Browse content similar to 13/11/2017. Check below for episodes and series from the same categories and more!
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This is Business Briefing. | 0:00:13 | 0:00:14 | |
I'm Sally Bundock. | 0:00:14 | 0:00:20 | |
Brexit summit at Downing Street. | 0:00:20 | 0:00:21 | |
The UK Prime Minister meets European
business leaders to hear their views | 0:00:21 | 0:00:25 | |
on how to make a smooth separation
from the European Union. | 0:00:25 | 0:00:32 | |
And a new passenger on board. | 0:00:32 | 0:00:33 | |
Ride-hailing firm Uber strikes
a huge investment deal with Japan's | 0:00:33 | 0:00:36 | |
SoftBank. | 0:00:36 | 0:00:46 | |
These other markets across the
board. That is Friday's close in the | 0:00:46 | 0:00:50 | |
United States but in Asia, a mixed
day emerging as they take stock of | 0:00:50 | 0:00:55 | |
the massive rallies we saw in Asia
last week. | 0:00:55 | 0:01:01 | |
the massive rallies we saw in Asia
last week. | 0:01:01 | 0:01:07 | |
As Britain's departure
from the European Union draws ever | 0:01:12 | 0:01:14 | |
closer, there is growing scrutiny
over future trade links | 0:01:14 | 0:01:16 | |
between the two sides. | 0:01:17 | 0:01:18 | |
So, for the first time,
Prime Minister Theresa May | 0:01:18 | 0:01:20 | |
will welcome European business
leaders to Downing Street later. | 0:01:20 | 0:01:22 | |
She wants their input on how
to minimise disruption | 0:01:23 | 0:01:25 | |
after March 2019. | 0:01:25 | 0:01:32 | |
15 leading business organisations
from across the continent, | 0:01:32 | 0:01:34 | |
including experts from the
Confederation of British Industry | 0:01:34 | 0:01:36 | |
and Institute of Directors,
will be there. | 0:01:36 | 0:01:51 | |
Last year, the UK exchanged
about $730 billion worth of goods | 0:01:51 | 0:01:54 | |
and services with the
other 27 EU countries. | 0:01:54 | 0:01:56 | |
That amounts to 43%
of total UK exports. | 0:01:56 | 0:01:58 | |
The export of cars and chemicals
take the biggest share. | 0:01:58 | 0:02:01 | |
Mrs May had a bit of a torrid
weekend, with some of her party | 0:02:01 | 0:02:04 | |
allegedly preparing for a vote of no
confidence in the Prime Minister. | 0:02:05 | 0:02:08 | |
But her Defence Secretary
came out in her defence, | 0:02:08 | 0:02:10 | |
and said that, with Brexit,
she is towing a straight line. | 0:02:10 | 0:02:27 | |
The Prime Minister in her Florence
speech made absolutely clear the | 0:02:27 | 0:02:30 | |
generous offer that reason is
putting forward. We want to have a | 0:02:30 | 0:02:34 | |
cooperative relationship with
Europe, but she has always made it | 0:02:34 | 0:02:37 | |
absolutely clear that actually we
have to get the right deal for | 0:02:37 | 0:02:43 | |
Britain, and that is what she will
deliver. | 0:02:43 | 0:02:45 | |
With me is Thomas Cole,
head of policy at Open Britain. | 0:02:45 | 0:02:48 | |
Good morning. That is one view, of
course, her ministers rallying | 0:02:48 | 0:02:54 | |
around her. But in terms of the day
ahead she has quite a difficult | 0:02:54 | 0:02:59 | |
audience, hasn't she? A tough offer
to convince these business leaders | 0:02:59 | 0:03:03 | |
negotiations are going well. She
certainly has, we heard in your | 0:03:03 | 0:03:07 | |
opening remarks that the British
chamber of industry will be there | 0:03:07 | 0:03:11 | |
and a number of key European
players, counterparts in Germany, | 0:03:11 | 0:03:14 | |
France and Italy. They will want to
hear what is the likelihood of there | 0:03:14 | 0:03:19 | |
being any breakthroughs on
negotiations and at what point does | 0:03:19 | 0:03:23 | |
Theresa May think negotiations can
move forward to the future | 0:03:23 | 0:03:27 | |
arrangement, including the trade
arrangement. At the moment it is not | 0:03:27 | 0:03:30 | |
looking great. The plan was
originally to have an agreement in | 0:03:30 | 0:03:34 | |
October, to be able to move forward
at that point. That hasn't happened. | 0:03:34 | 0:03:38 | |
What we have now is that there
should be an agreement in December, | 0:03:38 | 0:03:43 | |
when 28 heads of government meet to
discuss negotiations. And things are | 0:03:43 | 0:03:47 | |
not looking too good so business
leaders will be very concerned about | 0:03:47 | 0:03:51 | |
what is going to happen in the
short, medium and long-term. She is | 0:03:51 | 0:03:55 | |
likely to say to them that she is
looking for a transition agreement | 0:03:55 | 0:03:59 | |
where will have two years post-
March 2019 to continue trading in | 0:03:59 | 0:04:03 | |
the way they are now, in order to
get themselves ready for change. Is | 0:04:03 | 0:04:08 | |
that really likely? Well, I think on
the one hand the transition is | 0:04:08 | 0:04:13 | |
clearly needed. Theresa May spelt
out in her Florence speech at the | 0:04:13 | 0:04:16 | |
end of September that is what she
wanted. That hasn't been translated | 0:04:16 | 0:04:20 | |
into any official negotiating
position by the British government. | 0:04:20 | 0:04:23 | |
It is clear that from the EU 27
side, as well as the European | 0:04:23 | 0:04:29 | |
Parliament, they said it could be
possible. In the case of member | 0:04:29 | 0:04:32 | |
State Government they said only that
it should be time-limited. So there | 0:04:32 | 0:04:35 | |
is clearly willingness for that. The
question is is two years long | 0:04:35 | 0:04:39 | |
enough? It would be the status quo,
so the UK staying in the single | 0:04:39 | 0:04:43 | |
market and the customs union and if
that were the case and at least | 0:04:43 | 0:04:47 | |
until March 2021, trade would
continue as it is today. The | 0:04:47 | 0:04:51 | |
question is what happens after March
2021, and in the period until a new | 0:04:51 | 0:04:57 | |
trade relationship has been agreed.
It is unlikely that, if you were to | 0:04:57 | 0:05:01 | |
start trade negotiations after the
December council, early next year, | 0:05:01 | 0:05:04 | |
that at that point until March 2021,
it may not be enough time to agree | 0:05:04 | 0:05:10 | |
the future relationship. In many
respects you may actually be longer | 0:05:10 | 0:05:13 | |
transition period, and I'm not sure
that within Theresa May's government | 0:05:13 | 0:05:17 | |
she has support for that. Thank you
very much indeed. Just to say, at | 0:05:17 | 0:05:22 | |
that discussion in Downing Street,
we have mentioned those attending | 0:05:22 | 0:05:26 | |
but also Brexit secretary, David
Davis, and the business live page | 0:05:26 | 0:05:31 | |
will update you on what we here in
terms of how it goes. -- what we | 0:05:31 | 0:05:38 | |
hear. | 0:05:38 | 0:05:38 | |
Uber has confirmed to the BBC
that it has entered an agreement | 0:05:38 | 0:05:42 | |
with Japan's SoftBank over
a potential investment. | 0:05:42 | 0:05:43 | |
Let's go to our Asia business hub,
where Sharanjit Leyl | 0:05:44 | 0:05:46 | |
is following the story. | 0:05:46 | 0:05:47 | |
Interesting, this one. SoftBank
constantly buying bits of this and | 0:05:47 | 0:05:52 | |
that. Tell us about this latest
investment in Uber. That's right, | 0:05:52 | 0:05:57 | |
Sally. Lots of speculation has been
swirling about that some sort of $1 | 0:05:57 | 0:06:01 | |
billion deal could be made, but
financial details of the investment | 0:06:01 | 0:06:04 | |
have not yet been disclosed, as yet,
and what it could be is potentially | 0:06:04 | 0:06:11 | |
one of the largest private start-up
deals ever. Now, so far we have got | 0:06:11 | 0:06:15 | |
a statement from Uber saying they
have entered into agreement with a | 0:06:15 | 0:06:20 | |
consortium led by SoftBank, and that
this would essentially help fuel | 0:06:20 | 0:06:23 | |
investments in the elegy and their
continued expansion at home, as well | 0:06:23 | 0:06:28 | |
as abroad, while strengthening
corporate governance. Those last two | 0:06:28 | 0:06:32 | |
words, corporate governance, that is
key because it alludes to the many | 0:06:32 | 0:06:36 | |
problems Uber has had over
leadership turmoil, executive | 0:06:36 | 0:06:39 | |
departures, sexual harassment
claims. The fact that venture | 0:06:39 | 0:06:43 | |
capital firm Benchmark has an
outstanding lawsuit against the | 0:06:43 | 0:06:51 | |
founder. We will be watching this
very closely. Thank you very much. | 0:06:51 | 0:06:56 | |
It is Dubai air show this week,
one of the world's biggest | 0:06:56 | 0:06:59 | |
gatherings of airlines
and aircraft manufacturers. | 0:07:00 | 0:07:01 | |
Bombardier has used the event
to challenge the high tariffs | 0:07:01 | 0:07:04 | |
imposed by the US on imports
of its new CSeries passenger jets. | 0:07:04 | 0:07:07 | |
Jeremy Howell reports from Dubai. | 0:07:07 | 0:07:15 | |
The Dubai airshow is a global shop
window for dozens of new aircraft. | 0:07:16 | 0:07:22 | |
Few have hit the headlines more this
year than the CSeries, a range of | 0:07:22 | 0:07:28 | |
narrowbodied jets from Canada's
Bombardier. The Trump administration | 0:07:28 | 0:07:31 | |
has slapped a 300% tariff on these
claims, saying that Bombardier took | 0:07:31 | 0:07:38 | |
state aid from Canada to develop
them, and that put it in an unfair | 0:07:38 | 0:07:42 | |
advantage over American rivals like
Boeing. At the Dubai airshow, | 0:07:42 | 0:07:49 | |
Bombardier said it is determined to
challenge Boeing's lobbying. Boeing | 0:07:49 | 0:07:54 | |
does not have a 100 seater to
compete with the CSeries, does not | 0:07:54 | 0:07:59 | |
produce that product. We are not
invited to the table to compete, | 0:07:59 | 0:08:02 | |
because they don't have a product.
So it will be very challenging for | 0:08:02 | 0:08:06 | |
them to demonstrate how they are
damaged in this. Not in a bid to woo | 0:08:06 | 0:08:11 | |
American buyers, Bombardier has said
some of the aircraft's components | 0:08:11 | 0:08:15 | |
will be made in the USA. We will
invest in Mobile, Alabama, that is | 0:08:15 | 0:08:23 | |
about 2000 jobs as well. So for the
CSeries programme and the ebb last | 0:08:23 | 0:08:28 | |
partnership, it is good for the US
and Canada because it strengthens | 0:08:28 | 0:08:33 | |
the programme -- Airbus. For us, I
think the US production line does a | 0:08:33 | 0:08:37 | |
great job of bringing benefit to a
lot of different constituents, and | 0:08:37 | 0:08:41 | |
certainly for the US customers who
are interested in the Accra. | 0:08:41 | 0:08:44 | |
Bombardier wants to join Boeing and
Airbus in the major league of | 0:08:44 | 0:08:48 | |
passenger aircraft manufacturers.
The success of the CSeries at the | 0:08:48 | 0:08:54 | |
Dubai airshow and beyond will be a
deciding factor in whether it can do | 0:08:54 | 0:08:58 | |
so. | 0:08:58 | 0:08:59 | |
Now let's brief you some other
business stories: Boeing has | 0:08:59 | 0:09:02 | |
snatched up a dream of a deal
from its rival Airbus | 0:09:02 | 0:09:05 | |
at the Dubai air show. | 0:09:05 | 0:09:06 | |
Emirates has placed a preliminary
order for 40 of their 787 | 0:09:06 | 0:09:09 | |
Dreamliners, in a deal
worth about $15 billion. | 0:09:09 | 0:09:12 | |
That is a blow to Airbus,
who were expecting a deal | 0:09:12 | 0:09:14 | |
of their own. | 0:09:15 | 0:09:21 | |
The numbers are in from the world's
biggest online shopping event, | 0:09:21 | 0:09:24 | |
Singles Day. | 0:09:24 | 0:09:26 | |
Chinese internet giant Alibaba raked
in a whopping $25 billion on 11 | 0:09:26 | 0:09:29 | |
November. | 0:09:30 | 0:09:32 | |
Last year, Alibaba sales hit
a record $18 billion in 24 hours, | 0:09:33 | 0:09:36 | |
which was equivalent to the entire
economic output of Cambodia. | 0:09:36 | 0:09:44 | |
Bitcoin fell to as low
as $5,555 on Sunday, | 0:09:44 | 0:09:47 | |
logging a weekly fall of 22%,
its biggest since early July. | 0:09:47 | 0:09:50 | |
One reason is that some traders
are dumping it for a clone called | 0:09:50 | 0:09:53 | |
Bitcoin Cash. | 0:09:53 | 0:09:54 | |
The digital currency has now fallen
over 29% from a record high it | 0:09:54 | 0:09:58 | |
touched on Wednesday. | 0:09:58 | 0:10:22 | |
If Bitcoin be dazzles you, there are
lots of explainers on our website to | 0:10:22 | 0:10:27 | |
tell you what it is all about. | 0:10:27 | 0:10:31 | |
And now, what is trending
in the business news this morning? | 0:10:31 | 0:10:34 | |
The Financial Times reports
that the pound drops in Asian | 0:10:34 | 0:10:36 | |
trading, after reports of letter
of no confidence in PM Theresa May. | 0:10:37 | 0:10:40 | |
This story from the Times -
a plan to cut congestion | 0:10:40 | 0:10:43 | |
on motorways will include installing
traffic lights on busy routes. | 0:10:43 | 0:10:45 | |
Wonder how that will
speed up things. | 0:10:46 | 0:10:47 | |
And videogame equipment maker Razer
jumps as much as 41.5% in Hong Kong | 0:10:47 | 0:10:51 | |
debut, according to Bloomberg. | 0:10:51 | 0:10:52 | |
And don't forget, let us know
what you are spotting online. | 0:10:52 | 0:10:55 | |
Use the hashtag #BBCTheBriefing. | 0:10:55 | 0:11:03 |