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tv   BBC Business Live  BBC News  November 29, 2017 8:30am-9:01am GMT

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this is business live from bbc news with ben thompson and sally bundock. a focus on the future. a major summit between leaders from the eu and africa kicks off in ivory coast, but will it really boost development? live from london, that's our top story on wednesday, 29th november. can eu money give africa the economic boost it needs? britain makes a significantly higher offer to settle its brexit divorce bill so says the media, so will this clear the way for trade talks to finally begin? and on financial markets, you can see this is how europe is faring
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at the moment. on the minds of traders, all sorts. a missile launch out of north korea, us tax reform, the fed and bitcoin. we'll talk you through the movers and the shakers. and we'll be getting the inside track on testing for diabetes — without drawing blood. we will meet the man behind the firm that says it is using just lasers to instantly find out your glucose levels. he will be here to explain how it works. and amid new warnings that robots will force 700 million workers into newjobs over the next decade, we want to know — whatjob do you hate and would happily let a robot do for you? let us know, use the hashtag bbc bizlive. hello and welcome to business live. don't hold back, but keep it clean so we can don't hold back, but keep it clean so we can share
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don't hold back, but keep it clean so we can share your don't hold back, but keep it clean so we can share your suggestions with our viewers on business live! rarely can the west african nation of ivory coast have seen anything like it. dozens of eu and african leaders are gathering to discuss how the two continents can work together to improve their citizens lives. both sides have a lot at stake. although it's fallen substantially, migration has been one of the defining issues. 1.75 million people made thejourney to europe over the last four years. with many coming through africa even if they started elsewhere. many africans have been pushed to leave by poverty and war the eu and it's member states are already providing almost $24 billion a year in long—term economic development funding. there are also calls for more bilateral trade between the two continents. last year they sold each just over $311 billion worth of goods —
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with africa buying more from the eu than the eu bought from africa. africa is a young continent. 60% of the population is under 25. unemployment though is a massive problem and it is only getting worse. the number of young people is expected to double in the next decade. translation: every year we have more than 5,000 students who graduate from university and less than 5% find a job. because of all the difficulties, we know more and more young people who aspire to go abroad to foreign countries and europe to follow their dream. more than two—thirds of young people in africa work in the informal economy. there
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is no insurance. no safety net and incomes hover around $2 a day. 20—year—old natalie left school—aged seven. when she is not selling vegetables, she is making clothes. translation: i would like to open a bigger sewing workshop and open other workshops too, but i don't have money to do that. if i had someone have money to do that. if i had someone who could invest in me, that would be great. we're asking the world to help young people here. the future of young people is what presidents, prime ministers and policy makers are in abidjan to talk about. jobs, education, and the crucial question, how to keep them from making the deadlyjourney to europe? i think it is very understandable that young people look to go to places where they have opportunities to develop. so, i think, our challenge and our task is
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really to create such an environment here because i mean i think it's very human that any human would stay in the place where he or she was born in there are opportunities on the ground. hundreds of thousands of young africans make the treacherous trip to europe every day. if their situations at home don't change, this is only going to get worse. it appears there may have been a breakthrough in one of the key sticking points over brexit. yes, the uk has made a bigger offer to the eu for the so—called divorce payment. that could pave the way for trade talks to begin. leila nathoo is our correspondent at westminster. it is interesting this, a lot of people have been hanging on to every word about whether there is or there is not a deal, but the big question is not a deal, but the big question is if there is a deal, how much is
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it going to cost the uk? this has been one of the most politically sensitive parts of the whole brexit procession the cost of leaving, how much money will we claim from the eu when britain leaves and how much money will we have to pay out in order do so? theresa may had made an offer in her florence speech, the major florence speech that britain was going to continue paying into the eu budget until 2020, so no country would be left worse off or no other eu country would have to pay more. brussels made it clear that wasn't enough and they were expecting a bigger offer, but last week, theresa may had managed to get her cabinet ministers on side to persuade them, even brexiteers that actually upping the financial offer was what was needed to persuade brussels to get those talks on to trade. now, this is all in the lead—up to a summit in a couple of weeks' time when eu leaders will decide whether sufficient progress
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has been made on the so—called divorce matters of which the brexit bill was one of the main sticking points. so, we understand now that the government has made this revised offer, although the upper limit that we understand, 55 billion euros is something that the british government is saying it is not recognising and certainly no specific figure has been agraoud yet, neither side are confirming anything of the sort, but it is understood that that has been broadly welcomed in brussels and so, it seems one of the major obstacles so it seems one of the major obstacles so far seems to be receding. thank you very much indeed. so downing street being tight lipped about the numbers, butjust talking in berlin, the european chief brexit negotiator, that's michel barnier, he actually said to his audience in berlin, the security conference there, that he hopes to report in there, that he hopes to report in the coming days, an agreement with britain on the financial terms of
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withdrawal. so the impression we are getting is that a deal has been done, but as we say, we don't know the actualfigures. yes, watch this space. let's take a look at some of the other stories making the news. the london stock exchange says chief executive xavier rolet will step down with immediate effect and chairman donald brydon will not stand for re—election in 2019. it follows speculation that mr rolet, who has been in the top job for nine years, is being forced out as boss of the london exchange. apple says it's working to fix a serious bug in the latest version of its mac operating system, high sierra. the error makes it possible to access the machine without a password and change its settings. it also allows access to important administrator's rights. we've had a rare glimpse into the finances of the ride—hailing app uber. documents released as part of its efforts to raise investment from japan's softbank show losses growing to almost $1.5 billion in the three months to september.
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bookings for rides brought in $9.7 billion. it comes as the company suffered another setback in the us. a judge has delayed a trade secrets trial amid concerns that uber withheld evidence from the court. the united states has launched another trade investigation into imports from china. this time it's if aluminium alloy sheets which are in the cross hairs of the trump administration. trump was just here in asia, two—and—a—half weeks ago. he had a wonderful visit in china, but it seems like sally the lustre of the us president's trip to the mainland has really quickly faded away. unimpressed by beijing's progress in north korea and market opening initiatives, the us is now rolling
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out as he mentioned an investigation into aluminium sheet imports worth hundreds of millions of dollars each year and this enquiry will examine if aluminium sheets is being sold below cost or with the help of the government subsidies. the united states imported $600 million of aluminium alloy sheets last year and washington is calling this probe intended to advance president trump's tough on trade agenda. the commerce department said it has evidence that the imports pose a threat to the us industry and this case will be investigated by the international trade commission with final decisions expected by next year and if final decisions expected by next yearand ifanti—dumping final decisions expected by next year and if anti—dumping duties are indeed imposed, it could be as high as 60%. we will keep a close eye on that. i
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imagine beijing's reaction won't be nice. asia was reacting to that missile test coming from north korea. the first one for some 75 days. so, that has kept traders busy in terms of the geopolitics and what could happen next, but they are reacting to the night before on wall street. a1% climb on to the night before on wall street. a 1% climb on wall street. also the bitcoin going over $10,000. it has been a busy period of time. and samira hussain has the details about what's ahead on wall street today. janet yelland will tv on capitol hill. this comes two weeks before the central bank's next policy meeting. where it is widely expected to raise interest rates again for the third time this year. now, it will also likely be her last
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appearance before lawmakers with a replacement fed governorjerome powell set to take over as leader as early as next year. also happening on capitol hill a confirmation hearing for us president trump's pick for the next to be the next health and human services secretary. served as an executive a pharmaceutical company at the time when the company was accused of colluding with other pharmaceutical companies to set prices on insulin and other diabetes drugs. so democrats will likely grill him on his plans to tackle drug pricing and whether he pla nses his plans to tackle drug pricing and whether he planses to uphold obamacare. tom stevenson is investment director at fidelity international. so we were touching on brexit earlier and we heard from our correspondent that perhaps a deal has been agreed. we don't know any details yet. we've heard from michel barnier saying they're still working on brexit terms, but already we have seen a on brexit terms, but already we have seen a reaction on brexit terms, but already we have seen a reaction on on brexit terms, but already we have seen a reaction on the currency markets? yeah, that's right. michel
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barnier‘s comments were interesting. he does suggest within days and that probably means on monday when there isa probably means on monday when there is a meeting between prime minister theresa may and jean—claude juncker, we could get an announcement. the pound has been positive. we are above a dollar 3a and that's interesting because we have seen a reaction in the stock market as well. despite record highs on the us markets, the ftse 100 well. despite record highs on the us markets, the ftse100 is down this morning and that's a reflection of the pound rising because that's bad news for uk exporters and overseas. we have seen the opposite when the pound has been falling. a weak pound has been good for the ftse100. give us has been good for the ftse100. give us your interpretation of why the pound has strengthened today? is that because the expectation is yes, trade talks, negotiations can maybe start in the near future or is it some assessment of the divorce bill's size, what do you think? well, i think it is a positive
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assessment of the fact that we are edging closer towards actually starting the trade talks. i think what we shouldn't forget though is that the divorce bill, settling that bill, even if it is at £55 billion is just bill, even if it is at £55 billion isjust one part bill, even if it is at £55 billion is just one part of the equation. we've also got the issue of eu citizens rights in the uk and more importantly, what's going on with the irish border. that still seems like a really intrabletable issue if we come out of the customs union, if we come out of the customs union, if we come out of the single market, it is hard to see how we can avoid a ha rd is hard to see how we can avoid a hard border in ireland and that of course, could be a blockage to the trade talks. watch and wait and see. i trade talks. watch and wait and see. , monday, we will keep a close eye. tom, thank you. i know you will talk through the newspaper stories with us through the newspaper stories with us later. which includes robots. still to come... the end of the finger prick? we meet the man behind the firm that says it can test your glucose without you having to give any blood.
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and it's all done with lasers. we'll speak to him shortly. you're with business live from bbc news. let's focus on the big story in the uk. transport secretary chris grayling says new rail projects could unlock economic growth across the country. he wants to expand britain's rail network, looking at restoring services that were lost to cuts in the ‘60s and ‘70s and to address overcrowding faced by many train operators. anyone who travels by train in this country, i'm sure your ears are tuning in. let's get more from our economic correspondent andrew walker. ben is shaking his head. tommy macro, what is the government proposing? this is a wide ranging rethink of rail strategy. there's quite a lot in it. proposals to change some of the franchises, break
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up change some of the franchises, break up some of the larger ones. more integrated working between trade and rail company is. there is no question, the eye—catching stop is the suggestion we could see some reversal of some of the lines that we re reversal of some of the lines that were cut back in the 1960s and 19705, were cut back in the 1960s and 1970s, those cuts in the 1960s notoriously known as the beeching cuts, richard beeching was the chairman of the tissue rail at the time. the document talks about one proposal that is already underway, thatis proposal that is already underway, that is to re—establish the full length link between oxford and cambridge. part of that is already running again but there is the proposal to get the full length of that line running again. beyond that, they are inviting ideas for reopening other local lines and in particular the government wants proposals that will encourage new housing developments, that will encourage new economic development or perhaps to divert congestion away from other parts of the transport network. we don't have a list of
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exactly what is going to be, but clearly the potential for quite significant restoration of old lines here. andrew, thanks very much. we will leave it there. there's a lot more detail on that story on our website. our transport correspondent richard wescott has been looking at all these latest developments and what they mean and a gauge of some of the reaction, as well. for more reaction to the story we brought you earlier, news that the london stock exchange's chief executive is to quit, apparently he could walk away with a payoff of nearly £13 million. he's been in the job about eight years, so he gets a salary at the moment of about £800,000, but to mark his departure he could get £12.8 million. the details either on bbc business live page. you're watching business live — our top story — the meeting of dozens of eu and african leaders,
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gathering to discuss how the two continents can work together to improve education, skills and jobs and address worries over mass migration to europe. there are more than 400 leave people with diabetes over the world who need to monitor their blood sugar levels. the global market for devices that help people do that is huge. it's worth about $9 billion per year. that is expected to get even bigger than that, to grow to something like $11 billion by 2020. but to monitor blood sugar, diabetics need to prick their finger, draw blood often several times a day. this, for some, can result in infections. so so what if there was another way. several firms are working on systems that could measure blood glucose without having to bunch of the skin. one of them is diamontech, and thorsten lubinksi is its chief executive.
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he's with us. good morning. just explain how this works. diamontech stands were diabetic monitoring technology. you put yourfinger on the diabetic monitoring technology. you put your finger on the sensor, wait for five to 15 seconds and it shows the blood sugar level on a display. we're doing it with a new kind of laser called a quantum cascade laser. the light penetrates the skin, heats the glucose molecules a little bit and we measure the change in temperature. the change in temperature is tiny so you won't notice it, but we can measure it and the more glucose you have, the more the more glucose you have, the more the glucose is and we can show that in the display. this is a device thatis in the display. this is a device that is still in development, you can't show it today. it is finished but not quite there yet in terms of it being here in the studio with us. exactly. just explain how you got this show on the road. we met a
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professor who's been working on this for 30 years. yes. i'm a computer scientist by training and i was thinking about creating some sort of electronic diary for diabetics using sensory input from your phone, your watch, whatever. i was talking to a lot of different people in the diabetics field. i met the professor and he said, ok, this makes sense, it's a good idea, but i have this huge device in my lab that can measure your glucose noninvasively. but i'm a professor, i don't know how to bring something like that to market. i said, how to bring something like that to market. isaid, i can how to bring something like that to market. i said, i can help you with that. we spoke back and forth for a couple of months and founded the company. you got angel investors involved. you have the patents nailed down and you're thinking, next year, this device will be available and now it's the size of a shoe box. correct. we are moving in different steps. first step is a shoe box sized device where we show
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that the technology works and we can get it cleared as a medical product and from there we are starting to make it smaller. we are planning in the next step... we call it internally the muffin because it is morphine sized, you can put it in your pocket. —— it is sized. morphine sized, you can put it in your pocket. -- it is sized. a lot of people will be used to the finger prick test which is not particularly co mforta ble, prick test which is not particularly comfortable, it can be messy, it can lead to infection, it takes time. a fundamental change. exactly. what i think will happen is people will get to measuring more often and this is very essential to get healthy glucose levels over the whole day. so measuring ten times a day is better than measuring twice. 20 times is better than that. how much will it cost the user? is it
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affordable for people who have to go through this on a daily basis? as every technology, in the beginning it will be more expensive than later on. we are thinking it will cost around £100 per month to measure noninvasively. this is on the same level like minimal invasive devices cost right now. we have to leave it there. thank you for coming in. we shall keep a close eye. keith us posted. keep your tweets coming in about what job you posted. keep your tweets coming in about whatjob you would like to replace with robots. a few of you have said your manager, but that's not what we're asking! australia's flag carrier qantas has had its share of ups and downs. after a drastic cost—cutting drive, the airline finally returned to profitability. but can it maintain the upswing? christian fraser has been talking to the boss, alanjoyce — who thinks expanding capacity is the key. we've actually challenged both airbus and boeing to produce a new aircraft that can do sydney and melbourne to london, which is a 21—hour aircraft in the air and we believe that that is the last frontier of aviation. there is a bit of a space race
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going on between the two of them to get us the aircraft by 2022. throw your imagination out. where does air travel go in the future? is it suborbital? is it further and faster? is it a smaller carbon footprint? what is it? i think first of all it's distance first and getting these very long routes in place. speed, unfortunately, and supersonic, i don't see us ever getting back to that. so, economical, and there's a trade—off between the fuel you need to go supersonic means you're trading of distance. and there are environmental issues around supersonic that we never really solved since concorde. tom stevenson is back with us. we've been asking people this morning about what jobs they'd been asking people this morning about whatjobs they'd like to maybe give to a robot because there's a report in the papers that robots
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will force 700 million workers into a newjob by 2030. abby says, a robot can have my barmaid job over christmas if it likes. good luck with the christmas rush. sarah says, robots, scary thought, it's bad enough you have to listen to automated messages. in the city, robots are doing a lot of things that we don't know about, we're not aware of. i think the interesting thing about the studies about automation is that it started off with very low level jobs and automation is that it started off with very low leveljobs and they are gradually moving up the skill level so that people who thought theirjobs were probably pretty secure theirjobs were probably pretty secure from automation are being automated out of the workforce. this is how you end up with a figure like 700 million, which is a massive slice of the global workforce. this is an interesting headline, suggesting those 700 million workers will have to find new careers. it's not saying they're made redundant, just that they have to go elsewhere. this process has been going on since the industrial revolution. think of
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how money people were involved with horses, blacksmiths, whatever. how many horses do you see on the streets of any city these days? you don't. over time and the invention of the pc, that created all sorts of newjobs of the pc, that created all sorts of new jobs that simply of the pc, that created all sorts of newjobs that simply didn't exist before. jerome says, i'd replace my manager with a robot. i can pack in, get more money and work a two—day week. someone else once the bosman to be automated because the post is consistently misdelivered. mine is never, i like to say. i love a human at the door with the post. some of us have had jobs would love to replace with robots. i stood by a conveyor belt as a student and moved pies from a to b. i'm old enough that my first job pies from a to b. i'm old enough that my firstjob was working a lift. i had to do the handle. you'd have thought that would have been automated years ago! tom, thank you. banks for your comments today and we will see you same time tomorrow. just like the last few days, it's a
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cold start once again. we've got our aircoming all the cold start once again. we've got our air coming all the way from the arctic streaming down on this northerly wind. once again, it's going to feel bitterly cold and this is the setup we'll see for wednesday and for thursday, as well. with that strong northerly wind, we'll continue with some wintry showers down the eastern side of scotland, eastern areas of england. a bit of snow this morning over the north york moors, parts of the pennines perhaps. this afternoon, showers become further fewer across scotland, confined to the far north with temperatures are struggling at two or three degrees. a few showers for northern ireland, but down the eastern side of england, the showers becoming more confined to coastal areas. not getting quite as far inland. down to low levels, but lots of sunshine across the midlands, wales, the south—west of england. perhaps a few more showers towards
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pembrokeshire and the far west of cornwall. it's going to feel pretty cold. tonight with clear skies for most, a widespread frost to take us into thursday morning. temperatures well below freezing for many of us. colder than it was last night. we'll continue with those wintry showers across northern scotland and the eastern side of england. there is the risk of ice there. thursday, a similar setup. those are showers of snow over the north and east of scotla nd snow over the north and east of scotland and the eastern side of england, even down to lower levels we could see a few wintry flurries. in the west, a few showers. temperatures about three to 6 degrees. with the wind chill, for most, if you're stepping outside tomorrow afternoon, temperatures will feel more like well below freezing. friday, a subtle change to our weather. this area of high pressure is still blocking weather systems coming in from the west but the wind direction changes a bit so we cut off the arctic flow, we come round to or north—westerly. a little
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less cold in the north—western corner some rain starting to move m, corner some rain starting to move in, staying largely dry and bright towards south—eastern areas. that little bit of warm air will spread southwards as we go into the weekend. that high pressure system is still there but you noticed the wind coming in from this direction now. for the week and for many, less cold. temperatures more like average for the time of year but a lot of cloud over the weekend with temperatures eight to 10 celsius. foremost, it will stay dry. more details the way you are or where you are going to over the weekend on the. goodbye. hello. it's wedneday, it's 9 o'clock, i'm victoria derbyshire, welcome to the programme. if you voted to leave the eu, what do you think of the size of the divorce bill to get out of the european union? it's reported the uk cld pay between 40 and 55 billion euros to cover its liabilities, after the government
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upped the figure. a deal on the brexit bill seems imminent. tell us what you think of the figure. who do you blame? and do you recall the leave campaign telling you it would be this sort of amount to get out of the eu? asylum seekers are facing a "lottery" depending on where their appeal is heard according to research seen by this programme and some are being forced to represent themselves in complex cases. why is it acceptable that someone faces removal from this country, quite possibly to
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