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track to remain the fastest-growing economy in the world. Why from
London, it's our top story today on Wednesday the 31st of May.
India removed nearly 80% of bank notes from circulation but it hasn't
so far dented growth. We'll explain what happened and get the latest
figures from the Indian government a little later today.
One leading charity says half of all gamers have been harassed or
received threats. Markets are looking like this. The pound has
fallen sharply after fears that the Conservatives might not get the
majority in the general election that many are thinking may happen.
Hi Claire Castle may be better known as the filming location for down to
Gnabry but it's also home to Europe's most successful horse
racing ownership company. We'll get the inside track with Harry Herbert.
And it's been revealed the Bank of England's staff have been studying
Dr Seuss to brush up on communication skills because he has
been described as a master of using simple language. With like to know
what business language you think would benefit from the Dr Seuss
treatment. We promise no jargon here on
business Live. India has retained its crown as the fastest growing
major economy in the world. Economists are predicting Indian
economy grew by 7.1%, that's in the first three months of this year. But
would be faster than China which is currently at 6.9%.
The resilience of the Indian economy will be welcome news
for Prime Minister Narendra Modi following the country's landmark
That was when - at the end of last year -
the government removed around 86% of all banknotes from circulation
It led to widespread disruption and queues outside
banks and cashpoints, but the shock announcement seems to
And there could be more good news for the Indian economy next month
when consumers will see major tax reforms.
From July, all purchases will fall under a single "goods and services
tax" and that's lower the average rate charged now.
Sameer Hashmi has been following the story
You've been witness to those huge queueing and chaos that interviewed
after the banknotes were withdrawn. Many are expressing surprise about
these growth predictions, given how badly small businesses in particular
suffered. That's right. If these figures as estimated turnout to be
true it will be a bit of a surprise. The impact was huge after 86% of the
notes were banned especially small and medium-sized businesses were
badly hit. There are two reasons for these good numbers. Now the
government is using a new methodology to measure GDP. Just
explain that in simple terms, industrial output, the way they were
measured until now, didn't accurately capture the total picture
across the country. The government says the new methodology is going to
give a much clearer picture. Analysts say the new methodology is
more favourable when it comes to big businesses and doesn't reflect the
true picture when it comes to small businesses. That's why the number
that will come out today is going to be on the high side which is
expected to be 7.1. This figure is also for the period of January to
March which is when the real impact March which is when the real impact
took place. I was talking to one analyst who told me that if the
government would have measured this data, how they have been doing all
the while, the number wouldn't have been lower than that. Most are
expecting 7.1. The government says it introduced this radical measure
to try and cut down on corruption. Is there a sign this has happened
and what impact has there been an inward investment as a result? It's
still too early to say that the whole exercise has had any real
impact on corruption. The reason the government went ahead with that move
was because there is a lot of unaccounted wealth in this country,
which means a lot of people don't pay taxes. The government was trying
to bring all those people into the banking system so they can crack
those people and whether they are paying taxes or not. So far, the
data the central government has, it doesn't really give us exactly how
much of the money that was sucked out of the system was unaccounted
wealth. The tax authorities are still trying to chase people who
have declared investments, on how much amount they didn't pay the
taxes. It's still too early to say. As far as investments go, the
government has taken a lot of steps but private investment is still low.
Public spending has been driving the economy forward. Thank you for the
update. Let's take a look at some of
the other stories making the news. The pound has fallen more than 0.5%
against the dollar after a new poll found that the ruling
Conservative Party could fall short of an overall majority in next
month's general election. Previous polls suggest
Prime Minister Theresa May and her Conservative Party
would massively Shares in online retail giant Amazon
have risen above the $1,000 Back in 1997, the firm
listed its shares for just $18 each. The rise in share price now values
Amazon at $478 billion, Amazon is now the fourth-largest US
company, behind Apple, Uber has fired the engineer accused
of stealing secrets from Google's parent company Alphabet
after he failed to assist Anthony Levandowski,
previously worked on self-driving car technology at Waymo,
owned by Alphabet. He is accused of downloading 14,000
confidential files before leaving Uber denies it is using
stolen technology. Manchester United is the most
valuable football club in Europe, According to figures from KPMG it
puts it ahead of Spanish giants The study looked at broadcasting
rights, profitability, popularity, sporting potential
and stadium ownership. In the study of 32 teams,
English clubs dominate, If you're buttering your toes this
morning or making your sandwiches, butter consumption is rising
sharply. The cost rising 40% because wholesale prices are up more than
80%. That's because of global demand for butter. Everybody loves the
yellow stuff around the world. I like the quote, "I think the move
back to butter is only going to grow".
An investigation has been launched into the leak
of details of a new bank levy, which led to sharp falls in the
Tell us more about this leak and the bank levy. It all goes back three
weeks ago and the budget in Australia, with a surprise
banks. A surprise but not completely banks. A surprise but not completely
unheralded. In the 24 hours before the budget, they started to
circulate, it was reported the night before and the morning off in
different media. It seems that led to a big sell-off in shares of the
four big banks. Regulators say they want to check whether there was any
short selling and they want to know the provenance of the leak, how this
information reached the media before the Treasurer stood on his seat in
Parliament. The chair of the committee saying, we will hunt this
down, trying to make sure no one has profited from having this
information before it was made public. The levy is still
controversial, the banks still trying to fight it off. Thank you
for staying across that for us in Sydney.
Shares in Japan down slightly on Wednesday following that weaker
lead from the US and falling oil prices dragging down
We'll talk about that more in a moment.
But the story has been that fall in the pound after a new poll showed
Minister Theresa and the ruling Conservative Party in the UK risks
falling short of an overall majority in next month's national election.
The vote in Britain, political uncertainties in Italy
and doubts over debt relief for Greece all weighing
More on that in a moment, but first let's head Stateside
and Samira has the details about what's ahead on Wall Street.
Happening on Wednesday, the Federal Reserve, that is America's Central
bank, will be issuing its Facebook. This is a collection of anecdotes on
the help of the economy that is taken from the central bank sources
across the country. It will likely show the US economy is continuing to
gain strength, as the central bank prepares to raise interest rates
again, possibly as soon as the next meeting which happens in just a
couple of weeks. In earnings news, you would think that cyber security
firm would be doing pretty well these days especially in the wake of
so many ransomware attacks. But the firm Palo Alto Networks is expected
to report a fall in profits when it reports on Wednesday. The company
has faced rising competition in a hotly contested industry and is
struggling with issues with its sales force.
Maike Currie, investment director at Fidelity International.
We are talking about the market movements in more detail. It seems
as though its political concerns that are driving market sentiment,
particularly when you see how sterling is performing. Absolutely.
The election was expected to be a blip on the radar. The result was
going to be a foregone conclusion, Theresa May was going to increase
her majority in Parliament and that would enhance her Brexit-lite go
shooting hand. Now that seems to have changed, and it's weighing on
the currency. Now the pound is much weaker which is good news for the
FTSE 100. It's a stock market of overseas owners and if the pound
weakens that's good for those overseas exporters. This is only one
poll saying there could potentially be a hung Parliament. How much
confidence should investors have in polls given what has happened in
previous elections? The polls do get it wrong and of course, betting on
currencies is a zero sum game. While a weaker pound is good news for the
FTSE 100, it's bad news for the FTSE 250, the stock market of
medium-sized companies that optimistically focused. The best
thing investors can do is ignore the short-term noise. Quickly, what
happens if she doesn't get the big majority, what does it mean for
Brexit? It means that we could have a hung Parliament and that means
that the whole Brexit negotiating process, which is already clouded by
uncertainty becomes more uncertain. That will weigh on markets. Markets
height and macro hate uncertainty and Brexit is a huge unknown.
We meet the man behind one of Europe's most successful
horse racing companies and ask just how you buy
You're with Business Live from BBC News.
We're all feeling a bit more confident about the future,
but still worried about the economy, according to the latest data.
Research says rising inflation is proving a worry
Joe Staton is head of market dynamics at GFK.
You carried out this survey and people are still feeling quite
optimistic. Do you think that is justified? It is interesting, we
have done this survey since the 70s, on behalf of the EU so we have a
long track record on what consumers are feeling and behaving will stop
this is a consumer what we think and feel, not Mark Carney, Angela Merkel
telling us what to think and feel and what is interesting there is
still a lot of confidence. Your last presenter talked about uncertainty,
in the face of uncertainty, there is a high degree of consumer confidence
in the data we are reporting. Should we be surprised by uncertainty
because there are so many things going on at the moment it is hard to
know which way the economy is headed. How do you navigate that? I
think what is going on, there is hard data, GDP data, and soft data,
such as the consumer confidence survey we run. What is going on is
the two are matching. We see a level of confidence. It is just bumping
along the negative. After Brexit we saw it dropped dramatically, minus
12. The lowest it has been is the low 30s, during the beginning of the
last financial cycle. Consumer confidence is depressed but stable.
Not jumping around as one might expect. OK. Thanks for the update on
the consumer confidence survey. It seems we are generally not
optimistic but not getting more pessimistic. Perhaps because we have
some quite good numbers as far as exports are concerned. Excuse the
picture. This is salmon. One of the things we sell around the world. The
first three months of the year. Exports are up by 8.3%, ?4.9
billion, that is the largest first-quarter figure on record so
good news as far as exports from the UK are concerned. Details on the
website. You're watching Business Live -
our top story - official figures are expected to show that India has
retained its crown as the fastest Economists are predicting that
India's economy grew by 7.1% in the first three months
of the year. We will get those figures later.
This is what Europe is doing at this point in the morning. Sterling down
against the dollar after a poll that suggests Theresa May might not get
the majority expected. But it is one poll and they have been wrong in the
past. Now, you might enjoy a flutter
on the horses from time to time. Maybe at the Grand
National, or the Derby. But what about if you owned
a stake not in a race - Well, our next guest knows a thing
or two about doing just that. He's the founder and boss
of Highclere Thoroughbred Racing. It's one of Europe's most successful
horse racing ownership companies. It was founded in 1992 -
and since then has produced And when the horses do
well, so do the owners. It's raked in nearly
$8.5 million in prize money. Harry Herbert - the boss and founder
of Highclere - joins me now. Hello. Who buys stake in a
racehorse? Just how expensive is it?. As long as you can afford it,
it is how long is a piece of string? Shares go from ?5,000 to up to
?50,000 depending on which syndicate to come into but you can get
involved for a few hundred pounds in a racing club. Owning a part of a
racehorse is exciting and generates a buzz. I worked in Kentucky in the
state said it was just starting there in the 80s. Ownership and
racing of horses becoming more expensive, so their hat to be a
better way to do it and ideally a way that would not take away the
excitement of owning through fractional ownership done well and
with really good management and using the best trainers. That you
could come up with a concept that would make it fun. And he would not
have to spend a fortune. Do you do it as an investor for the love all
the money? The laugh. This is not an investment -- the love of it. If you
are lucky enough to get a really good racehorse and we have been
fortunate with a few champions and other good horses, they are worth an
enormous sum of money. The horse who won the Derby was bought for 75,000
unsold for millions. It is possible but you do not come into a syndicate
and thing, I am just going to have Dobbin. What is the relationship
like, do they become friends, do they fall at? We treat everybody as
if they own the horse out right. The amazing thing is you can put the
most abstract group of people together and the horse, it is the
glue that binds everyone together. Naturally people say I won't know
anyone, it might feel like I own the horse but it is the opposite. You
see people who would never meet in everyday life having the best time
imaginable. And they trot into the winner's enclosure together?
You talk about the highs and lows but your job involves tears. Job
satisfaction of seeing may be a FTSE 100 company chairman, chairwoman,
big is this person, in floods of tears when a horse wins. It brings
out an emotion that is completely alien to most people. It is
primeval, I think. It is the best part of the job. Just to say, they
are tears of happiness. Mostly tears of happiness, there are a few tears
of, oh, my God, not again! Is why the Queen does it, and so on. What
has it been like to see how Highclere Castle has been
transformed from when you were trying to sell cream teas to
renovate the building to now a global phenomenon? It is incredible.
My brother and sister-in-law, they run it now and have done for
sometime. I was involved and it was incredible. The transformation
between hanging baskets, cream teas, to suddenly having amazing events at
the castle and opening up the corporate angle. Movies. Tom Cruise
there, Nicole Kidman. The first cricket match South Africa played
was a Highclere. It has been phenomenal and Downton is a game
changer for Highclere and any stately home that get something like
it. Thanks for coming in. Best of luck.
New research shows that abuse and bullying in video games
The anti-bullying charity Ditch the Label said one in two gamers it
spoke to had been bullied or received threats.
Here's our technology correspondent Rory Cellan-Jones.
For 16-year-old Bailey, video games have been a big part
of his life and were once an escape when he was getting
He enjoys pitting his skills against other players online,
but what he doesn't like is the abuse he sometimes
He first experienced bullying in games when he was ten and it's
If I'm playing a game and I score a goal, I've literally been
If you're being bullied at school, you come home and play your computer
and you are just getting more abuse thrown at you.
It's just going to put you off doing anything social.
The charity Ditch The Label surveyed 2,500 young gamers.
57% said they had been subjected to hate speech in an online game.
47% had received threats and 40% had had unwanted sexual contact.
What's changed over the last decade is that more and more games
are played online and that means young gamers are encountering
anonymous people from around the world and chatting with them.
That can, of course, be very positive, but it also lays them open
for the kind of dangers we've seen elsewhere in the online world.
The anti-bullying charity worked with the online game
Habbo Hotel to research young gamers' experiences.
I think what's so shocking is the fact that it's
We had gamers telling us this was just part
Bailey says he has now learned not to let abuse get to him,
but he wants the games companies to do more to watch over
what happens online and to act to stop the bullies.
We can now talk through some of the stories in the business pages. We
have asked people to get in touch about the story Bank of England has
used children's books for lessons in clarity. It is fair to say that
financial sector has jargon words. I love this story because there is so
much jargon and dry language used. And it was the former deputy
governor who said they studied Dr Seuss to see how they could use
simpler language to engage the public. At a time of political
populism, this is the way forward, to engage people. Maybe without the
tongue twisters. I am used to reading Dr Seuss to my children and
at times it can be quite complicated.
A very good point. They talk about the quarterly inflation report, it
is about that thick and a challenge to get through it. It is about
telling stories simply. That is so important. To get people to engage
with finances, that is the only way. Mobile phones. There is a proposal
in London on the Underground you might be able to use your mobile
phone and some people around the world will find it astonishing that
you cannot at the moment where in Hong Kong and parts of China it is
the norm. I quite like not being able to use it on the Underground.
It is downtime. The tube is where you see people reading a book, not
senselessly browsing on their phone and playing games. There are flip
sides. We should probably have technology on the tube because
places like Paris and Tokyo have had it for years but the downtime is
valuable. Nobody speaks to you on the tube and if you have nothing to
read, you are a bit stuck. Gary says, I cannot stand business
jargon. Ice for redundancy. And in voluntary career event. Let's get
rid of that. Thanks for your company today. We will see you tomorrow.
Good morning. It was a cold start today across northern parts