:00:14. > :00:15.This is Business Live from BBC News with Victoria Fritz
:00:16. > :00:24."Complicated and too expensive" - that's the verdict on having
:00:25. > :00:28.This morning the UK's competition watchdog has set out its proposals
:00:29. > :00:43.Live from London, that's our top story on Tuesday 9th August.
:00:44. > :00:46.The UK's competition authority says it is "paving the way for an open
:00:47. > :00:48.banking revolution" but are the big names on the high street listening?
:00:49. > :00:56.We'll get an expert view on this latest package of measures.
:00:57. > :00:58.Also in the programme - he's called the "rockstar",
:00:59. > :01:00.but Raghuram Rajan has just overseen his last policy
:01:01. > :01:06.meeting as head of the Indian central bank -
:01:07. > :01:09.who will fill his shoes, and was it the right call to keep interest
:01:10. > :01:16.And traders continue to enjoy the ride in Europe with all the main
:01:17. > :01:18.markets headed higher again - we'll talk you through
:01:19. > :01:21.And does booking directly with a hotel save you money?
:01:22. > :01:24.We'll be talking to one firm which says in most cases it does.
:01:25. > :01:27.He's the most decorated athlete in the history of the Olympic Games.
:01:28. > :01:30.But Michael Phelps' personal life hasn't always been as golden
:01:31. > :01:33.as his record in the pool - major sponsors dropping deals
:01:34. > :01:45.He's looking to secure his corporate comeback.
:01:46. > :01:48.Today we want to know your comeback stories - just use
:01:49. > :01:57.They are calling it a revolution - but some argue in the UK
:01:58. > :02:07.And that is what a UK regulator is trying to tackle and has unveiled
:02:08. > :02:10.a package of new measures to boost competition in retail banking.
:02:11. > :02:11.The Competition and Markets Authority is saying technology
:02:12. > :02:14.is key in making significant change and provides an alternative
:02:15. > :02:18.to the traditional high street banks.
:02:19. > :02:21.And across the globe new FinTech start-ups are attracting huge
:02:22. > :02:35.Last year more than $22-billion was invested globally
:02:36. > :02:44.in financial technology - that's an increase of 75%.
:02:45. > :02:46.Tthe vast majority of this was targeted at banking
:02:47. > :02:49.Emerging markets - particularly in Asia -
:02:50. > :02:52.are leading the way and are fast adopters of new banking
:02:53. > :02:55.Here you can see monthly mobile payments in India
:02:56. > :03:02.have almost quadrupled over the past two years.
:03:03. > :03:04.But is banking really reaching its 'Uber moment' in other
:03:05. > :03:07.It's a phrase dubbed by former Barclays chief
:03:08. > :03:09.executive Antony Jenkins - who predicted technology
:03:10. > :03:11.will unleash huge changes on the industry, including job
:03:12. > :03:13.losses and the closure of a large number of high
:03:14. > :03:18.With us on the programme is John Lyons, the retail
:03:19. > :03:21.and commercial banking leader at PricewaterhouseCoopers.
:03:22. > :03:27.I wonder whether you think the actions outlined in the report will
:03:28. > :03:32.be enough to make banks deliver a better service for customers? It is
:03:33. > :03:35.certainly good for consumers, the thought of your bank sending you a
:03:36. > :03:39.text message to say you are about to go overdrawn and giving you a
:03:40. > :03:42.greater period to deal with that, capped unauthorised monthly fees,
:03:43. > :03:45.that is great. The question is whether it will drive more
:03:46. > :03:50.competition or whether it is just a better deal for consumers, because
:03:51. > :03:55.the report was aimed at growing competition in the banking market.
:03:56. > :03:58.The solution, as Sally outlined, seems to rely on consumer technology
:03:59. > :04:02.to put the balance of power literally in the hands of the
:04:03. > :04:06.consumer, through things like smartphones and this new app they
:04:07. > :04:11.have been talking about. Where does this leave people who are not as
:04:12. > :04:19.tech savvy? The most exciting thing about this, what is called the API,
:04:20. > :04:22.the system, it is opening up your banking records so you could have
:04:23. > :04:26.one application irrespective of where you bank and make payments
:04:27. > :04:29.from any of your bank accounts, no-one logging onto your mortgage,
:04:30. > :04:34.then your current account, then you're other accounts, so that is
:04:35. > :04:38.exciting. Take that a stage further, people providing new services to
:04:39. > :04:42.look at the way you deal with your bank account, your transaction
:04:43. > :04:48.history, and then scour the market to say which other products or
:04:49. > :04:51.services might deliver that better or cheaper, then you start to drive
:04:52. > :04:57.the competition. For me, exciting as it is opening up the API, but, to
:04:58. > :05:01.your point, not everyone likes technology, so what about those
:05:02. > :05:06.people who don't want to do online banking? The CMA dealt with that in
:05:07. > :05:11.a way that they said they would create prompts for people, it may be
:05:12. > :05:16.a statement stuff, it might be better for people who don't do
:05:17. > :05:20.online banking, to drop you a note every now and then to say what you
:05:21. > :05:23.are being charged and what is the competition, prompting you to look
:05:24. > :05:27.at whether you could get a better deal elsewhere. How long do you
:05:28. > :05:32.think it will take for that cultural shift to take place in this country?
:05:33. > :05:37.In Africa, India, banking on a smart device is a lifeline, it is normal,
:05:38. > :05:43.but we are a long way from that? We are a long way from that, we have
:05:44. > :05:46.had the crisis from 2008 and banks in the Western world have been
:05:47. > :05:53.struggling to get over that, let alone invest in new technologies.
:05:54. > :05:57.Some other countries have jumped ahead, and when you look at where
:05:58. > :06:00.the most successful challenger banks have been, the UK has a number of
:06:01. > :06:04.them coming through but where they have gained traction really is
:06:05. > :06:09.places like Poland and South Africa, where they are starting to compete
:06:10. > :06:13.with the big boys. We have a large number of start-up banks in the UK
:06:14. > :06:16.the important thing, they have got the important thing, they have got
:06:17. > :06:23.new business models and lower costs, but they need to drive customer
:06:24. > :06:25.volumes to make the business model work. Thank you for coming in and
:06:26. > :06:27.taking us through those report findings. A lot more on that online
:06:28. > :06:34.as ever. E-commerce giant Alibaba says it
:06:35. > :06:37.wants to help companies keen According to a report by Bloomberg,
:06:38. > :06:41.the Chinese firm aims to help foreign clients comply with local
:06:42. > :06:43.regulations and sell their products. Alibaba says it aims to sign up 50
:06:44. > :06:47.partners over the next 12 months. Facebook has confirmed that it's
:06:48. > :06:51.in the early stages of testing a wifi service with various
:06:52. > :06:56.Indian internet companies. The service allows users to purchase
:06:57. > :06:58.data from local providers A pilot version with a state-run
:06:59. > :07:09.telecoms company has already been Donald Trump says he plans to "jump
:07:10. > :07:15.start" the US economy by suspending new regulations
:07:16. > :07:18.and cutting corporate taxes. During a speech in Detroit,
:07:19. > :07:20.the billionaire businessman said he planned to end the "death" tax
:07:21. > :07:37.levied on assets passed Let's look at some of the business
:07:38. > :07:41.pages online, I want to point you to this story on our website about
:07:42. > :07:45.China warning over the delay over Hinkley Point in Somerset. This is
:07:46. > :07:52.the nuclear project that has been somewhat stymied. This is the
:07:53. > :07:55.ambassador to the UK for China, writing in the Financial Times,
:07:56. > :07:59.saying that the delay to approving the plant has brought the two
:08:00. > :08:04.countries to a crucial historical juncture. He hinted that mutual
:08:05. > :08:07.trust could be in jeopardy if the UK Government decided not to approve
:08:08. > :08:10.the deal. Quite interesting because Theresa
:08:11. > :08:16.May, the newly appointed Prime Minister, has put that decision on
:08:17. > :08:21.review, which is why it has no longer got the green light. We will
:08:22. > :08:22.give you -- keep you up to date with any development on that.
:08:23. > :08:24.Let's head to India, where the country's central bank has
:08:25. > :08:26.decided to keep interest rates on hold.
:08:27. > :08:29.This is the the last policy decision to be made my the outgoing
:08:30. > :08:30.Reserve Bank governor Raghuram Rajan.
:08:31. > :08:38.It's not often that policymakers are described as rock stars -
:08:39. > :08:44.Although I have heard of Mark Carney described as George Clooney said
:08:45. > :08:48.things are changing! Mr Rajan will be a very
:08:49. > :08:50.difficult act to follow. Sameer Hashmi joins us from outside
:08:51. > :09:02.the Indian central bank. He is a popular figure, what happens
:09:03. > :09:05.next? He is very popular but at the same
:09:06. > :09:10.time very controversial. You described him as a rock star, never
:09:11. > :09:14.a dull moment when he was in office here at India's Central Bank. He
:09:15. > :09:19.still has 28 days left, the government is supposed to announce
:09:20. > :09:22.the new man to take his place in the next few days, many names doing the
:09:23. > :09:33.rounds... INAUDIBLE.
:09:34. > :09:39.I do apologise, I think we have just lost Samir there but plenty more
:09:40. > :09:43.available when it comes to India and the future of that economy, a huge
:09:44. > :09:48.growth economy, and no change in the interest rate decision in that
:09:49. > :09:53.country at the moment. Pesky gremlins! I have been speaking
:09:54. > :09:57.to sum it all morning and have had three successful conversations with
:09:58. > :10:00.him so far today. In India, to reiterate, the central bank has
:10:01. > :10:04.decided to keep interest rates on hold today. Markets across the world
:10:05. > :10:08.very much focused on central bank action, that is what is fuelling the
:10:09. > :10:12.rally in Europe. We cannot show you the numbers right now but most of
:10:13. > :10:16.the main market are headed higher again today. We will talk in more
:10:17. > :10:20.detail about that in a moment but let's look at what is happening
:10:21. > :10:25.stateside. Mickey Mouse and his colleagues will
:10:26. > :10:29.be front and centre on Wall Street on Tuesday when Walt Disney reports
:10:30. > :10:33.its earnings. Disney has had a few box office wins in the last quarter
:10:34. > :10:38.the Jungle book. A drag on Disney the Jungle book. A drag on Disney
:10:39. > :10:46.will be the declining subscribers for its sports network, ESPN.
:10:47. > :10:48.Just how productive have American workers
:10:49. > :10:52.We will find out a little later when the US Labor Department
:10:53. > :10:54.releases data on the hourly output per worker.
:10:55. > :10:58.And finally, Solar City will also be reporting earnings on Tuesday.
:10:59. > :11:00.This is the company that electric car company Tesla has recently
:11:01. > :11:05.Tesla shareholders still have to vote on the deal
:11:06. > :11:12.Joining us is Simon Derrick, chief market strategist
:11:13. > :11:24.Welcome to the programme. I have brought up the market state on the
:11:25. > :11:29.tablet, we are seeing a real rally on equities across the world. The
:11:30. > :11:36.FTSE higher today, led by the likes of legal and General, for example.
:11:37. > :11:44.What is going on, why are equities racing higher? The FTSE was at 14
:11:45. > :11:48.month highs yesterday. The monetary and see has overwhelmed everything
:11:49. > :11:53.else. A lot of the big risk events we were worried about this year, the
:11:54. > :11:56.EU referendum has come and gone, Chinese currency devaluation, people
:11:57. > :12:00.are no longer worried about that. Oil prices, people no longer
:12:01. > :12:04.concerned about that. Central banks have overwhelmed all that with
:12:05. > :12:08.easier Monetary Policy Committee will need to put that money to work
:12:09. > :12:12.and low and behold we are here in a quiet, calm August and markets are
:12:13. > :12:19.going up. There is relatively little for them to worry about until we get
:12:20. > :12:23.maybe to the presidential election. Also we are all shopping, sitting in
:12:24. > :12:27.a pub and drinking in the UK right now, the latest British Retail
:12:28. > :12:31.Consortium numbers out of date. You say that as though it is a bad
:12:32. > :12:37.thing! Is it because the sun is shining? There was that great
:12:38. > :12:41.concern in the early aftermath of the referendum that people thought
:12:42. > :12:45.we would get bad sets of numbers. The first real take on what happened
:12:46. > :12:52.in July, pretty much on average from what we have seen in previous parts
:12:53. > :12:55.of the year, and you are right it was food and in and fashion,
:12:56. > :13:02.although there was a concern that a lot of it was heavily discounted.
:13:03. > :13:04.Not big ticket items? No, Barclaycard's numbers suggested a
:13:05. > :13:09.similar thing, we are out in restaurants and pubs. I would like
:13:10. > :13:11.to think I have contributed to that somehow! You will next week in the
:13:12. > :13:16.Lake District! Absolutely! Does booking directly
:13:17. > :13:21.with a hotel save you money? We'll be talking to one firm
:13:22. > :13:24.which says in most cases it does. You're with Business
:13:25. > :13:26.Live from BBC News. Let's have a look at some
:13:27. > :13:32.stories from around the UK. Two of Britain's biggest insurers
:13:33. > :13:34.have announced double-digit Operating profits rose 10%
:13:35. > :13:43.at Legal General and 18% at Standard Life, proving
:13:44. > :13:45.to investors that they've so far managed to navigate the unchartered
:13:46. > :13:48.waters after the Brexit vote. Theo Leggett joins us
:13:49. > :13:50.in our Business Newsroom. Theo what's going right
:13:51. > :14:00.for these companies? Pensions are big business for both
:14:01. > :14:04.of these countries. Legal General, let's have a look, the share price.
:14:05. > :14:09.It absolutely tanked in the wake of the Brexit vote but has been bumping
:14:10. > :14:13.up since then and part of the reason is that areas of business have been
:14:14. > :14:17.doing well despite the market's turmoil. According to Legal
:14:18. > :14:23.General today, their pension annuities business saw sales of ?3.8
:14:24. > :14:26.billion over the last year, nearly triple the previous year. The
:14:27. > :14:28.markets have not taken that so well, the share price dipped this morning,
:14:29. > :14:53.which might be partly because a lot of the extra business is taking
:14:54. > :14:56.on pensions business from final salary company schemes, basically
:14:57. > :14:58.taking in some money but taking on some risk. In other areas, Legal
:14:59. > :15:00.General and Standard Life have done well because people are rushing to
:15:01. > :15:02.safety, putting their money into investment products which has
:15:03. > :15:04.boosted the number of assets under administration that both of these
:15:05. > :15:06.companies have got. What is the longer term outlook for
:15:07. > :15:08.the insurers? Not too bad, Standard Life has made
:15:09. > :15:11.a big thing about expanding its geographical coverage, it is excited
:15:12. > :15:13.about India and China for example. These companies operate in the long
:15:14. > :15:17.term, you might have short-term blips caused by things like the EU
:15:18. > :15:21.referendum result, a lot of short-term market turmoil, but both
:15:22. > :15:25.of these companies are focused around long-term investments and
:15:26. > :15:33.you. -- thank you.
:15:34. > :15:42.We have had some news from Morrisons and Ocado, this is the online
:15:43. > :15:49.grocery firm, announcing changes to the long standing tie-up, they say
:15:50. > :15:52.that Morrisons .com will be ruled out across one of the UK to pick
:15:53. > :15:57.produce from its own stories through taking a major stake in their new
:15:58. > :16:03.delivery Centre in South London, it'll be interesting to see what is
:16:04. > :16:05.going on with the sharers a result. -- shares as a result.
:16:06. > :16:11.That's the verdict on having a bank account in Britain.
:16:12. > :16:14.This morning the UK's competition watchdog has set out its proposals
:16:15. > :16:23.Plenty more available on the live web page.
:16:24. > :16:30.A quick look at how the markets are faring.
:16:31. > :16:37.They are higher, the main markets. Following the lead from Japan, the
:16:38. > :16:39.story in Asia as well. We will keep a close eye on those for you.
:16:40. > :16:42.Trying to find the cheapest hotel deal can be hard work.
:16:43. > :16:44.One firm called Triptease says the average person visits 38
:16:45. > :16:52.Triptease works with hotels to compete with online booking
:16:53. > :17:01.services like Booking.com and Hotels.com, which they say can
:17:02. > :17:03.charge hoteliers a hefty commission on sales.
:17:04. > :17:05.They're already working with over 8,000 hotels across the world,
:17:06. > :17:12.It was set up here in the UK and co-founded by Charlie Osmond.
:17:13. > :17:16.Key to its success is a price check widget which shows in real time
:17:17. > :17:18.the prices of other online travel agencies, compared
:17:19. > :17:24.The firm claims they can increase the number of direct
:17:25. > :17:32.Charlie Osmond is with us - co-founder and CEO of Triptease.
:17:33. > :17:43.Good morning. Can you explain in basic terms what exactly it is that
:17:44. > :17:48.you offer hotels? This is a business to business company? Were helping
:17:49. > :17:52.hotels with the biggest challenge, increasing more bookings directly on
:17:53. > :17:56.their own website. The key issue for hotels at the moment is people
:17:57. > :18:00.believe that prices are cheaper elsewhere through the online
:18:01. > :18:05.intermediaries and when actually hotels often have the best rate. We
:18:06. > :18:09.provide a price comparison that sits on the website and people on the
:18:10. > :18:15.website can be shown that this price is equal to the market or better. I
:18:16. > :18:19.understand the challenges hotels face because when you go online to
:18:20. > :18:23.book a flight, you immediately by giving the hotel option and the car
:18:24. > :18:28.option, everything is ready, it is very convenient. And it looks quite
:18:29. > :18:33.cheap, you would not necessarily think about checking the Hotel
:18:34. > :18:37.website? It turns out that two thirds of bookers will go to the
:18:38. > :18:39.hotel website because they want more photos and information that they
:18:40. > :18:46.will often come to the website and then leave because of this price
:18:47. > :18:49.misunderstanding and what has been fascinating is that hotels around
:18:50. > :18:53.the world has stood up for themselves and said, it is time for
:18:54. > :18:58.us to be able to charge people cheaper prices directly and to get
:18:59. > :19:01.better services. Whether that is the Hilton or Marriot or Continental
:19:02. > :19:05.hotels, they are offering real incentives for direct burgers and we
:19:06. > :19:11.think this will change consumer behaviour. Does begin directly
:19:12. > :19:16.always save money? Not always, we have just done ?200 million cheques
:19:17. > :19:23.over the last few months and the hotel is often cheaper, with online
:19:24. > :19:27.brokers around 20% at the time. It is good to shop around and that is
:19:28. > :19:31.something we're trying to do, increase transparency. You offer
:19:32. > :19:35.this service of driving traffic towards their website but you also
:19:36. > :19:41.offer a lot of analysis that you have gathered with this research?
:19:42. > :19:47.Yes, when we started, we firstly try to help one hotel at the time but we
:19:48. > :19:49.have got scale, over 10,000 Hotel properties and that allows us to
:19:50. > :19:54.analyse the way people search and what they are looking for and use
:19:55. > :19:58.that for best practice to help hotels individually. Why decide to
:19:59. > :20:03.do this? You set of this company some years ago, why did you decide
:20:04. > :20:07.to do this? This is my third start-up, I always promised I would
:20:08. > :20:11.never do that again! I was going through what I always find is a very
:20:12. > :20:16.painful annual experience of booking the family holiday and I got so
:20:17. > :20:19.frustrated, the amount of time that I was wasting planning a trip and I
:20:20. > :20:23.felt there has to be a better way, improvements that can be made to the
:20:24. > :20:29.online process so we launched into this. Why call this Triptease? This
:20:30. > :20:35.is likely to put women in the hotel industry off? Len Webber say that we
:20:36. > :20:39.find the opposite. It comes down to the fact that every year, hundreds
:20:40. > :20:45.of thousands of companies are launched and we want to be in the
:20:46. > :20:51.top zero. 1% and you must stand out, if you are bland people will forget
:20:52. > :20:54.you. If it means pushing risks, but fundamentally, if you're not
:20:55. > :21:00.prepared to do that, you will end up being a company we do not talk
:21:01. > :21:05.about. The first two did not work? What is your top tip for somebody
:21:06. > :21:09.trying to start something? My first two start-ups did very well but with
:21:10. > :21:16.Triptease we two different things did not work out. A lot of people
:21:17. > :21:20.are working at their desks and it might be worried about what you say!
:21:21. > :21:24.What we learned with Triptease is even though we knew we wanted to go
:21:25. > :21:30.to the market and there was an opportunity, we at a very lean
:21:31. > :21:36.start-up approach, constantly iterating, trying one thing that did
:21:37. > :21:39.not work, trying another, trying the third, that did work. You have to
:21:40. > :21:44.constantly keep trying things and testing. And the nice thing is
:21:45. > :21:47.today, you can inexpensively try something and see if it works and
:21:48. > :21:50.then move on. Great, Charlie, thank you very much.
:21:51. > :21:53.In a moment we'll take a look through the Business Pages but first
:21:54. > :21:57.here's a quick reminder of how to get in touch with us.
:21:58. > :22:02.The Business Live pages where you can stay ahead with all of the
:22:03. > :22:06.breaking business news. We will keep you up-to-date with the latest
:22:07. > :22:11.details, with insight and analysis from the BBC's team around the
:22:12. > :22:19.world. And we want to hear from you also. Get involved on the BBC
:22:20. > :22:26.Business Live web page... And on Twitter... And you can find us on
:22:27. > :22:35.Facebook. Business Live, on TV and online, whenever you need to know.
:22:36. > :22:46.Simon is back. This story is in York times, about Donald Trump, he
:22:47. > :22:50.stocking tax and very much his economics and we have been
:22:51. > :22:53.discussing, favouring pinstripes over blue-collar workers? For a
:22:54. > :23:01.candidate supposedly in favour of the working class, he clearly has a
:23:02. > :23:04.soft spot for the 1%? Trying to win back the Republican core voters,
:23:05. > :23:08.this is caught Republican economics but in terms of the message, it is
:23:09. > :23:15.quite smart because here he reveals, sending a message to Republican
:23:16. > :23:20.voters and wealthy voters, but by being in Detroit he has sent a clear
:23:21. > :23:24.message to blue-collar workers and strong message about International
:23:25. > :23:28.Trade as well. Talking about trade agreements, going after people like
:23:29. > :23:32.Japan and China, but he has called currency manipulators in the past
:23:33. > :23:38.but there is something for everybody. Maybe that is the wise
:23:39. > :23:46.thing about what he is doing. Let us talk about Michael Phelps, the
:23:47. > :23:50.American swimmer who got his 19th medal at the American Olympics. This
:23:51. > :23:55.article in the Wall Street Journal talks about how he is reinventing
:23:56. > :23:58.himself? They say there is no second chances and I were struggling to
:23:59. > :24:03.think of other American athletes that have come back after some of
:24:04. > :24:08.the setbacks that he has had. I think maybe Tiger Woods is the
:24:09. > :24:15.closest I can think of. He is trying to get fresh sponsorship and at the
:24:16. > :24:28.moment he is the face of Amica, and beef jerky and hot towels! That go
:24:29. > :24:32.hot tubs. It is interesting. We had this conversation about Maria
:24:33. > :24:36.Sharapova, she was given a two-year ban for being involved in
:24:37. > :24:41.international tennis so she is in that in between world and there is a
:24:42. > :24:47.way back, it would seem, if he is successful? This is his last
:24:48. > :24:52.Olympics, will he come back? If you are a sponsor, looking for the next
:24:53. > :24:56.eight years, able find a better candidate than Michael Phelps. Given
:24:57. > :25:04.his past history and his future in terms of sport. One last article,
:25:05. > :25:08.this made us giggle! The New York Times, America is completely
:25:09. > :25:13.flummoxed by Chip and pin, they don't like the noise, the beeping,
:25:14. > :25:24.they say it is like the sign of failure? First world problems! --
:25:25. > :25:31.sound of. Get over yourself! I love it, it is fantastic. I love being
:25:32. > :25:36.able to use contactless, I use it on transport, in shops, restaurants. It
:25:37. > :25:39.is so fast! You would think the biggest economy in the world would
:25:40. > :25:44.love this? Perhaps it is the fact that if you're in the midwest,
:25:45. > :25:49.perhaps there is less security concerns, perhaps some shops do not
:25:50. > :25:52.invest in it. But it is fantastic! I love it! Thank you so much and enjoy
:25:53. > :25:54.your holiday!