: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