05/12/2017 BBC Business Live


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05/12/2017

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This is Business Live

from BBC News with

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Sally Bundock and Ben Bland.

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Deal or no deal - the UK

Prime Minister has just days to get

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Brexit talks back on track as issues

over Northern Ireland's border

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scupper the prospect

of moving on to trade talks.

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Live from London, that's our

top story on Tuesday

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the 5th of December.

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The British Prime Minister pulled

out of a deal with Brussels

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after the Irish DUP,

which props up her government,

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said it wouldn't accept a deal that

treats Northern Ireland differently

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from the rest of the UK.

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Also in the programme,

Mr Trudeau goes to Beijing.

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The Canadian Prime Minister has

signed three trade agreements

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with the Chinese premier,

covering food and energy.

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Here is how the European markets

look at the start of the trading day

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and we will take a look at Wall

Street.

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Also in the programme, many of us

believe we have an idea for a hit

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novel inside us.

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Well we'll meet

the man who could help

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you realise your dream

with an algorithm that he says

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will help spot the next

publishing sensation.

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And as Facebook launches a messenger

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app for children under

the age of 13, we want

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to know how young is too

young for social media?

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Let us know.

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Just use the hashtag BBCBizLive.

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Hello and welcome to Business Live.

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Talks between the EU

and the UK were derailed

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in the last 24 hours,

just as it looked like a deal might

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finally be on the table.

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The negotiations came to a halt

after the DUP, the political party

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in Northern Ireland who are propping

up the Conservative government,

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rejected a proposal to avoid a hard

border between Northern Ireland

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and the Republic.

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The DUP objected to a clause

in a draft agreement with the EU

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that would guarantee "regulatory

alignment" between Northern Ireland

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and the Republic of Ireland,

effectively keeping the country

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in the EU's customs union and single

market in all but name.

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Elsewhere a deal is believed to be

very close on EU citizens' rights

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and the so called "divorce bill".

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The UK is understood to have

recently increased its offer,

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which could be worth up

to 50 billion euros.

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The problem for the UK

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is that the EU will only move

on to talk about future issues

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like trade when "sufficient

progress" has been made

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on these subjects and is due

to decide whether this

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has happened at a summit

on the 14th and 15th December.

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Joining me now from

Westminster is our Political

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Correspondent Iain Watson.

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Theresa May has quite a day ahead,

talk us through the Cabinet meeting

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and beyond.

That's right, she has to

tell the Cabinet what went wrong

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because 24 hours ago things looked

positive and deal looked within her

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grasp, that's no longer the case. I

would be very surprised if she

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doesn't meet face-to-face with

Arlene Foster, the leader of the

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DUP. As you know, the DUP is

effectively propping up the minority

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government of Theresa May so their

views are crucial and she will need

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to get them on board if

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she's to return to Brussels, perhaps

tomorrow and later this week, to try

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to get talks going again and win the

prize of trade talks which are so

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crucial to her. When she meets the

DUP, one of the things they will

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talk about, using technical terms

but important terms, possibly the

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difference between regulatory

alignment which would see the same

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regulations in place in Northern

Ireland and the Republic of Ireland

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after Brexit, something the DUP not

want to see, and regulatory

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equivalence - good we effectively

have the same standards but not

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necessarily the same exact rules. If

the DUP could get on board with that

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wording that could be the key to

unlock the talks but at the same

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time any change in wording in the

draft agreement would have to be

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acceptable to the Irish government.

If it isn't, they have the power to

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veto the trade talks starting when

the leaders meet at the end of next

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week.

Thank you.

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Andrew Walker is our Business

Correspondent and joins me now.

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The pressure is really on, they are

hoping to get this sorted by the end

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of the week.

Next week we have a

summit of the European Union where

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the Prime Minister here is hoping

she will get a declaration that

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sufficient progress has been made on

the three initial areas of

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negotiations to allow them to move

onto trade negotiations which is an

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essential element in getting the

kind of Brexit deal that would be

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best for the British economy. So

absolutely the pressure is on to

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iron out a set of difficult

technical issues.

And it just goes

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to show, doesn't it, how confusing

this is to iron out. When you take

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into account all of the other issues

as well that need to be ironed out,

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it shows how tricky this Brexit

process is.

Indeed, we need to get

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at least the interim agreement

nailed down on the other two issues

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of the financial settlements and

citizens' rights. I think one point

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worth making here is where you might

see some room for progress in the if

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you like internal British political

issue is it appears that one version

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of this statement about regulatory

alignment or regulatory

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non-divergence, whatever form of

words you want to use, was

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specifically about areas needed to

support North-South co-operation and

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the protection of the Good Friday

Agreement. That doesn't necessarily

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mean absolutely everything, to

complete regulatory alignment across

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the board, and there are number of

sectors where it is particularly

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important in maintaining day to day

business on the border.

And all of

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this has come to the fore to a great

degree because of the snap election

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and the fact the Conservative

government is aligned with the DUP.

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We also have Scotland watching this

extremely closely because they do

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not want a hard Brexit is at work,

they are pushing strongly. Nicola

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Sturgeon, the head of the SNP,

thinking what about us.

Absolutely,

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and whatever the outcome of the

previous election would have been,

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the Prime Minister no doubt would

have been consulting carefully with

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the political parties in Northern

Ireland and wanting to have them on

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board as much as possible but the

fact they are in a position to

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withdraw support and the ultimate

threat of bringing it down doors put

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her in an acutely difficult

situation.

It keeps us all very

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busy. Thank you for your time.

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Let's take a look at some of

the other stories making the news...

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UK cinema operator Cineworld

is buying its US rival

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Regal Entertainment Group

for $3.6 billion.

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Combined the two firms will have

more than 9,500 screens in the US

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and Europe which would make it

the world's second

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biggest cinema operator.

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Cineworld plans to sell

shares and take on more

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debt to fund the deal.

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Facebook has

launched its first app

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which is specifically

aimed at children.

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The new service is starting

in the United States and parents

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will have control over

who their children message

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and what they see.

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Facebook says the data it gathers

won't be used by the main Facebook

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app, which those under 13

are not supposed to use.

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We are asking you about this in

terms of our Twitter question, how

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young is too young for social media?

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The online retail giant

Amazon has finally launched

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in Australia after weeks

of speculation about exactly

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when it would do so.

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Australia's online shopping

market is already worth

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more than US $15 billion

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and is expected to grow by 50%

in the next five years.

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Canada's Prime Minister Justin

Trudeau is in Beijing.

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He's due to meet President Xi

Jinping in the next few hours

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and trade is expected

to be top of the agenda.

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Leisha Santorelli is in Singapore.

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Trade is actually turning out of

the...

We are not sure where she is,

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better late than never! So what can

we expect from these talks?

I was

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actually just saying that trade is

turning out to be a sticky issue for

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Justin Trudeau. Canada is looking to

reduce its reliance after Donald

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Trump threatened to pull out of

Nafta so Justin Trudeau made the

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flight to China hoping to launch

formal trade talks but that appears

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to have fallen flat. Both Canada and

China are saying they will stick to

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exploratory talks. The stumbling

block seems to be Mr Trudeau's push

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for a progressive trade deal, which

will assess gender, environment and

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Labour issues, but he's finding it a

tough sell in China. But he's not

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going home empty-handed because

Canadian beef and pork producers

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will now have greater access to the

Chinese market and Canadians and

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Chinese appear to be working on

resolving a big dispute over canola

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exports.

Thank you.

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Tech giants

including Samsung and Tencent sank

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in Asian trade on Tuesday,

tracking a sell-off in their US

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rivals and dragging most

regional markets lower.

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Investors rotate out of tech

shares to financials.

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Sterling has come off

a two-month high after

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the lack of a Brexit deal.

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This is how the European markets

looked at the start of the trading

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day.

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The Dow

closed at a record high

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on Wall Street but the Nasdaq

tumbled more than

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1% as dealers shifted

out of the tech sector,

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which has enjoyed a healthy

rally through the year,

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and into financial firms.

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Investors welcomed news that the US

Senate had finally passed

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controversial tax reforms.

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And Samira Hussain has

the details about what's ahead

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on Wall Street Today.

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And improving job market continues

to support the demand for housing in

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the US and that could mean luxury

home-builder will see a rise in

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revenue and profit. But the lack of

skilled labour continues to have an

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impact on the supply of homes so

investors will be looking for

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forecasts for the next fiscal year.

Finally, the global airline industry

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body the International air transport

Association is expected to give an

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update on airline profitability for

2017, and a look ahead to next year.

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Joining us is Nandini Ramakrishnan,

Global Market Strategist at JP

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Morgan Asset Management.

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Let's talk about the pound

initially, no surprise to see the

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reaction to what we thought was a

done deal being no deal by lunchtime

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yesterday and the pound reacting.

Yes, some weakness there. As we've

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seen since the referendum, the pound

sterling rate against the dollar is

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very reactive so not a huge surprise

we have seen weakness and on the

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flip side of that, we could see the

100 million because of the inverse

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relationship. That's what we are

seeing on the screens at the moment.

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Another trend we saw over the last

24 hours, investors moving away from

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tech and more towards financials,

reflecting the optimism they have

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about the tax cuts that Donald Trump

has for so long been trying to get

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through although they are not there

yet completely.

Yes, this rotation

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from the tech stocks into

financials, which have traditionally

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not been as big a performer since

2008 has been a huge deal for

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markets and investors because it is

signifying this element of raising

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interest rates. You have the Bank of

England raising interest rates, the

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ECB pulling back support for bonds

and monetary policy, which is all

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good for the financial sector.

Also,

does it reflect people's view that

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tech stocks have had an unbelievable

year and have gone a little bit too

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far now?

Yes, that is a concern,

just a handful of stocks that have

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such high prices, there is risk

aversion now saying I don't know if

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I want to be in those stocks which

are so expensive, trying to buy some

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cheap stocks that have the potential

to rally up. Everybody loves

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technology, its innovation and

moving things forward, but there are

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ways to access technology as a trend

which is not just a handful of

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stocks.

Thank you. You will be

coming back to discuss things like

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the new Facebook messaging service

as well as other stories out there.

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Yes, whether you want to or not!

0:14:380:14:41

Still to come...

0:14:410:14:42

Hit books are the lifeblood

of the publishing industry.

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But how can you tell

a hit from a miss?

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We'll meet the man who thinks his

algorithm has the answer.

0:14:460:14:49

You're with Business

Live from BBC News.

0:14:490:14:58

This week the Bank of England said

only a third of secondary schools

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in the UK offer economics education

and launched a pilot project

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to teach GCSE students

about everyday economics.

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Some campaigners say it should it be

statutory to teach it at primary

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school level as it is at secondary.

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Steph McGovern has been in a primary

school in Gorton today.

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Hello. This is a centre for

excellence when it comes to teaching

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young people about money and there

is a lot of talk at the moment about

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whether financial education in

schools should be compulsory. So

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let's find out what these guys are

doing. Jane, tell us what you have

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been doing?

We have been learning

about currencies and when you go on

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holiday which currency to use.

That's helpful, isn't it, for when

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you are on your holidays. Gloria,

what else?

How to spend different

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things equally in supermarkets and

how to spend in different

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supermarkets.

That you're getting

value for money and what else have

0:15:590:16:03

you been learning about?

Credit card

and scams when we go on websites to

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know what we are buying so it's not

fake.

You know loads. We have got Mr

0:16:090:16:13

Miles your teacher here. Why is it

so important that these young people

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are learning about all of this stuff

now?

We start teaching them as early

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as nursery. We want to encourage

children to be enthusiastic about

0:16:210:16:24

money because then they can have

aspirations for later in life

0:16:240:16:28

because they are not actually that

far away from being independent. So,

0:16:280:16:31

if they can see that money is not

something to be scared of, it is

0:16:310:16:35

something they can be enthusiastic

about and make work for them, then

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it sets them up really well for

life.

Do you think it is a good idea

0:16:390:16:43

to learn about money.

ALL:

Yes.

Shall we say bye to

0:16:430:16:47

everyone. That's it from us.

ALL:

Bye.

0:16:470:16:57

This is the top story on our

business pages today. Rail fare

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rise. Train fares in Britain will be

going up by 3.4% from 2nd January.

0:17:040:17:11

That's the biggest increase since

2013. It covers regulated fares and

0:17:110:17:17

including season tickets and

unregulated fares. So those one-off

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journeys. There is more detail and

reaction as you can imagine on the

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BBC website. Take a look including

analysis from our transport

0:17:250:17:32

correspondent, Richard Westcott. So

do take a look when you have time.

0:17:320:17:39

You're watching Business Live.

0:17:390:17:42

Our top story - Britain

and the European Union have failed

0:17:420:17:44

to agree on moving onto the second

phase of their

0:17:440:17:47

negotiations on Brexit.

0:17:470:17:54

Negotiations came to a halt

after the Democratic Unionist Party

0:17:540:17:57

rejected a proposal to avoid a hard

border between Northern Ireland

0:17:570:17:59

and the Republic of Ireland.

0:17:590:18:01

That means a flurry of negotiations

between now and the end of the week.

0:18:010:18:06

A quick look at how

markets are faring.

0:18:060:18:11

The FTSE in London, outperforming

the others. Benefiting from the

0:18:110:18:17

pound weakening slightly after that

failure to do a deal on Brexit.

0:18:170:18:22

Spotting the next best

seller can be tricky.

0:18:220:18:24

Harry Potter was famously rejected

by 12 literary agent before

0:18:240:18:26

finally being picked up.

0:18:260:18:28

However, one firm thinks

they have the answer.

0:18:280:18:30

German publisher Inkitt claims that

by using a sophisticated algorithm

0:18:300:18:32

and the power of the crowd

to measure reader engagement,

0:18:320:18:35

they can identify potential best

sellers and they seem to be writing

0:18:350:18:41

a successful business story.

0:18:410:18:42

In the last 12 months,

they have published 19 books that

0:18:420:18:45

have made the Amazon top 100.

0:18:450:18:46

Ali Albazaz is the boss

of Inkitt and joins us now.

0:18:460:18:54

He is with one of the books. An

example of something that went into

0:18:540:18:58

the top 12 on Amazon, this one?

Exactly. It was ranked number 12

0:18:580:19:05

ahead of Harry Potter a couple of

months ago.

Tell us what happened.

0:19:050:19:11

Did the writer approach you and you

then measured the success of that

0:19:110:19:15

with an algorism?

Exactly. We have

an online platform on Inkitt.com.

0:19:150:19:22

All authors can upload their

manuscripts and over one readers who

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can read the books for free. While

the readers are reading, we analyse

0:19:260:19:31

their reading behaviour. We see do

they stay up all night to continue

0:19:310:19:35

reading? Do they read today,

tomorrow, the day after and so on

0:19:350:19:38

and based on this feedback or data

points that we get we can predict if

0:19:380:19:43

a book has the potential to become a

best seller.

So we are talking about

0:19:430:19:48

best sellers, ie popular reads. Not

necessarily a good read?

Well, let's

0:19:480:19:57

say, like things that the majority

of the population like.

So things

0:19:570:20:01

that are going to sell by the

millions?

Abslaotly. Harry Potter

0:20:010:20:10

and Fifty Shades Of Grey.

Did you

come to it from the book writing

0:20:100:20:14

side or the tech side?

I am a coder

and it goes back to five years ago

0:20:140:20:20

where you know I also liked writing

and five years ago I started Inkitt

0:20:200:20:25

as a hobby project. I started this

platform where auth Ours could

0:20:250:20:32

upload their manuscripts and readers

give and give feedback. About a year

0:20:320:20:38

later, I discovered this statistics

at JK Rowling was rejected by 13

0:20:380:20:44

publishers and the 14th publisher

only published her because the

0:20:440:20:47

eight-year-old daughter of the

editor liked it and figured out that

0:20:470:20:51

Twilight was rejected by 14

publishers and James Patterson

0:20:510:20:56

rejected by 31 publishers. I was

like wow, this is so insufficient

0:20:560:20:59

and at the same time the publishers

are crushing these people's dreams

0:20:590:21:04

and I found that unfair and I wanted

to build something better.

Forgive

0:21:040:21:10

me, is it better? Is it a different

way of bringing to the attention

0:21:100:21:15

people, you know, books that are out

there because some might argue

0:21:150:21:20

actually publishers do a great job

of finding what might be a really

0:21:200:21:25

good read, not necessarily a very

popular read ie Amazon top ten like

0:21:250:21:32

Fifty Shades Of Grey. But a

fantastic book to read like

0:21:320:21:40

Wuthering Heights.

We are

democratising and the majority of

0:21:400:21:45

top five publishers, they only

publish authors with track record.

0:21:450:21:49

People who have already made it

before, who have a fanbase. They

0:21:490:21:52

would rather publish the next book

from Obama than take on a new debut

0:21:520:21:56

author. They publish very few debut

authors and we believe in debut

0:21:560:22:01

authors because we can measure the

reading behaviour and invest in the

0:22:010:22:05

debut authors. Our belief is that

every author in the world should

0:22:050:22:10

have an equal chance to succeed, be

it the 15-year-old girl who has

0:22:100:22:15

written an amazing story or JK

Rowling, they should have the same

0:22:150:22:18

equal chance to succeed. That's what

makes Inkitt different to other

0:22:180:22:22

publishers.

Ali, thank you.

Have you written a book?

Yes, I did,

0:22:220:22:28

yes.

And...

It's on Inkitt.

How is

it doing?

I have written the

0:22:280:22:33

beginning. The rest is still in

draft mode.

It sounds like my book

0:22:330:22:40

it is!

Thank you.

0:22:400:22:44

You know what they say about a good

journalist?

Go on.

Inside every good

0:22:440:22:50

journalist is a bad book!

All right, let's move on.

0:22:500:22:55

In a moment we'll take a look

through the Business pages,

0:22:550:22:57

but first here's a quick reminder

of how to get in touch with us.

0:22:570:23:01

Stay up-to-date with all the day's

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0:23:010:23:03

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0:23:030:23:05

There's insight and analysis

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0:23:050:23:07

right around the globe

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0:23:070:23:11

Get involved on the

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0:23:110:23:13

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0:23:130:23:14

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0:23:140:23:16

And you can find us

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0:23:160:23:18

Business Live on TV and online,

what you need to know,

0:23:180:23:21

when you need to know.

0:23:210:23:28

Nandini Ramakrishnan

is Global Market Strategist at JP

0:23:280:23:30

Morgan Asset Management.

0:23:300:23:36

We have been asking about the story

that's in the FT, about Facebook

0:23:360:23:42

launching a messaging app for under

13s. Why are they doing it? It has

0:23:420:23:47

got parental controls.

It is an

interesting way toll compete with

0:23:470:23:51

Snapchat that people are using.

Again, I don't know personally, but

0:23:510:23:55

the lesm of usage is meant to be for

anyone around the early age of six

0:23:550:24:00

and older. So it's an interesting

one. They have made it clear they

0:24:000:24:03

are not going to have any

advertisements and it will be

0:24:030:24:06

parental controlled so perhaps it's

a way for Facebook app and Facebook

0:24:060:24:10

company generally to get in with

competing with some of the other

0:24:100:24:13

social media platforms.

That's been our talking point on

0:24:130:24:18

Twitter. Lots of you getting in

touch as you can imagine P go for

0:24:180:24:21

it, Ben.

Simon saying such is the

invasive business model of Facebook

0:24:210:24:26

they want to get young children

hooked on the addictive and damaging

0:24:260:24:29

platform. Rosie says, "I thought you

had to be 13 to use Facebook."

0:24:290:24:35

Jerome says and this is good point

that for FB, Facebook, is this just

0:24:350:24:42

pointless PR because it is

impossible to verify somebody's age.

0:24:420:24:46

People pretend they are all sorts of

things on social media. I know from

0:24:460:24:51

personal experience, people's

friends who have said they are over

0:24:510:24:54

13 in order goat on Facebook when

they are not. All that kind of thing

0:24:540:24:58

is going on, isn't it?

This move to

get younger users eliminates that

0:24:580:25:03

deceitful of signing up, but the

bigger question you have young

0:25:030:25:07

people messaging perhaps rather than

doing what children maybe were doing

0:25:070:25:11

in the past in as going outside and

playing. Yeah, I think it would be a

0:25:110:25:17

contentious issue for parents or

teachers or anyone who is looking

0:25:170:25:19

out for children, but if other apps

are allowing kids to use it then

0:25:190:25:23

perhaps this is Facebook jumping on

that as well.

0:25:230:25:27

It is interesting at the same time

you have got Google announcing a

0:25:270:25:31

10,000 strong army to tackle

extremists. This is on Google. Part

0:25:310:25:36

of that is to protect children who

are so, who are on YouTube so much?

0:25:360:25:41

Yes, one fact that struck out to me

500,000 hours of content are posted

0:25:410:25:46

on YouTube and the commitment from

Google and YouTube to have people

0:25:460:25:49

review the content to make sure

there is no extremist or disturbing

0:25:490:25:52

things is going to be quite

impressive.

It is. Interesting to

0:25:520:25:55

see. Thank you. Good to see you.

Thank you too. We will see you again

0:25:550:26:01

soon.

0:26:010:26:01