Fairly perky at the moment, particularly in spain, up two thirds ofa particularly in spain, up two thirds of a percent. Planning a trip to europe . Well meet the man says he can streamline the experience, courtesy of an app on your phone and as the minister for finance in singapore delivers his budget, we are asking, what is the best way to pay for an ageing population . Do you believe raising taxes is a good idea . Get in touch. Just use the hashtag bbcbizlive. Hello and welcome to business live. Is the worlds trading system in crisis . Since President Trump entered the oval office the worlds biggest economy, the United States, has been reshaping its trading relationship with the rest of the world. Over the weekend, china threatened to retaliate if the us went ahead with proposed tariffs on steel and aluminium imports. So a high level un led meeting in geneva is looking at the way ahead. In many parts of the world the importance of multilateral trade deals can be seen in the number of people theyve lifted out of poverty. The World Bank Says the number of People Living in extreme poverty has halved since 1990 because of free trade. But President Trump has been ringing the changes. He pulled out of the Trans Pacific partnership, which would have covered about 40 of the world economy, and is seeking major changes to the nafta free deal between mexico, the us and canada, which is worth more than a trillion dollars a year. Whilst President Trump says hes trying to secure american jobs, the us chamber of commerce says 41 million of them depend on international trade. But the relationships behind it are showing signs of strain. As i said, china is warning it wont take us tariffs lying down. Our correspondent robin brant is in shanghai. Can you give us an idea of the kind of reaction in china to these deals . How serious are the statements that they might retaliate by putting their own tariffs on us imports . Well, the reaction was quick and sharp, they believe the analysis carried out by the department of, or is and the conclusions reached are groundless by the department of commerce. China is saying it reserves the right to use the necessary measures to defend what it says are its rights. This is the latest chapter in what started out asa latest chapter in what started out as a spat on the trading relationship between United States and china when donald trump moved into the oval office but it is beginning to look like it has the potential to really be much more serious, maybe even escalate to a craig hall and believe me when you talk to americans here, american businesses, american diplomats, the last thing they want is a trade war because they think no one can win out of that. What is interesting is that the key thing for American Companies here in china, and American Companies seeking to do business in china, is not so much the concern about Chinese Government and Chinese Companies and how they subsidise things like steel and aluminium production, their Solar Panel Component production, but their biggest concern is access to their biggest concern is access to the Chinese Market, reciprocity, we hear about that all the time, they have big concerns about restrictions placed on american corporations that wa nt to placed on american corporations that want to invest here, insistence on technology transfer, insistent in some sectors in going intojoint ventures with chinese funds, that is a much bigger concern for american businesses looking to get into china or expand in china. Ok, robin, thanks very much indeed. With me is professor george yip, from Imperial CollegeLondon Business school. You were listening in to that, are you concerned about what was going on over the weekend . Yes, there could be some kind of trade war, i suspect the us will back down in the end, both sides will pull back, but it is right that American Companies are concerned about access to the Chinese Market because there are many ways in which the Chinese Government can make access difficult, take away, impose additional restrictions. What seems so extraordinary really, it is ironic, perhaps, that china has become this champion of free trade ata time become this champion of free trade at a time when america, which we a lwa ys at a time when america, which we always thought was a champion of free trade, has become, not exactly protectionist but veering that way. It is not as ironic as it seems. If you look historically, the economically most powerful countries favour free trade because they have the goods to sell so britain in the 19th century first favoured and pass laws for free trade and century it was the United States, now in a 21st century it is china because they have so much to sell to the rest of the world. In the meantime we have meetings going on like we see in geneva today with this un body coming together to try to talk about how the Global Economy adjusts to the environment we are in, and looking at those countries that will lose out the most it is the smaller developing nations, whilst this bat is going on between the likes of the us and china . Yes, multilateralism favours smaller countries like developing nations are you really dont want to be caught, the classic, when elephants fight the a nts classic, when elephants fight the ants get trampled on the grass. there is some kind of trade war, how seriously do you think it will affect china . Because china has this reach across the rest of the world, doesnt it . Yes, and china is extending this reach all the way to centralise and europe but that said china still sells more than it buys from the rest of the world so it is also vulnerable to a trade war. From the rest of the world so it is also vulnerable to a trade warlj was going to say, whether it will pull europe into this as well . M could do but the European Union has very strong Tariff Barriers, free trade within europe but stronger Tariff Barriers with the rest of the world, as we are learning quickly through brexit. And europe is very busy sorting out its own internal issues like brexit, that is very time consuming for europe regardless. I think this is less of a problem for europe. Thanks for yourtime, a problem for europe. Thanks for your time, interesting. Obviously a problem for europe. Thanks for yourtime, interesting. Obviously we will keep you up to date with all of the twists and turns on trade. Lets take a look at some of the other stories making the news. The head of latvias central bank has spent the night in custody. Ilmars rimsevics, who is also a member of the European Central banks governing council, has been detained by latvias Anti Corruption agency, but no details have been released about why. His home and offices at the bank of latvia were both raided. The greek finance minister has told the Financial Times that his country wont need anymore close financial supervision once the third tranche of its bailout comes to an end in august. Its worth more than 100 billion, and progress on implementing the Economic Reforms it requires are top of the agenda for a meeting of eurozone finance ministers in brussels later on monday. We told you earlier there was a budget going on in singapore, the finance minister delivering it, the 2008 in budget, in parliament today. The speech is two hours, apparently. I dont know if he is on a breather right now. He is back on his feet it is quite a while he has worn so far that the country must prepare for three major shift in the coming decade, economy, ageing and technology. Mariko oi is listening. Yes, i have been refreshing the page waiting for the announcements what economists have been anticipating the possible hike in the goods and services tax, their vat, from 7 to possibly up to eight or 10 , and another thing that is possibly on the cards is an introduction of e commerce tax, so at the moment anything under 400 that you buy online is exempt from that gst but that might soon change. But he has not announced either of them, he has mentioned, though, the challenge of the ageing population, and that is one of the main reason is that even though singapore has quite a healthy surplus, it still wants to raise taxes because last year in 2017 the government spent about 10 billion on health care and that is set to rise to at least 13,000,000,020 20, which is quite a hike. So i will keep listening in to see if he announces those hikes rise to at least 13 billion in 2020. Lets have a look at the markets. The us dollar ending on. I hesitate to call it a strong ending, but it was a strong week for the us market. S and p is always the best wa nt to market. S and p is always the best want to look at rather than the dow, much more representative, 500 stocks across the us economy. The Australian Market and hang seng also. Hong kong and china closed today for new year celebrations. That was of course the end of last week. So of course we will not have those figures today. Lets go to wall street and find out what is going on there. I beg your pardon, we cannot go to wall street sally, takeover iam takeover i am always the fallback joining us is lawrence gosling, editor in chief of investment week. The reason we do not have wall street is because they are closed today . President s day, no action. A well deserved day for the team there. What are you watching today . It isa there. What are you watching today . It is a funny day, half of asia closed, wall street not opening and europe trading in the middle somewhere . It is interesting, wall street had a strong week last week, the strongest for five or six years, actually, and i think we are gradually gathering ground from the correction at the beginning of february and i think we will see more of that this week. Not a huge amount of news around and i think it is significant, with china, hong kong and the us closed today, a quiet day for markets, they wont all be listening to the singapore finance. Long blood recovering from that two hour speech, i guess a long lunch from that two hour speech, i guess a long lunch a big section of the Global Market closing, talking about hong kong as well, and five yea rs about hong kong as well, and five years ago people would not have worried too much, not worried, but it would not have affected trade . Worried too much, not worried, but it would not have affected trade . |j think it would not have affected trade . think you are right, there are two major indices that investors can trade chinese equities which they could not five years ago, there was only one and it was not quite as open. China as an economy, as we we re open. China as an economy, as we were hearing earlier, has become significant, second largest in the world, so the importance of china as the stock market and economy has moved on in measurably in the last five years. What are you watching for the rest of this week . The start ofa for the rest of this week . The start of a new week, anything to keep an eye open for . We will be watching what the currency does. A lot of the results affected by exchange rates, we have seen the dollar strengthening a little bit, stirling drifting a bit, the euro is quite steady so we will see more of that, it does not feel like a week were a lot will happen but i think there is still some turbulence out there in the markets. You cannot relax not for a moment lawrence cannot, the markets. You cannot relax not fora moment lawrence cannot, he has got to come back in 15 minutes to talk about all sorts of other stories we will be talking about streamlining travel around europe, beating the man who saved his app can simplify your holiday plans. You are with business live from bbc news. Former shareholders in the collapsed british construction giant, carillion, are calling for its management to be investigated. Some have told mps that the compa nys executives must have known, or should have known, about its cash flow problems, well before it went into liquidation last month. Our business correspondent, joe lynam, reports. Carillion collapsed last month with debts of almost £1 billion and a pension black hole almost as large again, today we heard from carillions former biggest shareholders, any of them got out before it was too late, in letters to mps examining the collapse, one fund manager said that theyll should be an investigation, they used to own 10 of carillion. Another big shareholder, Standard Life aberdeen, said management had played down any potential risks. A canadian shareholder needed for attem pts canadian shareholder needed for atte m pts to canadian shareholder needed for attempts to get a meeting with the former chief executive of carillion. We have had a setup where people working continued faithfully to work, people on the bridge of the company drawing their mega salaries but those shareholders taking a close look, as soon as they had a look and a smell, they ran for the hills and that was the warning sign. None of the regulators seemed to be aware of what was happening. Anyone left Holding Shares in carillion when it was liquidated lost all their money, but thousands of former employees lost their jobs their money, but thousands of former employees lost theirjobs and their livelihoods. On the businesslike page we have the latest news as it breaks, including shares slumping because of flat earnings, flat earnings, this is the Household Goods giant. Shares down Something Like 3 this morning. Making lots of goods that we are familiar with, death toll, all sorts of things. That is one of the stories. Dettol. Billion pounds sales for mccolls, convenience chain. Following its acquisition of 298 co op stores last year. Lots to digests. On what is normally a quiet start to the trading week, certainly financial markets. Youre watching business live. Our top story it looks as if there could be a showdown over global trade. China is threatening to strike back if america goes ahead with tariffs on steel and aluminium. A quick look at how markets are faring. London is up a little, as is germany and france, no big movements given that asian markets were closed. Pound is stronger than the dollar, wea k pound is stronger than the dollar, weak dollar at the moment. Do you wa nt to weak dollar at the moment. Do you want to start . Talking about global tourism. Global tourism is booming. In fact, the number of trips made by Global Travelers surged 7 last year, according to the un world tourism organisation. And as this hunger to see the world shows no sign of abating, most travellers are becoming more savvy, in an effort to make their money travel further. One man who is embracing this is naren shaam, the founder of goeuro. His app was set up in 2013 to try and solve some of the problems associated with travelling around europe, helping users to navigate different languages, travel tickets, companies and routes. One man who is embracing this is naren shaam, the founder of goeuro. His app was set up in 2013 to try and solve some of the problems associated with travelling around europe, helping users to navigate different languages, travel tickets, companies and routes. Goeuro operates in 12 countries in europe, serving around 80,000 rail and bus stations and over 3,000 airports today, the company has grown to 250 people in its berlin headquarters, and has raised almost 150 million in funding. The founder of goeuro, naren shaam, joins us now. The both of us have been playing with the website. We have both had a 90, with the website. We have both had a go, and we struggle with it a little bit, it kept pinging me to booking. Com. We are starting a new partnership, so you hit on an edge case, we try to bring all trans built in europe together, operating in12 built in europe together, operating in 12 countries. All transport. We have partners built in, what we try to do is bring all of this inventory online, makes it easily bookable. What strikes me is extraordinary, something people are not aware of, fragmentation of the european travel market, we think of european travel market, we think of europe as a single market, people talk about the single market, it is not yet, it is not in travel, can you explain it to us. That is the purpose of me founding this company, if you look at other industries, netflix, you stream almost all movies in netflix, when you want to order, amazon, song, spotify, travel. Ten different websites. Airline websites, trained is mostly state owned in most countries, you work on the kiosk at the station or national rail. Coaches are extremely fragmented, thousands of companies. All of this has never come together ona all of this has never come together on a single platform, when you type in the destination and the platform tells you what is the best way, whether it is a simple route like London Amsterdam or london paris. You are trying to solve that problem, trying to get across all the bus services, sounds like a mammoth task, 250 people on it at the moment, how will you be making enough money to run yourself as a viable business, i know that you have a lot of funding, but that will run out quickly . We have a long ru nway run out quickly . We have a long runway with the funding, most of the revenue we generate today is 90 plus of the revenue comes from partners, so we charge a commission for every ticket that we sell. The bus company, the rail companies, the airlines, etc, that is 90 of the revenues, the remaining 10 , partnerships, advertising deals, etc. What about negotiating a trip across europe through a different sort of travel mode, a new regime. Your website, your system, how does it work it out, do you have an algorithm, from one place to another, or people negotiating the way in which you travel, going from one plane to another . Very complex network of suppliers, that we are trying to stitch together, it happens in phases, the first phase for us is to bring all the supplier online, so you can actually book everything on your app, 70 of consumers are mobile, most of the consumer journeys happen on consumers are mobile, most of the consumerjourneys happen on what we call simplyjourneys, a consumerjourneys happen on what we call simply journeys, a choice between london and paris, you can ta ke between london and paris, you can take a coach or a train or a flight, and as we, as we, and this is negotiated by our Business Development team so in each of the countries we have people. That is a human being doing that. That is correct, brings the supply online, 100 bus, 50 plus engineers bringing it together and making it simpler. The second part, which we are starting to build, how do you stitch these together, taking a flight plus a train, cross border, maybe multiple trains, very complex journeys, not easily possible by humans. This is done by algorithm. We were testing it in spain and rolling it out across other markets. We will keep a close eye, he in particular likes. I have got to go to budapest, june. No, august. I think that we are going to fly, probably vienna, and then train. Much cheaper to go vienna, and then train. The view out the window is much better. Very cheap option, yes. Thank you very much. Thank you for having me. The british chocolate firm cadburys was founded two centuries ago by a quaker, john cadbury, who was famous for his kindness to his worker. But when International Food and drink giant mondelez took over the firm, it had to make mass redundancies to keep it in business. So whats the secret of delivering bad news like that without ruining the compa nys reputation . Thatjob fell to glenn caton, mondelez president for Northern Europe. Got to make difficult decisions for the long term good of the business but how you do it in partnership with employees is equally important. One of our problems was that the cost of manufacturing in bournville was three times as much as it was in a comparator plant in germany. The three things we did, first, communicate the need for change, second, compelling vision of the future, and the third, how we went about it, consulting with employees to make sure they were part of the process and all the redundancies we re process and all the redundancies were voluntary, none of them were compulsory. If we had not done it in the right way, in the short term, could have resulted in strike action, it is better for employees and the business, if you do things in collaboration and trust and respect people, they will trust you and respect you back, and they will give you more. We were just having a look. We were having a laugh. He is the president of Northern Europe mondelez, not the president of Northern Europe and his name is not mondelez, that is the name of his company. Lawrence is back, lawrence gosling, very simple, very easy. Going through the newspapers. I think that this is really interesting. In the news, as it were, saudi women allowed to start business without male position. Permission. Saudi arabia changing their laws, there are regulations, empowering women in more and more ways. Vision 2020 is designed to for women to have a greater part in saudi society, so i guess in a way that we would think of in a western country, a new more liberal leader in saudi arabia. Fields ironic, seeing this headline, in western newspapers. Women allowed to do things. They can drive cars, go to a football stadium, start a business without a man giving them permission to do so. Is. Overnight it is doubling the size of the human resource, could be the most extraordinary economic effect. The one thing they have recognised, they need to shift the economy away from the old Oil Based Economy toward something more diverse, if they are not tapping into 50 of their talent in women, they will not achieve that. Lots of reports have come in from the World Economic forum, the world bank, they show that if you have more women in the workforce, you increase gdp growth, significantly, i dont have the statistics. And there is a strong history of women only universities, so it is a highly educated female workforce coming into the economy in the next couple of years. Thank you very much. That is all that we have time for. Thank you very much. Frost free start to monday morning but lots of cloud at the moment, some outbreaks of rain, fog patches to be found as well, as we go through the week, quite a mild start to the week, going to turn gradually colder, but mostly dry. Rain for the next couple of days, mainly associated with this weather system here, you can see across eastern areas, along the spine of the uk, this cloudy zone, outbreaks of rain. Mild weather system, mild air coming in from the south and the west. Through today, quite cloudy, quite wet, further west, bit of sunshine coming through, south west england, we st coming through, south west england, west wales, Northern Ireland, temperatures could get up to 12, 13 degrees. Further east, cloudy, gloomy weather, temperatures seven to 10 degrees. Through this evening and tonight, short spell of rain moving through Northern Ireland and western scotland, gradually merging, with rain across eastern areas, remaining cloudy and wet, further north and west, clear spells, frost free night into tuesday. During tuesday, more sunshine breaking through, better day for scotland, Northern Ireland, through Western Areas including the midlands. Stays quiet grey and gloomy, across lincolnshire, to the south east. Again, temperatures in the sunshine in the west getting up to ten to 12 degrees. Going through tuesday night into wednesday, slightly different story. Lose the rain, stays quite cloudy across the south and the used. Further north, and east, clear spells, colder air moving through, return of some frost. Temperatures down to 1, minus two. Again, during wednesday, some sunshine for scotland and Northern Ireland, northern england, further south, more cloud around, floating around, fairly difficult to pin down. Some brighter skies. Tempers are taking a slide down to seven to 9 degrees. Going into the rest of the week, this area of High Pressure dominating the weather across the uk, keeping things settle, dry, both on thursday and friday. Cloud amounts will be fairly difficult but some bright and sunny spells from time to time, temperatures about seven or eight celsius, frost during the morning as well. Hello, its monday, its 9am, im Victoria Derbyshire welcome to the programme. Our top story. The Prime Minister is to launch a year long review of how Higher Education is funded, admitting that england has one of the most Expensive University systems. Also on the programme. Serial paedophile football coach Barry Bennell will be sentenced today for abuse on an industrial scale committed on young boys in his care. These men abused by bennell told us how important it is for them to see him in person in court today. I will be there and i will like him in the eye. It is important for you that he is there . It is important for me personally to get that closure and hopefully to hear the judge say