13/02/2018 BBC Business Live


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13/02/2018

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This is Business Live

from BBC News with Samantha

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Simmonds and Ben Thompson.

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A milestone for tourism to Tunisia.

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The travel operator Thomas Cook

resumes holidays to the country

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for the first time since the terror

attacks 3 years ago.

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Live from London,

that's our top story

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on Tuesday 13th February.

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Can Tunisia bounce

back following those

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devastating attacks?

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We'll take a look at what's

changed since 2015.

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Also in the programme...

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The US President unveils his 1.5

trillion dollar infrastructure plan,

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but is it what the market is looking

for following the recent

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ups and downs?

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And you can see the markets, the

FTSE opening up just a fraction.

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And a hairbrained idea?

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We'll meet the man dismissed

from Tv's Dragon's Den,

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but went on to launch

a multi-million dollar business

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selling hairbrushes.

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He is here and he will explain how.

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And as a new report says more

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than a quarter of young people

want to run their own firm -

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we want to know, if you could quit

work and start your own firm,

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what would it be?

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Let us know, use the

hashtag BBCBizLive.

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Hello and welcome to Business Live.

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It's been nearly three years

since attacks by so-called

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Islamic State in Sousse and Tunis

killed 60 people in Tunisia.

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The majority of the victims

were European tourists.

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At the time tour operator

Thomas Cook stopped

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operating in the country -

but now it's announced it will start

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selling trips there again today.

Tunisia has been making

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a slow recovery since

the terror attacks.

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In 2017 the National Office

of Tunisian Tourism say that

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6.7 million tourists

visited the country,

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a rise of 23 percent

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compared with the previous year.

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Egypt has also suffered

from recent terror attacks.

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This includes the 2015 bombing

of a Russian airliner

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which killed 224 people.

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But earlier this month, the Kremlin

resumed flights to the country

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after a 26 month suspension.

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Thank you.

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With me is Sarah Grady,

Travel and Tourism analyst,

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Global Data.

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Good morning and welcome. I wonder

if we could start with how

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significant this move is, Thomas

Cook saying it will begin selling

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holidays are gay, bell-macro selling

holidays again.

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Does it mean?

In terms of the impact

it can have on Tunisian tourism and

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the economy as a whole, it is huge.

How badly affect it was said? This

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awful terror attacks, what does it

do to a tourist economy like

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Tunisia?

The Tunisian economy is so

dependent on tourism, it had a

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devastating effect, UK arrivals fell

by an think 90% from 2014 until now,

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a huge impact. Going forward it

bodes well to have different

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carriers going out there and

allowing people to go on holiday to

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Tunisia again.

You think Thomas Cook

saying it is OK will give people

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confidence too big?

Absolutely. I

think with some that is renowned for

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its speech and sunshine holidays, if

you want a beach holiday you don't

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want to think about whether it is

safe, your insurance being

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invalidated, the package providers

going out there provides confidence.

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So where have people been going

since these package holidays were

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polled, it was very popular?

We have

seen people go to similar

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destinations, Greece, Cyprus, even

more recently Egypt and Turkey have

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been improving, it can bounce back.

The infrastructure and what we know

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about what has happened to those

hotels in three years, have they

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been lying dormant, the

infrastructure may not be update, it

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will take a little bit of time to

get back up and running.

Of course.

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I think this is a test season, we

need to see how these trips go and I

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expect going forward we will see

other carriers opening rates and

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it's a case of time. There will have

been a lot of improvements in

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security, both border control and

actually on the ground, I think it

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bodes well. Interesting milestone as

you say.

Absolutely. Sarah, thank

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you. Let's look at some of the other

stories making the news.

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Starting today, Japanese

cryptocurrency exchange Coincheck

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will allow customers to withdraw

money from its portal.

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Just over two weeks ago,

the exchange abruptly announced

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the suspension of a number

of services after hackers stole

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$530 million worth of digital money.

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A BBC study has found that a quarter

of property in England and Wales

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owned by overseas firms is held

by entities registered

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in the British Virgin Islands.

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23,000 properties are owned

by nearly 12,000 firms registered

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in the overseas territory -

that's more than any other country.

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India's Tata Steel says it

will invest over $100 million

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to repair a blast furnace

at Britain's largest steelworks

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in Port Talbot, in South Wales.

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The move would extend its life

by seven years and ease concerns

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about Tata's commitment to making

steel in Europe.

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It comes after the firm

signed a preliminary deal

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to merge its European steel

assets with ThyssenKrupp.

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Let's stay with manufacturing, this

time in Asia.

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General Motors is to shut

one of its four plants

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in South Korea as it tries

to make its Asian Business

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more profitable.

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The plant - which was only

running at 20% capacity -

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will close in May.

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Monica Miller is in Singapore

to explain why the firm

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is taking this step...

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Welcome, I guess it makes financial

sense. The company has been in the

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process of downsizing globally, the

automotive maker sending this

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message to South Korean workers, the

world focusing on the Pyeongchang

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all in games, this is no

coincidence, General Motors has had

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several rocky battles with the

unions that represent over 16,000

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Korean factory workers and this is

about to cut costs to stem losses.

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The announcement was made by General

Motors career saying it plans to

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close one other four plans in an

effort to cut costs and downsize

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overseas operations. They agreed in

this to pay a charge of $850 million

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for the closure impacting more than

2000 employees on a coastal city,

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the close-down expected in the month

of May. The plans and South Korea

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make cars exported to dozens of

different countries including Buick

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SUBs. This is not just the impact

and South Korea, units in India,

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Russia, western Europe and Southeast

Asia have been downsized are closed

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and the company has been putting

more resources into China, it sells

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for more cars, SUBs and trucks than

any other country in the nation.

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Monica, thank you.

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Let's take a look at the markets.

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Asian

stocks pulled further away

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from two-month lows on Tuesday,

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lifted by Wall Street's extended

rebound from last week's steep fall,

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but investors remained

cautious ahead of U.S.

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inflation data later in the week.

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The Hang Seng is up, as was Dow

Jones. The FTSE down a fraction.

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And Joe Miller has the details

about what's ahead

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on Wall Street Today.

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On Tuesday it's all food and drink.

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We'll hear from Coca-Cola rival,

PepsiCo, which is reporting

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fourth-quarter earnings.

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And the company has recently

launched Bubbly, it's a sparkling

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water brand aggressively marketed

to millennials, complete

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with an expensive ad

campaign to coincide

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with the Oscars coverage.

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But revenues at the firm

have been flat recently,

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in part because America is slowly

falling out of love with the sugary

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drinks it helped popularise.

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And we'll see whether any company

can survive when the behemoth

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which is Amazon enters their market

when Blue Apron reports.

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It's a food brand also aimed

at busy, young people,

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which specialises in home delivered

meal kits complete with all

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the necessary fresh ingredients.

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Its shares have lost almost three

quarters of their value

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since the company floated to great

fanfare last summer.

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Joining us is Jeremy Cook,

Chief Economist at World First.

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Hello.

Good morning. Inflation back

in the spotlight again. Intertwined

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with interest rates. We get the

latest reading in the UK, investors

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will look at that very closely.

Yes,

UK numbers at 9:30am, US numbers

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tomorrow, it all comes back to huge

volatility we had last week, the

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Friday before, taking you back 10-11

days, big wage numbers from the

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United States, people saying are we

getting to the point in the US for

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we talk about high-level soccer

inflation, is a very high, the

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global financial crisis or inflation

rate is quite low, but are above

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where it central banks and investors

have what used to over the course of

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the last ten years. If that glacial

numbers from the US tomorrow is

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high, showing with the stimulus

coming through from the Trump tax

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plan, we are at towards the end of

the cycle of growth in the US

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economy, are we looking at a Federal

Reserve may have to hike interest

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rates faster than it is at the

moment?

We've been keeping a close

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eye on South Africa, we are

expecting an announcement in the

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next hour soak about the future of

Jacob Zuma, the uncertainty and

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instability on the economy is a

knock-on effect, Cyril Ramaphosa

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will have a lot to do when

eventually he comes in.

When he

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eventually comes in, Jacob Zuma is

half President have limpid, the ANC

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have said we have not we have

replaced you, the meeting, we expect

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an announcement as you said in the

next hour, if he does not leave as a

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result of bad it will go to

Parliament, it happened in the early

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2000, as soon as Cyril Ramaphosa is

in, we expect things to start

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picking up. The infrastructure needs

it.

We will find out in the next

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hour. Interesting times. You will be

back with the paper stories but for

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now, thank you and nice to see you.

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Still to come...

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We'll detangle the trials

and tribulations of launching

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a multi-million dollar hair product.

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We'll meet to the inventor

of the "tangle teezer".

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You're with Business

Live from BBC News.

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It's a big day for the UK economy

with inflation and house

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price figures due from the Office

for National Statistics.

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Inflation reached

a near six year high

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towards the end of last year,

but has it peaked?

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Andrew Walker is here

to tell us more.

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We were talking about what markets

are looking for as far as inflation

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is concerned that this has an effect

on the money in our pocket.

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Absolutely, what most people are

expecting is another small decline

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in the headline rate of inflation,

consumer price inflation, the most

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recent figure was 3%, the peak,

probably the peak was 3.1% a couple

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of months earlier, the figure we are

expecting for January is to put

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nine. The question is have we seen

the end of the spike in inflation,

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following from the decline in the

value of sterling which makes

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imported goods more expensive. It

may be that we are now passed that

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peak although a small word of

warning from the Bank of England.

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They have suggested that the recent

rise we have seen in the price of

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crude oil although it was partly

reversed in the financial markets,

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there has been a boost to the price

of crude oil, that might feed

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through and put English and back up

a little bit, again, but the chances

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are in terms of the effect of the

decline of sterling, we are probably

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through the worst of it.

What impact

could this have in terms of any

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impact from the Bank of England?

Key

thing is whether this decline from

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the peak continues. We are expecting

the Bank of England to start raising

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interest rates fairly soon. If this

decline continues at the kind afraid

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we have been seeing the applications

for the Bank of England will be that

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they will move slowly and in very

small steps. The big question I

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suppose is if there is a decisive

upturn again then they might start

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thinking about the need to move more

quickly but it's not what we are

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expecting.

Andrew, thank you. Full

coverage of that in the BBC Business

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live page and the story catching our

ride, don't use showgirls to sell

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roof tiles as the headline, a lot of

controversy late about red girls and

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promotional girls, this story on the

BBC Business live page. Not the most

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obvious connection. A new industry

regulator will issue a code of

0:14:310:14:34

conduct.

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You are watching business life.

0:14:420:14:47

You're watching Business Live.

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Our top story - the travel operator

Thomas Cook has resumed

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holidays to Tunisia.

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It's the first time

the company has operated

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in the country since the deadly

terror attacks which killed 60

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people, 3 years ago.

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We have been discussing how the

country is getting itself back on

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track.

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A quick look at how

markets are faring....

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Can you imagine being

told your business idea

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was destined to fail?

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Not only that, but being told that

on national television.

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Well that's what happened

to our next guest when he appeared

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on the reality TV show Dragon's Den

when pitching an idea

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for a new type of hairbrush -

that detangles knotted hair.

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He came up with the idea

for the product in 2004.

0:15:270:15:29

After three years of research

he launched it and took

0:15:290:15:31

it onto Dragon's Den -

looking for an investment of $110,00

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in return for a share

of 15% of the company.

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What he got instead,

was flat out rejection.

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But he was not to be put off -

and despite the mauling

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he got from the lions -

Tangle Teezer has expanded to more

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than 70 countries...

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And and is now a business worth

an estimated $270 million.

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Astonished by those numbers.

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Shaun Pulfrey, founder and inventor

of Tangle Teezer joins us now.

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Welcome.

It is so nice to be back on

the BBC.

And we cannot say that your

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business is going to be a failure.

We don't have any money to give you.

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LAUGHTER

You proved them wrong. And it's

0:16:300:16:33

this, this is one of them, well, one

of the new ones.

The original Tangle

0:16:330:16:40

Teezer, that is what I presented to

the Dragons. But this has now been

0:16:400:16:46

launched into the pet market.

They

look similar and they work in the

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same way?

The principle, yes, why

change something which is successful

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already. We had a lot of feedback

from our consumers. Somebody said

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that they used it on their pet. I

would have been more concerned in

0:16:580:17:03

the early days about that. But I've

been working with dog rumours,

0:17:030:17:11

looking at... Working with Battersea

dogs home. Although they look

0:17:110:17:14

similar, that's the winning formula,

but the technology is different.

0:17:140:17:17

It's dealing with shedding and

detangling. We like to think we

0:17:170:17:25

innovate different products that do

the job.

Let's get back all of those

0:17:250:17:28

years when you invented it. I have a

daughter with really curly hair, I

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have two of these. I have been asked

to model this. I shall do it. A

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first for me.

It will work.

I know

that they work, I use them at home.

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I never use my hairbrush on my

daughter because she would just

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scream in pain. What is so special

about it? What makes it work?

It was

0:17:480:17:53

based on an idea right had when I

used to do it in the salon. We had

0:17:530:17:58

to engage with the hair. But the

instant you start combing you will

0:17:580:18:02

get tangles. Two years of backwards

and forwards try to create it. We

0:18:020:18:10

came up with the way the Tees

interact and react with hair. In the

0:18:100:18:15

past it had to be active, but this

is passive. -- on the way the teeth

0:18:150:18:23

into Iraq. The attitude to women was

that a hairbrush was an all-round

0:18:230:18:27

thing. That cannot be used with blow

drying. That's why we had brushes

0:18:270:18:35

with a handle for that.

You are now

a huge success. What goes through

0:18:350:18:41

your mind... People of that business

acumen, they know their stuff and

0:18:410:18:47

they say it is destined to fail.

That must take resilience on your

0:18:470:18:53

part.

I agree totally. It possibly

wasn't the best pitch. I didn't

0:18:530:18:57

convey that I had done a lot of

research and that there was demand.

0:18:570:19:01

But I had been working in the

industry since I was 16. I put that

0:19:010:19:07

paces in the salon. Even though it

was a private venture. But I put it

0:19:070:19:11

through its paces. The feedback I

got was that it would be a success.

0:19:110:19:14

When you came out of the failed

pitch, what went through your mind?

0:19:140:19:23

Well you determined to make a

success of yourself?

My

0:19:230:19:25

determination was already there.

They didn't destroy it. -- were you

0:19:250:19:31

determined. I was always prepared

for rejection. But you cannot reject

0:19:310:19:36

what you don't get.

LAUGHTER

0:19:360:19:37

Didn't your website crash after you

had been on TV because 70 people

0:19:370:19:40

wanted it?

Good point. I thought, if

the dragons don't get it, there must

0:19:400:19:48

be thousands of people at home that

want it. -- because so many people

0:19:480:19:54

wanted it.

You have had phenomenal

worldwide success.

I have won

0:19:540:20:02

awards, everything.

You have made a

decision to go into the pet market.

0:20:020:20:06

Are you not scared about devaluing

the brand? Why have you made the

0:20:060:20:10

decision?

More because the brand is

established. We now have a blow

0:20:100:20:16

styling finishing tool. In the

industry we have a selection of

0:20:160:20:19

tools. The pet one is just on the

detangling one. Time to move on. We

0:20:190:20:25

see lots of similar items in the pet

world. They were using a similar

0:20:250:20:32

product. We felt confident to go

into the market, particularly in the

0:20:320:20:36

UK in the domestic market because it

was so well-established as a brand.

0:20:360:20:41

We were asking people this morning.

A quarter of all university students

0:20:410:20:45

want to set their own firm. They

don't want to work for anybody else.

0:20:450:20:49

If are watching, what are your tips

for them?

It sounds good. -- if any

0:20:490:20:55

of them are watching. You've got to

have a passion. The friends you

0:20:550:21:03

collaborate with at first will soon

be your rivals. It isn't that easy

0:21:030:21:07

at first. But I wouldn't change it.

It is also manufactured in Britain,

0:21:070:21:13

which I am very proud of.

You should

be. Thanks.

0:21:130:21:17

We've had lots of messages. Alistair

says a record 4.8 million people are

0:21:170:21:22

self employed today, do it but with

your eyes open. The median wage was

0:21:220:21:28

self-employed is below the average.

Not everybody like Sean is a

0:21:280:21:31

millionaire.

Brian says I've just started my own

0:21:310:21:36

business in accounting, not the

easiest but it is fantastic that I

0:21:360:21:39

can work for myself. Keep your

messages coming.

0:21:390:21:43

In a moment we'll take a look

through the Business Pages but first

0:21:430:21:46

here's a quick reminder of how

to get in touch with us.

0:21:460:21:48

Stay up-to-date with all of the

day's business news as it happens on

0:21:490:21:54

the business live page. There is

inside analysis from our team of

0:21:540:21:58

editors right around the globe. And

we want to hear from you. Get

0:21:580:22:02

involved on the BBC's business life

web page... -- business live web

0:22:020:22:09

page.

0:22:090:22:10

And you can find us on Facebook...

0:22:130:22:15

Business live, on TV and online,

what you need to know. Quarter of

0:22:180:22:30

all university students leaving one

to start up their own business. As

0:22:300:22:34

we heard from our previous guest it

is easier said than done.

It is. But

0:22:340:22:38

there is a lot more support for

young entrepreneurs looking to set

0:22:380:22:42

up. If that's an accountancy

service, but also if they are

0:22:420:22:46

selling online, selling through

eBay, Amazon... They might be

0:22:460:22:51

importing goods from China. Selling

them here, or selling them abroad.

0:22:510:22:59

With the Internet you can buy

anything from one place and sell it

0:22:590:23:03

in another place.

Ship it off

somewhere else.

There are not

0:23:030:23:11

barriers for importing.

You don't

have to have a premises, warehouse,

0:23:110:23:14

things like that, because they're

all of these big websites that will

0:23:140:23:19

be able to warehouse everything for

you. Everybody has a side hustle

0:23:190:23:23

these days.

Side hustle!

CHUCKLES

0:23:230:23:30

Let's talk about Apple Music and

spot if -- and Spotify. Apple was

0:23:300:23:44

originally the catch-up service, but

they might be taking over.

Yes, this

0:23:440:23:47

is a -- this is another story of you

Google, are you Apple?

And you

0:23:470:23:56

cannot have a bit from here added it

from there.

I recently bought a

0:23:560:23:59

Google phone. It is in sync with

everything in the house. I didn't

0:23:590:24:04

realise it but everything is Google

in my house, apart from the iPad

0:24:040:24:10

which doesn't work any more, so I

need to get rid of it. If you have

0:24:100:24:14

an iPad, if you have the new Apple

home speaker service, their version

0:24:140:24:18

of Alexa, then the music you are

going to have to listen to is Apple

0:24:180:24:22

music. Facebook tied in with

Instagram and it basically killed

0:24:220:24:31

SnapChat.

It is about the reliance

on the dominance. You cannot be

0:24:310:24:35

bothered to get something else to

talk with the other device.

Google

0:24:350:24:39

has the information side of thing.

Apple is the entertainment side of

0:24:390:24:43

things. Amazon is just buying

everything. It is putting pressure

0:24:430:24:50

on companies like Blue Apron. It'll

be interesting to see if people are

0:24:500:24:55

cross-border within this market and

saying everything I use for

0:24:550:24:59

entertainment is Apple, everything I

work is Google, and everything I

0:24:590:25:02

shop is Amazon.

The battery is

taking the bite out of the power

0:25:020:25:07

market. Batteries being charged by

renewable energy.

When the football

0:25:070:25:17

is over and everybody puts the

kettle on. There is a huge surge in

0:25:170:25:22

the demand for electricity. There

are certain power stations which

0:25:220:25:28

apparently run into action to make

sure the grid doesn't crash. These

0:25:280:25:32

new giant batteries are set up

alongside the power grid to make

0:25:320:25:35

sure that these are smoothed out.

It's interesting to see we are

0:25:350:25:42

becoming more electronic.

Battery

technology is so important.

We see

0:25:420:25:47

it in the car industry, so why not

our homes, as well? Exactly.

Thanks

0:25:470:25:52

very much.

0:25:520:25:53

That's it from Business Live today.

0:25:530:25:54

There will be more business news

throughout the day on the BBC Live

0:25:540:25:57

webpage and on World Business

Report.

0:25:570:25:59

We'll see you again tomorrow.

0:25:590:26:03