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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
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
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.
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.
the person in charge, ie Janet
Yelland had a critical role, hasn't
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
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
Wide expectation that
President Trump is going to pick the
successor to Janet Yelland tomorrow.
Talk us through the nominees on the
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
And if he were to be the
nominee, would markets breathe a
sigh of relief. He is seen as the
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
Donald Trump likes
low rates. He is a real estate guy.
They like low interest rates because
everything is cheaper to buy.
rates, looking ahead to next month,
also coming out of the States, we
are expected a rate decision?
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
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
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
Representatives from Facebook,
Google and Twitter have faced
questions from policymakers
about Russian interference in the US
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
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
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?
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
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
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
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
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
You'll find its publications
on the globe's biggest
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.
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.
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
Somehow you morphed into
this successful word of in-flight
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.
talk about in-flight publishing,
you're just -- much more than the
magazines in front of us.
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.
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
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.
growing a reader base.
It is a niche
Very sadly, we will have to
leave it there.
A short interview because of the
events in New York. Thank you for
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.
You can stay ahead on the Business
Live page. We keep you up-to-date
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and online whenever you need to
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
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
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.