:00:00. > :00:22.Giving reassurance over the 'special relationship' -the UK's finance
:00:23. > :00:25.Minister flies to the US for Brexit talks Live from London,
:00:26. > :00:33.that's our top story on Monday the 11th of July.
:00:34. > :00:42.George Osborne heads to New York to tell American investors that
:00:43. > :00:44.Britain leaving the European Union is an opportunity and not a worry.
:00:45. > :00:51.Also in the programme, Aaron's in Farnborough.
:00:52. > :00:59.It is the Farnborough International airshow, one of the most important
:01:00. > :01:05.aviation events. Despite the care of optimism among big industry chiefs
:01:06. > :01:11.gathering, there are some headwinds facing the passenger jet business. I
:01:12. > :01:14.have the boss of bowling joining us live very shortly.
:01:15. > :01:23.We are 30 minutes in in London and there are more
:01:24. > :01:29.And we'll also be hearing from the head of Boeing,
:01:30. > :01:37.one of the world's largest global aircraft manufacturers on everything
:01:38. > :01:41.So today we want to know when it comes
:01:42. > :01:43.to travelling by air what is most important to you?
:01:44. > :01:45.Bigger seats, more leg room, or is just about security?
:01:46. > :02:09.The British Finance Minister is today flying to New York
:02:10. > :02:14.for talks with major investors in an effort to strengthen trade
:02:15. > :02:17.links between the US and the UK after the vote to leave
:02:18. > :02:25.In a piece for the Wall Street Journal George Osborne said that
:02:26. > :02:38.improving ties with the US is now a "top priority".
:02:39. > :02:40.The two countries are each other's largest investors,
:02:41. > :02:52.with almost $1 trillion dollars invested in each other's economies.
:02:53. > :02:56.In fact the US invests 10 times more in the UK than it does in China
:02:57. > :02:59.while the UK invests 50 times more in the US than China does.
:03:00. > :03:02.Additionally a million people in the US work for British companies
:03:03. > :03:05.with the same number working for American firms in the UK.
:03:06. > :03:07.Andrew Walker is a BBC economics correspondent.
:03:08. > :03:16.Andrew, we are hearing about the numbers involved from Sally there.
:03:17. > :03:23.told we would be at the back of the queue for US- UK trade deals.
:03:24. > :03:28.that by President Obama, but you have to bear in mind that he is not
:03:29. > :03:30.the person managing the queue, as it were, it will be his successor.
:03:31. > :03:42.There is no question that for the US, the economic relationship
:03:43. > :03:47.with the EU will be a higher priority. It is a bigger economy
:03:48. > :03:54.than the UK. Having said that, the UK is no minnow. Because of the
:03:55. > :03:58.investment relationship in particular, it will be a big deal.
:03:59. > :03:59.The UK, bearing in mind that the United States the biggest single
:04:00. > :04:13.export market, clearly, it is a very important relationship.
:04:14. > :04:17.For the US, important. Maybe China and the rest of the EU are bigger,
:04:18. > :04:19.but not one to be ignored. In terms of deals that are currently
:04:20. > :04:22.in place. We have this massive deal going on
:04:23. > :04:33.between the US and Europe, TTIP. What does this mean for that, do you
:04:34. > :04:35.think? It means that Britain is ultimately
:04:36. > :04:41.not going to be a partner to that deal as it stands.
:04:42. > :04:44.Therein mind that we shouldn't assume
:04:45. > :04:48.that -- bear in mind that we shouldn't assume that that
:04:49. > :04:55.deal is nailed down. It has a long way to go and it is controversial,
:04:56. > :04:58.particularly on the European side. There are some provisions that are
:04:59. > :05:03.absolutely loathed by political absolutely loathed by political
:05:04. > :05:06.forces in Germany and here. Some people see it as a threat to the
:05:07. > :05:13.National Health Service. Some are concerned about provisions for
:05:14. > :05:17.companies to sue governments. The other point that campaigners for the
:05:18. > :05:20.Leave vote would make is that it is a lot easier to negotiate for one
:05:21. > :05:28.country than it is coordinate the negotiating positions
:05:29. > :05:30.of 28 members of the EU. The future, I think, for TTIP is
:05:31. > :05:36.deeply uncertain, but it will clearly be on Mr Osborne's mind
:05:37. > :05:43.while he is in the United States. Thank you, Andrew.
:05:44. > :05:45.Eurozone finance ministers will today meet in Brussels
:05:46. > :05:47.to discuss the state of the bloc's economies.
:05:48. > :05:50.High on the agenda will be whether or not to impose fines
:05:51. > :05:53.on Spain and Portugal for breaching the Eurozone's Stability
:05:54. > :05:58.Both countries have been running large budget deficits
:05:59. > :06:13.which exceed the agreed limit of 3 percent of GDP.
:06:14. > :06:15.Deutsche Boerse says it's considering lowering the approval
:06:16. > :06:17.threshold for its proposed merger with the London Stock
:06:18. > :06:20.The German exchange is concerned that the threshold could be hard
:06:21. > :06:23.to reach with the current structure of its voting shareholders.
:06:24. > :06:25.If the deal goes through, the tie-up will create the world's
:06:26. > :06:29.The outlook for the global economy remains grim despite it having
:06:30. > :06:32.overcome the impact of the 2008 financial crisis.
:06:33. > :06:35.That's the verdict of the world's 20 largest economies who have
:06:36. > :06:37.been meeting in Shanghai for a G20 summit.
:06:38. > :07:04.In June the World Bank cut its forecast for the global
:07:05. > :07:06.economy in 2016 from 2.9 percent to 2.4 percent.
:07:07. > :07:09.Let's take a look round the world at what's business stories
:07:10. > :07:13.First, the success of a new Pokemon app is good news for Japanese
:07:14. > :07:15.gaming company Nintendo - who's shares are soaring.
:07:16. > :07:20.Ashleigh Nghiem has been following the story.
:07:21. > :07:28.Some argue about -- arguing about the value of these things and say it
:07:29. > :07:32.is hard to gauge the value of companies that are not making
:07:33. > :07:33.profits. Big profits expected for airline
:07:34. > :07:45.manufacturers. The Farnborough airshow is the
:07:46. > :07:47.biggest international show of its kind, I think.
:07:48. > :07:52.Let's look at some other stories. Among the big winners on the markets
:07:53. > :08:06.today, Japan are doing well. First, the success of a new Pokemon
:08:07. > :08:09.app is good news for Japanese gaming company Nintendo -
:08:10. > :08:11.who's shares are soaring. Ashleigh Nghiem has been
:08:12. > :08:22.following the story. Nintendo shares have surged 25%
:08:23. > :08:26.today. Since its debut last Friday, Pokemon Go has added $7 billion to
:08:27. > :08:31.the company's market value in just two days. What is the fuss about?
:08:32. > :08:39.The game is a clash between reality and fantasy. It gets people to move
:08:40. > :08:44.around their neighbourhoods to catch virtual Pokemon characters using
:08:45. > :08:51.their smartphones. Nintendo was late to move into mobile gaming, but at
:08:52. > :08:56.least one analyst has said that Pokemon Go would need to bring in
:08:57. > :09:00.more than $150 million each month to have any meaningful impact on the
:09:01. > :09:06.firm's profits. That is a pretty high number. Good
:09:07. > :09:13.to see you, Ashley. Look at the close in Tokyo - up almost 4%, a
:09:14. > :09:17.really good performance despite the fact that the yen is still extremely
:09:18. > :09:23.strong in relation to the dollar. Hong Kong followed suit. US payroll
:09:24. > :09:37.figures came through better than expected, which boosted trade in
:09:38. > :09:40.Asia. Japan's president got a majority in the upper chamber, which
:09:41. > :09:46.would allow him to push through some reforms. You can see gains are
:09:47. > :09:52.particularly strong in Germany and France. We will talk some more about
:09:53. > :10:00.the trading day in a moment, first, here is some era in New York to talk
:10:01. > :10:13.us through what to expect. -- Samira. Markets are hoping for a
:10:14. > :10:17.lift this week. The economy had 287,000 new jobs in the month of
:10:18. > :10:22.June. Demand is likely to pick up, good news for an economy that
:10:23. > :10:25.depends on consumer spending. Numbers on consumer prices,
:10:26. > :10:29.industrial production and consumer sentiment will also be released and
:10:30. > :10:35.could add more good cheer for investors. In earnings news, JP
:10:36. > :10:38.Morgan Chase will kick-off the US bank earnings season, whilst Fargo
:10:39. > :10:48.will announce results. Joning us is Maike Currie,
:10:49. > :10:57.investment director Quite a lot going on, but such a
:10:58. > :11:03.positive note to start the week across the board. Yes, and it is
:11:04. > :11:09.thanks to Friday's US job figures. Asian markets have risen
:11:10. > :11:15.significantly. Not as strong a week as we expected, though. The Nintendo
:11:16. > :11:21.news, it highlights the importance of tech. It is a core part of the
:11:22. > :11:25.Japanese market. The question it raises is the credibility of
:11:26. > :11:31.negative interest rates. The bank of Japan has moved into that negative
:11:32. > :11:36.territory, but still its currency is very strong. Looking ahead, there
:11:37. > :11:41.are various things going on in the US. We had the payroll numbers on
:11:42. > :11:46.Friday, which was positive. The previous month, it was that nasty
:11:47. > :11:53.surprise, not many jobs added to the economy. Give us your thoughts on
:11:54. > :11:55.where we are rat. There is a lot of negative news about the UK
:11:56. > :12:05.referendum and the negative impact of that. -- where we are at. I don't
:12:06. > :12:10.think we will see the US raising interest rates in July, probably not
:12:11. > :12:14.in September, but perhaps in December, which means it will be a
:12:15. > :12:20.full year since the last rate rise. Thank you for joining us. We will go
:12:21. > :12:28.through the papers shortly. Aaron is at Farnborough.
:12:29. > :12:35.Yes, it is one of the most important aviation events on the planet. Think
:12:36. > :12:39.big, think huge business, hundreds of billions of dollars of deals
:12:40. > :12:44.taking place here on the grounds of this airport. This year, there are
:12:45. > :12:48.some headwinds facing the industry. I have the big boss of bowling, he
:12:49. > :12:59.is standing in the wings, and he will join us live very shortly.
:13:00. > :13:04.Britain has enjoyed a generally strong economic recovery, but not
:13:05. > :13:11.all parts of the country are feeling the benefits. Then Thomson is in
:13:12. > :13:18.Skegness. He has been talked -- Ben Thomson. He has been talking to
:13:19. > :13:21.local businesses about boosting the economy in seaside towns. It is
:13:22. > :13:31.gloriously and quiet, but the problem is about how to get people
:13:32. > :13:38.here for the for the rest of the year. It is about getting more
:13:39. > :13:42.people coming here, more people working here and crucially, getting
:13:43. > :13:46.more people spending here. Craig Leyland is with me this morning. We
:13:47. > :13:50.look around and it is a glorious morning - you would wonder why
:13:51. > :13:56.people wouldn't want to come, but it is not always like this, and the
:13:57. > :14:02.challenge is to get people here all year round, how do you do it? We
:14:03. > :14:06.have about half ?1 billion a year of a tourist economy. It is about how
:14:07. > :14:10.we maintain that and make it an all year round economy. We are seeing
:14:11. > :14:14.inward investment from local businesses, and we are looking to
:14:15. > :14:18.attract outside business. We have a premier in planned, subject to
:14:19. > :14:25.planning permission, which will raise the profile. It is about
:14:26. > :14:30.getting infrastructure in place. It is cheaper for people to go overseas
:14:31. > :14:36.in many cases, but it is about investment in roads, railways.
:14:37. > :14:41.People are sane you can't get a meal after 6pm in some towns, and you
:14:42. > :14:46.can't get a train after 8pm to get home. We need to sort out that
:14:47. > :14:52.stuff. That's right. Those criticisms are well founded. I
:14:53. > :14:55.attended the British hospitality Association conference two weeks
:14:56. > :15:02.ago, where all these issues were raised. This is about making
:15:03. > :15:07.recommendations happen. We have to look at infrastructure. Rail
:15:08. > :15:12.infrastructure is another issue. Getting people here is critical. We
:15:13. > :15:18.have blue flag beaches here, they are a fantastic attraction all year
:15:19. > :15:25.round. We're cleaning them first thing in the morning. We have lots
:15:26. > :15:29.to offer. That is Ben, who is talking to politicians and leaders
:15:30. > :15:35.there. Aaron is at Farnborough. We are forever you could want us to
:15:36. > :15:47.be. -- we are wherever you could want us to be.
:15:48. > :15:55.This is Business Live. George Osborne is picking up the special
:15:56. > :15:59.relationship, going to the US for post-Brexit talks. All of the
:16:00. > :16:03.markets are in healthy shape, making gains at the start of Monday.
:16:04. > :16:12.And now let's get the inside track on the world of aviation.
:16:13. > :16:15.The Farnborough International Airshow is under way.
:16:16. > :16:22.It is a huge event that takes place every year.
:16:23. > :16:25.Again we can expect deals worth tens of billions of dollars to be done.
:16:26. > :16:28.All the biggest players in the industry are there along
:16:29. > :16:30.of course with our very own Aaron Heslehurst
:16:31. > :16:40.Where are you? I am here! As you keep saying, I am at Farnborough
:16:41. > :16:46.Airshow! Lug around! It is certainly one of the most important aviation
:16:47. > :16:49.events of the year. For the lay people, when we think of
:16:50. > :16:54.Farnborough, we think of the wonderful displays, the weapons of
:16:55. > :16:57.war, commercial aircraft doing their thing in the sky. Sometimes we
:16:58. > :17:01.forget that behind the scenes there are chalets and bungalows and
:17:02. > :17:10.pavilions behind the airport where big deals are being made. Every two
:17:11. > :17:16.years, this airshow, the last one, over $200 billion of aircraft orders
:17:17. > :17:20.placed. This year, some are saying perhaps not as big in terms of that
:17:21. > :17:25.number in terms of orders because of headwinds facing the industry. Let's
:17:26. > :17:29.find out. We have one of the biggest aeroplane makers in the world
:17:30. > :17:36.without, Boeing, and I am joined by the CEO, the President, he is
:17:37. > :17:40.everything. Dennis, welcome to Business Live. Boeing is 100 years
:17:41. > :17:45.old and you look pretty good for your age. Not bad for 100 years! We
:17:46. > :17:51.are a great company and we will celebrate the centennial this
:17:52. > :17:56.Friday. Let's talk about Turkey. You had a cracking year in 2014 at
:17:57. > :18:03.Farnborough. Even last year, some great borders, a lot of aeroplanes
:18:04. > :18:08.on the order books. How is business given the global economic climate?
:18:09. > :18:13.Generally strong. We have 750 commercial aircraft in backlog. Our
:18:14. > :18:17.orders are about 121 this year. We have tough economic situations
:18:18. > :18:23.around the world but we still sees strong passenger growth overall.
:18:24. > :18:29.Some airlines are hesitant, going forward, about the current climate.
:18:30. > :18:35.They are delaying their orders. Have you seen that? We continued to see
:18:36. > :18:40.strong orders in the narrow bodies, small aircraft, worldwide. Some
:18:41. > :18:44.hesitancy in the wide bodies, which is where we see market demand and
:18:45. > :18:51.economic uncertainty. Over the next 20 years, we still see global market
:18:52. > :19:05.demand for 99,000 new aircraft. Wow. Despite Chinese pick-ups? --
:19:06. > :19:11.hiccups? We still see passenger growth in China at 15 to 30%. Back
:19:12. > :19:19.to the narrow bodies, short to mid range. The Boeing 737 Max is your
:19:20. > :19:25.competition to the Airbus 320. A little birdie has told me it has
:19:26. > :19:30.been outselling yours. Not really. We launched the Max about one year
:19:31. > :19:37.after Airbus, and since then it has been about 50-50 market share. We
:19:38. > :19:44.have sold more than 200 maxes and we will be flying it at Farnborough for
:19:45. > :19:47.the first time. Some may not know this, but UK aerospace industry is
:19:48. > :19:53.the second-largest in the world the United States. It employs 130,000
:19:54. > :19:58.people and contributes billions of dollars to the economy. I guess that
:19:59. > :20:01.will be highlighted today. You are going to meet the Prime Minister,
:20:02. > :20:06.David Cameron, and he is going to put pen to paper on a new deal. We
:20:07. > :20:11.are excited about our growth in the UK. It is our third biggest Boeing
:20:12. > :20:15.operation globally. Great supply chain, great technology, great
:20:16. > :20:19.talent, and we will be announcing additional growth and investment as
:20:20. > :20:27.part of our prosperity initiative to Drake, including great news about
:20:28. > :20:33.the PA. That is a naval aircraft. And the Prime Minister will be
:20:34. > :20:40.signing an update, or a deal on updating the Apache helicopters. You
:20:41. > :20:45.started as an intern at Boeing 30 years ago. This has got to be an
:20:46. > :20:49.American success story. I started as an engineering intern in Seattle 30
:20:50. > :20:53.years ago and it is an extraordinary privilege to lead the company today.
:20:54. > :20:56.And think about what the world has done in terms of changing in the
:20:57. > :21:05.last century and what aircraft has done. Walking on the to walking on
:21:06. > :21:08.the moon, from riding horses to flying aircraft. To have the
:21:09. > :21:13.privilege to lead this company at our centennial is a privilege. The
:21:14. > :21:19.future is even greater. It is phenomenal. Where this industry has
:21:20. > :21:25.gone and where your company has gone in 100 years. You wonder what next?
:21:26. > :21:31.How do you go beyond the Dreamliner? Composite material and high-tech
:21:32. > :21:36.technology. Aeroplanes have been the same for lots of years, fuse a
:21:37. > :21:41.large, wings and a tail. We are looking at commercial aeroplanes to
:21:42. > :21:44.make them safer, more efficient and environmentally friendly. We are
:21:45. > :21:47.looking at higher speed transportation, so maybe a future
:21:48. > :21:52.where supersonic aircraft can get you anywhere in the world in an hour
:21:53. > :21:57.or two. We are now building the first rocket to take the first human
:21:58. > :21:59.to Mars. That is not going to be me! Dennis, we appreciate it and thank
:22:00. > :22:16.you for joining on Business Live. The
:22:17. > :22:18.Chinese are here in a very big way. For the first time they have their
:22:19. > :22:21.own national pavilion and the Chinese are saying they are open for
:22:22. > :22:23.business. The Chinese say they are ready to compete with the big guys.
:22:24. > :22:26.Plenty more from Farnborough Airshow throughout the day. See you soon.
:22:27. > :22:30.Thank you. He will be there all week, so we will hear from him. You
:22:31. > :22:36.could hear the engines or the world's largest hairdryer behind
:22:37. > :22:39.him! We asked you to get in touch with your thoughts on the most
:22:40. > :22:45.important thing when it comes to air travel. Viewers have said that he is
:22:46. > :22:50.like a boy in a candy store. You have also been tweeting us about
:22:51. > :22:55.that question that what is most important to you. James says troops
:22:56. > :22:57.service that does not feel economically calculated or
:22:58. > :23:04.artificial. Attention to fine detail when I am flying. Johann said price
:23:05. > :23:09.and legroom in particular. Boeing aircraft are more legroom than ever.
:23:10. > :23:13.Let us know if you are watching from Airbus. Either they have something
:23:14. > :23:19.to say. And this one, security and security, nothing precedes it. Maike
:23:20. > :23:23.Currie is with us in the studio. You are from South Africa and you do
:23:24. > :23:29.that flight all the time so what is important to you? It is a long
:23:30. > :23:33.flight, 12 hours. Comfort, service and the in-flight entertainment
:23:34. > :23:37.system needs to work. That is a good point. I did a 16 hour flight from
:23:38. > :23:41.Sydney to Dubai and the entertainment system was broken in
:23:42. > :23:47.the seat and I only had the channel that gives you the food of the
:23:48. > :23:50.interview with the chief executive! When I go on a flight with my
:23:51. > :23:52.family, three little boys, my challenge is getting to the end of
:23:53. > :23:56.the flight without drinks down my front. If I can get to the other end
:23:57. > :24:04.clean, I have achieved something. And that is not me spilling! The
:24:05. > :24:09.children! I am not clumsy. Other stories in the papers now. Theresa
:24:10. > :24:11.May, one of two women vying for the new leadership role of the
:24:12. > :24:16.Conservative Party and therefore new Prime Minister of the UK. She is on
:24:17. > :24:22.a corporate crackdown on the front page of the Financial Times. Very
:24:23. > :24:26.interesting. Theresa May is framing herself as a one nation leader. If
:24:27. > :24:31.there is anything that the European Union referendum revealed, this is a
:24:32. > :24:34.divided nation. She is looking at the corporate system in particular
:24:35. > :24:38.to build on the policies introduced by David Cameron, such as cracking
:24:39. > :24:46.down on non-Dom is paying tax, the buy to let crackdown and just a
:24:47. > :24:50.fairer system. Moving towards the centre ground, which some say is a
:24:51. > :24:54.risky strategy, because she needs the support of the older right-wing
:24:55. > :25:01.Conservatives. It'll be interesting to see how it out. In the article,
:25:02. > :25:04.she is talking about making the annual shareholder vote on corporate
:25:05. > :25:10.pay not just advisory bookbinding, so that is a lot power. We saw BP in
:25:11. > :25:14.the headlines this year because of the unhappiness about chief
:25:15. > :25:20.executive pay. Leadership change in the UK and in Japan it is the status
:25:21. > :25:24.quote with Shinzo Abe getting the majority he needed in the upper
:25:25. > :25:30.house in elections on Sunday. Does this mean more stimulus? Markets are
:25:31. > :25:34.betting on that but will he do that? He needs to because there is an
:25:35. > :25:39.expectation that he needs to do more. It is an interesting election.
:25:40. > :25:45.The younger vote came through. They dropped the age from 20 to 18, so
:25:46. > :25:51.lots more younger voters voted. There is a question over whether the
:25:52. > :25:55.voters are backing Shinzo Abe or whether they are disillusioned with
:25:56. > :26:00.the opposition. Thank you for coming in to go through the newspapers. And
:26:01. > :26:05.thank you for your company. There is much more from Farnborough later on
:26:06. > :26:08.the BBC. Stay with us and have a good day. Goodbye.