12/02/2018 BBC Business Live


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12/02/2018

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This is Business Live from BBC

News with Ben Thompson

0:00:080:00:10

and Samantha Simmonds.

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London City Airport has been closed

after a World War Two bomb

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has been found nearby in the River

Thames.

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Live from London,

that's our top story

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on Monday 12th February

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Not cleared for takeoff -

thousands of passengers will be

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affected as all flights

are cancelled at

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London's City Airport.

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We will have the details that you

need to know.

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Also in the programme:

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Barclays Bank is charged

by Britain's Serious Fraud Office

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over a loan to the state

of Qatar in 2008.

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And it is a new week on the market

and this is how the numbers look...

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Investors keeping a very close eye

on inflation and we will explain

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why.

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And we'll be getting

the inside track on the man who's

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business is a bit of a mouthful -

with the boss of of a mouthguard

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firm that supplies

the England Rugby team.

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And remember you can

get in touch with us,

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about any of the stories we're

covering this morning.

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Just use the hashtag #BBCBizLive.

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Hello and welcome to Business Live.

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It is a busy show, so let's get

started with news that...

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London City Airport has been closed

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after a World War Two bomb

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was found nearby in the River

Thames.

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The Royal Navy are

removing the device.

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The airport will be shut

all day and all flights

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have been cancelled,

affecting up to 16,000 passengers.

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Last year, more than 4.5 million

people used London City Airport,

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which is close to London's

financial district.

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Our News Correspondent

Andy Moore joins me now.

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Welcome. This is the closest airport

to the City of London. 16,000 people

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use it everyday. Tell us about how

many will be affected.

16,000 people

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will be affected today. Something

like 200 flights. The airport is

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used a lot by the business

community. A lot of people would

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have been flying to go to work at

Canary Wharf or in the city. This

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World War II bomb was found early

yesterday morning. The work at the

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airport continued as usual. The

airport closed last night. The

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decision was taken to get rid of the

device. An exclusion zone was

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declared, about 200 metres or more.

Roads were closed, some homes were

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evacuated. The operation to get rid

of the bomb has been ongoing

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overnight. Question is, how long

will it take? For the rest of the

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day, all flights in and out

cancelled. Some airlines are making

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alternative arrangements. City Jet,

for example, which flies between

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Dublin and London City Airport, they

are diverging quite a lot of their

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flights to London Southend Airport.

If you were due to fly, contact your

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airline, see if there are any

alternatives.

The bomb was

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discovered the early hours of

yesterday morning. The airport was

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closed until last night. Any

questions being asked about whether

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that was a wise move, given it has

been closed all day today?

While it

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was left alone it was OK. When the

operation started to try to remove

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it that is when it becomes dangerous

and that was when the decision was

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taken to setup this exclusion zone.

It was actually found during routine

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work to expand the airport. They are

developing the airport. It was

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found, we understand, by people

working on the construction site

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yesterday morning. But it is only

when you tried to remove it that it

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becomes potentially dangerous.

As

you say, hopefully it will be sorted

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in the next few hours, but all of

people affected are advised to

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contact their airline. Thank you

very much, Andy.

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That you to date with another story

that has broken this morning. --

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let's bring you up to date with.

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The UK's Serious Fraud Office has

charged Barclays Bank PLC

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with "unlawful financial assistance"

related to billions of pounds raised

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from Qatari investors in 2008.

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We will get more on that with our

correspondent Andrew Walker little

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later.

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Let's take a look

at some of the other

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stories making the news.

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Up to $5.5 billion of criminal money

in Europe is being laundered

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through cryptocurrencies,

according to Europol.

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The agency's director has told

the BBC that regulators and industry

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leaders need to work together

to tackle the problem.

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The warning comes after Bitcoin's

value halved in recent months

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A landmark inquiry

into wrongdoing among

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Australia's banks and financial

services has begun.

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Australia's banks, which are among

the most profitable in the world,

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have been accused of customer

exploitation and corporate fraud

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among other scandals.

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The state of New York

has filed a lawsuit

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against Harvey Weinstein,

his brother and their production

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company alleging the company's

executives and board failed

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to protect employees

from Mr Weinstein.

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The lawsuit comes four months

after the Hollywood mogul's career

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ended in disgrace over allegations

of sexual misconduct

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from more than 100 women.

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The UK's Serious Fraud Office has

charged Barclays Bank PLC

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with "unlawful financial assistance"

related to billions of pounds raised

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from Qatari investors in 2008.

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We will get more on that

with our correspondent

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Andrew Walker joins us now.

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Give us the background on this.

Let's get back to the financial

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crisis. It was 2008. British banks

were under serious pressure in the

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financial markets. Lloyds and RBS

both needed bailouts, injections of

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Government funds. Barclays was

predictably, you might say, keen to

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avoid that. They managed to find

some money from private investors,

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particularly in the Middle East,

associated with the state of Qatar,

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to put money in so that they were

able to get through the whole

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episode without a Government

bailout. What has been alleged is

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that a loan made at the same time,

by Barclays, to the state of Qatar,

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a bit over £2 billion, was used

directly, or indirectly, to buy

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those shares in Barclays. That

constitutes something in the

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company's legislation which is

called unlawful financial

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assistance. In the great majority of

cases, it is prohibited, basically.

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There are conjugated circumstances

in which you can do this kind of

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thing, but the general principle is

you may not lend money to an

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investor to buy your own shares. And

that is what Barclays Bank is being

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accused of. The wider holding group

has already been charged.

Would you

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explain the significance? Some may

remember that Barclays was charged

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in June of last year. That was the

holding company. This time it is the

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bank itself.

That's right. The

holding company was charged last

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summer. Along with four executives.

Including Sir John Vardy, the former

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chief executive. There are a number

of charges that were made on that

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occasion, particularly in relation

to the holding company, the specific

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charge of unlawful financial

assistance is the one that is being

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put in addition against Barclays

Bank, the actual banking operation.

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There is the possibility of very

large fines. Barclays has been

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trying to defend itself.

Thanks very

much.

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Alibaba's entertainment arm has

signed a deal with Walt Disney

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to show thousands of its animations

on its China streaming service.

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The deal comes after

Disney shut down its own

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streaming service in 2016.

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Monica Miller is in Singapore

with more on this.

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Monica?

The Chinese are about to get

their fill of Winnie the Pooh and

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Elsa from Frozen. This is a big deal

with Disney. Alibaba Did not say how

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much this would be. But it would be

streamed on its entertainment arm.

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It will release more than 1000

Disney episodes. This deal comes

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after Disney has been trying to get

into the mainland. They had a

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venture which opened in 2016. It was

the company's Disney life online

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content deal. But it only lasted

about five months. After the

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operation got up and running. It is

unclear why authorities pulled the

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plug on this. They are hoping that

this time they have better luck.

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Just to give you an idea of just how

large the audience is, it has a

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bigger following than Netflix, which

as of 2017 had 70 million members.

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The Chinese video streaming platform

had 580 million devices. Alibaba It

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already has a similar lysine deal

with Warner Brothers, Paramount,

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Fox, NBC Universal, and Sony

Pictures.

Amazing when you see the

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scale of the operation.

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In Asia, markets getting

back on an even footing

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after the volatility of last week.

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South Korea and China gained 1.2%.

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The concern is what it means for

inflation. Inflation is a real issue

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for the markets.

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In Europe, trade started like this,

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but it's commodities,

particularly oil, that are seeing

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the strongest gains right now,

and with more weakness for sterling,

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that could help prop up the FTSE.

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We could soon see oil back

above $60 per barrel.

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That would keep investors busy right

now.

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It's also a pretty quiet week

on the economics front,

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apart from inflation

figures on Tuesday.

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Brexit will dominate too -

Prime Minister Theresa May and some

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senior Brexit cabinet Minister

including Boris Johnson

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and David Davis will give speeches

on the post-Brexit relationship.

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That's after calls for much more

clarity on what happens next.

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Will we get it?

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Wait and see.

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More on that in a moment,

but first Yogita has the details

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about what's ahead on Wall Street

Today.

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After a turbulent week

in the markets, stocks could be

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further impacted by economic numbers

that are due to be released

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in the coming days.

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On Tuesday a key measure

of inflation, the consumer

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Price index, will be out.

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This is what the Federal reserve

looks at when it makes

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monetary policy decisions.

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And a big rise in inflation

could add to fears that interest

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rates in the US will be raised more

rapidly than what was anticipated.

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That had been the main trigger

for the market's fall

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over the past 10 days.

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So traders will be

watching nervously.

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In corporate earnings this week,

rivals PepsiCo and Coca-Cola

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will be revealing results.

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Both companies are expected

to report that profits grew

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even though sales didn't.

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-- even though sales dipped.

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Canada's Bombardier will also

be releasing earnings.

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That comes after the plane maker

unexpectedly won trade dispute

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in the US against Boeing.

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Joining us is David Bloom,

Global Head of FX Strategy at HSBC.

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Talking about inflation, looking to

the week ahead, big figures from the

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UK and the US, what are we

expecting?

The market meltdown

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started when the average earnings

numbers in the US were worried about

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wages picking up and worried about

inflation. This is the week where

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all of our worries come to fruition.

We have the UK numbers, the Bank of

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England has already indicated it

wants to raise rates. And the US

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numbers where the market is saying,

is the third behind the curve? They

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haven't raised rate enough. Oh! You

can feel the tension in the market

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already with these inflation numbers

coming up.

Is that what they

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actually say, oh! ?

I think it was

worse than that over the last couple

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of weeks. Hopefully it will just be

like a ship in the night. The

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numbers will come out, as expected,

and markets can calm down a little

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bit.

We are seeing inflation rising

or staying high in some countries,

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yet changing policies, it takes time

for that to filter through to the

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numbers. Months down the line there

is a problem.

Inflation is like

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looking in your rear-view mirror,

you are looking at what is happening

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behind you rather than in front, and

that is why there is concerned.

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Because once inflation picks up it

is too late. Then you have to push

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interest rates up, crash the

economy, then inflation comes down,

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nobody wants to be crushed.

And you

don't want peaks and troughs.

0:13:210:13:28

Exactly.

What is going to worry most

people is this idea that interest

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rates are going to go up. We have

heard that from the Bank of England.

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But the concern is, how far?

You are

100% right. I was talking about

0:13:400:13:45

markets. They are forward-looking.

For people in the UK, higher rates

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mean higher rates, it means your

mortgage payment goes up. Most

0:13:510:13:55

people have borrowed on overnight

rates, and once it goes up, it can

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hit you in the pocket. But hopefully

that's enough. A little bit of

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touching the brakes sometimes,

that's fine, but it is when you slam

0:14:070:14:10

on the brakes that you really start

to feel the pain. Inflation picks up

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too strongly, the Bank of England

will have to do something, and

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that's painful. Let's hope that it

is just a little touch on the

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brakes, everybody can handle it, and

we are going at a beautiful speed.

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No emergency stops. No oh! Again.

Exactly. You do not want an

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emergency handbrake.

Great to see

thanks very much.

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Still to come...

0:14:420:14:43

A winning smile: how one former

dentist is tackling tooth

0:14:430:14:45

loss amongst top sportsmen.

0:14:450:14:46

You're with Business

Live from BBC News.

0:14:460:14:55

Aldi has been stealing market share

0:15:020:15:08

from its UK supermarket rivals,

and now it's gone one further.

0:15:080:15:11

The discounter has come first

in a customer satisfaction survey,

0:15:110:15:13

pushing last year's winner Waitrose

into fourth place.

0:15:130:15:17

Gareth Shaw from Which?,

is here to tell us more.

0:15:170:15:25

We talk a lot about this retailer

but it's clearly doing something

0:15:250:15:31

right.

Absolutely. It's been

stealing market share along with

0:15:310:15:36

little for the last few years but

not customers saying they are so

0:15:360:15:39

happy to shop there. They say it's

like a jumble sale and a little

0:15:390:15:45

shabby but they have great quality

and great prices. -- Lidl. Waitrose

0:15:450:15:53

has dropped from first position last

year down to fourth and it's all

0:15:530:15:57

about value for money.

For about

Waitrose? Why have they been pushed

0:15:570:16:01

back.

People feeling the pinch,

inflation rising and food prices

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rising, they are looking to get

value for money, not bad things in

0:16:060:16:11

the Waitrose survey, people logged

the stores, they are clean, staff

0:16:110:16:15

excellent but they don't feel that

they are getting value for money

0:16:150:16:19

that they are getting from the likes

of Aldi and Lidl.

What about

0:16:190:16:22

Sainsbury's? Pushed back into the

ninth but they moan about the

0:16:220:16:26

methodology.

Sainsbury is finished

last in the survey, people feeling

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ambivalent about the experience,

some of the feedback we had, their

0:16:320:16:37

experience is dull, well-stocked but

it's not great and a little on the

0:16:370:16:40

pricey side and that's something

Sainsbury's will have to take on

0:16:400:16:44

board along with the other big

supermarkets which finished right at

0:16:440:16:48

the bottom.

Gareth, nice to see you

and thank you. Thank you for

0:16:480:16:54

explaining all of Tesco telling us

about the pressure to split up its

0:16:540:17:00

business, keep your eyes peeled. On

the website, the story got my eye,

0:17:000:17:07

the idea about shared parental

leave.

0:17:070:17:18

Is interesting to find out why,

whether businesses support that or

0:17:220:17:27

not. Plenty more on that. Do stay

with us.

0:17:270:17:32

You are watching business live.

London City Airport will be closed

0:17:430:17:51

to flights today, and unexploded

bomb discovered. 16,000 passengers

0:17:510:17:57

affect that, going to carry on into

this evening, they hope they will

0:17:570:18:02

have resolved that I then. London

City Airport the reason we are

0:18:020:18:07

talking about it." In financial

heartland, a lot of disruption for

0:18:070:18:13

business passengers. A quick look at

the markets. The arrows tell the

0:18:130:18:22

story, optimism coming back in after

the roller-coaster ride last year.

0:18:220:18:24

The FTSE doing well, if all in the

value of the pound. Some details

0:18:240:18:30

about what will happen with the

trading relationship with the EU

0:18:300:18:33

after Brexit and we will hear from

the Prime Minister later in the

0:18:330:18:38

week.

0:18:380:18:40

After the battering

that the markets took last week,

0:18:400:18:42

our next guest might have come

in pretty useful.

0:18:420:18:44

We're talking about staying safe

playing tough sports -

0:18:440:18:46

and one firm that's got a novel way

of keeping TEETH intact.

0:18:460:18:49

In the United States alone

between 650,000 and 1 million teeth

0:18:490:18:52

are lost in sports related

accidents each year.

0:18:520:19:00

We say lost, we are talking about

them being knocked out.

0:19:000:19:02

And a large portion of those

could have been avoided

0:19:020:19:05

if the athlete had been wearing

a mouth guard.

0:19:050:19:07

One British dentist got so fed up

with treating sports related

0:19:070:19:10

toothloss that he quit his practice

in 1997 and set up a company

0:19:100:19:13

called OPRO, manufacturing

custom made mouthguards

0:19:130:19:14

initally supplying schools.

0:19:140:19:17

Today, its products

are used in schools,

0:19:170:19:19

clubs and professional sports teams

around the world,

0:19:190:19:22

including the New Zealand

and England rugby teams.

0:19:220:19:25

Dr Anthony Lovat the Founder

of the company joins us now.

0:19:250:19:34

A warm welcome to you and thank you

for coming in. A huge number, you

0:19:340:19:38

can't believe people do not protect

themselves better. Tell us how you

0:19:380:19:43

got started.

Good morning, it

stemmed from an episode about 21

0:19:430:19:46

years ago, I was watching my

daughter play a match, a lacrosse

0:19:460:19:51

match involving a stick and a ball,

a ball flying around at head level.

0:19:510:19:57

A traditional dishes sport.

The

defender defending my daughter tried

0:19:570:20:03

to intercept pass, she intercepted

at with her face, she fell to the

0:20:030:20:06

ground, teachers parents came

around, we spotted that they too had

0:20:060:20:11

come out, being a dentist, found the

tooth, Godard cleaned, re-implanted

0:20:110:20:15

it into the socket, to care for

emergency treatment but what was

0:20:150:20:20

interesting, after that, I said why

weren't you wearing a mouth guard,

0:20:200:20:23

they aren't mandatory at your level

in the sport, and she said, I do

0:20:230:20:29

have a mouth guard, I showed it to

the referee and it's so loose and

0:20:290:20:34

painful to where I put it in my sock

so then I start thinking, is there

0:20:340:20:38

something I can do to prevent

injuries rather than treat them

0:20:380:20:42

afterwards and one thing led to

another and here we are 21 years

0:20:420:20:46

later with mass guards across the

globe, very thin, very protective

0:20:460:20:51

and worn by all levels of sports

player.

When we met this morning

0:20:510:20:56

there was quite a niche or a market

there that wasn't tapped already,

0:20:560:21:01

explain what you are doing

differently. -- mouth guards. You do

0:21:010:21:07

it differently.

We got to the point,

we created mouth words you can buy

0:21:070:21:14

off-the-shelf and you can fit them

yourself but the key thing about a

0:21:140:21:20

mouth guard, every one we make will

be sent and protective, we make them

0:21:200:21:28

right across the range.

Let's have a

look. How does it, you can't make

0:21:280:21:34

one individually for each person?

That wouldn't be practical in terms

0:21:340:21:39

of costs or how does it work, I am

not putting it in my mouth, how does

0:21:390:21:45

it mould itself and how do you make

this fit?

What you are holding is

0:21:450:21:50

the latest innovation that is being

released at the moment. A

0:21:500:21:54

combination of a custom mouth guard

made at art laboratories in England

0:21:540:22:01

and one you put in boiling water,

that particular one you put in

0:22:010:22:05

boiling water, you utilise the

system we have here, you put it at

0:22:050:22:09

around the mouth guard, bite

together it compresses the guard and

0:22:090:22:13

fits it tight.

It mulls to the

specific mouth.

And that allows us

0:22:130:22:19

to make individual, this book mouth

guards to send around the world for

0:22:190:22:24

individuals to fit them.

Let let's

talk about how you came from one

0:22:240:22:33

mouth guard to supplying rugby teams

around the world, supplying hundreds

0:22:330:22:37

of pupils, it will not an overnight

success, you have been working at

0:22:370:22:41

this quite some time.

21 years on

from where we started, it was to a

0:22:410:22:46

degree and overnight success, in the

early days we limited things to

0:22:460:22:50

custom mouth guards in schools and

the need for them was well received

0:22:500:22:55

by teachers, it grew fast as a

supply line to schools but then we

0:22:550:22:59

came out for a range that said as

well or not quite as well but

0:22:590:23:05

closely to a custom mouth guard

which you can buy in a retail outlet

0:23:050:23:08

and that allowed us to move forward

into a global stage, we have just

0:23:080:23:13

teamed up with the ultimate fighting

championship, the murderous promoter

0:23:130:23:16

of mixed martial arts around the

world, we expect mouth guards to

0:23:160:23:20

find their way into 200 countries

that indulge in combat sport.

Time

0:23:200:23:26

is tight, turnover increasing from

250,019 86, two millions. It is

0:23:260:23:35

astonishing.

They go from £5 from

the least expensive to between 65

0:23:350:23:42

and £70.

Who knew that you could

make six and three quarters million

0:23:420:23:47

pounds from that? That is why you're

doing that job! Good to see you.

0:23:470:23:53

Let's take a look to the business

changes.

0:23:530:23:59

here's a quick reminder of how

to get in touch with us.

0:23:590:24:03

Get involved in the business live

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0:24:120:24:17

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0:24:170:24:26

Business live, on TV, and online,

what you need to know, when you need

0:24:260:24:29

to know it. David has rejoined us.

We knew this already. A lot of

0:24:290:24:43

retailers telling us, a headline in

the Financial Times. It's been a

0:24:430:24:49

tough Christmas for retailers, Sword

of going on into January.

The

0:24:490:24:53

conflict we were talking about

earlier. You have what looks like a

0:24:530:24:58

slowing economy but inflation is

picking up. Everyone is expecting

0:24:580:25:02

the Bank of England to be aggressive

about that. You are getting stories

0:25:020:25:07

coming out, the UK is expected this

sure to be one of the slowest of the

0:25:070:25:11

cheap ten economies and this is a

kind of story and sometimes you see

0:25:110:25:15

housing market stories. Meanwhile

the labour market is tight and you

0:25:150:25:20

are worried about wages. -- G10. If

this is rocking consumer spending we

0:25:200:25:26

would be concerned about how much

the Bank of England would raise

0:25:260:25:29

rates but they are counterbalancing

forces.

Will the golden age of TV

0:25:290:25:36

reduce the first $20 million per

show serious?

I do not think my kids

0:25:360:25:44

know what television is, it is on

some kind of device for them, this

0:25:440:25:48

is the new World.

David, so good to

see you.

0:25:480:25:54

That's it from Business Live today.

0:25:540:25:55

There will be more business news

throughout the day on the BBC Live

0:25:550:25:58

webpage and on World Business

Report.

0:25:580:26:00

We'll see you again tomorrow.

0:26:000:26:07