Far is the footsie. Also in the programme. Tired of cramped legs and aching backs after Long Distance air travel . Well meet the company aiming to put the luxury back into flying, using smart design. At the other end of the scale, dubai has just tested its first pilotless people carrying drone. Today we want to know, how comfortable would you feel being whizzed about in the air without a pilot on board . In the last few hours, former banker Steven Mnuchin has been confirmed as the new Treasury Secretary. Asjobs go, its a very important one. Besides serving as the nations banker, paying its bills, collecting taxes and managing its debt, the secretary is also one of the leading regulators of banks and wall street. So how well do we think hell perform in this new role . Heres what we know about him. Hes been criticised as a wall street insider, having spent 17 years working for goldman sachs, and also setting up and running several hedge funds. This has enabled him to finance dozens of high profile hollywood films, including titles like Suicide Squad and the lego batman movie. Last april he joined the Trump Campaign when the organisations Fundraising Efforts barely existed. Now hes deeply involved in developing the president s tax proposals, which could deliver as much as 6 trillion in Tax Reductions over ten years. Most controversially, hes been accused of profiting from the financial crisis. In 2009, mnuchin assembled a group of investors to buy the failed indymac bank. He renamed it onewest and turned it around, selling it for a large profit in 2014. Housing advocacy groups claim 0newest foreclosed on more than 36,000 homeowners in california. Heres how Steven Mnuchin responded to the criticism. Since i was first nominated to serve as Treasury Secretary i have been maligned as taking advantage of others hardship in order to earn a buck. Nothing could be further from the truth. During the summer of 2008 i saw the devastation that was caused by the housing crisis, when i watched people line up to get their lifes savings out of indymac bank. It was the middle of the financial crisis, and despite the global panic i saw a way to save the bank. Professor inderjeet parmar, international politics, city university, is with me. First, let me finish my twitter question. How would you feel about jumping intoa question. How would you feel about jumping into a pilotless drone . Would you fly . Let us know, use the hashtag. Lets get stuck into this story. What is going on with donald trump . You can never guess, but he said he is going to clean up the swamp, stop wall street from ruling, and one of the most importantjobs he has placed a long term big wall street man. Absolutely, he has gone everything against everything he stood for in the election, he criticised wall street and Hillary Clinton for goldman sachs, but this isa clinton for goldman sachs, but this is a heavy accent on the power of wall street in American Government this time, because barack 0bama in the wake of the financial crisis also appointed somebody straight from the new York Federal Reserve and a former central banker. So this is nothing new in that sense. The Revolving Door between wall street and washington, dc continues to operate. Mottram has not changed it, but he is going to have a go at some of the regulation that was introduced in the various laws after barack 0bama introduced in the various laws after Ba Rack 0bama was introduced in the various laws after barack 0bama was elected. What do you think. Will he be determined as President Trump is to rein them m, as President Trump is to rein them in, and will congress go along with him . He will be as determined as trump is. It separated rigoletto is from the regulated somewhat, protected through the Kitchen Production Financial Bureau some consumers, and those regulations will be stripped back. Progress is done on it by republicans. Some of them may have reservations, but most of them will be looking forward to a bonfire of regulations in general. The Treasury Secretary also has control over sanctions. It will be very interesting. With russia, right . In other news. The United States has imposed sanctions on venezuelas Vice President , accusing him of involvement in drug trafficking. The americans say Tareck El Aissami facilitated huge shipments of narcotics from venezuela by air and sea, and protected other drug traffickers. There was no Immediate Reaction from mr el aissami, who denies criminal ties. Inflation in china reached 2. 5 in january, the highest since may 2014, and faster than analysts had predicted. Inflation expectations are rising in most Major Economies as the recovery in commodities provides a boost to prices. Markets now believe that a chinese Interest Rate rise is more likely, though inflation still remain within the Central Banks 3 comfort zone. Japanese Electronics Giant toshiba has seen shares plunge as the firm delayed a crucial announcement expected to detail a multi billion dollar loss. Rupert Wingfield Hayes is in tokyo for us. Who have got the latest news that they might have been a resignation . It isa they might have been a resignation . It is a roller coaster here today, first they were going to announce their free quarterly results, toshiba was not expected to announce a huge net loss, but then they cancelled the announcement. In the last half an hour the chairman of toshiba came onto the stage at the headquarters to say he is resigning, to ta ke headquarters to say he is resigning, to take responsibility for the mess that the company is in. Although he says he will stay on until thejune shareholder meeting. He is definitely going, but not quite yet, perhaps. 0n the Japanese News Agency in the last few seconds, they have said estimated losses for the last three quarters of 5 Billion Us Dollars for toshiba. That is more than was expected. That is not from the company, that is from the news agency. That they could look at the asian markets. Guess why dedicate is down, maybe something to do with toshiba. European markets have all opened pretty mixed at the moment, just waiting to see what happens. Things coming up. Lawrence gosling, editor in chief of investment week. Always good to see you. I was mentioning chinas inflation numbers, we are getting inflation in the uk. We are expecting 1. 996, numbers, we are getting inflation in the uk. We are expecting 1. 9 , an the uk. We are expecting 1. 996, an increase. Still relatively low, but the Direction Of Travel is what concerns economists. Will it keep increasing . On a global scale, do we like inflation . We like a little bit. Central banks like it if they can control it. They wanted to gently rise and then stop when they want. Businesses can put their prices up and nobody notices. Exactly. We like it as employees, because we might get more of a pay rise. It is an illusion. Not if you work for the bbc janet yellen is speaking in the state. The boss of americas central bank. She is before the senate committee, giving her view on the american economy, she is in the last few months of her term in the federal reserve, so she will not say anything outlandish, we dont think. When trump was coming in to power, we always thought they were going to butt heads,. They are waiting. There will come a point where they will go head to head, especially when her successof head to head, especially when her successor begins to be mooted. Quick word on Corporate News. Quite a lot of bad news around, we have heard about toshiba, rolls royce, what is the mood in the market in the way about corporate score . We heard about a lot of Corporate News with in the Regional Companies that had problems building up. A binary market, Good Companies are doing well and about companies are getting the bad news out quite early in the year, so it is no cover incidents. Still to come. Tired of getting off long haul flights feeling achy and cranky . Well get the science and secrets of designing the ultimate airline seat. Youre with Business Live from bbc news. Engine maker rolls royce has reported a £4. 6 billion loss in its annual results. It follows a tough few years for the british firm, which has been fined £671 million for bribery, faced Challenging Market conditions and struggled with the recent fall in the pound. Joining us now from the newsroom is independent Aerospace Analyst howard wheeldon. It isa it is a staggering number. Is it mostly due to the currency . To have a loss of 4. 6 billion, is it mostly the drop in the pound . It is. This isa the drop in the pound . It is. This is a company that manufactures its aero engines in the uk and in singapore and a few in the states. But it Sells Everything in dollars. If your costs are in sterling and sterling falls in the way it has, and these contracts are arranged several years in advance, you get an order and the Delivery Stage maybe six or seven order and the Delivery Stage maybe six or seven years as order and the Delivery Stage maybe six or seven years as head before it is completed, you have to take your hedging at the start, so you have to think where your currency might be five or six years before, that is the problem for them, nobody anticipated sterling could fall in the way it has, because we did not expect brexit. They are going to say the worst is behind them, drawing a line in the sand,is behind them, drawing a line in the sand, is that true . The worst is behind them in terms of hedging, i hope. It is behind them in terms of the deferred prosecution agreement, the deferred prosecution agreement, the cash is yet to come out, but there is one further straw in the wind, the change of accounting standards, which will fit them next year. It will be some years before we see really decent profits. The underlying profits will be there, and they will get better because of the cost efficiencies, but there are some straws in the wind yet. But rolls royce is a strong company, it will get through this, and it is managing its way through all of its problems extreme you well with a very good team. You are such a creep im joking. Youre watching Business Live. Our top story, theres a new man in charge of the worlds biggest economy. Wall street executive and hollywood movie financier, Steven Mnuchin has been appointed us Treasury Secretary. A quick look at how markets are faring. A fairly mixed picture. The ftse down. It is not mixed at all, it is all down, isnt it . There is the pound and dollar. It has been at 125, 130 all week. It is pretty sta ble. Has been at 125, 130 all week. It is pretty stable. It is not going anywhere. Thats perhaps because there is no big news to shake the pound, dollar rate. Have you ever touched down after a long haul flight feeling tired and sore . Well, our next guest is on a mission to make those days a thing of the past. Hes the boss of Acumen Design Associates which specialises in putting the luxury back into travel through smart seat design. The firm was founded in 1981 and focuses on transport and Product Design. Acumen made its name in the Aviation Industry by designing the British Airways bed in the sky, the worlds first flat bed aboard a commercial plane, back in 1996. More recently acumen has designed the next level in super luxury commercial flight with the Etihad Airways residence which includes a living room and separate bedroom with en suite shower on the airlines a380 jet. Ian dryburgh is ceo and founder of Acumen Design Associates and joins us now. Ian, it is great to have you with us onth programme. I love this area. The first flat bed. Then and youre dealing with 35 different airlines. So yeah, my question would be, if i am he an airline, and i want you to make a seat, how are you going to make a seat, how are you going to make it any different for me when youve done 35 others . Clearly, they werent all simultaneously. With every airline and every culture, an airline is almost a flag carrier effectively and so each airline generates its own brief. It generates its own brief. It generates new opportunities. So where did the ideas come from . Is it the airline who say, this is what we want the airline who say, this is what we want. Do you come the airline who say, this is what we want the airline who say, this is what we want. Do you come up . Where is the creativity . Acumen is an inowe environment agencyses company as much as waiting for a brief to come in. Weve developed our own ip, i might come up with a new super efficient layout for Business Class as weve done for United Airlines so i would licence that ip to them. 0ther i would licence that ip to them. Other times someone like another airline would come and say, we want the best first class in the world. Can you help us . Uniteds new product, you designed that where . The idea came to me on the way home on the train on a train . You were sitting there. I was scribbling an idea. Halfs it . What made you think about it . I was thinking it would be the holy grailfor about it . I was thinking it would be the holy grail for airlines and customers in terms of efficiency and by coming up with this new layout which nests the seats in line and her ring bone we managed to create a super efficient lay out. Her ring bone we managed to create a super efficient layout. Is this where you come up with your ideas, on the train . Quite often. Really . Not exclusively. We have a very good tea m not exclusively. We have a very good team at acumen which im very proud of and it is very much a team effort. Im wondering if youre part of the some of the problem now for the airlines, im jesting, of the some of the problem now for the airlines, imjesting, but of the some of the problem now for the airlines, im jesting, but a lot of the airlines are getting rid of their first class product and it is becoming a business or top of their range executive product. It is hard to different ate between a first class seat now and the Business Class seat now and the Business Class seats are first class seats, arent they . Very true. When you look at what we created for ba, the bed in the sky, that was first class and thats Business Class now. With the airlines reducing the size of the airlines reducing the size of the first class cabins, most of them anyway, they often go down to our dual class or try class. The Battle Ground shifted to economy and Business Class moving forward. So you will design stuff for the likes of me, and notjust for the likes of aaron . Were on the case thats going to be tricky. You are still limited. The Airlines Need x amount of seats and you have only got so much space . It is a fine balance when economics and looking after the passengers interests and improving their lot obviously. You do paper towels and also some Health Products as well. Thats right. Why do you suddenly rush off in Different Directions and do other things . I thought you would specialise in just doing seats and things like that . We are an innovations company. So we get involved with Product Design as much as transport design. 0n get involved with Product Design as much as transport design. On our innovation arm, we have been founding shareholders of start ups, you know, in terms of the Paper Company like you referred to, the worlds first round paper towel. Round paper towel . And medical products. We got involved in a start up on anti anti deep vein thrombosis. Clever professors came up thrombosis. Clever professors came up with a technology and we turned it into a product. Weve got to wrap it into a product. Weve got to wrap it up ian. You must travel Around The World. How often do you fly on the world. How often do you fly on the seats that youve designed . Not as often as id like what if you got into one of your seats and thought, i dont like this. Maybe we need to tweak it. Hopefully that keeps us in employment. Thats what my wife tells me. We appreciate your timement thank you very much. In a moment well take a look through the business pages but first heres a quick reminder of how to get in touch with us. The Business Live page is where you can stay ahead with all the days breaking Business News. Well keep you up to date with all the latest details with insight and analysis from the bbcs team of editors right Around The World and we want to hear from you too. Get involved on the bbc Business Live web page. On twitter were at bbc business and you can find us on facebook. Business live, on tv and online, whenever you need to know. Just keep talking jamie. Just keep talking, jamie we are going to look at some of the Business News stories and on the bbc evens website. Website. Dominic 0connell is with us. We got this story which sort of began to break in the budget. Self employment, rise in Self Employment was damaging tax revenues because they are not paying as much tax . The Employment Legislation was designed for the old world of employment where everyone was directly employed or properly self employed. Here you have a number of clients and youre not working exclusively for anyone. People who can work for one employer can be treated as self employed like delivery drivers. The gig economy . It isa delivery drivers. The gig economy . It is a double edged sword. Some people like it. They like freedom and at the bbc we have been talking to people who have been talking about the up sides of the gig economy, work when you want, but the down side is you dont get a pension, you dont get paid holiday and ruthless employers will make you rent the equipment you need to do yourjob. Really . It is a double edged sword and i think over time and we have this government report out today, over time Employment Legislation will tighten up. Will they get tax back . If you stand back. Corporation tax is in decline. We maybe heading for an era where Corporation Tax is no longer levied on companies. You will end up with a thing where activity will be taxed. Thats where were headed in the long term. So Employment Activity will be taxed because it is easy for companies to avoid Corporation Tax. It becomes an optional activity. Youre turning this into hardtalk. This is a paper review lets talk about drones. That is quite. Would you step into that . Would you . You have got to work your way around a propeller. It is a chinese made drone. It was shown off ata chinese made drone. It was shown off at a show in dubai. If you have been to dubai, dubais traffic is terrible by any world city standards. It is awful. They have they will have this thing flying around in dubai injuly. It carries one person. Im not sure idjump in. But if you travel on London Underground most of the time youre travelling on a not driver controlled train. Not a driverless train, but the trains are driven by computers. So Transport Systems are largely run by machines rather than men. What happens if you have masses of them up there, thats when it gets scary. And a tube train is not flying 500 feet up hopefully the technology is good enough so it wont have lots of crashes. Less than a minute left. Greece is back in the headlines, right. The amount of money it has to pay off between now and july, its staggering. There are periodic crisis in greece. A good way of gauging is looking at the price of its bonds. Its debt . On its government debt. When things are really bad it got above 14 , were only at 10 and 11 . We are a few minutes away from midnight. Only at 10 and 11 . We are a few minutes away from midnightm only at 10 and 11 . We are a few minutes away from midnight. It is the same argument, the imf doesnt wa nt to the same argument, the imf doesnt want to lend money until it is reformed. Greece will never be able to pay this money back. The debt will never be able to be repaid. At sometime they will have to bite the bullet. Thats hard for any german politician to sell at the moment. Bullet. Thats hard for any german politician to sell at the Momentm Depends who is in charge in europe with all the votes going on. Dominic, thank you, mate. Wrap it upjamie. Dominic, thank you, mate. Wrap it up jamie. Thats it from Business Live today. There will be more Business News throughout the day. We will see you later. Hello there. Good morning. We will start with a look back at yesterdays morning. There was a variety on offer. Many of us saw a good deal of sunshine, but that wasnt the case for all. There was a fair bit of cloud across the north east of the uk and underneath that, only four or five celsius. North east of the uk and underneath that, only four orfive celsius. In the south west, we got to 13 celsius in exeter. This cloud is moving northwards and eastwards and will continue to do so bringing patchy rain with it, but it is on the move. As we get on into the middle part of the afternoon we will see sunshine coming out in cornwall in particular and it will be breezy, but temperatures doing well, we will see 11 or 12 celsius. We have the cloud and patchy Rain Drifting up into the midlands and towards the Isle Of Wight as well. Never really gets towards the london area. It will be in double figures here. It looks bright in east anglia, but the North East Of England will stay cloudy and we will see cloud and rain into northern ireland. North west of england and west of scotla Nd North West of england and West Of Scotland doing well with sunshine. Seven or eight celsius in glasgow. We will see six or seven on the eastern side of scotland underneath afair bit eastern side of scotland underneath a fair bit of cloud. A first Weather Front brings the patchy Rain Overnight and then we see another band of cloud and Rain Drifting its way into the south west through the small hours of wednesday morning. So we start off with that cloud and rain across this southern and western pa rt of rain across this southern and western part of the uk. It is all drifting northwards and eastwards once again on a south westerly breeze. There will be some brighter weather developing later on as we get into the afternoon across wales and the south west, but with a scattering of showers. The temperatures, that south westerly breeze, we are in double figures. Quite widely. 11 or 12 celsius for some of us. And then through wednesday night, on into thursday, weve got this area of low pressure to the north of the uk. A fair number of isobars. It will be breezy. Quite cloudy with rain, mainly in Western Scotland and the north west. Further south, with lighter winds it may well start off with mist and fog. The southern half of the uk stays dry, if cloudy and again, the temperatures are doing well. Double figures again. A lot of cloud again on friday, but not much rain to speak of. A similar story on saturday, but notice those temperatures double figures to be had quite widely. So in summary for the rest of this week, yes, it will be on the mild side, both by day and by night. But there will be a lot of cloud and that cloud will bring with ita cloud and that cloud will bring with it a little bit of rain at times. Bye for now. Hello, its tuesday, its 9am. Im joanna gosling, welcome to the programme. The Ministry Of Defence wants to scrap its legal duty of care to servicemen and women in combat so it can assess cases of negligence in house rather than in court. The changes would mean that injured soldiers would no longer be able to sue the government for negligence. We will be assessing the full impact of the proposals for our servicemen and women and their families. The fire brigade, police, ambulance service, they all have to have equipment that works, and the right equipment. That should be for the soldier. Just 24 days into the trump presidency, it has been hit by a high profile resignation, that of National Security adviser michael flynn, who has been forced to quit after it was revealed that he misled white house officials about his contacts with russia. But questions are being asked about who in the white house knew what and when
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