09/09/2016 BBC Business Live


09/09/2016

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This is Business Live from BBC News with Alice Baxter and Sally Bundock.

:00:00.:00:11.

South Korea's shipping firm hand Jim has been in troubled waters since it

:00:12.:00:18.

filed for receivership last week. The question everyone is asking,

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what is happening to the $14 billion of goods stranded at sea?

:00:23.:00:25.

Live from London, that's our top story on Friday 9th September.

:00:26.:00:48.

Our BBC team stakes out 18 -- stakes out a ship belonging to Hanjin.

:00:49.:00:58.

Can Switzerland lead the way for post-Brexit Britain?

:00:59.:01:01.

We have a special report from our Economics Editor, who's

:01:02.:01:03.

been to see how their relationship with the EU works.

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And we will bring you up to speed with the markets, where European

:01:07.:01:15.

shares are listening to Asia shares, Tokyo's benchmark, that earlier loss

:01:16.:01:18.

and disappointment about what we heard from the ECB yesterday.

:01:19.:01:28.

Later we'll be speaking to our business editor Simon Jack,

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who'll be rounding up the top business stories of the week

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including what lies ahead for the impressively moustachioed

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We're talking about F1 today and current boss Bernie Ecclestone

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says it's got boring and predictable.

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A very warm welcome to dupe. The recent failure of the world's

:01:42.:02:02.

seventh largest container carrier, Hanjin Shipping, has had huge

:02:03.:02:09.

implications. The world depends heavily on the shaping of things we

:02:10.:02:15.

rely on, from frozen meat to furniture and clothes.

:02:16.:02:21.

The global logistics market for both shipping and air freight

:02:22.:02:24.

The collapse of Hanjin has left about $14 billion worth

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With Hanjin's future in doubt, carriers have announced

:02:33.:02:38.

they will raise container freight rates by as much as 50%

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The collapse of Hanjin Shipping will unboubtedly increase the cost

:02:41.:02:44.

to businesses and consumers around the world on a variety

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One of the stranded ships, Hanjin Rome, is in Singapore waters

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- where the BBC's Sharanjit Leyl went to track it down.

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What I know about this ship is that it was seized

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Now, there's no sign of crew on board, but this vessel,

:02:57.:03:06.

like many other Hanjin ships stranded around the

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This particular ship is awaiting a court decision on its fate.

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Meanwhile, there's only food and water on board to last the crew

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We want to know the fate of your ship, and also of yourself

:03:16.:03:25.

and your crew, because Hanjin Shipping has filed for bankruptcy.

:03:26.:03:31.

Do they have enough food and water to last them a few weeks?

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If there is no confirmation from Singapore city then you cannot come

:03:40.:03:53.

on board. Now, we have waited nearly an hour

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now to get on board that ship, and we've tried the various

:03:56.:03:59.

authorities to seek permission. But what we do know is the captain's

:04:00.:04:01.

phone number, so I'm hoping to be able to call him and follow up

:04:02.:04:06.

a little bit more on the fate of his crew and the

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fate of his ship. That was our team in Singapore

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giving us a sense of the practicalities of the situation.

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Mariko is in our bureau there. We have been talking about this for

:04:25.:04:27.

over a week but we are getting a sense of what it means not just for

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the company but for many companies around the world with their goods

:04:31.:04:33.

stranded at sea. Exactly, Sally. I'm not sure if many

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of the viewers had even heard of Hanjin until the company filed for

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receivership last week, because it is not exactly a household name, is

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it? But it is the world's seventh biggest container carrier and if you

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think it is not going to affect you, it could because many of the

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stranded cargoes are destined for the Christmas market in the US and

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EU, and, as a result, as you can imagine, a lot of companies are

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concerned, and electric giant from South Korea has said that it has

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goods worth $14 million on Hanjin ships and it is considering

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chartering planes to get those goods to its customers in the US.

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So how is this likely to play out? We know the Government in South

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Korea have been talking to try to bail-out the company, what is the

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latest on the state of the company itself?

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The biggest shareholder in Hanjin Shipping is Korean airlines and the

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company has postponed its decision on a funding plan for the second

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time today, the company's board is meeting tomorrow but as these

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discussions continue, the company is still seeking funds to rescue those

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cargoes, as you mentioned the South Korean Government is also involved,

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saying Government backed creditors could rescue them if collateral was

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provided and the company is currently considering that. It has

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just been ongoing for days, weeks, possibly, but all the companies and

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consumers as well are starting to get quite worried about what the

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impact will be on them. Thanks very much.

:06:21.:06:26.

Airline passengers have been warned by US authorities not

:06:27.:06:31.

to switch on or charge their Samsung Galaxy Note 7 phones

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The Federal Aviation Administration also advised against packing

:06:37.:06:40.

the phones into any checked-in luggage.

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Samsung recalled the phone last week after reports emerged of the device

:06:46.:06:48.

Qantas and Virgin Australia have also told customers not to charge

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US bank Wells Fargo has been fined $185 million

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for illegally opening accounts to boost sales targets.

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The cash will go to regulators while the bank will also hand

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The regulator accused it of "widespread illegal practice"

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around account openings, sales targets and

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Online accommodation site Airbnb is introducing a new policy

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to combat reports that black people are less likely to get rooms.

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The move includes reducing the prominence of photos,

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introducing new technology, and asking users to sign

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A study last year found that people with names that suggested they were

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Many customers have also complained about the issue.

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We will be talking about this a bit more in the papers later on.

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The former president of Switzerland has told the BBC that her country

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and the UK should collaborate to get a new deal

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with the EU on freedom of movement with access to the single market.

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Switzerland is currently trying to negotiate with the EU

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after the country rejected free movement of people

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Our economics editor, Kamal Ahmed, reports from Geneva.

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It's a country viewed as quiet, serene, but beneath the picturesque

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exterior Switzerland has been split by protests over immigration

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Concerns are so strong, in 2014 it voted against freedom

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This small country, wholly surrounded by EU member states,

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has suddenly discovered it could be a player in Britain's Brexit debate.

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This is a beautiful town that is in the heart of an area

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of Switzerland that voted most heavily against freedom of movement.

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It may not look much like Britain, but the concerns here are very

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Worries about immigration, worries about jobs, worries

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about who exactly controls the border with the European Union.

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The former president of Switzerland knows well

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how hard it is trying to negotiate with the EU.

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She says it is time for her country and Britain to join forces.

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The European Union is very rigid on the question of freedom

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of movement, and I think if the European Union

:09:28.:09:31.

doesn't integrate diversity inside its institution it

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Ladies and gentlemen, we are now arriving at the main station...

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From Geneva to Zurich to talk to the man who negotiated

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Switzerland's major trade deals with the EU.

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Could there be movement on the freedom of movement?

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I think the basic problem is what I call the binary problem.

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You are either fully in or fully out, and this does not serve

:10:00.:10:05.

the interests, I think, neither of the European Union

:10:06.:10:07.

I'm sure Brexit is sort of a catalyst for contributing

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to the debate, whether the EU has to become more flexible.

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Theresa May knows she is going to need allies if she is going to get

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And here in Switzerland she has a willing partner.

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I've been told that Swiss diplomats have already been dispatched

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to London to look at opening lines of communication.

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There is a willingness to co-operate on limiting the freedom of movement

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and retaining legal sovereignty and working on those

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When it comes to tackling the European Union, it does

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appear that two voices may well be louder than one.

:10:47.:11:00.

Let's get a quick check on markets, and in Asia we saw shares extend

:11:01.:11:04.

losses after North Korea conducted its fifth and most

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powerful nuclear test on Friday, heightening geopolitical tensions

:11:08.:11:09.

In Tokyo, shares closed flat despite speculation that the Bank

:11:10.:11:16.

of Japan may expand stimulus measures.

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Also want to mention oil - prices have pulled back from two-week

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highs on some profit-taking after settling more than 4%

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higher a day earlier, that's following a surprisingly

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Here in Europe, shares have followed Asia.

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And Michelle Fleury has the details about what's ahead

:11:50.:11:51.

When people talk about inflation, food prices are often mentioned.

:11:52.:12:02.

This Friday, the American supermarket operator Kroger reports

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Its profits are expected to take a hit due to falling grocery prices.

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Tough competition across the US has apparently made the trip to

:12:09.:12:11.

Low inflation in the US is of course one of the things that has been

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keeping the Federal Reserve from raising the interest rates.

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Apple's stock dragged US markets lower on Thursday,

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one day after the technology giant unveiled its new iPhone

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Will investors take another look at the stock this Friday?

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And, on the economic front, data from the US Commerce Department

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is likely to show that wholesale inventories have

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Joining us is Jeremy Stretch, head of currency strategy

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Nice to see you. Lots of little bits out there today, what grabbed my

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attention was these German export numbers, pretty nasty year-on-year

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fall of nearly 10%. Also imports as well falling quite a bit, 6.5% down.

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Not good, is it? It is not, it is reflective of the deceleration we

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have seen over the last 12 months in the global economy, not just

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uncertainty in the UK with the Brexit debate but deceleration in

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other external markets, China, always a big variable in that

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context. The numbers are not particularly encouraging for

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Germany, which is reliant on its export engine, and not good for

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Europe as a whole because without Germany the rest of the Eurozone

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will have a much slower rate of growth. And this is the morning

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after no action from Marion druggie? He was trying to show his efforts

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are working and when the ECB announced in a show yesterday... How

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do you announce in oche at?! It is an oxymoron! The growth forecasts

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they backed it up with were only modestly revised down for next year

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and the after to 0.6, which does not sound like a great number but the

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growth trajectory is sufficiently low that it is not below trend

:14:11.:14:14.

growth anyway, and that underlines the structural problems that the

:14:15.:14:19.

Eurozone continues to face. Jeremy, you are going to look at the papers

:14:20.:14:22.

with us later on, thank you very much.

:14:23.:14:24.

Apple - we review the company's latest offerings, as the tech giant

:14:25.:14:28.

seeks to reignite sales of its flagship product amid

:14:29.:14:30.

You're with Business Live from BBC News.

:14:31.:14:38.

One company boss for which Brexit held few fears was JD

:14:39.:14:40.

The pub chain has just announced full-year results,

:14:41.:14:45.

and has seen its pre-tax profits rise 12.5% to ?66 million.

:14:46.:14:52.

The chairman, who was a very vocal Leave campaigner,

:14:53.:14:55.

used his company's full-year results to attack experts who forecast

:14:56.:14:57.

trouble "often in lurid terms" for the economy in the event

:14:58.:15:00.

Tim Martin of JD Wetherspoon joins us now from the

:15:01.:15:04.

What do you make of the numbers, talk us through them? I think they

:15:05.:15:09.

are a pretty good set of numbers. We haven't shot the lights out, we're

:15:10.:15:13.

not Microsoft or Apple, unfortunately. But other pub

:15:14.:15:16.

company, we've done pretty well. We've had two or three years of good

:15:17.:15:20.

like to like sales, growth around 3% with inflation zero to one. The last

:15:21.:15:26.

few weeks have been pretty good, too. Pretty solid, coming from one

:15:27.:15:32.

pub, 37 years ago, the 1.6 billion or so of sales. We dust want to keep

:15:33.:15:38.

on rocking for another 37 years, I will be talking on this show when

:15:39.:15:43.

I'm 98 with a bit of luck! You were a very prominent Brexiteer. Just

:15:44.:15:50.

talk us through how USS the state of the UK economy -- how do you assess.

:15:51.:15:55.

The prognosis for the economy was poor. The astonishing thing is the

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contrast between forecasts not from flotsam and but from the biomass,

:16:02.:16:08.

the OECD, the Treasury, George Osborne, the Chancellor of the

:16:09.:16:12.

Exchequer and so on -- the IMF. They all said it was going to be

:16:13.:16:15.

terrible, unemployment was going to go up and house prices were going to

:16:16.:16:19.

go down, mortgage rates was going to go up. The opposite has happened.

:16:20.:16:23.

Excuse me for interrupting, it is Sally in the studio with Alice. It

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is early days let's be honest. Negotiations haven't begun. If we

:16:31.:16:35.

don't get the right deal, it could be very bad news in the UK economy,

:16:36.:16:40.

including your company? The point is, the emphasis from all those

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people was on the early days. The second scares stories that if we

:16:44.:16:47.

don't get a trade deal with the EU it will be terrible for the economy.

:16:48.:16:53.

Your financial or economics editor has just said that in Switzerland,

:16:54.:16:59.

that is not true. We have got no trade deal with the United States of

:17:00.:17:02.

America, we do massive trade with them. And we have a trade service,

:17:03.:17:08.

we doing credibly well. These negotiations, looking for a trade

:17:09.:17:12.

deal, you are stuffed. We have two interrupted, I'm sorry, Tim Barter

:17:13.:17:17.

and of JD Wetherspoon. -- we have two interrupted. -- Tim Martin.

:17:18.:17:18.

South Korean shipping line Hanjin is struggling to raise money

:17:19.:17:23.

to pay its creditors after filing for bankruptcy last week.

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Around $14 billion of cargo is stranded on their ships around

:17:26.:17:28.

the world, as ports refuse to work for the company because they fear

:17:29.:17:32.

A quick look at how markets are faring....

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They are all trading fairly flat, currently a negative territory

:17:48.:17:53.

following a fairly flat session in Asia overnight. This follows the

:17:54.:18:04.

decision by Marion Draghi to leave the ECB unchanged.

:18:05.:18:09.

It's the end of the week, I've got the Friday feeling!

:18:10.:18:12.

Let's look back at the business week now.

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There's been lots going on, from Brexit trade talks to reshaping

:18:15.:18:17.

Here to talk about it we are joined by our Business Editor, Simon Jack.

:18:18.:18:27.

Really good to talk to you. Let's get your reaction first of all the

:18:28.:18:34.

JD Wetherspoon boss Tim Martin. We were just talking to him. Our global

:18:35.:18:38.

viewers may not have heard that interview, they will not have seen

:18:39.:18:43.

that part of the programme. He was giving his comments about what

:18:44.:18:46.

Brexit means for our economy, it is quite interesting to get these very

:18:47.:18:50.

differing views. Governor of the Bank of England has been having this

:18:51.:18:53.

problem this week, as we look back on it now. A lot of people thought

:18:54.:18:58.

and there were warnings, as Tim Martin was saying, if we leave there

:18:59.:19:05.

is going to be a profound and sudden shock to the system economically.

:19:06.:19:07.

What has actually happened is the economic figures for July, you know,

:19:08.:19:10.

everybody got a little bit, and then when the figures came through for

:19:11.:19:15.

August, the sky didn't fall in. The sun is still shining, we're still

:19:16.:19:19.

shopping. Exactly, we are still putting on the barbecue, life goes

:19:20.:19:24.

on. They said, all of these dire warnings that we had from the IMF

:19:25.:19:27.

and George Osborne, they cried wolf about the economy. In fact, the Bank

:19:28.:19:32.

of England was accused, because it took remedial action almost

:19:33.:19:34.

immediately, it lowered interest rates, said it would lower them

:19:35.:19:39.

further, started printing more money. It's through a few cautions

:19:40.:19:42.

around so we didn't have too many bumps or bruises. They were accused

:19:43.:19:46.

of overreacting -- it through a few cautions. The Bank of England

:19:47.:19:51.

governor came out and said actually, I'm unrepentant about this, if there

:19:52.:19:54.

is a risk about doing to the all too much, I've rather do too much and

:19:55.:20:00.

see what happens. It's very early days yet, we haven't left the

:20:01.:20:03.

European Union, we will probably be in it for years. We don't though

:20:04.:20:07.

what the truth is yet, nobody knows at this point. Exactly, negotiations

:20:08.:20:12.

haven't started yet. Donald Tusk from the European Union was with

:20:13.:20:15.

Theresa May yesterday, saying, we would like you to get a move on. At

:20:16.:20:19.

the moment, everybody is saying, we don't really want to chat to you

:20:20.:20:22.

until you start, and we're saying that we don't want to start until we

:20:23.:20:27.

have a chat. There is an impasse. Another big story this week was

:20:28.:20:32.

Formula 1, getting bought by this big US media company Liberty Media.

:20:33.:20:38.

I want to read some comments from viewers, because we asked them, in

:20:39.:20:41.

the wake of a comment from the boss of Red Bull, whether Formula 1 has

:20:42.:20:48.

got boring. Somebody said, Formula 1 is predictable and boring, just like

:20:49.:20:52.

Bernie Ecclestone, he needs to go. But he is not going, and he is 86.

:20:53.:21:01.

He is 85. Anyway, he has run it for 48 years. It looks like you will

:21:02.:21:04.

still be in charge. He echoed some of the comments. Back in February,

:21:05.:21:08.

he said it has gone a bit boring. He wants to put the person in pole

:21:09.:21:12.

position back in tenth place. I think they are in the couple of

:21:13.:21:16.

problems. It has been a fantastic investment for the private equity

:21:17.:21:22.

group. But it doesn't do very well in the US. It is finding it hard to

:21:23.:21:26.

attract younger viewers. People do get a bit sick of it, like whoever

:21:27.:21:30.

has got the best car tends to win the race. It is dominated, isn't it,

:21:31.:21:35.

by the teams. They are not very good on the digital side. The idea that

:21:36.:21:40.

the media company, run by John Malone, and Chase Carey, who is

:21:41.:21:44.

going to be the new chairman, one-time lead tenant of Rupert

:21:45.:21:49.

Murdoch. They know how to appeal to new audiences. Hopefully they will

:21:50.:21:53.

be able to unlock a bit more value. Viewers say that they need to make

:21:54.:21:57.

it better, involve the young, change the rules. Jessica says, revamp the

:21:58.:22:02.

F1 teams, designed their own taxis, get the same engines in, which ends

:22:03.:22:05.

up in the single team dominating all the time -- chasse is. Jessica is

:22:06.:22:10.

obviously a keen follower. I like this one from Barry, Formula 1 is

:22:11.:22:15.

like standing on a bridge on the M25, very boring! You know what, it

:22:16.:22:21.

is fantastically popular all around the world, although not particularly

:22:22.:22:25.

in the US. I think bringing in the Americans, they hope they can unlock

:22:26.:22:29.

that and creates a more money. Thank you, Simon, have a great weekend.

:22:30.:22:34.

M25, terrible motorway, it goes round London, if you don't know.

:22:35.:22:37.

In a moment we'll take a look through the Business Pages.

:22:38.:22:40.

But first, here's a quick reminder of how to get in touch with us.

:22:41.:22:45.

The Business Live pages where you can stay ahead with all the Daybell

:22:46.:22:51.

smack breaking business news. We will keep you up-to-date with all

:22:52.:22:55.

the latest details, -- you can keep ahead with all the day's breaking

:22:56.:23:00.

news. We want to hear from you, too. Get involved on the BBC Business

:23:01.:23:03.

Live web page slash business. As you can see, Jeremy has rejoined

:23:04.:23:25.

us. A lot of it is dominated by Apple in the papers. So many angles

:23:26.:23:29.

on the launch of the new iPhone yesterday, but also other

:23:30.:23:33.

announcements, the second Apple Watch, this kind of thing. This

:23:34.:23:36.

article in the Financial Times talks about the fact that Apple sneaked in

:23:37.:23:41.

a price rise in the UK. Sneaking in a price rise on the day of a big

:23:42.:23:44.

product launch is an interesting one. It was a good day to release

:23:45.:23:49.

bad news, I think. We didn't notice yesterday, but were catching up

:23:50.:23:52.

today. What is this price rise? Apple are mindful of the fact that

:23:53.:23:56.

when they sell the product in the UK, when they translate the revenues

:23:57.:24:02.

back into the home boundary, wherever they domicile that, they

:24:03.:24:05.

are not getting as much revenue as they would have done because of the

:24:06.:24:07.

movement in Stirling. In a sense, you can argue that the wake of the

:24:08.:24:12.

Brexit vote, the substantial repricing of sterling, the financial

:24:13.:24:16.

markets, there has been instability, but sterling has stayed much weaker

:24:17.:24:21.

than the Brexit. That is causing an impact on profitability, prices are

:24:22.:24:25.

being raised. Normally in the wake of the big product launch, we can

:24:26.:24:29.

expect the company to reduce prices on its older products. Indeed, you

:24:30.:24:35.

can often see that. You can see price dislocation between the new

:24:36.:24:38.

and the older products. But in a sense, the company have recognised

:24:39.:24:42.

that in order to maintain revenues or maintain margins, that is really

:24:43.:24:45.

what we are seeing here. That is what we will see in the number of

:24:46.:24:50.

industries, and margins Gui is because of the influences of

:24:51.:24:52.

sterling. The question is, how do the companies reflect that? -- a

:24:53.:24:59.

margin squeeze. Will they push that through to the consumer? Airbnb is

:25:00.:25:03.

an interesting story as well. It is being accused of not doing enough to

:25:04.:25:07.

fight discrimination that was emerging via its site that enables

:25:08.:25:13.

you to rent a flat or a room for a short period or a long period. It

:25:14.:25:18.

was accused of being racist. It was found that people who had clearly a

:25:19.:25:22.

name that meant they were perhaps of Black origin, or their picture on

:25:23.:25:26.

the system, they were not being offered accommodation. Airbnb

:25:27.:25:30.

accused of not doing enough about this to fight the issues. Indeed, it

:25:31.:25:34.

is once again sad to have to report on a story such as this. There is an

:25:35.:25:40.

ongoing issue about people trying to pull back from renting their rooms

:25:41.:25:43.

or their properties to certain individuals. It looks as if the

:25:44.:25:48.

company are trying to combat that, not by removing photos in

:25:49.:25:51.

particular, that is one issue, but trying to block people looking at

:25:52.:25:54.

alternative bookings at the same time as blocking others. Thank you,

:25:55.:25:55.

Jeremy. There will be more business news

:25:56.:25:59.

throughout the day on the BBC Live web page and on World Business

:26:00.:26:04.

Report. We will see you again next week.

:26:05.:26:12.

Good morning. And area of low pressure is heading our way from the

:26:13.:26:16.

Atlantic. That is turning things wet and windy, particularly so in the

:26:17.:26:19.

north-west of the UK. We will all see some rain in the next 24 hours

:26:20.:26:22.

or so. You

:26:23.:26:23.

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