend $4 billion a year on it, last year they lost $1
billion in something called hedging contracts. This is something very
similar to insurance and it is aimed at reducing fuel volatility, but it
locked them into the higher oil prices and they have all come down.
But now, we are going to see Cathay Pacific bring in 17 new planes which
are more fuel efficient and investors are happy because their
shares rose more than 3% in Hong Kong on the results.
It is a downbeat day. That's the US last night of the that's how things
ended in Asia today. Let's look at Europe quickly. We have got China.
The national people's congress is underway. They're discussing toxic
debt, that was on the agenda today. This is how things are going in
Europe. For the global markets, investors, they are looking ahead to
the European Central Bank. Mario Draghi and his team meet today.
Michelle Fleury has the details about what's ahead on Wall Street
You may not have have heard of Square, but you may have heard of
its boss. It is known for its coop shaped plug that attaches to
smartphones and tablets to allow them to accept credit card payments,
it was one of the highest profile companies to go public last year and
it reports its first set of results since the stock market debut. The
company is expected to turn in a slight loss, not because it is not
making money, but because it had to invest heavily in new hardware. What
has that meant for its share price? Well, it has been fairly volatile
since it began trading last November. Another reason for that is
investors worry Square's founder maybe stretched thin running both
Square and Twitter. Joining us is James Quinn. Welcome
to the programme. We have seen for sometime haven't we, we have seen
commodities really tell the story when it comes to equities, they ten
to follow each other. We saw a big jump in iron ore prices recently.
They have come down somewhat and you think you know what's going on? Yes.
A great story overnight out of China. A flower show, courtesy of
the financial times this morning, a rival paper suggesting that the
spike in iron ore, the biggest spike in 20 years was courtesy of a flower
show, expecting ten million visitors over a week and therefore, all the
steel plants were bulk buying iron ore ahead of the flower show because
they were told to stop producing to keep the skies clear because of this
exhibit! The idea is that supply is constrained so therefore, the price
goes up? That's right. That's right. That's why it was a volatile spike
that came back. A flower show. It is incredible. All these little quirky
events and facts that move markets and yet it is fun yu because us as
financial journalists try and figure these things out. Yeah, that's
right. It is incredible. It is about sentiment and trying to guess what's
happening as opposed to always happening as opposed to always
knowing what's going on. European Central Bank... We have got the ECB
meeting starting today. The press conference Tom, Mario Draghi
expected to intervene in the potential for more QE, it could be
interesting tomorrow. It will move the markets up and down. The euro is
preparing itself. It is moving around. Traders wondering not if,
but how much the stimulus we're going to get tomorrow.
What makes a successful tourist attraction? We will be hearing from
the man who set-up the Guinness Store House in Dublin which
attracted more than 13 million visitors.
You're with Business Live from BBC News.
Now a look at some of the stories from around the UK.
Plans to relax Sunday trading laws in England and Wales could be
blocked after the Scottish National Party said it would join
Conservative rebels in voting against the proposals.
It could mean the Government plans are defeated.
The SNP said it wanted to defend workers' pay and conditions
in Scotland as Eleanor Garnier reports.
Small shops can stay open on Sundays all day if they like but in England
The Government wants to relax the rules and give councils the power to
set opening hours in their own areas. They say it will boost the
economy and help high streets to tackle competition from the online
market. In Scotland, shops can open when they like and staff there are
paid more for working on a Sunday. But the SNP argue that if the law is
changed in England and Wales, that could affect the wages paid in
Scotland too. Despite promising not to interfere in laws that only cover
England and Wales, it will vote against the plans. This is about
protecting premium pay. If the UK Government were serious they should
have come forward with a plan which protected premium pay in Scotland
which is deliverable across the UK. The government is calling the SNP
hypocritical for denying people the freedom is to shop already available
in Scotland, and a letter signed by more than 100 Conservative council
leaders urges the government to push ahead with the changes. With the
SNP, Labour and around 20 Tory MPs opposed to the plans it will
struggle to get the changes passed unless compromise is reached. We
will keep an eye on that as it develops. Quickly looking at some
other stories. This is from G4S, the security firm, reporting a slump in
profits. Of course, they are in the middle of a massive overhaul,
including overcharging the government for tackling criminals
who were not even alive. No surprise to see a fall in the share price.
Not coming out with good numbers at all. More details online. You are
watching business live. We are focused on the results coming
through overnight from the United States, with several key states
voting for the presidential nominees. Let's move on. When you
think about leading US tourist attractions, you might think about
the Eiffel Tower in Paris, the Colosseum in Rome, but think again,
according to the world travel awards they voted on the Guinness score
house -- Storehouse as the top attraction. They say it proves brand
names can be big when it comes to pulling in tourism. 1.5 million
people visited it in Dublin. They say that half of all tourists in
Dublin make the trip. It is a chance to sample some of it. Paul Carty set
up the tourist attraction, and he is the managing director. He joins us.
It shows you the pulling power of brands. Who would have thought the
Guinness Storehouse would be so huge and would be rivalling some of the
biggest names across the world? It is the nominal. Sometimes I've got
to pinch myself that we have 1.5 million visitors every year. Quite
incredible. The reason is we have become an iconic, must see part of a
trip to Dublin. People love the brand and they associate it with
Dublin. Not necessarily the taste. It is almost the Marmite of the
drinks world. So it is interesting that the product itself is not
universally loved yet the brand has this cachet. 20% of the visitors
have never tasted Guinness. Quite extraordinary. It is a beautiful
tasting beer and we show people how to taste it. That goes down
particularly well with female audiences. We show people how to
pour the perfect pint and give them a certificate. The thing about
Guinness, it is a 2-part port. It is hugely popular around the world.
When you started this in 2000, you were not working for the company or
the brand. You would in the hotels business around the world. You were
headhunted, you arrived, it was just you and an empty building. How did
you make this happen? You are right, I started by bringing in creative
people from the hospitality and hotel industry because I felt they
possessed the right skills. They have every other aspect of it. I
think they work but I could not have done it without the help of
fantastic staff who generate a warm welcome for the visitors. Thinking
more generally about Ireland and the uncertainty it is facing, can Dublin
cope with the numbers you're receiving? Dublin is brimming with
tourism at the moment, in fact, as we speak, they are creating another
5000 hotel bedrooms. Yes, it is great, it is a great place to be. We
are constantly reinventing and adding to it and listening to our
visitors and refreshing the product. We've got a great future ahead of us
in Ireland. To Riz and supports 20,000 jobs and brings in ?7 billion
for the Exchequer. He looks very good. Apparently the routes between
Heathrow and Dublin is the second busiest. You can get a flight to
USA are our biggest market by far. USA are our biggest market by far.
In a moment we will be looking at the
other stories but first, a reminder how to get in touch. We will keep
you up-to-date with insight and analysis from the BBC's team of
editors and we want to hear from you as well. Get involved. We are on
Twitter and Facebook. Let's have a quick look at some of
the stories the media is taking an interest in. We've been talking
about Maria Sharapova and the decision by lots of the big brands
to pull away from her after this revelation. We've been asking for
some inside. This is something that happens, big brands don't want to be
involved with people in corporate scandal. We saw that with Lance
Armstrong, Tiger Woods... Don't you think that they are very quick to
react? They have learned lessons. They would linger for a bit longer
before but now they are just out. They've learned the lessons of the
past. When previous athletes have been involved in scandals. It is
super important to Maria Sharapova. She is worth $170 million. She will
be out-of-pocket significantly. We've got some tweaks in -- messages
in saying, it is the right decision, if you're not playing in the correct
way you will pay the price because you are a brand idol. We got another
one saying she should have distanced himself when the initial story
broke. They are partly owned... Just to say
there are differences between the stories in the sense that what she
has done has enhanced performance whereas with Tiger Woods that was
just a indiscretion. It is different in terms of how the sponsors decide
what they are doing next. If you are a young person who wants to emulate
Maria Sharapova, maybe don't... Let's move on, this story is in all
the papers. I think he did a great job at not coming down on either
side. Both camps looking to pick holes in him. He was saying that the
EU except would be the biggest domestic risk but not the biggest
risk in total. He gave an extraordinary performance, long
answers, very considered, trying not to come out on either side. He needs
to sit in the middle and provide information. He managed a lot of
doubt and no definite. That is it from business live.