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This is Business Live from BBC News, with Susannah Streeter
Gateway to India - Britain's Chancellor looks
to the sub-continent for new trade ties in a post-Brexit world.
Live from London, that's our top story on Tuesday, 4 April.
As the UK leaves the European Union, can it get a boost helping India's
development as one of the world's fastest growing economies?
President Trump lands a blow to internet privacy,
paving the way for internet providers to sell their
We look of the financial markets in Europe.
And we'll be getting the inside track on good manners.
In a digital world how much can Debrett's help?
We'll speak to the boss of revered etiqutte guide about how to behave
And today, as the worlds most famous investor, Warren Buffett,
is being used to sell cherry cola in China, we want to know,
which celebrity endorsements have convinced you to make a purchase.
We start in India, where the UK Finance Minister is leading
It's a two-day visit, where Philip Hammond will stress
that Britain is open for business and looking for new trade deals,
as the UK negotiates its way out of the European Union.
Both countries have had a relationship spanning many years.
And let's talk you through the relationship.
In 2014, the value of all the goods and services sold between India
and the United Kingdom was about $24 billion.
And it works in India's favour - they export a lot more goods
Their top exports are clothing, footwear and medical items.
What are the countries hoping to gain in the future?
India is looking to raise more than $1 trillion for infrastructure
over the next decade, and the UK hopes it can
benefit from that, given its position as the world's top
In return, India will be looking for greater freedom of movement
for its citizens who want to work and study in the UK.
Nice to see you again. Philip Hammond and Mark Carney, they are
trying to lay foundations for any future trade deals. But many argue
that some would see a future trade relationship as fairly slim for
various reasons? Absolutely. There are many sticking points between the
countries. Many are looking at the two countries as natural partners
given the historic relationship, as well as common ground in terms of
business. English is a common language. A lot of Indian companies
naturally go to the UK as a senator for the rest of Europe to read. That
is likely to change. -- centre. The Visa is a big issue, especially for
Indian students. One analyst said it almost seems as if the UK once
Indian business but not Indians. That is a perception Mr Hammond will
have to change. Consistently India has refused to lift restrictions on
professional services like banking accounts, insurance. That is
something the UK sees as its strong point and wants India to open up. It
will be interesting if he can convince people that the UK can
offer the services and India must open up. Real negotiations will only
start after the Brexit processes over. In terms of the areas of
business or the industries that will look to benefit, we have mentioned
financial services. What other business leaders are keen to see
this relationship drive? The UK is selling financial services as its
strong point. Mr Hammond says, making India but to get it financed
in the UK. -- make in India. Whichever sector in India is looking
for more capital, the UK is selling itself as the point of finances. We
have seen Massa la Bonds, a new class of debt instrument. The UK
seems to be the primary target for Indian companies wanting these
bonds. India needs about $1.5 trillion of infrastructure funding.
That funding is likely to come more and more from products like these
bonds. Mr Hammond is saying, we have innovative financial products. He
wants more Indian companies to come to the UK for that. Thank you very
much. We will keep you across how that trip goes. Some other news.
President Trump has signed a highly controversial order that will roll
back an Obama-era law restricting how internet
service providers could use Americans' online data.
The US House of Representatives and the Senate backed
The bill was supposed to come into force in December,
and would have prevented companies from selling information such
as browsing history, location data, financial and medical details.
South Africa's credit rating has been cut to junk status
The agency said that political upheaval, including the recent
sacking of Finance Minister Pravin Gordhan, was
Another ratings agency, Moody's, said it was placing its South Africa
rating, which is two notches above junk status,
The news put more pressure on the rand, which was down
You can check out our live page on the BBC website. This is a story
that we have been covering. The fact the central bank in Australia kept
interest rates on hold as expected today at 1.5%. Basically they are
keeping a close eye on what happens in China. It is an important market
for them. Also keeping an eye macron the property market, which has been
buoyant and heart in Sydney and Melbourne. Lots more stories there.
Another tough day on the markets for Toshiba.
Is this to do with reports that the company may delay releasing its
earnings report once again? Well, yes, partly. It is the second day in
a row Toshiba shares have fallen. They fell 95% on Tuesday, mainly
over concerns the technology company may need more financial support.
This hasn't sparked by reports that save the company will meet creditors
on Tuesday to ask them to accept shares in some of its businesses as
collateral, presumably in exchange for them not calling in their loans.
On Monday, shares went down after the company signalled it may miss a
third deadline to release its results for the last quarter of
2016. This was supposed to happen in February. The company has delayed
formally reporting its earnings over problems at Westinghouse Electric,
its US nuclear unit. Westinghouse has been hit and file for bankruptcy
last week. Its annual loss could be a record 9.1 billion US dollars.
Many thanks. The wider financial markets. Tokyo's benchmark fell to a
ten week low. Pashey do in real difficulty, plunging almost 10% of
its financial problems. There is a bank holiday in China. The markets
were closed. This is what is happening in Europe. You can see
markets pretty stable. The Dax in Frankfurt down very slightly. The
CAC treading water. It comes after Wall Street closed slightly lower
yesterday as March cars sales really disappointed investors. There was
quite a lot of nervousness around the forthcoming meeting between
President Trump and China's premiere.
And Michelle Fleury has the details about what's ahead
Donald Trump has already warned his meeting with the Chinese later will
be very difficult. Just days ahead, the US president ordered officials
to find solutions to America's trade deficit with China and other
countries. With trade a key focus of the summit, all eyes will be on the
latest US trade statistics due out this Tuesday. The figures for
February will reveal the gap between what America sells to foreigners and
what US customers buy from overseas. They are expected to show the trade
deficit narrowed to around $46 billion from 48.5 billion in
January. Also, keep an eye Mark Wright for Tesla after the company
surprised investors were better than expected sales this year. It has
become the second-biggest US car-maker by market capitalisation
after only General Motors. That is Michelle.
Joining us is Richard Fletcher, business editor at The Times.
Good morning. She has said's up nicely. Tesla, I find that
phenomenal, it's valuation, given the fact it has not made any money
yet. The number of cars it has made is going up, but it is nothing in
comparison to the millions ford makes? It is still tiny. Ford makes
88 times the number of vehicles as Tesla. In terms of revenues, Ford's
revenues are 20 times Tesla's. We were trying to do a graphic
yesterday to illustrate the difference. It is hard to do profit
because you are trying to compare a loss with a profit. It is amazing
but it is about the market being really excited about electric cars.
The problem is, Elon musk asked to ramp it up. There is excitement
surrounding electric vehicles. The markets believe this is a game
changer. Can they deliver? The markets expect them to ramp up
production and deliver a large number of vehicles. Companies like
Tesla, that are highly rated, if they don't deliver, UDCA big
sell-off in their shares. We have to talk about Warren Buffet. He is very
well known as being perhaps one of the world's most successful
investors. He has had Coca-Cola in his portfolio since the beginning.
He has a 9% stake. He is the biggest investor. I wonder if it is a slight
marketing trick. Basically what they have done is they have put Cherry
Coca-Cola on the cans in China. They have done a limited number of cans
with Warren Buffet's face on it. It is intriguing. He is well-known
China. The annual meeting is live streamed and translated into
Mandarin. He does have a following. Is that because there are some any
investors who are keen to get a foothold the financial market and
earn their own fortune? Absolutely. He has got a following all over the
world. He is popular here and in the US. He is a fan of Coke. He drinks
?5 a day, apparently. Warren Buffet says he eats like a six-year-old.
That is not what I would give my six-year-old!
He has a five day diet. Have you ever been persuaded to buy something
because of a celebrity endorsement? I haven't. It would probably put me
off rather than encourage me. A few viewers have been in touch. Rob says
only once has he been persuaded. Pierce Brosnan promoted an electric
shaver when he was James Bond, and he says it is still as good today as
it was then, a bit like himself. Robert says Margaret Thatcher
convinced her -- him to buy his own counsel has!
And shares in British Telecom and British Gas. I wouldn't have
expected him to come up! We'll speak to the boss of Britain's
esteemed etiquette guide, Debrett's, on how manners matter
in the digital world. What annoys you about business
manners? You're with Business
Live from BBC News. Online fashion retailer Asos has
reported another strong six months, The retailer had a good christmas,
and saw revenue growth of 38% in the six months to
the end of February. I imagine many retailers hearing
that news will be envious. Honor Strachan is a retail analyst
for Global Data Retail. How good are the numbers? Talk us
through them. They're impressive given the trading environment at the
moment. They have had an incredible Christmas. The full half is up 37%,
38% with the UK performing and up 18%. It is outperforming the market
and its competitors. The swing to digital is really continuing and it
is making it harder for the bricks and mortar stores to compete? Asos
has got its model correct and it understands its core audience and
shopping habits. What we are starting to see is those channels
work together and retailers really understand how online should
compliment stores like we have seen with John Lewis reporting good
results and that's because online and stores are working together. It
is all to do with customer experience with those bricks and
mortar stores, that's the only which you will get people in? It is about
providing them with an joinl shopping experience and encouraging
them to prows the ranges. 58% of orders is placed on mobile devices?
It is a popular channel with 16 to 35-year-olds switching to mobile.
They are shopping on the move and browsing on the move and using
social media to share pictures and to share items they might want to
buy. Mobile really is the way forward and retailers are starting
to really invest in those platforms and make sure they are optimised for
mobile shopping. Thank you. Topps Tiles, they saw their sales
splip. They're the flooring retailer, of course. They saw a 2%
drop in like for like revenues to the end of March. The Chief
Executive is saying that market conditions have become tougher, but
the business has responded well to control its costs. Lots more on our
website as ever. Take a look. You're watching Business Live.
Our top story: The UK Finance Minister
Philip Hammond is leading He's tweeted that the importance
of trade between the two countries will only grow after the UK leaves
the European Union. A quick look at how
markets are faring. One of the big winners is BP. It has
been upgraded by an investment bank to a buy rating and people are
buying it. They are being obedient and buying BP's shares today.
They're up 2%. Good etiquette in business has often
been described as a critical skill which can boost your chances
of success, but in an increasingly online world where media and digital
disruptors are breaking SOo is having impeccable
manners really In a survey of more than 1,000
people in the US last year, almost three-quarters thought
manners and behaviour In an online poll, US school
and university students point the blame firmly at social
media saying technology So the etiquette firm Debrett's has
been around for almost 250 years. It's trying to keep up with the way
technology is changing business manners and has even released
an etiquette guide for using Airbnb. Renee Kuo is managing
director at Debrett's. Welcome to Business Live. Thank you
very much. You've brought in a few examples of these new guides that
you can get hold of and this one is called Guide To British Style.
You've got it in Chinese and Arabic as well. Now, that really reflects
the people that go to Bicester Village which is known as Terminal 6
in the UK. Bicester Village is a luxury shopping destination and one
of the UK's most popular tourist destinations. But why do you need a
guide? You go in the shop, show them the money and come away with the
designer goods, isn't that it? The guide is for two reasons, there are
traditional season events which are a main attraction for global
visitors and they don't know the dress codes for those events. There
might be a lot of British people who might not know the dress code. You
shouldn't wear bright colours in the countryside. We wouldn't be any good
there! Is that what it says in your guide?
There might be some shooting going on on the weekend as well! You've
updated your guide to reflect the digital world, haven't you? Yes. Why
do you need an Airbnb guide? An etiquette to home sharing is very
important. You are going to stay at somebody's home, especially if they
are from a different culture, do you take off your shoes, if you've cut
your finger, do you rummage through the medicine cabinet to find the
plaster? There have to be rules it make people feel comfortable and
confident in unfamiliar, business and social and cultural situations.
As well, for people who are wheeling and dealing like Philip Hammond
today, Mark Carney in India, it is extremely critical they get it right
in terms of etiquette. Absolutely. For many of us who travel over the
world, culture, there are huge differences just in how you greet
somebody physically and verbally? It is not just from a social etiquette
prospective. You don't want to be representing your company and lose
the deal because you made a kind of cultural gaffe. So, for example, if
you're a western executive and gu to China and you take a business card
and you're relaxed with it as we are in the western world and you might
write somebody's mobile number on the back, you've insulted that
person. There is a respect and a an etiquette and protocol to all forms
of business and that's from meeting and greeting somebody to accepting a
business card to the hierarchy of a business meeting. Are you reflecting
the use of Twitter for example in social correspondence in your latest
guides? We have a guide to etiquette. It's so funny to think
that technology is connecting us more and more and yet interpersonal
skills are diminishing and there was a study by Harvard, Stanford that
shows that job success is 85% due to social and soft skills and only 15%
due to technical skills. The Wall Street Journal found that recruiters
couldn't find enough people with interpersonal skills. That's a
result of people feeling more comfortable hiding behind a screen
or hiding under their head phones these days. It's fascinating. We've
got to leave it there. I'm calling time on the interview. It has been
great to have you in. Thanks, it has been a pleasure.
ABTA is warning there is no fall Back option for airlines if the UK
is unable to secure an aviation agreement during the Brexit
negotiations. Richard Westcott has been looking at the pit falls that
Brexit could create for the business of aviation.
Lots of businesses want to get to the front of the queue because they
want to make sure that it's their Brexit agreement that's sorted out
first. And today, it's the travel industry's turn to wade in. At the
moment, any EU airline can fly anywhere in Europe and that's why we
get such cheep flights, but that deal runs out in two years when we
leave the EU, if they don't replace it, there is a slim chance that
European flights will have to stop for a while.
I know that sounds a bit dramatic, but it is not me saying t it is the
boss of Europe's biggest airline, Michael O'Leary at Ryanair. But
other airlines don't share his apocalyptic view. EasyJet is
Britain's biggest airline and they tell me they are very confident a
new agreement will be reached soon. And that is for one simple reason -
because both sides will lose too much money without it. Because all
of those tourists and all of those business people, it's obvious, but
they have to fly. The airlines have good reason to want a quick deal.
They plan their schedules a year-and-a-half ahead. So, they need
to be able to reassure their customers that when they book their
holiday in 2019, their plane will definitely be able to take off.
We were having a giggle about our own etiquette faux pass!
We have got it talk about this story which has serious ramifications,
President Trump, we mentioned mentioned him in the show and he's
creeping in. Explain what happened? People when it comes to Trump focus
on the wall, trade polls why and tax policy, but he is doing a lot of
things behind the scenes and this is about internet privacy. Google and
Facebook take your data and use it to sell ads to people. This is about
what cable companies and broadband companies can do with your data. In
America they have been stopped from harvesting your data, they are not
allowed to do what Google and Facebook do. Trump has signed the
Obama law out of the blocks, now they can take your data. It was
chftion when they started doing it. You can choose not to use Google for
Facebook, but you can't choose not to use a broadband company. All the
companies are encroaching each other's territory? Where is the
distinction between internet service provider and Google and Facebook?
You could avoid Google if you wanted to, but do need to get your internet
connection from somewhere. Justin Trudeau the leader of Canada, the
Prime Minister there, he is not pleased with Bombardier executive
packages? It is a hot topic. Theresa May has got involved. In can darks
Bombardier got into trouble a few years ago. It got bailed out by the
Government and,000 they want to pay their executives more and the
Government says no. Thank you, Dominic.
Good morning. The pressure is still fairly high
across the UK. There will be more cloud around for tomorrow today than
we have seen in recent days, but not for all. For example, here this East