14/12/2017 BBC Business Live


14/12/2017

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This is Business Live from BBC

News with Sally Bundock

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and Susannah Streeter.

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Re-opening the 'fast

lanes' of the internet.

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American lawmakers prepare to rip-up

Obama's net neutrality laws later -

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giving broadband firms huge power

over online traffic.

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Live from London, that's our

top story on Thursday

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the 14th of December.

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As pioneers of the internet warn

that losing net neutrality would be

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nothing short of a catastrophe,

we discuss the impact

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on innovation, and free speech.

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Also in the programme....

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Global interest rates in focus.

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After the US Federal Reserve

raised rates on Wednesday,

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and China's PBOC hiked today,

we find out what we can expect

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from the Bank of England

and the European Central Bank.

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And that really is concentrating

minds on the financial markets in

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Europe. Opening down so far.

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And today is the busiest day

of the year for the Royal Mail,

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with ten million parcels

and millions of letters

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out for delivery.

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We're going live to a sorting office

to see how the company is coping.

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Today we want to know: on the day

we expect a deal to be announced

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between Disney and 21st Century Fox,

are you concerned about getting less

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choice in movies?

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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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We start in the US -

where regulators could be

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about to scrap rules guaranteeing

equal access to the internet -

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a principle known

as 'net neutrality'.

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It was enshrined in law under

President Obama in 2015 -

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but under the Trump administration

it looks doomed following a huge

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battle in the business world.

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Here's why.

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Think of your internet service

provider as a motorway.

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Net neutrality means it's not

allowed to set up 'fast lanes' -

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giving faster access to some sites

because they pay more.

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Or deliberately slowing or blocking

other sites that don't.

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US telecoms giants like Comcast,

Verizon and AT&T have

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lobbied hard against it.

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But content firms like Amazon

and Google say ditching the rules

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will give too much power

to the Telecoms - and will make it

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harder for new start-ups to compete.

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In July they led more than 170

organisations in slowing

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down their services to protest

the proposed change.

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The debate is going

on all over the world.

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The countries in blue already

have 'net neutrality' -

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they make sure all traffic

is treated equally.

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Those in red are considering it.

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Those in yellow have no

rules at the moment.

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Matthew Howett is a communications

industry analyst

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at Assembly Research.

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Good morning. It looks like these

rules may get ripped up today in the

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United States. Talk us through the

winners and losers.

The winners, as

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we heard in that piece, are the big

telcos. Arguably, the diggers

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losers, are the communications

companies. I think we should think

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about how the consumer bits into

this. The rules are there to protect

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so that you and I can get the

content we want on our devices. The

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lobbyists would argue that they will

be fine, they will be protected.

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There are rules that can be used to

police this. Ultimately consumers

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could lose out if they cannot get

access to the content they want.

We

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showed you the map where different

areas of neutrality exist but does

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it really exist? Other things these

companies can already do to try to

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promote some services over others?

The way the works mean we do have to

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prioritise some traffic. -- the

internet works. Providers like

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Netflix are paying ISPs to get the

content is closer to us so we do not

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sleep buffering when we use our

devices. These things are

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commonplace. -- we do not see.

In

the US we have mentioned a strong

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lobby group, the likes of Horizon,

AT and T and others. Is there a

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similar group in Europe, who are

trying to pull away the net

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neutrality rules?

We have seen less

of the debate in Europe and the UK.

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We have more competition between the

different broadband providers but

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that is less the case in the US.

There are fewer of them are more

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concerned about what they might do.

In Europe there is a lot of

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competition. If people do not like

something they can switch to another

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provider.

It will come down to the

philosophical argument about whether

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we should all have a right to access

the internet and good access to the

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internet, no matter who we are, how

big or small we are.

It is a crucial

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debate. We are talking about big

amounts of money. That could be used

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to invest in rolling out the

infrastructure and improving

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broadband speeds. There is a

relationship between both sides on

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this debate. It is one which

probably will not go away quickly

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even after this vote.

We will talk

to you on the subject and probably

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other subjects. Thank you for coming

in.

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Let's take a look at some of

the other stories making the news.

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The World Trade Organisation has

closed its biennial summit without

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any agreements being reached.

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There had been some hope of deals

on e-commerce, as well as farming

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and fishing subsidies.

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It raises questions

about the group's ability to govern

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global trade disputes.

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The head of the WTO said

the organisation now needed

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to conduct some real soul-searching.

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In the UK, an influential group

of MPs has urged Britain

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and the European Union

to agree a status quo Brexit

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transition period.

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The Treasury Select Committee wants

it agreed as soon as possible

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to ease business concerns

over a no-deal Brexit.

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The committee's report said it

strongly supported the Prime

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Minister's push for a comprehensive

free-trade deal which

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would keep borders as

frictionless as possible.

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The carmaker Nissan says

it's recalling more

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than 300,000 vehicles in Japan

because of a defective

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coating which could,

in the worst case scenario,

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lead to a fire.

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Six models, including

minivans made for Suzuki

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and Mitsubishi, are affected.

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No vehicles sold outside

Japan are being recalled.

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Do not forget our business live page

is constantly updating with the

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news. BP and the fact that

Australian and additional parties

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have blocked the oil giant's vision

is to buy network of local networks

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stations from the supermarket chain

in Australia, or worse. It was worth

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$1.3 billion. So, interestingly, how

BP has been stymied by Australian

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competition authorities. One of

those stories is also on there. Take

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a look when you want. Also lots

about the Federal reserve decision.

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In the wake of the US

Federal Reserve's decision

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to hike interest rates

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on Wednesday, China's Central Bank

surprised the markets

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by making a rate rise of their own.

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Monica Miller is in Singapore.

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What did they do? China has made a

startling declaration of moderate

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losses after raising short-term and

mid term interest rates for debate

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came after hours the decision the

Fed made by raising rates by a

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quarter of a percent. The world's

second-biggest economy has started

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to cool as the Government cut down

on high risk lending. They do not

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want to slow down economic growth.

Hong Kong was another one. Their

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monetary authority was out today and

they have upped their base rate 25

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basis points. Hong Kong tracks the

US rate because their currencies are

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pinned to one another. Both

currencies are in lockstep with

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other Asian currencies, which have

already raised their rates. South

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Korea raised its rate. It was the

first Asian country to do so since

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2014 foot at many economists say

Malaysia could be no first one in

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the U -- New Year followed by

Philippines and Taiwan. We may see

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another interest rate rise in South

Korea in 2018.

Thank you for that

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update. The financial market focus

is over central bank activity after

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the much anticipated interest rate

hike. The dollar fell despite an

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upbeat assessment of the US economy.

Despite another record close on Wall

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Street, the stronger yen pushed down

stocks in Tokyo. Closing down by

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.2%. Let's have a look at Europe as

well. The markets mainly open. Down

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across-the-board ahead of the key

central bank decisions in Frankfurt.

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The ACP and the Bank of England are

not expecting a big change but we

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may get an indication of future

policy.

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Yogita was in Washington for that

Fed decision and has the details

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about what's ahead on Wall Street

Today.

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Stock market investors would like to

have a big deal to analyse and trade

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on foot of it looks like they will

get one just in time for Christmas.

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It is widely expected that Disney

and 21st-century fox will announce a

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major transaction in which Disney

will buy most of Fox's media assets.

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Many US TV channels, its movie

studio, and a stake in sky TV, which

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owns Sky News Wall Street expects

the deal could be worth something

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like $60 billion and that it could

be announced as early as Thursday.

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Investors will also get a bunch of

economic data to pore over, most

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notably retail sales figures from N.

They are expected to show a rise of

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.3% as the US consumer remains happy

to spend. And there is corporate

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earnings are far from software giant

Oracle.

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Joining us is Sue Noffke

is UK equities fund

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manager from Schroders.

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Nice to see you. Talking about what

is going on this week.

Lots going

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on. It is kind of wrapping up what

has been really a Goldilocks Year 4

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economic growth, financial markets.

Would you describe that for the UK?

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The UK in a global context is quite

small. It is not as bad as many

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feared.

I just wanted to clarify

what you thought Goldilocks was.

I

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am talking about the global economy,

particularly the US, which sets the

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scene. Gross has been good. What

drives central bank action is

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expected inflation. -- growth. That

has been modest. We had core

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inflation numbers which were a bit

weaker than people had gone for. The

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headline came in line with people's

expectations. That keeps the Fed

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quite down.

Talking about that

scenario, not necessarily that if

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you are betting on a stronger

dollar, which really has not

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materialised. Again, weakening after

that central bank decision at the

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Fed. Why is that? Janet had quite an

upbeat assessment of the US economy

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for the going forward, she is

questioning the impact of Trump's

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plan.

And just how sustainable that

boosters. That is true. She has put

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through some stronger growth

forecast but not sustained it in our

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two years. It comes back to the

inflation forecast. There is no

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inflation pressure building up in

the system despite unemployment

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being at low levels. It allows

central banks to keep monetary

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policy quite loose and comes back to

the Goldilocks scenario. I think

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they will follow through next year

with three but the markets are only

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pricing in two. And that is where

inflation is so key.

Thank you for

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now. She will be back. Some

interesting stories to get our teeth

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into later. That is on the cards in

a few minutes.

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Still to come...

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On the busiest day of the year

for the Royal Mail, we'll be live

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in a sorting office to see just how

the company is dealing

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with the millions of parcels

and Christmas cards that need to be

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processed at this time of year.

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You're with Business

Live from BBC News.

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It is busy for the likes of Royal

Mail but also extremely busy for

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online grocery chains.

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Online grocery chain Ocado said

a driver shortage impacted sales

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growth in its fourth quarter.

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The retailer, which recently

secured its biggest overseas deal

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with a partnership with French

supermarket Groupe Casino,

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said its retail sales

rose 11.6% last quarter,

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having increased 13.1%

in the previous quarter.

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Russ Mould, investment director

at AJ Bell, is in the newsroom

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to talk us through the numbers.

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What is going on? They are not

growing the share of the business

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currently but they are hoping to

build the business overall by the

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tie-up with casino. That is about

the tech behind the delivery system,

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isn't it?

If you look at the stock

market valuation it is over £2

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million, which seems pretty exotic

for a company that is making less

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than 10 million in profit this year.

It is not just down to the grocery

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delivery service. The real secret is

the intellectual property, the Ocado

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Smart platform. It has licensed it

to two or three different grocers.

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The company is working on more

deals, a licensing fee, and in the

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case of capital casino will be a fee

for using the warehouse. That is the

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real secret to the stop. -- restock.

They have been effectively

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subsidising my dinner, which is

fantastic. In terms of the long

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potential of the company it is all

down to the software.

What are

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analysts saying?

In terms of the

numbers today, there was a slight

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slowdown in growth. The driver

problem seems to be sorted. There is

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a fourth warehouse in Eris next

year. That will take many thousands

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of orders a week.

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It is

of orders a week.

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It is incredibly

of orders a week.

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It is incredibly competitive,

of orders a week.

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It is incredibly competitive, we

of orders a week.

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It is incredibly competitive, we are

of orders a week.

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It is incredibly competitive, we are

waiting to see what Amazon will do,

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another challenge for them. Can they

get more big licensing deals?

Thank

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you. Talking us through Ocado's

results. Get the delivery orders in!

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Especially at this time of year. See

you in a minute.

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You're watching Business Live.

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American lawmakers are preparing

to rip-up Obama's net

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neutrality laws later,

reopening the fast

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lanes of the internet and giving

broadband firms huge

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power over online traffic.

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When we get news, we will update you

on the BBC.

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Quick look at how

markets are faring.

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In Europe, we have been trading for

nearly 50 minutes. Nothing too

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dramatic. Trading down a little.

European Central Bank meeting today,

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lots of traders watching out for the

central banks.

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There are just 11 days

until Christmas, which means

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millions of parcels and letters

are out for delivery.

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Don't say that! There are tens of

millions of cards and presents being

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sent. In many companies, it means

extra staff. In the UK, the Royal

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Mail has 20,000 extra pairs of hands

to call upon and today they have got

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Ben Thomson with them as well! Are

you help or hindrance in Manchester?

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How dare you! I am a help, of

course. They have been putting me to

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work this morning. This is going to

Northern Ireland, let me put that

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there. They have taken on thousands

of extra staff to make sure they get

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through all of this stuff, parcels

going all around the world, and they

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are expecting to deal with more of

them, today is the busiest day for

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the Royal Mail. They normally deal

with 2 million parcels and letters.

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They will deal with 3.5 million over

the next 24 hours, a huge logistical

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challenge. One of the bosses here.

Good morning. How do you deal with

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this? A big upswing in business,

extra staff, big challenge?

Huge

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planning effort, we start planning

immediately after Christmas. We

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recruit in the UK, 20,000 extra

people this Christmas. An extra 6000

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vehicles on the road delivering

parcels and also extra trucks and

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flights, huge effort to gear up for

Christmas.

Talked me through what

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goes on. It is all sorting, I

thought there may be more

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automation.

You still need people?

We still need a lot of people. We

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automate letter traffic and

increasingly parcels. Today you're

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seeing people sorting parcels posted

yesterday and they are ongoing to

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worldwide and UK destinations. They

will be on the road at 2pm.

You have

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been facing challenges in

restructuring the business because

0:18:590:19:01

like anywhere in the world, we are

sending fewer letters, maybe more

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parcels, online shopping really big

thing, how have you managed that

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change?

The business has changed

over the years. That is are still

0:19:110:19:15

hugely important to us, 60% of UK

revenue, but parcels are continuing

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to grow. 6% increase in parcels in

the last annual report. Parcels are

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our business now increasingly.

Thank

you. Let me introduce you to a

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marketing expert, really nice to see

you. Retailers, really busy time of

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year, all of this sort of stuff

going through the system, how do

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they plan for things like this?

The

busiest time of year. Increasingly,

0:19:440:19:49

we want to be able to buy products

for all sorts of retailers. The

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planning takes forever, as soon as

Christmas has finished, the plan for

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the year after, it is about making

supply chains are as efficient as

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possible.

The business has changed,

online shopping, more of us ordering

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online, so it is a lot more

complicated, not just thin letters,

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big boxes and parcels.

Things that

are delicate, big boxes, you do not

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want it dropped on your doorstep.

The retailers work hard to make sure

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they pick the right carriers to

deliver things. The last five yards

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per retailers is critical because

you can buy a product but you want

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it to be delivered in the right time

at the right place. They are

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investing more and more into those

last five yards with businesses like

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Royal Mail and other delivery

businesses across Europe and

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globally.

We talked about it being

very seasonable, a lot of extra

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staff, big upswing in demand, how

easy is it for them to gear up for

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things like this?

They plan for it

but increasingly, because online

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shopping has grown at an exponential

rate, there is pressure in the

0:21:000:21:03

workforce to find people who can

drive vans and work in the warehouse

0:21:030:21:07

and there is a premium for that.

Shoppers do not want to have to pay

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for things to be delivered. There

are real challenges from retailers

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about how they pass on the

customers.

Thank you. There you have

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it. A busy time for everyone here. A

lot of seasonal workers have been

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taken on to cope with the extra

demand. It gives you a sense of just

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how busy it is. Everyone trying to

get stuff posted before Christmas. 2

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million parcels and letters is what

they normally deal with, they are

0:21:360:21:39

dealing with about 3-3.5 over the

next 24 hours. Help or hindrance? I

0:21:390:21:46

am hoping I have been a help. It is

possible I might have been a bit of

0:21:460:21:50

a hindrance.

They have been very

understanding. They all look like

0:21:500:21:54

they could do with a cup of tea and

you make a good cup of tea, go on.

0:21:540:22:00

About 20, 30 people behind you.

I

could make myself useful, you are

0:22:000:22:03

right.

They will love you forever.

Busiest time, next 24 hours, for me,

0:22:030:22:12

next ten days, I them nowhere close

to writing my Christmas cards!

I am

0:22:120:22:19

at work, I block it out of my mind

here is that we asked you at the

0:22:190:22:24

beginning whether you are concerned

about reduction of choice on the

0:22:240:22:27

telly in the light of the news we

are expecting today, the fact Disney

0:22:270:22:31

is to do a deal with 21st Century

Fox. If the $60 billion deal goes

0:22:310:22:37

ahead, many argue there would be

less choice on the television

0:22:370:22:40

screens in terms of what we are

watching and where we are watching

0:22:400:22:44

it.

Which service would you have us

your priority customer one says, I

0:22:440:22:52

would have to choose Amazon prime,

it is the added bonuses such as

0:22:520:22:57

two-day shipping, Kindle books.

That

is interesting. That is how

0:22:570:23:03

companies are trying to go, they

want everything about you, the whole

0:23:030:23:10

package. We promised Sue would

return. Your thoughts? A huge deal

0:23:100:23:16

and many are saying it will have a

seismic impact. It has to get

0:23:160:23:22

through regulatory hurdles. Your

thoughts in terms of the impact on

0:23:220:23:24

people like us.

News has

consolidated quite a bit so possibly

0:23:240:23:32

that is where consumers have less

choice today than they did ten years

0:23:320:23:37

ago, for example. On other content,

there are so many proliferations of

0:23:370:23:42

ways you can consume content when I

was growing up, it was three

0:23:420:23:47

channels, four was a great

excitement. Now you have internet

0:23:470:23:52

delivery, different platforms,

YouTube, I think consumers have lots

0:23:520:23:54

of choice.

Moving on.

0:23:540:24:05

In Australia, the country is gripped

by poker machine addiction, a

0:24:050:24:08

warning that has come out from

Australia's institute, a think tank.

0:24:080:24:14

They are saying there are 80% of the

world's poker machines in dedicated

0:24:140:24:20

gambling venues such as casinos but

a lot of those in non-gambling

0:24:200:24:25

venues are in Australia's pubs and

clubs, real issue.

Australia is

0:24:250:24:30

quite different.

In many other

countries regulations about how you

0:24:300:24:35

would use these machines, how much

access individuals would have, in

0:24:350:24:38

Australia, they are very commonly

located for people to have the

0:24:380:24:44

ability to play while they are

having a drink at the pub. It has

0:24:440:24:48

caused problems. What we have got in

Australia is someone from the Labour

0:24:480:24:53

Party in Tasmania saying we want

regulation here and there is only

0:24:530:24:59

one other state in Australia where

they are regulating this. The

0:24:590:25:06

argument from the incumbent liberals

as it could cost jobs and ready for

0:25:060:25:10

a lot of pubs and hotels -- and

revenue.

Apparently our wine glasses

0:25:100:25:19

are getting bigger. They are. It is

blamed for a rise in drinking. Do

0:25:190:25:26

you have large wine glasses at your

house? No-brainer, isn't it? You are

0:25:260:25:31

not meant to put very much in the

glass, that is the problem. The red

0:25:310:25:36

wine is supposed to breathe, white

wine is not supposed to get warm, it

0:25:360:25:42

is how much you put in the glass,

but it is like plates.

The bigger

0:25:420:25:46

the plate, the more food you put on

it.

Too much wine being pulled this

0:25:460:25:51

Christmas, I expect, that is the

issue. That is if it is delivered on

0:25:510:25:56

time! Smaller wine glasses, that is

on my Christmas present list. Have a

0:25:560:26:01

good

0:26:010:26:01

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