Browse content similar to 07/09/2016. Check below for episodes and series from the same categories and more!
This is Business Live from BBC News with Ben Thompson and Sally Bundock.
London retains its top spot as the best place
in the world to do business, but New York slumps to sixth place.
Live from London, that's our top story on Wednesday, 7th September.
Holding onto their crown a post-Brexit world.
London takes the top spot as the world's best city,
but how much longer can it expect to be top dog?
Also in the programme - the wonder Down Under.
The Australian economy has now been growing continuously for 25 years.
The European trading day has been going for half an hour. The price of
oil is up by over 1%. We will talk you through the winners and the
losers. Voyage SNCF sells tens of millions
of train tickets across the region. And we speak to the head
of a business that has been keeping Europe's tourism industry on track
during a turbulent year. Voyage SNCF sells tens of millions
of train tickets across the region. Their boss will be
with us a little later. And, as Apple prepare
to unveil its new devices, rumours are rife that it's ditching
the headphone jack on its iPhone. So we want to know -
good move or bad? Where's the best
place to do business? It's a question every major boss
faces as they look to expand The financial services giant PwC has
today published its list of the top spots around the world to live,
work and do business. Well, for the second time in a row,
London has taken the crown as a result of its strong
intellectual capital, sense of innovation
and technological readiness. That will, of course, reassure many
in the city, as the UK looks It's not all good news
for the UK capital though, as the report also warns that Brexit
could affect the movement of talent into the city as well as London's
ability to encourage So watch this space as far as London
is concerned. The city-state Singapore
takes the second spot, and was particularly praised
for its transportation systems, infrastructure
and the ease of doing business. The big faller in the list
is New York which has gone from first place in 2012
to sixth place now. The city performed poorly
on sustainability and cost, but still comes second
when measuring economic clout. He's a partner at
PricewaterhouseCoopers. David good morning. Welcome. Talk us
through some of this because what struck me is there are so many
things that you look at when you're assessing which cities are in the
league table and it is some unusual things, things we might not take
into account? Yeah, I mean the things that you would expect like
economic clout, ease of doing business, transportation, but we
wanted to cover a broader range of measures which include things like
you know cultural vibrancy, preparedness for natural disasters.
You know, all the sorts of things that affect living and working in a
city. We're looking here at pictures of London that's retained the top
spot. Tell me what London is doing right. It scores really highly on
things you might expect, economic clout, the number of global
headquarters that are located in London. Ease of doing business. The
ease of which you can set-up a business, recruit people, employ
people, and those sorts of things it scores really well. It scores things
well with cultural vibrancy. There is a tremendous history to the city.
London holding on to the top spot, but a lot of other cities snapping
at its heels particularly in the wake of Brexit perhaps trying to
steal a lead on financial services, but there is no evidence that's
happening yet? The survey was done prior to Brexit, but if you were to
do it now, there would no change so far. Four of the top ten are
European cities. And changes ahead with Brexit. It is too early to say
what. But I think the thing for me is London is proven to be a very
adaptable city. It is a very agile city. One we expect to be high is
New York, falling into sixth place. So I suppose the reverse is true.
You've touched on what London is doing well. What's New York not
doing well? It suffers from cost of living issues. There is a lot of
competition within this across the broader measures and whilst New York
continues to score well with traditional things, it doesn't do
well with cost of living and sustainability, those things. I
suppose ultimately, businesses that are looking around the world and
where to locate will be weighing up the things you've talked about. What
can cities do to try and attract more business? They need to consider
the broader measures and not focus on the financials. People want to
experience good living within a city and I think it is important that
cities look across all the sorts of broad measures we cover in this
report. David, thank you. In other news, Australia's Trade
Minister says it will be at least 2.5 years before his country can
arrange a new trade He said Australia would negotiate
with the EU before starting formal talks with Britain,
and they could begin only once Swiss Banking Group,
UBS, says up to 1,500 of its jobs in London may
be moved abroad once the UK leaves The bank has previously said that
a "significant percentage" of its London workforce would be
moved if Brexit became a reality. The bank employs around 5,000 staff
at its offices in London. French car-maker, Renault, may stop
offering diesel engines in most The move is a reaction
to the cost of ensuring that diesel engines comply
with tighter emissions regulations. Last year saw a huge diesel
emissions scandal involving German Renault's move was reported
by Reuters and has not yet been The Business Live page dominated by
one story. It is Sports Direct. It is under fire for its treatment of
its staff. Some conditions have been described as a Victorian workhouse
because they weren't paying staff according to more traditional
contracts, it is their annual general meeting today. The boss is
expected to come under fire. Lots of details about what might happen. The
chairman offering his resignation but it was not accepted by the board
of directors at Sports Director, Mike Ashley is the controversial
figure that's been in the papers a lot, Mike Ashley. He told the BBC he
plans to keep the company publicly listed. So lots of different bits of
information coming in ahead of that AGM that's later on today. Yesterday
they said they would offer their retail staff, those in stores, fixed
hours contracts rather than the zero-hours contracts. So perhaps
pre-empting the criticism that they are likely to face later.
Australia has managed 25 years of continuous GDP growth.
That's despite the slowdown in China.
Phil explain this. 25 years of consecutive growth. It is a good
figure to have, how have they done it? Well, it is a great result, 3.3%
Australia's annual GDP growth, that's more than double the United
States managed to garner during that period. And to explain this, you
have to look at Australia's response to a fading mining boom. For the
last decade-and-a-half, Australia has relied on exports of natural
resources, most notably iron ore and coal to places such as China and
India for its economic growth. That natural resource is fading and when
you drill into the latest GDP figures this shows that Government
investment and spending on infrastructure projects such as
roads and other transport links are really propping up the economy. They
economists are saying in Australia economists are saying in Australia
that without that public spending Australia's growth would be a lot
weaker. So ministers in Australia say these are very, very good
results, but they do acknowledge that there are challenges ahead. You
have to remember too that interest rates in Australia are at a record
low. So that shows that the reserve bank wants to inject more money into
the economy because it has worries about certain sectors of Australia's
economic performance. So the headline result is very, very good
for Australia. No recession since for Australia. No recession since
the early 1990s and of course, the Australian Government is crossing
its fingers that this miraculous economic run continues. All right,
we'll watch this space. For now, Phil, thank you very much indeed.
Phil Mercer. The Australian dollar weakening today. That's after a
five-day run of a 2.4% gain. A weakening in the Australian dollar
in reaction to that growth number that came through.
Japan, its five day of run of gains came to a halt today. The Bank of
Japan is not going to be initiating more stimulus measures there in the
near future. That hit sentiment in Japan. Across Asia we saw slight
falls, that's the night before in the United States. Let's look at
what's going on in the UK. Among the events happening today, we have got
slight losses on markets in Europe. Nothing too dramatic, but Mark
Carney, the governor of the Bank of England, will be before committee
later. That will be interesting. He will be getting a grilling about the
Bank of England's recent action post the Brexit referendum. So a lot to
go on in Europe. We will talk about that in detail.
Here's Samira with what to watch on Wall Street today.
It's holding its annual media event in San Francisco,
where it's expected to unveil the new iPhone7.
Now, these days the big challenge for Apple is to bring some growth
The economic slowdown has pretty much slammed the brakes
on what was once seen as Apple's next big market.
Separately, PlayStation will be holding its own
Now, think of the PlayStation as Sony's most important
The Japanese company will likely be announcing
a higher-end PlayStation 4, better equipped to handle VR,
And it is also expected to show a slimmer, less expensive version
of the PS4 that people have in their living rooms right now.
Richard Hunter, head of research at Wilson King Investment Management.
Richard nice to see you. As Sally touched on in the markets, it is all
about central banks? Yes, apart from what we heard about with Japan, we
have the ECB meeting later in the week as well and perhaps more
pertinently in terms of the Bank of England, there is Mark Carney's
potential grilling this afternoon as well. Is there an issue with Mark
Carney? There is a lot of economic data that suggests that things are
better than they might have forecast, he is perhaps willing some
bad data to come through, they have cut interest rates and they have
launched a stimulus, they may have launched a stimulus, they may have
done that too soon? It is a good point. The excuse after Brexit is we
have only had two weeks worth of data so they left it a month. Even
then we have only had six weeks worth of data and the subsequent
economic numbers that have come through, you could probably make an
argument that there wasn't a need for an interest rate cut for further
monetary easing as we saw. On the other hand, I suspect the reply from
the bank will simply be that one of the central banks duties is to be
ahead of the curve and to anticipate what we're coming into as opposed to
what we might see. Richard, thank you. Nice to see you.
The inside track on keeping things on track!
The boss of French rail giant Voyages SNCF will be
here to tell us how me navigates not one train network,
but lots of them, right across Europe.
You're with Business Live from BBC News.
Sports Direct is in the spotlight again today at their
Annual General Meeting, when bosses are expected
to come under fire over how it treats its workers.
It pre-empted the criticism yesterday, announcing that it
would offer store staff fixed-hour contracts rather than the
So what are we expecting from today's AGM?
Theo Leggett is in our Business Newsroom.
Talk us through what we are expecting today and we've had some
movement? Let me take you to the share price of Sports Direct. This
is between yesterday's close and where the share price is today.
Steep fall this morning. More than 7%. Now the reason for that is that
Sports Direct has said that its earnings next year are likely to be
around the ?300 million mark as opposed to ?380 million which the
markets were expecting and which is the figure we have seen for
2015/2016. That's something else that Mike Ashley and his fellow
directors will be grilled about at the meeting later on today. But it
is about more than just the profit forecast. It is also about corporate
governance. A number of institutional shareholders are
unhappy with what has been going on at Sports Direct. There has been a
major scandal over conditions at its warehouse in Derbyshire. 4,000
people work there. There have been allegations of bullying, allegations
of abuse in the way that the six strikes and you're out system is
used for discipline so if people spent too long going to the toilet
or took too many water breaks, they could be fired. Yesterday, we had a
report from Sports Direct admitting to serious shortcomings in the way
it treated its staff. Mike Ashley has said that's unsuitable and there
have been promises that things will get better. Workers at the company's
stores will be able to opt-out of zero-hours contracts and gain
guaranteed 12 hours minimum hours a work. That said there will be a lot
of pressure from shareholders at meeting today and a lot of that is
likely to fall on the head of the chairman. There will be a vote to
try to oust himment Thank you.
We will keep you across that. You can refer to our page, which is
across the story. The AGM gets under way, and it will update all the
time. Check it out online.
London has been crowned as the world's top city
of opportunity for the second year in a row, but faces major
challenges from the Brexit vote, according to a a report by financial
Singapore and Toronto make up the rest of the top three,
while New York slips from second place to sixth.
We should do a survey among the BBC correspondents. We know who is
where, but what they think! A quick look at how
markets are faring. Europe is quite mixed, very flat, to
be honest. The price of oil is up again.
Keep your comments in about what Apple might announce this week. We
will talk about it later. Running a railway is
notoriously difficult. Not least here in the UK,
where train services are heavily subsidised,
but still criticised for late running, overcrowding
and expensive tickets. So imagine trying to run a business
that brings together lots of train Voyages SNCF is a subsidiary
of the French national railway firm SNCF, and sells railway tickets
to destinations all over Europe. It is a key player in the tourism
industry, employing up to 1,000 Last year, the group sold 83 million
tickets from around 15 European rail operators, with revenues of more
than four billion euros. And now, new technology means that
passengers can change their journey, adapting to delays and changes
across different countries To make it clear, you have brought
in this beautiful train to illustrate what we are talking
about, but your company is just about ticketing, so when it comes to
the trains, how they operate, but they are on time or not, that is not
to do with you. , business is the digital selling of rail, we are the
leader in Europe in selling rail on the web. I should talk about mobile
and tablets, since this business is shifting that way, have to buy it at
which Price, 60% purchase on smartphones. My business is to have
these beautiful trains, it is growing fast, since it is much
easier, with these new tools. Talk us through the logistics. Even in
one country, such as the UK, it means the different companies have
to speak to each other to share the cost and to take a train from, say,
London to Scotland, you might have to use different operators, so how
do you get everybody talking to each other? We need to bundle the
different operators' tickets to show the easiest way to go. As a
distributor, we are the ones making the travel easy. You don't need to
see which company you will take, you just need to say, I want to go from
there to there. I want to get it easy, the cheap price, and we will
sell it to you, to make you happy. We are the happy travel factory,
this is what we succeed in doing. We sell a million tickets each year in
the UK, 80 million tickets are around the world, and we are present
in more than 100 countries, through technology, through the knowledge of
the customer, and through the knowledge of why a customer will
take this train. For leisure, for the purpose of discovering new
landscapes, new cultures. How has your business been affected by what
has been going on in France? The majority of your business is there,
people passing through into the rest of Europe, or just around France.
With all of the offence going on, Euro 2016, lots of terrorist
attacks, that have hit key areas that are very popular with tourists,
those travelling by train, talk us through that. We had two different
events, the positive one, the European Championships, was a great
success. For each match we had sold 20% of the capacity of the stadium
through our system, so that is great. After, there were sad events.
But overall, we have to cope with that and show what the situation is
in France. We lodged a campaign where we can see tourists in Paris
visiting and living a good experience. Did you see a fall in
sales? There was a small fall since the attacks, but when we showed how
the situation is, people understand that and they are keen on travelling
again with us. It is nice to see you, thank you for coming in, and
thank you for bringing the train we play with it later!
The business life page is where you can stay ahead, with all of the
day's breaking news. We will keep you up-to-date with the latest
details, with insight and analysis from the BBC's team of editors
around the world. We want to hear from you. It involved on the web
page. We are on Twitter, and you can find us on Facebook. On TV and
online, whenever you need to know. Do get in touch. You have got in
touch about Apple's new iPhone this week, rumours suggest they will lose
the headphones jack. Let's get to some of the tweets. Then says, if it
makes the phone better, I am for it. Somebody is says, I love the
headphones I have, the Apple I is rubbish in comparison. There is a
suggestion you might have to purchase different headphones. There
was says, nothing wrong with the humble jack plug, just a chance to
corner the market again. It is not good for musicians either. Maria
says, it might make me leave Apple. Richard, do you care? I imagine a
lot of people don't. I have not got an iPhone. They have got a bit of
previous on things like this. In terms of changing the hardware to
the cost of the consumer. I suspect there will be a bit of feedback and
social media. People have been talking about this for months, the
fact that the jack will be changed. For those who have bought fancy
headphones, it is a nightmare. It would mean the phone can be
thinner and they can put in a better battery. That is what people moan
about. So it is a trade-off. What if you have a wireless headset, you
will not be affected. Amazon's new 30 hour working week, they say it is
a great idea. They are trying to improve productivity. One of the
week economic feeds in the state is not so much an implement, it is
productivity, so you will get a 30 hour working week and 75% of your
salary, and certain pockets of the workforce... You are just going
part-time. It is not a new idea. It should also free up the ability to
bring more people in. You are a Londoner, we can tell by your
accent, the top spot, according to the PWC. The surprising thing was
New York going down to sixth place. Thank you for your company, we will
see you soon, goodbye.