13/03/2018 BBC Business Live


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13/03/2018

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LineFromTo

Hello, this is Business Live on the

BBC.

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The blocking of the deal, President

Trump says no to a huge US tech

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takeover.

That is our top story on Tuesday,

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the 13th of March.

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Computer chips are in most of our

smartphones and the US is worried

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that the $140 million deal would

have harmed its national security.

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Also coming up in the programme, a

UN report leaked to the BBC alleges

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that North Korea is believed to be

evading international sanctions by

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using Asian companies. As ever, we

keep a check on the markets, let's

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have a look across Europe. In

London, invest -- investors waiting

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to see the Spring Budget.

And from the farm to your fridge, we

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will hear how one food box for can

get your dinner ingredients to you

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in 24 hours and what difference it

makes the house of Britain but my

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biggest sporting stars behind the

brand.

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Also, we would like to know about

you today, Goldman Sachs' most

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likely nest box is more than one

string to his bow, he is also known

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as a DJ, so what do you moonlight

as? Get in touch and use hashtag.

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A very warm welcome to Business

Live. Yes, let us know what your job

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on the site would be. A tie-up

between QUALCOMM and brought come

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would be the biggest of the

technology sector has ever seen. But

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the company whose chips are most of

our smartphones has been told no by

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Donald Trump. He said it threatens

to impair US national security.

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Singapore -based broad, wanted to

pay something like $142 billion or

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QUALCOMM, which is one of the

leaders in the race to develop five

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G technology. But in a statement,

programme says it strongly disagrees

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with President Trump is my

reasoning. If you want to know what

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the investment think... It taken

nearly $4 billion of the company's

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values. Qualcomm's importance is

underlined by the sheer number of

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its chips. More than a billion

iPhones and android handsets are

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powered by them.

We have got Andrew Walker with us,

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part of our team in the business

unit, one of economics

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correspondence. You have been

looking at the detail, fill us in on

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a bit more.

The order President

Trump has signed its pretty

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straightforward. The proposed

takeover of Qualcomm by there is

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prohibited. So is any substantially

equivalent transaction. The results

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of an instruction that the

purchaser, Broadcom, shall

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immediately abandoned the proposed

takeover. One additional point is

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that the order also bans 15

individuals who Broadcom were

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seeking to get onto the board of

Qualcomm, they are banned from being

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candidates, Qualcomm is banned from

accepting them as candidates to the

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board. These are the people Broadcom

hoped would get onto the board and

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produce a board that is more

favourably disposed to this proposed

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takeover.

And a pretty swift

manoeuvre on the part of the White

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House to block all of this. When

they say national security concerns,

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what are they?

Well, it's quite

striking. It's mainly about research

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and development. They fear that

because of the nature of the deal,

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partly because they say it would be

a private equity style deal, with

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$100 billion of debt financing, they

think that would restrain the

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capacity to invest in new

technology. They are particularly

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concerned about five G wireless

technology, they think that Qualcomm

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will have a central role in

developing that in the future, and

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in a report, an interim report, not

an President Trump's order but done

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by the committee on foreign

investment, they were concerned that

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anything restraining Qualcomm might

create space for China to get a

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stronger position in the development

of a wireless technology that will

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be very important for national

security in the future. Some

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important to have US control on the

development of the technology.

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Interesting, and you very much

indeed, Andrew Walker. There is a

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lot more detail on our website so do

take a look as and when you have a

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moment.

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Let's take a look at some of

the other stories making the news.

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Apple is buying the magazine app

subscription service Texture

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for an undisclosed amount.

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Texture offers US-based users

unlimited access to more than 200

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titles for a monthly fee of $9.99.

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It is currently owned

by Next Issue Media,

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which is backed by magazine

publishers including

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Conde Nast, Hearst and Time.

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Germany's EON says it will cut up

to 5,000 jobs as part of a deal

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to take over Innogy -

a move that will shake up

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Germany's energy sector.

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The deal values Innogy

at $27 billion and will leave EON

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focused on regulated energy networks

and retail customers across Europe.

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These are the images

of a flying car, backed

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by Google founder Larry Page,

that's been secretly

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tested in New Zealand.

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The creators of Cora, Kitty Hawk,

hope it will become an airborne taxi

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service in years to come.

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That would be great in London!

It

would be great anywhere.

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The BBC has seen a leaked draft

of a United Nations report

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which accuses two Singapore

companies of violating sanctions

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against North Korea.

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If the claims are proven,

this potentially raises questions

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about just how common and

widespread this practice is

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in the rest of Asia.

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The final report, which has

been submitted to the UN

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Security Council, is expected to be

published later this week.

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Both companies deny any wrongdoing.

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Our Asia Business Correspondent

Karishma Vaswani has been

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looking into this and joins

us from Singapore.

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So, just fill us in on the details.

Well, the bleached UN draft report

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that I've seen alleges that the two

Singapore -based firms supplied a

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range of luxury goods to North Korea

including wines and spirits, and

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that is until as recently as July 20

17th and stop the draft report also

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claims that these companies received

funds in Singapore for doing

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business in North Korea. Under UN

sanctions, it has been illegal to

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sell luxury items to North Korea

since 2006 and in fact sales of

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these items have been banned for

several years. The Singaporean

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companies deny or on doing but the

draft also alleges the two companies

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had long-standing close ties,

including ownership ties with a

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North Korean bank. That was put on a

US sanctions list in 2017. The

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Singaporean companies have said they

had no interest in the bank and have

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been speaking to their lawyer he has

confirmed to me that the companies

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are under investigation by Singapore

authorities but insists they do not

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have any current financial links,

interests or any sort of

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relationship with North Korea. I've

been in contact with Singapore's

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Ministry of Foreign Affairs, it has

told me it is aware of these cases

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and has said that where there is

credible information of offences

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committed on -- under Singapore law,

authorities have undertaken

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investigations.

And does the draft

report say anything about how

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widespread this is?

Yes, it

certainly does suggest that this

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might be a potential problem in the

future, if indeed the claims in the

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draft report are proven. I've been

speaking to North Korea watchers, if

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you will, but these alleged cases

and what else has been alleged in

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the draft report. William Newcomb, a

former member of the UN panel of

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experts, has told me that North

Korea often uses these complex

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ownership structures as a way to

evade sanctions. That means that

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potentially if the contents of this

leaked draft report are proven, this

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could be happening all over the

world, not just allegedly here in

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Asia, as this draft report suggests.

In the leaked draft report, the UN

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points out it is the responsibility

of member countries to make sure

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they properly investigate who is

opening bank accounts, the monetary

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authority in Singapore has told us

that it would take stern action

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against any financial institution in

breach of sanctions.

OK, thanks very

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much for that.

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Let's take a look at the markets.

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Asian investors moved cautiously

Tuesday as the recent

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global rally sputtered,

while trade tensions

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returned and markets look

ahead to the release

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of crucial US inflation data.

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A strong jobs report

on Friday and Donald Trump's

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decision to meet Kim Jong Un helped

fuel a surge in global equities

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at the end of last week,

overshadowing US tariffs

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and fears of a trade war.

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The Dow and S&P 500 each fell,

though the Nasdaq ticked up

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to another record high.

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Europe's main stock markets steadied

at the start of trading on Tuesday,

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as investors in London awaited

a spring UK budget update

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from the Government.

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And Kim Gittleson has

the details about what's ahead

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on Wall Street Today.

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Villa on Tuesday, all eyes will be

on the latest -based data from the

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United States.

Most analysts expect

the overall rise in prices in the UK

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leisure in the US to have muted as

increasing by supposing met in

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January. The key reason investors

are paying such close attention to

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inflation data is that it offers a

crucial insight into what the

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Federal Reserve might do during its

next meeting in a week's. The

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consensus is that the US central

bank will continue its process of

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slowly raising interest rates. But a

surprisingly high inflation figure

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could increase the possibility that

these rate rises will happen faster

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than expected. That would put

pressure on the profitability of

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some US companies who have got

pretty used to be able to be -- to

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borrow cheaply to fund their

operations.

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Jeremy Cook is Chief

Economist at World First.

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Good morning, lovely to see you.

You're also going to watch that very

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closely, I would imagine anyone in

financial markets today is watched

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that report.

It is properly the most

important report we have this week,

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to be honest. A big addition to the

jobs market, 313,000 jobs, but which

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is still remaining quite damp.

The

markets wanted to hear that, didn't

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they, weirdly?

We wanted to see a

little bit of wage crashes, because

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that continues the narrative we have

at the moment, but obviously equity

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markets will run high if they

believe the Federal Reserve will not

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be in raising interest rates any

time soon. So you have to watch out

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until this afternoon.

Jeremy, the

Spring Budget update from the UK

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Government, it has become such a

small thing, do you think investors

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will pay any attention?

A little

bit, because we are still doing

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Brexit in the UK, there may be some

updates around the deficit and

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growth, but the signals from the

Treasury have been no new taxes, no

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new spending, that will come in the

Budget. Everything will be coming

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around the edges.

And there is a

Brexit figure?

The office of budget

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responsibility will release later

today what they estimate the UK will

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pay as part of its Brexit

settlement. It's meant to be around

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35 to 39 billion, but those

estimates are from 25 to 37 billion.

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Jeremy will return later. There is a

lot to watch out for today.

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Still to come: Farm-to-fork.

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It's the new mantra

for improving the nation's diet

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and tackling obesity.

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So can the small and lean

independent suppliers beat the big

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bloated supermarkets

in the healthy food revolution?

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You're with

Business Live from BBC News.

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Chancellor Philip Hammond

will be unveiling his

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Spring Statement later today.

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The Government has played

down any suggestion this

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will be a mini Budget,

but there will be a few

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changes announced.

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Sarah Hewin, Chief Europe Economist

at Standard Chartered is here

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to tell us what we can expect.

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What will you be watching out for?

Well, three things. We are looking

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out for the Chancellor, what he says

about the economy, we are likely to

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see a slightly up for its revision

to the economic forecasts for this

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year we will be looking out for what

it says about public finances as

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well, revenues have done better than

expected, the borrowing requirement

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is likely to come in a bit less than

expected, so I'm sure that Philip

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Hammond will be trumpeting that in

the Spring Statement. Thirdly, we

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are looking for some comments, some

consultations about various tax

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proposals, for example addressing

VAT for small businesses,

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potentially a levy on plastics,

possibly addressing inheritance

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taxation. But of course, this is

going to be a very short statement,

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we will not see any particular

details for spending and tax, that

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will be left until the main Budget,

which happens in the autumn.

Just

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briefly, what do you think about the

opposition view, not just from the

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Labour Party but from other

quarters, that as things have

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improved, it snowed time to try and

spend and help the public sector? He

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will come under pressure to do that?

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It will come under pressure. There

has been a squeeze on public pay

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which should be eased slightly but

for many people the fact that

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inflation is somewhere above

earnings and welfare payments means

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that there is a real squeeze on

spending. He is under a lot of

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pressure to boost spending. His

argument is that with debt to GDP at

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over 84% then it is now not the time

to do that.

Thank you very much. We

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will be right across that budget

statement, the Spring Statement, it

0:15:420:15:48

is not a budget! It is not a budget!

I am sorry. The Spring Statement. It

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will be live here on the BBC News

Channel. You can get updates on the

0:15:540:16:00

BBC News live page, BBC business

live page, including details on

0:16:000:16:04

crunch time for crisp packets with a

possible new litter levy and you can

0:16:040:16:08

read all about that and how it might

cost the -- affect the cost of your

0:16:080:16:12

snack.

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You're watching Business Live.

0:16:140:16:19

Our top story: Donald Trump has

blocked a huge tech takeover on the

0:16:190:16:25

grounds of national security. The

Singapore -based company Broadcom

0:16:250:16:30

had wanted to buy the computer chip

maker QUALCOMM for $142 billion and

0:16:300:16:35

it is not just because they have

very similar names! There is a lot

0:16:350:16:41

more to it. Yes, they make a lot of

chips in smartphones. This is the

0:16:410:16:46

picture of the markets.

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And now let's get the inside track

on a trend we all need to take heed

0:16:520:16:56

of, healthy eating.

0:16:560:16:57

Governments around the world

are being forced to act on the huge

0:16:570:17:00

problem of obesity and diets loaded

with sugar, salt and processed food.

0:17:000:17:09

Supermarkets are

gradually taking note,

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but the farm-to-fork

movement is being driven

0:17:100:17:12

by small independent names.

0:17:120:17:21

Mindful Chef, set up by three school

chums in 2015, is one of those.

0:17:210:17:24

It's shipped over half a million

healthy recipe food boxes from small

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farms in Devon and has the England

rugby, hockey and rowing

0:17:270:17:31

teams as customers.

0:17:310:17:34

Giles Humphries is the Co-founder.

0:17:340:17:41

Welcome to the programme. Thank you

for coming in. We have a sort of an

0:17:410:17:46

example of what might arrive in a

food box. There is a recipe card

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which tells you how to cook and

everything is measured out, all the

0:17:510:17:56

precise ingredients.

Exactly. You

get a recipe card, offering

0:17:560:17:59

customers will have two or three in

a box, most popular in cities is

0:17:590:18:04

three and then with the recipe cards

to match them you have all these

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ingredients.

Everything is measured

out in all of these bits of

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packaging. Per

precise quantities so

it makes cooking at home super

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simple and very easy.

But we think

this is very expensive to produce

0:18:170:18:24

when we all have a pot of this in

our cupboard.

It is logistically

0:18:240:18:29

challenging from a business point of

view but we have proved in three

0:18:290:18:32

years that we can get up to scale

quickly and we are doing 150,000

0:18:320:18:37

ingredients to our warehouse every

single week and we only have a team

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of ten but a lot of customers do not

have these things at home so while

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some might have the staples a lot of

people don't say this is just making

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healthy eating

0:18:460:18:57

easy for people and putting this on

the plate. They might be busy at

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work but they come home and it is

there and ready to go and super

0:19:070:19:10

simple.

It is a very popular idea

that caters to the busy lifestyle

0:19:100:19:12

that people have but it is

increasingly crowded and lots of

0:19:120:19:14

companies are doing similar things

so how does your standout?

It is a

0:19:140:19:17

very crowded market. It boomed in

the States and the UK followed quite

0:19:170:19:20

quickly. We are the third entrant to

the UK market and we basically

0:19:200:19:22

identified that no one was going

after the healthy end and to some

0:19:220:19:25

extent the premium end of the

market. We looked at what other

0:19:250:19:27

people were doing and decided no one

offered something for of refined

0:19:270:19:30

carbs and sugar and we were there to

focus about nutritious and the

0:19:300:19:34

delicious meals so in our boxes, we

do of Egan range and we do meet and

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fish dishes but we will be focusing

on a placing pasta with nutritious

0:19:390:19:43

veg.

How much does one of these

boxes cost?

It starts at £4 50 per

0:19:430:19:53

meal for one person. And it goes up

from there.

How did you infiltrate

0:19:530:19:57

the British sports scene? You supply

the British rugby team, the England

0:19:570:20:02

rugby team, should I say. The hockey

team and rowing and you have

0:20:020:20:07

Victoria Pendleton and Andy Murray

backing new. How did that happen?

0:20:070:20:11

Came about through our offering

because we found out these people

0:20:110:20:14

were customers and it came about

because we went on the crowdfunding

0:20:140:20:20

and we wanted to raise £400,000 but

we raised £1 million in ten days and

0:20:200:20:25

we were oversubscribed and out of

the woodwork came all of these fans

0:20:250:20:31

and customers.

How will you manage

when this kind of thing really takes

0:20:310:20:34

off? You have been going for three

years and you are already seeing a

0:20:340:20:38

lot of food box going all over the

country, but assuming and hoping it

0:20:380:20:43

really takes off, there is always an

issue with a new company struggling

0:20:430:20:48

when the demand really kicks in.

We

do 20,000 meals a week at the moment

0:20:480:20:55

and technology drives most of it. A

large percentage of the money that

0:20:550:20:59

we raised went into the technology.

One platform and a couple of Ops

0:20:590:21:02

guys in the house lights are packing

team of about 30 and we are in a

0:21:020:21:06

position to scale very quickly. We

have careers who delivered

0:21:060:21:09

nationwide and we are in a position

now where it is all about growth. We

0:21:090:21:15

are in the early stages of the

markets are customers come to very

0:21:150:21:18

quickly.

Are you all big fans of

cooking? Do you come up with the

0:21:180:21:23

recipes yourselves?

We have a chef

now, full-time in-house, who was

0:21:230:21:29

fantastic but Myles, my co-founder,

is a nutritionist and we are

0:21:290:21:34

constantly developing. We have a

test kitchen and we are constantly

0:21:340:21:37

developing three or four recipes

every day and we have a bank of 500

0:21:370:21:41

online.

If you ever needed taste

tester you know where to find him!

0:21:410:21:47

And is volunteering. 24 coming in,

it has been really interesting.

0:21:470:21:51

For many of us the thought of seeing

a counsellor or mental health

0:21:510:21:56

professional can feel intimidating

but a start-up in India wants to

0:21:560:21:59

change how we deal with these

issues.

0:21:590:22:03

We have a report from India.

It has been less than a year since

0:22:030:22:07

this man was laid off from his job

in the Indian IT sector but the

0:22:070:22:12

experience left him feeling angry

and sometimes even depressed. He

0:22:120:22:18

found it difficult to open up to his

family. But he did find some comfort

0:22:180:22:26

in a chatting app.

The difficult

thing was not getting to a state

0:22:260:22:33

where this happened to me so I must

be useless and that is why I kept

0:22:330:22:37

asking these kind of questions, why

do I feel like this today?

The chat

0:22:370:22:42

robot behaves like a counsellor,

focusing on what users are feeling

0:22:420:22:47

and how to respond to them. This is

what the future of therapy looks

0:22:470:22:53

like, an interface where people get

asked questions and this chat bot

0:22:530:22:57

will answer. If I type in a question

about losing my job the codes in the

0:22:570:23:03

software process it and give you

options. I would like to help at

0:23:030:23:10

first, can I do a quick check about

how it is helping you? There are

0:23:100:23:16

options to say yes or maybe later.

The founders say that the chat bot

0:23:160:23:22

have 200,000 clients who are using

this app for free. The company

0:23:220:23:26

behind it makes money from

professional therapists and firms

0:23:260:23:30

that use the app.

We have models

where psychiatrist or psychologist

0:23:300:23:38

used Wysa in conjunction with their

practice and they pay us.

AI

0:23:380:23:45

counselling is a new field and it

was not a consensus on how effective

0:23:450:23:48

it is.

There are many things a

real-life therapist can pick up from

0:23:480:23:53

what you are talking which an online

therapist will not be able to

0:23:530:23:58

pick-up. Are you venting out or

crying all your feelings, are they

0:23:580:24:03

sad in the pitch or the tone?

Figures show that nearly 80 million

0:24:030:24:09

Indians suffer from depression or

anxiety disorders and with the

0:24:090:24:13

accessibility of mobile phones Wysa

is confident about serving the

0:24:130:24:17

market that is very much in need of

counselling in the digital age. We

0:24:170:24:28

are talking about some of the

stories. Goldman could be a banker

0:24:280:24:37

who moonlights as a DJ, David

Solomon. He is a DJ. His name is not

0:24:370:24:49

too original but he would take over

but it is not entirely clear when,

0:24:490:24:56

it could be this year or next but in

the grand scheme of things he will

0:24:560:24:59

be one of the most important people

on Wall Street.

0:24:590:25:03

Setting the tone for the bank, if

you like, this DJ!

0:25:030:25:07

We have been asking, what would your

job on the side B? Thank you for all

0:25:070:25:12

of your tweets. Andrei says, I would

be a private pilot, the thought of

0:25:120:25:17

hopping on a plane and flying myself

anywhere. I love the sound of that.

0:25:170:25:21

Luke said he would be a freelance

continuity announcer so strictly

0:25:210:25:26

watch out! I will have nothing but

Jeremy has an answer.

0:25:260:25:30

I would really like to own a pub. I

had a good discussion the friend a

0:25:300:25:34

couple of years ago and we were

going to buy a pub and call it the

0:25:340:25:39

better and monkey.

What would suit me is to be a

0:25:390:25:41

childminder because I am always

looking after mine and MS will make

0:25:410:25:44

some money.

I fancy myself as a singer on the

0:25:440:25:49

sound -- side but in a soundproof

room.

0:25:490:25:53

I heard him recently and a singing

career is not for him.

0:25:530:25:56

Thank you for your time. Goodbye.

0:25:560:26:07