0:00:05 > 0:00:08This is Business Live from BBC News with Victoria Fritz
0:00:08 > 0:00:10and Alice Baxter.
0:00:10 > 0:00:11Showdown in Barcelona.
0:00:11 > 0:00:13Can today's Catalonia election see off an independence
0:00:13 > 0:00:18challenge that threatens one of Europe's biggest economies?
0:00:18 > 0:00:19Live from London, that's our top story
0:00:19 > 0:00:29on Thursday 21st December.
0:00:38 > 0:00:42Polls have opened in the Spanish region of Catalonia.
0:00:42 > 0:00:44we'll cross live to Barcelona to hear how Spanish businesses
0:00:44 > 0:00:48are reacting to the vote.
0:00:48 > 0:00:49Also in the programme...
0:00:49 > 0:00:52Uber's Chinese rival receives a big boost to its plans
0:00:52 > 0:00:56for international expansion.
0:00:56 > 0:01:00And we'll be getting the inside track on the latest
0:01:06 > 0:01:09Many investors are away for the Christmas break.
0:01:09 > 0:01:13Many investors are away for the Christmas break. Investors taking a
0:01:13 > 0:01:17step back following those recent gains.
0:01:17 > 0:01:20And we'll be getting the inside track on the latest
0:01:20 > 0:01:21trend in eating out.
0:01:21 > 0:01:24Would you go to a stranger's house for a home-cooked meal?
0:01:24 > 0:01:32Well, our guest has turned that idea into a business.
0:01:32 > 0:01:38Just use the hashtag BBCBizLive.
0:01:38 > 0:01:43Apple deliberately saying they slow down old phones when it comes to
0:01:43 > 0:01:53updating software. What do you reckon? Letters no. -- let us know.
0:01:53 > 0:01:57Hello and welcome to Business Live.
0:01:57 > 0:02:00We start in the Spanish region of Catalonia where voters
0:02:00 > 0:02:02are going to the polls today to pick a new parliament.
0:02:02 > 0:02:05The elections were called after October's referendum which saw
0:02:05 > 0:02:09a vote in favour of independence, plunging the country
0:02:09 > 0:02:12into a constitutional crisis.
0:02:12 > 0:02:15Catalonia is barely more than 6% of Spain's territory.
0:02:15 > 0:02:20But it accounts for around a fifht of the Spanish economy
0:02:20 > 0:02:23and almost a quarter of exports- as well as 16% of the population.
0:02:23 > 0:02:31Last week the Bank of Spain cut its national economic growth
0:02:31 > 0:02:38forecast for next year from 2.5% to 2.4% - citing the uncertainty
0:02:38 > 0:02:43around Catalonia as one of the main reasons.
0:02:43 > 0:02:46Businesses aren't waiting to find out the impact.
0:02:46 > 0:02:51Many are moving their legal headquarters out of Catalonia.
0:02:51 > 0:02:54Some reports suggest 3,000 have done so since the referendum,
0:02:54 > 0:02:56although politicians have been arguing over the numbers.
0:02:56 > 0:03:02We'll also take a look at the Spanish stock market,
0:03:02 > 0:03:06it was rising strongly in the first half of the year,
0:03:06 > 0:03:14but since October's referendum it's been on a downward trajectory.
0:03:14 > 0:03:15Victoria.
0:03:15 > 0:03:16Thanks Alice.
0:03:16 > 0:03:18Our Correspondent Guy Hedgecoe is in Barcelona.
0:03:18 > 0:03:20Guy, the separatist and pro-unity sides appear to be
0:03:20 > 0:03:27neck-and-neck at this stage?
0:03:27 > 0:03:34Yes, absolutely. The polls have been suggesting it is a very tight race.
0:03:34 > 0:03:38Perhaps the pro-Independence parties have been marginally ahead,
0:03:38 > 0:03:42according to those polls. Although the big question is, whether either
0:03:42 > 0:03:46side will be able to form a government after these elections,
0:03:46 > 0:03:51because it is so tight and they might fail to get a majority in the
0:03:51 > 0:03:55Catalan parliament. I am outside a polling station in central
0:03:55 > 0:04:04Barcelona, I am with the managing director of a financial company, AMC
0:04:04 > 0:04:14network. It has a lot of business interests in Spain, but particularly
0:04:14 > 0:04:19Catalonia. After the instability we saw, have you taken any particular
0:04:19 > 0:04:23business decisions, how has it affected your business decisions?
0:04:23 > 0:04:28The instability came from the Spanish state. This is a stable
0:04:28 > 0:04:32region, diverse economy with plenty of money here. But it affected our
0:04:32 > 0:04:37decisions across Spain. We had to pull back on a lot of investments
0:04:37 > 0:04:41across the country. We are keen on Catalonia, we will have to wait
0:04:41 > 0:04:44until next year until we can do something new and there are major
0:04:44 > 0:04:50issues in other parts of Spain which haven't come to light yet.We did
0:04:50 > 0:04:56see the government take direct control of Catalonia at the end of
0:04:56 > 0:05:03October, an unprecedented move. Since that happened, have we seen a
0:05:03 > 0:05:06change in the business climate, have things calmed down in the last few
0:05:06 > 0:05:11weeks since direct rule was introduced?Direct rule sounds more
0:05:11 > 0:05:16interesting than it is. You have the same things going on, but no heads
0:05:16 > 0:05:22in place. You have people in charge from Madrid, who you don't know what
0:05:22 > 0:05:26they are called, donor who they are. But things are trundling along and
0:05:26 > 0:05:31nothing is happening quickly. Briefly, what affected the selection
0:05:31 > 0:05:37make to the Catalan economy?The news today with that of Poland and
0:05:37 > 0:05:41the EU coming down hard on them is interesting. We will see more noise
0:05:41 > 0:05:46from other countries about what is going on here and expecting them to
0:05:46 > 0:05:51operate from Madrid like a proper country instead of not a very
0:05:51 > 0:05:57professional manner so far.Thank you very much, managing director of
0:05:57 > 0:06:01AMC network.Thank you very much.
0:06:01 > 0:06:05Let's take a look at some of the other stories making the news.
0:06:05 > 0:06:07The US Commerce Department has ruled that Canadian aerospace
0:06:07 > 0:06:09firm Bombardier received government subsidies and sold C-Series jets
0:06:10 > 0:06:13below cost in the US.
0:06:13 > 0:06:16The investigation came after a complaint from US rival Boeing.
0:06:16 > 0:06:19The Commerce Department is recommending import tariffs
0:06:19 > 0:06:23of almost 300%.
0:06:23 > 0:06:27Telecoms giant AT&T has said it will pay a $1,000 bonus
0:06:27 > 0:06:29to more than 200,000 workers, as a result of the
0:06:29 > 0:06:33new US tax reforms.
0:06:33 > 0:06:37The firm, which still needs government approval to allow it
0:06:37 > 0:06:39to take over Time-Warner, also said it would invest an
0:06:39 > 0:06:42additional $1 billion in the US in 2018.
0:06:42 > 0:06:45The global cost of disasters jumped 63% this year,
0:06:45 > 0:06:49according to insurance giant Swiss Re - well above the average
0:06:49 > 0:06:51of the past decade.
0:06:51 > 0:06:54The Americas were hardest hit, Hurricanes Harvey, Irma and Maria
0:06:54 > 0:07:04caused insured losses of about $93 billion
0:07:05 > 0:07:15Chinese ride-hailing service Didi Shoe-shing Technology Company
0:07:16 > 0:07:18has raised $4 billion in a new funding round.
0:07:18 > 0:07:21The fundraising will help fuel the firm's global expansion plans.
0:07:21 > 0:07:24Christine Hah is in Singapore, how much of a challenge does this pose
0:07:24 > 0:07:26to its US rival Uber?
0:07:26 > 0:07:33How much of a challenge is this to their big rival Uber.This is the
0:07:33 > 0:07:40company that push Uber out of the market in China. This $4 billion
0:07:40 > 0:07:47comes from Abu Dhabi state fund as well as another long-term investor.
0:07:47 > 0:07:52This pushes its evaluation up, but more importantly, gives the company
0:07:52 > 0:07:59a lot of financial power to push through its expansion plans. Didi,
0:07:59 > 0:08:04was at around $3.5 billion two years ago, now it is $12 billion so it
0:08:04 > 0:08:09gives it a lot of extra cash to two at the expansion. They said they
0:08:09 > 0:08:14will expand overseas and according to Reuters, Didi has said it wants
0:08:14 > 0:08:21to enter Mexico and also looking to Taiwan. It wants to put more money
0:08:21 > 0:08:25to artificial intelligence, so smart transportation, self driving cars
0:08:25 > 0:08:30and also wants to build up its electric car network, so very
0:08:30 > 0:08:39forward network. Didi is also an investor, they have money put into
0:08:39 > 0:08:44US-based Lift in Brazil, Estonia, the Middle East. This is a threat to
0:08:44 > 0:08:54Uber's global ambitions. Uber wants to go public in 2018 but Didi has
0:08:54 > 0:08:58the cash to back all this up.
0:08:58 > 0:09:04Let's stay in the region.
0:09:04 > 0:09:06China stocks rose on Thursday, as investors were inspired
0:09:06 > 0:09:09by Beijing's commitment to maintain steady economic growth next year
0:09:09 > 0:09:11while deepening structural reforms and curbing financial risks.
0:09:11 > 0:09:13Stocks in Asia more generally a little muted -
0:09:13 > 0:09:15as investors took a step back following recent gains
0:09:15 > 0:09:17after Donald Trump's tax reform bill finally passed through Congress.
0:09:17 > 0:09:20Equities have rallied this year on expectations the president's
0:09:20 > 0:09:22promised cuts would fire the already strong economy and those gains
0:09:22 > 0:09:25increased over the past week - however, with the uncertainty out
0:09:25 > 0:09:29of the way traders have clearly decided to cash in.
0:09:29 > 0:09:38Meanwhile here in Europe, Yogita Limaye has the details
0:09:38 > 0:09:46about what's ahead on Wall Street Today.
0:09:46 > 0:09:54Currencies have barely moved.
0:09:54 > 0:09:57The final estimate of third quarter GDP is expected to confirm some
0:09:57 > 0:09:59of President Trump's proud boasts that the economy has now been
0:09:59 > 0:10:02growing at an annualised rate of more than 3% for two quarters.
0:10:02 > 0:10:04The consensus forecast is for 3.3% growth.
0:10:04 > 0:10:08As well as that economic data, investors will also have various
0:10:08 > 0:10:13bits of corporate news to mull over on Thursday.
0:10:13 > 0:10:16Foot wear giant, Nike, is releasing its second quarter earnings.
0:10:16 > 0:10:19They're likely to show that strong demand from international markets -
0:10:19 > 0:10:22notably Europe and China - is driving sales growth.
0:10:22 > 0:10:26There are also signs that business in North America is improving too.
0:10:26 > 0:10:29And the consulting firm Accentia is expected to post a rise
0:10:29 > 0:10:36in first quarter revenue when it releases earnings.
0:10:36 > 0:10:45Joining us is David Buik market analyst from Panmure Gordon.
0:10:45 > 0:10:55, What a joy.The pleasure is all ours.
0:10:55 > 0:10:56Mark Carney reassuring investors that the cryptocurrency
0:10:56 > 0:11:01Bitcoin does not pose a threat to global financial stability -
0:11:01 > 0:11:09we better hope he's right!
0:11:09 > 0:11:14The only area I would be worried about, it is not a solid piece of
0:11:14 > 0:11:18metal like gold, and it does lend itself to criminology. People who
0:11:18 > 0:11:23can't get money out of countries will use bit calling to do it. It
0:11:23 > 0:11:31will be impossible to regulate. -- Bitcoin. How can you make a case to
0:11:31 > 0:11:37regulate Bitcoin. I wish all those people, who want to fly by the seat
0:11:37 > 0:11:44of their pants, was up from $234 two years ago, up to 16,000, which is a
0:11:44 > 0:11:49drop of 200% on what it was yesterday. What will deter the
0:11:49 > 0:11:57smaller investor, is the unit size. Which is absolutely enormous. It is
0:11:57 > 0:12:01a danger as commodity, but if you have got the stomach for it, how
0:12:01 > 0:12:13exciting is it? I agree with Mark Carney on that.It is not a
0:12:13 > 0:12:15currency, so it does come with all these warnings.
0:12:15 > 0:12:17He did agree though, that the technology behind it,
0:12:17 > 0:12:19blockchain, conceivably could improve the way
0:12:19 > 0:12:24transactions are conducted between financial institutions.
0:12:24 > 0:12:33The other thing is, Bitcoin has been introduced on two future markets,
0:12:33 > 0:12:37BLE and Chicago. Which blends a bit more liquidity to it and possibly
0:12:37 > 0:12:43help these volatile conditions. David, thank you and we will stick
0:12:43 > 0:12:51around to go through the business papers. Bitcoin is up 3.2% this
0:12:51 > 0:12:56morning. But as David said, losing some ground after reaching $20,000
0:12:56 > 0:13:01earlier in the week. Has become a new hobby, tracking the price of
0:13:01 > 0:13:04Bitcoin.
0:13:05 > 0:13:07Still to come:
0:13:07 > 0:13:09Do you fancy yourself as a Michelin star chef?
0:13:09 > 0:13:11We'll be speaking to the entrepreneur who's helping
0:13:11 > 0:13:13amateur chefs make a living from their hobby.
0:13:13 > 0:13:18You're with Business Live from BBC News.
0:13:18 > 0:13:20Toys-R-Us - the UK's biggest toy retailer -
0:13:20 > 0:13:23has been struggling and today it's seeking
0:13:23 > 0:13:28approval for a plan to restructure its business.
0:13:28 > 0:13:31It'll mean closing some stores and some job losses,
0:13:31 > 0:13:34but if its plan isn't agreed, well, the whole business could close.
0:13:34 > 0:13:37So why is this happening?
0:13:37 > 0:13:43Ben's at a toy shop in London.
0:13:43 > 0:13:51Are you having fun?Morning. There was a time a big film franchise like
0:13:51 > 0:13:55this would guarantee big toy sales, but it's not working out like that.
0:13:55 > 0:14:00Retailers having to sell things cheaper this year before Christmas.
0:14:00 > 0:14:07It has been a pretty tough time for the toy market of late and it comes
0:14:07 > 0:14:13to ahead with Toys R Us. They will determine whether investors will the
0:14:13 > 0:14:17retailer a lifeline. It means it would carry on trading but would
0:14:17 > 0:14:22close a number of stores and lose our number of jobs. The alternative
0:14:22 > 0:14:25is it would slip into administration and back could put many more jobs at
0:14:25 > 0:14:30risk. It could mean the closure of those stores. Why has it been such a
0:14:30 > 0:14:38tough time for retailers this year? Gary is with me and is the boss of
0:14:38 > 0:14:43The Entertainer. You are on high streets, these out-of-town parks,
0:14:43 > 0:14:49but it has been tough?These last six weeks, we're 9% down on
0:14:49 > 0:14:54Maastricht, big drop at a critical time of the. Nearly half the toy
0:14:54 > 0:15:02industry's turnover is in these last few weeks. Turnover in December is
0:15:02 > 0:15:0725% more, so to be 9% down is a big loss.People just aren't paying for
0:15:07 > 0:15:14this sort of stuff now?We have brought forward our January sale, we
0:15:14 > 0:15:18started last Friday. We reviewed the warehouse, looked that items we
0:15:18 > 0:15:22thought would be overstocked and we have been cutting prices. People
0:15:22 > 0:15:26have been reacting to that people are price conscious at the moment.
0:15:26 > 0:15:32Good luck, you have a busy few days ahead of you, but we'll get the
0:15:32 > 0:15:35update from Toys R Us later. It could be pretty important for the
0:15:35 > 0:15:41future of the retail, but all of them facing difficult times getting
0:15:41 > 0:15:45us to part with our money, especially when it comes to Joyce. A
0:15:45 > 0:15:52lot of the competition is always coming from online retailers.
0:15:52 > 0:16:00Every year one is to difficult to get hold of. This year it is the
0:16:00 > 0:16:04Fingerling. Check it out.
0:16:04 > 0:16:07You're watching Business Live.
0:16:07 > 0:16:09Polls have opened in the Spanish region of Catalonia.
0:16:09 > 0:16:12The vote is intended to resolve a stand-off between the Spanish
0:16:12 > 0:16:13Government and campaigners who unilaterally declared
0:16:13 > 0:16:16independence in October.
0:16:16 > 0:16:22All indications are that the result will be very close.
0:16:22 > 0:16:28We're expecting it later this evening.
0:16:28 > 0:16:30How do you fancy going out for a meal cooked
0:16:30 > 0:16:31by someone you don't know?
0:16:31 > 0:16:34I don't mean to a restaurant, I mean to the home
0:16:34 > 0:16:36of a total stranger.
0:16:36 > 0:16:40Well, our next guest has turned that idea into a business.
0:16:40 > 0:16:43Her company is called WeFiFo - which stands for We Find Food.
0:16:43 > 0:16:45It was founded in May last year and operates
0:16:45 > 0:16:48as a platform for foodies.
0:16:48 > 0:16:50Amateur chefs can open up their kitchens
0:16:50 > 0:16:54and make money from enthusiastic diners.
0:16:54 > 0:16:57The company says that hosts can earn up to $40,000 a year.
0:16:57 > 0:17:02It has staged dining events in seven countries,
0:17:02 > 0:17:03including Australia, America and Israel.
0:17:03 > 0:17:10And plans to have 33,000 hosts by 2020.
0:17:10 > 0:17:17Seni Glaister, founder of WeFiFo joins us now.
0:17:17 > 0:17:24This is a really interesting idea and it goes to heart of utilising
0:17:24 > 0:17:31underemployed people, people who may be at home perhaps work part-time.
0:17:31 > 0:17:36An interesting business model.Yes, we're encouraging people who
0:17:36 > 0:17:41probably have a lot of talent and skill, but haven't yet put to it
0:17:41 > 0:17:46practice on an unknown audience. It is designed to encourage people to
0:17:46 > 0:17:54take that skill and monetise it. When you go to a restaurant, you
0:17:54 > 0:17:58know that that has had to go through a lot of quality controls and sign
0:17:58 > 0:18:03off on licences and stuff, can anyone sign up, or do you have to
0:18:03 > 0:18:14prove you can cook a decent meal? I can't cook.I bet people would love
0:18:14 > 0:18:19to join you at your table. The joy of this is anybody can sign up and
0:18:19 > 0:18:24become a host. Reviews and ratings will dictate the success of the
0:18:24 > 0:18:32host. But most people that are proud enough to serve food to even to
0:18:32 > 0:18:35their families are competent cooks and some we have found are
0:18:35 > 0:18:41exceptional. But they're not, you're not going to find them in a
0:18:41 > 0:18:42restaurant, because family commitments, might stop them
0:18:42 > 0:18:48pursuing it as a career. But they have a lot of talent.It is a big
0:18:48 > 0:18:54step from cooking for your family to paying guests, how big are the
0:18:54 > 0:19:01events and do you provide support? We provide a huge amount of support,
0:19:01 > 0:19:05the platform is designed to allow people to take incremental steps
0:19:05 > 0:19:09before they get to a bigger audience. They start on family and
0:19:09 > 0:19:14friends and as they get more confident and the reviews get in
0:19:14 > 0:19:20they will build the size of it and charge for. Our average events has
0:19:20 > 0:19:26been for eleven people, which sounds like a lot. But a lot of them are
0:19:26 > 0:19:32very big parties with our more experienced hoefss. -- hosts.Are
0:19:32 > 0:19:37there safety concerns allowing strangers into your home.If you had
0:19:37 > 0:19:43asked me that ten years ago it would have been different, because Air B &
0:19:43 > 0:19:50B away. If you're prepared to hand over your most prized asset, it is a
0:19:50 > 0:19:56smaller step to invite people in, and people are so grateful for the
0:19:56 > 0:20:05experience to try something different that it is really
0:20:05 > 0:20:10attracting adventurous people and also very polite guests.Polite
0:20:10 > 0:20:16paying guests, how you make money? We charge a commission and the
0:20:16 > 0:20:20commission reduces as a host gets better. To encourage them and to
0:20:20 > 0:20:27empower them to get the skills to progress their career with us. So
0:20:27 > 0:20:32the more they do it the more they earn and we're all finding that some
0:20:32 > 0:20:38of those most experienced hoechss are turn -- hosts are encouraging
0:20:38 > 0:20:42other hosts to join in and improve their skills. It is a real
0:20:42 > 0:20:47community.The food industry is very saturated, there is a lot of
0:20:47 > 0:20:56competition out there for places for people to spend money, are you
0:20:56 > 0:20:59deliberately targeting non-city areas where there isn't that variety
0:20:59 > 0:21:05of choice?We have a lot of hosts in cities, but our immediate strategy
0:21:05 > 0:21:10was to look at rural areas where there isn't the choice and some
0:21:10 > 0:21:15areas where maybe the community of the pub has closed or the post
0:21:15 > 0:21:19office has closed and really it is the people in the heart of the
0:21:19 > 0:21:23neighbourhood that are the heart of community. So putting people around
0:21:23 > 0:21:29tables in rural areas is a great way to bring neighbours together.Thank
0:21:29 > 0:21:32you very much. Very interesting and best of luck with the business.
0:21:32 > 0:21:38Thank you.In a moment we will look through the business pages with
0:21:38 > 0:21:51David. But here is how you can in touch with us.The business live
0:21:51 > 0:21:55page has analysis from our team around the globe. We want to hear
0:21:55 > 0:22:01from you. Get involved on the BBC's business live web page.
0:22:06 > 0:22:14You can find us on Twitter and Facebook. What you need to do, when
0:22:14 > 0:22:17you need to do it.
0:22:17 > 0:22:19Let's see what other stories are being talked
0:22:19 > 0:22:25about on social media.
0:22:25 > 0:22:29David Buik is joining us again to discuss.
0:22:29 > 0:22:34Facebook is rolling out facial recognition software, that means you
0:22:34 > 0:22:38can be tagged in a photo and if somebody puts up a photo of you, you
0:22:38 > 0:22:45will know about it.I'm not the right person to answer! Because I
0:22:45 > 0:22:52find any personal thing, I find Facebook intrusive, if you saw the
0:22:52 > 0:22:56people from Facebook and Google before the Culture Secretary
0:22:56 > 0:23:01committee the other day, they said there are 500 million tweets or
0:23:01 > 0:23:08placements per day. It is going to be impossible to actually keep full
0:23:08 > 0:23:11control of it, however Facebook wants to say you have to sign up for
0:23:11 > 0:23:19it. I think a couple of country won't do. Japan and Canada. I think
0:23:19 > 0:23:27for the young, providing it doesn't go across the line, where they have
0:23:27 > 0:23:30this problem of criminalology, I think it is fun, I don't want to be
0:23:30 > 0:23:37a kill joy, but I think the controls need to be there and I do sound very
0:23:37 > 0:23:40fuddy-duddy, but I have a fearfulness about social media which
0:23:40 > 0:23:48has got to a level of hysteria and hatred, which I unhelpful. If it is
0:23:48 > 0:23:55done in good faith fantastic. Important to roll out. It is not
0:23:55 > 0:24:03going to happen in the EU and Canada.And you need to opt in. It
0:24:03 > 0:24:09has been part of social media platform for some time. As you say,
0:24:09 > 0:24:14there are concerns, a lot of people would agree with you.We started off
0:24:14 > 0:24:23with Skype, this is a much better development in terms of quality.Now
0:24:23 > 0:24:29a story that was chosen not with you in mind, David.I wondered when you
0:24:29 > 0:24:39sent it to me, but there you are.It just caught our eye, eating salad
0:24:39 > 0:24:44can stave off dementia.It follows the BBC's excellent pieces about
0:24:44 > 0:24:52older people, starting off with Fergus Walsh getting hammered by an
0:24:52 > 0:24:5784-year-old woman in a race. Yesterday I think it with was the
0:24:57 > 0:25:01ladies doing their dancing. Absolutely wonderful. In their 70s.
0:25:01 > 0:25:13And maybe there is hope for me, because I eat salad pretty much
0:25:13 > 0:25:17every day. The medical profession has done so much work on this kind
0:25:17 > 0:25:24of thing.This I research from Chicago saying eating salad can help
0:25:24 > 0:25:30stave off dementia and reduce your brain age by eleven years. Amazing.
0:25:30 > 0:25:35So eat your greens.Quickly at the start of the programme we tweeted
0:25:35 > 0:25:45out asking if people were surprised that apple was outstanding its hand
0:25:45 > 0:25:51sets when you update the software. We have had a lot of tweets. One
0:25:51 > 0:25:56says, all phone companies do that. One says after updates it may force
0:25:56 > 0:26:05the Ca pas pi. Capacity.