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Hello, this is Business Live on the
The blocking of the deal, President
Trump says no to a huge US tech
That is our top story on Tuesday,
the 13th of March.
Computer chips are in most of our
smartphones and the US is worried
that the $140 million deal would
have harmed its national security.
Also coming up in the programme, a
UN report leaked to the BBC alleges
that North Korea is believed to be
evading international sanctions by
using Asian companies. As ever, we
keep a check on the markets, let's
have a look across Europe. In
London, invest -- investors waiting
to see the Spring Budget.
And from the farm to your fridge, we
will hear how one food box for can
get your dinner ingredients to you
in 24 hours and what difference it
makes the house of Britain but my
biggest sporting stars behind the
Also, we would like to know about
you today, Goldman Sachs' most
likely nest box is more than one
string to his bow, he is also known
as a DJ, so what do you moonlight
as? Get in touch and use hashtag.
A very warm welcome to Business
Live. Yes, let us know what your job
on the site would be. A tie-up
between QUALCOMM and brought come
would be the biggest of the
technology sector has ever seen. But
the company whose chips are most of
our smartphones has been told no by
Donald Trump. He said it threatens
to impair US national security.
Singapore -based broad, wanted to
pay something like $142 billion or
QUALCOMM, which is one of the
leaders in the race to develop five
G technology. But in a statement,
programme says it strongly disagrees
with President Trump is my
reasoning. If you want to know what
the investment think... It taken
nearly $4 billion of the company's
values. Qualcomm's importance is
underlined by the sheer number of
its chips. More than a billion
iPhones and android handsets are
powered by them.
We have got Andrew Walker with us,
part of our team in the business
unit, one of economics
correspondence. You have been
looking at the detail, fill us in on
a bit more.
The order President
Trump has signed its pretty
straightforward. The proposed
takeover of Qualcomm by there is
prohibited. So is any substantially
equivalent transaction. The results
of an instruction that the
purchaser, Broadcom, shall
immediately abandoned the proposed
takeover. One additional point is
that the order also bans 15
individuals who Broadcom were
seeking to get onto the board of
Qualcomm, they are banned from being
candidates, Qualcomm is banned from
accepting them as candidates to the
board. These are the people Broadcom
hoped would get onto the board and
produce a board that is more
favourably disposed to this proposed
And a pretty swift
manoeuvre on the part of the White
House to block all of this. When
they say national security concerns,
what are they?
Well, it's quite
striking. It's mainly about research
and development. They fear that
because of the nature of the deal,
partly because they say it would be
a private equity style deal, with
$100 billion of debt financing, they
think that would restrain the
capacity to invest in new
technology. They are particularly
concerned about five G wireless
technology, they think that Qualcomm
will have a central role in
developing that in the future, and
in a report, an interim report, not
an President Trump's order but done
by the committee on foreign
investment, they were concerned that
anything restraining Qualcomm might
create space for China to get a
stronger position in the development
of a wireless technology that will
be very important for national
security in the future. Some
important to have US control on the
development of the technology.
Interesting, and you very much
indeed, Andrew Walker. There is a
lot more detail on our website so do
take a look as and when you have a
Let's take a look at some of
the other stories making the news.
Apple is buying the magazine app
subscription service Texture
for an undisclosed amount.
Texture offers US-based users
unlimited access to more than 200
titles for a monthly fee of $9.99.
It is currently owned
by Next Issue Media,
which is backed by magazine
Conde Nast, Hearst and Time.
Germany's EON says it will cut up
to 5,000 jobs as part of a deal
to take over Innogy -
a move that will shake up
Germany's energy sector.
The deal values Innogy
at $27 billion and will leave EON
focused on regulated energy networks
and retail customers across Europe.
These are the images
of a flying car, backed
by Google founder Larry Page,
that's been secretly
tested in New Zealand.
The creators of Cora, Kitty Hawk,
hope it will become an airborne taxi
service in years to come.
That would be great in London!
would be great anywhere.
The BBC has seen a leaked draft
of a United Nations report
which accuses two Singapore
companies of violating sanctions
against North Korea.
If the claims are proven,
this potentially raises questions
about just how common and
widespread this practice is
in the rest of Asia.
The final report, which has
been submitted to the UN
Security Council, is expected to be
published later this week.
Both companies deny any wrongdoing.
Our Asia Business Correspondent
Karishma Vaswani has been
looking into this and joins
us from Singapore.
So, just fill us in on the details.
Well, the bleached UN draft report
that I've seen alleges that the two
Singapore -based firms supplied a
range of luxury goods to North Korea
including wines and spirits, and
that is until as recently as July 20
17th and stop the draft report also
claims that these companies received
funds in Singapore for doing
business in North Korea. Under UN
sanctions, it has been illegal to
sell luxury items to North Korea
since 2006 and in fact sales of
these items have been banned for
several years. The Singaporean
companies deny or on doing but the
draft also alleges the two companies
had long-standing close ties,
including ownership ties with a
North Korean bank. That was put on a
US sanctions list in 2017. The
Singaporean companies have said they
had no interest in the bank and have
been speaking to their lawyer he has
confirmed to me that the companies
are under investigation by Singapore
authorities but insists they do not
have any current financial links,
interests or any sort of
relationship with North Korea. I've
been in contact with Singapore's
Ministry of Foreign Affairs, it has
told me it is aware of these cases
and has said that where there is
credible information of offences
committed on -- under Singapore law,
authorities have undertaken
And does the draft
report say anything about how
widespread this is?
certainly does suggest that this
might be a potential problem in the
future, if indeed the claims in the
draft report are proven. I've been
speaking to North Korea watchers, if
you will, but these alleged cases
and what else has been alleged in
the draft report. William Newcomb, a
former member of the UN panel of
experts, has told me that North
Korea often uses these complex
ownership structures as a way to
evade sanctions. That means that
potentially if the contents of this
leaked draft report are proven, this
could be happening all over the
world, not just allegedly here in
Asia, as this draft report suggests.
In the leaked draft report, the UN
points out it is the responsibility
of member countries to make sure
they properly investigate who is
opening bank accounts, the monetary
authority in Singapore has told us
that it would take stern action
against any financial institution in
breach of sanctions.
OK, thanks very
much for that.
Let's take a look at the markets.
Asian investors moved cautiously
Tuesday as the recent
global rally sputtered,
while trade tensions
returned and markets look
ahead to the release
of crucial US inflation data.
A strong jobs report
on Friday and Donald Trump's
decision to meet Kim Jong Un helped
fuel a surge in global equities
at the end of last week,
overshadowing US tariffs
and fears of a trade war.
The Dow and S&P 500 each fell,
though the Nasdaq ticked up
to another record high.
Europe's main stock markets steadied
at the start of trading on Tuesday,
as investors in London awaited
a spring UK budget update
from the Government.
And Kim Gittleson has
the details about what's ahead
on Wall Street Today.
Villa on Tuesday, all eyes will be
on the latest -based data from the
Most analysts expect
the overall rise in prices in the UK
leisure in the US to have muted as
increasing by supposing met in
January. The key reason investors
are paying such close attention to
inflation data is that it offers a
crucial insight into what the
Federal Reserve might do during its
next meeting in a week's. The
consensus is that the US central
bank will continue its process of
slowly raising interest rates. But a
surprisingly high inflation figure
could increase the possibility that
these rate rises will happen faster
than expected. That would put
pressure on the profitability of
some US companies who have got
pretty used to be able to be -- to
borrow cheaply to fund their
Jeremy Cook is Chief
Economist at World First.
Good morning, lovely to see you.
You're also going to watch that very
closely, I would imagine anyone in
financial markets today is watched
It is properly the most
important report we have this week,
to be honest. A big addition to the
jobs market, 313,000 jobs, but which
is still remaining quite damp.
markets wanted to hear that, didn't
We wanted to see a
little bit of wage crashes, because
that continues the narrative we have
at the moment, but obviously equity
markets will run high if they
believe the Federal Reserve will not
be in raising interest rates any
time soon. So you have to watch out
until this afternoon.
Spring Budget update from the UK
Government, it has become such a
small thing, do you think investors
will pay any attention?
bit, because we are still doing
Brexit in the UK, there may be some
updates around the deficit and
growth, but the signals from the
Treasury have been no new taxes, no
new spending, that will come in the
Budget. Everything will be coming
around the edges.
And there is a
The office of budget
responsibility will release later
today what they estimate the UK will
pay as part of its Brexit
settlement. It's meant to be around
35 to 39 billion, but those
estimates are from 25 to 37 billion.
Jeremy will return later. There is a
lot to watch out for today.
Still to come: Farm-to-fork.
It's the new mantra
for improving the nation's diet
and tackling obesity.
So can the small and lean
independent suppliers beat the big
in the healthy food revolution?
Business Live from BBC News.
Chancellor Philip Hammond
will be unveiling his
Spring Statement later today.
The Government has played
down any suggestion this
will be a mini Budget,
but there will be a few
Sarah Hewin, Chief Europe Economist
at Standard Chartered is here
to tell us what we can expect.
What will you be watching out for?
Well, three things. We are looking
out for the Chancellor, what he says
about the economy, we are likely to
see a slightly up for its revision
to the economic forecasts for this
year we will be looking out for what
it says about public finances as
well, revenues have done better than
expected, the borrowing requirement
is likely to come in a bit less than
expected, so I'm sure that Philip
Hammond will be trumpeting that in
the Spring Statement. Thirdly, we
are looking for some comments, some
consultations about various tax
proposals, for example addressing
VAT for small businesses,
potentially a levy on plastics,
possibly addressing inheritance
taxation. But of course, this is
going to be a very short statement,
we will not see any particular
details for spending and tax, that
will be left until the main Budget,
which happens in the autumn.
briefly, what do you think about the
opposition view, not just from the
Labour Party but from other
quarters, that as things have
improved, it snowed time to try and
spend and help the public sector? He
will come under pressure to do that?
It will come under pressure. There
has been a squeeze on public pay
which should be eased slightly but
for many people the fact that
inflation is somewhere above
earnings and welfare payments means
that there is a real squeeze on
spending. He is under a lot of
pressure to boost spending. His
argument is that with debt to GDP at
over 84% then it is now not the time
to do that.
Thank you very much. We
will be right across that budget
statement, the Spring Statement, it
is not a budget! It is not a budget!
I am sorry. The Spring Statement. It
will be live here on the BBC News
Channel. You can get updates on the
BBC News live page, BBC business
live page, including details on
crunch time for crisp packets with a
possible new litter levy and you can
read all about that and how it might
cost the -- affect the cost of your
You're watching Business Live.
Our top story: Donald Trump has
blocked a huge tech takeover on the
grounds of national security. The
Singapore -based company Broadcom
had wanted to buy the computer chip
maker QUALCOMM for $142 billion and
it is not just because they have
very similar names! There is a lot
more to it. Yes, they make a lot of
chips in smartphones. This is the
picture of the markets.
And now let's get the inside track
on a trend we all need to take heed
of, healthy eating.
Governments around the world
are being forced to act on the huge
problem of obesity and diets loaded
with sugar, salt and processed food.
gradually taking note,
but the farm-to-fork
movement is being driven
by small independent names.
Mindful Chef, set up by three school
chums in 2015, is one of those.
It's shipped over half a million
healthy recipe food boxes from small
farms in Devon and has the England
rugby, hockey and rowing
teams as customers.
Giles Humphries is the Co-founder.
Welcome to the programme. Thank you
for coming in. We have a sort of an
example of what might arrive in a
food box. There is a recipe card
which tells you how to cook and
everything is measured out, all the
get a recipe card, offering
customers will have two or three in
a box, most popular in cities is
three and then with the recipe cards
to match them you have all these
Everything is measured
out in all of these bits of
precise quantities so
it makes cooking at home super
simple and very easy.
But we think
this is very expensive to produce
when we all have a pot of this in
It is logistically
challenging from a business point of
view but we have proved in three
years that we can get up to scale
quickly and we are doing 150,000
ingredients to our warehouse every
single week and we only have a team
of ten but a lot of customers do not
have these things at home so while
some might have the staples a lot of
people don't say this is just making
easy for people and putting this on
the plate. They might be busy at
work but they come home and it is
there and ready to go and super
It is a very popular idea
that caters to the busy lifestyle
that people have but it is
increasingly crowded and lots of
companies are doing similar things
so how does your standout?
It is a
very crowded market. It boomed in
the States and the UK followed quite
quickly. We are the third entrant to
the UK market and we basically
identified that no one was going
after the healthy end and to some
extent the premium end of the
market. We looked at what other
people were doing and decided no one
offered something for of refined
carbs and sugar and we were there to
focus about nutritious and the
delicious meals so in our boxes, we
do of Egan range and we do meet and
fish dishes but we will be focusing
on a placing pasta with nutritious
How much does one of these
It starts at £4 50 per
meal for one person. And it goes up
How did you infiltrate
the British sports scene? You supply
the British rugby team, the England
rugby team, should I say. The hockey
team and rowing and you have
Victoria Pendleton and Andy Murray
backing new. How did that happen?
Came about through our offering
because we found out these people
were customers and it came about
because we went on the crowdfunding
and we wanted to raise £400,000 but
we raised £1 million in ten days and
we were oversubscribed and out of
the woodwork came all of these fans
How will you manage
when this kind of thing really takes
off? You have been going for three
years and you are already seeing a
lot of food box going all over the
country, but assuming and hoping it
really takes off, there is always an
issue with a new company struggling
when the demand really kicks in.
do 20,000 meals a week at the moment
and technology drives most of it. A
large percentage of the money that
we raised went into the technology.
One platform and a couple of Ops
guys in the house lights are packing
team of about 30 and we are in a
position to scale very quickly. We
have careers who delivered
nationwide and we are in a position
now where it is all about growth. We
are in the early stages of the
markets are customers come to very
Are you all big fans of
cooking? Do you come up with the
We have a chef
now, full-time in-house, who was
fantastic but Myles, my co-founder,
is a nutritionist and we are
constantly developing. We have a
test kitchen and we are constantly
developing three or four recipes
every day and we have a bank of 500
If you ever needed taste
tester you know where to find him!
And is volunteering. 24 coming in,
it has been really interesting.
For many of us the thought of seeing
a counsellor or mental health
professional can feel intimidating
but a start-up in India wants to
change how we deal with these
We have a report from India.
It has been less than a year since
this man was laid off from his job
in the Indian IT sector but the
experience left him feeling angry
and sometimes even depressed. He
found it difficult to open up to his
family. But he did find some comfort
in a chatting app.
thing was not getting to a state
where this happened to me so I must
be useless and that is why I kept
asking these kind of questions, why
do I feel like this today?
robot behaves like a counsellor,
focusing on what users are feeling
and how to respond to them. This is
what the future of therapy looks
like, an interface where people get
asked questions and this chat bot
will answer. If I type in a question
about losing my job the codes in the
software process it and give you
options. I would like to help at
first, can I do a quick check about
how it is helping you? There are
options to say yes or maybe later.
The founders say that the chat bot
have 200,000 clients who are using
this app for free. The company
behind it makes money from
professional therapists and firms
that use the app.
We have models
where psychiatrist or psychologist
used Wysa in conjunction with their
practice and they pay us.
counselling is a new field and it
was not a consensus on how effective
There are many things a
real-life therapist can pick up from
what you are talking which an online
therapist will not be able to
pick-up. Are you venting out or
crying all your feelings, are they
sad in the pitch or the tone?
Figures show that nearly 80 million
Indians suffer from depression or
anxiety disorders and with the
accessibility of mobile phones Wysa
is confident about serving the
market that is very much in need of
counselling in the digital age. We
are talking about some of the
stories. Goldman could be a banker
who moonlights as a DJ, David
Solomon. He is a DJ. His name is not
too original but he would take over
but it is not entirely clear when,
it could be this year or next but in
the grand scheme of things he will
be one of the most important people
on Wall Street.
Setting the tone for the bank, if
you like, this DJ!
We have been asking, what would your
job on the side B? Thank you for all
of your tweets. Andrei says, I would
be a private pilot, the thought of
hopping on a plane and flying myself
anywhere. I love the sound of that.
Luke said he would be a freelance
continuity announcer so strictly
watch out! I will have nothing but
Jeremy has an answer.
I would really like to own a pub. I
had a good discussion the friend a
couple of years ago and we were
going to buy a pub and call it the
better and monkey.
What would suit me is to be a
childminder because I am always
looking after mine and MS will make
I fancy myself as a singer on the
sound -- side but in a soundproof
I heard him recently and a singing
career is not for him.
Thank you for your time. Goodbye.