Transcripts For BBCNEWS BBC Business Live 20170213 : compare

Transcripts For BBCNEWS BBC Business Live 20170213



today we want to know: when does tech get too intrusive? send it to us using this hashtag. welcome to the programme. another day, another world leader arriving to meet president trump at the white house today it's the turn of canada's prime ministerjustin trudeau. he differs in opinion from his host on a variety of issues — so just how important is canada's relationship with the united states? heir countries share one of the biggest trading relationships in the world. in 2015, some $662.7bn worth of goods and services flowed across the almost 9,000km border. but that works in the united states‘ favour at the moment to the tune of $12.1bn because whilst canada sells more goods to the us than the other way round, america more than makes up for it when it comes to the services sector. the value of the relationship has seen massive growth since 1994 when the north america free trade agreement signed by president clinton came into force. but during his campaign mr tump said "nafta was the worst trade deal in the history of this country" and has pledged to renegotiate it. while most of mr trump's ire has been directed at mexico, canada also has a huge amount at stake, 75% of all its exports go to the united states, so good relations will be important to businesses across the country. let's get more detail on this. with me is us political commentator, kate andrews. his two chalk and cheese! fundamentally different in attitude when it comes to big issues like globalisation, immigration, refugees, and also their demeanour and attitudes are different. trump has come in with this blunt, brash attitude whereas justin trudeau has come in with this blunt, brash attitude whereasjustin trudeau has tried to paint himself as the nice quy: tried to paint himself as the nice guy, the guy you would want to have a beer with. fundamentally different characters, two major world players but i am sure they will try to be professional and get along! have they got any meeting points in common? from justin trudeau his talk has been big against trump when it comes to immigration, he's soft and that a little and wants to talk to him about economics and trade comets in the interest of both countries to keep this free flowing of services and a relaxed flow of people across the borders, millions of people are doing overnight stays in each country and they will want to keep that up. he proposed this idea of getting together to talk about women in business. that's got interesting. it comes in with ivanka as well, brings in cleverly because trump wa nts to brings in cleverly because trump wants to be seen as being fairer to women. justin trudeau is using a clever tactic. ivanka will certainly be at the forefront of that. trump's daughter has made herself a world player in the sense of advocating for women's rights and in the convention she was the one talking about maternity leave, things the republican party have not spoken about for some time. she will be at the centre of that. a clever way for trudeau to put forward his feminist agenda while working with trump and his daughter in particular to achieve it. the key thing is finding points in common, isn't it? it is important for canada to secure those exports. the pipeline is important, they agree on that. i think they do. they have different environmental policies although justin they have different environmental policies althouthustin trudeau knows this will be a big moneymaker and a huge job knows this will be a big moneymaker and a hugejob creator, 2.5 million jobs rely on american trade, this will make even more. similarly, trudeau will be going into these talks like theresa may, looking for agreement. thank you. now onto other news. swiss voters have rejected a plan to reform the country's corporate tax system, sending the government back to the drawing board. business and political circles in switzerland had supported the plan, which was designed to prevent taxes rising sharply forforeign investors. however 59% of voters opposed the plan in sunday's referendum vote. the government will now need to find an alternative, which may involve higher tax rates for multinational companies. japan's economy grew for a fourth straight quarter in the final three months of last year — thanks to strong exports. the world's third—largest economy grew an annualised i% between october and december. during a weekend meeting with prime minister shinzo abe, president trump held off from his previous rhetoric againstjapan for using its monetary stimulus to weaken the yen and gain an unfair trade advantage. but there are concerns that rising us protectionism could still damage japan's economic recovery. samsung chief lee jae—yong is being questioned for a second time as a suspect in south korea's biggest political corruption scandal. mr lee was questioned last month as part of the inquiry into a scandal that led parliament to impeach president park geun—hye. kevin kim joins us from seoul. give us the latest on this? the head of samsung, mr lee, thought he was off the hook when a court in the capital rejected his arrest warrant last month. it may have been a surprise for him to have been brought back to the prosecutor's office today. during the last three weeks in investigators reviewed the case and decided there were new aspects to the investigation that needed further questioning. mr lee arrived at the prosecutor's office with a grim face and said he would faithfully tell the truth. the allegation is that samsung gave millions of dollars in return for the votes of the national pension fund ina the votes of the national pension fund in a big uncontested restructuring of the company. this time around, senior executives of samsung may also be questioned alongside mr lee, and if the investigators feel they have collected enough evidence that may merit his detention, the prosecution tea m merit his detention, the prosecution team could file another arrest warrant. kevin, thank you very much. let's check in with the financial markets now asian markets built on a global rally on monday following another record close in new york on friday, tokyo stocks rose with investor sentiment lifted by cordial talks over the weekend between us president donald trump and japanese prime minister shinzo abe. so is that trend continuing in europe? let's ta ke let's take a look. yes, it is. this isa let's take a look. yes, it is. this is a snapshot of the major industries just after opening, the ftse 100, the ducks, industries just after opening, the ftse100, the ducks, and the cack a0 all in positive territory so far. let's have more on this. nandini ramakrishnan, global market strategist atj. p. morgan asset management, joins us in the studio. everything looking a little healthier at the moment. why is this? in the recent few weeks we have seen strong macroeconomic data, whether it indices that track production or employment, it's looking good in 2017 which is a good sign for economics... some of these stocks of valid, i'm thinking particularly of the usa at the moment. yes, prices have gone up, and earnings really backing it, that is the key question. a lot of exuberance and enthusiasm the trump victory. that's a generally market friendly condition, good business practices, corporate tax rates may be being lower, that rhetoric means american companies have rallied in the past few months. what indicators are there that global growth will continue? we had some better—than—expected figures about chinese output. chinese data has been strong, they are using a lot of commodities, the fear, some quarters ago, was that china wasn't going to be growing at that same pay the fact that they are using larger amounts of commodities is helping things. commodity producers were some of the highest performers, gaining a couple of percentage points. what is it about european growth at the moment, it's getting especially critical when looking at rising debt in greece and ongoing debt in italy, basically the southern countries. greece and ongoing debt in italy, basically the southern countriesm will be a big challenge especially this year with so many elections on the horizon for many years economies. greece is the problem that won't go away. we do expect the imf and european leaders to figure out a way to get the bailout extended. what about the growth figures? some say the growth is much better than people say. fourth—quarter gdp numbers of the eurozone show that they were going faster than the us are the same period. normally we wouldn't say too much about europe versus the us. in some countries like germany good growth figures will help stabilise the region as it gets into this more troubling 2017 with all these elections and greek debt troubles. some figures said that germany's surplus is growing by the day. in comparison, in greece there is a real disparity among the eurozone countries. that's a bigger challenge generally speaking, is at a project 01’ generally speaking, is at a project ora generally speaking, is at a project or a union of 19 countries that will last through the test of time with unemployment rates of almost a0% compared to germany with unemployment of four or 5%? it's understanding the dynamics and hoping that this conglomeration of countries will last, going forward. 0k. thank you. thank you for talking us 0k. thank you. thank you for talking us through the markets today. still to come. using tech to tackle food waste. we'll meet the man who wants to put a camera in yourfridge. i'm not sure about that, are you? they might see something very nasty! you're with business live from bbc news. the co—op bank says it is putting itself up for sale and is inviting offers to buy all of its shares. the bank, 20% owned by the co—operative group, almost collapsed in 2013, and was bailed out by us hedge funds. let's speak to our our business editor, simon jack. hello, simon. what more do we know about the for sale sign going up? we know that ever since 2013 when it had a near — death experience and was rescued by its lenders writing of those debts and turning them into a stake in the company, a debt for a goodie swap, ever since then they've hoped to earn enough to restore their capital position. and when you don't have enough capital which the co—op hasn't had for some time, there are only three options. learn your way out of trouble which is very difficult in this environment, —— burn your way. ask your owners to put in more money, co—op is a 20% owner together with hedge funds is, thatis owner together with hedge funds is, that is unlikely because you can't earn a return on that, and the third one is to find somebody who will ta ke one is to find somebody who will take it on, added to an existing business, get some economies of scale and work through it that way. what they have decided is to take the third option. and that is a sale. who's the likely buyer?‘ tricky one because with a few hundred branches and hasn't got the enormous scale some say you need to succeed in retail banking. it is bedevilled by legacy issues. the fa ct bedevilled by legacy issues. the fact they haven't got enough capital, it's not how much any new buyer would have to pump in to get it back to health. 0ne name springs out to me which is the tsb. the tsb itself was carved out of lloyds after the hbos lloyds merger, it has 650 branches and like all small banks it's struggling to make money. adding a million co—op customers, maybe to get economies of scale, they also have these local flavours, they also have these local flavours, the brand is a good fit, having said that the tsb has other priorities, they've just separated from lloyds which is a big it project, it's not the top of their list that if the price was right i think they'd look at it, figure out that price for a troubled bank which doesn't have the requisite scale will be very tough indeed. a tough moment for a bank which has been around since 1872. simonjack, which has been around since 1872. simon jack, thank you which has been around since 1872. simonjack, thank you for that update on the co—op bank. you watching business live bbc news. due you're watching business live. our top story, the canadian leader justin trudeau meets us president donald trump in washington today. the two sides do billions of dollars worth of trade, but have differences over the future of the north america free trade agreement. a quick look at how markets are faring. all of them up. all of them fairly perky with the ftse up. the cac doing well and the pound and the dollar pretty stable where it has been really for most of last week. about 125. not much change there on the currencies. we have had a fairly strong start in the asian markets as well with the nikkei reaching a one—and—a—half year high as well largely on the strength of a weaker yen. now let's take a look at how the so—called internet of things could revolutionise the way we shop. the sector is estimated to grow to more than $2a billion by 2020. but how does it work? well, the term refers to the connection of devices like kitchen appliances and thermostats to the internet. this enables users to control devices when away from the home. by 2020, some experts predict there will be four of these smart devices for every human being on the planet. thanks to the british tech company, smarter, the "internet of things" is now being used in the fight against food waste. it's set to launch fridgecam, a wireless camera which can sit inside any fridge and connect to an app, enabling users to check exactly how much food is left when out at the shop. christian lane is the founder and ceo of smarter. hejoins us in the studio now. thank you very much for coming in. you have the electronic eye in front of you. that's the fridgecam. tell us of you. that's the fridgecam. tell us how it works. the fridgecam is a wi reless us how it works. the fridgecam is a wireless camera that you can put inside any fridge and connect to the internet to make it smarter. i guess the real reason for creating it was to eliminate food waste. more than a0% of our food on a weekly shop is going to waste because you put it in the back of your fridge and you forget what's there. on a practical, it doesn't look like it will take up more than one shelf of my fridge. it doesn't look like it will take up more than one shelf of my fridgem ta kes more than one shelf of my fridgem takes the whole fridge. it corrects it to the size of your fridge. so there is a lot of technology inside there is a lot of technology inside the camera itself. it lasts more about six months. so it sits in sleep mode for most of the time and it wakes up when you open the fridge door. how can it tell the milk is low? it tells you when the milk is removed from the fridge. how many times have we woken up to make a cup of tea and realised that we're out of tea and realised that we're out of milk or you are you're just out. if you're passing a shop, it will tell you... you if you're passing a shop, it will tell you. .. you will get a bleep? yes. it will replenish for you.|j can yes. it will replenish for you.” can see it might be useful given that i'm quite small aye can't a lwa ys that i'm quite small aye can't always see what's on the top shelf of my fridge! instead of going to the fridge, you'll look at your app. it is for lazy people. can't you look and think what's in my fridge? what should i throw out? what should i keep? i guess it is for people who wa nt to keep? i guess it is for people who want to be more efficient and for people who want to see what they have got in their fridge when they are out of the house of the it is ha rd to are out of the house of the it is hard to remember what you have got in yourfridge at hard to remember what you have got in your fridge at home and that gives you the exact image that you'd see if you were standing in front of the fridge. it won't tell you if something is rotten? it uses object recognition to tell you when things are going out of date. so every item in yourfridge will are going out of date. so every item in your fridge will have an expiry date on. how does it do that? it has got to look at label? it uses a learning algorism to tell you when the item went in the fridge and it assigns an average shelf life. milk will have an average shelf life. we're used to cctv cameras, but now we will have the cameras in our home. some people might find it creepy? i think now with the rise of the connected home and security cameras, this is a normal thing for people now. they want to be informed with better decisions and it is no different to having a pet camera that keeps an eye on your dog. this is something thatjust keeps an eye on yourfridge for you. is something thatjust keeps an eye on your fridge for you. you started two—and—a—half years ago. how easy was it to get into the market? this is the internet of things market. is itan is the internet of things market. is it an open market? is it in the hands of the big players?” it an open market? is it in the hands of the big players? i think the big players add pressure to start—ups. it depends on your products. the connected home has allowed us to create new products that are practical and useful. as long as your product is a practical idea then it is very encouraging now to get more traction. you only do fridges at the moment? we started with a connected kettle and moved on toa with a connected kettle and moved on to a connected coffee machine and now we're moving on to connecting existing appliances. what's the connected kettle? is it popular? do people want connected kettles? so you switch on the kettle when you're walking home from work? you can pull up walking home from work? you can pull up on the driveway and start billing the kettle for you! well, that's going to save a lot of time. i don't mean to be sarcastic. hackers could get in and turn down your fridge cam and cause havoc. that's something that a lot of companies are focussing on. we take security seriously and we're always doing the latest technology. you moved on since the opening the garage door. i was so since the opening the garage door. i was so excited when i saw one of those. the kettle is one of our best selling products. within two hours it became a best selling kettle. there is a huge market. just so you can turn your kettle on three minutes before you get in your door? yeah, exactly. so it is connected with your other devices. it is about having a seamless way of living now. it sounds fine until the technology goes wrong. technology is becoming so goes wrong. technology is becoming so much more reliable. good to know. thank you very much for coming in to explain the fridgecam. thank you. in a moment we'll take a look through the business pages but first here's a quick reminder of how to get in touch with us. the business live page is where you can stay ahead with all the day's breaking business news. we'll keep you up—to—date with all the latest details with insight and analysis from the bbc‘s team of editors around the world and we want to hear from you too. get involved on the bbc business live web page. on twitter we're at bbc business and you can find us on facebook. business live, on tv and online, whenever you need to know. dominic 0'connell is with us. the front page of the ft. it is the hot topic. after 20, 30 years of talking about executive pay, something is being done about it. they are only getting excited because theresa may has a green paper about executive and threatened them if they don't do something, something will be done to them. what is that something? what the big investors are fearful of is prescriptive rules from government. they want flexibility and they want to retain flexibility because they think it works, but they don't want to be told what to do by the government. so they are trying to get their house in order. what about binding votes. there are know binding votes. there are know binding votes. there are know binding votes on the money. no. but this year is an interesting year. there are binding votes on the pay policy and how the pay is done that came in 201a so 2017, lots of the big ftse companies will have binding votes on pay policy. theresa may did pull back from the idea of having workers representatives on boards and many, you know, campaigners for lower executive pay and fair executive pay saw that as a blow. she talked tough on work representation, but ran hard into company law. she would have to change company law. the story is interesting. they are talking about l tips. you get your wage and you get your annual bonus and you have a three or five year get your annual bonus and you have a three orfive year deal get your annual bonus and you have a three or five year deal which gives you shares in the company. investors wa nted you shares in the company. investors wanted these ten years ago and said they are a good thing. now, the wheel has turned and companies are looking at scrapping them as part of this pressure from theresa may. things are happening. who do you think is to blame for high executive pay? do you think it is the shareholders? they haven't done anything about it? they haven't had the power to do something?m anything about it? they haven't had the power to do something? it is called the agency problem because the big investors at most, most ftse 100 companies own 5% or 10%, while the shareholders are the people who should be policing this, it is difficult unless you corrale ten of people together. another story that made the business pages. the guardian is reporting on it. it is about the treasury's reputation coming underfire about the treasury's reputation coming under fire bass about the treasury's reputation coming underfire bass of the brexit forecasts. george osborne, you'll remember before the brexit vote said there would be an emergency budget and the treasury backed up the forecasts because it had only prepared forecasts on the event of us prepared forecasts on the event of us leaving the european union. it didn't say what the upside might be. some of the brexiteers say the treasury's independence has been called into question. consumer demand held up very well and employment is holding up fine. they are not the only one that is forecast doom and gloom. everyone bar the seven or eight economists that came out on the brexiteers side. brexit hasn't happened. a lot of the economists would say they are in the honeymoon period. we are benefiting from a weaker pound with none of the bad stuff from brexit come to pass yet. even so it damaged the treasury's reputation. that's what the papers are reporting. the treasury's reputation. that's what the papers are reportingm the treasury's reputation. that's what the papers are reporting. it is down to comments by a former treasury official who says this has happened. i think we take these things with a long view, we have to see how the treasury does on not just one forecast. there was another story about how gadgets of the future are going to be curved. they will be our flexible plastic friends. a bit like the fridgecam. that's it from business live today. there will be more business news throughout the day on the beb live page. goodbye. —— business live page. hello there. good morning, well it has been quite cold and quite grey for many parts of the uk recently. the second part of the weekend just gone typically, we saw temperatures around about three or four celsius and there was a little bit of wintry weather to be had, but not so by the middle of this coming week. the temperatures are getting back into double figures for the majority. it should feel more like spring from midweek onwards. in the eastern areas we will see more in the way of cloud and some rain. central and eastern scotland is the main focal point for rain through the day today. it will be on and off, for the western side of scotland, sunshine coming through and we should see good spells of sunshine in northern ireland. towards lincolnshire and into norfolk as well, only four or five celsius. lincolnshire and into norfolk as well, only four orfive celsius. it will feel chilly out there. a much brighter day for southern counties, the midlands and wales and some good spells of sunshine. the cloud thickening up in the south and the west. temperatures around about ten or 11 celsius, but you have to factor in the wind. bear that in mind if you're heading outen the roads. it is a south easterly wind which remains strong. a fair number of isobars of the notice a weak weather front creeping its way into the far south and the west. that will help keep the temperatures up. elsewhere, it is a chilly night. two or three celsius will be typical in major towns and cities. through tuesday, a lot of dry weather, but there is this patchy rain in the south—west of everyoning gland creeping up into wales and northern ireland. elsewhere, it is a dry picture with patchy cloud, sunshine getting through and temperatures creeping up by a notch or two. peaking at ten or 11 celsius in the southern most counties of england. a weak front is pushing northwards. this one in the south—west looks like it will bring outbreaks of rain with it on wednesday. notice the temperatures back into double figures for many and we keep the double figures more most, but it looks as if many places will be cloudy, but the main message is that we are going to see things turning a good deal milder and that's going to bring a different feel to things. hello it's monday, it's 9 o'clock, i'm chloe tilley, in for victoria derbyshire, welcome to the programme. our top story today. chaos in one of the biggest prisons in the country has been revealed in secret filming by the bbc. move away from it or else i will use it on you. i would prefer it if you didn't. can you move away from it? lacey i can step up here. an undercover reporter discovered widespread drug use, a lack of control, door alarms that did not go off in one block and a hole in an internal security fence. we'll hear from prisoners and guards this morning. and if you've spent time in prison recently, we are really keen to hear your experiences this morning. also on the programme, more division for the church over gay and lesbian marriages. how damaging will the row be for the church?

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Transcripts For BBCNEWS BBC Business Live 20170213 : Comparemela.com

Transcripts For BBCNEWS BBC Business Live 20170213

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today we want to know: when does tech get too intrusive? send it to us using this hashtag. welcome to the programme. another day, another world leader arriving to meet president trump at the white house today it's the turn of canada's prime ministerjustin trudeau. he differs in opinion from his host on a variety of issues — so just how important is canada's relationship with the united states? heir countries share one of the biggest trading relationships in the world. in 2015, some $662.7bn worth of goods and services flowed across the almost 9,000km border. but that works in the united states‘ favour at the moment to the tune of $12.1bn because whilst canada sells more goods to the us than the other way round, america more than makes up for it when it comes to the services sector. the value of the relationship has seen massive growth since 1994 when the north america free trade agreement signed by president clinton came into force. but during his campaign mr tump said "nafta was the worst trade deal in the history of this country" and has pledged to renegotiate it. while most of mr trump's ire has been directed at mexico, canada also has a huge amount at stake, 75% of all its exports go to the united states, so good relations will be important to businesses across the country. let's get more detail on this. with me is us political commentator, kate andrews. his two chalk and cheese! fundamentally different in attitude when it comes to big issues like globalisation, immigration, refugees, and also their demeanour and attitudes are different. trump has come in with this blunt, brash attitude whereas justin trudeau has come in with this blunt, brash attitude whereasjustin trudeau has tried to paint himself as the nice quy: tried to paint himself as the nice guy, the guy you would want to have a beer with. fundamentally different characters, two major world players but i am sure they will try to be professional and get along! have they got any meeting points in common? from justin trudeau his talk has been big against trump when it comes to immigration, he's soft and that a little and wants to talk to him about economics and trade comets in the interest of both countries to keep this free flowing of services and a relaxed flow of people across the borders, millions of people are doing overnight stays in each country and they will want to keep that up. he proposed this idea of getting together to talk about women in business. that's got interesting. it comes in with ivanka as well, brings in cleverly because trump wa nts to brings in cleverly because trump wants to be seen as being fairer to women. justin trudeau is using a clever tactic. ivanka will certainly be at the forefront of that. trump's daughter has made herself a world player in the sense of advocating for women's rights and in the convention she was the one talking about maternity leave, things the republican party have not spoken about for some time. she will be at the centre of that. a clever way for trudeau to put forward his feminist agenda while working with trump and his daughter in particular to achieve it. the key thing is finding points in common, isn't it? it is important for canada to secure those exports. the pipeline is important, they agree on that. i think they do. they have different environmental policies although justin they have different environmental policies althouthustin trudeau knows this will be a big moneymaker and a huge job knows this will be a big moneymaker and a hugejob creator, 2.5 million jobs rely on american trade, this will make even more. similarly, trudeau will be going into these talks like theresa may, looking for agreement. thank you. now onto other news. swiss voters have rejected a plan to reform the country's corporate tax system, sending the government back to the drawing board. business and political circles in switzerland had supported the plan, which was designed to prevent taxes rising sharply forforeign investors. however 59% of voters opposed the plan in sunday's referendum vote. the government will now need to find an alternative, which may involve higher tax rates for multinational companies. japan's economy grew for a fourth straight quarter in the final three months of last year — thanks to strong exports. the world's third—largest economy grew an annualised i% between october and december. during a weekend meeting with prime minister shinzo abe, president trump held off from his previous rhetoric againstjapan for using its monetary stimulus to weaken the yen and gain an unfair trade advantage. but there are concerns that rising us protectionism could still damage japan's economic recovery. samsung chief lee jae—yong is being questioned for a second time as a suspect in south korea's biggest political corruption scandal. mr lee was questioned last month as part of the inquiry into a scandal that led parliament to impeach president park geun—hye. kevin kim joins us from seoul. give us the latest on this? the head of samsung, mr lee, thought he was off the hook when a court in the capital rejected his arrest warrant last month. it may have been a surprise for him to have been brought back to the prosecutor's office today. during the last three weeks in investigators reviewed the case and decided there were new aspects to the investigation that needed further questioning. mr lee arrived at the prosecutor's office with a grim face and said he would faithfully tell the truth. the allegation is that samsung gave millions of dollars in return for the votes of the national pension fund ina the votes of the national pension fund in a big uncontested restructuring of the company. this time around, senior executives of samsung may also be questioned alongside mr lee, and if the investigators feel they have collected enough evidence that may merit his detention, the prosecution tea m merit his detention, the prosecution team could file another arrest warrant. kevin, thank you very much. let's check in with the financial markets now asian markets built on a global rally on monday following another record close in new york on friday, tokyo stocks rose with investor sentiment lifted by cordial talks over the weekend between us president donald trump and japanese prime minister shinzo abe. so is that trend continuing in europe? let's ta ke let's take a look. yes, it is. this isa let's take a look. yes, it is. this is a snapshot of the major industries just after opening, the ftse 100, the ducks, industries just after opening, the ftse100, the ducks, and the cack a0 all in positive territory so far. let's have more on this. nandini ramakrishnan, global market strategist atj. p. morgan asset management, joins us in the studio. everything looking a little healthier at the moment. why is this? in the recent few weeks we have seen strong macroeconomic data, whether it indices that track production or employment, it's looking good in 2017 which is a good sign for economics... some of these stocks of valid, i'm thinking particularly of the usa at the moment. yes, prices have gone up, and earnings really backing it, that is the key question. a lot of exuberance and enthusiasm the trump victory. that's a generally market friendly condition, good business practices, corporate tax rates may be being lower, that rhetoric means american companies have rallied in the past few months. what indicators are there that global growth will continue? we had some better—than—expected figures about chinese output. chinese data has been strong, they are using a lot of commodities, the fear, some quarters ago, was that china wasn't going to be growing at that same pay the fact that they are using larger amounts of commodities is helping things. commodity producers were some of the highest performers, gaining a couple of percentage points. what is it about european growth at the moment, it's getting especially critical when looking at rising debt in greece and ongoing debt in italy, basically the southern countries. greece and ongoing debt in italy, basically the southern countriesm will be a big challenge especially this year with so many elections on the horizon for many years economies. greece is the problem that won't go away. we do expect the imf and european leaders to figure out a way to get the bailout extended. what about the growth figures? some say the growth is much better than people say. fourth—quarter gdp numbers of the eurozone show that they were going faster than the us are the same period. normally we wouldn't say too much about europe versus the us. in some countries like germany good growth figures will help stabilise the region as it gets into this more troubling 2017 with all these elections and greek debt troubles. some figures said that germany's surplus is growing by the day. in comparison, in greece there is a real disparity among the eurozone countries. that's a bigger challenge generally speaking, is at a project 01’ generally speaking, is at a project ora generally speaking, is at a project or a union of 19 countries that will last through the test of time with unemployment rates of almost a0% compared to germany with unemployment of four or 5%? it's understanding the dynamics and hoping that this conglomeration of countries will last, going forward. 0k. thank you. thank you for talking us 0k. thank you. thank you for talking us through the markets today. still to come. using tech to tackle food waste. we'll meet the man who wants to put a camera in yourfridge. i'm not sure about that, are you? they might see something very nasty! you're with business live from bbc news. the co—op bank says it is putting itself up for sale and is inviting offers to buy all of its shares. the bank, 20% owned by the co—operative group, almost collapsed in 2013, and was bailed out by us hedge funds. let's speak to our our business editor, simon jack. hello, simon. what more do we know about the for sale sign going up? we know that ever since 2013 when it had a near — death experience and was rescued by its lenders writing of those debts and turning them into a stake in the company, a debt for a goodie swap, ever since then they've hoped to earn enough to restore their capital position. and when you don't have enough capital which the co—op hasn't had for some time, there are only three options. learn your way out of trouble which is very difficult in this environment, —— burn your way. ask your owners to put in more money, co—op is a 20% owner together with hedge funds is, thatis owner together with hedge funds is, that is unlikely because you can't earn a return on that, and the third one is to find somebody who will ta ke one is to find somebody who will take it on, added to an existing business, get some economies of scale and work through it that way. what they have decided is to take the third option. and that is a sale. who's the likely buyer?‘ tricky one because with a few hundred branches and hasn't got the enormous scale some say you need to succeed in retail banking. it is bedevilled by legacy issues. the fa ct bedevilled by legacy issues. the fact they haven't got enough capital, it's not how much any new buyer would have to pump in to get it back to health. 0ne name springs out to me which is the tsb. the tsb itself was carved out of lloyds after the hbos lloyds merger, it has 650 branches and like all small banks it's struggling to make money. adding a million co—op customers, maybe to get economies of scale, they also have these local flavours, they also have these local flavours, the brand is a good fit, having said that the tsb has other priorities, they've just separated from lloyds which is a big it project, it's not the top of their list that if the price was right i think they'd look at it, figure out that price for a troubled bank which doesn't have the requisite scale will be very tough indeed. a tough moment for a bank which has been around since 1872. simonjack, which has been around since 1872. simon jack, thank you which has been around since 1872. simonjack, thank you for that update on the co—op bank. you watching business live bbc news. due you're watching business live. our top story, the canadian leader justin trudeau meets us president donald trump in washington today. the two sides do billions of dollars worth of trade, but have differences over the future of the north america free trade agreement. a quick look at how markets are faring. all of them up. all of them fairly perky with the ftse up. the cac doing well and the pound and the dollar pretty stable where it has been really for most of last week. about 125. not much change there on the currencies. we have had a fairly strong start in the asian markets as well with the nikkei reaching a one—and—a—half year high as well largely on the strength of a weaker yen. now let's take a look at how the so—called internet of things could revolutionise the way we shop. the sector is estimated to grow to more than $2a billion by 2020. but how does it work? well, the term refers to the connection of devices like kitchen appliances and thermostats to the internet. this enables users to control devices when away from the home. by 2020, some experts predict there will be four of these smart devices for every human being on the planet. thanks to the british tech company, smarter, the "internet of things" is now being used in the fight against food waste. it's set to launch fridgecam, a wireless camera which can sit inside any fridge and connect to an app, enabling users to check exactly how much food is left when out at the shop. christian lane is the founder and ceo of smarter. hejoins us in the studio now. thank you very much for coming in. you have the electronic eye in front of you. that's the fridgecam. tell us of you. that's the fridgecam. tell us how it works. the fridgecam is a wi reless us how it works. the fridgecam is a wireless camera that you can put inside any fridge and connect to the internet to make it smarter. i guess the real reason for creating it was to eliminate food waste. more than a0% of our food on a weekly shop is going to waste because you put it in the back of your fridge and you forget what's there. on a practical, it doesn't look like it will take up more than one shelf of my fridge. it doesn't look like it will take up more than one shelf of my fridgem ta kes more than one shelf of my fridgem takes the whole fridge. it corrects it to the size of your fridge. so there is a lot of technology inside there is a lot of technology inside the camera itself. it lasts more about six months. so it sits in sleep mode for most of the time and it wakes up when you open the fridge door. how can it tell the milk is low? it tells you when the milk is removed from the fridge. how many times have we woken up to make a cup of tea and realised that we're out of tea and realised that we're out of milk or you are you're just out. if you're passing a shop, it will tell you... you if you're passing a shop, it will tell you. .. you will get a bleep? yes. it will replenish for you.|j can yes. it will replenish for you.” can see it might be useful given that i'm quite small aye can't a lwa ys that i'm quite small aye can't always see what's on the top shelf of my fridge! instead of going to the fridge, you'll look at your app. it is for lazy people. can't you look and think what's in my fridge? what should i throw out? what should i keep? i guess it is for people who wa nt to keep? i guess it is for people who want to be more efficient and for people who want to see what they have got in their fridge when they are out of the house of the it is ha rd to are out of the house of the it is hard to remember what you have got in yourfridge at hard to remember what you have got in your fridge at home and that gives you the exact image that you'd see if you were standing in front of the fridge. it won't tell you if something is rotten? it uses object recognition to tell you when things are going out of date. so every item in yourfridge will are going out of date. so every item in your fridge will have an expiry date on. how does it do that? it has got to look at label? it uses a learning algorism to tell you when the item went in the fridge and it assigns an average shelf life. milk will have an average shelf life. we're used to cctv cameras, but now we will have the cameras in our home. some people might find it creepy? i think now with the rise of the connected home and security cameras, this is a normal thing for people now. they want to be informed with better decisions and it is no different to having a pet camera that keeps an eye on your dog. this is something thatjust keeps an eye on yourfridge for you. is something thatjust keeps an eye on your fridge for you. you started two—and—a—half years ago. how easy was it to get into the market? this is the internet of things market. is itan is the internet of things market. is it an open market? is it in the hands of the big players?” it an open market? is it in the hands of the big players? i think the big players add pressure to start—ups. it depends on your products. the connected home has allowed us to create new products that are practical and useful. as long as your product is a practical idea then it is very encouraging now to get more traction. you only do fridges at the moment? we started with a connected kettle and moved on toa with a connected kettle and moved on to a connected coffee machine and now we're moving on to connecting existing appliances. what's the connected kettle? is it popular? do people want connected kettles? so you switch on the kettle when you're walking home from work? you can pull up walking home from work? you can pull up on the driveway and start billing the kettle for you! well, that's going to save a lot of time. i don't mean to be sarcastic. hackers could get in and turn down your fridge cam and cause havoc. that's something that a lot of companies are focussing on. we take security seriously and we're always doing the latest technology. you moved on since the opening the garage door. i was so since the opening the garage door. i was so excited when i saw one of those. the kettle is one of our best selling products. within two hours it became a best selling kettle. there is a huge market. just so you can turn your kettle on three minutes before you get in your door? yeah, exactly. so it is connected with your other devices. it is about having a seamless way of living now. it sounds fine until the technology goes wrong. technology is becoming so goes wrong. technology is becoming so much more reliable. good to know. thank you very much for coming in to explain the fridgecam. thank you. in a moment we'll take a look through the business pages but first here's a quick reminder of how to get in touch with us. the business live page is where you can stay ahead with all the day's breaking business news. we'll keep you up—to—date with all the latest details with insight and analysis from the bbc‘s team of editors around the world and we want to hear from you too. get involved on the bbc business live web page. on twitter we're at bbc business and you can find us on facebook. business live, on tv and online, whenever you need to know. dominic 0'connell is with us. the front page of the ft. it is the hot topic. after 20, 30 years of talking about executive pay, something is being done about it. they are only getting excited because theresa may has a green paper about executive and threatened them if they don't do something, something will be done to them. what is that something? what the big investors are fearful of is prescriptive rules from government. they want flexibility and they want to retain flexibility because they think it works, but they don't want to be told what to do by the government. so they are trying to get their house in order. what about binding votes. there are know binding votes. there are know binding votes. there are know binding votes on the money. no. but this year is an interesting year. there are binding votes on the pay policy and how the pay is done that came in 201a so 2017, lots of the big ftse companies will have binding votes on pay policy. theresa may did pull back from the idea of having workers representatives on boards and many, you know, campaigners for lower executive pay and fair executive pay saw that as a blow. she talked tough on work representation, but ran hard into company law. she would have to change company law. the story is interesting. they are talking about l tips. you get your wage and you get your annual bonus and you have a three or five year get your annual bonus and you have a three orfive year deal get your annual bonus and you have a three or five year deal which gives you shares in the company. investors wa nted you shares in the company. investors wanted these ten years ago and said they are a good thing. now, the wheel has turned and companies are looking at scrapping them as part of this pressure from theresa may. things are happening. who do you think is to blame for high executive pay? do you think it is the shareholders? they haven't done anything about it? they haven't had the power to do something?m anything about it? they haven't had the power to do something? it is called the agency problem because the big investors at most, most ftse 100 companies own 5% or 10%, while the shareholders are the people who should be policing this, it is difficult unless you corrale ten of people together. another story that made the business pages. the guardian is reporting on it. it is about the treasury's reputation coming underfire about the treasury's reputation coming under fire bass about the treasury's reputation coming underfire bass of the brexit forecasts. george osborne, you'll remember before the brexit vote said there would be an emergency budget and the treasury backed up the forecasts because it had only prepared forecasts on the event of us prepared forecasts on the event of us leaving the european union. it didn't say what the upside might be. some of the brexiteers say the treasury's independence has been called into question. consumer demand held up very well and employment is holding up fine. they are not the only one that is forecast doom and gloom. everyone bar the seven or eight economists that came out on the brexiteers side. brexit hasn't happened. a lot of the economists would say they are in the honeymoon period. we are benefiting from a weaker pound with none of the bad stuff from brexit come to pass yet. even so it damaged the treasury's reputation. that's what the papers are reporting. the treasury's reputation. that's what the papers are reportingm the treasury's reputation. that's what the papers are reporting. it is down to comments by a former treasury official who says this has happened. i think we take these things with a long view, we have to see how the treasury does on not just one forecast. there was another story about how gadgets of the future are going to be curved. they will be our flexible plastic friends. a bit like the fridgecam. that's it from business live today. there will be more business news throughout the day on the beb live page. goodbye. —— business live page. hello there. good morning, well it has been quite cold and quite grey for many parts of the uk recently. the second part of the weekend just gone typically, we saw temperatures around about three or four celsius and there was a little bit of wintry weather to be had, but not so by the middle of this coming week. the temperatures are getting back into double figures for the majority. it should feel more like spring from midweek onwards. in the eastern areas we will see more in the way of cloud and some rain. central and eastern scotland is the main focal point for rain through the day today. it will be on and off, for the western side of scotland, sunshine coming through and we should see good spells of sunshine in northern ireland. towards lincolnshire and into norfolk as well, only four or five celsius. lincolnshire and into norfolk as well, only four orfive celsius. it will feel chilly out there. a much brighter day for southern counties, the midlands and wales and some good spells of sunshine. the cloud thickening up in the south and the west. temperatures around about ten or 11 celsius, but you have to factor in the wind. bear that in mind if you're heading outen the roads. it is a south easterly wind which remains strong. a fair number of isobars of the notice a weak weather front creeping its way into the far south and the west. that will help keep the temperatures up. elsewhere, it is a chilly night. two or three celsius will be typical in major towns and cities. through tuesday, a lot of dry weather, but there is this patchy rain in the south—west of everyoning gland creeping up into wales and northern ireland. elsewhere, it is a dry picture with patchy cloud, sunshine getting through and temperatures creeping up by a notch or two. peaking at ten or 11 celsius in the southern most counties of england. a weak front is pushing northwards. this one in the south—west looks like it will bring outbreaks of rain with it on wednesday. notice the temperatures back into double figures for many and we keep the double figures more most, but it looks as if many places will be cloudy, but the main message is that we are going to see things turning a good deal milder and that's going to bring a different feel to things. hello it's monday, it's 9 o'clock, i'm chloe tilley, in for victoria derbyshire, welcome to the programme. our top story today. chaos in one of the biggest prisons in the country has been revealed in secret filming by the bbc. move away from it or else i will use it on you. i would prefer it if you didn't. can you move away from it? lacey i can step up here. an undercover reporter discovered widespread drug use, a lack of control, door alarms that did not go off in one block and a hole in an internal security fence. we'll hear from prisoners and guards this morning. and if you've spent time in prison recently, we are really keen to hear your experiences this morning. also on the programme, more division for the church over gay and lesbian marriages. how damaging will the row be for the church?

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