:00:00. > :00:09.This is Business Live from BBC News with Susannah Streeter
:00:10. > :00:15.Sky's the limit - will Rupert Murdoch's takeover plans
:00:16. > :00:17.for the pay TV giant be cleared for lift off?
:00:18. > :00:34.Live from London, that's our top story on 29th June.
:00:35. > :00:39.With his control of 21st Century Fox, Sky and UK newspapers,
:00:40. > :00:46.the fears are that Mr Murdoch wields too much power in the British media.
:00:47. > :00:47.Also in the programme: Central Bank conundrum -
:00:48. > :00:50.the end of cheap money leaves Mark Carney and Mario
:00:51. > :00:53.Draghi lost for words, and the markets don't like it.
:00:54. > :01:00.We'll get some clarity from an expert.
:01:01. > :01:06.This is how the financial markets look on opening. The FTSE is
:01:07. > :01:08.currently in positive territory. And it's been dubbed
:01:09. > :01:10.the Uber of data science. We'll be talking to a new start up
:01:11. > :01:14.which makes it easier for firms Today as a Cornish village
:01:15. > :01:24.use their connection with horseracing to convince
:01:25. > :01:26.a Dubai sheikh to help save their church hall,
:01:27. > :01:29.let us know - what's your We start with a big day for this man
:01:30. > :01:51.- media tycoon Rupert Murdoch. He may be 86 years old,
:01:52. > :01:53.but his empire-building ambition Today he finds out whether the UK
:01:54. > :02:01.Government will let him take over pay TV giant Sky -
:02:02. > :02:04.or whether to order Mr Murdoch's 21st Century Fox
:02:05. > :02:10.already owns 39 per cent of Sky. Sky is one of Europe's
:02:11. > :02:18.biggest broadcasters, The deal has already been cleared
:02:19. > :02:24.by countries across the region. But some claim it would give
:02:25. > :02:26.Mr Murdoch too much control His company News Corporation
:02:27. > :02:34.abandoned a 2011 bid following the phone hacking scandal
:02:35. > :02:38.involving its newspapers. This year a new scandal -
:02:39. > :02:42.sexual harassment allegations at Fox News in the US -
:02:43. > :02:46.has led to calls for the latest deal Something our Media Editor Amol
:02:47. > :02:49.Rajan asked Mr Murdoch about when he caught up with him
:02:50. > :03:04.in New York last month. Report, BBC, are you worried about
:03:05. > :03:13.off,? No. You should be worried about the BBC. Are you worried about
:03:14. > :03:17.what might happen to this deal is in relation to off,? Are you worried
:03:18. > :03:24.about what off, might say about Fox News? Fox News is getting record
:03:25. > :03:29.ratings. So I'm not worried at all. And you don't think of, will
:03:30. > :03:31.consider what is happening at Fox News? Nothing is happening at Fox
:03:32. > :03:33.News. Nothing, OK? Bruce Kilpatrick, Head
:03:34. > :03:41.of Competition, Addleshaw Goddard. Is he going to get this, do you
:03:42. > :03:48.think? Today's announcement is an initial decision by Karen Bradley,
:03:49. > :03:56.not a final decision. We still have our way to go. -- we still have a
:03:57. > :04:12.way to go. What issues will should be thinking about? There are two mac
:04:13. > :04:17.key public interest issues. All other regulators have given the deal
:04:18. > :04:25.agreeing light. The first issue is media plurality, and the second is
:04:26. > :04:28.whether Fox will be committed to editorial standards and
:04:29. > :04:34.impartiality. That is interesting, because there also has to be a
:04:35. > :04:40.public interest of Fox's record on broadcasting standards, and many
:04:41. > :04:44.people have pointed to these sexual harassment allegations. Will these
:04:45. > :04:48.have been taken into consideration? Off, will have prepared a report on
:04:49. > :04:52.these issues, and we know that Karen Bradley received those about ten
:04:53. > :04:56.days ago from com. I would expect those issues to have at least been
:04:57. > :05:02.considered by off, in the report it gets the Karen Bradley. At the same
:05:03. > :05:05.time, comms separately has to reach a decision on whether sky would
:05:06. > :05:10.continue to be eight fit and proper holder of a broadcasting licence
:05:11. > :05:17.under full ownership of Fox. And will it be to do with editorial
:05:18. > :05:21.independence? That will be key. In terms of impartiality and the
:05:22. > :05:26.editorial control that Fox may have, I think that today's announcement
:05:27. > :05:29.could have opened the door to concessions or discussions around
:05:30. > :05:35.the degree of editorial independence required in relation to sky to get
:05:36. > :05:36.the deal through without a six-month review. Bruce Kilpatrick, thank you
:05:37. > :05:38.very much for that. Let's take a look at some of
:05:39. > :05:41.the other stories making the news. The biggest US banks have all passed
:05:42. > :05:44.the second, tougher, The approval by the Federal Reserve
:05:45. > :05:49.could give momentum to White House The Fed has signed off
:05:50. > :05:54.on the firms' plans to distribute money to shareholders,
:05:55. > :05:57.rather than keep it as a buffer India's Cabinet has approved plans
:05:58. > :06:04.to privatise Air India. The airline - which has debts
:06:05. > :06:07.of 8 billion dollars - has been struggling amid growing
:06:08. > :06:11.competition from low-cost rivals. Privatisation plans have been
:06:12. > :06:15.abandoned before, however, and unions have threatened
:06:16. > :06:17.wide-ranging protests if ministers The US has unveiled tough
:06:18. > :06:24.new measures to enhance security on flights entering the country,
:06:25. > :06:27.but has held off extending a ban The new measures require
:06:28. > :06:34.enhanced passenger- and electronic-device screening
:06:35. > :06:52.across 105 countries. Some other news that is on the BBC
:06:53. > :07:07.business live page, entitled the Italian job. That looks into BT and
:07:08. > :07:15.PWC's behaviour. The last paragraph says that PWC, which had been the BT
:07:16. > :07:19.or that since 1984, was replaced earlier this year by KPMG. So, a
:07:20. > :07:21.development there, relating to BT and PWC.
:07:22. > :07:24.Malaysia could be seeing the signs of an economic turnaround as it
:07:25. > :07:28.seeks to recover from the 1MDB corruption scandal Christine
:07:29. > :07:50.An economic turnaround? It seems that way, or investors seem to think
:07:51. > :08:02.so. The Malaysian currency is the second strongest performing after
:08:03. > :08:05.the Chinese UN. -- the Chinese yen. Global environment and energy prices
:08:06. > :08:12.are stabilising. The Government is expected to be focused on attracting
:08:13. > :08:19.foreign investment. They have elections next year. The corruption
:08:20. > :08:22.problems have not entirely gone from the Government and the economy is
:08:23. > :08:26.still very depended on commodities, debt levels are still high, and the
:08:27. > :08:30.fact that so much of its debt is still being held by foreign buyers
:08:31. > :08:34.is also a risk for the currency going forward. Investors seem to be
:08:35. > :08:36.focusing on the bright side at the moment, but there are doubts as to
:08:37. > :08:40.whether the momentum can be sustained the launch -- sustained
:08:41. > :08:56.beyond the elections. It seems that the period of easy
:08:57. > :09:00.money might becoming to an end. The main indices in Asia were up on the
:09:01. > :09:05.news, held by some steadying oil prices. Let's look at what is
:09:06. > :09:15.happening in Europe since the open. The FTSE 100 and the other indices
:09:16. > :09:19.are all up at the moment. The pound rose after Mark Carney hinted at a
:09:20. > :09:23.potential interest rate hike. Joining the chorus of voices all
:09:24. > :09:24.talking about tightening money policy.
:09:25. > :09:27.And Michelle Fleury has the details about what's ahead
:09:28. > :09:38.A few weeks ago Donald Trump said some very good numbers were coming
:09:39. > :09:41.But which numbers was he talking about?
:09:42. > :09:43.The latest reading on GDP for the first three
:09:44. > :09:45.months of the year is due out this Thursday.
:09:46. > :09:48.The first reading showed a lacklustre growth rate of 0.7%.
:09:49. > :09:50.This final figure is expected to show the
:09:51. > :09:54.economy growing at a 1.2% annual rate.
:09:55. > :09:56.This doesn't mean the President is wrong, though.
:09:57. > :09:58.Many economists are forecasting a stronger growth in the
:09:59. > :10:01.Despite this anticipated acceleration, that
:10:02. > :10:04.didn't stop the International Monetary Fund this week from cutting
:10:05. > :10:08.its growth forecast for the US, casting doubt on the Trump
:10:09. > :10:10.administration's ability to deliver tax cuts and spending on
:10:11. > :10:16.infrastructure that will boost the economy.
:10:17. > :10:18.In corporate news, US meal kit company Blue Apron is expected
:10:19. > :10:21.to make its debut on the New York Stock Exchange.
:10:22. > :10:23.And Nike, the apparel maker, is due to report its
:10:24. > :10:32.Joining us is Lawrence Gosling, editor-in-chief of Investment Week.
:10:33. > :10:42.Hello. The big talk at the moment seems to be about four central banks
:10:43. > :10:45.think the future holds. We have had all these warnings about increased
:10:46. > :10:48.interest rates and less quantitative easing. Do you think this is going
:10:49. > :10:54.to be coming sooner rather than later? A UK rate rise, I would say
:10:55. > :11:00.there is a reasonable chance of one before the end of this year, if you
:11:01. > :11:05.follow the tea leaves of the members of the MPC. There is definitely a
:11:06. > :11:08.split, and we saw Mark Carney saying one thing, slightly contradicted by
:11:09. > :11:12.what John Cunliffe had said earlier the same day and then Mario draggy
:11:13. > :11:22.saying something that the market since it -- interpreted differently.
:11:23. > :11:26.All around the world, you're getting these inklings about rates. And
:11:27. > :11:29.rates have gone up in countries further afield than those main ones.
:11:30. > :11:35.We are in a period now where interest rates are beginning to take
:11:36. > :11:39.up because the global economy is in not bad shape. In Europe, it is
:11:40. > :11:43.picking up quite nicely. We have economic data out later today which
:11:44. > :11:49.signals the easing of easy money, as you might say. Consumer data
:11:50. > :11:54.numbers, consumer confidence and mortgage lending, both are expected
:11:55. > :11:57.to be reined back a little bit. You can see there is caution in the
:11:58. > :12:04.market. Is that why the markets are up this morning? The FTSE is up two
:12:05. > :12:14.thirds of 1%. Partly that, and partly the US big bank stressed test
:12:15. > :12:19.-- stress test. But the banks like higher interest rates? Yes, because
:12:20. > :12:23.that is how they make their money. They lent to us at a higher rate
:12:24. > :12:28.than they take our deposits. That is the business model. We will look at
:12:29. > :12:31.the stress tests and whether banks are holding enough in reserve. For
:12:32. > :12:34.now, Lawrence, thank you very much. Still to come: We'll be talking
:12:35. > :12:37.to a new start up which makes it easier for firms to hire the hottest
:12:38. > :12:40.tech talent - we're talking You're with Business
:12:41. > :12:55.Live from BBC News. Britain's second biggest
:12:56. > :12:58.airport, Gatwick, has just The 12 months to the end of January
:12:59. > :13:04.was the busiest in its history, with over 44 million passengers
:13:05. > :13:07.passing through its gates, Revenues and profits
:13:08. > :13:14.were also up strongly - and the airport is planning heavy
:13:15. > :13:16.investment. Theo Leggett is in our
:13:17. > :13:27.business newsroom. It seems as though the verdict went
:13:28. > :13:30.again them -- against them, as it were, when they were competing with
:13:31. > :13:35.Heathrow for an extra runway, but life seems to be getting better. We
:13:36. > :13:39.will talk about Heathrow in a moment, but Gatwick is doing well in
:13:40. > :13:43.terms of passengers. In a more recent measure to the end of June,
:13:44. > :13:47.it has breached the 45 million passengers mark. That is an awful
:13:48. > :13:51.lot of people, and it means that revenues are increasing, but in
:13:52. > :13:57.terms of profits, things don't look quite as good. They fell in the year
:13:58. > :14:02.to the end of March from ?140 million to 132 million, so it is a
:14:03. > :14:05.mixed bag. Costs are rising as well. And also, let's talk about
:14:06. > :14:11.expansion, because Gatwick really is bursting at the seams, isn't it? And
:14:12. > :14:16.it has kind of lost out to Heathrow. Has Gatwick said anything about this
:14:17. > :14:20.in reporting these results today? That is the problem it faces - it
:14:21. > :14:31.only has one runway. An awful lot of major airports have two, three or
:14:32. > :14:35.even format. -- or even foul-mac. Heathrow has tried to persuade the
:14:36. > :14:45.Government to allow it to build a second runway. It hasn't, and it
:14:46. > :14:50.seems the Government are more keen on building at Heathrow. We never
:14:51. > :14:54.said we don't want another runway, and we are prepared to build one. We
:14:55. > :14:57.continue with that offer to the Government. What happens at Heathrow
:14:58. > :15:01.is a matter for them and the Government. We would like to build a
:15:02. > :15:06.runway because we are nearly full and we are operating a runway at
:15:07. > :15:10.nearly full utilisation. That was the CEO of Gatwick.
:15:11. > :15:20.One interesting story here about Greenking. My local brewer. They
:15:21. > :15:27.have been drinking too much of their own beer! They said: They are doing
:15:28. > :15:30.frightfully well but they don't think things look very good. Revenue
:15:31. > :15:36.still rising a bit. You're watching Business Live -
:15:37. > :15:38.our top story: Media tycoon
:15:39. > :15:41.Rupert Murdoch hears whether or not his takeover plans
:15:42. > :15:44.for the pay TV giant Sky A quick look at how
:15:45. > :15:57.markets are faring. Since the opening in Europe, as you
:15:58. > :16:01.can see, it is a sea of green across the screen, very different yesterday
:16:02. > :16:05.when the FTSE 100 in London was down following those hawkish comments by
:16:06. > :16:09.mark Carney about possible interest rate hikes. It seems those banking
:16:10. > :16:15.stress tests in the US cheered the financial sector in particular.
:16:16. > :16:18.Now, a new start up which makes it easier for firms to hire
:16:19. > :16:22.Our guest today started her career as an astronomer.
:16:23. > :16:24.But she thought her true calling was as an entrepreneur.
:16:25. > :16:27.So why not combine the two, science and business?
:16:28. > :16:29.The result, Pivigo, a firm that acts as a kind of storefront
:16:30. > :16:36.It offers education in the field as well as job opportunities.
:16:37. > :16:41.Dr Kim Nilsson, co-founder and chief executive of Pivigo.
:16:42. > :16:51.Thank you for joining us. How did you swap stargazing for number
:16:52. > :16:54.crunching? They are very much connected to each other, of course.
:16:55. > :16:59.I started out with a dream to become an astronomer since I was 13 years
:17:00. > :17:05.old and it was a straight pass from third to my Ph.D. Before I finally
:17:06. > :17:09.accepted I wasn't enjoying my work that much, I wanted to get out and
:17:10. > :17:15.meet with people and organised things and plan things. It must have
:17:16. > :17:18.been very difficult. It was very difficult to accept that a dream I
:17:19. > :17:22.had for so long was not quite right for me. But it was the best decision
:17:23. > :17:28.I ever made to transition. How did you do that? I ended up coming to
:17:29. > :17:31.the UK to learn about business, the UK has the best business schools in
:17:32. > :17:35.Europe and I wanted to figure out what this thing cold business was
:17:36. > :17:39.and what my place in that could be. When did you realise there was this
:17:40. > :17:44.niche in the market for a kind of gig economy for data scientists? It
:17:45. > :17:48.has been something that has evolved with time. The first thing I
:17:49. > :17:51.recognise is that we have fantastic talent in our universities. People
:17:52. > :17:55.with my type of background really struggled to make the transition out
:17:56. > :17:59.of academia. And on the other hand we have companies crying out for
:18:00. > :18:03.analytical talent, saying they cannot find it. There is a mismatch
:18:04. > :18:07.in these expectations and communication. We wanted to do
:18:08. > :18:10.something in that space. How important is the NBA in making the
:18:11. > :18:20.jump from having been an academic towards getting into business? The
:18:21. > :18:23.MBA gave me the confidence that I could do this, I went into it
:18:24. > :18:29.thinking I'm a scientist, I don't understand this. But I understood
:18:30. > :18:32.from the MBA that business is about intuition, logic and working with
:18:33. > :18:37.people. It gave me the confidence that I can be an entrepreneur and I
:18:38. > :18:41.can start a business. You work a lot with so-called big data, companies
:18:42. > :18:45.sitting on piles and piles of personal data, shopping habits, but
:18:46. > :18:50.they do not know what to do with it and that is what you are trying to
:18:51. > :18:53.draw out. We see companies hesitating about how to get started
:18:54. > :18:58.with data and it is hurting the UK economy, they are losing out on
:18:59. > :19:02.profits, revenue, efficiencies, and they are less competitive than their
:19:03. > :19:04.US competitors who are already using the data. We want to help the
:19:05. > :19:08.companies to understand what they can do with the data, what the
:19:09. > :19:13.return on investment can be, and how to find the talent they need to do
:19:14. > :19:16.it. You're getting the data scientists to do the number
:19:17. > :19:22.crunching, is it were, the analysis. What do you do? Do you just link
:19:23. > :19:26.them? We make the connection, we help companies first of all
:19:27. > :19:30.understand what they can do. Many of our clients are SME companies who
:19:31. > :19:34.have no clue what to do with their data. We help them understand what
:19:35. > :19:37.they can do. Then we help them understand what kind of people they
:19:38. > :19:42.need, what skills they need, how to vet them and how to find them and we
:19:43. > :19:44.connect them with our global community. Very briefly, how do you
:19:45. > :19:51.think Brexit will affect your business? I think, we are worried
:19:52. > :19:57.because I estimate something like 50-60% of this community in the UK
:19:58. > :20:00.is European. We are worried about access to the international talent
:20:01. > :20:03.which is critical to the success of this industry and we are keeping our
:20:04. > :20:06.fingers crossed that Theresa May recognises that and will make
:20:07. > :20:09.efforts to improve the situation. The kind of businesses you are
:20:10. > :20:13.talking about, surely people don't have to come to the UK, or go to
:20:14. > :20:18.Australia to do this, you could do the whole thing online. We are
:20:19. > :20:20.passionately telling companies to consider doing projects remotely
:20:21. > :20:25.because then you get access to the best people in the world. You want
:20:26. > :20:28.the best people in the world working for you. Brexit shouldn't affect
:20:29. > :20:32.that. There is another opposing force which is that a lot of
:20:33. > :20:35.companies are worried about data security and they are worried about
:20:36. > :20:39.data leaving the country, or that alone their premises. Lots of
:20:40. > :20:44.companies want the talent to be in-house. How do you charge for
:20:45. > :20:50.this? Do you charge both sides? Get a double fee, charge the scientists
:20:51. > :20:54.coming in and the company? Not at all, this is an opportunity for
:20:55. > :21:00.academics and scientists to get work. You do not charge them? These
:21:01. > :21:04.are academics who might feel that their skills are not valued? Yes,
:21:05. > :21:07.they are struggling to make the transition to show the skills they
:21:08. > :21:13.have from academia are useful outside of academia as well. What is
:21:14. > :21:16.the market like? Are you the only people there? We have a number of
:21:17. > :21:20.competitors, of course, in this space of various different flavours
:21:21. > :21:24.and types and it is a market that is growing fast. We have been doing
:21:25. > :21:27.this for a Foyle years and in that time already lots of conversations
:21:28. > :21:36.have gone from what is big data to how do I do it? That is the great
:21:37. > :21:41.promise we see in the industry. Dr Kim Nilsson of Pivigo, thank you.
:21:42. > :21:44.In a moment we'll take a look through the Business Pages but first
:21:45. > :21:47.here's a quick reminder of how to get in touch with us.
:21:48. > :21:50.The business life pages when you can stay ahead with the day's business
:21:51. > :21:54.news, we will keep you up-to-date with the latest details with
:21:55. > :21:59.insight, analysis from the BBC's team of editors around the world. We
:22:00. > :22:08.want to hear from you. Get involved on the BBC Business Live web page at
:22:09. > :22:13.BBC .co/ business. On Twitter we are @ BBC business and on Facebook at
:22:14. > :22:14.BBC business news. ABC business news on TV and online whenever you need
:22:15. > :22:15.to know. Lawrence Gosling, editor-in-chief
:22:16. > :22:23.of Investment Week, is back with us. We did mention this before, it has
:22:24. > :22:26.lifted the markets, the US stress tests, first of all, explain the
:22:27. > :22:33.stress tests and why they are significant. They are complicated
:22:34. > :22:35.but the six biggest banks in the US have enough money, in the opinion of
:22:36. > :22:47.the regulators, to see them through what we all cool -- call a limb and
:22:48. > :22:50.brothers moment. I have enough cash to start paying back in terms of
:22:51. > :22:58.dividends or buying back their own shares. -- they have enough cash. --
:22:59. > :23:01.Leeman brothers. It comes at a time when a number of European banks have
:23:02. > :23:05.had to be bailed out so is there a big difference? The US banking
:23:06. > :23:09.sector is six or seven years ahead of continental European banking
:23:10. > :23:15.sector and the UK has done a lot of what the US has done so the UK is a
:23:16. > :23:19.couple of years behind. The European banks, stress tests in Europe are
:23:20. > :23:23.different from the ones we do in the UK and also the US. They are, two
:23:24. > :23:29.Italian banks have been bailed out this week alone and we saw a Spanish
:23:30. > :23:38.bank taken over a couple of weeks ago. In the Trump administration the
:23:39. > :23:42.rules are being softened. Would that mean they don't need the kind of
:23:43. > :23:50.capital reserves these kind of tests demand? It depends how they break up
:23:51. > :23:53.them, the rules. They are very complicated at the moment in terms
:23:54. > :23:56.of how much they have to put aside for each part of their business. We
:23:57. > :24:02.would have to see before we can tell you that. In the Financial Times,
:24:03. > :24:08.PWC pay women 14% less than male employees, this is part of a drive
:24:09. > :24:11.to create more transparency through big corporations. It shows there is
:24:12. > :24:15.a lot of work still to be done. In fairness to PWC they have been
:24:16. > :24:18.publishing this data for a couple of years. It does not look that
:24:19. > :24:23.impressive but as you see through it, looking at a number of levels,
:24:24. > :24:26.at the most senior partner level there is considerably less women at
:24:27. > :24:31.the partner level and there are men. That is not good, middle ranking
:24:32. > :24:35.functions are a little more even. Unfortunately lots of the women are
:24:36. > :24:42.employed at the junior support level and the pay differentials are coming
:24:43. > :24:45.up, they are getting better. It is the maternity get, raising children,
:24:46. > :24:49.the company say they are trying to put projects in to ensure that women
:24:50. > :24:52.return to work. They call this returnee chip, making it easier for
:24:53. > :24:57.women to come back into the workplace. Are more companies doing
:24:58. > :25:01.this kind of self-examination? Saying, look, we have to sort this
:25:02. > :25:05.out. Are they getting to grips with this? I think they are because it's
:25:06. > :25:09.about hanging onto your talent, that is the bottom line and it is hard to
:25:10. > :25:16.find talent, particularly in an economy that is near full
:25:17. > :25:18.employment. This Cornish village has found some talent, they were trying
:25:19. > :25:26.to save its village hall and they went to the local Sheikh to ask for
:25:27. > :25:29.the money. They share the Godolphin Main. Anybody who knows anything
:25:30. > :25:36.about racing, they have the Godolphin horses going back 250
:25:37. > :25:39.years -- Godolphin named. The Godolphin family was responsible for
:25:40. > :25:43.the name of this Cornish village. They were ?100,000 short to save the
:25:44. > :25:48.village hall and they thought, who has got a bit of money? They didn't
:25:49. > :25:53.think it would work. They tried it and sent of those
:25:54. > :25:57.letters, what a success. Fundraisers up-and-down the country in village
:25:58. > :26:01.halls will be thinking I wish I had that. Thank you for joining us.
:26:02. > :26:02.That's all from Business Live. More business news throughout the day.
:26:03. > :26:12.Goodbye. Good morning, we have another soggy
:26:13. > :26:13.start of the lay across many