03/08/2017 BBC Business Live


03/08/2017

A look at the global business stories.


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This is Business Live from BBC News with Ben Thompson and Sally Bundock.

:00:00.:00:08.

Tesla shows us the road to the future.

:00:09.:00:10.

The world's leading electric car maker cut its losses and pushes

:00:11.:00:13.

into fifth gear with a big jump in sales.

:00:14.:00:16.

Live from London, that's our top story on Thursday

:00:17.:00:18.

Elon Musk's company says it's had more than half a million

:00:19.:00:40.

orders for it's Model 3, but how long will it take for Tesla

:00:41.:00:43.

Delivering a blow to Australian retailers?

:00:44.:00:50.

Internet shopping giant Amazon says its going down under

:00:51.:00:52.

to open its first warehouse in the country.

:00:53.:00:59.

And as the Dow surged through 22,000 off the back

:01:00.:01:02.

of those Apple earnings - attention today on the Bank

:01:03.:01:04.

of England's rate decision and forecasts for growth.

:01:05.:01:08.

We speak to the boss of Cirque du Soleil on how to walk the tightrope

:01:09.:01:14.

of balancing finance, safety and magic tricks

:01:15.:01:16.

And as Brazilian footballer Neymar looks set to become most expensive

:01:17.:01:25.

footballer in history - moving to French club

:01:26.:01:28.

Paris Saint Germain for a record breaking 262 million dollars -

:01:29.:01:31.

we want to know what's your most expensive purchase?

:01:32.:01:34.

Let us know, use the hashtag, BBC Biz Live.

:01:35.:01:40.

A lot of suggestions coming into us already, including your university

:01:41.:01:57.

education and your house, chances are it is one of those two. Let us

:01:58.:02:03.

know, use the hashtag. Let's begin in the United States, with Tesla.

:02:04.:02:05.

Tesla is the car company that's promising to change

:02:06.:02:07.

Investors have been taking a huge gamble on the electric car maker

:02:08.:02:11.

and it judging by its latest numbers that appears to be paying

:02:12.:02:14.

off, the share price has risen even higher.

:02:15.:02:16.

Here's why: In the three months to the end of June sales hit $2.8bn.

:02:17.:02:20.

That's more than double the same time last year.

:02:21.:02:28.

It's still losing money though - over $336 million in the same three

:02:29.:02:31.

month period which is more than last year - but not as bas

:02:32.:02:34.

And it's paying off - Tesla delivered nearly 26,000

:02:35.:02:38.

vehicles in that time, 40% more than the same

:02:39.:02:40.

And that number could soon rise even further because its taken more

:02:41.:02:50.

than half a million orders for the Model 3.

:02:51.:02:52.

It started delivering what's being described as its first mass

:02:53.:02:55.

Tesla hopes the Model 3 will keep it at the top of the market

:02:56.:03:07.

But two Chinese rivals are already in the top five -

:03:08.:03:11.

Plus the German car giants are investing heavily

:03:12.:03:14.

as they try to put the 'dieselgate' emissions scandal behind them.

:03:15.:03:17.

But the Model 3's design is transforming the industry.

:03:18.:03:19.

It has less than 7,000 parts, which compares to 30,000

:03:20.:03:22.

That might sound like a lot. But it isn't much compared to the

:03:23.:03:35.

traditional car. That makes it simpler to build -

:03:36.:03:36.

and less likely to suffer Jeremy White, Product Editor

:03:37.:03:39.

of WIRED is with me. Thank you for coming in. So, Ben is

:03:40.:03:47.

talking through some of the statistics and numbers. These are

:03:48.:03:52.

pretty good earning figures for Tesla, aren't they? Which is good to

:03:53.:03:55.

deliver, considering how the share price has been going up and up over

:03:56.:04:00.

the recent weeks and months? They are impressive figures and they show

:04:01.:04:07.

the appetite for these vehicles, they are getting 1800 orders per day

:04:08.:04:11.

for the new Model three. It is whether they will be able to deliver

:04:12.:04:16.

those, they have had difficulty delivering on the previous models,

:04:17.:04:23.

getting sales delivered. It is whether they do that, that is

:04:24.:04:27.

interesting. Talk us through what could be bumps in the road. They are

:04:28.:04:35.

more simple for the manufacturer but it is the supply chain, the plants

:04:36.:04:40.

to build the cars, they do not have that at the moment. They are

:04:41.:04:44.

building a battery factory in Nevada with Panasonic and they are trying

:04:45.:04:54.

to compete with the traditional manufacturers, with the supply chain

:04:55.:04:57.

which is already set up, it is going to be difficult. And it is true that

:04:58.:05:02.

Elon Musk has cast a spell over Wall Street and the numbers help him, it

:05:03.:05:07.

shows that he is delivering on his enormous promises but, in the

:05:08.:05:11.

meantime, his rivals in the car industry are catching up very

:05:12.:05:15.

quickly, and they are busy working on those similar vehicles, and there

:05:16.:05:20.

is momentum behind this now. We have government policy coming into line,

:05:21.:05:23.

we had the meeting in Berlin yesterday and announcements from the

:05:24.:05:29.

UK Government. The appetite is that? Yes, and the regulations coming in

:05:30.:05:35.

for 2019 require higher restrictions on emissions, that is why we had

:05:36.:05:41.

an announcement from Volvo that they will be making electric only cars

:05:42.:05:49.

from 2019. Car makers are making cars and government is trying to

:05:50.:05:52.

push policy but when it comes to the nuts and bolts of it, or whether you

:05:53.:05:56.

can charge what you want, and the batteries need to get better so they

:05:57.:05:59.

do not take so long to recharge? That is right, the Model three has a

:06:00.:06:06.

range of 500 kilometres. Jaguar are working on a car with a similar

:06:07.:06:10.

range, as are Bentley. It's what you do when you run out of power after

:06:11.:06:15.

that distance. The gamble is you will only use the car for less than

:06:16.:06:18.

that per day and then come home and charge it up. What if you are on the

:06:19.:06:22.

road and you do not have charge left? Battery technology is

:06:23.:06:26.

relatively in its infancy in electric vehicles and it needs to

:06:27.:06:29.

get much better to allay these fears and allow for fast charging. Thank

:06:30.:06:34.

you for your time this morning, fascinating. So much more about

:06:35.:06:39.

Tesla on our website, including if you dig deep and find the interview

:06:40.:06:43.

with Elon Musk that Rory Kevin Jones did not so long ago.

:06:44.:06:45.

Let's take a look at some of the other stories

:06:46.:06:47.

The food delivery company Deliveroo is introducing

:06:48.:06:50.

new safety measures to protect its riders from violence.

:06:51.:06:52.

It follows acid attacks in London last month,

:06:53.:06:54.

where the victims included riders delivering by bike or moped.

:06:55.:06:56.

Among the measures are a new app feature that allows riders

:06:57.:06:59.

to raise security concerns, plus a trial of helmet cameras.

:07:00.:07:07.

Australia's Commonwealth Bank has been accused of massive

:07:08.:07:09.

breaches of money-laundering and counter terrorism regulations.

:07:10.:07:12.

The case against the country's biggest mortgage lender

:07:13.:07:15.

is the biggest case of its kind in Australia and the first

:07:16.:07:18.

Commonwealth Bank says it is reviewing the allegations

:07:19.:07:22.

Toshiba says it's going ahead with the capital investment to build

:07:23.:07:30.

a new memory chip production line without joint venture

:07:31.:07:32.

partner Western Digital, after the two have failed to reach

:07:33.:07:34.

Somewhat confusingly though, Western Digital has just said it

:07:35.:07:39.

intends to invest in the new chip line along with Toshiba.

:07:40.:07:47.

We will find out what is going on and let you know! You have that job,

:07:48.:07:53.

OK? I am delegating! Amazon has announced it

:07:54.:07:55.

will open its first retail logistics The online retailer says

:07:56.:07:57.

that the 24,000 square metre "fulfilment centre" is "an integral

:07:58.:08:07.

early step" in its effort to establish a retail

:08:08.:08:10.

presence in Australia. That's management-speak if I have

:08:11.:08:12.

ever heard it! Mariko Oi is in our Asia

:08:13.:08:14.

Business Hub in Singapore. We heard the management-speak, what

:08:15.:08:21.

is going on, a big change for Australia? Indeed. It seems that

:08:22.:08:27.

Amazon is really investing heavily in Asia-Pacific, just last week we

:08:28.:08:35.

told you that Amazon has launched its Prime Now service in Singapore

:08:36.:08:40.

as part of the start of its aggressive expansion into Southeast

:08:41.:08:47.

Asia and now the company has unveiled the location of its first

:08:48.:08:52.

warehouse, in Melbourne, making sense due to its proximity to the

:08:53.:08:57.

east coast were over 80% of the country's population lives. We still

:08:58.:09:00.

do not know when the service is going to start but it is definitely

:09:01.:09:05.

going to put a lot of pressure on traditional retailers whose shares

:09:06.:09:08.

have been falling since the announcement was made. Absolutely,

:09:09.:09:13.

thank you very much. Yes, Amazon's integral early step to establish a

:09:14.:09:14.

retail presence in Australia. Asian shares were down on Thursday,

:09:15.:09:19.

led by falls in South Korean tech shares, as investors locked

:09:20.:09:26.

There was also some evidence of slowing activity

:09:27.:09:29.

in China's service sector and weaker commodity prices.

:09:30.:09:34.

On Wall Street though, the Dow Jones breaking

:09:35.:09:38.

through the 22,000 barrier for the first time

:09:39.:09:40.

I will get out of the way so we can talk about it better!

:09:41.:09:50.

That was pumped up by those earnings from Apple we told

:09:51.:09:53.

More earnings news in Europe for investors to digest -

:09:54.:09:56.

but attention will be on the Bank of England - as it

:09:57.:09:59.

A hike would be a big surprise - most assuming a rise

:10:00.:10:03.

will come early next year, not this year.

:10:04.:10:05.

And so Assuming rates remain on hold, the quarterly

:10:06.:10:07.

inflation report - that we get a little

:10:08.:10:09.

What does it make of Brexit, slowing growth, and rising inflation?

:10:10.:10:22.

Don't pay too much attention to that, the FTSE 100 is actually down

:10:23.:10:26.

a little bit this morning. More on that shortly -

:10:27.:10:27.

but first Samira Hussain has the details about what's ahead

:10:28.:10:29.

on Wall Street Today. Earnings continue on Thursday with

:10:30.:10:39.

several more companies reporting, including Kraft Heinz, the changing

:10:40.:10:44.

taste in consumers opting for more fresh and organic food will likely

:10:45.:10:48.

have hurt the company in the last quarter. Also reporting earnings is

:10:49.:10:53.

the health insurer Aetna, insurers will be looking for comments on the

:10:54.:11:02.

company, with uncertainty. After the Senate failed to pass a health care

:11:03.:11:10.

bill to dismantle Obamacare. Aetna previously. We will hear from the

:11:11.:11:14.

dish network, they are struggling with the growing trend of cord

:11:15.:11:17.

cutting where subscribers are dropping TV packages altogether for

:11:18.:11:22.

cheaper online streaming services, such as Netflix.

:11:23.:11:24.

Joining us is Jeremy Stretch, head of currency strategy

:11:25.:11:26.

A familiar face to the programme, nice for you to be here. Do you want

:11:27.:11:35.

to start? Let's begin with the Dow Jones. I said figures were

:11:36.:11:46.

partly due to Apple but there are other factors? Yes, Apple was one of

:11:47.:11:51.

them, but in terms of the Apple Store, people were bracing

:11:52.:11:54.

themselves for slightly disappointing numbers as there was a

:11:55.:11:57.

fear that tech savvy phone users were waiting for the next version of

:11:58.:12:02.

the iPhone, that was not the case. Earnings are strong in a number of

:12:03.:12:09.

industries, that is the underlying dynamic. And you could argue there

:12:10.:12:13.

is a currency effect in some instances, as the US dollar has

:12:14.:12:17.

continued to depreciate in recent weeks, as you translate foreign

:12:18.:12:21.

earnings into US dollars, it enhances earnings numbers and boost

:12:22.:12:25.

equity markets. And among market watchers there is a hot debate as to

:12:26.:12:29.

what will happen next. Is there going to be a horrible correction or

:12:30.:12:35.

will its tail off? Where are you in the big debate? It depends on what

:12:36.:12:40.

policymakers do, and so... Are you sitting on the fence? The

:12:41.:12:45.

valuations, if you look at them against his strikes, they look

:12:46.:12:48.

stretched but we have seen a massive run, especially in US equities,

:12:49.:12:52.

there should be some degree of correction but in that context it is

:12:53.:12:56.

not necessarily unhealthy. Are you excited about Super Thursday?

:12:57.:13:02.

Undoubtably, not that we are expecting a policy change but what

:13:03.:13:05.

is most interesting is what the banks say about the growth, they

:13:06.:13:09.

revised the forecast in February and were forced to take a little of that

:13:10.:13:13.

in May, they may be forced to do more now, the first half of this

:13:14.:13:18.

year has been rather disappointing and the consumer is facing

:13:19.:13:21.

difficulties in terms of maintaining expenditure, so I think numbers will

:13:22.:13:25.

be revised down which could impact how the markets consider monetary

:13:26.:13:28.

policy outlets for this year and especially into 2018. We will be

:13:29.:13:35.

watching closely! The reason I am looking at my phone... That is a bit

:13:36.:13:40.

rude! We have been asking people for comments about Neymar... Oh, so it

:13:41.:13:45.

is work? Jeremy is coming back in a moment. The Brazilian footballer is

:13:46.:13:50.

moving to PSG for a record-breaking amount of money, we suspect.

:13:51.:13:55.

A lot of the comments this morning. Will you share them or will you

:13:56.:13:59.

tease us? Starbucks, there we go, I bought a $6 cup of coffee from

:14:00.:14:03.

Starbucks, it didn't even taste good, it was the most expensive

:14:04.:14:10.

purchase of my life. On my wish list is the Tesla Model three, says

:14:11.:14:13.

Natasha. This is what you can spend your money on... A familiar theme...

:14:14.:14:19.

Housing, cars and clothing. We will look through those later.

:14:20.:14:20.

Still to come, we will find out how you balance the high wire act of

:14:21.:14:28.

entertainment with demand for profit with the boss of Cirque du Soleil.

:14:29.:14:33.

Stay tuned for that. You are with Business Live from BBC News.

:14:34.:14:39.

High street fashion chain Next says sales fell by 7.4%

:14:40.:14:41.

But sales at its Next Directory and online shopping

:14:42.:14:45.

Theo Leggett is our business correspondent -

:14:46.:14:48.

Next has had a torrid time, what was in these number is, talk us through

:14:49.:15:06.

them. It is a mixed bunch, but full price sales, if you take into

:15:07.:15:09.

account what is going on on the high Street, online and the catalogue

:15:10.:15:14.

business were up 0.7%. Now, that doesn't sound too dramatic but it

:15:15.:15:17.

was a lot better than the first quarter, which was pretty dire. At

:15:18.:15:23.

11 and one third percent the share price. What is explaining that? Next

:15:24.:15:30.

has said it still has a very large cash pile, still generating a lot of

:15:31.:15:34.

cash and it intends to return a lot of it to shareholders, that is why

:15:35.:15:37.

the share prices going up, that the fact that it was pretty mediocre, it

:15:38.:15:43.

was a lot better than the first. Sales picked up in June and July.

:15:44.:15:49.

Ten one says it wasn't down to any particular marketing genius, it was

:15:50.:15:53.

the warm weather, remember that? It was summer. So the bits that are

:15:54.:15:57.

doing well, we have mentioned the online side of the business, focus

:15:58.:16:03.

through that. Next Directory was already doing well. In the second

:16:04.:16:10.

quarter sales were up more than 11%. Overall, that is helping to massage

:16:11.:16:16.

the entire business. The high-street business is down more than 7%. It is

:16:17.:16:21.

what we have been seeing for quite a while, next is doing very poorly on

:16:22.:16:25.

the high-street but doing rather well online. Thank you very much

:16:26.:16:26.

indeed. Talking about this on the today

:16:27.:16:39.

programme today on Radio 4, despite the rise in binge viewing, streaming

:16:40.:16:47.

services, things like Netflix, and people say people are still -- Ofcom

:16:48.:16:51.

said people are still watching traditional TV. Like Business Live!

:16:52.:16:57.

I am sure it is Business Live, they just forgot to include us. All the

:16:58.:17:03.

people watching -- older people watching more than younger people,

:17:04.:17:07.

who I guess ten to watch it more on tablets. Full details on the

:17:08.:17:10.

website. The top story today, shares in the

:17:11.:17:25.

electric car company Tesla are pretty sharply after reporting a

:17:26.:17:28.

doubling of sales and more than half a million orders of its model three

:17:29.:17:32.

car. That has begun shipping right now. It has been pegged as the big

:17:33.:17:38.

change for the electric car market. Now markets trading in Europe, the

:17:39.:17:43.

Footsie down slightly, they are all edging lower just a little bit. Not

:17:44.:17:46.

following on from the record-breaking night on Wall

:17:47.:17:48.

Street, the Dow Jones closing down. Cirque du Soleil - or in english

:17:49.:18:03.

the Circus of the Sun - it's one of the biggest theatrical

:18:04.:18:07.

producers in the world. The company had its beginnings

:18:08.:18:09.

in 1984 and now has almost 4,000 staff from more

:18:10.:18:12.

than 50 countries. Known for its acrobatics,

:18:13.:18:13.

the group is putting on 20 different And the Canadian

:18:14.:18:16.

company is expanding, it's just bought the American

:18:17.:18:19.

entertainment firm the Blue Man group,

:18:20.:18:21.

and is looking to walk Sharanjit Leyl has been speaking

:18:22.:18:23.

to Circue du Soleil's chief executive about the company's

:18:24.:18:26.

expansion plans, and Now with the acquisition of blue man

:18:27.:18:47.

group, we want to, so with the blue man group and the experience on time

:18:48.:18:57.

square, Cirque will be looking at markets like London, Hamburg in

:18:58.:19:01.

Germany, and all of the Asia, we still see a lot of growth, including

:19:02.:19:06.

here, Singapore. When the private equity firm TPG first took over

:19:07.:19:14.

sector to lay, -- Cirque du Soleil, there were lots of streamlining of

:19:15.:19:17.

cost cuts, are those concerns still there? We have not seen any push

:19:18.:19:26.

from TPG to do extreme cost saving. Obviously we managed saving, but it

:19:27.:19:30.

hasn't changed the way we produce shows and we create shows. That is

:19:31.:19:35.

what I told them from the get go. I said I am there to listen to all the

:19:36.:19:39.

advice you can give me, from a business standpoint, but for

:19:40.:19:45.

creation and production, you know, that's so important, please leave

:19:46.:19:48.

our creators alone, and they just burst laughing, because as financial

:19:49.:19:53.

people, they haven't had any ambition about the product itself.

:19:54.:19:58.

And of course the Chinese company Folsom also has a stake. So have

:19:59.:20:06.

they influenced your push into China? They are a great supporter of

:20:07.:20:09.

us cracking the Chinese market, diving when we will look into three

:20:10.:20:11.

years from now, and you will see the of Cirque in China. It will be

:20:12.:20:18.

because of the support I got from them. Over the years though, Cirque

:20:19.:20:22.

du Soleil has had its fair share of tragedy. You've heard three deaths,

:20:23.:20:26.

including the death of the son of one of the founders. So what have

:20:27.:20:32.

you done to improve safety? Obviously we are very sad of what

:20:33.:20:35.

happened, but the reality is a lot of enquiries has been done after

:20:36.:20:41.

those fatalities, and it was crystal clear that it was an accident.

:20:42.:20:45.

Because we are recognised worldwide as having the best safety measure in

:20:46.:20:52.

the world. And hopefully it will never happen again, but we are very

:20:53.:20:57.

proud of our safety measures. Tell us a little of yourself, because you

:20:58.:20:59.

have a really very different background. You started off as a

:21:00.:21:03.

journalist, you were in television and now you are the Chief Executive

:21:04.:21:07.

of the largest circus firm in the world. How did you get into it?

:21:08.:21:12.

That's interesting, because I used to support guy in the early days of

:21:13.:21:19.

Cirque du Soleil when I was in the PR business. And he was one of the

:21:20.:21:24.

founders. Yes, then I moved to the TV business and started working with

:21:25.:21:28.

guy again, and that is when the relationship was not between us, and

:21:29.:21:34.

Monday he called me out of the blue and said you are going to join the

:21:35.:21:39.

circus. And here I am running around the world for Cirque du Soleil. Did

:21:40.:21:45.

you say yes immediately? No, for me, it was such a different challenge

:21:46.:21:49.

than the TV business, I said let me think about it, and three weeks

:21:50.:21:54.

later I was joining the circus. And it has changed your life ever since.

:21:55.:21:59.

It did, it brought an amazing experience to travel around the

:22:00.:22:05.

world, and to have the possibility to bring a Canadian company around

:22:06.:22:10.

the world. And this is very, very rewarding. And the fact that you're

:22:11.:22:15.

a Canadian brand, how do you use that as a potential selling point?

:22:16.:22:21.

What is quite unique about Canada is that we are recognised worldwide as

:22:22.:22:26.

a country that really bring a lot of people from around the world, and

:22:27.:22:32.

everyone loves to come to our creative centre in Montreal. They

:22:33.:22:36.

feel at home and hosted. If you were to come in our studio in Montreal,

:22:37.:22:39.

you would have the feeling you are at the United Nations, not at Cirque

:22:40.:22:43.

du Soleil, which is great, because we like this idea that everybody

:22:44.:22:47.

feels at home when they come to Canada and they feel at home and

:22:48.:22:49.

they come to Cirque du Soleil. Daniel Lamarre. Jeremy Ross back to

:22:50.:22:59.

talk through some of the stories out there being discussed and there is

:23:00.:23:01.

no doubt that this one about the footballer Neymar's possible

:23:02.:23:07.

transfer fee, not confirmed, not sealed or signed by any means, but

:23:08.:23:12.

quite phenomenal the same. This is where business and sport collide in

:23:13.:23:15.

a very serious way because we're talking about enormous sons of

:23:16.:23:21.

money. And also about geopolitics, because PSG, the owners of them are

:23:22.:23:25.

the Qataris, and of course they are also trying to enhance their own

:23:26.:23:28.

credibility internationally and they are suffering from a little bit of a

:23:29.:23:36.

political blockade back home. And hosting the World Cup in 2022. They

:23:37.:23:41.

say money talks, but some would argue this is like verbal diarrhoea,

:23:42.:23:45.

it really is on another level and you wonder where it will end. We

:23:46.:23:48.

have this discussion every year, whether the football profit news

:23:49.:23:53.

comes out, Deloitte, with that on an annual basis. It just seems there is

:23:54.:24:01.

no cap. The numbers continue to accelerate exponentially. In the UK,

:24:02.:24:05.

we have seen new football rights, more TV cash coming into the game,

:24:06.:24:10.

which invariably goes out of the game to agents and players. We as

:24:11.:24:14.

viewers or supporters of course are one is forced to pay those prices in

:24:15.:24:18.

order to facilitate these ever elevated salaries and transfer fees.

:24:19.:24:23.

We asked the viewers what they might do with this kind of money. Chris

:24:24.:24:29.

said, we asked what is your most expensive purses -- purchase, Chris

:24:30.:24:31.

said it was his divorce. Alex says my degree. So I think it is houses

:24:32.:24:38.

and education and maybe family matters. Someone on Twitter says on

:24:39.:24:48.

returning from deployment in Afghanistan, I bought a Tag watch

:24:49.:24:53.

for ?2000. That is an expensive watch. Let's talk about this other

:24:54.:25:05.

story, which is interesting. FTSE 100 pay-outs is going down. Indeed.

:25:06.:25:09.

What we have seen in the last ten or 15 years is that the earnings of

:25:10.:25:14.

Chief Executive 's have risen stratospherically. We are now just

:25:15.:25:17.

seeing a bit of a correction, partly due to the fact that shareholders

:25:18.:25:22.

are becoming more vociferous and pushing back against... There have

:25:23.:25:25.

been shareholder revolts. Indeed, and that is making businesses or

:25:26.:25:30.

renumeration committee is a little bit wary of putting their heads

:25:31.:25:34.

above the parapet and trying to give Chief Executive 's exceptionally

:25:35.:25:39.

high pay packages for fear of investor revolts. It could be an

:25:40.:25:48.

element of tokenism, but there was a realisation there had been a

:25:49.:25:51.

dislocation between topics Vicky Gibbs and the rest of the workforce.

:25:52.:25:58.

Thanks, nice to see you. -- between top executives.

:25:59.:26:09.

Hello, good morning, a day of sunny spells and showers today, the

:26:10.:26:14.

majority of those will be the north. They are making their way slowly

:26:15.:26:20.

towards the East, twirling around an area of low pressure sitting

:26:21.:26:21.