18/08/2017 BBC Business Live

This is Business Live from BBC News with Alice Baxter and Ben Bland.

Promises, promises - we take a look at which campaign

pledges President Trump has kept and which he has not,

Live from London, that's our top story on Friday August 18th.

Plans for an infrastructure council dropped, two

advisory boards ditched - the business blues are piling

Police have killed five suspected terrorists in the Spanish

resort town of Cambrils, linked to Thursday's

We'll bring you the latest developments as they happen.

Plus we'll bring you all the latest market movements where European

stocks have joined Asian and US markets a global retreat

And we'll be talking all things media -

including Facebook's foray into streaming - with our

And as China's Lenovo slips as the worlds biggest PC maker

after disappointing results, we're asking has

Do you still use them or have they been replaced

He came into the White House with a pro-business agenda.

But events this week have caused the business community in America

to distance themselves from Donald Trump.

Analysts have warned that his response to the violence

in Charlottesville will hurt Republicans' prospects

So let's look at his scorecard so far.

In January Trump formally scrapped TPP, a flagship trade deal with 11

Asia-Pacific countries - blaming the deal for

He also promised he'd withdraw from the Paris climate deal,

which he did in June, saying it would cost

And nothing has been achieved when it comes to tax reform.

Congress is struggling to agree on how to fund lower taxes

One of his major campaign promises was to rework the trade

agreement between the US, Canada and Mexico.

Trump made it clear that he didn't want tweaks,

With us is Dr Brian Klaas, fellow in comparative politics

Thank you for coming to joiners. We have been looking at what promises

President Trump hasn't has not achieved, I'll be expecting too much

given we're 200 years into a four year term? I don't think so, in

historical terms usually when the White House, the House the Senate

are controlled by the same party there is a mandate sweeping progress

for change, but that has not been achieved. President Trump promised

he would say manager builds within 100 days of becoming president. We

ronde 211, he has signed non-, they have not been submitted to Congress

in any reasonable form and are going nowhere. Which of those do you

suggest he should concentrate on getting through in order to placate

those who say he has not achieved anything, legislatively, so far? A

smart move would be to go their infrastructure, this is the one

thing on his agenda that the Democrats agree is a pressing

problem for America. There could be bipartisan support and it could be

ushered through as it could try to turn the page on Trump plasma

presidency so far, which has been historically inconsequential. What

about the things that Trump has trumpeted as achievements, jobs

creation, the stock market doing very well. Looking at his

achievements in isolation is like looking at the paintwork on the

Titanic and praising it. Businesses expected jump to deliver on

promises, and he has not. A million jobs are created between February

and July, the lowest number for February to July in five years. This

is touting of the economy, it is a continuation of the Obama economy,

the economy is doing OK but it is not because of Trump, figures are

worse than a year two go. There has been anticipation about tax reforms

and the regulatory changes he has promised in a very pro-business way,

lots of us has been priced into the markets, on Wall Street the markets

have hit record high at a record high. Will patience ran out and they

think, will this actually happen? We are nearing that point. There is a

turning on Trump from the business councils, he is viewed as so

politically toxic by some CEOs that they cannot be affiliated with him.

Paul Ryan is sending out e-mails to supporters talking about his tax

reform pledge as the world focuses on his comments which seem to equate

neo-Nazis with those protesting them. People are focusing on the

storm on Trump and trying to get tax reform through in that dynamic is

extremely difficult. Business leaders are aware, they know there

is no political momentum for the sweeping reform of tax policy when

President Trump is making a new scramble for himself on a daily

basis. Thank you very much, Dr Brian Klaas from London School of

Economics. Let's take a look at some of

the other stories making the news. Sales of British salmon helped

the UK export a record amount of food and drink in the first half

of the year, according Exports of the fish jumped

more than 53% by value UK food and drink exports rose more

than 8% to roughly $13 billon, helped by the fall in the pound

after last year's Brexit vote. Turning to trade -

and the United States and South Korea will start talks

on amending a five-year old trade agreement that President Trump has

called a horrible deal. South Korea is the United States'

sixth-largest goods trading partner. Negotiations are scheduled

to start next week. China's Unicom says it

will continue to suspend trading The development comes

after the state-owned communications group announced it's trying to raise

roughly $12 billion from about a dozen investors,

including Alibaba and Tencent Plenty of business stories updated

throughout the day on our website. Right now, Kit Kat accused of Atari

copyright infringement. Nestle has been accused of using the look and

feel of a classic Atari game without permission in order to promote its

Kit Kat chocolate bars. You can read all about that on the Businesslike

page, perhaps when you're having a break!

Oh, Ben! Away from chocolate business to something more serious.

Now to Christine Hah in Singapore, where Chinese personal computer

maker Lenovo was one of the worst performers on Hong Kong's

Christine, what is going on? Just to show you how big a shock it was

Brenda esters, analysts are expecting around the $5 million and

instead Lenovo came back with a $72 million loss, its first quarterly

loss... Business of a quarter until June, enormous two years. This used

to be the world's biggest PC maker, they have lost that position to HP,

a lot of that is down to the fast declining PC business globally but

even that they underperformed, shipments fell 6% in the quarter

which is much below the 3% decline in the overall market. The mobile

business is improving, but not enough, still making a loss as a

time when consumers are turning to tablets and smartphones and its data

business has yet to turn profits. Even the company is giving itself

quite a bleak outlook, it says a shortage of key components means

costs will likely keep rising and its profit margins will shrink in

the short-term looking ahead. The Lenovo brand was once China's poster

child for global expansion, but right now it looks like it'll be an

uphill battle from here run. Thanks, Christine.

Asian stock investors joined a global retreat from riskier assets

that we have seen on Friday. Japan's McKay fell to a three and a half

month low and posted its fifth weekly drop -- Japan's Nikkei. There

is a weaker dollar due to doubts about whether President Donald Trump

will be able to push through economic policies to boost US

economic growth, as we discussed earlier. That comes after US stocks

sold off on Thursday with the S 500 lodging its biggest daily

percentage drop in months, because of the fiery rhetoric between

Pyongyang. Concerns remain that tensions in the region could flare

up again in the peninsular, traders say the market will likely stay

cautious in the meantime. Here in Europe on Friday markets

also opened on a negative note. We will have to see whether they all

end the session and the week in the red. Meanwhile, Michelle Fleury has

the details about what is ahead on Wall Street.

What is this Friday held for the stock market after the S 500 had

its second biggest percentage drop of the year? The major US indexes

fell following the attack in Barcelona, all ending the session

down more than 1%. Stocks are already headed lower earlier in the

day due to worries about the Trump administration, speculation of White

House economic adviser Gary:'s possible departure merely rocking

the markets. Turning to the corporate front, a farmer

construction equipment maker is expected to report higher

third-quarter profit thanks to increased demand in South Africa

offsetting weakness at home. Michelle Fleury with a look ahead to

what is happening on Wall Street. Joining us is Mike Bell from JP

Morgan Asset Management. Lots to delve into, but let's focus

on the latest hints from the Federal reserve and what they may or may not

do when interest rates. The committee show they are quite split

in the latest minutes and our view is they will still put rated in

December, the market says it is more likely than not that they do not but

our view is while it is not a certainty it is more likely than not

that they raise rates in December. We think it is pretty likely they

will announce in September that they started to reduce the size of their

balance sheets. All of the Government bonds they bought over

the years, they will start reducing the amount. Keeping with the theme

of central bank, hints and things, just last night we got some minutes

from the European Central Bank, what did they tell us? There was some

concern over the fact that the euro has gone up here today. That may

weigh on inflation, holding inflation down more than was

expected, and some might think perhaps it means that the ECB will

not start to reduce the amount of quantitative easing bond buying that

it is doing. We believe the most likely outcome is that by January

they will further reduce the amount of Kiwi they are doing, the growth

outlook in Europe really looks quite good. Mike, you will take is to some

business papers later in the programme.

We will be talking about PCs and tablets later, have you moved on

from your PC? One person says tablets are more portable and he

uses his to present work, but another viewer says the laptop will

be hard to beat. Keep tweeting is using the hashtags #BBCBizLive.

More Trump talk as we discuss the President's tricky relationship

with the press with our media editor Amol Rajan.

You're with Business Live from BBC News.

The public relations company Bell Pottinger is to appear

at an industry standards hearing today over charges stemming

The public relations company Bell Pottinger is to appear

at an industry standards hearing today over charges stemming

In July, Bell Pottinger apologised over a controversial social media

campaign that critics say inflamed racial tensions.

He is in our business newsroom. Do we know the details around this? A

bit earlier this year Bell Pottinger ran a social media advertising

campaign which went out through Twitter and several other outlets,

it had hashtags on it like white monopoly capital. They were trying

to focus the attention of South African citizens on the

concentration of wealth in the hands of those people who are white to 1

degrees or another. The feeling put about by opposition political

parties in South Africa was that this was divisive and knowingly

raised racial tensions, but also designed to distract attention away

from scandals that have surrounded the current president, Jacob Zuma,

and an Indian born family, the Guptas, who are extremely wealthy

and influential in South African politics. A hugely divisive and

emotional issue in South Africa. The leader of the is it a Democratic

Alliance party called it a hateful and divisive campaign. What is the

possible outcome of today's hearing? The communications trade body, not

government regulated as such, the Democratic Alliance applied and

complain to them from South Africa, complained in the UK. Possible

outcomes include fines, some form of official censure, but the almost

certain outcome, which is probably what the opposition party hopes for,

is to raise the level of this story in the mind and consciousness of

South African people and therefore, hopefully for them, do better in the

next election, which Jacob Zuma's ANC wants to keep down. Thank you.

You may have some of these in your breakfast table this morning. Among

those being sold, French's, and the proceeds will be used to reduce some

of its debt pile, also known for other brands, such as Strepsils.

Bring you up-to-date on the latest on the attack in Spain. You are

watching business life. Authorities are investigating attacks in

Barcelona and Cambrils and believe a cell of eight people may have been

involved and planning that attack with gas canisters, according to a

judicial source. Spanish police say they have shot

dead five suspected terrorists, following a second attack

in the country within 12 hours. They were killed overnight

in the resort of Cambrils, after they drove a car

into pedestrians, Hours earlier, a van ploughed

into crowds 75 miles away, in the popular Las Ramblas district

of Barcelona, killing at least 13 people

and injuring 88 others. Police have arrested

three people so far. A very quick update on that, the

Catalonia police force say that extra security checks will be in

place around the area of placid Catalonia, a large square in the

centre of Barcelona, go there on foot, do not take large bags

backpacks if you are there. -- Placa de Catalunya. The life page is being

updated with developments. Later we will be looking at how the story is

being covered in the newspapers. All over major media outlets at the

moment. It's been another busy

week in the technology Facebook's continous stellar revenue

growth has made headlines as the firm revamps its video

offering, creating a new, Meanwhile in the political world,

US president Donald Trump troubling relationship with the media

continues. To discuss it all is our media

editor, Amol Rajan Facebook, taking on competitors,

trying to outdo Netflix, YouTube and the rest of them. Facebook has a

nice problem, its revenue growth is quite hard to get your head around,

market capitalisation is 500 billion earlier this year, revenue growth

growing by 70% year-on-year, this is a very wealthy company, but it faces

a fundamental problem, it is running out of space to sell advertising, if

you look at the Facebook news feed, so many -- only so many adverts you

can cram on there, over the past quarter, Facebook has increased how

much it charges advertisers for the space, but Facebook thinks, if we

have a news feed to sell advertising, how can people spend

ever more time on the news feed, that is where they have decided to

take this move into television, Facebook Watch, a big departure for

Facebook, originally a social network, now it is somewhere that

will commission original programmes, the kind that we used to watch on

television, Facebook will keep any Rafael of any advertising revenue,

and this is all about making Facebook even more addictive. --

will keep 45% of any advertising revenue. Selling even more ads,

becoming even more wealthy. As they move into this usually set related

market of online streaming, begs the question, you have written

extensively about it, is Facebook moving away from being a tech

company and moving to a media company, which it is then open to

regulatory checks. This time last year Mark Zuckerberg was in the

Vatican, seeing the Pope, he said Facebook is a technology company,

not a media company, one of the reasons he said that is because

years ago when it was launched in 2004, Mark Zuckerberg referred to it

as a utility and someone said, utilities are regulated, you might

want to go easy on calling it that. His investors, the Facebook

shareholders, want it to be a technology company because they

think technology is really exciting. The problem with media, media

companies, papers, BBC, they come with social moral legal obligations

and they are regulated. This is undoubtedly making Facebook a media

company, commissioning original programming, funded by advertising,

that is what media companies are, the world's biggest distributor of

news and information, Facebook is now a media company. The question I

would ask, if it is creating original programming in this

country, viewed by people in this country, why is it not regulated, it

seems to be an anomaly in terms of regulatory framework. From new media

to old media, Saudi investment in the independent. Very unusual, I was

editor for three years before coming to the BBC, the Independent shut as

a newspaper, rather painful, it is now a website, and bearing in mind,

ten years working at the independent, if you had said that

sometime it would be valued at ?100 million, and a Saudi investor would

take a 30% stake, I would have said you would be barking mad. The fact

is there has been an excellent generic commercial transformation,

for the Independent, worth a lot of money now, should other newspapers

also abandon print and go fully digital? The attraction is, you have

the clarity and focus of producing a website and get rid of all these mad

distribution costs, the idea of printing things in paper, sending

them in lorries around the country, letting retailers take a cut... The

Independent has got rid of that. I'm not sure if it will yet work for the

Guardian to go like that because the Guardian still has a big print

circulation revenue, if they abandon that, they will have to make it

through digital advertising, really. Your take so far on Donald Trump's

usage of the media over the last week in particular. Derided in the

media, he is deriding media as fake news, going through social media but

he has now created a unanimous... Time magazine and the Economist and

the New Yorker have very scathing cartoons on the front cover, the

fact is, Donald Trump is helping the media, fantastic story, New York

Times subtractions are up, traffic on websites is up, and the alleged

war between Trump and the media is a marriage of convenience, CN in

viewership is up because of him. -- CNN. In a moment we will look

through the business pages but first, a quick reminder of how to

get in touch with us. The business life page is where you can stay

ahead with all of the day's breaking business news, we will keep you

up-to-date with all the latest details, from the team of editors

write around the world, and we want to hear from you as well, get

involved on the BBC business live web page, add and on Twitter and you

can find us on Facebook, business live, on television and life,

whenever you need to know. Back to go through some of the

newspapers but first, revisiting the Twitter question, asking this

morning about whether you still use a PC or you have moved to tablet or

smartphone, after the trouble Novo is having, lots of tweets on this,

Steve says, still use PCs, cannot live without three screens for

juggling open files. The laptop will be hard to beat. I thought it was

going the other way, people moving back to laptops because of the

limitations of tablets, interested you get your thoughts on this, do

you still use desktop, laptop? Almost inclusively

using a tablet these days, in the office I clearly use a desktop

computer, but I hardly use a laptop at. What in work you use a

desktop... Now maybe a division between home and the work space and

what we use, I don't know. Moving on to some of the business newspapers,

we ask you to take a quick read through this story on the

independent, nodding on these tragic events in Barcelona. What is your

rate? Clearly tragic, and the key takeaway is how sad this is from the

families and friends of those killed, and injured, rather than any

economic takeaway, the impact on the market and the economy is likely to

be negligible, clearly has a huge impact on those affected. Moving on

to the story in the Financial Times, Uber planning another share sale,

potentially. Somewhat cynical, what is going on here, allowing people

who already own shares in Uber to sell them at what is likely to be a

lower price than the previous valuation, people buying in will be

able to buy shares from them, the average price ends up looking lower

than the headline price that will be paid. Thank you very much for that,

really good to see you, have a good weekend. That takes us to the end of

the programme. Thank you very much for watching.

Good morning, quite a few showers, all of us will catch one or two, not

a completely