:00:00. > :00:12.China's Premier hails the opportunties of economic
:00:13. > :00:14.globalisation but warns against the dangers of unfair growth
:00:15. > :00:46.Live from London, that's our top story on Tuesday the 27th of June.
:00:47. > :01:08.China's premier says the country will meet its full-year target.
:01:09. > :01:15.We will take a look at how things may look on Wall Street later. And
:01:16. > :01:20.the challenge of keeping your kids entertained - we will talk to a
:01:21. > :01:26.businesswoman who has crowd funded efforts to make a backpack with
:01:27. > :01:29.Wi-Fi and GPS. Hole in the wall, cashpoint or ATM - whatever you call
:01:30. > :01:36.it, it is celebrating its 50th birthday. Our eights days numbered?
:01:37. > :01:59.-- but are its days numbered? A very warm welcome to Business
:02:00. > :02:06.Life. If china's Premier warned the World Economic Forum that fairness
:02:07. > :02:11.is essential or else people will feel left behind. After the USA,
:02:12. > :02:17.China is the world's second largest economy, with a value of the $11
:02:18. > :02:22.trillion. It accounts for almost 15% of what the world produces each
:02:23. > :02:28.year, but it is home to 19% of the world's population, almost one in
:02:29. > :02:40.five and with the number of people increasing, so too are its cities,
:02:41. > :02:54.in size and number. A brand-new eco-city Xiongan will house 2.5
:02:55. > :03:00.million people. It is home to several unicorns, that is companies
:03:01. > :03:05.worth over $1 billion. Some of the best-known names with global
:03:06. > :03:13.ambitions are start-up businesses worth over $10 billion.
:03:14. > :03:15.Let's cross to our Asia Business Correspondent Karishma Vaswani,
:03:16. > :03:25.The Chinese premier has been speaking in the last couple of hours
:03:26. > :03:30.- tell us what he said about china's economy. The big focus for China at
:03:31. > :03:35.the World Economic Forum, the break face of China to the world, appears
:03:36. > :03:41.to be achieving the country's stated growth targets. The Premier said
:03:42. > :03:46.that China can contain any of the risks that have been so well
:03:47. > :03:51.publicised about its economy. It can achieve those growth targets. I am
:03:52. > :03:57.talking about the massive amounts of public and private debt that China
:03:58. > :04:01.has, worth more than 250% of GDP, figures that are very scary for most
:04:02. > :04:07.developed economies, let alone China, which is still in the midst
:04:08. > :04:10.of a big transition. Speaking at the World Economic Forum, the premier
:04:11. > :04:15.dismissed those concerns and said that china's economy remained steady
:04:16. > :04:30.and had seen improving momentum as it moved to a more domestic focused
:04:31. > :04:34.policy. The Premier said that growth forecast is realistic, but he did
:04:35. > :04:37.point to the difficulties ahead in ensuring that everybody is included
:04:38. > :04:48.in this rapid pace of growth. Let's listen to what he had to say.
:04:49. > :04:54.TRANSLATION: Globalisation is changing our world with
:04:55. > :04:57.unprecedented speed and depth, which has provided limitless opportunities
:04:58. > :05:03.for all economies. However, if inadequate measures are taken, it
:05:04. > :05:07.might create a problem of lack of inclusive growth. In other words, it
:05:08. > :05:11.will create a problem of fairness. For example, some people will
:05:12. > :05:17.benefit more than other groups, and traditional industries and jobs may
:05:18. > :05:24.feel the impact. There seems to be a big focus on tech, and it is a
:05:25. > :05:30.long-standing ambition for China to be a world leader in that field.
:05:31. > :05:35.Indeed, and many other big names from Asia that have become household
:05:36. > :05:39.names that us, this has become a really important part of the
:05:40. > :05:43.remarkable transformation in China. Let's not forget that over the last
:05:44. > :05:47.30 years, China basically turned into the factory of the world,
:05:48. > :05:50.lifted incomes and living standards for people across the country, and
:05:51. > :05:54.made goods much cheaper than the rest of us. It is trying to do the
:05:55. > :05:57.same thing when it comes to technology, and I think that
:05:58. > :06:04.ambition will be played out in the coming decades. What would the
:06:05. > :06:11.Chinese premier be satisfied with at the end of this World Economic
:06:12. > :06:14.Forum? I think for many of them are murderers about china going forward,
:06:15. > :06:18.the fact that a lot of analysis has gone into the idea that there is
:06:19. > :06:22.going to be a hard landing. What China really cares about is the
:06:23. > :06:27.social contract it has with its people. We have had this massive
:06:28. > :06:30.economic transformation of the last 30 years, but that has lifted living
:06:31. > :06:35.standards for people at home. For this to continue, you really need to
:06:36. > :06:39.see inclusive growth, not this huge gap between rich and poor that every
:06:40. > :06:46.day appears to be getting wider range China, which is why there is
:06:47. > :06:52.been this onus on cracking down on corruption. -- there has been. It is
:06:53. > :06:56.a big year for the Premier and there is a big party congress at the end
:06:57. > :06:59.of the year, so he has to show that the economy is running well and that
:07:00. > :07:04.people at home are satisfied, so I think that will be a key thing to
:07:05. > :07:08.come out of this forum. Thank you very much for that analysis.
:07:09. > :07:11.Let's take a look at some of the other stories making the news.
:07:12. > :07:13.Western Digital has told the BBC that they have
:07:14. > :07:16.resubmitted their bid for Toshiba's NAND Flash Memory unit.
:07:17. > :07:20.The offer is understood to be in region of $18bn which is the same
:07:21. > :07:23.as the one from a consortium backed by the Japanese government,
:07:24. > :07:27.which Toshiba last week announced as its preferred option.
:07:28. > :07:30.Toshiba is under pressure to raise money following the huge
:07:31. > :07:38.losses it has incurred from its US nuclear unit.
:07:39. > :07:41.The US firm that supplied cladding used on London's Grenfell Tower says
:07:42. > :07:44.it has ended global sales of the product for use
:07:45. > :07:47.Arconic's shares closed down almost 6% in New York on Monday.
:07:48. > :07:50.The company said it was discontinuing sales of Reynobond PE
:07:51. > :07:52.for tower blocks due to "issues" identified by the fire
:07:53. > :07:55.which is believed to have killed at least 79 people.
:07:56. > :07:58.The Japanese computer gaming giant Nintendo has
:07:59. > :08:03.This time it's set to bring the Super Nintendo Entertainment
:08:04. > :08:11.The original was launched in 1990 and sold 50m units worldwide.
:08:12. > :08:18.Some analysts have suggested it's part of its marketing drive
:08:19. > :08:23.to increase sales of its latest console, the Ninetendo Switch.
:08:24. > :08:25.Nissan says it paid its Chief Executive Carlos Ghosn around
:08:26. > :08:28.$10 million in the year ended March, up 2.5 percent from
:08:29. > :08:32.Mr Ghosn, who's one of the best-paid auto executives, received a separate
:08:33. > :08:35.salary of $7.89 million last year as the head of Renault, Nissan's
:08:36. > :08:39.He stepped down as Nissan chief Executive at the end of March,
:08:40. > :08:49.but remains chairman of the Japanese company.
:08:50. > :08:51.Let's look at how the markets are doing.
:08:52. > :08:53.Japanese stocks edged towards two-year highs on Tuesday.
:08:54. > :08:56.Exporters benefited from a strong dollar, shares in Toyota,
:08:57. > :09:02.The dollar has risen in value as investors
:09:03. > :09:06.are expecting comments from Federal Reserve Chair Janet
:09:07. > :09:08.Yellen to support the Fed's projection for one more interest
:09:09. > :09:19.A softer open on the European markets.
:09:20. > :09:21.There's a general sense of caution in financial markets,
:09:22. > :09:24.according to analysts, noting that commodities like crude
:09:25. > :09:30.oil, which is suffering from a glut, remained shaky though,
:09:31. > :09:32.that said, it has stabilised, and the recent selloff has stalled.
:09:33. > :09:36.A slight lack of direction on Wall Street at the end of Monday
:09:37. > :09:38.trading, the S and Dow closed fairly flat.
:09:39. > :09:46.Federal Reserve chair Janet Yellen is in London talking
:09:47. > :09:59.Traders will be tuning in to see in America's top Central Banker has
:10:00. > :10:02.anything to add on the Fed's decision earlier this month to raise
:10:03. > :10:04.interest rates for the third time since December.
:10:05. > :10:07.Now, her message is likely to emphasise that while the economy
:10:08. > :10:11.may not be overheating, the recovery in the US is strong
:10:12. > :10:13.enough for it to consider another rate hike this year.
:10:14. > :10:17.But will in-coming economic data reinforce that argument.
:10:18. > :10:20.Two pieces to watch this Tuesday is the case Shiller house price
:10:21. > :10:22.index as well as a report on consumer confidence.
:10:23. > :10:24.Meanwwhile Uber's search for a new CEO continues
:10:25. > :10:28.after the resignation of the founder Travis Kalanick last week.
:10:29. > :10:32.Among those reportedly in the running are former Yahoo CEO
:10:33. > :10:36.Marissa Mayer and Facebook's CEO, Cheryl Sandberg and the former Chief
:10:37. > :10:51.Joining us is Jane Foley, Senior Currency Strategist, Rabobank.
:10:52. > :11:01.You are doing markets with us, but I will mention a market related story
:11:02. > :11:05.that is now live -- that is on our live page. There was a dip in the
:11:06. > :11:12.gold price of 1.5% yesterday - tell us why and explain what fat fingered
:11:13. > :11:24.trade means. It means that the market has aggressively given as a
:11:25. > :11:27.price move. What happens is, there are various orders in the system
:11:28. > :11:35.that immediately get filled and the price moves back very aggressively.
:11:36. > :11:39.We call it a fat finger, which probably means somebody made a
:11:40. > :11:43.mistake. Literally, their finger is too fat and they have gone to press
:11:44. > :11:50.wonky and hit another one. It could have been that, or an extra zero,
:11:51. > :11:55.perhaps. Somebody somewhere is probably pretty embarrassed. When
:11:56. > :12:01.you do that... Sorry, but when you do that, I can imagine the horror if
:12:02. > :12:06.you had done that. Is there anyway to pull it back? It is likely
:12:07. > :12:12.someone is out of money somewhere. The system has a lot of trade stored
:12:13. > :12:19.up, so as soon as a certain price is hit, they get filled. Someone is
:12:20. > :12:23.very sadly probably out of pocket. You would think the system would
:12:24. > :12:28.detect unusual activity and flag it up before it is too late. The
:12:29. > :12:33.systems do have various safety nets all over the place, but you do
:12:34. > :12:37.sometimes see the sort of movement. We saw it with sterling not so long
:12:38. > :12:46.ago, with the gold market seven or eight years ago. It still happens.
:12:47. > :12:51.Today, we will hear from two big important people, the head of the
:12:52. > :12:56.Federal Reserve and the governor of the Bank of England. What we expect
:12:57. > :13:01.to hear? The Federal Reserve have been saying that they will raise
:13:02. > :13:06.interest rates this year, and three times next year, and they will start
:13:07. > :13:09.addressing their massive balance sheet which is a result of
:13:10. > :13:16.quantitative easing, by the end of this year. But the market is not
:13:17. > :13:21.convinced because the economic data in the US has been mixed,
:13:22. > :13:25.particularly in relation to inflation. The market expectation is
:13:26. > :13:33.that inflation will decline. This is why the market is not convinced, but
:13:34. > :13:36.the head of the Federal Reserve has insisted that inflation will rise as
:13:37. > :13:41.unemployment comes down. We will see. Thank you for the analysis.
:13:42. > :13:44.Would you buy your kids a backpack with wi-fi and GPS?
:13:45. > :13:46.We'll be talking to one businesswoman who is trying
:13:47. > :13:59.You're with Business Live from BBC News.
:14:00. > :14:01.50 years ago today, the world's first cash machine was installed
:14:02. > :14:11.outside a branch of Barclays in Enfield, London.
:14:12. > :14:14.Now there are 70,000 in the UK, and three million worldwide.
:14:15. > :14:16.The traditional 'hole in the wall' has come a long
:14:17. > :14:18.way in half a century, as Simon Gompertz reports.
:14:19. > :14:23.The first money from a hole in the wall.
:14:24. > :14:26.You put in a voucher and a code and you got ten ?1 notes.
:14:27. > :14:29.Reg Varney, a TV celebrity of the time, had a go
:14:30. > :14:36.Less a cash machine than a mini bank.
:14:37. > :14:39.On these ones, you can even open a bank account.
:14:40. > :14:41.Signing your name, it will take my photo as well just
:14:42. > :14:52.This one shows you if someone's looking over your shoulder
:14:53. > :14:54.to steal your pin code, reassurance you might want
:14:55. > :14:57.if they close your branch to replace it with a machine.
:14:58. > :15:00.We're moving towards and no bank branch era.
:15:01. > :15:03.We used to have about 20,000 bank branches in the UK
:15:04. > :15:10.Smart ATMs, as we're calling them, in the future will provide 99%
:15:11. > :15:16.of all the services that people can get from bank branches today.
:15:17. > :15:18.That is not a world everyone will welcome but the technology
:15:19. > :15:21.unleashed back in the '60s is still transforming the way
:15:22. > :15:40.This is a little quiz for you Ben. What do you think is 20% more
:15:41. > :15:45.expensive now than it was this time last year? Everything. That's how it
:15:46. > :15:52.feels. A grocery item. A grocery item. You might spread it on your
:15:53. > :15:59.toast. But ir. Very good! Butter is almost 20% more expensive than last
:16:00. > :16:04.year. Overall grocery inflation running at 3.2%. That's a lot to do
:16:05. > :16:10.with the fall in sterling, the general inflation that we're seeing
:16:11. > :16:17.and there is a picture of Lidl, the UK's fastest growing supermarket
:16:18. > :16:23.chain, sales growing there 18%. We are talking about the Western
:16:24. > :16:26.Digital bid for Toshiba, the chip business, there is more on that.
:16:27. > :16:28.It's all there, whenever you'd like to have a look.
:16:29. > :16:37.Or you can look at it via the app. Our top story, China's Premier Li
:16:38. > :16:43.Keqiang has been hailing the benefits of economic
:16:44. > :16:46.globalisation, saying it brings But he also warned the World
:16:47. > :16:50.Economic Forum in the north-east Chinese city of Dalian that fairness
:16:51. > :16:53.is essential or else people A quick look at how
:16:54. > :17:05.markets are faring. Slightly softer start to the
:17:06. > :17:10.beginning of the trading day across the main European indexes.
:17:11. > :17:13.And now let's get the inside track on a subject that will be music
:17:14. > :17:16.to every parent's ear - that is, being able to keep
:17:17. > :17:20.Well, our next company does just that with their range of unique
:17:21. > :17:24.Founded in 2009 by two working mums Gill Hayward and Kellie Forbes,
:17:25. > :17:35.They sell backpacks which transform into a portable entertainment system
:17:36. > :17:40.with a foldable desk. The bags are sold over the world.
:17:41. > :17:43.The company is now crowdfunding a new tech enabled bag
:17:44. > :17:47.With me is Gill Hayward, co-founder and director of YUU,
:17:48. > :17:49.a company that designs and produces a range of unique activity
:17:50. > :17:58.We have seen briefly images of the bag. We've got one here. This is the
:17:59. > :18:04.tech bag. It is, indeed. Quickly, it unzips. This comes down like a desk.
:18:05. > :18:08.There is lots of pockets. Lots of places for them to put their secret
:18:09. > :18:11.things and it's easy for the kids to carry. It's lightweight. You started
:18:12. > :18:18.off with a bag that wasn't tech enabled. You're crowdfunding for one
:18:19. > :18:23.that is. Explain to us how the crowdfunding process works? As a
:18:24. > :18:25.small business there are two challenges, resource and raising
:18:26. > :18:30.finance to bring the products to market. We have decided to reach out
:18:31. > :18:35.it our customers and supporters and help them crowdfund our new product.
:18:36. > :18:39.There is equity which we're not in this game or there is product raised
:18:40. > :18:46.crowdfunding. We are trying to bring the product to market with the help
:18:47. > :18:49.of people who pre-order in return for large discounts. They will buy
:18:50. > :18:53.the bag at a cheaper price and get it in nine months? Less than that.
:18:54. > :19:01.Because we're a children's product, Christmas is everything to us. We're
:19:02. > :19:05.crowdfunding now so we can deliver the product to market in time for
:19:06. > :19:10.November and December so Santa can deliver. Isn't the challenge trying
:19:11. > :19:13.to get kids away from tablets and smartphones. Surely that's what they
:19:14. > :19:18.want to be playing with and that's what you see a lot of parents using
:19:19. > :19:22.to keep them entertained? It is important that children can balance
:19:23. > :19:25.tech play and active play. When we designed the original range of
:19:26. > :19:31.products it was about did z kids being able to get out and about and
:19:32. > :19:34.do all the things they want to do with the entertainment on their
:19:35. > :19:37.back. We have snakes and ladders, pencils, pence and drawing and the
:19:38. > :19:42.kids love that as much, but they will spend time on screens. And we
:19:43. > :19:46.recognise that it's important now that the children can engage in tech
:19:47. > :19:51.in a more positive way. One of the reasons we created the GPs tracker
:19:52. > :19:55.bag was that children could track through as an add haven't turer and
:19:56. > :19:58.see where they have gone and count their steps and journeys and for
:19:59. > :20:03.parents it's about being able to track where the bag and the child.
:20:04. > :20:07.It's peace of mind. I can see the progression from the backpack that
:20:08. > :20:12.you created, you went on dragon's Den and you got funding and you
:20:13. > :20:16.thought how do we move on? A lot of stuff about tablets and wi-fi. This
:20:17. > :20:21.security element, the fact that parents can track their children, is
:20:22. > :20:24.that something that you have had mixed reviews on? I can imagine some
:20:25. > :20:29.parents would like that. Other people might be very against that. I
:20:30. > :20:33.think, you know, in this day and age most devices that people have, there
:20:34. > :20:37.is a tracking facility on it, you know, parents, most parents or
:20:38. > :20:40.carers have had that moment when a child has been late become from
:20:41. > :20:45.school and you felt very nervous so to be able to go o check the child's
:20:46. > :20:50.location or to check if a child has come in or out of a preset area or
:20:51. > :20:55.zone, the parents can do that on their app. Never lose the bag! Never
:20:56. > :20:59.lose the bag! Now, you have been running the business now for six or
:21:00. > :21:03.seven years, what would I say is the biggest challenge that you have
:21:04. > :21:06.faced? In the early days, it was actually managing demand. When we
:21:07. > :21:11.launched we sold our first products within minutes and we sold out our
:21:12. > :21:14.first container within weeks. In the early stages that challenge was
:21:15. > :21:19.being able to manage how do we get the production and meet the demand.
:21:20. > :21:22.Recently, it is in terms of fund-raising new product launches
:21:23. > :21:24.and grow the business if the way we want to and gain the finance and the
:21:25. > :21:29.working capital to be able to do that. You have launched your
:21:30. > :21:34.crowdfunding. You launched three weeks and you're almost half-way to
:21:35. > :21:39.what you need. Good luck with. Thank you very much for your time.
:21:40. > :21:41.In a moment, we'll take a look through the business pages,
:21:42. > :21:45.but first here's a quick reminder of how to get in touch with us.
:21:46. > :21:47.The Business Live page is where you can stay
:21:48. > :21:49.ahead of all the day's breaking business news.
:21:50. > :21:51.We'll keep you up-to-date with all the latest details,
:21:52. > :21:53.with insight and analysis from the BBC's team of editors
:21:54. > :22:03.Get involved on the BBC business live web page, bbc.com/business.
:22:04. > :22:05.On Twitter @BBCBusiness and you can find us on Facebook
:22:06. > :22:17.Business Live on TV and online, whenever you need to know.
:22:18. > :22:26.Let's see what other business stories the media have been taking
:22:27. > :22:31.an interest in. Dominic O'Connell is on set. We are going to talk about
:22:32. > :22:40.the Grenfell Tower cladding. The company that makes the product have
:22:41. > :22:46.suffered a fall in share price. It was one of the companies that was
:22:47. > :22:52.spun off it. It made the panelling Rimer Bond for 20 or 30 years.
:22:53. > :22:56.Yesterday it said it stopped selling their product for any high rise
:22:57. > :23:01.buildings. They said they were going to stop selling it because of
:23:02. > :23:03.disparities between different countries fire recognise lations
:23:04. > :23:07.which gives the view that they don't really take responsibility for how
:23:08. > :23:11.the product is used. They will sell it, but it is up to the locals to
:23:12. > :23:14.decide whether it complies with their fire regulations, but
:23:15. > :23:17.investors think it maybe in the firing line from the Grenfell Tower
:23:18. > :23:21.investigation. And in terms of the company's future... Well, it's a big
:23:22. > :23:26.company. It's a big company. One of the things we have learnt over the
:23:27. > :23:30.years from disasters is from victims, lawyers will always chase
:23:31. > :23:39.the money. The other companies involved in the Grenfell Tower
:23:40. > :23:43.refurbishment are small. Arconic is very big. If the investigation shows
:23:44. > :23:46.any failings in the cladding, they will probably go after the
:23:47. > :23:51.manufacturer. We want to talk about big anniversary. 50 years of the
:23:52. > :23:55.hole in the wall cash machines... 196 in Enfield. Who was the
:23:56. > :24:01.celebrity they had on hand to launch the first cash machine? I don't
:24:02. > :24:07.know. Reg Varny from On The Buses. I don't know. He is like a Russell
:24:08. > :24:13.Brand. It brings out the whole question of do we still like using
:24:14. > :24:18.cash? Do we prefer to do cash or contactless? There will be more cash
:24:19. > :24:22.machines because the number of bank branches are going down and super
:24:23. > :24:28.whizzy cash machines will do everything. I suspect with payment
:24:29. > :24:33.apps we will see fewer cash machines, not more and more. We have
:24:34. > :24:38.had lots of tweets on this. Dave says, "Always like to have some cash
:24:39. > :24:42.on me." He worries that cashless society would see the end of
:24:43. > :24:49.busking. Chris says paper money is needed. Lawrence prefers cashless
:24:50. > :24:53.wherever possible. Adrian says, "I always get caught out if I don't
:24:54. > :25:05.have cash on me." I dashed into the corner shop and I was told ?1.50 if
:25:06. > :25:09.I wanted to get cash. This is a good story in the FT
:25:10. > :25:23.showing how recession can lead to innovation. If you'd gone to Sao
:25:24. > :25:26.Paolo the traffic was so bad. In the wake of corruption allegations which
:25:27. > :25:31.brought one Government down and might bring another Government down,
:25:32. > :25:36.business activity has slowed down. Business in Brazil went backwards.
:25:37. > :25:39.Now the helipads are being used for exercise classes and parties.
:25:40. > :25:45.Finding another use for the toys of the rich and famous. Do you fancy
:25:46. > :25:50.yoga on top of a high rise building. No, not if you fell off the edge.
:25:51. > :25:56.No, thank you. That's it from us today. There will be more business
:25:57. > :25:59.news throughout the day on the BBC web page. We will have more business
:26:00. > :26:12.news for you tomorrow. Bye-bye. Hello there. Good morning. We have a
:26:13. > :26:17.rather unsettled week ahead. Lots of rainfall in the forecast and today,
:26:18. > :26:18.rainfall already across the northern half of the