05/04/2017 World Business Report

Right, if you want to know what is going on in the financial world, I

can tell you that Sally is here with World Business Report.

Today politicians in the European Parliament get a chance

to debate Brexit with MEPs well aware they have a final say once

Another brick in the wall: The bidding process for the building

of President Trump's controversial wall along the US-Mexico

Hello and a very warm welcome to World Business Report. I am Sally

Bundock. Also in the programme we'll be live

in Mumbai for the latest on the UK Finance Minister's

trade trip to India. But first, let's start with the news

that it has been a week since the United Kingdom finally gave the

European Union formal notice that it wants to leave.

And in a few hours' time, today, the European Parliament is starting

on what it wants to see from the negotiations.

And this matters because the Parliament can veto any final

agreement made between the UK and the European Council.

One of the big issues they'll be looking at is the size

A figure in the region of $60 billion has been widely reported.

At the moment the two sides are bound by trade worth

The future of that will be discussed and the initial

draft also warns the UK against starting any trade

negotiations with other countries whilst it's still a member

Britian's role as the world's biggest exporter

of financial services is also picked out with a warning the UK shouldn't

expect "privileged access" to the EU's internal market.

There is also a call for "legal certainty" for companies.

An estimated that some 300 thousand UK firms currently export to the EU.

And two leading industry regulators are also facing

the prospect of being relocated from their current London offices.

They are the European Banking Authority and the European Medicines

And the future of Northern Ireland and the Irish Republic

But there's also a shared land border and particularly strong trade

With me is Mary Rose Burke, Chief Executive of the Dublin

Good morning. Welcome to World Business Report. So how optimistic

argue about this process? Well, I think the initial nervousness that

our members had immediately after the recommended has abated somewhat.

-- are you about. There is some relief that the process has started.

Interestingly, our members, one in five of them feel that there could

be an opportunity for them in Brexit. The remaining 80% are

concerned about the cost to their businesses. How have your

businesses, members in Ireland, been affected so far? Particularly food

and drink and tourism and retail have seen an impact, particularly in

the second half of last year. So a very real impact, they are,

primarily driven by the weakness of sterling. We expect that to continue

in the great British two -- GB tourist island. That is very

important to you, isn't it? Yes, that small to medium size

businesses, to export about 40% of their goods to the UK. -- Ireland.

Talk us through some of your members, who are now seeing

opportunities and the impact of this shift. Talk us through those. Well,

there might be a relocation of some institutions to Dublin, perhaps in

construction and in retail, and something will pick up on that. In a

chamber, we have also seen more contact from members seeking help in

diverse of buying both their markets and product development. So while

people are still reliant on the UK, those businesses are also looking to

see how to mitigate that. Suddenly I heard from quite a few analysts, and

also company bosses that I have spoken to since June last year, they

have said that many working here that Dublin is the place to relocate

to or to have a European HQ, as it were. Have you seen a lot of

activity from that point of view? We have. A lot of people make that

initial assessment. There are certainly been some pressure coming

on the office-based, but we do expect to see that accelerating, but

a Glen Abbey processor started. Thank you for joining us this

morning. We will keep a close eye on what is going on. -- but now

especially now be process has started. -- the process.

It's the final day of the UK Finance Minister visit to India,

along with the Governor of the Bank of England and other

Today is all about showcasing the UK's financial services -

Philip Hammond and Mark Carney are in Mumbai meeting Indian

financial tech firms and the head of India's Central Bank.

It's Hammond's first foreign trip since Article 50 was triggered,

starting the process to take Britain out of the European Union.

Lovely to see you. Tell us a bit more about today's agenda. Well, the

Chancellor will be attending a couple of events with the

underwriters come with. He is attending an event where they will

be talk about start-ups, after which they are addressing a conference

that will have business leaders from the world of financial services. You

were referring to the UK being the biggest exporter of financial

services. So they want to pitch that is one big industry where the UK and

India can really partner. Because India, as you know, is a growing

economy, that is trained to grow its digital base across the country, and

the UK is trained to say that they could partner with India to meet

those aspirations, particularly when it comes to digital rollout across

the country. And so, this is very important groundwork that is going

on, yesterday and today, in terms of any future trade deals that are

hammered out. You have to be reminded that they cannot have any

official trade talks, yet. That is right. Both the finance minister and

the Chancellor of India have pointed out that after the Brexit process is

over, they will start negotiations. They are ready trained to understand

the issues where these countries can work together. India has been making

this point about immigration, because a lot of Indians travelled

to the UK every year, but now there are concerns that because of Brexit

and a crackdown on, all restrictions on visas, Indian students might

suffer. They want to hear that the number of visas for Indians will not

suffer. They want to see if they can partner when it comes to

infrastructure, because that is one place where India needs a lot of

investments in partnership, and the UK feels can play a big over there.

Thank you very much for joining us Sameer. We will speak to you later

in the day. The deadline for contractors to bid

for a chance to build the very controversial Mexico border

wall has just closed. Several firms will now be chosen

to build prototypes, But this is one project that

won't be smooth sailing The boss of one company,

based in Texas, said he has received about a dozen death threats

since publicly expressing Other companies have asked

if authorities would rush to help their workers came under attack,

and if employees would be allowed Donald Trump's proposal to build a

border war with Mexico has drawn interest from hundreds of companies

around the country. A US official told the BBC the finalists will be

picked in the next few months, and will be asked to build a prototype

wall in the San Diego area. Some of the ideas are unconventional. One

Miami firm is proposing a sustainable structure built out of

recycled shipping containers. But according to some media reports,

many bigger companies are steering clear of the project, building a

wall was a cornerstone of Donald Trump's Presidential campaign. It

was also one of his most controversial policies. -- steering

clear of the project. Building a wall. It is not yet clear who will

pay for the wall. The deadline to submit bids came as news emerged

that illegal crossings from Mexico have fallen 67% under Donald Trump.

That was Michelle, of cores. Let's Sheedy markets in Asia. Trading

better than yesterday. Hong Kong reopened and China reopened. Many

markets were closed for a bank holiday. They are all open today.

The South African rand has steady today. We go to the United States.

You can quickly see others' markets ended the day, they are. You can see

a flat day, they are, in the US as well. I will be back shortly and we

were reviewed the other stories in the papers soon. See you then. -- we

will review fee. -- the. Theresa May has hinted that