31/08/2016

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:00:07. > :00:10.This is Business Live from BBC News with Sally Bundock and Ben Bland.

:00:11. > :00:13.Pressure mounts against President Dilma Rousseff at her

:00:14. > :00:16.impeachment trial as her opponents make their final arguments.

:00:17. > :00:17.Live from London, that's our top story on Wednesday

:00:18. > :00:41.Brazil's suspended president, Dilma Rousseff, finds out if she'll

:00:42. > :00:49.Also in the programme: Chaos in Mumbai as thousands

:00:50. > :00:51.of auto-rickshaw drivers go on strike because of lack

:00:52. > :00:58.of regulation covering ride-hailing app services.

:00:59. > :01:03.And the markets are open in trade in Europe, and they are all headed down

:01:04. > :01:05.slightly. We will talk you through slightly. We will talk you through

:01:06. > :01:08.the winners and losers. And we'll be getting

:01:09. > :01:10.the inside track on one company's quest to find a solution

:01:11. > :01:13.to the Zika epidemic. And as Indian auto-rickshaw drivers

:01:14. > :01:17.go on strike in Mumbai because of services like Uber,

:01:18. > :01:20.today we want to know: Does this mean that every method of transport

:01:21. > :01:23.now needs to have an app? The impeachment trial of Brazil's

:01:24. > :01:45.first female President, Dilma Rousseff is approaching it's

:01:46. > :01:48.final stage with a vote Ms Rousseff is accused of illegally

:01:49. > :01:52.manipulating government accounts to hide excessive

:01:53. > :01:56.spending by the state. Despite this, last year

:01:57. > :02:01.the government still ran a budget deficit -

:02:02. > :02:03.that's the difference between spending and tax revenue -

:02:04. > :02:05.worth more than 10% And the government's finances aren't

:02:06. > :02:12.the only the problem facing Inflation currently stands at 9%,

:02:13. > :02:16.double the target rate set This sustained rise in the cost

:02:17. > :02:23.of living has only made things worse for the 11 million people in Brazil

:02:24. > :02:32.without a job. He's an emerging market

:02:33. > :02:47.economist at the research What is the expectation about what

:02:48. > :02:52.is going to happen? Will she survive, or will she be removed

:02:53. > :02:57.permanently? It would be a huge shock if she was not removed

:02:58. > :03:00.permanently. We have had so many hurdles we have moved through, votes

:03:01. > :03:04.in the lower and upper house, and this is the final hurdle and would

:03:05. > :03:09.be a huge shock if she were to somehow come back from this. We

:03:10. > :03:13.fully expect her to be ousted. Have you seen much of a market reaction

:03:14. > :03:19.to the beginning of the impeachment trial? Brazilian markets have

:03:20. > :03:24.rallied strongly since the start of the year, they have performed well

:03:25. > :03:28.in the emerging world, that is to do with two things, one is the rising

:03:29. > :03:42.commodity prices and external factors, and the other is Dilma and.

:03:43. > :03:44.But even if Dilma Rousseff is impeached and there is a change of

:03:45. > :03:49.government, there is still a lot going on politically. There are many

:03:50. > :03:52.other politicians on both sides of the camp being investigated.

:03:53. > :04:00.Absolutely, that is one of the sticking points. There are

:04:01. > :04:05.implications for others in the scandal, and it is a clear risk,

:04:06. > :04:14.should the administration continue on to 2018. And you mention Michelle

:04:15. > :04:23.Tanner, the acting president, but if Dilma Rousseff is removed, he would

:04:24. > :04:28.stay on as president, and he might introduce austerity measures the

:04:29. > :04:37.public didn't vote for. He has already started to employment

:04:38. > :04:44.austerity drives, and the markets like that. As you mentioned, the

:04:45. > :04:47.budget deficit is huge, and it needs to be closed, but the electorate,

:04:48. > :04:51.painful austerity is never good for painful austerity is never good for

:04:52. > :04:56.an electorate. In the meantime, other headwinds constant, the low

:04:57. > :05:01.commodity prices, the price of oil historically low, so that still has

:05:02. > :05:04.a real issue for Brazil? Of course, the price of its exports is still

:05:05. > :05:11.the economy is weak and the economic the economy is weak and the economic

:05:12. > :05:15.recovery week. Data later is expected to show the economy still

:05:16. > :05:19.in recession, although things are improving. Edward Glossop, thank you

:05:20. > :05:24.for talking is through that. Soon as we hear the outcome of that meeting,

:05:25. > :05:26.we will let you know an BBC One is. Let's round up some other News for

:05:27. > :05:31.you now. South Korea's largest shipper

:05:32. > :05:35.has reportedly applied for receivership after its creditors

:05:36. > :05:38.decided to stop pumping in money. Hanjin Shipping had piled

:05:39. > :05:40.up debts of $5 billion Like many in the shipping

:05:41. > :05:44.industry, it's been hit hard by the slowing global economy

:05:45. > :05:46.and lower freight rates. So far there's been no

:05:47. > :05:51.comment from the company. Canada's Prime Minister Justin

:05:52. > :05:53.Trudeau has arrived in Beijing on a trip which was supposed to be

:05:54. > :05:56.about deepening Canada's Despite the fanfare,

:05:57. > :06:00.a disagreement over Canadian canola, or rape seed oil,

:06:01. > :06:02.exports to China is Google is to take on Uber

:06:03. > :06:08.with a new car-pooling app that will let commuters give others

:06:09. > :06:12.going the same way a lift. The Waze app gives traffic

:06:13. > :06:14.conditions and driving Since May, the firm has been

:06:15. > :06:22.running a pilot service which uses Waze to connect drivers

:06:23. > :06:24.and passengers near its If successful, Google may look to

:06:25. > :06:28.expand the service to other cities. The move may undercut its rivals

:06:29. > :06:42.as Waze charges cheaper rates. I was just thinking about this whole

:06:43. > :06:51.thing of hailing something with an app. You have never used Uber or

:06:52. > :07:01.Halo or any of the others? Know, have you?

:07:02. > :07:03.How do you get around? Legs! It is the healthy option. Let's get more

:07:04. > :07:06.on the subject. Now to Mumbai - where commuters have

:07:07. > :07:09.had a chaotic start to the day. More than 80,000 auto

:07:10. > :07:11.rickshaws are on strike. They're demanding stricter

:07:12. > :07:14.regulation for taxi services Divya Arya is in Mumbai

:07:15. > :07:37.for us this morning. There she is! What impact has this

:07:38. > :07:40.had? The junction behind me used to be busy everyday, full of auto

:07:41. > :07:48.rickshaws, but today, there is only one autorickshaw to be seen, and

:07:49. > :07:53.traffic is thinner. That is because, as you said, the autorickshaws are

:07:54. > :08:00.on strike demanding regulation of taxi services like Uber and its

:08:01. > :08:04.Indian equivalent, Ola. This has caused a lot of inconvenience to

:08:05. > :08:10.commuters, and some of those I spoke to earlier said it is ironic that

:08:11. > :08:14.because the autorickshaw is our on strike, we are now dependent on the

:08:15. > :08:18.hailing services to get to where we need to be. Mumbai residents depend

:08:19. > :08:22.a lot on the suburban railway system, but that doesn't come to

:08:23. > :08:26.that house, so to go to and from the railway station, people have become

:08:27. > :08:38.more and more dependent on rickshaws and taxis, and today hasn't been a

:08:39. > :08:41.great day for them. But from the rickshaws' perspective, the taxi

:08:42. > :08:43.services have meant loss of business for them, and they say that whole

:08:44. > :08:46.problem is with the surge pricing which enables apps based taxi

:08:47. > :08:51.services to drastically reduce their fares when the demand is low, making

:08:52. > :08:56.it may be cheaper to travel by taxi as compare to a rickshaw. The

:08:57. > :08:59.government is keen to talk to the trade unions and resolve this and

:09:00. > :09:02.reach a consensus. At the same time, it doesn't want to be seen as

:09:03. > :09:09.business on friendly, especially when there is new business like Uber

:09:10. > :09:18.now coming to India. Thank you very much, Divya, good to see you live in

:09:19. > :09:25.Mumbai. Looking at markets in Asia today, it is a mixed picture. Apple

:09:26. > :09:27.shares down just a percent following the big decision coming from the

:09:28. > :09:33.European Commission, we will talk about that later. Japan closing at a

:09:34. > :09:39.one-month high today, the yen much weaker than it has been, weaker

:09:40. > :09:49.since July. That boosted exports listed on the stocks. The price of

:09:50. > :09:54.oil still edging down slightly, it dropped 1.3% in about 30 minutes

:09:55. > :09:59.yesterday afternoon in rumours that Iran was going to increase its

:10:00. > :10:05.supply of oil, but energy stocks having a tough time still, oil

:10:06. > :10:11.around $48 a barrel. Let's have a look ahead to what is going on in

:10:12. > :10:18.the US. Michelle Fleury is therefore as. Janet Yellen said last week that

:10:19. > :10:21.a case for a rate rise was strengthening for the US reserve.

:10:22. > :10:24.Economic aid is being viewed through that lens, including the latest

:10:25. > :10:30.report on private employers due out on Wednesday. Payrolls processor ADP

:10:31. > :10:37.is likely to say that private employers hired 176,000 workers in

:10:38. > :10:40.August, a sign ahead of Friday's government jobs report that US

:10:41. > :10:46.employment is continuing to make solid gains. In other areas,

:10:47. > :10:50.progress in the housing market, contracts to buy previously owned

:10:51. > :10:56.homes are believed to have increased 0.6% in July. This is after they

:10:57. > :10:59.rose 0.2% in June. And in corporate news, the growth of cloud computing

:11:00. > :11:05.is believed to have given a boost to sales force .com's second-quarter

:11:06. > :11:07.earnings. The cloud software maker is expected to report a rise in

:11:08. > :11:10.revenue. Joining us is Tom Stevenson,

:11:11. > :11:18.Investment Director Good to see you. Jobs figures out

:11:19. > :11:22.from the US, it seems all the markets are holding their breath

:11:23. > :11:28.waiting. The markets are quiet, it is still the holiday lull, but they

:11:29. > :11:32.are looking forward to what the Fed will do in three weeks, and the

:11:33. > :11:37.first indication of what they might do on September the 21st will be

:11:38. > :11:41.provided by the payrolls on Friday, but before that, later today, ADP

:11:42. > :11:45.jobs figures sometimes can be a bit of a sneak preview of what they will

:11:46. > :11:52.look like. What do you think they will do on the 21st of September? I

:11:53. > :11:56.am putting you on the spot! You are, and the market is split on this. I

:11:57. > :12:01.think they will probably hold fire, the slower the longer rates

:12:02. > :12:03.environment is turning to eight lower forever rates environment, the

:12:04. > :12:11.Fed will find it very difficult to raise rates,. What about the

:12:12. > :12:17.election? I think that makes it less likely that they will move now, they

:12:18. > :12:23.will wait for the election to be out of the way. It is quite close to the

:12:24. > :12:28.election, September the 21st. Some interesting moves that will take

:12:29. > :12:34.effect on Monday, one house-builder out, a gold mine in, out of the FTSE

:12:35. > :12:38.100. Every three months, the FTSE 100 rejig is itself, and companies

:12:39. > :12:42.that have lost so much value they have fallen below 110th in the

:12:43. > :12:49.rankings for light. Berkeley homes will for light, it's shares have

:12:50. > :12:55.fallen 90% since Brexit despite the fact that prices have bounced back

:12:56. > :13:01.since Brexit, and a Russian gold mine is coming in. Very interesting,

:13:02. > :13:02.thank you, Tom. We will see you later and talk through some

:13:03. > :13:08.newspapers. Still to come, we'll hear about one

:13:09. > :13:11.company's attempt to find a solution to one of the world's fastest

:13:12. > :13:13.spreading diseases, You're with Business Live from BBC

:13:14. > :13:18.News. Pregnant women and new mums need

:13:19. > :13:21.more protection at work - that's according to a group of MPs

:13:22. > :13:24.who say there has been a "shocking" The Women and Equalities Committee

:13:25. > :13:33.is calling for the Government to act following a report published

:13:34. > :13:36.earlier this year which indicated that the number forced

:13:37. > :13:41.to leave their jobs after giving birth has almost doubled

:13:42. > :13:43.to 54,000 since 2005. But last year it was revealed that

:13:44. > :13:49.tens of thousands of women Pregnant women and new mothers now

:13:50. > :13:53.face more discrimination at work More than one in ten surveyed said

:13:54. > :14:00.they had been dismissed, made redundant, or treated so badly

:14:01. > :14:04.they had to leave their jobs. It was the largest survey

:14:05. > :14:07.of its kind, so what should be A committee of MPs have

:14:08. > :14:10.laid out what they think The MPs want to see a German-style

:14:11. > :14:17.system where pregnant women and new mums can be dismissed only

:14:18. > :14:20.in exceptional circumstances They also want a substantial cut

:14:21. > :14:26.to the cost of bringing a discrimination case

:14:27. > :14:31.to an employment tribunal. And they want paid time off

:14:32. > :14:33.for antenatal appointments for casual, agency,

:14:34. > :14:39.and zero-hours workers. Others believe it is more

:14:40. > :14:42.important to change attitudes and educate women instead

:14:43. > :14:44.of changing employment laws. The Government says it

:14:45. > :14:59.will carefully consider Lots more on that story on our

:15:00. > :15:03.website. Do take a look, and there are case studies as well. We have

:15:04. > :15:07.talked to women with various experiences when it comes to going

:15:08. > :15:13.back to work after pregnancy. I am trying to find the story. We have

:15:14. > :15:17.had a nationwide house price rise in August, excuse our system, we don't

:15:18. > :15:20.seem to be loading images at the moment, but it is talking about

:15:21. > :15:27.house prices going up 0.6% in August. The pick-up price in growth

:15:28. > :15:33.somewhat at odds with the size of the housing market according to the

:15:34. > :15:40.Nationwide's chief economist. New buyer enquiries have soft and --

:15:41. > :15:44.softened after the additional stamp duty on second homes. That is all on

:15:45. > :15:51.our website, along with other stories.

:15:52. > :15:53.You're watching Business Live, our top story:

:15:54. > :15:55.Brazil's suspended President, Dilma Rousseff, finds out if she'll

:15:56. > :16:01.be permanently removed from office, today.

:16:02. > :16:05.When we hear news on that, we will update you.

:16:06. > :16:08.A quick look at how markets are faring.

:16:09. > :16:13.Treading water today, not a significant direction in either, but

:16:14. > :16:15.some of the energy companies losing ground still as the price of oil

:16:16. > :16:20.remains softer than it has of late. Let's get the Inside Track

:16:21. > :16:22.on the quest to cure one of the world's

:16:23. > :16:23.fastest-spreading diseases. The Zika virus will cost the global

:16:24. > :16:26.economy $3.5 billion this year, according to the World Health

:16:27. > :16:31.Organization. Cambridge-based start-up Excivion

:16:32. > :16:35.has received ?500,000 in government funding to develop a vaccine

:16:36. > :16:39.for the disease. The new technology hopes to remove

:16:40. > :16:42.the need for cold storage and distribution of vaccines,

:16:43. > :16:44.allowing for stockpiling of vaccines With us is Peter Laing,

:16:45. > :17:07.Chief Executive of Excivion, As a start up, a small company, how

:17:08. > :17:11.can you compete, when it comes to developing a vaccine against zika

:17:12. > :17:15.when you are up against some of the giants of the pharmaceutical world?

:17:16. > :17:20.It is all about insight and intellectual property. If you have a

:17:21. > :17:23.good idea and you are able to get a granted patent on that idea and you

:17:24. > :17:28.can develop that as a product, you can fend off hostile takeover bids

:17:29. > :17:36.from larger companies and you can develop a product. The basis of the

:17:37. > :17:41.company is intellectual property. It's all based around having a

:17:42. > :17:47.vaccine against zika, which will fight off the virus but also fight

:17:48. > :17:51.off its close cousin, dengue, because they go hand in hand and

:17:52. > :17:56.help each other around the world. The reason you are particularly

:17:57. > :18:01.interested in zika and dainty, that is your history, the science you

:18:02. > :18:10.were looking into two years ago -- Dinky fever. I used to be a lecturer

:18:11. > :18:14.at University of Nottingham. I left in 1994 to join a company and I was

:18:15. > :18:21.RND director of that company and a number of other companies in the

:18:22. > :18:25.vaccine field. The opportunity arose to develop a Zico vaccine product. I

:18:26. > :18:32.had an idea of how to do it, a different idea. I filed a patent, we

:18:33. > :18:36.have a pending patent. What about the outbreak in Brazil, it was

:18:37. > :18:40.coming up to the Olympics, so much in the news, and it has pledged to

:18:41. > :18:49.Florida as well. Does that mean you get more interest, more funding from

:18:50. > :18:54.organisations? You do. It has really impressed the governments of these

:18:55. > :19:01.countries. And also non-governmental organisations, the world over. It's

:19:02. > :19:06.a grave humanitarian crisis that is giving rise to babies with

:19:07. > :19:11.microcephaly. Many companies are in the race to find a way to stop it.

:19:12. > :19:18.The unique things that Excivion has is a new way of doing that, which

:19:19. > :19:25.will also work against these other viruses and work against them

:19:26. > :19:29.working together. What if you don't win the race, though? There is room

:19:30. > :19:32.for multiple products in the field. If you look at other vaccines, there

:19:33. > :19:37.are multiple vaccines against diphtheria and so on.

:19:38. > :19:48.The race is on, but the race is on where people develop just a Zico

:19:49. > :19:55.vaccine or its cousin, -- zika vaccine or its cousin, dengue. It

:19:56. > :19:59.could trump these other products. How soon do you expect to have a

:20:00. > :20:00.vaccine out there that is marketable, affordable and being

:20:01. > :20:10.used? The WHO emergency will result in

:20:11. > :20:15.fast track approval of vaccines in the field. Vaccine typically take

:20:16. > :20:21.10-15 years, to develop. I think we could be on the market with a

:20:22. > :20:26.vaccine in about seven years. I would love to say less, but safety

:20:27. > :20:30.is the most important thing. A lot of vaccine development is about

:20:31. > :20:34.proving safety as one as efficacy. Briefly, we are running out of time,

:20:35. > :20:38.what's fascinating as wild as you and your wife are running this

:20:39. > :20:43.company. You contract in the expertise. The men and women in the

:20:44. > :20:47.white coats in labs are not in a building near you, they are all over

:20:48. > :20:54.the world. That's right. We have people working for us in India, in

:20:55. > :21:00.the US and in Europe and the UK. We can pick and choose the best talents

:21:01. > :21:03.to put together, to achieve the objectives, without having to have a

:21:04. > :21:08.huge infrastructure from the outset. It is a way that a lot of start-up

:21:09. > :21:12.companies begin. We aspire to have our own premises and our own labs

:21:13. > :21:18.and I have directed big labs. When will you get bored by a big Pharma

:21:19. > :21:22.company? I don't want to get bought by a big Pharma company. I would

:21:23. > :21:27.like to license the technology to a big Pharma company and develop new

:21:28. > :21:32.projects about a Japanese virus which you will hear about in due

:21:33. > :21:33.course. We will keep an eye on how things are going. Thank you. Thank

:21:34. > :21:38.you. In a moment, we'll take a look

:21:39. > :21:41.through the Business Pages but first here's a quick reminder of how

:21:42. > :21:49.to get in touch with us. You can stay ahead with all the

:21:50. > :21:55.Dave's breaking business news, we will keep you up-to-date with the

:21:56. > :22:00.latest details -- all of the day's. We have BBC editors around the

:22:01. > :22:01.world. We want to hear from you, get involved on the BBC business live

:22:02. > :22:13.web page. Business live, on TV and online,

:22:14. > :22:16.whenever you need to know. Let's take a look at some

:22:17. > :22:19.of the stories in the papers. Tom Stevenson from Fidelity

:22:20. > :22:31.Worldwide Investments Thanks very much. We've been talking

:22:32. > :22:37.about these a while ago, the Apple ruling, EU Apple ruling, there is a

:22:38. > :22:45.threat of a split in the new Irish government. What should they do in

:22:46. > :22:49.terms of this appeal? This is coalition government at work.

:22:50. > :22:54.Different sides of the coalition in Ireland have different agendas,

:22:55. > :22:59.here. It is quite difficult to see that they won't appeal. Not to

:23:00. > :23:05.appeal against this ruling would effectively be a tacit admission of

:23:06. > :23:10.providing illegal state aid. That is extremely unlikely. I think it would

:23:11. > :23:17.also be an admission that Brussels is right to interfere in national

:23:18. > :23:20.tax policy. Ireland is unlikely to do that because it's tax

:23:21. > :23:23.competitiveness is a key selling point for Ireland. We are in a

:23:24. > :23:29.situation where it is a race to the bottom when it comes to corporation

:23:30. > :23:31.tax around the world with government trying to attract the

:23:32. > :23:35.multinationals. That's right. Countries around the world are

:23:36. > :23:43.trying to attract multinationals. It's interesting to see how the UK

:23:44. > :23:46.will respond to this. They say we are open for business. Theresa May

:23:47. > :23:51.opening the Cabinet at Chequers today. I am sure this will be on the

:23:52. > :23:56.agenda. As we move away from the EU, over time, then our competitiveness

:23:57. > :23:59.and our tax competitiveness will become very important. Presumably

:24:00. > :24:03.even if they don't change the corporation tax rate in the UK,

:24:04. > :24:07.simply big multinationals, you will not get a situation that you had

:24:08. > :24:16.with the EU where suddenly you are hit with an unexpected tax bill.

:24:17. > :24:19.That will appeal very much, wouldn't it? That is why the Irish government

:24:20. > :24:22.is so furious about this. They have really been undermined by the EU.

:24:23. > :24:26.What would you want to pick? English Premier League?

:24:27. > :24:31.Smashes window record. I must admit, I am not surprised to hear this,

:24:32. > :24:36.this story comes around again and again and yet the figures go up and

:24:37. > :24:42.up. It seems like there are no breaks. They do go up and the window

:24:43. > :24:48.closes today at midnight tonight. For three months. It looks like

:24:49. > :24:52.about ?1 billion will be spent on transfers. Interestingly, that is

:24:53. > :24:55.actually less in terms of a proportion of football club's

:24:56. > :24:59.revenues than it was a few years ago. It is not that they are being

:25:00. > :25:05.irresponsible, but it is the amount of money flowing in from TV rights

:25:06. > :25:10.is so enormous. Who pays for it? Is it the fans? Ticket prices?

:25:11. > :25:19.Television rights pay for it. Subscribers to TV programmes. Let's

:25:20. > :25:28.talk about apps. Do you use apps to get a taxi? I have used Uber. No

:25:29. > :25:35.need to mention the company. Halo. , etc. We asked whether every mode of

:25:36. > :25:39.transport needs and apt to survive. Every business, regardless of what

:25:40. > :25:44.you should do, should have a nap, how can I take them seriously when

:25:45. > :25:49.they don't have an app? Every business needs an app? Yes,

:25:50. > :25:53.everybody walks around with a smartphone and that is how you

:25:54. > :26:12.access them. Good point. Good to see you.

:26:13. > :26:13.Not a bad day today, not just as warm as