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Live from London, that's our top
story on Thursday, 8th March.
11 countries are expected to sign
a landmark trade deal -
as an antidote to the increasingly
of the United States -
we talk you through what's at stake.
Also in the programme,
a new report reveals China has more
self-made woman billionaires
than any other country -
the top four spots come
from the Asian superpower.
Financial markets have starting the
trading day in Europe. Fairly flat,
if not mixed. We will tell you all
you need to know.
And if the shoe fits...
We'll get the inside track on how
one woman's business idea
for a fold-away shoe was rejected
130 times before becoming
a run-away success.
And on International Women's
Day, we want to know,
should women be used
as a means to sell cars?
So-called booth babes
are at Geneva Motor Show.
Let us know what you think -
is there still a role
for this in 2018?
Or is it out of date and sexist?
Just use #BBCBizLive.
Hello and welcome to Business Live.
Thank you so much for all of your
comments so far, we have plenty, we
will share them with you later.
One year after America's sudden
withdrawal from a global TPP trade
pact, the remainers are due to sign
a new deal later on Thursday
to virtually eliminate tariffs
in a marketplace worth close
to $14 trillion.
It's seen as an antidote to growing
US protectionism under
President Donald Trump
as he prepares to implement tariffs
on steel and aluminium imports.
boasted 12 countries bordering
the Pacific Ocean.
But President Trump pulled out
after coming to power,
leaving 11 nations to rebrand
the Comprehensive and
for Trans-Pacific Partnership.
It may lack America's clout,
but still has marketplace
of 500 million people,
worth close to $14 trillion.
would abolish tariffs on seafood,
wine, sheep meat, cotton wool
and manufactured goods
across the region.
While changes to intellectual
property rules, something the US
demanded, could leave the door open
for President Trump,
as he has said he'd consider
returning if America
got a better deal.
I asked Suzanne Spears,
partner at law firm Volterra Fietta,
how significant this deal is.
It is very significant particularly
with Canada joining. Demonstrating
the number of countries both from
North America and from other regions
in the Pacific are still committed
to free trade, still committed to
the rules of the road of the global
economic order which is what the
trade agreement symbolises.
they announce these trade
agreements, it took years to
negotiate and President Urbana was
spearheading the negotiations at the
time when he was in office --
President Obama. They talk about the
degree to which it will boost the
individual economies, the growth
they will see, the growth in trade,
how people will benefit, will it
really bear that much fruit?
do see trade does in fact increase
GDP in the economy is in question
and there have been a number of
studies showing this trade agreement
alone will boost trade and
investment very dramatically at
least 1% increase in GDP over the
next few years for the involved. On
the other hand, quite clearly, there
are downsides, both to globalisation
writ large, as well as to trade
agreement like this and the
important feature is that this trade
agreement does do something to try
to address some of the downsides. It
has labour and environmental
standards it could be constituted as
the new generation of global free
trade agreements. As you know, in
the campaign, in the US, and in
other places, these trade agreements
have become the symbolism of
globalisation and of the dangers of
our economic system today and it is
important that there are voices that
counter that narrative and ensure
they represent the other side.
us have a look at some of the other
stories making the news this hour.
French companies caught
discriminating against women over
pay will be given three years to
close the gap or face fines. The
government revealed the planned
crackdown to unions and employers on
Wednesday, giving them a month to
iron out the details. The measure
will be rolled out by 2020, if
passed by Parliament.
Japanese regulators are issuing
punishment notices to several
cryptocurrency exchanges and forcing
others to stop doing business.
This is to protect consumers,
after that theft of digital money
worth over half a billion
dollars from Coincheck.
Regulators said it lacked a proper
internal control system for risks
like money laundering
and terrorism financing.
China's exports unexpectedly
surged at the fastest pace
in three years in February,
suggesting its economic
growth remains resilient,
even as trade relations
with the United States
China's exports to the world
surged 44.5% compared
with the same period last year,
while import growth
was a disappointing 6.3%.
Here is a question for you.
Which country has the most self-made
The answer - revealed
in a report today - is China.
The Hurun Rich List shows the top
four self-made women billionaires
are in fact Chinese.
Leisha Santorelli is in
Singapore with details.
Quite a figure, isn't it?
Absolutely. China remains a very
patriarchal society but women are
very clearly making their mark. But
female leaders at the top ranks of
China's Communist Party are almost
nonexistent, but the companies and
the rich list, you can see it is
home to most of the world's
self-made female billionaires. The
number one spot, she grew up in a
really poor village, now worth
nearly $10 billion, and this took
place after she founded a company
making glass covers for laptops and
smartphones and Apple and Samsung
are among her biggest customers.
Globally, only the 16th richest
woman, but if you look deeper at
this list, most of those women on
those lists are either married or
inherited wealth, so this makes her
achievement a lot more impressive.
Some other interesting findings from
this report, the founder of
Vietnam's budget airline is the
highest new entrant, at 28. Another
interesting finding is India which
has a very similar sized population
to China only has one woman on the
self-made billionaires list.
interesting. Thank you. From our
bureau in Singapore. Looking at the
financial markets today, Australia
is down a little bit, but not
reflecting Asia as a whole, we saw
Japan up at the close, around 0.7%
higher, Hong Kong, 1.5% higher, the
Dow closing behind me. Europe right
now... The story dominating markets
this week has been the conversation
about trade, possibility of a trade
war, you're responding, what the US
may do, what Donald Trump has
tweeted -- Europe responding. Pretty
flat. We will talk more in a moment.
Let us look ahead.
And Joe Miller has the details
about what's ahead
on Wall Street Today.
While Wall Street waits for concrete
details of Donald Trump's proposed
steel and aluminium tariffs,
and weighs up the prospect
of a full-blown trade war,
there'll be weekly jobless
numbers to digest.
The fewer out of work
people in the US economy,
the more money there is available
to spend, which plays
into investors' fears
over rising inflation.
The US Labor Department is expected
to report that unemployment claims
have continued to drop,
and this should help investors
prepare for Friday's
big banner data dump,
the monthly employment numbers,
which last month were strong enough
to send markets into a spin.
And Walt Disney will hold its annual
This one is bound to be an eventful
one, as the company is awaiting
approval for its purchase of 21st
Century Fox's film
and TV businesses.
Joining us is Sue Noffke, UK
equities fund manager at Schroders.
Volatility on the markets, what do
you see as the long-term impact,
especially with the White House
going back on it slightly in the
past few hours?
We do not know what
we are dealing with in terms of
protectionism, the threat it takes
place, that it spreads, that would
be very bad for markets, but at the
moment, markets do not know and we
are seeing that influx. Rises and
falls, or Falls and recouping
losses. A swing towards more
domestic and small caps...
fulfilling what he said on the
campaign trail, this is what he said
he would do?
Yes, but some of his
party are not happy.
When you say
they are rowing back, the discussion
about perhaps Canada, Mexico,
perhaps not being a part in the
trade tariffs on steel and
aluminium, but as you say, we have
nothing concrete to go on?
they might say something more today.
He might sign something today, we're
waiting with bated breath. What we
know is going to happen is the
European Central Bank is meeting
today, more economics to look at
tomorrow, bank of Japan and jobs
figures in the States.
for financial markets, certainly in
the short-term. It is all about
monetary policy and whether the jobs
data in the US will mean more rate
rises in the rather than the three
booked in and what are they going to
say in Europe about quantitative
Lots to keep you busy today!
Indeed. And tomorrow.
You will be
back later. Not off the hook yet.
More work to do. Still to come...
Putting your best foot forward.
How the fold-away shoe
became a run-away success.
You're with Business
Live from BBC News.
Fast... Not fast. We have been
talking about running away. Getting
my words mixed up. First...
Domino's Pizza, Britain's biggest
has reported a 10.2% rise
in annual profits.
Domino's - which has stores
in Ireland, Switzerland
and Germany as well as the UK -
says it benefited from strength
in domestic and European markets.
Neil Wilson, senior analyst
at ETX Capital joins us.
A success story on all fronts?
great year for Dominoes, revenues
ahead of expectations, this has come
off the back of really strong volume
growth as they expand a lot of new
stores in the UK and across Europe.
Naturally underpinning this, despite
the fact like for like sales are
maybe not growing quite as fast as
they have been in the past.
encouraging to hear Domino's is
doing well or is it a reflection it
has not got very strong competition?
Such a strong brand when it comes to
pizzas being delivered to your home.
It is a very strong brand.
Internationally, everyone knows the
brand very well. It faces quite
stiff competition in the UK,
actually, when we look at Just Eat
which has risen very rapidly. There
is a slightly softer market in the
sense restaurants, casual dining,
maybe not doing so well, that allows
Domino's and the like to pick up
some of the value conscious
consumers who want to treat... But
they do not want to splash out on a
Is it a reflection of the
economic times we are in, the fact
people, as you say, they want a
takeout but they cannot afford what
they would really like?
I think that
is very much the case. The market
has shifted a little bit. We see
restaurants are not able maybe to
drive home the values they could
because they have much higher fixed
costs, minimum wage increases to
deal with, business rates, and
Domino's and others can really drive
home the value, they can absorb some
of the costs and I think that is
helping them at the moment.
you very much. Senior a -- senior
analyst. Do take a look at the
Business Life page.
You're watching Business
Live, our top story:
A new deal without
the United States,
the Trans Pacific Partnership
will be formally
signed in Chile today.
A quick look at how
markets are faring.
Trading in Europe, we have been
going for 45 minutes, and pretty
flat, look at Germany, hardly any
movement, some would say it is nice
to have a breather, but maybe
investors are sitting on the
sidelines, waiting for more action
or inaction from the White House.
Now let's get the inside track
on a business that's managed
to fold its way to success, yes,
that's right I said fold.
I have got so many puns on this one
Cocorose is a footwear
brand with a difference,
because while other companies
are focused on making
their shoes rigid, Cocorose makes
all of theirs foldable.
Why? Founder Janan Leo started
the business after finding
a lack of comfortable shoes
she could commute in before folding
them away into a bag if she wanted
to change into heels.
And she's clearly not alone,
because the company now sells
the shoes in more than 30 countries
and turns over $1.4m a year.
They have been worn by everyone
from Dame Helen Mirren
to Pippa Middleton.
And Samantha Cameron, I think as
well. We have got Janan Leo, founder
of Cocorose, and she has brought in
some of the issues, we want to see
them in action. Nine actor wants to
put them on?
I will show you! Tim, why don't you
have a go?
The ultimate Cinderella thing! As I
understand, it is all in the sole.
Yes, it is flexible but comfortable,
you can see the padding, this has
been fundamental to the brand in
terms of having that comfort.
you have so many knock backs,
I have loads of
rejection, but that just helps to
make you even more determined to
kind of really want to push on and
just is not fail. I think having
that rejection actually makes you
I must admit,
looking at these, I am intrigued, I
am always wearing other shoes when I
race to work in the morning, other
than the one I have got now, my TV
shoes, as it were! But talk us
through how difficult you found it
to start this, we will be discussing
later how women who try to start
businesses, it has been proven that
they find it hard to raise funding,
partly because those were likely to
invest, it is a very male dominated
When I started ten years ago,
I actually started with self
funding, I was working full-time as
well, and I set it up in that way.
And I did get knocked back by the
bank, I had to present my business
plan about three times before I was
able to get an overdraft, and then
over the ten years, we have
basically build it up ourselves in
terms of trying to really, you know,
take it one step further. Recently,
this year, we have started to raise,
or started on a journey to raise
investment, and I have been
surprised by how male dominated it
How much were you looking
for? I think eventually you found
someone in China to help?
really difficult for me, because the
concept didn't exist, so it was
something completely new in terms of
developing it from the concept to
launch, so in a way it was almost
like, we don't do that. So it was
Many people have
these great ideas, you know, they
come up with something they feel
will be a real winner, but you have
had success, the likes of Dame Helen
Mirren and Pippa Middleton wearing
your shoes, which is a gift, isn't
it, a marketing gift? How did you
get these issues, you know, sold in
shops, people's attention, in that
When we first started, we
were in recession in the UK, so it
was very much about taking the brand
and presenting and overseas as well.
So it was just trial and error all
the time, being able to go out to
different markets and really try to
work with different people.
clever marketing as well, giving
them out in goody bags and things,
you have targeted the A list, for
want of a better word.
worked with Bafta and the Royal
Ballet, and we have long-standing
collaborations, and it has been one
of those partnerships, different
partnerships that allows a brand to
expand and to grow, and I think that
is really important for the
evolution of any brand.
International Women's Day, we are
celebrating women in business, what
have you found that is difficult or
I think, for me, one of the
most rewarding, perhaps, has been
about the whole piece about Cocorose
has been about trying to make
women's lives easier, and for me,
this was why I started this. I loved
heels, uncomfortable heels, and I
just needed something that would be
able to help me get through the day
and really helped me to master my
day. So that was the whole reason of
coming up with it, and I realised
that it wasn't just for me, it was
for millions of women around the
world as well.
It is fascinating, I
have seen them around, haven't you?
I must admit, I haven't, but I am
extremely busy, I don't get out to
Not that I spend all my time in shoe
Has been great to meet you, thanks
for coming in. I might take these
back, will you? A nice sparkly bag
It's an old mantra,
but one which the car industry
has been wedded to for decades.
It used to be the cliche, but is it
At international motor shows
it's still common to see beautiful,
elaborately dressed women striking
poses next to whatever machine
a company really wants to show off.
But in the 21st century,
in the age of Me Too,
is this still appropriate?
We asked a few women attending
this week's show in Geneva.
The Hillman Super Minx
is an eyeful,
standing up to the competition
with the three lovelies trying
it out for comfort...
It's not a good situation right now
to find some woman like that,
but at the same time,
women are responsible for
themselves, they make their choice.
Ideally, you go for knowledgeable
people, people that can
talk about the products.
Everyone is here to see cars,
people should be talking
about the cars and not looking
for nice things that
are there to look at
that aren't cars, necessarily.
Well, I was a glamour model myself
when I was very young,
and I quite actually like it,
I think the cars look beautiful,
but I think you need a little bit
extra to bring them to life.
So I'm not against it, I think
they add just a bit of spice.
Watching that with us, Sue Noffke,
some mixed reviews, but do you use
glamour models for a family car?
Maybe not, but you do for the
aspirational dream car, if you can
afford this car, you will get your
beautiful model girlfriend as well!
It seems old-fashioned, doesn't it?
Even listening to you, that is not
I pulled it back to
us that the last moment!
Let's look at what the viewers are
saying, we asked for your opinions,
Gary says booth babes are fine, if
both boys are too, why not keep it
to both sexes? No, another person
says, Beefy, keep them, should
topless men advertise products on
Women should be able to choose, says
Bonnie, it is the objectification of
women, another says. But the fact
that we are discussing it, I am
surprised they are still used like
It is this old latecomer it came up
with the great girls in Formula One,
but let's talk about this story in
the Financial Times, but by their
personal finance editor, about women
being reluctant to invest, and why
I think it is around
self-confidence, and women tend to
know all the answers before they do
something, and there is a lot of
research to help women, but they
feel intimidated, particularly by
industry jargon. I have worked in
financial services all my career,
and there is a lot of jargon to get
your head around, to try and
unstagette. Men, on the other hand,
tends to be quite confident about
doing things that they do not know
and fully understand but which they
know are important, and investing is
And if you are looking at
a fund, predominantly a men, the
fact that these men socialise with
each other and do the same sort of
things together, is that a problem?
There is a bit, but this is about
taking control of your own finances,
your financial future, and most of
us have pensions, and a lot of them
require decisions. And it is about
making sure that women understand
that they are empowered to take
decisions for their own financial
future. Many women will have
mortgages and may invest in second
And many will be dealing with
this on their own, quite a lot going
on, spinning plates.
What I would
say is that cash isn't the safest
investment, because it gets eroded.
Sue Noffke, we are running out of
time, lovely to see you. Thank you
for being with us on Business Live.
And lovely to have you here, Tim!
Lovely to sit here with the