0:00:03 > 0:00:05This is Business Live from BBC News with Samantha Simmonds
0:00:05 > 0:00:07and Susannah Streeter.
0:00:07 > 0:00:09Trump's trade tariffs.
0:00:09 > 0:00:11The US President says he'll impose duties on steel
0:00:11 > 0:00:14and aluminium imports.
0:00:14 > 0:00:19Live from London, that's our top story on Friday 2nd March.
0:00:33 > 0:00:36The US President says the dumping of foreign steel is costing jobs
0:00:36 > 0:00:40but China warns his protectionist policies will harm global trade.
0:00:40 > 0:00:43We'll have the latest live from China.
0:00:43 > 0:00:45Also in the programme....
0:00:45 > 0:00:48Embracing the "deepest possible" free trade deal.
0:00:48 > 0:00:50Britian's Prime Minister is set to argue it is "achievable"
0:00:50 > 0:00:53when the UK leaves the EU.
0:00:53 > 0:00:54And in a week where Toys "R" Us and Maplin have become the latest
0:01:02 > 0:01:06The markets in Europe are all down off the back of the trade comments
0:01:06 > 0:01:06from President Trump.
0:01:06 > 0:01:10And in a week where Toys "R" Us and Maplin have become the latest
0:01:10 > 0:01:12big UK retailers to run into trouble, we'll get
0:01:12 > 0:01:14the inside track with our business editor Simon Jack.
0:01:14 > 0:01:16As severe snow fall affects Europe and the US East coast,
0:01:16 > 0:01:19we want to know how you are struggling into work.
0:01:19 > 0:01:24We've made it in, but will we make it home?
0:01:24 > 0:01:26I don't think I will!
0:01:26 > 0:01:27Let us know how you're getting on.
0:01:27 > 0:01:35Just use the hashtag #BBCBizLive.
0:01:35 > 0:01:41Hello and welcome to Business Live.
0:01:41 > 0:01:44A warm welcome on this bitterly cold day for many of us.
0:01:44 > 0:01:46US President Donald Trump has seriously upped the ante
0:01:46 > 0:01:48in his trade disputes with the rest of the world.
0:01:48 > 0:01:51He says the world's biggest economy will impose heavy tariffs on steel
0:01:51 > 0:01:54and aluminium imports to protect US producers.
0:01:54 > 0:01:56They have welcomed the move.
0:01:56 > 0:02:00But China is amongst those warning it will harm global trade.
0:02:00 > 0:02:04And stock markets have fallen since the announcement.
0:02:04 > 0:02:07Here's the details.
0:02:07 > 0:02:10Mr Trump says from next week he'll slap duties of 25%
0:02:10 > 0:02:16on foreign steel imports, and 10% on foreign aluminium.
0:02:16 > 0:02:19Critics say if he goes ahead it will force up costs for other US
0:02:19 > 0:02:23firms like carmakers - and provoke damaging retaliation.
0:02:23 > 0:02:28They argue it could destroy more jobs than it creates.
0:02:28 > 0:02:30But as Joe Miller reports from Pennsylvania, some workers see
0:02:30 > 0:02:32this as the President trying to fulfil his election promise
0:02:32 > 0:02:39to save the US steel industry.
0:02:39 > 0:02:41For almost two centuries, this rolling mill has been a mainstay of
0:02:41 > 0:02:43American industry, producing up to half
0:02:43 > 0:02:44a million tonnes of steel a
0:02:44 > 0:02:53year and providing hundreds of well paying, stable jobs.
0:02:53 > 0:02:56I was able to build my house and provide a good
0:02:56 > 0:02:59lifestyle for my son and I, but right now, I am in jeopardy of
0:02:59 > 0:03:05having to start over at 47 years old.
0:03:05 > 0:03:09Last autumn, Kimberley and 250 of her fellow employees, were told
0:03:09 > 0:03:12that with the price of steel dropping, their employer would idle
0:03:12 > 0:03:18the mill and axe 100 jobs.
0:03:18 > 0:03:20But just a year before, many of them voted
0:03:20 > 0:03:23for a man who campaigned on a promise to end their industry's
0:03:23 > 0:03:27relentless cycle of boom and bust.
0:03:27 > 0:03:30After months of dithering, the Trump Administration has announced its
0:03:30 > 0:03:36intention to slap tariffs of 25% on steel imports.
0:03:36 > 0:03:41We will be imposing tariffs on steel imports and tariffs
0:03:41 > 0:03:48on alumina imports and you are going to see a lot of good things happen.
0:03:48 > 0:03:50-- on a loom in imports.
0:03:50 > 0:03:53For workers at the local union Hall, the tariffs have been a long time
0:03:53 > 0:03:55coming.
0:03:55 > 0:03:57For years, they felt at the mercy of China, which produces as
0:03:57 > 0:04:00much steel in a month as the US does in a year.
0:04:00 > 0:04:03We know we have to trade, but it has to be fair trade.
0:04:03 > 0:04:05We're not even in the game.
0:04:05 > 0:04:07Not just a freefall of steel coming into this
0:04:07 > 0:04:08country.
0:04:08 > 0:04:11But the White House is running into the same problem that
0:04:11 > 0:04:13has plagued previous administrations.
0:04:13 > 0:04:16Imposing strict tariffs on steel imports could cause
0:04:16 > 0:04:19China and other important trade partners to retaliate in kind and
0:04:19 > 0:04:26that could cost jobs in other parts of the country instead.
0:04:26 > 0:04:28Other industries said they fear a backlash
0:04:28 > 0:04:31to the tariffs and markets in New York fell sharply after the
0:04:31 > 0:04:33announcement.
0:04:33 > 0:04:34But for volunteer firefighter, Chuck, saving steel is
0:04:34 > 0:04:37worth the cost.
0:04:37 > 0:04:39The steel industry in particular, that is the
0:04:39 > 0:04:42cornerstone of America.
0:04:42 > 0:04:45If we can't make our own steel, we are leaving
0:04:45 > 0:04:53ourselves vulnerable to everyone else in the world.
0:04:53 > 0:04:55The decision from Washington has come at last, but
0:04:55 > 0:04:59steel workers in Pennsylvania won't be celebrating just yet, they will
0:04:59 > 0:05:03be watching for how Beijing and Brussels responds.
0:05:03 > 0:05:06Joe Miller, BBC News.
0:05:08 > 0:05:15Our correspondent Robin Brant is in Shanghai.
0:05:15 > 0:05:19Hello. So a trade ministry spokesperson in China says this
0:05:19 > 0:05:23could have a serious impact on the International Trade order. Just how
0:05:23 > 0:05:29could this escalator? You are right. It is the Chinese
0:05:29 > 0:05:35government, perhaps surprisingly for some, which is an exponent today of
0:05:35 > 0:05:41free global trade. It is the US which is taking on very much the
0:05:41 > 0:05:46role of the protectionist. We are also hearing from China's Foreign
0:05:46 > 0:05:51Ministry that it wants the US to exercise restraint in using trade
0:05:51 > 0:05:56protection tools. The language from government spokespeople is rarely
0:05:56 > 0:06:00excitable Ahmad, it pretty much fits in with that. China knew this was
0:06:00 > 0:06:08coming. It is no surprise. In terms of retaliation there has been talk
0:06:08 > 0:06:13of targeting agricultural imports from the US into China, maybe Boeing
0:06:13 > 0:06:19as well. No action on that but that is where the rumours are. A bit of
0:06:19 > 0:06:22context, China does not feature in the top ten steel importers into the
0:06:22 > 0:06:28US. It produces a lot of steel, in a month what the US producers in a
0:06:28 > 0:06:32year, with the US imports about 2% of its steel from China. The
0:06:32 > 0:06:35reaction in terms of what this might have on the domestic Chinese steel
0:06:35 > 0:06:40market will be pretty muted. The markets today closing, we are seeing
0:06:40 > 0:06:46calls for bar showing iron and steel, the aluminium core of China
0:06:46 > 0:06:53is down around 2%. That is fairly muted. I think the big concern for
0:06:53 > 0:06:57China, domestically, maybe is the portent of what is to come from
0:06:57 > 0:07:00President Trump on other bigger issues in terms of the trade
0:07:00 > 0:07:04relationship between the countries. Intellectual property is a huge deal
0:07:04 > 0:07:08for the US and others on the issue of reciprocity, broader market
0:07:08 > 0:07:12access. It is the one thing you constantly hear big complaints from
0:07:12 > 0:07:16American businesses and others trying to get into the Chinese
0:07:16 > 0:07:20market, not reciprocal, they do not think their treatment is fair.
0:07:20 > 0:07:24It does not seem like these tyrants have been imposed and there is an
0:07:24 > 0:07:28impact already on the car industry, carp manufactures among those whose
0:07:28 > 0:07:34share prices have fallen? -- it does not seem like these tariffs have
0:07:34 > 0:07:38been imposed yet.Car-maker, on and off the biggest car producer in the
0:07:38 > 0:07:52world, not Chinese but with a biggest... Big impact here. We're
0:07:52 > 0:07:55hearing it will distort the global steel market and will not protect
0:07:55 > 0:07:59jobs.Many thanks, Robin Brant in Shanghai.
0:07:59 > 0:08:02Let's take a look at some of the other stories making the news.
0:08:02 > 0:08:05The London Stock Exchange has shrugged off a year of slower
0:08:05 > 0:08:07trading and a management shake-up to report a growth in profits.
0:08:07 > 0:08:09Adjusted operating profit rose 18% to £812 million -
0:08:10 > 0:08:11that's more than $1.1 billion.
0:08:11 > 0:08:12It's also increased its payout to shareholders.
0:08:12 > 0:08:15The company says its making good progress on recruiting a new chief
0:08:15 > 0:08:25executive to replace Xavier Rolet who left after a boardroom battle.
0:08:25 > 0:08:32Robin Russell is talking about this. -- Robin Brant was just talking
0:08:32 > 0:08:33about Toyota.
0:08:33 > 0:08:36Japanese carmaking giant Toyota says it plans to form a $2.8 billion
0:08:36 > 0:08:38company with a group of others to develop
0:08:38 > 0:08:39automated-driving technology.
0:08:39 > 0:08:43The tie-up with suppliers including Denso and Aisin Seiki will create
0:08:43 > 0:08:43about 1,000 new jobs.
0:08:43 > 0:08:45Toyota will own 90% of the new company.
0:08:45 > 0:08:46Microsoft founder Bill Gates has attacked
0:08:46 > 0:08:48cryptocurrencies - saying they are killing people
0:08:48 > 0:08:49in a "fairly direct way".
0:08:49 > 0:08:52In a question and answer session on the news website Reddit he said
0:08:52 > 0:08:55digital currencies like Bitcoin are used to buy drugs
0:08:55 > 0:08:57and that their anonymity meant they were linked to terrorist
0:08:57 > 0:08:58funding and money laundering.
0:08:58 > 0:09:03Critics have said he was ill-informed about the technology.
0:09:05 > 0:09:07Japanese car-maker Subaru is replacing its president
0:09:07 > 0:09:10and overhauling its board as the effects of last
0:09:10 > 0:09:14year's inspections scandal continue to be felt.
0:09:14 > 0:09:17In October the firm revealed it hadn't followed proper procedures
0:09:17 > 0:09:20for inspecting domestic models, leading to the recall
0:09:20 > 0:09:24of almost 400,000 cars.
0:09:24 > 0:09:30Sarah Toms is in our Asia Business Hub.
0:09:30 > 0:09:37Welcome to you. Bring as up to date on the reshuffle at Subaru?There
0:09:37 > 0:09:40are two key things which have come out of this. Subaru will bijou
0:09:40 > 0:09:45reshuffling its board. I think three out of six board members will be
0:09:45 > 0:09:52replaced. Also being replaced is the man who was the person in charge of
0:09:52 > 0:09:56day-to-day operations, the president. The reshuffle comes, it
0:09:56 > 0:10:00is a move to rebuild trust but it is interesting to see how well that
0:10:00 > 0:10:05will go when the old president has not left the company. He will retain
0:10:05 > 0:10:10his role as chief executive and also take over as chairman. What does
0:10:10 > 0:10:15this mean? As chairman he will be continuing to lead efforts to
0:10:15 > 0:10:18prevent any more of these inspections scandals and will be
0:10:18 > 0:10:23continuing Subaru's campaign to regain the public trust that the
0:10:23 > 0:10:29company feels it has lost.Thanks very much, Sarah.
0:10:29 > 0:10:33Now the markets. Those concerns over the impact of President Trump's move
0:10:33 > 0:10:38have had a massive impact on steel tariffs. They have hit US shares and
0:10:38 > 0:10:48the dollar, car-makers like Ford and GM are hardest hit. The Dow close
0:10:48 > 0:10:52down 1.68%, and Japanese stocks fell to a two and a half week low on
0:10:52 > 0:10:56Friday, steelmakers and comedy factor is taking a battering. Nippon
0:10:56 > 0:11:02steel and one South Korean company were down as much as 4% during
0:11:02 > 0:11:05trading, down to President Trump's announcement.
0:11:05 > 0:11:09The Europe markets are expected to react and are all down across the
0:11:09 > 0:11:18board. Concerns that that decision will spill over to Europe, looking
0:11:18 > 0:11:26at stocks in companies with facilities in the US.
0:11:26 > 0:11:31The FTSE is likely to be affected by a speech by British Prime Minister
0:11:31 > 0:11:34Theresa May who is likely to set out her vision for a Brexit deal in a
0:11:34 > 0:11:47steep -- in a speech which could affect the pounds and the FTSE.
0:11:47 > 0:11:55The to you my years in New York. -- Yogita Limaye is in New York.
0:11:55 > 0:12:03Investors will be looking at steel. The consumer Internet Dunn sentiment
0:12:03 > 0:12:06index for February is due to be raised by the University of
0:12:06 > 0:12:10Michigan. It is due to be higher than the previous month, showing
0:12:10 > 0:12:13Americans are feeling better about financial and prospects, among other
0:12:13 > 0:12:17things. Retailer JC Penney will release its
0:12:17 > 0:12:22results. The company closed several stores last year and investors will
0:12:22 > 0:12:25be looking to see whether that has turned things around for the
0:12:25 > 0:12:31Department store chain.
0:12:31 > 0:12:35Joining us is Alpesh Patel, Chief Executive of Praefinium Partners.
0:12:35 > 0:12:39Thank you for braving the snow. Let's talk about what has been
0:12:39 > 0:12:44happening with regard to new imports, the new steel tariff
0:12:44 > 0:12:49imports, turrets that President Trump wants to bring in. Already
0:12:49 > 0:12:52China is saying urge restraint, there seems to be panic in the
0:12:52 > 0:12:57market?What is interesting, you need to look at about four or five
0:12:57 > 0:13:03stocks and it tells the whole story. One company is a fourfold in the
0:13:03 > 0:13:07last two years since Trump the candidate has mentioned this. So to
0:13:07 > 0:13:11some extent the steel manufacturers, this has been priced in and I would
0:13:11 > 0:13:15not be surprised if their share prices start dropping. Cisco and
0:13:15 > 0:13:18Intel, you might think what have they got to do with it, that is
0:13:18 > 0:13:22where the retaliation will hate, where the Chinese will hate the
0:13:22 > 0:13:26Americans, in the silicon chip manufacturing, the IT industry of
0:13:26 > 0:13:30which they are great exporters. America has to decide whether it
0:13:30 > 0:13:34wants to be steel manufacturing or the IT industry, it will be either/
0:13:34 > 0:13:39or. The final stop is Caterpillar, who make the construction trucks.
0:13:39 > 0:13:44Their share price was hit. Higher prices does not mean more
0:13:44 > 0:13:50manufacturing jobs, it means less construction, people do not buy.
0:13:50 > 0:13:53They do not buy more cars at a higher price, they stop buying. That
0:13:53 > 0:13:57is another stock which tells the truth about what will happen when
0:13:57 > 0:13:59and if these tariffs are announced next week.
0:13:59 > 0:14:04Those will be the stocks to watch. Italy have elections this weekend,
0:14:04 > 0:14:08there economy has suffered a triple-dip recession over the past
0:14:08 > 0:14:11decade.You could say that about any year that you want. They get more
0:14:11 > 0:14:18recessions than the Democrat any other European economy.It will be a
0:14:18 > 0:14:23key thing for the elections, a third of young people are unemployed?It
0:14:23 > 0:14:29will not impact EU GDP or Brexit but it matters for Italy alone. 40% are
0:14:29 > 0:14:31undecided, there is a populist movement which is meant to have
0:14:31 > 0:14:36caused Brexit at the Trump election, the five-star movement. They have
0:14:36 > 0:14:39announced their ministers. They will probably not make a coalition. They
0:14:39 > 0:14:44did well in local elections, probably got about 30% of the votes
0:14:44 > 0:14:54share.
0:14:55 > 0:15:01It is a problem for Italy but not, thankfully, the European economy.
0:15:01 > 0:15:04Berlusconi is interesting, he does not like to be likened to trumpet
0:15:04 > 0:15:07the hairstyle and skin tone, he looks just like him and he hates
0:15:07 > 0:15:11that. -- does not like to be likened to Trump.
0:15:11 > 0:15:15Still to come...
0:15:15 > 0:15:19With Theresa May said to tell EU leaders she wants the deepest and
0:15:19 > 0:15:22broadest possible trade union after Brexit, we find out what that means
0:15:22 > 0:15:22for business.
0:15:22 > 0:15:28You're with Business Live from BBC News.
0:15:28 > 0:15:32Snow is the word on everyone's lips as the UK woke up to its forth day
0:15:32 > 0:15:37of severe disruption caused by the freezing weather conditions.
0:15:37 > 0:15:41The army was called in overnight to rescue people from their cars,
0:15:41 > 0:15:42while many schools and workplaces will be closed today, at
0:15:42 > 0:15:45a significant cost to the economy.
0:15:45 > 0:15:55Fiona Lamdin is in Taunton to give us an update.
0:15:55 > 0:15:59It has been very snowy, looks very tough getting through for the lorry
0:15:59 > 0:16:03behind you. Lots of people still have two struggling to work,
0:16:03 > 0:16:11emergency services, nurses, doctors across the board?We are a stone's
0:16:11 > 0:16:21throw away from the M5. It is normally a main feeder road to the
0:16:21 > 0:16:26M5, but it is hard to get onto. This would normally be full of hundreds
0:16:26 > 0:16:31of cars, people trying to get to work. It is completely empty.
0:16:31 > 0:16:35Traffic lights are read for no traffic. If I can show you some of
0:16:35 > 0:16:41the stranded cars. This lorry you so moving, got stranded last night. So
0:16:41 > 0:16:45many people were coming down the M5 and they said it was like an ice
0:16:45 > 0:16:48rink. They got to the point where they thought it was dangers and they
0:16:48 > 0:16:56would come off at Taunton. So many people ended up abandoning their
0:16:56 > 0:17:00cars and staying here. People are trying to get moving, the team
0:17:00 > 0:17:03spirit is amazing, people have been digging each other out of the snow.
0:17:03 > 0:17:09We have just met a farmer, who has a local business two miles away. He
0:17:09 > 0:17:12rang into the local hospital, Musgrove Park this morning and
0:17:12 > 0:17:18offered his services. This morning he been ferrying staff and all sorts
0:17:18 > 0:17:22of people into Musgrove Park this morning, so the hospital can operate
0:17:22 > 0:17:28as normal. They are asking people to only come in if it is an emergency.
0:17:28 > 0:17:32So the main thing about the road is, they are asking people to avoid all
0:17:32 > 0:17:38travel if you can. At the moment we have been told the M5 is moving and
0:17:38 > 0:17:43we have just literally seen a snowplough and a gritter down this
0:17:43 > 0:17:48road. People are not fancying driving on this so the advice is to
0:17:48 > 0:17:55stay in and stay warm.Fiona, thank you. A bit of good news, there will
0:17:55 > 0:18:04be no gas deficit warning. It seems supplies have been freed up.
0:18:09 > 0:18:10You're watching Business Live.
0:18:10 > 0:18:15Our top story:
0:18:15 > 0:18:19US President Donald Trump says he plans to impose tariffs on steel and
0:18:19 > 0:18:29aluminium imports. Trading partners including China, Canada have
0:18:29 > 0:18:31criticised it.
0:18:31 > 0:18:38A quick look at how the markets are faring.
0:18:38 > 0:18:50Markets are down since that announcement by President Trump.
0:18:51 > 0:18:57The UK's exit plan from the European Union has dominated headlines after
0:18:57 > 0:19:01trees may outline their plans for trade after the exit.
0:19:01 > 0:19:07Our business editor Simon Jack is with us in the studio.
0:19:07 > 0:19:10Let's talk about this speech by Theresa May, expected later. She is
0:19:10 > 0:19:17got to set out the five tests she says need to be met. What are those
0:19:17 > 0:19:21likely to be?We should go back and say it has been a big week for
0:19:21 > 0:19:25Brexit because we got the first substantial document of the process
0:19:25 > 0:19:30when Michel Barnier, the chief negotiator for the EU, set up the
0:19:30 > 0:19:35legal text as to what was agreed in December, the Phase one thing, it
0:19:35 > 0:19:39dealt with the divorce bill, Citizen's rights on what will happen
0:19:39 > 0:19:45on the border between Northern Ireland and Ireland. In it, it says
0:19:45 > 0:19:50as a last resort, to have a hard border you would have full alignment
0:19:50 > 0:19:53between Northern Ireland and the Republic of Ireland. What this
0:19:53 > 0:19:57document says is that during that period, the European Court of
0:19:57 > 0:20:02Justice would be in charge. The big fallout of that is you cannot have a
0:20:02 > 0:20:07European Court of Justice in charge of part of the United Kingdom, no
0:20:07 > 0:20:12British Prime Minister would agree to it. So they are saying, give us a
0:20:12 > 0:20:16better idea. In Theresa May's speech, she will give more detail
0:20:16 > 0:20:19about what she wants and this is what the Europeans have been asking
0:20:19 > 0:20:25for for a long time. I expect her to say, we want to be a good friend and
0:20:25 > 0:20:29neighbour, but a bit more realism saying we cannot have our cake and
0:20:29 > 0:20:32eat it and say we would like to stay in some big agencies like for
0:20:32 > 0:20:38example, aviation is, pharmaceuticals. The Europeans will
0:20:38 > 0:20:43be saying, tell us what you want. Today will be a key speech, one of
0:20:43 > 0:20:47five from British ministers saying this is what we want ahead.20
0:20:47 > 0:20:50months since the referendum and businesses have had all that time
0:20:50 > 0:20:56with uncertainty and are they hoping for clarity today so they can move
0:20:56 > 0:21:01forward?A row pharmaceutical and aviation, sensitive industries to
0:21:01 > 0:21:07European legislation, Theresa May may tip her hat and say, we would
0:21:07 > 0:21:15like to stay a member to some agencies. There is a huge debate
0:21:15 > 0:21:19about whether you want to stay part of the customs union or how much.
0:21:19 > 0:21:23This has been perked up by the main opposition party in the UK, saying
0:21:23 > 0:21:28we would like to stay part of a customs union. The Conservatives are
0:21:28 > 0:21:32saying, you cannot do that because if you are back closely entwined
0:21:32 > 0:21:36with Europe, you cannot go and do your own trade deals with the rest
0:21:36 > 0:21:41of the world. Some would say, look at the biggest single expert market,
0:21:41 > 0:21:46it is the US, there is no trade deal. Look at Germany's deal with
0:21:46 > 0:21:56China, there is no trade deal. So people saying, giving up is like
0:21:56 > 0:22:01giving up a three course lunch for a bag of crisps.We saw Theresa May
0:22:01 > 0:22:05meeting Donald Tusk yesterday and those pictures of them going into
0:22:05 > 0:22:10Downing Street. They don't even seem to be on the same page at the
0:22:10 > 0:22:14moment?It was always going to be like this. I think if people thought
0:22:14 > 0:22:17it was going to be an ordered progression and we would tick things
0:22:17 > 0:22:22off along the way, was naive. I think this speech will be important,
0:22:22 > 0:22:26there will be a bit more honesty about having our cake and eating it.
0:22:26 > 0:22:33A bit more detail on how she would like to stay close. There is a three
0:22:33 > 0:22:36basket philosophy. The areas we want to stay close like aviation and
0:22:36 > 0:22:40pharmaceuticals. The areas where we will basically recognise our own
0:22:40 > 0:22:44rules, even though we go about it in a different way and there are areas
0:22:44 > 0:22:48where we want to do our own thing. It is called the three Baskett
0:22:48 > 0:22:53philosophy they want to pursue. The Europeans say it is amounting to
0:22:53 > 0:23:01cherry picking and you cannot have it. One o'clock, the speech.Simon,
0:23:01 > 0:23:09just before you go, Toys R Us, massive job losses across the world
0:23:09 > 0:23:14Europe and Asia?This is the same old story, online pressing
0:23:14 > 0:23:19traditional retailers. You get your money in the Christmas, you look at
0:23:19 > 0:23:22your business and look see if you can afford your rent for the rest of
0:23:22 > 0:23:32the year. They have said no. It is a microcosm of larger job losses
0:23:32 > 0:23:35across the sector. Give me a reason to go to the store, is the big
0:23:35 > 0:23:44thing.Simon, thank you.
0:23:44 > 0:23:49Stay up-to-date with the business news as it happens on the BBC News
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0:24:07 > 0:24:16live on TV and online, what you need to know, when you need to know it.
0:24:16 > 0:24:18What other business stories has the media been
0:24:18 > 0:24:19taking an interest in?
0:24:19 > 0:24:25Alpesh Patel is joining us again to discuss.
0:24:26 > 0:24:29These coast of America, big snowstorms arriving there as well.
0:24:29 > 0:24:35It is such a struggle for people to get into work, particularly now many
0:24:35 > 0:24:40people just don't travel? Absolutely, it seems a shame to talk
0:24:40 > 0:24:46about business angle when lives are being lost. In terms of lives, look
0:24:46 > 0:24:49at the emergency services and you hear about surgeons walking four
0:24:49 > 0:24:53hours to try to do operations and hospital staff staying overnight in
0:24:53 > 0:24:58hospitals and so on. It has been extraordinary and uplifting from
0:24:58 > 0:25:04that angle. From a business perspective it will have to hit
0:25:04 > 0:25:11sales soon. After the battering it has taken and I feel sorry for those
0:25:11 > 0:25:18non-online retailers.One lady says I am in Canada and colleagues have
0:25:18 > 0:25:24had to Cross-Country Skiing to work in the past. In Leicester, people
0:25:24 > 0:25:33driving with caution and allowing more driving time. You made it in
0:25:33 > 0:25:40and you have a three-day-old baby that was born in the snow.He was
0:25:40 > 0:25:43born in cyber just down the road. I thank the midwives who stayed
0:25:43 > 0:25:49behind. Midwife Carol in particular at the Portland. Thank you.
0:25:49 > 0:25:52That's it from Business Live today.
0:25:52 > 0:25:55There will be more business news throughout the day on the BBC Live
0:25:55 > 0:25:57web page and on World Business Report.