31/05/2016 BBC Business Live


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Hello, this is business news. India is predicted to hold onto its


fastest growing economy. Can it but, fastest growing economy. Can it but,


the powerhouse for world growth? -- can it become.


India's agriculture and service sectors are expected to deliver its


strong growth as China slows, is it a beacon of hope for the global


economy. Also, Latin America's biggest airline says it will suspend


flights to Venezuela because of the deteriorating economic situation.


Here is a look at the trading day for the markets. And being paid to


share your personal information. We will be hearing from a website that


is putting consumers back in control of their data and I love this, what


about this fellow here? He is that high when he's home robot for 410


quid. He can help with age care, health care and help control your


smartphone, what you think? Would you want one? And if so what would


you do in your home? If you do, let us know on Twitter. -- do know. The


world's fastest-growing major economy is due to release its


figures later. With the agriculture and service sectors expecting to


drive continued growth. Economists predict the economy will have


grown by 7.5%. There it is in the five months until the end of March.


With China slumming, India's success is being seen as a bright spot with


the potential to drive growth in the global economy.


Singapore's Prime Minister says India is a hope for us all.


when China was ten years ago. Not everyone is quite so optimistic. The


governor of the reserve bank has been criticised for telling the


website market watch that in the land of the Blind, the


Onenightinvienna is king. Our correspondent joins us, good to see


you. For the uninitiated, in the land of the blind, the one eyed man


is king, what is he saying that? If you talk about him as the boss of


the central bank, the real message he is sending out is that India is


growing, but don't get carried away. Lots of work still to be done, India


had slowed down to three years back. India was not growing at the pace it


is growing now. You can see the numbers jumping up and stop the


economy has picked up a pace. You spoke about agriculture and the


private sector, but manufacturing is still a challenge, in the structure


is still a challenge, the banking sector is still struggling and for


India to retain the size of China, it will have to keep growing


consistently. Correct me if I am wrong, but one of the perils that


goes along or comes with a nation that becomes the fastest-growing


economy in the world, the rest of the world looks at it and says India


can to help us with propping up the global economy. The thing is a lot


of time the world compares India to China. India's economy is one fifth


the size of China's economy, there is no comparison there. India is one


of the fastest-growing economies in the world, it has a huge pace,


foreign investors look at India as a huge market. The second most


populated country in the world, they look at India as a big market. There


is huge consumption here. At the same time, there are some


bottlenecks as I can use that term, challenges when it comes to


different infrastructure, roads, bridges, boats. You need that to


come at a rapid pace to make India a global powerhouse for the economy.


We appreciate your time, I know you will keep across those numbers as


Souness they are out. Joining us live from Mumbai, really neat


infrastructure! Latan will be stopping its flights


to Latin America. The queues for basic products continue in Venezuela


and economic crisis has now caused a foreign company to think about its


involvement in the South American nation. Following announcement by


the German airline Lufthansa that they will be suspending flights, now


Latan is following suit. It will end first within days and the other


routes it runs from Lima is an Thiago will be halted by the end of


July. The President Polk -- points to an economic war to force his


government from power. It comes after both companies have complained


that the government's tight currency controls have made it impossible for


them to repatriate in hard currency. Instead they have millions of


dollars tied up in the rapidly developing Karen scene. Let's check


in with some of the other stories. -- developing currency.


Rail workers will begin a network strike on Tuesday. There will be an


ongoing blockade. All of this as the country hosts the football


tournament. Air traffic controllers and staff are going on strike. Is


anyone not going on strike in France? A transfer pact between the


EU and the US create significant improvements. The privacy shield was


meant to guard EU citizens personal information when it is stored in the


US. Volkswagen has released its latest numbers and sales and profits


are both down for the first three months. The profits have fallen by


20% and they expect overall sales to drop by 5% by the end of the year.


Hong Kong has overtaken the United States as the world's most


competitive economy. Where is that coming from? United States had held


the top spot for the last few years. Explain this to us, what has Hong


Kong got that pits the US? Hong Kong beat everyone, not just the US,


according to the survey by the IND, because of its innovation and its


low tax rates. It has some of the lowest tax rates in Asia. It is also


because Hong Kong is seen as a gateway to China for foreign and


direct investment. Mainland China also came in the top 25 of the most


competitive countries in the survey. Singapore came in fourth place and


the US held that top spot for four years and has been knocked off. Hong


Kong's fortunes are also inextricably linked to China. While


China's economy did well over the last decade, Hong Kong did well as


well. In the last few quarters, we are seeing the growth moderate and I


expect that Junior as China's economy increases. -- I expect that


to continue. Shares have recovered from a wobbly start. Japan recorded


better than expected hater. Shares were lifted and shares hike that was


planned is likely to be delayed until 2019. No trading on Monday


because of a public holiday. Let's flick over and look at the European


markets. The FTSE 100 responding to that from Asia. Good on you. He is


settling in! Let's stay with the markets. We have a global market


strategist. She joins us. Good to have you with us. We know the


markets are focused on the US, the European Central Bank meets later


this week. Our second headline story was Venezuelan. Lufthansa, Latan,


others are likely to follow suit because they will not get their


money back. More of an economic impact. Just a highlight around the


world, this country is being hammered at the moment. We are


talking about inflation of 700. It was up to 500, it is tougher a


country like Venezuela that is so dependent on the oil price. The cars


of the political situation and the restrictions on free trade of goods,


it is now basic goods are Venezuelans, it is extremely rare.


Companies and stores can keep jacking up the price, unless you


have a runaway inflation situation. I want to talk to you about Europe.


This is not sustainable surely? What happens? The inflation continues to


go that way, unemployment. Is this a bailout or an IMF scenario? Global


organisations are paying attention, there will be some step it whether


it is a big political change or the IMF saying we have to get this


figured out. It means a lot in Europe, the delay in the sales tax,


the hike in Japan, it has helped the Asian markets, it has not fed


through this morning to the European ones, it is a holiday weekend the


UK. The markets are a bit quiet, a wait and see. The last day in May


when next month we have so many market moving events and then it is


a quieter part of the week. You will come back and take us through the


newspapers. We will talk about robots. Still to come: being paid to


share your personal information. We will hear from the new website that


claims it is putting consumers back in control of their data. On that


note, give us a tweet. Do you trust organisations with your data and


would you flog it for some money? You are with business live from BBC


News. It is set to be a tough time for the class of 2016 graduates this


year. They will find it harder to get a job after university than in


previous years. Jobs advertised down 8% and the average pay offered has


fallen to 2013 levels. Rob Young is in our business newsroom. How tough


are things actually for graduates? It seems people leaving university


trying to get a job of being hit by a double whammy. The number of


graduate level jobs advertised is down 8% on a year ago, still 13,000


of them advertised in April. This report from the jobs website says


that entry-level salaries have been falling as well, they have gone


backwards, down to the level they were at two and a half years ago,


still at a pretty decent ?23,000. Does it suggest that businesses are


just not confident about the future? And of course just around the corner


at the EU referendum. This has been described as the toughest jobs


market the years, but recruitment experts say this reflects a wider


jobs market and it may well be this is a temporary factor because


businesses are concerned about the outcome of the European Union


referendum. Economists also say there are other factors at play here


as well. If you look around the world, there are slowing economies


such as the United States and China as well. We appreciate your time, we


will talk to you soon. Rob Young joining us from our fancy newsroom.


We have the tablet thingy and it is not working. LAUGHTER


We have already mentioned the Volkswagen, check out our website,


the boss was saying false wagon is satisfied. -- false -- Volkswagen.


He said it was a challenging environment. Sales are down by 5%


between now and the end of the year. Our top story: India's predicted


to hold onto its ranking as the world's fastest


growing major economy, but can it become the powerhouse


for world growth? Would you share your personal


information if you were paid for it? Consumer data can be incredibly


valuable but often we don't realise it is worth and end up


giving it away for free. Putting a value on personal


data can be tough, but to give you an idea the firm


ESOMAR says the global market research industry is worth


$43 billion a year. But the balance of power


could be shifting. New EU legislation due out in 2018


requires consumers to give explicit permission before


companies hold their details. One firm getting to grips


with that shift is People.IO. It lets consumers licence their data


to companies and says each person's Nicholas Oliver, founder


of People.io, a company that allows consumers


to license their data Great to have you in the studio.


You're quite good, quite savvy. I give you my information and I want


to know what sort of information you're asking for and you're going


to give me some money for that? Exactly. The way that it works is


giving you more control over it. So the important thing is we're not


selling your data to anybody. We're not sharing your data outside of the


system and anything that you're putting into it is stored within the


system. What are you asking from me though? May name? From the colours


you like to where you like going on holiday because what's really


interesting is you as a person have so many fascinating things about you


that advertisers shouldn't know. I just wonder how much it will work


because people are already giving away this data free. You fill out


your profile on Facebook or Twitter, you tell people what your favourite


colours and what your birthday is? That's what the new European


regulation is going to start creating an interesting area. A lot


of this data is being collected without you realising it. You go on


mainstream publishing websites and there are 50 or 60 different


companies tracking you as you're browsing around the internet. We


will start to see more control for the consumer. As we see that, they


will start to realise the value of their data. You were talking before


the show started, talking about when we fill those loyalty cards out for


a supermarket or airline, how valuable is information. I could


give you the information, but it is out there. As a lay man, I'm


confused by that, why is there a value to you when it is already out


there? The way that it is working is, you start respond to go


questions yourself. And by creating your own individual profile the


brands are able to talk to you as an individual, they can talk to you as


an individual without knowing who you are. Whilst you retain the


control and the privacy, you're able to create a lot more value because


it is a one-to-one communication instead of mass conversation. What


kind of companies do you think would be interested in buying the data


from you? So any company that understands the value of the


consumer having the control. I think more and more big brands are


understanding consumers should be the one in control because if you're


disrupting their life or they feel like you are being evasive or taking


advantage of that data, you as a consumer won't like that brand as


much. By giving you the control, any smart brand realises that's the way


to do it. The important thing, we are not giving them your data, we


have the platform that allows them to connect with you, without sharing


the data. That's a really interesting point. Once you've given


them data they hold it? What's important if you look across the


market, some of the biggest and successful companies don't own the


assets. Facebook doesn't own the content. Airbnb don't own the


property. Why would you want to own the data. What happens if Ben and I


say we want to leave. We've had enough of you? What do you do? What


promises? What is the guarantee that... It all gets deleted. Really?


We are working with the best lawyers in Europe at the moment to make sure


that you as a consumer have the control. Nicholas, great stuff. I


know we have got to wrap it up, but you had angel investment. We have


just finished our second investment round and we have Wire which is


Telefonica's programme. You're young too, aren't you? The guy is going to


be a millionaire before we know it T wrong path I took! Nicholas, great


stuff. Nicholas Oliver, thank you. Now, after six decades in football,


the only player ever to have won three World Cup winning medals,


Brazil legend Pele has decided to auction off the memorabilia


he has accumulated Here are some of the weird


and wonderful things you could buy. Would you buy any of it? Maybe.


Maybe. Would you buy any of it? Maybe if the price is right.


Can we start with the robot story? We've got pictures of it. A viewer


tweets in from Nairobi, she says, "A robot in my home? Yes! " What would


you do? There could be a lot of Dirksal values syncing up to


lighting and safety maybe if people are away from their home for hours


taking pictures and sending them to you on your smartphone. It depends


how connected it can get and if people want to buy that ?400 price


mark. You know with an ageing population around the world, and you


know, I can say look, "Hands up, my mum is by herself in Australia, not


doing that well." We are looking at get ago carer in to visit twice a


week. Put the robot in, connect with a cam ration we could check-in. It


gives you piece of mind, but it doesn't give the human contact. It


will say, "Take your pills." It has the reminder effects. I don't know


if it has the human caretaking skills. You have the smart devices.


Like I can control the heating from my phone. Can you really do that? I


had to deactivate the automatic robotic element where it said, "We


will figure out the schedule. My schedule is over the place." There


is an element of that, but it moves in that direction. A first step in


the artificial intelligence journey. We can't get away from it. This is


the future, robots. There will be robots doing our job. Don't you


tweet in saying, "A better job." When they start doing the hovering


and ironing where does it stop? The sharing community around the world,


it is big. We've got Airbnb and Uber, it was in the FT where its


European Commission is urging European EU countries don't ban


these things. It is an interesting dynamic right because in the UK you


have Uber and Airbnb, growing and working very well or engaging in the


population and in the economy whereas other countries like France


have completely shot down the institution of Uber on a large


scale. This is a classic example of the EU 28 regular lasses having


different rules in different countries. It is confusing for


start-ups or companies like Uber and Airbnb get ago foot hold in a region


that has so many different rules. Some will be relieved to hear this.


They rely on the services and they want to see them flourish. Others


like black cab drivers perhaps not so happy. That's the biggest


resistance in France. The local taxi drivers saying, "This is eating into


our market share." One thing you don't tend to use much is cash when


you are using these apps. Well said. You should take this up as a job!


Plastic notes. They are modifying the designs so they don't stick


together. If we get them, count carefully before you spend them! OK.


We have had plastic money in Australia for a long time. Yeah,


right, you are a step ahead. I don't remember them sticking together.


Thank you. It has been a pleasure. Have a great day. We will see you


soon. That's it from Business Live. Thanks for watching. You've got more


business throughout the rest of the day. I do. I do. .


Hello there. Good morning. If you're spending your day in northern or


western areas of the British Isles expect another fine, dry and mosty


sunny one. However, further east it is a different story. This rope of


cloud has been


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