15/02/2018 BBC Business Live


15/02/2018

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This is Business Live from BBC

News with Alice Baxter

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and Samantha Simmonds.

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Jubilation in South Africa

after President Zuma's resignation -

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but will the economy follow suit?

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Live from London, that's our top

story on Thursday, 15th February.

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The country's currency - the rand -

has strengthened in the hopes Mr.

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Zuma would step down.

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Now all eyes are on his successor.

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Also in the programme -

one of India's richest men

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is accused of swindling over

a billion dollars

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from a state lender.

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We'll be in Delhi to find out more.

Asian stocks rose on Thursday

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after Wall Street brushed aside

strong US inflation data and surged,

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in a move that also saw the dollar

pinned to two-week lows.

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A sip in the right direction -

Keep Cup is a reusable coffee

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container that is cutting down

on waste and making money

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by helping the environment.

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We'll find out more.

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And Austria is banning

the smoking ban.

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So would you avoid places

where smoking is allowed

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or are you not that bothered?

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Just use the hashtag BBCBizLive.

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Hello and welcome to Business Live.

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South Africa's beleaguered

President Jacob Zuma has resigned

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with immediate effect -

avoiding a no-confidence

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vote planned for today.

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He faced persistent allegations

of corruption and will now

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be formally succeeded

by Cyril Ramaphosa,

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the new leader of the ANC.

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Markets have reacted positively

to the prospect of a new President.

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Since the start of December,

the South African Rand has been

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the best performing currency out

of all of the emerging economies-

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here you can see the dollar

declining against the strengthening

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rand.

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It rallied a further 2% on the news

of Mr Zuma's resignation.

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Many suggest Mr Zuma

was not committed to

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serious economic reforms.

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GDP growth has slowed over

the course of his tenure.

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Unemployment has risen steadily over

the last few years and could remain

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stubbornly high until the turn

of the decade.

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Let's hear the moment

when President Zuma announced

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he is stepping down.

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I have therefore come to the

decision to resign as President of

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the republic with immediate effect.

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decision to resign as President of

the republic with immediate effect.

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Everyone though I disagree with the

decision of the leadership, of my

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organisation, I have always been a

disciplined member of the ANC. As I

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leave, I will continue to serve the

people the people of.

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people the people of.

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Lerato Mbele, our Africa business

correspondent is in Johannesburg.

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Welcome to you. So he is out, we are

going to expect to have a new

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President today, with Cyril

Ramaphosa sworn in possibly within a

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few hours' time. Top of his list is

going to be sorting out the economy,

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isn't it. What has he got to do

first, do you think?

Well, after he

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is sworn in, it is about five days

before the South African budgets for

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the New Year is tabled, and many

people are saying, that is really

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the event to watch, because as you

know, yesterday South Africa got its

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latest unemployment figures, they

are still very very high, at 26%.

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That is a fifth or a quarter of the

population rather, that cannot find

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job, and some of them have simply

just stopped trying. We also are

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facing a situation in South Africa

where two of the leading

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international credit ratings

agencies have downgraded the

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country's sovereign debt to junk

status, the only one who hasn't

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taken a stand yet is Moody, and if

the signs aren't promising it is

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expected that Moody's will join in

the fray. If that happens we can

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expect South Africa to see capital

outflow disinvestment and the

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prospects really for growth are

going to look really dire. Growth

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coming in at 1.44% is what the

central bank forecasts for 2018.

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What is he going to do to attract

back in vestment, do you think?

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Well, we know that Cyril Ramaphosa

is not just a shrewd negotiator but

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he is a renowned businessman. He is

one of South Africa's richest men,

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he has got assets in all sorts of

sectors from mining to retail. Media

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and also the food business. So what

people really want is a safe pair of

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hands, is what the investment

community are saying, someone who

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understands how dealings are done,

how they are negotiated. How policy

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serves both the people and the

interests of business, how you

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incentivise that investment and

basically they are hoping what he

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will do ultimately is just run a

tight and clean ship, because

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corruption has really been the

albatross round the Government's

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neck over last few years.

Not all of

his policies are entirely business

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friendly, are they? They? There are

suggestions he wants to increase or

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change the plans on aggressive land

reform policy.

Well, to be fair,

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they are not his policies. The

African National Congress is the

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party in Government, they deploy a,

into the executive and highest

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office of the land. They are not

Cyril Ramaphosa 's policies they are

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the policies is of the Government

that has been elected by the people.

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What the ANC has said to the South

African is we promise you a radical

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economic transformation, an overhaul

of an economy that has led to the

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Eigg highest unemployment rate, the

widest inequalities between the rich

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and poor, and has really carried

over many of the legacies of

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apartheid that has seen a small

minority more privileged than the

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rest. Part of this talk about

aggressive land reform radical

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transformation, free education,

having wider ownership of strategic

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assets in mining, is is really about

creating an ebbing Librium in the

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economy. If people see it as a

radical many South Africans see it

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as a necessary intervention to

create more equitable society. Is

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challenge is how they will do it in

a delicate way that still says to

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the business community come and

invest in South Africa and says to

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the average South African person we

have your interests at heart.

Good

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to see you.

Thank Thank you.

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Thank Thank you.

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Let's take a look at some of

the other stories making the news.

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European plane maker Airbus has

taken another $1.6 billion hit

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on its troubled A400M

military transport plane.

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That takes charges on the troubled

defence project to over

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eight billion Euros so far.

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The news overshadowed otherwise

upbeat full-year results.

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Net profit increased 35%

to almost $3.6 billion.

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Amazon has announced it will create

2,000 permanent contract positions

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this year in France -

its largest market in Europe

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after Britain and Germany.

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The increase will bring Amazon's

total number of French

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staff to 7,500 in 2018.

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Initial talks have been held

on what could be the tech

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sector's biggest ever deal.

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Qualcomm has confirmed it met

with Broadcom on Wednesday

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to discuss the latter's revised

121 billion dollar bid.

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Qualcomm's board will meet in March

to determine the next step

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for the telecommunication

equipment-making company

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India's second largest bank has

detected a $1.77 billion fraud

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coming from a single branch.

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And it's thought to involved

billionaire and diamond

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merchant Nirav Modi.

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Davina, what more do you have on

this?

Well, definitely the day is

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not shining bright like a diamond

for Mr Modi here, what investigators

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have been able to find out so far,

is that Mr Modi colluded with the

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Punjab national bank employees to

get fake bank guarantees, and

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because of those other banks were

able to give him loans and it wasn't

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before seven years and $1.8 billion

before this fraud has been detected.

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And now investigations are under

way, we haven't heard from Mr Modi

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so far, we are hoping that there

would be a statement soon, but

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already pressure is building,

because the agencies are now

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conducting searches across his

offices in India.

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Many thanks for that.

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Asian shares including

Japan's Nikkei share average rose

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significantly on Thursday,

as investors bought back some

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recently-battered stocks

after the US markets climbed

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overnight, shrugging off

stronger-than-expected

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inflation data.

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A total of 28 out of 33 sectors

were in positive territory,

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with financial stocks and exporters

outperforming, ignoring

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the strong yen.

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The dollar stretched overnight

losses against the Japanese yen

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to touch a 15-month low of 106.42,

having declined more

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than 2% so far this week.

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Hong Kong stocks -

they posted their third consecutive

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day of gains on Thursday,

when trading ended at midday

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before a long holiday.

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The blue-chip index,

which on Wednesday had its biggest

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single-day percentage rise since May

2016, climbed 5.5% this week.The

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market is now closed on Thursday

afternoon for the Lunar New Year

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holiday - trading will

resume on Tuesday, Feb.

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20.

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Here in Europe, markets have opened.

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And Yogita Limaye has

the details about what's ahead

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on Wall Street Today.

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Canada ease Bombardier will release

results for the last quarter of 2017

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and the full year as well. They come

soon after the plane maker won a

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trade dispute against American firm

Boeing. A US trade body has allowed

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Bombardier to sell its newest

aircraft in this country without

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paying duties and investors will be

watching for the company's forecast

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for 2018. A raft of economic data

will be out as well, industrial

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production numbers will be released

and we will find out how the

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producer price index is faring.

Which is a measure of wholesale

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inflation here in the US, it is

likely to have gone up by 2.5% in

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January after dipping in December.

That will be in line with what he

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saw on Wednesday, when data showed

that consumer prices had risen.

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that consumer prices had risen.

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Richard Dunbar is Investment

Director at Aberdeen

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Standard Investments.

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Good morning. We will talk first

about the European growth numbers

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out yesterday, with I were pretty

good.

Very strong growth. 2.5% in

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the fourth quarter and expectation

in the year ahead. That is a change

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from what we were talking about

about 18 Mondays ago when there was

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worries about the crisis? The euro

and worries in Ireland, Greece,

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Portugal. We have steady growth

fuelled by low interest growths and

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quantitative easing. Good investment

and exports so making a fairly

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potent cocktail.

Spanning all

different sectors and like you say

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countries like Spain, like Italy,

that we were talking about in

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worrying terms, suddenly coming out

much better. Germany particularly.

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Fastest since 2007.

The peripheral

countries like our London and,

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Spain, Portugal. They have taken

some tough medicine, Irish wages

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dropped, property prices halved. But

that medicine appears to be working

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and we are seeing your real broad

spread growth, albeit some of the

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problems we have spoken about are

still there. High unemployment.

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Still political turmoil in Germany.

Elections in Italy. So the worries

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are still there, but lots of growth

which maybe, certainly more than we

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expected.

Let us talk about the US

inflation figure, we were trying to

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anticipate what was going to happen

with them and what knock-on effect.

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They will not had the impact many

feared they would.

There is a little

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more inflation about globally and

particularly in the US than perhaps

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expected. That is what investors

have been looking out for. More

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inflation means the central banks

are going to be more aware. So more

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inflation in the US than expected

but the markets seems to have

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ignored that.

We will see you later

Richard.

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Still to come.

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Still to come.

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Can't live without your morning

coffee, but you're worried

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about the environmental impact?

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We'll have a reusable option

for you in a few minutes.

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You're with Business

Live from BBC News.

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"Shamelessly bamboozled" -

that's how a parliamentary report

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has described members

of the British Steel Workers pension

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scheme who were given

unsuitable financial advice,

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leading some to lose

out on thousands.

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It happened last year

when Tata restructured

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the British Steel Workers pension

scheme, meaning its 124,000

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members had to decide

what to do with that money.

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Thank you for joining us, a very

strongly worded damning report here.

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Yes, and rightly so, I think, there

were clearly some system failures

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here, the reports highlighted

various things that could have been

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done differently to protect the

worker, there was a particular set

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of circumstances towards the end of

last year, where they had to make a

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fairly complex decision in a short

period of time, their trust in the

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pension scheme had been undermined.

They knew which ever of the two

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options they were being presented

with, the replacement scheme or

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going into the lifeboat fund would

have resulted in some loss of money

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for them, in that environment,

unscrupulous advisers started

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knocking on their doors and offering

them a third option, which would

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have involved transferring their

money out of the pension schemes all

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together, into an individual pension

and in the process, giving up the

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valuable guarantees they built up in

the original final salary scheme.

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Some scheme members chose to take

that option, a couple of thousand of

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them, the transfer values were

hundreds of thousands of pounds, but

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the fees the adviser were taking

were clearly not appropriate for the

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circumstances, and so now, some of

these steelworkers have found

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themselves out of possibility.

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The pensions

themselves out of possibility.

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The pensions regulator

themselves out of possibility.

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The pensions regulator said

themselves out of possibility.

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The pensions regulator said it

themselves out of possibility.

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The pensions regulator said it would

themselves out of possibility.

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The pensions regulator said it would

try to protect savers, not doing a

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great job so far, what are they

going to do?

They will look up what

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they could have done differently

because the situation will come up

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again in a different guise, the

Financial Conduct Authority is

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acknowledging there are things they

could have done differently to

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tighten up on advice, and for the

scheme members, this is a question

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of whether they can get compensation

for bad advice.

Thank you, head of

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policy at Hargreaves Lansdown.

Standard Life Aberdeen loses a

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Lloyd's contract, asset management

contract, more on that later.

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You're watching Business Live.

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Our top story...

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South Africa's

President Jacob Zuma has resigned

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leaving Cyril Ramaphosa

as the acting president.

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He's likely to be sworn in later

on Thursday or on Friday.

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A quick look at how

markets are faring.

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The European markets all opening in

positive territory so far today.

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Many of us can't start

the day without one.

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Our morning cup of coffee has

become a daily ritual,

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so much so that coffee is actually

the most popular drink worldwide.

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I actually do not drink coffee, I

drink tea.

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Around 2 billion cups of coffee

are consumed every day according

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to the British Coffee Association.

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But our addiction to that cup of Joe

is having an adverse

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affect on the environment.

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While the average coffee cup

is technically recyclable,

0:17:110:17:13

they are lined with polyethylene

plastic on the inside.

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That means they need to be recycled

in specialised centres.

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And that means hardly any cups

actually get recycled.

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Every year in the UK, we throw away

approximately 2.5 billion

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so-called disposable cups.

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So, how can we avoid

them becoming landfill?

0:17:290:17:36

One company making

reusable cups is KeepCup

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and the general manager,

Chris Baker, is here.

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Good morning. Wonderful to see you.

You joined KeepCup last year but the

0:17:450:17:52

company launched this product in

2009, a brother and sister team, why

0:17:520:17:59

did they decide there was a need for

this new kind of cop?

The product

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was launched in 2009 by Abigail and

Jamie in Melbourne. What they wanted

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essentially was, they were running a

cafe chain, and they saw first-hand

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the amount of disposable cups they

were throwing away in Melbourne and

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they wanted something to replicate

the form and function that was

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reusable and that is where the

KeepCup came in. They realised it

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was a solution to a global problem,

over 2.5 billion cups thrown away in

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the UK every year, as you said, the

impact is massive.

The first

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incarnation they came up with. Us

through this.

This product is 12

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ounce cup and this is the original

product we came up with and it

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replicates the form and function of

disposable cup. Heat resistible

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band, a hard lid, and we have

developed a range of which

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essentially work for the different

ways consumers drink coffee.

These

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are the only barista approved cups,

aesthetically pleasing, and they

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serve the purpose.

They replicate

the sizes on the form of the cups

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under the brew head, they work for

the consumer and the person serving

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the coffee and that is essential to

make the speed of service in the

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coffee shop work and keep everything

flowing well.

It seems to be

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something we are being slow to catch

up on in this country, amazing that

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was started in Australia, massive

uptake of the product there, but

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here it has taken until the last

year for people to get onto the idea

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that coffee cups most of us purchase

wherever we go to get coffee, they

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are not recyclable. We thought they

were because they look like they are

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made of paper, but there is plastic

in them. What kind of reaction have

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you had around the world to these?

Awareness is critical. We have been

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doing this ten years, once you make

consumers aware of the issue, they

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want to make a positive change.

Paper cups are not recyclable

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because of the plastic layer. Then

it is about getting it into daily

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habits. We have sold another 10

million cups. In that time, those

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users would have diverted 5 billion

cups going to landfill, but in the

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same time, 5 trillion cups would

have still been discarded around the

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world.

Your background is in the

recycling industry and appoint you

0:20:310:20:35

have made before this is a stretched

industry. The news that recyclable

0:20:350:20:46

coffee cups were not totally

recyclable came as a surprise to

0:20:460:20:50

many in January and it also came at

the same time as talk of the

0:20:500:20:55

so-called punitive measure of

charging people, to what degree has

0:20:550:21:00

that affected take up?

The mention

of a potential levy has meant that

0:21:000:21:05

sales have doubled in the last

month, chains are offering a

0:21:050:21:08

discount if you offer a reusable

cup, but consumers respond more to a

0:21:080:21:15

fine. At KeepCup, we think a small

fine can be a reminder of the

0:21:150:21:20

unnecessary waste and it can lead to

more positive choices.

You can save

0:21:200:21:24

up to 50p on the coffee?

In some

chains like Pret, you get 50p.

0:21:240:21:34

Habits are hard to break. To

remember to take one with you when

0:21:340:21:38

you leave the house and carry it

around in your bag with you and wash

0:21:380:21:42

it up in the evening, some are

plastic, this is glass, it is a

0:21:420:21:47

mindset you have to change as well?

It is, but you would be amazed how

0:21:470:21:51

quickly it becomes part of the

routine. I have a pocket in my bag

0:21:510:21:55

it lives them.

And they do not leak,

importantly.

They do not leak, it

0:21:550:22:03

has a sealed inside.

Great to see

you, thank you very much for taking

0:22:030:22:07

us through the journey. Many, many

thanks.

0:22:070:22:13

In a moment, we'll take a look

through the business pages.

0:22:130:22:15

But first, here's a quick reminder

of how to get in touch with us.

0:22:150:22:22

Stay up-to-date with the business

news as it happens on the BBC's

0:22:220:22:27

Business Live page. There is insight

and analysis from around the globe

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and we want to hear from you too.

Get involved on the BBC's Business

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to know, when you need to know it.

0:22:450:22:52

Richard is back to take a look

through the papers. Instead of

0:22:520:22:56

happiness reports we sometimes see,

you have a really jolly story, the

0:22:560:23:02

world's most miserable economies.

Bloomberg are kindly measuring the

0:23:020:23:06

world's most miserable economy is

based on mainly inflation and

0:23:060:23:09

unemployment, the most miserable of

Venezuela, South Africa and Egypt,

0:23:090:23:16

not surprising, Venezuela's

inflation is at 13,000%, South

0:23:160:23:21

Africa's unemployment rate is over

30%, rather miserable areas of the

0:23:210:23:25

world to live in, in essence, I

think it is a poor governance index,

0:23:250:23:35

people in South Africa have been

poorly led and let down and it

0:23:350:23:38

results in inflation and

unemployment.

Countries like Mexico,

0:23:380:23:42

that has done really well to improve

its ranking on the index, we were

0:23:420:23:46

talking earlier with regards to the

US about the focus globally now on

0:23:460:23:50

rising synchronised inflation and

that again is something that is

0:23:500:23:56

pointed out here, the way they are

measuring misery is by rising costs

0:23:560:24:00

in a country.

Ronald Reagan

described inflation as a silent

0:24:000:24:06

thief and that is what we have seen

in some of the countries at the top

0:24:060:24:11

of the misery index, savings and

spending power stolen from the

0:24:110:24:14

population and that is why they rise

to the top of the index

0:24:140:24:20

unfortunately.

Thailand has claimed

the least miserable status but

0:24:200:24:24

question marks about how they

measure.

Virtually no unemployment,

0:24:240:24:28

but I suspect there is quite a lot

of underemployment, but they look

0:24:280:24:32

pretty happy.

We also spotted this

other story on the BBC website about

0:24:320:24:36

Austria planning to ban the ban on

smoking and at the beginning of the

0:24:360:24:41

show, we asked viewers to ask what

they think about that, would they

0:24:410:24:49

avoid places where it is not banned,

we had some responses. One says, I

0:24:490:24:54

would not, but I would burn places

were loud and obnoxious people are

0:24:540:24:59

allowed. Sophie, personal choice

will stop -- I would ban places were

0:24:590:25:07

loud and obnoxious people are

allowed.

Would you avoid a place? I

0:25:070:25:11

think it has been popular here, and

even where you would least expect

0:25:110:25:15

it, like France, it has been pretty

popular, and I'm surprised Austria

0:25:150:25:20

is moving in this direction and I

suspect it will not be as popular as

0:25:200:25:25

they think.

The knock-on effect for

things like pubs has been tremendous

0:25:250:25:29

because people cannot smoke in them,

more anecdotal leaver actually a

0:25:290:25:33

causal link...

I suspect it is a

causal link and pub loan owners have

0:25:330:25:39

been that losers Asha Crow pub

owners have been the losers. -- pub

0:25:390:25:54

owners have been the losers.

Thank

you very much for coming in.

0:25:540:25:57

That's it from Business Live today.

0:25:570:25:59

There will be more business news

throughout the day on the BBC Live

0:25:590:26:02

webpage and on World Business

Report.

0:26:020:26:03

We'll see you again tomorrow.

0:26:030:26:04

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