:00:07. > :00:10.This is Business Live from BBC News with Maryam Moshiri and Sally
:00:11. > :00:17.This is Business Live from BBC News with Maryam Moshiri and Sally
:00:18. > :00:21.More stimulus is expected today from the European Central Bank -
:00:22. > :00:36.Live from London, that's our top story on Thursday the 10th of March.
:00:37. > :00:40.All eyes are on Mario Draghi - will the man dubbed super Mario be
:00:41. > :00:43.able to bring sustained growth - or is Europe's central bank
:00:44. > :00:50.High rise, high cost - we'll find out why Singapore
:00:51. > :00:59.And the markets look like this right now as investors await Mr Draghi's
:01:00. > :01:03.And flexible working - we'll be talking to one company
:01:04. > :01:07.which is benefiting from the rise in professionals working from home.
:01:08. > :01:13.And you've just heard that Singapore is the world's most expensive city -
:01:14. > :01:16.Today we want to know......What do you think makes a city expensive?
:01:17. > :01:40.All eyes are on the European Central Bank in Frankfurt to see if the man
:01:41. > :01:49.dubbed super Mario can deliver a recipe to bring sustained
:01:50. > :01:53.In just a few hours we'll find out Mario Draghi's plans to deal
:01:54. > :01:57.with dangerously low inflation, and slugglish growth.
:01:58. > :02:00.Let's take a look at the situation as it stands.
:02:01. > :02:04.growth in December, central bank lowered its interest rate further
:02:05. > :02:05.into negative territory - to minus 0.3 percent.
:02:06. > :02:09.It's expected to be cut further todayOver the past year the bank has
:02:10. > :02:11.also spent more than 700 billion euros -
:02:12. > :02:16.that's 60 billion a month - buying government bonds and assets,
:02:17. > :02:22.in an effort to tackle low inflation.
:02:23. > :02:27.Last month prices actually fell, bringing deflation back
:02:28. > :02:33.And in the last three months of 2015 - the region's economy barely grew
:02:34. > :02:36.Many experts doubt whether further stimulus will work.
:02:37. > :02:39.That includes the man who's known as the father of the Euro -
:02:40. > :02:49.former ECB board member Otmar Issing.
:02:50. > :02:52.Professor Lorenzo Codogno from the European Institute
:02:53. > :03:04.What are you expecting to happen today? There are three possible
:03:05. > :03:09.options. The ECB could do much of the same, so to speak. The same
:03:10. > :03:14.tools that have been used so far, increasing the size of the monthly
:03:15. > :03:18.purchase, according to the asset purchase programme. They could
:03:19. > :03:24.extend the length of the programme, so
:03:25. > :03:29.basically, extended by six months, and I think this is already
:03:30. > :03:37.discounted by financial markets. Kind of policy tools that have been
:03:38. > :03:44.used so far can be expanding. And in terms of the depositary, they can
:03:45. > :03:49.introduce a two tier system that would reduce the costs of the banks.
:03:50. > :03:59.We are still within the traditional tool. Then, I think the market would
:04:00. > :04:03.want to see something more, and it is reasonable to expect something
:04:04. > :04:04.more from the ECB. There are two options.
:04:05. > :04:18.Improve the transmission of monitoring policies, and
:04:19. > :04:23.on the access and the liability side, or broaden the scope of the
:04:24. > :04:23.programme, throughout the whole of the economy.
:04:24. > :04:27.We might see a mix of both things. In your opinion,
:04:28. > :04:39.how effective is this all, but if they did not do any
:04:40. > :04:40.other stimulants, where would we be now?
:04:41. > :04:46.don't have the counterfactual. We don't know what would have
:04:47. > :04:49.happened without the action by the ECB.
:04:50. > :04:57.ECB has been effective in stopping a more disastrous scenario. Has it
:04:58. > :04:58.been affected to turn expectations been affected to turn expectations
:04:59. > :05:05.in terms of have had Germany slightly against
:05:06. > :05:18.that? lowering the depositary even more,
:05:19. > :05:29.so if, Honda may be preparing to compensate
:05:30. > :05:51.dealers in the US over the massive recall linked to potentially faulty
:05:52. > :05:53.airbags - this according to the industry magazine Automotive
:05:54. > :05:54.News. In January Honda ordered a halt
:05:55. > :05:57.of 1.7 million vehicles sales The latest inflation data out
:05:58. > :06:05.of China shows that consumer prices have risen at the fastest rate
:06:06. > :06:08.since the middle of 2014. The CPI index rose by 2.3
:06:09. > :06:12.percent in February, with food price inflation
:06:13. > :06:15.coming in at 7.3 percent. Last month, Lunar New Year
:06:16. > :06:17.celebrations took place across much of Asia, with food retailers
:06:18. > :06:19.hiking prices in response Let's take a look at some of the
:06:20. > :06:49.stories. It is a retail sector that is in
:06:50. > :06:59.focus, and the supermarket chain has announced declining profits for a
:07:00. > :07:10.fourth year in a row. of the high street supermarkets in
:07:11. > :07:12.the UK. To take a look at our website as when you
:07:13. > :07:21.Singapore has again been judged as the world's most expensive city
:07:22. > :07:31.Leisha Chi is in there and can tell us more.
:07:32. > :07:39.Singapore has been ranked the most expensive city. Here, we
:07:40. > :07:45.don't have very extravagant lifestyles! The biggest reason why
:07:46. > :07:45.it keeps topping the ranking is the cost of
:07:46. > :07:51.buying and owning a car here. We don't only pay to import the
:07:52. > :07:53.vehicle, there is a feat to have the privilege of
:07:54. > :08:00.owning -- owning it. The cost of that, you could buy a house
:08:01. > :08:04.somewhere else. Transport costs are nearly three times higher than New
:08:05. > :08:13.York, which is the base city in the survey. It is worth noting -- it is
:08:14. > :08:18.worth noting the expatriates, and they packed into the calculation is.
:08:19. > :08:21.Expats would tapped to pay for international schools. They would
:08:22. > :08:24.pay for condos as opposed to government housing. That is worth
:08:25. > :08:30.keeping in mind. Another thing worth noting from the survey is that
:08:31. > :08:39.Chinese cities are also worth -- rocketing up the rankings.
:08:40. > :08:42.Asian stocks closed higher this Thursday.
:08:43. > :08:48.Expectations are high too ahead of the ECB meeting later.
:08:49. > :08:51.We also had some better than expected Chinese inflation
:08:52. > :08:55.In Europe the markets are open and it's all
:08:56. > :09:02.about the European Central Bank today - with the prospect of more
:09:03. > :09:07.monetary stimulus measures whetting investors' appetite.
:09:08. > :09:09.And Michelle Fleury has the details about what's ahead
:09:10. > :09:22.Investors here in the US will be keeping a close eye on the European
:09:23. > :09:27.Central Bank monetary policy meeting. No change is expected here,
:09:28. > :09:33.when the Federal reserve holds its policy meeting next week. In
:09:34. > :09:40.Washington, President Obama has a visit from Justin Trudeau. Both US
:09:41. > :09:54.and Canada are hoping to rebuild ties which deteriorated under his
:09:55. > :09:59.predecessor. The head of VW's operations in the US, Michael Horn,
:10:00. > :10:06.is leaving. In a statement, the German said on Wednesday that Mr
:10:07. > :10:11.Hall leaving immediately. From the early days, Michael Horn was
:10:12. > :10:14.instrumental in dealing with the response to the emissions scandal.
:10:15. > :10:15.Joining us is Jane Sydenham, Investment Director
:10:16. > :10:24.Michelle talking about it, we are all talking about it. In Asia, we
:10:25. > :10:29.were talking about it. He ECB, if were talking about it. He ECB, if
:10:30. > :10:34.they don't do anything, it is going to be interesting for markets expect
:10:35. > :10:37.it will be disappointing, and it is a very difficult start the year,
:10:38. > :10:43.with Chinese slowdown worries about that. So the markets would
:10:44. > :10:48.definitely appreciate a confidence boost. If we don't get it, yes.
:10:49. > :10:53.Having been through this year, it was not that long ago that the
:10:54. > :10:57.German finance minister was saying that Deutsche Bank is OK. That was
:10:58. > :11:06.this year. This is all the pressure on the ECB. A lot of what is going
:11:07. > :11:10.on in China is adding to the deflationary fear. Could China
:11:11. > :11:13.devalue its currency which would export deflation to the rest of the
:11:14. > :11:19.world, and put more pressure on Europe? There is much to worry
:11:20. > :11:23.about. Will the markets be happy whatever he does? It just seems that
:11:24. > :11:29.whatever the ECB does do, it does not seem to be enough. I think that
:11:30. > :11:32.is true to some extent, but suddenly having that stimulus, giving -- cone
:11:33. > :11:35.that what Lorenzo was saying, we don't know what would have happened,
:11:36. > :11:44.but we can be reasonably confident that we would not be much worse, and
:11:45. > :11:52.that undoubtedly helps confidence to some extent. To what extent do other
:11:53. > :12:02.central bankers... And the central bank in Japan, what do you think
:12:03. > :12:06.about it diverging? It is important is Palis, the world is very
:12:07. > :12:11.interconnected. Has anyone major trading bloc Unter particular
:12:12. > :12:13.pressure undermines everyone else. It is important that they do
:12:14. > :12:16.coordinate. Jane will return. We coordinate. Jane will return. We
:12:17. > :12:21.happen to board to discuss, And flexible working -
:12:22. > :12:26.we'll be talking to one company which is benefiting from rise
:12:27. > :12:28.in professionals working from home. You're with Business Live from BBC
:12:29. > :12:38.News. The Competition and Markets
:12:39. > :12:40.Authority has announced plans this morning to fix the energy
:12:41. > :12:42.market which is dominated Despite a big push to encourage
:12:43. > :12:46.consumers to shop around, there are still concerns that
:12:47. > :12:48.competition isn't working, and prices of gas and
:12:49. > :12:50.electricity are too high. The CMA has spent two years looking
:12:51. > :12:53.into it and last summer said residential customers have been
:12:54. > :12:55.overpaying by an average of 5%, For the past 22 years,
:12:56. > :13:07.Anne Gardner from Kent has been paying for her energy
:13:08. > :13:09.in the same way. Like millions of people
:13:10. > :13:14.across the UK, Anne uses Anne has a low income
:13:15. > :13:18.but being on the meter means she routinely misses out on much
:13:19. > :13:26.cheaper energy deals. You have to have a certain amount
:13:27. > :13:29.of budget that you can spare to put And then if it turns really cold
:13:30. > :13:33.and we just can't afford it, it is a case of, go and get
:13:34. > :13:37.into your bed, or put on an extra jumper, an extra coat,
:13:38. > :13:39.just something to wrap up I mean, you just cannot stretch
:13:40. > :13:43.the money any further But an 18 month energy market
:13:44. > :13:47.investigation has now concluded that The Competition and Markets
:13:48. > :13:50.Authority has now proposed an energy price cap, for the 4 million
:13:51. > :14:04.households on prepayment meters. Competitors will also be able
:14:05. > :14:07.to access a database of users on standard tariffs,
:14:08. > :14:09.so they can offer them better deals. And the watchdog also says the rules
:14:10. > :14:12.of suppliers can offer just four The real headline is there is some
:14:13. > :14:20.really good deals out But about two thirds
:14:21. > :14:24.of us do not take them. We sit on the default tariffs,
:14:25. > :14:27.which is about 25% or 30% more Our solution to this is going to be
:14:28. > :14:31.to make it easier for people to switch, better informed,
:14:32. > :14:33.cheaper, much less hassle. And we firmly believe that we're
:14:34. > :14:36.well on the way to making this Last year the CMA found that
:14:37. > :14:42.millions of households were paying The lack of competition has cost
:14:43. > :14:47.consumers up to ?1.7 billion a year. That is ?500 million more
:14:48. > :15:04.than it previously thought. If you want more information on that
:15:05. > :15:08.story and plenty others you can go to the website.
:15:09. > :15:15.Our top story: Reaching for the Big Bazooka again.
:15:16. > :15:18.More stimulus is expected today from the European Central Bank.
:15:19. > :15:21.We'll find out in a few hours' time.
:15:22. > :15:26.Flexible working has often been touted as a way to improve company
:15:27. > :15:30.Letting staff do hours which suit their families and work
:15:31. > :15:33.from home has also been linked to a strong rise in the use
:15:34. > :15:40.Powownow is a phone and video conference service which was set
:15:41. > :15:46.It says it's one of Europe's fastest growing providers.
:15:47. > :15:47.It operates across 15 European countries,
:15:48. > :15:51.It's managing director is Jason Downes, who's been
:15:52. > :16:15.You look happy in that photo. Threw is a business that lets people
:16:16. > :16:21.thought which other for business purposes, lots of companies do a
:16:22. > :16:25.similar service, like Skype, for example. Why would somebody choose
:16:26. > :16:31.Powwownow, which I must admit I had not heard of until today. Lots of
:16:32. > :16:36.our customers talk to me about the fact it is nice and easy, you can
:16:37. > :16:41.register and the user within 90 seconds. They love the reliability,
:16:42. > :16:46.it simply doesn't know, and we are very flexible in terms of tailoring
:16:47. > :16:52.and approach right for their business. What kind of customer base
:16:53. > :16:58.do you normally look at? We have a lovely spectrum, the largest group
:16:59. > :17:03.are small and medium enterprises, they really embraced technology and
:17:04. > :17:07.they can be spending less than ?100,000 a year with us but they use
:17:08. > :17:13.the service for everything. Last week we had a large retailer doing a
:17:14. > :17:17.big company announcement to 3000 people. There are various ways of
:17:18. > :17:21.paying for this, just talk us through that, because many people
:17:22. > :17:26.believe and assume it is quite a complicated process and quite
:17:27. > :17:30.tricky. Again what customers tell us is as nice and simple. A number of
:17:31. > :17:33.customers we never actually built, it is part of your phone contract
:17:34. > :17:42.and your relationship with your mobile phone on landline provider.
:17:43. > :17:46.-- Bill. You said it never goes wrong, that is quite of old
:17:47. > :17:50.statement, especially with telecommunications, that is one of
:17:51. > :17:53.the frustrations when you on a conference call and try to talk to
:17:54. > :17:58.someone. You on hold all the connection drops or something. How
:17:59. > :18:01.can you make the guarantee? I have been there for three years and I
:18:02. > :18:07.have had one complaint on audio in the UK. Your company does conference
:18:08. > :18:14.calling, never considered this sexy thing, howdy make that sexy interims
:18:15. > :18:18.on marketing? The how do you. We try to make it fun so we talk about how
:18:19. > :18:24.you can save money travelling but much more fun was last year we ran a
:18:25. > :18:32.campaign about avoiding the horror of travel, talking about the horrors
:18:33. > :18:36.of commuting around London. Sounds about right. It is Horrell pull-out
:18:37. > :18:41.there. This year we have a theme about slightly overweight
:18:42. > :18:47.gymnastics, the joys of bringing flexible working life. You get fat
:18:48. > :18:52.working from home? You have more time to go to the gym. You have
:18:53. > :18:55.looked into the issue of flexible working probably because you want to
:18:56. > :19:01.expand your customer base but you have found that Flex for working is
:19:02. > :19:07.not as available as we might perhaps thing. -- flexible working. We have
:19:08. > :19:12.done some surveys and staggeringly 75% of people have no flexible
:19:13. > :19:19.working options. In the UK. Why is that? Some of it is still fear, I
:19:20. > :19:22.cannot see you or he, what are you doing? That is an old-fashioned
:19:23. > :19:29.management technique. -- or hear you. If you talk about output rather
:19:30. > :19:36.than input and regularly during the case using iMeet or even a simple
:19:37. > :19:43.conference call chat you can find out. The new CEO of Yahoo famously
:19:44. > :19:50.stopped working from home policy she argued that a lot of the creativity
:19:51. > :19:56.and new ideas come when people are together working and chatting in
:19:57. > :19:59.corridors. It depends what you want, for creativity are great but some
:20:00. > :20:05.jobs you cannot work from home. Yes we could, we could present... The
:20:06. > :20:11.technology is there, if you want to get people have a big video call. If
:20:12. > :20:14.you want to find out some quickfire ideas do some messages. You can
:20:15. > :20:18.share your screen or present what you want. It is old-fashioned to
:20:19. > :20:21.think you cannot do things now. We could probably do the show in a
:20:22. > :20:26.different way but you could be presenting from home. In pyjamas and
:20:27. > :20:30.slippers. I am sure they would be some demand for that... Thank you so
:20:31. > :20:34.much. Really interesting. Let's see what other stories
:20:35. > :20:42.are being talked interesting. We will be talking through Singapore
:20:43. > :20:47.and why it is the most expensive city and a massive cruise ship, but
:20:48. > :20:52.here is a reminder first of how to get in touch with us. The business
:20:53. > :20:57.life pages where you can stay ahead of all the days breaking business
:20:58. > :21:00.news and keep up-to-date with all of the latest details with insight and
:21:01. > :21:10.analysis from editors around the world. And we want to hear from you.
:21:11. > :21:22.Get involved on the web page and on twitter. And you can find us on
:21:23. > :21:24.What other business stories has the media been taking
:21:25. > :21:27.Jane Sydenham, Investment Director at Rathbones Investment Management,
:21:28. > :21:37.let's start with the Singapore straits times, reporting on the fact
:21:38. > :21:41.that Singapore is one of the world's most expensive cities. This is the
:21:42. > :21:46.Economist intelligence unit reporting on this. Tell us more
:21:47. > :21:50.about this. I imagine anybody watching in Singapore would say it
:21:51. > :21:55.is true. It all comes down to demand. Singapore is often called
:21:56. > :21:59.the Geneva of the Far East, it has a very good legal system, lots of
:22:00. > :22:04.companies and individuals want to go and work there. They want to have
:22:05. > :22:09.their trusts managed there, there is a lot of demand. That pushes up the
:22:10. > :22:12.cost of housing off course. We have talked about cars and transport and
:22:13. > :22:17.how expensive that is. Just those things alone make life but it's
:22:18. > :22:22.pensive, even though actually food and day-to-day essentials may not be
:22:23. > :22:28.quite as expensive. -- they make life quite expensive. We are seeing
:22:29. > :22:33.here that London was sixth most expensive, New York seven. This
:22:34. > :22:39.obviously compares more than 160 items you might buy if you are
:22:40. > :22:44.living there. What is interesting and I think is how much cities have
:22:45. > :22:48.moved. Australia has dropped quite a long way per click because of
:22:49. > :22:53.currency. That makes a big difference. -- partly because of.
:22:54. > :23:01.Currencies have been volatile this last year. Let's share what you have
:23:02. > :23:05.been saying to us. Simon saying we asked you how you would measure the
:23:06. > :23:10.most expensive city, Simon suggesting the small chocolate bar
:23:11. > :23:15.cost depends where I am, the same chocolate bar would sell for more in
:23:16. > :23:21.London, even more in Singapore. He is in Farnborough. Depends on the
:23:22. > :23:28.chocolate bar... James Newman says, expensive city is social aspects,
:23:29. > :23:32.civilised, refined culture, social aspirations, not just expensive
:23:33. > :23:38.goods. It is not just about how much you spend, also about the culture.
:23:39. > :23:40.Yes, exactly. Let's talk about this, I have mentioned it a few Times, the
:23:41. > :23:55.viewers will feel they have been short-changed, Harmony On The Seas,
:23:56. > :24:02.almost as long as the Eiffel Tower is high, 8000 passengers. It is a
:24:03. > :24:08.city on the sea will stop a theme park, I gather there is a water
:24:09. > :24:12.slide over ten stories. Different entertainment errors. The
:24:13. > :24:16.reinvention of cruising, he used to be something that only elderly
:24:17. > :24:20.people did, now families are very keen, there is endless entertainment
:24:21. > :24:28.and interest for children. And all age groups. Now you will see the
:24:29. > :24:33.marketing has changed, when I was a little younger you would cruises as
:24:34. > :24:38.being something for the older person, but actually these for a
:24:39. > :24:44.young famine would be amazing. We have the Chief Executive of Carnival
:24:45. > :24:48.here several times and he talked about it at length but it is
:24:49. > :24:53.interesting, lots of people today, hardly any of them have been on a
:24:54. > :25:00.cruise because of the stigma. Despite the fact that obviously the
:25:01. > :25:04.industry is ill doing a hell of a lot to transform cell. My husband
:25:05. > :25:12.was trying to persuade me. I quite like the idea of a zip file on deck.
:25:13. > :25:18.This has climbing walls, surfing machines, all sorts of things. And
:25:19. > :25:29.also places where people have very young children. Would you come off
:25:30. > :25:33.the boat? You can potter around. Also that if the family goes to a
:25:34. > :25:37.hotel or resort there is not to do but actually they do not move around
:25:38. > :25:43.very much. If there is constant entertainment, as long as children
:25:44. > :25:47.are happy then parents are happy. Thank you very much for coming in.
:25:48. > :25:52.There will be more business news throughout the day on the BBC Live
:25:53. > :25:54.webpage and on World Business Report.