01/11/2017 BBC Business Live

This is Business Live from BBC News

with Alice Baxter and Sally Bundock.

We are leading with the attack in

New York where authorities are

describing it as an act of terror.

Eight people have been killed and 11

injured. Live from London, we will

be bringing you the latest business

news as usual.

It's Wednesday, 1st November.

An unusual programme today. We are

bringing you the latest on the

events in New York.

At least eight people have been

killed in New York -

and 11 people injured -

by a man who drove a pick-up truck

into pedestrians and cyclists before

then crashing into a school bus.

Five of those killed

were from Argentina,

one was from Belgium.

The attacker got out

of the truck carrying

two imitation guns.

He was shot by police and arrested.

Police sources have named him

as Sayfullo Saipov, aged 29m

Police sources have named him

as Sayfullo Saipov, aged 29,

reports say he's from Uzbekistan

and arrived in the

United States in 2010.

Neda Tawfik is in New York.

This was the scene of the deadliest

attack on New York since 9/11.

Cyclists enjoying a beautiful autumn

day, struck down by a white pick-up

truck travelling at high-speed,

leaving bodies and bicycles

scattered in its wake.

The driver's journey ends only

when he smashes into a school bus

and passers-by had to call for help

for some of the injured.

He can be seen here leaving

the vehicle and brandishing a paint

ball and pellet gun before

being shot by police.

Eyewitnesses describe the panicked

moments when they realise

something was terribly wrong.

He was running around

like with a gun and so police came

out and then people called the cops

and so they were coming

in and the guy fired a couple

of shots before and then

there was like a shoot-out scene

like the police and the guy

and that's when they started

to close down everything

and we had to go.

He was screaming in the street.

He looked frustrated,

panicked and confused.

From there, a whole bunch

of customers started running

past me, a whole bunch of people

came running past my way

yelling, "He's got a gun.

He's got a gun."

The full force of New York's

emergency responders

swarmed the area.

Be advised, we have multiple

people on the ground.

There is multiple

people on the ground.

We need buses.

Authorities believe this

was an act of terror aimed

at innocent civilians.

They say a note in the suspect's

vehicle referenced

the so-called Islamic State.

It's a very painful day in our city.

A horrible tragedy on Westside.

Let me be clear that based

on the information that we have

at this moment this was an act

of terror and a particularly

cowardly act of terror.

The suspect has been

identified as 29-year-old

Sayfullo Saipov who came

to the United States in 2010.

He's said to have travelled

to the East Coast from Florida

and to have worked for the company

Uber as a driver.

President Trump has been briefed

and in a series of tweets

he promised to crackdown further

on those entering the country.

Every day thousands of New Yorkers

make their way down this bike path

on their way to work and school

and just blocks from the site

of the World Trade Center,

this attack in Lower Manhattan

is a stark reminder

that the city remains a target.

This attack happened

on one of the most festive

days in the Big Apple,

just as children prepare to go trick

or treating and New Yorkers carried

on with that tradition as normal

with the annual Hallowe'en parade in

a show of defiance and resilience.

Kenneth Craig is a correspondent

from the American news network CBS.

He explains what more

we know about the attacker.

He is a 29-year-old, Sayfullo

Saipov, and he has a Florida licence

plate and his last known residence

is in Tampa Florida. As far as we

know right now according to

authorities they believe it was a

lone wolf attack. They do not

believe that this was part of some

larger terror plot. He came to the

United States some seven years ago

in 2010 from Uzbekistan, during the

course of the investigation today,

after this all came to an end,

authorities also according to one

federal law enforcement source found

a note inside that rented truck that

had some sort of reference to Isis.

Beyond that, I can tell you he had a

commercial driver's licence and at

one point was a driver for the ride

sharing service, Uber which has

since banned him from being able to

drive for Uber, but they said they

did a full background check when

they hired up and nothing came up,

but at this point investigators have

a lot of digging to do, talking to

people in his circles and talking to

people he knew and going through his

cellphone records and any online

correspondents to piece this

together to figure out if he was

working in tandem with any groups or

larger organisations and how long he

might have been plotting at attack

here in New York City.

That was Kenneth Craig. He is a

correspondent with CBS.

On the website, there is details of

the five friends from Argentina who

were killed in New York. They are

among the eight who have died in

this attack. They were there for an

anniversary get together as a group

of friends. And also there is

footage showing the New York attack

suspect. So take a look, if you want

more detail, of course, this is

updating all the time on the very

latest information on that story.

The world's most important central

bank is set to give us its latest

decision on interest rates later.

The US Federal Reserve is unlikely

to change rates, but investors

are looking at what it says

about the state of the

world's biggest economy.

Now, the main federal

funds rate is near record

lows at just 1% to 1.25%.

Any move will be felt

in economies around the world.

The healthy of the wider US

economy seems robust.

On Friday we learnt it grew

by a more than expected 3%

between July and September which

means that there's more capacity

to absorb a rate rise.

But hanging around in the background

is the record high US national

debt of $20.45 trillion.

Jeremy Cook, chief economist

at World First, is here.

Good morning.

So, it's quite

interesting actually because we had

markets in Asia today having such a

strong session. It's almost a rally

ahead of what's going on. We've got

the issue of President Trump's

decision on who will fill Janet

Yelland's shoes, assuming she

doesn't. We will talk about today's

decision on rates and also the

clawing back of quantitative easing.

Yes, no change expected in rates

today. You would have to expect

that's going to happen in December.

There is a press conference that

happens with it. It allows the

Central Bank to meaningfully, the

Central Bank policy is about

communications at the moment. So,

meaningfully be able to communicate

what it means, what it's doing and

why it's doing it, not just to

investors and analysts like myself,

but businesses and consumers.

And

the person in charge, ie Janet

Yelland had a critical role, hasn't

she?

Yes.

In the last few years

because her, she and the team at the

Fed had to get the US economy off

this massive, massive stimulus

programme. I mean, not seen before

in history?

A lot of people would

say Angela Merkel is the most

important woman in the world, but

Janet Yelland has been over the

course of the past couple of years.

She carried on the stimulus that Ben

Bean aningy put into place and they

are tapering that off and starting

to reduce the quantitative easing

and starting to bring the US economy

back to an even monetary policy keel

as be fitting the GDP numbers we saw

on Friday.

Wide expectation that

President Trump is going to pick the

successor to Janet Yelland tomorrow.

Talk us through the nominees on the

table.

There is three main runners

at the moment. The lead is a chap

called Jerome Powell who has been a

member of the Federal Reserve before

and voted on the hawkish side of

things. He favoured higher interest

rates. He seems to be the

frontrunner, odds-on winner for

tomorrow.

And if he were to be the

nominee, would markets breathe a

sigh of relief. He is seen as the

continuity candidate?

Yes, to be

honest, regardless of who takes

over, this will be Janet Yelland's

Fed. The fact that a new chair comes

in doesn't change the thinking of a

Central Bank. There is a lot of

institutional memory that will be

carried on. The wild card is a guy

called John Taylor. He is a

professor of economics. He voted on

a rule, depending on inflation and

unemployment and growth where

interest rates should be. In the UK,

his role, said that in the UK

interest rates should be at 6.5%.

You have got Kevin Walsh, he is even

more of a wilder card?

He was one of

the opponents to quantitative easing

in the deep, dark depths of the

global financial crisis and of

course, Janet Yelland could keep her

job.

She could.

Donald Trump likes

low rates. He is a real estate guy.

They like low interest rates because

everything is cheaper to buy.

On

rates, looking ahead to next month,

also coming out of the States, we

are expected a rate decision?

We are

expecting a hike in interest rates.

The inflation picture isn't great in

the yoits, but it is more stable

than people were predicting, we are

looking at pay pressure to start

coming through in the United States.

That be fits an interest rate rise

and this is the Federal Reserve

continuing its policy of normalising

everything out of the global

financial crisis.

Jeremy, thank you.

Jeremy will be back. He has some

interesting stories to unpack.

Absolutely, stick around for that.

Let's take a look at some of

the other stories making the news.

Malaysian police are investigating

an attempt to sell data from more

than 46 million mobile phone

customers following

a major security breach.

A local technology website says it

received a tip-off that someone

was trying to sell huge databases

of personal information

on its forums.

Sony shares hit a nine-year high

after tipping record earnings

as restructuring efforts pay off.

The Japanese electronics giant said

strong smartphone parts and gaming

sales were among the factors likely

to boost its full-year result,

raising its guidance 26%

from previous estimates

in a statement late Tuesday.

Shares surged more than

11% in Tokyo trading.

Tech executives have

finished their first day

of testimony in front of the US

Congress.

Representatives from Facebook,

Google and Twitter have faced

questions from policymakers

about Russian interference in the US

presidential election.

Our North America technology

reporter, Dave Lee, has been

following the story from Washington.

The first committee

hearing has concluded.

It was a fairly comfortable ride,

I must say, for the three

technology companies,

Facebook, Google and Twitter.

They put on something

of an united front.

They wanted to show the senators

that they were capable, they say,

of dealing with this

probelem on their own.

The problem is enormous.

Facebook said as many as 126 million

users may have been reached

by Russian propaganda.

Google said it could have been

as many as 288 million

on its platform and Google said it

has widespread problems

on its network as well.

However, they say they will enforce

stricter policies, more transparent

policies about advertising and that

will stop this problem from

occurring in the future election.

On the other hand, senators do not

seem so convinced of that.

Many of them are pushing

for new regulation that would make

the entire ad process

and many of the algorithms

on these networks a lot more

transparent and public.

And of course, the companies don't

want that.

Now let's turn to Hong Kong,

where the city's stock exchange took

a knock this week after mining giant

Glencore and Luxury brand Coach

said they are pulling

their listings from its bourse.

Ashleigh Nghiem is in Singapore.

What's going on here?

Well, both

companies have said that they are

withdrawing their secondary listings

in Hong Kong. That they want to

seize trading in Asia because there

isn't enough interest here. It's not

great timing for Hong Kong as the

exchange has been struggling to

attract international companies. It

is even set to lose its place at the

top of the global table for IPOs

this year to the New York Stock

Exchange because of a lack of blost

buster new listings. They have lost

so much business it led to a 77%

slump in the amount of money they

have made from share sale listings

in the third quarter. Unless they

manage to attract more IPOs before

the end of the year it could fall

into third place behind Shanghai. In

spite of this, it was a good day for

traders in Hong Kong this Wednesday.

With the Hang Seng index closing 1

Mers higher.

Thank you very much.

Bit of a rally in Asia where shares

scaled a 10-year high on Wednesday

on the back of solid

economic growth globally.

Tokyo's Nikkei closed at a fresh

21-year high on Wednesday,

as electronics giant Sony led

the way with an 11%

gain after forecasting

record annual profits.

Also in focus for traders -

oil prices extended a bull run

on hopes that major producers

will maintain their output cuts.

And events over in the States -

investors are keeping a close eye

on the progress of a US tax-cut plan

being developed by President Donald

Trump and fellow Republicans

and on Trump's announcement

of the next head of

the Federal Reserve.

The White House said he'll

reveal his Fed pick on Thursday.

Meanwhile here in Europe -

shares are on the rise.

Again the main focus is events

in Washington but also in London -

it's nearly decision time

for the Bank of England -

because on Thursday policymakers

will reveal their interest rate

decisions.

And Samira has the details about

what's ahead on Wall Street Today.

In earnings news, Facebook will be

reporting. There is an expected rise

in profit and revenue driven by its

fast-growing mobile advertising

business. Facebook is looking for a

new streams of revenue. Also

reporting earnings on Wednesday,

electric car maker Tesla. Higher

sales of luxury vehicles will give

sales a boost, but Tesla continues

to burn cash as production costs for

its latest model ramp up.

Still to come:

An airplane audience.

Do you ever read the in-flight

magazine when you're on a plane?

We'll tell you where they come

from and why it's big business.

You're with Business

Live from BBC News.

Simon Jack has been talking to the

head of Mexico's state oil firm. He

told him that if the current trade

friction between the US and Mexico

were to spread to the energy market,

both countries would suffer.

Here is Simon Jack.

We buy a lot of

gas from the United States. I am a

firm believer that trade is good for

two people. It is not win - lose. We

both win. Ayes you must admit the

tone of the relationship has

changed. The idea of building a

wall, if not a physical one, a trade

one, Nafta is creaking at the seams.

Is Donald Trump's bark worse than

his bite? We export about 800,000

barrels of oil a day. Mostly to the

United States. We import 500,000

barrels of gasoline and diesel.

Mostly from the United States. We

import 2 billion cubic feet of

natural gas, mostly from the United

States. And that is advantageous to

both of us. If somebody wants to get

in the middle of this trade, there

are going to be lots of people who

will be unhappy about this trade.

There are lots of jobs associated on

both sides of the border with this.

I think so far energy was not part

of Nafta. And so far there have been

no talks about hindering any of this

very advantageous trade between the

two countries. But we will see. And

if it does, people will complain.

The US president, is he a friend or

a file?

Let me not answer that! For

us it has been a difficult year, for

Mexico. But we will see.

In what way

has been difficult?

There has been a

lot of noise around the relationship

between Mexico and the United

States. This has put us in an

interesting situation, a difficult

situation sometimes, and an

interesting situation sometimes.

That was the head of the Mexican

state oil firm. Much more business

and available on the website.

Our top story today. We are keeping

you up to date with what has been

going on in New York. A man is in

police custody, in hospital, after

he was shot following the killing of

eight people, 11 seriously injured.

Also receiving treatment in

hospitals in New York.

It happened when a truck drove into

pedestrians and cyclists in the

city. Police are treating the

situation as a terror attack. Much

more on our website.

We will have more at the top of the

hour. Let's quickly show you the

financial markets. They are all

headed high. This is following a

very robust, strong session in Asia

today. Lots of earning stories and

so for the news has been pretty good

from companies.

Now, we've all been there -

waiting on a plane,

maybe for it to take

off, maybe mid-flight.

So we pick up the magazine

in the seat pocket in front of us.

Chances are it was published

by a company called Ink.

It's the leader in travel media,

creating 27 inflight magazines in 10

different languages.

You'll find its publications

on the globe's biggest

international airlines,

including American Airlines,

Easyjet, Etihad to name a few.

These pages reach 802 million

passengers a year on behalf of over

10,000 advertisers and brands.

And that's important, because it's

one of the few times when ads can

reach their audience

with little distraction.

Michael Keating is co-Chief

Executive of Ink.

Welcome to the programme.

Good

morning.

With my three little boys I

have every distraction on the planet

trying to stop them from kicking the

chair in the front. That is the

usual job I have on my hands and I

never get to read the magazine.

If

you get them settled you can read

the magazine. You started in the

television industry, very much what

we have been doing this morning on

the BBC.

Somehow you morphed into

this successful word of in-flight

magazines.

I was working from London

tonight and I was doing a story. I

was in Beirut just after the civil

war. It was a story about how

Londoners were returning to Beirut

to take package holidays, which was

quite implausible at the time. I met

a man who was starting an airline.

As good business stories should be,

it started in a bar Beirut. That was

a start-up airline. It was a one

aircraft airline. The success story

is that we are now publishing for

the largest airlines in the world,

including America, to carry 220

million passengers a year.

When you

talk about in-flight publishing,

you're just -- much more than the

magazines in front of us.

Correct.

We started in print but now we

monetise a lot of the digital touch

points with an airline. This year we

won the contract for virgin

Atlantic. We will be doing on-board

opportunities, monetising the

languages. It could be we have a

deal with Diageo, selling in-flight

entertainment offering, producing

video. We haven't an ad serving

platform were reproduced the media

on the boarding passes, for example.

That is the easy Jet boarding pass,

which is a real boarding pass. We

produce 12 million a year.

That is

highly targeted. It sounds to me

like a win, win. As we have already

mentioned, it is a captive audience.

For advertisers, I guess they want

to advertise. And yet all print

media is struggling out there

because of the relentless

competition from social media and

elsewhere?

That is absolutely

correct. Digital has hammered the

traditional newsprint market. We

have very much bucked that trend.

Global passengers are growing. In

the next 20 years passenger numbers

will more than double. 4 billion

passengers this year. That would be

roughly 7.4 by 20 24.

You are

growing a reader base.

It is a niche

market.

Very sadly, we will have to

leave it there.

A short interview because of the

events in New York. Thank you for

coming on.

In a moment we'll take a look

through the Business Pages.

But first, here's a quick reminder

of how to get in touch with us.

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and online whenever you need to

know.

Jeremy has returned. We are going to

talk about a story that broke this

time yesterday. Christopher Bailey

bowing out of Burberry. This is an

interesting tale?

It is. Is it

better to leave at the peak or fade

away? He has been Burberry for 17

years. We have seen a couple

high-profile departures. Creative

director, CEO, chairman... Angela

Aarons used to be the big cheese at

Burberry. She went to Apple in 2014.

She was the highest-paid FTSE CEO.

She was a real star. Apple just

scooped.

It is interesting how

fashion and Tech have started to

melt. I wouldn't be surprised if

Christopher Bailey went somewhere

more tech oriented.

Sadly we have to

leave it there. Many thanks. That is

it from us. We are back tomorrow.

Bye-bye.