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This is Business Live from BBC News
with Susannah Streeter
and Sally Bundock.
Britain's Prime Minister,
Theresa May, is set to meet business
leaders from the UK's financial
services industry as the Government
attempts to secure a Brexit deal
that will include the sector.
Live from London, that's our top
story on Thursday 11th January.
Banking on a deal.
The finance industry
is Britain's biggest exporter,
but can it expect to stay
that way after Brexit?
Philip Hammond and David Davis
are in Germany today to push
for the best outcome.
Also in the programme,
the UK is to announce a plan
to eradicate all avoidable
plastic waste by 2042,
but will it have any legal effect?
This is the situation on the
financial markets in Europe, the
FTSE very slightly up. Sally?
If men, or women, grappling
in a ring is your thing -
we'll talk to the entrepreneur whose
business helps wrestling fans follow
their heroes around the world.
And what you think of Theresa May's
plastic plans? Fantastic, or do they
not go far enough? Do get in touch.
Hello and welcome to Business Live.
We start with Brexit,
and the future of Britain's
huge financial industry once
it leaves the EU next year.
Today the UK Chancellor,
and Brexit Secretary
David Davis are in Germany
trying to win support for
a favourable post-Brexit trade deal,
especially when it comes
to financial services.
The financial sector
is the UK's biggest exporter,
accounting for 10% of the entire
economy and 2.2 million jobs.
But the UK argues the City of London
is also important for Europe.
Mr Hammond and Mr Davis
will remind Germany
its firms need access
to London's financial markets.
The bosses of Barclays,
insurance giant Aviva
and Goldman Sachs International
are thought to be among
up to 15 top finance chiefs meeting
Prime Minister Theresa May later.
She will be trying to reassure them
the UK will remain a vibrant
financial sector after Brexit.
There will be tough talks ahead.
The EU's chief negotiator,
Michel Barnier, has been clear
Britain cannot cherry-pick
which benefits of EU membership
to keep and there will be no special
deal for its financial sector.
So a pretty busy day when it comes
I'm joined by the lawyer
who specialises in international
trade and government regulation
at the law firm Dechert LLP.
Nice to see you, good morning. What
are you expecting to be achieved to
date? If we start with Bill Hader
and David Davis in Germany, in
Germany right now they are pretty
busy trying to form a government if
nothing else. -- if we start with
They have detected
there is a lack of emphasis from the
other side of the business, the
European business groups, and I
think that is absolutely right, it
is a good idea to go not only to
Germany but other European countries
to try to get Brexit much more to
the top of the agenda, because it is
falling down the ranks. But the
important thing is that they have
something new to say, because they
say they want a really good
agreement, but that is not going to
make a big difference. They will be
looking at the detail.
And we don't
know what the detail is. To the
press, the media, they will say one
thing, but certainly the impression
from the German media is there is no
way we will be getting any special
deal for financial services in
Europe. To what extent do you think
those who matter in Europe, the
likes of Michel Barnier and others,
are interested in a special deal for
I do not think
that is even the discussion now. The
European Union have heard what the
UK Government does not want, because
Theresa May decided, on her own,
really, not with Parliament with the
we discovered afterwards, this idea
not to go for the customs union or
the single market, so what the
European Union is waiting for - in
Brussels, Germany, Madrid, Paris,
everywhere - is to hear what you
want. As soon as she defines that,
they will stop the discussions, but
there are around 53 or 63 weeks, I
think, to Brexit, not a lot of time!
EU officials have been writing to
company bosses in key industries,
warning them that Britain will
effectively be a third country if
this deal is not done, it is a stark
warning for them.
Britain will be a
third country no matter what.
without automatic access to the
There can be no
single market access taking into
account what the Prime Minister
said, we had seen what alternative
arrangement may be negotiated. It is
very difficult to negotiate anything
until the UK Government decides what
kind of model, new model, whatever
it is they want, and they put it on
the table. All these words about the
best possible agreement, I don't
know, it doesn't say very much. It
is likely Prime Minister, in the
election was talking about strong
and stable - people lose interest,
and in the business community it is
the same. They hear these hollow
words, and what they want is the
Thank you, I can sense
your frustration, thank you for
coming in. Just to say, if we do get
detail, if we get information about
how the discussion is going on in
Germany today, and also Theresa
May's meeting with the bosses of
Barclays et cetera, we will let you
Let's take a look at some of
the other stories making the news.
China's economic growth probably
accelerated to 6.9% in 2017.
Premier Li Keqiang has told
a regional summit in Cambodia.
That would be an improvement
on the 6.7% seen in 2016,
which was the weakest in 26 years.
Mr Li said China has done well
because it refrained from flooding
the economy with stimulus
while pushing ahead with reforms.
The value of Bitcoin has fallen more
than 10% on the Bitstamp exchange,
after South Korea's Justice Minister
said the country is preparing a bill
to ban trading in cryptocurrencies.
Bitcoin sank as low as $13,120,
since the beginning of January.
UK Prime Minister Theresa May
will pledge later
to eliminate avoidable plastic waste
within 25 years.
Supermarkets will be urged
to introduce plastic-free aisles
and compulsory charging
for plastic carrier bags
will be extended to all retailers.
But green groups have criticised
the plans as having no legal force.
That is the story we are asking you
to get in touch about, we will be
discussing them all later.
Now to a story being
closely watched in India.
Vijay Mallya is one of the country's
with business interests
ranging from Kingfisher beer
to an airline of the same name,
to the Force India Formula One team
and an Indian Premier
League cricket club.
Now he's battling extradition
from the UK over fraud allegations -
which he denies.
He faces a hearing not
far from here
at Westminster Magistrates
Court later today.
Suranjana Tewari is our India
business correspondent in Mumbai.
Tell us more about these latest
Well, this is a
long-running trial. It is a trial, a
case lodged by the Indian government
to try and get Vijay Mallya
extradited back to India to face a
raft of allegations. They include
money-laundering, fraud, financial
irregularities and tax evasion. Most
of them are related to the
now-defunct Kingfisher Airlines.
Banksy or say that the airline took
loans of $1.4 billion and defaulted
on them, and Vijay Mallya is
personally accused of using some of
that money for personal use. Banks
here are struggling with bad debt,
so Vijay Mallya has really become a
poster child for the Indian
government going had and dealing
with this issue. But they also have
a lot of allegations against him and
many of his businesses, so that is
why the Indian government is really
trying to get extradited back, and
that is what this trial is all
Suranjana, thank you very
much for that update. Let's check in
with the financial markets.
The New Year rally has finally
petered out over concerns
about rising US protectionism.
Japan's Nikkei down by a third
of 1%, tech shares leading
the decline with Samsung down 1.4%.
Ordinaries index fell,
following on from
losses on Wall Street.
The Hang Seng hanging
onto positive territory.
Some investors seemed spooked
by an unconfirmed report that
Canadian officials increasingly
expect US President Donald Trump to
call time on the Nafta
This is the situation
so far on in Europe.
The FTSE is in positive territory,
the dykes macro in Frankfurt down
very slightly, the CAC 40, not much
change in Europe so far. -- DAX.
On Thursday, there will be a release
of data on the labour market,
expecting to show that it increased
3.2% on the PPI figure. In the 12
months through to December, it is
expected to have advance 3%. In any
news, delta airlines will report of
quarterly and full-year results. The
number two US airline by passenger
traffic will absorb an estimated 25
million dollar hit from a power
outage in Atlanta. The filings will
also include the busy holiday travel
period, which is historically one of
the airline's most profitable
We have another very familiar face.
Joining us is David Buik
from Panmure Gordon.
Lovely to see you, David, how you?
Happy New Year, top form for an old
You are always on top form, I
have never known you any other way!
I just want to mention this, it is
just come across the wires on
Reuters, they are saying they are
quoting Angela Merkel as saying she
says there is still big hurdles that
needs to be cleared before a
coalition can be formed. This of
course in Germany, she has been
grappling with this...
You must be exhausted. But it
seems they are not making any
headway, tell us what that means for
What it means for the
markets, as you rightly pointed out,
it doesn't done much to the DAX, but
people have realised there are
serious problems with the right wing
in German politics, getting quite a
strong game because of the
immigration factor, allowing a
million people in, even though
Germany is desperately short of
quality people to work in the car
industry, where they really needed.
Finding the key to the kingdom is
going to be very difficult. The one
thing we can be certain of is that
Germany is very stable politically,
so I do not think it will be at a
turmoil, but I fear another
election, because I think the only
way to clear this up, you can't
carry on keeping people at bay, and
she should be at the forefront with
Macron in organising the Brexit
negotiations, you know, obviously
manipulating Michel Barnier.
having to cover many things at the
moment. I'm talking about elections,
we have President Trump, over a year
in office, and protectionism rearing
its head, fears that he will wrap up
Nafta is affecting the markets. What
do think the prospects are?
told us all right from the word go
that he is a protectionist, the
policy of the Republican Party, and
I think we have sort of soaked this
up, we have these terrible
imbalances of who has got deficits,
and while he remains President of
the United States, it will be
America one, two, three and four.
But the markets seem to be able to
cope with it, basically because the
asset classes are very unattractive,
bonds and things like that, as we
said before, yields are starting to
creep up, and whether it actually
signals a new wave of interest rate
hikes, I personally don't see it.
Global growth is supposed to be
3.7%, but until we see the tapering
of quantitative easing, plus
consistent noises or markers that we
are going to see rates going up, I
can see more than a modest
All right, we will keep
a watch on that. Putting David on
the pause button for now, but back
soon to talk plastic and other
stories, interesting bits coming
Still to come...
If men - or women -
grappling in a ring is your thing,
we'll talk to the entrepreneur whose
business helps wrestling fans follow
their heroes around the world.
You're with Business
Live from BBC News.
Christmas results have
been pouring in today,
and they're a bit of a mixed bag.
Marks & Spencer has reported
a fall in sales, Tesco has
reported solid growth,
and John Lewis has
warned of a tough 2018.
Let's get more on this
with Natalie Berg, global research
director at Planet Retail.
Can we start with Tesco? How did it
Tesco is emerging as one of the
winners. They will never return to
their former glory because there has
just been too much structural change
in the market with the rise of
online and discounters. But overall,
very strong numbers. The ship has
been studied. Their turnaround
strategy is bearing fruit. They have
done a lot to focus on the cost
reducing prices and making the
shopping experience more pleasant.
Tesco is one of the winners. What
about the losers? House of Fraser on
that list. Its online sales have
suffered, haven't they?
Yes, it has
to be bad if your online sales are
falling in the run-up to Christmas.
Very few retailers have experienced
this. Mothercare being the other
exception. Most places need the
online to pop-up falling store
sales. That is indicative of current
high Street trading. The future not
looking bright for a house of
Fraser. Department stores have had a
dreadful time. Debenhams is closing
stores, Amadeus is closing stores.
We are seeing a shift towards online
shopping. -- M&S is closing stores.
Most consumers are not buying as
many material goods. We are
expending money and experiences
-- we are spending money.
Lots of stories on this on the BBC
Business Live website.
Yes, more detail on that. Marks &
Spencer food, the bright light dims
is the headline. The food sales have
always kept its earnings higher. But
these figures are disappointing in
food and online business as well.
That is according to Hargreaves
Lansdown. A lot of detail on there.
Take a look when you have time.
Discounters doing very well in the
run-up to Christmas. More detail on
the BBC app.
You're watching Business
Live - our top story.
Britain's Prime Minister Theresa May
is set to meet business leaders
from the UK's financial services
industry later today,
as the government attempts
to secure a Brexit deal that
will include the sector.
A quick look at how
markets are faring...
They have been trading for nearly 15
minutes. A mixed picture. The Dax
bucking the trend in Frankfurt, down
by five point want to -- 0.02%.
Do you know your Hulk Hogan
from your Big Show?
Well if not, maybe you should -
because the sport
of wrestling is huge,
attracting fans around the globe.
In 2016, the WWE -
that's wrestling's main body-
received over 15 billion views
on the digital video on its website.
And last year, Wrestlemania -
equivalent of the Super Bowl -
generated over $180 million
for the city of Orlando.
Lots of wrestling in our house. And
I haven't actually been to see a
Our next guest has founded
a business which provides, travel,
accommodation and tickets to events
for those looking to
follow their wrestling
heroes around the world.
Lee McAteer, founder
of Wrestling Travel, joins us.
Thank you for coming in. Tell us how
this began? How did you come from
thinking, like wrestling, to setting
up this Wrestling Travel firm?
Wrestling has been a passion of mine
since I was a kid. When I grew up I
was watching Hulk Hogan and others.
Giant haystacks is more my age
That is probably too old for
me! There were huge part of the UK
wrestling scene. But now wrestling
has transcended into Popow --
popular culture. It is big business.
It is something we are doing really
well with. What finding is that as
more people get into wrestling, more
people want to go to the events.
That is where we come in.
Why do we
need you to make that happen? Don't
most people do it all themselves,
book a flight, get a ticket and a
It is a great question
but there are so many different
parts to put that wrestling package
together. That is where we come in.
It is the customer experience. We do
things better. We go the extra mile
If you do it yourself
you will save money. I would imagine
most people think if I just get
online and find the flights etc, I
will get a better deal?
As a huge
fan myself, when I was given tickets
to WrestleMania, I thought,
fantastic. I didn't realise how
difficult it would be to get the
Hotel sorted, the flight sorted,
because of how popular these events
were. Because we had this massive
travel company we created, we were
able to bolt on the wrestling
events. As a consequence, you
literally pay one price and
everything is covered. Convenience
is what we do.
present to you spawned a business,
Absolutely. I am very
lucky in the fact they are -- that I
have some fantastic people around
me. People want the niches. If
people want something and they are
so passionate about it, that is
where the business lies. We have got
a huge waiting list ready for
WrestleMania 30 five.
That is partly
because possibly there is not
another company like yours around
the world that does this?
Absolutely. That makes us too! It is
cool we are the only ones doing it.
Hopefully that will continue.
to ask you about your style of
management. You describe yourself as
a big kid at heart.
made us laugh in the Green room. He
built an office full of balls for
We always like to
surprise people. We filled the
entire office with 250,000 balls.
Didn't tell anybody. As everybody
arrived, they were like, what is
going on here? Imagine you are
working out of a bolted? That is
Ben Thompson is in
Salford today. Maybe we can put him
in touch with you.
Please do. It
will be there on Sunday.
Thank you for having me.
More than 200 drones are dazzling
audiences in Las Vegas, with a night
show over one of the city's
most famous hotels.
The dancing quadcopters are intended
to show how swarms of the flying
machines can be deployed
without crashing into each other.
Tonight you just saw 250 drones
performing the first-ever show.
Everything is simulated,
preprogrammed. We know how the drums
are going to fly. We have positioned
themselves about 1.5 metres around
each other. We know they won't
collide. I think that the technology
Intel has come the applicable in a
lot of different ways. Imagine if
you had a drone for a search and
rescue and if you were stranded,
would you rather have one Cherono
search for you or a fleet of drones?
That looked pretty cool.
Who would have thought? A new
industry being spawned.
Joining us is David Buik
from Panmure Gordon .
We did promise David would tell us
more about plastic waste. The Ukip
Prime Minister expected to announce
a 25 year plan today to eradicate
plastic? -- the UK Prime Minister.
Anybody who saw David Attenborough's
programme could not have been but
dismayed to see what plastics are
doing the natural life. You will
always get people who will criticise
and say it is hopeless, the Green
people saying 2042 is too long.
is not compulsory.
That is true.
There aren't any legal ramifications
if you don't follow through.
what you mean. But I hope it is a
discussion. If you come in with
legislation, you will not do this,
you will not do that, you have to
pay 25p etc, that has to go through
the statute books. What I think we
haven't had is proper discussion
from the Prime Minister on how she
intends to evolve this whole
procedure, which we all agree is
essential. Plastic bottles is the
one that gets me. We try to fill up
the old bottle at home, which is the
right thing to do. This was
The campaign saying there
needs to be more stick rather than
character. Many of you have been in
touch. Steve Foster says if those
water cooler bottles go back to the
company for reuse, they don't count.
He is referring to a picture we put
on Twitter. Plastic cups do count.
They are often chucked away. Sarah
says Southport beach is awful. She
filled to rubbish bags full of
plastic in one day. Another says we
should do our bit in reducing and
recycling, including manufacturers
by using biodegradable packaging.
Absolutely. If you think about it,
our old bags, we have got