12/12/2017 BBC Business Live


12/12/2017

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This is Business Live from BBC News

with Sally Bundock and Ben Bland.

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Two years on from the Paris Climate

deal world leaders are back

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in the city to work out how

they are going to pay

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for all their promises.

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Live from London, that's our top

story on Tuesday December 12.

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They need $100 billion

a year to make it work,

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and America now won't pay a penny -

so can world leaders come together

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today and work out how to fund

the Paris Climate agreement?

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Also in the programme,

the price of Brent crude oil has

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hit its highest level in two years

after a key pipeline

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from the North Sea was shut

due to safety fears.

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And the markets across Europe are on

central bank watch with the Fed

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meeting starting today. We also have

the European Central Bank the Bank

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of England as the week progresses.

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And we'll be getting

the inside track on how artificial

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intelligence is helping to 'drive'

the self-driving car revolution.

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And as world leaders meet to talk

about climate change what steps do

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you think they should take? Fewer

flights, less driving, perhaps laced

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meat?

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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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Get in touch with your top tips or

ideas when it comes to making us all

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a bit more environmentally friendly.

Let's start

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in Paris, on this day, in 2015,

a landmark deal to tackle climate

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change was agreed by almost every

nation on the planet.

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Now, two years on, national leaders

are meeting back in Paris to discuss

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the deal and how to pay for it.

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The deal commits 195 countries

to keep the rise in global

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temperatures to less than 2 degrees

Celsius from the pre-industrial era.

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The International Energy Agency has

estimated it will take

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$3.5 trillion a year for the next 30

years to contain that rise

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of global temperatures.

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As part of the deal rich nations

have agreed to maintain

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a $100 billion a year funding pledge

to help developing countries

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to adapt and develop

renewable resources.

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However questions have been

raised over where much

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of this money will come

from after President Trump pulled

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the US, the world's

second-largest carbon emitter -

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out of the deal.

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President Trump says

the agreement would cost the US

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6.5 million jobs and $3tn in lost

GDP - while rival economies

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like China and India

are treated more favourably.

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Let's get more on this story

with Helen Mountford,

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Global Director of Economics

at the World Resources Institute -

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who joins us from Paris.

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I suppose the big question is can

they achieve this without America?

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There is an incredible momentum

here, I think we have a grouping of

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countries, we have got states and

businesses and investors who are

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capturing the moment we had in Paris

and moving ahead. We are expecting a

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number of announcements later today

on how they are stepping up to help

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close the gap both on financing and

action.

What would you like to see

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from them in terms of big practical

steps, would be the key things you

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think they could agree at this

gathering to try and deal with

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climate change?

I think one of the

most exciting tournaments at the

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moment is in the finance sector,

investors and banks are starting to

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recognise the importance of

understanding climate related

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financial risk and opportunities.

Where the real opportunities of the

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future are and those are renewable

energy and storage batteries and

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restoring degraded lands. There is

enormous economic and investment

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opportunities. They are starting to

see that and they are also seen the

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risks of continuing to go on with

business as usual where we invest in

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fossil fuel, or reinvest in

congested and polluted cities. The

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cost are enormous, an estimated 3

million people per year die of air

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pollution alone. When of the

exciting things to look for is for

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the investors will say, are they

going to be asking companies to

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start disclosing how aligned they

are with the Paris agreement? There

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are recommendations on this from the

G20 task force and there are are

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already 100 companies and banks that

say they will be commenting these.

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Willmore come forward? That's what I

would be looking for today.

From

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that it sounds like your perspective

is the onus, the key momentum needs

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to come from businesses rather than

government.

No, it has to come from

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everybody, both, business needs

clear policy and regulatory

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framework to do their business well.

But a number of them are stepping up

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already and moving forward, we also

have a number of countries who are

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represented here who were expecting

to come forward and even within the

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US we have got an incredible

movement amongst the US states and

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cities as well as businesses,

universities, who are still in for

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the Paris agreement, who represent

about half of the US economy who

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have said they are still intending

to meet the Paris agreement calls.

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Thank you very much.

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One of the UK's most important

pipelines was stopped after a crack

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was discovered. We have our

economics correspondent Andrew

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Walker with us. I serious is this?

Serious enough that the pipeline

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system will be closed for weeks

rather than days, we do not have a

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specific timescale but as you

indicated, it's a very big deal for

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the North Sea industry, it has a

capacity of getting on for half a

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million barrels per day, to put it

in a global context that is

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equivalent to about 10% of the total

oil production of Iran or Iraq so

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this is a major disruption to the

industry.

Presumably that is why we

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have seen such a spike in the price

of Brent crude?

Absolutely, and some

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other interesting features, there is

more of an increase in the premiums

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you have to pay for delivery now

rather than a few weeks or months.

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Also an increase in the premium for

the Brent price from the North Sea

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compared with what you are having to

pay for American crude oil. That

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also partly reflects has been an

increase in shell production in the

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US, but the widening of the premium

for North Sea oil is very much down

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to these developments.

Is the time

of year also a factor, because we

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are in the middle of the winter.

Absolutely, and there was a bigger

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surge in the wholesale price of gas.

It is winter and as I am sure you

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noticed it's a particularly cold

phase of this part of winter so

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demand is pretty strong and at the

moment we're having this

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interruption to supply.

Thanks very

for that. We will keep an eye out.

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Let's take a look at some of

the other stories making the news.

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France's Unibail-Rodamco has agreed

to buy shopping mall owner Westfield

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for $24.7 billion including debt,

in what would be the biggest

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takeover of an Australian

company on record.

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The deal accelerates consolidation

amid the global retail property

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sector as it grapples

with challenges from online

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retailers led by Amazon.com.

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The Financial Times is reporting

that the world's largest

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listed oil and gas group,

ExxonMobil, is to start publishing

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reports on the possible impact

of climate policies on its business.

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The decision is being seen

as a success for investors who have

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been pushing for improved disclosure

on the risks it faces.

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Finance ministers in five European

countries have written to their US

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counterpart to warn that planned

changes to American tax law

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could violate international rules.

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In a letter to the US

Treasury Secretary the ministers

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argued the proposed changes

would risk having a major distortive

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impact on international trade.

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These are the Asian markets, closing

down by one third of a percent, the

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closing figure is correct but the

big zero is not. The reason markets

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in Asia were mixed is not a bit flat

is partly because traders worldwide

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are treading water with the Fed

reserve meeting beginning today and

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ending tomorrow with the expectation

we could see the cost of borrowing

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going up in the world's biggest

economy so let's look at Europe. You

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can see the FTSE treading water, it

is the case across Europe, we have

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some very stock specific stories,

news that Comcast has pulled out of

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the attempts to buy Sky, so it looks

like Walt Disney might be one of the

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biggest winners, that's an

interesting one to keep an eye on.

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We will keep an eye on markets in

detail at the moment. But let's go

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to New York and look ahead to the

day on Wall Street.

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All eyes will be on the Federal

reserve as it begins its two day

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meeting on interest rates. The Fed

kept interest rates unchanged at the

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last meeting and pointed to a solid

US economic growth and the

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strengthening Labour market. The

expectation is that the Fed will

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raise interest rates. We will not

know until the end of the meeting

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which is on Wednesday. Also

happening on Tuesday the Labor

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Department will report it producer

price index rose 3% in the month of

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November compared with an increase

of .4% in the previous month. And

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finally the Treasury Department

report on the federal budget is

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expected to show the US Federal

government ran a $134 billion

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deficit in the month of November.

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David Bloom, Global Head of FX

Strategy at HSBC joins me now.

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Lots of central bank action this

week.

It is a busy week before silly

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jumper time which will probably

start next week. At the moment we

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have the Federal reserve, and as you

said and 97% rate hike, the ECB, the

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bank of England, if you are

interested in emerging markets

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Russia and Turkey. It's all

happening this week.

Which will grab

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your attention? We are all assuming

we will get a rate rise tomorrow in

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the US but what about other central

banks?

I think the others could be

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dull as dishwasher because we are

interested in is what it will tell

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us. We think the bank of England

will raise rates again in the first

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quarter next year but will they give

us the signal? This is forward

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guidance, what they are thinking and

how they are thinking.

It's more

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difficult for the Bank of England,

in the United States the economy is

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doing well, there are issues with

the ability to get reforms through

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etc but here in the UK you have got

Brexit, strong pound, inflation

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spikes, it's much harder for Mark

Carney?

It is but central banks

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decide what to do and tell us well

in advance so actually the way you

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think about it, the central bank

think about it, what we used to do

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in the old days is spent how were

they thinking and what they were

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thinking, what they might do that

now they just tell us. So life is a

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lot easier than it was before and we

have to price it. Maybe that is why

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volatility, market going up and down

is practically an adult I'm low at

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the moment is the central bank, the

most important central bank in the

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world, the Fed, 97% priced in.

But

they have to deliver!

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We get the latest inflation figures

in just under an hour or so and it

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will give us an hint as to whether

the Bank of England have made the

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right move when the increased

interest rates at the beginning of

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November.

Yes the markets are always

looking for justification and

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verification but always looking for

the next meeting as well. There was

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an interesting story on the oil

pipeline which shows how involved

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everything is in financial markets,

what does that mean for the next

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inflation numbers? Will the Bank of

England in no it as a temporary

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factor? These are the thinking when

you get one little thing, it moves

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into all other areas of the market,

oil prices going up, who benefits

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and who loses?

Do not give us the

answer to those questions, you will

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come back and talk about that later

on. Thank you.

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David will be back, including less,

we will speak to one of the brains

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behind self driving cars.

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About the brains in self driving

cars, we're going to be talking

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about how AI and how it's making

the driverless cars a reality.

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You're with Business

Live from BBC News.

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So we have been talking about the

silly jumper season. In case you

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hadn't noticed Christmas is around

the corner and prices are going up.

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The British public are well into the

swing of festive shopping.

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Joining us now is Fraser McKevitt,

head of retail and consumer insight

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at Kantar Worldpanel.

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You can us through the latest

figures where they indicate the

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biggest amount of activity is?

Well,

the overall market is up by 3.1%. It

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is at the same run rate it has been

going for at 2017. Supermarkets are

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nervously looking forward towards

Christmas because that's a big

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trading season for them and shoppers

expect to spend £1.5 billion on the

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Friday and Saturday before Christmas

so they have to get it right.

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Consumers are feeling the pressure.

Inflation in grocery is currently

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running at 3.6% and that's squeezing

budgets so people are having to work

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out how them economize.

Will he shop

until we drop on the key dates

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before Christmas Day. It is crucial

to the supermarkets profitability in

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the New Year?

It's a big question

and we don't really know, but the

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indicators are that spending will

continue. Food and drink is not

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something you choose not to buy and

the other thing to remember, times

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are tough economically for a lot of

people and we want to have a good

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Christmas. We want to enjoy

ourselves and spend time and the

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money that that requires with our

friends and our family.

Which

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retailers do you think will come out

as president winners? Which ones

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will come out with the bumper

numbers in the New Year?

You could

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divide the market into three easily.

On the one hand we have the discount

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retailers in the UK, Aldi and Lidl

and I would expect the growth to

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continue over Christmas. Now, they

don't tend to have the highest

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market share at Christmas because

people go to the other retailers

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more, perhaps some of the more up

market ones, but the discounters

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will be shouting about a bumper

Christmas. In the middle we have

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everybody else. Where growth is a

little bit difficult. A little bit

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sluggish, but Tesco is ahead of

their so-called Big Four rivals and

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finally we have online sales. Now

that over the last couple of years

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has been a story of extraordinary

growth, but that's slowing.

Thank

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you.

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You're watching Business Live.

Our top story:

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On the two year anniversary

of the 2015 Paris climate accord,

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President Emmanuel Macron hosts

new summit in bid to ease

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financing crunch for climate

change-fighting measures.

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A quick look at how

markets are faring.

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A fairly mixed, if not flat,

picture. Traders are treading water

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ahead of the conclusion of the US

Federal Reserve's meeting in the US

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and then we have the Bank of England

and European Central Bank as well

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this week too.

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The future of motoring -

we're told - is self-driving cars.

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Giants like Google and Tesla

and pumping billions into developing

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the tech that will bring us

a driverless future.

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At the heart of the technology

is artificial intelligence

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and our next guest is hoping

to use his own particular brand

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of AI will help his firm steal

a march on his bigger competitors.

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He's the boss of FiveAI.

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It was founded right

here in the UK in 2015

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with the aim of creating a world

beating autonomous vehicle company.

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Since then its attracted investment

of almost $27 million.

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It may seem like a lot,

but is it enough to compete?

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Globally, it's been estimated

that there have been 160 deals

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in the last three years alone,

aimed at developing

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self-driving vehicles.

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And its thought total

investment in that time has

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been around $80 billion.

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Stan Boland is the boss

of FiveAI and joins me now.

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Tell us about what you're doing and

how it's different?

So we're

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building the technology that goes

from the sensors in a vehicle to

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creating a 3D prospective of what's

around us, the objects, the scene

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and then predicting what happens

next and then controlling the

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vehicle. So all the software that

goes in the car, the first job we're

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doing is building the technology. I

guess how it's different is that

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we're assembling talent that exists

in Europe to tackle those problems.

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In European cities are very, very

different to American cities so the

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technology that your Google or Uber

might develop for the US is simply

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not going to work here in Europe and

so we are going technology that

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learns about the activities and

objects and behaviours that we see

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here in Europe.

So you're building

that tech that will enable a car to

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be driverless, not bang into

anything or anyone and get us from A

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to B, but you won't licence the tech

to car makers, are you?

No, that's

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right. What we're going to do, we're

going to build the technology and

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we're going to build the service to

the consumer so the service model is

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we pick people up and drop them off

across our cities and we charge them

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a fare for thatting. Doing that.

What this means is that the vehicles

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we use will buy those vehicles from

vehicle manufacturers and we will

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have them assembled with the sensors

and the technology in them.

Already

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you have raised quite a bit of

money. We said there $27 million,

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but it is more now. It is more since

we've created those figures for our

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graphics. You need to raise a lot

more. How are you convincing people

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to invest in FiveAI when there are

other, much bigger, more

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high-profile competitors out there

that could attract the funding

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instead and the interest instead?

One of the things that is needed, it

0:20:330:20:37

is such a hard problem, the problem

we're trying to solve is hard. So US

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companies are really struggling to

solve this problem as well. So

0:20:420:20:46

nobody has got a safe urban driving

capability in any city in the world

0:20:460:20:51

today so we are not very different

to any US company. But what it comes

0:20:510:20:55

down to talent. Can we find and

assemble the talent and Europe has a

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huge amount of talent really. So by

doing this, in a kind of start-up

0:21:000:21:05

model in Europe, we can attract that

talent.

How do you attract that

0:21:050:21:09

talent when Google, Apple, Facebook

are offering a lot and amazing

0:21:090:21:15

bright future?

We offer similar. All

the top talent is joining tech

0:21:150:21:22

companies. It's not actually joining

the auto motive sector. So in the

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long-term tech companies win and in

the connection of which tech

0:21:270:21:30

companies it is more fun to do it in

a start-up company where we can

0:21:300:21:36

offer people real shares and equity

ownership of a company and we found

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giving people a share of the company

actually tackling the problem that's

0:21:390:21:43

close to home is a superattractive

option for people to come and join.

0:21:430:21:49

You are talking about the fact that

getting them out on the roads is the

0:21:490:21:53

next big step. Do you see a

potential for them to work alongside

0:21:530:22:00

human driven vehicles or do you

think it has to be either all of one

0:22:000:22:03

or the other?

No, it has got to be

mixed. It will be a long time before

0:22:030:22:07

we can have our streets with fully

autonomous or fully self driving

0:22:070:22:12

vehicles so we have to operate in a

mixed environment really where our

0:22:120:22:16

vehicles are vournded by cyclists,

feds, cars, vans, trucks, and

0:22:160:22:20

everything and we will have to

predict what the other road users

0:22:200:22:26

are going to. Otherwise our cars end

up stopping all over the city if we

0:22:260:22:31

can't predict what's going to happen

next.

Computers tend to make

0:22:310:22:39

decisions based on logic, humans not

necessarily. You are hoping to have

0:22:390:22:44

ten cars on the road in London in

2019.

That's phase one. At that

0:22:440:22:50

stage our company is 200 people and

then after that, we build a service

0:22:500:22:55

that we will offer to consumers.

We

will keep an eye on you, FiveAI.

0:22:550:23:02

In a moment we'll take a look

through the Business Pages but first

0:23:020:23:05

here's a quick reminder of how

to get in touch with us.

0:23:050:23:08

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

business news as it happens

0:23:080:23:11

on the BBC's Business Live page.

0:23:110:23:12

There is insight and analysis

from our team of editors right

0:23:120:23:15

around the globe and we want

to hear from you too.

0:23:150:23:17

Get involved on the BBC's

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0:23:170:23:19

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0:23:190:23:20

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0:23:200:23:22

And you can find us

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0:23:220:23:24

Business Live on TV and online,

what you need to know,

0:23:240:23:27

when you need to know.

0:23:270:23:37

David is back from HSBC. David,

another story that's interesting.

0:23:370:23:44

Five Finance Ministers from across

Europe including Philip Hammond of

0:23:440:23:48

the UK, putting together a letter

sent to the US Treasury Secretary

0:23:480:23:55

sort of basically saying your tax

reform ideas could breach the

0:23:550:23:58

international trade rules.

Interesting scenario, isn't it? A

0:23:580:24:01

Pan-European approach?

Yeah, it is a

Pan-European approach and they are

0:24:010:24:06

saying this is the counterbalance of

the America first approach that they

0:24:060:24:11

say the US has taken. Every country

has sovereignty over its tax. They

0:24:110:24:17

are saying they are acting unfairly

and the US and the US is changing

0:24:170:24:22

international trade. You know, when

the Berlin Wall came down in 1989 we

0:24:220:24:28

were going to have the superb open

world and we are heading for the TPP

0:24:280:24:35

and all that's changed now.

The

Trans-Pacific Partnership in Asia.

0:24:350:24:38

Yes. Sorry.

It is just interesting

as you say how we've got this kind

0:24:380:24:46

of Europe-wide approach and yet it

is unlikely that the US, well the

0:24:460:24:50

Trump administration will listen or

even change their tax reform ideas

0:24:500:24:53

which is being grappled with in

their own political framework?

Well,

0:24:530:24:57

this is a major piece of legislation

and we are looking for another rate

0:24:570:25:02

rise by the Fed and the US economy

should do very well. But it does

0:25:020:25:07

raise some question Marx and it does

raise question Marx about open trade

0:25:070:25:12

in the world and we have seen that

with Brexit. We have gone our own

0:25:120:25:15

way so we can't really complain too

much, but some countries are

0:25:150:25:18

preferring that and the US says

everyone is running, we are running

0:25:180:25:22

a huge current account deficit and

it is unfair and people are cheating

0:25:220:25:28

and we need to change things and it

is belligerent and that's not the

0:25:280:25:31

kind of story I want to read. I want

to read about love and happiness,

0:25:310:25:37

not new trade wars breaking out.

The

next time you come in, I expect to

0:25:370:25:42

see you in your silly Christmas

jumper.

That's what we need.

0:25:420:25:48

That's it from Business Live today.

0:25:480:25:51

It is always good to have your

company. Thanks for being with us.

0:25:510:25:56

See you soon.

0:25:560:26:00

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