16/02/2018 BBC Business Live


16/02/2018

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LineFromTo

This is Business Live from BBC News

with David Eades and Ben Bland.

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Has Coca-Cola lost its fizz?

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The world's biggest beverage maker

reports results in a few hours -

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amid a 12 year decline

in soft drink sales.

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Live from London,

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that's our top story on Friday

the 16th of February.

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Consumers are choosing

healthier options -

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which is good for the waistline,

but bad for companies

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like Coca Cola's bottom line.

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Also in the programme, shampoo,

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deodorant and other household

products could be as hazardous

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to health as car emissions,

a new study has found.

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We'll find out more

in our paper review.

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As for the markets, let's look at

how the European markets and the

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FTSE have opened, around half a

percent, following on from

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encouraging signs from the Nick

Cave. -- Nikkei.

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And we'll wrap up the week's

big events with our

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economics correspondent -

including what's ahead

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for South Africa's new president?

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What's waiting in his

economic in tray?

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And we want to know have you ditched

fizzy drinks and what are you having

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instead to quench thirst? No fizzy

drinks, just coffee, ignored the

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three sugars! Contact us.

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Hello and welcome to Business Live.

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When it comes to our eating habits,

it turns out that many people

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are choosing healthier options -

or at least cutting

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back where they can.

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But for a company like Coca-Cola,

does a shrinking waste-line mean

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a shrinking bottom line?

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Just to give you an idea,

one can of Coke has about seven

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teaspoons of sugar in it -

and it accounts for 139 calories.

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That's about the same

as eating a Daim bar!

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Americans are definitely

cutting back.

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In 2016, soda sales hit a 31-year

low in the United States.

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Coke will be reporting earnings

in a few hours' time

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and expectations are that revenue

will fall 21% in the last

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three months of 2017.

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So the world's largest beverage

company is looking to expand further

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into sugar-free alternatives

and bottled water.

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But will that be enough?

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Thank you.

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Andy Morton is news editor

of the online trade

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magazine Just Drinks.

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Good to have you with us. Already

the tweets are coming in, including

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Edward, I saw the line, ditched

fizzy drinks, have swapped it for

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glasses of water bodies that where

the problems lie?

Partly, it's

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something that's been ongoing for

the past picked, people drinking

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fewer sodas and turning to healthier

alternatives.

The drinks companies

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are aware of this, it's not a sudden

thing happening overnight, it's been

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a long-term health push, the Rabin

government campaigns, health kick

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campaigns...

Absolutely, Coca-Cola

and the drinks companies know about

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this and that the past 5-6 years

they've been trying to buy as many

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new and trending products as

possible. For example they bought

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coconut water, sparkling water, and

they have also what plant -based

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drinks such as soya -based drinks,

those kind of things, on trend,

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things that have less sugar and that

people want to drink.

On trend is

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one thing, persuading people is a

long-term buy, they know that

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Coca-Cola sells, but it's on the

decline, what do they do?

What they

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do is they tried to convince people

that Coca-Cola is still a rewarding

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brand...

It is for them.

It is still

a massive moneymaker. They don't

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want to ditch it, it's still the

Crown Jewels, what able trouble they

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do is reduced packaging sizes,

they've been doing that for the past

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few years, you will have full sugar

drinks in smaller packages, it's

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seen as and we'll be seen more as a

luxury, and indulgence. We have seen

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what some people are

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calling the adultification of drinks

like Coca-Cola, making them sleeker.

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We have seen some bigger companies

like Pepsi, moving into things like

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Kraft sodas, to see if that will

work. What has happened in the beer

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industry, trying to replicate it in

the soft drinks industry, but it's

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still early days.

What do you think

the future is, are we likely to see

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consolidation, companies merging to

survive?

That's something that could

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happen, Coca-Cola, always rumours

floating that a bigger company is

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going to buy it. There are these

larger companies, owned by a large

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private equity firms, these are the

kind of companies that may in the

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future look to buy Coca-Cola, Pepsi

Cole have lines in food and drinks

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business, they could divert the

businesses, food going one way drink

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scoring another.

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Let's take a look at some of

the other stories making the news...

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Theresa May is due to hold talks

with German Chancellor Angela Merkel

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today as she seeks to make progress

on negotiating Brexit.

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The UK PM is expected to set

out her vision of how she wants

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the financial services to operate

once Britain leaves the EU.

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This comes a day ahead of a speech

on Saturday in which the British PM

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will set out the security

partnership she wants

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to maintain with the EU.

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French car giant Renault has asked

Carlos Ghosn to stay on as chief

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executive for a further four years.

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If approved, he would also remain

on as head of the world's

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biggest automotive group,

which also includes the Nissan

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and Mitsubishi brands.

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US regulators have rejected the sale

of the Chicago Stock Exchange

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to a group led by Chinese based

investors, over concerns

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with its ownership structure.

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The deal has drawn criticism from US

lawmakers who questioned the SEC's

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ability to regulate the foreign

buyers if the proposal

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was approved.

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Japan's government has today

nominated Haruhiko Kuroda

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for a second term as the country's

central bank governor.

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The decision is being seen

as an indication that the country

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is in no rush to dial

back its massive stimulus programme.

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Let's go to our Asia business

hub where Sarah Toms

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is following the story.

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Tell us more.

How is this going

down? It's been a good day for

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Japanese markets, investors

breathing a sigh of relief. The

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markets up just 1%, the yen is the

strongest in 15 months up against

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the US dollar, showing investors

want continuity over change.

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Kuroda has been key to the success

of the Japanese Prime Minister,

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needs approval from both houses, but

there is a comfortable majority

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silver should not be a problem but

in his new term there are a couple

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of problems he will to deal with,

and although Japan is out of the

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dangerous cycle of falling prices,

inflation is not yet at the target

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2% in the second problem he must

sort is how to figure out how to

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exit from the stimulus programme.

Thanks very much. Let's look quickly

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at the markets. On the Nick Cave...

Up just over 1%. -- Nikkei. Things

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going in the same direction within

the Japanese economy. The markets

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here in Europe... London, the FTSE,

all opening up around half a

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percent. A little bit more

correction to the big correction

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taking place there.

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Now the details about what's ahead

on Wall Street Today.

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On Friday Kraft Heinz,

known for its ketchup,

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Jello and Kool-Aid -

and for its brutal

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cost-cutting regime -

is expected to report an increase

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in profits for the past year.

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The company, which is partly

owned by billionaire

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investor Warren Buffett,

attempted to buy consumer goods

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giant Unilever last year,

only to be quite swiftly rebuffed.

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And the world's largest soup maker,

Campbells, whose iconic tins

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were immortalised by Andy Warhol,

is expected to report a drop

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in second-quarter profit.

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It's been hurt, in part,

by harvest delays of one

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of its key ingredients,

carrots, in California.

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And Wall Street will be watching

to see whether monthly home-building

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data picks up after a sharp

fall in December.

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A fall in demand for homes can

have a ripple effect

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on the construction industry,

on employment and the

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wider retail economy.

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Shaun Port is chief

investment officer at Nutmeg.

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Good to have you with us. The UK is

trying to ensure it has alignment of

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financial rules with the EU post

Brexit, why is that so significant

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and how could it affect our kids?

Financial services are a big

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employer in the UK and a bigger

contributor to the budget, with tax

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receipts. Under EU rules there is

something called equivalents, we

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could have similar rules covering a

third financial services and the EU

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could revoke that with 30 days

notice. It's important to UK gets

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alignment on the rules so financial

services can export to the EU.

It's

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early days. Getting the ball rolling

with mean something.

It's

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significant, the first time we've

heard anything from the government

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on financial services given how

important it is to the UK economy.

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Some things the UK needs to sort out

with the EU, probably a deal will

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not happen until the last minute.

Just mentioned earlier the bank of

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Japan, the governor staying in situ,

that seems to have gone down nicely,

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it's part of the pattern and

therefore important.

Yes, it's good

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news, it was expected, taken off in

extra area of risk, the Japanese

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economy performing the strongest in

28 years, nearly Shinzo Abe wants to

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continue the strong progress. It's

also very good for financial

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markets, and mortgage rates here, it

has an impact, would you believe?

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Right significant. Likely to be

disappointment in China over the

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blocking of the Chicago stock

exchange, what do you think is going

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on?

It's the continuation of the

theme, purchases blocked, some

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things in telecom, continuation of a

theme along the lines of President

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Trump protectionist policy, anti

China when it comes to trade deals.

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Continuation of a theme.

We will

continue to watch. Thank you. Still

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to come.

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We catch up on the week's

business highlights -

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including stellar growth

for the Eurozone.

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You're with Business

Live from BBC News.

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Mid-earners have being locked

out of buying a home,

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according to a report out today

from the Institute

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for Fiscal Studies.

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With those aged 25 to

34-years-old hit the hardest.

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Joining us now is Jonathan Cribb,

a Senior Research Economist

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at the IFS and author

of the report.

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In some ways no surprises here,

really?

I don't think it's a great

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surprise what we found but I think

it's important that we work out

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exactly who is being most affected

by the increase in house prices that

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has gone on in the UK over the last

20 years. And quite how that has fed

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through to much lower home ownership

rates for mid-income people.

In

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terms of the scale of all if you

like, the number of people looking

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to buy, how dramatic is this?

It

really is romantic. For middle

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income people, 20 years ago, about

two thirds of young middle income

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people owned their own home, now

it's done to just over a quarter.

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Look across the UK, falls by ten

percentage points or more in every

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single region with the largest falls

coming in the Southeast, evolve from

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about 64% down to 32% over the last

number of years.

How much further is

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the curve likely to go down?

Hard to

predict exactly. Some reasons to

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think this fall might slow. In the

regions and nations of the UK,

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except for London and the south-east

over the last ten years there's been

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relatively little rules in house

prices when compared to incomes. You

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might think the fault would continue

to slow down in those regions but in

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London and the south-east, has

prices are outpacing income growth

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and so we might continue to see

falls for those regions.

I prices

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and growing interest interest rates,

thank you. Plenty of business

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stories updated throughout the day.

Right now, dig up a road, pay a

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fine, for those who hate those

roadworks, those interminable

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roadworks. Councils can start fining

utility firms who dig up roads and

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cause traffic congestion, read more

about that and Brees a sigh of

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relief. That's all on the business

news online.

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You're watching Business Live.

Our top story -

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is Coca-Cola losing its fizz?

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The drinks giant is releasing

its 4th quarter results in a few

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hours amid a 12 year decline

in the US market for

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carbonated soft drinks.

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Let's look at how the markets in

Europe are faring. All of them are

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in positive territory across the

main markets. That is the pound

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against the dollar, well above the

$1.40 mark.

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And now let's get the inside track

on this weeks big business stories.

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Andrew Walker our economics

correspondent is here.

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The bond markets, T-cell off. Tell

us more?

Particularly in the United

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States. We had news about inflation

in the US, people were expecting

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Consumer Price Index inflation to go

to 2.9%, it didn't. That led

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investors to think that maybe the

outlook for interest rates, the

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Federal Reserve, is for more

increases than we were currently

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expecting. As a result, bond yields

were rising, the longer term

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interest rate which partly reflects

what people expect is going to be

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the path of the Federal Reserve

interest rates over the coming

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years. It is quite a move upwards in

what it costs, basically, to borrow

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in the US.

You mentioned the

inflation rate in the US coming in

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higher than expected. Normally,

people would conclude that increases

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the likelihood of interest rates

going up and that then pushes the

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dollar up?

It is more attractive to

invest in assets in the dollar.

But

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it hasn't had that effect?

The

immediate impact was exactly what

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you would expect, the dollar going a

little bit. It quickly reversed that

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entirely. There was a bit of

reaction to retail sales figures

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that came out the same time, and

perhaps there was a reflection that

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we shouldn't attach too much

significance to one inflation

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number. The Fed will be looking at a

lot of other things before it makes

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a judgment on what to do. It is

striking, over the last year, the

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dollar has actually been weakening.

Looking at what happens with

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interest rates, you might expect it

to be moving in the opposite

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direction. There is a bit of a

puzzle. There are theories about

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what is going on, but it is not

absolutely clear.

We have spent so

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much time focusing on South Africa

this weekend, we should perhaps look

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at the economic prospects for a

country that has been considered not

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far short of basket case by some

people. Have we suddenly had a flip?

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Can you see investment rushing in,

great excitement?

Well, the markets

0:18:000:18:06

did respond positively to the

political development is. We had an

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increase in the value of the rand,

quite a significant spike in the

0:18:090:18:14

Johannesburg stock exchange. The way

I put it is that they think the new

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President has got a fighting chance

of making a worthwhile difference.

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It is a big call to say that one

change of regime is really going to

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fundamentally change everything.

Clearly, there must be hope. But you

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are absolutely right that it has

been a pretty dismal period for the

0:18:310:18:34

South African economy. The average

growth over the last ten years has

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been 1.4%. An emerging economy like

South Africa should be managing 4%

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or 5%, that is what Malaysia and

Turkey have managed over that

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period. China has done a great deal

better than that. It has absolutely

0:18:470:18:56

dreadful story to tell about

equality. We are far enough on from

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the days of apartheid to hope that

they can bring it on. No question

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that the President has a big agenda.

He also has some belief among

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investors that he has got a chance

of making some progress.

And the

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rand strengthened. Even with the

best will in the world, suddenly

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coming into office with clear ideas

about how to tackle the problems, it

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is going to take time to turn it

around?

And there is a formidable

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agenda. Dealing with the government

finances, which are a bit weak, but

0:19:380:19:44

not catastrophically so, is easy. We

are going to have a budget quite

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soon. There is an opportunity for

the regime to make progress there.

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There are things like educational

reform. South Africa is a terrible

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problem with many people who do not

have the basic skills they need to

0:19:550:19:59

make a really strong contribution to

the labour market. That partly

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reflects the fact that a lot of

their teachers were themselves and

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educated because they were trained

under apartheid. Dealing with that

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kind of thing, absolutely, it takes

years to turn around.

Can I ask you

0:20:100:20:14

about the eurozone? It has been more

buoyant than previously, is that

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going to continue?

The outlook is

pretty good, we saw the economy

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growing a respectable 0.6% in the

final quarter of the year. Every

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individual economy in the eurozone

we have had so far, the breakdown is

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not compete so far, but every

economy was in positive territory. I

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think there is cause for moderate

optimism. But there are weaknesses

0:20:420:20:48

in the eurozone, let's not get

carried away!

Good to see you.

0:20:480:20:51

Today is the first day

of the Lunar New Year -

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it's the biggest holiday celebrated

in countries like China, Vietnam,

0:20:530:20:56

South Korea, and Singapore.

0:20:560:20:57

And with the new year comes

a new Chinese zodiac -

0:20:570:20:59

the Year of the Dog.

0:20:590:21:00

Will it be the investor's

best friend?

0:21:000:21:02

Our reporter Leisha Santorelli met

with Chinese astrologer Joey Yap

0:21:020:21:05

to get his predictions.

0:21:050:21:10

We are doing this interview in a

special place, Singapore's biggest

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dog resort. That is because we want

to get your predictions for the

0:21:190:21:23

Chinese year of the dog.

There are

many types, some are like this,

0:21:230:21:28

docile, happy and friendly. There

are dogs that are fierce and noisy.

0:21:280:21:32

This one is fierce and noisy, right?

You might get some volatility, a lot

0:21:320:21:36

of challenges, a lot of fights, just

like how an aggressive dog would be.

0:21:360:21:41

In the last few weeks we have seen

extreme volatility in the stock

0:21:410:21:45

market. Can we expect that to

continue?

At least for the first

0:21:450:21:49

half of the year.

For the global

economy, what is the outlook?

In the

0:21:490:21:55

year of the dog, the strongest

element is wood, so those related

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industries will be the strong as

headlines, agriculture, education,

0:22:030:22:09

palm oil and coffee, they are all

related to wood. The second element

0:22:090:22:12

is fire, so that as technology, oil

and gas, and we are seeing a return

0:22:120:22:18

on that now. That is the peak of

fire energy.

0:22:180:22:24

That was Joey Yap on the year of the

dog. Happy Chinese New Year!

0:22:240:22:34

We're going to look at some of the

tweets coming in with regard to

0:22:340:22:39

Coke, if it is good for you or bad

for you, if you are drinking less.

0:22:390:22:44

We gave them a bit of a hammering.

Adam says Coke Zero four May, with

0:22:440:22:54

lime, it tricks me into thinking it

has sugar, but I don't read that

0:22:540:22:58

often.

Another, I have not had fizzy

drinks for about ten years. Water,

0:22:580:23:04

coffee or alcohol. Perhaps not the

healthiest, but there you go!

0:23:040:23:11

Alcohol with fresh fruit juice seems

to justify it.

I think the one that

0:23:110:23:15

caught my eye is only tonic in a gin

and tonic.

Lynne said she stops flu

0:23:150:23:29

stopped smoking and is now addicted

to Coca-Cola. Nicholas says tap

0:23:290:23:33

water, black coffee and black tea.

Where is the joy in that?

We should

0:23:330:23:41

have Alan Haselhurst. He is a

Coca-Cola nut.

Let's look at some of

0:23:410:23:49

these stories. The household sprays,

apparently that is as bad as air

0:23:490:23:55

pollution?

Startling story, very

interesting. In LA, apparently

0:23:550:24:00

pollutants from household product is

a greater source of pollution than

0:24:000:24:05

cars. 42% of emissions are coming

from household products, sprays,

0:24:050:24:09

perfume is and the like. The

interesting facet of the story is

0:24:090:24:12

that it is bringing more awareness

that the things we buy have a

0:24:120:24:15

significant impact on the

environment, like water bottles.

0:24:150:24:19

Part of it is that there is a good

news element, that emissions from

0:24:190:24:22

petrol and diesel, the improvement

is so significant that it is

0:24:220:24:27

bringing it on a park, in terms of

these particular emissions. But what

0:24:270:24:33

struck me is that this includes

shampoo, products you just think are

0:24:330:24:38

clean and good for you. If we are

currently take it seriously we have

0:24:380:24:43

to have a fundamental rethink?

These

chemicals are designed to evaporate,

0:24:430:24:46

we do not see them. They are

designed to go into the environment.

0:24:460:24:52

There are some businesses that just

cannot's I mean, hotels, the

0:24:520:24:56

turnaround is they have four rooms,

they have no choice but to ask staff

0:24:560:25:02

to use these sprays, bleach,

chemicals.

That might be a marginal

0:25:020:25:10

case, but everyday household

products we can move to

0:25:100:25:13

environmentally friendly versions.

This one is on the BBC News business

0:25:130:25:17

page, £10,000 for everyone. Sounds

great? Anyone under 55, reports

0:25:170:25:23

suggesting if they introduce this

new universal wage to deal with the

0:25:230:25:26

threat to jobs, from automation?

Automation is an interesting angle.

0:25:260:25:31

It is for over 55s, the idea of a

basic income is attractive to

0:25:310:25:38

economists. How it would be funded

is quite difficult. Looking at the

0:25:380:25:45

Norway model, they have a lot of oil

receipts, very different from here.

0:25:450:25:51

Attractive for commerce, difficult

to abhorrent.

And they have a small

0:25:510:25:54

population to deal with, which

helps, the Norwegians. Have a lovely

0:25:540:25:58

weekend.

And a great weekend to you

as well. We will be back soon.

0:25:580:26:02

Goodbye.

0:26:020:26:03

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