Browse content similar to 14/03/2017. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
This is Business live from BBC News with Ben Thompson and Sally Bundock. | :00:00. | :00:00. | |
The historic move by UK Parliament to pass the Brexit bill. | :00:00. | :00:10. | |
Theresa May is now on track to trigger the formal process | :00:11. | :00:12. | |
of taking Britain out of the EU in the last week of March. | :00:13. | :00:16. | |
Live from London, that's our top story on Tuesday 14th March. | :00:17. | :00:39. | |
historic vote last night? We look at historic vote last night? We look at | :00:40. | :00:48. | |
this milestone moment that set the stage to unwinding 40 years of close | :00:49. | :00:50. | |
cross-channel ties. Also in the programme, | :00:51. | :00:54. | |
in Tokyo Toshiba shares plunge as it delays its results announcement | :00:55. | :00:57. | |
for a second time. And in Europe markets are mixed as | :00:58. | :01:08. | |
political risk is firmly back on the agenda. Plus, will a winter storm | :01:09. | :01:13. | |
affect the meeting of the Federal reserve? We will tell you all you | :01:14. | :01:15. | |
We will tell you all you need to know. | :01:16. | :01:18. | |
Later in the programme we'll hear from one of the world's leading | :01:19. | :01:22. | |
board game manufacturers about the threat from computer games | :01:23. | :01:24. | |
And as Levi's launches a smart jacket that can | :01:25. | :01:29. | |
control your smartphone we want to know is it one step too | :01:30. | :01:32. | |
Get in touch with your thoughts about the smart jacket, Brexit, | :01:33. | :01:56. | |
whatever we are discussing this morning. We love to hear from you. | :01:57. | :01:58. | |
We begin with the historic move on the part of the UK Parliament. | :01:59. | :02:03. | |
Late last night it passed the Brexit bill, paving the way | :02:04. | :02:05. | |
for the Government to trigger Article 50 so the UK formally can | :02:06. | :02:08. | |
We expect formal negotiations to begin before the end of March. | :02:09. | :02:12. | |
And that brings with it a period of uncertainty | :02:13. | :02:15. | |
Last year, despite the surprise outcome of the June referendum on EU | :02:16. | :02:25. | |
membership, Britain recorded growth of 2%. | :02:26. | :02:29. | |
According to the International Monetary Fund it will slow to 1.5%, | :02:30. | :02:36. | |
though this is actually up from their previous | :02:37. | :02:38. | |
And in 2018, growth is expected to come in at just 1.4%. | :02:39. | :02:48. | |
The ongoing uncertainty has also impacted the currency. | :02:49. | :02:55. | |
Since the referendum last June, the value of the pound has fallen | :02:56. | :03:01. | |
Our economics editor, Kamal Ahmed, is with me. | :03:02. | :03:14. | |
Nice to see you. Running through some of the economic growth | :03:15. | :03:21. | |
forecasts. Let's start at the beginning. Where are we now? Where | :03:22. | :03:28. | |
does it leave us this morning? The government has got through the | :03:29. | :03:31. | |
legislation in the UK Parliament, that means they can now write the | :03:32. | :03:37. | |
formal letter to the European Commission, triggering the exit | :03:38. | :03:41. | |
process. From that moment, which is likely to be the end of this month | :03:42. | :03:46. | |
they have two years to negotiate, not only Britain's exit from the | :03:47. | :03:53. | |
European Union, which is the technical issue that needs to be | :03:54. | :03:57. | |
done there, but for the British Government they also in parallel | :03:58. | :04:00. | |
want to negotiate a new trade deal with the European Union. A lot of | :04:01. | :04:06. | |
people say that is a big stretch in two years, but that is the way the | :04:07. | :04:10. | |
government wants to approach it. It has made it clear Britain does not | :04:11. | :04:14. | |
want to be in the single market and it is unlikely to be in the customs | :04:15. | :04:19. | |
union. Whatever the trade deal is with the European Union, it will | :04:20. | :04:24. | |
have to be reformulated. But this is different from Canada trying to | :04:25. | :04:27. | |
negotiate free-trade deal with the European Union because there is a | :04:28. | :04:32. | |
free trade deal in place which will be unpicked. The government's | :04:33. | :04:38. | |
argument is we are starting from a position of no tariffs and it is a | :04:39. | :04:41. | |
question of adding in tariffs and they believe that is an easy process | :04:42. | :04:46. | |
than the eight or nine year process that Canada went through to get the | :04:47. | :04:48. | |
free trade deal with the European Union. The next couple of years will | :04:49. | :04:54. | |
be defined by certain landmark moments. Triggering Article 50 is | :04:55. | :05:00. | |
the first one. That gives business uncertainty in some respects because | :05:01. | :05:03. | |
we have got a timetable, but it raises so many other uncertainties. | :05:04. | :05:08. | |
Economically what do we expect to happen? The most important thing | :05:09. | :05:16. | |
will be what news flow do we get in that two-year period? We may not get | :05:17. | :05:20. | |
much, but what we will get is news about the arguments and that is | :05:21. | :05:25. | |
where the Treasury is concerned. You get the rows, the conflict over what | :05:26. | :05:30. | |
tariffs might exist in the automotive sector, the | :05:31. | :05:34. | |
pharmaceutical sector. That leads to pressure on sterling. Sterling has | :05:35. | :05:38. | |
lost value and it goes down and it introduces inflation into the UK and | :05:39. | :05:43. | |
that affects consumer confidence. The UK economy is driven by consumer | :05:44. | :05:48. | |
confidence and that could dissipate. The UK economy could slow. That is | :05:49. | :05:54. | |
the worry in the Treasury's mind. It is not that we will not get a good | :05:55. | :05:58. | |
deal at the end of the process, but anyone dealing with Europe knows | :05:59. | :06:00. | |
there is often a long period of negotiation and then an | :06:01. | :06:16. | |
absolutely eye watering final five days when everyone stays up all | :06:17. | :06:19. | |
night and they get a deal at the very end. In that situation that | :06:20. | :06:21. | |
two-year process is devoid of real substance and that leads to economic | :06:22. | :06:24. | |
uncertainty. It keeps us all in a job for a while! | :06:25. | :06:31. | |
So much analysis and information on our website. We have not mentioned | :06:32. | :06:35. | |
the Scottish curved ball as well which introduces even more | :06:36. | :06:39. | |
uncertainties. Have a read and dig deep. We will keep you in touch with | :06:40. | :06:46. | |
every twist and turn on the BBC you can guarantee. | :06:47. | :06:46. | |
14 million could loose insurance coverage in 2018 under | :06:47. | :06:52. | |
the new Republican health care plan, according to the | :06:53. | :06:55. | |
The nonpartisan group of budget analysts and economists claims | :06:56. | :06:59. | |
the added number uninsured would rise to 24 million by 2026 | :07:00. | :07:05. | |
and reduce federal deficits by $337bn over the ten-year period. | :07:06. | :07:12. | |
Facebook has banned software developers from using its data | :07:13. | :07:16. | |
to create surveillance tools, closing off a process that had been | :07:17. | :07:18. | |
used by US police departments to track protesters. | :07:19. | :07:21. | |
The social media network says the change will help build | :07:22. | :07:29. | |
a community where people can feel safe making their voices heard. | :07:30. | :07:32. | |
And the Brokerage, Charles Schwab, has becomes the latest company | :07:33. | :07:37. | |
to launch a part human, part robot financial advice service. | :07:38. | :07:41. | |
It's part of a wider shift among the big banks to offer digital | :07:42. | :07:44. | |
products to customers on more routine transactions. | :07:45. | :07:46. | |
The service combines its automated investment management technology | :07:47. | :07:48. | |
We are all human here, but we are trying to get the technology to | :07:49. | :08:04. | |
work. I think it knows very well we are human. We have got the situation | :08:05. | :08:12. | |
regarding that decision in Parliament yesterday and that is | :08:13. | :08:15. | |
dominating the business live page. But we have got the Fed beginning | :08:16. | :08:20. | |
its closely watched meeting. Our next guest will talk about that. I | :08:21. | :08:26. | |
was a bit concerned about the winter storm and the impact that would have | :08:27. | :08:29. | |
on Janet Yellen and and her team gathering in Washington. Their snow | :08:30. | :08:35. | |
boots will be on. They will trek through to talk about interest | :08:36. | :08:39. | |
rates. Let's go to Singapore because we are talking about Toshiba and it | :08:40. | :08:41. | |
has missed its earnings deadline. about Toshiba and it has | :08:42. | :08:42. | |
missed its earnings deadline. First, Karishma Vaswani | :08:43. | :08:44. | |
is in Singapore... Explain the significance of this. It | :08:45. | :08:53. | |
is the second time it has delayed its earnings announcement and it is | :08:54. | :08:59. | |
a major embarrassment for an already troubled firm. It asked for the | :09:00. | :09:03. | |
extension, one month this time around, until April the 11th, to | :09:04. | :09:08. | |
sort out what it says are auditing problems. We have heard this before | :09:09. | :09:11. | |
and this was the reason it gave in the previous set of announcements | :09:12. | :09:18. | |
when it was expected to make the announcement in March. In the last | :09:19. | :09:22. | |
hour there has been a news conference that Toshiba has held and | :09:23. | :09:26. | |
the president has repeatedly said it is planning to sell its stake in its | :09:27. | :09:31. | |
troubled American nuclear business. Nuclear is a third of the company's | :09:32. | :09:35. | |
revenues. That division has not made a profit for the last few years. The | :09:36. | :09:42. | |
president has also said he is hoping the company will return to growth in | :09:43. | :09:47. | |
2018 and 2019, but the market and investors are not holding up much | :09:48. | :09:51. | |
hope and the shares fell by 7% with that news. That was one of the big | :09:52. | :09:59. | |
movers in Japan today. You can see that the UK index is down slightly | :10:00. | :10:03. | |
in anticipation of an interest rate hike coming from the Federal reserve | :10:04. | :10:09. | |
the United States. In the Chinese economy on the whole growth is on a | :10:10. | :10:14. | |
firm footing. Hong Kong was boosted a bit by that, although it closed | :10:15. | :10:20. | |
flat, down by one point. Let's have a look at Europe which is trading at | :10:21. | :10:24. | |
the moment to give you a sense of how things are going. Again Europe | :10:25. | :10:29. | |
is fairly flat. Political risk is very much on the mind of Europeans | :10:30. | :10:34. | |
because that Brexit boat went through. Also as well we have got | :10:35. | :10:39. | |
voters going to the polls in the Netherlands tomorrow which kicks off | :10:40. | :10:43. | |
a year of general elections in Europe. We cannot bring you the | :10:44. | :10:47. | |
European numbers right now, but the main markets in Europe are slightly | :10:48. | :10:52. | |
up and slightly down. I will hand you back to bed and hope the | :10:53. | :10:57. | |
technology will catch up with us. The European numbers are here and | :10:58. | :11:01. | |
Richard Fletcher is here with us. Let's pick up on what Sally was | :11:02. | :11:06. | |
talking about. We have got some clarity on Brexit last night. It is | :11:07. | :11:10. | |
going to happen. The markets are taking it in their stride. Yesterday | :11:11. | :11:15. | |
the pound closed up on the day despite we had the Scottish | :11:16. | :11:21. | |
referendum news and overnight it has given up those games and some. The | :11:22. | :11:27. | |
pound is at an eight-week low at $1.21. It has been a bumpy morning | :11:28. | :11:31. | |
and we will see how that goes throughout the day. Let's talk about | :11:32. | :11:37. | |
the Federal reserve. There could be a snow day. We still expect them to | :11:38. | :11:41. | |
me, but the snow could get in the way. We expect some numbers to dial | :11:42. | :11:48. | |
in by a conference call. There was a storm in 2016 and they still managed | :11:49. | :11:53. | |
to meet the next day. Only a few weeks ago everyone saw another rate | :11:54. | :11:58. | |
rise as unlikely and yet now it is an odds-on certainty, and 90% chance | :11:59. | :12:04. | |
of arise. What people are looking for now is the language from them. | :12:05. | :12:10. | |
They have said they expect to raise rates three times this year and some | :12:11. | :12:15. | |
people are forecasting it could be four times. It is really about the | :12:16. | :12:19. | |
language of the rate rise and the markets believe it is odds-on. We | :12:20. | :12:23. | |
should be clear on the snow. They are expecting a lot. Ten inches | :12:24. | :12:29. | |
in Washington and 20 inches in New York. Thousands of flights are | :12:30. | :12:33. | |
cancelled, schools have closed. If that happened in London, it would be | :12:34. | :12:40. | |
a major disaster. Let's have a look at the G20 finance | :12:41. | :12:44. | |
ministers meeting in Germany. There is a lot going on. This is the first | :12:45. | :12:51. | |
post Donald Trump G20 meeting. In the draft communiques some of the | :12:52. | :12:57. | |
language has changed. We have lost that we will resist protectionism on | :12:58. | :13:01. | |
all fronts, that line has gone. That appears to be a change of tone. What | :13:02. | :13:07. | |
happens in the two days of the meeting, we will have to wait and | :13:08. | :13:14. | |
see, but they will be a change of tone. We have got the Bank of | :13:15. | :13:17. | |
England as well, so there are lots of issues for the markets to face | :13:18. | :13:23. | |
this week. We appreciate you coming in. It is a very packed week. | :13:24. | :13:28. | |
Come on! Give us a demo. I cannot do it. I have got some playing cards. | :13:29. | :13:38. | |
Still to come... Keep talking, it is live TV. | :13:39. | :13:40. | |
Playing his cards right, we meet the man behind the firm that | :13:41. | :13:45. | |
makes cards for some of our most popular board games - | :13:46. | :13:47. | |
and tells us how new technology is changing the oldest of businesses. | :13:48. | :13:50. | |
You're with Business Live from BBC News. | :13:51. | :13:57. | |
I was so impressed with that. There are so many things you do not know | :13:58. | :14:02. | |
In the UK, Fashion retailer French Connection has | :14:03. | :14:06. | |
Those losses narrowed to ?3.7 million, | :14:07. | :14:16. | |
an improvement on the 4.7 million pounds it lost the year before. | :14:17. | :14:19. | |
David Shaw is a business writer on Fashion Buying. | :14:20. | :14:23. | |
Once it was the darling of the high street and it is now struggling. | :14:24. | :14:31. | |
Everybody has been watching this and this once great British brand seems | :14:32. | :14:35. | |
to have lost a great deal of traction with its original brand | :14:36. | :14:40. | |
followers. Reading the results this morning it is on what appears to be | :14:41. | :14:44. | |
a downward spiral which is a great shame because this brand has great | :14:45. | :14:53. | |
potential. What is the outlook? How will it turn itself around? They are | :14:54. | :15:00. | |
doing all the right things. I have had a look at the accounts and the | :15:01. | :15:03. | |
statements and they are closing loss-making shops and they are doing | :15:04. | :15:07. | |
quite well on Internet trading. They seem to be doing the right things, | :15:08. | :15:11. | |
but they do not seem to be able to get people back in love with the | :15:12. | :15:16. | |
brand. Whether they can pull the rabbit out of the hat as they did | :15:17. | :15:21. | |
with the famous SC UK, we will have to wait and see. This business has | :15:22. | :15:25. | |
been around for 50 years and everybody is hoping it will hold on | :15:26. | :15:26. | |
and do something pretty quick. The issues to be a separation on the | :15:27. | :15:40. | |
high street, the winners and losers are becoming clear. | :15:41. | :15:46. | |
If you look at all fashion retailers they are rather limited. If you have | :15:47. | :15:53. | |
a shock, you're competing with an intranet business with an infinite | :15:54. | :15:56. | |
range. How can you hope to satisfy them? I think French Connection will | :15:57. | :16:05. | |
have difficulty competing with this. The other issue is the problem of | :16:06. | :16:15. | |
huge foreign investment, these people are on a massive scale so it | :16:16. | :16:21. | |
is being pitched everywhere. That is another problem. People feel French | :16:22. | :16:35. | |
Connection are overpriced. Top story, the UK Parliament has passed | :16:36. | :16:43. | |
the Brexit Bill. Theresa May has the formal process of taking Britain out | :16:44. | :16:47. | |
of the European Union. Let's have a look at how markets are faring. We | :16:48. | :16:52. | |
have had problems with the graphics today for some reason but just to | :16:53. | :16:58. | |
say the value of sterling went up slightly and then has been falling | :16:59. | :17:04. | |
back today. The sheer markets are pretty flat. Treading water. | :17:05. | :17:15. | |
Elections are expected to change this in the Netherlands tomorrow. | :17:16. | :17:23. | |
You all probably owned some phone mood by next guess. | :17:24. | :17:27. | |
Belgian-based Cartamundi is one of the worlds biggest manufacturers | :17:28. | :17:29. | |
of playing cards and board games - making family favourites including | :17:30. | :17:33. | |
and the firm has manufacturing facilities all over the world, | :17:34. | :17:48. | |
including in Germany, Poland, Mexico, the US and India. | :17:49. | :18:07. | |
That is where it all started. The ancestry of the company goes back to | :18:08. | :18:26. | |
1765. It is the reason why they were so expensive, and why the cards | :18:27. | :18:34. | |
still detect the kings and queens and Jackson jokers who used to play | :18:35. | :18:47. | |
with cards. Tell us how you got from the humble playing card to this sort | :18:48. | :18:51. | |
of stuff? The way that people play obviously progresses. To stay | :18:52. | :19:00. | |
relevant we have to keep our factories busy with products that | :19:01. | :19:05. | |
are relevant, great experiences for people to play with. The purpose of | :19:06. | :19:10. | |
the company is to share the magic of playing together. Talk us through | :19:11. | :19:15. | |
how the relationship works. You make the games we've all heard of. But | :19:16. | :19:24. | |
you don't actually sell it in the stores. Other companies do that. | :19:25. | :19:31. | |
Talk us through your competitors. The Lubbock we have games | :19:32. | :19:43. | |
manufacturing services. We make electrical card games, that is the | :19:44. | :19:51. | |
business of games manufacturing services. You have shifted where you | :19:52. | :19:57. | |
make things from China to the United States because of your relationship | :19:58. | :20:03. | |
with Hasbro, four example. When the game market grew by 15% last year. | :20:04. | :20:12. | |
It has been growing exponentially in core markets, one of them being the | :20:13. | :20:19. | |
United States. In order to capitalise, you need to manufacture | :20:20. | :20:27. | |
the products closer. You would imagine something that is | :20:28. | :20:34. | |
traditional is suffering from computer game. I want to show | :20:35. | :20:41. | |
viewers this. Explain what this slightly high-tech thing inside the | :20:42. | :20:48. | |
card is about. This is a printed intelligent near Field communication | :20:49. | :20:52. | |
card. It is a new form of electronics which can be printed. | :20:53. | :20:57. | |
Traditional electronics are silicone but that is metal oxide. It enables | :20:58. | :21:04. | |
electronics to be able to integrate into everyday paper-based items. In | :21:05. | :21:09. | |
the future your cards will be intranet enabled, your board game | :21:10. | :21:15. | |
will be able to connect and give you a different game experience than | :21:16. | :21:18. | |
before. Taking all technology and making it very new. Yes but still in | :21:19. | :21:25. | |
a fast, fun and easy way. At the end of the day it is the game experience | :21:26. | :21:31. | |
that matters. Thank you so much for coming in. I love playing with these | :21:32. | :21:33. | |
cards. We like you to get in touch with the | :21:34. | :21:45. | |
stories we are covering and one of them is about this smart jackets | :21:46. | :21:57. | |
that tells you what's going on. It is a jacket attached to your | :21:58. | :22:01. | |
smartphone and it can tell you the time, let you listen to music... | :22:02. | :22:21. | |
The goal for Google is to provide access to their favourite services | :22:22. | :22:29. | |
and information from everywhere and anywhere at any time. Whether they | :22:30. | :22:33. | |
are biking walking or cycling, they should be able to access their | :22:34. | :22:43. | |
favourite services. Tell us what is here. This is integrated into a | :22:44. | :22:49. | |
portion of the cuff material. The thread that capture your gestures | :22:50. | :22:55. | |
integrate and are transferred to the little tag. You have the destination | :22:56. | :23:07. | |
and it tells us this. You can control the music from the cuff of | :23:08. | :23:09. | |
this sleeve. That would drive me insane. | :23:10. | :23:27. | |
Everybody else around you as well. Dominik is with us. That jacket, | :23:28. | :23:35. | |
would you wear it? It would drive me insane. Imagine being on a train. | :23:36. | :23:41. | |
What about when it malfunctions and you're in a meeting. One person | :23:42. | :23:52. | |
says, not so smart, give the not so smart something new to play with. | :23:53. | :24:01. | |
Jasper says I'm not convinced wireless signals are safe so I would | :24:02. | :24:08. | |
not wear it. We've had quite a few people talking about it but nobody | :24:09. | :24:16. | |
has said they want to wear it. Wearable tech was going to be the | :24:17. | :24:20. | |
next big thing. It has not taken off. A lot of people are wearing it | :24:21. | :24:25. | |
on their arrest. That is wearable tech. It is but it's not a jacket. | :24:26. | :24:32. | |
Let's talk about oil prices. We thought they were going back up. | :24:33. | :24:44. | |
They'd finally agreed production cuts but it has gone down. Last week | :24:45. | :24:50. | |
it went down 9%. It was $55. Now it is down to 48 dollars. Not just | :24:51. | :24:58. | |
because it is having difficulty maintaining this but also the second | :24:59. | :25:05. | |
she'll revolution in the states. The biggest ever oilfield discovered. | :25:06. | :25:12. | |
The numbers are out from the US Department of. They are on course to | :25:13. | :25:18. | |
produce an extra million dollars -- million barrels of oil a year. It's | :25:19. | :25:24. | |
an astonishing new source for production. That has a huge impact, | :25:25. | :25:39. | |
economically. Oil is important for everything we buy. Transport costs, | :25:40. | :25:43. | |
driving the world economy. It is going down. Most to see you. Thank | :25:44. | :25:50. | |
you. Sally is going to teach me more card tricks. I am. Thanks to your | :25:51. | :25:54. | |
company. Goodbye. For the next couple of days it looks | :25:55. | :26:13. | |
pretty settled. Things | :26:14. | :26:14. |