Browse content similar to 05/12/2017. Check below for episodes and series from the same categories and more!
This is Business Live
from BBC News with
Sally Bundock and Ben Bland.
Deal or no deal - the UK
Prime Minister has just days to get
Brexit talks back on track as issues
over Northern Ireland's border
scupper the prospect
of moving on to trade talks.
Live from London, that's our
top story on Tuesday
the 5th of December.
The British Prime Minister pulled
out of a deal with Brussels
after the Irish DUP,
which props up her government,
said it wouldn't accept a deal that
treats Northern Ireland differently
from the rest of the UK.
Also in the programme,
Mr Trudeau goes to Beijing.
The Canadian Prime Minister has
signed three trade agreements
with the Chinese premier,
covering food and energy.
Here is how the European markets
look at the start of the trading day
and we will take a look at Wall
Also in the programme, many of us
believe we have an idea for a hit
novel inside us.
Well we'll meet
the man who could help
you realise your dream
with an algorithm that he says
will help spot the next
And as Facebook launches a messenger
app for children under
the age of 13, we want
to know how young is too
young for social media?
Let us know.
Just use the hashtag BBCBizLive.
Hello and welcome to Business Live.
Talks between the EU
and the UK were derailed
in the last 24 hours,
just as it looked like a deal might
finally be on the table.
The negotiations came to a halt
after the DUP, the political party
in Northern Ireland who are propping
up the Conservative government,
rejected a proposal to avoid a hard
border between Northern Ireland
and the Republic.
The DUP objected to a clause
in a draft agreement with the EU
that would guarantee "regulatory
alignment" between Northern Ireland
and the Republic of Ireland,
effectively keeping the country
in the EU's customs union and single
market in all but name.
Elsewhere a deal is believed to be
very close on EU citizens' rights
and the so called "divorce bill".
The UK is understood to have
recently increased its offer,
which could be worth up
to 50 billion euros.
The problem for the UK
is that the EU will only move
on to talk about future issues
like trade when "sufficient
progress" has been made
on these subjects and is due
to decide whether this
has happened at a summit
on the 14th and 15th December.
Joining me now from
Westminster is our Political
Correspondent Iain Watson.
Theresa May has quite a day ahead,
talk us through the Cabinet meeting
That's right, she has to
tell the Cabinet what went wrong
because 24 hours ago things looked
positive and deal looked within her
grasp, that's no longer the case. I
would be very surprised if she
doesn't meet face-to-face with
Arlene Foster, the leader of the
DUP. As you know, the DUP is
effectively propping up the minority
government of Theresa May so their
views are crucial and she will need
to get them on board if
she's to return to Brussels, perhaps
tomorrow and later this week, to try
to get talks going again and win the
prize of trade talks which are so
crucial to her. When she meets the
DUP, one of the things they will
talk about, using technical terms
but important terms, possibly the
difference between regulatory
alignment which would see the same
regulations in place in Northern
Ireland and the Republic of Ireland
after Brexit, something the DUP not
want to see, and regulatory
equivalence - good we effectively
have the same standards but not
necessarily the same exact rules. If
the DUP could get on board with that
wording that could be the key to
unlock the talks but at the same
time any change in wording in the
draft agreement would have to be
acceptable to the Irish government.
If it isn't, they have the power to
veto the trade talks starting when
the leaders meet at the end of next
Andrew Walker is our Business
Correspondent and joins me now.
The pressure is really on, they are
hoping to get this sorted by the end
of the week.
Next week we have a
summit of the European Union where
the Prime Minister here is hoping
she will get a declaration that
sufficient progress has been made on
the three initial areas of
negotiations to allow them to move
onto trade negotiations which is an
essential element in getting the
kind of Brexit deal that would be
best for the British economy. So
absolutely the pressure is on to
iron out a set of difficult
And it just goes
to show, doesn't it, how confusing
this is to iron out. When you take
into account all of the other issues
as well that need to be ironed out,
it shows how tricky this Brexit
Indeed, we need to get
at least the interim agreement
nailed down on the other two issues
of the financial settlements and
citizens' rights. I think one point
worth making here is where you might
see some room for progress in the if
you like internal British political
issue is it appears that one version
of this statement about regulatory
alignment or regulatory
non-divergence, whatever form of
words you want to use, was
specifically about areas needed to
support North-South co-operation and
the protection of the Good Friday
Agreement. That doesn't necessarily
mean absolutely everything, to
complete regulatory alignment across
the board, and there are number of
sectors where it is particularly
important in maintaining day to day
business on the border.
And all of
this has come to the fore to a great
degree because of the snap election
and the fact the Conservative
government is aligned with the DUP.
We also have Scotland watching this
extremely closely because they do
not want a hard Brexit is at work,
they are pushing strongly. Nicola
Sturgeon, the head of the SNP,
thinking what about us.
and whatever the outcome of the
previous election would have been,
the Prime Minister no doubt would
have been consulting carefully with
the political parties in Northern
Ireland and wanting to have them on
board as much as possible but the
fact they are in a position to
withdraw support and the ultimate
threat of bringing it down doors put
her in an acutely difficult
It keeps us all very
busy. Thank you for your time.
Let's take a look at some of
the other stories making the news...
UK cinema operator Cineworld
is buying its US rival
Regal Entertainment Group
for $3.6 billion.
Combined the two firms will have
more than 9,500 screens in the US
and Europe which would make it
the world's second
biggest cinema operator.
Cineworld plans to sell
shares and take on more
debt to fund the deal.
launched its first app
which is specifically
aimed at children.
The new service is starting
in the United States and parents
will have control over
who their children message
and what they see.
Facebook says the data it gathers
won't be used by the main Facebook
app, which those under 13
are not supposed to use.
We are asking you about this in
terms of our Twitter question, how
young is too young for social media?
The online retail giant
Amazon has finally launched
in Australia after weeks
of speculation about exactly
when it would do so.
Australia's online shopping
market is already worth
more than US $15 billion
and is expected to grow by 50%
in the next five years.
Canada's Prime Minister Justin
Trudeau is in Beijing.
He's due to meet President Xi
Jinping in the next few hours
and trade is expected
to be top of the agenda.
Leisha Santorelli is in Singapore.
Trade is actually turning out of
We are not sure where she is,
better late than never! So what can
we expect from these talks?
actually just saying that trade is
turning out to be a sticky issue for
Justin Trudeau. Canada is looking to
reduce its reliance after Donald
Trump threatened to pull out of
Nafta so Justin Trudeau made the
flight to China hoping to launch
formal trade talks but that appears
to have fallen flat. Both Canada and
China are saying they will stick to
exploratory talks. The stumbling
block seems to be Mr Trudeau's push
for a progressive trade deal, which
will assess gender, environment and
Labour issues, but he's finding it a
tough sell in China. But he's not
going home empty-handed because
Canadian beef and pork producers
will now have greater access to the
Chinese market and Canadians and
Chinese appear to be working on
resolving a big dispute over canola
including Samsung and Tencent sank
in Asian trade on Tuesday,
tracking a sell-off in their US
rivals and dragging most
regional markets lower.
Investors rotate out of tech
shares to financials.
Sterling has come off
a two-month high after
the lack of a Brexit deal.
This is how the European markets
looked at the start of the trading
closed at a record high
on Wall Street but the Nasdaq
tumbled more than
1% as dealers shifted
out of the tech sector,
which has enjoyed a healthy
rally through the year,
and into financial firms.
Investors welcomed news that the US
Senate had finally passed
controversial tax reforms.
And Samira Hussain has
the details about what's ahead
on Wall Street Today.
And improving job market continues
to support the demand for housing in
the US and that could mean luxury
home-builder will see a rise in
revenue and profit. But the lack of
skilled labour continues to have an
impact on the supply of homes so
investors will be looking for
forecasts for the next fiscal year.
Finally, the global airline industry
body the International air transport
Association is expected to give an
update on airline profitability for
2017, and a look ahead to next year.
Joining us is Nandini Ramakrishnan,
Global Market Strategist at JP
Morgan Asset Management.
Let's talk about the pound
initially, no surprise to see the
reaction to what we thought was a
done deal being no deal by lunchtime
yesterday and the pound reacting.
Yes, some weakness there. As we've
seen since the referendum, the pound
sterling rate against the dollar is
very reactive so not a huge surprise
we have seen weakness and on the
flip side of that, we could see the
100 million because of the inverse
relationship. That's what we are
seeing on the screens at the moment.
Another trend we saw over the last
24 hours, investors moving away from
tech and more towards financials,
reflecting the optimism they have
about the tax cuts that Donald Trump
has for so long been trying to get
through although they are not there
Yes, this rotation
from the tech stocks into
financials, which have traditionally
not been as big a performer since
2008 has been a huge deal for
markets and investors because it is
signifying this element of raising
interest rates. You have the Bank of
England raising interest rates, the
ECB pulling back support for bonds
and monetary policy, which is all
good for the financial sector.
does it reflect people's view that
tech stocks have had an unbelievable
year and have gone a little bit too
Yes, that is a concern,
just a handful of stocks that have
such high prices, there is risk
aversion now saying I don't know if
I want to be in those stocks which
are so expensive, trying to buy some
cheap stocks that have the potential
to rally up. Everybody loves
technology, its innovation and
moving things forward, but there are
ways to access technology as a trend
which is not just a handful of
Thank you. You will be
coming back to discuss things like
the new Facebook messaging service
as well as other stories out there.
Yes, whether you want to or not!
Still to come...
Hit books are the lifeblood
of the publishing industry.
But how can you tell
a hit from a miss?
We'll meet the man who thinks his
algorithm has the answer.
You're with Business
Live from BBC News.
This week the Bank of England said
only a third of secondary schools
in the UK offer economics education
and launched a pilot project
to teach GCSE students
about everyday economics.
Some campaigners say it should it be
statutory to teach it at primary
school level as it is at secondary.
Steph McGovern has been in a primary
school in Gorton today.
Hello. This is a centre for
excellence when it comes to teaching
young people about money and there
is a lot of talk at the moment about
whether financial education in
schools should be compulsory. So
let's find out what these guys are
doing. Jane, tell us what you have
We have been learning
about currencies and when you go on
holiday which currency to use.
That's helpful, isn't it, for when
you are on your holidays. Gloria,
How to spend different
things equally in supermarkets and
how to spend in different
That you're getting
value for money and what else have
you been learning about?
and scams when we go on websites to
know what we are buying so it's not
You know loads. We have got Mr
Miles your teacher here. Why is it
so important that these young people
are learning about all of this stuff
We start teaching them as early
as nursery. We want to encourage
children to be enthusiastic about
money because then they can have
aspirations for later in life
because they are not actually that
far away from being independent. So,
if they can see that money is not
something to be scared of, it is
something they can be enthusiastic
about and make work for them, then
it sets them up really well for
Do you think it is a good idea
to learn about money.
Shall we say bye to
everyone. That's it from us.
This is the top story on our
business pages today. Rail fare
rise. Train fares in Britain will be
going up by 3.4% from 2nd January.
That's the biggest increase since
2013. It covers regulated fares and
including season tickets and
unregulated fares. So those one-off
journeys. There is more detail and
reaction as you can imagine on the
BBC website. Take a look including
analysis from our transport
correspondent, Richard Westcott. So
do take a look when you have time.
You're watching Business Live.
Our top story - Britain
and the European Union have failed
to agree on moving onto the second
phase of their
negotiations on Brexit.
Negotiations came to a halt
after the Democratic Unionist Party
rejected a proposal to avoid a hard
border between Northern Ireland
and the Republic of Ireland.
That means a flurry of negotiations
between now and the end of the week.
A quick look at how
markets are faring.
The FTSE in London, outperforming
the others. Benefiting from the
pound weakening slightly after that
failure to do a deal on Brexit.
Spotting the next best
seller can be tricky.
Harry Potter was famously rejected
by 12 literary agent before
finally being picked up.
However, one firm thinks
they have the answer.
German publisher Inkitt claims that
by using a sophisticated algorithm
and the power of the crowd
to measure reader engagement,
they can identify potential best
sellers and they seem to be writing
a successful business story.
In the last 12 months,
they have published 19 books that
have made the Amazon top 100.
Ali Albazaz is the boss
of Inkitt and joins us now.
He is with one of the books. An
example of something that went into
the top 12 on Amazon, this one?
Exactly. It was ranked number 12
ahead of Harry Potter a couple of
Tell us what happened.
Did the writer approach you and you
then measured the success of that
with an algorism?
Exactly. We have
an online platform on Inkitt.com.
All authors can upload their
manuscripts and over one readers who
can read the books for free. While
the readers are reading, we analyse
their reading behaviour. We see do
they stay up all night to continue
reading? Do they read today,
tomorrow, the day after and so on
and based on this feedback or data
points that we get we can predict if
a book has the potential to become a
So we are talking about
best sellers, ie popular reads. Not
necessarily a good read?
say, like things that the majority
of the population like.
that are going to sell by the
Abslaotly. Harry Potter
and Fifty Shades Of Grey.
come to it from the book writing
side or the tech side?
I am a coder
and it goes back to five years ago
where you know I also liked writing
and five years ago I started Inkitt
as a hobby project. I started this
platform where auth Ours could
upload their manuscripts and readers
give and give feedback. About a year
later, I discovered this statistics
at JK Rowling was rejected by 13
publishers and the 14th publisher
only published her because the
eight-year-old daughter of the
editor liked it and figured out that
Twilight was rejected by 14
publishers and James Patterson
rejected by 31 publishers. I was
like wow, this is so insufficient
and at the same time the publishers
are crushing these people's dreams
and I found that unfair and I wanted
to build something better.
me, is it better? Is it a different
way of bringing to the attention
people, you know, books that are out
there because some might argue
actually publishers do a great job
of finding what might be a really
good read, not necessarily a very
popular read ie Amazon top ten like
Fifty Shades Of Grey. But a
fantastic book to read like
democratising and the majority of
top five publishers, they only
publish authors with track record.
People who have already made it
before, who have a fanbase. They
would rather publish the next book
from Obama than take on a new debut
author. They publish very few debut
authors and we believe in debut
authors because we can measure the
reading behaviour and invest in the
debut authors. Our belief is that
every author in the world should
have an equal chance to succeed, be
it the 15-year-old girl who has
written an amazing story or JK
Rowling, they should have the same
equal chance to succeed. That's what
makes Inkitt different to other
Ali, thank you.
Have you written a book?
Yes, I did,
It's on Inkitt.
I have written the
beginning. The rest is still in
It sounds like my book
You know what they say about a good
Inside every good
journalist is a bad book!
All right, let's move on.
In a moment we'll take a look
through the Business pages,
but first here's a quick reminder
of how to get in touch with us.
Stay up-to-date with all the day's
business news as it happens
on the BBC's Business Live page.
There's insight and analysis
from our team of editors
right around the globe
and we want to hear from you.
Get involved on the
BBC's Business Live web page
On Twitter, we're at BBC business.
And you can find us
on Facebook at BBC Money.
Business Live on TV and online,
what you need to know,
when you need to know.
is Global Market Strategist at JP
Morgan Asset Management.
We have been asking about the story
that's in the FT, about Facebook
launching a messaging app for under
13s. Why are they doing it? It has
got parental controls.
It is an
interesting way toll compete with
Snapchat that people are using.
Again, I don't know personally, but
the lesm of usage is meant to be for
anyone around the early age of six
and older. So it's an interesting
one. They have made it clear they
are not going to have any
advertisements and it will be
parental controlled so perhaps it's
a way for Facebook app and Facebook
company generally to get in with
competing with some of the other
social media platforms.
That's been our talking point on
Twitter. Lots of you getting in
touch as you can imagine P go for
Simon saying such is the
invasive business model of Facebook
they want to get young children
hooked on the addictive and damaging
platform. Rosie says, "I thought you
had to be 13 to use Facebook."
Jerome says and this is good point
that for FB, Facebook, is this just
pointless PR because it is
impossible to verify somebody's age.
People pretend they are all sorts of
things on social media. I know from
personal experience, people's
friends who have said they are over
13 in order goat on Facebook when
they are not. All that kind of thing
is going on, isn't it?
This move to
get younger users eliminates that
deceitful of signing up, but the
bigger question you have young
people messaging perhaps rather than
doing what children maybe were doing
in the past in as going outside and
playing. Yeah, I think it would be a
contentious issue for parents or
teachers or anyone who is looking
out for children, but if other apps
are allowing kids to use it then
perhaps this is Facebook jumping on
that as well.
It is interesting at the same time
you have got Google announcing a
10,000 strong army to tackle
extremists. This is on Google. Part
of that is to protect children who
are so, who are on YouTube so much?
Yes, one fact that struck out to me
500,000 hours of content are posted
on YouTube and the commitment from
Google and YouTube to have people
review the content to make sure
there is no extremist or disturbing
things is going to be quite
It is. Interesting to
see. Thank you. Good to see you.
Thank you too. We will see you again