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This is Business Live from BBC News with Rachel Horne and Sally Bundock.
President Donald Trump delivers a toned down address to congress,
with lacklustre detail about his plans for tax
Live from London, that's our top story on Wednesday, 1st March.
It was a highly anticipated speech, but Donald Trump's first address
The President gave little detail about his plans
YouTube takes on the cable TV networks, by launching its own
In markets, in Europe, the markets are open. With so many small fashion
businesses being launched using the fast-paced world of social media,
how do start-up designers stand out? How do you get celebrities to wear
your clothes? We will be asking one successful entrepreneur.
And as Barack and Michelle Obama both sign record book deals
whose memoir would you be more
On Tuesday, President Trump addressed a joint session
of Congress for the first time since taking office.
In a highly anticipated speech, he spoke of "restarting the engine
The President reiterated his intention to slash corporation tax
in the US and provide tax breaks to middle-class Americans.
At the same time, he announced he'll be asking Congress to approve
legislation which will result in $1 trillion worth
He also called for what he describes as "one of the largest increases
in national defence spending in American history."
Mr Trump pointed to the country's $800 billion trade
Though figures from the Census Bureau suggest this figure reduces
to about $500 billion when trade in services is factored in.
Here's what the President had to say about his plans to transform
Right now American companies are taxed at one of the highest rates
anywhere in the world. My economic team is developing historic tax
reform that will reduce the tax rate on our companies so they can compete
and thrive anywhere and with anyone. APPLAUSE
It will be a big, big cut. At the same time, we will provide massive
tax relief for the middle-class. We must create a level playing field
for American companies and our workers.
APPLAUSE Marianne Schneider-Petsinger is US
Geoeconomics Fellow with the US Marianne Schneider-Petsinger is US
Geoeconomics Fellow What did you think of it? For Donald
Trump it was a big change in the rhetoric. It was a much softer
approach compared to his inaugural speech. You say a change in tone,
but when it comes to businesses, when it comes to the economy, we
want the detail now, surely. It has been long enough this wait, hasn't
it? It was very short on detail again. He really kind of laid out
the themes again that he very much, you know, laid out on the campaign
trail and I would say only with regards to repealing and replacing
Obamacare, if you see more detail, but again in principles of what he
would like to see and the rest, it was really just, reiterating the
familiar notions and maybe going one or two steps beyond, but not very
much. You say he was short on detail. Let's talk about the debt
limit because that's something he didn't mention. Something that the
US Government has a debt limit set by the Treasury, they need approval
to increase the debt limit. He's talking about investing $1 trillion
in infrastructure. There would be some private investment, but public
investment, is there any concern about the debt limit? I think it's
something that will very much have to be played out within the
Republican Party. There is a fraction who is fiscally
conservative. There has to be a balance between spending on
infrastructure which is something the Democrats want to see, but to
what extent does that raise the deficit and the debt? It wasn't much
of a focus in the speech. It was mentioned in one sentence when he
criticised Obama and the administration to really balloon the
debt, but other than that, it was not a topic. There is concern about
the numbers and the fact that they don't add up. When you talk about
kugt taxes, but increasing spending, ex-etcetera, etcetera, you have got
to make it add up? The big infrastructure plan of $1 trillion,
that's the only figure we have seen so far. Tax for corporates, but the
middle-class as well, but in reality, it is more for the wealthy
and they are not really addressing what happens with Social Security
and Medicare, that's part of the budget that needs to be brought
under control, but he hasn't addressed. We will talk to you again
about this in probably not the too distant future.
Travis Kalanick - the boss of car service Uber -
has been forced to apologise, after a video emerged
of him swearing at one of the company's drivers.
Fawzi Kamel has complained that his income was falling
because of changes to Uber's fare structure.
This is the latest problem for the California-based company comes
just days after it was forced to launch an investigation
The company which manages the undersea rail link
between the UK and France says 2016 was the best year in its history.
Eurotunnel says net consolidated profit reach just over $210 million,
as and passenger numbers and freight traffic both saw strong growth.
The company says it is confident about 2017 and this follows
Britain's impending departure from the European Union.
Several high-profile websites have been knocked offline or suffered
glitches because of a failure at one of Amazon's major US data centres.
Amazon's S3 server is responsible for providing cloud services
to about 150,000 companies around the world.
The music streaming platform Soundcloud and the popular virtual
office software Slack were among the websites to be affected.
A story that's sensitive in the UK partly because of Brexit is the
outlook for the car industry and lots of talk about a special deal
etcetera, etcetera. Well, this is a story that's been breaking in the
last hour. The boss of Unite which is one of the bigger unions here in
the UK, is visiting a Ford factory in Bridgend in South Wales because
there is real concern that Ford could be following through with
significant job cuts, 1163 job cuts could be going at Ford. Well, Unite
is warning about this. They're going to the site today. It is a very
sensitive story. It is one we're keeping an eye on. More detail on
our website. The wonder from down under!
The latest economic figures from down under have beaten
analysts expectations, showing the country
returned to growth after contracting last quarter.
I thought you were talking about Aaron Heslehurst then, the wonder
from down under! Tell us how did Australia pull this
off? There was a concern that we could be talking about a recession
in Australia? Well, if you could have heard it, you could say there
was a big collective sigh of relief when the data came out today,
showing that not only did Australia's economy bound, but it
avoided a recession. A recession as you know is defined as two
consecutive quarters of economic contraction. In the fourth quarter,
Australia's GDP grew by 1.1%, stronger than expected and again,
very, very important because in the previous quarter it had contracted.
What this means is the wonder down under had a quarter century of
uninterrupted economic expansion. How did they do it this time? Two
things really helped the economy bounce back. One a surge in exports
led by rising global commodity prices and two, higher household
spending. Australia relies very much on global commod commit prices and
exports. Its biggest customer is China and despite the fact that we
have seen a rebound in China, the rebound of the prices has seen a
strong turn around for Australia and next year's GDP is forecast at 3%.
Back to you now. Thank you for that. Let's look at how the markets have
been getting on. Yesterday the words for the market were, "Cautious."
Today's word is, "Muted." The Nikkei is up, but that's because of growing
expectation of a US interest rate hike this month strengthening the
dollar. European markets, they are in the green, up over 1% in Germany
and in France. Not a lot happening in the UK today, but still up just
over 0.5%. Let's go over to Wall Street.
Remember the American drug company that sparked outrage after it raised
the prices of its allergy allergy shot, the epipen, well, they will be
reporting earnings and investors will be focussing on how the company
will fair against mounting competition. Also reporting earnings
on Wednesday is Best Buy. It is an electronics retailer. It had to cut
costs and the future is not looking too bright. There is not as many
exciting products hitting the markets and with no cost-cutting
measures in place, it maybe a tough year for Best Buy, the second
biggest home improvement company will be reporting earns on
Wednesday. Lows may ben vit from the rising value of homes in the US
which may reverse spending on home remodelling. I wonder when she gets
sleep. She has been doing a round-the-clock job thanks to
President Trump. Jeremy Cooke joins us. Not much
detail came through, the fact that he hasn't addressed too much the
economic concerns, the market is closely looking at. It was more of a
socio economic speech. Chatter about immigration that tended to take the
main thrust of the speech and we've heard this language before. It was a
campaign speech. It was indistinguishable from what he said
on the stump throughout 2016. Given the lack of detail how do you think
the American markets will react today? Do you think we will see them
coming off the increases? There is an element, they knew they wouldn't
get too much yesterday or overnight because we had to wait on the budget
from the White House and in the mid-part of March and he said we had
to wait, he said a couple of days ago, details around the tax plan
which boosted stocks since he won the election, we have to wait until
repeal and repair of Obamacare and that's going to take a couple of
months. Something you noticed which is interesting, that's move the bond
markets in France is chatter on social media about one of the
candidates running to become the next president in France. He may
possibly pull out of the race? Yes. It is the likelihood apparently that
he is going to pull out of the French Presidential campaign. It is
just a rumour. He cancelled a number of speaking engagements. One which
is a huge speech. Cancelling that seems to suggest... Plus a press
conference? A-conference is scheduled for later on this morning.
He's third in the preliminary polling which wouldn't take him
through to the second round. So is he already out? We will be grilling
Jeremy whether he would buy Barack Obama or my shell Obama's books.
Still to come, we speak to one young entrepreneur about how to stand out
And how she's managed to get her T-shirts
You're with Business Live from BBC News.
There have been fresh calls this morning for Sir Philip Green
to lose his knighthood over the collapse of BHS.
That's despite the retail tycoon agreeing to pay up to ?363 million
to reduce the failed retailers pension deficit.
Theo Leggett is in our Business Newsroom.
Bring us up to speed. What's been happening? Fresh calls for him to
lose his knighthood despite the donation? Well, two of the MPs who
conduct Parliamentary inquiries into the collapse of BHS and who have
been responsible for putting pressure on Philip Green to come up
with money to fill in the deficit in the BHS pension fund, they have been
suggesting that stains on Sir Philip's character have not gone
away. They have stopped short of saying he should still lose his
knighthood, Ian Wright, he is chairman of the business Select
Committee, he told the Daily Mirror newspaper that allowing Sir Philip
to keep his knighthood would be like rewarding an arsonist who put his
own fire out. So pretty strong stuff there. Frank Field he has continued
to be critical. He said this is a good step, but has implied at least
it doesn't go far enough. Although Sir Philip Green has put his hand in
his pocket and come out with ?363 million to help fill the hole in the
BHS pension fund, I don't think the criticisms are going to go away.
Thank you, Theo. Tell us, if you had to read a book
of Barack Obama or Michelle Obama, which would you go for? Would you go
verbose? I would go through neither, I am not really into political
controversies, I prefer a good thriller. The West Wing. You heard
it from Theo, we are creating a picture of the O'Hear on BBC world
news. -- of Theo. House prices is something we like to talk about in
the UK. They are up again according to nationwide, up 0.6% in February.
We keep hearing that the housing market may be pulled down by Brexit.
It is still going up again, although there is expectation it will slow
down this year. More information on that on our tablet.
Our top story, President Trump delivered his highly anticipated
first speech to both houses of Congress.
The first one since he became president but he has disappointed to
a degree with the lack of detail. And a cockroach probably isn't
at the top of the list. But our next guest somehow seems
to be able to make it work. She's Marissa Montgomery, founder
and Chief Executive of Rotten Roach. The company makes ultra hip T
shirts and sweat shirts - much beloved of celebrities
like Kate Moss and Salma Hayek. It sells through a few high end
retailers, but almost 80% Marissa established Rotten Roach
in 2012 and chose the name after first-hand experience
with New York's abundant She was featured on the Forbes 30
to Watch Under 30 list. Thank you becoming into the studio.
Tell us about your product, your brand. The idea, we have further
name comes from your idea of living in New York with lots of
cockroaches, Rotten Roach, but why did you think there is a gap in the
market for T-shirts? I just know from experience of myself and all my
girlfriends, T-shirts are something you can buy, you can wear in the day
and the evening, I wanted to create this wearable art. I worked with an
artist to create one-off wearable T-shirts, so each graphic is
exclusively designed for Rotten Roach, and they are just funny,
tongue-in-cheek. You wearing one of them now, which says Love bug. It is
pretty high end, they are not cheap by any means. Talk us through way
you wanted to place yourself in the market. Believe it or not, it is
affordable luxury, it sits amongst its peers on the lower end, but we
do sit in high-end boutiques, Mosley as we were discussing before for
positioning, and we seem to sell really well. We sell all across the
world, everywhere from Saint Barts to Greece to Miami, LA. How did you
make that happen? It is partly about connections and who you know, it
does help a lot, doesn't it? It definitely does, but if someone
doesn't like the product ultimately they will not buy it. You spoke
about placement, getting yourself into some high end boutiques, but
most of your cells are online. And you are manufacturing in Turkey and
California, and you have plans to start doing embroidery in the UK.
You are still very involved at the minute, you pack up most of the
items and sending them out yourself. I am packing up all of your orders
for the moment, when you go on the Rotten Roach and order something, I
am packing them up. In Turkey, and in California downtown, I work for a
closely with the manufacturers and I am hoping to make in England. Ring
it closer to home. This is one of the jumpers. The boss. Not that I am
the boss by any means, I wish I was! This is one of the jumpers that is
out there today. They just came in today so you are the first person to
see it. These things just fly off the shelves, as it were. And yet you
have the likes of Kate Moss and Selma Hayek wearing them, had a
Jamaican that happen? To be honest, both of them bought the T-shirts, we
did not give them. It is amazing. You can search, because I know which
store buys it from, each store buys a different thing, and you are able
to trace it. That is a gift for you, you can't beat that marketing. That
helps sales incredibly, and social media is so important, so once
repairs that picture or a celebrity does, we see a direct correlation
with sales on the website, so we can trace it, click Baxter Regli from
Instagram, Twitter, pinch rest. You mention those social media sites,
what percentage of your day do you spend on social media promoting your
brand? Too much, I think about it is so important. We have a blog section
on the website where we do interviews with interesting,
inspiring women. We are always looking to work with photographers
who have big social media influences, so it is a whole new
different type of celebrity now you have wearing your product, not just
Selma Hayek, Kate Moss come it is also these girls who would not
necessarily be known on the street but they have 2 million Instagram
followers. That is very interesting. You also have one with the boss on.
I am more of a bus than you, am I? No, I'm not. Who is the boss? Sally.
It is that wander from Down Under again.
Pokemon Go took the world by storm last year.
Nintendo's smash-hit saw millions of people take to the streets
in search of virtual monsters - our technology correspondent,
Rory Cellan Jones, has been speaking to the man behind the madness,
at the Mobile World Congress in Barcelona.
Last summer, an extraordinary craze swept around the world, which saw a
lot of people out with their mobile phones, hunting for Pokemon. It is
fair to say that the enthusiasm for Pokemon Go has faded a little since
then, but there are still Pokemon to be found out and about here at the
Barcelona Mobile world Congress, and I have also found the inventor of
the game, a man who has changed our views on augmented reality, John
Hankey from the antic. Did you have any concept of how big the game was
going to be when it launched? I wish I could have predicted that.
Obviously not. It was a huge surprise to us. We spent a good
portion of ourselves looking at Adidas pause and servers that were
going haywire with all of the operators. In San Francisco there
was a 9000 people spontaneous Pokemon event. It was very surreal,
actually does that hasn't it faded quite a lot? Something like that
will fade, it exploded on social media, it has a life of its own Nite
has become a very successful product. Not at that level of
frenzy, but it is one of the most used mobile apps out there. It
certainly is. Love it or hate it, Pokemon Go, and that is the man who
made it. I didn't let my children know about it. Jeremy is back, as
you can see, and we're talking about this story all over the papers
today, the New York Times it is everywhere. Obamas make book deal
with thing when Random House and we don't know specifically the number
but -- with Penguin Random House. A huge amount of money. Now suppose
really. Not really, Bill Clinton got about 15 million, George Bush got 10
million, so this can blows it out of the water. It will be interested to
see which one is more popular. I would go for the Michelle Obama won,
I would like to see her probably layout how she would... Her
perspective. And maybe running for office in four five, eight years'
time. We had quite a feud tweets on this. Shahada said I would prefer
Michelle Obama. Only wanted to know about Barack Obama. Another text
says both books and Wayne says neither, so that covers the whole
gamut. Our unscientific poll of the newsroom, most said Michelle didn't
they? Interesting. Let's talk about the story about YouTube. They have
the constant conversation within media about where television is
going, and with Netflix. It got all of the traditional TV providers
really worried about the outlook. But now it looks like this new idea
from YouTube that actually we are all back in fashion. It is a new TV
subscription service from YouTube. They have YouTube red which delivers
ad free content in the US, but this one will bring together NBC, ESPN,
the broadcaster you would typically get in the United States through
YouTube. Say you're not just streaming stuff any more? No. Here
in the UK, you have the rest real TV, you may have Sky, Netflix,
Amazon prime as well. There is a huge range of services you can use.
It all depends on cost. There is no details about how much this will
cost quite yet. Maybe $30. Looking like $35 for a family subscription
so you can access it on up to 60 vices, you don't need a satellite
dish or a TV. But what about your broadband provision and the speed?
Sky have talked about delivering their service through the internet
in the past six months or so. But high-quality TV through your
internet connection and someone else is on Twitter, then it is gone. You
are really into it and it starts doing that. That was an issue, they
had a similar online search option called DirecTV in the state and it
is about $70 a month and viewers missed the end of the Super Bowl.
Disappointing. No one is going to want that. Thank you, Jeremy,
good to see you. Thank you for your contributions today.
There will be more business news throughout the day
on the BBC Live web page and on World Business Report.
Sally will be back tomorrow. See you soon, goodbye.
Good morning. Lots of whether to tell you about today. It was an icy
start for the North analyst of a wintry showers here, while in the
south the milder air Trent coming off the