And those trump promises pushing wall street to more record highs. And as President Trump orders a review of the financial rules designed to stop another nightmare on wall street, well be getting the inside track from our economics editor Kamal Ahmed On that and the rest of the stories hes been covering this week. As snow hits new york city, how much do you think it costs to clear an inch of the white stuff off the streets . One dollar . One hundred dollars . A Million Dollars . well give you the answer at the end of the show. Just use the hashtag bbcbizlive. Welcome to the programme. We start in the us where, as youve been hearing, japans Prime Minister shinzo abe meets President Trump later. Trade will be high on the agenda. Remember, one of mr trumps first actions as president was to withdraw from the 12 nation Trans Pacific partnership trade deal signed by obama and strongly supported by the japanese. Mr trump called it a terrible dealfor the us. He wants a fairer trading relationship with japan lets show you why. Last yearjapan sold almost 69 billion of more stuff to the us than it bought from the us. That Trade Surplus as its called is one of the biggest any nation has with america. To give you an idea of why look at this. In 2015 the latest figures we have the us exported a little over 16,000 cars to japan. Heres how many Japanese Cars were sold that year in the us 17. 5 million thats an all time record. Heres a vital point though most of those cars are actually made in the us. Mr abe is expected to stress that 1. 5 million americanjobs rely either directly or indirectly on japanese carmakers. On top of this you have the so called currency wars. Mrtrump has claimed the japanese yen is kept artificially low against the dollar to help japanese exporters. A weaker yen makes japanese goods cheaper. The japanese deny that they do this. And theres another big figure that is causing tension. 5. 5 billion was the bill to keep us troops in japan last year. Japan actually paid for almost half of that according to their defence ministry, but mr trump says the us is shouldering too much of the burden of security in the region. So how best to diffuse all this tension . Fung siu, asia, Regional Manager Economist Intelligence unit is with me. Thank you forjoining us. Lets start with trade. Aaron has given us the figures, what looks like a huge Trade Surplus, but part of that is caused by the car sales, which are supporting american jobs. So caused by the car sales, which are supporting americanjobs. So maybe that Headline Figure is not as bad as it looks. Completely, most of the car sales in america are actually manufactured in america by americans. Yes, there are exports from japan, auto exports to america, thatis from japan, auto exports to america, that is not the whole picture. You have machinely exports and optical goods. But america doesntjust have a Trade Deficit with japan, it has a Trade Deficit with the world and has done for a few decades. President trump picking a fight with japan, he would have too pick a few fights with the other countries. What do you think shinzo abe wants to achieve from today . He obviously was not pleased that america pulled out of tpp, in terms of trade agreements, what do you think theyre looking for . Agreements, what do you think theyre looking for . I think shinzo abe is disappointed that tpp has not been ratified. Japan had ratified it. But to say that in that front, shinzo abe at the start thought he could persuade trump to come around to his idea that tpp is a good thing. I think he has ditched that idea and i think shinzo abe is prepared to enter into by lateral trade agreements. The us have said japan is manipulating their currency andjapan japan is manipulating their currency and japan says we are not, where do you go from there . The weaker yen has suppose to have come from the Quantitative Easing that japan launched in 2013. One side effect is the weak yen. That is because japan is lacking inflation and wants to import inflation. This policy will go on, but it has ups and downs a and last year the yen appreciated, so and last year the yen appreciated, soi and last year the yen appreciated, so i dont think President Trump has much to say on that front with regard to that particular year in the yens performance. Regard to that particular year in the yens performance. Thank you. Do you know anything about golf . No, 3w i do know that super mario is high on the list and they will play golf. Im wondering who will win. They can play golf on the nintendo. But it is, not quite the same thing. Some of the other stories making the headlines. Renault has posted record annual sales up 13 with net income rising 16 to 3. 5 billion euros. A series of new Product Launches boosted renault last year, helping it increase its market share in all regions. Lower cost models such as the duster and kwid also sold well. Arcelor mittal, the Worlds Largest steelmaker, has posted its first annual profit in five years, showing signs of recovery in the global steel market. The luxembourg based Group Reported net income of 1. 8 billion in 2016, even as sales felljust over 10 , but its debt pile shrank. This is in contrast to the 7. 9 billion net loss that arcelormittal made the year before its worst Financial Performance since the mega merger of mittal steel and europes arcelor in 2006. Now golf, trump and shinzo abe will be playing golf. We could join them for a four ball. Be playing golf. We could join them for a fourball. I think President Trump will have to play more golf with the chinese president. We had numbers from china. If President Trump is not happy with surplus from japan, he wont be happy with the surplus from china. Lisha, this is an astonishing number and it isjust one months lisha, this is an astonishing number and it is just one months worth . Yes since we are all about the numbers today and deficit, according to us data, the us China Deficit la st to us data, the us China Deficit last year was 347 billion. So they will have to play lot of golf to get through these tensions. So we have been speaking about that call between President Trump and president ping and how that alleviated tensions over the one china policy. But this issue around trade will be the real battleground. Chinas Trade Surplus is at its highest in nearly half a year, that is 51 billion and President Trump has been arguing that china is benefitting at the ex Pension Expense of america and we saw exports rise in china and we are going to have to watch and see how the game goes. Watching and waiting indeed. Have a great weekend. Lets take a look at the numbers. Going to keep the market wrap short, but yes asia stocks liking those chinese Trade Numbers as well as the continued record highs coming from wall street. Europe, following suit as investors keep their eyes on President Trump as he promised to unveil a major Tax Announcement to lower the burden on businesses. Ok, lets go and find out whatll be making the biz headlines in the us. Here is samira. Much of the attention on friday will be in washing tovn when President Trump meets with Prime Minister shinzo abe at the white house. There is still some other economic news, including Labour Department report showing that Import Prices rose in january after a 0. 4 increase the previous month. The update to Consumer Sentiment index is out and it seems it may have spliped compared to the previous month and foran compared to the previous month and for an economy that relies on consumer spending, it is important to see how confident people are feeling and how much that will influence how they spend and finally earnings still continue, the Advertising Company inter public shows a slight rise, as the economy showed momentum. Thank you. Joining us is sue noffke, uk Equities Fund manager at schroders. Lets start with the markets, because aaron mentioned about President Trumps promise to help with regulation and he has promised a phenomenal new rules on regulation. But still no detail. No, but a timeline of two to three weeks. The market had begun to pause a bit about where was the detail, it was looking more complex in terms of Border Adjustment Trades and taxation and the deregulation with industries. And he ignited the airlines with further deregulation and tearing up lots of red tape around that sector. So that got the market excited again. Pushing it to further highs. It is highlighting the markets. You said, we dont have any details, he just said the markets. You said, we dont have any details, hejust said in the markets. You said, we dont have any details, he just said in two or three weeks i will tell you. Phenomenal. About a tax deal and the markets react. It would be a big deal. If he can do things with deregulation and stimulate the economy. The markets will love it. The attempts to tackle taxation, which is very complex and high in the united states, it has not been easy for any of the administrations, because they havent had consistency between political parties. Now we have got the republicans in all the various seats, something could happen. That would be no doubt a corporation tax, you said taxes are high, they have one of the highest in the world around 35 . For individuals it is simplification of the tax code and helping investment. That tax cuts and the corporate boost to the us economy. That is the plan. If he can get the tax cuts through that would be the result. You will be back to do the papers. Still to come well get the inside track on the Big Economics Stories of the week from our economics editor kamal ahmed. Youre with Business Live from bbc news. The uks high street has just experienced its worst january sales in four years. Januarys like for like sales declined by 0. 1 , marking the first negative growth in the crucialjanuary discounting period since 2013 and comes hot on the heels of a dismal december. This according to accountancy and Business Advisory firm bdo whos head of retail, Sophie Michaelsjoins us now. Great to have you with us, really poor numbers, what is going on here, are we spending less, is it the weather, is it brexit . Thats right, so weather, is it brexit . Thats right, so january followed a poor christmas sales, which will lead retailers concerned into 2017. But if we break that down, the first two weeks of january we saw positive sales. Showing that the consumer is out there looking for bargains. The third week we saw sales were dented by poor weather. And going to the end of the month, as retailers transitioned from a sale period into full price, the consumers backed off in terms of spending, leaving an over all drop in terms of spending, leaving an overalldrop in in terms of spending, leaving an over all drop in sales injanuary. Looking at specific parts of the sales, were there any bright spots . I believe there was an increase in the amount of discounted home where we we re the amount of discounted home where we were buying, and the seasonal increase in online sales. Thats right, particularly in that week of poorer weather. The consumer was taking a more comfortable position, shopping from the armchair as opposed to in the high street. 0verall, opposed to in the high street. Overall, we saw a decline, and homeware saw an increase in sales. But as we move into a period where there is higher expectation of inflation, perhaps that is the area, the discretionary spend, where there is more of a concern that it would be challenged. Thank you forjoining us. Be challenged. Thank you forjoining us. Lets take a quick look at the tablet. Thunderbirds. Us. Lets take a quick look at the tablet. Thunderbirds. Ij us. Lets take a quick look at the tablet. Thunderbirds. I always wa nted tablet. Thunderbirds. I always wanted a model of thunderbird two. You can get them. Make your own from cardboard. £10 million worth of gra nts cardboard. £10 million worth of grants for the development of spaceports, but not everybody is a fan. Youre watching Business Live our top story japans Prime Minister abe is in Washington To Meet President Trump at the white house. The leaders of two of the worlds three biggest economies will discuss tokyos Trade Surplus with the us, jobs, Investment Annd currencies. Lets like a quick lets take a quick look at how the markets are doing. Were waiting to see if anything interesting comes out of that meeting with shinzo abe and donald trump. And now lets get the inside track. Today greece has to pay back 1. 4 billion euros to its creditors. Its the latest instalment on the countrys 320 Billion Euro mountain of debt. And its just one in what will become an avalanche of payments over the next few months. Were nowjoined by our economics editor kamal ahmed to discuss all of this. Thank you for coming in. Looking at the schedule of payments, its a couple of payments over the next six months, but they really need to get it sorted now before europe gets distracted by elections. There was a lot of politics in what is going on. This is the sixth year of the greek debt crisis, which started in 2010. There is real tension between the two main creditors, the imf and the eu. The imf is split itself. It is saying that the economy in greece is growing reasonably, and it still has on the table the idea of debt relief, that some of greeces bets just will not be paid. The eu, particularly led by germany, and with elections coming up, do not wa nt with elections coming up, do not want debt relief on the table. They wa nt want debt relief on the table. They want to keep the very strict conditions around debt relief on greece, that it has to provide this primary surplus of 3. 5 , which is very high, and the two are approaching this at loggerheads. We had this in 2012, and again in 2015, when greece nearly came out of the eu row, nearly defaulted. We have the same pressure now, and with elections in the netherlands, germany and france, as you say, there is a real concern in the eu that this controversy will play into those elections. Come the end of the year, the greeks may not know who they will be dealing with. I have to move on to the next subject, but with the elections. There could be different leaders. Who may not have an appetite at all to give more money. And a different approach. The paper germany is that if debt relief greece comes back onto the table, it will be controversial and could damage Angela Merkels chances of winning the election. We want to talk about china, but i want to ask, briefly, with brexit already in play, before brexit we were talking about the greeks leaving the eu. Do you think that the greek exit could be easier now . I think it is politically less likely. Germany and the rest of the european leaders do not believe, and even less than they did in 2015, that another country leaving after britain has decided to leave would be so destructive that i think there will be even more effort to ensure that greece remained in. Lets talk about china, we had that overnight phone call between donald trump and seejean ping. Xiejin ping. There was the controversy over the one china policy. Donald trump took a call from the leader of taiwan, which was considered politically insensitive, but they have gone back to the status quo of saying that america believes in the one china policy. Importantly, the temperature has come down between the two largest economies in the world. Donald trump accused china of raping the american economy. It was described as a cordial phone call, and it eases tension and puts off the notion that america could impose high tariffs on chinese goods into america. That means that the notion ofa america. That means that the notion of a trade war, which i think was a possibility, is now less likely. In 30 seconds, the regulations in the us that donald trump wants to rip up. Not quite ripped up, but he wants to reform them. Some people say reform is sensible. The big thing is, reform of regulation in america, change of regulation in europe because britain is leaving as soofi as europe because britain is leaving as soon as regulatory systems change, it leads to financial volatility. Yellow might very succinctly done. You have done that before succinctly done. You have done that before very succinctly done. The issue of fake news on social media has grabbed headlines since the 2016 us president ial election. But how do fake news sites keep themselves going and make money . Lets find out. Fascinating, wasnt it . Fascinating, wasnt it . You can find out more about fake news on talking business this weekend. The times differ depending where you are and are on your screen 110w. Sue is back. We are going to look at the papers. Did you find this story . It was jonathan. Ryan has been googling. You said the average cost to clean up snow in new york, per inch, 1. 8 million. I asked what you thought and you said about 5 million. I did. There are a lot of streets in new york, and they have to do it overnight. 6500 miles of road. And the budget was 88 million. So, if it doesnt snow, do you get to plough that back into schools . Not exactly, because you still have to have the snowploughs and had people on stand by. Still have to have the snowploughs and had people on standby. Lets move on and look at australia, aaron. I saw this today, but i have two sisters in australia, and one of them said that in the last month, they have had three blackouts. In sydney, its unheard of. They have had three blackouts. In sydney, its unheard of. It is because it is so hot, and Everyone Wants to cool their homes, their offices, to have cold drinks, and theres not enough power at peak times. It doesnt bode well. I thought we were better than that. You know, there isjust not enough supply for the amount of demand. They are asking businesses to shed some load. It is the chinese, they have bought all our coal. They have no coal left. We have one story left, from the telegraph. Banks want labour to tear left, from the telegraph. Banks want Labourto Tearup left, from the telegraph. Banks want labour to tear up banks tell france the terror at labour code if it wants brexit business. Is it shows how long it takes to work through a notice period, as whereas high pay rates, high taxes and possible caps on bonuses. Not a lot of flexibility, which is what banks really wa nt of flexibility, which is what banks really want when they are looking to deploy their operations. Hi and who knows who will be elected . And who knows who will be elected . That is it from Business Live, there will be more Business News throughout the day. Signs of change next week, but for the time being, the weather is stuck ina rut, the time being, the weather is stuck in a rut, a cold rut. We are drawing in an easterly flow from the north sea, dragging in a lot of cloud. Wintry showers coming in on those easterly winds, perhaps some sunshine here and there across parts of england, west wales, maybe for a while in the north west of england. Not as much as yesterday. It is generally cloudy. The showers will reach the midlands, towards east wales, perhaps some snow around, especially on the hills. Dry in northern ireland, turning brighter in the north. The best of the sunshine in Northern Areas of scotland. Some wintry showers. Top temperature for celsius. Four celsius. Wintry showers overnight will turn wetter later on in the night, some snow inland, icy conditions too. Under clear skies, there could be a sharp frost. 0n the whole, the cloud will continue through the weekend. There will be more wintry showers, possibly less so on sunday. There will be a cold wind, making it feel raw out there. In scotland we will see most of the cloud and wintry showers on saturday. Snow becomes confined to the hills through the day. Where we have the strongest winds, although we are looking at four of five celsius on the thermometer, it will feel like freezing. Gale force winds across england and wales potentially on sunday. It should be largely dry and less windy for scotland and northern ireland. S Temperatures creep up a touch, but given it will be so windy, and easterly, it will continue to feel cold. The winds will change next week to more of a southerly drift, which will draw in milderair southerly drift, which will draw in milder air from southerly drift, which will draw in Milder Airfrom the southerly drift, which will draw in milder air from the south. By tuesday, temperatures in the south could be in double figures. Hello its friday, 10th february, its 9 oclock, welcome to the programme. Health secretaryjeremy hunt tells the bbc that Waiting Times of up to 13 hours in accident and emergency are completely unacceptable. He says he has a plan, but theres no quick fix, or a silver bullet. Im doing thisjob because i want nhs to be the safest and best in the world and that kind of care is completely unacceptable. Teachers say more children than ever are taking their worries into the classroom, but schools are struggling to support pupils mental health, with little or no budget to provide help. Its awards season with the oscars in a couple of weeks and sunday sees our own version with the baftas. Legendary film director ken loach is up for five nominations for his movie i daniel blake. The story of friendship between a joiner and a single mum katie
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