:00:00. > :00:17.The world's most powerful central bank is now predicting three
:00:18. > :00:21.rate rises next year - instead of two.
:00:22. > :00:25.We'll assess the impact on America and the world.
:00:26. > :00:30.Hackers steal data from more than a billion Yahoo accounts.
:00:31. > :00:37.We'll get the latest from Washington.
:00:38. > :00:40.The US dollar headed higher, but the stock market didn't
:00:41. > :00:42.like the sound of last night's statement and press
:00:43. > :00:46.The Dow - which has been flirting with hitting
:00:47. > :00:53.In the UK - the Bank of England meets with interest rates
:00:54. > :01:10.Would you give up this lovely looking cooked breakfast for this?
:01:11. > :01:11.How old a cup. It promises to give you all the proteins, carbohydrates
:01:12. > :01:13.and facts you need. We'll meet the man who says this
:01:14. > :01:16.is the meal of the future. And so we want to know -
:01:17. > :01:19.would you swap real food Or do you just enjoy
:01:20. > :01:22.eating too much? We start with US interest rates -
:01:23. > :01:34.because America's Central Bank, the Federal Reserve,
:01:35. > :01:37.has raised the cost of borrowing. Nearly everyone predicted
:01:38. > :01:43.that would happen. What wasn't expected though
:01:44. > :01:46.was the strong signal from the Fed that rates will be going up faster -
:01:47. > :01:49.and higher - than many That's rattled stock markets
:01:50. > :01:52.and boosted the dollar. Higher rates will have a knock
:01:53. > :02:00.on effect around the world. And what wasn't said -
:02:01. > :02:04.but was strongly implied - was the impact the economic plans
:02:05. > :02:08.of President-elect Trump could have. Well, the Fed raised its main
:02:09. > :02:22.interest rate by 0.25%. The Fed is now predicting three
:02:23. > :02:25.rate rises next year - instead of two previously
:02:26. > :02:29.anticipated. And three more a year
:02:30. > :02:35.for the following two years - so that borrowing costs will hit
:02:36. > :02:37.3% by 2019. Again - that's higher
:02:38. > :02:39.than its previous predictions. Well - it wasn't spelled out -
:02:40. > :02:43.but there were strong hints it's His plans for lower taxes and more
:02:44. > :02:47.spending which should boost the economy and push
:02:48. > :02:52.up inflation. Joining us is Nandini Ramakrishnan,
:02:53. > :03:02.Global Market Strategist at J.P. Markets having a chance to react to
:03:03. > :03:07.this, the Dow not being able to hit those highs. What did major
:03:08. > :03:12.makeover? Broadly speaking we saw Asian markets taking their cue from
:03:13. > :03:15.Wall Street. Many Asian economies are badly affected, negatively
:03:16. > :03:20.affected when US interest rates go up, because over the last eight
:03:21. > :03:26.years old a decade or so, Asia has really benefited from this era of
:03:27. > :03:28.cheap money. Now it looks like the US is going to start raising
:03:29. > :03:33.interest rates not just today but over the next couple of years. That
:03:34. > :03:36.means Asian companies have to wean themselves off this addiction and
:03:37. > :03:48.that's going to be very painful. Good stuff, thank you.
:03:49. > :03:57.We heard that the reaction in Asia, quite mixed. Japan was slightly up
:03:58. > :04:01.because the yen is so weak compared to the dollar, but other emerging
:04:02. > :04:06.markets, other countries that rely on the US dollar investment and so
:04:07. > :04:12.on it's quite difficult? Yes, tough for emerging markets relying on the
:04:13. > :04:15.US dollar debt or a high strong dollar, which pulls the money,
:04:16. > :04:19.strengthens the dollar, it's tough for emerging markets to deal with
:04:20. > :04:23.that. But this is just one of the few issues facing emerging markets
:04:24. > :04:28.and it depends between which emerging markets are looking at.
:04:29. > :04:33.Some weaker than others. The European markets, pretty mixed. Most
:04:34. > :04:40.people seem to be a bit fazed by what was said at the press
:04:41. > :04:46.conference. The interest rate Reich happened, the and for next it's one
:04:47. > :04:50.more than what we anticipated at previous meetings. That is a bit of
:04:51. > :04:57.a faster pace. I think the overall perception of markets is this is a
:04:58. > :05:00.Fed taking a higher growth in the US economy and can justify the fact the
:05:01. > :05:04.US economy is strong enough to handle it. They are looking for two
:05:05. > :05:09.things, better unemployment rates, the better, and inflation, which is
:05:10. > :05:13.now starting to go up. It looks like we are in a good place for the US
:05:14. > :05:17.economy. What does it say about the diverging policies of Europe and the
:05:18. > :05:22.US? America with rates going up more quickly and higher than we thought
:05:23. > :05:26.before and Europe stuck in this era of record low interest rates and no
:05:27. > :05:31.sign they could even start thinking about raising? Very much that
:05:32. > :05:34.morning trade policy diverging. The Fed starting to dig up a bit in the
:05:35. > :05:38.US and Europe it seems like a ultralow interest rates very long
:05:39. > :05:42.time. That's because the ECB are trying to get growth as much as
:05:43. > :05:45.possible stimulated in the Eurozone and European economies, especially
:05:46. > :05:49.have elections coming up. What about have elections coming up. What about
:05:50. > :05:52.the Bank of England? We have the central bank meeting here in the UK
:05:53. > :05:56.today. What is Mark Carney thinking with all this going on? The
:05:57. > :06:02.expectation is for no change in the interest rates in the UK as of yet.
:06:03. > :06:06.So much uncertainty regarding Brexit, and the negotiations next
:06:07. > :06:10.year indicating that should be a stable approach taken before next
:06:11. > :06:16.year. Thank you. We will later get your take on shakes against the real
:06:17. > :06:20.stuff! We will but all this discussion of America, we should
:06:21. > :06:22.check in on what is happening stateside. All the details from New
:06:23. > :06:24.York. The consumer price index, or CPI,
:06:25. > :06:26.measures changes in the price of a collection of consumer goods
:06:27. > :06:28.and services purchased On Thursday, fresh numbers
:06:29. > :06:40.from the US Labor Department are expected to show that the CPI
:06:41. > :06:43.rose 02% in the month of November. QuadComputing is the name
:06:44. > :06:46.of the game for two companies Photoshop maker Adobe Systems
:06:47. > :06:54.is seeing an increase in user growth, because of its Cloud
:06:55. > :06:55.subscription services Also reporting is Oracle,
:06:56. > :06:58.and investors are expecting a slight rise in revenue,
:06:59. > :07:01.as strength in its growing Cloud business outgrew weakness in its
:07:02. > :07:11.traditional software offerings. That was the Mir Hussein in New York
:07:12. > :07:14.for us. President-elect Donald Trump hosted
:07:15. > :07:17.some of Silicon Valley's top bosses The meeting was called to clear
:07:18. > :07:21.the air after many of them backed rival Hilary Clinton
:07:22. > :07:23.in the recent US elections. The meeting focused mainly
:07:24. > :07:25.on economic issues, including job creation,
:07:26. > :07:26.lowering taxes and Greek Prime Minister Alexis Tsipras
:07:27. > :07:34.has refused to back down over his plans to give poor Greek
:07:35. > :07:38.pensioners a pre-Christmas bonus. A government official says
:07:39. > :07:40.Mr Tsipras will ask parliament It will cost Greece
:07:41. > :07:51.around 620 million euros have suspended their recently agreed
:07:52. > :08:07.debt-relief plan for Greece saying Another story I would imagine if you
:08:08. > :08:11.are a Yahoo account holder is the story that emerged yesterday about
:08:12. > :08:15.Yahoo admitting to 1 billion user accounts possibly being affected by
:08:16. > :08:20.a hacking attack dating back to 2013. This is on top of the breach
:08:21. > :08:25.they told us about a little while ago, which was 500 million accounts
:08:26. > :08:29.back in 2014. So many are asking the question, what on earth is going on
:08:30. > :08:35.at Yahoo? There is a lot of analysis on our website, as you can see.
:08:36. > :08:38.Yahoo saying names, passwords and e-mail addresses were stolen but
:08:39. > :08:44.crucially says not bank or payment data. But all raising big questions
:08:45. > :08:49.about Verizon, the telecoms giant who are proposing to buy Yahoo for
:08:50. > :08:51.$4.8 billion. Big questions about whether it will want to do that,
:08:52. > :08:53.given this massive data breach. There's a stark warning today
:08:54. > :08:56.about the impact of Brexit A parliamentary committee is warning
:08:57. > :08:59.that Britain will need a 'transitional period' once it
:09:00. > :09:02.leaves the EU - so that financial firms don't face what it calls
:09:03. > :09:05.a 'cliff edge' that pushes them The report is by the House of Lords
:09:06. > :09:13.EU Financial Affairs Sub-Committee, and its chair Baroness Falkner of
:09:14. > :09:20.Margravine. She is with us now. Very nice to see
:09:21. > :09:24.you. Thank you for joining us. Talk us through this. We heard so much
:09:25. > :09:28.debate about what will happen after Brexit, how long it will take and
:09:29. > :09:31.what shape business will be in. What are you most worried about? I think
:09:32. > :09:36.we are really worried about this cliff edge. That we come to the end
:09:37. > :09:43.of the two year period, there isn't a fresh deal on the table, and we
:09:44. > :09:46.are suddenly in a situation where businesses who have planned already
:09:47. > :09:52.to relocate or to move their business models, change their
:09:53. > :09:56.business models, are affected by the uncertainty. And because the
:09:57. > :10:01.financial services sector, as well as the regulators, want an orderly
:10:02. > :10:07.transition, it would be the worst thing. The other thing we are
:10:08. > :10:10.worried about is whether the skill set the financial services sector
:10:11. > :10:15.needs would be available to them if there is no freedom of movement of
:10:16. > :10:19.people between the EU and the United Kingdom, as well as from outside. We
:10:20. > :10:23.were told in the evidence it was really important that the government
:10:24. > :10:27.FastTrack and have a good robust system for allowing companies to
:10:28. > :10:32.move people around. Are you arguing there needs to be a special deal,
:10:33. > :10:38.for the City of London? I think we are not necessarily arguing for a
:10:39. > :10:43.special deal for the city of London, we are saying this is an ecosystem,
:10:44. > :10:52.it exists and there are a lot of jobs at stake, several million, that
:10:53. > :10:56.are relying on other businesses. One of the things you point out in
:10:57. > :10:59.Europe report is if the worst case scenario comes into effect, New York
:11:00. > :11:04.will be the winner, not Paris, Frankfurt or London. Do you think
:11:05. > :11:08.that will scare the EU negotiators into action, therefore they will
:11:09. > :11:13.come to some kind of compromise agreement? I think it became pretty
:11:14. > :11:17.apparent to us that the size and depth and liquidity of London
:11:18. > :11:21.couldn't be replicated very easily in a two year framework anywhere
:11:22. > :11:24.else. It is the well's 's biggest financial centre. The next biggest
:11:25. > :11:28.is New York. The logic of it dictates a lot of business will go
:11:29. > :11:34.to New York. We hope that there will be more pragmatism once the
:11:35. > :11:37.government lays out its White Paper, it strategic plan in terms of what
:11:38. > :11:46.it wants. We hope then people will be able to see the United Kingdom
:11:47. > :11:50.and the City of London is important and they will realise. But is an
:11:51. > :11:57.important point to make, the European Union countries, consumers,
:11:58. > :12:01.businesses, rely on London as much as United Kingdom businesses do. OK,
:12:02. > :12:09.we have to leave it there unfortunately. Thank you for joining
:12:10. > :12:14.us. A report being presented today. Still to come, is this the food of
:12:15. > :12:17.the future? We will meet the man who says he has invented the right mix
:12:18. > :12:28.of everything you need to live in powdered form. This is Business Live
:12:29. > :12:32.from BBC News. The online takeaway service called just eat has sunk its
:12:33. > :12:38.teeth into rival hungry house. It is paying ?240 million to buy the firm.
:12:39. > :12:40.It comes as the take-away delivery market is hotting up
:12:41. > :12:43.in the UK, with competition from the likes of
:12:44. > :12:46.Theo Leggett is in the Business Newsroom.
:12:47. > :12:52.The competition is hotting up, but sometimes the food is not very hot
:12:53. > :12:55.when it is delivered? I was just wondering how many bad puns we could
:12:56. > :13:01.get in that introduction. I was going to say myself this is a case
:13:02. > :13:04.of Just Eat gobbling up its main rivals. Just Eat is an Internet
:13:05. > :13:08.-based service where you can type in your postcode and it will connect
:13:09. > :13:12.you with takeaway restaurants in your area, categorised according to
:13:13. > :13:15.what you want, if you want to eat Chinese, a curry or pizza and those
:13:16. > :13:19.companies will deliver to your area and their menus will be on the
:13:20. > :13:22.website. It has proved rather successful. The company floated just
:13:23. > :13:33.a couple of years ago and it seems investors this morning are quite
:13:34. > :13:36.happy with what they are hearing about its potential takeover of
:13:37. > :13:38.HungryHouse. The share price is up 5.5%. Why is that? Quite simply
:13:39. > :13:41.because HungryHouse is a very similar sort of operation and by
:13:42. > :13:44.taking over HungryHouse, Just Eat not only increases its own scale but
:13:45. > :13:50.gets rid of arrival as well. Thank you. Interesting story there that's
:13:51. > :13:55.unveiling. Now, we have a lot more on our website, as I keep saying.
:13:56. > :13:58.The go-ahead group warning the performance of the rail division is
:13:59. > :14:03.slightly below its estimates, just what you want to hear when we are in
:14:04. > :14:10.the thick of the Southern rail scenario. Lots of stories about
:14:11. > :14:14.disruption for Christmas travel. We will talk about the worst excuses
:14:15. > :14:17.from travel firms later, when they talk about the inconvenience, which
:14:18. > :14:23.is code for them not running a service.
:14:24. > :14:26.This is another interesting one, JD sports launches investigation into
:14:27. > :14:30.working conditions. A very hot topic in the UK at the moment. It said it
:14:31. > :14:34.will launch an investigation into conditions at its Kingsway will
:14:35. > :14:38.warehouse in Rochdale after staff told a Channel 4 News undercover
:14:39. > :14:42.investigation it was worse than a prison. This has been an issue for
:14:43. > :14:46.Sports Direct as well, very much in focus at the moment. That is on our
:14:47. > :14:53.website as well. Lots of stories from various companies there. When
:14:54. > :14:57.you have a chance, take a look. The page is constantly updated and all
:14:58. > :15:05.the latest reaction to news from the US Fed.
:15:06. > :15:12.Our top story: markets around the world in Asia and Europe reacts to
:15:13. > :15:20.the news from the Federal reserve in the US. Interest rates went up. It
:15:21. > :15:25.is what Janet Yellin had to say which spooked investors a bit.
:15:26. > :15:29.Markets are a little concerned they did not see the three extra rate
:15:30. > :15:34.rises coming. They were not quite sure what would happen over the
:15:35. > :15:41.coming year. In Asia we saw losses on many markets because their
:15:42. > :15:44.currency is at an all-time low. Many currencies based in places like
:15:45. > :15:50.Malaysia, the Philippines and Thailand have debts in US dollars.
:15:51. > :15:58.As the US dollar goes up in value, debt repayments climb. Markets in
:15:59. > :16:06.Asia hit hard by the news. It is breakfast time in many parts of the
:16:07. > :16:17.world. You may be tired of eating real food. Apparently you are in
:16:18. > :16:24.luck. UK based Huel makes powdered meals to meet your daily
:16:25. > :16:29.requirements. In 18 months it sold more than three and a half million
:16:30. > :16:35.males in more than 50 countries around the world. What is in it? I
:16:36. > :16:39.very long list. Oats, sunflower seeds, flax seeds, Brown rice
:16:40. > :16:45.proteins plus a lot less natural sounding ingredients. We will talk
:16:46. > :16:50.about that in a minute. All ground into a powder. This is a busy
:16:51. > :16:55.market. We have competitors you may have heard. They say they replace
:16:56. > :17:06.meals as other innovators developing substitutes will meet, milk and egg.
:17:07. > :17:10.Is this the food of the future? We have been playing with these all
:17:11. > :17:19.morning. The Christmas pudding shake is not the one we have here.
:17:20. > :17:24.Interesting. Just talk us through how this came about. It is not the
:17:25. > :17:30.first. A lot of people swear by this. It does mean they don't have
:17:31. > :17:34.to eat real food. I had a previous fitness business. At that I was
:17:35. > :17:41.cooking my food from scratch every day. I lost a lot of body fat and my
:17:42. > :17:45.friends wanted to replicate that. I weighing all of my food to know how
:17:46. > :17:52.many calories I was in taking every day. That is quite difficult to do.
:17:53. > :18:00.I was using protein shakes. They don't contain all the nutrients you
:18:01. > :18:05.need. We put in the carbs, the facts and the micronutrients. It is all in
:18:06. > :18:12.a single product and says a lot of time. All you do is drink this or
:18:13. > :18:19.eat it, depending on the constituent -- consistency. The way I use it is
:18:20. > :18:26.I have for breakfast, lunch and then have a traditional family meal in
:18:27. > :18:37.the evenings. Then we'll have some. Do I need to shake it? No. I prefer
:18:38. > :18:40.that to the Christmas pudding one. Some of the ingredients are
:18:41. > :18:51.technologically altered. You have a lot of sugars in there. They have
:18:52. > :18:56.artificial sweeteners. That is artificial. It is not natural. The
:18:57. > :19:06.trend is to go back to nature. It is all about full fat milk. It is 95%
:19:07. > :19:11.natural and 5%. We rely on science for everything. If we went to the
:19:12. > :19:17.doctors, medicines are not natural. We put natural things in our body
:19:18. > :19:27.all the time. Science gets us to the moon and back. Science can do a lot.
:19:28. > :19:34.Does this slide in the face of the moons thing? There are some crazy
:19:35. > :19:40.things on here I do recognise. We take red. We have 31 ingredients on
:19:41. > :19:47.the top. We have 26 essential vitamins and minerals was to impress
:19:48. > :19:55.are 21 ingredients. That is baked. It is more process than Huel. What
:19:56. > :20:03.is a vanilla flavour system? It is a flavour sweetener. You are not going
:20:04. > :20:08.through health food shops or anything. You are wanting to launch
:20:09. > :20:16.in the US. That would be quite a tough market, wouldn't it? We get
:20:17. > :20:22.e-mails constantly. On social media we get people asking, when EU coming
:20:23. > :20:27.to America? This is made down in Devon. We ship the ingredients in
:20:28. > :20:32.from where they come from. It is blended in Devon, packaged in Devon
:20:33. > :20:36.and sent out from Peterborough. Who is your ideal customer question what
:20:37. > :20:40.we thought it was going to be people in office environments. You do not
:20:41. > :20:46.have access to the kitchen and you go out and grab a summer job bring
:20:47. > :20:50.something in. The same for breakfast. -- a sandwich it is
:20:51. > :20:59.people who don't have access to a kitchen like a lorry driver. An
:21:00. > :21:05.ambulance man. Are you going to have these at service stations? A man in
:21:06. > :21:11.the Army put four stone on since he became a lorry driver. He has gone
:21:12. > :21:19.on to Huel and he has lost weight. Quite a few tweets. I have a shape
:21:20. > :21:25.for breakfast every morning. At the same time, Glenn says, food should
:21:26. > :21:31.be textured and enjoyable and not pulverised Marsh. Maybe Glenn is not
:21:32. > :21:38.your ideal customer. We do have a bar now. We will send back to Glenn.
:21:39. > :21:39.Thank you for coming in. Thank you for bringing in the Christmas
:21:40. > :21:43.pudding one. The internet giant Yahoo says it's
:21:44. > :21:45.working with police to investigate a large scale hack which may have
:21:46. > :21:48.affected one billion The company says names,
:21:49. > :21:51.phone numbers, passwords and email addresses have been stolen
:21:52. > :21:53.during the attack which Here's our Washington
:21:54. > :22:10.reporter Laura Bicker. Other companies have been hacked
:22:11. > :22:13.that year who could have suffered a record-breaking information breach
:22:14. > :22:18.for the second time. It has taken over three years to discover it. A
:22:19. > :22:28.few months ago the company announced a million accounts have been hacked.
:22:29. > :22:35.Now that was another data breach dating back to 2013. They don't
:22:36. > :22:39.think bank or payment card data was stolen. The company believes a
:22:40. > :22:45.state-sponsored actor is to blame that they will not say which
:22:46. > :22:50.country. This is the latest setback for Yahoo. An internet pioneer which
:22:51. > :22:59.has fallen on hard times. It may affect a deal with Verizon, which
:23:00. > :23:02.aims to buy Yahoo. Account holders are being urged to reset their
:23:03. > :23:11.passwords while the FBI investigates.
:23:12. > :23:19.You tried that shake, didn't you? What do you reckon? I liked it. It
:23:20. > :23:22.was mixed with fresh banana and almond milk. People in the City of
:23:23. > :23:29.London will grab something like that on their way make something quickly
:23:30. > :23:32.at home. It seems to be about the convenience factor. Lloyds of London
:23:33. > :23:39.is to establish EU based in the New Year. It is quite interesting.
:23:40. > :23:43.Lloyds of London are saying this today in the press. Other banks are
:23:44. > :23:48.doing this as well. Any business plan is to have contingency plans
:23:49. > :23:53.with Brexit or Article 50 being triggered possibly by March of next
:23:54. > :23:56.institutions have a secondary plan institutions have a secondary plan
:23:57. > :24:01.or some way to handle what will of course be a huge change for the City
:24:02. > :24:05.of London. The report that Baroness Butler put together does talk about
:24:06. > :24:10.the fact these big banks are looking up operations in Europe. To be
:24:11. > :24:18.honest, they would be silly not to in this situation, wouldn't they?
:24:19. > :24:20.Regardless of Brexit, having global operations to service the client or
:24:21. > :24:23.service the industries in different parts of the world. It is probably a
:24:24. > :24:27.business plan that most financial institutions would have anyway. For
:24:28. > :24:31.any hard-pressed commuter, passenger website tracks how often travel
:24:32. > :24:36.companies apologise. We have all heard those announcements. We are
:24:37. > :24:42.sorry this train is not running. Sorry for the inconvenience must be
:24:43. > :24:47.the most infuriating sentence. If you have not got from a to be, I
:24:48. > :25:00.guess so. The thing about markets and investigated -- investigative
:25:01. > :25:05.companies, it is a new sector. If it is so transparent you apologise and
:25:06. > :25:11.tell customers what is going on. Sometimes you think, I don't care,
:25:12. > :25:15.make it run on time. That might be the basic service offered. You are
:25:16. > :25:21.obsessed by Wi-Fi. We where discussing this yesterday. It
:25:22. > :25:27.depends if you get a seat. That is the other issue goes that we could
:25:28. > :25:32.go on and on. Thank you for coming in. It has been great having you
:25:33. > :25:36.with us. You are up to date with all you need to know in the business
:25:37. > :25:37.world. Much more throughout the day wherever you are watching us. See
:25:38. > :25:54.you soon. Hello. For many of us it will be a
:25:55. > :25:57.cloudy day. There will be some places seeing a bit of sunshine and
:25:58. > :25:58.some getting rain.