:00:20. > :00:21.Melting away: Brexit threatens rescue plans for Tata's UK steel
:00:22. > :00:31.Paris rolls out the red carpet for financial high flyers forced
:00:32. > :00:46.Also in the programme: All eyes on the US jobs report out later,
:00:47. > :00:49.what will it tell us about the world's biggest economy?
:00:50. > :00:55.We start in the Indian business capital Mumbai,
:00:56. > :00:58.with a story that is being closely watched here in the UK.
:00:59. > :01:01.Britain's Business Secretary Sajid Javid will be meeting the board
:01:02. > :01:06.He's there for talks on the UK's future trading relationship
:01:07. > :01:12.with India following its vote to leave the European Union.
:01:13. > :01:15.High on the agenda, the fate of Tata Steel's struggling
:01:16. > :01:20.UK business and the thousands of workers it employs.
:01:21. > :01:23.Plans to find buyers to rescue the plants have been thrown
:01:24. > :01:39.According to Bloomberg, four out of the seven potential
:01:40. > :01:45.bidders have backed out since the referendum.
:01:46. > :01:47.Let's give you some of the background: Tata
:01:48. > :01:50.put its struggling UK business up for sale in March.
:01:51. > :01:52.It employs some 11,000 people at plants across the UK,
:01:53. > :01:55.including its huge Port Talbot plant in South Wales.
:01:56. > :01:58.But it's currently losing a million pounds -
:01:59. > :02:10.And here's one of the key reasons why.
:02:11. > :02:13.The price of steel has slumped since its peak in 2011 -
:02:14. > :02:23.So global demand has been dropping whilst there's been an oversupply
:02:24. > :02:32.of steel particularly, a lot of it coming from China.
:02:33. > :02:35.And this problem is having an impact across Europe where 320,000
:02:36. > :02:39.The European Steel Association says thousands of jobs have been lost due
:02:40. > :02:42.to the low price, which they blame on China flooding
:02:43. > :02:45.Now the UK's referendum vote has added further uncertainty.
:02:46. > :02:47.Yogita Limaye is outside the Tata Steel headquarters
:02:48. > :02:51.Now that Britain has voted to leave the European Union explain what this
:02:52. > :03:08.We are expecting the board meeting to start in about two hours in the
:03:09. > :03:11.building behind me. This meeting is significant because it is the first
:03:12. > :03:20.time the board is coming together since the vote to leave the EU. It
:03:21. > :03:24.is a big deal for Tata Steel, because about 25% of this deal they
:03:25. > :03:28.produce in the UK is sold to Europe, so it is also a key market. Access
:03:29. > :03:36.to that market would be a big concern, for the company and its
:03:37. > :03:39.potential buyers. What we are hearing is that Tata Steel is likely
:03:40. > :03:47.to press pause on the ongoing sale process of its wreckage factories,
:03:48. > :03:53.until some clarity is gained on what this means the business is. In terms
:03:54. > :03:59.of Sajid Javid, the business Secretary, he has been talking to
:04:00. > :04:02.these board members for months and months, and I wonder what he is
:04:03. > :04:08.hoping to hear from them today in terms of what they are thinking.
:04:09. > :04:12.Well, he has made a trip here every single time Tata Steel has held a
:04:13. > :04:16.board meeting, until they made the announcement to sell off the
:04:17. > :04:20.operation of the end of March, partly to show the British people
:04:21. > :04:24.that the government wants to do everything it can to save the steel
:04:25. > :04:28.industry. Each time the talks have been about different things,
:04:29. > :04:33.sometimes things that could be potential roadblocks in a deal that
:04:34. > :04:39.they could strike the sell-off the company. Today, there will be a lot
:04:40. > :04:44.of questions about the implications of the UK voting to leave the
:04:45. > :04:49.European Union, and what that would mean for a steel manufacturer in the
:04:50. > :04:54.UK. Also, he is expected to talk to Indian authorities in general about
:04:55. > :04:59.trade, but that is quite an interesting scenario, isn't it?
:05:00. > :05:05.Given that we are still part of the EU at the moment. That is right. He
:05:06. > :05:08.is expect it to meet the finance minister of the country as well as
:05:09. > :05:15.the commerce and industry ministers in Delhi, to initiate discussions on
:05:16. > :05:20.a potential trade deal, or what trade could look like for the UK
:05:21. > :05:25.outside the EU. India has been trying to renegotiate a free trade
:05:26. > :05:28.agreement with the EU for many years, and that has been stalled
:05:29. > :05:33.over several things, so Indian companies are now hoping the UK will
:05:34. > :05:39.perhaps be free to decide its own trade deal with India. I know we
:05:40. > :05:46.will talk to you later today. A jiffy your time. -- thank you for.
:05:47. > :05:49.Let's stay with the impact of Britain's vote to leave
:05:50. > :05:51.the European Union, but move to Paris.
:05:52. > :05:54.The French capital is eager to capitalise on a possible Brexodus
:05:55. > :05:56.of bankers if they are forced to leave London.
:05:57. > :05:59.The Socialist government has had a rocky relationship with big money
:06:00. > :06:02.So it's promising tax reforms to lure them back, and hoping
:06:03. > :06:15.a string of violent protests in Paris won't prove a turn off.
:06:16. > :06:21.They say the property market is the first to get a whiff of change. This
:06:22. > :06:28.luxury flat near the Arc de Triomphe purchase, prof sale, and agents say
:06:29. > :06:32.London bankers are starting to make enquiries. In the past week we
:06:33. > :06:36.received a lot of calls, essentially to discuss about the pricing,
:06:37. > :06:43.commissions, and for different people. French people living in
:06:44. > :06:49.London was also international people living in London, because as you can
:06:50. > :06:54.imagine, Brexit will certainly ask some corporate is to make decisions
:06:55. > :06:58.and relocate people outside the UK. That is music to the ears of the
:06:59. > :07:03.Paris financial sector, who have gathered for their annual convention
:07:04. > :07:06.this week, with government leaders in attendance. Suddenly, the idea of
:07:07. > :07:11.making France and attractive place the capital has come to the top of
:07:12. > :07:15.the political agenda. A few years ago at the height of the scares
:07:16. > :07:19.around French levels of taxation, it was the mayor of London, Boris
:07:20. > :07:23.Johnson, who famously rolled out the red carpet for French companies who
:07:24. > :07:27.wanted to relocate in London. Now, in a highly ironic twist of fate, it
:07:28. > :07:31.is the French who are doing exactly the reverse. Among those addressing
:07:32. > :07:37.the convention was the president of the Paris region. She is from the
:07:38. > :07:40.opposition centre-right, which hopes to take back power from the
:07:41. > :07:49.Socialists next year. So why does she think Paris has more to offer
:07:50. > :07:56.the financial sector than Frankfurt or Amsterdam? We are the only
:07:57. > :08:06.comprehensive location in Europe. We are a financial centre but also a
:08:07. > :08:14.centre of innovation. We have an entrepreneurial initiative, and
:08:15. > :08:21.dynamism. So, we want all firms based in London to think that France
:08:22. > :08:25.is the next big thing. Even the most deciduous promoters of Paris agree
:08:26. > :08:30.there were problems. The image of France was badly damaged by recent
:08:31. > :08:33.protests over labour reform. And there is an idea that the country
:08:34. > :08:39.does not quite approve of capital. But what Paris does have is
:08:40. > :08:42.international clout and economic size. Plus, many thousands of
:08:43. > :08:46.financial workers in London who might be seeking to move are in fact
:08:47. > :08:53.French. Could they be tempted back home with the new redcarpet?
:08:54. > :08:58.We are coming to the end of the second trading week since the Brexit
:08:59. > :09:08.decision, and it has been another volatile week for markets.
:09:09. > :09:11.Let's go to Asia now where all eyes are on the monthly US jobs report.
:09:12. > :09:18.Ali Moore is watching the markets for us in Singapore.
:09:19. > :09:23.With all this uncertainty in the post Brexit world, investors are
:09:24. > :09:31.looking for any tangible good news and say there is a bit of
:09:32. > :09:35.anticipation ahead of this. Numbers are down, Australia treading water.
:09:36. > :09:40.The movements are not great, Hong Kong probably the greatest. But they
:09:41. > :09:45.are weaker. I should point out that there is quite a bit of wariness
:09:46. > :09:50.about today's numbers, it was there was that unexpected negative supply
:09:51. > :09:54.in payrolls in May. US payroll inflation fell to its lowest level
:09:55. > :09:58.in five years, giving markets a jolt, and the question for today's
:09:59. > :10:03.numbers is whether that was a temporary weak patch. The consensus
:10:04. > :10:22.forecast for today is a gain of 175,000 jobs in June. Certainly any
:10:23. > :10:23.good news would be welcomed right now
:10:24. > :10:26.London's position as a global financial hub after the UK leaves
:10:27. > :10:29.In a statement the banks and Chancellor George Osborne said
:10:30. > :10:32.they would work to ensure London "retains its position".
:10:33. > :10:34.It was signed by JPMorgan, Goldman Sachs, Bank
:10:35. > :10:36.of America Merrill Lynch and Morgan Stanley,
:10:37. > :10:37.as well as the UK's Standard Chartered.
:10:38. > :10:40.Since the referendum vote there have been concerns that banks
:10:41. > :10:42.would reduce their staff and offices in the UK
:10:43. > :10:45.Consumer confidence in Britain has seen its biggest slump in 22 years
:10:46. > :10:46.following the referendum on June 23rd.
:10:47. > :10:48.That's according to market research company GfK.
:10:49. > :10:50.The survey tracks peoples' willingness to make big purchases
:10:51. > :11:02.as well as worries about their own personal finances
:11:03. > :11:05.It found a marked deterioration in confidence across