23/03/2016 BBC Business Live


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This is Business Live from BBC News with Victoria Fritz


Belgium observes three days of mourning


We look at moves to make Europe's cities safer.


Live from London, that's our top story on Wednesday 23rd of March.


Security in the spotlight - as Brussels steps up


its counter-terrorism efforts we find out what are the technical


challenges and economic impact of keeping Europe's cities safe.


Also in the programme: Bangladesh's central bank hires a US lawyer as it


considers a lawsuit against New York Federal Reserve Bank.


This comes after hackers stole $81 million from its account.


And we are 30 minutes into the European trading day -


it's a mixed picture, but are the travel and tourism


And how do you translate your passion into a viable business?


We'll be talking to Thomasina Miers - the founder of


Have you done it? Today, we want to know if you have turned a burning of


session into a thriving enterprise. Brussels is coming to terms


with Tuesday's fatal attacks at the city's airport and a metro


station These came despite countries


increasing their counter-terrorism efforts following the Paris


attacks last year. At the time, Belgium pledged nearly


$450 million of additional spending - aimed at improving intelligence


and combating radicalisation. France too, increased funding,


raising police numbers It says it has stopped 10,000 people


from entering France Here in the UK the government


is adding almost 2,000 But are these efforts making


European cities any safer? With us in the studio


is Edward Marsh. He's the Director for Aerospace,


Defence Security I suppose that is the question. All


of those measures we heard, the extra spending, is it working? Yes,


unfortunately we saw another bad day in Europe yesterday. You are right


to highlight the 450 million which has been allocated by the government


in Brussels. We know there are 300,000 surveillance cameras within


the country, and indeed, the Prime Minister there has highlighted there


is a distinct lack of manpower within the police. Funding has been


seen across the European Union. We have seen a rise in the number of


staff in the security services. 1.9 billion additional funding has come


for specialist equipment, probably with an eye on counterterrorism


operations. In France we have seen an increase in policing so there is


a lot going on. All of this is welcome and it will help in the


fight. We are hearing comments from security chiefs that they hear that


resources are overstretched, despite the increase in funding and boots on


the ground. Where else should we be spending the money if it is not on


the measures which are already in place? It is an interesting question


which will be discussed in the coming days, weeks and months. We


are seeing increased expenditure on the ground and the intelligence


services which gives a lot of confidence to the population, what


we are not seeing potentially is a balance of spending. We need to see


spending on things like technology. Yesterday we know that the two bombs


that went off in the airport were technically into public areas which


we could have walked into ourselves in the morning. So, a solution for


technology in the airports needs to be found potentially, but above all


of that, cooperation between intelligence services. That really


needs to be formulated. That gets to the heart of it. This was not an


attack or an assault on Brussels, it is an attack on European values.


They are very much in focus at the moment. We are seeing more


polarisation across western Europe? Yes, it is a very hard topic at the


moment and there is a lot going on financially with the migrant crisis


etc. Security is one area where we can come together pretty easily on.


We are seeing the intent from security services. We heard rhetoric


from President Hollande and David Cameron yesterday, to move towards a


united front on security because this was essentially an attack on


all of Europe. Edward Marsh, we will leave it there. Thank you.


Lots more on that story online, of course. In other news...


Credits Wiese is starting a cost-cutting programme eliminating


2000 jobs. The bank says it is doing so to get a challenge market


conditions. -- Credit Suisse. Bangladesh's central bank


is considering filing a lawsuit against the Federal Reserve Bank


in New York - after cyber hackers The Bangladesh Bank has hired a US


lawyer, In February, hackers succeeded


in instructing the New York Fed to transfer money from


the Bangladesh Central Bank's account to accounts


in The Philippines. Australia is to set up a massive


clean-energy innovation fund to counter its status as one


of the world's largest The plan announced by


the Prime Minister Malcolm Turnbull will cost over 760


million US dollars. The aim is to ultimately reduce


Australia's carbon emissions to zero, an immense task given


the country's reliance Let's have a look at some of the


stories on the tablet. This one comes from William Hill, one of the


big bookmakers. They have been warning about weaker than expected


performance. We are seeing this right across the sector. They have


been hit by changes to taxation in gambling and they are expecting


weaker profits from online performance as well. We are seeing,


in the first few minutes of trade, some of the big players like Paddy


Power, are seeing the shares fall. Just to look through, there are


loads of stories. I am whizzing through the Business Live page


myself. There are lots of companies with stories, certainly in the UK.


Do take a look if you have time. Now let's move on to the markets in


Asia. So how have financial


markets in Asia responded Mariko Oi is looking at this


in our Asia A fairly muted response, we


understand Kers that is right, Victoria. The markets were all


trading lower, but not by much, just by 1%. Analysts have told the BBC


that the attacks in Brussels may have made investors less willing to


take a risk, but at the same time, unfortunately, they are getting


somewhat used to these tragic incidents, because they have been


occurring rather frequently. One stock in the spotlight, especially


in Australia that I want to mention, a petroleum company which is down.


The company cited global oversupply which pushed down the prices as a


reason for the decision. Thank you, good to see you.


Let's show you some numbers now will stop as she mentioned, a fairly


flat, muted day in Asia. Let's look at Europe now. Europe is still


digestive and the events over the last 48 hours. When we looked at


them a moment ago they all headed higher. There we go, as if by magic!


It seems as if the markets are shaking off what happened in


Brussels. Some are arguing that the reaction has not been as significant


this time. We will be discussing the reasons why later. The oil price is


slightly lower. Keep an eye on currencies today. The pound could be


on the move. Boris Johnson will be speaking later. He is heading up the


out of Europe campaign for the referendum. Victoria.


He's the CEO of Nutmeg Investment Management.


Good morning to you. We all thought that travel stocks would be hit


hardest after what happened in Europe. But you were saying some


quite interesting things about what is going on with US travel stocks,


perhaps linked to what is happening in Brussels? It is an instinctive


reaction that British stocks, including airline and cruise stocks,


will fall after terrorist attacks, but actually, if you think about


where those countries send people, quite often it is outside of Europe.


In the US, a lot of travellers are thinking only about Europe, and they


think about Europe as a collective. The whole of Europe gets taken off


the travel menu. So we saw stocks in US companies and airlines fall more


than we did for the UK and European ones. That is certainly the case in


December of last year, following what happened in Brussels in


December. London saw a big falloff in American visitors, with the major


sites. We have read that Thomas Cook are anticipating that bookings will


be about 2% down. That is important in terms of profits but it should be


recoverable. So much depends on what the weather will be like in the


summer and whether people will want to stay in the country or take


holidays abroad as well. For the financial markets, it is quite a


funny week. We are coming up to the Easter break. Many markets will be


closed for the long weekend. People will not want to have big positions


the side of the Easter weekend. The interesting thing you mentioned is


about the currencies. We look at almost every country, you can have a


story about why the currency will weaken. You can have UK politics,


the Brexit, Brussels and the action their central bank is taking, but


almost everyone is on a path to weakening so it evens itself out


which will probably reduce the volatility as we go into Easter and


I expect stocks will continue to float based on the momentum of the


last couple of weeks, probably gently upwards. Nick, we will leave


it there, I know you're coming back to run through the paper stories


later. Still to come: How do you turn


a personal passion into a business? We'll be hearing from the founder


of the Mexican restaurant group You're with Business


Live from BBC News. It is crunch-time for one


of the UK's best-known High Street Its creditors will vote today


on a deal it desperately needs to cut the rent bill


for its 164 stores. Ben Thompson is across


this for us in Salford. Good morning to you. Morning, girls!


It has been on our high streets 88 years, but it has been loss-making


for the last eight. This is a crucial day in its history? I don't


think we can underline quite how important today is for the future of


DHS. It has been struggling of late. All sorts of profit warnings and


heavy losses. -- BHS. It was sold for a pound recently to try and sort


out some of the debts. It is sitting down with the creditors and the


landlords which owned the property is where the stores operate, to try


and negotiate a reduction in rent. It says it needs to do that to bring


down the costs. How did it get into this position? It was one of the


best loved names on the high street. What went wrong? We have been


speaking to some people with fond memories of what BHS used to be


like. It has been around for awhile and


the quality is good so we use it. It has an image of being for the


elderly. I know I have grey hair! It has that image. It was a place I


used to shop as a child. I remember going with my mum. I think it is


quite dated. They have evidence in there and do clothes to fit my age


group and my size. It is about the only shop left in London, they are


all closing. We should point out that they are


still open despite what you heard there, but they are struggling. The


voluntary arrangement they came to is interesting. It is a similar


arrangement with the Budget hotel chain Travelodge. They racked up


debts, entered into this agreement and things are going well. Their


figures are up 15% since it had a similar arrangement. It will be


worth watching what happens today. The meeting starts at around


10:30am. We will expect news about whether they have reached a deal by


about one o'clock today. Our top story: Belgium begins three


days of mourning after Tuesday's Police are hunting for a third man


in connection with the explosions Plenty more on the website. At the


top of every news hour we are live in Brussels.


Building a business around one of your passions is often described


as a key ingredient in creating a successful company.


And that's exactly what our next guest has done.


Thomasina Miers is the co-founder of the Mexican restaurant chain


She visited Mexico when she was 18 and liked the country and food


so much she decided to go back to live there.


After returning to London her love of the culinary arts helped her win


the reality TV show Master Chef in 2005.


Buoyed by that success, she opened her first restaurant


Almost a decade later, there are now 21 outlets


around the UK with the company eyeing up further expansion.


Welcome. Thank you. You have got to tell us what did you learn first at


MasterChef? It must have been a huge moment in your life back in 2005


that meant you took it on and decided to open a restaurant two


years later? It was a very good experience in terms of just


swallowing when you were terrified and you know keep calm and carry on,


I think, that was the biggest thing I learned. Swallow your fear and


just keep going. And you won. It worked. Yes. Well, I think, I had so


much passion and belief in what I was doing and I think as long as you


are staying true to yourself and your vision, it works in everything,


but it follows through in food as well and I think that's what Greg


and John really saw in my cooking, a total belief in what I was doing.


You are the first restaurant group to be certified as a carbon neutral


company recently as well. Why does that make financial sense for your


business? Well, I think from the first very days we set-up Wahaca, we


were recycling food waste and leading the way in terms of


everything we were doing in terms of an environmental scale. We always


believed that you could set-up a successful business and we had an


environmental aspect as part of it and really that idea that you can


create a successful business and weave that in was very important to


us and I still feel it is possible for all businesses. You have woven


in all elements. There is that element, but there is what you do


with your food waste. You have set-up an organisation called Pig?


The Pig Idea. It is campaigning for a very verse on the illegal feeding


of food waste to pigs, yes. You have got that, you have done cookery


books where the money goes to the homeless. You are involved in so


many different aspects. It is about you and your passions and this


restaurant, the books and everything else is kind of just enabling that?


Well, food is really a central theme to everything. It really affects our


mental health, our physical health, the growth of it, is the biggest


consumption of energy and water worldwide. So how we grow it, and


how we transport it and how we feed it to our children and how we


educate our children to eat, weaves every aspect of life, politically


through health. So for me, it is a really fascinating subject and I


think all chefs and restaurateurs, you know, there is so much weaved


into it and I think education is very important too. That children


learn about food and where it comes from, not just in terms of mental


and physical health, but in terms of how it affects every landscape. OK,


so you have a fair number, I think it is fair to say of social projects


going on as a result of Wahaca. But that is not easy to do. It is not


easy to follow your passions and promote all these different aspects


of your life and under the table we can see you are pregnant, heavily


pregnant. It is an awful lot for you to be doing at this moment. I mean,


how are you managing all of this? Well, I think for me food is my


passion so I live and breathe it. I cook with my children, I grow


vegetables in my back garden. We are building an edible open air


classroom in our local primary school which is really promoting


green spaces for creative education, very important secretivity in


education because Britain and business is linked with creativity


and that's very important for the Government to take on and it is my


passion. People at Wahaca feel that. When they come into our restaurants,


they feel the buzz, we are into street art and we put on festivals


at Wahaca. I'm thinking of Jamie Oliver, he is very similar in his


way of trying to change the way we are and how we think about also the


impact it has on children. I know, you know him, don't you and you work


with him on some projects as well. It seems that chefs are pioneering


in this area and even in the UK Budget we have seen an impact of


that and school dinners in the UK are different because of what people


like Jamie Oliver and people like you are doing and how important is


that, that corporate social responsibility do you think for


people who run businesses? Well, I think it is really hugely important


because if you have any influence and you can change the world for a


better place, it is amazing and I think now adays food has an


influence. If we can have any influence and the millennias who are


eating with their pockets, that's great. Neither you or Jamie Oliver


have been able to be immune to the furore that's going on around pay


and staff tips. I know you have a fund in which the tips are


distributed across all staff. Why do you think that works for you? There


is not as much incentive for a waiter to give good service if he


thinks part of his tips are going to the person washing the dishes?


Everyone from the dishwasher to the general manager affects your


experience. We have five people who came in as -- five head chefs that


came in as dishwashers. All our tips are pooled and go to all our staff,


but they are shared out evenly because the waiter is just part of


that experience and we feel that very strongly. We are going to have


to leave it there. We could talk for hours. All the very best with your


latest project, baby number three on its way! Thank you very much.


In a moment, we will look through some of the stories in the business


press. Here is a reminder how you can keep in touch with us. The


Business Live page is where you can keep ahead with the latest business


news. There is insight and analysis from the boob's team of editors


around the world. And we want to hear from you too. Get involved on


the BBC Business Live web page. On Twitter:


And you can find us on Facebook: Business Live on TV and online


wherever you need to know. Nick Hungerford, CEO


of Nutmeg Investment Management. This is a war of words between OPEC


members and other oil producing nations. Who is going to blink first


and will any agree to a production freeze when they meet in Doha in


April? Even yesterday we saw the oil price go down because America


announced that supply had increased over there and they are not a member


of OPEC. It really does depend on who, you know, who is going to keep


the strongest position for longest and we are increasingly aware that


Russia is leading the charge for some sort of supply limit. But


Venezuela is crucial to this because we were talking about this earlier


in the green room, they don't have really much leeway at all and Brazil


their neighbour in recession, they really need a deal to be done and


production cuts? They are possibly the country under the most stress


because 90% of their revenue comes from oil. They are very close as a


country to be going bankrupt and to actually not being able to pay off


their debts. So if a solution isn't found for countries like Venezuela


and of course, you can also include Libya and Nigeria in that bracket as


well, then things are going to get very tight. This is a story that has


to come to a conclusion soon. All right. We will tell you as and


when it does. The Wall Street Journal talks about McDonald's?


McDonald's in India. I hadn't heard of the mac there, but it is having


to be changed? We have seen all this trend happen in China with fast-food


stores becoming very popular and not becoming popular. The big company


Yum Brands who control pizza Hut and KFC, they have had to split their


operations in order to make sure that company does the right thing


for Chinese culture. In Venezuela, they are talking about cutting


chilli in the ice cream! I put Sav rind in ice cream. It was horrible.


I was trying to do something cool and it didn't work. Everyone thought


McDonald's was a new restaurant and now they are on to new things. It is


such a massive market, isn't it, India and we are going to see it


open up. We are seeing its growth, GDP growing faster than China, 1.2


billion people in the country. So it will be fascinating. One of the


problems with Yum Brands there was a scandal about the supply of the


chickens, there was a concern about safety of the food which is part of


the issues they could never really shake off that reputational damage.


Nick, we're going to have to leave it there. We have run out of time.


There will be more business news throughout the day on the BBC Live


webpage and on World Business Report.


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