0:00:06 > 0:00:08This is Business Live from BBC News with Susannah
0:00:08 > 0:00:12Streeter and David Eades.
0:00:12 > 0:00:14America edges closer to massive tax reforms,
0:00:14 > 0:00:16but will they really deliver President Trump's promised boost
0:00:16 > 0:00:21to the world's biggest economy?
0:00:21 > 0:00:31Live from London, that's our top story on Friday 1st December.
0:00:38 > 0:00:41As the President lights up the Christmas tree,
0:00:41 > 0:00:43he's hoping Senators give him the gift he wants -
0:00:43 > 0:00:46but can the US really afford the biggest tax changes
0:00:46 > 0:00:47in a generation?
0:00:47 > 0:00:54Also in the programme...
0:00:54 > 0:00:59The world's largest lithium ion battery gets up-and-running
0:00:59 > 0:01:04in Australia, so will it spark a global energy revolution?
0:01:04 > 0:01:05And as always we will get
0:01:05 > 0:01:08And as always we will get the latest from the global markets, this is the
0:01:08 > 0:01:10picture in Europe as the markets open.
0:01:10 > 0:01:12And we'll be getting the inside track on the bumpy ride
0:01:12 > 0:01:15Uber have been on this week, as well as Bitcoin's
0:01:15 > 0:01:21rollercoaster ride, with our tech guru Rory Cellan Jones.
0:01:21 > 0:01:26December is finally upon us, and this weekend is set
0:01:26 > 0:01:29to the busiest for Christmas tree sales here in the UK,
0:01:29 > 0:01:32but amid warnings that glittery decorations are bad
0:01:32 > 0:01:35for the environment - we want to know
0:01:35 > 0:01:44if you use the same ones every year or buy them new?
0:01:44 > 0:01:47Let us know - just use the hashtag #BBCBizLive.
0:01:47 > 0:01:52Hello, and welcome to Business Live.
0:01:52 > 0:01:56The United States is on course for it's largest tax reforms in more
0:01:56 > 0:01:58than 30 years but hasn't quite got there yet.
0:01:58 > 0:02:00If last-minute disagreements can be overcome, President Trump's big hope
0:02:00 > 0:02:02is that the refrorms will boost growth for the world's
0:02:02 > 0:02:03biggest economy.
0:02:03 > 0:02:14And that could eventually make the rest of the world richer, too.
0:02:17 > 0:02:19Firstly, it will be very expensive - costing the Government $1.5 trillion
0:02:19 > 0:02:22over the next decade.
0:02:22 > 0:02:25Some of that is expected to be offset by higher economic growth,
0:02:25 > 0:02:30but most would be added to the US national debt - already
0:02:30 > 0:02:31at $20 trillion.
0:02:31 > 0:02:34That is what is still bothering some in the Senate.
0:02:34 > 0:02:35Who would benefit?
0:02:35 > 0:02:38The big winners would be US firms, who would see the corporation tax
0:02:38 > 0:02:40rate slashed from 35% to around 20%.
0:02:40 > 0:02:45The White House claims the average American household
0:02:45 > 0:02:48would also be better off by between $4,000 and $9,000 a year.
0:02:48 > 0:02:51But some critics say the plan really favours the wealthy.
0:02:51 > 0:02:53Others dispute the idea that a handout to firms will trickle down
0:02:54 > 0:02:55to the wider economy.
0:02:55 > 0:03:02Not including the banks, US companies are already sitting
0:03:02 > 0:03:04on $1.9 trillion cash piles.
0:03:04 > 0:03:06And some have said they'd use tax cuts to give more
0:03:06 > 0:03:07money to shareholders.
0:03:07 > 0:03:09Pippa Malmgren used to be an economic adviser
0:03:09 > 0:03:12to President George W Bush and founder of the business advisors
0:03:12 > 0:03:13DRPM research group.
0:03:13 > 0:03:17Thank you for joining us. There are huge questions there, an awful lot
0:03:17 > 0:03:22of money to spend effectively for these tax cuts. How far, assuming
0:03:22 > 0:03:28this all goes through, how far could they weaken that through improved
0:03:28 > 0:03:33tax revenues?Well, the Republican view is that if you lower tax rates
0:03:33 > 0:03:38you will increase business activity and business investment. What is
0:03:38 > 0:03:41interesting is businesses keep saying, our intention is to do share
0:03:41 > 0:03:45buy-backs, which is not so productive for the economy. That is
0:03:45 > 0:03:48the big companies, that does not mean smaller companies won't benefit
0:03:48 > 0:03:53and they will invest, but the question is the magnitude of the
0:03:53 > 0:03:57impact.If share buy-backs particularly a bad thing? The Dow
0:03:57 > 0:04:01will have a field day for a few months if that is the case but is
0:04:01 > 0:04:04there any benefit economically? There is another way of thinking
0:04:04 > 0:04:09about it, not so much a benefit but by stimulating the economy with more
0:04:09 > 0:04:13capital you create more inflationary conditions. We have a little
0:04:13 > 0:04:17inflation, as it picks up, people stay, I can't stay in cash, I need
0:04:17 > 0:04:23to invest, because your money is eroded when you sit in cash in an
0:04:23 > 0:04:26inflationary environment so in that case it stimulates but it is not the
0:04:26 > 0:04:32ideal way to stimulate the economy. There has been some pushback against
0:04:32 > 0:04:36this deal, particularly over the last 12 hours, and there is a lot of
0:04:36 > 0:04:40concern that these are projections for economic growth, there is no
0:04:40 > 0:04:44guarantee that there will be a boost, and we saw there the numbers,
0:04:44 > 0:04:49how much it could cost as far as the deficit is concerned.The real issue
0:04:49 > 0:04:54is that the economy is going well, so people expect that it will go
0:04:54 > 0:04:58better if you give it the stimulus. The actual debate about the
0:04:58 > 0:05:03substance of the bill is not so much about the substance, frankly, it is
0:05:03 > 0:05:15about fighting with Trump over what he will be and will
0:05:22 > 0:05:25not be allowed to do. Senator McCain was annoyed with Donald Trump for
0:05:25 > 0:05:28picking on him personally and said he was not a real war hero, has said
0:05:28 > 0:05:31this is not going to be the Trump bill, it will be the McCain bill, so
0:05:31 > 0:05:34he has taken it into the Senate and takes control of the process, that
0:05:34 > 0:05:36accounts for more than the substance.That will not wash with
0:05:36 > 0:05:39Donald Trump if it goes through and succeeds, this is his baby, he will
0:05:39 > 0:05:41take the plaudits if you like?He will try, but the Senate can
0:05:41 > 0:05:44absolutely put their fingerprint and signature on this thing in a way
0:05:44 > 0:05:47that will let them take a good deal of the credit which, by the way,
0:05:47 > 0:05:49they want going into the mid-term elections.Do you think the
0:05:49 > 0:05:51discounts that the state currently offers as far as tax bills are
0:05:51 > 0:05:55concerned, do you think those will be debated in the Senate? Will that
0:05:55 > 0:05:59be a sticking point? What other factors will they bring in to amend
0:05:59 > 0:06:04the bill?What they will do in the next 24, 48 hours is not so clear,
0:06:04 > 0:06:08it is a very detail oriented process, there are thousands of
0:06:08 > 0:06:14pages involved in this kind of legislation which, interestingly, no
0:06:14 > 0:06:16single senator actually reads, only their staff read the part relevant
0:06:16 > 0:06:20to their state, so it is through traditional messy process and we are
0:06:20 > 0:06:26all going to have to wait to hear what they come up with.Much more
0:06:26 > 0:06:29horse trading to come. People, thank you very much indeed.
0:06:29 > 0:06:33Let's take a look at some of the other stories making the news.
0:06:33 > 0:06:37The Irish Foreign Minister has told the BBC that it cannot be asked to
0:06:37 > 0:06:40take a leap into the dark when it comes to Brexit negotiations. He
0:06:40 > 0:06:46said more progress needs to be made on the solution of how the border
0:06:46 > 0:06:49between Northern Ireland and the republic works if there is to be
0:06:49 > 0:06:53progress on trade talks. Amazon has launched another version
0:06:53 > 0:06:58of its voice controlled assistant Alex for business, firms will be
0:06:58 > 0:07:02able to use the smart speakers to set up meetings with colleagues,
0:07:02 > 0:07:06book conference rooms and do other basic tasks as well. There have been
0:07:06 > 0:07:08concerns raised for privacy in meetings where sensitive information
0:07:08 > 0:07:19is being discussed.
0:07:20 > 0:07:24In the UK, the Royal Bank of Scotland, which is still 72%
0:07:24 > 0:07:26owned by the Government, says its cutting almost 700 jubs
0:07:26 > 0:07:28and closing more than 250 branches.
0:07:28 > 0:07:30The lender is trying to reduce costs as more customers
0:07:30 > 0:07:31move to online banking.
0:07:31 > 0:07:33Trade unions have raised questions about the move.
0:07:33 > 0:07:36The Japanese carmaker Nissan has become the latest foreign company
0:07:36 > 0:07:40to seek artibtration against the Indian authorities.
0:07:40 > 0:07:43The company believes it is entitled to $770 million
0:07:43 > 0:07:45as part of the agreements it reached to set-up
0:07:45 > 0:07:46a factory near Chennai.
0:07:46 > 0:07:48Reports suggest there are more than 20 similiar cases pending.
0:07:48 > 0:07:55The Indian government hasn't responded.
0:07:55 > 0:07:59The world's largest lithium ion battery has begun dispensing power
0:07:59 > 0:08:02to the electricity grid in South Australia.
0:08:02 > 0:08:07It has been dogged by Tesla, best known for its electric cars, which
0:08:07 > 0:08:12aims to end the state's energy problems.
0:08:12 > 0:08:16Mariko Oi has more from Singapore.
0:08:16 > 0:08:20They have created this thing and done it ahead of schedule?
0:08:20 > 0:08:25Indeed, and if you remember it all started as a bet on Twitter. It was
0:08:25 > 0:08:28actually an Australian software entrepreneur who asked Elon Musk,
0:08:28 > 0:08:33the boss of Tesla, if he was really serious about helping south
0:08:33 > 0:08:38Australia after the state suffered a state-wide blackout. Elon Musk said
0:08:38 > 0:08:42yes, he was, and if the battery was not built within 100 days, the state
0:08:42 > 0:08:47would get it for free. The countdown started on the 30th of September,
0:08:47 > 0:08:51after approval from regulators, and Tesla managed to finish it in about
0:08:51 > 0:08:5960 days, so I guess the state would have to pay now, as, as I mentioned,
0:08:59 > 0:09:06the plan started dispensing electricity today, it is situated in
0:09:06 > 0:09:11Jamestown, about fixing, just north of Adelaide.
0:09:11 > 0:09:18Let's check in with the financial markets now. In Hong Kong, losses as
0:09:18 > 0:09:22technology companies have offered some games at energy companies, but
0:09:22 > 0:09:25then the Hang Seng dropped back a little, a choppy session for the
0:09:25 > 0:09:31McKay as well. It finished the session a little higher. The Dow is
0:09:31 > 0:09:36continuing its epic climb, surging above 24,000 for the first time as
0:09:36 > 0:09:40the US Senate move towards proving that massive tax-cut package. Oil
0:09:40 > 0:09:44prices edged higher as Opec's decision to extend production limits
0:09:44 > 0:09:49took place. The FTSE has opened lover, the Dax
0:09:49 > 0:09:57in Frankfurt slightly higher, then pack 40 slightly lower because of a
0:09:57 > 0:09:58stronger Euro and stronger pound.
0:09:58 > 0:10:01And Samira Hussain has the details about what's ahead
0:10:01 > 0:10:02on Wall Street Today.
0:10:02 > 0:10:04It's finally Friday, but it could be a very
0:10:04 > 0:10:11busy end to the week.
0:10:11 > 0:10:13The Dow Jones industrial average crossed a milestone on Thursday,
0:10:13 > 0:10:1724,000 points for the first time.
0:10:17 > 0:10:21US markets are just downright euphoric at the prospect
0:10:21 > 0:10:25of major tax reform, so we'll continue to watch
0:10:25 > 0:10:32what happens in Washington and how US markets react.
0:10:32 > 0:10:36In other business news, we see that light vehicle sales
0:10:36 > 0:10:39will have fallen ever so slightly compared to the month before.
0:10:39 > 0:10:42We're seeing that construction spending is going to be up by about
0:10:43 > 0:10:450.5% for the month of October.
0:10:45 > 0:10:47Overall factory spending will have dropped ever so slightly
0:10:47 > 0:10:51from the previous month.
0:10:51 > 0:10:55Joining us is Lucy MacDonald from Allianz Global Investor.
0:10:56 > 0:11:02Thanks for joining us. After everything we have seen coming from
0:11:02 > 0:11:06New York, Asia playing it very cool, waiting, presumably, for this tax
0:11:06 > 0:11:12reform bill to pass or not?Yes, and there is certainly some anticipation
0:11:12 > 0:11:18of this bill. We have been waiting now for months, and it looks very,
0:11:18 > 0:11:27very close. It is better priced into markets now, I think, so if it
0:11:27 > 0:11:34passes there will be some positive benefit, but if you look at the
0:11:34 > 0:11:37Trump trade type stocks, the cyclicals and industrials and
0:11:37 > 0:11:42financials, they have been moving, there it is also the domestics...It
0:11:42 > 0:11:45is interesting you say it is priced in, many were saying before it
0:11:45 > 0:11:49reached this point, the bill, that actually the markets have priced all
0:11:49 > 0:11:54of the tax changes in but still you see this epic climb, don't you? Why
0:11:54 > 0:11:58do you think the market is still going forward and do you think when
0:11:58 > 0:12:03it is passed, there won't be a further climb?I think more of it is
0:12:03 > 0:12:06priced in now is that the probability of it getting through
0:12:06 > 0:12:10has been priced in gradually and that is why you have seen this, that
0:12:10 > 0:12:13particular area of the market, giving better, and at the same time
0:12:13 > 0:12:19some other areas of the market, technology, health care, slightly
0:12:19 > 0:12:24coming back to fund some of those areas, so more rotation in the
0:12:24 > 0:12:29market. It is similar to what we saw a year ago but not anywhere near as
0:12:29 > 0:12:32drastic, and that makes sense, so it seems to me it is priced quite
0:12:32 > 0:12:36rationally.Just time to look at what is happening with oil, prices
0:12:36 > 0:12:41going up, Opec reaching a deal, the Russians leading it, to keep
0:12:41 > 0:12:44production down for another 12 plus months?Guess, that has extended it
0:12:44 > 0:12:51further, clearly that agreement so far has stabilised the oil price and
0:12:51 > 0:12:55we have seen it coming up and the sector following close correlation
0:12:55 > 0:13:00between the oil price and the sector so we have seen that now for six
0:13:00 > 0:13:05months and now that the Saudis and Russians, who are 10% of the total
0:13:05 > 0:13:10supply, agreed to extend, I would have thought that should continue.
0:13:10 > 0:13:14And it is still an area of the market where you can find some
0:13:14 > 0:13:18value, it is not necessarily the highest growth or the highest
0:13:18 > 0:13:22quality market but there is still some value and yield there and yield
0:13:22 > 0:13:25is still something we are looking for.Absolutely, Lucy, thank you
0:13:25 > 0:13:26very much indeed.
0:13:26 > 0:13:31Still to come...
0:13:31 > 0:13:36Bube's bumpy ride and bitcoin's roller-coaster, we catch up on
0:13:36 > 0:13:38another big of technology news.
0:13:38 > 0:13:46You're with Business Live from BBC News.
0:13:46 > 0:13:51A jump in online sales has helped Fortnum and Mason announce a 23%
0:13:51 > 0:13:55rise in pre-tax profits to £7.6 million.
0:13:55 > 0:13:58Online sales rose by 17% over the past year, with rising demand
0:13:58 > 0:14:00from Asia helping to boost the upmarket department
0:14:00 > 0:14:01store's bottom line.
0:14:01 > 0:14:04Fortnum recently opened a new store in South Korea, and operates
0:14:04 > 0:14:08in 160 countries globally.
0:14:08 > 0:14:11Joining us now to discuss these results, is the CEO
0:14:11 > 0:14:16of Fortnum and Mason, Ewan Venters.
0:14:16 > 0:14:21Thank you for joining us. Pretty impressive figures, is that mostly
0:14:21 > 0:14:26down to growth abroad?There is a substantial element of that but over
0:14:26 > 0:14:3150% of our growth last year came from the rising demand from UK and
0:14:31 > 0:14:35domestic consumers, which is exactly what we wanted to happen, we are
0:14:35 > 0:14:38very happy about that, and I believe part of that success story is that
0:14:38 > 0:14:43so much of what we sell in our business is actually produced here
0:14:43 > 0:14:48in the United Kingdom, over 80% of our products are manufactured in the
0:14:48 > 0:14:56UK, so every pound spent with Fortnum 's is 82p spent with art
0:14:56 > 0:15:00producers across the UK.Does it surprise you that there is still
0:15:00 > 0:15:05growing demand for luxury goods at a time, particularly in the UK, where
0:15:05 > 0:15:10people are really feeling poorer because of austerity or the economy?
0:15:10 > 0:15:17Or losing jobs?My experience tells me that when there are periods of
0:15:17 > 0:15:21uncertainty and Times are tough, people turn to brands that the
0:15:21 > 0:15:24trust, brands great the great authenticity, great heritage, great
0:15:24 > 0:15:29story, and I think the British at the moment like a great cup of tea
0:15:29 > 0:15:33and a proper English biscuit!Keep calm and carry on! You are tapping
0:15:33 > 0:15:38into that trend?!It would appear that way, but the rest of the world
0:15:38 > 0:15:41is also engaging with us, whether they are coming to London, and
0:15:41 > 0:15:45undoubtedly the drop in the value of the pound has helped to drive more
0:15:45 > 0:15:49tourism into London, but also through the website, we are reaching
0:15:49 > 0:15:53out across the world more than ever. Thanks very much indeed, cup of tea
0:15:53 > 0:15:56and a biscuit, my biscuit does not always come from Fortnum and Mason,
0:15:56 > 0:16:01I have to say!
0:16:01 > 0:16:05Lets see what else is happening on the business pages. RBS is
0:16:05 > 0:16:09decimating its branch network. That comes from Unite, the union that
0:16:09 > 0:16:15says the bank is betraying communities with the closure of 259
0:16:15 > 0:16:18branches and the loss of many jobs.
0:16:25 > 0:16:28You're watching Business Live - our top story...
0:16:28 > 0:16:31The United States Senate is edging closer to delivering the huge tax
0:16:31 > 0:16:37reforms President Trump wants.
0:16:37 > 0:16:40Voting is due to resume in a few hours time amid concerns over
0:16:40 > 0:16:41whether the country can afford them.
0:16:41 > 0:16:44A quick look at how markets are faring....
0:16:44 > 0:16:56The Dow Jones reached another epic point, above the 24,000 mark. The
0:16:56 > 0:17:03DAX is down, as is the DAX and CAC, not sharing the same amount of
0:17:03 > 0:17:06enthusiasm for those tax cut plans in the US.
0:17:06 > 0:17:09And now let's get the inside track on another big week of tech news.
0:17:09 > 0:17:12It's seen the ride hailing app Uber suffer a string of setbacks
0:17:12 > 0:17:14and the crypto-currency Bitcoin suffer a roller-coaster ride
0:17:14 > 0:17:18that was just as tumultuous as it reached new heights.
0:17:18 > 0:17:20The poems keep on coming!
0:17:20 > 0:17:25Our Techology Correspondent is Rory Cellan-Jones is here.
0:17:25 > 0:17:31Let's start with Uber.What a week for Uber, every week seems to bring
0:17:31 > 0:17:35more drama. This company that has grown into one of the most powerful
0:17:35 > 0:17:39in the world, still privately held, having all sorts of disasters. We
0:17:39 > 0:17:46had them accused of hiring ex-CIA agents to spy on rivals. A trial
0:17:46 > 0:17:51which is supposed to be getting underway where they are accused of
0:17:51 > 0:17:55industrial espionage against Google's self driving car division.
0:17:55 > 0:18:01That has been delayed?Yes, because of new information. A dramatic day
0:18:01 > 0:18:06in court with a former Uber employee coming in and spilling the beans
0:18:06 > 0:18:09about their use of covert surveillance on their rivals.
0:18:09 > 0:18:15Rumbling on in the background is all of this app fallout from the hack.
0:18:15 > 0:18:22Yes, we heard here in the UK, 2.7 million UK users probably had their
0:18:22 > 0:18:27information exposed during that hack 13 months ago, which we are just
0:18:27 > 0:18:31learning about now! Surprise surprise. And more bad news on the
0:18:31 > 0:18:38actual numbers. They are trying to close this deal with Softbank to
0:18:38 > 0:18:42take a share in the company, but they had to share information of
0:18:42 > 0:18:48further losses.Uber are in the firing line, people are out to look
0:18:48 > 0:18:53for stories. Issues like industrial espionage, isn't that a case of
0:18:53 > 0:18:56loads of businesses do it, just don't get caught doing it, isn't
0:18:56 > 0:19:02that the reality?I think... A lot of people would be offended by that.
0:19:02 > 0:19:07The extent of bad behaviour by Uber by their own admission, not
0:19:07 > 0:19:14revealing a hack for 13 months, allegedly stealing all sorts of
0:19:14 > 0:19:19industrial secrets and hiring people to do that.This comes at a time
0:19:19 > 0:19:26when Lift, the US rival in the states has released great numbers,
0:19:26 > 0:19:30revenue more than tripled. There are contenders to the Uber throne.
0:19:30 > 0:19:37Certainly in the US. They face fewer challenges overseas but they are
0:19:37 > 0:19:41running up against regulators. In London they are fighting a potential
0:19:41 > 0:19:45ban. And Israel ruled against this week and stopped operating there.
0:19:45 > 0:19:48The trouble is carry on.A roller-coaster ride as well for
0:19:48 > 0:19:52Bitcoin, that is a huge story. Hundreds of thousands of people
0:19:52 > 0:20:02trying to jump in on the act.I am in obsessed... I keep meaning to
0:20:02 > 0:20:05sell it, but the roller-coaster ride is ridiculous. I'm looking at what
0:20:05 > 0:20:12has happened in the last 24-hour. It reached $10,500, went as low as
0:20:12 > 0:20:18$9,200 and has picked up a bit since then. There are real signs of strain
0:20:18 > 0:20:23in the system, one of the biggest wallets where people store their
0:20:23 > 0:20:30Bitcoin, inaccessible for many, and inaccessible right now.It is those
0:20:30 > 0:20:32who create Bitcoin who are responsible for maintaining
0:20:32 > 0:20:36transactions?The other huge concern, the really interesting
0:20:36 > 0:20:40story we are looking up at the moment is the energy use around
0:20:40 > 0:20:44Bitcoin. Actually, as it gets bigger and bigger, it requires more and
0:20:44 > 0:20:48more computer processing power. The figure came out this week, more
0:20:48 > 0:20:52energy used by Bitcoin each year than the whole country of Ireland in
0:20:52 > 0:20:58a year and that is continuing to grow.Very briefly, I think even the
0:20:58 > 0:21:03Goldman Sachs pass that this is a vehicle for fraudsters. But one day,
0:21:03 > 0:21:08once regulated, crypto currency will be the way of the future?That is
0:21:08 > 0:21:12what the believers say. And there is huge belief in the technology
0:21:12 > 0:21:17underlying it. A lot of people plumping that. There is a frenzy
0:21:17 > 0:21:20around it, anything around crypto currencies has got people
0:21:20 > 0:21:24potentially losing their minds. Thank you very much indeed.
0:21:24 > 0:21:28And if you want more of the latest tech news you can catch Rory's
0:21:28 > 0:21:31'Tech Tent' programme on BBC World Service radio at 1500gmt,
0:21:31 > 0:21:34and if you miss it you can download the podcast from our website,
0:21:34 > 0:21:44just search for BBC Tech Tent.
0:21:44 > 0:21:50That is just an allegation. Have to watch it and see for yourself.
0:21:50 > 0:21:53You find them in almost every cafe and bar in the world.
0:21:53 > 0:21:54They're used by the billions every year.
0:21:54 > 0:21:57We're talking about the drinking straw and it's the latest
0:21:57 > 0:21:58in our Million Dollar Idea Series.
0:21:58 > 0:22:02Here's Aaron Heslehurst.
0:22:05 > 0:22:13It's drinking straws. However did we slurp our drinks without them? We
0:22:13 > 0:22:21used pieces of real straw. Then one day in 1888, this man, Marvin Stone
0:22:21 > 0:22:26of Washington, was sipping his whiskey. His straw with getting
0:22:26 > 0:22:31soggy, leaving gunk in his class, so he took on paper, wrapped it around
0:22:31 > 0:22:38a pencil to make it tube and fastened the end with glue. The
0:22:38 > 0:22:45first straw. Fast forward to 1936, Joseph Freeman from San Francisco.
0:22:45 > 0:22:48His young daughter couldn't drink your milkshake, she is too small to
0:22:48 > 0:22:56reach the top of the straw. If only the straw would work if you bent it.
0:22:56 > 0:23:00So Joseph took a screw, put it inside the straw and then wrapped
0:23:00 > 0:23:07dental floss around to make a spiral indentation. Hey presto, it's the
0:23:07 > 0:23:13world's first bendy straw. Nowadays the world goes through billions of
0:23:13 > 0:23:16dollars of drinking straws each year, most of them plastic.
0:23:16 > 0:23:22Americans won't go through 500 billion of these every single year.
0:23:22 > 0:23:28That's 2 million tonnes of discarded plastic. Can't we use anything?
0:23:28 > 0:23:38I bought some wooden straws. That's a start, well done.
0:23:38 > 0:23:40Let's see what other stories are being talked
0:23:40 > 0:23:42about on social media.
0:23:42 > 0:23:47Lucy McDonald, first of all, a story in the Daily Telegraph, African
0:23:47 > 0:23:50finance minister of the year is facing jail for telling his
0:23:50 > 0:23:54country's politicians to trim their perks. This comes at a time when the
0:23:54 > 0:24:00EU Africa summit is winding up. That is aimed at trying to boost Africa's
0:24:00 > 0:24:04growth and economic development. That is also to do with cutting
0:24:04 > 0:24:12corruption. What has happened here? It is, Africa is a great growth area
0:24:12 > 0:24:18that hasn't really delivered. If you look at population growth, that is
0:24:18 > 0:24:23where all the population growth is going to come in the next 50 years.
0:24:23 > 0:24:26We have seen some improvement in overall economic growth but
0:24:26 > 0:24:32corruption is the big problem. There has been a lot of work done to help
0:24:32 > 0:24:35this issue, but it seems very difficult to completely eradicate it
0:24:35 > 0:24:45and this feeds into the same story again.1.2 million dollars worth,
0:24:45 > 0:24:47not an insignificant amount of money and it is their allowances. I
0:24:47 > 0:24:51suppose that would be their argument. It is more the manner in
0:24:51 > 0:24:55which you respond, seeking arrests. It seems beyond bizarre structure
0:24:55 > 0:25:01exactly. And as I say, it just really taps into the big concern
0:25:01 > 0:25:06that all investorshave about investing in the region.OK, it is
0:25:06 > 0:25:10finally the start of December, the green light by many to put up their
0:25:10 > 0:25:14Christmas decorations. There is a warning all that glitter is not good
0:25:14 > 0:25:20for the environment. Apparently it is very difficult and get stuck in
0:25:20 > 0:25:25filtration systems. It is plastic. Are you a fan of glitter or a
0:25:25 > 0:25:30decorating fan, a Christmas fan?A Christmas plan definitely. This is
0:25:30 > 0:25:41the concern about the oceans. Fish versus fun. The micro beads
0:25:41 > 0:25:46legislation that's been talked about here and is being put in place in
0:25:46 > 0:25:50the US is tapping into that.Let me bring in some tweets. Old-fashioned
0:25:50 > 0:25:53comedy says I'm afraid I don't have Christmas decorations, but we always
0:25:53 > 0:25:59used to have a real treat. What is wrong with wire coat hangers
0:25:59 > 0:26:03and tinsel? Nothing, go for it!I have had some for 25