0:00:05 > 0:00:07This is Business Live from BBC News with David Eades
0:00:07 > 0:00:08and Jamie Robertson.
0:00:08 > 0:00:11Tech giant Apple has a pile of cash worth tens
0:00:11 > 0:00:17of billions of dollars in Jersey where it pays no tax.
0:00:17 > 0:00:20Live from London, that's our top story.
0:00:36 > 0:00:42On day two of the Paradise Papers, fresh revelations from millions
0:00:42 > 0:00:44of leaked documents shines the spotlight on the
0:00:44 > 0:00:45offshore tax business.
0:00:45 > 0:00:46Also in the programme...
0:00:46 > 0:00:49US President Donald Trump is in South Korea with the North's
0:00:49 > 0:00:56nuclear ambitions and trade high on his agenda.
0:00:56 > 0:00:56Let high on his agenda.
0:00:56 > 0:00:56Let us high on his agenda.
0:00:56 > 0:00:56Let us have high on his agenda.
0:00:56 > 0:00:57Let us have a high on his agenda.
0:00:57 > 0:00:57Let us have a look high on his agenda.
0:00:57 > 0:00:57Let us have a look at high on his agenda.
0:00:57 > 0:00:58Let us have a look at the high on his agenda.
0:00:58 > 0:00:58Let us have a look at the markets high on his agenda.
0:00:58 > 0:00:58Let us have a look at the markets as high on his agenda.
0:00:58 > 0:01:01Let us have a look at the markets as well. The European perspective here,
0:01:01 > 0:01:06again everything heading up, as we have seen right across the globe.
0:01:06 > 0:01:09Record highs from Asia right through to the States. We will keep across
0:01:09 > 0:01:13that for you.
0:01:13 > 0:01:16And we'll be getting the inside track on second-hand motors.
0:01:16 > 0:01:18The market is booming, but with tougher emissions rules
0:01:18 > 0:01:22coming in, we ask an expert if buying a used car makes any sense.
0:01:22 > 0:01:31Today we want to know, is it worth buying a second car
0:01:31 > 0:01:33-- second-hand car when emissions rules are getting tougher?
0:01:33 > 0:01:34Let us know.
0:01:34 > 0:01:37Just use the hashtag #BBCBizLive.
0:01:41 > 0:01:44Hello and welcome to Business Live.
0:01:44 > 0:01:46There are new revelations from millions of leaked documents
0:01:46 > 0:01:52known as the Paradise Papers.
0:01:52 > 0:01:54The technology giant, Apple, has been managing most of its untaxed
0:01:54 > 0:01:56cash reserves offshore, on the Channel Island of Jersey.
0:01:56 > 0:01:59It moved the money to Jersey after a tax loophole
0:01:59 > 0:02:01in Ireland was closed.
0:02:01 > 0:02:03Although the company has done nothing illegal,
0:02:03 > 0:02:09its tax arrangements have been criticised by EU and US officials.
0:02:09 > 0:02:15Our business editor, Simon Jack, reports.
0:02:15 > 0:02:22A rapturous reception for the latest iPhone, the most popular and
0:02:22 > 0:02:25profitable consumer product of all time, generating hundreds of
0:02:25 > 0:02:29billions in profit for Apple since it was introduced ten years ago.
0:02:29 > 0:02:34What these papers show is just how determined Apple has been to keep
0:02:34 > 0:02:39the tax bill as low as profitable and how keen some governments,
0:02:39 > 0:02:44lawyers and advisers have been to help them do it. For many years,
0:02:44 > 0:02:49Apple sent profits made outside of the Americas to Ireland where an
0:02:49 > 0:02:52elaborate corporate structure meant it paid nearly no tax on the
0:02:52 > 0:02:57billions it was making. Taxes that would have been due to the US where
0:02:57 > 0:03:02politicians started applying pressure to a defiant Apple CEO.We
0:03:02 > 0:03:10pay all the taxes we owe, every single dollar. We not only comply
0:03:10 > 0:03:14with the laws, we comply with the spirit of the laws. We don't depend
0:03:14 > 0:03:21on tax gimmicks.No more fiendishly complex tax arrangements, right?
0:03:21 > 0:03:26Wrong. Documents obtained from the law firm Appleby based in Bermuda
0:03:26 > 0:03:30showed that when Ireland shut the scheme down, the company went
0:03:30 > 0:03:34shopping for a new way to keep the tax bills low. A questionnaire was
0:03:34 > 0:03:39sent to the offices of Appleby in seven tax havens, all British,
0:03:39 > 0:03:42including questions that may the intention clear. Can you confirm an
0:03:42 > 0:03:50Irish company can conduct management activities without being subject to
0:03:50 > 0:03:55taxation in your jurisdiction? After this offshore beauty parade, Apple
0:03:55 > 0:03:58plumped for Jersey and company accounts published since its show
0:03:58 > 0:04:03there has been no discernible increase in the rate of tax paid
0:04:03 > 0:04:07worldwide. Apple has done nothing illegal, but hundreds of billions of
0:04:07 > 0:04:11dollars remain entangled in a web of low tax jurisdictions seemingly
0:04:11 > 0:04:16beyond the reach of any government. The tax equivalent of outer space.
0:04:16 > 0:04:20As the documents show, it is a system that has continually eluded
0:04:20 > 0:04:25international attempts to reform it. The boss of the international
0:04:25 > 0:04:29organisation trying to fix this problem admits it is a work in
0:04:29 > 0:04:34progress.Changing the rules that make it legal that today many of
0:04:34 > 0:04:40these companies actually pay very little or no tax at all, this is
0:04:40 > 0:04:44what it is about, this is what is happening and this is what we are
0:04:44 > 0:04:48working on.Apple pays a lot of tax, more than any other company in the
0:04:48 > 0:04:53world, but not as much as many think it should. It is not alone. Other
0:04:53 > 0:04:56multinationals use similar structures and US companies alone
0:04:56 > 0:05:00are estimated to have over $2 trillion stashed offshore. The
0:05:00 > 0:05:05Paradise paper showed the lengths to which they and their advisers are
0:05:05 > 0:05:10prepared to go to keep tax bills low.
0:05:10 > 0:05:13Andrew Walker, our economics correspondent.
0:05:14 > 0:05:20How much money are we talking about? The Paradise Papers, the Panama
0:05:20 > 0:05:24Papers, as opposed to that, what order of magnitude are we talking
0:05:24 > 0:05:29about?The question of corporate tax, that is what the Apple aspect
0:05:29 > 0:05:32is about, the Organisation for Economic Co-operation and
0:05:32 > 0:05:36Development, its head was in the package of Simon's just then, they
0:05:36 > 0:05:42have published estimates, they reckon that the shopping around for
0:05:42 > 0:05:47tax jurisdictions and using clever means to avoid corporate taxes, they
0:05:47 > 0:05:54say it accounts for something between 4-10% of corporate tax
0:05:54 > 0:05:58revenue.Paid around the world? Putting a figure on that, the OECD
0:05:58 > 0:06:04puts a range of between 100 and $240 billion a year. It is very
0:06:04 > 0:06:10substantial money. It is an issue for any government that wants to tax
0:06:10 > 0:06:14businesses, but the OECD makes the point it is particularly troublesome
0:06:14 > 0:06:18for developing countries because they are more dependent on corporate
0:06:18 > 0:06:22taxes, rather harder for them to raise things like income tax.What
0:06:22 > 0:06:30do we do? None of it is illegal, as far as we know. What is wrong? What
0:06:30 > 0:06:36can you do? You cannot tell a country, you have to run your taxes
0:06:36 > 0:06:42this way.Exactly. There is work going on in the OECD, bringing
0:06:42 > 0:06:47together many governments around the world, looking at things like
0:06:47 > 0:06:49transparency, exchange of information between jurisdictions so
0:06:49 > 0:06:55that they know what their people are getting up to overseas. Also, there
0:06:55 > 0:06:58is an initiative designed to deal with some of the loopholes. Things
0:06:58 > 0:07:02like mismatches in the way tax arrangements are devised between
0:07:02 > 0:07:09different countries so things can fall through the cracks. Issues of
0:07:09 > 0:07:13transfer pricing when different bits of a multinational corporation shift
0:07:13 > 0:07:19income around within it and they charge different subsidiaries for
0:07:19 > 0:07:22particular services and the prices can be set in a way that is
0:07:22 > 0:07:27artificial with the intention of avoiding tax. Those are the issues.
0:07:27 > 0:07:31The ultimate objective the OECD is looking for is to try to get to a
0:07:31 > 0:07:35system whereby profits are taxed where the economic activity really
0:07:35 > 0:07:39takes place, where the profit is earned. It is challenging.
0:07:39 > 0:07:43Interesting definition, we could talk about it for hours, but we
0:07:43 > 0:07:48don't have ours. Thank you. More in-depth comment and analysis on
0:07:48 > 0:07:51that story. You know where to go.
0:07:51 > 0:07:54Just head to bbc.com/news.
0:07:54 > 0:07:59We will keep the developments coming in as well.
0:07:59 > 0:08:07Let's take a look at some of the other stories making the news...
0:08:07 > 0:08:10The Japanese car giant Toyota has reported a 13% rise in net
0:08:10 > 0:08:12profit for the first half of the year.
0:08:12 > 0:08:14The car maker made more than $9 billion
0:08:14 > 0:08:15in the last six months.
0:08:15 > 0:08:17Toyota says the results were helped by cost-cutting
0:08:17 > 0:08:19efforts and a weaker yen.
0:08:19 > 0:08:21There are reports that Walt Disney is looking to buy
0:08:21 > 0:08:22the majority of Fox.
0:08:22 > 0:08:24CNBC and the FT say the deal would involve
0:08:24 > 0:08:26the group's movie studio - 20th Century Fox -
0:08:26 > 0:08:28along with other global assets, including National Geographic.
0:08:28 > 0:08:30Fox has been struggling with falling customer numbers
0:08:30 > 0:08:33as subscribers switch away from traditional cable networks.
0:08:33 > 0:08:37Indonesia says it will summon executives from messaging services
0:08:37 > 0:08:39and search engines, including Google,
0:08:39 > 0:08:46to demand they remove what it says is obscene content.
0:08:46 > 0:08:53Meanwhile, Indonesia has dropped a threat to block Whatsapp
0:08:53 > 0:08:55after Gif- animating images were taken off the service
0:08:55 > 0:08:57in the country.
0:08:57 > 0:08:59US President Donald Trump has landed in South Korea,
0:08:59 > 0:09:02with the North's nuclear ambitions high on his agenda.
0:09:02 > 0:09:05Trade will also be a key focus for Mr Trump, who wants
0:09:05 > 0:09:11to renegotiate the US-South Korea free trade agreement.
0:09:11 > 0:09:19Mark Lowen is in Seoul.
0:09:19 > 0:09:26Nuclear or trade, which is topping the agenda, getting most attention?
0:09:26 > 0:09:30Trade is getting some attention and there have been Thai raids by
0:09:30 > 0:09:34President Trump against the free trade deal, Corus. He has called it
0:09:34 > 0:09:41a horrible deal. It seems the two leaders, President Trump and Moon
0:09:41 > 0:09:47Jae-in, trying to get on the same page to work out a renegotiation
0:09:47 > 0:09:52that would work for both countries. President Trump has talked about how
0:09:52 > 0:09:56it has created a trade deficit for the Korea in terms of cars and other
0:09:56 > 0:10:02imports. -- South Korea. The number one issue is North Korea and Donald
0:10:02 > 0:10:06Trump has been speaking, he has talked about how Kim Jong-un is that
0:10:06 > 0:10:12a dictator threatening millions of lives and we cannot allow North
0:10:12 > 0:10:17Korea to threaten everything we have built. He has given a very clear
0:10:17 > 0:10:22message to China and Russia in particular who he has said must
0:10:22 > 0:10:27cease all trade entirely with North Korea, including the oil and coal
0:10:27 > 0:10:32they import from the north. Donald Trump says that kind of trade with
0:10:32 > 0:10:36the hermit state is unacceptable because it provides financial means
0:10:36 > 0:10:38for North Korea to continue to develop its weapons programme.Thank
0:10:38 > 0:10:47you very much. Another look at the markets here. You will see an awful
0:10:47 > 0:10:52lot of green from everywhere pretty much. Australia up 1%. A record high
0:10:52 > 0:11:00in the ten years, 1.39%. The Dow behind me, up again. Records,
0:11:00 > 0:11:06across-the-board, everyone is up. Even the FTSE is up, even just a
0:11:06 > 0:11:07teeny bit.
0:11:07 > 0:11:10And Samira Husain has the details about what's ahead
0:11:10 > 0:11:12on Wall Street Today.
0:11:12 > 0:11:16On Tuesday, a hotel chain will be reporting earnings. The company's
0:11:16 > 0:11:21profits will benefit from its acquisition of another hotel group
0:11:21 > 0:11:24and robust demand in business travel. Investors will be looking
0:11:24 > 0:11:29for the company's outlook for the rest of the year. Also reporting,
0:11:29 > 0:11:35luxury handbag maker Tapestry, formerly known as Coach. The name
0:11:35 > 0:11:40change will not helps sales growth. It pulled back infantry from
0:11:40 > 0:11:48department stores that sold bags at heavy discounts. Analysts have said
0:11:48 > 0:11:52the market for handbags is getting better in North America so that may
0:11:52 > 0:11:56help. Finally, consumer credit numbers will be released by the
0:11:56 > 0:11:59Federal reserve and it is expected to show outstanding credit for US
0:11:59 > 0:12:06consumers is up to $18.5 billion. Compared to 13.06 billion from the
0:12:06 > 0:12:09previous month.
0:12:09 > 0:12:14Joining us is Jeremy Stretch from CIBC World Markets.
0:12:14 > 0:12:22All of the markets, gangbusters at the moment, why?Global synchronised
0:12:22 > 0:12:29recovery. Growth is moving higher and pretty much in all continents
0:12:29 > 0:12:33and regions. We are continuing to see interest rates relatively low
0:12:33 > 0:12:37despite the hike we saw in the UK last week and hikes in the US and
0:12:37 > 0:12:43the upcoming hike in the US before the end of the year probably. The
0:12:43 > 0:12:45economic environment remains relatively benign, notwithstanding
0:12:45 > 0:12:49the political risks, and investors are looking for opportunities to
0:12:49 > 0:12:55invest cash.Interesting point, the political landscape is unstable. A
0:12:55 > 0:12:59right mess, many would say. This is almost bucking the direction of
0:12:59 > 0:13:05politics.That is true. In a sense, looking at the fact President Trump
0:13:05 > 0:13:10is in South Korea, it was only two, three months ago, we were seeing
0:13:10 > 0:13:14increased degrees of tensions, creating some market instability,
0:13:14 > 0:13:18but markets are looking through the short-term political risks and
0:13:18 > 0:13:23looking at the broader macroeconomic trends providing opportunities for
0:13:23 > 0:13:26investors but investors have to be nimble. You have to accept there
0:13:26 > 0:13:31will be volatility over periods and that suggests the upward trend will
0:13:31 > 0:13:38not last indefinitely.What is the weak spot? Put aside the political
0:13:38 > 0:13:42one, as far as political problems are concerned, it could be anyone of
0:13:42 > 0:13:46those things, are any economic witnesses Murray weaknesses?
0:13:46 > 0:13:58Fundamental soundness of the company? -- economic weaknesses?
0:13:58 > 0:14:02Slowing in consumer spending is something we have to be mindful of.
0:14:02 > 0:14:10The uptake we are seeing in the oil price raises the spectre, low-level,
0:14:10 > 0:14:15but the spectre of inflationary pressure. What will happen in times
0:14:15 > 0:14:20of -- in terms of average earnings? Unemployment has fallen to a
0:14:20 > 0:14:26remarkably low levels but no impetus on average earnings. If earnings go
0:14:26 > 0:14:30up because of labour shortages, that may have an impact in terms of what
0:14:30 > 0:14:32central banks will do. Markets assume they will be relatively
0:14:32 > 0:14:37modest in terms of interest rate tightening cycles over the next
0:14:37 > 0:14:40year. If average earnings go up in conjunction with support from the
0:14:40 > 0:14:45oil price, that might be the catalyst from an economic standpoint
0:14:45 > 0:14:49to create instability and suggest the uptrend has at the very least a
0:14:49 > 0:14:54pause if not a modest correction. Stay there, we will be back with you
0:14:54 > 0:15:01to look at the newspapers in a moment.
0:15:01 > 0:15:02Still to come...
0:15:02 > 0:15:03Planning on buying a new car?
0:15:03 > 0:15:06The second-hand market is growing fast, but will tougher pollution
0:15:06 > 0:15:08rules put the brakes on growth?
0:15:08 > 0:15:13You're with Business Live from BBC News.
0:15:19 > 0:15:23Now, the lead up to Christmas usually has most of us
0:15:23 > 0:15:27stocking up on presents.
0:15:27 > 0:15:33But new data from Barclaycard shows that consumer spending fell by
0:15:33 > 0:15:352.4% last month.
0:15:35 > 0:15:38One in three said the last week's interest rate rise
0:15:38 > 0:15:41would change their spending habits.
0:15:41 > 0:15:44Fran Boait is the Executive Director from Positive Money joins us
0:15:44 > 0:15:47now from our newsroom.
0:15:47 > 0:15:51What's the reason why spending is falling? Can we pin it down to
0:15:51 > 0:15:57anything?Hi. So consumer spending is still growing, but the growth is
0:15:57 > 0:16:02falling and we can see that that is happening because of forming
0:16:02 > 0:16:05factors, families and people are feeling the squeeze from inflation.
0:16:05 > 0:16:09That's hitting 3% in the UK. Also, obviously, there has been the
0:16:09 > 0:16:13interest rate rise and people were anticipating that. Ongoing
0:16:13 > 0:16:19uncertainty on the UK economy with Brexit and finally the wages
0:16:19 > 0:16:25falling. In the UK we have seen wages falling for the longest time
0:16:25 > 0:16:30since the 1800s and wages stagnating for even longer. So...Sorry, that's
0:16:30 > 0:16:35a bleak picture. But that interest rate rise nonetheless, we heard Mark
0:16:35 > 0:16:38Carney saying very, very gradually there will be any further increases.
0:16:38 > 0:16:42Do you think that most consumers have yet in a way to take that into
0:16:42 > 0:16:45account? They are still fearful something else is going to happen
0:16:45 > 0:16:50tomorrow, next week, the week after next?Absolutely. There is a bleak
0:16:50 > 0:16:53outlook and if we look at the consumer spending figures there has
0:16:53 > 0:16:58been a higher growth in spending on the essentials so fuel, food,
0:16:58 > 0:17:03etcetera and a kind of reigning in on the non essentials and obviously
0:17:03 > 0:17:07that is happening from these various factors, but families are having to
0:17:07 > 0:17:11borrow to make ends meet with wages falling and the other concerning
0:17:11 > 0:17:17thing is if you look at our economy, we really grow on consumer spending.
0:17:17 > 0:17:23Mark Carney said we have only seen growth since Brexit due to consumer
0:17:23 > 0:17:27spending. With all these different factors and people having to reduce
0:17:27 > 0:17:30their borrowing, they can see that there is a bleak outlook then, you
0:17:30 > 0:17:34know, we have to be kind of concerned about what our strategy is
0:17:34 > 0:17:38for the UK economy with people having to reign in their spending.
0:17:38 > 0:17:44Thank you very much indeed for that. You can get a lot more on the top
0:17:44 > 0:17:48story on BBC News which is about the paradise papers. You can get more on
0:17:48 > 0:17:52our website of the there is a full-up date on the latest breaking
0:17:52 > 0:17:56stories on the Business Live website.
0:18:00 > 0:18:09You're watching Business Live.
0:18:09 > 0:18:12Let's have a recap on the markets. The European markets are opening.
0:18:12 > 0:18:15All up. We are seeing this everywhere. It is not just Europe.
0:18:15 > 0:18:20Slower in Europe than in some other parts of the world. But the FTSE up
0:18:20 > 0:18:261.7, that's a teeny weany bit. The DAX up and the CAC, but the other
0:18:26 > 0:18:32markets we have seen across Asia and the US, record highs.And the oil
0:18:32 > 0:18:39price as well. That's 64.Yes.64. You were paying attention there.I
0:18:39 > 0:18:41was.
0:18:41 > 0:18:45Now let's get the inside track on the second hand car market.
0:18:45 > 0:18:48How do you track down, and safely buy that dream motor?
0:18:48 > 0:18:50The global used car market is projected to reach
0:18:50 > 0:18:53128 million units by 2021.
0:18:53 > 0:18:56So, there is much to choose from.
0:18:56 > 0:18:58Frontier Car Group started business last year and now runs marketplaces
0:18:58 > 0:19:01for used cars in emerging markets and while based in Germany it
0:19:01 > 0:19:04operates in countries like Nigeria, Pakistan,
0:19:04 > 0:19:14Turkey, Chile and others.
0:19:19 > 0:19:25Sujay Tyle, it is your business. Interesting move on to the emerging
0:19:25 > 0:19:29markets. What is it first of all about them that made you think,
0:19:29 > 0:19:36there is a gap here?I mean emerging markets have the highest used car,
0:19:36 > 0:19:39the highest growth rates of the entire world. You have this
0:19:39 > 0:19:44middle-class that can afford more and more vehicles. You see new car
0:19:44 > 0:19:54OEMs coming into the market.What's an EEM?An original manufacturer,
0:19:54 > 0:20:01Toyota, ford, if you can bring in trust. You can build a big business.
0:20:01 > 0:20:05One thing I want to make Clear, unlike most of the people we have in
0:20:05 > 0:20:11this slot, this isn't a tech company. This is a bricks and mortar
0:20:11 > 0:20:19company?We have built an auction platform for you if you want to sell
0:20:19 > 0:20:24your car in Lagos Nigeria, we can give you money in 45 minutes.You
0:20:24 > 0:20:32say if I want to sell my car in Lagos? So you're organising a
0:20:32 > 0:20:35localised car auction in these different countries, but surely the
0:20:35 > 0:20:38car auctions exist already, don't they?They do not. They do not. You
0:20:38 > 0:20:46have a small presence of really large US or UK vises that are
0:20:46 > 0:20:49manufacturer rental car fleets, but for the average Joe living in
0:20:49 > 0:20:54Nigeria or Mexico City you have zero options to sell your car.How do you
0:20:54 > 0:20:58persuade people to move to you from let's say honest John or whoever
0:20:58 > 0:21:03they know, they come to trust and here is a new bunch saying and they
0:21:03 > 0:21:07don't know you, they don't know you locally, saying we're going to do it
0:21:07 > 0:21:11in a better way for you?That's why we have spent so much on building a
0:21:11 > 0:21:18brand there. There is, the honest Joe, there is no honest Joe in these
0:21:18 > 0:21:24markets, they have classifieds or non trustworthy dealers, we are
0:21:24 > 0:21:28creating a transparent, trustworthy process.That's a big statement to
0:21:28 > 0:21:31say there is no honest Joes. People are trying to run their own
0:21:31 > 0:21:34businesses. You are saying we can do it bigger and better and what offer
0:21:34 > 0:21:37more services to people trying to buy or sell?You think about
0:21:37 > 0:21:43dealers. In the UK or the US floor plan finances is a $13 billion
0:21:43 > 0:21:49market in the US and in Nigeria, for example, dealers are scrappy and
0:21:49 > 0:21:54entrepreneurial and sleazy because sometimes they don't have the
0:21:54 > 0:21:58accesses to financing opportunities. If you build a market place they can
0:21:58 > 0:22:02we can bring financial inclusion and then you bring trust to the market
0:22:02 > 0:22:07and make the dealers trustworthy. You call some of them sleazy. That
0:22:07 > 0:22:10could be an under statement because we are talking about organised
0:22:10 > 0:22:16crime. You are treading in fairly dangerous water, aren't you?Well,
0:22:16 > 0:22:22the first check we do on any single vehicle is a stolen vehicle, we
0:22:22 > 0:22:27check every level of fraud.Do they have the databases in nigh gatheria?
0:22:27 > 0:22:33They do. It takes a lot of time to plug into them.We get, we are
0:22:33 > 0:22:36getting obsessed over here about issues about diesel though and the
0:22:36 > 0:22:41difficulty of shifting diesel cars. I am presuming in most emerging
0:22:41 > 0:22:45markets, that's not an equation for you at all, is it?Sometimes, it is
0:22:45 > 0:22:51not. Only in tier one cities. I think it is an indirect benefit for
0:22:51 > 0:22:57us. Tier three, thinking about Nigeria, typically consumers don't
0:22:57 > 0:23:02have access to vehicles because they are expensive. Now, because of
0:23:02 > 0:23:07regulation a lot of vehicles are going to the tier two and tier three
0:23:07 > 0:23:14cities.Thank you very much.
0:23:14 > 0:23:17In a moment we'll take a look through the Business Pages but first
0:23:17 > 0:23:20here's a quick reminder of how to get in touch with us.
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0:23:51 > 0:23:56Let's see what the other business stories are. What the media around
0:23:56 > 0:23:57the world has been taking an interest in.
0:23:57 > 0:24:02Jeremy Stretch joins us again.
0:24:02 > 0:24:09This is from the Guardian, Trump advises the trade deal will mean
0:24:09 > 0:24:18scrapping EU rules. It means the UK has to decide whether it is going to
0:24:18 > 0:24:23do business with the EU or US? That's stark.If you read through
0:24:23 > 0:24:29the article, there is talk about an example of Chancellor rindnated
0:24:29 > 0:24:34chicken.It's the old favourite!It is something people can visualise
0:24:34 > 0:24:42and find revolting or at least intin nation is. If you the UK is going to
0:24:42 > 0:24:46have a trade deal with the US at some stage in the future the US will
0:24:46 > 0:24:50be dictating the terms and standards and that may well complicate the
0:24:50 > 0:24:57situation with the EU.That's the word, "Dictate." It seems to be that
0:24:57 > 0:25:02Will better Ross is saying, "You will take our Chancellor rindnated
0:25:02 > 0:25:08chicken."When you are negotiating and the US want to negotiate by
0:25:08 > 0:25:13lateral deals and when you are negotiating on a by lateral basis
0:25:13 > 0:25:18then there is an ability, potentially, to dictate more to the
0:25:18 > 0:25:21other side of the other party and that's what the US are trying to do
0:25:21 > 0:25:25here at least layout in that per ram ter. If the UK has a transitional
0:25:25 > 0:25:29deal with the EU post 2019, that's going to complicated by this
0:25:29 > 0:25:36particular process.We have to make it clear, this is Chancellor
0:25:36 > 0:25:41rindnated chicken, and not coronation chicken. I would sooner
0:25:41 > 0:25:47have coronation chicken.We will talk about coronation chicken at
0:25:47 > 0:25:50some other point.The wheels are coming off.
0:25:50 > 0:25:52LAUGHTER Thanks a lot for watching Business
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