:00:17. > :00:18.Five million US factory jobs have been lost since
:00:19. > :00:20.the turn of the millennium, but what's to blame?
:00:21. > :00:24.We'll ask an expert later in the show.
:00:25. > :00:27.Also in the programme - knock off - get outta here, go home early,
:00:28. > :00:30.Japanese firms bring in a 3.00 pm finish -
:00:31. > :00:40.Question is, can it really change a culture that has a word
:00:41. > :00:45.And Wall Street did it again - wow on the Dow -
:00:46. > :01:00.As you can see, Europe is slightly off today. We will tell you why.
:01:01. > :01:03.And, this week on BBC News we've been looking at the issue
:01:04. > :01:06.Later in the programme we'll speak to our producer
:01:07. > :01:14.Johnny Cassidy gradually lost his eyesight when he was
:01:15. > :01:17.talking to us about his unique experience of the newsroom.
:01:18. > :01:20.Today we want to know - with Japan allowing workers to head
:01:21. > :01:23.home early on a Friday - would you like to see this
:01:24. > :01:26.Is it overkill or should employers be more sympathetic?
:01:27. > :01:44.I tell you what, when you start at 4am in the morning, I don't want to
:01:45. > :01:47.go to 3pm! "We want products made in America -
:01:48. > :01:51.made by American hands". That was the pledge of US
:01:52. > :01:53.President Donald Trump when he addressed cheering workers
:01:54. > :01:55.at Boeing last week. And he continued the theme
:01:56. > :01:57.on Thursday when he met with the bosses of more than 20 top
:01:58. > :02:01.US companies at the White House - the likes of General Electric,
:02:02. > :02:08.Lockheed Martin, Ford and Dell. He told them he plans to bring
:02:09. > :02:10.millions of manufacturing Well, according to President Trump's
:02:11. > :02:22.official website, since it signed the North American Free Trade
:02:23. > :02:25.Agreement with Canada and Mexico - known as NAFTA - more
:02:26. > :02:29.than two decades ago, America has lost "nearly one-third
:02:30. > :02:32.of its manufacturing jobs". And I tell you what -
:02:33. > :02:35.official numbers do seem America's Bureau of Labour
:02:36. > :02:42.Statistics says 5 million factory That's left just 12.3 million
:02:43. > :02:49.Americans employed in manufacturing - well under one in ten
:02:50. > :02:54.of the workforce. Definitely a huge decline
:02:55. > :02:58.from the one in four who worked But are bad trade deals,
:02:59. > :03:05.and cheap Mexican and Chinese Or is it simply the
:03:06. > :03:12.march of technology? One recent study by Ball State
:03:13. > :03:14.University says the vast majority of these jobs -
:03:15. > :03:17.85% - have gone Persuading companies to reverse this
:03:18. > :03:24.trend could be difficult. The Boston Consulting Group
:03:25. > :03:28.estimates that a human welder costs $25 an hour to employ,
:03:29. > :03:31.while a robot costs less than a third of that - around $8 -
:03:32. > :03:40.to do the same job. Dr Michael Plouffe, Lecturer
:03:41. > :03:52.in International Political Economy Thank you for coming in this
:03:53. > :03:57.morning. Let's start with this jobs issue. The latest figures we have
:03:58. > :04:01.had out of America would suggest the economy is at full employment. If it
:04:02. > :04:05.is at full employment, why is there a need to create more jobs there and
:04:06. > :04:11.secondly, is it really full employment or is there more the
:04:12. > :04:14.figures? The employment figures do not reflect the distribution of
:04:15. > :04:18.employment in manufacturing has taken a hit over the last few years.
:04:19. > :04:25.I would be optimistic about what these figures mean. They are likely
:04:26. > :04:32.to be biased and there are people who have no chance of finding
:04:33. > :04:36.employment. So that does not take into account the figures of people
:04:37. > :04:41.who have given up looking for work? Exactly. When it comes to creating
:04:42. > :04:44.jobs, given the information Aaron has told us, how realistic do you
:04:45. > :04:49.think it is that President Trump could bring back these manufacturing
:04:50. > :04:55.it would be difficult to do. He has it would be difficult to do. He has
:04:56. > :05:01.floated the idea of a parallel law which has no prospect of lasting or
:05:02. > :05:07.getting by without signing significant repercussions on an
:05:08. > :05:13.international level -- the tariff wall. His best option is to provide
:05:14. > :05:19.jobs and vocational training. Just touching on that, if Trump and his
:05:20. > :05:23.team were being creative, he wouldn't be trying to get rid of
:05:24. > :05:27.robots to put back humans into place because companies will not do that,
:05:28. > :05:31.it is unrealistic, but they should be looking at creating completely
:05:32. > :05:37.new industries as the world moves forward, in terms of technology and
:05:38. > :05:42.things like that? Yes. Unfortunately this goes against the Republican
:05:43. > :05:48.small government ethos. A small problem! We told you about the
:05:49. > :05:51.meeting which happened yesterday, 20 big companies meeting President
:05:52. > :05:56.Trump and it did seem to be big smiles, a lot of enthusiasm and
:05:57. > :06:02.optimism, if we are saying he cannot bring back these manufacturing jobs,
:06:03. > :06:07.the technology has moved on, why are these big CEOs not coming in with a
:06:08. > :06:14.more demure expression. They were very agreeable yesterday!
:06:15. > :06:28.My guesses they are being cautiously optimistic. Rather than the wall
:06:29. > :06:31.which Rex Tillerson is trying to calm the Mexican government down
:06:32. > :06:38.about, but there are other options which they could potentially benefit
:06:39. > :06:43.a great deal from. Doctor Michael Plouffe from UCL, thank you for
:06:44. > :06:45.joining us. Let's touch on some other stories.
:06:46. > :06:48.Uber is being sued for stealing trade secrets
:06:49. > :06:54.Waymo, set up by Google owner Alphabet, is taking legal
:06:55. > :06:58.action against Otto, the self-driving vehicle business
:06:59. > :07:05.that Uber bought last year for $700 million.
:07:06. > :07:12.The lawsuit argues that former Waymo manager Anthony Levandowski
:07:13. > :07:14.took information when he left to co-found the venture.
:07:15. > :07:17.Uber says it takes the allegations seriously and will review
:07:18. > :07:20.China for the first time became Germany's most important
:07:21. > :07:23.trading partner in 2016, overtaking the United States,
:07:24. > :07:26.which fell back to third place behind France.
:07:27. > :07:34.German imports from and exports to China rose to $180 billion
:07:35. > :07:37.last year, Federal Statistics Office figures reviewed by Reuters showed.
:07:38. > :07:38.France remained the second-most important business partner
:07:39. > :07:41.with a combined trade volume of $176 billion.
:07:42. > :07:46.The United States came in third with $174 billion.
:07:47. > :07:51.Heathrow airport says it served a record number
:07:52. > :07:58.75.7 million people passed through its gates in 2016,
:07:59. > :08:10.Cargo volumes were also up - so was revenue.
:08:11. > :08:12.The boss is calling it a 'milestone year' -
:08:13. > :08:15.partly of course because the UK Government has announced its support
:08:16. > :08:24.China's internet giant, Baidu, has reported a fall
:08:25. > :08:31.in its quarterly revenue following a government-driven
:08:32. > :08:37.Sales fell a less-than-projected 2.6% in the fourth quarter after it
:08:38. > :08:39.instituted measures to comply with regulatory restrictions
:08:40. > :08:42.and cut the number of ads it displays alongside results.
:08:43. > :08:48.Tim McDonald, in Singapore, has the details for us.
:08:49. > :09:00.Good to see you, Tim! Hello. That is right, the latest results showed
:09:01. > :09:04.that Baidu did not have a good last quarter. There was a government
:09:05. > :09:09.crackdown on health care advertising in particular, which accounts for 20
:09:10. > :09:14.to 30% of the company's search revenue. The reason for the
:09:15. > :09:20.crackdown is because its student died after undergoing experimental
:09:21. > :09:28.cancer treatment it discovered through the search engine. Revenues
:09:29. > :09:35.have slipped by nearly 3%. Also it is in an intensely competitive
:09:36. > :09:39.market and Baidu has two fend off competition from China's other
:09:40. > :09:46.Internet giants. But it is bullish, predicting revenues to rise for the
:09:47. > :09:53.first quarter of this year. OK. Tim, do you want to answer the pineapple
:09:54. > :09:58.question now or not? I am OK with pineapple. There we go, that is what
:09:59. > :10:08.we wanted! 24 hours late but good on you! We had been waiting.
:10:09. > :10:15.The shares have been hit by a fall in the price of copper and other
:10:16. > :10:23.commodity prices. Keep your eyes on Washington, we will be talking about
:10:24. > :10:30.that very shortly. Click over to Europe because the European markets,
:10:31. > :10:35.do we have them? I think so. They are not there! The markets are
:10:36. > :10:40.supposed to follow suit but I tell you what, Wall Street, we will tell
:10:41. > :10:48.you about that in a minute, Wall Street is powering on. The tenth
:10:49. > :10:53.straight session of games. More records being broken, one thing
:10:54. > :10:55.after an. Let's find out from an expert.
:10:56. > :10:57.Joining us is Simon Derrick, Chief Markets Strategist,
:10:58. > :11:23.Ken straight games, is that because of Trump or something else? -- ten
:11:24. > :11:29.straight games. We have a cautious Fed, we also like the fact we are
:11:30. > :11:37.not going to be calling China are currency manipulator yet. The story
:11:38. > :11:40.is, the interest in Europe. We have rising concerns about political
:11:41. > :11:45.events in the Netherlands, France and possibly Italy and Greece. That
:11:46. > :11:50.towards northern Europe. It is towards northern Europe. It is
:11:51. > :11:55.pushing it towards German bonds and pushing yields down. Bonds and
:11:56. > :11:59.yields, bonds we are talking about government debt, the retainer get on
:12:00. > :12:03.that investment. By lend money to Germany for the next two years, I
:12:04. > :12:09.would get negative interest rates on that. I would have to pay .9 of a
:12:10. > :12:13.percent. For the privilege of lending them money. If I had the
:12:14. > :12:17.choice of lending them money or paying for a privilege or paying the
:12:18. > :12:24.money to the US and receiving a 2% plus interest rate, what would you
:12:25. > :12:28.rather do? That is keeping interest rates relatively speaking controlled
:12:29. > :12:36.in the US. While I have got you on bonds, government debt, we heard
:12:37. > :12:43.from the Treasury Secretary for the US yesterday. He mentioned something
:12:44. > :12:46.which you don't hear about much, a 50 year bond, a 50 year debt. Would
:12:47. > :12:50.that be America saying he, that be America saying he,
:12:51. > :12:53.investors, we are going to sell you 50 years of debt? What they are
:12:54. > :12:58.going to do is instead of borrowing money for 20 years or 30 years, they
:12:59. > :13:01.are borrowing for 50 years. This is the story they have talked about for
:13:02. > :13:06.the last three months. The idea is interest rates are so low, why not
:13:07. > :13:09.borrow money for as long as you can. The fact that you will not get your
:13:10. > :13:22.money back for another 20 years means that money will be in the
:13:23. > :13:25.system for a little longer. It is also good for equities. But it is
:13:26. > :13:28.bad for the dollar. If you look at the course of the last 12 hours, the
:13:29. > :13:30.dollar has started to come under pressure on the back of that. That
:13:31. > :13:35.is something with you to keep a close eye on. Simon Derrick, thank
:13:36. > :13:39.you. You will be returning to discuss some paper stories including
:13:40. > :13:47.the premium on Friday. Do you get early doors on a Friday? I am going
:13:48. > :13:48.home now! No, you are not! See you in a minute.
:13:49. > :13:52.And this week on BBC News we've been looking at the issue
:13:53. > :13:56.Later in the programme we'll speak to our producer
:13:57. > :14:00.Johny gradually lost his eyesight when he was a teenager and he'll be
:14:01. > :14:02.talking to us about his unique experience of the newsroom.
:14:03. > :14:12.You're with Business Live from BBC News.
:14:13. > :14:17.Let's talk about RBS. The Royal Bank of Scotland has just reported
:14:18. > :14:19.another massive loss. The bank - which is 72%
:14:20. > :14:22.owned by taxpayers - is also planning cost savings,
:14:23. > :14:25.which will mean job cuts The bank has lost ?7 billion in 2016
:14:26. > :14:32.- that's more than three Our business correspondent
:14:33. > :14:46.Theo Leggett has more. Was this a surprise? No, it didn't
:14:47. > :14:50.come as a surprise at all. RBS is really still paying for the sins of
:14:51. > :14:54.the past. If you remember, in the run-up to the financial crisis
:14:55. > :14:59.around 2007, RBS was positioning itself as a major international
:15:00. > :15:03.bank, huge ambitions. For a while it was, by some measures, the biggest
:15:04. > :15:07.bank in the world, but overstretched itself and is still paying for the
:15:08. > :15:18.consequences of that, still restructuring and on top of that
:15:19. > :15:20.there was a fair amount of wrongdoing within the bank. You can
:15:21. > :15:23.see that in today's figures. It had to set aside around ?6 billion to
:15:24. > :15:25.cover the legal consequences of past actions, like the mis-selling of
:15:26. > :15:30.mortgages in the United States, still being pursued by the
:15:31. > :15:34.Department of Justice for that. That burden hasn't gone away and won't go
:15:35. > :15:37.away for another year or so. On top of that big restructuring costs and
:15:38. > :15:43.the bank is trying to reposition itself as a UK focused bank,
:15:44. > :15:45.withdrawing its international ambitions, so there are
:15:46. > :15:51.restructuring cost associated with that as well. Is RBS effectively a
:15:52. > :15:55.zombie bank? That's one question we put to the chief executive of RBS a
:15:56. > :15:58.short while ago. Certainly it's been a long period of time and this is
:15:59. > :16:02.what happens when a bank goes wrong and you have to put it right.
:16:03. > :16:09.Underneath, this is an amazing bank. We make ?1 billion profits every
:16:10. > :16:14.quarter but then it is offset by the one-off charges, predominantly from
:16:15. > :16:20.the past and that has been huge. This year alone 24 billion we have
:16:21. > :16:23.put into the UK economy through lending, 320,000 home loans, ?9
:16:24. > :16:26.billion has gone into small and medium-sized businesses to get the
:16:27. > :16:31.economy moving. That's the sort of bank we really are underneath it
:16:32. > :16:36.all, fantastic brands, fantastic people serving customers every day.
:16:37. > :16:42.The big boss of RBS. Also thank you to Theo. Have a great weekend.
:16:43. > :16:44.Always great having you on that. Bye-bye.
:16:45. > :16:50.As part of our Disability Works coverage, this week here on the BBC
:16:51. > :16:55.we've been exploring the experiences of disabled people in
:16:56. > :16:59.We've had various guests on this show, focusing on the experiences
:17:00. > :17:01.of disabled entrepreneurs and employees, and examining how
:17:02. > :17:05.different businesses are innovating to help disabled people.
:17:06. > :17:08.The BBC's Johny Cassidy has been central to the production
:17:09. > :17:21.Thank you for joining us. Good to see you.
:17:22. > :17:26.Glad to be here. Funny being on the side for a change. Yes, I was going
:17:27. > :17:31.to say to our viewers, Johnny works in our department.
:17:32. > :17:34.You are always e-mailing us for our inside track guests.
:17:35. > :17:40.What is your experience, what is your disability, what caused it?
:17:41. > :17:44.I am blind, can't really see too good. I lost my eyesight as you
:17:45. > :17:50.mentioned in my teens. It started gradually going. I was beat up and
:17:51. > :17:54.lost the eyesight in my right eye straightaway, and in my left eye it
:17:55. > :18:01.gradually went. In some ways it's lucky, some people lose it overnight
:18:02. > :18:05.which has more of an impact on them. Because mine was gradual, I was able
:18:06. > :18:09.to get used to it over that length of time. We mentioned with bin
:18:10. > :18:15.looking at disabled people in the workplace, disabled people as
:18:16. > :18:17.consumers. -- been looking. What challenges are therefore disabled
:18:18. > :18:21.people looking to get into work and employers wanting to employed or
:18:22. > :18:26.maybe needing to change their attitudes about employment? The
:18:27. > :18:30.whole idea of disability and getting people into work, across the world
:18:31. > :18:34.there's over 1 billion, 1.2 billion people who live with some sort of
:18:35. > :18:40.disability, a population the size of China a massive proportion of the
:18:41. > :18:44.population. To get those people into work, it's going to be a win win for
:18:45. > :18:47.everybody. Companies are going to get more of a diverse workforce.
:18:48. > :18:52.People are going to come off benefits. There's going to be other
:18:53. > :18:58.diverse experiences people can bring into the workforce, workplace, and
:18:59. > :19:01.share their experience. Disabled people, day in and day out, live
:19:02. > :19:07.with a problem they have to solve. They are innovative problem solvers.
:19:08. > :19:10.The challenges, if there is a barrier and you can't get round
:19:11. > :19:14.it... Those are the sort of people bosses should want in work. Right
:19:15. > :19:20.the practical challenges of companies to employ people with a
:19:21. > :19:25.disability. All it takes is a bit of a mindset.
:19:26. > :19:29.If you've have some on an amazing at computers, amazing at IT but your
:19:30. > :19:35.office is up three flights of steps and he is in a wheelchair. Rather
:19:36. > :19:40.than not employ them, let him or her work at home. It's changing the way
:19:41. > :19:43.you think about traditional perceptions of workplaces. Having
:19:44. > :19:47.produced a series for us this way, what stories have you come across
:19:48. > :19:51.that have really resonated with you? There have been brilliant stories,
:19:52. > :19:55.and a lot of them haven't really come onto the screen or haven't been
:19:56. > :20:02.on the radio or anything. We mentioned stuff on the inside track
:20:03. > :20:05.we had earlier this week, the chief technology officer of the hearing
:20:06. > :20:10.aid company. He was a brilliant story. He invented a sound bridge
:20:11. > :20:16.which was installed in his head and has changed the lives of hundreds of
:20:17. > :20:19.thousands of people. We had Louise Dyson, the only global casting
:20:20. > :20:24.agency for disabled actors and actresses. Her big thing is she
:20:25. > :20:28.wants advertisers to embrace disability. Once it up on the big
:20:29. > :20:32.board and people are starting to see a day in and day out, it will have
:20:33. > :20:37.some sort of profound change. Tell us about the trader you were
:20:38. > :20:42.mentioning earlier with cerebral palsy? We had him on on some of the
:20:43. > :20:47.World Service coverage, a former Wall Street trader who happens to
:20:48. > :20:50.have cerebral palsy. An investment banker, made millions and millions
:20:51. > :20:55.of dollars for a lot of the investment banks. He realised
:20:56. > :21:00.companies weren't utilising the disabled pound, the purple pound or
:21:01. > :21:05.purple dollar, so as he said he ran a lot of numbers. He said disability
:21:06. > :21:10.shouldn't be seen as a niche market but an emerging market. If people
:21:11. > :21:15.can leverage disability and somebody won't say, it's about the economy,
:21:16. > :21:18.stupid! Fascinating. Unfortunately we have to wrap it up. Thank you for
:21:19. > :21:19.joining us. We will see what says afterwards.
:21:20. > :21:22.You can find more on our special coverage of this issue and how
:21:23. > :21:24.businesses are dealing with it at bbc.com/disability
:21:25. > :21:34.and on Twitter at hashtag - disabilityworks.
:21:35. > :21:36.Let's go to Japan, where thousands of workers will be
:21:37. > :21:42.It's part of a drive by the Government and business
:21:43. > :21:45.groups to tackle overwork - and it's being called
:21:46. > :21:49.The idea is companies make staff go home at 3pm on the last Friday
:21:50. > :22:03.You know why they're doing it? Death from overworking in Japan is such a
:22:04. > :23:17.problem that it even has its own word.
:23:18. > :23:27.There you go. Sounds like a lot of fun.
:23:28. > :23:31.Sounds horrid! Simon is back with us to take us through the papers. The
:23:32. > :23:35.idea of premium Friday, do you do anything like this in your place of
:23:36. > :23:38.work? No. I know of people who work in big companies in London,
:23:39. > :23:44.especially in the summertime they do an early finish on a Friday when its
:23:45. > :23:49.BST, when the clocks change. I seem to remember way back, certainly up
:23:50. > :23:54.in Norway in the early 90s used to have some working hours, to take
:23:55. > :23:58.advantage of the long summer days and get the maximum benefits out of
:23:59. > :24:01.that. I think it was Friday, might have even been all week that people
:24:02. > :24:05.finished at three o'clock, get out and make the most of it. I think
:24:06. > :24:11.it's a lovely idea. There's a story in the Daily Mirror today, union
:24:12. > :24:17.chiefs reveal workers are doing ?33.6 billion worth of unpaid
:24:18. > :24:21.overtime year. Up to this point in 2017 people on average have been
:24:22. > :24:26.working for free. It's interesting looking about story, they say one in
:24:27. > :24:32.five of us are doing unpaid overtime. It is quite a remarkable
:24:33. > :24:36.number. Again, it was interesting, there's a certain regional element
:24:37. > :24:40.to it. It seems us folks in London do even more. Do you think doing
:24:41. > :24:43.extra work, do you think that is adding to productivity or adding to
:24:44. > :24:47.what is achieved at work or do you think if people worked left and took
:24:48. > :24:52.the time of their supposed to take off there would be more productive?
:24:53. > :24:56.I think the answer is... You always have to have appropriate worklife
:24:57. > :25:00.balance. I think about what is changing and possibly should be
:25:01. > :25:03.changing for the better, is it's a little more mixed. People should
:25:04. > :25:07.head on a little earlier probably but equally you work in the evenings
:25:08. > :25:11.or on a Saturday, it's about getting that balance right to fit in. I
:25:12. > :25:15.think the idea you should simply be there and work all the hours and
:25:16. > :25:21.percent is slightly daft. You've taken all the time up talking about
:25:22. > :25:25.work and we can't talk about the Romanians on Bulgarian is working in
:25:26. > :25:31.the UK, filling the hole of the Polish or are going back or going to
:25:32. > :25:37.Germany. We can't even let you make a comment on it. Sorry! We
:25:38. > :25:38.appreciate your time. We are going to go home early. That's it from us
:25:39. > :25:41.today, bye-bye.