0:00:13 > 0:00:17This is Business Briefing, I'm David Eades.
0:00:17 > 0:00:18It's the X factor!
0:00:18 > 0:00:21Profits jump at Apple as it forecasts a strong holiday season,
0:00:21 > 0:00:29saying demand for the iPhone X is "off the charts".
0:00:29 > 0:00:31Plus, Washington's worst kept secret is finally out.
0:00:31 > 0:00:33President Trump nominates Jerome Powell as the new boss
0:00:33 > 0:00:35of the US Federal Reserve.
0:00:35 > 0:00:38We'll tell you what it means for the global economy
0:00:38 > 0:00:40And on the markets:
0:00:40 > 0:00:43Asian shares are higher after another record close
0:00:43 > 0:00:46for the Dow - as investors welcome planned tax cuts and a safe pair
0:00:46 > 0:00:48of hands at the Fed.
0:00:48 > 0:00:53We'll have all the details for you.
0:01:07 > 0:01:15We start with Apple - it's already the world's most
0:01:15 > 0:01:18valuable public company - worth getting on for $900 billion
0:01:18 > 0:01:18and counting.
0:01:18 > 0:01:21Now its shares have hit a new record high -
0:01:21 > 0:01:24after it revealed a big jump in profits and forecast strong sales
0:01:24 > 0:01:25for the all-important holiday season.
0:01:25 > 0:01:27Let's show you the details.
0:01:27 > 0:01:31Apple made a profit of $10.7 billion in the three months to the end
0:01:31 > 0:01:35of September - up around 19% on the same time last year and well
0:01:35 > 0:01:39above what investors were expecting.
0:01:39 > 0:01:43At the heart of it all is the iPhone
0:01:43 > 0:01:47Apple sold over 46 million of them across the world in the three month
0:01:47 > 0:01:51period - up 2.6% on last year.
0:01:51 > 0:01:54It says sales growth was in double digits in many emerging markets.
0:01:54 > 0:01:57But it's the next quarter that has investors really excited
0:01:57 > 0:02:03because of this.
0:02:03 > 0:02:11The new iPhone X is released today.
0:02:11 > 0:02:13Apple has said demand has been off the charts
0:02:13 > 0:02:16and is forecasting record revenues for the holiday season.
0:02:16 > 0:02:18The big problem is making enough of them.
0:02:18 > 0:02:21Waiting times are currently up to six weeks, but Apple says it
0:02:21 > 0:02:23will reduce that in the coming days.
0:02:23 > 0:02:26For many people though a big concern will be the price
0:02:26 > 0:02:33at just under $1000.
0:02:33 > 0:02:41I think Apple has do, in my opinion, pick up its game in some
0:02:41 > 0:02:46departments. They have upped it with iPhone X buffer that price...
0:02:46 > 0:02:57Samsung is selling the same thing at about 40% - 50%. Less. Everybody is
0:02:57 > 0:03:00paying for the brand and everybody knows that.
0:03:00 > 0:03:02With me is Matti Littunen
0:03:02 > 0:03:06from Enders Analysis.
0:03:06 > 0:03:11You are quite excited about iPhone X what does he have the point? Is the
0:03:11 > 0:03:19quality worth $1000?Well, it is the most excited we have seen since the
0:03:19 > 0:03:25iPhone 6 came out. Lots of innovation in this model. Behind
0:03:25 > 0:03:33that rant is that great quality and innovation.$1000 is a huge
0:03:33 > 0:03:42purchase. Apple creaming off a bigger profit and do they think they
0:03:42 > 0:03:47can get away with that?If you look at the cost of the materials and
0:03:47 > 0:03:53components, it looks like Apple is going for the best possible poverty
0:03:53 > 0:04:02and custom components, cutting edge technologies so actually the cost to
0:04:02 > 0:04:09make and has arisen.You will have a chance to play with it later today.
0:04:09 > 0:04:13What are you keen to see?Really interesting innovations in the
0:04:13 > 0:04:19camera and display technology, the augmented reality features and
0:04:19 > 0:04:29perhaps most importantly really fast custom chips like machine learning
0:04:29 > 0:04:33and things like games and photography.There are some issues.
0:04:33 > 0:04:40The headphones no longer apply. They have a different socket. How will
0:04:40 > 0:04:48they deal with that?Apple will be happy to sell you an expensive new
0:04:48 > 0:04:54set of headphones are they also have the wireless headphones and, having
0:04:54 > 0:05:01tried those, it does take the experience forward and it is an
0:05:01 > 0:05:06improvement because you do not have to worry about the cable. Apple is
0:05:06 > 0:05:13hoping to push user behaviour forward in this. From a technical
0:05:13 > 0:05:20perspective, it really does work and quite optimistic.Time will tell.
0:05:20 > 0:05:22Thank you, very much indeed.
0:05:22 > 0:05:25Let's stay in the US where Washington's worst kept secret
0:05:25 > 0:05:26is finally out.
0:05:26 > 0:05:28Jerome Powell has formally been nominated by President Trump
0:05:28 > 0:05:30to become the world's most powerful central banker.
0:05:30 > 0:05:35If confirmed by the Senate he will take over from Janet Yellen
0:05:35 > 0:05:37when her term ends in February.
0:05:37 > 0:05:43Samira Hussain reports.
0:05:43 > 0:05:49Months of speculation and conjecture finally ended when the President
0:05:49 > 0:05:54walked into the Rose Garden with his thumb and if the head of the US
0:05:54 > 0:05:59Federal Reserve, Jerome Powell, by his side.He has proven to be a
0:05:59 > 0:06:04consensus builder for the sound monetary and financial policy that
0:06:04 > 0:06:13he so strongly believes in. Based on his record, I am confident that J
0:06:13 > 0:06:16has the wisdom and leadership to guide our economy through any
0:06:16 > 0:06:24challenges that our great economy may face.Mr Trump interviewed five
0:06:24 > 0:06:27candidates but iPhone X has been the frontrunner for weeks. He is
0:06:27 > 0:06:33considered a safe choice. He has been under Federal Reserve Board of
0:06:33 > 0:06:39Governors and has experience in the private sector.Our economy has made
0:06:39 > 0:06:45substantial progress to a full recovery. Close to full employment
0:06:45 > 0:06:50and inflation is close to our target.If that sounds familiar, it
0:06:50 > 0:06:56showed. Janet Yellen has been peddling that line for months.
0:06:56 > 0:07:01Conditions in the Labour market are strengthening and we expect that to
0:07:01 > 0:07:06continue. While inflation remains low, we expect it to rise to about
0:07:06 > 0:07:132% objective of the time.Jerome Powell is likely to continue the Fed
0:07:13 > 0:07:16policy of gradually raising interest rates, making the transition from
0:07:16 > 0:07:22Janet Yellen to Jerome Powell relatively smooth and that
0:07:22 > 0:07:27continuity is smooth for people here on Wall Street and the US market.
0:07:27 > 0:07:30Let's go to Asia now and Chinese e-commerce giant Alibaba
0:07:30 > 0:07:35is celebrating what it called an outstanding quarter.
0:07:35 > 0:07:38That's been the top story for our Asia business team -
0:07:38 > 0:07:47Sharanjit Leyl is following it for us.
0:07:47 > 0:07:53Huge jump in quarterly revenues for Alibaba especially field by its
0:07:53 > 0:08:01online shopping. They rose by 61%, a $.3 billion. The firm also raised
0:08:01 > 0:08:07its revenue prediction for its forecast. We knew it was expanding
0:08:07 > 0:08:12to other things as well, investments in supermarkets and stores, started
0:08:12 > 0:08:22by Jack Mark, the billionaire. Also its shopping platform. Active users
0:08:22 > 0:08:32in the Chinese retail marketplace grew by about 539 million, up a
0:08:32 > 0:08:37staggering 20 million in just three months. It has been on a hugely
0:08:37 > 0:08:40strong run with its shares more than doubling in value and it is gearing
0:08:40 > 0:08:46up for the annual block buster singles day event on November 11. A
0:08:46 > 0:08:51huge sales bonanza that moves more goods than the Black Friday and
0:08:51 > 0:08:59Cyber Monday combined. Good result for the firm.
0:08:59 > 0:09:09Now let's brief you some other business stories:
0:09:09 > 0:09:11Venezuela's President says he aims to restructure all future foreign
0:09:11 > 0:09:13debt because of US sanctions.
0:09:13 > 0:09:16Nicolas Maduro made the announcement on state television at the same time
0:09:16 > 0:09:19as confirming the country would pay a $1.2bn bond payment that was due
0:09:19 > 0:09:21on Thursday, albeit a day late.
0:09:21 > 0:09:23Venezuela blames sanctions imposed by the Trump administration
0:09:23 > 0:09:26for its current economic crisis.
0:09:26 > 0:09:29Tesco boss David Lewis has told a London court of his "surprise
0:09:29 > 0:09:32and shock" on learning the company's profits had been exaggerated
0:09:32 > 0:09:33by £246 million.
0:09:33 > 0:09:36Mr Lewis has been giving evidence at the trial into alleged fraud
0:09:36 > 0:09:38at the supermarket giant.
0:09:38 > 0:09:40Former Tesco executives Carl Rogberg, Christopher Bush
0:09:40 > 0:09:42and John Scouler are on trial.
0:09:42 > 0:09:52All deny the charges.
0:09:52 > 0:09:55And now what's trending in the business news this morning.
0:09:55 > 0:10:00Popular on Business Insider - the boss of Pizza Hut says
0:10:01 > 0:10:02protesting NFL players haven't hurt his business.
0:10:02 > 0:10:06This after the CEO of rival pizza delivery firm Papa John's
0:10:06 > 0:10:09controversially blamed a fall in sales on a lack of leadership
0:10:09 > 0:10:13by the NFL and falling ratings for US football games.
0:10:13 > 0:10:17From the Wall Street Journal, a big question for many people
0:10:17 > 0:10:21Friday - Who wins and loses
0:10:22 > 0:10:24in the Republican tax bill?
0:10:24 > 0:10:27The heirs of wealthy people and some business owners stand to gain
0:10:27 > 0:10:28from President Trump's proposals.
0:10:29 > 0:10:32And from the Financial Times: Tesla is facing a laundry list of concerns
0:10:32 > 0:10:35and its share price is taking a big hit -
0:10:35 > 0:10:38after it pushed back targets for its new Model 3 car and revealed
0:10:38 > 0:10:41a record quarterly loss on Thursday.
0:10:41 > 0:10:52And don't forget - let's us know what you are spotting online.
0:10:52 > 0:10:55Very keen to hear from you.
0:10:55 > 0:10:57That's it for Business Briefing this hour -
0:10:57 > 0:11:00But before we go - let's take a look at the markets:
0:11:00 > 0:11:04Japan is closed for a holiday - elsewhere Asian shares are holding
0:11:04 > 0:11:07steady ahead of key US jobs figures for October which are out later.
0:11:07 > 0:11:10In the US - the Dow Jones closed at another record high,
0:11:10 > 0:11:13partly thanks to relief that President Trump has chosen a safe
0:11:13 > 0:11:23pair of hands to run the Federal Reserve.
0:11:23 > 0:11:26Up next - Newsbriefing - we'll take you through the stories
0:11:26 > 0:11:29making headlines in the global media today including
0:11:29 > 0:11:35The situation in Spain and the Fed..