Browse content similar to 24/02/2017. Check below for episodes and series from the same categories and more!
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Five million US factory jobs have been lost since | :00:17. | :00:18. | |
the turn of the millennium, but what's to blame? | :00:19. | :00:20. | |
We'll ask an expert later in the show. | :00:21. | :00:24. | |
Also in the programme - knock off - get outta here, go home early, | :00:25. | :00:27. | |
Japanese firms bring in a 3.00 pm finish - | :00:28. | :00:30. | |
Question is, can it really change a culture that has a word | :00:31. | :00:40. | |
And Wall Street did it again - wow on the Dow - | :00:41. | :00:45. | |
As you can see, Europe is slightly off today. We will tell you why. | :00:46. | :01:00. | |
And, this week on BBC News we've been looking at the issue | :01:01. | :01:03. | |
Later in the programme we'll speak to our producer | :01:04. | :01:06. | |
Johnny Cassidy gradually lost his eyesight when he was | :01:07. | :01:14. | |
talking to us about his unique experience of the newsroom. | :01:15. | :01:17. | |
Today we want to know - with Japan allowing workers to head | :01:18. | :01:20. | |
home early on a Friday - would you like to see this | :01:21. | :01:23. | |
Is it overkill or should employers be more sympathetic? | :01:24. | :01:26. | |
I tell you what, when you start at 4am in the morning, I don't want to | :01:27. | :01:44. | |
go to 3pm! "We want products made in America - | :01:45. | :01:47. | |
made by American hands". That was the pledge of US | :01:48. | :01:51. | |
President Donald Trump when he addressed cheering workers | :01:52. | :01:53. | |
at Boeing last week. And he continued the theme | :01:54. | :01:55. | |
on Thursday when he met with the bosses of more than 20 top | :01:56. | :01:57. | |
US companies at the White House - the likes of General Electric, | :01:58. | :02:01. | |
Lockheed Martin, Ford and Dell. He told them he plans to bring | :02:02. | :02:08. | |
millions of manufacturing Well, according to President Trump's | :02:09. | :02:10. | |
official website, since it signed the North American Free Trade | :02:11. | :02:22. | |
Agreement with Canada and Mexico - known as NAFTA - more | :02:23. | :02:25. | |
than two decades ago, America has lost "nearly one-third | :02:26. | :02:29. | |
of its manufacturing jobs". And I tell you what - | :02:30. | :02:32. | |
official numbers do seem America's Bureau of Labour | :02:33. | :02:35. | |
Statistics says 5 million factory That's left just 12.3 million | :02:36. | :02:42. | |
Americans employed in manufacturing - well under one in ten | :02:43. | :02:49. | |
of the workforce. Definitely a huge decline | :02:50. | :02:54. | |
from the one in four who worked But are bad trade deals, | :02:55. | :02:58. | |
and cheap Mexican and Chinese Or is it simply the | :02:59. | :03:05. | |
march of technology? One recent study by Ball State | :03:06. | :03:12. | |
University says the vast majority of these jobs - | :03:13. | :03:14. | |
85% - have gone Persuading companies to reverse this | :03:15. | :03:17. | |
trend could be difficult. The Boston Consulting Group | :03:18. | :03:24. | |
estimates that a human welder costs $25 an hour to employ, | :03:25. | :03:28. | |
while a robot costs less than a third of that - around $8 - | :03:29. | :03:31. | |
to do the same job. Dr Michael Plouffe, Lecturer | :03:32. | :03:40. | |
in International Political Economy Thank you for coming in this | :03:41. | :03:52. | |
morning. Let's start with this jobs issue. The latest figures we have | :03:53. | :03:57. | |
had out of America would suggest the economy is at full employment. If it | :03:58. | :04:01. | |
is at full employment, why is there a need to create more jobs there and | :04:02. | :04:05. | |
secondly, is it really full employment or is there more the | :04:06. | :04:11. | |
figures? The employment figures do not reflect the distribution of | :04:12. | :04:14. | |
employment in manufacturing has taken a hit over the last few years. | :04:15. | :04:18. | |
I would be optimistic about what these figures mean. They are likely | :04:19. | :04:25. | |
to be biased and there are people who have no chance of finding | :04:26. | :04:32. | |
employment. So that does not take into account the figures of people | :04:33. | :04:36. | |
who have given up looking for work? Exactly. When it comes to creating | :04:37. | :04:41. | |
jobs, given the information Aaron has told us, how realistic do you | :04:42. | :04:44. | |
think it is that President Trump could bring back these manufacturing | :04:45. | :04:49. | |
it would be difficult to do. He has it would be difficult to do. He has | :04:50. | :04:55. | |
floated the idea of a parallel law which has no prospect of lasting or | :04:56. | :05:01. | |
getting by without signing significant repercussions on an | :05:02. | :05:07. | |
international level -- the tariff wall. His best option is to provide | :05:08. | :05:13. | |
jobs and vocational training. Just touching on that, if Trump and his | :05:14. | :05:19. | |
team were being creative, he wouldn't be trying to get rid of | :05:20. | :05:23. | |
robots to put back humans into place because companies will not do that, | :05:24. | :05:27. | |
it is unrealistic, but they should be looking at creating completely | :05:28. | :05:31. | |
new industries as the world moves forward, in terms of technology and | :05:32. | :05:37. | |
things like that? Yes. Unfortunately this goes against the Republican | :05:38. | :05:42. | |
small government ethos. A small problem! We told you about the | :05:43. | :05:48. | |
meeting which happened yesterday, 20 big companies meeting President | :05:49. | :05:51. | |
Trump and it did seem to be big smiles, a lot of enthusiasm and | :05:52. | :05:56. | |
optimism, if we are saying he cannot bring back these manufacturing jobs, | :05:57. | :06:02. | |
the technology has moved on, why are these big CEOs not coming in with a | :06:03. | :06:07. | |
more demure expression. They were very agreeable yesterday! | :06:08. | :06:14. | |
My guesses they are being cautiously optimistic. Rather than the wall | :06:15. | :06:28. | |
which Rex Tillerson is trying to calm the Mexican government down | :06:29. | :06:31. | |
about, but there are other options which they could potentially benefit | :06:32. | :06:38. | |
a great deal from. Doctor Michael Plouffe from UCL, thank you for | :06:39. | :06:43. | |
joining us. Let's touch on some other stories. | :06:44. | :06:45. | |
Uber is being sued for stealing trade secrets | :06:46. | :06:48. | |
Waymo, set up by Google owner Alphabet, is taking legal | :06:49. | :06:54. | |
action against Otto, the self-driving vehicle business | :06:55. | :06:58. | |
that Uber bought last year for $700 million. | :06:59. | :07:05. | |
The lawsuit argues that former Waymo manager Anthony Levandowski | :07:06. | :07:12. | |
took information when he left to co-found the venture. | :07:13. | :07:14. | |
Uber says it takes the allegations seriously and will review | :07:15. | :07:17. | |
China for the first time became Germany's most important | :07:18. | :07:20. | |
trading partner in 2016, overtaking the United States, | :07:21. | :07:23. | |
which fell back to third place behind France. | :07:24. | :07:26. | |
German imports from and exports to China rose to $180 billion | :07:27. | :07:34. | |
last year, Federal Statistics Office figures reviewed by Reuters showed. | :07:35. | :07:37. | |
France remained the second-most important business partner | :07:38. | :07:38. | |
with a combined trade volume of $176 billion. | :07:39. | :07:41. | |
The United States came in third with $174 billion. | :07:42. | :07:46. | |
Heathrow airport says it served a record number | :07:47. | :07:51. | |
75.7 million people passed through its gates in 2016, | :07:52. | :07:58. | |
Cargo volumes were also up - so was revenue. | :07:59. | :08:10. | |
The boss is calling it a 'milestone year' - | :08:11. | :08:12. | |
partly of course because the UK Government has announced its support | :08:13. | :08:15. | |
China's internet giant, Baidu, has reported a fall | :08:16. | :08:24. | |
in its quarterly revenue following a government-driven | :08:25. | :08:31. | |
Sales fell a less-than-projected 2.6% in the fourth quarter after it | :08:32. | :08:37. | |
instituted measures to comply with regulatory restrictions | :08:38. | :08:39. | |
and cut the number of ads it displays alongside results. | :08:40. | :08:42. | |
Tim McDonald, in Singapore, has the details for us. | :08:43. | :08:48. | |
Good to see you, Tim! Hello. That is right, the latest results showed | :08:49. | :09:00. | |
that Baidu did not have a good last quarter. There was a government | :09:01. | :09:04. | |
crackdown on health care advertising in particular, which accounts for 20 | :09:05. | :09:09. | |
to 30% of the company's search revenue. The reason for the | :09:10. | :09:14. | |
crackdown is because its student died after undergoing experimental | :09:15. | :09:20. | |
cancer treatment it discovered through the search engine. Revenues | :09:21. | :09:28. | |
have slipped by nearly 3%. Also it is in an intensely competitive | :09:29. | :09:35. | |
market and Baidu has two fend off competition from China's other | :09:36. | :09:39. | |
Internet giants. But it is bullish, predicting revenues to rise for the | :09:40. | :09:46. | |
first quarter of this year. OK. Tim, do you want to answer the pineapple | :09:47. | :09:53. | |
question now or not? I am OK with pineapple. There we go, that is what | :09:54. | :09:58. | |
we wanted! 24 hours late but good on you! We had been waiting. | :09:59. | :10:08. | |
The shares have been hit by a fall in the price of copper and other | :10:09. | :10:15. | |
commodity prices. Keep your eyes on Washington, we will be talking about | :10:16. | :10:23. | |
that very shortly. Click over to Europe because the European markets, | :10:24. | :10:30. | |
do we have them? I think so. They are not there! The markets are | :10:31. | :10:35. | |
supposed to follow suit but I tell you what, Wall Street, we will tell | :10:36. | :10:40. | |
you about that in a minute, Wall Street is powering on. The tenth | :10:41. | :10:48. | |
straight session of games. More records being broken, one thing | :10:49. | :10:53. | |
after an. Let's find out from an expert. | :10:54. | :10:55. | |
Joining us is Simon Derrick, Chief Markets Strategist, | :10:56. | :10:57. | |
Ken straight games, is that because of Trump or something else? -- ten | :10:58. | :11:23. | |
straight games. We have a cautious Fed, we also like the fact we are | :11:24. | :11:29. | |
not going to be calling China are currency manipulator yet. The story | :11:30. | :11:37. | |
is, the interest in Europe. We have rising concerns about political | :11:38. | :11:40. | |
events in the Netherlands, France and possibly Italy and Greece. That | :11:41. | :11:45. | |
towards northern Europe. It is towards northern Europe. It is | :11:46. | :11:50. | |
pushing it towards German bonds and pushing yields down. Bonds and | :11:51. | :11:55. | |
yields, bonds we are talking about government debt, the retainer get on | :11:56. | :11:59. | |
that investment. By lend money to Germany for the next two years, I | :12:00. | :12:03. | |
would get negative interest rates on that. I would have to pay .9 of a | :12:04. | :12:09. | |
percent. For the privilege of lending them money. If I had the | :12:10. | :12:13. | |
choice of lending them money or paying for a privilege or paying the | :12:14. | :12:17. | |
money to the US and receiving a 2% plus interest rate, what would you | :12:18. | :12:24. | |
rather do? That is keeping interest rates relatively speaking controlled | :12:25. | :12:28. | |
in the US. While I have got you on bonds, government debt, we heard | :12:29. | :12:36. | |
from the Treasury Secretary for the US yesterday. He mentioned something | :12:37. | :12:43. | |
which you don't hear about much, a 50 year bond, a 50 year debt. Would | :12:44. | :12:46. | |
that be America saying he, that be America saying he, | :12:47. | :12:50. | |
investors, we are going to sell you 50 years of debt? What they are | :12:51. | :12:53. | |
going to do is instead of borrowing money for 20 years or 30 years, they | :12:54. | :12:58. | |
are borrowing for 50 years. This is the story they have talked about for | :12:59. | :13:01. | |
the last three months. The idea is interest rates are so low, why not | :13:02. | :13:06. | |
borrow money for as long as you can. The fact that you will not get your | :13:07. | :13:09. | |
money back for another 20 years means that money will be in the | :13:10. | :13:22. | |
system for a little longer. It is also good for equities. But it is | :13:23. | :13:25. | |
bad for the dollar. If you look at the course of the last 12 hours, the | :13:26. | :13:28. | |
dollar has started to come under pressure on the back of that. That | :13:29. | :13:30. | |
is something with you to keep a close eye on. Simon Derrick, thank | :13:31. | :13:35. | |
you. You will be returning to discuss some paper stories including | :13:36. | :13:39. | |
the premium on Friday. Do you get early doors on a Friday? I am going | :13:40. | :13:47. | |
home now! No, you are not! See you in a minute. | :13:48. | :13:48. | |
And this week on BBC News we've been looking at the issue | :13:49. | :13:52. | |
Later in the programme we'll speak to our producer | :13:53. | :13:56. | |
Johny gradually lost his eyesight when he was a teenager and he'll be | :13:57. | :14:00. | |
talking to us about his unique experience of the newsroom. | :14:01. | :14:02. | |
You're with Business Live from BBC News. | :14:03. | :14:12. | |
Let's talk about RBS. The Royal Bank of Scotland has just reported | :14:13. | :14:17. | |
another massive loss. The bank - which is 72% | :14:18. | :14:19. | |
owned by taxpayers - is also planning cost savings, | :14:20. | :14:22. | |
which will mean job cuts The bank has lost ?7 billion in 2016 | :14:23. | :14:25. | |
- that's more than three Our business correspondent | :14:26. | :14:32. | |
Theo Leggett has more. Was this a surprise? No, it didn't | :14:33. | :14:46. | |
come as a surprise at all. RBS is really still paying for the sins of | :14:47. | :14:50. | |
the past. If you remember, in the run-up to the financial crisis | :14:51. | :14:54. | |
around 2007, RBS was positioning itself as a major international | :14:55. | :14:59. | |
bank, huge ambitions. For a while it was, by some measures, the biggest | :15:00. | :15:03. | |
bank in the world, but overstretched itself and is still paying for the | :15:04. | :15:07. | |
consequences of that, still restructuring and on top of that | :15:08. | :15:18. | |
there was a fair amount of wrongdoing within the bank. You can | :15:19. | :15:20. | |
see that in today's figures. It had to set aside around ?6 billion to | :15:21. | :15:23. | |
cover the legal consequences of past actions, like the mis-selling of | :15:24. | :15:25. | |
mortgages in the United States, still being pursued by the | :15:26. | :15:30. | |
Department of Justice for that. That burden hasn't gone away and won't go | :15:31. | :15:34. | |
away for another year or so. On top of that big restructuring costs and | :15:35. | :15:37. | |
the bank is trying to reposition itself as a UK focused bank, | :15:38. | :15:43. | |
withdrawing its international ambitions, so there are | :15:44. | :15:45. | |
restructuring cost associated with that as well. Is RBS effectively a | :15:46. | :15:51. | |
zombie bank? That's one question we put to the chief executive of RBS a | :15:52. | :15:55. | |
short while ago. Certainly it's been a long period of time and this is | :15:56. | :15:58. | |
what happens when a bank goes wrong and you have to put it right. | :15:59. | :16:02. | |
Underneath, this is an amazing bank. We make ?1 billion profits every | :16:03. | :16:09. | |
quarter but then it is offset by the one-off charges, predominantly from | :16:10. | :16:14. | |
the past and that has been huge. This year alone 24 billion we have | :16:15. | :16:20. | |
put into the UK economy through lending, 320,000 home loans, ?9 | :16:21. | :16:23. | |
billion has gone into small and medium-sized businesses to get the | :16:24. | :16:26. | |
economy moving. That's the sort of bank we really are underneath it | :16:27. | :16:31. | |
all, fantastic brands, fantastic people serving customers every day. | :16:32. | :16:36. | |
The big boss of RBS. Also thank you to Theo. Have a great weekend. | :16:37. | :16:42. | |
Always great having you on that. Bye-bye. | :16:43. | :16:44. | |
As part of our Disability Works coverage, this week here on the BBC | :16:45. | :16:50. | |
we've been exploring the experiences of disabled people in | :16:51. | :16:55. | |
We've had various guests on this show, focusing on the experiences | :16:56. | :16:59. | |
of disabled entrepreneurs and employees, and examining how | :17:00. | :17:01. | |
different businesses are innovating to help disabled people. | :17:02. | :17:05. | |
The BBC's Johny Cassidy has been central to the production | :17:06. | :17:08. | |
Thank you for joining us. Good to see you. | :17:09. | :17:21. | |
Glad to be here. Funny being on the side for a change. Yes, I was going | :17:22. | :17:26. | |
to say to our viewers, Johnny works in our department. | :17:27. | :17:31. | |
You are always e-mailing us for our inside track guests. | :17:32. | :17:34. | |
What is your experience, what is your disability, what caused it? | :17:35. | :17:40. | |
I am blind, can't really see too good. I lost my eyesight as you | :17:41. | :17:44. | |
mentioned in my teens. It started gradually going. I was beat up and | :17:45. | :17:50. | |
lost the eyesight in my right eye straightaway, and in my left eye it | :17:51. | :17:54. | |
gradually went. In some ways it's lucky, some people lose it overnight | :17:55. | :18:01. | |
which has more of an impact on them. Because mine was gradual, I was able | :18:02. | :18:05. | |
to get used to it over that length of time. We mentioned with bin | :18:06. | :18:09. | |
looking at disabled people in the workplace, disabled people as | :18:10. | :18:15. | |
consumers. -- been looking. What challenges are therefore disabled | :18:16. | :18:17. | |
people looking to get into work and employers wanting to employed or | :18:18. | :18:21. | |
maybe needing to change their attitudes about employment? The | :18:22. | :18:26. | |
whole idea of disability and getting people into work, across the world | :18:27. | :18:30. | |
there's over 1 billion, 1.2 billion people who live with some sort of | :18:31. | :18:34. | |
disability, a population the size of China a massive proportion of the | :18:35. | :18:40. | |
population. To get those people into work, it's going to be a win win for | :18:41. | :18:44. | |
everybody. Companies are going to get more of a diverse workforce. | :18:45. | :18:47. | |
People are going to come off benefits. There's going to be other | :18:48. | :18:52. | |
diverse experiences people can bring into the workforce, workplace, and | :18:53. | :18:58. | |
share their experience. Disabled people, day in and day out, live | :18:59. | :19:01. | |
with a problem they have to solve. They are innovative problem solvers. | :19:02. | :19:07. | |
The challenges, if there is a barrier and you can't get round | :19:08. | :19:10. | |
it... Those are the sort of people bosses should want in work. Right | :19:11. | :19:14. | |
the practical challenges of companies to employ people with a | :19:15. | :19:20. | |
disability. All it takes is a bit of a mindset. | :19:21. | :19:25. | |
If you've have some on an amazing at computers, amazing at IT but your | :19:26. | :19:29. | |
office is up three flights of steps and he is in a wheelchair. Rather | :19:30. | :19:35. | |
than not employ them, let him or her work at home. It's changing the way | :19:36. | :19:40. | |
you think about traditional perceptions of workplaces. Having | :19:41. | :19:43. | |
produced a series for us this way, what stories have you come across | :19:44. | :19:47. | |
that have really resonated with you? There have been brilliant stories, | :19:48. | :19:51. | |
and a lot of them haven't really come onto the screen or haven't been | :19:52. | :19:55. | |
on the radio or anything. We mentioned stuff on the inside track | :19:56. | :20:02. | |
we had earlier this week, the chief technology officer of the hearing | :20:03. | :20:05. | |
aid company. He was a brilliant story. He invented a sound bridge | :20:06. | :20:10. | |
which was installed in his head and has changed the lives of hundreds of | :20:11. | :20:16. | |
thousands of people. We had Louise Dyson, the only global casting | :20:17. | :20:19. | |
agency for disabled actors and actresses. Her big thing is she | :20:20. | :20:24. | |
wants advertisers to embrace disability. Once it up on the big | :20:25. | :20:28. | |
board and people are starting to see a day in and day out, it will have | :20:29. | :20:32. | |
some sort of profound change. Tell us about the trader you were | :20:33. | :20:37. | |
mentioning earlier with cerebral palsy? We had him on on some of the | :20:38. | :20:42. | |
World Service coverage, a former Wall Street trader who happens to | :20:43. | :20:47. | |
have cerebral palsy. An investment banker, made millions and millions | :20:48. | :20:50. | |
of dollars for a lot of the investment banks. He realised | :20:51. | :20:55. | |
companies weren't utilising the disabled pound, the purple pound or | :20:56. | :21:00. | |
purple dollar, so as he said he ran a lot of numbers. He said disability | :21:01. | :21:05. | |
shouldn't be seen as a niche market but an emerging market. If people | :21:06. | :21:10. | |
can leverage disability and somebody won't say, it's about the economy, | :21:11. | :21:15. | |
stupid! Fascinating. Unfortunately we have to wrap it up. Thank you for | :21:16. | :21:18. | |
joining us. We will see what says afterwards. | :21:19. | :21:19. | |
You can find more on our special coverage of this issue and how | :21:20. | :21:22. | |
businesses are dealing with it at bbc.com/disability | :21:23. | :21:24. | |
and on Twitter at hashtag - disabilityworks. | :21:25. | :21:34. | |
Let's go to Japan, where thousands of workers will be | :21:35. | :21:36. | |
It's part of a drive by the Government and business | :21:37. | :21:42. | |
groups to tackle overwork - and it's being called | :21:43. | :21:45. | |
The idea is companies make staff go home at 3pm on the last Friday | :21:46. | :21:49. | |
You know why they're doing it? Death from overworking in Japan is such a | :21:50. | :22:03. | |
problem that it even has its own word. | :22:04. | :23:17. | |
There you go. Sounds like a lot of fun. | :23:18. | :23:27. | |
Sounds horrid! Simon is back with us to take us through the papers. The | :23:28. | :23:31. | |
idea of premium Friday, do you do anything like this in your place of | :23:32. | :23:35. | |
work? No. I know of people who work in big companies in London, | :23:36. | :23:38. | |
especially in the summertime they do an early finish on a Friday when its | :23:39. | :23:44. | |
BST, when the clocks change. I seem to remember way back, certainly up | :23:45. | :23:49. | |
in Norway in the early 90s used to have some working hours, to take | :23:50. | :23:54. | |
advantage of the long summer days and get the maximum benefits out of | :23:55. | :23:58. | |
that. I think it was Friday, might have even been all week that people | :23:59. | :24:01. | |
finished at three o'clock, get out and make the most of it. I think | :24:02. | :24:05. | |
it's a lovely idea. There's a story in the Daily Mirror today, union | :24:06. | :24:11. | |
chiefs reveal workers are doing ?33.6 billion worth of unpaid | :24:12. | :24:17. | |
overtime year. Up to this point in 2017 people on average have been | :24:18. | :24:21. | |
working for free. It's interesting looking about story, they say one in | :24:22. | :24:26. | |
five of us are doing unpaid overtime. It is quite a remarkable | :24:27. | :24:32. | |
number. Again, it was interesting, there's a certain regional element | :24:33. | :24:36. | |
to it. It seems us folks in London do even more. Do you think doing | :24:37. | :24:40. | |
extra work, do you think that is adding to productivity or adding to | :24:41. | :24:43. | |
what is achieved at work or do you think if people worked left and took | :24:44. | :24:47. | |
the time of their supposed to take off there would be more productive? | :24:48. | :24:52. | |
I think the answer is... You always have to have appropriate worklife | :24:53. | :24:56. | |
balance. I think about what is changing and possibly should be | :24:57. | :25:00. | |
changing for the better, is it's a little more mixed. People should | :25:01. | :25:03. | |
head on a little earlier probably but equally you work in the evenings | :25:04. | :25:07. | |
or on a Saturday, it's about getting that balance right to fit in. I | :25:08. | :25:11. | |
think the idea you should simply be there and work all the hours and | :25:12. | :25:15. | |
percent is slightly daft. You've taken all the time up talking about | :25:16. | :25:21. | |
work and we can't talk about the Romanians on Bulgarian is working in | :25:22. | :25:25. | |
the UK, filling the hole of the Polish or are going back or going to | :25:26. | :25:31. | |
Germany. We can't even let you make a comment on it. Sorry! We | :25:32. | :25:37. | |
appreciate your time. We are going to go home early. That's it from us | :25:38. | :25:38. | |
today, bye-bye. | :25:39. | :25:41. |