:00:07. > :00:14.Moshiri. with Sally Bundock and Maryam
:00:15. > :00:16.Five years after the Fukushima disaster, Japan is struggling
:00:17. > :00:19.to restart its nuclear industry despite costly fossil fuel imports.
:00:20. > :00:37.Live from London, that's our focus on Friday 11th March.
:00:38. > :00:51.The fallout from Fukushima went global with some key economies
:00:52. > :00:53.turning their backs on nuclear energy altogether.
:00:54. > :00:57.We assess the outlook for Japan five years on and get an expert view
:00:58. > :01:00.Also in the programme, the boss of Samsung warns investors
:01:01. > :01:03.Shareholders will also vote on a new system of governance
:01:04. > :01:18.It's headed higher for equity markets. We will explain why.
:01:19. > :01:20.Also in the programme, we will be joined by our economics
:01:21. > :01:23.editor Kamal Ahmed who will talk us through the latest moves
:01:24. > :01:28.The billionaire founder of Ikea reveals he's frugal when it comes
:01:29. > :02:28.is embracing frugality the way forward?
:02:29. > :02:30.Earlier this week a court ordered a reactor be shut down
:02:31. > :02:40.According to a tally by Reuters, only 2 reactors out of more than 40
:02:41. > :02:48.But Prime Minister Shinzo Abe says as a resource poor country Japan
:02:49. > :02:51."cannot do without nuclear" power - and is pushing to have plants
:02:52. > :03:00.Let's go live to Japan and our correspondent. Nice to see you. You
:03:01. > :03:01.have been covering this for the last five years and it really has
:03:02. > :03:11.been a massive journey for Japan. In terms of the economy it's still
:03:12. > :03:13.in a difficult place and this is one of
:03:14. > :03:21.the key reasons why, isn't it? Yes, it is. After the 2011 disaster all
:03:22. > :03:24.of Japan's nuclear reactors were shut down and all but
:03:25. > :03:29.two remain shut down to this day. It's been a
:03:30. > :03:34.dramatic change in the economy because of that in terms of its
:03:35. > :03:38.energy. Where this energy has come from. Japan has had to start
:03:39. > :03:44.importing much greater amounts of natural gas and coal, in particular,
:03:45. > :03:45.and reopening decommissioned coal fired power stations. There
:03:46. > :03:49.is an economic cost in terms of paying
:03:50. > :03:53.for that imported fossil fuel, Japan running trade deficits for the last
:03:54. > :03:55.two years because of large record deficits because of
:03:56. > :04:07.that. decommissioning the Fukushima
:04:08. > :04:12.nuclear plant, as well and the costs incurred with that. Japan is a - the
:04:13. > :04:13.Japanese Government would like to get the
:04:14. > :04:17.power stations back on, it doesn't have gas, oil, so it's always
:04:18. > :04:23.been seen as nuclear power as a solution to Japan's problems. Of
:04:24. > :04:28.course the oil price has come down now so it's less of a problem this
:04:29. > :04:39.year. Long-term, Japan still needs some alternative source of power.
:04:40. > :04:51.Thank you very much. Lady Barbara Judge is deputy chair of Tepco. You
:04:52. > :04:56.were drafted in a couple of years after the Fukushima disaster to try
:04:57. > :05:00.to sort out what many have described as a mess. How difficult was that,
:05:01. > :05:02.what were you faced with when you started working on the problem?
:05:03. > :05:08.Well, when you arrive in Japan you know
:05:09. > :05:20.that first of all it had been two years before a dreadful problem,
:05:21. > :05:29.natural disaster, tsunami, crisis from tsunami, crisis from
:05:30. > :05:32.earthquake. Tepco brought in outside experts in order to form this - to
:05:33. > :05:37.form this nuclear monitoring committee and to watch their
:05:38. > :05:42.progress and to hold them to the line, to improve safety standards,
:05:43. > :05:45.to improve communication, to talk to the people and to improve
:05:46. > :05:50.transparency. We were there to watch what they were doing, to monitor it,
:05:51. > :05:55.to push them harder and harder, to raise the standards so that the
:05:56. > :05:58.public would feel more comfortable that they were - that Tepco was
:05:59. > :06:02.working hard and things were progressing. As you say extremely
:06:03. > :06:05.unusual and difficult circumstances and you pointed out in a
:06:06. > :06:10.conversation we had earlier the fact they asked you, a woman, to come in
:06:11. > :06:15.and oversee is extraordinary in itself, but even now there is still
:06:16. > :06:22.a lot of opposition in Japan as far as nuclear is concerned. Tepco is
:06:23. > :06:27.heavily criticised. And the Prime Minister wants to crack on with the
:06:28. > :06:30.nuclear policy there. Exactly. Tepco has accepted responsibility. They've
:06:31. > :06:36.apologised to the public and they're trying to do what they can. You are
:06:37. > :06:42.exactly right, putting in a foreign woman to be in a scrutinising reform
:06:43. > :06:46.monitoring position was courageous, but they need to do that, public
:06:47. > :06:55.opinion is driven in lots of countries against nuclear by women,
:06:56. > :07:00.they're known to be the most critical. I have been to Fukushima a
:07:01. > :07:05.number of times and talked to the workers and community, we have to
:07:06. > :07:09.talk about the benefits of nuclear and about how Tepco is trying to
:07:10. > :07:13.clean up the situation so Japan can go on with its energy programme to
:07:14. > :07:16.fuel its industrial complex. It is finding it difficult, radiation is a
:07:17. > :07:19.big problem. Decommissioning is big business right now around the world.
:07:20. > :07:23.There are many countries where you are seeing a lot of that going on.
:07:24. > :07:27.Decommissioning is big business. We are doing it here, they're doing it
:07:28. > :07:31.in Germany. Many reactors are reaching the end of their useful
:07:32. > :07:34.life, whether or not there was an accident they still had to be
:07:35. > :07:40.decommissioned. What's happened in Japan will benefit the rest of the
:07:41. > :07:44.world because so many organisations, so many different companies, the
:07:45. > :07:48.country, Japan is a technical country, they're building robots
:07:49. > :07:51.going in and out, finding debris in order to raise the standard of
:07:52. > :07:55.decommissioning so that indeed safety standards all around the
:07:56. > :07:59.world have been improved because of Fukushima. I have been told more
:08:00. > :08:03.than one billion have been put into nuclear plants around the world
:08:04. > :08:09.improving safety standards and looking at how we can decommission
:08:10. > :08:14.safely and for a better outcome. Thank you very much.
:08:15. > :08:19.There is so much more on our website about this story. A lot more from
:08:20. > :08:23.Rupert, as well, on his experiences there covering the story from the
:08:24. > :08:27.beginning to now. Some other business news making the
:08:28. > :08:31.headlines. Justice Department of running
:08:32. > :08:35.a "desperate smear campaign" in it's The comments were made just hours
:08:36. > :08:38.after the Justice Department submitted a legal brief accusing
:08:39. > :08:41.Apple of trying to usurp power Cyber thieves who targeted
:08:42. > :08:45.Bangladesh's central bank tried to get away with $1 billion,
:08:46. > :08:47.according to Reuters. Banking officials say the gang
:08:48. > :08:50.who was behind the raid used stolen credentials to make
:08:51. > :08:55.the transfer requests. It's believed the hackers behind
:08:56. > :08:58.the attempt were able to get away with $80 million - one
:08:59. > :09:14.of the largest robberies in history. Plenty of other business stories out
:09:15. > :09:19.there. It's an extremely busy day. This is an interesting story. The
:09:20. > :09:25.British Chambers of Commerce is talking about significant number of
:09:26. > :09:28.factors hitting the UK economy noting it's slowing down markedly,
:09:29. > :09:34.could have big implications for public finances. Absolutely, yes the
:09:35. > :09:40.British Chambers of Commerce has downgraded its UK economic growth
:09:41. > :09:43.forecast. Lots more on that on the BBC live page including other
:09:44. > :09:53.stories. We will try and tackle more of that later. Let's move on to
:09:54. > :09:54.what's happening with Samsung. Sglp
:09:55. > :09:58.competition, as investors have been voting on board changes
:09:59. > :10:02.Leisha Chi is across that for us in Singapore.
:10:03. > :10:11.Samsung used to post record profits year after year, but maybe their
:10:12. > :10:16.heydey is over, the CEO in a letter to shareholders said they were in
:10:17. > :10:22.for a tough time. Phones and televisions, they're going to be
:10:23. > :10:25.facing oversupply issues as well as competition from rivals like Apple.
:10:26. > :10:30.We have seen this happen with profit numbers falling this year. They're
:10:31. > :10:33.really looking to come up with new phones buyers will go for. One goes
:10:34. > :10:39.on sale today. With a weak economy are people going to be spending
:10:40. > :10:42.$1,000? Another big change at the board meeting is changing corporate
:10:43. > :10:52.governance where the chairman is not necessarily going to be the CEO at
:10:53. > :10:58.each of the companies. Thank you. So, financial markets and Japan
:10:59. > :11:03.ended the week up half a percent. We are hoping to show you some figures.
:11:04. > :11:08.Hong Kong, China, having a positive day. These markets in Asia shaking
:11:09. > :11:11.off the negative sentiment that followed the European Central Bank
:11:12. > :11:17.meeting on midday Thursday for Europe. The markets in Europe ended
:11:18. > :11:22.poorly. Now the European markets jumping today. Shares in Europe
:11:23. > :11:29.jumping higher. The main markets up one or 2% across the board in
:11:30. > :11:36.Europe. We will explain why soon. First of all, here is Michelle
:11:37. > :11:40.Fleurry in New York. Investors will be casting around for
:11:41. > :11:44.news to trade on this Friday. The Labour department releases data
:11:45. > :11:48.about the price of imports in the United States, they are likely to
:11:49. > :11:52.show prices of foreign goods fell more than half a percent in
:11:53. > :11:58.February. Maybe traders will mull over the latest exchange in the row
:11:59. > :12:02.with the Government and January well the FBI accusing Apple of using
:12:03. > :12:07.false rhetoric. More likely Wall Street just wants to get away for
:12:08. > :12:15.the weekend. One destination will be south by south-west starting in
:12:16. > :12:18.Austin, Texas, a music Festival and social media conference has been
:12:19. > :12:25.influential in the development of big brands in the past, not least,
:12:26. > :12:34.Twitter. Joining us is Sue Noffke, UK He can
:12:35. > :12:43.wits Fund manager at Schroders? Why are we seeing a jump? We are seeing
:12:44. > :12:49.a reversal of falls. We are going back to the initial reaction which
:12:50. > :12:55.was pretty positive in terms of assessing the unprecedented scale of
:12:56. > :12:57.stimulus package they put together. What unsettled markets yesterday
:12:58. > :13:03.afternoon was really the fact that the cupboard could be bare so if
:13:04. > :13:08.this doesn't work and they've thrown a lot at it, but if it doesn't work
:13:09. > :13:11.Mario was signalling there isn't scope for significant further move
:13:12. > :13:17.into further negative interest rates. It's interesting that we see
:13:18. > :13:23.a shift in Asia in that sentiment today because Wall Street was pretty
:13:24. > :13:27.flat. It recovered from its low. It weakened as it opened alongside
:13:28. > :13:32.European markets. But actually recovered quite well. But still, we
:13:33. > :13:36.might see in Asia, for example, the week ending with a weekly gain for
:13:37. > :13:41.markets in Asia which is quite unusual this year, isn't it, so far?
:13:42. > :13:47.It's been quite a year for volatility. Volatility is going to
:13:48. > :13:50.remain a feature of markets and a challenge for investors. Certainly
:13:51. > :13:54.short-term choppy markets is something that we are seeing a lot
:13:55. > :13:59.of. We will have you back shortly to talk through some of the paper
:14:00. > :14:09.stories that we have here. Thank you very much.
:14:10. > :14:14.As the European Central Bank cuts interest race, we are asking do
:14:15. > :14:21.sub-zero rates really work? You are with Business Live from BBC News.
:14:22. > :14:23.Let's talk about the story that business groups representing
:14:24. > :14:26.thousands of firms have issued warnings about the state
:14:27. > :14:33.The British Chambers of Commerce and the ICAEW -
:14:34. > :14:35.who represent the accountancy industry - have downgraded
:14:36. > :14:40.They follow the Bank of England and the International Monetary Fund
:14:41. > :14:43.in their concerns about growth rates and come a week before the budget -
:14:44. > :14:58.Phil is in. The storm clouds seem to be gathering, and suddenly,
:14:59. > :15:02.consensus is growing about the future of the UK economy. It seems
:15:03. > :15:06.that the UK economy is slowing down, or at least that is the verdict from
:15:07. > :15:11.a number of different bodies right across the world and here in the UK.
:15:12. > :15:15.It is not going to be music to the ears of the Chancellor. He is going
:15:16. > :15:20.to tell us his budget and how he is going to spell that spend his
:15:21. > :15:25.finances on Wednesday of next week. I was talking to the acting director
:15:26. > :15:32.general of the BCC, and Marshall, and he says that he thinks that fit
:15:33. > :15:36.the trade deficit is still too high. He is not sure if the Chancellor
:15:37. > :15:39.will meet his own deadline for meeting the budget. -- meeting the
:15:40. > :15:45.deficit. We do have some concerns over the deaths it target, and
:15:46. > :15:51.whether the Chancellor will be able to get the deficit into a surplus.
:15:52. > :15:54.There are some real storm clouds ahead for the UK economy. Most of
:15:55. > :15:59.those come from around the world, rather than here at home, but they
:16:00. > :16:05.do have a knock-on impact, both on businesses and the wider economy as
:16:06. > :16:14.well. Adam Marshall has only been acting in the job for a week, after
:16:15. > :16:19.his old boss gave his views about whether the UK should stay in the
:16:20. > :16:23.European Union. The BCC remains neutral, but a survey of its own
:16:24. > :16:27.members suggest that two thirds would like to remain in the EU. That
:16:28. > :16:29.means it leaves the new man in charge with a difficult message to
:16:30. > :16:39.convey. Something to highlight. Mutual
:16:40. > :16:51.shares doing well. The financial services firm saying that it is
:16:52. > :16:56.splitting the business into four main units.
:16:57. > :17:04.You're watching Business Live - our top story - Five years
:17:05. > :17:06.after the Fukushima disaster, Japan is struggling to restart
:17:07. > :17:08.its nuclear industry -
:17:09. > :17:16.And now let's get the inside track on what's proved to be a big week
:17:17. > :17:18.Yesterday, the European Central Bank took
:17:19. > :17:24.further measures to stimulate the Eurozone economy.
:17:25. > :17:27.The ECB cut all three of its interest rates and announced
:17:28. > :17:28.an expansion of its asset purchasing programme.
:17:29. > :17:34.We're joined by Kamal Ahmed, our economics editor.
:17:35. > :17:49.What does that mean for the likes of you and me? Do they work? To
:17:50. > :17:54.negative interest rates were? The central bank has a target a fitting
:17:55. > :17:58.2% inflation across the euro zone. It is nowhere near hitting that
:17:59. > :18:03.target. The Eurozone economy is slowing in growth. So far, negative
:18:04. > :18:08.incorrect -- interest rate has not had the effect that was expected.
:18:09. > :18:13.This is an odd economic world we live in. What has happened, rather
:18:14. > :18:17.than banks passing on the negative interest rates to businesses and
:18:18. > :18:21.consumers, so they can borrow cheaply, they have Apache started
:18:22. > :18:25.charging borrowers more, because they are losing money, because the
:18:26. > :18:29.money paid deposit with the central bank did -- costs them money. We are
:18:30. > :18:39.getting all of these perverse effects that these decisions. You
:18:40. > :18:47.are seeing that in the market response. Mario Gotze, he brings out
:18:48. > :18:52.his moderate bazooka, markets go up, and then the currency goes down,
:18:53. > :18:57.then it goes up, because markets are not used to take messages from
:18:58. > :19:07.central banks and the way they have done. Can you explain how that works
:19:08. > :19:15.central banks act, but as Worcester druggie said yesterday, as bus back
:19:16. > :19:34.unless governments act, -- Mariano they cannot do it all on their own.
:19:35. > :19:38.The central bank is doing X, but unless there is actual reform, they
:19:39. > :19:41.will not seek inflation comeback. In Japan and across the Eurozone,
:19:42. > :19:47.inflation is stubbornly low because of lack of reform and the commodity
:19:48. > :19:52.price cycle. Low inflation has a knock-on effect on the economy.
:19:53. > :19:55.Absolutely, because businesses don't invest because consumers do not buy,
:19:56. > :19:59.because they put off purchases until the future, and also, of course, for
:20:00. > :20:06.governments, though inflation is means that the debt pile, the cost
:20:07. > :20:11.of their debt increases. Mario Draghi in focus, so is Mark Carney,
:20:12. > :20:16.the central bank governor of the UK? Mark Connolly has made it clear that
:20:17. > :20:19.negative interest rates are a route for the UK, but he is in the
:20:20. > :20:26.headlines in Britain. He gave a three hour appearance, I sat through
:20:27. > :20:41.every word of it. The broad takeout from it, Britain's... Short-term
:20:42. > :20:45.risks to Britain to leaving, but the Bank of England is ready to replace
:20:46. > :20:49.the mitigating tools it has to protect Britain, if we were to leave
:20:50. > :20:55.the European Union. Certainly, the promised Britain has taken that is
:20:56. > :21:03.Mark Connolly backing his position. If it had to take it like that? The
:21:04. > :21:09.broad message was certainly more pro-EU. He did put some of the
:21:10. > :21:15.risks, and he made obvious point that in the long-term, no one can
:21:16. > :21:20.tell whether it will be better for the British economy. Something you
:21:21. > :21:29.said to our viewers a few weeks go...
:21:30. > :21:37.Seward join us in a minute. We have some incredible stories, but just
:21:38. > :21:40.about the hacking efforts on the part of criminals who caused
:21:41. > :21:41.billions of dollars who moved billions of dollars from Bangladesh
:21:42. > :21:59.to the US. We have insight and analysis from
:22:00. > :22:07.the BBC team of editors around the world. We want to hear from you,
:22:08. > :22:15.too. Get involved on the BBC business live web page. You can get
:22:16. > :22:22.in touch on Twitter or Facebook. Business News on TV and online
:22:23. > :22:30.whenever you need to know. We have to talk about this story, it is in
:22:31. > :22:38.the FT, how a cyber attack that cost -- caused a real flurry of activity.
:22:39. > :22:48.They transferred $80 billion, but they wait -- made a typo! We all get
:22:49. > :22:56.fishing e-mails. This is serious for a number of
:22:57. > :23:02.companies. This has been acting to a central bank to try and transfer
:23:03. > :23:09.funds pretending that it is going to the New York Federal reserve, but
:23:10. > :23:13.actually, siphoning off into account in the Philippines and Sri Lanka.
:23:14. > :23:21.They caught it by a spelling mistake, bothering them foundation,
:23:22. > :23:28.it was fanned -- they put in an A. You have to look and hover over the
:23:29. > :23:41.sender to see whether they are legitimate or not. This is another
:23:42. > :23:45.story in the papers. Apple, the ongoing dispute between them and the
:23:46. > :23:53.US government. This is getting nasty. There are a lot of spats.
:23:54. > :24:00.There are insults flying in both directions. We have the tech firms
:24:01. > :24:04.on one side, and on the other, we have the US authorities saying they
:24:05. > :24:09.need access. They are drawing parallels with access that Apple has
:24:10. > :24:16.given to the Chinese authorities. It is getting a bit nasty, and the
:24:17. > :24:22.gloves are off. More on our website. In the meantime, let's move on to
:24:23. > :24:30.the founder of IKEA. He is a billionaire come at you will not be
:24:31. > :24:38.surprised to hear that. Nice hat! Excuse the tablet today! It is
:24:39. > :24:45.letting us down miserably. He buys all of his close from a plea market.
:24:46. > :24:55.He is very frugal spec flea market. He broke his own rules with a $22
:24:56. > :25:03.hair cut. It comes down to individual personalities. He is a
:25:04. > :25:10.frugal man, he is no -- he is known from an area that is known from a
:25:11. > :25:19.frugality. He set up a business based on breaking the mould. House,
:25:20. > :25:21.building your own shelves. He has been very successful from it, but he
:25:22. > :25:24.has not changed his fundamental has not changed his fundamental
:25:25. > :25:35.nature, despite the fact he is very wealthy. One of our viewers says
:25:36. > :25:42.that you can save and enjoy the small things. The dominant narrative
:25:43. > :25:47.that more money, more spent, it is little logic. It defies a
:25:48. > :25:51.sustainable lifestyle. If you have billions, it is very sustainable!
:25:52. > :25:57.You can spend a little, save a little. Investment! Thank you for
:25:58. > :26:01.joining us. Sue's top tips, there. Thank you for joining us. We hope
:26:02. > :26:11.you have a great weekend. Goodbye, thank you for watching.
:26:12. > :26:20.A quiet spell of weather to come over the next few days. Not as wet
:26:21. > :26:21.as it has been. It is shaping up quite