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you agree or is Facebook
right to defend itself?
Send your comments
to hashtag BBCBizLive.
Lots of comments from you already.
So keep them coming in.
Is Facebook ripping society apart?
Facebook says no. Many of you
disagree. We will talk about that
The World's most
powerful Central Bank -
the US Federal Reserve -
will today announce if it plans
on raising interest rates
for the world's biggest economy.
Any rise will be seen
as an endorsement of not only
the strength of the American
economy, but also the global
This is ten years on from
the financial crisis.
There have been three rises
since December 2016 and markets
are already factoring
in another rise later.
US economic growth has hit
an annualised rate of more than 3%
in the past two quarters,
while the unemployment rate
in the US is at its
lowest since 2000.
US jobs growth was better
than expected in November
with the number of new jobs rising
by 228,000 with the unemployment
rate holding steady at 4.1%.
And in October, the IMF
upped its forecast for the global
economy and now predicts growth
of 3.6% this year and 3.7% in 2018.
We're joined by Karen Ward,
Chief Strategist, JP
Morgan Asset Management.
assuming that we are going to see a
rate rise today. Is this the right
That's right today. It is
largely expected to see another
quarter point increase. The question
really is what they tell us about
next year and how many more they
think are in the pipeline.
do you think they will say and let's
remember that Jerome Powell takes
over in February from Janet Yelland
so a New Year with a new boss?
That's right. We have heard a lot
from him in recent months and it
doesn't sound like that's going to
deliver many changes at the Fed in
the terms of their thinking or the
policy. The question is about tax
reform and what that is going to
deliver and if it passes and how
much it will boost the economy and
how monetary policy fits into the
shift into fiscal policy.
overnight about Alabama, it might be
more difficult for the Trump
administration to get through the
tax reform in the way that they
wanted at least?
Exactly right. So
the marredin is 49-51 so that does
add to the uncertainty of what that
final tax package could look like
and what a stimulus it will be.
what will be on the mind do you
think of the Fed in 2018? Given the
year we have had with a strong surge
on Wall Street and good steady
economic growth in the US. What are
we looking like in 2018?
the Fed, but all the central banks
are walking this difficult balance
at the moment of trying to continue
to foster the recovery, generate a
little bit more inflation. If
anything, wage growth is still a
little bit low in the US as it is in
most of the developed world. So that
suggests, you know, keep some
stimulus in the pipeline. But at the
same time, they are not wanting to
stoke up any asset bubbles, you
know, make the mistakes of the 2000s
when at the peak of the crisis in
2007, they were criticised for doing
too little, too late. So that's the
difficult balance they will be
weighing up. That still points this
them being fairly cautious and
fairly gradual, but continuing to
get to some sort of normal rate over
the course of the next two years.
What is the normal rate? In
textbooks it says it should be
around 4%, but what is the normal
now? Is there a new normal?
big debate. A lot of the things that
made us think that it was a lot
lower were factors like very low
productivity, perhaps a global
savings glut still continuing, some
of those signs look a little bit
better. We do see trade picking up.
We see investment picking up. That
could maybe help with productivity.
So maybe that old concept of normal
hasn't completely gone away.
thank you very much indeed. The
chief strategist of JP Morgan Asset
Management. It is a story we will be
watching throughout the day. Of
course, it is affecting markets as
they trade in anticipation really.
We will talk more about that a
Let's take a look at some of
the other stories making the news.
The Financial Times reports that
Walt Disney is close to confirming
a deal to buy 21st Century Fox's
for around $60 billion.
The sale would include the 20th
Century Fox film studio and the Sky
and Star satellite broadcasters
in the UK, Europe and Asia.
Facebook has responded
to a former executive
who said the social network
and other services like it,
were "ripping society apart".
Chamath Palihapitiya made
the comments last month
but what he said only hit
the headlines on Monday.
Facebook said the company
was different no to when he had
worked there six years ago
and "as we have grown
we have realised how our
responsibilities have grown too."
That's our Twitter question today.
Send in your xhevenlts
Ryanair passengers face disruption
to their Christmas travel plans
after pilots and crew announced
industrial action in a bid
to win union recognition
and better conditions.
In Ireland, pilots based
in Dublin will strike for one
day on 20th December.
Meanwhile Ryanair pilots and cabin
crew in Italy are to strike for four
hours on 15th December.
The American computer data storage
company Western Digital has
settled its long running legal
dispute with Toshiba.
The dispute could have prevented
the $18 billion sale of Toshiba's
prized memory chip unit.
Monica Miller is following this from
our Asia Business Hub in Singapore.
Finally there could be an end in
Yes. It has been an ugly,
bitter divorce. Yes, it's finally
over. Both Toshiba and Western
Digital have agreed to resolve
disputes which now paves the way for
the sale f Toshiba of's $18 billion
unit. The global investment firm has
partnered with South Korea's SK
Hynec. The legal battle started this
year. It was Toshiba after said it
would have to sell the chip dftion
in order to recover big losses it
had accrued. The US partner, Western
Digital, threatened to block the
sale, but now it's over, Western
Digital can now pursue other
pursuits including investing in a
new product line of memory chips.
Toshiba Can shore up its balance
sheets by the end of the fiscal year
in March and avoid being delisted on
the Tokyo stock exchange.
Monica, thank you. Relief all-round
especially for all of those who have
had to talk about it for so long.
Markets in the US seeing
new record highs last night,
on reports that policy-makers
could push through that tax deal
which would see the US corporate tax
rate cut to 21% next year.
It's not yet a done deal
yet, but was enough
to push markets higher.
Up 0.5% yesterday.
But that's not feeding through to
this morning's open in Europe.
There are a lot of questions
that need answers as far
as policy is concerned.
We might get some answers
from today's Fed meeting
as well as tomorrow's
Bank of England and European
Central Bank rate meetings.
In the UK, they'll be looking
closely at what yesterday's rise
in inflation data means,
hitting 3.1% in November,
the highest level in five years.
Not welcome news for consumers.
We will get an update on employment.
It is expected to fall to 4.3%, that
would be a 42 year low.
More on that in a moment,
but first Samira has
the details about what's ahead
on Wall Street today.
Many will be watching what happens
with the US Federal Reserve
at the end of their two-day meeting,
but taxes will also be
the focus on Wednesday.
US President Donald Trump
will deliver a speech on the plan
to overhaul the American tax code.
And this comes on the same day
lawmakers in Washington will host
the one and only open conference
on tax legislation.
Republicans are planning
to have a final agreement nailed
down by the end of this week.
And finally, the US Labor Department
will release data on consumer
prices for November.
The low rate of inflation has been
a persistent economic
mystery in recent months,
as falling unemployment and rising
economic growth have
failed to push up prices.
But new figures on Wednesday
will shed light on where
we are with inflation,
and if it gets any closer
to the Fed's 2% target.
That was Samira, of course.
Joining us now is Tom Stevenson,
at Fidelity International.
We have talked about markets and
what's going on. From your point of
view, is it one game in town and
that's the Fed?
It is one game in
town and that's central banks. Lots
of central banks getting their final
meetings of the year out of the way
before the holidays start. I mean,
here in the UK, we've got an
interesting meeting tomorrow, you
mentioned it, Ben, we've had
inflation figures which were pretty
high. Today we're going to get
unemployment data which will show a
40 year low for unemployment, but
the important thing is that wage
growth is not there. So I think
that's what the bank will be looking
at. It will say, well, inflation is
high, wage growth is low. It will
stifle the economy. There is no
incentive for us to raise interest
rates in the UK unlike will the US.
I think that gap is going to widen
between the US and the UK.
concerned are you as far as the UK
economy is concerned. There is a lot
of doom sayers about the situation
at the moment?
Well, it is a mixed
bag actually. Growth is low, but it
is positive. I think the gap between
wage growth and inflation is a real
problem for the consumer side of the
economy and of course, that's a big,
and important part of the UK economy
and of course, you know, hanging
over everything is the uncertainty
of the Brexit negotiations. You
know, so we had some good news last
week, you know, we maybe edging
towards a deal, but for the next
year, at least, there is going to be
a lot of uncertainty.
Tom, a quick
word on oil. It is a long time since
we've spoken about oil. $65 for
Brent, up 2.4% and that's because of
Yes, well, there are
two things. There is the shutdown of
the Fortes pipeline which caused a
short-term spike, the direction of
travel for oil is upwards. There is
discipline from Opec and Russia in
terms of curbing production. That's
keeping a floor on the oil price and
I think that's likely to continue. I
think that oil will stay in the $60
to $70 range.
You say it is a while
since you talked about oil. We
talked about it yesterday! Ben
wasn't listening. We have got that
story we just talked about, we had
other issues regards with supply
from gas from Italy to Russia. Gas
exports in Britain's North Sea, they
will be halted until January, 2nd
due to the shutdown of the Fortes
pipeline. Knock on effect with gas
exports affected by this as well.
Which, of course, is a critical time
of year with it being winter, our
demand for energy is going up at
this time of year. So, interesting
to keep an eye on that.
It shows how
vulnerable we are to some things
like that. A little crack in the
pipeline can have such an impact on
prices. We will have more for you
Still to come:
It's a bugs life.
We speak to the man who is using
insects to make animal feed -
freeing up crops for humans to eat.
You're with Business
Live from BBC News.
First, let's talk about Dixons
Pre-tax profits at the tech
retailer have slumped more
than 60% in the six months
to the end of October.
It's warned that the mobile phone
market remains "challenging",
with customers hanging
onto handsets for longer.
Let's speak to Eleanor Parr,
a retail analyst at GlobalData.
It is a familiar tale, we have heard
from the boss of Dixons Carphone
that people just aren't changing
their technology as quickly as they
Absolutely. In times of
austerity that we are going through
at the moment, people just can't
afford to upgrade their mobile
phones. There has also been an
indication that consumers are less
inclined to upgrade their phones,
iPhone in numeric Severn, 6, numeric
, people are not seeing the
difference. But there is a
difference with the very new iPhone
And the less money that they are
making when they go overseas with
the phone, because with the roaming
charges being knocked down,
thankfully and EU wider decision,
but it hits Dixons.
Yes they said
this could cost them up to £40
What we talk about
consumers having less money in their
pocket, we're talking about
inflation rising quickly, it is that
familiar tale again, people just
don't have the money right now.
electrical is has been very hard hit
by this. Retailers have seen big
increases in cost prices, and
although some has been passed to the
customer, retailers themselves have
had to take a hit.
you very much. Digging deep into the
Dixons Carphone figures that were
out early today. It is that time of
year. Google has told us what are
the most searched for terms on the
UK website. No surprises, Meghan
Markle is the top one on the list,
and fidgets spinners also up there.
You're watching Business Live.
Our top story: US interest rates
are expected to rise
by 0.25% later today.
It would be the third increase
by the Federal Reserve this year.
But with inflation still relatively
low, there's a big debate
about whether raising rates
is the right answer.
A quick look at how
markets are faring.
The markets are digesting some
corporate news stories that are out
there. But also treading water ahead
of a Fed announcement later today.
That is how Europe is trading at the
moment. I like it when it changes
from red to green like that while we
are on it. It doesn't happen
from red to green like that while we
are on it. It doesn't happen! Little
Now, here's a question -
how do you feed a rapidly growing
world which has limited resources?
The UN predicts that by 2050
the global population will have
reached almost ten billion,
raising big questions
over food security.
Will there be enough to go around,
and where will it come from?
Well, one French start-up
thinks it has answer.
By reducing agriculture's dependence
on traditional animal feed,
it would free up food like soybeans,
corn and oats for human consumption
rather than animals.
It's secured more than $1 million
of funding, and produces animal feed
from insect larvae using waste
fruit and vegetables.
Syrine Chaalala is co-founder
and Chief Operating
Officer at Next Protein.
That is the company behind all of
this. Good morning. Syrine
That is the company behind all of
this. Good morning. Syrine, you and
your husband co-founded this, you
used to work at the UN and your
husband is a chemist, so put the two
together and you end up with this
Exactly, and it works out
great because we both have our own
skill sets, and it allows us to work
and live together, because I was
working in the UN in the field, and
as a professional woman it is not
always easy to work away, so it is a
Say you are both
based in Tunisia but you also have
offices in Paris, so you are between
Our headquarters is in
Paris, but the production plant is
in Tunisia, because the insects we
have chosen, insects in general have
to have certain parameters in place
would include lighting, temperature,
so for us it made sense to have our
production plant in Tunisia where
the temperatures are ambient audio
We are looking at pictures
here of what appeared to be bugs.
Just explain this for us.
you an idea of what a day looks like
at baulk, we start receiving some
fruits and vegetables that would
have ended up in landfill, and they
have already gone through triage,
but we also make sure they are clean
and authorised fruits and vegetables
by the European Commission. Then we
have our own recipe, puree that we
have created through lots of
research which is the optimal puree
from the insect growth. We grind the
fruits and vegetables, we take it,
we feed the lava, which are placed
in their own chamber, and once they
reach a certain size, we take 95% of
them, which are processed into three
main products, we have our protein
powder, oil and the Next grow, a
It sounds quite
expensive and labour-intensive. Is
it expensive for farmers who will be
buying this feed, and to what extent
will it help with the issue of food
security in the future?
It will help
in many ways. The product that we
are putting on the market is very
competitive. Currently as you may
know the what is used as a source of
protein, the traditional protein
sources that are used are soy bean
and fishmeal. We know that the
fishmeal is depleting, and soy beans
are resource intensive. What we are
doing is offering an alternative
that is sustainable and that has
close to no carbon footprint. And
also has a nutritional value that is
And why is this better
than animal standing in fields
eating grass? What difference does
Our product will not be
consumed by cows, for example. The
main animals that will consume our
product are fish, aqua culture,
authorised in Europe, poultry and
pigs. And as you may know, we are
going back to nature. Chickens eat
insects naturally, fish eat insects
naturally, and pigs are omnivores.
So it is better for their health. It
is so much more to talk about, as
usual. Time is getting the better
usual. Time is getting the better
us. Syrine, thank you very much, and
your new adventure starts in a few
months with your first baby.
Yes, we are already preparing for
You will have to figure
out how to run the country -- the
company and be parents!
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 of the
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BBC live, what you need to know,
when you need to know it. Do get in
touch with us. That's talk about
some of those questions at the
start, whether Facebook is indeed
caring society apart, that is the
accusation. People saying yes and
no, both positive and negative
influences on me. We have pink bag
lady, who says I am largely
housebound, Facebook is my window
into the world, my life is poorer
without it. And then Queen caffeine
says negative, I left Facebook in
favour of Twitter and Instagram,
much less drama, messages are to the
point, although the characters are
getting more and more, are they? And
one here, Facebook totally negative,
young people and students waste
their time taking of posting
, Tom, what do you think?
pros and cons, and they? Everything
I'm always reminded,
when we do these stories, we have
certain demographic watching us.
Let's talk about Disney and
21st-century fox, this was breaking
yesterday afternoon when the news
that Comcast had pulled out came
through, and we also saw Disney and
21st-century shares up on Wall
This is an interesting
deal for Disney, a reflection of the
changing face of entertainment.
Clearly streaming services, the
likes of Netflix and Amazon,
are really taking over from
traditional television, cable,
satellite subscriptions. And I think
the Disney is very much in that
latter camp, and it needs to move
into that streaming world. So this
would be a very interesting deal.
much consolidation and working out
what bits might need to be sold off
to make the deal go through.
looks like is the Murdochs will keep
whole of the new things, which is
their main interest.
Thanks the company today. We will do
it all again tomorrow. Are you here
tomorrow? I'm not. I am here.