The latest business news with informed analysis from the world's financial centres.
Browse content similar to 18/01/2017. Check below for episodes and series from the same categories and more!
Mark Zuckerberg gets a real grilling in the US courtroom as he defends
the origins of Facebook's virtual reality headset.
Weighing up the 'wish list' - business leaders give us their take
on Theresa May's plans for Brexit, as the pound starts to sink again.
Welcome to World Business Report. I'm Sally Bundock.
We will be live in Davos in just a moment to speak to the boss of WPP
about what Theresa May had to say on Tuesday.
Facebook founder Mark Zuckerberg has denied allegations his company's
virtual reality unit stole its technology
He faced hours of tough questioning in a US court on Tuesday.
Our North America Technology Reporter Dave Lee provided more
Mark Zuckerberg was on the stand wearing not his typical grey T-shirt
but a full suit and tie and while he was there his company Facebook was
accused of essentially stealing technology from a firm which works
very closely with oculus, that -- Oculus. They say it was their input
that may be Oculus headset and early success and presumably why Facebook
wanted to buy it. Facebook did by the copy for $2 billion in 2014 and
shortly after that ZeniMax filed this lawsuit. Mark Zuckerberg said
that was typical when a big deal was made for companies to come out of
the woodwork and eventually claim some kind of credit, that he insists
that all of the innovation in that headset was done by the Oculus team
and that team alone. This trial will last for around three weeks.
The defacto boss of Samsung Jay Y Lee has arrived
A judge will decide today whether he should be arrested
over his alleged role in a major corruption scandal.
Kevin Kim joins us from Seoul in South Korea.
Tell us more about today. Well, the head of Samsung was seen rising at
court with quite a grim face. After a four-hour work here in battle it
has just ended, so we may hear the results later this evening.
Prosecutors believe Samsung has committed bribery and has asked Jay
Y Lee to be jailed. The allegation is that Samsung gave Williams of
dollars for the votes of the national pension fund in a big
restructuring of the company. -- billions of dollars. Last week Jay Y
Lee was summoned as a suspect and questioned for about 24 hours.
Investigators said on Monday that despite concern, Jay Y Lee's arrest
may have a negative effect on the economy. Establishing justice was
more important. Thanks very much, Kevin. I know we will be up dated
when we hear from the judge as to whether we should be arrested or
not. US regulators claim
that the world's biggest producer of mobile phone chips, Qualcomm,
forced Apple into an exclusivity The Federal Trade commission
is suing Qualcomm for unfair practices in the way it
licenses its technology, especially the processors used
in cell phones and other devices. The Apple deal is just one case
where Qualcomm is accused of abusing its dominant
market position. The company has denied
the allegations, saying the case One of Donald Trump's closest
advisers has told the BBC the US would win
a trade war with China. Former Wall Street banker
Anthony Scaramucci warned that if China chose to retaliate
when the Trump administration imposed tariffs on imports,
it would cost them "way more" The comments comes as the Chinese
President gave a staunch defence of globalisation at the World
Economic Forum, in Davos. Today, for the first time ever,
a freight train from China It wasn't intended as
a symbolic statement, but with the British Prime Minister
confirming the UK must leave the European single market,
the train's arrival does illustrate that post-Brexit Britain may need
to look further afield Theresa May used her much
anticipated speech yesterday to announce the UK's priorities
for upcoming Brexit negotiations. Leaving the single market means
Britain will lose the right to trade with the European Union
without restrictions. Despite this, the UK Prime Minister
says the government will negotiate the best possible access
to the trading bloc. She has also said Britain will aim
for a new a customs union agreement This would allow the UK to form
new relationships with non-European trading partners, but it
could impose higher costs Many financial firms which use
London as its European headquarters have already started
looking elsewhere in Europe. The market reaction told another
story with the value of the pound rocketing after Theresa May said
she would allow Parliament to have a say on any final deal,
so investors showing some scepticism that a hard Brexit will get the go
ahead of politicians. Let's get the view
of Sir Martin Sorrell, chief executive of the world's
largest advertising company, WPP. Good morning. Good morning! It is
very cold and very early! But you look like you have the best possible
gear on to withstand that challenge. Tell me what you think of what
Theresa May had to say. Is it a good plan, or are we on a Rex at cliff
edge? -- Brexit. She has laid out to 12 point agenda and it is the
beginning of the negotiation. I thought it was notable for the
detail. But also because of the hard position. We will see how it pans
out. I guess I sort of felt she may have laid out the agenda as the
first shots in a lawn and what looks as though it will be a very hard and
detailed negotiation. The Prime Minister set out her stall a guess
in response to critics who said there was very little detail. Now we
know much more about the detail and as you pointed out in your
preliminary peace we do have a sort of Brexit check through the House of
Lords and House of Commons once the details are learnt. I guess that's
why the sterling started to strengthen after a week period. As
you say she was talking sternly and may have learned from Donald Trump.
Donald Tusk says this is a very sad day. As she set out a stall for a
bitter divorce? Is that the risk? She has laid out what she feels, the
two big issues, immigration and the role or influence of the European
Court of Justice. She said on both those points they are unacceptable,
from Britain's point of view. But it's a negotiation. 27 member states
over two years have to agree to that deal. 20 of the 27 states have to
agree. This is going to be a lawn and tough negotiation and, as I
said, the Prime Minister has given her position on what will happen
when Article 50 is triggered, supposedly in March. Those
negotiations will take place. We could end up with a classic European
recipe of fudge and not to wish list as it were, but in the meantime how
will businesses keep going and meander through, as we have this
uncertainty and volatility had a go for us? Well, the uncertainty
remains and that's the real problem. I think one of the principles the
Prime Minister laid out was an attempt to reduce the attempt. But
having said that there is uncertainty. This is as a result of
this opening shots in the negotiation will plant for the
lowest... The worst position, which would be a WTO solution. And
tariffs. Can interrupt you? They will plan for the worst and
therefore if things turn out a little bit better, if there is a
middle ground between where the EU are and where the Prime Minister and
Britain is, things may improve from the lower level, but companies are
doing their content in the planning and will be planning on that basis.
And eating out of London may be? A hard Rex at as you suggest. --
meeting out of London may be? A hard Brexit, as you suggest, and it isn't
clear what sort of Brexit check that we will have on a couple of years
but we will see that more in due course. People out of London, always
a possibility! Always a possibility. Don't give me a hard time for not
coming to your studio! It is very cold and very early and very unfair!
I wouldn't dream of it! I appreciate you getting out of bed so early from
your beautiful hotel in Davos. Go back there and get a hot chocolate.
See you soon. That was Sir Martin Sorrell, the
boss of WPP. We will be back in a moment to have a look at the papers.