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have gone head-to-head in the first live televised debate
Live from London, that's our top story on Tuesday, 27th September.
Protectionism is again proving to be a key battleground in the race
We'll hear from both sides of the debate.
Also in the programme, confounding the critics.
The Asian Development Bank says China will grow faster
than expected, despite widespread fears of a slowdown.
And the European markets are open for trade.
They are all trading up in the green.
There is lots to discuss throughout the programme.
Cracking the code of entrepreneurial success!
Later in the programme we'll get the Inside Track on a business
which is giving a boost to London's whiz-kid programmers.
And Sainsbury's want to bring back grocery
It's all about keeping up with Amazon.
We want to know has the online giant changed the way you shop?
Hilary Clinton and Donald Trump have faced off in the first
Both presidential candidates have put forward their competing visions
When Hilary Clinton started talking about how well the United States
performed under her husband in the nineties, Mr Trump pointed
to what he described as the economic devastation that resulted
from the North American Free Trade Agreement signed by Bill Clinton.
Go to New England, Ohio, Pennsylvania, anywhere you want,
Secretary Clinton, and you will see devastation, where manufacture is
turned 30, 40, sometimes 50%. NAFTA is the worst trade deal, maybe, ever
signed anywhere, certainly in this country. You want to improve
transpacific partnership. You are totally in favour of it. You heard
what I said about how bad it was. He said, I can't win that debate. If
you won, you would approve that, it would be almost as bad as NAFTA,
although nothing will top that. Hillary Clinton defended her views
but went on the offensive, attacking Trump on taxation. She said that the
extensive tax cuts proposed by him would not help the US economy.
We need smart, fair trade deals. We also need a tax system that rewards
work and not just financial transactions. The kind of plan but
Donald has put forth would be trickle-down economic 's all over
again, it would be the most extreme version, the biggest tax cuts for
the top percent in this country that we have ever had. I call it trumped
up trickle-down, that is exactly what it would be. That is not how we
grow the economy. That gives you a snapshot of 90 minutes of debate.
Marianne Schneider-Petsinger, US Geo Economics Fellow
Hello, what did you make of it? Overall, I think Hillary Clinton had
a very strong performance. I think that, overall, she won. Segment by
segment, I would say Donald Trump did quite well during the first
third of the debate, which focused on the economy and jobs, then as we
move towards national security and race, he became much more
incoherent, made incorrect statements and interrupted Hillary
Clinton. Overall, I think Hillary Clinton won. The financial markets
and exit polls show that. Listening to those Mbytes, talking about
trade, Donald Trump was quite specific about that, talking about
how Hillary Clinton has changed his stance on PPP, for example. It seems
to be an easy way of beating each other up, to what extent is the
voter that keen on the discussion about trade and the economy? I think
it is interesting that trade has played such an important role but,
overall, looking at the concerns of voters, the economy and terrorism
are numbers one and two macro, trade only really plays out at the bottom.
What we have seen in the campaign and the debate, trade plays a role.
Donald Trump has said that NAFTA was the worst agreement ever negotiated.
As we saw in the clips, he pointed out that Hillary Clinton has changed
his stance on PPP. Interestingly, nobody mentioned the Transatlantic
Trade and Investment Partnership that is currently being negotiated
with the European Union. Trade comes up, because there is an anti trade
environment on both sides of the Atlantic. We saw some market
reaction, the Mexican peso surged, interestingly. Clinton is seen to
have won this one, there are two macro more to go. How influential
are these debates in helping voters decide? Overall, I think the impact
is overhyped. They might change on the margin, but overall I do not
think that a lot can happen in the last 42 days that we have between
now and November. We will see. In terms of how this debate has played
out, we will see polls in the next couple of days. As I mentioned
before, we have seen so far that Clinton won this one, but going into
the debate, expectations for her were quite high, the once for Donald
Trump were much lower. There is a debate about whether he even met
that low bar. There is still a long way to go.
Thank you for coming in, Marianne The big event is in November.
November the 8th. The Walt Disney Company
and Microsoft could both be joining a list of potential suitors
for Twitter - according Twitter shares were up more than 2%
at $23.36 in after-market trading. The microblogging service has
reportedly started talks with a number of technology
companies to sell itself, Disney is said to be working
with a financial adviser to evaluate The US Labor Department Secretary
Thomas Perez has pledged to conduct a top-to-bottom review of all cases,
complaints and other alleged violations that the department has
received concerning Wells Fargo The announcement comes after calls
for an investigation into possible wage and working-hour law violations
involving Wells Fargo staff, who may have stayed late
to meet sales quotas. Saudi Arabia has cut the salaries of
Cabinet ministers by 20% and frozen wages of lower ranking officials,
this is in response to lower oil revenues. 160 members of the council
will see a 15% drop in annual allowances for housing, furniture 's
and cars. They did not say how much money would be saved overall.
Some interesting news from the Toolis industry, something we have
followed here, they have had a very difficult year because of various
events going on in popular destinations around the world.
Turkey has experienced several terrorist attacks, not to mention a
military coup. That has really affected Thomas
Cook. The trading update, interestingly, says that summer 2016
bookings are down 4%, excluding Turkey they are rubber 8%. So Turkey
is tracking down the Thomas Cook results.
Thomas Cook shares are trading in London at double over 1%, but over
the year they are down something like 41% on the year. Although the
shares are jumping up a tiny bit today, on the year they have had a
very difficult year. Now we can go and speak to Sharanjit
in Singapore. The Asian development bank came out with Outlook today. It
essentially counters what we have heard about China's slowing economy.
They raise their growth forecasts for China this year to 6.6% from the
last Testament of 6.5%, they say it is down to fiscal and monetary
stimulus. I spoke to the Assistant chief economist of a bank in Manila,
who told me that while the external environment in China remains weak,
growth continues to be driven by consumption, and he sees an uptake
in the amount of services contributing. He says there is an
easing of growth, but not a hard landing. They have kept their growth
estimates this year and next at 5.7%, they are basically saying it
is thanks to China and India, they are upsetting the slowdown
elsewhere. Projections for India were capped at 7.4%. Essentially,
they say that is down to the strong consumption and investment revival.
They warning huge possibility of an interest rate hike, which could undo
all that by disrupting capital flows and contemplating macroeconomic
management in the region. Thank you, Sharanjit.
Asian stock markets were mostly higher today -
Then OK was up, the Hang Seng was up just over 1%. The Dow close-down
almost 1%. Traders in Asia were following the US presidential debate
between Hillary Clinton and Donald Trump.
Let's look at European markets and it's worth noting the FTSE
closed down 1.3% yesterday, its worst one-day percentage decline
since late June when Britain voted to leave the European Union.
And Michelle Fleury has the details about what's ahead
There is plenty of economic data on housing and consumer confidence to
catch investors' attention this Tuesday. There is concern about the
underlying strength of the housing market, we will get a clearer
snapshot when standard pullers releases its home price index for
July. It looks prices in metropolitan areas and it is
expected to remain steady at 5.1%. A separate report is likely to show a
slight dip in consumer confidence in September. Nikkei reports
first-quarter results, the world's largest footwear maker is expected
to report a rise in revenue -- Nike reports. Sales at home have been
tepid but they continue to grow in Asia-Pacific.
Aviation negotiators will try to reach an agreement to limit future
aviation emissions at a conference in Montreal.
That is Michelle Fleury, who has had a very busy time. I spoke to her
about four hours ago about the big US debate.
Joining us is Michael Hewson, chief market analyst at CMC Markets.
Good to see you. Did you stay up all night and watch the debate, or had
he been soaking it up this morning? I've been soaking it up, as I was
waiting in the Green room, chewing on it. What did it tell us about the
candidate that we don't already know? Not very much. We have seen a
muted reaction and markets, slightly up, I don't know if that is more of
a result of the big declines yesterday than anything else.
Ultimately, the polls are neck and neck and I think they are likely to
remain that. Let's talk about Deutsche Bank, over
the weekend there was speculation about whether or not they would
receive state aid if they needed some. As I spoke to you earlier, he
said that is always dangerous, the minute simply says we will not help
them. Apps nobody had been asking the question. Shares were down
significantly yesterday, this morning they are up a little. I
would not treat too much into that. There significant parallels to 2008,
the Royal Bank of Scotland and concerns about bad bank. They
announced a rights issue in response to concerns about their fiscal
position. It is a similar situation at Deutsche Bank, the fine from the
US Department of Justice, $14 billion. Its market cap is 14.5
billion euros. So they could not meet that. They will not be able to
provide the full amount, they have only provided about 5 billion new
rose for various litigation cases currently under way. Mat about 5
billion euros. There were significant concerns about how they
would pay any fine. They are such a huge bug, it is so crucially
important, why do you think Angela Merkel has said they will not give
them state aid? I think it is more political. She has an election,
there is what is going on in Italy. Germany are insisted that Mr Renzi
does not bail out the Italian banks, so they cannot say that they will
bail out Deutsche Bank but they cannot bail out the Italian banks.
They are in a cul-de-sac of their own making. I like that phrase.
Michael, you will be back in around five minutes, we have more stories
to discuss with Michael, but we have lots more to come.
Still to come, cracking the code of entrepreneurial success!
Later in the programme we'll get the Inside Track on a business
which is giving a boost to London's whiz-kid programmers.
And now a look at some of the stories from around the UK
and the first shipment of US shale gas is arriving in Scotland.
A tanker is bringing ethane to the Grangemouth refinery,
run by the petrochemicals firm Ineos.
Victoria Fritz is by the Firth of Forth to see the tanker arrive.
Why are they shipping gas from the US?
And also are you warm enough? I'm very warm. Good morning to you
both. Good morning, Rachel, good morning, Sally. Well, you can just
see it. This is the boat arriving. It has made its stop at Grangemouth
Port just a little way up the river and it is now heading back out to
the ocean already. This is the very first shipment of US shale gas to
Scotland and the reason it is coming from the Atlantic is because there
is a moratorium on fracking in Scotland and despite a lot of
political discourse in England as well, there has yet to be a green
light when it comes to fracking in England either. So at the moment the
only place the company says it can get its shale gas it is from the
United States. It seems like a very big move, but they say the gas is
crucial for the health of the Grangemouth plant where it processes
pet tro chemicals used for the manufacturing of food packaging and
plastics that are used in bottles and pipes as well. So they say they
need this gas and if they have to go to the US to get it, that's where
they will go. At the same time, Victoria, it is
very controversial, isn't it? Many are arguing we shouldn't be going
down this road at all? Yeah, exactly. Some people are saying
perhaps this is the solution to our energy problem in the UK. Others are
saying that it sets a dangerous precedent. There have been reports
of environmental concerns over in the United States, things like
leaching of chemicals into the ground water system. Even earth
tremors as well. Now, there is tighter regulation that is proposed
around the industry in the UK than in the US. But lots of people saying
there is not the reserves here in the UK that there is in the US. So
until such time the reserves are proven, it seems that fracking here
in the UK is going to be on hold and we're still going to see more of
these tankers going back and forth across the oceans, well at least for
sometime to come. Victoria, we will you soon, probably
in the studio. Hopefully, a bit warmer.
Boohoo posted better results. Sales fuelled mainly by Sally Bundock!
Our top story, the two US have faced off in the first
Hillary Clinton attacked Donald Trump's policies on tax,
while the Republican candidate pointed to what he described
as the "economic devastation" that resulted from the North American
Free Trade Agreement signed by Bill Clinton.
Yes, two more debates to come. Yes, no more to say about that really,
now, is there? No! We have said enough. The markets
quite a different picture to yesterday. We're seeing upside for
most of the main markets in Europe. Germany closing down 2% on Monday.
So at the moment the DAX is up by a quarter of a percent. We were hoping
to show you figures, but we can't. They are all up across Europe.
And now let's get the inside track on Europe's tech sector.
It may contain some of the world's leading economies, but Europe is not
keeping up with countries like the US and China when it comes
So how can Europe help cultivate the next Google or Facebook?
Entrepreneur First is an accelerator company which helps high growth tech
The firm mainly takes talented individuals before
they have a team or an idea, spending six months with them to get
them to the point where they can take on serious seed funding.
The founders of Entrepreneur first have also set up Code First: Girls
which works on attracting more female talent to the programme.
Entrepreneur First were initially solely located in London
But they've just opened a new office in Singapore which hopes to emulate
Joining us now is Alice Bendinck, co-founder of Entrepreneur First.
Good morning. Good morning. Welcome to the programme. Thank you. Just
tell us how did this begin? Five years ago, if you looked at the kind
of people that were starting start-ups in London and in Europe in
general, it typically wasn't individuals with a technical
background. So in particular a computer science or engineering
background. Over the last five years we have tried to highlight the
founder of a start-up can be one of the most exciting career paths for
those with a technical background. If you look at many of the biggest
start-ups build in the US, if you think about Microsoft or Facebook or
Google, those founders come from computer science backgrounds
typically and typically what we were seeing in London was people with
computer science and engineering backgrounds were going to the
financial sector or more traditional companies. Why weren't they starting
start-ups then? If you look back five years ago, there wasn't really
an awareness that you could start up a start-up, straight out of
university or straight out of a couple of years in a job, there
wasn't really a culture around starting a start-up. Technology, it
is easier to start a start-up almost from your bedroom in terms of being
able to access millions of users with little capital to get started.
You set up Code First: Girls Because you felt there wasn't enough females
coming through. It starts on university campuses. Is that not too
late to reach girls who have given up maths and given up on sciences.
The issue with girls we go down the arts route. Is university not too
late, should you not be aiming for schools? We should be aiming for
schools, but it will be a decade before we see those young women
joining the workforce. Many of them come from arts backgrounds, history
or Spanish and they are not necessarily from these backgrounds,
but that doesn't mean they can't learn to you to programme and build
their own apps and own software. You don't need a maths background. If
you are one of these people who want to start something as it were, you
join your programme, Entrepreneur First, you're in this incubator for
six months. Talk us through how that works. What do you want from that
individual? Do they have to sign up? Do they have to pay? How does it
work. We take them before they have a team and before they have an idea.
We make an investment in their company. We invest in their company
as they go through the programme. We help them find a co-founder and
build their team around them. We help them build their first product.
You have got to believe in their company, whatever it is you think
they're going to start, you need to take that on board knowing it will
become a success? No, no, we take them just based on their individual
talent. We are looking at the quality of their technical skills
and founder skills. We are a company builder rather than a company
investor. Does that mean that you own part of what they create? Yes,
we do, yeah. We take 8% of the companies that come through and we
invest in them at two points during the programme. So how did you get
involved? You look very young to me. Has that been a barrier for you at
all or not? The tech industry is a relatively young industry. And I
suppose one of the things that I think helped me and my co-founder
and we see helped the people go through EF is naive optimism. Not
necessarily knowing how things are meant to work and what the status
quo are and saying things could be done differently, why are they done
this way? Some of our most successful companies have come from
that naive optimism where they don't know anything great. That's great. A
bit of naive couldn't meusm and we'll get to the cul-de-sac later!
Thank you for coming in, Alice. In a moment we'll take a look
through the Business Pages but first here's a quick reminder of how
to get in touch with us. Wep keep you up-to-date with the
latest news. And we want to hear from you too. Get involved on the
BBC Business Live web page at: On Twitter, we're at:
And you can find us on Facebook at: Business Live, on TV and online
whenever you need to know. Michael Hewson from CMC Markets
is joining us again to discuss. We want to look at this story we saw
about, my Mandarin maybe questionable. It is a Chinese hunger
for Australian foods. So people in for Australian foods. So people in
China are wanting products sold in Australia, baby milk, beauty
products, fashion items, this sort of thing, and they are commissioning
people in Australia, who are called the Daigou and they are buying the
products, charging 50% mark-up and shipping them to China and the
Australian Government said they think they are missing out on 1
billion in tax. This story speaks to Chinese tourists hunger for overseas
goods. It is cheaper to buy fashion goods, but also food stuffs overseas
because of import tariffs imposed by Chinese authorities. And also I
think there is, I think there is an issue of what I would call
authenticity, koufrt goods. Counterfeit goods. US manufacturers
in China manufacture typical brand names, but they are of a lesser
quality than the goods you get in Australia or Hong Kong. The Chinese
tourists go abroad and buy them and ship them back and the mark-up is
such that ultimately it still works out cheaper. And our shopping habits
are changing and a lot is down to Amazon. Sainsbury's one hour
delivery service on a bike trying to compete with Amazon. We have had a
lot of viewers come in with their tweets. Tell us about this, Michael.
It is a one hour delivery service. Shoppers can order 20 items to be
delivered within an hour. Sainsbury's are going back to the
future with this. They last made deliveries on a bike 130 years ago
this. Is trying to kate tore a need that's not there. They are trying to
take on Amazon. We are talking about fresh fruit and vegetables. I don't
know about you, but me, I like to feel the fruit and veg before I buy
it. And smell it! Catering to a need that's not there. Agree with that
Michael. Emmanuel says, "One day delivery, that's his favourite thing
all the way. ." Thank you for watching. We will see you again
tomorrow. Bye-bye. Hello some sunshine on offer across
the northern half