11/01/2018 BBC Business Live


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11/01/2018

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This is Business Live from BBC News

0:00:050:00:07

with Susannah Streeter

and Sally Bundock.

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Britain's Prime Minister,

Theresa May, is set to meet business

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leaders from the UK's financial

services industry as the Government

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attempts to secure a Brexit deal

that will include the sector.

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Live from London, that's our top

story on Thursday 11th January.

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Banking on a deal.

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The finance industry

is Britain's biggest exporter,

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but can it expect to stay

that way after Brexit?

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Philip Hammond and David Davis

are in Germany today to push

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for the best outcome.

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Also in the programme,

the UK is to announce a plan

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to eradicate all avoidable

plastic waste by 2042,

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but will it have any legal effect?

0:00:550:01:05

This is the situation on the

financial markets in Europe, the

0:01:050:01:09

FTSE very slightly up. Sally?

0:01:090:01:12

If men, or women, grappling

in a ring is your thing -

0:01:130:01:17

we'll talk to the entrepreneur whose

business helps wrestling fans follow

0:01:170:01:20

their heroes around the world.

0:01:200:01:28

And what you think of Theresa May's

plastic plans? Fantastic, or do they

0:01:280:01:32

not go far enough? Do get in touch.

0:01:320:01:40

Hello and welcome to Business Live.

0:01:400:01:45

We start with Brexit,

and the future of Britain's

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huge financial industry once

it leaves the EU next year.

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Today the UK Chancellor,

Philip Hammond,

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and Brexit Secretary

David Davis are in Germany

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trying to win support for

a favourable post-Brexit trade deal,

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especially when it comes

to financial services.

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The financial sector

is the UK's biggest exporter,

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accounting for 10% of the entire

economy and 2.2 million jobs.

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But the UK argues the City of London

is also important for Europe.

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Mr Hammond and Mr Davis

will remind Germany

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its firms need access

to London's financial markets.

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The bosses of Barclays,

insurance giant Aviva

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and Goldman Sachs International

are thought to be among

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up to 15 top finance chiefs meeting

Prime Minister Theresa May later.

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She will be trying to reassure them

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the UK will remain a vibrant

financial sector after Brexit.

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There will be tough talks ahead.

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The EU's chief negotiator,

Michel Barnier, has been clear

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Britain cannot cherry-pick

which benefits of EU membership

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to keep and there will be no special

deal for its financial sector.

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So a pretty busy day when it comes

to Brexit.

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I'm joined by the lawyer

Miriam Gonzalez,

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who specialises in international

trade and government regulation

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at the law firm Dechert LLP.

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Nice to see you, good morning. What

are you expecting to be achieved to

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date? If we start with Bill Hader

and David Davis in Germany, in

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Germany right now they are pretty

busy trying to form a government if

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nothing else. -- if we start with

Philip Hammond.

They have detected

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there is a lack of emphasis from the

other side of the business, the

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European business groups, and I

think that is absolutely right, it

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is a good idea to go not only to

Germany but other European countries

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to try to get Brexit much more to

the top of the agenda, because it is

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falling down the ranks. But the

important thing is that they have

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something new to say, because they

say they want a really good

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agreement, but that is not going to

make a big difference. They will be

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looking at the detail.

And we don't

know what the detail is. To the

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press, the media, they will say one

thing, but certainly the impression

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from the German media is there is no

way we will be getting any special

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deal for financial services in

Europe. To what extent do you think

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those who matter in Europe, the

likes of Michel Barnier and others,

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are interested in a special deal for

financial services?

I do not think

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that is even the discussion now. The

European Union have heard what the

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UK Government does not want, because

Theresa May decided, on her own,

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really, not with Parliament with the

we discovered afterwards, this idea

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not to go for the customs union or

the single market, so what the

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European Union is waiting for - in

Brussels, Germany, Madrid, Paris,

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everywhere - is to hear what you

want. As soon as she defines that,

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they will stop the discussions, but

there are around 53 or 63 weeks, I

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think, to Brexit, not a lot of time!

EU officials have been writing to

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company bosses in key industries,

warning them that Britain will

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effectively be a third country if

this deal is not done, it is a stark

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warning for them.

Britain will be a

third country no matter what.

But

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without automatic access to the

single market.

There can be no

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single market access taking into

account what the Prime Minister

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said, we had seen what alternative

arrangement may be negotiated. It is

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very difficult to negotiate anything

until the UK Government decides what

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kind of model, new model, whatever

it is they want, and they put it on

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the table. All these words about the

best possible agreement, I don't

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know, it doesn't say very much. It

is likely Prime Minister, in the

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election was talking about strong

and stable - people lose interest,

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and in the business community it is

the same. They hear these hollow

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words, and what they want is the

substance.

Thank you, I can sense

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your frustration, thank you for

coming in. Just to say, if we do get

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detail, if we get information about

how the discussion is going on in

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Germany today, and also Theresa

May's meeting with the bosses of

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Barclays et cetera, we will let you

know.

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Let's take a look at some of

the other stories making the news.

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China's economic growth probably

accelerated to 6.9% in 2017.

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Premier Li Keqiang has told

a regional summit in Cambodia.

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That would be an improvement

on the 6.7% seen in 2016,

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which was the weakest in 26 years.

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Mr Li said China has done well

because it refrained from flooding

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the economy with stimulus

while pushing ahead with reforms.

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The value of Bitcoin has fallen more

than 10% on the Bitstamp exchange,

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after South Korea's Justice Minister

said the country is preparing a bill

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to ban trading in cryptocurrencies.

0:07:110:07:15

Bitcoin sank as low as $13,120,

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its weakest

since the beginning of January.

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UK Prime Minister Theresa May

will pledge later

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to eliminate avoidable plastic waste

within 25 years.

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Supermarkets will be urged

to introduce plastic-free aisles

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and compulsory charging

for plastic carrier bags

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will be extended to all retailers.

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But green groups have criticised

the plans as having no legal force.

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That is the story we are asking you

to get in touch about, we will be

0:07:480:07:53

discussing them all later.

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Now to a story being

closely watched in India.

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Vijay Mallya is one of the country's

best-known entrepreneurs,

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with business interests

ranging from Kingfisher beer

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to an airline of the same name,

to the Force India Formula One team

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and an Indian Premier

League cricket club.

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Now he's battling extradition

from the UK over fraud allegations -

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which he denies.

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He faces a hearing not

far from here

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at Westminster Magistrates

Court later today.

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Suranjana Tewari is our India

business correspondent in Mumbai.

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Tell us more about these latest

developments.

Well, this is a

0:08:300:08:34

long-running trial. It is a trial, a

case lodged by the Indian government

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to try and get Vijay Mallya

extradited back to India to face a

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raft of allegations. They include

money-laundering, fraud, financial

0:08:460:08:50

irregularities and tax evasion. Most

of them are related to the

0:08:500:08:55

now-defunct Kingfisher Airlines.

Banksy or say that the airline took

0:08:550:09:02

loans of $1.4 billion and defaulted

on them, and Vijay Mallya is

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personally accused of using some of

that money for personal use. Banks

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here are struggling with bad debt,

so Vijay Mallya has really become a

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poster child for the Indian

government going had and dealing

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with this issue. But they also have

a lot of allegations against him and

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many of his businesses, so that is

why the Indian government is really

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trying to get extradited back, and

that is what this trial is all

0:09:300:09:32

about.

Suranjana, thank you very

much for that update. Let's check in

0:09:320:09:38

with the financial markets.

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The New Year rally has finally

petered out over concerns

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about rising US protectionism.

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Japan's Nikkei down by a third

of 1%, tech shares leading

0:09:430:09:46

the decline with Samsung down 1.4%.

0:09:460:09:48

Australia's All

Ordinaries index fell,

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following on from

losses on Wall Street.

0:09:520:09:56

The Hang Seng hanging

onto positive territory.

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Some investors seemed spooked

by an unconfirmed report that

0:10:010:10:03

Canadian officials increasingly

expect US President Donald Trump to

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call time on the Nafta

free-trade pact.

0:10:060:10:13

This is the situation

so far on in Europe.

0:10:130:10:18

The FTSE is in positive territory,

the dykes macro in Frankfurt down

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very slightly, the CAC 40, not much

change in Europe so far. -- DAX.

0:10:240:10:37

On Thursday, there will be a release

of data on the labour market,

0:10:380:10:41

expecting to show that it increased

3.2% on the PPI figure. In the 12

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months through to December, it is

expected to have advance 3%. In any

0:10:520:10:57

news, delta airlines will report of

quarterly and full-year results. The

0:10:570:11:03

number two US airline by passenger

traffic will absorb an estimated 25

0:11:030:11:10

million dollar hit from a power

outage in Atlanta. The filings will

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also include the busy holiday travel

period, which is historically one of

0:11:160:11:20

the airline's most profitable

periods.

0:11:200:11:26

We have another very familiar face.

0:11:260:11:27

Joining us is David Buik

from Panmure Gordon.

0:11:270:11:31

Lovely to see you, David, how you?

Happy New Year, top form for an old

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bird.

You are always on top form, I

have never known you any other way!

0:11:380:11:43

I just want to mention this, it is

just come across the wires on

0:11:430:11:46

Reuters, they are saying they are

quoting Angela Merkel as saying she

0:11:460:11:51

says there is still big hurdles that

needs to be cleared before a

0:11:510:11:54

coalition can be formed. This of

course in Germany, she has been

0:11:540:12:00

grappling with this...

Three months

now.

You must be exhausted. But it

0:12:000:12:05

seems they are not making any

headway, tell us what that means for

0:12:050:12:09

markets.

What it means for the

markets, as you rightly pointed out,

0:12:090:12:14

it doesn't done much to the DAX, but

people have realised there are

0:12:140:12:17

serious problems with the right wing

in German politics, getting quite a

0:12:170:12:21

strong game because of the

immigration factor, allowing a

0:12:210:12:24

million people in, even though

Germany is desperately short of

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quality people to work in the car

industry, where they really needed.

0:12:280:12:32

Finding the key to the kingdom is

going to be very difficult. The one

0:12:320:12:35

thing we can be certain of is that

Germany is very stable politically,

0:12:350:12:39

so I do not think it will be at a

turmoil, but I fear another

0:12:390:12:44

election, because I think the only

way to clear this up, you can't

0:12:440:12:47

carry on keeping people at bay, and

she should be at the forefront with

0:12:470:12:54

Macron in organising the Brexit

negotiations, you know, obviously

0:12:540:12:59

manipulating Michel Barnier.

He is

having to cover many things at the

0:12:590:13:04

moment. I'm talking about elections,

we have President Trump, over a year

0:13:040:13:10

in office, and protectionism rearing

its head, fears that he will wrap up

0:13:100:13:13

Nafta is affecting the markets. What

do think the prospects are?

He has

0:13:130:13:19

told us all right from the word go

that he is a protectionist, the

0:13:190:13:24

policy of the Republican Party, and

I think we have sort of soaked this

0:13:240:13:28

up, we have these terrible

imbalances of who has got deficits,

0:13:280:13:33

and while he remains President of

the United States, it will be

0:13:330:13:38

America one, two, three and four.

But the markets seem to be able to

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cope with it, basically because the

asset classes are very unattractive,

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bonds and things like that, as we

said before, yields are starting to

0:13:450:13:51

creep up, and whether it actually

signals a new wave of interest rate

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hikes, I personally don't see it.

Global growth is supposed to be

0:13:560:14:01

3.7%, but until we see the tapering

of quantitative easing, plus

0:14:010:14:07

consistent noises or markers that we

are going to see rates going up, I

0:14:070:14:10

can see more than a modest

correction.

All right, we will keep

0:14:100:14:15

a watch on that. Putting David on

the pause button for now, but back

0:14:150:14:20

soon to talk plastic and other

stories, interesting bits coming

0:14:200:14:22

later.

0:14:220:14:25

Still to come...

0:14:250:14:26

If men - or women -

grappling in a ring is your thing,

0:14:260:14:29

we'll talk to the entrepreneur whose

business helps wrestling fans follow

0:14:290:14:31

their heroes around the world.

0:14:310:14:33

You're with Business

Live from BBC News.

0:14:330:14:38

Christmas results have

been pouring in today,

0:14:440:14:45

and they're a bit of a mixed bag.

0:14:450:14:48

Marks & Spencer has reported

a fall in sales, Tesco has

0:14:480:14:51

reported solid growth,

and John Lewis has

0:14:510:14:53

warned of a tough 2018.

0:14:530:14:55

Let's get more on this

with Natalie Berg, global research

0:14:550:14:58

director at Planet Retail.

0:14:580:15:03

Can we start with Tesco? How did it

do?

Tesco is emerging as one of the

0:15:030:15:10

winners. They will never return to

their former glory because there has

0:15:100:15:16

just been too much structural change

in the market with the rise of

0:15:160:15:20

online and discounters. But overall,

very strong numbers. The ship has

0:15:200:15:26

been studied. Their turnaround

strategy is bearing fruit. They have

0:15:260:15:29

done a lot to focus on the cost

reducing prices and making the

0:15:290:15:35

shopping experience more pleasant.

Tesco is one of the winners. What

0:15:350:15:40

about the losers? House of Fraser on

that list. Its online sales have

0:15:400:15:45

suffered, haven't they?

Yes, it has

to be bad if your online sales are

0:15:450:15:49

falling in the run-up to Christmas.

Very few retailers have experienced

0:15:490:15:54

this. Mothercare being the other

exception. Most places need the

0:15:540:16:00

online to pop-up falling store

sales. That is indicative of current

0:16:000:16:07

high Street trading. The future not

looking bright for a house of

0:16:070:16:12

Fraser. Department stores have had a

dreadful time. Debenhams is closing

0:16:120:16:16

stores, Amadeus is closing stores.

We are seeing a shift towards online

0:16:160:16:20

shopping. -- M&S is closing stores.

Most consumers are not buying as

0:16:200:16:28

many material goods. We are

expending money and experiences

0:16:280:16:33

instead.

-- we are spending money.

Thank you.

0:16:330:16:39

Lots of stories on this on the BBC

Business Live website.

0:16:390:16:46

Yes, more detail on that. Marks &

Spencer food, the bright light dims

0:16:460:16:52

is the headline. The food sales have

always kept its earnings higher. But

0:16:520:16:56

these figures are disappointing in

food and online business as well.

0:16:560:17:03

That is according to Hargreaves

Lansdown. A lot of detail on there.

0:17:030:17:07

Take a look when you have time.

Discounters doing very well in the

0:17:070:17:12

run-up to Christmas. More detail on

the BBC app.

0:17:120:17:16

You're watching Business

Live - our top story.

0:17:220:17:24

Britain's Prime Minister Theresa May

is set to meet business leaders

0:17:240:17:28

from the UK's financial services

industry later today,

0:17:280:17:30

as the government attempts

to secure a Brexit deal that

0:17:300:17:32

will include the sector.

0:17:320:17:34

A quick look at how

markets are faring...

0:17:340:17:40

They have been trading for nearly 15

minutes. A mixed picture. The Dax

0:17:400:17:45

bucking the trend in Frankfurt, down

by five point want to -- 0.02%.

0:17:450:17:51

Do you know your Hulk Hogan

from your Big Show?

0:17:510:17:53

Well if not, maybe you should -

because the sport

0:17:530:17:55

of wrestling is huge,

attracting fans around the globe.

0:17:550:17:58

In 2016, the WWE -

that's wrestling's main body-

0:17:580:18:01

received over 15 billion views

on the digital video on its website.

0:18:010:18:09

And last year, Wrestlemania -

that's wrestling's

0:18:090:18:11

equivalent of the Super Bowl -

generated over $180 million

0:18:110:18:13

for the city of Orlando.

0:18:130:18:20

Lots of wrestling in our house. And

I haven't actually been to see a

0:18:200:18:26

wrestling show.

0:18:260:18:26

Our next guest has founded

a business which provides, travel,

0:18:260:18:29

accommodation and tickets to events

for those looking to

0:18:290:18:31

follow their wrestling

heroes around the world.

0:18:310:18:32

Lee McAteer, founder

of Wrestling Travel, joins us.

0:18:320:18:35

Thank you for coming in. Tell us how

this began? How did you come from

0:18:350:18:43

thinking, like wrestling, to setting

up this Wrestling Travel firm?

0:18:430:18:48

Wrestling has been a passion of mine

since I was a kid. When I grew up I

0:18:480:18:53

was watching Hulk Hogan and others.

Giant haystacks is more my age

0:18:530:19:01

group.

That is probably too old for

me! There were huge part of the UK

0:19:010:19:07

wrestling scene. But now wrestling

has transcended into Popow --

0:19:070:19:16

popular culture. It is big business.

It is something we are doing really

0:19:160:19:20

well with. What finding is that as

more people get into wrestling, more

0:19:200:19:25

people want to go to the events.

That is where we come in.

Why do we

0:19:250:19:30

need you to make that happen? Don't

most people do it all themselves,

0:19:300:19:35

book a flight, get a ticket and a

hotel room?

It is a great question

0:19:350:19:40

but there are so many different

parts to put that wrestling package

0:19:400:19:44

together. That is where we come in.

It is the customer experience. We do

0:19:440:19:50

things better. We go the extra mile

for people.

If you do it yourself

0:19:500:19:55

you will save money. I would imagine

most people think if I just get

0:19:550:20:00

online and find the flights etc, I

will get a better deal?

As a huge

0:20:000:20:05

fan myself, when I was given tickets

to WrestleMania, I thought,

0:20:050:20:09

fantastic. I didn't realise how

difficult it would be to get the

0:20:090:20:12

Hotel sorted, the flight sorted,

because of how popular these events

0:20:120:20:16

were. Because we had this massive

travel company we created, we were

0:20:160:20:23

able to bolt on the wrestling

events. As a consequence, you

0:20:230:20:28

literally pay one price and

everything is covered. Convenience

0:20:280:20:30

is what we do.

An ex-girlfriend's

present to you spawned a business,

0:20:300:20:37

didn't it?

Absolutely. I am very

lucky in the fact they are -- that I

0:20:370:20:45

have some fantastic people around

me. People want the niches. If

0:20:450:20:50

people want something and they are

so passionate about it, that is

0:20:500:20:53

where the business lies. We have got

a huge waiting list ready for

0:20:530:20:58

WrestleMania 30 five.

That is partly

because possibly there is not

0:20:580:21:03

another company like yours around

the world that does this?

0:21:030:21:07

Absolutely. That makes us too! It is

cool we are the only ones doing it.

0:21:070:21:13

Hopefully that will continue.

I want

to ask you about your style of

0:21:130:21:18

management. You describe yourself as

a big kid at heart.

Absolutely.

You

0:21:180:21:24

made us laugh in the Green room. He

built an office full of balls for

0:21:240:21:33

his staff.

We always like to

surprise people. We filled the

0:21:330:21:39

entire office with 250,000 balls.

Didn't tell anybody. As everybody

0:21:390:21:47

arrived, they were like, what is

going on here? Imagine you are

0:21:470:21:51

working out of a bolted? That is

what happened.

Ben Thompson is in

0:21:510:21:57

Salford today. Maybe we can put him

in touch with you.

Please do. It

0:21:570:22:03

will be there on Sunday.

Lovely to

meet you.

0:22:030:22:08

Thank you for having me.

0:22:080:22:12

More than 200 drones are dazzling

audiences in Las Vegas, with a night

0:22:120:22:15

show over one of the city's

most famous hotels.

0:22:150:22:17

The dancing quadcopters are intended

to show how swarms of the flying

0:22:170:22:20

machines can be deployed

without crashing into each other.

0:22:200:22:30

Tonight you just saw 250 drones

performing the first-ever show.

0:22:550:23:04

Everything is simulated,

preprogrammed. We know how the drums

0:23:040:23:05

are going to fly. We have positioned

themselves about 1.5 metres around

0:23:050:23:10

each other. We know they won't

collide. I think that the technology

0:23:100:23:20

Intel has come the applicable in a

lot of different ways. Imagine if

0:23:200:23:23

you had a drone for a search and

rescue and if you were stranded,

0:23:230:23:27

would you rather have one Cherono

search for you or a fleet of drones?

0:23:270:23:31

That looked pretty cool.

0:23:310:23:39

Who would have thought? A new

industry being spawned.

0:23:390:23:41

Joining us is David Buik

from Panmure Gordon .

0:23:410:23:44

We did promise David would tell us

more about plastic waste. The Ukip

0:23:440:23:50

Prime Minister expected to announce

a 25 year plan today to eradicate

0:23:500:23:54

plastic? -- the UK Prime Minister.

Anybody who saw David Attenborough's

0:23:540:24:03

programme could not have been but

dismayed to see what plastics are

0:24:030:24:07

doing the natural life. You will

always get people who will criticise

0:24:070:24:12

and say it is hopeless, the Green

people saying 2042 is too long.

It

0:24:120:24:21

is not compulsory.

That is true.

There aren't any legal ramifications

0:24:210:24:29

if you don't follow through.

I know

what you mean. But I hope it is a

0:24:290:24:36

discussion. If you come in with

legislation, you will not do this,

0:24:360:24:39

you will not do that, you have to

pay 25p etc, that has to go through

0:24:390:24:45

the statute books. What I think we

haven't had is proper discussion

0:24:450:24:52

from the Prime Minister on how she

intends to evolve this whole

0:24:520:24:56

procedure, which we all agree is

essential. Plastic bottles is the

0:24:560:25:01

one that gets me. We try to fill up

the old bottle at home, which is the

0:25:010:25:07

right thing to do. This was

shocking.

The campaign saying there

0:25:070:25:15

needs to be more stick rather than

character. Many of you have been in

0:25:150:25:19

touch. Steve Foster says if those

water cooler bottles go back to the

0:25:190:25:23

company for reuse, they don't count.

He is referring to a picture we put

0:25:230:25:27

on Twitter. Plastic cups do count.

They are often chucked away. Sarah

0:25:270:25:36

says Southport beach is awful. She

filled to rubbish bags full of

0:25:360:25:41

plastic in one day. Another says we

should do our bit in reducing and

0:25:410:25:47

recycling, including manufacturers

by using biodegradable packaging.

0:25:470:25:54

Absolutely. If you think about it,

our old bags, we have got

0:25:540:26:01