Browse content similar to 30/08/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson and Sally Bundock. | :00:00. | :00:08. | |
The UK Prime Minister travels to Tokyo to talk trade, | :00:09. | :00:15. | |
but will the talks be overshadowed by North Korea? | :00:16. | :00:17. | |
Live from London, that's our top story on Wednesday 30th August. | :00:18. | :00:38. | |
Theresa May meets Shinzo Abe to discuss life after Brexit. | :00:39. | :00:43. | |
But the UK can't strike any sort of free-trade deal until it | :00:44. | :00:46. | |
actually quits the EU - so what progress will they make? | :00:47. | :00:49. | |
Also in the programme, in touching distance of parity. | :00:50. | :00:55. | |
A strong euro and weak pound push the two closer. | :00:56. | :00:58. | |
And here's how those markets are faring across europe - | :00:59. | :01:07. | |
That's the current rate and how European markets are doing. We will | :01:08. | :01:15. | |
tell you all you need to know. We meet the man who created | :01:16. | :01:16. | |
an empire built on baking. The founder of the Hummingbird | :01:17. | :01:21. | |
Bakery will give us the inside track on the finding | :01:22. | :01:24. | |
the recipe for success. And so today - and this is in no way | :01:25. | :01:27. | |
a business question, but we just want to know - | :01:28. | :01:34. | |
what's your favourite? Lemon drizzle, red | :01:35. | :01:37. | |
velvet, double chcolate? Let us know. | :01:38. | :01:38. | |
No reason. We look forward to hearing from you. | :01:39. | :02:01. | |
If you follow me on twitter you know that the home-made banana bread is | :02:02. | :02:04. | |
tough to beat. And there are photos as well. Let's start with Japan. | :02:05. | :02:08. | |
British Prime Minister Theresa May is in Japan for talks | :02:09. | :02:10. | |
with her counterpart Shinzo Abe on everything from defence | :02:11. | :02:13. | |
Although the UK can't officially start any trade negotiations | :02:14. | :02:20. | |
until it leaves the European Union, both sides are already weighing up | :02:21. | :02:23. | |
While the UK's investment in Japan is relatively small, | :02:24. | :02:34. | |
Japan's direct investment in the UK is worth over $52 billion. | :02:35. | :02:41. | |
And that investment feeds through to the real economy, | :02:42. | :02:46. | |
roughly a thousand Japanese firms operate in the UK, employing close | :02:47. | :02:49. | |
One of Theresa May's key aims will be to keep as many of those | :02:50. | :02:56. | |
jobs as possible in the UK in the coming years. | :02:57. | :02:58. | |
A strongly worded report from Japan's foreign ministry last | :02:59. | :03:08. | |
year said firms might want to move "if EU laws cease to be | :03:09. | :03:11. | |
Meanwhile Japanese banks Nomura and Daiwa have already chosen | :03:12. | :03:19. | |
Frankfurt as their new EU hubs in the wake of the Brexit vote. | :03:20. | :03:23. | |
The meeting also has added significance as only last month | :03:24. | :03:27. | |
the EU signed its own free trade deal with Japan - a deal the UK | :03:28. | :03:30. | |
With me is Yuichiro Nakajima, managing partner at advisory | :03:31. | :03:37. | |
Nice to see you. Sally running through some of the issues there. If | :03:38. | :03:49. | |
you can run through what is at stake, how significant is trade | :03:50. | :03:53. | |
between the countries? It's very important, certainly for the UK, as | :03:54. | :03:58. | |
the figures we have just seen show. Japan has been one of the biggest | :03:59. | :04:03. | |
investors in this country. And the UK has been the largest investment | :04:04. | :04:10. | |
destination for Japanese companies coming to Europe. It really started | :04:11. | :04:15. | |
in the 80s when Margaret Thatcher promoted Britain as the gateway into | :04:16. | :04:20. | |
the European market, and Japan bought that. There is a long history | :04:21. | :04:25. | |
of Japanese companies coming to this country, setting up shop and then | :04:26. | :04:30. | |
doing business with the rest of the continent. And now that bridge is | :04:31. | :04:38. | |
likely to be removed. You talk about that gateway to Europe. We should | :04:39. | :04:42. | |
say these are very early-stage talks because, as Sally pointed out, | :04:43. | :04:45. | |
nothing can be done and no deal can be put in place until the UK has | :04:46. | :04:50. | |
left the European Union. How will that affect the issues they will | :04:51. | :04:56. | |
encounter in these very early-stage talks? I guess Mrs May work like to | :04:57. | :05:02. | |
get some kind of undertaking from the Japanese government that they | :05:03. | :05:10. | |
will do their best to not... To keep Japanese companies here, and there | :05:11. | :05:19. | |
is so much a government can do to control a private company's | :05:20. | :05:25. | |
behaviour. She is sunny petite tight rope to tread. -- she is on a pretty | :05:26. | :05:31. | |
tight rope to tread. She has the domestic political audience to | :05:32. | :05:36. | |
satisfy in the meantime. She needs to make sure that she isn't seen to | :05:37. | :05:46. | |
be going against EU rules about negotiating with third countries on | :05:47. | :05:50. | |
an independent basis. A funny irony about this, as he said last month, | :05:51. | :05:55. | |
the European Union struck its own trades deal with Japan. Ultimately | :05:56. | :05:59. | |
that's a deal the UK will be locked out of and we now go to Japan saying | :06:00. | :06:04. | |
that we want something similar. Is there a willingness in Japan to | :06:05. | :06:12. | |
grant that? I think Japan, because the UK and Japanese relationships | :06:13. | :06:16. | |
are very good, and strategically quite important, so I think Japan | :06:17. | :06:21. | |
would like to do the best it can to support the UK Government. But the | :06:22. | :06:28. | |
trade and investment with the EU, the remainder of the EU, so to | :06:29. | :06:35. | |
speak, is important, of course, and the UK is but one part of it. Japan | :06:36. | :06:41. | |
isn't going to be able to do anything particularly formal whilst | :06:42. | :06:45. | |
the picture is very unclear as to the terms on which the UK will be | :06:46. | :06:50. | |
leaving the EU. We will follow that closely to see how it plays out. | :06:51. | :06:53. | |
Thank you very much. Let's take a look at some of | :06:54. | :06:55. | |
the other stories making the news. Uber says it is cooperating | :06:56. | :06:59. | |
with an investigation by authorities in the United States | :07:00. | :07:01. | |
into accusations it It's not yet clear whether | :07:02. | :07:03. | |
the allegations focus on one country or several | :07:04. | :07:09. | |
where the company operates. It's the latest in a series of legal | :07:10. | :07:13. | |
problems the ride-hailing app faces as it waits | :07:14. | :07:15. | |
for a new chief executive. Sky is to stop broadcasting | :07:16. | :07:19. | |
Fox News in the UK due 21st Century Fox, which is owned | :07:20. | :07:22. | |
by Rupert Murdoch, says the channel is being withdrawn | :07:23. | :07:28. | |
as it is not commercially viable. Sources say the decision | :07:29. | :07:31. | |
is not related to Fox's The London company that makes | :07:32. | :07:34. | |
the Rubik's Cube has sued two US companies for selling what it says | :07:35. | :07:41. | |
is a knock-off of Rubik's Brand Limited says | :07:42. | :07:44. | |
retailer Toys "R" Us and manufacturer Duncan Toys | :07:45. | :07:51. | |
are violating its trademark and hurting its reputation with | :07:52. | :07:54. | |
an "imitation twist puzzle cube". Let's look at the financial markets. | :07:55. | :08:09. | |
They are regaining composure around the world following concern this | :08:10. | :08:12. | |
time yesterday about what was happening with regard to North Korea | :08:13. | :08:16. | |
and its latest missile test. You can see Japan jumping today from eight | :08:17. | :08:20. | |
four-month low, that was yesterday's story. The yen was weakening as | :08:21. | :08:27. | |
well. Wall Street wobbled at the start of trade on Tuesday but ended | :08:28. | :08:33. | |
high. Looking at Europe so we have a sense of how things are going. All | :08:34. | :08:37. | |
these markets were down more than 1% yesterday. Right now you can see | :08:38. | :08:41. | |
they have already gained some composure today. We will talk you | :08:42. | :08:45. | |
through the winners and losers in a moment, in particular the euro and | :08:46. | :08:46. | |
Pound relationship. And Michelle Fleury has | :08:47. | :08:47. | |
the details about what's ahead Donald Trump will make the case | :08:48. | :08:49. | |
for overhauling America's tax system this Wednesday, | :08:50. | :08:53. | |
in a speech in Missouri. He is expected to talk | :08:54. | :08:55. | |
about the need to simplify the tax code and make the US corporate | :08:56. | :08:58. | |
system more globally competitive. Treasury Secretary Steven Mnuchin | :08:59. | :09:01. | |
has said in the past he hopes to get tax reform done by the end | :09:02. | :09:04. | |
of the year. That was a tall order, | :09:05. | :09:07. | |
even before attention shifted Sceptics warn that while the White | :09:08. | :09:10. | |
House and Republicans generally agree on a lower tax rate, | :09:11. | :09:17. | |
they still have yet to figure out specifically what they want to do | :09:18. | :09:20. | |
and how to proceed. Meanwhile ahead of Friday's | :09:21. | :09:29. | |
jobs report, investors will be looking at hiring | :09:30. | :09:31. | |
figures from private employers to see if there were any signs | :09:32. | :09:33. | |
that the jobs market And the US Commerce Department | :09:34. | :09:36. | |
will provide an update on the economic expansion | :09:37. | :09:39. | |
in the second quarter. GDP growth likely came | :09:40. | :09:41. | |
in at 2.7%, that's instead James Hughes is here, | :09:42. | :09:44. | |
he's Chief Market Analyst at GKFX. We will come onto the US stuff in a | :09:45. | :10:02. | |
minute. But first of all the pound and Europe. All the attention has | :10:03. | :10:07. | |
been on the pound and dollar relationship. But the euro is really | :10:08. | :10:11. | |
interesting right now. It's interesting because it's getting | :10:12. | :10:16. | |
close to parity, one for one, the Euro and Pound been worth the same | :10:17. | :10:19. | |
amount. It's something we have not seen for a long time. We always talk | :10:20. | :10:23. | |
about this sort of stuff when the markets get to those areas, and very | :10:24. | :10:31. | |
often we don't end up seeing it. Very often there is something | :10:32. | :10:33. | |
psychological that happens and the market will move. It's because we | :10:34. | :10:38. | |
are all talking about it. Everybody puts money on it and it doesn't | :10:39. | :10:42. | |
necessarily work. Because we have seen strength in the euro, with the | :10:43. | :10:47. | |
Eurozone recovering particularly well, but in the UK we have so much | :10:48. | :10:52. | |
uncertainty around Brexit. Because we don't have any idea what breaks | :10:53. | :10:56. | |
it means, what post Brexit means or what it means right now, the issue | :10:57. | :11:00. | |
means we see negativity in the pound, strength in the euro, driving | :11:01. | :11:04. | |
it closer and closer to parity. Any of us going on holiday to Europe, we | :11:05. | :11:09. | |
can feel the difference this year and last summer. But it's a huge | :11:10. | :11:13. | |
deal for businesses and it can not huge sums of their quarterly | :11:14. | :11:17. | |
profits, or it can add, as the case may be. Importers and exporters get | :11:18. | :11:23. | |
hit and not hit on both sides. Also from an economic point of view, the | :11:24. | :11:29. | |
weaker currency in the country, it tends to push up inflation that | :11:30. | :11:33. | |
little bit. On the other side, if the currency is too strong, it can | :11:34. | :11:37. | |
push down inflation. The problem we have in the UK is that inflation is | :11:38. | :11:40. | |
that little bit too high at the moment. If there are problems with | :11:41. | :11:44. | |
the Eurozone with recovery, it's that inflation is too low. The | :11:45. | :11:47. | |
strength with the Euro and the weakness with the pound are doing | :11:48. | :11:53. | |
just that. And a quick word on America. GDP, we are expecting 2.7%, | :11:54. | :11:58. | |
slightly higher than what we expected and saw earlier in the | :11:59. | :12:01. | |
month. Not too many surprises but good news for the economy there. You | :12:02. | :12:05. | |
will talk us through the papers later. | :12:06. | :12:07. | |
Still to come - cashing in on cupcakes. | :12:08. | :12:11. | |
Your tweets about favourite cupcakes have been flooding in. | :12:12. | :12:14. | |
The founder of Hummingbird Bakery is here to talk all things | :12:15. | :12:16. | |
But how did the one bakery in West London | :12:17. | :12:22. | |
You're with Business Live from BBC News. | :12:23. | :12:39. | |
Kate and debt, the two can be linked... -- cake and debt. | :12:40. | :12:47. | |
Soaring levels of consumer debt are worrying the Bank of England - | :12:48. | :12:49. | |
unsecured debts have risen 10% over the last year. | :12:50. | :12:52. | |
And now new figures suggest people already struggling with long term | :12:53. | :12:54. | |
credit card debt are being offered more credit, and more likely | :12:55. | :12:57. | |
Matthew Upton is from Citizens Advice who produced the research. | :12:58. | :13:04. | |
It's an interesting one, this. They say people most at risk of not being | :13:05. | :13:09. | |
able to pay it back are being offered more money. As you say, | :13:10. | :13:13. | |
credit cards are very popular as well as cake, and credit card debt | :13:14. | :13:22. | |
currently stands at ?67 billion and is growing quickly. We have all had | :13:23. | :13:26. | |
the experience of getting the letter through the door saying our credit | :13:27. | :13:28. | |
card limit has been increased without is asking it to happen. | :13:29. | :13:32. | |
Research has shown that small likely to happen if you are stuck in debt | :13:33. | :13:36. | |
and struggling to pay off that credit. These are often people stuck | :13:37. | :13:42. | |
on paying the minimum payments and barely chipping away at their debt, | :13:43. | :13:46. | |
discovering the interest payments. This can only be characterised as | :13:47. | :13:50. | |
irresponsible behaviour on the part of lenders and we want to see it | :13:51. | :13:55. | |
banned. You say that, but I'm amazed this hasn't been tackled already. | :13:56. | :14:00. | |
The issue of debt and those in debt being offered further credit, as you | :14:01. | :14:04. | |
say, it's been around for years. How has it not been sorted? It's a very | :14:05. | :14:10. | |
good question. The reality is that credit card companies and lenders | :14:11. | :14:12. | |
stand to make huge amounts of money from these people who are often | :14:13. | :14:16. | |
stuck on minimum payments and stuck in debt for many years and | :14:17. | :14:19. | |
struggling to pay it off. That's why we think it's time to act. We can't | :14:20. | :14:23. | |
see there being any justification. Credit cards are clearly a good | :14:24. | :14:27. | |
product for some, but for flexible payments, good for when people want | :14:28. | :14:31. | |
to make a purchase and will struggle to pay it down initially. But we | :14:32. | :14:35. | |
don't think there is any justification for keeping people | :14:36. | :14:37. | |
stuck in a cycle of debt that happens in these circumstances. | :14:38. | :14:42. | |
Matthew Upson from citizens advice, thank you for your time. All the | :14:43. | :14:50. | |
stuff we can't fit into the show is on the business live page. That | :14:51. | :14:57. | |
includes the story in a lot of the business pages this morning, the | :14:58. | :15:04. | |
news that the online retailer Asos is set to overtake Marks Spencer | :15:05. | :15:05. | |
in terms of value. You're watching Business | :15:06. | :15:15. | |
Live - our top story. British Prime Minister Theresa May | :15:16. | :15:17. | |
is in Japan for talks with her counterpart Shinzo Abe | :15:18. | :15:20. | |
on everything from defence Between the world's third biggest | :15:21. | :15:22. | |
economy and the UK. A quick look at how | :15:23. | :15:31. | |
markets are faring. The pound and the euro are getting | :15:32. | :15:40. | |
ever closer. Uncertainty over Brexit really | :15:41. | :15:59. | |
weighing on the value of the pound. Our next guest is here to prove you | :16:00. | :16:03. | |
can have your cake and eat it. Marshmallow fluff-filled | :16:04. | :16:06. | |
whoopie pies. These are just some of the sweet | :16:07. | :16:09. | |
treats that our next guest Tarek Malouf started up | :16:10. | :16:13. | |
the Hummingbird Bakery to fill a gap in the UK market for traditional | :16:14. | :16:17. | |
American baking. He's taken the business | :16:18. | :16:23. | |
from a single store on Notting Hill's Portobello Road | :16:24. | :16:25. | |
to a 129-person strong company, with seven stores in the UK, | :16:26. | :16:32. | |
and a turnover of ?6.6 million - that's around $8.5 | :16:33. | :16:36. | |
million - last year. It has four franchises | :16:37. | :16:38. | |
in the Middle East, and is seeking franchise partners in Russia, | :16:39. | :16:43. | |
India and China. And Tarek has written four | :16:44. | :16:46. | |
best-selling cookbooks, sharing He is here with a box of cupcakes | :16:47. | :17:07. | |
and they've not been eaten yet! I've never seen anyone so excited about a | :17:08. | :17:14. | |
box! LAUGHTER Tarek, good morning. We'd like to talk to you. Welcome to | :17:15. | :17:19. | |
the programme. Let's talk about how it all began. We probably take this | :17:20. | :17:25. | |
for granted, cupcakes in the UK. They are an American import and you | :17:26. | :17:28. | |
were inspired to do it after a trip to America. Yes, I was inspired | :17:29. | :17:34. | |
after visiting my sister who lived in New York for many years. I grew | :17:35. | :17:39. | |
up in London but went to an American school so these were really familiar | :17:40. | :17:43. | |
to me. They didn't exist in London at the time and they also had a bad | :17:44. | :17:49. | |
reputation for being cheap and not very well made. I wanted to remedy | :17:50. | :17:54. | |
that and show people the amazingness of American baking. Interestingly | :17:55. | :17:59. | |
you're working as a reporter for another TV broadcaster which we | :18:00. | :18:02. | |
won't name. After five years of doing that, you thought I'm going to | :18:03. | :18:08. | |
start this company. You went back to the US to learn the trade. This is | :18:09. | :18:13. | |
what is key about your company, it's about the American way of breaking | :18:14. | :18:18. | |
with American ingredients and that's your USP. That's right. We always | :18:19. | :18:23. | |
wanted to use traditional recipes. It's really important that | :18:24. | :18:26. | |
everything we make is freshly made, we bake on site. I wanted to have | :18:27. | :18:33. | |
that authentic home-made feel, even though it wasn't made at home. We | :18:34. | :18:38. | |
talk about cupcakes and there was a real boom in their popularity, a lot | :18:39. | :18:47. | |
of that was related to things like Sex and the City. We often see with | :18:48. | :18:52. | |
these things they are short lived trends, you are proof that isn't the | :18:53. | :18:57. | |
case. 14 years later I can say it's not a trend. Many things can be | :18:58. | :19:04. | |
fads. But ultimately cupcakes are cake and they are just in an | :19:05. | :19:11. | |
individual size. Who is your typical customer? Customers are mostly | :19:12. | :19:17. | |
female. We have all age ranges but I would say women between 18 and 40 | :19:18. | :19:24. | |
something. People like me! You're looking so longingly at this box! | :19:25. | :19:33. | |
Can I eat while you two tour?! I want to bring up the point that you | :19:34. | :19:38. | |
make all your cakes on the day. They have to be made the day they are | :19:39. | :19:42. | |
sold or consumed and you believe that's really important. You aren't | :19:43. | :19:45. | |
making them en masse and freezing them. That's right. Cake is | :19:46. | :19:54. | |
delicate. It dries out quickly and can go stale. You are selling | :19:55. | :19:58. | |
something like 25,000 cakes a week and you've got 120 people. How do | :19:59. | :20:03. | |
you physically make that many on the day and shift them on the day? Do | :20:04. | :20:09. | |
you have to have lots of premises? We have seven in the UK. We've grown | :20:10. | :20:15. | |
used to it over the years. The ovens are high-capacity, the storage | :20:16. | :20:19. | |
space, but we make do and manage somehow. We talked about your | :20:20. | :20:23. | |
expansion plans. Looking around the country, certainly in the UK. I know | :20:24. | :20:28. | |
you've got big plans in Dubai. It's interesting the dynamic. Sweet | :20:29. | :20:33. | |
things in the UAE and the Gulf are really popular. It's a social | :20:34. | :20:39. | |
activity, it's not about going to the pub or the bar, it's about ice | :20:40. | :20:43. | |
cream and cake. How would you pick where you would opening in the UK? | :20:44. | :20:49. | |
You said London for you is tough. It's tough because of friends. Any | :20:50. | :20:56. | |
area where there is a relatively affluent population but also | :20:57. | :21:01. | |
businesses nearby, lots of kids, mums with kids. Tourists help. The | :21:02. | :21:08. | |
ideal place would be somewhere that combines all of those elements. | :21:09. | :21:12. | |
Right here, giving the interest you've seen in the studio! Thank you | :21:13. | :21:21. | |
for coming. The cakes are staying! Nice to meet you. You just want the | :21:22. | :21:30. | |
cakes! What's your favourite cake? Someone's pointed out on Twitter | :21:31. | :21:34. | |
that millionaires shortbread should be the one we talk about the most. | :21:35. | :21:43. | |
It's technically not a cake. It's my banana bread, isn't it?! Just | :21:44. | :21:52. | |
saying! Still to come, we are talking about the sharing economy. | :21:53. | :21:55. | |
John Sudworth had a look around the Chinese city of Beijing. | :21:56. | :21:58. | |
The company behind this venture plan to make 20 million footballs | :21:59. | :22:09. | |
and basketballs available for hire right across China. | :22:10. | :22:13. | |
The cakes have gone! Not far. A lot of you getting in touch. Red velvet | :22:14. | :23:45. | |
is one viewer 's favourite. Welsh cakes, Madeira cake and we've got | :23:46. | :23:49. | |
one more saying date and walnut, hard to find a good one she says. | :23:50. | :23:54. | |
Remember the W Y shops and their home-made cakes. -- WI shops. | :23:55. | :24:03. | |
James Hughes is back with us, he's Chief Market Analyst at GKFX. | :24:04. | :24:07. | |
Favourite cake? I'm partial to a lemon drizzle cake. Let's talk about | :24:08. | :24:20. | |
Apple. This is really interesting. Spars with movie studios overpricing | :24:21. | :24:26. | |
ahead of Apple TV roll-out? In the next couple of weeks Apple will have | :24:27. | :24:31. | |
their keynote presentation, launch a new iPhone we imagine. They are also | :24:32. | :24:35. | |
launching another version of Apple TV. One of the capabilities is being | :24:36. | :24:44. | |
able to stream 4k quality videos and films. It's super high definition. | :24:45. | :24:47. | |
The problem they are having is they are in a tussle with the film | :24:48. | :24:52. | |
studios about how much they want to charge. Apple want to charge around | :24:53. | :24:57. | |
1999 per film. But the film studios are saying is they are looking at | :24:58. | :25:03. | |
charging more like $5 - $10 per film. It seems like the wrong way | :25:04. | :25:12. | |
round. It's not necessarily always been Apple's major point of being | :25:13. | :25:18. | |
cheap. The fact that this is a big difference between $5 and $19. An | :25:19. | :25:23. | |
interesting quote from one of the film studios says, I wouldn't tell | :25:24. | :25:29. | |
Apple how to price their iPads. Ford and dominoes trialling delivering | :25:30. | :25:39. | |
pizza in self driving cars. How does that work? Automated cars and self | :25:40. | :25:46. | |
driving cars are big business. Apple are looking at doing this. This is a | :25:47. | :25:50. | |
collaboration between Domino's and Ford to say let's get your pizza to | :25:51. | :25:54. | |
you quickly without some on taking at there. It wouldn't get past | :25:55. | :25:58. | |
family if it's like the cakes! LAUGHTER | :25:59. | :26:01. | |
Good morning. Feeling much cooler today across the south-east of | :26:02. | :26:16. | |
England. Temperature is 29 degrees yesterday, today they are going to | :26:17. | :26:19. | |
plummet. In the North and the West a mixture | :26:20. | :26:20. |