20/11/2017 BBC Business Live


20/11/2017

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This is Business Live from BBC News

with Jamie Robertson

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and Sally Bundock.

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Uncertainty with a capital U -

what now for Chancellor Angela

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Merkel after talks to form

a coalition government

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in Germany collapse?

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Live from London, that's our top

story on Monday, 20th November.

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Could fresh elections be

on the cards in Germany at a time

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when the EU needs strong leadership

more than ever?

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Also in the programme -

bye-bye after Brexit -

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two important EU agencies currently

in London will have to find

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a new home now that the UK

is leaving the EU.

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Turning waste into treasure -

we'll hear from one company that

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uses leftovers to make luxury goods.

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Would you buy upcycled goods?

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Do you reinvent things that

you don't use any more?

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Let us know - use

the hashtag BBCBizLive.

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Hello and welcome to Business Live.

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The euro fell against major

currencies on Monday as coalition

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talks in Germany collapsed,

throwing Angela Merkel's future

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into doubt and creating uncertainty

in Europe's largest economy.

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Eight weeks of negotiations

following September's

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general election fell apart,

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with the centrist Free

Democrats, led by Christian

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Lindner, pulling out.

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It leaves Angela Merkel with few

options given her stated objections

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to ruling as a minority government.

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Later Mrs Merkel will meet

the German President Frank-Walter

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Steinmeier who could call

a new election.

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Jenny Hill is in Berlin for us.

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What went wrong with the

negotiations?

It was always going to

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be tricky bringing together these

three very different political

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groupings, Mrs Merkel's

Conservatives, the Green Party, with

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their environmental stance, and the

Free Democrats, the pro-business

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party. The main sticking points are

immigration and refugee policy, but

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also environmental policies, warmer

with a lot of toing and froing over,

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for example, coal powered energy

production in Germany. They are very

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disparate parties. But there was a

sense that the leaders of those

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parties were' somewhat. There was an

element of theatre to the

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proceedings. Germany has been very

surprised that Christian Lindner's

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decision to pull out of the talks,

particularly as bit by painful bit,

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compromises were slowly eking out.

There was a sense that a bit more

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talking could have resulted in a

coalition government. It wasn't to

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be, and Germany now faces a crisis

which is unprecedented in post-war

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German politics and may represent

the end of the Merkel era. So a lot

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of uncertainty this morning, which

of course spreads well beyond

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Germany and not just economically.

Mrs Merkel was not at a summit of EU

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leaders in Sweden last week. She was

sat at the negotiating table. To

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date she has cancelled a planned

meeting with the Dutch leader. She

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is going to have to focus now on

domestic affairs and fight for her

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own political survival. That will

have implications across Europe,

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perhaps even the rest of the world.

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Simon Derrick is Chief Markets

Strategist at the Bank

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of New York Mellon.

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You were listening to Jenny

outlining what went wrong and what

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this means. She said it is very

uncertain as to what happens next.

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When you look at how markets

reacted, one of the big stories this

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year has been market concerns about

the rise of populism within Europe

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and specifically around the

elections. We had the French

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presidential election, the Dutch

general election. There are concerns

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about the Italian general election

coming up. In a lot of ways, the

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German election was seen as being

the safety. Even when FT came in and

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won their 13%, Angela Merkel was

still seen as being the safe leader.

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The uncertainty that is now being

thrown in by the lack of a coalition

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being formed will obviously focus

people back on politics.

What about

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the effect on the Eurozone? Germany

has dominated the way we have gone

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through the Eurozone crisis in terms

of the periphery countries like

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Greece, Portugal and Spain. Do you

think that relationship will change,

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because they have been so strict

about no forgiveness of their debt?

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It's good. It depends on the nature

of the government that comes in. If

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we have something that is more

right-leaning and fiscally steer,

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they could prove to be even harsher

on some of those peripheral

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countries. Even if we end up with

parties which are more centrist,

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they may be more relaxed. But the

Eurozone crisis has been going for

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seven years. Nobody wants to rock

the boat at this point.

And what

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does it mean for the other issues

regarding Brexit? We have the summit

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next month. We have Theresa May and

her cabinet meeting today, and we

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are told they will discuss a better

divorce Bill. If a new election is

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called in Germany, do you think that

would delay?

At the moment, we still

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have this drive by all the

leadership towards this negotiation

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position. It is diving towards

getting the divorce Bill sorted out.

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It is unlikely to derail things

immediately. But if we have a new

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government coming in, maybe they

will have a different view. If it

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was more populist intone, maybe they

would be more against Brussels and

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everything that accompanies that.

Simon, you will return. He has more

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stories to get his teeth into later.

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Let's take a look at some of

the other stories making the news.

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Toshiba shares fell sharply

after board members approved a plan

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to raise more than $5 billion

by issuing new shares.

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It will help plug a hole

in its finances left by its bankrupt

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US nuclear subsidiary and avoid

being delisted in Tokyo.

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It's an important day for Brexit

negotiations with UK

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Prime Minister's cabinet to discuss

an improved divorce bill.

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Brussels says Britain's offer

to settle outstanding financial

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commitments to the EU is needed

to unlock trade talks.

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A deadline set by Zimbabwe's ruling

party for President Robert Mugabe

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to resign or face impeachment

is just hours away.

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Mr Mugabe gave an extraordinary

television address in which he was

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expected to give details of how

he would stand down.

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But instead, the 93-year-old said

he would lead next month's congress

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of the ruling Zanu-PF party.

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Chinese online giant Alibaba has

taken a $2.9 billion stake in one

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of China's largest bricks-and-mortar

grocery retailers.

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Leisha Santorelli is in Singapore.

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What has the reaction been to this?

This has been an interesting deal,

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because more and more people are

shopping online. And by Alibaba

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putting so much money into another

company, it shows that there is

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future for bricks and mortar stores.

So it is generating discussion in

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the business community. The company

competes with Walmart. It operates

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hundreds of markets selling

everything under the sun. Alibaba

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has been expanding into the fiscal

retail world, so this isn't new, but

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it shows that they are looking to go

to great online and off-line selling

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and shopping. So in recent years,

they have bought into the grocery

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firms and shopping malls. It looks

like the strategy has been emulated

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by Amazon as well. They bought whole

foods for $14 billion. It is part of

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a strategy where they will acquire

hundreds of grocery stores which can

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also service small warehouses to

help with last mile delivery

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operations. So it says the six

e-commerce companies the expensive

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task of building their own

infrastructure in different

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locations and neighbourhoods.

Alibaba and Amazon are looking to

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transform how we tail is done at the

moment.

Thank you.

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There are worries about tax reform

in the United States now worries

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about the breakdown of talks in

Germany. Let's see how the European

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markets have opened.

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Samira Hussain has the details about

what's ahead on Wall Street Today.

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It will be a shortened week this

week as the country prepares for the

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Thanksgiving holiday, which falls on

Thursday. There will still be some

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business news worth paying attention

to. The US Federal Reserve,

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America's central bank, will release

the minutes from its October policy

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meeting on Wednesday. The

policymakers kept interest rates

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unchanged during the meeting and

pointed to strong economic growth

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and the strengthening labour market.

Earnings will also continue this

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week. We were here from a company

which has been benefiting from

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higher international demand for it

construction and farming equipment.

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And one home improvement retailer

will have got a boost in demand for

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emergency supplies like generators

and building materials because of

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the hurricanes that hit the US.

That

was some era in New York, outlining

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the day in Wall Street. It is also a

busy day in Europe.

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The fate of two major European

agencies will be decided later.

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The European Medicines Agency

and European Banking Authority

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currently reside in London -

which will no longer be part of

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the EU from the end of March 2019.

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The 27 member states will vote

later on which cities

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will become their new homes.

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Joe Lynam has more.

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This is Canary Wharf

in London's East End.

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It's home to some of the biggest

banks in the world, but also to two

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very important EU agencies,

the European Banking Authority

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in the big tower, with almost

200 staff, is here.

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But also here, with

almost 900 staff, is

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the European Medicines Agency.

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Thanks to Brexit, they

are both moving out.

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Today, they will find out

where they are moving to.

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And two dozen European cities have

been scrambling to host these

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prestigious agencies.

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That's because their staff are very

well paid and wherever they go,

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they bring thousands more jobs

as companies want to be

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near their regulators, be they banks

or pharmaceutical giants.

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19 European cities have bid to host

the European Medicines Agency,

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which decides on whether drugs can

be sold in the EU.

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Eight cities have bid to host

the European Banking Authority,

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which monitors the health

of the EU's biggest banks.

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From unlimited access to the zoo,

free moving costs and rent paid,

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many cities have major incentives

to host the two agencies.

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many cities have offered major

incentives to host the two agencies.

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But politics may trump all that.

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The UK will lose 1,100 good jobs

of regulators who spend

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money in the capital,

but there is more to it than that.

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Having a regulator creates a halo

effect, because lots of American

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and Japanese businesses set up shop

in London precisely

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because they want their staff to be

closer to the regulator

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so that they can help

shape its decisions, get

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their products under their noses.

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So lots of companies have said once

the regulator moves,

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they will have to think

about sending staff to follow it.

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Irrespective of which European

cities win today, this

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will be the first tangible

manifestation of Brexit.

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It may not be the last.

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Still to come...

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Turning trash into treasure -

we'll hear from a company that

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recycles unwanted bits of hose,

leather, and other materials.

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You're

with Business Live from BBC News.

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Christmas spending is expected

to fall this year for the first

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time in half a decade.

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According to figures

out today from Visa,

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consumers are set to make the most

of Black Friday promotions -

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but spending for the whole

of the festive season

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is expected to fall.

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Steph McGovern has been

at a Co-Op distribution centre

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near Newcastle this morning...

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Good morning from this co-op

distribution centre, where you can

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see one of the tracks which has

arrived, bringing lots of products.

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They have something like 3500

different product lines here. They

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are being zipped off to various

shops in the area. There are about

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260 shops in the north of England at

the Co-op is sending this stuff too.

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We are here because we are talking

about what is happening in retail.

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It is literally the busiest time of

year for them. In the run-up to the

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festive period, they will be

thinking about how to prepare. There

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is research out from visa which

suggests that we will be spending

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less this year than we have in

previous years because of the cost

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of everything going up and wages not

keeping up. So while we have seen

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inflation rise and wages not rising

as much, it means that in real

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terms, it is putting a lot of

pressure on the people spending in

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the shops. We don't have as much

money as we did in the past. In

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terms of where that pressure is

going to fall, analysts suggest that

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it will be travel. Clothing as well,

and also your big-ticket household

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goods. For food, things look like

they will be fairly flat. People

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love spending money on food at

Christmas. Also in terms of where

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the money is going and how we are

spending it, whether it is in the

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shops or online, just over a third

of what we are spending Christmas

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will be spent online, according to

the analysts at Visa. Sorry busy

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time still for the retailers, but

things could be tough for them.

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Let's show

things could be tough for them.

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Let's show you

things could be tough for them.

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Let's show you one

things could be tough for them.

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Let's show you one of

things could be tough for them.

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Let's show you one of the

things could be tough for them.

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Let's show you one of the story

things could be tough for them.

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Let's show you one of the story

which I assume affects many of you

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if you are British Gas customers.

Its owners are saying it is going to

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withdraw the standard variable

tariff or SVT which is that's for

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new customers by the way which is

one of the tariffs that we have to

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try and get our heads around early

time we look to swap energy

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providers. Read more on the Business

Live page.

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You're watching Business Live -

our top story:

0:16:160:16:18

The German

Chancellor, Angela Merkel,

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will hold talks later with

President Frank-Walter Steinmeier,

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after the collapse of coalition

talks over the weekend

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after the centrist Free Democrats

pulled out of negotiations.

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No deal at the moment.

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Now let's get the inside track

on one luxury accessories

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firm with a difference.

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Elvis and Kresse is a UK start-up

which is using reclaimed materials

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to create things like handbags,

wallets and belts.

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The company uses

everything from old firehoses

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to used coffee sacks and parachute

silks to make its products.

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The firm's founder,

Kresse Wessling, says she wants

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to add value to waste and build

a valuable product from it.

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Kresse is with us. Welcome to

Business Live. She was smiling when

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we were reading the introduction as

they always do. I always feel

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nervous when I have got the founder

next to me and reading the

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introduction. Tell us about how and

why you started this company?

I

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moved to the UK in 2004. I have had

a love relationship with waste and I

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wanted to solve a problem. I went to

quite a few landfill sites and I had

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a chance meeting with the Fire

Brigade and I fell in love with

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their old hoses.

You fell in love

with an old hose? Let's not go

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there. Let's show the viewers what

you make out of the hoses. This is

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amazing psmts beautiful, beautiful

handbag which we can see here. This

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will cost you around £200 in the UK.

Yes.

Where can you buy it?

At Elvis

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and Kresse.com and select boutiques

across the UK and Europe and through

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various online retail partners over

the world.

And this is made out of

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fire hoses and it is specific in the

sense in that it is ten centimetre

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wide strips. How much of the hose is

left behind?

We leave behind very

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little hose. We started collecting

hoses since 2005 and none of London

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Fire Brigade's hoses have gone to

landfill. 50% of the profits from

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the range goes to the firefighters

charity.

What about chemicals for

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cleaning it. One of the things about

rubbish waste it is dirty.

You can

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imagine a fire hose cleaning machine

didn't exist. We use a machine that

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uses only water and we treat our own

waste water.

What about the hose

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that have been in chemical fires and

stuff. Hoses are nasty things. They

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go to nasty places?

Contaminated

hoses are always segregated before

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we use. We have 15 raw materials.

The lining is an auction banner. We

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use parachute silk and we have

started collecting a significant

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amount of leather waste which is a

problem on an entirely different

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scale to fire hose waste. And I

guess we're going to continue to

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collect these niche wastes that have

no hope. We collect the materials

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that would otherwise go to landfill

or incineration.

To what extent are

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you making an impact? I'm sure many

watching will think it is fantastic

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what you are doing, but it's such a

huge, huge issue the issue of waste

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and you're saying you want to solve

this issue. Is that realistic?

I

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think every business, if they chose

a problem to solve, and then

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successfully did it, we would have a

better world. The point is trying to

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make the entire world better and for

us our niche fire hose problem we

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were able to solve while making

donations to the firefighters

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charity. We are tackling a much

larger leather waste issue, but we

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are doing that in conjunction with

Burberry.

Would you have a bigger

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impact if you went to the othernd of

the market. You are making goods

0:20:250:20:30

that those who could make good

choices can afford to make, but

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those who buy at the lower end in

terms of their retail spend don't

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have so much of a choice and it

might be better if we impact those

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more?

The second most polluting

industry in the world is the fashion

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industry. I think that we have to

change it from all angles and for us

0:20:470:20:52

we manufacturer the products

ourselves. We have two sites. We are

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a Living Wage employer. And I think

what we are trying to do is set an

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example of how this can be done in a

sustainable wonderful, positive way.

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What's your ambition?

I would really

like to see the world be much

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better.

For your company?

We only

ever want to scale to solve the

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problems we've tackled. The leather

waste problem is 80,000 times larger

0:21:180:21:23

than the fire hose problem. So I

suppose my ambition is to be in some

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way, whether it through partnership

or by other means, 80,000 times

0:21:270:21:31

larger than I am now.

We will watch

with great interest. Thank you for

0:21:310:21:36

coming and bringing that gorgeous

bag and telling us more about your

0:21:360:21:40

company. I'm going to remove that.

It is Kresse's.

0:21:400:21:48

In a moment we'll take a look

through the Business Pages but first

0:21:480:21:51

here's a quick reminder of how

to get in touch with us.

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The Business Live page

is where you can stay

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Get involved on the BBC business

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at BBC Business News.

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Business Live on TV and online,

whenever you need to know.

0:22:170:22:25

So we asked would you upcycle fancy

stuff? Steve says, "Is it not' waste

0:22:290:22:38

of time or money?"

It is not a waste

of time.

Look at the current hot

0:22:380:22:43

topic of plastics in the ocean,

recycling or recovery of the energy

0:22:430:22:47

from these plastics helps to prevent

the contamination in the first

0:22:470:22:51

place.

Nicholas Boot says, "It has

to be done, digging up the planet

0:22:510:22:58

and burying it again is not a way

for longevity for our species."

We

0:22:580:23:05

do our best to recycle and reduce

waste, but producers must stop

0:23:050:23:09

producing so much in the first

place. Thank you for your views.

0:23:090:23:13

Let's move on to the newspapers.

Simon is here.

0:23:130:23:21

A turning point in the Brexit talks.

According to the FT they will be

0:23:210:23:25

talking about coughing up more money

in their divorce bill and they think

0:23:250:23:30

they have got the Cabinet behind

them and how much, 40 billion is it,

0:23:300:23:33

maybe more?

So you remember that the

initial estimates from the EU side

0:23:330:23:40

and Independent folks was around

about 60 billion. We came in with 20

0:23:400:23:44

billion. So, I guess it is not

surprising that in the paper we are

0:23:440:23:48

reporting about something that could

go up to 40 billion. And that the

0:23:480:23:52

Cabinet is behind Theresa May on

this. The key issue, of course, is

0:23:520:23:55

going to be what strings are

attached to that particular deal. Of

0:23:550:23:59

course, that's really going to be

about what happens with the trade

0:23:590:24:03

negotiations that take place

afterwards. Important bit this, we

0:24:030:24:06

need to get through not just the

divorce bill, but there is the

0:24:060:24:11

Northern Ireland story and the

citizens rights before we can go

0:24:110:24:15

to...

The Northern Ireland story

will be pushed into the trade

0:24:150:24:19

negotiations because it is the way

that border works in terms of being

0:24:190:24:23

an open border or a closed border,

whatever it is, that's very much

0:24:230:24:26

linked to how the trade works

between the two sides?

I think it

0:24:260:24:30

has to because if we don't then

there is a risk that we are going to

0:24:300:24:34

start getting to a point where we

haven't been able to finish the

0:24:340:24:38

divorce bill before getting on to

trade and we are not going to have

0:24:380:24:41

enough time for companies to make

their second choices before Brexit.

0:24:410:24:45

Just before we go on to talk about

the next one. It will be a

0:24:450:24:50

humiliating climb-down for some of

the Brexit or Brexiteer, don't you

0:24:500:24:55

think? Boris Johnson was saying they

are going to have to whistle for the

0:24:550:25:00

money?

Yes, it is, but I think most

people accepted there would be money

0:25:000:25:09

and 40 sounds like it.

Monaco builds

into the method to house new throng

0:25:090:25:14

of super rich. Interesting story

following on from the Paradise

0:25:140:25:19

Papers, isn't it?

They are talking

about building enough space for 220

0:25:190:25:23

extra apartments. The average cost

of for, what you get for $1 million

0:25:230:25:29

in Monaco is 17 square meters.

That's one-third of what you get in

0:25:290:25:33

Paris. It is more extensive than in

the centre of London.

That's about

0:25:330:25:40

the size of a studio.

Basically

somewhere to put your bed and your

0:25:400:25:47

million.

And your very small dog!

And little bit extra to swing a cat

0:25:470:25:52

in. You can tell none of tus live

there -- us live there. That's it

0:25:520:26:01

from us today.

0:26:010:26:04

There will be more business news

throughout the day on the BBC Live

0:26:040:26:07

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