Transcripts For BBCNEWS BBC Business Live 20170927 : compare

BBCNEWS BBC Business Live September 27, 2017

Near one month high. Also in the programme, well be getting the inside track on an app that promises to tell you all you need to know about buildings. Plus twitter doubles its tweet length to 280 characters, so we are asking you today whats your social network of choice and why . Just use the hashtag bbcbizlive. Hello and welcome to business live. Thousands of Aerospace Jobs in the uk and canada could be at risk after the Us Department of commerce ruled against bombardier in a dispute with boeing. An interim tariff of 220 has been proposed on the import of bombardiers c series jet to the us. Boeing had complained that bombardier got unfair state subsidies from the uk and canada, helping it win a major order. The ruling relates to a 5. 6 billion transaction us Airline Delta made last year for up to 125 of bombardiers c series passenger jets, a rival to boeings own 737 jet. Bombardier, is one of Northern Irelands biggest employers, with over 4,000 people in the country on the payroll. They have called the ruling absurd. And tweeting within the last half an hour the uk Prime Minister theresa may has said that she is bitterly disappointed by initial ruling and she will continue to work with bombardier to protect vital jobs for Northern Ireland. Our Business Editor simonjack is in belfast. Simon, what more can you tell us about this . Well, people here in belfast were braced for bad news on this one. There was a general a cce pta nce this one. There was a general acceptance that they might not get what they wanted, but this is worse. 220 tariffs slapped on every plane sold into the United States which is the worlds biggest aviation market. That could if upheld and followed through with, kill demand for this plane, this c series which is integral to bombardiers future in the Aerospace Industry and it is the plant here in belfast, belfast is its largest employer and des signed around the success of this aeroplane, 25 of the workforce work on the wings, thats due to rise to over 50 over four years. A on the wings, thats due to rise to over 50 overfour years. A real threat to this if upheld. It is a preliminary ruling. We will get another one in february, early next year, when we will look at the question of how much harm boeing actually suffered as a result of this contract. Now thats going to be interesting because boeing didnt enter the tender, didnt tender for this contract so it will be hard for them to say they have got any harm. The fact they are pursuing it so aggressively has some saying what boeing is doing is trying to strangle this programme, this Aerospace Programme at birth so that it doesnt give a lift to bombardier and have it competing in other areas of the aerospace. The last thing boeing wants is another airbus on its hands and they have been at loggerheads with them for over 15 yea rs. Loggerheads with them for over 15 years. Boeing is winning the legal arguments so we will see, at the moment it is first blood in this dispute to boeing. We will get another ruling in february, but it does cast a shadow over the c Series Programme and to 4200 jobs in belfast. Explain for our viewers around the world why it is important to the uk and in particular Prime Minister theresa may . Given the outcome of the last election . Well, thats interesting because there is a real political dimension to this. The bombardierfactory a real political dimension to this. The bombardier factory in a real political dimension to this. The bombardierfactory in belfast a real political dimension to this. The bombardier factory in belfast is ina dup, the bombardier factory in belfast is in a dup, democratic unionist party, and theresa may relies on the dup, the ten mps of them, for her slender parliamentary majority so she will be keen, if it matters to the dup, it matters to the conservative Prime Minister. She raised it with donald trump we know the business secretary from the uk has been visiting boeing. Usually they do it behind closed doors, but they know a lot of people are watching, how hard the uk government is fighting for Northern Irish jobs, government is fighting for Northern Irishjobs, but government is fighting for Northern Irish jobs, but these are not straightforward disputes. For example, boeing says that it employs 16500 people in its supply chain in the uk. So it is not a street shoot out between us and Northern Ireland jobs on one side and us jobs on the other. These are complicated disputes and thenned to last a long time. They do. We know only too well. Simonjack time. They do. We know only too well. Simon jack in time. They do. We know only too well. Simonjack in belfast. Lets take a look at some of the other stories making the news. Uber is due to appeal an important decision about how it operates in the uk later today. The company is expected to tell an employment tribunal its drivers should be treated as if they are running their own businesses. If an earlier decision is upheld drivers will be entitled to benefits such as paid holidays and the minimum wage. Twitter has launched a trial of longer messages which it says will help users more easily express themselves. The limit for a message has been 140 characters but has now been doubled for some users. Twitter may be hoping it leads to increases in engagement as it struggles to grow user numbers and narrow its losses. Easyjet is backing plans to develop commercial passenger planes powered by electric batteries. The airline wants the proposed aircraft to fly passengers on short haul routes possibly within the next 10 to 20 years. The prototype will be developed by a us firm called wright electric which has already built a two seat Battery Powered plane. French president Emmanuel Macrons government will deliver its first annual budget today. As a former economy minister to former president francois hollande, his economic credentials formed a big part of his campaign. However he still has a big task on his hands. Lets go live to paris for more on this story. We are joined by thomas. Give us your take on what might be in this budget. Well, the budget is really a follow up to Emmanuel Macrons campaign promises. There are no surprises here. Perhaps the novelty is that what theyre plan to go do is to extend the Budget Planning for the five consecutive yea rs planning for the five consecutive years and basically how i wool summarise it, there is no surprises, there is a lot of smoothing and tax cuts and there are also some budget cuts. The idea is to slowly go, reduce the deficit if, of course, the economy permits. Weve already seen Emmanuel Macron push through the controversial labour reforms that youve mentioned. A previous guest that sally was talking to suggested that the budget that were going to hear today, much more important than those reforms. Is in the moment that were those reforms. Is in the moment that we re really those reforms. Is in the moment that were really going to see Emmanuel Macron stamp his presence . Well, the labour reforms that were just passed, a small part of the entire package that the bunch of reforms thatis package that the bunch of reforms that is going to be implemented. The budget and for example the tax twea ks, budget and for example the tax tweaks, the budget tweaks are an important part of it. For example, lowering the taxes on labour and increase in income tax which will reshuffle the tax burden, but it will make employment much more, it is going to be much easier to hire and its going to be, youre going to see some purchasing power for workers in the private sector. There is also another tweak which is quite important. The wealth tax is going to be refurbished. Were going to see that its going to become a tax on immobile capital and this is in the hope of stimulating investment into the french economy. Thank you forjoining us once again on bbc world news. Thank you very much. Lets look at markets now and most asian shares edged up on wednesday but Us North Korea tensions are stilljangling nerves and keeping investors were from buying with any gusto. In tokyo the bell weather nikkei slipped with traders staying on the sidelines ahead of some key events including the unveiling of Donald Trumps tax reforms and the release of japanese Economic Data later in the week. 0n the currency markets the dollar is hovering near one month highs on growing expectations of a us Interest Rate increase in december. And the yield on two year treasury notes which rises with traders expectations of higher rates, touched levels not seen since october 2008. Meanwhile here in europe, shares are also on the rise. And samira has the details about whats ahead on wall street today. Now that the republican senates efforts to overhaul the us Healthcare System seems to have failed for this year, the attention of washington and wall street turns to the next priority tax. The republicans want to use their control of both the white house and congress to rewrite the uss notoriously complex tax code. Amongst other things they plan to lower is the Corporate Tax rate. Wall street certainly likes the sound of that. President trump will make a big speech outlining the republican plan on wednesday evening. And it wont be long on detail, but should bring the subject to the top of the agenda. Also on wednesday, pending home sales data and earnings from the big agriculturalfirm cargill will likely be in the news. Joining us is tom stevenson, investment director at fidelity international. Nice to see you tom. What are you watching on markets . Alice mentioning whats going on right now. Samira on wall street. We heard about the potential for tax reforms in the us. Thats a really important feature. If you look at the us stock market, there is divergence between the market and the level of corporate earnings. The stock market is getting pricey compared to the profits, perhaps a bit frothy and what the market really needs to see is it needs to see the earnings keep coming through and a key part of that are the tax reforms. If we get the tax cuts, if we get the ability to repatriate the profits which have been held overseas by american companies, that could be the impetus for a continuation of rising profits. Really important if the stock market is going to maintain its value. Particularly within the us markets, tom, we were talking about this rotation that youve noticed over the past month away from tech stocks and more towards energy. It has been a really interesting month for the year as a whole, technology has driven the us market and we have seen this before in bull markets driven by technology and it can be worrying when you get the narrowing of focus because it often happens at the top of a market that the market focuses on just one sector, it is encouraging that what we have seen is Technology Stocks coming offa we have seen is Technology Stocks coming off a bit and energy stock coming off a bit and energy stock coming into favour. It is suggesting that investors are looking for where the value is and notjust chasing the value is and notjust chasing the hot story. Add to that excitement we had Janet Yelland speaking in cleveland. Every word she said was analysed and most believe a december rate rise is a given . One of the key jobs of the central bank is to guide expectations about where Interest Rates are going. The Federal Reserve says it will raise rates more than the market expects and i think what Janet Yelland is doing is trying to persuade the market that maybe they need to up their xpations a bit. Are you a 140 or 240 club member . Im not in the club my nose is pressed against the window nobody, apart from mike, one of our followers against the window nobody, apart from mike, one of ourfollowers is in the club tom will be back. We will talk about that later. The tweets are flooding in, most of them 140 characters. We will talk about that later. Building an app that allows you to work out who is behind a buildings design, design. Yes, were going to hear from the woman who had the brainchild of that in a moment. Yes, youre with business live from bbc news. I have got a real sweet tooth. Have you got one . I have one. Especially in the morning. Partly because you need an energy rush. At the end of this week restrictions on sugar produced across the eu will be lifted. We consume nearly two Million Tonnes of sugar in the uk every year. What will these changes mean for the industry . Sean farrington is at a sugar Processing Plant in newark. So at the end of this week theres going to be big rule changes that will have quite a big influence on what happens at factories like these that make sugar from sugar beet we grow here in the uk. At the moment, there are big restrictions across the European Union on what people can grow and how much they get for it. But thats all out the window come saturday. Were going to have a chat now to jane. Jane, youre a beet farmer, you grow these. What is it about this plant that means we can grow so many in the uk . Well, i suppose weve got an awful lot of experience and expertise as british farmers, and weve got very favourable climate conditions and soil conditions. And that works pretty well, but carlos is also with us. Carlos, you keep an eye on the prices of a lot of commodities. When it comes to it being a free for all on saturday, people can grow and sell as much as they want. How much of an effect will that have on price . Well, there wont be a price effect just next week. We knew this was coming for quite a while. The eu has been planning this change for many years. So no immediate effect, however production in different countries, to produce beet in the uk, in europe, have been increasing production, and we are looking at a record crop in the eu, not a record but abundant crop. So we expect there has been a race on price, pressure on the european price is trending towards the international price. Still quite a bit of a difference, but there may be more of a correlation going forward. Carlos, thank you very much. Jane, thank you very much. It will be interesting to see how much changes they will make come saturday. That was sean earlier. And sticking with the sweet theme, this story caught our eye on the business website earlier. Profits at Hotel Chocolat have more than doubled. It would seem Hotel Chocolat coming in with some decent earnings this time around. Youre watching business live. Our top story the Us Commerce Department has ruled against Canadian Aerospace Company Bombardier in a trade dispute with its american rival boeing. The ruling means bombardier will be charged a 220 import tax on select planes coming in to the United States. A lot more on that story on our website, so if you want to know the latest, any news aboutjob cuts and so on, we will update you. A quick look at how markets are faring. They are taking their cue from asia, all the major markets barbini k were up, a similartrend. All the major markets barbini k were up, a similar trend. All the major markets barbini k were up, a similartrend. Barthe nikkei. Have you ever been wowed by a building and wondered who exactly was behind its design . Well, theres an app for that its called built id. It allows you to use your phone to look up the building and find out who the architects were, who the design team were and even who built it. So far built id has amassed over 19,000 developments listings across 110 countries. Savannah de savary is the founder and chief executive of built id. Welcome, thank you for coming in. Tell us why you started this. |j started tell us why you started this. started built id because in real estate who you know still dictates what you know, so i was working for Property Developer in new york and we needed to know what sort of interiors appealed to hot tech start ups like google and amazon, because we wanted to attract them to our buildings. Finding that inspiration and then finding out who was behind it was incredibly difficult, because i rarely i needed a rolodex of contacts to reach out to, and even if you have spent decades curating such a network, youre still having to call up somebody at a company and he reaches out to his network and asks them, it is frustratingly time consuming. Out to his network and asks them, it is frustratingly timeconsuming. So it is very people based, the property sector still not very tech savvy, largely . Property sector still not very tech sawy, largely . The property sector is one of the last hit the digital revolution, and it is finally happening and investments are going up happening and investments are going up dramatically this year over last year, there has been Huge Investment in companies. So you are saving users time, basically, im too, and providing them with fantastic information. How are you monetising this . It is free to be on there, similarto this . It is free to be on there, similar to linkedin. We have around 600 architects and engineers doing this currently. The more that do it, the more value that drives our database, which the more value that drives our data base, which is the more value that drives our database, which is what you can pay to have access to to be able to find out instantly who is behind a project and col

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