20/03/2018 BBC Business Live


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20/03/2018

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This is Business Live from BBC News

with Rachel Horne and Sally Bundock.

0:00:060:00:09

The social media giant Facebook

loses nearly $40 billion in market

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value as it launches a review

into the data-mining firm

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Cambridge Analytica.

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Live from London, that's our top

story on Tuesday 20th March.

0:00:160:00:21

Shares in Facebook suffer their

biggest one day fall since 2014!

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Will the Cambridge Analytica

story force the social

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media giant to rethink

its lucrative data policy?

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Also in the programme....

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Uber suspends all tests

of its autonomous cars after a woman

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in Arizona was killed in a collision

- we'll take a look at what's next

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for driverless technology.

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The markets were down yesterday,

Europe is back in the green today.

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We will tell you why. As shoppers

continue to desert the high street

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we will speak to the boss of a

clothing retailer hoping to benefit

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from the boom in online sales.

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As always, we want to hear your

thoughts on any of the stories

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on today's programme.

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Data-sharing, driverless cars...

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Online retail.

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Get in touch.

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Just use the hashtag #BBCBizLive.

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Hello and welcome to Business Live.

0:01:330:01:36

Shares in Facebook slumped

as the social media giant faced more

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questions from US and UK politicians

about its privacy rules.

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There are calls for boss

Mark Zuckerberg to explain how

0:01:440:01:47

Cambridge Analytica acquired

and used Facebook

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users' information.

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The British firm is accused

of using the personal data

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of 50 million Facebook members

to influence the US

0:01:550:01:58

presidential election in 2016.

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Although Facebook has

denied any wrongdoing,

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investors are concerned -

Facebook shares closed

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down almost 7% lower,

wiping almost $37 billion off

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the social network's market value.

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In the UK, the Information

Commissioner Elizabeth Denham

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is seeking a warrant to look

at the computers used

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by Cambridge Analytica.

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The data firm denies any wrongdoing

and insists it followed

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the correct procedures,

but nonetheless it was suspended

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from Facebook last week.

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The BBC's Emily Maitlis spoke

to Cambridge Analytica's chief

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executive on Newsnight.

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She asked him whether he thought

his firm had influenced

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the outcome of the Brexit vote

or US presidential election.

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Well, of the Brexit bowled... In the

Trump victory we were involved in

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the Trump campaign, as I made clear

for very many months now. We managed

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everything from research, to date,

to analytics, to all the digital

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marketing and the television

marketing undertaken. So we had a

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role that was called to some of the

functions delivered to the campaign.

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And do you feel you have skewed

democracy by playing a part in that?

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By providing campaign services to a

candidate who had been fairly

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nominated as the Republican

representative of the United States?

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How is that possible? So you think

that Hillary Clinton is allowed to

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have a campaign team and Donald

Trump isn't?!

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That is the chief executive of

Cambridge Analytica speaking to the

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BBC.

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With me is Jane Sydenham,

Investment Director

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at Rathbone Investment Management.

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Good to see you, Jane. Give us your

take on the reaction on the markets,

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Facebook shares down quite a bit, no

big surprise given the story?

Not at

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all. I think this has been the

worries investors have had for some

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time, at some point there are likely

to be some constraints and

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regulation about the kind of

information and the access that some

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of these companies have to

individuals' personal information.

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We are starting to see, obviously,

in Europe, the introduction of GDP,

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a European directive all about

restricting access to personal

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information. This is a growing worry

which may start to affect these

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companies and unconstrained access,

not just Facebook. Alphabets, Google

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etc, they all have access.

This is a

wider concern for the whole industry

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who may have had a feeling they

could use all this information as a

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real way to make money and it is

looking like that could no longer be

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option?

I think that is right. It is

very easy to forget how quickly

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these companies have grown and

become such an essential part of our

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lives and there has not been much

thought about whether or not it is

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right for them to have so much

access to so much information. I

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feel that is about to change.

As you say, the European directive

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which comes in in May, many

businesses are trying to get their

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heads around this. There will be new

legal requirements on them when it

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comes to the data they have about

their are and what they do without.

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In terms of us going about our

day-to-day business, we do not think

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about it that much, and yet these

stories come about and we think,

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hang on, what is happening to

information about me and where is it

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going?

Exactly right. We go on to

all these different websites and do

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what we want to do and do not think

about who else is gathering our data

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and what they might be doing. I

think this will raise that awareness

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with the general public. I think the

new legislation will raise that.

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Everyone has been written to

(INAUDIBLE)

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And how it will affect them, going

forward.

Thank you for now, Jane.

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(INAUDIBLE)

We will touch on it later.

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Let's take a look at some of

the other stories making the news...

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Taxi hailing company Uber has

suspended all tests of self-driving

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cars after a woman in Arizona

was killed in a collision.

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She was crossing the road

with a bicycle when she was

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struck by the vehicle -

which was running in what they call

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autonomous mode, although there

was an operator at the wheel.

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It is the first time a pedestrian

has died in an accident

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involving a self-driving car.

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The company co-founded

by the disgraced movie mogul

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Harvey Weinstein has

filed for bankruptcy.

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The move is intended

to facilitate a buy-out offer

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from a private equity firm.

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The firm also announced that any

victims of, or witnesses to,

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Mr Weinstein's alleged sexual

misconduct will be released

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from non-disclosure agreements.

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Saudi Arabia is scaling

back its ambitions for a public

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offering for oil giant Aramco,

moving ahead with a listing

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next year solely on the

Saudi stock exchange.

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That's according to

government officials.

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The decision has come in part

because of concerns about legal

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risks and also because the need

for a bigger listing has been

0:06:590:07:02

negated by rising oil prices.

0:07:020:07:06

Let's look at how the markets were

faring overnight. Shares in Asia at

0:07:140:07:21

the ever so slightly, the Dow in New

York was down, some investors

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concerned about the prospect of

stiffer regulation for the tech

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sector after Facebook came under

fire about reports of improper

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access to user data.

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So lots of investors selling

and taking profit on tech stocks.

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And don't forget new Federal Reserve

chairman Jerome Powell's kicks

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off his first policy meeting today.

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Investors still split on whether we

could see three or possibly four

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interest rate rises this year.

Europe was down yesterday but has

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opened up this morning. Keep an eye

on the FTSE.

0:07:520:07:59

UK inflation figures

for February due out.

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At last measure it was 3% -

today's reading is expected

0:08:000:08:03

to fall slightly.

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We'll keep an eye on that.

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And Joe Miller has the details about

what's ahead on Wall Street Today.

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After stock markets made a bumpy

start to the week, investors might

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be looking for signs of stability on

Monday. It so, maybe FedEx can offer

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one. The parcel delivery giant is

widely expected to continue its

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strong run of earnings reports when

it releases numbers for the first

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quarter. Forecasts are for as much

as a 15% jump in profits compared to

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the same period last year. There

have been worries that FedEx will

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soon face a fierce competitor in the

shape of Amazon. The online Bailey

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Mes is

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planning to delivery network which

would directly challenge the likes

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of FedEx and UPS is. FedEx seems to

be readying for the fight. I meant

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it announced a new investment to

build a customer return service for

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merchants using its network.

0:09:010:09:01

Chinese President Xi Jinping has

given the closing speech

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at the National People's Congress,

saying China's development was at

0:09:040:09:06

a critical stage and the country

could not be complacent.

0:09:060:09:08

China is still the world's

second largest economy,

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but it's suffered a slowdown

in recent years.

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Beijing is worried that businesses

are taking on unnecessary risks.

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Last month, the government took

control of the fast-growing Chinese

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insurance group Anbang over fears

about its financial health.

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Meanwhile, China faces other threats

- US President Donald Trump has

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called for a better trade deal

with China, and announced a 25%

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tariff on imports of steel and a 10%

tariff on aluminium.

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With me is Jinny Yan,

Chief China Economist

0:09:380:09:39

at ICBC Standard Bank.

0:09:390:09:47

Nice to see you again. I know you

listened to the speeches today, it

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was not just President Xi but also

the Premier, they both are quite

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interesting things to say. Give us

your take?

I think it was very

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revealing. First of all, with a new

set of ministers in place already

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announced over the weekend, the

speeches really unveiled what China

0:10:050:10:11

is focusing on going forward. For

me, what is really interesting is

0:10:110:10:13

the fact that the focus is not just

on how China is going to steady and

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grow its economy, it is very much

shifted on reining in the risks and

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also how to deal with international

relations. I think as you see from

0:10:260:10:31

the key ministerial posts announced,

it is very interesting to see that

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these people are exactly that in

place to deal with the challenges

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facing China.

The comments were very

much in opposition to the noises we

0:10:400:10:44

have heard from United States, China

talking about opening its economy.

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How easy is it for International

businesses to take access of the

0:10:490:10:54

open economy?

I think China has been

trying to open its economy and

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business sector to lots of

industries, particularly the service

0:11:030:11:05

industry. This is what China needs,

it needs education, health care,

0:11:050:11:08

pension systems. For me, one of the

most interesting things is that as

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Chinese companies have opened up

internationally, more and more

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experience in terms of her domestic

companies are opening abroad has

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given China some insight into how

China needs to open up to

0:11:200:11:24

international companies.

When you

say China is more open and

0:11:240:11:30

interested in the services sector,

what about the area when it has

0:11:300:11:32

strengths and does not really want

competition like technology. Over

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the years, companies like Microsoft,

Apple and Google have struggled to

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feel they have a level playing field

in China. Will that change?

It's

0:11:400:11:44

Maybot it is all about competition,

all about letting the markets work

0:11:440:11:50

at its best -- it may, but it is all

about competition. Chinese companies

0:11:500:11:55

are rising but that is because

perhaps they understand consumers,

0:11:550:12:00

very much so in China. That is not

to say international companies

0:12:000:12:04

don't, but I think clearly for

Chinese companies they can navigate

0:12:040:12:07

to the market much better than

international communities.

Thank you

0:12:070:12:12

for your time and analysis, Jinny

Yan.

0:12:120:12:18

Some breaking news about Sarkozy,

the former French president, Nicolas

0:12:180:12:23

Sarkozy. He is being held in police

custody today for questioning by

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magistrates looking at allegations

of Libyan funding for the 2007

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election campaign, that is according

to an official in the French

0:12:310:12:35

judiciary. A lawyer for Nicolas

Sarkozy could not be reached

0:12:350:12:39

immediately for comments. Former

French President Nicolas Sarkozy

0:12:390:12:42

held in police custody over

allegations of Libyan funding for

0:12:420:12:48

his 2007 election campaign. More

during the day on BBC News.

0:12:480:12:51

Still to come...

0:12:510:12:52

Taking on the fashion giants!

0:12:520:12:53

We'll speak to the boss of one

online clothing retailer hoping

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to take market share away

from the likes of Asos and Zara.

0:12:560:12:59

You're with Business

Live from BBC News.

0:12:590:13:08

Consumers could see prices fall

by up to 1.2% if Britain

0:13:080:13:13

were to abolish all tariffs

after Brexit, that's according

0:13:130:13:15

to a new report out today

by the Institute for Fiscal Studies.

0:13:150:13:18

Joining me now is Simon

French, Chief Economist,

0:13:180:13:22

Panmure Gordon & Co.

0:13:220:13:26

Thank you for joining us on the

programme. They are saying that

0:13:260:13:32

prices could fall if tariffs are

abolished, but on the flip side

0:13:320:13:36

other costs could wipe out any

savings?

You are absolutely right,

0:13:360:13:40

Rachel. In your introduction to the

programme you mentioned we get the

0:13:400:13:44

inflation data at 9:30am, it will

suggest prices are going up much

0:13:440:13:49

faster than the benefits identified

in the IFS research. 1.2% is the

0:13:490:13:54

maximum amount consumer prices might

come down if the UK uses its

0:13:540:13:58

freedoms outside the customs union

to reduce tariffs third-party

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countries. We have already seen at

2% increase in consumer prices since

0:14:010:14:08

the referendum, so definitely a

two-handed answer to your question.

0:14:080:14:13

If we were to reduce all of the

tariffs, some are used to protect UK

0:14:130:14:19

industries?

Look at the story

dominating markets in the last few

0:14:190:14:22

weeks, the steel and aluminium

tariffs suggested by the Trump

0:14:220:14:27

administration to protect US

industry. Bring that back to the UK

0:14:270:14:30

and large parts of the UK

manufacturing base in particular

0:14:300:14:34

have a tariff system to third-party

countries enabling their industry to

0:14:340:14:39

remain competitive. Clearly if the

UK chooses a path of unilaterally

0:14:390:14:45

reduce its own tariffs, that will be

quite difficult for those companies

0:14:450:14:48

to remain competitive.

In the meantime, should I ask you,

0:14:480:14:56

what is the feeling among your

clients and colleagues about the

0:14:560:14:59

so-called Brexit breakthrough agreed

yesterday, the transition

0:14:590:15:02

arrangement? Do you feel people are

feeling more confident about the

0:15:020:15:06

near future, ie business leaders?

Actually, I do. There were some

0:15:060:15:11

decent upsides in the transition

agreement, albeit that we will have

0:15:110:15:15

to wait until probably the third

quarter of this year before it is

0:15:150:15:18

all agreed. There is the overhang of

the Northern Ireland question. From

0:15:180:15:22

an investor 's perspective, a bit

more certainty, the reduction of a

0:15:220:15:32

risk of a cliff edge on March 2019

which is extended to December 2020

0:15:320:15:34

and also the right for EU nationals

in the UK remaining unchanged during

0:15:340:15:37

transition is important for

employers communicating to their

0:15:370:15:39

workers.

Thank you.

0:15:390:15:48

You're watching Business Live.

0:15:480:15:49

Our top story...

0:15:490:15:51

Shares in Facebook slumped

as the social media giant

0:15:510:15:53

faced more questions from US and UK

politicians about its privacy rules.

0:15:530:15:57

There are calls for boss

Mark Zuckerberg to explain how

0:15:570:16:00

Cambridge Analytica acquired

and used Facebook

0:16:000:16:01

users' information.

0:16:020:16:04

Both companies deny any wrongdoing.

0:16:040:16:08

When it comes to shopping,

the rise of online retailing

0:16:080:16:10

seems to know no bounds.

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That's especially when it comes

to online luxury fashion for women.

0:16:130:16:15

According to one study,

the global market will grow

0:16:150:16:18

to around $12 billion this year.

0:16:180:16:21

In fact, online sales are predicted

to make up around 18% of luxury

0:16:210:16:25

sales for women in the US and UK.

0:16:250:16:26

The online world is becoming

increasingly attractive

0:16:260:16:30

to upmarket e-tailers -

like the founders of online

0:16:300:16:32

fashion retailer Baukjen.

0:16:320:16:37

Since being launched in 2012,

it's seen growth skyrocket.

0:16:370:16:43

I spoke to the CEO,

Geoff van Sonsbeeck,

0:16:430:16:44

and he explained why

he started the company.

0:16:440:16:46

We started 15 years ago.

0:16:460:16:47

It's a very family run business.

0:16:470:16:49

I do it with my wife who is called

Baukjen, very confusing.

0:16:490:16:54

15 years ago, we launched

a brand called

0:16:540:16:56

Isabella Oliver and six years ago

we launched a womenswear

0:16:560:16:59

brand called Baukjen.

0:16:590:17:00

What was your inspiration

for your company?

0:17:000:17:01

It was really the belief that modern

life is changing quickly,

0:17:010:17:06

the modern woman is much busier

than ever, and we felt

0:17:060:17:08

that we could design a brand

and a collection that she could rely

0:17:080:17:19

on and could trust as a good friend

to help her to curate

0:17:200:17:29

a collection that you can mix

and match, could reuse a wardrobe

0:17:290:17:33

she already has and to always

be on trend and very

0:17:330:17:36

efficient and versatile.

0:17:360:17:37

And we believe that there

was a need for an affordable

0:17:370:17:39

contemporary premium brand.

0:17:390:17:40

There was definitely...

0:17:400:17:41

There are plenty of contemporary

premium brands, but we felt

0:17:410:17:44

there was a gap in the market

for affordable contemporary

0:17:440:17:46

premium brands.

0:17:460:17:47

There was a great advantage

that we have been

0:17:470:17:52

e-tailors from the start,

from the go get.

0:17:520:17:54

It means that we have a different

cost structure and we can allow

0:17:540:18:05

to have more of these gains,

to be feeding it back to the product

0:18:050:18:08

itself and invest in the quality

of the product.

0:18:080:18:10

There are many ways to go.

0:18:100:18:11

We could of course compromise

on the quality and we do not want

0:18:110:18:14

that and we could of course produce

predominantly in the Far East

0:18:140:18:17

and we do not want that either.

0:18:170:18:19

So we produce particularly

in Portugal and we do that not just

0:18:190:18:22

because the mile per garment is more

sustainable, which is important

0:18:220:18:24

to us, but also, it allows us

to order a relatively small

0:18:240:18:27

quantity and get back

into the products very

0:18:270:18:29

quickly and in doing so,

we carry less risk of having

0:18:290:18:32

the wrong stock in the wrong place

at any time, which is a typical

0:18:320:18:35

problem in the fashion industry,

which drives the cost up

0:18:350:18:38

and the consumer will feel it.

0:18:380:18:39

And we're not having it, we can pass

that gain onto the customer.

0:18:390:18:42

So far, you are not

a bricks and mortar seller,

0:18:420:18:44

you are entirely online.

0:18:450:18:46

Why have you made that decision?

0:18:460:18:47

Well, that remains to be

the question, if you like.

0:18:470:18:49

Our heritage is in e-commerce.

0:18:490:18:51

When we launched our first brand,

we were the first fashion vertical

0:18:510:18:53

in the UK and we have always

believed in that, that there

0:18:530:18:56

is a way to reach the customer

via digital and now digital

0:18:560:18:59

is everywhere and I increasingly

believe the customer will want

0:18:590:19:02

also in a real bricks

and mortar sense.

0:19:020:19:04

We are being approached

by department stores, UK mostly,

0:19:040:19:06

but international as well,

and we are very excited

0:19:060:19:08

about going into concessions,

so that is what we are exploring

0:19:080:19:13

now, to add concessions,

the John Lewises of the world,

0:19:130:19:16

to add that to our current

e-commerce infrastructure.

0:19:160:19:18

Give me a global

perspective of the company?

0:19:180:19:21

You are based in the UK, you do some

manufacturing in Portugal.

0:19:210:19:24

What countries are you involved in?

0:19:240:19:27

We largely produce in Portugal.

0:19:270:19:28

The whole business

itself is in the UK.

0:19:280:19:33

Kentish Town, we have about 60

people, about 15 nationalities,

0:19:330:19:37

and we have a warehouse in Luton

of about 20 people, so the whole

0:19:370:19:40

infrastructure is in the UK,

but we import everything straight

0:19:400:19:43

to our warehouse and then we ship

all our global orders from Luton

0:19:430:19:46

directly to the consumer.

0:19:460:19:50

In terms of size, about

a third of our business

0:19:500:19:53

is international and two thirds UK.

0:19:530:19:59

That was the CEO of Baukjen. We

mentioned earlier Uber has suspended

0:19:590:20:12

all its self driving cars. A woman

has been killed. This report from

0:20:120:20:19

San Francisco. It was late Sunday

night when according to the police

0:20:190:20:24

and Lane was struck by Uber cosmos

driving car, the 49-year-old was

0:20:240:20:28

crossing the road but not using the

pedestrian zone, there was a driver

0:20:280:20:32

behind the wheel, but Uber said the

vehicle was in full autonomous mode.

0:20:320:20:39

She was taken to hospital but died

from her injuries. Taking to

0:20:390:20:45

Twitter, the chief executive of Uber

said the news from Arizona was

0:20:450:20:50

incredibly sad, we are thinking of

the victim's family as we work with

0:20:500:20:54

local law enforcement to understand

what happened. As part of its

0:20:540:20:58

licensing agreement, it must keep

detailed logs. Although she is the

0:20:580:21:03

first pedestrian to be killed by an

autonomous vehicle, her death comes

0:21:030:21:07

a year after Uber temporarily took

it self driving cars off the road

0:21:070:21:12

following an accident that left a

Volvo on its side in Arizona. The

0:21:120:21:16

programme was later reinstated.

There are so many motor vehicle

0:21:160:21:19

deaths in the US and generally every

year and the ultimate goal of self

0:21:190:21:25

driving cars is to eliminate those

entirely. But these are complex

0:21:250:21:29

systems that are just starting to

navigate the roads.

Arizona has

0:21:290:21:34

positioned itself as a testing

ground for the new technology but

0:21:340:21:38

incidents like this will no doubt

concerning those who do not believe

0:21:380:21:41

the systems are yet safe enough to

be on the roads.

0:21:410:21:46

Many of you have been in touch. We

have been asking for your views on

0:21:460:21:51

what happened and how you feel about

self driving vehicles, if it has

0:21:510:21:56

changed your opinion. They tweet

from Jack, a developing technology,

0:21:560:22:00

I see it as good for people like me

who would physically struggle to

0:22:000:22:05

drive, but driverless cars will

happen, a long way off. And another

0:22:050:22:09

saying, wait to see what caused the

accident. To date all accidents

0:22:090:22:15

involving self driving cars have

been human error. 1.2 million people

0:22:150:22:18

are killed on the road globally

every year, I would imagine it is

0:22:180:22:22

possibly more than that... In

incidents involving humans behind

0:22:220:22:26

the wheels. He is saying, it gives

us some perspective. We promised

0:22:260:22:32

Jane would return, discussing all of

this. It is an interesting time

0:22:320:22:37

because we have talked about

Facebook, concerns about that, a

0:22:370:22:41

real flurry out of technology stocks

yesterday.

It is another question

0:22:410:22:52

mark over the development of

driverless technology and probably a

0:22:520:22:54

delay. Longer before these cars are

out on the road and making a

0:22:540:23:02

difference to our lives. It is

technology that is coming, no doubt

0:23:020:23:06

it will happen, but it is clearly

sadly... It will mean there will be

0:23:060:23:11

a delay. There is a price quite

often with lots of things like this.

0:23:110:23:16

When I think of what Virgin Galactic

experienced when they were saying...

0:23:160:23:23

Testing technology, it is not known,

very tricky. This report in the San

0:23:230:23:32

Francisco Chronicle saying the

police chief says that there was no

0:23:320:23:38

fault by Uber. The preliminary

investigation, they mention it was

0:23:380:23:44

travelling at 38 mph in the 35 mph

zone. It is difficult to know

0:23:440:23:49

whether or not the accident would be

avoidable anyway.

This is exactly

0:23:490:23:53

why all the testing needs to go on.

Very sad consequence this time.

This

0:23:530:23:59

story in the Financial Times

newspaper today, one in seven EU

0:23:590:24:04

companies are moving supply chains

out of the UK, we were talking

0:24:040:24:08

earlier and also yesterday about

this so-called Brexit breakthrough,

0:24:080:24:12

the transition arrangement agreed by

David Davis and Michel Barnier on

0:24:120:24:16

Monday, it is interesting how

companies have been busy sorting

0:24:160:24:20

themselves out, making plans

regardless?

Many have to just

0:24:200:24:23

because it takes them a long time to

reorganise their business. We only

0:24:230:24:28

have a year, really, until we leave.

In some cases, it simply is not long

0:24:280:24:33

enough, companies have ready had to

make the decisions and start to put

0:24:330:24:40

plans in place, it is all about

time.

In the article, head of policy

0:24:400:24:42

and trade saying the point of no

return for many companies to get

0:24:420:24:45

ready for Brexit has already poor

tee past.

Yes, that is what we are

0:24:450:24:52

hearing from our clients -- it has

already passed. There will be others

0:24:520:24:56

who will now say, yes, we have a bit

longer, we can wait to see how it

0:24:560:25:00

works.

Interesting to see the

response with sterling with regards

0:25:000:25:04

to that yesterday, talk us through

that.

Any sense that there was a

0:25:040:25:08

little bit more certainty, markets

will welcome it. What is interesting

0:25:080:25:14

as it is the uncertainty that is

more damaging for markets than the

0:25:140:25:18

final outcome. In some ways, even if

it is a hard Brexit, as long as we

0:25:180:25:22

know it is a certainty, markets.

To

respond. -- markets will start to

0:25:220:25:31

respond. Just a reminder, judicial

sources saying the former French

0:25:310:25:35

President Nicolas Sarkozy has been

taken into police custody to answer

0:25:350:25:38

allegations about illegal funding of

his presidential campaign in 2007,

0:25:380:25:44

more on this throughout the day here

on BBC News. That is Business Live,

0:25:440:25:51

thank you for your company, we will

see you again tomorrow.

0:25:510:25:57