:00:00. > :00:00.Now for the latest financial news with Sally and World Business
:00:00. > :00:19.Back on the streets: Tens of thousands prepare to march
:00:20. > :00:26.Is France putting big business before workers' rights,
:00:27. > :00:33.China says it's deeply concerned about protectionism in the US steel
:00:34. > :00:42.industry, fanning the flames of a growing trade row.
:00:43. > :00:51.Also in the programme: Plugging into the smart home.
:00:52. > :00:54.We get the latest from the Consumer Electronics Show
:00:55. > :01:00.In Paris, trade unions are about to lead
:01:01. > :01:03.tens of thousands of people in a march against proposed changes
:01:04. > :01:06.It's just the latest in a string of strikes and demonstrations
:01:07. > :01:12.President Hollande's government argues a shake-up is vital to make
:01:13. > :01:14.France more competitive, but unions say the bill,
:01:15. > :01:17.which will go to a vote in the senate next Wednesday,
:01:18. > :01:26.France will keep its famous 35-hour working week,
:01:27. > :01:34.Firms will be able to negotiate with local trade unions on more
:01:35. > :01:38.or fewer hours from week to week, up to a maximum of 46 hours
:01:39. > :01:41.The changes will also make it easier to lay off workers.
:01:42. > :01:44.It's hoped companies will take on more people if they know they can
:01:45. > :01:51.Employers will also be given more leeway to negotiate holidays
:01:52. > :01:56.which is currently heavily regulated.
:01:57. > :01:58.Proof that reform is needed, say its supporters,
:01:59. > :02:05.France has an unemployment rate of over 10%.
:02:06. > :02:12.That's more than double that of the UK and Germany.
:02:13. > :02:14.Michel Martinez is chief Euro economist at Societe General.
:02:15. > :02:25.Good morning and thanks for joining us. Another day of disruption in
:02:26. > :02:29.Paris and in France. Just give us your take on how this is all being
:02:30. > :02:32.handled. The last time they had strike action more than 1 million
:02:33. > :02:43.people across France were protesting. I expect fewer
:02:44. > :02:49.participants. Even the demonstrations work well for the
:02:50. > :02:53.trade unions. I don't think they will step backwards. I think next
:02:54. > :03:01.week the reform will pass through the Senate and Parliament. So that's
:03:02. > :03:08.a reform that is heading in the right direction, in terms of
:03:09. > :03:15.deregulating the market. As you just mentioned, there is one significant
:03:16. > :03:19.change which is the decentralisation of the banking process at the
:03:20. > :03:25.company level. -- bargaining process. Most of the bargaining
:03:26. > :03:29.processes happen at the branch, sector or even national level and
:03:30. > :03:38.with that reform, regarding the numbers of hours worked,
:03:39. > :03:44.negotiations will be possible at the company level. That is a significant
:03:45. > :03:52.change. That's the reason for which the tougher unions are against
:03:53. > :03:59.reform because they are very powerful at the branch level, for
:04:00. > :04:07.example in the refinery sector or the transportation sectors, and the
:04:08. > :04:15.fear that they will lose the power... In practice this reform
:04:16. > :04:20.will allow companies to depart from the 35 hours week. So that's a
:04:21. > :04:26.reform that is heading in the right direction. Sorry to interrupt. I was
:04:27. > :04:31.just going to ask you, because as you are explaining the reforms are
:04:32. > :04:37.likely to take place next week but they are very watered down compared
:04:38. > :04:42.to the original ideas to change the labour regulation in France. So will
:04:43. > :04:48.they be effective in boosting the French economy, do you believe? We
:04:49. > :05:02.don't believe that this reform will be a game changer. It won't go up to
:05:03. > :05:13.6% like in other European economies. No. But we have to take this reform
:05:14. > :05:25.as probably one of the first reforms in the labour market for a decade.
:05:26. > :05:29.If you look at the reports via the main international organisations,
:05:30. > :05:36.they say that the pension is France is now almost balanced. It took
:05:37. > :05:45.French policymakers almost two decades to change the pension
:05:46. > :05:54.reform. The way I see this reform is the first door that has been opened
:05:55. > :05:59.and... But of course more will be needed. Regarding the
:06:00. > :06:02.decentralisation of the bargaining process, it is possible negotiations
:06:03. > :06:06.will happen at the company level. The next time will be able to deal
:06:07. > :06:11.not only on the number of hours but also on the numbers of jobs, on the
:06:12. > :06:18.restructuring of the company as well. All right. We appreciate your
:06:19. > :06:23.time. Thank you. We will be keeping an eye on how things go today in
:06:24. > :06:24.Paris and elsewhere in France. The last time protests occurred it all
:06:25. > :06:30.got very nasty. Moving over to Asia. China's Commerce Ministry says
:06:31. > :06:32.it is deeply concerned about protectionism
:06:33. > :06:34.in the US steel sector. In a statement it blames the lack
:06:35. > :06:38.of competitiveness in the US steel It's the latest blow in a growing
:06:39. > :06:55.trade row between the two It is interesting. Almost like China
:06:56. > :07:01.fighting back. It is. Of course many of China's critics would say it is
:07:02. > :07:05.somewhat ironic, when most other global steel producers would
:07:06. > :07:09.chastise China for pricing steel to cheaply and looking out for their
:07:10. > :07:12.own interests. So it is China's commerce industry saying on their
:07:13. > :07:15.website that the lack of competitiveness by the US steel
:07:16. > :07:21.sector is a result of overprotection and that they should abide either
:07:22. > :07:23.rules. But all of this of course comes after the US International
:07:24. > :07:30.Trade Commission said on Wednesday it had found that imports of coal
:07:31. > :07:36.products from China are hurting US producers and that's paving the way
:07:37. > :07:41.for hefty anti- dumping duties, a tit-for-tat spat really. The US
:07:42. > :07:45.Commerce Department had previously slapped Chinese steelmakers with
:07:46. > :07:50.import duties of over 500% on some of the Chinese products. But we know
:07:51. > :07:55.as well there's a huge collapse in prices globally. That is leading to
:07:56. > :08:00.all of this. The shutting of competing mills around the world.
:08:01. > :08:05.This is being blamed on Chinese overcapacity, the fact that they
:08:06. > :08:08.produce too much steel. China is the world's biggest producer and
:08:09. > :08:14.consumer of the metal and is rising production has come despite its own
:08:15. > :08:16.attempts to cut capacity. Thank you so much. Squeezing in some other
:08:17. > :08:17.stories. South Korean car maker Kia has
:08:18. > :08:20.topped a US quality survey by auto It's the first time in 27 years
:08:21. > :08:24.a non-luxury brand has The survey questioned over 80,000
:08:25. > :08:33.drivers who'd bought a new car this year about problems
:08:34. > :08:36.during their first 90 Kia came first, pushing last year's
:08:37. > :08:39.winner Porsche into second place. The Smart minicar brand owned
:08:40. > :08:42.by Daimler came bottom, Struggling smartphone maker
:08:43. > :08:46.Blackberry reports first At its annual meeting on Wednesday,
:08:47. > :08:55.boss John Chen promised to start making a profit from its hardware
:08:56. > :08:57.division again this year. He's so far been unable to stem
:08:58. > :09:01.a sharp decline in revenue or boost Blackberry was once the leading
:09:02. > :09:17.smartphone maker before losing out A look at the markets. UK voters
:09:18. > :09:23.will go to the polls in one hour and 20 minutes. For legal reasons today
:09:24. > :09:27.broadcasters... I have lost my market board! For legal reasons we
:09:28. > :09:30.can't discuss all of the reports on Mac UK referendum result. But let me
:09:31. > :09:39.move the market boards on. You can see how the sterling is
:09:40. > :09:48.trading. You can get a sense of how that is doing. A big Dane on the
:09:49. > :09:51.Nikkei two to five, up 8%. -- gain. It has the brisk at the ring going
:09:52. > :09:58.on. The possibility of 7000 jobs going. -- it has big restructuring.
:09:59. > :10:10.Oil is about $50 a barrel. See you soon.
:10:11. > :10:13.Three-quarters of LGBT people still feel the need to lie
:10:14. > :10:17.about their sexuality or gender identity, according to new research