:00:17. > :00:22.Hello this is business live, they are calling it the perfect storm,
:00:23. > :00:31.Lulu returns to government in Brazil.
:00:32. > :00:36.that's our top story on Thursday 17th March
:00:37. > :00:39.We'll be live in Sao Paolo to get the very latest on the developments
:00:40. > :00:42.in South America's largest economy - as fresh anti-Lulu protests erupt
:00:43. > :00:50.The Brazilian real plunged and share markets dived on the news.
:00:51. > :00:53.Storm clouds are gathering again over the global economic horizon -
:00:54. > :00:59.that's the warning coming from the US central Bank,
:01:00. > :01:02.add that to worries over a potential Trump presidency and a lacklustre UK
:01:03. > :01:05.economy - should we batten down the hatches!
:01:06. > :01:08.And we are an hour into the European trading day -
:01:09. > :01:11.the US dollar is weak - oil prices are on the rise
:01:12. > :01:23.We'll make sense of the latest moves.
:01:24. > :01:27.As we do more and more work on the move and online -
:01:28. > :01:30.we meet the boss of tech security firm Druva that says it can keep
:01:31. > :01:36.And as the cost of 3D printing falls to a new low -
:01:37. > :01:37.it's got all sorts of practical uses.
:01:38. > :02:01.We want to know - what would you 3d print?
:02:02. > :02:05.We start in Brazil - where President Dilma Rousseff
:02:06. > :02:07.is battling to save her government amid a deepening political
:02:08. > :02:10.Late Wednesday she confirmed her predecessor - former president
:02:11. > :02:13.Luiz Inacio Lula da Silva - will be returning to government.
:02:14. > :02:17.Critics say it's a move to shield him from corruption charges.
:02:18. > :02:20.Top of the list of problems -
:02:21. > :02:22.a huge corruption scandal involving state-owned oil giant Petrobras,
:02:23. > :02:28.President Rousseff is facing impeachment over the scandal.
:02:29. > :02:33.The economy shrank 3 point 8 percent last year -
:02:34. > :02:39.the biggest slump in a quarter of a century.
:02:40. > :02:41.At the same time consumer prices are soaring -
:02:42. > :02:47.And no surprise then that many Brazilian families are struggling
:02:48. > :02:50.with high levels of household debt - and rising interest rates have piled
:02:51. > :03:00.News of Lula's return caused sharp falls in Brazil's currency and stock
:03:01. > :03:02.markets, as investors fear he could raise public spending
:03:03. > :03:10.Daneil Gallas, our South America Business Correspondent joins us now
:03:11. > :03:24.Tensions really high where you are, not least, just explain this for us,
:03:25. > :03:29.a foam core that took place we think at some point between Lula and
:03:30. > :03:32.Elmer, just explain this for us. The crucial question, one of the many
:03:33. > :03:38.questions, the crucial question in this whole case, is whether Lula is
:03:39. > :03:44.being brought in to help out the government, get out of this mess, or
:03:45. > :03:49.is he just doing this to save himself in order to get some court
:03:50. > :03:56.privileges. Last night, a foam core that was tapped by the police, and
:03:57. > :04:01.it was revealed by a judge, it was saying, it was showing, that
:04:02. > :04:08.President Dilma Rousseff was talking about President Lula about a
:04:09. > :04:12.document, from before he became a minister. The president says that
:04:13. > :04:16.the document does not reveal anything but it was very explosive
:04:17. > :04:20.for everyone here, for the judge and for everyone that was some sort of
:04:21. > :04:25.evidence that Lula was doing this to save himself. We saw some protests,
:04:26. > :04:30.there was rioting Brazil and they were very spontaneous, people coming
:04:31. > :04:35.out of the streets at around about seven o'clock at night and things
:04:36. > :04:41.are very tense and today, Lula is going to be formalised as a
:04:42. > :04:46.minister. All of this means more uncertainty and unpredictability and
:04:47. > :04:53.it strikes me that it is the last thing that result need right now?
:04:54. > :04:59.Brazil is going through its worst economic crisis in the last 25
:05:00. > :05:04.years. It is one of the worst political crisis, the markets are
:05:05. > :05:07.very volatile right now, up until yesterday there was a lot of talk
:05:08. > :05:13.that was would take a sharp turn to the left, but yesterday, President
:05:14. > :05:18.Dilma Rousseff came out and said that the central bank is not going
:05:19. > :05:22.anywhere, the finance minister will stay where he is, and that the
:05:23. > :05:33.economy is not doing any major shifts from now on. She will want to
:05:34. > :05:38.approve a change in tax. First of all, you have to take care of the
:05:39. > :05:42.impeachment process, in about 45 days from now, she could actually be
:05:43. > :05:49.suspended from office if she's not sex full in -- if she's not
:05:50. > :05:59.successful in that. We saw those protests in the street, it seems
:06:00. > :06:05.that will not change? Yes they are very organised protests, of people
:06:06. > :06:10.who say, now we are seeing protests that are quite spontaneous and
:06:11. > :06:14.people coming out because they seem to be very angry especially with
:06:15. > :06:18.Lula and Dilma Rousseff. That is the tension that they will have too
:06:19. > :06:19.diffused right now and that is the popularity problem that they had to
:06:20. > :06:24.struggle with right now. Australia's unemployment rate fell
:06:25. > :06:26.unexpectedly last month according But - the numbers show a big
:06:27. > :06:32.DECREASE in the pool of available workers rather than a significant
:06:33. > :06:41.creation of new jobs. The Bank of England is expected
:06:42. > :06:44.to leave interest rates unchanged at a record low of 0.5 per cent
:06:45. > :06:48.when it meets later. Forecasts suggest there won't now be
:06:49. > :06:51.a rate rise until early 2017, which would mean eight years
:06:52. > :06:54.of record-low borrowing costs. Analysts will be watching to see
:06:55. > :06:57.if anyone on the committee will actually vote
:06:58. > :07:01.for a CUT in rates. Chinese telecoms giant ZTE
:07:02. > :07:03.is postponing the release of its annual results to assess
:07:04. > :07:06.the impact of new US export The US Commerce Department made
:07:07. > :07:09.the move after ZTE and its units allegedly violated its sanctions
:07:10. > :07:26.on Iran. Let us take you to the business live
:07:27. > :07:30.page, a lot of budget reaction in the UK with some corporate news
:07:31. > :07:35.around the world. You will know that the airline has been set by all
:07:36. > :07:38.sorts of industrial relations problems that have hampered its
:07:39. > :07:43.efforts for a turnaround plan, it has told us that strong annual
:07:44. > :07:47.results for last year, thanks to what it says are lower fuel prices
:07:48. > :07:53.and more customers. All of that as we said despite the big problems
:07:54. > :08:00.related to industrial action. Also we have got some bosses on the move,
:08:01. > :08:05.surround rue witty, who has been running GlaxoSmithKline, he will
:08:06. > :08:07.leave in March 2000 17. That is a big story comedies quite a
:08:08. > :08:10.significant player in the significant player in the
:08:11. > :08:15.pharmaceuticals industry. And also the boss of Rio Tinto, he is
:08:16. > :08:21.retiring this year. And this man is the new man who will take the top
:08:22. > :08:26.job. He will become the boss of Rio Tinto, he is currently in charge of
:08:27. > :08:28.their division for copper and coal. Glaxo looking for a new boss so
:08:29. > :08:31.sending your CV 's. The US central bank concluded
:08:32. > :08:37.its meeting on Wednesday and Janet Yellen had no
:08:38. > :08:39.surprises for investors, But she did reflect concern
:08:40. > :08:45.about the global economy and its impact on the US,
:08:46. > :08:48.the dollar and inflation, so only two rate increases
:08:49. > :08:53.are likely this year. How did markets react
:08:54. > :08:56.to this in Asia? Sharanjit Leyl is in
:08:57. > :09:09.our Asia Business Hub. Pretty much every Asian market is
:09:10. > :09:16.higher with the exception of Japan, and then Nick K which has closed
:09:17. > :09:21.lower. As investors took in the Federal reserve decision to keep
:09:22. > :09:25.rates still, export rates were sold off on the stronger yen. The Federal
:09:26. > :09:31.reserve staying back, the projection for interest rate hikes, has meant
:09:32. > :09:35.that risk appetite has returned for many investors, most Asian markets
:09:36. > :09:40.taking their cue from the Wall Street, S 500 closing at its
:09:41. > :09:44.highest level following that fairly cautious message from the US central
:09:45. > :09:47.bank. Of course we have got global growth concerns about China,
:09:48. > :09:53.grappling through much of this year and one of the reasons why they may
:09:54. > :09:57.have influenced the Fed decision. Commodity prices are up and the
:09:58. > :10:04.reason why is that investors are not likely to be lured away by the
:10:05. > :10:11.appeal of higher US interest rates. They still seem fairly good bets for
:10:12. > :10:20.investors. STUDIO: Thank you very much indeed. For most of the session
:10:21. > :10:26.in Tokyo, it was in positive territory, Hong Kong up strongly.
:10:27. > :10:29.That is the night before, the main markets in the States, closing
:10:30. > :10:34.really strongly. Let us look at Europe to see how it is going. We
:10:35. > :10:37.have got many energy stocks doing well because of the price of oil,
:10:38. > :10:42.Brent crude, across-the-board in Europe we are seeing strong gains,
:10:43. > :10:47.after a mixed close in Europe on Wednesday. For a look ahead to what
:10:48. > :10:53.we can expect on Wall Street here is Michelle flurry. US investors going
:10:54. > :10:58.to Thursday enjoying some extra lift courtesy of the Fed, the Wednesday
:10:59. > :11:01.monetary policy committee now says that they expect to make fewer hike
:11:02. > :11:06.rates than they previously did. Stock investors like that news a
:11:07. > :11:12.lot, driving the S 500 to its highest level since 2016, attention
:11:13. > :11:15.now turns to economic data out on Thursday, the weekly estimate of how
:11:16. > :11:19.many people make their first game for unemployment benefit is the
:11:20. > :11:23.market 's best running tally of how the job market is faring. The
:11:24. > :11:27.initial claims release as it is also known is expected to show a rise
:11:28. > :11:32.from the past week but it is still around its lowest level for five
:11:33. > :11:35.months. That plus the Philadelphia Fed's survey of business conditions
:11:36. > :11:43.in one of the biggest industrial regions, the United States will give
:11:44. > :11:48.investors plenty to think about. Jane Foley is with us, she is the
:11:49. > :11:55.senior currency strategist, a quick word on the Fed, because not
:11:56. > :12:00.changing rates, as always, it was what Janet Yellen said? She seemed
:12:01. > :12:04.to be very cautious, partly because of the global economy, she mentioned
:12:05. > :12:11.the global headwinds. The US economy has been closed to most other
:12:12. > :12:16.economy so it is significant. Also, the more cautious members of the
:12:17. > :12:21.committee, certainly seem to be dominating. One member abstained,
:12:22. > :12:26.she wanted an immediate rate hike, she abstained, but generally it is
:12:27. > :12:30.the doves that got to the board. It is all about caution, it is the tone
:12:31. > :12:35.of the Federal reserve and it is definitely the tone of George
:12:36. > :12:39.Osborne, his budget statement in the UK on Wednesday, and interestingly,
:12:40. > :12:43.the economic intelligence unit is rating some of the top risks to the
:12:44. > :12:49.global economy and it has got Donald Trump among the top ten? Economists
:12:50. > :12:52.are quite concerned, because with respect to Trump, it is difficult to
:12:53. > :12:56.see what his policies are, but he has come out with some comments
:12:57. > :13:00.which suggest that he's very protectionist and that is something
:13:01. > :13:04.that can slow world growth. Trump on protectionism is a big worry for
:13:05. > :13:09.economists but also because he has come out and has said something that
:13:10. > :13:14.could be deemed as a war crime, that you had to go to the families of
:13:15. > :13:17.terrorists. On the back of that, you could see resignations from some
:13:18. > :13:24.senior Army officials in the US had a lot of uncertainty about what a
:13:25. > :13:26.Trump presidency could bring. You will be back with us in just a few
:13:27. > :13:35.minutes but thank you. Talking of risks, staying safe
:13:36. > :13:42.online, we will meet the boss of the tech security firm, it says it can
:13:43. > :13:47.keep information safe from hackers. You are watching business News live,
:13:48. > :13:51.stay with us. First more reaction to that budget speech yesterday from
:13:52. > :13:54.the Chancellor George Osborne, the aid budget, some fairly downbeat
:13:55. > :14:00.forecasts. Emma Jones is founder of small
:14:01. > :14:03.business support group Enterprise Do you welcome what you've heard
:14:04. > :14:19.from the Chancellor? Absolutely, this was a fantastic
:14:20. > :14:23.strong business budget for small businesses, business rates being
:14:24. > :14:27.abolished, corporate tax rates coming down. They are a joy seeing
:14:28. > :14:31.this morning. Talk us through changes to taxes and rates because
:14:32. > :14:34.it has been a big bugbear for small firms who are really struggling to
:14:35. > :14:39.deal with competition from their larger rivals, this will help small
:14:40. > :14:43.firms we believe that the cost of larger firms? I'm not quite sure it
:14:44. > :14:49.is at the cost of larger firms but it is great cost to the high Street,
:14:50. > :14:52.600,000 fans will no longer had to pay business rates which is
:14:53. > :14:57.incredible, a lot of retailers happy. But this thing around big
:14:58. > :15:00.corporate, big corporate and small businesses working together is ready
:15:01. > :15:03.important, I think that big corporate is paying their tax, and
:15:04. > :15:08.the Chancellor is making sure that the small ones are paying less. Give
:15:09. > :15:21.us a sense of how big a part of the economy, it
:15:22. > :15:27.Small businesses power the economy and they are entrepreneurial and
:15:28. > :15:32.yesterday was a celebration of small business. The Chancellor was showing
:15:33. > :15:39.he took small businesses seriously. One easy target we thought would be
:15:40. > :15:44.motorists. Global oil prices are down, but the Chancellor chose to
:15:45. > :15:49.keep fuel duty steady. That is good for business like transport and for
:15:50. > :15:53.staff who need vehicles. Absolutely. Whether you are an eBay trader,
:15:54. > :15:59.whether you are on the high Street, whether you rent out your house,
:16:00. > :16:03.there were tax allowances for that. The economy is made up by small
:16:04. > :16:14.businesses and the Chancellor made sure they got the breaks they need
:16:15. > :16:18.to keep on growing. Emma Jones. The founder of the Moneysupermarket is
:16:19. > :16:23.finally selling the rest of his shares. ?120 million.
:16:24. > :16:26.You're watching Business Live, our top story: President Dilma Rousseff
:16:27. > :16:28.is battling to save her government amid a deepening political
:16:29. > :16:32.And news that her predecessor, former president Luiz Inacio Lula da
:16:33. > :16:34.Silva, will be returning to government.
:16:35. > :16:37.That's prompted protests, the Brazilian real plunging
:16:38. > :16:44.Now, technology means we can do more and more on the move,
:16:45. > :16:49.But how safe is the data and work we access via smartphones,
:16:50. > :17:01.He makes software that helps companies protect their data,
:17:02. > :17:05.especially for workers who aren't in the office.
:17:06. > :17:07.The company's Chief Executive, is Jaspreet Singh,
:17:08. > :17:11.He moved to Germany to study computer science as part
:17:12. > :17:16.And it was a $1,000 loan from his father that helped him
:17:17. > :17:21.start up his own firm selling Indian food to students.
:17:22. > :17:28.But after a spell at tech firm Veritas, he founded Druva in 2008.
:17:29. > :17:34.It has its HQ in California and has 3,500 customers around the world.
:17:35. > :17:46.Jaspreet Singh, the CEO of Druva joins us in the studio now.
:17:47. > :17:55.Nice to see you. Talk us through how this works. It is about protecting
:17:56. > :17:59.people on the move and we know people are working elsewhere, not
:18:00. > :18:08.just in the office, and security for all firms is a big issue.
:18:09. > :18:14.Absolutely. For example, what happens if the customer has data
:18:15. > :18:22.everywhere from tablets, cloud services. We help to understand data
:18:23. > :18:31.on all these devices, collect it and preserve it for as long as you want.
:18:32. > :18:37.For discovery and compliance and all those different reasons. The
:18:38. > :18:42.businesses who are more concerned about learning more about their data
:18:43. > :18:48.from a breach perspective, from a discovery perspective, to understand
:18:49. > :18:55.and collect an aggregate data for security reasons going forward.
:18:56. > :19:01.Explain where you saw the gap in the market in terms of provision of this
:19:02. > :19:04.kind of security. You were working at Veritas and because you were an
:19:05. > :19:10.entrepreneur you needed to move on and I heard you got bored. You talk
:19:11. > :19:14.about managing data at the edge, what ever the edge is, and that is
:19:15. > :19:21.where your business model started. Absolutely. When I left the job I
:19:22. > :19:24.was trying to solve surge and understand what to do next and we
:19:25. > :19:32.saw this big kind of mobility or cloud coming in and 40% data would
:19:33. > :19:37.be an egg. The legacy approach of managing it and predicting it and
:19:38. > :19:42.covering your risk around data would not go the way of the past, building
:19:43. > :19:50.a data centre. You have to look at where the data is and protect it
:19:51. > :19:56.there and then. So IBM, a big data centre, does not currently covered
:19:57. > :20:08.that? Yes, they do, they cover in a legacy way. They manage the
:20:09. > :20:14.information back in the data centre. You have to think about hybrid and
:20:15. > :20:21.electric cars and mobility and risk. It is a completely different
:20:22. > :20:24.process. Let's talk about India. Up until now we have known it for
:20:25. > :20:31.outsourcing technology and services. You are suggesting now there is a
:20:32. > :20:36.home-grown industry in IT and technology and new innovation coming
:20:37. > :20:46.from India. How has that changed? Quite a bit. Traditionally the whole
:20:47. > :20:51.world would be a credit cost model. When I was in Veritas, the laptop I
:20:52. > :20:55.worked on, the mobile phone I had, was very different from my US
:20:56. > :21:02.counterpart. In time the bridge blended. We have cloud, the same
:21:03. > :21:07.devices and the same servers. So the gap between what ever a person has
:21:08. > :21:17.in the world is bridging. There is a global trend in entrepreneurship. In
:21:18. > :21:21.India, something we cover a lot, there is a push to get business and
:21:22. > :21:25.investment in India, and yet for your company you had to move to
:21:26. > :21:31.California to progress. It was not happening from where you were near
:21:32. > :21:37.Mumbai. It is about where the talent is. You have got to find the best
:21:38. > :21:41.talent. For a large enterprise buying from a start-up is not just
:21:42. > :21:48.about technology, it is about the whole business model, selling it and
:21:49. > :21:55.building it. The talent pool was all in the Bay area and we moved there
:21:56. > :21:56.to build a large company. It has been great to have you on the
:21:57. > :22:00.programme. and jewellery industry -
:22:01. > :22:05.Baselworld - gets under way It's a good barometer
:22:06. > :22:08.of the global economy. So how is the luxury watch trade
:22:09. > :22:29.coping with these uncertain times? A few things say new wealth as
:22:30. > :22:34.effectively as a luxury watch. Switzerland exports $22 billion a
:22:35. > :22:40.year. But sales are on the slide. Over the past year they fell 3%
:22:41. > :22:46.worldwide. In China, a key market for the new rich, they fell by 23%.
:22:47. > :22:50.The economic slowdown and stock market crashes are partly to blame,
:22:51. > :22:56.so too is the government's crackdown on luxury gift giving. Smart watches
:22:57. > :23:02.have come through as a serious competitor. Last year 8.1 million of
:23:03. > :23:07.them were sold, compared to 7.9 million Swiss watches. Nowadays
:23:08. > :23:10.there is a glut of luxury watches on the market. Independent dealers on
:23:11. > :23:16.the Internet are selling them to clear at discounts of up to 75%.
:23:17. > :23:20.Some watchmakers are trying to drive up sales by bringing out a cheaper
:23:21. > :23:29.lines. Others are having to cut costs. Cartier is cutting 350 jobs
:23:30. > :23:40.at its headquarters. We are looking at various stories
:23:41. > :23:47.and this one is interesting. 3-D printers are cheaper and they are
:23:48. > :23:52.taking on toys. $400 for a printer. The reviewers said the first time he
:23:53. > :23:56.reviewed it they cost about $1400. He has been spending the last few
:23:57. > :24:02.weeks reviewing them and he says they are not perfect. That is a hard
:24:03. > :24:08.job. You cannot print something like a Lego brick, they are not that
:24:09. > :24:16.precise, but $400 is cheap. But the big question is, how much is the
:24:17. > :24:21.plastic that feeds them? He says it is $24 a kilogram. That is expensive
:24:22. > :24:25.if you are on our pocket money budget. But it means a 3-D printer
:24:26. > :24:31.can be in the range of many families. Pocket money budget is the
:24:32. > :24:34.key because the toy makers are thinking this will be the next big
:24:35. > :24:38.thing. Your kid could design a toy. In the
:24:39. > :24:47.past you used a washing-up bottle liquid. Now you have this creativity
:24:48. > :24:51.you could never have before. Yes, he said it is about having an app that
:24:52. > :24:57.let's you design something and then let's you print it and have it. You
:24:58. > :25:05.have sent as lots of suggestions including a mini then.
:25:06. > :25:09.Lots of comments coming in. Some of you are very political, you want
:25:10. > :25:15.things like new government, new leaders, new president. A few of you
:25:16. > :25:20.are suggesting a radiator key because it is something you can
:25:21. > :25:25.never find. Toys for your kids. You might want to create limbs for
:25:26. > :25:28.people with disabilities. I think that has already been developed by
:25:29. > :25:33.certain manufacturers. The Guardian looks at the budget
:25:34. > :25:37.like all the UK press completely across-the-board and they are
:25:38. > :25:45.talking about ?56 billion black hole. Growth has been revised down
:25:46. > :25:50.by 0.3% over each of the five years. That is significant. The Federal
:25:51. > :25:53.reserve also revised down growth and that means money coming in will not
:25:54. > :26:00.be as much as the Chancellor had expected. Nice to see you as always.
:26:01. > :26:03.Thank you for your contributions and your company. We will see you
:26:04. > :26:15.tomorrow. Goodbye. It might have started a bit murky
:26:16. > :26:19.and great, but increasing amount of sunshine are developing out there at
:26:20. > :26:23.the moment and we will settle into a fine and sunny afternoon for the
:26:24. > :26:25.majority. There will