16/01/2017 BBC Business Live

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