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This is Business Live from BBC News
with Sally Bundock and Alice Baxter.
President Trump renews his pledge
to rebalance American trade
but warns he'll be selective
about the deals he does.
Live from London, that's our top
story on Friday, 10th November.
As 11 countries try to get one
of world's biggest free
trade deals back on track
without the United States,
President Trump says
he will do bilateral deals.
We'll be live to the APEC summit
in Vietnam for the latest.
Also in the programme...
Japan's third biggest steel-maker
blames a lack of control
for the scandal which led car
and plane makers worldwide to check
the safety of their products.
And markets in Europe are edging
And markets in Europe are edging
higher as traders begin to wrap up
their working week. We will talk you
through the market movers and
And we'll be getting
the inside track on all the big
stories of the week, including
President Trump's tour of Asia
And the slow progress of Brexit
negotiations. That is all coming up
with our economics editor, Kamal
And as one of the founding fathers
of Facebook, Sean Parker,
sounds the alarm over social media,
describing it as a "time-sink",
we want to know how the social
media phenomenon has
changed your behaviour
and that of your children.
Let us know - just use
the hashtag #BBCBizLive.
A warm welcome to Business Live, we
have the Friday feeling today and we
have a lot to pack in so let's get
cracking. Starting with US President
Donald Trump who had a clear message
for the leaders gathered at the
Asia-Pacific economic cooperation
summit in Vietnam, if you want to
trade with the world's big economy
you will have to reach a bilateral
deal. This as delegates from the
other 11 countries try to save a
deal that he has pulled out shortly
after he moved into the White House.
If it did include the United States,
the TPP would have included 12
countries whose economies are worth
some $29 trillion. That is about 38%
of the world's economy.
But the world's biggest economy,
the USA, is so big that without them
it's only worth $10 trillion -
or just 13.5% of the world economy.
The remaining 11 nations
would benefit from lower tariffs
as well as new rules for labour,
the environment and
But the US retreat from the deal
is also providing a big
opportunity for China.
Here's what the US and Chinese
leaders had to say.
I will make bilateral trade
agreements with any Indo-Pacific
nation that wants to be our partner,
and that will abide
by the principles of fair
and reciprocal trade.
What we will no longer do is enter
into large agreements
that tie our hands,
surrender our sovereignty,
and make meaningful enforcement
progress, while self-seclusion
leaves one behind.
We, the Asia-Pacific economies,
know this too well from our own
We should put in place a regional
cooperation framework that ensures
consultation among equals,
and shared benefits.
Karishma Vaswani is outside the APEC
conference in Da Nang, Vietnam.
Leaders of the two largest economies
in the world giving two very
different speeches. What did you
make of them?
Yes, I think those two sound bites
that you heard from President Trump
and President Xi showed the contrast
in what they have to say. On the one
hand, Donald Trump saying he will do
business with America at the centre
of all of his transactions, America
First, and any country that wants to
do business with me will have do
deal with me in a bilateral fashion.
Whereas President Xi was really
talking about China's leadership
role in the region, it is about
consensus, building opportunity. He
mentioned things like artificial
intelligence, the Digital economy,
opportunities for growth, really
pushing China out there as a
visionary for the Asia-Pacific
region. He talked about the one belt
one road programme, saying it may be
a Chinese initiative but it is also
one for the world. Meanwhile,
against the backdrop of all of this,
the TPP, the transpacific
partnership agreement, with the 11
economies, Apec economies that were
left behind after Donald Trump
pulled out of the trade deal, are
still scrambling, trying to get this
massive trade deal through, and we
are hearing reports that some kind
of agreement may come together at
some point today or perhaps tomorrow
when this summit ends, but the stark
contrast between what Donald Trump
had to say and what President Xi had
to say I think will be followed
extremely closely by members of the
Apec economies as well as the wider
Considering how conciliatory the
town has been that Donald Trump has
struck so far on his Asian tour,
particularly in China, did it come
as a surprise when he came out so
strongly earlier today talking about
trade imbalances, product dumping,
currency manipulation. He did not
name any country specifically. You
were in the room at the time, what
was the atmosphere like?
Well, I think people were expecting
him to say something about unfair
trade, every single delegate or
foreign leader that I have spoken to
in the lead up to his speech said
they did expect him to kind of
present the US vision for itself in
the Asia-Pacific region, but you are
absolutely right, he outlined very
definitely all the ways in which the
US has been a victim of global
trade, and all the things that he
talked about, currency manipulation,
state-owned enterprises pushing
economic growth in some countries
further ahead, that sounds pretty
familiar, doesn't it? He is pretty
much making a veiled reference to
China without calling China out.
Indeed. Many thanks.
We will have more on that later.
Let's have a look at other stories
making the news.
One of the architects of the clause
which allows countries to leave
the European Union has told the BBC
that the British public shouldn't be
misled by Government claims that
Brexit can't be reversed.
Lord Kerr was talking as the sixth
round of Brexit talks get
underway in Brussels.
Prime Minister Theresa May has again
warned against efforts to slow
or stop the process.
China is lifting foreign ownership
limits on financial firms.
The move will be welcomed by the
world's biggest banks who want
access to the huge and lucrative
market there. Foreign firms will be
able to control joint ventures with
Walt Disney has seen annual profits
fall for the first time since 2009,
amid growing competition
services like Netflix.
Shares, though, rallied after it
announced a deal to make three
new Star Wars movies.
The CEO refused to comment
on reports it has held talks
on a partial takeover
of 21st Century Fox,
but did not rule out
making an acquisition.
The plot thickens there.
The struggling Japanese steelmaker
Kobe Steel has blamed a lack
of control for its safety scandal.
Many of the world's biggest car
and planemakers have had
to check their products
because of fake safety data.
Leisha Santorelli is in Singapore.
Kobe Steel is something we follow
really closely, what have they told
Well, the Japanese Government Micro
had actually ordered Kobe Steel to
provide a detailed explanation of
how this cheating scandal could have
stretched on for so many years
undetected as well as to give
Kobe Steel released a report in the
last hour, the CEO giving a press
conference, but aside from a lack of
control the company has control the
company has blamed the scandal on a
focus on profits but we have not
seen many other details emerge. The
Kobe Steel CEO and other senior
executives appear to be staying on
at the company, some analysts
believe they should step down, that
they should resign, to demonstrate
that such lapses in management are
not acceptable, especially since
this has damaged the reputation of
corporate Japan as well as the trust
in the quality of the products
coming out of the country.
OK, thank you very much indeed, the
latest there on Kobe Steel. Let's
look at the market in general in
Asia, a fairly flat day is not a bit
down. The main market in Tokyo
closing down by .8%, it was at a 21
year high yesterday, though, so
let's put it in perspective. Let's
look at Europe now, everything
edging slightly higher, no big moves
in either direction. Singles Day
tomorrow, the biggest shopping event
of the year, it is really what
Alibaba, less than ten years ago,
turned a quirky celebration of
single people in China into a
massive global shopping grabbing --
shopping extravaganza so companies
like Alibaba tomorrow will be making
billions of dollars of profit in
24-hour was, big event for Asia and
China in particular tomorrow.
Samira Hussain has the details about
what's ahead on Wall Street Today.
On Friday the department
store operator JCPenney
will be reporting earnings.
Last month JCPenney slashed
its full-year forecast after selling
some of the inventory
that just wasn't moving,
and they sold it massive discounts.
These earnings really come at a time
when the retail industry
is facing some tough times.
Retail giant Macy's,
Kohls and Nordstrom all reported
earnings on Thursday.
For example, Macy's,
while it beat expectations,
same-store sales fell,
indicating continued pressure
on getting customers
into physical locations.
The credit agency Equifax reported
earnings on Thursday but will only
be holding their call
with investors on Friday.
Really giving Wall Street time
to digest the numbers.
This was the first time we'd heard
from the credit agency
since a data breach that
compromised the information
of 145 million Americans.
You can expect that there will be
a lot of questions about
the company's future going forward.
Joining us is James Bevan,
chief investment officer at CCLA
Wonderful to see you.
be here, what fun.
I went to expand
on a story we mentioned earlier, the
news hot on the heels of Donald
Trump's visit to Beijing, China now
pledging to open up its financial
sector to more foreign ownership.
How big a movie this?
significant, it will not happen
overnight, we should expect this to
happen over a period of years and
the early announcements made by
China talk about a five-year
transition. However, when one thinks
about what lies behind it, it is
about China wanting to be part of
the global economy in a very real
sense. I think a number of the huge
US players that have been in joint
ventures will now come back.
talk about the markets in general,
another bumper week, it would seem?
Asia yesterday, at one point
vindicate to do five at 821 year
high. Give us your take on the
It goes back to the China
story a game, China has been
exporting around $600 billion, they
have been buying up stock markets,
London houses, footballers, you name
it, China has been buying it, and it
has been a huge driver in terms of
market valuation but critically we
have had better global economic
news, corporate earnings are
stronger, that justifies higher
valuations. You say, how high can it
go? I said 2700 points, 18 times
forward earnings probably about
right, but I equally think there is
a risk of a belt of people piling
into markets, driving prices
significantly above fair value, from
which point eventually there will be
And what will that be
like when it comes?
It will be
really nasty. The next bad market
will come when we start to talk and
think about recession. At the moment
we have a lot of economy is set to
expand at a fast rate and if we get
that Upton, we get a policy
response, down in global economy,
the rich valuations will come down
with a big bump.
I like that
prediction, it is going to get
Not until 2019, we
don't want to frighten people.
want to briefly touch on oil, how
interested are you in that?
very interested in oil. When I look
at the oil price 82 macro drivers,
demand driver, how much people
buying? And a supply driver, in
terms of the global delivery of oil
into markets. At the moment I would
observe what we are looking at, the
concern is more the supply side
because of the political movement
going on in Saudi and tension
between Saudi and Iran. I don't
think this price hike we are seeing
at the moment will stick but I think
those concerns will dissipate.
Arabia, isn't it, right now? The
prices are so high?
In the very
short term they will fall but what
they want is a stable price for
long-term planning and cash flow.
Thanks, James Comey you will come
back and talk through the papers in
We have a lot on the agenda today.
We will get the inside track on the
big stories of course one man, maybe
two men, have dominated, president
Trump, President Xi Jinping have
pretty much been in the headlights
We will talk about that and also
Brexit talk, all coming up with our
economics editor Kamal Ahmed.
This is Business Live from BBC News.
The Royal Society, the country's
most respected science academy,
says we should be spending ten times
as much money teaching children
about computer science.
Joining us now from Salford
is Royal Society fellow
Professor Stephen Furber
of University of Manchester.
Thank you for joining us on the
programme. How serious a situation
The problem is there were
major changes in the school's
computer Greg curriculum a few years
ago and there hasn't been adequate
support for teachers to adjust to
the change. The new aspect include
aspects of computer science that are
challenging and we need more support
to make sure teachers can teach it
In terms of how we do
globally, how do we compare when it
comes to investment in computer
I don't know the
comparative international numbers,
but I think we are in the league
when it comes to moving to a proper
computer science curriculum in
schools. The problem is the current
setup is very fragile and it's
patchy. There are some excellent
examples of computer teaching in
schools, but fewer than half of
schools in England for computer
science at GCSE. It's not available
to all pupils and we feel strongly
all pupils should have the option of
studying computer science to GCSE.
Our pupils excited about it, in
general? Is there a demand for
people to study it?
The demand is
increasing steadily, but the demand
is related to how well the material
is delivered in schools and what
support they have in terms of
training teachers and having
appropriate equipment to do
practical work on. What for now,
thank you. Interesting, from the
University of Manchester.
We want to draw your attention to
the Christmas adverts on the BBC
website. It's the build-up to it.
like them all, no particular
Not discriminating in any
way. We have a report on our website
at the Christmas advert spend is set
to hit a record high, the number
keeps on building every year. We are
expecting advertising agencies to
rake in £6 billion over the
Christmas period. Check out the
website for more on this.
You're watching Business Live -
our top story...
President Trump has told a gathering
of Asia's biggest economies
that the US will only do bilateral
trade deals that
are in its interests.
China's president told the same
Looking at the markets quickly, it's
Friday. Fairly flat, if not a little
bit lacklustre as we edge towards
the weekend... Some long lunches may
It's been a big week
for the world economy -
not least because the leaders
of the two biggest - the USA
the USA and China -
have been doing deals.
And crunch time for Brexit talks
is fast approaching.
The next EU summit is fast
approaching in December. We can
grapple with all of this now.
Our economics editor,
Kamal Ahmed is here.
Let's start with President Trump. He
is at APEC right now. He's been on a
big tour of Asia.
I think this is a
significant week in terms of really
understanding, and we have spoken
about this so many times with Donald
Trump, how much was the rhetoric
reel in terms of policy responses
and economics, and how much would
actually start dissolving when he
realised the complexity of
relationships around the world. I
think this week with his visits to
Japan, South Korea, China, and now
to APEC, has revealed economic
reality has won out in the debate.
The very critical noises that came
out of the Trump camp before he was
elected president, on China and on
trade, has dissipated. I think there
is a reality that America, for
example, wants to do big energy
deals with China. One thing to think
about is Asia is not just China.
Japan, he is with APEC today, with
the Philippines and Vietnam. These
are countries that will be concerned
about some of China's expansionary
behaviour and will see the USA as
possibly an ally in challenging
that. Looking at the South China
Seas particularly and some of the
tensions there. We have seen the
economic reality for the USA. And
for China, America is a big
customer, so they want good
relationships. I think this week has
been about that.
What about the
change of stance on the part of the
US which we knew was coming. That is
to say, I will talk about bilateral
trade, forget about the big trade
deals like the Trans-Pacific
Partnership, with many countries
coming together. It will just be one
on one, assuming you talk about the
rules of fair and free trade. The
contrast with President Xi, the talk
contradictory messages from America.
America has continued its trade
negotiations with the European
Union, not pulling out of the
equivalent of the TTP with the
European Union, but it did with the
Asian free trade agreement. There is
the notion that with Asia there is
better to split the nations. I'm not
sure everybody is convinced that
Davos is a big, positive
globalisation force either. I think
America is becoming aware, and
frankly President Obama was aware of
this as well, it needs to pivot
towards Asia to ensure there is a
baron 's next of economic powers in
that region. -- a balanced mix of
Let's move onto
Brexit negotiations. Round six of
talks conclude today. Where are we?
I think there has been quite strong
progress on the three key issues,
the divorce bill of how much Britain
will pay to the European Union. On
Northern Ireland, I still think
there is great tension. That's the
issue about where Northern Ireland
sits, the only land border between
the United Kingdom and the rest of
the European Union, a very
complicated area. And also citizens
rights, EU citizens in Britain, and
British citizens in the rest of the
EU. Some progress there. But you are
absolutely right in your
introduction to say that what they
are looking towards is the EU summit
in December. While the EU allow the
beginnings of this trade
negotiation? This is the big issue.
The significant point here is, for
the exit issue, the EU 27 are
absolutely locked together, no
compromise on what they demand from
Britain before the exit of the EU is
agreed. When it gets to a trade
deal, the tensions between the EU 27
might start to be revealed, because
different countries will want
different relationships with
Britain. Countries that export
agriculture, countries that export
automobiles, countries that want to
use London as a financial centre. It
means the EU 27 might start to see
tensions coming through. I think the
free-trade bit of this, which they
might start talking about from
December, that's when the EU 27
might start seeing a bit of
fractiousness around their approach.
Many thanks. Really interesting.
Let's see what other
stories are being talked
about on social media.
This is how to stay in touch. The
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And we want to hear from you. Get
involved on the BBC business live
web page. As well as on Twitter and
Facebook. Business live, on TV and
online, whenever you need to know.
What other business stories has
the media been taking an interest
taking an interest in -
James Bevan is joining
us again to discuss.
The likes of Mark Zuckerberg and
Shaun Parker talking about the
toxicity of Facebook and social
He has identified people get
hooked. We know this has always been
true. We are heavily motivated to
take up what we are told is going on
in the world. Think about Father
Christmas, his modern version is
created by the Coca-Cola company. We
have been in this situation for a
You can't say that the
BBC! We still believe he's out
Santa Claus is still out
there. But giving him the little red
outfit and giving him the name is a
We had a huge
response from viewers. Many of you
have changed your behaviour because
of social media. Jerome says he
boycotts people who are obsessed
with their phones at social
gatherings and terms of Wi-Fi at
home. Another viewer, I left
Facebook months ago and it's the
best thing I did. Twitter is less
consuming. My millennial children
are all consumed by social media.
There is no putting the genie back
in a bubble. It's the end of
innocence. James is on Facebook to
keep an eye on your children.
to keep an eye on what they are up
to. It's less invasive. They don't
post things they don't want me to
see. It's interesting, the
monetisation. It's working well. The
Facebook share price target is over
James, always good to have
you. Have a good day and we will see