Of detoxing withjuice. The founder of nosh detox will be in the studio with us. And ten years on from the beginning of the Credit Crunch, we want to hear your memories of the crisis and how it affected you. Let us know. Use the hashtag bbcbizlive. Hello and welcome to Business Live. Get in touch with your memories. I know for us, it was the start of ten long years of covering the stories and the repercussions of it. This week the main Stock Markets in the us have had another record run and londons ftse 100 flirted with breaking into record territory. Its a far cry from ten years ago when the global Credit Crunch began. Ten years ago today 9th, august 2007 banks suddenly found that they had billions of dollars in toxic debts that customers couldnt afford to repay. So overnight, they stopped offering loans. The financial crisis that followed cost the british economy over £7 trillion in lost output thats close to 10 trillion. For the us economy, the cost hit a staggering 22 trillion. So with traders now celebrating a record breaking run on the dow and other markets, have we really learnt lessons from the mistakes of the financial crisis . Well, maybe not. On monday, new figures showed that Consumer Credit card debt in the us had risen above its previous record, set in 2008, to just over 1 trillion. In the same month unsecured Consumer Debt here in the uk topped £200 billion thats 260 billion. Again, the previous record was set in 2008. So do the Stock Markets have it wrong or is this level of debt now more sustainable . Ann pettifor is a director at Prime Economics and was one of the key voices at the time that said the crisis was coming. Nobody was listening then, were they . No, they thought i was a bit crazy actually. I had some rude comments. I kept being called Chicken Licin 0n social media. Comments. I kept being called Chicken Licin on social media. You saw it coming and you were analysing the levels of debt that countries we re the levels of debt that countries were exposed to. You werent looking at sub prime in particular, were you . No. Just explain what you thought would happen . you . No. Just explain what you thought would happen . I was working on the debt of the poorest countries which is really small and i looked up which is really small and i looked up andi which is really small and i looked up and i looked at the debt of the Anglo American economies and realised that the overhang of debt massively exceeded the income of those countries and people dont repay their debts by selling their properties. They repay their debt out of income and there wasnt enough income to deal with that. Today, those levels of debt are even higher, global income, gdp is about 77 trillion. Global Financial Assets are 225 trillion which makes 1 trillion that ben was talking about in Consumer Credit tiny in proportion. 0ur about in Consumer Credit tiny in proportion. Our real problem is we have had this Mass Jiff Overhang of debt, but income, which we repay our debt, but income, which we repay our debt in terms of wages and so on is shrinking. Today, for many of us, debt is very cheap. Interest rates are so debt is very cheap. Interest rates are so low and so actually, it pays to borrow in some senses. Right. Are we infor to borrow in some senses. Right. Are we in for another nasty shock . think we are. Central banks have not put up rates almost since the crisis, but theyre going to at some point. We dont pay Central Bank Rates on our debt. We pay market rates. And if youre running a business and you want an overdraft, you gopbt get 0. 25 on your overdraft. You would probably get. Have banks learnt a lot of lessons and make sure that they are not subject to bad debt again . The central authorities have ensured they have more capital to shore up their banks, but mainstream banks are peripheral in terms of the global economy. There is a lot going on in the shadow Banking System which we dont know and understand. There is a lot going on in that area within china . Absolutely. There is real concern about the level of debt there, the kind of debt within the Banking System in china and what that could mean if they have a financial crisis . China is not a free market economy. It is run by the Communist Party and it is a Top Down Economy and they do a lot to manage their system. They will bail out their banks and we know that they use capital controls to manage flows a nd they use capital controls to manage flows and so on and so forth. It is ha rd to flows and so on and so forth. It is hard tojudge whether or flows and so on and so forth. It is hard to judge whether or not they will be able to manage it, but they are being more proactive in managing in than Central Banks were before 20072008. Ann thank you for coming in and sharing your warnings acht the time. So you went from the crazy economist to the one that got it right . Yes. Who had ever heard the word, sub prime before 2007 . It suddenly entered the dictionary. And quantitative easing. That one as well. Plenty of them. Lets take a look at some of the other stories making the news. The media giant disney says it will launch its own streaming service in 2019. It will show movies, tv shows and sports and will mean the end of disneys current Distribution Deal with netflix. Some sports will also be removed from its us tv channels. It comes as disney announced a 9 fall in profits for the three months from april to june. Well be getting more on this later in the show. The Australian Bank accused of more than 50,000 breaches of anti Money Laundering laws has admitted its reputation is at risk. It comes as Commonwealth Bank of australia reported record profits of more than us 7. 8 billion for the year to the end ofjune. Its shares have risen on the news. The big safety scare in the european 999 the big safety scare in the european egg industry mean belgiums parliament will interrupt its Summer Breakfor a parliament will interrupt its summer break for a summer hearing. Ministers will have to answer questions about why the country didnt act faster when it was found that traces of a banned pesticide had been found in eggs which ended up had been found in eggs which ended up in several other european countries. The United States says it is imposing tariffs on imports of Aluminium Foil from china. Its the first case of its kind since donald trump became president and raises fears of a trade war between the worlds two biggest economies. So Monica Miller is in our Asia Business hub in singapore. Monica, really, were going to have a trade war about foil . Is that the case . Well, yes. The us foil makers lodged a pedestrian tuition. They say the foil makers are subsidised by their own country and they get to sell their product in the us at low prices. The Us Commerce Department made a preliminary decision to tax chinese imports that could range between 16. 5 and. 81 based on the subsidies that the Chinese Government gives. Now, us data shows that imports of foil from china last year we re that imports of foil from china last year were worth almost 390 million. Thats just, this is year were worth almost 390 million. Thatsjust, this is the year were worth almost 390 million. Thats just, this is the first case since President Trump took office and he did make repeated promises on the Campaign Trail that the us would tighten trade against china to bring backjobs. Tighten trade against china to bring back jobs. We will talk more about those. Well, ten years on from the financial crisis, theres another crisis brewing. This time those escalating tensions between the United States and north korea. Thats shaken investors in asia with markets mostly lower across the region. The falls on us markets continued after President Trump warned north korea that they would face fire and fury like the world has never seen, if they continued with their attempts to build a Nuclear Warhead thats able to hit the western us. Thats translated to an open like this across europe, mirroring that weaker close on wall street last night. A raft of earnings of some middle of the road players. Well talk more about those in a moment. So whats ahead in the us . Well, as weve talked about, shares in disney and netflix likely to be pretty volatile today. Samira has the rest of the details. Earnings continue with Media Company 21st Century Fox reporting on wednesday. The Rupert Murdoch led company will likely report a rise in revenue, helped, of course, by a Strong Performance at its cable business programmes. Now, the company is also seeing strong growth in its domestic advertising business. But fox is likely to be weighed down by its Weak Box Office results. What investors will be looking for is any updates on foxs bid for sky. Now you may not recognise the name mylan, but the drug company came under intense regulatory scrutiny recently over the price of its emergency allergy shot epipen. Now, the company will be reporting earnings, but what investors will be looking for is comments on the falling price for generic drugs. Richard dunbar is Investment Director we wa nt we want to update you on a story thats developing in france. The mayor is talking about what happened earlier today where a bmw drove into soldiers and the mayor said this is no doubt it was a deliberate act. More detail coming through to us. Reports that this Car Hit Soldiers who were on patrol outside paris. It says it injured six people. Two of them were seriously injured. The vehiclejust them were seriously injured. The vehicle just drove off after that incident. That took place at 8am this morning. Thats 6 oclock gmt in the northern western suburb of paris. Well get much more on that for you and bring it to you here on bbc news. When we hear more, well update you. The markets across europe. They are edging lower. Richard dunbar is Investment Director at Aberdeen Asset management. I know you were listening to our conversation about the ten year anniversary. Your thoughts on that and the decade weve experienced . Well, im hoping it is a quieter day thanit well, im hoping it is a quieter day than it was this day ten years. I suppose at that time we didnt fully realise the interconnectness of the financial world. We didnt realise the implications to the borrowing that it had been attached to that interconnectedness and we didnt understand fully some of the sub prime lending youve touched on and the other lending that had been pursued. The dominoeffect was quite phenomenal really. The Eurozone Debt Crisis started. It was just incredible, wasnt it, we couldnt have predicted any of that . Incredible, wasnt it, we couldnt have predicted any of that7m incredible, wasnt it, we couldnt have predicted any of that . It was a freezing of the markets that we thought were broad and deep. The wholesale market were many of the uk and global banks were borrowing, moving away from borrowing from customers to borrowing from the wholesale markets. Investors thought the markets were broad and deep and would always be there, and quickly the markets were turned. It has been about regulation and trying to put right what went wrong there. We talked about the Disney Netflix deal 01 no talked about the Disney Netflix deal or no deal. Disney going it alone. We will see their shares being volatile as investors try and work out what it means. It is great to have a stand alone service, but then you end up having to subscribe to every one of them . It is interesting. Netflix has been one of the darlings of the us stock market. It has been leading the nasdaq and Tech Heavy Index up and investors thought it was a one way bet that it could only get better and better for netflix, but it is a bump in the road for netflix. It will be interesting to see how investors react and that model isnt as bullet proof as some investors initially thought. All right, richard, thank you very much. He will return a lull bit later in the programme as we unpack some more stories in the news at the moment in business. Still to come we will get the inside track on the juicing business. Youre with Business Live from bbc news. Global Security Firm gas has announced increased revenue and profits in its half yearly report the strong results come despite an ongoing Fraud Investigation by the Serious Fraud 0ffice. Theo leggett has been looking through the figures for us. Tell more about the results. They look pretty strong, 7. 6 rise in first half profit compared to last year earned £128 million from continuing businesses. Important to say continuing, because it is in a Restructuring Programme and is trying to get rid of some of its subsidiaries. It is a Global Company and the biggest increase in profits came from the us where it recently negotiated a contract for handling cash with walmart. That was up almost 19 , so solid results, except in india and The Middle East where the monitor i is a nation and a fall in the all price have taken their toll. The share price, down more than 6 . Investors who have favoured this company, its share price has risen a lot since the start of the year, they are not overwhelmed by the results today. A brief word on the results today. A brief word on the Serious Fraud office investigation. What does that mean for the business . It has been going on since 2013, about an electronic tagging contract. Allegations gas was overcharging the government by charging for the tagging people who had left the country, were injail, or actually dead. That investigation is ongoing. The Company Acquired a new contract for 25 million, links to tagging earlier this year, the. This is a story you might agree with. It is an anonymous story released to the Daily Telegraph from a Cabinet Minister who wants to be anonymous. He says that he or she believes stamp duty must be reformed because it is exacerbating the housing crisis. Apparently it does save the rate of house moves is reduced by one third because of the cost of sta m p reduced by one third because of the cost of stamp duty, just putting people off from buying or moving up the ladder. It is creating a mismatch in the market. More details on the live page. Youre watching Business Live our top story. Todays the tenth anniversary of the beginning of the credit crisis. Banks are now in better shape of quarrelling is once again hitting record levels, personal debt levels, record levels, personal debt levels, record highs, and Stock Markets soaring through new records and we are talking about whether it could be the start another crisis. Thanks for your memories we will talk about those in a few minutes. Lets now talk about the idea of health. The idea of making yourself feel healthier is something most people can see the value of. It can mean anything from eating better to exercise and spa treatments. Its such big business that the Global Wellness Economy is now worth 3. 7 trillion, according to the us based global wellness institute. 0ne Business Tapping into the trend is london based nosh detox which produces freshly made, non pasteurised juice diets as well as detox and nutritional plans. Geeta sidhu robb is the founder of nosh detox. It is nice to see you. Welcome. Before we get into the business itself, how did you start this . I understand you used to be a lawyer. Corporate. Telecoms, tax, really corporate. My first child, i think for many mothers, you get derailed when you have children. My first child was allergic to vaccinations and the second and third he ended up with patches of eczema and then covered in it and when he went into remission with the eczema, he had asthma, said he was either scratching himself and leading every night, or not able to breathe. He spent many days in hospital in his first year which was awful. At the end he got Cardiorespiratory Arrest and stopped breathing and died in my arms. We ended up in a coma, in Intensive Care in st marys, who we re Intensive Care in st marys, who were lovely. I sat there looking at this, andi were lovely. I sat there looking at this, and i was so young, and he was about this big with tubes everywhere andi about this big with tubes everywhere and i thought, never again. There was no medicine, nothing to treat him with. What you treat eczema and asthma . It him with. What you treat eczema and asthma . It is him with. What you treat eczema and asthma . It is supposed to be incurable. I thought nothing would help him. When he finally woke up, i took him out and said, we are never going back. Iwent took him out and said, we are never going back. I went searching for alternative ways and i am a lawyer Soi Alternative Ways and i am a lawyer so i know how to read boring information and pull a fact. Have you fixed your son . That is debatable because he is a teenager. He is completely eczema free and 100 asthma free. He has not had asthma since i do not know when. That is through what he is eating . 100 what he eats, when and how pete and the way he approaches nutrition. He is the only child at university who cooks all his meals in the salad we talked about detox in the introduction. It is a misused word. Detoxes is going cold turkey or needing treatment for alcohol addiction. It has been used by the nutrition industry, everything is detox. Ultimately you are offering healthier eating. I am yelled at a lot but the reason the company came around i wanted to call it nosh, which is natural and healthy and then had to call it nosh detox. We should be looking at what we eat which impacts how we are, we look, wrinkles, skin quality, everything is about what goes in your mouth. Detox has a bad name because of the emotional connotations of alcoholism and things like that. Doctors, scientists, say. How would they know . They do about three hours nutrition in their medical career. There has been research and analysis into this process of detox and many argue it is not, there is no scientific basis to say it is the truth as such in the sense it will cure eczema or asthma. But you are what you eat, it will help you and make you healthier, perhaps, do you see what i mean . Many people look at you and think you are making a massive industry and profit out of something that is not necessarily realistic. It is such a shame because what happens is i do not have the big budget to fight a Pharmaceutical Company who will say it is scientifically proven to work like this. If you drink a bottle of vodka. It is academics. If we spent more time eating better and living better, we would spend less time using up nhs resources. We should look at a diet and the way we eat and live long before we go anywhere near a doctor. I look at people who look really tired, they are grey and obese and nobody is saying what you eat doesnt matter. I think most people would agree you are what you eat and what you eat is important. What would be the argument against it . |j important. What would be the argument against it . I think they are saying you do not replace one with the other. I think we do much. We should eat less. But we are talking about medicine and eating. We should eat less. But we are talking about medicine and Eatinglj Say Wellness and illness are different things. There is a huge category of wellness way before you get sick. and asthma, supposedly incurable but if you support the bodys natural process, what will happen is you would get so much better and understand what to do about illness. We look at businesses andi about illness. We look at businesses and i know Celebrity Endorsement is important because that will get you headlines and get people to notice. Are we gullible . We see a celebrity uses this, but if you look at the peer review and evidence, we get blindsided by the celebrity. We are careful because around 2a of my business is global Household Names that i make everybody pay, because it is how we earn a living so we cannot talk about who is on the database. Celebrities are obligated to look amazing and functioning. Filming is hard work, starting at aam and going to ten oclock and you cannot afford to get sick. Celebrities look for the newest and most effective ways to look good and feel good and that is why we should follow them, not just feel good and that is why we should follow them, notjust because they area follow them, notjust because they are a celebrity. When did a celebrity last look tired and horrible . We know this because on social media and anywhere, they will look beautiful, photographs, great make up. Look beautiful, photographs, great makeup. You meet them in person and they look amazing. They look amazing all the time. I dont know, we get a lot of celebrities. It depends how and when you meet them. My programme at 5am, they go to make up. How accessible is what you are finding and providing in the marketplace to those who really need it, the mum who has the child that has bad eczema, and cannot afford what you are supplying. I am aware of that because i have been a single mother and my business was set up to feed my children, because there is a ten year gap between learning and applying. We give away so much free information, free books, recipes and ideas, everything. It is committed to helping people, nosh detox, not just because you pay us. Really nice to see you. So much to talk about that time is tight. A very good discussion. We can throw out some of the memories. People getting in touch about the global crisis. Matthew said he graduated after the crash and big problems for employment. Pamela said she was made redundant and went back to study and is happy in a new career so a good ending for pamela. Goodbye. Good morning, it is a wet start across many parts of england and wales with more rain in the forecast today. You can see from the Radar Picture where the rain is in southern parts and midlands of england and central and southern parts of england and this rain will continue much of the day in south eastern areas and we could see heavy and thundery showers across east anglia and far south east. Further north, not a bad start across scotland. The sunshine continues into the afternoon. Maximum temperatures, 20, 21 across the central belt. Sunshine developing in Northern England and across wales. Northern ireland dry and sunny. Getting brighter in South West England put into wars east anglia and the south east, while they could be a little bit of sunshine, there will be heavy and thundery showers. With the rain lasting much of the day across the south east, they could be disruption on some of the roads and Surface Water spray as localised flooding to be aware. The rain continues into evening, eventually fizzling away. Staying damp in the fast selfies corner. Elsewhere, to disguise, so it could be cold into thursday morning. Thursday, the weatherfront across the south east. I pressure is moving in across many parts of the uk. On thursday, not a bad day. A fine looking day for most parts. Any early showers in the south east will clear. Looking at sunny spells them. More cloud in northern scotland. The sunshine, 17 22 degrees, it will feel pleasant. But that ridge of High Pressure is moving away to the south and then we have a cold front moving in from the north and west and that will bring in outbreaks of rain through friday. Sinking southend east, breaking into showery rain. Brighter skies and sunshine behind that area of rain into the far north west. Through the weekend, brighter, sunshine for many. Largely dry apart from one or two showers. Goodbye. Hello, its wednesday, its 9am, im victoria derbyshire, welcome to the programme. Our top story today tensions escalate as donald trump threatens north korea with fire and fury like the world has never seen and the state retaliates by threatening to strike a us military base. He has been very threatening, beyond the normal state, and, as i say, they will be met with fire, fury and frankly power the likes of which this world has never seen before. Translation pli plans would be met with an all out war, wiping out all the strongholds of enemies including the strongholds of enemies including the us mainland. Will either side back down . Well look at what could happen next
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