0:00:07 > 0:00:10This is Business Live from BBC News with Alice Baxter and David Eades.
0:00:10 > 0:00:13The US Congress has until midnight to agree a budget deal -
0:00:13 > 0:00:15or see government services shut down.
0:00:15 > 0:00:18Live from London, that's our top story on Friday 19th January.
0:00:33 > 0:00:37All eyes will be on the US Senate today.
0:00:37 > 0:00:42Hundreds of thousands of government employees could be sent home
0:00:42 > 0:00:45if the two major parties fail to overcome their differences.
0:00:45 > 0:00:49Also in the programme...
0:00:49 > 0:00:52The controversial founder of Uber - Travis Kalanick - becomes
0:00:52 > 0:00:54a billionaire after the ride-hailing company completes a massive
0:00:54 > 0:00:57round of funding.
0:00:57 > 0:01:02And we'll keep you up to date on all the latest market
0:01:02 > 0:01:04action where over in Asia, stocks shook off losses
0:01:04 > 0:01:07on Wall Street and edged up to record highs on Friday.
0:01:07 > 0:01:10Whilst Europe looks to be heading for a muted finish to the week.
0:01:10 > 0:01:13And it's been a busy few days for the likes of Apple,
0:01:13 > 0:01:14Emirates and Blackrock.
0:01:14 > 0:01:17We'll be taking stock with our business guru Theo Leggett.
0:01:17 > 0:01:22Today we want to know, why are millennials not playing golf?
0:01:23 > 0:01:25The popularity of the sport is falling all around the world.
0:01:25 > 0:01:28Is it to expensive or does it just take too long?
0:01:28 > 0:01:29Let us know.
0:01:29 > 0:01:32Just use the hashtag BBCBizLive.
0:01:36 > 0:01:41Hello and welcome to Business Live.
0:01:41 > 0:01:44The government running the world's biggest economy is staring
0:01:44 > 0:01:46a shutdown in the eyes.
0:01:46 > 0:01:48That's what will happen if the United States Congress
0:01:48 > 0:01:55doesn't agree a budget deal by the end of Friday.
0:01:55 > 0:01:59Late on Thursday, the House of Representatives passed a short
0:01:59 > 0:02:01term bill to fund the government until February 16th but getting it
0:02:01 > 0:02:06through the Senate is proving much more difficult.
0:02:06 > 0:02:10One major sticking point is the fate of 800,000 so-called Dreamers -
0:02:10 > 0:02:13people who came to the US illegally as children and face
0:02:13 > 0:02:15the prospect of deportation.
0:02:15 > 0:02:21Democrats are using the budget talks as leverage to try and stop that.
0:02:21 > 0:02:23Then there's the Children's Healthcare programme -
0:02:23 > 0:02:28which provides insurance for millions of low income kids.
0:02:28 > 0:02:30It cost $16.9 billion last year and President Trump
0:02:30 > 0:02:31wants it reformed.
0:02:31 > 0:02:36So what if Congress can't agree?
0:02:36 > 0:02:44Last time the government was forced into a partial shutdown was in 2013.
0:02:44 > 0:02:47850,000 staff were sent home, museums and parks were closed,
0:02:47 > 0:02:49and services from visa processing to mortgage approvals
0:02:49 > 0:02:53were disrupted.
0:02:53 > 0:02:58The potential economic damage is also very real.
0:02:58 > 0:03:01The 2013 shutdown lasted just 16 days, but knocked a third
0:03:01 > 0:03:04of a percent off US growth for that year.
0:03:04 > 0:03:11That's why the US dollar has been falling as the stalemate continues.
0:03:11 > 0:03:13Jacob Parakilas is Assistant Head of the US and the Americas Programme
0:03:13 > 0:03:17at the international affairs think tank Chatham House.
0:03:17 > 0:03:23Thank you for coming in. These are pretty high stakes. We are getting
0:03:23 > 0:03:30down to the 12th hour. A simple question first, what's your gut?I
0:03:30 > 0:03:33think it might turn into a shutdown. The Democrats are clearly trying to
0:03:33 > 0:03:39use it as a leveraged point. They have minority in both houses. Areas
0:03:39 > 0:03:45where they have influence are relatively few, but this is one.
0:03:45 > 0:03:50They can defend the dreamers programme, which everybody agrees
0:03:50 > 0:03:55needs to be extended. And the children's health insurance
0:03:55 > 0:03:57programme, massively politically popular. They are standing on
0:03:57 > 0:04:01relatively solid ground on those two points, but it's not clear how the
0:04:01 > 0:04:05politics will play out with midterms coming up in November. Everybody
0:04:05 > 0:04:08playing a bit of brinksmanship.It's interesting because President Trump
0:04:08 > 0:04:15went so far is to say it could happen, and I wouldn't say he was
0:04:15 > 0:04:20sanguine about it, but he was ready to let it happen.He was recorded as
0:04:20 > 0:04:26saying, we need a good shut down, at one point. He doesn't see it with
0:04:26 > 0:04:30the same kind of fear as other presidents. I don't think he
0:04:30 > 0:04:32necessarily has the same appreciation for the breadth of what
0:04:32 > 0:04:37the federal government does and the impact of how the federal government
0:04:37 > 0:04:41works and how it places into different sectors of the economy.
0:04:41 > 0:04:46For another thing, I think he is willing to make threats and put
0:04:46 > 0:04:49things on the negotiating table that other presidents haven't been. He's
0:04:49 > 0:04:54expanding the scope of possibility. Alice was just explaining that one
0:04:54 > 0:04:57third of 1% was lost from growth last time around and that was just
0:04:57 > 0:05:0516 days of. That's the last thing the president would want in terms of
0:05:05 > 0:05:08trumpeting the value of his presidency and boosting the economy.
0:05:08 > 0:05:12One thing he has been very regular about is saying the stock market is
0:05:12 > 0:05:16up, there are jobs, and that's because of my presidency. If he
0:05:16 > 0:05:20allows the shutdown, if he doesn't intervene or make it possible to
0:05:20 > 0:05:24reach agreement, then those numbers will fall off and he will have to
0:05:24 > 0:05:31find a new thing 2.2.We should point out it is only a short-term
0:05:31 > 0:05:35fix.-- fight a new thing to point to.
0:05:35 > 0:05:38Let's take a look at some of the other stories
0:05:38 > 0:05:41making the news...
0:05:41 > 0:05:43Google says it's agreed a patent licencing deal
0:05:43 > 0:05:44with the Chinese tech giant Tencent.
0:05:44 > 0:05:46It's being seen as a way of expanding its presence
0:05:46 > 0:05:49in the country where many of its services are blocked
0:05:49 > 0:05:50by the government.
0:05:50 > 0:05:52The firms haven't said which products are covered
0:05:52 > 0:05:54or released any details of the financial terms.
0:05:54 > 0:05:57Europe's biggest bank HSBC has agreed to pay $101 million to settle
0:05:57 > 0:06:02a US criminal investigation into rigged currency transactions.
0:06:02 > 0:06:06The bank admitted its traders twice misused confidential information
0:06:06 > 0:06:12provided to them by clients for its own profit.
0:06:12 > 0:06:15The tech giant IBM has reported its first rise in quarterly
0:06:15 > 0:06:23revenue in nearly six years.
0:06:23 > 0:06:25The company brouught in a higher than expected
0:06:25 > 0:06:28$22.5 billion as it saw a turnaround in its fortunes
0:06:28 > 0:06:30after investing in markets like cloud computing, AI,
0:06:30 > 0:06:36blockchain and security.
0:06:36 > 0:06:39However the October to December period brought a $1.1 billion loss
0:06:39 > 0:06:41because of a one-off tax charge related to President
0:06:41 > 0:06:45Trump's tax reforms.
0:06:45 > 0:06:50Uber co-founder Travis Kalanick has officially become a billionaire
0:06:50 > 0:06:53after the ride-hailing app sold a stake to a group of investors
0:06:53 > 0:06:58led by Japanese firm Softbank.
0:06:58 > 0:07:03Leisha Santorelli is in Singapore with more on this
0:07:03 > 0:07:09More developments at Uber, as well as the expanding wealth of its
0:07:09 > 0:07:17founder.That's correct. Travis is being paid handsomely to cede
0:07:17 > 0:07:21control of the company he built up. The deal is complete, it's been
0:07:21 > 0:07:25going back and forth for about seven months. Japan's Softbank is now the
0:07:25 > 0:07:33majority shareholder of Buber in a $9.3 billion deal. Dubai is one of
0:07:33 > 0:07:44the most valuable is start-ups in the world. -- Uber is one. At one
0:07:44 > 0:07:51point it was said they would invest in the Uber rival, Lift, if the deal
0:07:51 > 0:07:56fell through. After a series of scandals that hurt Uber's
0:07:56 > 0:08:00reputation, they were pushing for more reforms. All of this has been
0:08:00 > 0:08:05agreed and Uber will create some additional board seats and also do
0:08:05 > 0:08:08something quite interesting, eliminating super voting stock
0:08:08 > 0:08:12rights. These are held by early employees and backers of the company
0:08:12 > 0:08:17and it also means early backers like Travis Kalanick will no longer have
0:08:17 > 0:08:21a significant say in how the company is run. We also seen reports that
0:08:21 > 0:08:25the new owners, Softbank, wanted to focus on the US and European market
0:08:25 > 0:08:29and avoid costly battles for the market share in India and Southeast
0:08:29 > 0:08:32Asia.
0:08:32 > 0:08:34Thanks Leisha.
0:08:34 > 0:08:38Staying in the region where Asian markets mostly rose on Friday,
0:08:38 > 0:08:45edging up to record highs, after another positive week
0:08:45 > 0:08:47across trading floors but, as we saw in Hong Kong,
0:08:47 > 0:08:49investors' appetite was being tested by profit-taking
0:08:49 > 0:08:51and worries about a possible US government shutdown.
0:08:51 > 0:08:53Wall Street came off record highs to end lower as Washington
0:08:53 > 0:08:55lawmakers bicker over that federal funding deal.
0:08:55 > 0:08:58China's announcement of faster-than-expected fourth
0:08:58 > 0:09:00quarter growth saw Shanghai climb 0.4%.
0:09:00 > 0:09:04That unease over Washington's uncertainty is adding
0:09:04 > 0:09:06to pressure on the dollar, which is down against its major
0:09:06 > 0:09:08peers as well as most high-yielding currencies.
0:09:08 > 0:09:12Languishing at a near three year low.
0:09:12 > 0:09:16Meanwhile here in Europe, at the end of what has been
0:09:16 > 0:09:21a fairly directionless week, stocks have opened with marginal
0:09:21 > 0:09:24gains but there's a general feeling that markets lacking a clear
0:09:24 > 0:09:26direction and could move sideways through the session.
0:09:26 > 0:09:29Those marginal gains are only in some quarters, and not here in
0:09:29 > 0:09:31London.
0:09:31 > 0:09:33And Samira Hussain has the details about what's ahead
0:09:33 > 0:09:35on Wall Street Today.
0:09:35 > 0:09:37Fresh consumer sentiment numbers will be released on Friday and it's
0:09:37 > 0:09:41expected to have brightened.
0:09:41 > 0:09:44The University of Michigan surveys of consumers is likely
0:09:44 > 0:09:47to show its preliminary January consumer sentiment index rose to 97,
0:09:48 > 0:09:51from December's reading of 95.9.
0:09:51 > 0:09:52In earnings news, oilfield services provider Schlumberger
0:09:52 > 0:09:56will release results.
0:09:56 > 0:10:00The company is expected to post a bigger quarterly profit
0:10:00 > 0:10:04as North American shale keep outpacing international growth.
0:10:04 > 0:10:11Despite some early warnings about growth flat-lining,
0:10:11 > 0:10:14shale production is poised to push US oil output at more
0:10:14 > 0:10:20than 10 million barrels per day, toppling a record set back in 1970.
0:10:20 > 0:10:24Joining us is Simon Derrick from the Bank of New York Mellon.
0:10:24 > 0:10:30Good to see you, as ever. It's the ailing dollar that catches your eye.
0:10:30 > 0:10:39It is. On the face of it, it looks like it looks like it's about the
0:10:39 > 0:10:43shutdown. You'd expect moderation in the dollar and interest rates. When
0:10:43 > 0:10:46you start to dig into it, it looks like there is more going on.
0:10:46 > 0:10:51Interest rates are still rising in the US. Markets are doing extremely
0:10:51 > 0:10:55well and the dollar has been falling for 12 months. You start to look for
0:10:55 > 0:11:01other answers. What you see, particularly over the last month, is
0:11:01 > 0:11:04a sharp acceleration down since mid-December. It looks like it might
0:11:04 > 0:11:08be connected to the tax deal, it might be connected to people being
0:11:08 > 0:11:12concerned about growing fiscal deficit and at the same time you
0:11:12 > 0:11:18still have a huge trade deficit in the US. You have to go back to the
0:11:18 > 0:11:23mid-19 80s, the last time we saw these worries in the dollar.Yields
0:11:23 > 0:11:28are high, growth in the US, and it's a conundrum. The dollar is still
0:11:28 > 0:11:35falling in value. And it's a reserve currency so who is suffering around
0:11:35 > 0:11:39the world?The Australians and Canadians have complained, no
0:11:39 > 0:11:43surprise. But Europeans have also complained, the head of the European
0:11:43 > 0:11:54Central Bank in France, it's gone through a level of 120, that's the
0:11:54 > 0:11:56area where Airbus becomes uncompetitive. I wouldn't be
0:11:56 > 0:12:00surprised to see more out of them. Whether they can do anything about
0:12:00 > 0:12:03it, a different matter entirely.A quick yes or no, will it fall
0:12:03 > 0:12:08further?Yes. What
0:12:08 > 0:12:13We'll be taking a look back on a busy week in business.
0:12:14 > 0:12:17The world's biggest money manager says that companies need to focus
0:12:17 > 0:12:19on more than just profit- we'll bring you all the details.
0:12:19 > 0:12:21You're with Business Live from BBC News.
0:12:29 > 0:12:31Construction firm Carillion collapsed on Monday,
0:12:31 > 0:12:35leaving a question mark hanging over thousands of UK jobs.
0:12:35 > 0:12:39Last night, business secretary Greg Clark met
0:12:39 > 0:12:42with representatives from businesses and trade unions to figure
0:12:42 > 0:12:44out what happens next.
0:12:44 > 0:12:48Our business correspondent Jonty Bloom joins us now.
0:12:48 > 0:12:57good to see you.What does happen next then?We have some details from
0:12:57 > 0:13:00the meeting. We know representatives from the construction industry are
0:13:00 > 0:13:03desperately trying to take over apprenticeships Carillion was
0:13:03 > 0:13:07running, training young people up in the industry. There is a skill
0:13:07 > 0:13:11shortage in the UK in that sector. We also know the tax collector,
0:13:11 > 0:13:15revenues and customs, it will basically allow customers to defer
0:13:15 > 0:13:20some of their tax if they have been hit by Carillion. We know the banks
0:13:20 > 0:13:25are putting significant amounts of money aside to be available to
0:13:25 > 0:13:30companies, subcontractors, for instance, who have a shortage of
0:13:30 > 0:13:34cash at the moment.How supportive can the government task force be
0:13:34 > 0:13:39seen to be, because it's a private company but with lots of public
0:13:39 > 0:13:44sector contracts.Yes, and those contracts tend to be continuing.
0:13:44 > 0:13:47Government and local government have provided the money to keep employing
0:13:47 > 0:13:51people. Some companies like nationwide, the large bank and
0:13:51 > 0:13:56building society in the UK, our drinking staff into the company to
0:13:56 > 0:13:59continue cleaning their offices and so on. It's not all down to
0:13:59 > 0:14:05government. -- are bringing staff. This was the second largest
0:14:05 > 0:14:08construction company in the UK and its collapse brings out the huge
0:14:08 > 0:14:12capacity in building and service providing. Probably what will happen
0:14:12 > 0:14:15is the government will have to renegotiate all the contracts
0:14:15 > 0:14:19Carillion had, find other people to do it and probably pay them more.
0:14:19 > 0:14:24Let's not forget, Carillion was running the contracts and went bust.
0:14:24 > 0:14:28Thank you. And Carillion has been the domestic business story of the
0:14:28 > 0:14:32week. Much more on the BBC website, including some other stories that
0:14:32 > 0:14:39have caught our eye, including this about a huge ATM shake-up that many
0:14:39 > 0:14:44are fearing could leave communities across the UK without a cashpoint.
0:14:44 > 0:14:54That's thanks to a report from consumer group Which? They want to
0:14:54 > 0:14:58reduce the amount they charge banks and building societies to use their
0:14:58 > 0:14:59machines with Link.
0:15:05 > 0:15:07You're watching Business Live.
0:15:07 > 0:15:10Our top story.
0:15:10 > 0:15:14Late on Thursday, the US House of Representatives
0:15:14 > 0:15:17passed a short term bill to fund the government until February 16th
0:15:17 > 0:15:21but getting it through the Senate is proving much more difficult.
0:15:21 > 0:15:23Hundreds of thousands of government employees could be
0:15:23 > 0:15:33sent home if the two major parties fail to overcome their differences.
0:15:33 > 0:15:36And it's been another week of big stories in the business world.
0:15:36 > 0:15:38The boss of the world's largest investment fund, Blackrock,
0:15:38 > 0:15:44called for all companies to do more than just make profits.
0:15:44 > 0:15:47Meanwhile Apple says it's going to be paying the US
0:15:47 > 0:15:49government the largest tax payment it's ever received.
0:15:49 > 0:15:55Our business correspondent Theo Leggett is here.
0:15:55 > 0:16:01Where shall we start, maybe Black Rock? It struck me, on the surface,
0:16:01 > 0:16:04haven't they got the message yet that you have to do more than just
0:16:04 > 0:16:14make money?Blackrock writes to the large companies every year to
0:16:14 > 0:16:18encourage them to invest, but this time it's different, he is saying in
0:16:18 > 0:16:21so many words that governments are not doing what they should in terms
0:16:21 > 0:16:27of preparing for the future. So companies have to do it and
0:16:27 > 0:16:30therefore CEOs don't just have to look at their financial performance
0:16:30 > 0:16:36but at the social impact of what we are doing. Not only the benefits to
0:16:36 > 0:16:42shareholders, for employees, but for society at large.How much clout as
0:16:42 > 0:16:49the CEO of the major company actually have in terms of reforming
0:16:49 > 0:16:51corporate governments?Blackrock has enormous influence over these
0:16:51 > 0:16:55companies. When it comes to how companies operate the criticism has
0:16:55 > 0:16:59been and major shareholders like Blackrock don't use the influence
0:16:59 > 0:17:06that they have over boards. So for example when it comes to chief
0:17:06 > 0:17:09executives's remuneration or climate change policies and so on asset
0:17:09 > 0:17:17managers tend to vote in favour of the board, and not to promote
0:17:17 > 0:17:21restructuring, or promote better corporate policies. So now he says
0:17:21 > 0:17:24they should consider doing this and chief executives and directors
0:17:24 > 0:17:28should pay more attention to these issues throughout Europe, not just
0:17:28 > 0:17:36at the annual general meeting.We should have a quick word about
0:17:36 > 0:17:40Apple. A lot of money going into government coffers, Mr Trump will be
0:17:40 > 0:17:49pleased.It's a huge amount of money, these tax changes have been a
0:17:49 > 0:17:52flagship of the Trump presidency. Although it is a lot of money it is
0:17:52 > 0:17:58much less that Apple would have paid if it hadn't parked all this money
0:17:58 > 0:18:02offshore facility. Because what they can do now is pay a flat tax rate of
0:18:02 > 0:18:0615.5% and then they can bring the money back at will. If they'd
0:18:06 > 0:18:09brought the money back before these reforms they would have paid a much
0:18:09 > 0:18:14higher level of tax. So in fact Apple has done rather well out of
0:18:14 > 0:18:20this. Other companies are likely to be significant amounts of tax,
0:18:20 > 0:18:24companies like Google and Microsoft. When it comes to aeroplanes what you
0:18:24 > 0:18:28don't know is not worth knowing. What is your take on Emirates
0:18:28 > 0:18:33butting in this order for the Airbus 380, it wants 36 of them. A lifeline
0:18:33 > 0:18:41for the planes?Definitely and in the interests of the company, they
0:18:41 > 0:18:44set its business model, which involves transporting huge numbers
0:18:44 > 0:18:48of people over long distances. From the point of view of Airbus they
0:18:48 > 0:18:52need another order to keep production going because they don't
0:18:52 > 0:18:57have a great backlog. This order allows them to keep producing the
0:18:57 > 0:19:02Airbus 380 for another ten years. In that time the aviation market is
0:19:02 > 0:19:06expected to grow enormously and by that time airports will get more
0:19:06 > 0:19:10congested especially in Asia and the business case for the Airbus 380
0:19:10 > 0:19:14which isn't really that at the moment, will begin to look more
0:19:14 > 0:19:18logical.That's interesting because I thought perhaps it was a tapering
0:19:18 > 0:19:25off of its best years.There's an argument that the A380 was ahead of
0:19:25 > 0:19:30its time.Thank you. Now we are going to talk about golf.
0:19:30 > 0:19:33When it comes to golf Donald Trump has thrust the game
0:19:33 > 0:19:35into the headlines like never before since he became US President.
0:19:35 > 0:19:38But the number of Americans playing golf has been falling
0:19:38 > 0:19:39steadily in recent years.
0:19:39 > 0:19:42And it's a trend also being seen in the rest of the world.
0:19:42 > 0:19:43So what's going on?
0:19:43 > 0:19:47Mariko Oi is at the Singapore Open on the island of Sentosa.
0:19:47 > 0:19:54Some of the world's top golfers are here at Sentosa Golf Club for the
0:19:54 > 0:19:59Singapore Open which is sponsored by it as NBC, a bank that has announced
0:19:59 > 0:20:03it is going to extend its sponsorship for another three years.
0:20:03 > 0:20:08Great news for the organisers, the S M BC. The tournament used to be
0:20:08 > 0:20:12sponsored by Barclays but when they pulled out in 2012 the tournament
0:20:12 > 0:20:14couldn't find a sponsor straightaways at the event was put
0:20:14 > 0:20:25on hold for several years. But even though the extension of sponsorship
0:20:25 > 0:20:28is good news, the prize money is down to $1 million. Which is of
0:20:28 > 0:20:31course a lot of money to you and me but not for the golf industry. It
0:20:31 > 0:20:34used to be $6 million with Barclays so companies have been under a lot
0:20:34 > 0:20:37of pressure, whether it is a wise idea to keep sponsoring sporting
0:20:37 > 0:20:40events. This comes at a time when a number of golfers has been falling
0:20:40 > 0:20:46around the world. The decline in Asia is not as sharp as in Asia or
0:20:46 > 0:20:50the UK but it seems as if millennial is simply not picking up the sport,
0:20:50 > 0:20:56partly apparently because they can't be on a smartphone on the golf
0:20:56 > 0:21:00course. I am not sure how accurate that is but at least golf is now an
0:21:00 > 0:21:06Olympic sport, since 2016, so the world of golf is something that
0:21:06 > 0:21:15would give it a boost. Thank you, Mariko. Mariko's husband is a golf
0:21:15 > 0:21:18professional but she's never picked up a club in her life! We wondered
0:21:18 > 0:21:22why millennial is seemed to have switched off the game. An avalanche
0:21:22 > 0:21:27of responses on Twitter. This one from aerial rows. We are shunning it
0:21:27 > 0:21:32because we're not 80 years old. That's a good start! Someone has
0:21:32 > 0:21:38just said that is factually correct and very unfair. Someone else says,
0:21:38 > 0:21:44expensive, not fun, elitist. Pretty negative stuff. Many in a similar
0:21:44 > 0:21:49vein. Neil says most clubs are still in the dark ages so any millennial
0:21:49 > 0:21:54's will walk in, walk out and never return. We should remember that our
0:21:54 > 0:21:59producer is a millennial and he likes golf. A few more of that age,
0:21:59 > 0:22:04the clubs themselves cost more than just getting everybody's golf on PS
0:22:04 > 0:22:09four. Not going out costs much less money! That's one approach! Very
0:22:09 > 0:22:14sad.
0:22:14 > 0:22:19Simon is with us again. Your thoughts on golf?Clearly I like the
0:22:19 > 0:22:25stupid trousers and the site is! I gave it a go. I wasn't great but I
0:22:25 > 0:22:31found it boring. Sorry to all the golfers. A good walk spoiled.
0:22:31 > 0:22:36Apology accepted. I am boring enough to love golf. Let's have a quick
0:22:36 > 0:22:40look at some of the stories that took our eye on the business pages.
0:22:40 > 0:22:46Starting with the Telegraph. This hugely important summit taking place
0:22:46 > 0:22:50between the French president and the UK Prime Minister. But the person
0:22:50 > 0:22:54stealing the headlines is Boris Johnson. He's called for bridge
0:22:54 > 0:23:00across the Channel.Hardly a shock that our Noble Foreign Secretary
0:23:00 > 0:23:04would steal the limelight from the Prime Minister at a moment like
0:23:04 > 0:23:09this. Clearly not the first time. You get the sense that this is more
0:23:09 > 0:23:15about domestic politics than anything else, just a reminder that
0:23:15 > 0:23:18Boris is constantly there. Roy Wood business perspective the markets
0:23:18 > 0:23:23will take this as a reminder of the fragile nature of UK politics. To
0:23:23 > 0:23:28any of us believe bridge will be built? Probably not.Interesting
0:23:28 > 0:23:32that the French president said that was a good idea, and said let's make
0:23:32 > 0:23:38it happen or words to that effect. Another throwaway line?Serra two
0:23:38 > 0:23:43parts to. From the perspective of infrastructure spending that could
0:23:43 > 0:23:48be a boost to the economy, and perhaps just a bit of sterling with
0:23:48 > 0:23:55regards to the Brexit negotiations, a little aside to Boris rather than
0:23:55 > 0:24:00Theresa May. I suspect he was just having fun and stirring the pot.
0:24:00 > 0:24:05Probably the best line that came out of it all. Enjoyed that one. And the
0:24:05 > 0:24:12focus is on China's economy, which has gone up 6.9% from last year,
0:24:12 > 0:24:16against expectations. Your expectations?In fairness, against
0:24:16 > 0:24:20mine as well, I would have placed it lower than that. Questions can
0:24:20 > 0:24:24always be asked about Chinese numbers, the economy is doing better
0:24:24 > 0:24:28over the course of the last 12 months. But in spite of the threat
0:24:28 > 0:24:34that the government has been doing its best to put constraints on it.
0:24:34 > 0:24:38What is particularly good is about this is that it gives the Chinese
0:24:38 > 0:24:43authorities greater flexibility in their drive towards liberalisation.
0:24:43 > 0:24:45Comfortable accounts, interest rates, foreign exchange, or things
0:24:45 > 0:24:49they have been aiming to deal with through the second half of the
0:24:49 > 0:24:53decade. This gives them the opportunity to push ahead with that
0:24:53 > 0:24:56because relatively speaking the economy is in a reasonably robust
0:24:56 > 0:25:04place.Is it tenuous to draw a link between this accelerated growth in
0:25:04 > 0:25:12China and the fall in value of the dollar, the fact that China has
0:25:12 > 0:25:23reduced its stockpile of dollars.I think it's fair to say that since
0:25:23 > 0:25:312014 China has been moving towards liberalisation. I think what is true
0:25:31 > 0:25:39again is in the second half of this year China has been pulling back, it
0:25:39 > 0:25:43is liberalisation. That is a good thing. The US president would
0:25:43 > 0:25:48support that view.Simon, we will leave it there, have a good weekend,
0:25:48 > 0:25:51get out your diamond sweater and those trousers, have another go on
0:25:51 > 0:25:52the golf course.
0:25:52 > 0:25:57That's it from Business Live today.
0:25:57 > 0:26:03Thank you for watching. Bye bye for now.