:00:00. > :00:09.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:10. > :00:11.Panic buying and looting in Venezuela as the currency
:00:12. > :00:31.Live from London, that's our top story on Monday, 19th December.
:00:32. > :00:34.Venezuela's President Nicolas Maduro has been forced to delay
:00:35. > :00:36.the withdrawal of the country's most widely used banknote
:00:37. > :00:44.Also in the programme, can the EU strike a trade deal
:00:45. > :00:55.with Japan amid fears of growing protectionism?
:00:56. > :00:59.The market for looking like this. The Santa rally isn't happening.
:01:00. > :01:01.More details later. And as Christmas fast approaches
:01:02. > :01:04.we'll be getting the inside track Our very own Santa's little helper
:01:05. > :01:17.is somewhere in London. Guess where I am. I am at the
:01:18. > :01:21.world's oldest toy shop, Hamleys in London. Christmas is days away and
:01:22. > :01:29.Father Christmas is pretty busy. Are you excited for Father Christmas?
:01:30. > :01:32.Yes. We will be taking a look at this near $90 billion global
:01:33. > :01:37.industry. And the question today, what was your favourite Christmas
:01:38. > :01:49.toy? You know what to do, use the hashtag, hello, elves! Hello!
:01:50. > :01:56.I wonder if Hamleys know what they have let themselves in for. More
:01:57. > :01:58.later. And keep your comments coming in on what your favourite toy was.
:01:59. > :02:07.Troops are patrolling cities where looting and protests have
:02:08. > :02:09.erupted over the government's plan to withdraw the country's
:02:10. > :02:12.largest denomination bank note from circulation.
:02:13. > :02:16.A partial curfew is in place in the southern city
:02:17. > :02:22.of Ciudad Bolivar, which has been most affected by the disturbances.
:02:23. > :02:29.President Nicolas Maduro says more than 300
:02:30. > :02:32.He has now postponed the withdrawal of the 100 bolivar
:02:33. > :02:34.note until January and, seeking to calm nerves,
:02:35. > :02:36.has said a first batch of replacement notes had arrived
:02:37. > :02:42.So how did the country get to this state?
:02:43. > :02:44.Venezuela's economy has been struggling for a long time now.
:02:45. > :02:48.By the end of this year it will be producing more than 20% less good
:02:49. > :02:56.One of the driving factors is the reliance on oil.
:02:57. > :02:59.The black stuff accounts for 96% of exports but even before
:03:00. > :03:04.the price collapse of the last two years the economy was shrinking.
:03:05. > :03:07.That along with the way the government has managed
:03:08. > :03:12.the economy with price and currency controls mean the International
:03:13. > :03:14.Monetary Fund is predicting inflation of nearly 500%
:03:15. > :03:19.And that's why the 100 Bolivar note which was supposed to have been
:03:20. > :03:27.withdrawn on Friday is worth less than 2 US cents.
:03:28. > :03:29.It was the most common banknote accounting for almost 48%
:03:30. > :03:32.Diego Zuluaga from the UK based think-tank the Institute
:03:33. > :03:52.-- as Ben outlined there, this is just the tip of the iceberg in
:03:53. > :03:56.Venezuela, isn't it? But was it actually a good idea to get bigger
:03:57. > :04:05.denominated notes on stream, but it has just been purely executed --
:04:06. > :04:09.poorly executed? You have inflation, so you need to change the
:04:10. > :04:16.denomination. The 100 Bolivar was becoming useless. It is 50% of the
:04:17. > :04:20.money in circulation in Venezuela. And most people rely on cash to make
:04:21. > :04:24.bank accounts. It isn't poorly bank accounts. It isn't poorly
:04:25. > :04:31.executed, it is just the wrong way to approach the problem. If
:04:32. > :04:36.something isn't done zero 's will just keep being added to the
:04:37. > :04:41.currency. Interesting to hear the government's reason for doing this.
:04:42. > :04:46.They were trying to stop money-laundering and gang activity.
:04:47. > :04:52.Many were bemused by that. It is an issue of scapegoating. It is about
:04:53. > :04:57.finding the external enemy. Colombia has been blamed many times for
:04:58. > :05:02.holding the currency abroad. But if people are hoarding currency, taking
:05:03. > :05:06.even more out of it does not seem to be a remedy. How is the economy
:05:07. > :05:10.fairy, how are people getting along, because there was a lot of
:05:11. > :05:14.discontent about the current government? Talk us through what is
:05:15. > :05:18.going on and what might happen in the New Year. The economy of
:05:19. > :05:22.Venezuela has been in chaos. Increasing chaos for the better part
:05:23. > :05:27.of the past two years. The decline in the oil price, its main export,
:05:28. > :05:36.has compounded problems. Venezuelan need something like $150 per barrel
:05:37. > :05:40.to meet the market price. There is escalating unrest. Supplies are
:05:41. > :05:44.short. There are no medical supplies. The productivity of the
:05:45. > :05:46.economy has stalled. That is a result of the mismanagement which
:05:47. > :05:53.has been taking place for the past two years. When do you think we
:05:54. > :05:57.might see some political change? The main issue is economic change. The
:05:58. > :06:04.government to change direction completely. Removing price controls.
:06:05. > :06:08.And stop harassing private activity, which is at the heart of this...
:06:09. > :06:14.Will we see that before political change? It is difficult to tell. The
:06:15. > :06:18.government is set in its ways. It has established a network of favour
:06:19. > :06:23.granting to particular groups in society. It's difficult to reverse.
:06:24. > :06:27.The heart of the problem is economic and it is a direct consequence.
:06:28. > :06:30.Unless that changes, problems will only escalate, and things will only
:06:31. > :06:34.get worse on a political plane, as well. Thank you. Interesting
:06:35. > :06:37.scenario and a difficult one, as scenario and a difficult one, as
:06:38. > :06:39.well, we shall keep across it at the BBC.
:06:40. > :06:43.Talks aimed at averting a strike by cabin crew at British Airways
:06:44. > :06:48.Members of the Unite union are due to walk out on Christmas Day
:06:49. > :06:51.and Boxing Day in a row over pay and conditions.
:06:52. > :06:53.The industrial action, if it goes ahead, could
:06:54. > :07:01.Apple plans to appeal against the European Commission's
:07:02. > :07:03.ruling that it pays up to E13 billion to
:07:04. > :07:06.EU regulators ruled Apple's controversial tax deal was illegal,
:07:07. > :07:11.Ireland is also contesting the decision, claiming EU
:07:12. > :07:16.regulators were interfering with national sovereignty.
:07:17. > :07:19.Rogue One: A Star Wars Story has taken nearly $291 million around
:07:20. > :07:26.North America accounted for about half of the total
:07:27. > :07:30.for the Star Wars spin-off - making $155 million.
:07:31. > :07:33.That gave the film the second-best December opening weekend on record
:07:34. > :07:49.Will you go and see it? No, I have heard mixed reviews, I
:07:50. > :07:52.might just wait... I am pretty sure I will be going,
:07:53. > :07:54.because I have three young boys. Yeah, you don't have a choice.
:07:55. > :07:57.Finance leaders from Japan and the EU want to reach
:07:58. > :07:59.an agreement on a free-trade pact this week.
:08:00. > :08:01.It comes at an uncertain time for international trade,
:08:02. > :08:03.as US President-elect Donald Trump speaks of protectionism
:08:04. > :08:06.and the UK's decision to split from the European Union Mariko Oi
:08:07. > :08:21.Bring us up to date. It's a fascinating issue because of all of
:08:22. > :08:27.those things we've heard elsewhere. Trump, Brexit, really weighing on
:08:28. > :08:31.all of this. That's right. Just as we thought free trade deals are
:08:32. > :08:35.totally out of fashion, Asian countries have been pursuing their
:08:36. > :08:41.own deals. If you remember recently it ratified their partnership, which
:08:42. > :08:50.includes 12 countries, including the United States. -- especially Japan.
:08:51. > :08:57.Trump said he would kill the deal on his first day in office. Canada and
:08:58. > :09:01.the EU have been trying to reach an agreement. There has been talk on
:09:02. > :09:05.the Tokyo side, whether there will be political pressure, just like the
:09:06. > :09:10.EU Canada deal faced, but it seems that they are getting close to an
:09:11. > :09:17.agreement. And that is a big thing over here in Asia. Thanks very much.
:09:18. > :09:20.We will check with Singapore as we approach Christmas. I would like to
:09:21. > :09:21.stay in Asia... Nintendo tumbled 7%
:09:22. > :09:23.with investors underwhelmed Its new game Super Mario Run
:09:24. > :09:26.received tepid reviews, a far cry from the global phenomenon
:09:27. > :09:29.that was Pokemon Go Shares also hit by profit taking
:09:30. > :09:35.and a stronger yen on concerns about China-US tensions
:09:36. > :09:37.after Beijing seized a US Navy drone in international waters
:09:38. > :09:43.in the South China Sea. In Europe, as we head
:09:44. > :09:48.into the Christmas week, you'd think it might be quiet,
:09:49. > :09:53.but amid industrial relations disputes and the threat of strikes
:09:54. > :10:02.it's going to be anything but quiet. Joining us is Jeremy Cook,
:10:03. > :10:28.Chief Economist at World First. Nice to see you. Then there's
:10:29. > :10:38.touching on what is going on in a brand-new trading week. BP doing
:10:39. > :10:44.well. Its shares our up half a percent, doing deals with Abu Dhabi.
:10:45. > :10:47.It is no coincidence after those deals that we will see more
:10:48. > :10:52.investment in the oil market and oil sector by big players, for example
:10:53. > :10:59.BP. They've taken a 10% share in the Abu Dhabi all company. -- oil. This
:11:00. > :11:03.will add access to the Emirates oilfields. It is a pretty shrewd
:11:04. > :11:09.manoeuvre. And Abu Dhabi get 80% stake in BP. Around 2.2. They are
:11:10. > :11:12.still wheeling and dealing even though we are heading towards the
:11:13. > :11:16.Christmas week which tends to be quiet. It does tend to be quiet. But
:11:17. > :11:21.the long-term scenarios for oil suggests prices will pick up. BB
:11:22. > :11:27.stand to benefit from that. Oil is a low marginal cost per barrel at the
:11:28. > :11:33.moment. No Santa rally yet. A couple of days still to go. -- BP stand to
:11:34. > :11:40.benefit. The US have had an amazing run. You
:11:41. > :11:47.sound disappointed. Everybody is still talking about Dow Jones. The
:11:48. > :11:56.FTSE did well on Friday. Yes, and it is a continue of the stimulus from
:11:57. > :11:59.the Trump administration. There has been activity over bonds. That will
:12:00. > :12:02.continue into the New Year until the 20th of January when the presidency
:12:03. > :12:08.of Donald Trump actually starts. And we find out if everything he said on
:12:09. > :12:14.the campaign trail was true. How quickly does that translate? Will
:12:15. > :12:19.the markets do something as soon as he is inaugurated? He said he would
:12:20. > :12:23.do something with China on his first day in office. We will find out
:12:24. > :12:28.whether he is actually going to start playing hardball with China.
:12:29. > :12:33.We were talking about the EU Japan trade. The protectionism, the rising
:12:34. > :12:37.protectionism of the presidency, in a post Brexit environment. These
:12:38. > :12:40.trade deals which people are not really talking about at the moment
:12:41. > :12:43.between some of the largest economies out there will keep things
:12:44. > :12:50.going. What was your favourite Christmas toy? Are used to like
:12:51. > :12:56.getting a new mountain bike -- I used. We always able to go out for a
:12:57. > :12:57.bike ride before coming back for some turkey. Good stuff. Thanks very
:12:58. > :13:03.much. Happy Christmas. You, too. Still to come, Aaron's making
:13:04. > :13:23.himself useful for once I am bringing this back, Pride In
:13:24. > :13:31.The Face for you. -- Pie. We are having a look at Hamleys. We're
:13:32. > :13:34.going to talk about the Christmas trade and find out about their
:13:35. > :13:37.expansion plans in, where else, China!
:13:38. > :13:42.Thousands of Post Office workers are beginning strike action today.
:13:43. > :13:45.The walkout by the Communication Workers Union is the latest move
:13:46. > :13:47.in a dispute over pension changes, job security and closures.
:13:48. > :13:49.Industrial action this week will also affect airports
:13:50. > :13:58.and Southern Rail services as Keith Doyle reports.
:13:59. > :14:04.This last week before Christmas is already busy and stressful.
:14:05. > :14:06.But strikes and industrial action could make it a Christmas
:14:07. > :14:12.On the trains, Southern Rail passengers face more disruption
:14:13. > :14:16.as 400 conductors strike today and tomorrow.
:14:17. > :14:19.It's not expected to cause the same level of disruption as last
:14:20. > :14:21.week's strikes by drivers, however many routes
:14:22. > :14:28.3,500 workers at Crown Post Offices are starting a five-day strike today
:14:29. > :14:32.in a despute over jobs and pensions that may see the closure of larger
:14:33. > :14:34.high street branches, although the Post Office says
:14:35. > :14:38.disruption to the public should be minimal.
:14:39. > :14:40.Airline travellers face double trouble this week as baggage
:14:41. > :14:42.handlers working for Swissport are set to strike on
:14:43. > :14:48.This will mainly affect regional airports.
:14:49. > :14:50.But a strike by 4,500 British Airways cabin crew over pay
:14:51. > :14:59.could also see flights disrupted on Christmas Day and Boxing Day.
:15:00. > :15:02.There are efforts being made to resolve these disputes.
:15:03. > :15:06.BA management and the union Unite will meet today and a meeting
:15:07. > :15:09.tomorrow to resolve the baggage handlers' dispute is due to be held
:15:10. > :15:11.but the Post Office strike is on and there seems little
:15:12. > :15:13.prospect of an early end to the long-running dispute
:15:14. > :15:16.between the RMT union and Southern Rail, meaning 300,000
:15:17. > :15:38.If you are affected by the disruption, keep across the Business
:15:39. > :15:41.Live page. This is the latest on Southern Rail for example.
:15:42. > :15:46.Discussing what's going on there. There is more about what is
:15:47. > :15:51.happening with postmen as well. Who is affected and where? Keep across
:15:52. > :15:53.our Business Live page as we keep you up-to-date with the waves of
:15:54. > :15:58.strikes that are happening across the country.
:15:59. > :16:10.Full details on the website, of course:
:16:11. > :16:16.Our top story, Venezuela's President Nicolas Maduro has been forced
:16:17. > :16:18.to delay the withdrawal of the country's most
:16:19. > :16:27.widely used banknote following a period of public unrest.
:16:28. > :16:29.Rampant inflation means that the Venezuelan 100 bolivar note
:16:30. > :16:42.It is a really tricky situation there.
:16:43. > :16:46.Let's get the Inside Track on a busy period for the toy industry.
:16:47. > :16:49.With Christmas less than a week a way, it's a critical time
:16:50. > :16:54.for the likes of Mattel, Lego and Hasbro.
:16:55. > :16:58.Hundreds of others hoping their toy will be top of the present
:16:59. > :17:02.wish-list. Aaron Heslehurst is at London's
:17:03. > :17:13.world famous toy story Hamleys. What have you found there? Are they
:17:14. > :17:17.for Sally? Ah. Yeah, they're for Sally or they could be for you Ben
:17:18. > :17:21.if you want them. I'm like a kid in a candy shop. I have only been here
:17:22. > :17:26.for 40 minutes and I don't know where to begin. This is the world's
:17:27. > :17:33.oldest toy shop, it is called Hamleys. It was started by William
:17:34. > :17:39.Hamley in 1760. He opened a toy shop in hold burn. You guys said it, it
:17:40. > :17:43.is an important period of time. For all these toy makers, a third of
:17:44. > :17:46.their annual sales are attributed to this Christmas period. It is
:17:47. > :17:50.important they get it right and it seems like things are going well
:17:51. > :17:53.because continued growth around the globe for the toy makers, it
:17:54. > :18:04.continues to grow around the 7% mark. We have got a few of the hot
:18:05. > :18:13.picks. This is the Hatchimals. This is the only one they have. I'm going
:18:14. > :18:19.to try and nick it! No, not really. Lego, big Barbie dolls since they
:18:20. > :18:26.introduced the different ethnicities to reflect our modern life. I'm
:18:27. > :18:31.joined by the CEO of Hamleys. The doors are not open yet. Let's talk
:18:32. > :18:35.Christmas trade. You opened the 100th store? We did. How is
:18:36. > :18:43.Christmas trade going? Pretty positive. Down to three factors.
:18:44. > :18:47.Firstly, we have seen an increase to our store in Regent Street. In the
:18:48. > :18:51.last six months we have doubled the size of our UK portfolio and we are
:18:52. > :18:55.bringing Hamleys to 12 locations throughout the UK. As you referred
:18:56. > :19:01.to, last Thursday, we opened our 100th store in the largest shopping
:19:02. > :19:04.mall in South Africa and our international portfolio continues to
:19:05. > :19:07.trade strongly. I was looking briefly, I was looking at the
:19:08. > :19:10.numbers here, you get five million people a year through the doors here
:19:11. > :19:18.at your flagship store? More than that. Well, I was looking at the
:19:19. > :19:22.tourist numbers, port Rica gets 3.5 million, you get more visitors that
:19:23. > :19:27.countries get tourists. Indeed. I have got to talk to you about
:19:28. > :19:33.Brexit. It continues to be a hot topic. The pound has dropped. It is
:19:34. > :19:40.more expensive for you to buy your goods in? We saw foot fall growth.
:19:41. > :19:43.Wur shoppers are getting a better return against sterling. However,
:19:44. > :19:49.our job is simple. Every customer that visits our store, it is an
:19:50. > :19:58.experience, the magical theatre and ambiance that Hamleys has to bring.
:19:59. > :20:06.We are talking about this Hatchimal. I think it costs about 60 bucks. On
:20:07. > :20:09.eBay, what was it on eBay $800 on eBay! I want to talk about the
:20:10. > :20:13.internet and Amazon. I know it is about the experience. But the likes
:20:14. > :20:19.of online shopping, that's got to give you a hit here and there? Well,
:20:20. > :20:22.to some extent it does, but we don't directly compete with the internet
:20:23. > :20:26.because the internet can't compete with our service proposition.
:20:27. > :20:28.Hamleys is about building experiences, energy, excitement,
:20:29. > :20:31.theatre, demonstrations and interaction with customers and
:20:32. > :20:36.really bringing products to life. The internet cannot compete with
:20:37. > :20:40.that. And can't compete with that, indeed, I was here a couple of years
:20:41. > :20:44.looking at the big Christmas spend and the hot toys and since then
:20:45. > :20:48.you're owned by the Chinese now. China is your market. One of our
:20:49. > :20:53.markets. We operate in 26 different countries and China is a very
:20:54. > :20:59.important market for us. You say one of them, but don't, Hamleys has
:21:00. > :21:07.plans to open, you tell me. Well, since we have been acquired by the
:21:08. > :21:13.Chinese, we opened our first Hamleys store in China. We have two centres
:21:14. > :21:16.toe open in China and we have identified an additional 50 Chinese
:21:17. > :21:21.stores which will open in the next two to three years. Wow. We
:21:22. > :21:25.appreciate your time. Good luck with the rest of the Christmas period. It
:21:26. > :21:28.will be manic today? It is. It is the second busiest trading day of
:21:29. > :21:33.the year. That's what you have sent me down to, the second busiest
:21:34. > :21:39.trading day of the year! Some of the hot toys. I mentioned Lego. Lego
:21:40. > :21:45.continues to be a phenomena, it is one of the biggest, most profitable
:21:46. > :21:53.toy companies in the world. A stark cry from a decade ago when Lego
:21:54. > :21:59.nearly went bust! Barbie has been reinvigorated. She was a doll that
:22:00. > :22:03.was dying, let's be frank until they introduced 23 different ethnicities
:22:04. > :22:14.and the different sizes, double digit sales for the Barbie dolls and
:22:15. > :22:21.the big Nerf gun, I'ming to bring that back! I'm going to take you on!
:22:22. > :22:28.Bring two back. We could have such a good fight with that! That would be
:22:29. > :22:33.the best stress relief ever. We could sell tickets!
:22:34. > :22:37.I don't know how it works. Next time I talk to you I will have sussed
:22:38. > :22:42.that out, OK? I'm sure you could figure it out! See you later.
:22:43. > :22:47.He is having a great time there. Whenever I go there with my
:22:48. > :22:52.children, you cannot move. You get dragged in every direction. And
:22:53. > :22:59.you're trying to watch them so they don't get lost. Heather says a real
:23:00. > :23:08.typewriter when she was 13. Mum refused to buy a toy one. Very
:23:09. > :23:13.useful. That's why you work in tax. Neil Death Star, heavy duty
:23:14. > :23:17.cardboard, it is still in the loft. Morgan says my favourite toy is
:23:18. > :23:23.Lego. Getting more this year! Good stuff. Thank you for your messages.
:23:24. > :23:28.My son gave me his third revision of his list for Santa last night and he
:23:29. > :23:34.expects it to get there in time. You better get it sent. Put it on
:23:35. > :23:36.e-mail. You can send them by e-mail to the North Pole. I will tweet it.
:23:37. > :23:40.If Donald Trump can do it, so can I. The BBC's Dominic
:23:41. > :23:56.O'Connell is with us. Your favourite toy? Lego. A command
:23:57. > :24:01.shuttle. I was a seven-year-old. It is not what I want, it is what they
:24:02. > :24:05.want. Were you into Lego when you were a little boy? Lego was out of
:24:06. > :24:09.fashion when I was growing up. It was boring things like bicycles and
:24:10. > :24:20.stuff like that, but these days, it is all digital, but you still can't
:24:21. > :24:23.to Santa Claus. Financial Times talking digital and Apple, Dublin
:24:24. > :24:28.claims Brussels exceeded powers over Apple tax. We were waiting for
:24:29. > :24:32.there, weren't we? It dates back to August when Europe said that Apple
:24:33. > :24:35.hadn't paid 13 billion euros in taxes and it should pay up. Ireland
:24:36. > :24:39.said this morning it has given the reasons for the legal reasons for
:24:40. > :24:44.its appeal. It says basically that to Brussels it said that Irish tax
:24:45. > :24:48.rulings are none of your business and it says that no Irish tax law
:24:49. > :24:52.was ignored when they toct decisions and also that sovereignty is
:24:53. > :24:56.national, ie, it is Dublin that make the decisions, not Brussels.
:24:57. > :25:00.We expect an appeal from Apple later today. Apple will say the same
:25:01. > :25:08.things with a twist. It will say that tax should be paid in America,
:25:09. > :25:12.not in Ireland. It is holding $2 billion off-shore. It says it will
:25:13. > :25:15.take the money back on shore. It hasn't done so, but it will pay it
:25:16. > :25:19.and pay it in America and not in Europe.
:25:20. > :25:32.Let's turn our attention to food. If you are not looking forward to the
:25:33. > :25:37.turkey and the trimmings, how about take-away, Deliveroo are doing very
:25:38. > :25:47.well. Now we're going to have dark kitchens. Deliveroo are going to
:25:48. > :25:54.build kitchens which restaurants can use. Good stuff. Thank you too for
:25:55. > :25:57.your tweets today. It is very interesting to hear what people got
:25:58. > :26:07.at Christmas, isn't it? See you tomorrow. Same place, bye-bye.
:26:08. > :26:14.We're starting this week off on a quiet settled note thanks to high
:26:15. > :26:15.pressure, but midweek