0:00:06 > 0:00:09This is Business Live from BBC News, with Susannah Streeter
0:00:09 > 0:00:13and Samantha Simmonds.
0:00:13 > 0:00:16More record highs for the US stock markets, but are they a sign
0:00:16 > 0:00:19of what's to come in the year ahead for the world's biggest economy?
0:00:19 > 0:00:29Live from London, that's our top story on Friday 5th January.
0:00:37 > 0:00:41Wall Street was boosted by more positive job news,
0:00:41 > 0:00:43so can President Trump keep the party going, and will America's
0:00:43 > 0:00:46lowest paid finally start to feel the benefit?
0:00:46 > 0:00:47Also in the programme...
0:00:47 > 0:00:49The lure of the long-term.
0:00:49 > 0:00:52China says it will offer highly skilled foreign workers 10 year
0:00:52 > 0:00:59visas as it tries to light up economic growth
0:00:59 > 0:01:03This is the situation on the financial markets in Europe
0:01:03 > 0:01:07following from record highs on Wall Street yet again.
0:01:07 > 0:01:11And as Apple reveals iPhones and Macbooks are also affected
0:01:11 > 0:01:14by the computer chips flaws, we'll be getting the inside track on that
0:01:14 > 0:01:17and all the big stories of the week with our economics editor Kamal
0:01:17 > 0:01:18Ahmed.
0:01:18 > 0:01:19Today we want to know...
0:01:19 > 0:01:23UK MPs are calling for a "latte levy" on disposable coffee cups -
0:01:23 > 0:01:24and a total ban unless recycling improves.
0:01:24 > 0:01:28What would make you switch from disposal cups?
0:01:28 > 0:01:38Just use the hashtag #BBCBizLive.
0:01:39 > 0:01:43Hello and welcome to Business Live.
0:01:43 > 0:01:45We start in New York, where the temperatures may be
0:01:45 > 0:01:48sub-zero but the financial markets are hotter than ever.
0:01:48 > 0:01:55US shares hit new record highs yet again on Thursday,
0:01:55 > 0:01:57the Dow Jones Industrial Average closing above 25,000
0:01:57 > 0:01:58points for the first time.
0:01:58 > 0:02:03It's all being driven by Wall Street optimism about the state
0:02:03 > 0:02:06of the world's biggest economy and, despite all the controversy
0:02:06 > 0:02:08in the White House, the pro-growth policies of President
0:02:08 > 0:02:10Trump.
0:02:10 > 0:02:15On Thursday, a report showed the US private sector created 250,000
0:02:15 > 0:02:18new jobs in December - a third more than was expected.
0:02:18 > 0:02:23That could bode well for official US jobs numbers out later today.
0:02:23 > 0:02:26Earlier this week, the Federal Reserve revealed it has
0:02:26 > 0:02:29boosted its growth forecast for the US economy this year to 2.5%
0:02:29 > 0:02:34- keeping up the pace seen in 2017.
0:02:34 > 0:02:36Those Fed minutes also showed this was at least partly down
0:02:36 > 0:02:39to the $1.5 trillion worth of tax cuts President Trump signed
0:02:39 > 0:02:44into law just before Christmas.
0:02:44 > 0:02:46And these graphs speak for themselves - US shares
0:02:46 > 0:02:47setting record after record since the President
0:02:47 > 0:02:51was inaugurated a year ago.
0:02:51 > 0:02:55Despite all of this, millions of working Americans have
0:02:55 > 0:02:57yet to feel the benefit, with average earnings stagnant
0:02:57 > 0:02:59for the past decade.
0:02:59 > 0:03:01Ethan Ilzetzki is a lecturer in economics at the London
0:03:01 > 0:03:04School of Economics.
0:03:04 > 0:03:09Thanks for being with us. These record figures from the Dow Jones,
0:03:09 > 0:03:13but a muted response because people were expecting it but the
0:03:13 > 0:03:16predictions are it will carry on going. What is your assessment of
0:03:16 > 0:03:21what is driving it, is it the growth in the jobs market?Yes, I think
0:03:21 > 0:03:25there are the Trump tax cuts which have been boosting the stock market
0:03:25 > 0:03:29for a while but also there seems to be a global rise in stock prices,
0:03:29 > 0:03:34possibly still because of the loose monetary on a scissor of the last
0:03:34 > 0:03:42few years.It is interesting, isn't it, we had that reassessment of US
0:03:42 > 0:03:48growth for 2018 but the outgoing chairman of the Fed, Janet Yellen,
0:03:48 > 0:03:50has said, actually, we have to temper so what the optimism
0:03:50 > 0:03:54surrounding growth for the US economy, she doesn't think that
0:03:54 > 0:03:59necessarily those tax cuts planned world really boost the US economy to
0:03:59 > 0:04:03the extent that has been forecast? Absolutely, I think that is quite
0:04:03 > 0:04:08true. The fact that we are seeing only forecasts of 2.5% growth, which
0:04:08 > 0:04:15is quite moderate, on the back of these very ambitious tax plans is
0:04:15 > 0:04:21actually a little disappointing and the performance of the US economy
0:04:21 > 0:04:25has been quite disappointing over the past few years. It shows that
0:04:25 > 0:04:28really the expectations of the market and the Federal reserve are
0:04:28 > 0:04:33that the tax cuts will have very moderate effects on US economy so we
0:04:33 > 0:04:37are dealing with far deeper structural problems in the economy.
0:04:37 > 0:04:43Which sectors are doing well, and which are struggling?The high-tech
0:04:43 > 0:04:49sector, the silicon valley sector, continues to take the lead in the US
0:04:49 > 0:04:54economy, but there is quite a polarised economy in terms of the
0:04:54 > 0:04:57job market, where these high education high-tech sectors are
0:04:57 > 0:05:00performing, workers in those sectors are performing very well but the
0:05:00 > 0:05:07working class is still seeing wages at the same levels as they were in
0:05:07 > 0:05:12the 1980s, so not seeing a pay rise in real terms for a generation.
0:05:12 > 0:05:17Supporters of the tax plan would say, because taxes are being cut for
0:05:17 > 0:05:20big corporations, it means they can put more money into investments and
0:05:20 > 0:05:24potentially create more jobs.What is your take on this trickle-down
0:05:24 > 0:05:28theory? I don't think really there is any sign that this is going to
0:05:28 > 0:05:35have that desired effect, and really the tax plan was not engineered in a
0:05:35 > 0:05:40way that it would incentivise specifically hiring or wage
0:05:40 > 0:05:46increases so it is equally likely that the dividends from this tax cut
0:05:46 > 0:05:52will go to investors and not to workers in the economy.Interesting
0:05:52 > 0:05:56as well, the number of people invested in the stock market, those
0:05:56 > 0:06:01small investors, isn't as great as it used to be, is it? People seem to
0:06:01 > 0:06:04have stepped away, so even though we are seeing record gains commit it is
0:06:04 > 0:06:10only benefiting a few?It is the same polarisation we see in other
0:06:10 > 0:06:13effects, so if you have a good job, you have a good pension plan which
0:06:13 > 0:06:18is invested in the stock market so you are seeking gains, but if you
0:06:18 > 0:06:21are living pay cheque to pay cheque without a good pension plan, you are
0:06:21 > 0:06:26neither seeing wage rises all the benefits of the increase in stock
0:06:26 > 0:06:29prices.Even, thank you for your analysis, thank you for coming in.
0:06:29 > 0:06:32Let's take a look at some of the other stories
0:06:32 > 0:06:33making the news...
0:06:33 > 0:06:35The tech giant Apple has said that all iPhones,
0:06:35 > 0:06:37iPads and Mac computers are affected by two major flaws
0:06:37 > 0:06:39in computer chips.
0:06:39 > 0:06:41It emerged this week that the world's leading
0:06:41 > 0:06:45computer chip makers Intel, ARM and AMD are all racing to fix
0:06:45 > 0:06:47bugs with the chips that power most of the world's
0:06:47 > 0:06:55computers and smartphones.
0:06:55 > 0:06:57The Meltdown and Spectre problems could allow
0:06:57 > 0:06:58hackers to steal data.
0:06:58 > 0:07:01Saudi Arabia has taken a major step towards selling off a chunk
0:07:01 > 0:07:05of its state-owned oil company.
0:07:05 > 0:07:07Saudi Aramco is now a joint-stock company, something that is required
0:07:07 > 0:07:09of Saudi companies before lisiting their shares.
0:07:09 > 0:07:11There has been speculation the plan may be abandoned.
0:07:11 > 0:07:15The firm is likely to be valued at about $2 trillion when 5% is sold
0:07:15 > 0:07:19in the biggest share-listing in history.
0:07:19 > 0:07:22Music streaming service Spotify says it now has
0:07:22 > 0:07:2970 million paying subscribers.
0:07:29 > 0:07:32The announcement comes a day after reports that the company plans
0:07:32 > 0:07:34to list on the New York Stock Exchange.
0:07:35 > 0:07:39The firm says it has another 70 million people using its free
0:07:39 > 0:07:42advertising backed service.
0:07:42 > 0:07:45A UK parliamentary committee is calling for an extra charge to be
0:07:45 > 0:07:47made on disposable coffee cups.
0:07:47 > 0:07:49The MPs are concerned about the damage they to do
0:07:49 > 0:07:51the environment and says a 25p "latte levy" could be
0:07:51 > 0:07:58used to improvements to recycling facilities.
0:07:58 > 0:08:01They also say that if the 2.5 billion cups thrown away each year
0:08:01 > 0:08:04can't be recycled by 2023 they should be banned.
0:08:04 > 0:08:08China has big ambitions when it comes to growing its economy,
0:08:08 > 0:08:14and is poising itself to take over from the US as the world's biggest.
0:08:14 > 0:08:18But it thinks recruiting top talent from abroad is key and now says it
0:08:18 > 0:08:20will offer long-term visas to try and lure those highly
0:08:20 > 0:08:21skilled workers.
0:08:21 > 0:08:26Our correspondent Robin Brant is in Shanghai.
0:08:26 > 0:08:33Tell us more about this scheme? Well, the battle for talent across
0:08:33 > 0:08:39the globe is what this is about. China is changing the terms, two
0:08:39 > 0:08:45years ago now it announced that visas will be granted the Twenty20
0:08:45 > 0:08:48and five years to these highly skilled individuals, that is not
0:08:48 > 0:08:52possibly going up to ten years, there will be no fee, they can bring
0:08:52 > 0:08:56their children and family with them as well, perhaps spend up to 180
0:08:56 > 0:08:59days working in this country, which sounds very different to the Visa
0:08:59 > 0:09:04process that I go through. This is about getting top talent in key
0:09:04 > 0:09:08industries and for China, as it looks to expand and changed its
0:09:08 > 0:09:18economy, it
0:09:28 > 0:09:30means things like avionics, and electronic vehicles, and robotics. I
0:09:30 > 0:09:33think the critics, and there will be some, will look at what, on the face
0:09:33 > 0:09:36of it, looks like a win-win, all very good in terms of attracting
0:09:36 > 0:09:39talent in a global market but when it comes to big companies that
0:09:39 > 0:09:41continue to want to get into China, particularly American firms, they
0:09:41 > 0:09:43still face tough hurdles, they are required to have joint interest
0:09:43 > 0:09:45here, and there are massive subsidies for state owned companies
0:09:45 > 0:09:47as well. OK, Robin, thanks very much for that
0:09:47 > 0:09:49update. Let's check in with the financial markets now.
0:09:49 > 0:09:53Asian shares followed on from that record close on Wall Street.
0:09:53 > 0:10:00The Nikkei closing at a 26-year high.
0:10:00 > 0:10:02Share prices also up in Australia, All Ordinaries Index,
0:10:02 > 0:10:06the Hang Seng hanging onto positive territory as well.
0:10:06 > 0:10:11The latest boost for Wall Street came from a jobs survey
0:10:11 > 0:10:14which indicated that US private sector employers had added 250,000
0:10:14 > 0:10:15jobs last month - the biggest monthly increase
0:10:15 > 0:10:17since March and well above economists' expectations
0:10:17 > 0:10:22of a rise of 190,000.
0:10:22 > 0:10:27All eyes now on official government jobs figures out later today.
0:10:27 > 0:10:30Here in Europe, here's the situation since the markets have opened -
0:10:30 > 0:10:34stocks tracking those rises in Asia and the US.
0:10:34 > 0:10:38We will have to see what happens later today. Let's get more details
0:10:38 > 0:10:41about what is ahead on Wall Street later as well.
0:10:41 > 0:10:45Apart from the jobs numbers, investors will have more economic
0:10:45 > 0:10:49indicators to look out for. The commerce Department will release
0:10:49 > 0:10:54data for factory orders and those are expected to have risen by 1.1%
0:10:54 > 0:10:58in November. A month earlier, they had declined, so an increase would
0:10:58 > 0:11:02be good news. What is not likely to be that great, though, trade
0:11:02 > 0:11:12numbers. The US' trade deficit with foreign countries is expected to
0:11:12 > 0:11:15have widened to $49.5 billion, about $800 million more than October.
0:11:15 > 0:11:18Balancing the gap has been a big focus for the Trump administration.
0:11:18 > 0:11:23Among major corporate reporting earnings is Constellation brands,
0:11:23 > 0:11:28the maker of Corona beer, and their profits are likely to have fallen.
0:11:28 > 0:11:33Why? People are not buying as much beer, because it has been so cold.
0:11:33 > 0:11:37No, I don't really fancy drinking beer when it is cold. I like a
0:11:37 > 0:11:40latter-day, but whether it is takeaway or not, we will have to
0:11:40 > 0:11:42chat about that in a moment.
0:11:42 > 0:11:44Joining us is Mike Amey, Managing Director and
0:11:44 > 0:11:45Portfolio Manager at PIMCO.
0:11:45 > 0:11:51Do you like a latte in the morning, did you go for recycled cups?
0:11:51 > 0:11:56I am more of an Americana than a latter-day fan.I think they are all
0:11:56 > 0:12:00the same, they come in the same cups!It is the amount of caffeine,
0:12:00 > 0:12:05if I'm honest, the caffeine to milk ratio!The markets have certainly
0:12:05 > 0:12:10been very hot, haven't they, and it has been fuelled by all of this
0:12:10 > 0:12:14optimism about Trump's tax plans? That is right, there are a couple of
0:12:14 > 0:12:18things going on, the expectation the US economy will improve further, as
0:12:18 > 0:12:22you were talking about earlier, and the stock market is all about
0:12:22 > 0:12:26corporate profits and if you cut corporation tax then it has a
0:12:26 > 0:12:29powerful impact on earnings so what you are seeing now is the knock-on
0:12:29 > 0:12:33effect of the tax agreement at the end of last year and you get this
0:12:33 > 0:12:37big boost in the stock market in the early part of the year.We don't
0:12:37 > 0:12:40want to put a damper on the celebrations but let's talk about
0:12:40 > 0:12:47global debt, which is your business, because that is at a record high,
0:12:47 > 0:12:52$233 trillion. What is going on? There are a couple of things to say,
0:12:52 > 0:12:56one is that the reason that stocks are doing well is because interest
0:12:56 > 0:13:00rates are low and because interest rates are low it makes it cheap for
0:13:00 > 0:13:04companies and some countries to borrow money. So debt levels are
0:13:04 > 0:13:07still going up and that is something which all central bankers are aware
0:13:07 > 0:13:12of so even if rates start to go up, they go up quite slowly, and the
0:13:12 > 0:13:16other thing is that the amount of debt gumming up has been giving up
0:13:16 > 0:13:21slower than our ability to pay, which is GDP, so it is not all bad
0:13:21 > 0:13:25news but there is an important point that there is still a lot of debt
0:13:25 > 0:13:27out there and if interest rates start to rise rapidly it could
0:13:27 > 0:13:32create problems for the economy long time.As far as the bond market is
0:13:32 > 0:13:36concerned, there is an early warning system for recession, the yield
0:13:36 > 0:13:40curve, a flattening in the yield curve, tell me more about what that
0:13:40 > 0:13:45shows and what potential there could be for a downturn?We are a cheerful
0:13:45 > 0:13:49bunch in the bond market! What the bond market looks that is
0:13:49 > 0:13:55expectations for what the market will do over the next years so what
0:13:55 > 0:13:59we see now in the bond market is that markets are expecting interest
0:13:59 > 0:14:03rates to go up but once they have gone up, they would go up that much,
0:14:03 > 0:14:07and that will slow down the economy, and the reason for that is if
0:14:07 > 0:14:10short-term rates do go up, it makes it more expensive for banks to
0:14:10 > 0:14:15borrow money off you and I will put our deposits in, which makes them
0:14:15 > 0:14:27less enthusiastic to lend money out, so the markets give an early warning
0:14:27 > 0:14:30signal, in truth it is probably one or two years down the tracks, but it
0:14:30 > 0:14:32is out there.Briefly, retailers particularly that we should watch
0:14:32 > 0:14:34with grubbing debt piles?Yes, retails as one of the other early
0:14:34 > 0:14:37warning systems because consumers are the first the pinch and you can
0:14:37 > 0:14:41see that in the numbers coming up so we tell is definitely one to look
0:14:41 > 0:14:44out for.Mike, good to see you, thank you.
0:14:44 > 0:14:48Still to come...
0:14:48 > 0:14:51Kamal Ahmed will be here to give us his take on the big stories of the
0:14:51 > 0:14:53week.
0:14:53 > 0:15:00You're with Business Live from BBC News.
0:15:00 > 0:15:04Figures out from the Society of Motor Manufacturers and Traders
0:15:04 > 0:15:11show that in 2017 car sales fell by 5.6% to 2.54m vehicles.
0:15:11 > 0:15:13It's the first annual fall in new car sales
0:15:13 > 0:15:16in the UK for six years.
0:15:16 > 0:15:23Let's talk to Mike Hawes from the SMMT about what's happening.
0:15:23 > 0:15:29Mike, what do you put these figures down to?It's a combination of
0:15:29 > 0:15:33factors. Obviously the slower growth in the economy means that consumer
0:15:33 > 0:15:36confidence is suffering, especially when it comes to big ticket items
0:15:36 > 0:15:41and office leave the car is the second biggest ticket item you will
0:15:41 > 0:15:44purchase. Obviously there has also been confusion around diesel and
0:15:44 > 0:15:51what the Government policy will be on that. The decrease of the value
0:15:51 > 0:15:55in sterling has made the cost of imports more expensive and a
0:15:55 > 0:16:01significant number of cars sold in the UK are imported.It is diesel
0:16:01 > 0:16:05where we have seen a significant drop in sales. Our people switching
0:16:05 > 0:16:09to petrol and electric vehicles instead or do you think they are
0:16:09 > 0:16:15simply holding off from purchasing at all?There is a small amount of
0:16:15 > 0:16:21switching. Hybrid and electrics are undoubtedly growing but it's a very
0:16:21 > 0:16:27small base. Last year we sold 2.5 million vehicles, only 32,500 were
0:16:27 > 0:16:31battery vehicles. Its growing but it needs to grow much faster. There is
0:16:31 > 0:16:34some shift from diesel into petrol but most diesel owners are sitting
0:16:34 > 0:16:38on their hands and waiting to see what the Chancellor is going to do,
0:16:38 > 0:16:42what the potential changes may be in terms of taxation and access to
0:16:42 > 0:16:46cities. There is much more clarity now and it generally means new cars
0:16:46 > 0:16:53are exempt from those restrictions that may come into cities and we
0:16:53 > 0:16:59hope that gives back confidence to diesel owners.Mike, thank you.
0:16:59 > 0:17:03Also, some of the reason why there has been worries about things with
0:17:03 > 0:17:09cars is diesel taxes in cities. Absolutely. We need to buy a new car
0:17:09 > 0:17:13and we are absolutely factoring out into the equation.
0:17:13 > 0:17:22On the business live website, we also have news of this latte levied.
0:17:22 > 0:17:29Would you pay 25p for your coffee cup? That's a proposal put forward
0:17:29 > 0:17:33by a committee of MPs. Please let us know your thoughts.
0:17:40 > 0:17:45You're watching Business Live - our top story...
0:17:45 > 0:17:49US shares hit new record highs yet again on Thursday. The Dow Jones
0:17:49 > 0:17:54industrial average closed around 35,000 points for the first time. It
0:17:54 > 0:17:58was boosted by more good jobs but the official figures for December
0:17:58 > 0:18:00are out later today.
0:18:00 > 0:18:02A quick look at how markets are faring...
0:18:06 > 0:18:10Those key figures are a rout due in the US later divided whether the
0:18:10 > 0:18:17Private survey was correct. We will have to see what happens from the
0:18:17 > 0:18:21rest of the day, will that climb continue?
0:18:21 > 0:18:24And now let's get the inside track on the big economy stories of a week
0:18:24 > 0:18:27which has seen more record highs for the world's top stock
0:18:27 > 0:18:29markets and more signs of the great synchronisation
0:18:29 > 0:18:31of global economic growth.
0:18:31 > 0:18:36Also problems with Apple because all of their devices were affected by
0:18:36 > 0:18:44the meltdown and Spectre glitches. Kamal Ahmed is here to discuss this
0:18:44 > 0:18:57with us. What have the company, Apple, had to say?Overnight, Appell
0:18:57 > 0:19:01has joined other companies saying they could be -- Apple has joined
0:19:01 > 0:19:14other companies saying they could be affected by the glitches that... I
0:19:14 > 0:19:20did mine this morning after reading about it on our website. I think the
0:19:20 > 0:19:25issue here is interesting and twofold. Firstly, transparency.
0:19:25 > 0:19:29Google first notified Intel about the potential for an issue with the
0:19:29 > 0:19:33bugs in their chips last June. There is a notion that how quickly should
0:19:33 > 0:19:38we have known as consumers?But the problem is if you let consumers
0:19:38 > 0:19:43know, you let to be hackers know as well?Exactly, there is a trade-off
0:19:43 > 0:19:51between consumer confidence in the devices they have and that. It is
0:19:51 > 0:19:56also to do with the chips that drive them. As they become more
0:19:56 > 0:19:59complicated, how do you cover up any security flaws becomes more and more
0:19:59 > 0:20:13difficult. That becomes difficult. As we... The only way to absolutely
0:20:13 > 0:20:17cover yourself against any security risk is to update your toll IT
0:20:17 > 0:20:21system, so to break down and closed out what you have had to completely
0:20:21 > 0:20:25update, which is of far too expensive. This is the new world we
0:20:25 > 0:20:30live in where you balance a security risk with speed.That has really
0:20:30 > 0:20:33difficult implications, doesn't it, for companies around the world?
0:20:33 > 0:20:38Doing that is very expensive, isn't it?That's the big point. We are in
0:20:38 > 0:20:44a situation now where many people are looking at their hardware and
0:20:44 > 0:20:48thinking, do I need to update the whole system? Are these patches and
0:20:48 > 0:20:51updates sufficient? And the hackers themselves are looking, what are the
0:20:51 > 0:20:56bin abilities? How can we get in here, cause damage and hold
0:20:56 > 0:21:06companies to ransom?Now, Germany seem to have done the opposite to
0:21:06 > 0:21:14what is expected and their debt club is going backwards?Although debt is
0:21:14 > 0:21:20at record levels, be more positive story for 2018 is that the ratio of
0:21:20 > 0:21:24debt to economic growth is actually falling out, so as growth increases,
0:21:24 > 0:21:29our debt becomes more under control. As you say, Germany has now turned
0:21:29 > 0:21:33back the clock on debt and it is falling in gross terms, not just in
0:21:33 > 0:21:39terms of its ratio with GDP.Is this to do with the two speed Eurozone
0:21:39 > 0:21:45economy?Possibly, although Eurozone growth was much stronger lasted than
0:21:45 > 0:21:50predicted, it stronger this year, but also this morning German retail
0:21:50 > 0:21:54sales for November, just announced, very, very strong. Although we are
0:21:54 > 0:21:58concerned about the pinch consumers because of the slight increase in
0:21:58 > 0:22:01inflation, no evidence yet that consumers are putting away their
0:22:01 > 0:22:07wallets are not spending. German retail very strong. Manufacturing
0:22:07 > 0:22:10across the red zone, very strong. This is a reasonable stock market
0:22:10 > 0:22:17growth. The great synchronisation, global growth in all the major
0:22:17 > 0:22:24centres since the financial meltdown. That is the boost to stock
0:22:24 > 0:22:34markets around the world.Thank you. It is Friday, so let's get the
0:22:34 > 0:22:42latest in our million-dollar idea series. Aaron has or has has been
0:22:42 > 0:22:51looking at how bubble wrap became the world's most popular rap.There
0:22:51 > 0:22:57is no mistaking that sound. It's bubble wrap. It protects fragile
0:22:57 > 0:23:02things in transit. But how did it start off? As wallpaper. These two
0:23:02 > 0:23:08engineers in New Jersey were designing a new groovy type of
0:23:08 > 0:23:14wallpaper filled with air bubbles. It didn't sell that well. But then
0:23:14 > 0:23:19one of them had an idea on a flight. He imagined the clouds were
0:23:19 > 0:23:23cushioning the plane as it was descending, so could his bubbly
0:23:23 > 0:23:28wallpaper also cushion things? The inventors changed the product to
0:23:28 > 0:23:33bubble wrap and they got their first customer, IBM, he used it to wrap up
0:23:33 > 0:23:40computers. Nowadays, bubble wrap and its makers, sealed air, more than
0:23:40 > 0:23:46$700 million a year and it has its spin off uses. Some people pop to
0:23:46 > 0:23:51relax. Others put it in their doorways as a burglar alarm. Hey,
0:23:51 > 0:23:56get out of here! There's even an annual bubble wrap appreciation Day.
0:23:56 > 0:24:01It's the last Monday of January when people get together and pop to their
0:24:01 > 0:24:08hearts content. I'm going to join them!I don't know about you, but my
0:24:08 > 0:24:10three-year-old was more interested in the bubble wrap and she was about
0:24:10 > 0:24:13her presence. Of course! Who doesn't like doing
0:24:13 > 0:24:17that? We have been asking you about
0:24:17 > 0:24:23whether you think they should be a levy on takeaway coffee cups. April
0:24:23 > 0:24:28seven, how about addressing those making big cups? And you can also
0:24:28 > 0:24:34have your own cup rinsed and have a discount if you take it with you.
0:24:34 > 0:24:39Let's bring in Mike to talk about the day 's business stories.What
0:24:39 > 0:24:46you make of this? I think it's a good idea actually. 2.5 billion cups
0:24:46 > 0:24:49is staggering. Something has to be done about it and you have to start
0:24:49 > 0:24:56somewhere. You have to start the discussion somewhere.Paul says this
0:24:56 > 0:25:01is nonsense. This is not difficult to resolve with a bit of design
0:25:01 > 0:25:06innovation. Why does everything have to be taxed?I guess it's to do with
0:25:06 > 0:25:10the plastic in the interior, which is needed to stop leakage. I suppose
0:25:10 > 0:25:14the other parallel here is plastic bags. When you look at plastic bags,
0:25:14 > 0:25:21when the levy was placed on those in 2015, the annual fall was 85%.Yes,
0:25:21 > 0:25:26I refuse to pay for a carrier bag. You feel guilty now if you use a
0:25:26 > 0:25:34carrier bag.I have my trusty flask on every train. Now this story,
0:25:34 > 0:25:39Waitrose ban the sale of energy drinks to under 16.There is already
0:25:39 > 0:25:44a health warning on high caffeine and high-energy drinks for teenagers
0:25:44 > 0:25:48and younger adults.Even as an adult we know the effect it has on you.I
0:25:48 > 0:25:51think the issue is there is a greater consumption amongst the
0:25:51 > 0:25:54younger generation than the older generation.Schools have been
0:25:54 > 0:25:58warning about that. Thank you very much, Mike, for coming to discuss
0:25:58 > 0:26:02all of that. Thank you for being with us business
0:26:02 > 0:26:04life today goodbye.