:00:08. > :00:09.This is Business Live from BBC News with Sally Bundock
:00:10. > :00:14.The boss of the European Commission is setting out his vision
:00:15. > :00:37.Live from London, that's our top story on Wednesday, 14th September.
:00:38. > :00:42.Jean Claude Juncker is speaking now in Strasbourg.
:00:43. > :00:46.He is urging unity and is expected to offer reform to head off
:00:47. > :00:51.We'll be live in Strasbourg for the latest.
:00:52. > :00:54.Also in the programme, news that the global oil glut
:00:55. > :00:57.will last longer than expected has sent prices tumbling again.
:00:58. > :00:59.It s a roller-coaster ride with oil up a fraction now.
:01:00. > :01:02.The boss of the International Energy Agency will tell us when he thinks
:01:03. > :01:09.Shares edging higher, but how long will it last? We'll tell you all you
:01:10. > :01:13.need to know. Riding the wave of the passion
:01:14. > :01:15.for fitness. We'll be talking to the boss
:01:16. > :01:18.of the sporting goods And as the battle hots up to get
:01:19. > :01:22.tourists into space, today we want to know -
:01:23. > :01:24.would you pay to take It's a big day for the people
:01:25. > :01:50.of the world's biggest trading bloc. The head of the European Commission
:01:51. > :01:53.is setting out his vision Jean-Claude Juncker's state
:01:54. > :01:56.of the union address comes He'll address the fallout
:01:57. > :02:05.from Britain's historic vote to leave the Union and we'll
:02:06. > :02:08.be looking for clues as to the future shape
:02:09. > :02:10.of the organisation without one He's under pressure to outline
:02:11. > :02:17.reform in order to head off anti-EU In particular, there are reports
:02:18. > :02:25.he will loosen rules on national budgets
:02:26. > :02:27.in order to free up more cash for infrastructure
:02:28. > :02:31.and education spending. Markets will also look
:02:32. > :02:34.for reassurance over the state of Europe's banking sector
:02:35. > :02:52.especially in Italy where bad debts Jean-Claude Juncker is talking in
:02:53. > :03:01.Strasbourg and he has talked about the fact that there is much need for
:03:02. > :03:07.unity in the club. Yes, he said there needs to be more united action
:03:08. > :03:10.when it comes to the entire bloc because the widespread opposition
:03:11. > :03:19.from both east and west across the EU.
:03:20. > :03:23.Theo Legg et joins us from our newsroom. We have heard already from
:03:24. > :03:28.the European Union's head of the executive that we need more united
:03:29. > :03:33.action, but I wonder whether or not you think that, you know, the EU
:03:34. > :03:38.really is actually sort of facing a crisis? I think that's a fair
:03:39. > :03:42.assessment, but people within the higher ranks of the European Union
:03:43. > :03:47.would deny it. There is no question the referendum vote here in the
:03:48. > :03:52.United Kingdom has really given the powers at be in Brussels and
:03:53. > :03:56.Strasbourg, cause for thought. Now what Jean-Claude Juncker has been
:03:57. > :04:01.saying so far has been attempt to reassure. On the subject of the UK
:04:02. > :04:06.he says, "We respect and at the same time regret the UK Brexit decision,
:04:07. > :04:12.but the EU is not at risk. Relations with the UK must remain on a
:04:13. > :04:17.friendly basis." But he is aware across the European Union it isn't
:04:18. > :04:20.just in the UK that there is anti-EU feeling, there are parties across
:04:21. > :04:26.Europe and in many countries there is a feeling they main momentum from
:04:27. > :04:31.the UK vote. He has been talking about the rise of populism and he
:04:32. > :04:34.says it is not a solution. European integration must not bow to the
:04:35. > :04:39.interests of the nation state. For the remainder of the European Union,
:04:40. > :04:43.after Britain has left, it is about where all in this together. It is
:04:44. > :04:45.about integration and it is not about each country putting its own
:04:46. > :04:50.interests above those of everyone else. Theo interesting comments
:04:51. > :04:55.again when it comes to Brexit saying that the UK will not have an Allah
:04:56. > :05:00.cart access to the single market when it comes to the EU. Interesting
:05:01. > :05:04.some of those comments that he said about Canada and the Canadian deal
:05:05. > :05:07.that the EU have is a very good one when it comes to trade? Yes, the
:05:08. > :05:12.European Union's agenda here is pretty obvious. If Britain is able
:05:13. > :05:16.to say, "This is what we want." And get the deal that Britain wants
:05:17. > :05:22.without any concessions, without any pain if you like, that would simply
:05:23. > :05:24.pour fuel on the flames of the populist movements on other
:05:25. > :05:28.countries that want to leave the European Union. So what the EU is
:05:29. > :05:33.trying to do here, is show whatever deal Britain gets will not, from the
:05:34. > :05:38.European Union's prospective, be that much of a give away. It is to
:05:39. > :05:43.discourage the others if you like. OK, Theo, thank you very much for
:05:44. > :05:46.that summary. He is quick off the ball. He has only started speaking
:05:47. > :05:50.Jean-Claude Juncker. Samsung has sent out a software
:05:51. > :05:52.update to limit the batteries of South Korean Note 7 smartphones
:05:53. > :05:55.to 60% of their capacity Samsung recalled 2.5 million
:05:56. > :05:59.of the phones last week after reports emerged of the device
:06:00. > :06:02.exploding during or after charging. It hasn't yet been confirmed
:06:03. > :06:05.whether or not a similar update will be sent to phones
:06:06. > :06:14.in other countries. It's being reported that German
:06:15. > :06:16.pharmaceutical giant Bayer will today confirm that it's agreed
:06:17. > :06:18.to buy American seed-maker Bayer's farm business produces seeds
:06:19. > :06:22.as well as compounds to kill weeds, bugs and fungus, but it is better
:06:23. > :06:27.known for its healthcare products It's being reported that German
:06:28. > :06:35.pharmaceutical giant Bayer Combining Bayer and Monsanto
:06:36. > :06:38.would create the world's biggest agricultural supplier
:06:39. > :06:40.and create a market leader Apple says it has fixed a problem
:06:41. > :06:44.that was stopping people's devices working while updating
:06:45. > :06:46.to the latest operating system. Complaints from iPhone and iPad
:06:47. > :06:49.users updating to iOS 10 flooded social media after the software
:06:50. > :06:51.was rolled out on Tuesday. Apple says the issue was limited
:06:52. > :06:54.to a "small number of users" and has Brazil's new government has
:06:55. > :07:07.announced a multi-billion dollar privatisation plan aimed at reviving
:07:08. > :07:10.the country's struggling economy. It plans to sell off four airports
:07:11. > :07:12.and two port terminals as well as offer contracts
:07:13. > :07:15.to private firms for a wide range of projects including everything
:07:16. > :07:34.from building new roads Let's check-in quickly with the live
:07:35. > :07:38.page. I want to update you where the Asian markets have been. Shares
:07:39. > :07:44.across Asia have mainly traded lower again. They have been weighed down
:07:45. > :07:47.by a drop in oil prices. We will be talking to Laurence Gosling, our
:07:48. > :07:54.markets guest, about that later on. You were talking to someone who know
:07:55. > :07:57.as lot about oil, weren't you? The head of the IEA, but we are talking
:07:58. > :08:19.about time and watches. It looks like tough times for
:08:20. > :08:26.Japan's oldest and biggest watch maker. Its shares slid by over 80%
:08:27. > :08:33.today after it cut its profit outlook drastically. It expects net
:08:34. > :08:39.economic of three billion yen. It projected a profit of ten billion
:08:40. > :08:42.yen, that's a drop of 75%. The reason, currency fluctuations. The
:08:43. > :08:48.yen has been strengthening and that's eat nothing the earnings from
:08:49. > :08:54.abroad and this is a situation faced by other Japanese exporters as well.
:08:55. > :08:58.sales. Foreigners aren't buying sales. Foreigners aren't buying
:08:59. > :09:03.their watches as much. The Japanese brands are known for the low-cost,
:09:04. > :09:11.but high functionality. For example if you bought a Rolex diver's watch
:09:12. > :09:26.it is ?8,000, this company makes one for $250. Thank you very much.
:09:27. > :09:31.That's Japan down 0.7%. So Europe headed higher. Snapping a
:09:32. > :09:37.four day losing streak in Europe, but the ones that are doing well are
:09:38. > :09:42.the likes of rand gold. We had a roller-coaster with the oil price.
:09:43. > :09:45.Down 3% at one point and up slightly as well. It is like people are
:09:46. > :09:49.looking for direction today. We will talk more about markets in detail
:09:50. > :09:54.with Laurence in a minute. First of all, let's look ahead to today on
:09:55. > :09:59.Wall Street. Stocks linked to oil and gas will
:10:00. > :10:06.face continued scrutiny this Wednesday. The US Department of
:10:07. > :10:11.Energy EIA releases its weekly report. It is likely to show oil
:10:12. > :10:17.stocks rose. Oil prices however fell earlier in the week after the
:10:18. > :10:21.International Energy Agency said it expects lower growth and demand for
:10:22. > :10:25.oil this year. That added to concerns about oversupply continuing
:10:26. > :10:30.into next year and it pushed down the price of crude oil. More data
:10:31. > :10:35.for the Federal Reserve to continue. The import and export prices report
:10:36. > :10:39.for August is expected to show import prices edged lower. A worry
:10:40. > :10:46.for the Fed as it considers when to raise rates and that is that prices
:10:47. > :10:50.continue to be stuck at low levels. Fresh off showing its driverless
:10:51. > :10:54.cars to the public, Ford must now answer to shareholders at its annual
:10:55. > :10:56.investor day. One concern, signs that the US market for new cars may
:10:57. > :11:00.have peaked. Joining us is Lawrence Gosling,
:11:01. > :11:11.editor-in-chief of Investment Week. Good morning. Let's start with the
:11:12. > :11:16.oil price. Too much supply and not enough demand. We saw big falls
:11:17. > :11:19.yesterday and the likes of Opec revising their forecasts, lower for
:11:20. > :11:22.longer. This very much seems tobt trend, doesn't it throughout the
:11:23. > :11:26.whole year? We're back in an environment where we were at the
:11:27. > :11:32.really refuse to go actually reduce really refuse to go actually reduce
:11:33. > :11:35.its output and then you have got the other emerging oil nations, the
:11:36. > :11:38.likes of Iran for example, even Libya, who are putting even more
:11:39. > :11:42.supply into the market and clearly, we know global demand particularly
:11:43. > :11:46.from China is not as strong as is needed. Interestingly Saudi Arabia
:11:47. > :11:54.is probably getting the outcome it is looking for. A massive fall in
:11:55. > :12:01.investment in shale oil in the US over the last year, a 50% fall?
:12:02. > :12:04.There was data that talked about the US energy Wells that come on tap and
:12:05. > :12:08.it dropped significantly in the last few months which you would expect.
:12:09. > :12:11.There is a slow shift in the direction that perhaps the oil
:12:12. > :12:15.economists would want so they can get more stable price, but again,
:12:16. > :12:19.we're going to see a lot of the politics of oil going on. Jobless
:12:20. > :12:23.numbers out in the UK today? Yes, we are expecting what you might call
:12:24. > :12:26.the post Brexit bounce. The honeymoon period where the economy
:12:27. > :12:31.is looking strong and unemployment is low. Job creation is good. You
:12:32. > :12:37.know the UK economy is in a decent space at the moment. The August
:12:38. > :12:40.numbers were better. I know you're coming back to talk through some of
:12:41. > :12:44.our stories including space travel? Yes. Don't forget anyone who is
:12:45. > :12:52.watching that you're supposed to tweet us. Your views. One viewer
:12:53. > :12:58.says, "Yes, yes, to an extraterrestrial day out. We'll let
:12:59. > :13:01.Elon Musk know! We're all supposed to be looking
:13:02. > :13:03.after ourselves more But is the fitness industry riding
:13:04. > :13:07.a long term trend or just We'll be talking to the boss
:13:08. > :13:10.of the global fitness goods You're with Business
:13:11. > :13:13.Live from BBC News. Now a look at some of the stories
:13:14. > :13:19.from around the UK. The inventor and entrepreneur
:13:20. > :13:21.Sir James Dyson has told the BBC that leaving the EU will Liberate
:13:22. > :13:23.the UK economy. He's been talking to our
:13:24. > :13:37.Economics Editor Kamal Ahmed. They sell 100 billion more goods to
:13:38. > :13:42.us than we send to them. If they put an import duty on, the import duty
:13:43. > :13:45.is an insignificant amount compared with currency fluctuations. We get
:13:46. > :13:52.on very well with Europe. We export to Europe. It is 16% of our global
:13:53. > :13:57.market. Europe is 15% of general trade throughout the world. So we're
:13:58. > :14:02.quite nicely balanced. There are exciting markets Europe. The Far
:14:03. > :14:07.East is expanding at a phenomenal rate so we're happy to be globally
:14:08. > :14:11.based and not Europe-focussed, but Europe is a good market for us. It
:14:12. > :14:16.is growing quite fast actually. So I'm not complaining about it. It is
:14:17. > :14:19.a very nice market for us. We have wonderful employees in Europe, but
:14:20. > :14:24.it is only 15% of global trade and the last thing they're going to do
:14:25. > :14:29.is impose an import duty, it is suicidal for them. Do you worry
:14:30. > :14:33.though that the rest of the European Union, not having access to the
:14:34. > :14:37.single market, will slow down the UK economy generally and will have an
:14:38. > :14:42.effect on business people here? We've got access to T they've got
:14:43. > :14:50.access to our market and we've got access to theirs. 2% to 4% import
:14:51. > :14:54.duty is negligible issue. Currency fluctuations are greater and other
:14:55. > :14:58.costs are greater than that. You know, there is a huge market, 85% of
:14:59. > :15:04.global trade is not in Europe. Let's go after that and it is the fast
:15:05. > :15:07.expanding areas and our Commonwealth, the British
:15:08. > :15:10.Commonwealth who speak English and who have affinities with us, we
:15:11. > :15:18.should be going for those marred debts as well.
:15:19. > :15:24.So James Dyson sharing his thoughts on Brexit.
:15:25. > :15:32.We will find out more from Jean-Claude Junker for the rest of
:15:33. > :15:39.the day. This story is breaking, the no-frills gym, Pure Gym, the UK's
:15:40. > :15:40.biggest operator. It will list on the London stock market to help fund
:15:41. > :15:47.its expansion. The president of the European
:15:48. > :15:51.Commission is setting out his vision for the future
:15:52. > :15:59.of the EU after Brexit. Jean-Claude Juncker is expected
:16:00. > :16:09.to offer reform in order to head off He says there is greater room for
:16:10. > :16:11.cooperation across the union. More online.
:16:12. > :16:16.A quick look at how markets are faring.
:16:17. > :16:23.The markets are having a better day, breaking a losing streak. The safe
:16:24. > :16:28.havens are in focus, energy stocks all over the place am reacting to
:16:29. > :16:32.the energy report, the price of oil down 3%, but now it is up 0.3%,
:16:33. > :16:33.roughly. How many of you have been inspired
:16:34. > :16:36.to take up athletics after watching It's easy to take up exercise
:16:37. > :16:43.after seeing sporting excellence. But it can be a different story
:16:44. > :16:47.on dreary winter days, That's a key question
:16:48. > :16:52.for the fitness industry, making sure it's capitalising
:16:53. > :16:55.on a genuine trend rather than getting suckered
:16:56. > :17:01.into investing in a fad. Brooks Sports is one firm
:17:02. > :17:03.concentrating on that. The company is headquartered
:17:04. > :17:06.in Seattle and was founded more than 100 years ago, and focuses
:17:07. > :17:11.almost entirely on producing scientifically-advanced running
:17:12. > :17:14.shoes. Brooks prides itself
:17:15. > :17:17.on creating shoes which address the specific needs of runners,
:17:18. > :17:21.with features like 3D-fit designs The company is currently owned
:17:22. > :17:26.by billionaire investor His firm, Berkshire Hathaway,
:17:27. > :17:30.purchased parent company He's the executive vice
:17:31. > :17:50.president for Brooks Running. You have brought some shoes, thank
:17:51. > :17:56.you! We have a full range. On one end, the sofa version of running
:17:57. > :18:02.shoes, very cautioned, all the way through to something for speed. I
:18:03. > :18:10.wonder how much of this is a bit of a fight. How much did you need this
:18:11. > :18:14.differentiation? It is about you. It is about your experience, that is
:18:15. > :18:21.what we focus on, talking to runners, their experience. Before,
:18:22. > :18:25.it is to be about your footfall, but now it is about biomechanics related
:18:26. > :18:29.science and experience. It is about the run signature. Every individual
:18:30. > :18:36.has their own fingerprint and their own preferred motion path. We take
:18:37. > :18:39.you through the science of the run signature, we talk about the science
:18:40. > :18:46.of your path, and the experience. Do you want more of a soft feel
:18:47. > :18:53.relative to your run, or do you prefer more energy return, so you
:18:54. > :18:59.want to be in the energy category? How do I get more speed? That is
:19:00. > :19:03.about the runner. The science is there, then we fit you for what your
:19:04. > :19:08.experience is, which is different from putting you in the science
:19:09. > :19:11.side. He figured running was big business, you got rid of all of the
:19:12. > :19:15.other types of sporting gear that you were selling and you have just
:19:16. > :19:24.focused on running only. Is it paying off? Running is the biggest
:19:25. > :19:30.category within sport. Within the European marketplace, over 9
:19:31. > :19:33.billion, so there is plenty of opportunity to expand, and runners
:19:34. > :19:37.need products to enhance their experience, so it is a growing
:19:38. > :19:43.business. The participation relative to events as well as people getting
:19:44. > :19:47.out there to exercise. It is a massive trend, people trying to stay
:19:48. > :19:54.fit, lead healthier lives. We were talking about Pure Gym listing,
:19:55. > :20:00.signalling its intention to float. How does your company managed to
:20:01. > :20:06.stay on top and stay visible? Everybody is doing this, even top
:20:07. > :20:09.shop has got Beyonce trying to sell athlete leisurewear, stuff you can
:20:10. > :20:15.wear to the gym or on the street. You can not compete with that? We do
:20:16. > :20:26.compete. We compete with the runner. We worked really hard with the
:20:27. > :20:30.stores, we spend time with the stores and invest in the community
:20:31. > :20:35.is relative to that, educate them about the product. The runner once
:20:36. > :20:41.products and information to improve, so that is where we invest, and in
:20:42. > :20:44.the digital and social media. Runners are also interested in other
:20:45. > :20:50.runners, so a lot of it is word-of-mouth. A big focus for you
:20:51. > :20:56.is on women, the female runner. That is a growing trend. You are
:20:57. > :20:59.specialists in sports bras, they are a nightmare, because you virtue
:21:00. > :21:05.dislocate your shoulders trying to get them off. So this is one of your
:21:06. > :21:10.specialisms. You going to go into the whole wearable tech world?
:21:11. > :21:15.Runners tend to have a device on their wrist telling them how far
:21:16. > :21:21.they have gone, are you going to go down that road? We are investigating
:21:22. > :21:26.it. We have not made a commitment on one fashion as of yet, but we will
:21:27. > :21:30.be looking at it. More for us is building the right equipment. The
:21:31. > :21:37.largest growing trend is women, they need those a great pair of trainers
:21:38. > :21:43.as well as a great sports bra. Warren Buffett, have you met him? Is
:21:44. > :21:48.he a runner? He is not a runner, yes, I have met him, he is
:21:49. > :21:53.incredible, a great ambassador, and he is supporting us all the time, so
:21:54. > :21:57.we could not be happier to have him as an owner, he is always talking
:21:58. > :22:06.about us. He is not trying your product!
:22:07. > :22:11.Not the sports bras! He drink scope! He came up with the idea of the
:22:12. > :22:17.annual shareholder meeting, to put a run on, so that was his idea. We
:22:18. > :22:21.have been creating a five K run, and it is growing every year. He fired
:22:22. > :22:23.the gun the first time. He participates with us. He is a big
:22:24. > :22:40.fan. I spoke to the head of the
:22:41. > :22:43.International energy agency about the oil industry.
:22:44. > :22:47.For me, the very good news is that the share of green-energy
:22:48. > :22:49.investments is growing, at the cost of fossil fuels.
:22:50. > :22:55.Today, 30% of all energy investments are coming from renewable energy
:22:56. > :22:59.and energy-efficiency investment, which is very much in line
:23:00. > :23:05.with what we wanted to do in Paris, the Paris Agreement.
:23:06. > :23:07.It gave a boost for those investments.
:23:08. > :23:09.Last year, we have seen the largest amount of nuclear
:23:10. > :23:13.investment in the world, mainly by China, but also
:23:14. > :23:25.As a result of low prices, the investment in the United States,
:23:26. > :23:27.Canada, Brazil, Africa is going down, and the
:23:28. > :23:31.production growth is coming from the Middle East.
:23:32. > :23:35.The production of the Middle East in the global world
:23:36. > :23:42.The share of Middle East countries is growing, Russia is growing,
:23:43. > :23:45.at the cost of other countries, such as the United States
:23:46. > :23:57.and Africa, as a result of low oil prices.
:23:58. > :24:07.We have talked about rockets, this story in the Times, mine is bigger,
:24:08. > :24:18.hosts as an's Jeff Bays Oz. Twice the first's thrust at liftoff. A
:24:19. > :24:28.rather suggestive picture of one of the rockets. It is hilarious! It is
:24:29. > :24:33.hard to take it seriously. The endgame is to give us the chance for
:24:34. > :24:41.space travel,... Would you want to go? Absolutely not, I struggle going
:24:42. > :24:45.up I left! The thought of going in a rocket fills me with doom. We ask
:24:46. > :24:50.you to tell us whether you would like to go to space. Caleb says, is
:24:51. > :24:56.the cost would be pocket friendly, I would take a trip. Cost is a big
:24:57. > :25:03.issue. No, I won't even go on a plane. I go
:25:04. > :25:06.on planes, I like planes. If I had the money, I would go on
:25:07. > :25:14.and extraterrestrials day trip. Give it a go. This is all about where to
:25:15. > :25:18.put your money. Cash under the bed is better than investing in debt.
:25:19. > :25:24.One of the best fund managers in the city wrote this on his blog
:25:25. > :25:28.yesterday. The concept of negative interest rates. For a lot of
:25:29. > :25:32.viewers, they have money in the Bank on deposit, they are earning next to
:25:33. > :25:36.no return on that, in previous investment cycles they would have
:25:37. > :25:43.invested in corporate bonds and Government gilts, but now due
:25:44. > :25:47.getting a negative return, so he has said, we would be better to take the
:25:48. > :25:52.money out of the bank and put it under the bed rather than investing
:25:53. > :25:54.in bonds. A biscuit tin is all you need!
:25:55. > :25:59.There will be more business news throughout the day on the BBC Live
:26:00. > :26:10.webpage and on World Business Report.
:26:11. > :26:11.Tuesday's weather has succeeded in making the headlines in a number of