0:00:05 > 0:00:09This is Business Live from BBC News with Sally Bundock and Ben Bland.
0:00:09 > 0:00:12Two years on from the Paris Climate deal world leaders are back
0:00:12 > 0:00:15in the city to work out how they are going to pay
0:00:15 > 0:00:16for all their promises.
0:00:16 > 0:00:26Live from London, that's our top story on Tuesday December 12.
0:00:34 > 0:00:36They need $100 billion a year to make it work,
0:00:36 > 0:00:43and America now won't pay a penny - so can world leaders come together
0:00:43 > 0:00:50today and work out how to fund the Paris Climate agreement?
0:00:50 > 0:00:53Also in the programme, the price of Brent crude oil has
0:00:53 > 0:00:58hit its highest level in two years after a key pipeline
0:00:58 > 0:01:05from the North Sea was shut due to safety fears.
0:01:05 > 0:01:08And the markets across Europe are on central bank watch with the Fed
0:01:08 > 0:01:13meeting starting today. We also have the European Central Bank the Bank
0:01:13 > 0:01:15of England as the week progresses.
0:01:15 > 0:01:18And we'll be getting the inside track on how artificial
0:01:18 > 0:01:24intelligence is helping to 'drive' the self-driving car revolution.
0:01:24 > 0:01:27And as world leaders meet to talk about climate change what steps do
0:01:27 > 0:01:33you think they should take? Fewer flights, less driving, perhaps laced
0:01:33 > 0:01:36meat?
0:01:36 > 0:01:37Let us know.
0:01:37 > 0:01:41Just use the hashtag BBCBizLive.
0:01:41 > 0:01:46Hello and welcome to Business Live.
0:01:46 > 0:01:51Get in touch with your top tips or ideas when it comes to making us all
0:01:51 > 0:02:03a bit more environmentally friendly. Let's start
0:02:03 > 0:02:06in Paris, on this day, in 2015, a landmark deal to tackle climate
0:02:06 > 0:02:09change was agreed by almost every nation on the planet.
0:02:09 > 0:02:12Now, two years on, national leaders are meeting back in Paris to discuss
0:02:12 > 0:02:14the deal and how to pay for it.
0:02:14 > 0:02:16The deal commits 195 countries to keep the rise in global
0:02:16 > 0:02:19temperatures to less than 2 degrees Celsius from the pre-industrial era.
0:02:19 > 0:02:22The International Energy Agency has estimated it will take
0:02:22 > 0:02:26$3.5 trillion a year for the next 30 years to contain that rise
0:02:26 > 0:02:27of global temperatures.
0:02:27 > 0:02:35As part of the deal rich nations have agreed to maintain
0:02:35 > 0:02:38a $100 billion a year funding pledge to help developing countries
0:02:38 > 0:02:42to adapt and develop renewable resources.
0:02:42 > 0:02:47However questions have been raised over where much
0:02:47 > 0:02:50of this money will come from after President Trump pulled
0:02:50 > 0:02:53the US, the world's second-largest carbon emitter -
0:02:54 > 0:02:57out of the deal.
0:02:57 > 0:03:02President Trump says the agreement would cost the US
0:03:02 > 0:03:056.5 million jobs and $3tn in lost GDP - while rival economies
0:03:05 > 0:03:12like China and India are treated more favourably.
0:03:12 > 0:03:14Let's get more on this story with Helen Mountford,
0:03:14 > 0:03:16Global Director of Economics at the World Resources Institute -
0:03:16 > 0:03:20who joins us from Paris.
0:03:20 > 0:03:27I suppose the big question is can they achieve this without America?
0:03:27 > 0:03:31There is an incredible momentum here, I think we have a grouping of
0:03:31 > 0:03:35countries, we have got states and businesses and investors who are
0:03:35 > 0:03:40capturing the moment we had in Paris and moving ahead. We are expecting a
0:03:40 > 0:03:44number of announcements later today on how they are stepping up to help
0:03:44 > 0:03:48close the gap both on financing and action.What would you like to see
0:03:48 > 0:03:55from them in terms of big practical steps, would be the key things you
0:03:55 > 0:03:59think they could agree at this gathering to try and deal with
0:03:59 > 0:04:04climate change?I think one of the most exciting tournaments at the
0:04:04 > 0:04:09moment is in the finance sector, investors and banks are starting to
0:04:09 > 0:04:14recognise the importance of understanding climate related
0:04:14 > 0:04:17financial risk and opportunities. Where the real opportunities of the
0:04:17 > 0:04:22future are and those are renewable energy and storage batteries and
0:04:22 > 0:04:27restoring degraded lands. There is enormous economic and investment
0:04:27 > 0:04:31opportunities. They are starting to see that and they are also seen the
0:04:31 > 0:04:35risks of continuing to go on with business as usual where we invest in
0:04:35 > 0:04:42fossil fuel, or reinvest in congested and polluted cities. The
0:04:42 > 0:04:46cost are enormous, an estimated 3 million people per year die of air
0:04:46 > 0:04:51pollution alone. When of the exciting things to look for is for
0:04:51 > 0:04:57the investors will say, are they going to be asking companies to
0:04:57 > 0:05:02start disclosing how aligned they are with the Paris agreement? There
0:05:02 > 0:05:08are recommendations on this from the G20 task force and there are are
0:05:08 > 0:05:16already 100 companies and banks that say they will be commenting these.
0:05:16 > 0:05:20Willmore come forward? That's what I would be looking for today.From
0:05:20 > 0:05:24that it sounds like your perspective is the onus, the key momentum needs
0:05:24 > 0:05:31to come from businesses rather than government.No, it has to come from
0:05:31 > 0:05:36everybody, both, business needs clear policy and regulatory
0:05:36 > 0:05:40framework to do their business well. But a number of them are stepping up
0:05:40 > 0:05:46already and moving forward, we also have a number of countries who are
0:05:46 > 0:05:50represented here who were expecting to come forward and even within the
0:05:50 > 0:05:55US we have got an incredible movement amongst the US states and
0:05:55 > 0:05:58cities as well as businesses, universities, who are still in for
0:05:58 > 0:06:04the Paris agreement, who represent about half of the US economy who
0:06:04 > 0:06:07have said they are still intending to meet the Paris agreement calls.
0:06:07 > 0:06:15Thank you very much.
0:06:15 > 0:06:23One of the UK's most important pipelines was stopped after a crack
0:06:23 > 0:06:31was discovered. We have our economics correspondent Andrew
0:06:31 > 0:06:37Walker with us. I serious is this? Serious enough that the pipeline
0:06:37 > 0:06:42system will be closed for weeks rather than days, we do not have a
0:06:42 > 0:06:46specific timescale but as you indicated, it's a very big deal for
0:06:46 > 0:06:52the North Sea industry, it has a capacity of getting on for half a
0:06:52 > 0:06:57million barrels per day, to put it in a global context that is
0:06:57 > 0:07:01equivalent to about 10% of the total oil production of Iran or Iraq so
0:07:01 > 0:07:07this is a major disruption to the industry.Presumably that is why we
0:07:07 > 0:07:12have seen such a spike in the price of Brent crude?Absolutely, and some
0:07:12 > 0:07:17other interesting features, there is more of an increase in the premiums
0:07:17 > 0:07:22you have to pay for delivery now rather than a few weeks or months.
0:07:22 > 0:07:26Also an increase in the premium for the Brent price from the North Sea
0:07:26 > 0:07:31compared with what you are having to pay for American crude oil. That
0:07:31 > 0:07:35also partly reflects has been an increase in shell production in the
0:07:35 > 0:07:39US, but the widening of the premium for North Sea oil is very much down
0:07:39 > 0:07:45to these developments.Is the time of year also a factor, because we
0:07:45 > 0:07:50are in the middle of the winter. Absolutely, and there was a bigger
0:07:50 > 0:07:55surge in the wholesale price of gas. It is winter and as I am sure you
0:07:55 > 0:08:00noticed it's a particularly cold phase of this part of winter so
0:08:00 > 0:08:04demand is pretty strong and at the moment we're having this
0:08:04 > 0:08:08interruption to supply.Thanks very for that. We will keep an eye out.
0:08:08 > 0:08:13Let's take a look at some of the other stories making the news.
0:08:13 > 0:08:16France's Unibail-Rodamco has agreed to buy shopping mall owner Westfield
0:08:16 > 0:08:18for $24.7 billion including debt, in what would be the biggest
0:08:18 > 0:08:24takeover of an Australian company on record.
0:08:24 > 0:08:26The deal accelerates consolidation amid the global retail property
0:08:26 > 0:08:30sector as it grapples with challenges from online
0:08:31 > 0:08:35retailers led by Amazon.com.
0:08:35 > 0:08:37The Financial Times is reporting that the world's largest
0:08:37 > 0:08:39listed oil and gas group, ExxonMobil, is to start publishing
0:08:39 > 0:08:43reports on the possible impact of climate policies on its business.
0:08:43 > 0:08:45The decision is being seen as a success for investors who have
0:08:45 > 0:08:51been pushing for improved disclosure on the risks it faces.
0:08:51 > 0:08:54Finance ministers in five European countries have written to their US
0:08:54 > 0:08:56counterpart to warn that planned changes to American tax law
0:08:56 > 0:09:00could violate international rules.
0:09:00 > 0:09:02In a letter to the US Treasury Secretary the ministers
0:09:02 > 0:09:05argued the proposed changes would risk having a major distortive
0:09:05 > 0:09:15impact on international trade.
0:09:21 > 0:09:28These are the Asian markets, closing down by one third of a percent, the
0:09:28 > 0:09:32closing figure is correct but the big zero is not. The reason markets
0:09:32 > 0:09:37in Asia were mixed is not a bit flat is partly because traders worldwide
0:09:37 > 0:09:41are treading water with the Fed reserve meeting beginning today and
0:09:41 > 0:09:44ending tomorrow with the expectation we could see the cost of borrowing
0:09:44 > 0:09:48going up in the world's biggest economy so let's look at Europe. You
0:09:48 > 0:09:56can see the FTSE treading water, it is the case across Europe, we have
0:09:56 > 0:10:04some very stock specific stories, news that Comcast has pulled out of
0:10:04 > 0:10:09the attempts to buy Sky, so it looks like Walt Disney might be one of the
0:10:09 > 0:10:13biggest winners, that's an interesting one to keep an eye on.
0:10:13 > 0:10:17We will keep an eye on markets in detail at the moment. But let's go
0:10:17 > 0:10:21to New York and look ahead to the day on Wall Street.
0:10:21 > 0:10:26All eyes will be on the Federal reserve as it begins its two day
0:10:26 > 0:10:29meeting on interest rates. The Fed kept interest rates unchanged at the
0:10:29 > 0:10:35last meeting and pointed to a solid US economic growth and the
0:10:35 > 0:10:39strengthening Labour market. The expectation is that the Fed will
0:10:39 > 0:10:42raise interest rates. We will not know until the end of the meeting
0:10:42 > 0:10:47which is on Wednesday. Also happening on Tuesday the Labor
0:10:47 > 0:10:53Department will report it producer price index rose 3% in the month of
0:10:53 > 0:11:00November compared with an increase of .4% in the previous month. And
0:11:00 > 0:11:02finally the Treasury Department report on the federal budget is
0:11:02 > 0:11:07expected to show the US Federal government ran a $134 billion
0:11:07 > 0:11:11deficit in the month of November.
0:11:11 > 0:11:17David Bloom, Global Head of FX Strategy at HSBC joins me now.
0:11:17 > 0:11:22Lots of central bank action this week.It is a busy week before silly
0:11:22 > 0:11:27jumper time which will probably start next week. At the moment we
0:11:27 > 0:11:35have the Federal reserve, and as you said and 97% rate hike, the ECB, the
0:11:35 > 0:11:38bank of England, if you are interested in emerging markets
0:11:38 > 0:11:43Russia and Turkey. It's all happening this week.Which will grab
0:11:43 > 0:11:46your attention? We are all assuming we will get a rate rise tomorrow in
0:11:46 > 0:11:52the US but what about other central banks?I think the others could be
0:11:52 > 0:11:55dull as dishwasher because we are interested in is what it will tell
0:11:55 > 0:11:59us. We think the bank of England will raise rates again in the first
0:11:59 > 0:12:04quarter next year but will they give us the signal? This is forward
0:12:04 > 0:12:08guidance, what they are thinking and how they are thinking.It's more
0:12:08 > 0:12:12difficult for the Bank of England, in the United States the economy is
0:12:12 > 0:12:16doing well, there are issues with the ability to get reforms through
0:12:16 > 0:12:23etc but here in the UK you have got Brexit, strong pound, inflation
0:12:23 > 0:12:27spikes, it's much harder for Mark Carney?It is but central banks
0:12:27 > 0:12:31decide what to do and tell us well in advance so actually the way you
0:12:31 > 0:12:36think about it, the central bank think about it, what we used to do
0:12:36 > 0:12:39in the old days is spent how were they thinking and what they were
0:12:39 > 0:12:43thinking, what they might do that now they just tell us. So life is a
0:12:43 > 0:12:48lot easier than it was before and we have to price it. Maybe that is why
0:12:48 > 0:12:52volatility, market going up and down is practically an adult I'm low at
0:12:52 > 0:12:58the moment is the central bank, the most important central bank in the
0:12:58 > 0:13:05world, the Fed, 97% priced in.But they have to deliver!
0:13:05 > 0:13:08We get the latest inflation figures in just under an hour or so and it
0:13:08 > 0:13:12will give us an hint as to whether the Bank of England have made the
0:13:12 > 0:13:16right move when the increased interest rates at the beginning of
0:13:16 > 0:13:20November.Yes the markets are always looking for justification and
0:13:20 > 0:13:24verification but always looking for the next meeting as well. There was
0:13:24 > 0:13:29an interesting story on the oil pipeline which shows how involved
0:13:29 > 0:13:32everything is in financial markets, what does that mean for the next
0:13:32 > 0:13:36inflation numbers? Will the Bank of England in no it as a temporary
0:13:36 > 0:13:41factor? These are the thinking when you get one little thing, it moves
0:13:41 > 0:13:46into all other areas of the market, oil prices going up, who benefits
0:13:46 > 0:13:51and who loses?Do not give us the answer to those questions, you will
0:13:51 > 0:13:56come back and talk about that later on. Thank you.
0:13:57 > 0:14:01David will be back, including less, we will speak to one of the brains
0:14:01 > 0:14:07behind self driving cars.
0:14:07 > 0:14:12About the brains in self driving cars, we're going to be talking
0:14:12 > 0:14:15about how AI and how it's making the driverless cars a reality.
0:14:15 > 0:14:16You're with Business Live from BBC News.
0:14:23 > 0:14:29So we have been talking about the silly jumper season. In case you
0:14:29 > 0:14:33hadn't noticed Christmas is around the corner and prices are going up.
0:14:33 > 0:14:38The British public are well into the swing of festive shopping.
0:14:38 > 0:14:40Joining us now is Fraser McKevitt, head of retail and consumer insight
0:14:41 > 0:14:44at Kantar Worldpanel.
0:14:44 > 0:14:48You can us through the latest figures where they indicate the
0:14:48 > 0:14:54biggest amount of activity is?Well, the overall market is up by 3.1%. It
0:14:54 > 0:15:01is at the same run rate it has been going for at 2017. Supermarkets are
0:15:01 > 0:15:04nervously looking forward towards Christmas because that's a big
0:15:04 > 0:15:09trading season for them and shoppers expect to spend £1.5 billion on the
0:15:09 > 0:15:12Friday and Saturday before Christmas so they have to get it right.
0:15:12 > 0:15:17Consumers are feeling the pressure. Inflation in grocery is currently
0:15:17 > 0:15:26running at 3.6% and that's squeezing budgets so people are having to work
0:15:26 > 0:15:32out how them economize.Will he shop until we drop on the key dates
0:15:32 > 0:15:38before Christmas Day. It is crucial to the supermarkets profitability in
0:15:38 > 0:15:43the New Year?It's a big question and we don't really know, but the
0:15:43 > 0:15:46indicators are that spending will continue. Food and drink is not
0:15:46 > 0:15:52something you choose not to buy and the other thing to remember, times
0:15:52 > 0:15:55are tough economically for a lot of people and we want to have a good
0:15:55 > 0:15:57Christmas. We want to enjoy ourselves and spend time and the
0:15:57 > 0:16:00money that that requires with our friends and our family.Which
0:16:00 > 0:16:04retailers do you think will come out as president winners? Which ones
0:16:04 > 0:16:09will come out with the bumper numbers in the New Year?You could
0:16:09 > 0:16:15divide the market into three easily. On the one hand we have the discount
0:16:15 > 0:16:18retailers in the UK, Aldi and Lidl and I would expect the growth to
0:16:18 > 0:16:22continue over Christmas. Now, they don't tend to have the highest
0:16:22 > 0:16:25market share at Christmas because people go to the other retailers
0:16:25 > 0:16:28more, perhaps some of the more up market ones, but the discounters
0:16:28 > 0:16:31will be shouting about a bumper Christmas. In the middle we have
0:16:31 > 0:16:35everybody else. Where growth is a little bit difficult. A little bit
0:16:35 > 0:16:40sluggish, but Tesco is ahead of their so-called Big Four rivals and
0:16:40 > 0:16:43finally we have online sales. Now that over the last couple of years
0:16:43 > 0:16:50has been a story of extraordinary growth, but that's slowing.Thank
0:16:50 > 0:16:57you.
0:17:00 > 0:17:04You're watching Business Live. Our top story:
0:17:04 > 0:17:06On the two year anniversary of the 2015 Paris climate accord,
0:17:06 > 0:17:09President Emmanuel Macron hosts new summit in bid to ease
0:17:09 > 0:17:14financing crunch for climate change-fighting measures.
0:17:15 > 0:17:23A quick look at how markets are faring.
0:17:23 > 0:17:28A fairly mixed, if not flat, picture. Traders are treading water
0:17:28 > 0:17:33ahead of the conclusion of the US Federal Reserve's meeting in the US
0:17:33 > 0:17:36and then we have the Bank of England and European Central Bank as well
0:17:36 > 0:17:39this week too.
0:17:42 > 0:17:45The future of motoring - we're told - is self-driving cars.
0:17:45 > 0:17:47Giants like Google and Tesla and pumping billions into developing
0:17:47 > 0:17:49the tech that will bring us a driverless future.
0:17:49 > 0:17:51At the heart of the technology is artificial intelligence
0:17:51 > 0:17:54and our next guest is hoping to use his own particular brand
0:17:54 > 0:17:58of AI will help his firm steal a march on his bigger competitors.
0:17:58 > 0:18:03He's the boss of FiveAI.
0:18:03 > 0:18:06It was founded right here in the UK in 2015
0:18:06 > 0:18:10with the aim of creating a world beating autonomous vehicle company.
0:18:10 > 0:18:15Since then its attracted investment of almost $27 million.
0:18:15 > 0:18:18It may seem like a lot, but is it enough to compete?
0:18:18 > 0:18:20Globally, it's been estimated that there have been 160 deals
0:18:20 > 0:18:24in the last three years alone, aimed at developing
0:18:24 > 0:18:29self-driving vehicles.
0:18:29 > 0:18:31And its thought total investment in that time has
0:18:32 > 0:18:35been around $80 billion.
0:18:35 > 0:18:42Stan Boland is the boss of FiveAI and joins me now.
0:18:42 > 0:18:46Tell us about what you're doing and how it's different?So we're
0:18:46 > 0:18:51building the technology that goes from the sensors in a vehicle to
0:18:51 > 0:18:54creating a 3D prospective of what's around us, the objects, the scene
0:18:54 > 0:18:56and then predicting what happens next and then controlling the
0:18:56 > 0:19:01vehicle. So all the software that goes in the car, the first job we're
0:19:01 > 0:19:06doing is building the technology. I guess how it's different is that
0:19:06 > 0:19:11we're assembling talent that exists in Europe to tackle those problems.
0:19:11 > 0:19:16In European cities are very, very different to American cities so the
0:19:16 > 0:19:21technology that your Google or Uber might develop for the US is simply
0:19:21 > 0:19:26not going to work here in Europe and so we are going technology that
0:19:26 > 0:19:30learns about the activities and objects and behaviours that we see
0:19:30 > 0:19:35here in Europe.So you're building that tech that will enable a car to
0:19:35 > 0:19:39be driverless, not bang into anything or anyone and get us from A
0:19:39 > 0:19:42to B, but you won't licence the tech to car makers, are you?No, that's
0:19:42 > 0:19:46right. What we're going to do, we're going to build the technology and
0:19:46 > 0:19:50we're going to build the service to the consumer so the service model is
0:19:50 > 0:19:55we pick people up and drop them off across our cities and we charge them
0:19:55 > 0:20:03a fare for thatting. Doing that. What this means is that the vehicles
0:20:03 > 0:20:08we use will buy those vehicles from vehicle manufacturers and we will
0:20:08 > 0:20:13have them assembled with the sensors and the technology in them.Already
0:20:13 > 0:20:16you have raised quite a bit of money. We said there $27 million,
0:20:16 > 0:20:20but it is more now. It is more since we've created those figures for our
0:20:20 > 0:20:25graphics. You need to raise a lot more. How are you convincing people
0:20:25 > 0:20:31to invest in FiveAI when there are other, much bigger, more
0:20:31 > 0:20:33high-profile competitors out there that could attract the funding
0:20:33 > 0:20:37instead and the interest instead? One of the things that is needed, it
0:20:37 > 0:20:42is such a hard problem, the problem we're trying to solve is hard. So US
0:20:42 > 0:20:46companies are really struggling to solve this problem as well. So
0:20:46 > 0:20:51nobody has got a safe urban driving capability in any city in the world
0:20:51 > 0:20:55today so we are not very different to any US company. But what it comes
0:20:55 > 0:21:00down to talent. Can we find and assemble the talent and Europe has a
0:21:00 > 0:21:05huge amount of talent really. So by doing this, in a kind of start-up
0:21:05 > 0:21:09model in Europe, we can attract that talent.How do you attract that
0:21:09 > 0:21:15talent when Google, Apple, Facebook are offering a lot and amazing
0:21:15 > 0:21:22bright future?We offer similar. All the top talent is joining tech
0:21:22 > 0:21:27companies. It's not actually joining the auto motive sector. So in the
0:21:27 > 0:21:30long-term tech companies win and in the connection of which tech
0:21:30 > 0:21:36companies it is more fun to do it in a start-up company where we can
0:21:36 > 0:21:39offer people real shares and equity ownership of a company and we found
0:21:39 > 0:21:43giving people a share of the company actually tackling the problem that's
0:21:43 > 0:21:49close to home is a superattractive option for people to come and join.
0:21:49 > 0:21:53You are talking about the fact that getting them out on the roads is the
0:21:53 > 0:22:00next big step. Do you see a potential for them to work alongside
0:22:00 > 0:22:03human driven vehicles or do you think it has to be either all of one
0:22:03 > 0:22:07or the other?No, it has got to be mixed. It will be a long time before
0:22:07 > 0:22:12we can have our streets with fully autonomous or fully self driving
0:22:12 > 0:22:16vehicles so we have to operate in a mixed environment really where our
0:22:16 > 0:22:20vehicles are vournded by cyclists, feds, cars, vans, trucks, and
0:22:20 > 0:22:26everything and we will have to predict what the other road users
0:22:26 > 0:22:31are going to. Otherwise our cars end up stopping all over the city if we
0:22:31 > 0:22:39can't predict what's going to happen next.Computers tend to make
0:22:39 > 0:22:44decisions based on logic, humans not necessarily. You are hoping to have
0:22:44 > 0:22:50ten cars on the road in London in 2019.That's phase one. At that
0:22:50 > 0:22:55stage our company is 200 people and then after that, we build a service
0:22:55 > 0:23:02that we will offer to consumers.We will keep an eye on you, FiveAI.
0:23:02 > 0:23:05In a moment we'll take a look through the Business Pages but first
0:23:05 > 0:23:08here's a quick reminder of how to get in touch with us.
0:23:08 > 0:23:11Stay up-to-date with all the day's business news as it happens
0:23:11 > 0:23:12on the BBC's Business Live page.
0:23:12 > 0:23:15There is insight and analysis from our team of editors right
0:23:15 > 0:23:17around the globe and we want to hear from you too.
0:23:17 > 0:23:19Get involved on the BBC's Business Live web page
0:23:19 > 0:23:20at BBC.com/business.
0:23:20 > 0:23:22On Twitter, we're at BBC business.
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0:23:24 > 0:23:27Business Live on TV and online, what you need to know,
0:23:27 > 0:23:37when you need to know.
0:23:37 > 0:23:44David is back from HSBC. David, another story that's interesting.
0:23:44 > 0:23:48Five Finance Ministers from across Europe including Philip Hammond of
0:23:48 > 0:23:55the UK, putting together a letter sent to the US Treasury Secretary
0:23:55 > 0:23:58sort of basically saying your tax reform ideas could breach the
0:23:58 > 0:24:01international trade rules. Interesting scenario, isn't it? A
0:24:01 > 0:24:06Pan-European approach?Yeah, it is a Pan-European approach and they are
0:24:06 > 0:24:11saying this is the counterbalance of the America first approach that they
0:24:11 > 0:24:17say the US has taken. Every country has sovereignty over its tax. They
0:24:17 > 0:24:22are saying they are acting unfairly and the US and the US is changing
0:24:22 > 0:24:28international trade. You know, when the Berlin Wall came down in 1989 we
0:24:28 > 0:24:35were going to have the superb open world and we are heading for the TPP
0:24:35 > 0:24:38and all that's changed now.The Trans-Pacific Partnership in Asia.
0:24:38 > 0:24:46Yes. Sorry.It is just interesting as you say how we've got this kind
0:24:46 > 0:24:50of Europe-wide approach and yet it is unlikely that the US, well the
0:24:50 > 0:24:53Trump administration will listen or even change their tax reform ideas
0:24:53 > 0:24:57which is being grappled with in their own political framework?Well,
0:24:57 > 0:25:02this is a major piece of legislation and we are looking for another rate
0:25:02 > 0:25:07rise by the Fed and the US economy should do very well. But it does
0:25:07 > 0:25:12raise some question Marx and it does raise question Marx about open trade
0:25:12 > 0:25:15in the world and we have seen that with Brexit. We have gone our own
0:25:15 > 0:25:18way so we can't really complain too much, but some countries are
0:25:18 > 0:25:22preferring that and the US says everyone is running, we are running
0:25:22 > 0:25:28a huge current account deficit and it is unfair and people are cheating
0:25:28 > 0:25:31and we need to change things and it is belligerent and that's not the
0:25:31 > 0:25:37kind of story I want to read. I want to read about love and happiness,
0:25:37 > 0:25:42not new trade wars breaking out.The next time you come in, I expect to
0:25:42 > 0:25:48see you in your silly Christmas jumper.That's what we need.
0:25:48 > 0:25:51That's it from Business Live today.
0:25:51 > 0:25:56It is always good to have your company. Thanks for being with us.
0:25:56 > 0:26:00See you soon.