08/03/2018 BBC Business Live


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08/03/2018

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Live from London, that's our top

story on Thursday, 8th March.

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11 countries are expected to sign

a landmark trade deal -

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as an antidote to the increasingly

protectionist direction

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of the United States -

we talk you through what's at stake.

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Also in the programme,

a new report reveals China has more

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self-made woman billionaires

than any other country -

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the top four spots come

from the Asian superpower.

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Financial markets have starting the

trading day in Europe. Fairly flat,

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if not mixed. We will tell you all

you need to know.

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And if the shoe fits...

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We'll get the inside track on how

one woman's business idea

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for a fold-away shoe was rejected

130 times before becoming

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a run-away success.

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And on International Women's

Day, we want to know,

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should women be used

as a means to sell cars?

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So-called booth babes

are at Geneva Motor Show.

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Let us know what you think -

is there still a role

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for this in 2018?

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Or is it out of date and sexist?

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Just use #BBCBizLive.

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Hello and welcome to Business Live.

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Thank you so much for all of your

comments so far, we have plenty, we

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will share them with you later.

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One year after America's sudden

withdrawal from a global TPP trade

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pact, the remainers are due to sign

a new deal later on Thursday

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to virtually eliminate tariffs

in a marketplace worth close

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to $14 trillion.

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It's seen as an antidote to growing

US protectionism under

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President Donald Trump

as he prepares to implement tariffs

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on steel and aluminium imports.

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The original

Trans-Pacific Partnership

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boasted 12 countries bordering

the Pacific Ocean.

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But President Trump pulled out

after coming to power,

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leaving 11 nations to rebrand

the Comprehensive and

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Progressive Agreement

for Trans-Pacific Partnership.

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It may lack America's clout,

but still has marketplace

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of 500 million people,

worth close to $14 trillion.

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It

would abolish tariffs on seafood,

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wine, sheep meat, cotton wool

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and manufactured goods

across the region.

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While changes to intellectual

property rules, something the US

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demanded, could leave the door open

for President Trump,

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as he has said he'd consider

returning if America

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got a better deal.

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I asked Suzanne Spears,

partner at law firm Volterra Fietta,

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how significant this deal is.

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It is very significant particularly

with Canada joining. Demonstrating

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the number of countries both from

North America and from other regions

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in the Pacific are still committed

to free trade, still committed to

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the rules of the road of the global

economic order which is what the

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trade agreement symbolises.

When

they announce these trade

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agreements, it took years to

negotiate and President Urbana was

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spearheading the negotiations at the

time when he was in office --

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President Obama. They talk about the

degree to which it will boost the

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individual economies, the growth

they will see, the growth in trade,

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how people will benefit, will it

really bear that much fruit?

Yes, we

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do see trade does in fact increase

GDP in the economy is in question

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and there have been a number of

studies showing this trade agreement

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alone will boost trade and

investment very dramatically at

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least 1% increase in GDP over the

next few years for the involved. On

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the other hand, quite clearly, there

are downsides, both to globalisation

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writ large, as well as to trade

agreement like this and the

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important feature is that this trade

agreement does do something to try

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to address some of the downsides. It

has labour and environmental

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standards it could be constituted as

the new generation of global free

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trade agreements. As you know, in

the campaign, in the US, and in

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other places, these trade agreements

have become the symbolism of

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globalisation and of the dangers of

our economic system today and it is

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important that there are voices that

counter that narrative and ensure

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they represent the other side.

Let

us have a look at some of the other

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stories making the news this hour.

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French companies caught

discriminating against women over

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pay will be given three years to

close the gap or face fines. The

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government revealed the planned

crackdown to unions and employers on

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Wednesday, giving them a month to

iron out the details. The measure

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will be rolled out by 2020, if

passed by Parliament.

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Japanese regulators are issuing

punishment notices to several

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cryptocurrency exchanges and forcing

others to stop doing business.

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This is to protect consumers,

after that theft of digital money

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worth over half a billion

dollars from Coincheck.

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Regulators said it lacked a proper

internal control system for risks

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like money laundering

and terrorism financing.

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China's exports unexpectedly

surged at the fastest pace

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in three years in February,

suggesting its economic

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growth remains resilient,

even as trade relations

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with the United States

rapidly deteriorate.

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China's exports to the world

surged 44.5% compared

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with the same period last year,

while import growth

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was a disappointing 6.3%.

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Here is a question for you.

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Which country has the most self-made

female billionaires?

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The answer - revealed

in a report today - is China.

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The Hurun Rich List shows the top

four self-made women billionaires

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are in fact Chinese.

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Leisha Santorelli is in

Singapore with details.

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Quite a figure, isn't it?

Absolutely. China remains a very

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patriarchal society but women are

very clearly making their mark. But

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female leaders at the top ranks of

China's Communist Party are almost

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nonexistent, but the companies and

the rich list, you can see it is

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home to most of the world's

self-made female billionaires. The

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number one spot, she grew up in a

really poor village, now worth

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nearly $10 billion, and this took

place after she founded a company

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making glass covers for laptops and

smartphones and Apple and Samsung

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are among her biggest customers.

Globally, only the 16th richest

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woman, but if you look deeper at

this list, most of those women on

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those lists are either married or

inherited wealth, so this makes her

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achievement a lot more impressive.

Some other interesting findings from

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this report, the founder of

Vietnam's budget airline is the

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highest new entrant, at 28. Another

interesting finding is India which

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has a very similar sized population

to China only has one woman on the

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self-made billionaires list.

Really

interesting. Thank you. From our

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bureau in Singapore. Looking at the

financial markets today, Australia

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is down a little bit, but not

reflecting Asia as a whole, we saw

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Japan up at the close, around 0.7%

higher, Hong Kong, 1.5% higher, the

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Dow closing behind me. Europe right

now... The story dominating markets

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this week has been the conversation

about trade, possibility of a trade

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war, you're responding, what the US

may do, what Donald Trump has

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tweeted -- Europe responding. Pretty

flat. We will talk more in a moment.

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Let us look ahead.

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And Joe Miller has the details

about what's ahead

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on Wall Street Today.

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While Wall Street waits for concrete

details of Donald Trump's proposed

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steel and aluminium tariffs,

and weighs up the prospect

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of a full-blown trade war,

there'll be weekly jobless

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numbers to digest.

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The fewer out of work

people in the US economy,

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the more money there is available

to spend, which plays

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into investors' fears

over rising inflation.

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The US Labor Department is expected

to report that unemployment claims

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have continued to drop,

and this should help investors

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prepare for Friday's

big banner data dump,

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the monthly employment numbers,

which last month were strong enough

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to send markets into a spin.

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And Walt Disney will hold its annual

shareholder meeting.

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This one is bound to be an eventful

one, as the company is awaiting

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approval for its purchase of 21st

Century Fox's film

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and TV businesses.

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Joining us is Sue Noffke, UK

equities fund manager at Schroders.

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Volatility on the markets, what do

you see as the long-term impact,

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especially with the White House

going back on it slightly in the

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past few hours?

We do not know what

we are dealing with in terms of

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protectionism, the threat it takes

place, that it spreads, that would

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be very bad for markets, but at the

moment, markets do not know and we

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are seeing that influx. Rises and

falls, or Falls and recouping

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losses. A swing towards more

domestic and small caps...

He is

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fulfilling what he said on the

campaign trail, this is what he said

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he would do?

Yes, but some of his

party are not happy.

When you say

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they are rowing back, the discussion

about perhaps Canada, Mexico,

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perhaps not being a part in the

trade tariffs on steel and

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aluminium, but as you say, we have

nothing concrete to go on?

We know

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they might say something more today.

He might sign something today, we're

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waiting with bated breath. What we

know is going to happen is the

0:11:020:11:06

European Central Bank is meeting

today, more economics to look at

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tomorrow, bank of Japan and jobs

figures in the States.

The drivers

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for financial markets, certainly in

the short-term. It is all about

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monetary policy and whether the jobs

data in the US will mean more rate

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rises in the rather than the three

booked in and what are they going to

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say in Europe about quantitative

easing?

Lots to keep you busy today!

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Indeed. And tomorrow.

You will be

back later. Not off the hook yet.

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More work to do. Still to come...

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Putting your best foot forward.

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How the fold-away shoe

became a run-away success.

0:11:470:11:49

You're with Business

Live from BBC News.

0:11:490:11:59

Fast... Not fast. We have been

talking about running away. Getting

0:12:020:12:10

my words mixed up. First...

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Domino's Pizza, Britain's biggest

pizza-delivery firm,

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has reported a 10.2% rise

in annual profits.

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Domino's - which has stores

in Ireland, Switzerland

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and Germany as well as the UK -

says it benefited from strength

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in domestic and European markets.

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Neil Wilson, senior analyst

at ETX Capital joins us.

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A success story on all fronts?

A

great year for Dominoes, revenues

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ahead of expectations, this has come

off the back of really strong volume

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growth as they expand a lot of new

stores in the UK and across Europe.

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Naturally underpinning this, despite

the fact like for like sales are

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maybe not growing quite as fast as

they have been in the past.

That is

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encouraging to hear Domino's is

doing well or is it a reflection it

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has not got very strong competition?

Such a strong brand when it comes to

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pizzas being delivered to your home.

It is a very strong brand.

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Internationally, everyone knows the

brand very well. It faces quite

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stiff competition in the UK,

actually, when we look at Just Eat

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which has risen very rapidly. There

is a slightly softer market in the

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sense restaurants, casual dining,

maybe not doing so well, that allows

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Domino's and the like to pick up

some of the value conscious

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consumers who want to treat... But

they do not want to splash out on a

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meal out.

Is it a reflection of the

economic times we are in, the fact

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people, as you say, they want a

takeout but they cannot afford what

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they would really like?

I think that

is very much the case. The market

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has shifted a little bit. We see

restaurants are not able maybe to

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drive home the values they could

because they have much higher fixed

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costs, minimum wage increases to

deal with, business rates, and

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Domino's and others can really drive

home the value, they can absorb some

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of the costs and I think that is

helping them at the moment.

Thank

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you very much. Senior a -- senior

analyst. Do take a look at the

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Business Life page.

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You're watching Business

Live, our top story:

0:14:390:14:42

A new deal without

the United States,

0:14:420:14:45

the Trans Pacific Partnership

0:14:450:14:47

will be formally

signed in Chile today.

0:14:470:14:50

A quick look at how

markets are faring.

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Trading in Europe, we have been

going for 45 minutes, and pretty

0:14:560:15:00

flat, look at Germany, hardly any

movement, some would say it is nice

0:15:000:15:05

to have a breather, but maybe

investors are sitting on the

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sidelines, waiting for more action

or inaction from the White House.

0:15:100:15:13

Now let's get the inside track

on a business that's managed

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to fold its way to success, yes,

that's right I said fold.

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I have got so many puns on this one

to avoid!

0:15:210:15:25

Cocorose is a footwear

brand with a difference,

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because while other companies

are focused on making

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their shoes rigid, Cocorose makes

all of theirs foldable.

0:15:290:15:37

Why? Founder Janan Leo started

the business after finding

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a lack of comfortable shoes

she could commute in before folding

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them away into a bag if she wanted

to change into heels.

0:15:430:15:47

And she's clearly not alone,

because the company now sells

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the shoes in more than 30 countries

and turns over $1.4m a year.

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They have been worn by everyone

from Dame Helen Mirren

0:15:530:15:55

to Pippa Middleton.

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And Samantha Cameron, I think as

well. We have got Janan Leo, founder

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of Cocorose, and she has brought in

some of the issues, we want to see

0:16:120:16:16

them in action. Nine actor wants to

put them on?

0:16:160:16:21

I will show you! Tim, why don't you

have a go?

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The ultimate Cinderella thing! As I

understand, it is all in the sole.

0:16:320:16:40

Yes, it is flexible but comfortable,

you can see the padding, this has

0:16:400:16:44

been fundamental to the brand in

terms of having that comfort.

But

0:16:440:16:47

you have so many knock backs,

explain that.

I have loads of

0:16:470:16:53

rejection, but that just helps to

make you even more determined to

0:16:530:16:57

kind of really want to push on and

just is not fail. I think having

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that rejection actually makes you

more determined.

I must admit,

0:17:050:17:09

looking at these, I am intrigued, I

am always wearing other shoes when I

0:17:090:17:13

race to work in the morning, other

than the one I have got now, my TV

0:17:130:17:20

shoes, as it were! But talk us

through how difficult you found it

0:17:200:17:24

to start this, we will be discussing

later how women who try to start

0:17:240:17:28

businesses, it has been proven that

they find it hard to raise funding,

0:17:280:17:33

partly because those were likely to

invest, it is a very male dominated

0:17:330:17:38

world.

When I started ten years ago,

I actually started with self

0:17:380:17:43

funding, I was working full-time as

well, and I set it up in that way.

0:17:430:17:48

And I did get knocked back by the

bank, I had to present my business

0:17:480:17:52

plan about three times before I was

able to get an overdraft, and then

0:17:520:17:56

over the ten years, we have

basically build it up ourselves in

0:17:560:18:00

terms of trying to really, you know,

take it one step further. Recently,

0:18:000:18:09

this year, we have started to raise,

or started on a journey to raise

0:18:090:18:12

investment, and I have been

surprised by how male dominated it

0:18:120:18:14

has been.

How much were you looking

for? I think eventually you found

0:18:140:18:21

someone in China to help?

It was

really difficult for me, because the

0:18:210:18:25

concept didn't exist, so it was

something completely new in terms of

0:18:250:18:29

developing it from the concept to

launch, so in a way it was almost

0:18:290:18:35

like, we don't do that. So it was

quite difficult.

Many people have

0:18:350:18:40

these great ideas, you know, they

come up with something they feel

0:18:400:18:45

will be a real winner, but you have

had success, the likes of Dame Helen

0:18:450:18:49

Mirren and Pippa Middleton wearing

your shoes, which is a gift, isn't

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it, a marketing gift? How did you

get these issues, you know, sold in

0:18:530:18:59

shops, people's attention, in that

sense?

When we first started, we

0:18:590:19:03

were in recession in the UK, so it

was very much about taking the brand

0:19:030:19:09

and presenting and overseas as well.

So it was just trial and error all

0:19:090:19:13

the time, being able to go out to

different markets and really try to

0:19:130:19:18

work with different people.

And

clever marketing as well, giving

0:19:180:19:21

them out in goody bags and things,

you have targeted the A list, for

0:19:210:19:27

want of a better word.

We have

worked with Bafta and the Royal

0:19:270:19:32

Ballet, and we have long-standing

collaborations, and it has been one

0:19:320:19:35

of those partnerships, different

partnerships that allows a brand to

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expand and to grow, and I think that

is really important for the

0:19:390:19:42

evolution of any brand.

So on

International Women's Day, we are

0:19:420:19:47

celebrating women in business, what

have you found that is difficult or

0:19:470:19:51

easy?

I think, for me, one of the

most rewarding, perhaps, has been

0:19:510:19:57

about the whole piece about Cocorose

has been about trying to make

0:19:570:20:03

women's lives easier, and for me,

this was why I started this. I loved

0:20:030:20:08

heels, uncomfortable heels, and I

just needed something that would be

0:20:080:20:11

able to help me get through the day

and really helped me to master my

0:20:110:20:16

day. So that was the whole reason of

coming up with it, and I realised

0:20:160:20:19

that it wasn't just for me, it was

for millions of women around the

0:20:190:20:24

world as well.

It is fascinating, I

have seen them around, haven't you?

0:20:240:20:29

I must admit, I haven't, but I am

extremely busy, I don't get out to

0:20:290:20:35

shop!

Not that I spend all my time in shoe

0:20:350:20:37

shops!

Has been great to meet you, thanks

0:20:370:20:42

for coming in. I might take these

back, will you? A nice sparkly bag

0:20:420:20:47

as well.

0:20:470:20:50

Sex sells.

0:20:500:20:53

It's an old mantra,

but one which the car industry

0:20:530:20:55

has been wedded to for decades.

0:20:550:21:01

It used to be the cliche, but is it

anymore?

0:21:010:21:05

At international motor shows

it's still common to see beautiful,

0:21:050:21:08

elaborately dressed women striking

poses next to whatever machine

0:21:080:21:10

a company really wants to show off.

0:21:100:21:12

But in the 21st century,

in the age of Me Too,

0:21:120:21:16

is this still appropriate?

0:21:160:21:18

We asked a few women attending

this week's show in Geneva.

0:21:180:21:21

ARCHIVE:

The Hillman Super Minx

is an eyeful,

0:21:210:21:24

standing up to the competition

0:21:240:21:26

with the three lovelies trying

it out for comfort...

0:21:260:21:28

It's not a good situation right now

to find some woman like that,

0:21:440:21:48

but at the same time,

women are responsible for

0:21:480:21:50

themselves, they make their choice.

0:21:510:21:53

Ideally, you go for knowledgeable

people, people that can

0:21:530:21:54

talk about the products.

0:21:540:21:56

Everyone is here to see cars,

people should be talking

0:21:560:21:59

about the cars and not looking

for nice things that

0:21:590:22:02

are there to look at

that aren't cars, necessarily.

0:22:020:22:08

Well, I was a glamour model myself

when I was very young,

0:22:080:22:11

and I quite actually like it,

I think the cars look beautiful,

0:22:110:22:14

but I think you need a little bit

extra to bring them to life.

0:22:140:22:17

So I'm not against it, I think

they add just a bit of spice.

0:22:170:22:24

Watching that with us, Sue Noffke,

some mixed reviews, but do you use

0:22:340:22:41

glamour models for a family car?

Maybe not, but you do for the

0:22:410:22:45

aspirational dream car, if you can

afford this car, you will get your

0:22:450:22:49

beautiful model girlfriend as well!

It seems old-fashioned, doesn't it?

0:22:490:22:55

Even listening to you, that is not

sounding great!

I pulled it back to

0:22:550:23:01

us that the last moment!

Let's look at what the viewers are

0:23:010:23:06

saying, we asked for your opinions,

Gary says booth babes are fine, if

0:23:060:23:12

both boys are too, why not keep it

to both sexes? No, another person

0:23:120:23:18

says, Beefy, keep them, should

topless men advertise products on

0:23:180:23:25

TV, then?

Women should be able to choose, says

0:23:250:23:30

Bonnie, it is the objectification of

women, another says. But the fact

0:23:300:23:38

that we are discussing it, I am

surprised they are still used like

0:23:380:23:41

this.

It is this old latecomer it came up

0:23:410:23:46

with the great girls in Formula One,

but let's talk about this story in

0:23:460:23:55

the Financial Times, but by their

personal finance editor, about women

0:23:550:24:02

being reluctant to invest, and why

is that?

I think it is around

0:24:020:24:07

self-confidence, and women tend to

know all the answers before they do

0:24:070:24:15

something, and there is a lot of

research to help women, but they

0:24:150:24:20

feel intimidated, particularly by

industry jargon. I have worked in

0:24:200:24:23

financial services all my career,

and there is a lot of jargon to get

0:24:230:24:28

your head around, to try and

unstagette. Men, on the other hand,

0:24:280:24:33

tends to be quite confident about

doing things that they do not know

0:24:330:24:37

and fully understand but which they

know are important, and investing is

0:24:370:24:40

important.

And if you are looking at

a fund, predominantly a men, the

0:24:400:24:46

fact that these men socialise with

each other and do the same sort of

0:24:460:24:50

things together, is that a problem?

There is a bit, but this is about

0:24:500:24:56

taking control of your own finances,

your financial future, and most of

0:24:560:25:00

us have pensions, and a lot of them

require decisions. And it is about

0:25:000:25:05

making sure that women understand

that they are empowered to take

0:25:050:25:09

decisions for their own financial

future. Many women will have

0:25:090:25:15

mortgages and may invest in second

homes.

And many will be dealing with

0:25:150:25:19

this on their own, quite a lot going

on, spinning plates.

What I would

0:25:190:25:24

say is that cash isn't the safest

investment, because it gets eroded.

0:25:240:25:30

Sue Noffke, we are running out of

time, lovely to see you. Thank you

0:25:300:25:35

for being with us on Business Live.

And lovely to have you here, Tim!

0:25:350:25:39

Lovely to sit here with the

0:25:390:25:42