14/11/2017 BBC Business Live

during his trip to Asia.

But the devil may be in the detail.

Live from London,

that's our top story

on Tuesday the 14th November.

President Trump says he's

open for free and fair

international

trade but Asian leaders

international trade but Asian

leaders still have their doubts -

we get an expert view on just how

successful the mammoth

Trump tour of Asia was.

Also in the programme...Uber

and out.

Another boss leaves the ride hailing

firm, this time in India.

We'll cross to Mumbai

to find out more.

He's the founder of Easyjet

and one of Europe's

best known businessmen.

Sir Stelios Haji-Ioannou

will be talking us about

being a trailblazer and why it's

important to give back.

And reports say pets are the latest

victim of the UK housing crisis,

as houses get smaller with little

or no outside space.

So we want to know - do

you still find space for your pet?

Let us know, preferably

with pictures of your pets!

Just use the hashtag #BBCBizLive.

Hello and welcome to Business Live.

To get the ball rolling I've already

tweeted a picture of my dog in the

sea so have a look at that. Let's

start with the top business story.

Five countries, nearly

two weeks, and billions

of dollars in deal-making.

Well that is the line

from the White House.

After all, the President

is known to be a deal-maker.

So much so, in fact,

that he's promised a major statement

on trade before he arrives

back in Washington.

That means the clock is ticking.

The White House is touting

the rather whopping figure

of $300 billion in deals

during his trip of Asia.

The lion's share of that

came during his trip

to China - $250 billion.

South Korea, Japan, and Vietnam make

up the remaining 50-odd billion.

Mr Trump is still in

the Philippines, so we'll

hold off on that figure.

An announcement may come. This is

business and you have to pay

attention to the small print.

So dig a little deeper and you'll

see that some of these

are Memoranda of Understanding -

MOUs - so more promises

of agreements to come.

Or they're deals that had

already been in the works,

for months or even years.

All will need official approval.

Sarah Fowler, from the advisory firm

Oxford Analytica is with me.

Nice to see you. Sally running

through the details and the small

print, there's devil in the detail.

President Trump has been tweeting,

saying lots of meetings and we will

turn them into great deals for our

country, but I wonder if they are

really as good as they would have us

believe.

I think there is a lot of

relief nothing disastrous has been

tweeted but equally disappointment

because a lot of that 300 billion,

some of it is not guaranteed. For

example I think there's an 80

billion shale gas deal that is

subject to a lot of nonbinding

clauses. There's also a feeling some

of the deals were already agreed,

they just waited to announce them on

the big stage, as it were. I think

the 38 billion Boeing deal for China

buying US aircraft, a lot of that

was in the plans.

I think a lot of

the focus for President Trump has

been the trade deficit that he sees

the US having with Asian countries

and that has been a motivating

factor for him to try to rebalance

that trade relationship.

His tone in

this trip has been slightly more

conciliatory. Previously during his

campaign and early months in office,

he blamed other countries for the

deficit. This trip, he has shifted

his stance a little bit and he's

blaming previous US administrations

for lowering barriers and not

insisting that other countries

reciprocated. But actually good

service is only one part of the deal

because the US runs a big services

surplus with many of the Asian

countries and actually because the

Asian domestic markets are largely

growing faster than the US, in many

cases to war three times,

maintaining a good economic

relationship between the two is

actually really important.

Overriding the tendency to attack on

trade is the importance of

maintaining good relations for both

sides.

We have heard so much from

President Trump and he has blamed

other administrations for the trade

deals, things he's tried to get out

of, yet you might think those are

the things that would help that

trade relationship. I suppose there

are some unofficial ones in place

already.

Trump has been quite

positive on this trip about the

bilateral deals with individual

countries, and when he was in Japan

last week, he and Abe were both

quite positive on working towards a

free trade deal. When he was in

South Korea the tone was also quite

conciliatory in terms of

renegotiating, talking about the

career free trade deal. -- Korea. He

has been less supportive on the

multilateralism. The US taking less

of global governance may give China

more impetus in that area to take

more global responsibility, which is

also bringing the rest of the world

together for more cooperation,

climate change, less protectionism

against each other. We may also see

with the rest of Asia TBP ex-US is

also on the cards.

It is pretty

complicated but thank you for

explaining it.

Let's take a look at some of

the other stories making the news.

Credit Suisse has agreed to pay

a settlement of $135 million

after regulators in New York

found its foreign exchange unit

was involved in unlawful conduct.

It's the latest settlement to emerge

from a global investigation

into foreign currency markets.

Credit Suisse said it was pleased

"to put this matter behind it".

Goldman Sachs has written off

the value of its stake

in the Weinstein Company

after claims from

more than 50 women.

that ex-chairman Harvey Weinstein

sexually harassed or assaulted them.

Weinstein has denied the claims

but the firm is seeking fresh

funding after a number

of investors severed links.

Shares in toymaker Mattel -

which owns Barbie -

jumped 20% after reports that rival

Hasbro could be

considering a takeover.

Hasbro, the owner of Play Doh

and My Little Pony, were also up.

Last month, shares in both companies

fell on concerns that the bankruptcy

of Toys R Us could hurt sales.

Let's head to India, where Uber's

chief of policy for the country

and South Asia has quit.

It's the latest high-level departure

at the ride-hailing firm.

Our correspondent

Yogita Limaye is in

Mumbai with the details.

We have had a confirmation from both

the company as well as the executive

about the exit. Neither has given a

reason but eyebrows have been raised

because she has only been in the job

about a year. She was mainly there

to liaise with the Government, and

policymakers in South Asia. This

follows a slew of Uber exits around

the world, the head of London Uber

as well, and in India, which is its

most important market after the US,

Uber also faces stiff competition

from its domestic rival. But it

seems to have been a mixed bag of

all week for the company. It also

put out a statement yesterday saying

it had agreed with a consortium led

by Softbank about a potential

investment in the country. We've

also had a statement from Softbank

today which confirms they are

considering this investment but they

do say no deal has been reached so

far and if the price is not good

enough for them they could pull out.

Basically Uber saying they could in

the coming months have an investment

from Softbank.

OK, we will keep an

eye on that. So people at top

level at Uber going, but at the same

time Uber doing deals. The markets

are down, profit-taking going on to

a certain extent in Asia. Looking at

Europe, for the UK in general very

much on inflation watch, we will

have the numbers at 9:30am this

morning but we have had good

readings from Vodafone, better than

expected. Tesco shares up, they have

a deal to take over Booker.

And Samira Hussain has

the details about what's ahead

on Wall Street Today.

The biggest high-profile hedge fund

investors will reveal their

third-quarter purchases and sales of

such closely watched stocks like

Apple and Amazon .com. Other than

being a fascinating snapshot of how

they invest, they will also reveal

market trends including the stocks

at the beginning of the second half

of the year. The number one home

improvement chain, home Depot, is

expected to have benefited from a

demand for home essentials and

restoration equipment during the

aftermath of powerful hurricanes

that tore through the country during

the quarter.

Joining us is George Godber

from Polar Capital.

Let's talk about inflation because

we get the latest update in the UK

today and we have seen it rising

consistently, what are you looking

for?

I think all eyes will be on the

weakness in sterling which will

trigger the governor of the Bank of

England having to write to the

Chancellor to explain why it is

there but he would say it is

temporary and it would be moderated

as we go forward.

How much impact do

you think a rate rise would half? It

takes time to filter through to the

economy but it's only a quarter

percentage rise so does it have an

impact on the inflation figure?

This

is the line in the bank is taking.

UK output is tricky and uncertain at

the moment so the bank is pushing

the line, this is one and done, we

don't need to do any more from here

and they were just taking off the

emergency cut after the Brexit vote

last year. But after inflation is

out of the bag, can you push it back

in?

In terms of the story is out

today, you were talking about ITV

earlier, you were particularly

interested in that one, why is that?

The shares have been very tough in

the wake of the Brexit vote, it has

exposed the UK economy. Most of its

earnings come from here and we have

seen an important line in that

statement which is important for all

traditional media, fast moving

consumer goods starting to put money

back onto TV. They have been

shifting their advertising dollars

from traditional sources to Facebook

and Google and so on. Earlier in the

year there was a big furore when we

saw advertisements alongside adult

content on YouTube. The internet is

unregulated and we are starting to

see brand importance is muttering to

the big advertisers.

So our future

is safe for now!

We are still waiting for the robots,

aren't we?

Still to come, the founder

of Easyjet has been talking to us

about being a business trailblazer

and why he's turning his

hand to philanthropy.

You're with Business

Live from BBC News.

Stay with us. Let's talk some more

about ITV.

ITV has announced a 1% fall

in revenue to around $2.7 billion

for the nine months

to 30th September.

The ale has the details. Just

explain what these figures show, and

clearly what state the broadcaster

is in when Carolyn McCall starts.

There are two sides to this. ITV has

been coming under a fair amount of

pressure in its business. The

problem as ITV sees it is first of

all its competitive market. As we

are hearing, there's a lot of

competition for advertising revenues

at the moment and at the same time

companies have been cutting back on

advertising spending, as ITV it,

because of economical uncertainty.

There are signs those fast-moving

consumer companies are starting to

come back into the market, that's a

positive development. ITV's business

and producing content, ITV studios

that produces things like Coronation

Street, is doing very well, its

revenues were up 9% and that is

offsetting some of the losses in the

traditional business so as you can

see, the traditional advertising

from television model that ITV has

pursued is weakening at the moment.

On demand television is where it

seems to be making its money at the

moment.

Caroline McCall a regular on our

business programme. She was in

charge of Guardian Media Group.

Interesting that she is going to

take this on board in the New Year?

She is known for taking businesses

on that operate under tight margins

and the obvious one is easyJet. The

budget airline market is a

particularly difficult one to

navigate so she will be looking at

this and seeing where the weaknesses

are and how she can sort it out,

while not reducing the improved

income from the other areas of the

business.

Theo, thank you very much

indeed. Lots more detail on that

story and others on our Business

Live page.

We will have full coverage, of

course from the inflation figure.

You're watching Business Live.

Our top story:

President Trump announces

$300 billion worth of deals

during his trip to Asia.

He's also stressed his commitment

to free trade on fair terms.

Keep your pictures coming in of your

pets.

We are talking about whether houses

are too small in the UK to have a

pet. A report suggests they are

being squeezed out during the

housing crisis.

Our next guest is best known

as the man behind budget airline

Easyjet and the Easy brand that

spans planes, hotels,

pizzas even dog walking.

He once said, "I have been lucky

in life", having inherited

wealth from his father,

a self-made Greek-Cypriot

shipping magnate.

Sir Stelios founded the Easyjet

airline when he was just 28 years

old but since then he has

amassed considerable fortune.

This year he joined the ranks

of super-rich philanthropists,

signing up to the Giving Pledge

dedicating the bulk of his

personal wealth to charity.

He is also behind an annual award

for disabled entrepreneurs

which takes place tonight

here in London.

I caught up with him and started

by asking about the awards

and why he is involved.

At that time I wanted to create a

bit of an institution, a bit of a

legacy if you like. So we sat is

down together with the people from

Leonard Cheshire and created a

annual award that goes to a disabled

person who started a business. Can

you imagine how rare that is?

Starting a business that does well

is difficult enough, and you

superimpose the requirement to be a

disabled person and then you get

some truly exceptional and unique

individuals who apply.

So clearly,

Finnan tra pee is a very important

part of who you are now and what you

are about and you are part of the

Giving Pledge which is a pledge to

give the majority of your wealth

away. Just tell us more about that

and what you look for?

The Giving

Pledge was started by Bill and me

Linda Gates and warren buffet in

2010. It now accounts about 160

individuals or families around the

world who have made a pledge to give

more than half the majority, the

majority of their fortune to a good

cause. Essentially what I have

decided to do is start a series of

projects, good charitable projects

which I'm involved with during my

lifetime and then in the end, you

live half -- leave half your estate

to family, and half the estate to a

charitable foundation and that

foundation will carry on doing the

good work forever.

You tell us about

the passion to give back and yet

many might look at you and the fact

that you are a resident of Monaco, a

tax haven, how do you marry the two?

Well, let's put things into

prospective. I was born and raised

in Athens in Greece. My family comes

from Cyprus. My later father was a

shipping magnet who left Greece and

moved to Monaco in 1990, that's 27

years ago and that's five years

before I started easyJet or before

any of you would have heard of me.

So Monaco has been a family home if

you like for many, many years, it's

a very nice place to live. I also

believe that, you know, I have done

more than my fair share for the

British economy. I created at least

one very big business in this

country. I created many others, this

company has paid tax in the UK and I

think where someone lives is a

personal choice.

So you own Easy

Group which is an investment company

in the UK that has more than 1,000

registered trademarks, some we have

heard of course, easyJet, Easy

Hotel, Easy bus, what do you look

for when a company approaches you

looking for the Easy trademark?

I

look for someone who is ambitious

and clever and know enough about

business to be able to start it, but

probably they are young enough not

to know how much risk they are

taking, a bit like myself when I

started easyJet at the age of 28. I

think 28 is a good year because you

don't understand how much risk

you're taking.

Let's talk about

easyJet, the most well-known Easy

brand as it were. It has got a new

boss in place. Just tell us about

the outlook for the airline under

his new stewardship?

I would like

him to do well. I want to do good

out of his making the money out of

the company and for himself so I

wish him very well. I think the

company easyJet has had its ups and

downs like most companies. At the

risk of offending the all the people

who run big businesses I think they

are like politicians in the sense

that they ride the cycles and the

cycles go up and down with the

economy or with how much risk you

want to take or other factors in

your industry. So, in reality they

are not, they shouldn't be taking

all the credit when things are going

well and we shouldn't blame them

when things are going down. EasyJet

at the moment is if you like not as

profitable as it was three years

ago, but it is growing faster and

always the excuse is let's grow

faster and let's get through to the

other end stronger.

That was Stelios

who I spoke to yesterday. Really

fascinating chat about all sorts and

we gave you four minutes worth

there!

Did you talk about pets?

There is an Easy dog walking

company. Somebody approached him on

a flight with their business plan

and he said send me the information

and if it is good enough, you can

have the Easy brand. A-report talks

about houses getting smaller so it

means that pets are squeezed out.

Sally, you were tweeting the picture

of your dog.

Where is that?

That's

Hastings.

One viewer says I live in

a one bed flat.

Steve Smith says,

"My dog Sky is big and we live

happily in a cottage in Wiltshire."

That's a beautiful, beautiful dog.

And Sookie and Sadie are watching

the show and controlling the remote

control!

So they should!

Maybe this

is the answer, get a dog that's

small and then it doesn't take up

any space in the house!

There you go. Let's talk to George.

George you have got the job of

explaining why we have got lots of

beautiful pictures.

Those of us in

the UK we are pet mad, but pet

ownership has fallen and what the

report says this is a function of

the housing crisis and housing has

got smaller, but importantly, less

outside space. The ability for

people to keep pets.

Mental health,

you know, it's not just about having

pets, but having that outside space

as well for people's mental health?

The report touched on a few things.

One of the things I thought was most

curious, it says pets can help their

owners get dates! I don't know if

that's in addition to their profile

on social media or whether it is

like 101 Dalmatians, it is the pet

that's driving the dating process.

Pets have huge benefits of having

people feel better and recover from

illnesses and just improve their

general purpose.

Let's look at some

other stories out there in the

Independent, UK wages, you have

moved on from it actually Ben.

There

is too many adverts on the page. Let

me remove the page. UK wages...

Go

on, tell us more.

The UK wage crisis

still continues. There are pockets

where we are starting to see

improvement and parts of

construction and some parts of

engineering, but it is sluggish and

this is what we are also seeing is

not just the wages have gone up with

the national Living Wage, but

differentials, either bits above

that is where it is still very, very

tough. Now, the Brexit will harm the

UK economy, but will this actually,

you know, help the UK economy by

having less workers come in? That

could be light at the end of the

tunnel.

Thanks, George. Thank you

for putting up with all our pet

pictures. Thank you for your

company. Keep them coming in. We

will look at them later. See you

soon. Bye-bye.