04/10/2016 BBC Business Live


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This is Business Live from BBC News with Ben Thompson and Sally Bundock.


Investors are looking for continuity. Bilby Central bank boss


to liver? Live from London, that's our top


story on Tuesday 4th October. India is a glimmer of hope


in an uncertain global economy. We'll find out what's at stake


when the central-bank governor It's quintessentially British,


but it's got a new Asian owner. Cath Kidston is snapped up by a Hong


Kong investment firm for $320m. And we'll have the latest


from the markets as sterling It's now below the lowest point seen


immediately after the But that's prompted the Ftse to open


above 7,000 for the first We meet the man who says


getting a new job is all about finding the perfect match


for employers and employees. Have you used social media


to help you find a job, or do you prefer the


old-fashioned methods? Any job offers for us, use the


hashtag! We do come as a pair! You get both of us, too for the price of


one! We're starting today in India,


where it's a big day for what is the world's


fastest-growing major economy. The newly-appointed boss


of its powerful central bank is getting ready to make his first


policy decision since taking office. That will happen in a few hours,


and it will be closely watched. That's because, as global growth


stalls, India is seen as one of the few bright spots


in an otherwise gloomy picture. In 2015, the Indian economy grew


by 7.6% and now outstrips its great One of the factors behind India's


development is the country's On average, India's population


continues to get younger By 2050, the UN says it


will have a working-age population of 1.1 billion people,


that's over four times the size of the combined


North American workforce. India may have cured the problem


of runaway inflation, but concerns still remain that


India's banks have bad debts, and that Prime Minister Narendra


Modi's reform programme Russ Mould is with me now,


he is investment director Then outlined some of the issues,


but India is an enormous country with a huge population, there is so


much going on. In terms of the central bank, will we see no change


in rates? There is a strong feeling that if the new governor does not


move today, there will be a cut in December. It is not just his


decision now. We have got a six person committee deciding when --


what the rates will be. That is interesting, because the previous


central bank governor was seen as a rock star governor. Very


opinionated! He did not line up with the reform programme. Disagreement


there. What about this committee? It is not just about his choice. The


previous governor only serve one term. Mr Patel was his deputy, so


there is a degree of continuity. The other five governors have been hand


packed by the administration, but the governor had the casting vote.


There is some consistency, but Rajan was a loose cannon anyway. We have


had two cuts in the last year and a bit, when disconnect could come?


Inflation is pretty much bang on the target. I talked about a glimmer of


hope, when it comes to India, the economic picture is very different.


7% growth. It is a different prop. For the central bank, it is trying


to manage the growth and manage the growing population in a way that


other economies are. India ranked 130th in the ease of business


report, right down there with... You not surrounded by economic


luminaries. There are big challenges, which monetary policy


will not be able to X on its own. How far can the reform programme be


pushed? There have been some knobs and buttons on the way. The new boss


of the reserve bank of Australia, his job today, they kept rates on


hold there, but as all of these new chiefs, into play, there is a big


debate about central bank action worldwide. He has a massive job on


his hands, Glenn Stevens was not the rock star, but he saw 100


consecutive quarters of GDP growth, so the newcomer has a big act to


follow. No change there, but they are pricing in a rate cut within 12


months. The fact we are talking about rate cuts is interesting, I


was at a conference last week, somebody said there have been over


670 cuts since 2008. Worldwide. Not just in Australia! We still talking


about more and are still complaining about slow growth, things not


meeting their so there is a debate, can monitor plus seat do it on its


own? So that is why we look to for more fiscal stimulus. When we hear


from the reserve bank of India, we will update you.


I know you love a story about central banks. Someone has two!


Tech giant Google is expected to launch two new smartphones later.


Reports say that the Nexus smartphones will be replaced


with the Pixel and Pixel XL, which will have more-powerful


processors, better cameras and extended battery life.


The launch event will take place in San Francisco.


Google is also expected to launch a device to manage systems


Samsung might be known for TVs and smartphones, but its push


It's hoping to raise around $2 billion in what could be


South Korea's third-largest ever public listing.


The share sale will fund new research and help boost capacity.


It comes as the firm's electronics division faces the mounting cost


of recalling millions of Galaxy Note 7 smartphones over safety fears.


There's been a setback for Republican Presidential


His charitable foundation has been ordered to stop fundraising


by New York's Attorney-General, who says it isn't


A spokeswoman for Mr Trump says the move is politically motivated,


since the Attorney-General is a Democrat.


But it comes as Mr Trump grapples to regain ground


after a New York Times report suggested he may have avoided paying


Our page is dominated to a degree by what the pound sterling is doing and


what the FTSE 100 is doing. This chart is of the pound sliding to a


31 year low earlier today. As low as $1 27. This is off the back of


concern about how this economy will fare once we have left the EU.


Whether it is a hard or soft Brexit. From Ericsson, telling Swedish


television that it will cut between three and 4000 jobs as part of its


$1 billion global cost-cutting programme. The company has about


116,000 staff right around the world, 15,000 of them are in Sweden.


Reports coming in two 4000 jobs could go at Ericsson.


Cath Kidston, the brand famous for its floral


The British firm has 70% of its stores outside


the UK, and is now eyeing big global expansion.


Sarah Toms has the details from Singapore, because the new owner


Yes, the company sells accessories and homeware, and it will expand in


Asia. It has been taken over by a Hong Kong-based investment firm.


Baring Private Equity paid an undisclosed sum, and it has


identified Asia as the key market. 70% of the shops are outside the UK,


and it already has 133 shops in Asia. It will be opening some -- one


in India later this year. The firm took a stake in the company, seeing


the potential for 100 stores in China, and the website at the moment


only list one store in China. A city about 60 miles west of Shanghai. We


might see some more cropping up in the not so distant future. One we


will talk about a game soon. You saw some of the numbers there on


the screen. A slightly stronger session, especially in Tokyo, backs


to the rally from the banks. The weaker currency giving a boost to


exporters. The pound has taken another turn


for the worse. That's below the low point it hit


immediately after the result of the EU referendum and the lowest


level against the dollar since 1985. Deutsche Bank's shares back


in the spotlight again today after the rally on Friday that saw


a 14% swing in the share price. It swung the other way on those


incorrect report. It saw some big moves last week. We


will talk about that again. Republican Vice President shall


nominate Mike pence and Tim Kane will hold their first and only


debate at Longwood University in Virginia. It will be divided into


nine segments, of approximately ten minutes each. International trade is


likely to come up. While many tech businesses are migrating to the


cloud, it seems Google is going the other way. They will be unveiling


new devices at a San Francisco event, where it will launch the


first smartphone that carries its first smartphone that carries its


own brand. It is also likely to show off a home gadget that compete with


Amazon's capital letter macro echo. Brazil's industrial data will show a


drop of more than 3%. A decrease in car output is fuelling expectations


the economy will not return to growth until the fourth quarter.


Joining us is Tom Stephenson, who is director at Fidelity


Give us your take on the pound sinking again and the FTSE 100


rising, closing above 7000 for the first time in quite some time. They


tend to move in opposite directions, because the FTSE 100 is a big


international index with a lot of exporters and overseas earners, so


as the pound weakens, and we are seeing it at its lowest since the


mid-19 80s against the dollar, that is quite good news for big UK


companies. I am not surprised to see the foot to 100 up, but it is close


to its all-time high, just over 7100, so we are within 40 or 50


points of that. A lot of people on both sides of the Brexit camp will


seize on this, because some say the market is doing well, but there has


been a massive devaluation of sterling, which makes things look


better. There is lots to worry about, and that is why the pound


sterling has fallen. We had this phoney war situation over the


summer, when things have looked OK and people have pretended there is


not a problem, but just naming the date, is to reason may did, has


reminded people that from next March we have got a two-year period in


which we have to rearrange our whole ownership with Europe, that will be


very tight, and a lot of uncertainty. For small businesses


exporting and importing, managing the next couple of years with


sterling all over the place will be a headache. There are winners and


losers. If you are importing goods, you are a retailer, it is a problem,


because things become much more expensive as the pound weakens.


There are definitely winners and losers. We will see you soon, some


interesting stories to talk to you about later.


Keep your comments come again about whether you have used social media.


Lucy says most of her work came via Twitter. Roman, I found a job


through a social network, better help has I had a friend who works at


Facebook. Let us know whether you have used social media to find a


job. We meet the man who wants to change


the way we find and apply for jobs. And it's all about finding


your perfect match. You're with Business Live from BBC


News. Cake and sausage-roll giant Greggs


has its figures out this But they are going into more


healthier options. I don't see this. Andrew, the point


of somewhere like there is you can get the pie or pasty or lunch, but


they say that the future is healthy snacks.


Indeed, the phrase they use is "Balances choices options." They


have been doing salads and yoghurts and they have launched their autumn


and winter options which will include a lot of bakes and soups,


but the idea is lower calorie and more, if you like, healthy choices.


The company says that it is very much been trading in line with


expectations. Sales, total sales over the 13 weeks to the beginning


of October up 5.6%. Like for like sales up 2.8%. A programme of shop


openings going ahead, 103 so far this year with 58 closures. So


clearly, the business is on a plan of expansion. Interesting to look at


what happened to the share price since the referendum. Greggs, unlike


some of those companies you were talking about now, is very much a UK


consumer focussed company and there were concerns that the referendum


result might hit consumer confidence and here we have the share price


falling sharply in the aftermath of the vote. When those concerns about


consumer confidence turned out to have no foundation so far, or little


foundation so far, share prices recovered and we're almost up to the


prereferendum levels of Greggs shares. Thank you very much indeed.


Andrew Walker there from our business unit who when he arrived


this morning, his backpack was full of fresh fruit. Into sign of any


pasties. Not a sausage roll. There is a lot of quotes on our


website from Prime Minister, Theresa May.


Talking in more detail about the approach to Brexit talks. Every


singing comment is being dissected. I loved her comments to the show


this morning, asked what's the biggest surprise was as a new Prime


Minister. What she was surprised by the job? Well, apparently it is the


number of selfies. No one asked her when she was Home Secretary!


India's Central Bank boss is getting ready to make his first


major policy decision since his recent appointment.


Investors will be watching for clues about the future


direction of the world's fastest-growing major economy.


A quick look at how markets are faring.


The FTSE 100 stealing the headlines. Still above 7,000. Opened above


7,000 for the first time in many months. A very weak pound causing


shares to go higher. So as the exchange rate falls as the


pound weakens, you can see the FTSE 100 strengthen there. Up 1%.


Now, ever fancied a change of career?


But don't really know where to start the job hunt?


Well, our next guest says it's not just about your would-be


The jobs website Jobbio says it's a career marketplace.


Each company it hosts has a profile page where it


Jobseekers then can connect with a company by following them


opening up a two-way channel for both parties to "get


Currently Jobbio has 3,000 companies using its platform including eBay,


Airbnb, and Intel and operates in the US, UK and Ireland.


Jobbio is hoping to double its workforce in the next year


And US while also opening a Toronto hub.


And it has just attracted new investment to the tune


of $5.6million that will be used to expand the site,


take on more staff and grow overseas.


Stephen Quinn, founder and Chief Executive


Your brother John, who can't be with us today is the other founder,


isn't? He is indeed. He just became a dad. Is he watching? A two week


old baby. Tell us about the website. You started this not long ago, I


believe last year in Dublin and there are hundreds of recruitment


websites out there. Why did you think it would be a good idea? I


suppose when you look at space, there is lots going on, but actually


the old world mechanisms are being used by companies on recruitment


fees, a cost centre for businesses and we want to democratise the


process. People should be able to look for a job and for a company to


discover the right fit for them. It is about finding an employer that


likes you and an employer you like. It is a two-way process. It sounds


good in theory, how does it work in practise? Well, we did a lot of


research into what people are looking for when they go to find a


career that suits them. It is less about salary and more about ambition


and career and you know the people they're working with, what they are


doing day-to-day, where career progression and things like that and


Jobbio allows you to show case your business in a way that can attract


the most relevant person to the company. What is it in the firm? If


you are getting the right person then turn over becomes less of a


problem. If you get to market your brand to attract the right person to


the role then a better fit often happens. Tell us how you make money?


You mentioned that the high recruitment fees put employers off?


Of course, yes. So it is a platform, it is a service model, you pay an


annual subscription, you can start for as little as ?600 up to, it


depends how many people you're connecting to. We don't charge for


hire or job postings so you pay a fee to be on the platform, represent


your company and the more people you connect to, the more you pay. The


most companies you're working with at the moment are technology


companies, but you've got a few in the leisure industry like big


hotels? Yeah, the hospitality space and the technology space are the two


took to us the quickest. They have more to show case, they are hiring,


I suppose, both areas that are exploding. That's where the jobs


are, that's where we're seeing it. An Irish business. I'm interested in


your take on Brexit. We are talking about Theresa May setting a


timetable now for when things might start happening. What does it mean


for the jobs market and the number of people coming to the UK? We are


all learning, but it is an economic reality now. The previous guest say


there is a date in the diary now, the questions have ramped up for


Theresa May apart from selfies, we are driven by our companies. Our


customers are posting roles in countries across the world. They are


still doing that and that hadn't changed. The funding to expand, you


got after the Brexit vote? Just after it. It didn't change the


investors minds. We're largely focussed on London. A lot of that


funding, a lot of that investment will be in the UK. So that's very


exciting. Interesting. Thank you very much indeed, Stephen for coming


in. Thank you for having me. 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. The Business Live page


is where you can stay ahead with all the day's


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


with the latest details with insight and analysis from the BBC's team


of editors right around the world Get involved on the BBC


Business Live web page at: And you can find us


on Facebook at: Business Live on TV and online


whenever you need to know. We asked you if you would use social


media or the internet to get a job. A viewer says we have used social


media to recruit. Another viewer says, "I prefer to use the old


methods." Handwritten with an ink pen.


Tom Stephenson, Director at Fidelity Worldwide Investment joins us again.


How did you apply for your jobs? I never used social media. A nice


fountain pen. Is there a feeling that it is still the old boys


network, it is a friend of a friend is that how it works? I look at the


quality of the graduates we get in our business and I can't believe how


good they are. They are more impressive than people of my


generation! It is true, it is still true nonetheless that it is helpful


to know the right people to get that foot in the door. That's key. I


would agree with you on that one. Let's have a look at this story


which is really interesting. There has been the launch of the movie


that covers the Deepwater Horizon disaster, BP's incredible oil spill


of some years ago. I remember it well, so do you Ben, we covered it


every twist and turn. It was a great story. This is suggesting about


whether Hollywood, it loves to portray big business, but bash


capitalism because it is an easy whipping boy, sometimes. Well, it is


and we have seen lots of films over the years that bashed big business.


This has a combination of big business and the sort of towering


inferno disaster movie as well. If you can put those two together,


that's an attractive proposition because the trouble with a lot of


these films about the financial disaster, it is difficult to


explain, but when an oil rig is going up in flames, that's not


difficult to explain. It is great film making. On this article, as


well, it has the trailer from The Big Short and I think about the


Steve Jobs film as well. There is so many films that are about


significant stories in business. Tom, thank you for coming in today.


Thank you for your company. Tomorrow, Sally and I will be back


unless you want to send us a job. See you soon. Bye-bye.


Hello there. Good morning. Our weather in just a moment. First of


all an update an Hurricane Matthew sitting out in the Caribbean heading




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