11/07/2017 World Business Report


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11/07/2017

The latest business news with informed analysis from the world's financial centres.


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Now it's time for World Business Report.

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A major review published in the UK today says workers need more rights

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and everyone involved needs to pay more tax.

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And cleaning up Russia's nuclear mess.

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We visit an old navy base thought to be one of the most toxic sites

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in the whole of the country - now getting a facelift.

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The world of work is changing, but are employment and tax

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Here in the UK, a government review is calling for workers

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in the so called gig economy to get new rights.

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These are people using technology to take short term jobs such

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This type of companies offer flexibility over hours,

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but often with lower pay and poorer conditions.

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The Taylor Review says there should be a new category of worker called

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They would get benefits such as some form of minimum wage and sick pay.

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This is relevant to more and more people around the world.

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McKinsey found that across the EU and US 20 to 30% of people

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That's as many as 162 million people worldwide.

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For about 44% of them, it's their primary source of income

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- so the rights they get make a big difference.

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The European Union is currently looking at how it can make sure gig

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economy workers can get similar social protections,

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such as out of work benefits and employment services,

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as those in traditional jobs.

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In the world's biggest economy, the US, two Senators have proposed

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portable benefits including paid leave, training and unemployment

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insurance that move with individuals across different jobs.

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The report's author, Martin Taylor, told us some of the aims behind

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In my view, there is too much work at the bottom end of the Labour

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market. There are people who are not having their right to -- rights

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fully respected. There are too many people who don't see a route from

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their current job to progress, earned more and do better. -- earn.

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Our report will start that process, but all of us in society, employers,

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customers, play a role in getting better laws for everybody.

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With me is Nigel Mackay, Employment Law Specialist

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It is no surprise that report has come out, we have had a number of

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court cases here in the UK that have established that these people are

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legal workers and deserve rights. Would you go further? Yes, we have

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talked about introducing this new category of independent contractors.

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However, we already have a category of workers. They are entitled to

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rights. In some ways it is disappointing that they have not

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gone any further than that in terms of introducing new protections. What

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does it actually mean? It doesn't mean much different to what we've

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already got. It is a sort of intermediate category. At the top

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are employees with the most rights, then at the bottom you have contract

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is with no rights. They are saying you will have a new category of

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contract is with the same rights that workers have, such as holiday

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pay and minimum wage. If workers have those rights, if employers have

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to give them those rights and make more tax payments, what is the

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appeal left for employers? You have to look at the wider economy. Other

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employers have to work with the law, paid minimum wage, there is no

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reason why new technology companies operating in the gig economy should

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not do the same. I think it is right that there is a level playing field

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for all companies. The tax is not just about getting employers to pay

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more tax, they have also discussed cash in hand jobs such as window

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cleaning, where they have said we should all be paying more tax? Yes,

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it is right so that everybody should pay tax no matter what they do. If

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you are letting people not pay tax, then, that would not be right. We

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talked about the gig economy as a global phenomenon. It is happening

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all around the world. It is becoming more common as a way of working. Do

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you think other countries are going to look at this review and take some

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pointers? I think they will be. We act for individuals working in the

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gig economy, we spoke to lawyers in the US and other areas as well. They

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have experienced the same problems, being paid less than minimum wage.

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Governments will be looking at how to improve the situation, yes. Thank

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you very much for your time. One of Russia's biggest Cold War

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naval bases is still running up big bills - but not just

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for the government in Moscow. Western nations are giving Russia

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more than $100 million to clean up what is regarded as one of the most

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toxic sites in the huge country. The European Bank of Reconstruction

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and Development, which is behind the scheme, says it's a price worth

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paying to prevent the facility in Andreyeva Bay turning

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into another nuclear disaster. When you look at this kind of

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investment, you have to compare them with the scale of disaster that a

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nuclear accident can create. We have unfortunately seen that. We have

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seen that fate. Shares of Snap have fallen

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below its initial public offering The company, which owns popular

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messaging app Snapchat, Snap shares have been under pressure

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recently as investors doubt whether the social media company can

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stay popular and fend off competition from tech

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rivals like Facebook. Australian Prime Minister Malcolm

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Turnbull is certainly At a joint press conference

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in Downing Street with his UK counterpart, he announced Australia

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is ready to negotiate a free trade deal with Britain as soon

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as that is possible. Trade between the two countries

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is worth around $27 billion. India's highest court will look

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at the government's recent decision to ban the sale of cattle for

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slaughter, through animal markets. The country's leather and beef

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export industry says the government's move violates

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the right to free trade. It's a case that could affect

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the livelihoods of more than 20 million workers across

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the meat industry Taking a quick look at what the

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markets have in Optum. -- been up to. A lot of traders are waiting for

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the US reporting season to kick off this week. We have figures coming

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out from all of the big names. We will wait and see what is happening

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with those companies. Oil is just 0.4, despite the fact we are getting

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increased production in the US. There is a bit of chat about

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production cuts in Libya and Nigeria. That may be helping the

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idea that demand could come to meet overproduction. You can see how the

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American markets closed yesterday. They will also be waiting for the

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earnings figures coming out in the US this week. Once they come out, we

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should see a bit more action. Not a lot going on right now.

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Don't forget you can get in touch with me and some of the team

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Plans to double the number of people who can speak the Welsh language

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are being outlined by the government in Wales.

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The latest census in 2011 shows the number of people who can speak

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Welsh has fallen to fewer than a fifth.

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