03/11/2017 BBC Business Live


03/11/2017

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This is Business Live

from BBC News with Susannah

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Streeter and David Eades.

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Firing on all cylinders.

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Apple's boss celebrates another set

of huge profits and says there's

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better still to come.

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Live from London, that's our top

story on Friday the 3rd of November.

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With huge queues for the new iPhone,

which has just gone on sale,

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Apple is on course to become

the world's first listed

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billion dollar company.

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Also in the programme...

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The new banker in chief

is Jerome Powell.

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As Donald Trump picks a new chair

for the US Federal Reserve,

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we'll assess what it means

for the rest of the world.

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And this is the situation in Europe

as the markets have opened. The FTSE

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100 in particular on its March

upwards.

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And whilst Twitter and Facebook

are amongst the other big tech firms

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to report good numbers this week,

we'll ask our Technology

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Correspondent, Rory Cellan-Jones,

if the little guys can ever compete.

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And we'll get his views

on all the other big

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stories of the week.

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As Donald Trump is matched with your

account is shut down by an employee

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on the last day of work, we want to

know what you have done as a parting

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gesture on your last day. Nothing

too rude please. Use the hash tag,

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business live.

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Hello and welcome to Business Live.

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We start with Apple.

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It's already the world's most

valuable public company -

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worth getting on

for $900 billion and counting.

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Now its shares have hit

a new record high -

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after it revealed a big jump

in profits and forecast

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strong sales for the

all-important holiday season.

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Let's show you the details.

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Apple made a profit of $10.7 billion

in the three months

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to the end of September -

up around 19% on the same

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time last year and well

above what investors were expecting.

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At the heart of it

all is the iPhone.

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Apple sold over 46 million

of them across the world

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in the three month period -

up 2.6% on last year.

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It says sales growth was in "double

digits" in many emerging markets.

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But it's the next quarter that

has investors really

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excited...

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Because of this.

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The new iPhone X is released today.

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Apple has said demand has

been "off the charts"

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and is forecasting record revenues

for the holiday season.

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The big problem is

making enough of them.

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Ben Stanton is a tech

analyst at the market

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research firm, Canalys.

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Thank you for joining us and we will

get back in a second. The best part

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of the $11 billion for the last

quarter, it is all going the right

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way, selling loads of handsets. We

cannot all be positive. The iPhone

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eight is not necessarily really

breaking all the records.

That is

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correct. IPhone eight has come in

slightly below what Apple was

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expecting. The 10.5 million units. A

low Bobby saw last year for the

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iPhone seven. There were a few

issues here. Is the same as many

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previous generations of iPhone

customers are not as confused about

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that device and lots of the same as

many previous generations of iPhone

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customers are not as confused about

that device and lots of them X.

Is

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it a step change? Is it a step

change that people wanted to be?

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Many customers have been waiting for

three years for a new design

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language to get them excited and

that's what the iPhone X brings. We

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are expecting around 25 million,

maybe 40 million less quarter. What

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Apple did yesterday was alleviate

some of the iPhone supply concerns

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around iPhone X. We expect Apple to

sell every iPhone exit can make in

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the next six months, maybe longer.

It is not that they would have

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failed to pre-empt the interest in

the product, it is more about the

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fact there is new stuff.

There are

some very complex components in the

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device. Components specifically with

the facial scanning technology in

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the device that have never been

produced to the tune of tens of

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millions of units before.

Manufacturers are having a problem

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with that. We expect a little bit of

demand to spill from Q4 over into

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Q1. I do not think that is as much

of an issue of tech headlines have

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been speculating in the last few

months.

Apple is doing particularly

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well, better than predicted, isn't

it? Sales are up even though iPhone

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X is exciting.

China is an example

of where Apple had a really good

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quarter. IPhone 6 was a big hit. Six

and seven words the Mrs. It has a

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huge base of iPhone 6 users who are

ready to upgrade to the latest and

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greatest Apple tech. Some of them

have decided to position themselves

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lower down the Apple portfolio.

We

will leave it there. Thank you.

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Let's take a look at some of

the other stories making the news.

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Twitter is investigating how

President Trump's account

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was deactivated for 11 minutes.

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It's blaming an employee, who did

this on their last day at work.

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The downtime doesn't

seem to have phased him.

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He was back online tweeting

about tax cuts to his more than 41

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million followers soon after.

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Franco-Dutch airline Air France-KLM

says improving price trends

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helped its third quarter profits.

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The company reported

operating profit up 38.7%

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to $1.2 billion, way

above analysts expectations.

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Like other European airlines it

benefited from strong summer demand.

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TV and mobile infrastructure firm

Arqiva has "postponed" plans

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for a 6 billion pound listing

on the London Stock Exchange.

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The firm blamed IPO

market uncertainty.

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The withdrawal comes on the same day

as food supplier Bakkavor also

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cancelled its listing plans.

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Let's go to Asia now -

and US President Trump is preparing

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to embark on his longest trip abroad

so far in his presidency -

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starting in Japan on Sunday

and ending in the Philippines.

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He will spend two days

in Japan meeting with prime

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minister Shinzo Abe.

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So, what are some of the issues

they will be talking about?

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Stephen McDonell is in Toyko for us.

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Just how important are these talks

for Japan, in particular?

You know,

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really, there are a lot of people in

Japan and the United States who

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would love this visit to be focusing

around trade. I think the concern is

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it will all be swamped by North

Korea. But, for example, Japan is in

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favour of getting together at the

TPP 11, the transpacific partnership

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without the US involved. The hope

is, according to the Japanese

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government, everybody would get

involved and somehow get the

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initiative from the Obama

Administration going again and this

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would drive the US back into the

TPP. By the same token, they do not

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want to embarrass Donald Trump on

his business, so I'm not sure how

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hard they will be pushing for it.

The other bingo will be discussing

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is the possibility of a free trade

between the two countries. I don't

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think there will be going into any

detail but it could be kicked off.

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The administrations in both

countries would be pretty happy that

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the talks at least are under way.

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Thanks, Stephen.

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Let's check in with

the financial markets now.

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Japan has been closed for a holiday

- elsewhere Asian shares have held

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pretty steady ahead of key US jobs

figures for October

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which are out later.

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In the US - the Dow Jones closed

at another record high,

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partly thanks to relief that

President Trump has

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chosen Jerome Powell -

considered to be a safe pair

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of hands to run the Federal Reserve

- more on that in a bit.

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Let's take a look at what's been

happening in Europe.

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Yesterday, in the UK,

the FTSE posted its biggest rise

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in three months yesterday,

after sterling plunged

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after the Governor of the Bank

of England said he'd expect further

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interest rate rises to be limited.

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The FTSE is continuing its march

upwards. The Dax in Frankfurt is

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also up.

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So, that's the picture in Europe.

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Michelle Fleury has

the details about what's ahead

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on Wall Street Today.

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It is jobs Friday. Wall Street will

be watching to see if last month's

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in hiring was a one-off or the start

of a new trend. Labor Department

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figures are likely to show that

companies created more than 300,000

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jobs in October after falling 33,000

in September. The unemployment rate

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is affected to hold steady at 4.2%.

Another figure worth watching if the

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latest trade numbers. Donald Trump

often complains about America Bosman

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trade deficit with other countries.

The commerce Department is expected

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to report the trade deficit widened.

Apple's iPhone ten goes on sale was

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it comes a day after the tech giant

says it may $10 billion in the last

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quarter was it pleasantly surprised

investors by raising its revenue

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forecast for the upcoming holiday

season.

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Joining us is Shaun Port,

chief investment officer at Nutmeg,

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the online investment manager.

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Thank you no match ball coming in.

Let's focus on Jerome Powell, to

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start off with. -- for coming in. It

is a bit of a setback for Janet

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yelled. She has been considered a

really safe pair of hands through

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this period and will not have a

second term. Many would say that is

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being quite unfair.

It is really

thought that she has done a great

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job over the last four years. You

have to go back to 1979 to see the

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last time this happened. How is the

continuity candidate. He has been at

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the Fed for the last five years. An

expert in banking regulation but not

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an economist.

We know it is a very

similar sort of style. Are there

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differences? NEC areas in which he

might be a little bit more aid

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Donald Trump man. -- can you see

areas?

The real test will be next

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year. The Trump administration

pushing tax cuts. That will put them

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under a lot of pressure to raise

interest rates faster than a lot of

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people would expect. The key test is

next year. He is an expert in

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banking regulation and may soften

the regulations.

That is what I was

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leaning to foot of Donald Trump

would probably like that kind of

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move. Maybe is a bit more in the

direction of what he would like and

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trying to manage Yelland might have

been harder.

He is concerned about

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financial stability, particularly as

the Fed is raising interest rates.

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It was John Taylor who was also one

of the front runners he really

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advocated much higher rate rises,

much steeper and much faster. Jerome

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Powell is more of a gradual

approach.

Two or three hikes. US

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economy is doing quite well but

inflation is quite soft. If we

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started to seek wage is going up,

things would be different.

A key

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jobs figure out later. What are you

expecting to be shown?

At least

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300,000. We must bounce back from

the weak job growth we had last

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month that it is the most important

indicator we have with the UK, the

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US and Japan. I have been looking

for the last 25 years which shows

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the UK economy is doing well and

unemployment is very low. Is Donald

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Trump Lucky? Coming in with a very

strong economy and a very strong

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stock market. Also, global growth is

getting stronger. The backdrop is

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really good but where you go next is

harder. We hard to maintain the

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strong growth into next year and the

year after.

You talk about the

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bounce back from the hurricanes and

the storms. To what extent do think

0:13:200:13:24

not have an impact on the gross

figure we saw in the US?

It has not

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been too bad. Car sales have been

strong because people need to

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replace the cars which have been

badly damaged. A bit of a bounce but

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quite high business confidence. A

lot of things are working for the US

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economy and things are firing on all

cylinders.

We'll will be coming back

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to talk through the papers and all

about how the Twitter account of

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Donald Trump was suspended. You have

to smile, haven't you?

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It has been a big week for Apple,

Facebook and Twitter. We're going to

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get the inside track with our

technology correspondent. This is

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Business Live on BBC News.

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The Deputy Governor of the Bank

of England has told the BBC

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that the rise in inflation

since Brexit was one of the main

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reasons for yesterday's decision

to increase interest rates

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for the first time in a decade.

0:14:240:14:27

Ben Broadbent was asked whether that

rise combined with the wage

0:14:270:14:30

squeeze would cause many

people economic pain.

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There will be some.

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I think it's, it's one part

of how the policy works.

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Equally one should

keep this in context.

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Around a third of

households have owner

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Around a third of households have

owner occupied mortgages.

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Interest payments on debt

in aggregate for households are

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lower than they ever

been relative to income.

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Our Economics Correspondent Andrew

Walker is in the Business Newsroom.

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Interestingly, after those comments

from the Bank of England governor

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came through, Sterling plunged, so

is this Mark Carney talking too much

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for the markets?

That's an

interesting way of putting it. They

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are always very keen to get some

guidance from the Bank of England

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officials about what the future

prospects are for interest rates,

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and he made it very clear that there

are likely more in the pipeline. The

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bank's expectation that its key

inflation target, the Central thing

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it's trying to achieve, will be

achieved, more or less, over the

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next couple of years, on condition

that it makes some more interest

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rate rises. He was suggesting that

we can't really expect there to be

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more than two of these equally small

rises, and I guess what the market

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thought was, well, maybe we might

have been expecting a bit more but

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this is at the lower end of what

could really reasonably be expected

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from the Bank of England's guidance

about the way it's going to be

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setting rate in the next year or

two.

Thank you very much. On that

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update on the comments from the

deputy governor of the Bank of

0:16:210:16:25

England. News of another story which

has been covered on the Today

0:16:250:16:30

programme, the national trading

standards warns that thieves could

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steal personal information from

connected appliances, anything from

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smart fridges to TVs. It thinks it

has prevented £127 million of losses

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over the past year. Wonder what's

there. -- that is one to watch,

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there.

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Our top story, Apple's shares have

hit a new high after the boss Tim

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Cook said the company is firing on

all cylinders. They reported a big

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jump in profit of the new iPhone X

goes on sale with those huge queues.

0:17:100:17:16

They are queueing down Regent

Street, to some extent!

0:17:160:17:20

A quick look at how

markets are faring.

0:17:200:17:22

Tech was a real boost on Wall Street

yesterday, the FTSE is continuing

0:17:260:17:32

upwards, the highest level in three

months after those comments from the

0:17:320:17:35

Bank of England governor.

0:17:350:17:37

And now let's get the inside track

on another busy week of tech news.

0:17:370:17:40

As well as good numbers coming out

from Facebook, Twitter and Apple.

0:17:400:17:44

Meanwhile Bitcoin has

surged to new highs.

0:17:440:17:49

Our tech guru is Rory Cellan-Jones.

0:17:490:17:55

I was just shouting across to you,

iPhone X, they are determined that

0:17:550:17:59

we caught it I think ten, but you

can call it whatever you want!

--

0:17:590:18:04

Dave want you to call it iPhone ten.

So why are they saying that?

They

0:18:040:18:10

are tried to say, it's ten years

since the first one, its heritage.

0:18:100:18:16

Five, six, seven, eight, X, it

doesn't work

0:18:160:18:21

Five, six, seven, eight, X, it

doesn't work!

0:18:210:18:22

We have had some not great so great

results for some firms like go pro,

0:18:220:18:31

smaller firms, can the Eveready

compete?

Go pro and FitBit are the

0:18:310:18:36

challenger companies all in the last

decade, they were born, but what has

0:18:360:18:44

really struck me is that we have had

results from the Giants, Google,

0:18:440:18:53

Apple, Microsoft, still punching in

there, they have had extraordinary

0:18:530:18:57

results, making money on historic

towns and raising questions about

0:18:570:19:02

how powerful these countries are.

Meanwhile, go pro saw its shares

0:19:020:19:14

tumble, it makes action cameras, it

exploded onto the market couple of

0:19:140:19:18

years ago, its shares soared, it has

been on a downward path with China

0:19:180:19:23

and so on, this time it had better

results but it warned that coming

0:19:230:19:27

up, prospects were not quite as good

as investors hoped and a brief rally

0:19:270:19:35

in stocks came to an end with the

jolt. FitBit finds itself trying to

0:19:350:19:40

compete against a giant like Apple,

fitness band that is very popular

0:19:400:19:46

but is now making big losses and

struggling for the future, saying

0:19:460:19:49

not about the wristband, it's about

all of the data we have collected.

0:19:490:19:54

That's interesting, is that about

Facebook knocking them down? If you

0:19:540:19:58

go and have a look for a FitBit, you

will see a plethora of other

0:19:580:20:02

opportunities, you can seek other

things and that's just the market.

0:20:020:20:07

It's about trends and how they play

out. There was a huge trend in

0:20:070:20:11

fitness bands for while, and we

quickly found its not such a big

0:20:110:20:17

market, similarly for GoPro, there

was a huge trend in action cameras,

0:20:170:20:21

maybe everyone has got an action

camera.

You do if you are a cyclist

0:20:210:20:25

in London!

Some of those companies

are not delivering on the early

0:20:250:20:31

overexcitement around them.

Talking

about new pretenders, talking about

0:20:310:20:35

Bitcoin, the crypto currency's

values soaring yet again, Sam people

0:20:350:20:41

said couple of years ago that it was

going to be a bubble, is it still

0:20:410:20:45

bubble? We have got the Chicago

mercantile exchange, CME, saying

0:20:450:20:51

it's going to consider offering

futures contracts.

That's what's

0:20:510:20:56

caused the latest inflation in this

product. Here's a confession, I've

0:20:560:21:00

got a stake in this and I ought to

be open about this. 18 months ago, I

0:21:000:21:05

was doing a story about Bitcoin so

thought I better get some. I put $60

0:21:050:21:09

into a cash machine in London and

got Bitcoin in exchange, and I look

0:21:090:21:14

at it every day, my stake is now, I

got $60 worth and today it's worth

0:21:140:21:21

$1327. If I could get it out.

I saw

you doing that, I remember that, and

0:21:210:21:29

you had enough trouble sorting it

out at the time so you have got to

0:21:290:21:32

get it back.

There are plenty of

traders who say this is difficult

0:21:320:21:37

because on these Bitcoin exchanges,

it's not at all transparent whether

0:21:370:21:41

there is fraud going on. So how can

these be traded on the CME, say?

You

0:21:410:21:47

have got a war going on between the

establishment, the finance

0:21:470:21:50

establishment which has been very

wary of it, and we have had big

0:21:500:21:54

figures are saying don't touch it

with a barge pole, but the down

0:21:540:21:59

appear to be breaking. That

announcement out of Chicago was very

0:21:590:22:02

significant. People saying, yes,

it's an asset that people want so

0:22:020:22:09

we've got to start trading it.

Briefly, it's not your job to

0:22:090:22:13

promote or not, but you did it, you

see the increase in the value of

0:22:130:22:17

this, what would you say to people

who are thinking, I wonder if I

0:22:170:22:20

should have ago?

I feel completely

uneasy about the whole thing. It

0:22:200:22:23

feels like the tulips craze in 1770

Holland, and the line from the Wall

0:22:230:22:30

Street crash, when the bellboy in

the elevator starts to be new

0:22:300:22:36

shares, be worried. My

physiotherapist started asking me

0:22:360:22:42

about it and he is a smart guy, I

said, be wary!

0:22:420:22:45

And if you want more of the latest

tech news you can catch Rory's

0:22:450:22:49

'Tech Tent' programme on BBC

World Service radio at 1500gmt ,

0:22:490:22:51

and if you miss it you can download

the podcast from our website,

0:22:510:22:54

just search for BBC Tech Tent.

0:22:540:22:59

If you thought about changing the

way you travel to cut back on the

0:23:010:23:07

amount of pollution, look at this.

0:23:070:23:12

Robert and Barney Swan are a father

and son team and are trying

0:23:120:23:20

to become the first team to use

renewable energy to power their way

0:23:200:23:23

to the North Pole.

0:23:230:23:25

We liked the vapour. This is the

first renewable energy polar

0:23:250:23:33

expedition ever made. We have Nasa

ice melt is being driven by solar,

0:23:330:23:40

we have passive ice melt is, as a

back-up, we have these amazing

0:23:400:23:46

advanced biofuels that have come all

the way from Bangalore in India, so

0:23:460:23:51

when all is lost, we can be warm and

put our food to stay alive.

0:23:510:23:55

Renewable technology is not only

viable but it can power for men 600

0:23:550:24:01

miles through the world's are

shipped condition. 16 days in a tent

0:24:010:24:05

with anyone challenging but your

father, it comes with a lot of

0:24:050:24:09

weight.

0:24:090:24:11

Flexibility, some training, and the

fact that I really inspired and so

0:24:160:24:22

lucky to be going with my son.

0:24:220:24:29

We were asking on the refection of

what happened to Donald Trump's that

0:24:290:24:33

account which was suspended for 11

minutes because someone on their

0:24:330:24:36

last date in Twitter decided they

would take it off, we have been

0:24:360:24:40

asking you for your views.

James

says, I gave every customer I served

0:24:400:24:47

my staff discount on 24 month phone

contracts on my last day. And this

0:24:470:24:53

says, I just said goodbye to

co-workers and left peacefully to

0:24:530:24:57

continue my life.

We did get more

than two but the majority were not

0:24:570:25:01

able to be repeated! We will have to

leave it at that. Let's have a look

0:25:010:25:05

at the other business stories.

Let's

talk about this story in particular,

0:25:050:25:10

have you ever made a parting gesture

on your last day at work?

I've

0:25:100:25:15

always left quietly on good terms,

you have got to keep good contacts,

0:25:150:25:20

it reminds me of the HMV incident

when someone was live tweeting the

0:25:200:25:24

mass redundancies. Twitter is such a

powerful tool, people can

0:25:240:25:29

communicate real-time difficult

moments for staff leaving.

It still

0:25:290:25:32

seems staggering that one person can

take off, OK, albeit one Twitter

0:25:320:25:39

account but one with 41.5 million

people following the most powerful

0:25:390:25:42

man in the world.

It's surprising

there is not control about that.

The

0:25:420:25:48

recognised but did not apologise,

interesting. That's it for now,

0:25:480:25:55

goodbye.

0:25:550:25:56

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