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This is Business Live from BBC News with Sally Bundock
US president-elect Donald Trump says Britain will be at the front
of the queue when it comes to striking a trade
Live from London, that's our top story on Monday 16th January.
US president-elect Donald Trump says UK 'doing great' after Brexit vote
but he threatens a huge tariff on BMW cars imported from Mexico.
Plus, prosecutors in South Korea are seeking the arrest
of the head of Samsung, who's accused of bribery.
And we have the latest on the markets where the pound has
And we'll be getting the inside track on the world of events apps.
They're great for their users but is it actually possible to make
We'll be speaking to the boss of Revl This weekend the owner
of a Tesla car ended up stranded when he relies on his
Today we want to know what's your worst technology mishap?
Let us know, just use the hashtag BBCBizLive.
The US President Elect Donald Trump says he'll offer Britain
what he calls "a quick and fair trade deal" within weeks
His comments come just days before a speech by the UK
Prime Minister Theresa May where she's expected to reveal
further details of the country's strategy as it prepares to leave
Speaking to The Times newspaper, Mr Trump said his team would "work
very hard to get it done quickly and properly" and it would be
Mr Trump went on to say the UK had made the right decision in leaving
the European Union and that other countries were likely to follow
Meanwhile, in a separate interview with the German newspaper Bild,
the US President Elect threatened BMW with a 35% border tax for cars
Last week, the German carmaker said it was committed to its plans
to open up its new factory in San Luis Potosi, despite
Let's have a listen to what the billionaire businessman
said in his interview with the Times.
I thought the UK was so smart in getting out. You were there and you
wrote it for the front-page. You said Trump said Brexit would happen
and it happened. Everybody thought I was crazy. Obama said they'll go to
the back of the line, meaning if it does happen... That was a bad
statement. The front of the queue? I think you are doing great. It's
going great and countries want their own identity. The UK wanted its own
identity but I do believe this. If they hadn't been forced to take in
all of the refugees, so many, with all the problems that that entails,
I think that you Dr Brian Klaas is a fellow
in Comparative Politics Let us start with the British angle.
He can't do a quick deal can he, when I say quick, he can't even
begin to start talking for two years can he? He's one of three branches
of the American government, he's not the person in charge of the economy
and most deals take time to thrash out. We don't know how much latitude
Britain will have while trying to figure out the parameters of the
Brexit deal. While still a member of the EU Britain can't talk or
negotiate a deal? Correct. There's also the question of how long that
process is going to take. Beyond that, let us think about other trade
deals the US has done. The TPP, which is probably dead in the water
now, has been going on for eight years. These are multinational
deals, so there are other countries involved, but this would be just two
countries? There is no fast-track to this and this is something what
happens in years and not weeks. BMW, he's been sabre rattling and BMW
said they'll continue to build cars in Mexico? That is right. I think a
lot of global players in the world economy are going to continue to
push back because again, sabre-rattling goes both ways. It's
not just that BMW could stand up to Trump but the German Government
could stand up to America. This is not just something where America's
President dictates the terms of trade to everyone else and they just
accept it. In terms of what he's said here, do you think this whole
effect tonne car industry of trying to impose tariffs, how damaging sit
to the car industry itself? I think long-term it's very damaging to have
a President Elect or President who is picking winners and losers and
not letting companies decide on their best business interests, the
best return on investments. I think over time this will end up being
counterproductive. It will not make the kind of long-term economic
growth that Western Europe needs. What about being able to use the
trade deficit with China? He's going to try to make that a homework of
his presidency. He's going to change the fundamental dynamics of the
world economy. There are reasons why there is a trade deficit. The
President Elect can't wave a magic wand and make incentives for
businesses change radically overnight.
Now, his ability to push across, you can call them protectionist, he'll
call them nationalist trade stances, how able is he to bring along
congress behind him to do these things. He says he can do it, but
it's congress in the end that has to do it? Congress has to be on board.
We have decades of Republicans standing up to this. Reagan's party
was the party of free trade and in a way this will be interesting, how
can he get people who've predicated their political careers on free
trade on the political stage to come along with protectionist idea and a
radical shift in diplomacy in terms of economics. Thank you very much.
Facebook is introducing new tools in Germany to help combat the spread
The world's largest social network said it would enable German users
to flag up stories which appear to be fabricated.The stories
will then be passed to third-party fact-checkers and if found to be
unreliable, will be marked in users' news feeds as disputed.
Shares of airbag maker Takata are tumbling
after the company announced a deal with the US government.
The Japanese firm will pay a billion dollars and plead guilty to criminal
wrongdoing over its airbags, which have been linked
On Friday shares rose more than 16 percent but today fell as much
The news is dominated by Trump today and the fall in the pound. Also,
Davos has a page. Talking about the rich people. The gathering of
bigwigs they say. In Dasos. That is under way. We are live there
tomorrow morning I believe. We'll cover it all week. We'll speak to
some of the bigwigs. Tanya Beck is there for us. She's a bigwig. She
is! Now, let us talk about what is going on in South Korea. A massive
story breaking today is the news that the de facto head of Samsung
has been calld into question at the end of last week. They have now
asked for his arrest. Over to South Korea and let's talk
to Kevin Kim. What is the latest? Samsung is believed to have signed
an $18 million contract in 2015 with a company controlled by the close
friend of the impeached South Korean President and prosecutors have
argued that this payment was an act of bribery. The company's being
investigated, whether the millions of dollars was in return for getting
a merger through of two of its companies to help strengthen the
family hold of Sam shuck. Last week, Mr Lei was summoned and questioned
for almost 24 hours. The prosecutors now believe that they have enough
evidence to request to detain Mr LLee and an arrest warrant has been
filed. Give me an idea of the kind of damage that's been done here --
Mr Lee. I've been reading stories of people saying it's not just damage
to Samsung but it could be to the entire economy? That would be the
argument that Samsung would like to make. The court has yet to accept
the warrant and it has a few days to consider. If Mr Lee does get
detained, it will be a big blow to the image of the company. Samsung is
one of the biggest companies in the world and, for the head of the
company involved in a corruption scandal would be very bad for the
company. The company suffered another fiasco involving mobile
phones that would explode during charging, but the news involving the
head of Samsung possibly being detained could be seen to be far
more devastating than the phone recall from last year.
Kevin Kim thank you very much. Let us have a look at markets in
Asia in general which were reacting to a great degree to what Donald
Trump had to say. The markets have disappeared for some reason. The
Japanese markets were down by 1%. The dollar weakening and the Yen
strengthening, affecting exporters listed in Tokyo. The other big
effect is in anticipation of what Theresa May is going to say in her
speech this week about how the UK intends to depart in defrom the
European Union. The pound is falling significantly versus the US Dollar.
The FTSE 100 fairly flat at the moment. Let me hand you back to
Jamie to talk some more about these markets. We are going to be talking
to Jeremy Cooke Chief Economist at the World First.
The pound goes down, FTSE goes up, that is normal, but it doesn't seem
to be happening like that today? Not so much. We are waiting to see what
is said on Theresa May's speech, we have the pound falling through
Sunday into today, a speech by Mark Carney later today too. Most
importantly, inflation numbers from the UK economy over the course of
this week as well. We have seen a near 20% fall off the value of the
pound since Brexit or since the vote for Brexit. Will we see that being
represented in prices we pay in the shops. It also is to a degree isn't
it, it's represented in petrol prices and energy? The protection
contracts that have been Bought are starting to run out. It doesn't seem
to have affected just life in Britain. We are all still going out
there and spending a huge amount, especially at Christmas. Nothing
seems to have changed to every day life? It will be interesting to see
whether that was the last hurrah of Britain. When things get tough,
Britain goes shopping. It's true. Will consumer credit pick up and
will people spend the same amount of money on unsecured boar rogue. The
Bank of England said that is something to watch in 2017.
Interesting to hear what Mr Carney has to say because he has a
tightrope to walk. The pound, inflation headed up a bit and also
of course he's got into a lot of hot water with what he's been saying in
the mast? They are mandated to keep prices steady -- in the past. And be
independent as well? Politically independent as well which may have
been an issue in 2016. If he's seeing inflation run above target...
He says he's prepared to let it go higher? Run hot is the phrase they
have been using, is that 2.5, 3 or 4 and when do we feel people put under
pressure by price rises. Thank you very much. Jeremy is going to reveal
his worst technology mishap later. I can't think of all of mine. Still to
come: We'll get the inside track on the world of events apps that let
you make the most of your downtime, if you have any. We'll find out if
what they could do for socialising or dating apps have done for
relationships with business live on the BBC News.
We are talking retail in the UK. It has been dominating business news
for over a week. Shop Direct, the owners
of Littlewoods and Very.co.uk are the latest retailer to put
out their Christmas results They reported 9% sales
growth year on year - the fifth year in a row they've had
a Christmas boost. Andrew Walker is in our
business newsroom. So really, it is the triumph of
online shopping really, isn't it? A very strong performance. 9% growth
in total group sales over the seven week Christmas period. Still
significant, although modest growth for the year as a whole, 2.4%. And
of course, one thing that's striking about this business is that it has
entirely moved away from bricks and mortar and moved away from printed
catalogues which was nearly three-quarters of the group's sales
and it is basically an online operation and in those sales, it is
just short of 70% is actually done on mobile and as the company Chief
Executive said in this statement, as consume fers reached for their
mobiles over the Christmas period. That's very much a central part of
their selling point is that consumers can simply go on to the
mobile and order there and they are putting effort into developing
interactive services, chat boxes which can provide the service that
consumers want through artificial intelligence support services, more
information through artificial intelligence rather than the
traditional business of going into a store and asking a real flesh and
blood assistant. Andrew Walker, thank you.
One of the latest stories, unions holding talks over the Tube strikes.
We have got unions holding talks with London Underground today aimed
at averting strike action on 7th February and also the other story
we've got here, the pound may surpass flash crash lose as the
pound continues to go down, there are fear it is might actually go
below that level of 1.18.41 against the dollar. We will watch that to
see where it's going. In a wide-ranging interview
with The Times, Donald Trump said leaving would be a great thing
and he wanted the US to strike a trade deal
with the UK as fast it could. It was more than talking about the
relationship with the UK. A quick look at how
markets are faring. They are reacting to that interview.
BMW shares are down over 1% in Frankfurt. All the markets are down.
London the least. A falling pound is good news for many companies listed
on the FTSE 100. They are mainly global international companies. A
weaker pound means they make more money. We are waiting to see what is
going to be happening with Mark Carney who will be giving a talk
later on today. The markets are in a wait and see mood.
Phone-based apps have transformed everything from dating to dining,
and they're now trying to revolutionise our down time
as well by taking advantage of the "experience economy".
In 2014 the US alone generated around 22 billion
While selling these has been dominated by the likes
of Ticket Master and Stubhub, a new breed of app are trying
to tailor experiences to your needs and location using your smart-phone.
One company that's trying to carve out a slice of this market is Revl
who offer 148,000 events to their users in London.
The question remains though can they actually make any money?
Joining me is Brandon Stephens, co-founder of event discovery app
Give us an idea about how it works? It is like the Spottedify of events.
We have partnered with 600 organisations and institutions to
allow them to broadcast events across the likes of trivia nights at
your local pub to worldwide tours and... Can't we get that already on
Time Out or any of the other, lots of apps? Time Out will filter some
of the information out. They will take the things that are most
interesting, but we are providing a place that you can find out anything
going on at any club or pub or museum. If you want to find out
about the Mere Cat viewing at the London Zoo, we'll have that. That
sounds time consumer and labour intensive. How can you be across
everything? With 148,000 events, that is a lot of information. You
can organise the app so that you find, you take your favourite pubs
and your favourite clubs... How do you physically make it happen? So we
are partnering with 17 different ticketing agencies and they are
providing us with a huge range of content and we are partnering with
the pubs, clubs and museums so, the National Gallery, the British Museum
and the Houses of Parliament are uploading events and that open
platform where anybody can publish events is what builds this list.
That's all right for big organisations and big chains, but
what about my local pub which is just having a quiz night, can I find
out about that? You can. It depends if it puts the information into your
system? We are going out and partnering with all these guys. As
an app that launched a week ago, we have been able to bring this
critical mass of partners to put together the content. How do you
make money? Mainly through advertising. With a comedian or
comedy promoter wants to list their event at the top of the comedy
channel, we provide them with that facility. 90% of all start-ups fail.
At what point do you know you're going to be a something ses? I don't
think you ever know. You mean Facebook is still worrying? I have
been through a start-up before and you never feel confident you've
reached that hurdle. We are making sure we continue to build. If we
find out about your history, you and your wife are a team that have
founded this with another individual. Silicon Valley-based.
You've ran a few companies already and been fairly successful. Are you
banking on that experience really, I assume to make sure this works? We
are banking on our experience, but we put together an incredible team
that's behind us that's bringing it to bear. How many does it to take
run to something like this? We have 17 employees. That's a lot of
people. You have got to fund 17 salaries. I was thinking, back to a
question I was asking, when do you start making money? You start making
money now. We have some degree of revenue that's coming in on this
point on the commission of certain tigting sales, but it will continue
to grow as we build a larger user base. Bringing together that amount
of content, what we're banking on is the content will drive people being
excited about downloading the app and with that comes the advertising
revenue. OK, thank you very much indeed.
All the best. Thank you very much. We will keep an eye.
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.
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whenever you need to know. We were having a debate about
whether 17 is a big number or not! It is getting big. When you're
responsible for 17 salaries, it keeps you awake at night! It's a lot
of people. Anyway, Jeremy is back. We're going to lose time here. So
Jeremy, let's talk about the story, the Tesla car. First of all, tell us
about what happened to begin with. And then we'll discuss some of our
technology mishaps? Tesla cars you can turn it on using your
smartphone. This guy who owns a Tesla car took it out to take some
photos of the snow in the US, drove into a canyon leaving his car key at
home. Took photos and took some lovely photos and got back in the
car and couldn't turn his car back on because there was no cell signal.
That would happen a lot in this country. Even places like Clapham
where you can't get two bars. What happened to you? Uploading
personal photos on Twitter. I ordered a disco ball for my son for
his party and it arrived and it was this big and it was powered by one
AA battery. We came up with a plan. Stephen says, "I left eBay and a
colleague clicked buy it now on a ?47,000 plane! " That's brilliant.
Let's talk about this deal in the Financial Times, it is a 50 billion
euro merger. Jamie and I had to admit we haven't heard of either of
these companies and yet they are behind Ray Ban? Every pair of
fashionable sunglasses come from either of these companies. These two
are quietly getting on a day when they are not mentioned on a day when
everyone is talking about Mr Trump? A 50 billion euro tie up. The amount
of people who don't wear glasses... Two European companies, Italian and
French. Look the brand names, they have Chanel Sun Glass Hut. I wonder
if Mr Trump will put taxes on importing those into the States?
That's it from Business Live today. There will be more business news on
BBC News. See you tomorrow. Good morning to you. This week is
going to be very different compared to what we had last week. Much
milder. Certainly no snow in the forecast and there is no winter on