the inside track on britain's productivity riddle and what the us fed's latest minutes tell us about where the world's biggest economy is heading with our economics correspondent, andrew walker. one factory in sweden has started burning unwanted clothes to make clean energy instead of using oil and gas. and as black friday sees people grabbing bargains on new clothes, what do you do with your old ones? let us know. just use #bbcbizlive. hello and welcome to business live. don't you say i should have burned that tie! it's the friday after thanksgiving and for millions of americans that means one thing — shopping. black friday has come to signal the start of the christmas shopping season with big discounts to tempt buyers. and, as with so much else, what started in the us, the world's biggest economy, has spread rapidly around the world to become one the busiest times of the year for the global retail business. there have already been queues at us shopping centres. altogether 164 million people are expected to shop this weekend — that's over half the country's population. and that means make—or—break time for the many us retailers who see 30% to 40% of their annual sales come between black friday and christmas. the spending has already started here in the uk too, where spending is expected to reach the equivalent of $2.1; million per minute. an increasing share of that is being done not in stores, but on phones and tablets. online spending today is predicted to be up 15% on last year, hitting $1.5 billion. joining us now is maureen hinton. she's the group research director at the retail analysts global data plc. i don't know if you're going to be doing any shopping, i think i will be! is it getting bigger and bigger? $2.1; million every minute in the uk we are expected to spend. $2.1; million every minute in the uk we are expected to spendm $2.1; million every minute in the uk we are expected to spend. it is definitely getting bigger having started about five years ago and it has really ta ken started about five years ago and it has really taken off, one of the big events now but it has pulled forward the january sales into november so it is challenging for some of the retailers. are there true bargains to be had? it is notjust one day, it is over a week and one report said that around 60% of items could be found cheaper at other times of the year. how do we know if we are getting a deal? i think some consumers are getting a bit cynical now. but the retailers are producing true bargains, somebody like dixons the lexical retailer —— electrical retailer, they are bringing in products with low prices so there are bargains to be had.” products with low prices so there are bargains to be had. i have heard it said by prominent business people that black rider is bad for customers and bad for businesses. —— black friday. it is bad for clothing retailers. in the uk what would have happened but for if we would have had january sales after christmas and as consumers we would have been willing to pay full price for clothing and beauty and gifts and toys but now all of those are being slashed and they are not making a profit they could do from before. and the big thing seems to be ta blets and the big thing seems to be tablets and smartphones, i am using these for work and not shopping! but a lot of people are and that is contributing to do it. definitely because it is so easy to compare prices quickly, you can go into store and asked if that is the best price, maybe see if you could get it somewhere else and then there is the convenience of ordering online. it is convenient for the consumer. can you see it continuing? it has been going five years in this country, but business insider were reporting that they don't think it is going to last much longer. i think it is going to take a while before it peters out in the uk. it is quite well—established now. some retailers would like it to peter out but it is going to spread across the continent. will you be doing some shopping? the billy knott, i'm too busy, but maybe this evening! -- probably not. i have had my eye on address for weeks and i'm hoping is discounted! but this is another point, i went into the shop and ask them if it would be discounted! they sit it was unlikely because it was a top seller and that is the point, they shift the stuff they cannot get rid of! your tastes are clearly too good! you might have to wait until january. it might have gone by then! maureen tom thank you very much. our director said she did her shopping ona director said she did her shopping on a smartphone on the way in that she has not said what she bought them in must have been our christmas present! let's have a look at some other stories now. uber has been given the green light for its tie—up with russia's yandex. reuters is reporting that the ride—hailing merger has been approved by the country's competition authorities if certain conditions are met. uber has spent more than $200 million on the venture with yandex which is russia's biggest internet company. angela merkel‘s hope of another term in charge of europe's biggest economy have received a boost. germany's social democrats have said they will now hold talks over breaking the political deadlock since september's inconclusive election. mrs merkel‘s former coalition partners had said they wouldn't take part in any new government. a key part of youtube's system for reporting people who leave sexualised comments on videos of children has not been functioning correctly for more than a year according to volunteer moderators with inside knowledge of the site. a bbc investigation found a flaw in a tool that enables the public to report abuse. youtube has denied any technical failure, and says content that endangers children is abhorrent and unacceptable. the scandal around mitsubishi materials demonstrates "a betrayal of trust in japanese manufacturing" according to the country's economy and trade minister. on thursday the company became the latest to apologise for faking quality control data. shares in the company, which is part of the same group as the carfirm, closed more than 8% down in tokyo. china's government has unveiled some of the details about its plan to cut import tariffs for a range of consumer products. the changes could help companies who want to sell to the world's biggest consumer market. our correspondent robin brant is in shanghai. explain more. good news if you are trying to export whiskey to china, also some skiing products and pharmaceutical products and maybe some hats because they are among the 187 products that will see the duty imposed by the chinese government reduced. on average it will come down from around 17.5% to 7%. it is more on some items, vermouth is coming down, and whiskey has been halved. the explanation given is that these are products mainly in demand among the wealthy middle class that you cannot really get in china because they are not made domestic league and the government wa nts to domestic league and the government wants to increase the supply of these high—quality products —— domestically. is it significant? i don't think so frankly. it is a move on the tariffs. we will have to see if retailers pass it on. but if you are ford and you want to bring in expensive cars to this country can you still pay 25%, if you bring in food that will still have 14%. and these are not the big structural changes that were talked about by president xi talked about. come and baxter is coming here wanting to make and sell cars, they still had to do make and sell cars, they still had todoa make and sell cars, they still had to do a joint—venture —— car manufacturers. robin in shanghai, thank you. asian markets mostly rose but investors moved warily on friday after a sharp sell—off in shanghai the previous day fuelled concerns of fresh turmoil in china's markets specifically. chinese shares dropped to three—month lows on concerns about fresh government steps to curb financial risks and rise in chinese bond yields. us markets closed for thanksgiving and the euro extended gains against the dollar after data showed the eurozone economy continued to improve whilejob eurozone economy continued to improve while job creation came in at its fastest pace in 17 years. this is how the european indices look at the start of the day lacking direction really having opened slightly higher but now turning into the negative. this is a look ahead of what is coming up on wall street. it's the friday after the thanksgiving holiday here in the us, and markets are open for trading, but volumes are generally light on this day as many people have taken the day off to recover from too much turkey. the big business story for the day will obviously be black friday. it marks the beginning of the holiday season of shopping, and many stores will be offering deals to get customers through their doors. there is also some economic news to pay attention to. the latest purchasing managers' index, or pm! numbers, will be out today. now, this is important because it reflects the health of the manufacturing sector. and it's based on five major indicators. new orders, inventory levels, production, supplier deliveries and the employment environment. joining us is sue noffke, uk equities fund manager from schroders. looking at the chinese markets, they are cooling off, what is your take? we did see the biggest one—day fall for 17 months on thursday. it is important to put it into the context of how strong the chinese stock market has been in the last six months. from early may it is up nearly 30%. there were some profits to be taken. and what did markets ta ke to be taken. and what did markets take fright at? that was the government indication that they might be trying to tighten that liquidity which is willie watt has fuelled the economy and the stock market. —— really what has fuelled. turning briefly to the uk budget, a big statement from the finance minister this week. it was rather gloomy but the market did not seem to ta ke gloomy but the market did not seem to take much fright and nor were they particularly excited. definitely in the round this was what was anticipated. i think some of the forecasts were a bit stale. market forecasts had been running ahead of the obr and the institute for fiscal studies. the downgrades we have seen to growth to the 1.5% level were not a surprise, no material impact on sterling or interest rate or the stock market. and what about oil prices? they have rallied. they have been quite robust. the six up week in seven, and at levels not seen since the middle of 2015 so pretty good. it depends which price you want to use, brent is in the 60 or wti is in the high 50s. that is a much better numberfor oil high 50s. that is a much better number for oil producers, whether thatis number for oil producers, whether that is individual companies particularly in the us and elsewhere but also oil—producing countries very much need those revenues. and they have suffered quite a lot, some having to completely rethink their reliance on oil and they might be taking a bit of heart as a result of this. that's right and there is also support from opec with another meeting coming up on thursday and it isa meeting coming up on thursday and it is a question of whether they can agree to prolong their cuts into early next year. great to have you with us, thank you for coming in and we will see you later. we'll get the inside track on the signals the latest us fed minutes give us on the world's biggest economy with our friday editor, andrew walker. you're with business live from bbc news. one of britain's biggest brewers has warned of economic uncertainty in a "tough and highly competitive" market. fullers owns hundreds of pubs, largely in the south of england, and brews the famous london pride. it's reported a 10% rise in profits before tax of £23.6 million in the six months to the end of september. but it's warning "economic and political uncertainty" could cause further challenges on top of the rising costs it's already facing. joining us from the london stock exchange is simon emeny, the chief executive of fuller smith & turner. so how worried are you about the future of brewing as a business?” think none of us are approaching 2018 from an economic perspective with stunning confidence, but we feel that as a business we are in exceptionally good shape. we have continued to invest in our pubs, people and processes. so whilst i don't think that we will get any favours from the uk economy, i think there is a considerable amount that we can do to continue to improve our business. what's your reaction to the alcohol price freeze in the budget this week?” the alcohol price freeze in the budget this week? i think it has been really reassuring that the chancellor is really listening to theissues chancellor is really listening to the issues that the hospitality industry faces. this has been a year when the industry has faced with unprecedented costs, and to give reprieve to some businesses on business rates was a good sign. he needs to go further on business rates, the system is outdated and urgently needs reform, but it was an encouraging budget for the industry. we went through a stage where it seemed like every week, almost every day, we would being told that pubs are closing, struggling to survive. we pass that now? i think it is stabilising more. the industry, we are still opening pubs, we have two brand—new station site opening in 2018, and i think these pubs are better equipped to cope with the needs of a modern consumer, particularly around fresh food, craft beer and great service. so whilst you still see some pubs closing, you see fantastic new pubs opening, and we will continue to invest in refurbishing our pubs and opening new ones. simon, thank you very much, simon emeny there. lots of cat videos on argos if you are sick of black friday! who doesn't want to see those. you are watching business live. our top story: black friday sales have begunin top story: black friday sales have begun in the united states and around the world. a quick look at how the markets are faring at the start of the trading day in europe. seemingly lacking direction a bit, they have opened slightly higher but 110w they have opened slightly higher but now moving into the red, fairly flat in paris, and that is what the pound is doing against the dollar, just above 1.30 three. —— 1.33. now it's our chance to look back on some of the biggest business stories of the week. here in the uk the budget gave us another insight on the public finances and in the us the clues were in the federal reserve's latest minutes. andrew walker is our economics correspondent. he's here to talk about the main points from the uk budget. the chancellor bases his predictions on the office but it was the luthi, and they have downgraded their forecast of economic growth, they are expecting around 1.5% per year over the next four or five years. that compares with figures in excess of 2.5% in the years before, in the quarter of a century before the financial crisis. what is behind that downgrade is the obr finally giving up on the expectation that there is going to be a really decisive rebound in productivity growth, which is essentially the amount each worker produces, either over the course of a year orjust one hour. and because it is not expecting this long delayed recovery in productivity to come through, it does mean that it is going to have adverse financial implications for the government, they are going —— we are going to be paying less in tax than we would otherwise have been if there was this improvement in productivity. and to clarify this point. when they said productivity, are they essentially saying that uk workers are not working hard enough? absolutely not. just you! it is not bad. it has economists are scratching their heads about what is going on. one factor is perhaps the business investment has rebranded quite weakly after the financial crisis, nowhere near as strongly as it recovered after previous recessions. very low interest rates may be another factor. it enables some low productivity businesses to survive that might not have survived had they had higher borrowing costs. and there is also the possibility actually that perhaps things are little better than the data suggest, because we are not measuring the impact of technological change on what we produce quite as well as we should. certainly there is some evidence that that explains a bit of it, but only a bit. let's move on to the us fed minutes. they seemed a bit confused, and also divided. what did we learn? they certainly are divided about just how did we learn? they certainly are divided aboutjust how worried they should be about the inflationary invitations of the very strong americanjobs market. invitations of the very strong american jobs market. the invitations of the very strong americanjobs market. the rate of newjob creation, americanjobs market. the rate of new job creation, they americanjobs market. the rate of newjob creation, they think, is not sustainable in the long—term without an increase in inflation. but at the same time, there are some members of the policy—making committee who think that, who are getting worried about the persistent level of inflation being too low, and so that is giving them some significant divisions about just is giving them some significant divisions aboutjust how quickly they should be raising interest rates. we are still expecting a rate rise next month, but beyond that, it is quite clear that they are again, as we have been here in the uk about other things, scratching their heads about what the real state of the americanjobs market about what the real state of the american jobs market is. andrew, we can see some prettyjubilant scenes in zimbabwe, we can see some pictures of that right now. a big day as emmerson mnangagwa is sworn in as robert mugabe exited the stage. some pretty heart—warming views from the imf for them? yes and no. the imf is quite clear that the zimbabwe economy has, and i quote, huge potential. but they do think there is an awful lot of work to be done to put right what they see as the damage that has been done to the economy under robert mugabe. they think there is a lot of work that needs to be done in sorting out the public finances. too much spending on inefficient agricultural support, civil service salaries. crowding out private sector investment, politically difficult to deal with those kind of problems. andrew, thank you very much. andrew walker is our economics correspondent. it seems that now there is a nap for pretty much everything, and in kenya it isa pretty much everything, and in kenya it is a matter of life and death. a new app is making it a lot easier to summon the emergency services. you just take for granted that 911 exists. the average person in nairobi had no idea what number to call. and when you ask them they would say, that is a good point. what will i do? we have different ambulance companies. we work together to make it. there was once times that we have seen has gone down from 162 minutes, which was the average, which is nearly three hours, which is insane, down to 15—20 minutes. let's see what other stories are being talked about on social media. the bank of england have announced that they pay a quarter more to men than to women. sue noffke is with us again. the bank of england has been the latest company to have to be more transparent about its pay rates. and we can see what the gaps are. they are taking measures to close that. they have made progress in recent years. and they have set a target as to where they want to be to close further that gap in a couple of years' time. and a power plant in sweden burning unwonted unused clothes instead of call and oil. a genius idea? it is a great idea, and we are seeing fossil fuel type power stations moving to alternative fuel sources, so we are seeing in sweden but that can be clothing that is mouldy or unfit for use. it can be sustainable biofuels, so it can be compressed pieces of wood and shavings of wood. we can see copy grounds, used coffee grounds, powering london buses. that isa grounds, powering london buses. that is a question we have been asking this morning, what do you do with your clothes when you are done with them? we your clothes when you are done with them ? we have your clothes when you are done with them? we have had for quite a few responses. one viewer says that she makes patchwork stars. jack says he bends them, and maisie says give them to charities, homeless or free cycle, depending on what it is and the condition. only suitable for rags? given to the local garage to use as class. and benjust doesn't use as class. and ben just doesn't throw anything away! sue, thank you very much. there will be more business news throughout the day on the bbc live web page and on world business report. we'll see you again tomorrow. good morning. we have had the milder conditions holding an across the south—east of england over the last few days, but finally the colder weather has moved its way in, and all of us starting off this morning ona all of us starting off this morning on a cold note. there will be some sunny spells over much of the uk, but with showers continuing in northern and western areas, there is the risk of ice first thing this morning across scotland, northern ireland and the north—west of england. here we will continue to see wintry showers working in, but elsewhere looking largely dry with a bit of sunshine, and even by this afternoon those showers continuing across scotland. any snow confined to the high ground, and at low levels, a little sleet or hail perhaps. eastern scotland should be largely sunny, but temperatures in northern parts of three or 4 degrees. really for many parts of england and wales, it is going to be a dry sort of day, a few morning showers in southern areas tended to clear away, and there will be some sunshine here, and temperatures across the south about 7—9dc. tonight, with showers continuing across these northern and western areas, again some snow over the higher ground. it is going to be a cold night, temperatures close to freezing in many parts, certainly in the countryside these temperatures will be below freezing, and with the addition of those showers in northern parts, the risk of more ice. into the weekend, a cold wind, especially on saturday, night—time frosts but also for many, dry with some sunshine. let's have a look at sunday. —— on saturday, some showers again, the pennines in snowdonia having some showers, and those continuing throughout the day. a strong wind, so the temperatures on the thermometer might be up to 7 degrees, but it will feel much colder. saturday night into sunday, we keep this cold north—westerly wind. the isobars just we keep this cold north—westerly wind. the isobarsjust becoming we keep this cold north—westerly wind. the isobars just becoming a little bit further apart, so sunday not going to be as windy as saturday, perhaps not feeling quite as cold, but again, it will be chilly, more showers coming into northern and western parts which will be wintry over the higher ground, and later in the day a little rain spread into the west, top temperatures up to eight celsius. that is it from me. goodbye. hello. it is friday, welcome to the programme. scenes ofjubilation in zimbabwe today as the country gets a new president. emmerson mnangagwa will be sworn in to lead the country three days after robert mugabe was forced out in a military take over after 37 years. this is the scene now in the stadium where crowds are waiting for the new president to take the oath of office in about half an hour's time. we will be live throughout the programme at the national stadium in harare. theresa may is meeting the president of the european council, donald tusk, in brussels today. they will discuss european security and the progress in the brexit talks. the united kingdom is unconditionally committed to continuing to play

Related Keywords

Germany , Japan , Tokyo , Shanghai , China , United States , Paris , France General , France , United Kingdom , Zimbabwe , Madrid , Spain , Sweden , Russia , Brussels , Bruxelles Capitale , Belgium , Turkey , London , City Of , Britain , Americans , Chinese , Scotland , Japanese , Theresa May , Andrew Walker , Billy Knott , Emmerson Mnangagwa , Maureen Hinton , Robert Mugabe , Donald Tusk , Smith Turner ,