09/03/2016 BBC Business Live


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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.


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