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This is Business Live from BBC News with Susannah Streeter
So should humans get paid to do nothing?
Switzerland votes on a basic monthly income for all,
Live from London, that's our top story on Friday 3rd June.
Proponents say it would help to fight poverty,
but can Switzerland afford the price tax at $25 billion a year?
Rail disruption in France as unions continue their battle
Meanwhile, as air-traffic controllers call off their strike,
we look at the damage to the economy.
And we take the temperature of the financial markets.
So far they are up in Europe following a rise in the US.
It's designed to halt drones in their tracks
and is about to be trialled by the US's aviation authority.
We'll have our technology guru Rory Cellan-Jones here to give us
the details and all the rest of the big tech stories of the week.
And today we're also looking at a story about how the gender pay
Yep, research suggests that when parents fork out pocket money,
sons get given more money than daughters.
So we want to know, did that happen with you?
Did your brothers get more, or did you get more
We start in Switzerland, where voters are about to be asked
Should there be free money for everyone?
But it's actually a bit more complicated than that.
A referendum this weekend will decide whether Switzerland will
introduce an "unconditional basic income" for the whole population.
That is, an equal monthly payment to each citizen,
Every Swiss adult would receive around $2,500 a month,
regardless of whether they're working or not.
Existing welfare programmes would be scrapped, but the costs
would still be enormous, an estimated extra
That would have to be made up by higher sales taxes on goods
The Swiss aren't the only ones looking at this.
Finland is due to trial a universal basic income next year,
but on a much more limited scale, and just a few
And in the Netherlands, the city of Utrecht is also
Despite this, critics say the plan is unaffordable.
Luzi Stamm is a member of parliament for the Swiss People's Party.
My major criticism is simple. With open borders, it is a total
impossibility, especially for Switzerland, with high living
standards. If you would offer every individual a Swiss amount of money,
you would have billions of people who would try to move into
Switzerland. Let's talk about the money. The
funding behind this. Switzerland thing, we scrap the current system,
but the money in and add a bit extra. It is only Switzerland who
could talk about these sums! It is a very wealthy nation, a large basic
income of their model. It depends on the amount, every country will do it
differently. The benefits are you cut bureaucracy, you limit the
amount of time taken to work out all of these extra benefit payments and
give people the security to become entrepreneurs and make more money
eventually to go into the covers. Yes, you give people a platform from
which they can learn, work, care for their family. The critics say, with
the open borders, people will... Let's say they do 2500 a month,
hello, we are going to Switzerland! Every country has rules on assets to
a visit system, it will apply to basic income. It may be a year or
two before it qualifies. People don't think it will be passed, it is
unlikely. It is more putting the idea on the table. Absolutely.
Antennas would be delighted to get 25%, because they have created a
national debate. They will roll on with their campaign. This has been
tried elsewhere, Finland is trying it, is tracked, but Canada, where it
has been tried, what is the result? Canada and the US did, but in Canada
people were healthier, they learned more, they had a better sense of
well-being, and Canada is trying it again, Antonio, Q, Prince Edward
Island. Did they find it affordable? It was a pilot, which was
affordable. It depends on how you construct the system on the
affordability fund. A boat carrying hundreds of migrants
has cat sized off the Greek island of Crete. A major rescue operation
is under way, according to the Greek coastguard.
The number of people in distress is reported to be in the hundreds,
people are said to be in the water, people have been thrown like boys --
life buoys. We will keep you updated on the
news. Shares in troubled airbag
manufacturer Takata have been trading higher in Asia
following media reports that the business is in talks
to raise fresh investment. According to Reuters,
Michigan-based airbag maker Key Safety Systems
is considering a deal with Takata. The Japanese company's
faulty devices have led to the recall of millions of cars
around the world. They have been linked to the loss of
11 lives and 100 injuries. The Opec group of oil-producing
nations has failed to agree a cap on crude production
at its twice-yearly Some members had been pushing
for a deal to prop up oil prices, which have recovered in recent
months but are still down In a statement, Opec
said its members were committed to Speaking after the meeting,
Saudi Arabia pledged that it would not flood the market
by increasing production. Japanese investigators have
raided Suzuki Motors' head office amid a probe
into the company's Last month, Japan's fourth-largest
car maker said that an internal probe found that its testing had not
complied with domestic Looking at our section of the
tablet. This is on the BBC website. Fanning to go to France? Yes, by
car. Not by a! They had some issues last week.
The latest industrial unrest is to hit the Air Traffic Control is.
Air Traffic Control is called off a four-day strike yesterday. They had
a strike for one day. They have called it off temporarily. Jim the
14th they are planning more strike action, in the middle of the big
tournament, the big football tournament. On top of that, we have
got Air France pilots striking. And these huge floods of. A sticky
situation as far as transport is concerned.
Being an aviation, if air traffic control has a strike in France, it
is not just affect planes in and out of France, it is those going over
France. But we will have more on that later in the programme.
The US Government has asked Chinese telecoms giant Huawei to declare
whether it's sending US technology to rogue nations, including Syria,
That's according to reports by the New York Times this morning.
Mariko, what have we heard on this story?
There she is! The company is not accused of any wrongdoing at this
stage. The New York Times says the company is being investigated as to
whether it broke the rules which bank and police from exporting
American technologies to sanctioned countries. Huawei has been expanding
rapidly, but they have expanded into countries that are sanctioned by the
United States, and that is where the issue is. It is smaller rivals, they
were investigated for the same issue and were slapped with trade
sanctions, said the company cannot access any American components or
software. While it is not confirmed it is raising tensions between the
two ahead of dialogue in Beijing from Sunday.
Shares in Asia have risen, but trading activity has been pretty
weak with quite of bit of wariness around.
Investors are waiting for a US jobs report out later today,
which would give more indication about the strength of
the world's largest economy and whether the Federal Reserve
will raise rates sooner rather than later.
This is the state of play in Europe at the moment.
Yesterday, the main indices in the US ended higher.
Michelle Fleury has more details about what's ahead
It is jobs Friday for investors, the big market event is the release of
the American Labour Department's monthly employment report, providing
a real-time snapshot of the recovery. The numbers are likely to
be modelled because of a strike in the rise of the medication workers,
but economists hope the report will show 164,000 jobs were created in
May, and the average hourly wage rose 02%. A strong number would
confirm the economy is bouncing back, and may justify a rate
increase by the Central bank in June or July. A weak report might
compensate the Federal Reserve's job, suggesting the weakness abroad
is having a knock-on effect on American growth. Investors can look
for further clues from a speech later on Friday by the Fed Governor,
and then from the chair on Monday. Happy Friday! Let's stay with the
US, it is that time where we look at the American jobs numbers. More
importantly, it is not so much the numbers, it is looking at wage
growth. It is the detail, the hours worked and the amount. It is
productivity, how many hours people are working, our people being drawn
into Labour, and how much are they getting paid per hour? Of the
inflationary forces from the tightening Labour market showing
through in terms of what people take home? That is key, as to whether the
American Federal Reserve will raise interest rates sooner rather than
later. Absolutely, all eyes are on the summer, there is a meeting on
the 15th of June. Markets are not really expecting an interest rate
rise, there is a 25% chance. Most people are betting on a July rate
rise. 50% chance. Is there a press conference arranged for July? They
only set those up... They schedule them... I have not checked! There is
one in June. We get indications about the detail
about how the economy is doing, etc why they did not decide to raise
rates at that time. The mitigation is key, they are trying to do what
they can to keep the rest of markets calm as they moved to come off the
emergency interest loan. We know the market will be watching those
numbers today, you will come back and take through the papers. Some
good stories. It's designed to halt
drones in their tracks, and is about to be trialled
by the US's aviation authority. We'll have our technology
guru Rory Cellan-Jones You're with Business
Live from BBC News. It's official, that once-iconic
brand BHS will disappear from the high streets
after 88 years. But there are still serious
questions about how it came This time yesterday it was crunch
time, what's the latest? Another sad day for the UK and the
high street? It's the end of an era, after almost 90 years of trading BHS
will stop trading. It's more than 160 stores that will be holding
closing down sales. 11,000 workers face an uncertain period. Insolvency
practitioners say it's likely that most of those jobs will go, among
the 8,000 people directly employed by BHS and the 3,000 indirectly
employed because administrators yesterday decided that the battle to
rescue BHS was over. That there was no potential buyer with deep enough
pockets to be able to turn the brand around. I guess also lots of
questions surely, what happened to the bloke that sold it for a quid,
the bloke that bought it, took out something like ?400 million, correct
me if I am wrong and sold it for one quid. A lot of questions about him,
Philip Green we are talking about. The retail billionaire and owner of
Top Shop. He sold BHS for ?1 over a year ago. He sold it to a man with
no retail experience declared bankrupt previously. They'll give
their side to the story to MPs. Philip Green has been criticised for
taking money out of the business and not investing enough in the company,
as well. He has been strongly criticised by one of Britain's main
business organisations this morning, as well. Have a great weekend,
appreciate your time, thank you. That story is reflected on the BBC
live site. We have the lamentable failures at
BHS, according to the Institute of Directors, Simon Walker. He is not
impressed about how the retailer was run by Sir Philip Green. He told the
Today programme, we spent a lot of time agonising about the loss of
trust in the business community and I think we can see why this is.
There has been a lamentable failure of behaviour. That story is one to
watch. Lots more evidence in parliament coming up.
So should humans get paid to do nothing?
Switzerland votes on a basic monthly income for all -
It has been a busy week in the world of technology,
with the US aviation authority about to test a new drone-freezing
ray gun, the Chinese smartphone maker Xiaomi picking up patents
from Microsoft and companies putting increasing pressure on customers
Rory is here, the skipper of technology! Good morning. This drone
thing, seriously, the drone either falls out or freezes, what happens?
We have two fantastic drone stories this week. The good and possibly the
frightening side of drones. The frightening side, lots of airports,
in particular, worried about drones coming within the air space. Lots of
near-misses and some reports of drones striking aircraft. They've
not been confirmed. A lot of rumours, rather than actual damage
caused. But, a big issue for airports. The federal aviation
authority in the States is looking at the system droved -- developed by
a UK company which spots drones in prohibited air space, targets them
and latches on to them. Effectively interrupts communications between
them and their owners and freezes them, holds them there. The theory
will be, you have a drone flying it and it stops working properly, you
bring it back to land. It's been seen as a good way of doing it. It's
a brilliant idea. Let's have positive news. I picked this out,
Walmart says it's six to nine months from beginning to use drones to
check warehouse inventories. There's been talk about retailers using
drones for various things. Amazon talking about delivering parcels
with them, that looks fanciful. Maybe now but, in the future,
short-term future, it looks more likely. It does. This plan appears
to be really micro drones with great tracking capabilities, hovering
above giant warehouses saying, yeah, perhaps even controlling the
movement of goods across them. Xiaomi is in the news for another
reason. Yes, also getting into drones and a big Chinese smartphone
business, came from nowhere, doing well. And now finding competition
tough. Wants to get into western markets, inhibited by the fact it
keeps being sued over intellectual copyright. It's buying Patents from
Microsoft which looks like it's getting out of making phones and
concentrating more on putting services everywhere. It's hoping it
gives Patents to Xiaomi and they put Microsoft office and Skype on its
phones. A new strategy. Will the west welcome them? 5th biggest phone
maker at the moment. There are other big Chinese phone makers. It's stiff
competition and is trying to take it abroad. Let's talk about Uber, you
get the Saudis and 3. 5 billion at Uber, that value gives... 62. It
maintains the same extraordinary value. What really interests me here
and is almost scary for anybody not from Silicon Valley is the amount of
capital a company like this can deploy before it needs to become
profitable. It's got so much money now from, not just the Saudis, but
other investors, how can you compete against that? But interestingly in
parts of the world rivals are competing strongly. And particularly
fascinating what happens in Saudi Arabia, there is a quote from one of
Uber's founders saying they can benefit riders, drivers and cities
and look forward to partnering economic and social reforms in Saudi
Arabia. The key thing, Saudi women can't drive, apparently heavy users
of Uber... Uber is expected to go into driverless cars. Not in the
short-term and will Uber be under pressure to allow Saudi women to
drive their cars? We have have to wrap it up. We didn't get to talk
about this quote. We are all living in video games and you two are
characters! We've been keeping an eye
on the wave of strikes and protests sweeping across France over proposed
reforms to labour laws - effectively making it easier
to hire and fire workers. Train services were cut
by half on Thursday, with more disruption expected today
- although strikes on the Paris Metro have been cancelled
and a walkout by air traffic control To add to the chaos,
Air France pilots have now called for a strike starting on June 11th
to coincide with the Euro 2016 football championships
being held in France. It's a subject that's causing major
concerns for airline chiefs at the IATA annual general meeting
in Dublin. As soon as these strikes are
actually announced, a couple of days before our customers, the airlines
need to take certain measures, it already has an operational impact.
It does impact our profitability, as well. But also probably most
importantly the passengers, customers, they need to take certain
measures. They've already taken certain measures, they've changed
plans, whether it's holiday or business travel plans. It's becaming
anyhow, whether the strike is taking place.
Sue is back to go through the papers. Let's start at this gender
gap starting with childhood and pocket money. Some tweets, one says
I always thought it was because I was the younger one. Never thought
of it that way Ryan says. Being an only child has benefits, he says.
Here is something that goes against the grain Agnes says I have always
earned more than my brother. Good to hear that. What do you think? It's
fascinating. Everyone thinks it's women in the workplace, it's bosses
and actually it seems to be more within families. The gap is now 12%.
It's widened substantially from 2% last year in the study. Is this just
a blip then? It may be but what they found is that the boys were more
dissatisfied with what they were getting than the girls. There was a
greater proportion of boys asking for more and feeling aggrieved they
weren't getting enough. I understand how that works in a household, I do
have two boys saying can I have a bit more? Do you have a daughter?
She's too young for pocket money. The same rules will apply, I can
assure you. A diplomatic household! Credit Suisse saying to workers go
home early. This is about work-life balance. They've a lot of bad press
in recent years and particularly at the junior level and people feel the
need to be present and find it difficult to go home or find their
social lives are disrupted and that leads to stress and reduced
productivity and reduced retention of these people within the
investment banks. Now they're being encouraged to have a Friday with
family and friends that is guaranteed, no interruptions. Early
finish on Friday or normal time? Between seven on Friday and 12 on
Saturday. In about 20 seconds, Iran copper? Iran is opening up,
sanctions got removed in January. They're showing interest in the nine
copper mines that Iran has got. It's interesting that they've been trying
to sell assets and Mothball things. This shows they may be getting on to
the front foot, as well. Iran rebuilding its economy.
That's all from us all today. Much more business news throughout the
day on BBC. Hello there. Good morning. The
weather has been stuck in a rut in recent days with a west-east split
in recent days and it continues today. East it's a