06/03/2018 BBC Business Live


06/03/2018

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Transcript


LineFromTo

This is Business Live from BBC News,

with Sally Bundock and Ben Thompson.

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Tackling the tariffs -

carmakers meet in Geneva

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for the world's largest car show,

but they face a battle over

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President Trump's promise to impose

tough tax on foreign-made cars.

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Live from London, that's our top

story on Tuesday 6th March.

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America is the most valuable market

for European car exports -

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so how will car markers respond,

and does it really help US

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manufacturers as much

as President Trump has promised?

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Also in the programme...

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Cut out the calories -

food manufacturers, supermarkets

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and fast-food chains are told to cut

fat in food or face legal action.

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And from farm to fork.

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-- and financial markets are riding

high in Europe following a bumper

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session in Asia. We will explain

why.

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And from farm to fork.

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We'll get the inside track

on the app that puts farmers

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directly in touch with customers,

cutting out the big supermarkets.

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We'll assess what it means

for prices and pay for farmers.

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And with that warning to food

producers we want to know,

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is the food industry cashing

in on sugar-loaded, unhealthy food?

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Let us know, use the

hashtag #BBCBizLive.

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Hello and welcome to Business Live.

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Are you a foodie or do you have

strong opinions about food? This is

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the programme for you, get in touch

with your comments.

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The Geneva Motor Show starts today.

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It's the largest event

of its kind in the world,

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bringing together manufacturers

and petrol-heads from

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all over the planet.

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But among the glitzy product

launches, one topic of conversation

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is likely to dominate -

President Trump's threat

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to impose tariffs on imports

of European cars to the US.

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So what is at stake

for the car industry?

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Well, if we take a look

at the current state of play,

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the United States already imposes

a 2.5% tariff on cars

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assembled in Europe.

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That is 2.5%.

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Meanwhile Europe imposes a higher

10% tariff on US-built cars.

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Cars which are then brought into

Europe.

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But many German firms -

like Daimler, BMW and VW -

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already build many of their vehicles

at plants within the United States.

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In fact, Germany's car body,

the VDA, said their factories

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in the US made 804,000 units last

year - way more than the 494,000

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exported from Germany.

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Quite interesting when you look at

the facts. Over to you, Ben.

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Andrew Walker is with me now.

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He is our economic correspondent.

You start getting into tit-for-tat,

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you impose this, we will impose

this. When we talk about tariffs,

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though, people will say it is bad

for business?

Of course, it makes it

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more expensive for people buying the

stuff that is imported and means a

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lower pre-term for the exporter in

the foreign country. The real

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economic burden does not depend on

where you collected from, it is

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divided between buyer and seller in

that way. There is no question that

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ultimately if you were to see a

sufficiently large escalation in

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tariffs, you could see quite

significant macro economic damage

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done around the world. We are not

there yet, but clearly the worries

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about that are in play at the

moment. We have a system of rules

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for managing international trade,

policed by the World Trade

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Organisation, and the forces that

brought as the WTA in the first

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place, going back to the aftermath

of the Second World War, they were a

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desire to avoid the tariff

escalation we saw during the 1930s.

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The potential costs, if it seriously

got out of hand, are very high, but

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we have not got there yet.

Despite

that, President Trump says it is, in

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his words, putting America first and

protecting jobs in the United

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States. Some would say is that a

price worth paying, it helps protect

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jobs in America?

When you impose a

tariff on one thing going into the

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United States, you are raising costs

for everybody who buys that stuff.

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It means the domestic producers can

raise their prices so if we are

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talking about steel and aluminium,

car-makers will have to pay more for

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their steel and aluminium raw

materials, whether they are buying

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from American suppliers or importing

it. You might be able to save jobs

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in one area but there are

significant risks you will leave

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jobs -- lose jobs in other areas.

What does this tell us about the

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nature of the business in the United

States and firms that want to do

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business with the US?

Many of the

big manufacturers are very much

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international businesses and it is

fair to say that some of them

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clearly get benefit from terrorist

protection. The big industrial

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players are increasingly keen on

Terror free trade. So many have

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international interests, production

operations abroad, and they are

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likely to move their goods easily

and cheaply across borders.

Good to

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see you, thanks for that, Andrew

water. -- Andrew Walker.

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Let's take a look at some of

the other stories making the news.

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Facebook has hired the former

head of BuzzFeed Studios

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and a former Pinterest boss

to join its video team.

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The firm says Matthew Henick

will lead its global video strategy.

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While Mike Bidgoli, who managed

Pinterest's ads, will lead

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Facebook's Watch product team.

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In the UK, concerns over Brexit -

and the fear it will make

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Brits less well off -

has dampened household spending.

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According to Barclaycard,

annual consumption growth slowed

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from January as spending

in supermarkets eased.

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Separately the British Retail

Consortium said that sales

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of non-food items also fell

over the quarter.

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The Chinese messaging app - WeChat -

has hit one billion monthly

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users for the first time.

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The vast majority of its users

are based in China, where the recent

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Lunar New Year tipped usage

past the milestone.

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But it still lags behind WhatsApp -

which is owned by Facebook -

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which has around 1.5

billion monthly users.

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And they are across the world, of

course.

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As we have already mentioned, a top

health official is recommending the

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diets that Brits should be on.

Apparently we all need to go on a

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diet to ward against the problem of

obesity. Also there is a real finger

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being worked at the food industry in

general. That is about what is on

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offer in the supermarkets at what

cost, the fact that lots of the

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cheap food on sale, which many are

opting for right now, is actually

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full of sugar and calories.

We want all your views on this,

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#BBCBizLive.

Ben? Sorry, you just called me

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talking to the director.

I thought you were talking to me!

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Another story I would like to flag

up, Lego, this is a favourite in

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your household, Sally, Lego posting

its first annual fall in sales for

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13 years.

Despite my efforts.

Sally

gets through a lot of like the

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latter with three boys.

Sales were down 8% to $4.2 billion.

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Profits were down 18%. Lego posting

its first annual fall in sales in 13

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years.

That is not one that I'd

built. That is not one of my photos.

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The Lego is all in my Hoover or my

dog's mouth.

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The Chief Executive of Japanese

steel giant Kobe Steel has stepped

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down after an investigation found

"inappropriate corporate behaviour".

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The company recently admitted

falsifying key quality control data.

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Karishma Vaswani has details,

she's in our Asia Business Hub.

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We know this scandal hits all the

headlines, this is the fallout of it

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and you get a sense of how far

around the world it was felt, that

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Steele is used a lot of

manufacturing?

Absolutely. The

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clients that Kobe steel had numbered

from train manufacturers,

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car-makers, aircraft makers. You

name it, they were supplying steel.

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In the mammoth report that has come

out today into the investigation

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into actually what went wrong at

Kobe steel, the company says out of

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the 688 or so incidents of

misconduct, as it called Sid, at

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least 90% of these cases have been

cleared of safety issues. --

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misconduct, as it called it. When

the scandal broke it went the heart

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of what was wrong with corporate

Japan. This investigation has found

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that some of the staff safety

inspection data so it appeared the

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products they were sending into the

WorldCom plied with what their

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clients wanted, and basically they

were lying to clients. Apart from

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removing the CEO from his position,

the company says it will address

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some of these corporate culture

issues which they hope will rectify

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some of the problems at the firm.

Thank you very much indeed. An

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interesting story about Kobe Steel,

that news was quite shocking when it

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across the wires.

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Let's show you the markets. What a

different picture in Asia compared

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to this time yesterday. Japan

closing up 1.5%. I would like to

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quote a US traders saying the

positive story today is the lack of

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anything bad happening. That is the

general feeling. People are brushing

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off the fears we saw yesterday about

possible trade was an turrets.

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Investors leave President shrimp is

blustering and it will not become a

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reality -- investors believe. Let's

look at Europe, Europe closed on

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Monday hair. It was not like Asia on

Monday. Strong gains right across

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the board. We will dig deeper in

just a moment, but let's hear from

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Joe Mellor in New York with what is

ahead on Wall Street.

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After another bumpy day on the stock

markets there is little doubt

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investors will be on tenterhooks for

the latest indication on whether the

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US is about to start a trade war

and, if so, with soon -- with whom.

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There is plenty of the news to

grapple with. In a big week the

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retail stocks, one of the biggest,

retail chain target, reports on

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Tuesday. Its revenue are reported to

have increased due to a particularly

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strong retail shopping season.

Investors also want to hear news and

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how online businesses bearing

against the Bailey Mes that is

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Amazon. The latest factory orders

data is released on Tuesday morning,

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expected to show orders rose by 1.3%

in January.

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Joining us is Nandini Ramakrishnan,

global market strategist at

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JP Morgan Asset Management.

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Good morning. Let's start with some

of the political stuff. At the start

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of the programme we mentioned

President Trump and turrets, lots of

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uncertainty in Europe with the

elections questionably got over the

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weekend there was the big general

election in Italy, it happened on

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Sunday. We also had the results of

the German coalition discussions.

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Two parties finally decided on the

agenda and that they would work

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together for the next several years

in Germany. Lots to wake up to one

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Monday morning. A bit of uneasiness.

If we had to characterise the two

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results, the German sense of

stability, patching together two big

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parties, a pro-Europe stance is very

important. A bit of the opposite in

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Italy. A couple of the parties that

received the most votes are some of

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the more antiestablishment parties,

once interested in thinking about

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Italy leaving the euro zone or

shaking up markets and economic is a

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bit more.

There is a European

Central Bank meeting this week?

The

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European Central Bank has for the

past several years then a huge job

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of getting interest rates very low,

trying to get growth and being quite

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successful. We will have to see what

they do in terms of winding down

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their big programmes and what they

will forecast for growth.

The

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markets shrugging off any concern

about a terrorist war, Trump's

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tariff plans. Interesting that the

Speaker of the House of

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Representatives said he was very

concerned, the Republican leader, he

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does not want to see any of this

going ahead. -- shrugging off

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concerns about a tarriff war.

Opening into today's markets we saw

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that markets were stepping up,

realising what has to happen before

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the implementation of this. Quite

drastic, but an important tax tariff

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plan. If that happens there will be

effects, but it is far from being

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implemented immediately, which is

why markets might be taking a step

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back and regaining some fitting.

Thank you, for now. Nandini will be

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back to look at some of the

newspaper stories, including apple's

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new headquarters

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in San Francisco, $5 billion worth

of lots of reports of people walking

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into glass-walled. A bit too trendy

for its own good. I have done that

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in this building. They have had to

put etching on the glass so you can

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see it.

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Still to come...

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From farm to fork.

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We'll get the inside track

on the app that puts farmers

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in touch with customers -

cutting out the big

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supermarkets and their profits.

0:15:180:15:19

You're with Business

Live from BBC News.

0:15:190:15:29

There is

Live from BBC News.

0:15:290:15:31

There is definitely

Live from BBC News.

0:15:310:15:31

There is definitely a

Live from BBC News.

0:15:310:15:31

There is definitely a food

Live from BBC News.

0:15:310:15:31

There is definitely a food theme

Live from BBC News.

0:15:310:15:31

There is definitely a food theme

today.

0:15:310:15:37

The online takeaway firm Just Eat

has reported a pre-tax loss

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of £76 million for last year -

that's compared to £91

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million the year before.

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But the firm says orders are up 26%

over the period to 172 million.

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Laith Khalaf is senior analyst

at Hargreaves Lansdown.

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He joins us from Bristol.

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Good morning. What do you make of

the figures?

It is a bit of a blip

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in an upward trajectory for Just

Eat, on a charge of late, increasing

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orders, increasing revenues very

strongly. What is happening it is

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being dragged into the delivery

market. Until now, the business

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model has been very cosy, it has

just provided a website, and app,

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connecting restaurants with their

customers. But it is now getting

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into bed with some of the big chains

like Burger King and Kentucky fried

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chicken and they want delivery as

well. That is going to be soaking up

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some investment from Just Eat. That

might be impacting on profit margins

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so we have seen a big fall in the

share price this morning.

What

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impact is Just Eat having an eating

at industry? Are they getting into

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bed with Burger King and others

because Burger King thought they

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would eat into their market?

Yeah,

they have got to get into the

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delivery market which is growing

very strongly. There is a whole

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piece about what technology is doing

to consumer behaviour. We have seen

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it on the high street. We have seen

declining footfall on the high

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street because people are shopping

online. People are also staying at

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home watching television, Amazon

Video, it all impacts on the

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businesses and particularly Just Eat

which has been a winner until now

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from that trend, but if we are

looking at today's results, they are

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finally going to have to roll up

their sleeves and get their hands

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more dirty than they have until now.

Thank you for your analysis. That is

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in line with this whole discussion

about food, what we are eating, the

0:17:380:17:42

fact we are getting larger. Doing

less exercise. And who is

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responsible. 16 MPs have written to

the Business Secretary, Greg Clark,

0:17:490:17:54

opposing the takeover we have talked

about, GKN Cabinet Aerospace.

0:17:540:18:07

Details on the Business Lives page.

0:18:070:18:09

You're watching Business Live.

0:18:090:18:10

Our top story...

0:18:100:18:11

Carmakers meet in Geneva

for the world's largest car show,

0:18:110:18:13

but they're debating what to do

about President Trump's threat

0:18:130:18:16

to impose tariffs on imports

of European cars to the US.

0:18:160:18:23

We will keep a close eye on that.

This is what the markets are doing

0:18:230:18:27

in Europe. Sally touched on it, some

others suggesting the lack of

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anything bad is keeping markets

afloat which is probably not a great

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basis to be trading on... Not a huge

amount moving at the moment. We will

0:18:380:18:45

hear from the European Central Bank

later in the week and a lot of

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nervousness around the jobs figures

and inflation in the US that caused

0:18:480:18:52

the volatility of late.

0:18:520:18:54

Now, it's often known as farm

to fork - cutting out supermarkets

0:18:540:18:57

and food retailers to let farmers

sell directly to consumers.

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But is it as simple as it sounds?

0:18:590:19:01

In the UK, the six biggest

supermarkets control almost 83%

0:19:010:19:04

of the grocery market.

0:19:040:19:07

That buying power means supermarkets

sell milk, for example,

0:19:070:19:11

for around 45% more than they pay

the dairy farmer who produced it.

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And that's had a big

impact on the industry.

0:19:160:19:20

Farmers are facing soaring levels

of debt - up 57% since 2010 -

0:19:200:19:27

and one in ten dairy farms has

recently gone out of business.

0:19:270:19:30

By putting farmers in direct

touch with consumers,

0:19:300:19:34

Farmdrop is hoping it can cut out

the middleman and help

0:19:340:19:37

farmers and shoppers.

0:19:370:19:39

Joining us is Farmdrop's

co-founder, Ben Pugh.

0:19:390:19:44

Good morning. Welcome to the

programme. Explain how this works,

0:19:440:19:49

what is it you do?

I thought that

statistic was really interesting,

0:19:490:19:54

45% of the retail price of a pint of

milk goes to the dairy and that is a

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really big problem and at Farmdrop

we are saying we need to close the

0:19:590:20:03

gap between the retail price that

the customer pays and what the dairy

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or Baker or organic vegetable grower

retains. At Farmdrop, the dairy or

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baker get more like 70% of the

retail price and the whole thing is

0:20:150:20:19

about efficiency with mobile

technology. As a customer, you go on

0:20:190:20:25

and

0:20:250:20:28

order from over 200 producers and

they get the orders directly and we

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deliver the food in one nice big

green box we take back the next day.

0:20:310:20:36

It sounds idyllic but it sounds

expensive. Could be convenient.

0:20:360:20:42

Maybe not, depending on how long it

takes.

On the convenience, if you

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order before noon, you would get

your delivery the following

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afternoon. We think that is very

convenient and that is comparing to

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people like Tesco, Sainsbury's. One

hour time slot which is important as

0:20:540:21:00

well. No point in trying to fight

the tide of convenience. In terms of

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pricing, our view is that by being

so efficient, we can be the lowest

0:21:060:21:10

price access to this kind of amazing

independent locally produced food.

0:21:100:21:14

You would be cheaper than an Ocado

livery?

We are 5% more. Our

0:21:140:21:27

customers tell us our spinach is 20

times more delicious. -- Ocado

0:21:270:21:33

delivery. It is so much fresher, it

has come from close by, and that is

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one of the things that has helped

the company grow tenfold.

I am not

0:21:380:21:43

going to ask you how you measure 20

times more delicious! The

0:21:430:21:48

supermarkets say they put the

margins on it because they have big

0:21:480:21:52

stores, we pay for the convenience,

I can nip in on the way home because

0:21:520:21:56

I do not know what I am going to

have for dinner tonight. If I order

0:21:560:22:00

your box, I have to plan. Otherwise

I just pop in on the way home and

0:22:000:22:04

pick up something.

It is a fair

point that for the segment of

0:22:040:22:11

shoppers and when I was in my 20s,

it would not have occurred to me to

0:22:110:22:15

have done online home food delivery

because I was out most of the time,

0:22:150:22:20

and now I have two small children, I

will put my order in this morning,

0:22:200:22:25

it will all arrive tomorrow

afternoon, not a huge amount of

0:22:250:22:28

planning in place. The value is I

know I am supporting local

0:22:280:22:33

producers, getting really amazing

quality food, healthy food. I and I

0:22:330:22:36

am not paying very much.

Is the

market solid enough for you as a

0:22:360:22:40

company, given the economic

environment? We are spending less on

0:22:400:22:46

the supermarkets because we are

concerned about the outlook.

There

0:22:460:22:49

are real issues. Certainly, I am not

an expert on those on the economy.

0:22:490:22:56

But I can tell you every day more

and more people are waking up and

0:22:560:23:00

having a better understanding about

what food quality really means, not

0:23:000:23:04

all calories are created equal, so

if I do spend 5p more on an amazing

0:23:040:23:08

fresh bag spinach, I'm going to be

better off, it is a worthwhile

0:23:080:23:15

investment, and that group of people

is growing very fast at the moment.

0:23:150:23:18

If you can make spinach 20 times

more tasty and nicer, I will order.

0:23:180:23:24

I accept your challenge!

Really good

to see you, thank you very much.

0:23:240:23:28

Maybe that will be an online

offering on the Business Live page,

0:23:280:23:35

spinach tasting challenge with the

two Bens. Stay up-to-date with the

0:23:350:23:42

business news as it happens on the

BBC's Business Live page. Insight

0:23:420:23:48

and analysis from our team of

editors around the globe. We want to

0:23:480:23:51

hear from you. Get involved on the

BBC's Business Live web page. And on

0:23:510:23:58

Twitter... You can find us on

Facebook. Business Live on TV and

0:23:580:24:07

online. What you need to know when

you need to know. There you have it.

0:24:070:24:14

Let's take you to some of the

stories the papers are looking at,

0:24:140:24:17

including this one on the BBC

business website. Britain needs to

0:24:170:24:21

go on the diet, interesting because

it is talking about who was

0:24:210:24:24

responsible for the obesity crisis,

the manufacturers putting too much

0:24:240:24:29

sugar and fat end? Is it the

retailers selling it cheaply? Or are

0:24:290:24:35

we responsible because we are not

eating properly? You do not need to

0:24:350:24:41

see that in every angle. Interesting

one as far as business is concerned,

0:24:410:24:46

they are in it to make money, if we

do not want to eat it, we should not

0:24:460:24:51

buy it?

Exactly. But looking from

the health perspective, it is

0:24:510:24:54

important how broader health issues

like obesity cost the NHS and people

0:24:540:24:59

in terms of days on their lives. It

is quite an extensive list of

0:24:590:25:05

products and the classic culprits,

pizza, meat, interesting ones about

0:25:050:25:13

dressings, sauces, trying to cut the

calories.

One of my favourite

0:25:130:25:19

things!

Sad reading each item on the

list.

We have heard from so many of

0:25:190:25:23

you, thank you. John, people are not

done, you cannot blame food for

0:25:230:25:28

making a person fact, it is up to

human beings to look after

0:25:280:25:33

ourselves. Another one says, surely

everyone knows what is good and bad,

0:25:330:25:37

will informing us do more? Another

one suggesting the cost of the NHS.

0:25:370:25:43

Barry says, I would rather not worry

about my weight, Aunt Sally. OK,

0:25:430:25:50

don't! We are out of time. That is

Business Live. Bye-bye.

0:25:500:25:58

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