Browse content similar to 29/08/2017. Check below for episodes and series from the same categories and more!
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Hello, welcome to Business Life from the BBC. | :00:11. | :00:16. | |
New figures show the most qualified EU workers are turning their backs | :00:17. | :00:21. | |
on the UK. Live from London it is our top story. | :00:22. | :00:40. | |
As the EU's chief negotiator talks of slow progress in the Brexit | :00:41. | :00:47. | |
negotiations, UK manufacturers are warning of a looming skills shortage | :00:48. | :00:51. | |
and recruitment crisis if they cannot hire EU workers after Brexit. | :00:52. | :00:57. | |
Also, keeping the lights on. A giant merger in China creates the world's | :00:58. | :01:03. | |
largest power supply are worth $280 billion. And with Trump, North | :01:04. | :01:09. | |
Korea, gold and oil on the minds of investors, there is a lot to think | :01:10. | :01:13. | |
about. We will explain what is happening and why. Also, as more and | :01:14. | :01:21. | |
more cars turn green, we will get the inside tracks on the company who | :01:22. | :01:28. | |
wants companies to ditch fossil fuel. As pet ownership is on the | :01:29. | :01:36. | |
rise, we wants to know what is the most extravagant thing you have | :01:37. | :01:40. | |
bought for your pet. Use the hash tag business live. | :01:41. | :01:51. | |
Good morning. We are going to start with the EU because Britain needs to | :01:52. | :01:56. | |
start negotiating seriously. That is the warning from Michel Barnier, as | :01:57. | :02:01. | |
talks resume in Brussels. He said he is frustrated that the UK | :02:02. | :02:05. | |
Government's ambiguity and the failure to tackle potential | :02:06. | :02:09. | |
financial liabilities. This on the same day a major body representing | :02:10. | :02:15. | |
UK manufacturers of one Britain is facing a brain drain. They warned | :02:16. | :02:19. | |
skilled workers from across Europe are already turning their backs on | :02:20. | :02:24. | |
the UK. A survey released this morning found a quarter of | :02:25. | :02:28. | |
manufacturers have seen a decrease in applications from EU nationals. | :02:29. | :02:35. | |
At the same time, 16% have seen a number of EU nationals leaving their | :02:36. | :02:41. | |
business going up. KPMG released a report and predicts 1 million EU | :02:42. | :02:44. | |
nationals that currently work here in the UK are now considering | :02:45. | :02:49. | |
leaving. The vast majority of EU nationals in the country at the | :02:50. | :02:54. | |
moment to consider the UK as very or quite an attractive place to work. | :02:55. | :03:01. | |
The UK exports $336 billion worth of goods and services to the EU. The EU | :03:02. | :03:07. | |
sends back 376 billion. In economic terms at least, it is going to be | :03:08. | :03:16. | |
beneficial for both sides to get the issue of workers' rights resolved | :03:17. | :03:20. | |
sooner, rather than later. Let's talk to the head of education | :03:21. | :03:28. | |
and skills policy at EEF. Thanks for being on the programme. Explain | :03:29. | :03:33. | |
which types of manufacturers are feeling this pain most of the moment | :03:34. | :03:39. | |
75% of manufacturers say they are struggling to recruit. There is huge | :03:40. | :03:45. | |
concerned this alarming figure will only increase as EU nationals leave | :03:46. | :03:50. | |
the UK and manufacturing businesses, as we saw with last week's migration | :03:51. | :03:57. | |
figures. It is the unknown of what a post-Brexit migration system will | :03:58. | :04:02. | |
look like. There is a big question to what extent manufacturers will be | :04:03. | :04:06. | |
able to recruit EU nationals after Brexit. What are you looking for in | :04:07. | :04:12. | |
terms of help for manufacturers? It is a long-winded process and one in | :04:13. | :04:17. | |
which manufacturers, employers may not have much visibility about what | :04:18. | :04:21. | |
the outcome will be? That is what they want to see, visibility and | :04:22. | :04:26. | |
certainty, to know they can recruit those people now and in the future. | :04:27. | :04:33. | |
The average manufacturer has around 11% EU nationals within their | :04:34. | :04:37. | |
workforce and they work across the manufacturing company from machine | :04:38. | :04:41. | |
operatives to skilled engineers and professional engineers. This is | :04:42. | :04:49. | |
something that -- perception EU nationals take low skilled roles, | :04:50. | :04:54. | |
they take the high skills and mid skilled roles which are more | :04:55. | :04:58. | |
difficult for employers to recruit four. In terms of how manufacturers | :04:59. | :05:03. | |
are handling the situation, what are they doing to hold onto those | :05:04. | :05:07. | |
skilled workers who are working for them at the moment? They are trying | :05:08. | :05:11. | |
to give them as much certainty as they can but it depends on the | :05:12. | :05:16. | |
government and the Brexit negotiations. Some have tried to | :05:17. | :05:21. | |
offer more financial support. So if they are applying for indefinite | :05:22. | :05:26. | |
leave to remain. They are trying to future proof their workforce so we | :05:27. | :05:31. | |
see increased investment in apprenticeships, more graduate | :05:32. | :05:35. | |
programmes and Bob Skilling and Rhys killing their present staff. Those | :05:36. | :05:39. | |
solutions are long-term and at in the short term employers are | :05:40. | :05:45. | |
concerned where they will fulfil those job roles. Thank you for your | :05:46. | :05:50. | |
time from EEF. There is a debate on this issue, more details on our | :05:51. | :05:54. | |
website. Let's bring you up today with the | :05:55. | :05:58. | |
headlines: Many refineries have shot in the Gulf of Mexico. It is the | :05:59. | :06:05. | |
larger storm to hit the United States in more than a decade. The | :06:06. | :06:09. | |
closures are expected to cause a temporary spike in US gas prices. | :06:10. | :06:16. | |
Analysts say the impact of the storm will pass $40 billion. It says | :06:17. | :06:18. | |
direct losses could reach $20 billion. | :06:19. | :06:24. | |
There is a joint-venture to build electric vehicles in China. It aims | :06:25. | :06:29. | |
to help the car-makers to expose themselves to the clean air market. | :06:30. | :06:39. | |
They will be owned 25% each by Nissan and Renault. | :06:40. | :06:45. | |
Amazon took over Whole Foods yesterday. It wasted no time in | :06:46. | :06:51. | |
cutting costs. Because on popular items like avocados and apples by a | :06:52. | :06:56. | |
third. It has bid to shake off its reputation high prices. It didn't | :06:57. | :07:04. | |
cut things like bread and milk, but avocados and apples. | :07:05. | :07:11. | |
Avocados are expensive. Lots of stories on our Business Live page. | :07:12. | :07:15. | |
UK companies mutts published pay ratios under new law. They will have | :07:16. | :07:20. | |
to reveal how much more of their chief executives are paid compared | :07:21. | :07:25. | |
with the average employee. This is part of government reform in the UK. | :07:26. | :07:30. | |
The Business Secretary is saying the plans will make a difference but | :07:31. | :07:35. | |
unions attack them as watered down. However, these ratios will have to | :07:36. | :07:39. | |
be revealed under the new law. Let's turn our attention to China | :07:40. | :07:43. | |
because the country is set to create the largest power company. | :07:44. | :07:51. | |
The deal that will create the world's power utility worth $280 | :07:52. | :07:57. | |
billion, let's get more from Christine in our bureau in Asia. | :07:58. | :08:06. | |
Tell us more. The new entity is going to be called China energy | :08:07. | :08:09. | |
investors News Corp. This is going to be the world's Bigas power | :08:10. | :08:17. | |
company by Starc capacity. They have assets of $280 billion. There are | :08:18. | :08:23. | |
two reasons, China wants to streamline its state owned | :08:24. | :08:26. | |
enterprises sector and cut overcapacity in the country. And | :08:27. | :08:30. | |
China is moving towards clean energy and it needs companies that can make | :08:31. | :08:35. | |
the transition smoothly. These are the country's biggest companies. It | :08:36. | :08:43. | |
is the top coalminer. If you put the two together, you get a giant which | :08:44. | :08:49. | |
is able to stabilise prices and costs with access to coal and coal | :08:50. | :08:55. | |
transport networks. It is also able to scale up renewables over time. It | :08:56. | :09:00. | |
will account for 13% of China's power generating and coal mining | :09:01. | :09:07. | |
capacity, both of them. 23% of the power will be renewables. There is | :09:08. | :09:14. | |
still a few state-owned power companies in China, so I do expect | :09:15. | :09:21. | |
more to come in this space. We will keep an eye on that one. | :09:22. | :09:28. | |
Confirmation of what the numbers are doing. | :09:29. | :09:33. | |
Tokyo stocks fell Tuesday after North Korea launched a missile | :09:34. | :09:36. | |
over Japan that sent regional tensions soaring, | :09:37. | :09:38. | |
with Prime Minister Shinzo Abe slamming it as an "unprecedented, | :09:39. | :09:40. | |
Donald Trump has also vowed to ramp-up pressure on North Korea | :09:41. | :09:50. | |
That's sent gold to a new nine month high. | :09:51. | :09:53. | |
But oil went lower last night after Hurricane Harvey | :09:54. | :09:56. | |
It's left destruction in its wake, but - and this is purely | :09:57. | :10:02. | |
in a financial sense - not as severe as they'd feared. | :10:03. | :10:04. | |
More on that in a moment, but first Michelle has the rest | :10:05. | :10:07. | |
of the details about the day ahead on Wall Street. | :10:08. | :10:26. | |
President Trump is visiting Texas. He said he would try to fund what | :10:27. | :10:33. | |
will be an expensive recovery from tropicals to all Harvey. It is not | :10:34. | :10:37. | |
clear how the hurricane relief will impact budget talks in Washington. | :10:38. | :10:42. | |
Investors are keeping an eye on the energy sector. Houston and the Texas | :10:43. | :10:46. | |
coast is one of the leading centres for the energy even justly. Many of | :10:47. | :10:51. | |
crude oil production and refineries have shut down because of the storm | :10:52. | :10:55. | |
and it's not clear when they will be open. The storm is putting pressure | :10:56. | :10:59. | |
on the dollar which felt more than two and a half year low against the | :11:00. | :11:04. | |
euro on Monday. On an unrelated note, Apple Store is one to watch | :11:05. | :11:10. | |
after they scheduled a product launch for September the 12th which | :11:11. | :11:16. | |
is thought to include the new iPhone eight. | :11:17. | :11:19. | |
Joining us is Alpesh Patel, Chief Executive of Praefinium Partners. | :11:20. | :11:25. | |
Michelle talking about stuff to watch in the US, we just looked up | :11:26. | :11:32. | |
the wall, all red. No surprise with the situation with North Korea? In | :11:33. | :11:37. | |
the short term you would have thought the market would have come | :11:38. | :11:41. | |
off more. You have the hurricane, you have the missile launch. I was | :11:42. | :11:45. | |
giving a two-hour market broadcast and all I could see was an upward | :11:46. | :11:52. | |
trend. It is your fault! It is my fault. I said everything would go | :11:53. | :11:58. | |
up, so obviously it has gone down today! The reports we are seeing | :11:59. | :12:02. | |
from the big banks, all the analysts in terms of equities. They | :12:03. | :12:09. | |
appreciate we are getting into an overvaluation state, but despite | :12:10. | :12:12. | |
what you are seeing out of the US politically and economically. We are | :12:13. | :12:18. | |
seeing these trends, saying to people not a problem getting into | :12:19. | :12:24. | |
equities and we're not even seen a fall of in the Yen despite the | :12:25. | :12:32. | |
missile launch. It was rising. It is a safe haven. You would think if | :12:33. | :12:37. | |
there are missiles being shot at thy country, people would want to get | :12:38. | :12:42. | |
out of it. You might think, don't want to go to The States, but you | :12:43. | :12:48. | |
have got the euro at least. I wanted to talk about... Gold and oil are | :12:49. | :13:00. | |
doing opposite things. You would have expected oil to shoot up given | :13:01. | :13:05. | |
what is happening in Texas. The issue is it isn't as bad as the | :13:06. | :13:12. | |
market had feared? You would expect some fundamental capacity constraint | :13:13. | :13:14. | |
and the price would go up. The market is doing the opposite of what | :13:15. | :13:20. | |
is rational. What we are doing at the moment, we are following | :13:21. | :13:24. | |
momentum, not looking at fundamentals all rationality. When | :13:25. | :13:33. | |
you say we? The fund and advice to our followers, don't try and | :13:34. | :13:35. | |
rationalise this because you will not make sense of it as things stand | :13:36. | :13:41. | |
at the moment. All right. Not particularly a good thing to say on | :13:42. | :13:46. | |
the news channel. That is really, really helpful. He is coming back | :13:47. | :13:54. | |
with thoughts on pets. No promises any of it will make sense. We will | :13:55. | :13:58. | |
give him ten minutes to get his head around pet purchases. | :13:59. | :14:01. | |
Could heavy machinery and global travel soon be | :14:02. | :14:07. | |
As more and more vehicles turn green, we meet the firm looking | :14:08. | :14:11. | |
at new ways to keep buses, ferries, trucks and lorries moving - | :14:12. | :14:14. | |
You're with Business Live from BBC News. | :14:15. | :14:22. | |
Levels of uninsured driving may be rising for the first time in more | :14:23. | :14:25. | |
than a decade according to new research. | :14:26. | :14:27. | |
BBC reporter Matt Precey joins us now from the BBC Norwich newsroom. | :14:28. | :14:36. | |
Good morning. Just talk us through these things. What do they show us? | :14:37. | :14:46. | |
They come from the motor insurers bureau, an industry body which | :14:47. | :14:50. | |
compensates victims of an insured and hit-and-run drivers. They work | :14:51. | :14:53. | |
to reduce the level of uninsured driving in the UK. This year they | :14:54. | :14:59. | |
expect to pay out ?256 million and in the past 12 months they've seen a | :15:00. | :15:03. | |
10% increase in the cases they handle. That is the first time it | :15:04. | :15:10. | |
has increased since 2004. They handle 12,000 cases every year. The | :15:11. | :15:16. | |
pool of money they used to compensate is roughly ?15 on every | :15:17. | :15:32. | |
premium. What do we expect from this data? It suggests the numbers are | :15:33. | :15:37. | |
increasing and they are investigating the reason for the | :15:38. | :15:44. | |
rise. But the MIB point to other factors, the rise in the number of | :15:45. | :15:50. | |
vehicles on the road, the driver licences being issued. They are | :15:51. | :15:53. | |
looking into claims management companies but they say levels of | :15:54. | :15:58. | |
uninsured driving remains unacceptably high despite | :15:59. | :16:04. | |
effectively halving over the last ten years. What is being done to | :16:05. | :16:09. | |
tackle it? The police are routinely seizing vehicles using a number | :16:10. | :16:15. | |
plate recognition system. These cameras scan hundreds of number | :16:16. | :16:20. | |
plates every hour. They are on a database operated by the MIB. If a | :16:21. | :16:27. | |
car comes up as showing that it is being driven with no insurance, the | :16:28. | :16:32. | |
police. It, double-check the status, and sees the vehicle -- the police. | :16:33. | :16:42. | |
-- the police will halt the vehicle. If they don't do this then the | :16:43. | :16:51. | |
vehicle is auctioned or crushed. 40% of vehicles seized last year ended | :16:52. | :16:54. | |
up in the crusher. That is a thousand cars a week. | :16:55. | :17:04. | |
You're watching Business Live - our top story - Manufacturers have | :17:05. | :17:07. | |
warned of a recruitment crunch if they are unable to keep hiring EU | :17:08. | :17:10. | |
Trade body the EEF says the government must clarify | :17:11. | :17:14. | |
the rights of EU workers "as a matter of urgency". | :17:15. | :17:21. | |
A quick look at how markets are faring... | :17:22. | :17:29. | |
All the main markets in Europe are down 1%. We have safe havens like | :17:30. | :17:34. | |
gold doing well. That is them. We've talked a lot about the growing | :17:35. | :17:41. | |
market for electric vehicles - and whether they can help cut | :17:42. | :17:44. | |
greenhouse gas emissions But what about other | :17:45. | :17:46. | |
modes of transport - that, on the whole, rely | :17:47. | :17:50. | |
on fossil fuels? The US Environmental | :17:51. | :17:54. | |
Protection Agency found that heavy-duty vehicles like trucks, | :17:55. | :17:55. | |
rail, ferries, boats and aircraft make up 40% of greenhouse emissions | :17:56. | :18:01. | |
from the transportation sector. One company that's trying | :18:02. | :18:06. | |
to revolutionize the heavy transport The company said that its electric | :18:07. | :18:08. | |
propulsion technology enables better efficiency with less fuel | :18:09. | :18:16. | |
consumption, less noise and cleaner air - and results in 50% less | :18:17. | :18:19. | |
emissions in heavy-duty vehicles. The Finnish company | :18:20. | :18:27. | |
was founded by Kimmo Rauma, and his company has delivered Asia's | :18:28. | :18:29. | |
first hybrid ferry, Finland's first all electric ferry, | :18:30. | :18:31. | |
and other electric bus fleets. Let's talk about how it works. We | :18:32. | :18:57. | |
are so used to talking about electric cars. This is about scaling | :18:58. | :19:04. | |
up to industrial applications. Buses, I see as a logical. Can you | :19:05. | :19:08. | |
really para a ferry with electricity? It is quite | :19:09. | :19:19. | |
straightforward. 90% of the time, it is standing still, a car. When you | :19:20. | :19:22. | |
think about fairies, they are working every day. The total life of | :19:23. | :19:29. | |
a car is 6000 hours, this kind of heavy duty can do it in a year. When | :19:30. | :19:36. | |
do you charge it? I can understand you do it overnight, but ferries | :19:37. | :19:50. | |
will travel overnight. This is what they think about the cars, the | :19:51. | :19:58. | |
battery is not ready. It is operating 17 hours without any | :19:59. | :20:09. | |
charging. The first full electric fairy in Taiwan, it can charge when | :20:10. | :20:19. | |
people are coming in. So the six minutes is enough for the charging. | :20:20. | :20:23. | |
Six minutes, you can charge the ferry. You have a little battery | :20:24. | :20:33. | |
that is bigger than needed, so during night time you can charge it | :20:34. | :20:37. | |
a little more. It is quite easy to understand it does not change this | :20:38. | :20:45. | |
anywhere else. It cleans the pollution. You see yourself as a | :20:46. | :20:52. | |
disrupter in this industry, an industry you believe does not want | :20:53. | :20:55. | |
to change. You have very much focused on Asia where there is a | :20:56. | :21:01. | |
cultural difference. They are open to what you're offering them and | :21:02. | :21:05. | |
willing to invest but not so in Europe? Yes. If you think about the | :21:06. | :21:10. | |
truck business, the whole business is based on the maintenance fee. The | :21:11. | :21:18. | |
truck race has been the same for the last decade, exactly the same. At | :21:19. | :21:28. | |
the same time, the maintenance cost is 12 times higher. When we | :21:29. | :21:32. | |
electrify that one or make it a hybrid it destroys the maintenance | :21:33. | :21:37. | |
part of the industry. Of course they do not want to change. This | :21:38. | :21:43. | |
combination does not exist in Asia. The biggest ones are not from Asia, | :21:44. | :21:49. | |
when they want to take over the world and become the big ones they | :21:50. | :21:53. | |
will do it in full electric in a minute. We talked earlier about | :21:54. | :22:01. | |
heavy plant machinery, Rock crushers, JCBs. Given those | :22:02. | :22:13. | |
refuseniks, how do you get them to embrace them? Actually, I need to | :22:14. | :22:21. | |
find the medium players who want to take on the bigger ones and show the | :22:22. | :22:28. | |
world this is doable. When we got the first ones to say, they are | :22:29. | :22:37. | |
earning much more money than they used to but everyone loves it | :22:38. | :22:44. | |
because there is no air-pollution. It is gone now. It is a win- win | :22:45. | :22:53. | |
situation. It is fascinating to hear what you have to say. I want that | :22:54. | :22:58. | |
battery on my smartphone! In a moment we'll take a look | :22:59. | :23:01. | |
through the Business Pages but first here's a quick reminder of how | :23:02. | :23:04. | |
to get in touch with us. The business live page is where you | :23:05. | :23:13. | |
can stay ahead with all the breaking news. We will keep you up-to-date | :23:14. | :23:19. | |
with the latest details. We want to hear from you as well. Get involved | :23:20. | :23:31. | |
on the web page. You can find us on Facebook. | :23:32. | :23:45. | |
You have not held back with the tweets today. Let's bring back a | :23:46. | :23:59. | |
reporter. Pets on the rise. Apparently rich people like animals | :24:00. | :24:09. | |
more than people who cannot afford. Here is an opportunity for viewers | :24:10. | :24:14. | |
to get rich. I looked up high-end fashion websites and none of those | :24:15. | :24:23. | |
websites had anything about pets. They had menswear, childrenswear, | :24:24. | :24:26. | |
womenswear, yet the sheer prices of all those companies are at an | :24:27. | :24:33. | |
all-time high. They are missing a trick. I am going to buy shares in | :24:34. | :24:40. | |
those three. I think they will start doing a pet range. By the way the | :24:41. | :24:49. | |
champagne for pets is called Pawsecco. I think the RSPCA might | :24:50. | :25:01. | |
come knocking. One person said, she bought a bag so she could be slung | :25:02. | :25:06. | |
over my shoulder. She loved it. Gucci, that is the way to go. You | :25:07. | :25:11. | |
haven't got any pets. I'm a vegetarian that doesn't like | :25:12. | :25:24. | |
animals. This person says, ?48,000 BMW estate for the pet. We have | :25:25. | :25:34. | |
someone with a stroller that holds five dogs. An elevator with voice | :25:35. | :25:40. | |
activated controls and mood lighting. Who are you? Thanks for | :25:41. | :25:46. | |
coming in. Appreciated. Good morning. Yesterday we got to 28 | :25:47. | :26:12. | |
degrees across the | :26:13. | :26:14. |