:00:00. > :00:08.This is Business Live from BBC News, with Sally Bundock
:00:09. > :00:13.Trading on an old relationship - the UK's Business Minister
:00:14. > :00:16.is in India today as he begins a global mission to drum up support
:00:17. > :00:37.Live from London, that's our top story on Friday 8th July.
:00:38. > :00:40.Flying the flag for British business in a post-Brexit world.
:00:41. > :00:44.Britain's Business Secretary, Sajid Javid, is in India
:00:45. > :00:49.today for the UK's first post-referendum trade talks.
:00:50. > :00:55.in Mumbai to discuss the future of its UK steel operations.
:00:56. > :01:01.It is expected to pause the sale of the main Port Talbot plant,
:01:02. > :01:04.but go ahead with the sale of its other speciality business.
:01:05. > :01:06.And Asian markets were cautious, awaiting the latest jobs data
:01:07. > :01:12.And we'll have our business editor Simon Jack with us to take us
:01:13. > :01:24.through a tumultuous week on currency markets -
:01:25. > :01:31.as well as the problems storing up in Europe's biggest banks.
:01:32. > :01:33.And of course do get in touch with us throughout the programme
:01:34. > :01:41.about the stories we're covering - just use the hashtag #BBCBizLive.
:01:42. > :01:47.The UK is launching its first trade talks since the vote to leave
:01:48. > :01:50.the EU, as Business Secretary Sajid Javid meets the Indian
:01:51. > :02:00.He will discuss how the trading relationship with India might
:02:01. > :02:04.work with the UK outside the European Union.
:02:05. > :02:07.The Business Secretary will also visit the US, China,
:02:08. > :02:13.Japan and South Korea in the coming months.
:02:14. > :02:17.India is the third biggest foreign investor in the UK, and total trade
:02:18. > :02:22.between the two countries was worth over $21 billion last year.
:02:23. > :02:29.Commonwealth countries, including India accounted
:02:30. > :02:36.for about 10%, or ?47.8 billion, $61.81 billion, of UK exports
:02:37. > :02:38.in 2014, whereas about 44%, or ?228.9 billion or $296
:02:39. > :02:54.In total, the EU has trade agreements with 52 countries
:02:55. > :02:57.and it is expected the UK will need to re-negotiate all these once it
:02:58. > :03:05.The UK's Business Secretary, Sajid Javid will meet Tata's
:03:06. > :03:07.chairman Cyrus Mistry in Mumbai today ahead of a Tata board
:03:08. > :03:16.India is the first country where a Yogita Limaye joins us now.
:03:17. > :03:21.India is the first country where a Sajid Javid will be held these kind
:03:22. > :03:28.of discussions. Trade between India and the UK is roughly $20 billion,
:03:29. > :03:32.and growing. Even so, the UK is only in's 12 largest trading partner, a
:03:33. > :03:36.situation it has been trying to change. India has been separately
:03:37. > :03:40.negotiating a free trade agreement with the EU for several years, but
:03:41. > :03:44.negotiations have stored on some issues. And so even before the
:03:45. > :03:48.Brexit Road, many from industry here were saying that the UK and India
:03:49. > :03:56.should forge a separate trade relationship. And now of course,
:03:57. > :03:58.since we have of the referendum, rebel here are saying that this
:03:59. > :04:02.could be an opportunity, because the UK would be free to strike a deal
:04:03. > :04:06.with India without thinking what the EU wants. That is the positive side
:04:07. > :04:10.of things. At of course there are many Indian companies which have big
:04:11. > :04:15.investments in the UK and who are worried. They see the UK as a
:04:16. > :04:18.gateway to Europe. And so they are concerned about access to that
:04:19. > :04:21.market. Those questions are likely to come up in the meeting between
:04:22. > :04:27.the finance minister and Sajid Javid. Before that he will be here
:04:28. > :04:31.in Mumbai meeting the bosses of Tata Steel. Again, the Brexit vote has
:04:32. > :04:36.been occasions for the company, which has operations in the UK but
:04:37. > :04:40.also in Europe, in the Netherlands. About a quarter of the steel that it
:04:41. > :04:46.produces in the UK is sold in Europe, so that is a key market.
:04:47. > :04:50.Will be a concern not just for Tata but also for potential buyers.
:04:51. > :04:53.That's why there are expectations that Tata might pause the sale
:04:54. > :05:00.process of its British business operations. And we will have a lot
:05:01. > :05:02.more detail on that from Simon Jack, our business editor, who will be
:05:03. > :05:04.joining us in about five minutes. Four of the biggest US banks have
:05:05. > :05:11.committed to helping maintain London's position as a global
:05:12. > :05:14.financial hub after the UK In a statement, the banks
:05:15. > :05:20.and Chancellor George Osborne said they would work to ensure London
:05:21. > :05:22."retains its position". It was signed by JPMorgan,
:05:23. > :05:24.Goldman Sachs, Bank of America Merrill Lynch
:05:25. > :05:26.and Morgan Stanley, as well as Consumer confidence in Britain has
:05:27. > :05:29.seen its biggest slump in 22 years following
:05:30. > :05:31.the referendum on June 23rd. That's according to market
:05:32. > :05:36.research company GfK. The survey tracks people's
:05:37. > :05:39.willingness to make big purchases as well as worries
:05:40. > :05:41.about their own personal finances It found a marked deterioration
:05:42. > :05:46.in confidence across regions and age groups - and among people
:05:47. > :05:54.who had voted to leave the EU as well as those
:05:55. > :05:57.who wanted to Remain - although the latter
:05:58. > :06:07.group were more gloomy. Tata Steel is expected to announce
:06:08. > :06:10.today that it will pause the sale of most of its UK business,
:06:11. > :06:13.including its Port Talbot plant. However, it will proceed
:06:14. > :06:15.with the sale of its speciality steel-making business,
:06:16. > :06:17.which employs 2,000 people The company says it wants
:06:18. > :06:30.to consider the options and assess Now let's get the latest on the
:06:31. > :06:32.developing story in Dallas, where five police officers have been
:06:33. > :06:39.killed and six wounded by sniper fire. We got an update from a
:06:40. > :06:41.reporter there are not so long ago. Currently we are in negotiations
:06:42. > :06:47.with the suspect involved in the shootings at the garage in downtown
:06:48. > :06:52.Dallas. This suspect we are negotiating with for the last 45
:06:53. > :06:55.minutes has been exchanging gunfire with us and not being very
:06:56. > :07:04.co-operative in the negotiations. Before I came here, I asked for
:07:05. > :07:09.plans to end this stand-off, and as soon as I am done here, I will be
:07:10. > :07:15.presented with those plans. We can speak now to Peter Bowes, in LA.
:07:16. > :07:19.This happened during protests about two recent fatal police shooting is?
:07:20. > :07:26.Yes, it was one of many protests taking place in cities around the
:07:27. > :07:30.United States over the last 24 hours also, protesting at the shooting of
:07:31. > :07:36.two black men in separate incidents in Louisiana and Minnesota. This was
:07:37. > :07:41.taking place in downtown Dallas. It was a similar sized protest to the
:07:42. > :07:46.one in New York City. It was a peaceful protest in Dallas, up until
:07:47. > :07:52.the shooting started. At that point, there was a certain amount of panic
:07:53. > :07:56.and chaos, as the crowd tried to disperse and people tried to get to
:07:57. > :08:03.safety. Police chief of the lesson later said he believed two snipers
:08:04. > :08:08.were responsible, snipers, as he put it, in an elevated position above
:08:09. > :08:15.the crowd, who were targeting police officers on the ground. We now know
:08:16. > :08:20.that three people in fact are in custody, and the fourth is holed up
:08:21. > :08:27.apparently in a parking structure in Dallas. There has been an exchange
:08:28. > :08:31.of gunfire with the police, and they are trying to negotiate with this
:08:32. > :08:35.person, who the police say is not negotiating. The person has made a
:08:36. > :08:40.number of threats, saying that the end is coming, that they're going to
:08:41. > :08:44.hurt and kill more police officers, and saying that there are bombs all
:08:45. > :08:49.over the place in downtown Dallas. This is a situation which is far
:08:50. > :08:55.from over. The police are still describing it as an active crime
:08:56. > :08:58.scene. Do we know weather or not all of the suspects have now been
:08:59. > :09:04.located, if not rounded up? No, we do not know that. In fact the police
:09:05. > :09:09.chief said they do not have a complete comfort level that all of
:09:10. > :09:12.the suspects have been found. The indication being that there could be
:09:13. > :09:17.other people involved in this. What he did say, with some certainty, was
:09:18. > :09:23.that he believes that these people have worked together, that they were
:09:24. > :09:26.acting together. He said that they had triangulated in different
:09:27. > :09:31.positions with their rifles, aiming at the people on the ground,
:09:32. > :09:34.specifically the police officers. He said it seemed as if they had some
:09:35. > :09:39.knowledge of the planning of the route of the March, the progress of
:09:40. > :09:43.the demonstration through downtown Dallas, implying that a certain
:09:44. > :09:49.amount of planning and perhaps intelligent planning with some in
:09:50. > :09:53.fight -- inside information perhaps, as to what had been planned for the
:09:54. > :09:59.route of this protest. For now, Peter, thank you very much. Any more
:10:00. > :10:04.news on that, we will update you. We can show you how the markets have
:10:05. > :10:09.been trading across the world. In Japan, closing down just over 1%.
:10:10. > :10:14.Hong Kong, similar scenario. Among the real movers, energy shares, by
:10:15. > :10:18.the energy companies Yadav related to that sector. We have got the oil
:10:19. > :10:29.price down quite significantly yesterday. That has caused some, not
:10:30. > :10:32.serious nerves, but it has had an impact on trade. Also we are looking
:10:33. > :10:37.ahead to the US jobs data, which comes out later. And if I can
:10:38. > :10:42.quickly show you the European markets, which all closed about 1%
:10:43. > :10:46.higher yesterday's. All headed in the right direction for the time
:10:47. > :10:51.being. A lot of nervous trade today ahead of the jobs figures coming out
:10:52. > :10:55.later in the US. The last time they were released, it was a real
:10:56. > :11:02.surprise. The US economy, not adding as many jobs as many had predicted.
:11:03. > :11:07.We can hear from Samira Hussain, in New York, as to what we can expect
:11:08. > :11:11.on that number to day. The latest US jobs report comes out on Friday. In
:11:12. > :11:15.the last month, the US economy only added 38,000 jobs, nicking it the
:11:16. > :11:22.worst employment report since the autumn of 2010. Given a court in
:11:23. > :11:27.dismal employment numbers, some are calling the June jobs report the
:11:28. > :11:32.most important of the year, even though America's central bank has
:11:33. > :11:38.already signalled it will not be raising interest rates any time
:11:39. > :11:44.soon. But the Federal Reserve will still be paying attention to these
:11:45. > :11:50.numbers, specifically, they will be looking for increases in how much
:11:51. > :11:57.people are being paid. That will be one sign that the labour market is
:11:58. > :12:03.getting stronger, and a clear reflection of the overall health of
:12:04. > :12:07.the US economy. Still to come... As we mentioned, Simon Jack will be
:12:08. > :12:09.with us to talk us through some detail of the situation with regards
:12:10. > :12:17.to Tata Steel. We'll have the BBC's
:12:18. > :12:19.business editor on the show, taking us through the realities
:12:20. > :12:21.for people and companies You're with Business
:12:22. > :12:29.Live from BBC News. UK energy prices climbed
:12:30. > :12:31.to near nine-month highs in the aftermath of the EU
:12:32. > :12:40.referendum, as the market began Let's speak now to Jamie Stewart,
:12:41. > :12:48.electricity editor at ICIS. How have energy prices been affect
:12:49. > :12:54.did so far by the Brexit news? So far, there has been no direct
:12:55. > :13:20.impact. What we do see is In terms of what we have
:13:21. > :13:24.mentioned already, the fact that there has been a lot of power plant
:13:25. > :13:29.closures in the last year, the UK energy has had a massive
:13:30. > :13:35.transformation, in many ways. Looking ahead now, what are the key
:13:36. > :13:41.issues? Well, over the last quarter, we have really seen mass coal plant
:13:42. > :13:46.closures, both for economic and environmental reasons. This means we
:13:47. > :13:50.are now burning a lot more gas than we were this time last year, in
:13:51. > :13:56.order to fill that supply gap. Price of gas has risen over the last
:13:57. > :14:03.quarter. Just, we are now looking at a 9% increase. Electricity, 13%. --
:14:04. > :14:11.gas. That more expensive gas being burned in our power plants raises
:14:12. > :14:14.the energy price overall. Thank you so much for joining us. Jamie
:14:15. > :14:31.Stuart, electricity editor. This is Hammerson expanding in
:14:32. > :14:37.Ireland. Lots of concerns about Brexit will mean for some of the big
:14:38. > :14:42.cities here in the UK. Of course, Dublin with its far more generous I
:14:43. > :14:46.suppose corporate tax level, lots of businesses might be looking to
:14:47. > :14:52.relocate to Dublin or Berlin as a result of that Brexit vote.
:14:53. > :14:57.Interesting comments coming out from the retail analyst Nick Bubb at the
:14:58. > :15:01.moment. Still to come on the programme, as
:15:02. > :15:05.well as the rest of the business news we will be right across
:15:06. > :15:10.developments in Dallas where five police officers have been killed and
:15:11. > :15:14.six injured. That's developments taking place overnight. We will
:15:15. > :15:17.speak to a reporter outside the hospital in central Dallas where the
:15:18. > :15:21.wounded police officers are being treated.
:15:22. > :15:26.Now let's talk some more about Tata Steel. We are expecting various
:15:27. > :15:32.announcements today about its UK business.
:15:33. > :15:36.Including the Port Talbot plant. Plans to find rescuers for this deal
:15:37. > :15:40.had been thrown into doubt by the Brexit vote. According to Bloomberg
:15:41. > :15:44.they're saying four out of the seven potential bidders have backed out
:15:45. > :15:49.since the referendum. The struggling business in the UK was put up for
:15:50. > :15:54.sale in March T employs about 11,000 people at plants across the UK
:15:55. > :16:01.including the huge Port Talbot plant in Wales. But it's currently losing
:16:02. > :16:06.around ?1 million a day. One of the key reasons why is the
:16:07. > :16:11.price of steel. Slumping since its peak in 2011. Although it has been
:16:12. > :16:15.recovering in recent months. Global demand has been dropping, whilst
:16:16. > :16:18.there's been an oversupply in steel, particularly a lot coming from
:16:19. > :16:24.China. As promised here is Simon jack our business editor.
:16:25. > :16:29.Today is critical really. Two things are going to happen today. The UK
:16:30. > :16:33.Business Secretary is in Mumbai. He is going to meet the chairman of
:16:34. > :16:37.Tata before a board meeting at which two things I think will happen. One
:16:38. > :16:48.is that they will say they're going to sell off another bit of their
:16:49. > :16:51.empire, if you like. This is a specialty steel business in, those
:16:52. > :16:56.people will have certainty, yes there is a buyer for those. The
:16:57. > :17:00.large share of the business that includes the plant in Port Talbot
:17:01. > :17:04.and employs 9,000 people, that we expect them to hit the pause button
:17:05. > :17:08.on that. We talked about this before. Back in March, Tata was in a
:17:09. > :17:13.hurry to get rid of this business, it said it was losing ?1 million a
:17:14. > :17:16.day, we want to get shot of it as quickly as possible, there was a
:17:17. > :17:20.worry if nothing happened in a short period of time it would shut the
:17:21. > :17:23.doors and that would be bad news for people. Since then they've become
:17:24. > :17:29.more relaxed. That's for a couple of reasons. First, the steel market has
:17:30. > :17:32.improved a bit since back then, prices - they're not losing so much
:17:33. > :17:36.money, they can relax a little bit. The second is the Government has
:17:37. > :17:40.been showering incentives or inducements on anyone who will keep
:17:41. > :17:43.this plant going. That includes, they've offered to take - to provide
:17:44. > :17:48.hundreds of millions of loans, take up to a 25% stake, that was
:17:49. > :17:54.controversial, that's part nationalisation. They've looked at
:17:55. > :18:04.one-off legislation to reduce the burden of the enormous pension fund.
:18:05. > :18:08.None of the bidders wanted to take that as it is. They're waiting to
:18:09. > :18:14.see whether consultation on that legislation means that burden will
:18:15. > :18:21.be redo you gossed, either -- will be reduced either for Tata or new
:18:22. > :18:28.buyers. The uncertainty isn't just coming out in the financial markets
:18:29. > :18:32.and the commodity markets, we are seeing Italy's lenders really on the
:18:33. > :18:38.edge. Do you think this is the new banking crisis we will see across
:18:39. > :18:46.Europe? Italy's banks have always been a little shaky, what they
:18:47. > :18:52.didn't do, they didn't set up a bad bank to put loans in. What we have
:18:53. > :18:56.seen in the last few weeks and months, particularly since Brexit,
:18:57. > :18:59.is we have seen the idea that we might lower interest rates again.
:19:00. > :19:02.Everyone thinks that's great for everyone, lower interest rates,
:19:03. > :19:06.markets go up. But it's actually pretty bad for banks because they
:19:07. > :19:10.make money on the difference between what they borrow and lend at and if
:19:11. > :19:16.interest rates go lower and lower, that margin, the net interest margin
:19:17. > :19:20.they call it gets compressed. Also, the Italian economy hasn't grown
:19:21. > :19:24.hardly from the last five, six years and if we get a down town because of
:19:25. > :19:28.Brexit a poor economy, higher losses on loans, it's a problem for them.
:19:29. > :19:32.How big a deal is the situation with the Italian banks. The authorities
:19:33. > :19:35.said they put this money aside, we have this escape route. There is a
:19:36. > :19:40.escape route but it's controversial. By the letter of the law they're not
:19:41. > :19:44.supposed to do this. There are state aid rules as to what happens about
:19:45. > :19:50.what you can do. Those have changed about whether you can put money into
:19:51. > :19:55.banks. I guess, we all know to our cost, when banks go bad it costs
:19:56. > :19:58.everyone loads of money. Banks play by different rules, they're not like
:19:59. > :20:02.normal companies, they're the blood stream of entire economies. I
:20:03. > :20:11.suspect that a deal will be done. A way to help them will be found. It's
:20:12. > :20:17.not just Italian banks. If you look at Deutsche bank, that's trading at
:20:18. > :20:21.30% of what it's worth on paper. There are banking issues throughout
:20:22. > :20:24.the European Union. You could argue given its systemic importance that
:20:25. > :20:28.is the most dangerous bank in Europe. Too big too fail.
:20:29. > :20:38.Definitely. If you think about it, history and Germany's past t used to
:20:39. > :20:42.be hand in glove with the Bunde bank. They'll be keeping an eye on
:20:43. > :20:46.that. Thank you very much. We will leave it there.
:20:47. > :20:51.Let's continue with the situation in Dallas.
:20:52. > :20:55.We have been hearing the shooting dead of five police officers at a
:20:56. > :20:56.rally there. Several others are still fighting for their lives in
:20:57. > :20:59.hospital. One woman, Shetamia Taylor,
:21:00. > :21:01.was at the protest earlier. She brought her three sons along
:21:02. > :21:04.with her but was injured She's currently receiving treatment
:21:05. > :21:11.at the Baylor Hospital in Dallas, where Dr Sima Yasmin,
:21:12. > :21:12.a doctor and reporter for the Dallas Morning
:21:13. > :21:15.News, is just outside. Earlier, Sima spoke
:21:16. > :21:24.to her sister Theresa. A peaceful rally, just to show them
:21:25. > :21:31.that you know it's OK to stand up for who you are and what you believe
:21:32. > :21:35.in and just a simple message, you know, violence doesn't get you
:21:36. > :21:40.anywhere. Just come together. Communicate with one another.
:21:41. > :21:46.That was one reaction coming from the hospital where people are being
:21:47. > :21:52.treated in Dallas. We are trying to keep you across what's going on.
:21:53. > :21:59.It's a moving picture at the moment. It certainly is. Dr Sima is on the
:22:00. > :22:02.line now, we understand from the hospital where those injured are
:22:03. > :22:09.being treated. I hope you can hear me. Yes, I can. Excellent. Can you
:22:10. > :22:14.give us a little bit of an update of the situation outside the hospital.
:22:15. > :22:18.I am outside one hospital in Dallas about two miles east of where the
:22:19. > :22:23.shooting and protests occurred a few hours ago. This is one of two Dallas
:22:24. > :22:27.hospitals where we believe the injured officers have been taken to
:22:28. > :22:31.and injured civilians. The hospital I am outside of at least two cops
:22:32. > :22:36.are being treated inside as well as the woman we spoke about. She's
:22:37. > :22:39.currently in theatre undergoing surgery for a gunshot wound to the
:22:40. > :22:43.leg. She is the woman that took her three sons to this protest because
:22:44. > :22:51.overwhelmingly we are hearing that this was a peaceful protest. It was
:22:52. > :22:57.a protest in regards to the police involved shooting of black men and
:22:58. > :23:02.we are hearing shots were fired as people were leaving the
:23:03. > :23:06.demonstration. It was around 9.00pm local time when shots were fired and
:23:07. > :23:10.this woman said her sister said she shielded her sons and she was shot
:23:11. > :23:14.in her leg at that time and the recent updates that we have are that
:23:15. > :23:20.six officers have been injured and five officers have passed away. It's
:23:21. > :23:24.an horrific situation. We understand the police are still dealing with
:23:25. > :23:28.some suspects. They haven't yet all been rounded up, have they? This is
:23:29. > :23:32.an ongoing scenario, isn't it? That's correct. In fact, the woman
:23:33. > :23:37.in surgery now for that gunshot wound to the leg became separated
:23:38. > :23:40.from her sons and two of them are still in the area which is
:23:41. > :23:42.considered an active shooting situation, while their mother is
:23:43. > :23:47.receiving treatment they're not able to leave that area. The latest
:23:48. > :23:51.reports we heard is that possibly one suspect, we are thinking there
:23:52. > :23:54.maybe two or three, but one suspect has been neutralised and that's the
:23:55. > :23:57.word used by police. Some reports saying that suspect may have shot
:23:58. > :24:05.themselves. Others saying the police may have shot that suspect. In a
:24:06. > :24:11.press conference a few hours ago the Dallas police chief used the word
:24:12. > :24:15.triangulation, possibly snipers positioned in a way to kill as many
:24:16. > :24:19.officers and injure as many officers as possible. There was also a
:24:20. > :24:25.possible bomb threat. We have had FBI agents in the area investigating
:24:26. > :24:28.that possibility, as well. We appreciate your time and thank you
:24:29. > :24:31.for bringing us up to date with what's going on where you are
:24:32. > :24:35.outside the hospital where people are being treated who were shot in
:24:36. > :24:40.the overnight developments in Dallas.
:24:41. > :24:46.We have Michael Houston in to talk through a couple of stories that are
:24:47. > :24:49.in the business pages at the moment. Because of Dallas we obviously have
:24:50. > :24:55.to focus coverage there. One story this is in the FT. This is China's
:24:56. > :24:59.richest man planning to back a sort of rival really to Uefa Champions
:25:00. > :25:07.League. Tell us more. Yeah, absolutely. I think it's a terrible
:25:08. > :25:11.idea. China wants to increase its exposure to global football and
:25:12. > :25:16.wants to attract superstars and bank roll essentially a rival to the
:25:17. > :25:20.Champions League. We already know how much money goes into global
:25:21. > :25:26.football already. There is already concerns about sky high ticket
:25:27. > :25:29.prices and for me I think this is just going to drive ordinary people
:25:30. > :25:33.away from mainstream football. Too expensive? Too expensive. Another
:25:34. > :25:39.thing, you never get a Leicester City. That's one of the great things
:25:40. > :25:45.about the football season this season and we have already seen Euro
:25:46. > :25:48.2016, England's abject performance. For me we need to focus more on
:25:49. > :25:52.grass roots and less on this sort of stuff. Michael, we will leave it
:25:53. > :25:56.there. That's it from Business Live today. Thank you very much. Plenty
:25:57. > :26:03.more business news throughout the day and on the website.