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This is Business Live from BBC News,
with Ben Thompson and Sally Bundock.
France's Emmanuel Macron arrives
in China, but can he forge stronger
ties between the EU and the world's
second biggest economy?
Live from London, that's our top
story on Monday the 8th of January.
The trade relationship
between France and China
currently favours China -
so the French are hoping to close
the gap with exports
of beef, wine and cheese.
Also in the programme...
Will Tesla take the back seat
in the electric car market?
We get an exclusive look
at a new design by former
BMW and Apple staff.
A new week for the markets -
and after last week's highs,
all eyes on whether the rise can
And if you've had enough
of your spouse after the holiday
period, you're not alone!
Today has been dubbed 'Divorce Day'
because of the number of couples
looking to end their marriages.
One app is helping them do it
in the most amicable way possible.
We will speak to one of its
A new report says we're
still spending on booze,
cars and stuff for our houses
as we rein in shopping
on other items.
So, today we want to know -
what are you still spending on?
Are you cutting back this year?
Just use the hashtag #BBCBizLive.
Hello, and welcome to Business Live.
So much for dry January... We are
still spending on booze. Let us know
what you are still spending on too.
Use the hashtag BBC Bisla life. --
The French President,
Emmanuel Macron, has arrived
on a state visit to China focusing
on improving economic ties.
The two countries are important
partners for each other.
In 2016, trade between the two
was worth more than $68 billion,
and it's growing all the time.
But it's massively skewed
in China's favour.
They have a $33 billion
surplus with France.
So President Macron is likely
to seek better access for exports
for exports of beef and wine,
as well as access to
For China, better ties with France
offer more opportunities to export
goods to the entire European Union.
In 2016, those exports were worth
nearly $416 billion.
And, as both sides build on that
trade, they're expected to announce
a Franco-Chinese investment fund
worth around $1.2 billion.
Professor Steve Tsang, Director
of SOAS China Institute, is with me.
You were listening to what Ben had
to say. What are your expectations
for this visit?
can afford it to be otherwise. The
Chinese see France more as a
diplomatic partner than as a
business partner. The most important
business partner for China in the EU
is Germany, and that's not going to
change. Some of the big business
deals will materialise. And it is
happening at a time when the UK is
becoming less important, and the
Chinese are concerned about
potential change in relationships
with the US administration.
mention the fact that Germany is the
most important trading partner for
China, but at the moment they are
involved in their own domestic
political affairs and not having a
government in place is pretty
critical. I would imagine Emmanuel
Macron is going to China with the
message, I'm the person to talk to
about Europe. With the UK leaving
and Germany not able to discuss
issues right now in terms of trade.
I think you're absolutely right.
That is the message President and
will be projecting in China. And it
has a certain currency in China, but
I think the Chinese will be looking
at the longer term relationship and
potentially that Germany will
You mentioned that business
deals are likely to be announced.
Airbus is likely to be a winner, for
example, one company that could do
well here. What about the issue of
market access, which France really
wants to try and grapple with? Will
they see any progress in that area,
That is going to be a
difficult issue for the Chinese.
What you are really saying is that
President will ask for reciprocity
in terms of marks of access. --
market access. The Chinese has not
granted reciprocity to its
international partners in general
terms. So making that as a special
concession to France is problematic
because if France gets it, the Trump
administration will insist on it,
and I don't think Xi Jinping is
prepared for that yet.
Thank you so
much for your time. Interesting
conversation. We will keep on how
Emmanuel Macron gets on in China.
Let's take a look at some of
the other stories making the news...
The Japanese firm Takata has had
to recall a further 3.3 million cars
over faulty airbags.
The company was forced to file
for bankruptcy back in June.
The scandal is already the biggest
recall in automotive history.
A senior BBC journalist has stepped
down from her role accusing
the broadcaster of having
a "secretive and
illegal" pay culture.
Carrie Gracie is leaving her job
as China Editor, citing
what she called an "indefensible"
pay gap with male colleagues.
She made the announcement in an open
letter, in which she said
that the BBC was breaking British
The accountancy firm KPMG has
quit its advisor role
on the Grenfell inquiry.
Campaigners had called
its appointment to be reversed,
saying the firm had failed
to disclose a conflict of interest.
KPMG is the auditor of three
firms under scrutiny
by the inquiry into the blaze
which killed 71 people last year.
Last week, the Chinese government
announced that it's introducing
a ten-year visa scheme to attract
from across the globe.
China has now named
the first high-end executive
to receive the Certificate
for Foreign High-End Talent
as Microsoft executive Saju George.
Leisha Santorelli is following
the story from our Asia Business
hub in Singapore.
Usually it is difficult to get a
visa for China, but this is a
10-year multiple entries up till it
is notoriously difficult to get TVs
for China and currently
have renewed their visa what ever --
every one or two years. If you are a
top athlete or a Nobel Prize winner,
you are in luck, you can get a
special visa for high-end
foreigners. The Chinese government
is looking to attract top tier
talent in the area of science and
technology and sport, but they are
also earning six times China's
annual wage, which in Beijing was
around 14,000 US dollars per year.
The winner of the lucky golden
ticket of the first 10-year multiple
entry visa is Microsoft's human
resources director, but I think they
will see quite a few more coming
after him as well.
Thank you. Sadly
I don't think we qualify as highly
skilled by that definition!
Nonetheless, thank you.
Is this the week when some reality
finally sets into the markets?
There's quite a lot for them to
digester, it's been quiet over the
holiday period. We have the highs
last week boosted by the strong jobs
data in the US. Markets still riding
on the tax cut in the US. We will
get earnings and inflation data
released in the US next week, and an
indication about what the retailers
and how they fared over the
Christmas period. In durable, the
FTSE 100 having a record-breaking
first week of trading for 2018 -- in
Europe. What we are seeing an
markets is the strength in Asia when
markets were not overly worried by
reports of a potential rise in
interest rates in China. We will
also get an update on German factory
orders, Eurozone business and
consumer confidence later as well as
retail sales figures after the
crucial Christmas period. We will
talk about those in a moment.
And Yogita Limaye has
the details about what's ahead
on Wall Street today.
This week, investors will get
a lot of consumer-related
data here in the US.
Today, the Federal Reserve
will release numbers for how much
outstanding credit has been extended
to American people.
It's expected to have increased
to nearly £21 billion in the month
of November, which suggests that
either people have taken more debt
on or they're repaying it slower.
Now, debt is a double-edged sword
for the American economy.
While it means people are spending,
which is good, too much of it
presents a risk of bad loans.
And later in the week we will find
out whether or not people are buying
more, when the retail sales
numbers are released.
We will also have the Consumer Price
Index, a key measure of inflation
watched by the Federal Reserve.
In corporate news, big banks like JP
Morgan Chase and Wells Fargo will be
releasing earnings on Friday.
It is quite busy in terms of
earnings, in Asia they are gearing
up for a lot of earnings coming out
Joining us is Jeremy
Cook from World First.
A new trading week is starting
Everything is kicking on,
we have started 2018, the start of a
new narrative, maybe, but a lot of
the narrative has carried on from
2017, the second half of 2017, which
was a Federal Reserve still looking
to raise interest rates a couple or
three or maybe four times this year.
The growth is starting to lift
around the world. Moderate prices
running high. So nothing's really
set to knock that. -- commodity
prices. There is a lot of political
news coming up over the course of
the next couple of weeks, you know,
the leadership in Germany getting
together and hopefully will get a
government after the reshuffle in
Downing Street in the next 24 hours.
That could change things but at the
moment everything looks robust.
are going to get some results right
around the world, but particularly
in Europe and the UK we will get a
lot of updates on how they fare. It
is familiar terms of winners and
Yes, did Christmas come.
People on the High Street? Certainly
in the developed world, retail
consumption drives GDP, not
manufacturing or tourism all raw
materials, it is what we go out and
spend money on. Whether it is in the
supermarkets in the UK or the
department stores in the US, we will
What do you still spend
your money on?
A wedding, at the
This is it! The week before
Harry and Meghan, Jeremy will be
going down the aisle in London!
That's where all the money is going!
That's where all of the money is
going, I'm spending my money on
photographers and flowers and
Is it you spending it or
what your future wife?
They have a
corporate budget, of course!
divorce day-to-day as well!
no link to this at all!
even married yet!
Still to come...
January 8th is being called
'Divorce Day' by lawyers,
because of the surge
of requests from couples
considering ending their marriages
after the holidays -
but technology is helping
to reduce the discord.
We'll find out how.
You're with Business
Live from BBC News.
Before we grapple with that rather
difficult issue, let's talk about
are optimistic about the year ahead,
and say a growing global economy
will boost orders and growth.
according to a survey published
today by the manufacturing
manufacturing group the EEF.
It's Chief Economist
is Lee Hopley, she joins us now.
It is rare we can talk about such
optimism at the start of the New
Year. Many people use the famous
phrase, cautious, or nervous. But
manufacturers are optimistic?
right, that's a different story to
the one we were looking at going
into 2017. But actually growth,
particularly in the second half of
last year, was pretty good. It feels
like there is enough momentum to
carry the sector through this year.
I think a lot of the positive
sentiment has been driven by what's
happening in the rest of the world.
Companies in Berdych reporting much
more confidence about the global
outlook than they were 12 months
ago. A bit less so about their
expectations for the UK economy, not
I wanted to ask about
that. I don't want to be pessimistic
or anything, but there are a lot of
things that could change, good and
bad depending on which side of the
fence you sit on, but it is
uncertainty, as we have always
discussed, that causes nervousness
right, and you are right to point to
some of the caution out there.
Indeed, our survey shows that more
companies the risks ahead rather
than opportunities for their
business this year. And inevitably
some of those are related to what's
happening on the political agenda.
Brexit related risks are right up
there. Particularly in relation to
some of the practical impacts from
Brexit. Exchange rate for the
Tylicki, risks for major customers
relocating and clearly loss of
skills EU workers featured quite
Thanks for explaining
that. If you are planning to travel
by train or maybe you are trying
right now and you have got stuck,
but as having a very tough time.
Five train companies on strike
today, Wednesday and Friday. They
are more than most rail,
south-western, Greater Anglia and
southern today as well. We have got
details on the BBC live page. Real
union boss might cash saying
strikers at five train companies are
solidly supporting the action, big
lines were mounted this morning. And
the members have walked out on those
various rail services that I've
already mentioned. Details on our
You're watching Business Live.
Our top story - France's Emmanuel
Macron arrives in China hoping
to forge stronger ties with
the world's second biggest economy.
Parting is such sweet sorrow,
at least if Shakespeare
is to be believed.
But don't take his word for it.
Yes, there were almost
107,000 divorces in England
and Wales in 2016.
And according to the Office
for National Statistics,
this accounts for 43%
of all marriages.
The separation process can be pretty
but also economically.
So Amicable was created
following the founder's
own traumatic and expensive divorce
to help others avoid
the pitfalls of ending
a marriage without a lawyer.
We're joined by Kate Daly,
the co-founder of Amicable.
Welcome, Kate to the programme.
Thank you for coming on. So you
started this company with one other
and your area of expertise is
founder is technical. So, neither of
you are lawyers?
No, we're not. I've
worked in the legal field for quite
a while as a family consultant. I
work with some of the country's
leading labtive lawyers and as a
consequence of my own really
traumatic and awful divorce and the
experience of working with them and
seeing how it could be done, really
very well, we set-up up Amicable,
but the trouble with the
collaborative process was it was
just too expensive for very many
people. So, one of the founding
principles of Amicable is
affordability and access to justice
because since the regulation, since
Legal Aid was abolished for family
cases, for divorcing unless there is
a domestic violence issue. So since
that has happened it has been very
difficult for people to get good
advice in an affordable manner so
that's, you know, what Amicable set
out to do.
You talked about your own
experience. I want z won't ask you
to relive too much of it, but what
are the things that really stood out
for you as being real sticking
points or difficulties in that
The biggest difficulty is
that the system dictates that if you
use a lawyer each person has to have
their own lawyer and a lawyer did
duty-bound to put your interests
first. It sets up a win listen lose
situation. If your lawyer does well
for you, it means your partner has
got less somehow or is doing less
well and at Amicable we take a
fundamentally different approach
because we're not set up as a law
firm. We're set up as a legal
services firm and that allows us to
work with both partners together to
help them come toen a agreement in
an amicable way and if they have got
children to prioritise their
children and put the needs of the
family and the children first. We do
that by helping them set goals about
what the future may look like and
saying if you have got these goals
and these resource, how can we split
the resource it achieve these goals
and that's fundamentally different
to the traditional way of doing it
which is well, you're entitled to
this and you're entight told that.
You are look to go reduce your fees
even more to make yourself more
accessible to those who can't afford
good advice as you've already
mentioned, but how will you be able
to do that and sort of stay
profitable as a company?
where the technology comes in. So my
co-founder Pip Wilson is technology
entrepreneur and it's looking at how
technology can take the strain and
can take away some of the
administrative burden that
traditionally lawyers or other
people have done so we're not
looking to polarize the debate. We
are not looking to say that
technology is a panacea that's going
to solve all of these problems, it
really is the combination of people
and technology working together
that's going to make the difference
and make this scaleable and
profitable and reduce the cost.
What's the response been from
traditional lawyers? Because you're
a disrupter, you're coming in their
industry and shaking up how they do
it. It strikes me like estate agents
and conveysancing, the system is set
up to favour lawyers?
I think we've
had a mixed response. There are some
very enlightened lawyers, we've had
talks with the Law Society and the
solicitors regulator authority and
they have been warm and receptive
because everybody recognises that
the current system is pretty broken.
It costs this country £48 billion a
year in divorce bills. And that's
the combined cost of the mental
illness and things that happen after
a traumatic experience. It is the
additional benefits, it is the cost
to the Prison Service and the
additional cost to schools so there
is a gam it of costs and I think
everybody recognises that we need to
do more to help people do this in a
more kind and humane way and that's
really what we're talking about
OK, Kate, thank you very much.
Really interesting. Best of luck
A new car designed by former BMW
and Apple employees has been
unveiled ahead of the Consumer
Electronics Show in Las Vegas.
Called the Byton, it sports a huge
as Dave Lee reports.
What we want to do is
try to merge your life
outside the car with your experience
in the car.
Everything will be controlled
via touch and then certain aspects
will be controlled via voice
and also very novel to us
is gesture control.
Some of the most exciting features
of the Byton car are going to be
disabled until we live in a world
of fully autonomous driving.
So perhaps think of this
vehicle as bridging the gap
between our dumb driving past
and our smart driving future.
We have to come together
and share this infrastructure
across the companies because this
is not a differentiating factor,
this is something which makes
the whole industry successful.
I like the music on that.
Jeremy Cook is back.
A tweet from Elon Musk says, "Gunner
put on an old school driving and
roller skates and rock restaurant at
one of the new super charger
location in LA."
Only one. Why can't
they been everywhere.
Have you been
to a drive-in?
I've been to one
in South Africa. They do them in
South Africa which is where he's
from. Let's say with our
marriage-divorce theme. There is a
really interesting yarn in the
Business Insider about Harry and
Meghan's wedding. One of the issue
of weddings is the list as you know,
who do you not invite?
is that Trump may deny the UK a
Brexit deal if he is snubbed from
Prince Harry's wedding, the nuptials
on 19th May. Prince Harry is more
close with the Obamas given the...
Their support for the Invictus
But Donald Trump has always
looked at a state visit to the UK as
something which he really, really
wants and whether that coincides
with Meghan and Harry's nuptials.
He's not coming to ours because
we're not having kids! He may still
be turning up at Windsor Castle.
Obamas could be there and Trump
perhaps not there, but because the
Obamas have the connection with the
Games and everything which is a
legit reason for inviting them.
is not, the thing about the royal
wedding, it is not a full state
occasion. You know, Prince Harry is
only fifth or sixth in line, he is
closer line, this is not in
Westminster Abbey, he is going to
get a state visit himself.
you what you're spending your money
on. This is in the Washington Post,
liquor, home, hobbies and cars. So,
we are still spending, it seems.
But a lot of things falling by
the way side?
A lot of squeeze on
incomes. Inflation here in the UK,
about 3%, real wages, still
negative, the post Brexit kind of
chronic crawl that we are seeing and
it is interesting to see how we are
now, not also what we are spending
our money, but how we are spending,
whether we are did it on the high
street, Amazon and that kind of
thing. A lot of people are getting
more experienced buying.
A lot of
tweets still spending on holidays,
but cutting back on clothing and
fashion items is one point.
Languages and culture, holidays in
the in sun.
One says, "No money to
spend at all." That's Darling.
People will be more willing to save
and go for quality than go for the
disposable fashions which is going
to stack them high and sell them
cheap and throw them away when they
We will see how the
retailers fair. Thanks Jeremy for
coming in. Nice to see you.
discussed Jeremy not so much wedding
and possible divorce!
Ben, we didn't
We just said a divorce.
The pessimist to the optimist.
will see you tomorrow. Are you here
So am I. We'll see
you tomorrow. Take care. Bye-bye.