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tv   BBC Business Live  BBC News  June 28, 2019 8:30am-9:01am BST

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this is business live from bbc news with jamie robertson and victoria fritz. trade war showdown at the 620, with the global economy at stake as presidents trump and xi jinping prepare for talks. live from london, that's our top story on friday 28th june. as the summit begins injapan, a warning from president xi that protectionist measures taken by some countries are destroying the global trade order. also in the programme i-quit! sirjony ive — designer of the ipod, ipad and iphone—
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is to leave apple after almost three decades. here we have the markets. all of them starting up but only by a small amount. our technology correspondent rory cellan—jones joins us live with his thoughts onjony ive‘s legacy — this is rory‘s son in 2004, as well as his pick of the big tech stories of the week. the number of people in the uk doing gig economy work has doubled in the last three years. today we want to know how manyjobs have you done, or are you still doing, at the same time? get in touch with us here on #bbcbizlive. hello and welcome to business live. we start in osaka, japan, where the g20 summit of the world's top economies has begun with a warning from the chinese president xi jinping that
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protectionist measures by some countries are destroying the global trade order. mr xi is due to meet president trump on saturday, with global investors and the business world holding their breath for a potential deal to de—escalate their bitter trade war. let's have a look and see how that war has progressed. on may 10th, the us raised taxes on chinese imports worth $250 billion a year — from 10% to 25%. china retaliated with taxes on us goods of between 5% and 25%. the us is threatening to hit a further $325 billion of chinese imports with the same taxes if a deal can't be done — pretty much covering everything the us buys from china. economists at bloomberg estimate that if all us—china trade is taxed — the cost to the global economy
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could hit $600 billion in 2021. that could mean a global recession — in the view of swiss bank ubs — and a 20% slump in global stock markets — with emerging markets particularly hard hit. karishma vaswani is in osaka for us. well, did we think there is going to be some kind of deal, some kind of announcement? we are expecting some kind of announcement after the two leaders meet on saturday but as to what is in that announcement we still do not know very much. there is expectation that some kind of trade trees might be announced but not a deal per se but the two site would agree to start talking again. the trade talks on sales stalled in recent weeks by quite bitterly with president trump is saying china
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backtracked on the framework of an agreement where baking were saying we are not going to blindly agree to everything the us says, we will not bow to us pressure. —— beijing. the two sides are quite far apart. what may happen tomorrow as we could see some kind of assumption in trade talks being announced. that would be a good signal for the talks being announced. that would be a good signalfor the markets because of the two largest economies are not talking to each other that isa are not talking to each other that is a problem. we might also hear what the chinese have been wanting for some time, which is the promise of stalling any further tariffs on the $300 billion worth of goods from china from the united states. we have been hearing from industry leaders about the impact of potential tariffs, a sign that it is quite serious about going ahead. potential tariffs, a sign that it is quite serious about going aheadm is seen as a quite serious about going aheadm is seen as a two—man quite serious about going aheadm is seen as a two—man show this is
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the 620. what is seen as a two—man show this is the g20. what are the other countries doing? japan is the host and there is also india and the european union countries. what part ofa european union countries. what part of a playing and all of this? many of a playing and all of this? many of these countries have had supply chains affected because of the trade war. they are keenly watching the outcome of that negotiation. there isa outcome of that negotiation. there is a lot more to talk about apart from the us— china trade war. they are talking about plastic waste in the oceans as well. we are expecting to see comment out ofjapan, urging other nations here to reduce the use of single use plastic and to try and ban plastic from the asians were given the fact the united nations said if the world continues at the pace of the current use of plastic the oceans could have more plastic in them than fish by 2020. —— from
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the oceans. this is something countries like japan have also been impacted with given comments from president trumper ahead of the g20 summit injapan. lots to talk about over the next you days. good to talk to you. —— next few days. let's bring you some live pictures now from the italian city genoa where in the next half an hour, the remaining two support towers of the genoa bridge will be demolished in a series of controlled explosions. the bridge collapsed in august last year — killing 43 people. this bridge will be demolished very soon and making way for a new structure. we understand that a ship is just standing outside of the water, waiting to bring in new metal parts and concrete parts for a new
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structure for that infrastructure in the city of genoa. 0nce structure for that infrastructure in the city of genoa. once we have those pictures we will come back to them. the bridge in genoa awaiting detonation. shirley yu, senior visiting fellow, institute of global affairs at lse is with me now. what is happening at the g20. donald trump and xi, do you think there will be some kind of resolution?” do not think there will be a deal. there will be further negotiations for the deferment of tariffs and a delay tactic until possibly donald trump winsa delay tactic until possibly donald trump wins a second term of office and is, at that point where he can afford to go tougher on china. there are tactical and strategic incentives for both countries to go with a delay tactic. it is in the interests of both countries to avoid
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a global economic calamity. donald trump needs to win his second term of office. so it interrupt you. we have some dramatic pictures to show you. this is the bridge in genoa, we have just caught collapsing as a result of detonation due to the explosives placed at the foot of the bridge attached to the legs of the towers, which has caused the demolition. 4000 local residents we re demolition. 4000 local residents were evacuated from the area in order to make way for this demolition exercise. we understand that water tanks had been placed around the towers to try to control the spread of dust. you can see it has risen as a result of the demolition of the remainder of that motorway bridge. that motorway bridge fell nearly a year ago,
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killing 43 people. demolished now to make way for a new structure. we had the italian deputy prime minister watching it. the dismantling of the bridge is going to continue, obviously, clearing away all the debris. remember it collapsed on august the 14th, 2018. from that little bit of drama, let's go back to some political and trade drama. it was interesting listening to what was being said about how the other countries at the g20 are obviously dancing around this negotiation between the two big powers and thinking, how can we get something out of this? will they be able to get something out of it? t20 isa able to get something out of it? t20 is a club. you have 20 of the worlds
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largest economies. —— g20. but we are entering into a g2 world. essentially, throughout human history predominantly the world has a lwa ys history predominantly the world has always been governed by power insecurity so rather than moving back into the norm of the exception, so all the other countries will have to look after their own interests. will there be a rebalancing of the way the trade is done rather than best pallid game that has been involved in trade between the two big countries? —— the power game. involved in trade between the two big countries? —— the power gamem we can put to one side the timing of the dealfor one second we can put to one side the timing of the deal for one second i we can put to one side the timing of the dealfor one second i look we can put to one side the timing of the deal for one second i look at what is happening in the globe today. we saw that the capping and i think that will be the global norm.
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that is happening not only in trade that technology and telecommunications. we are talking about capital possibly in capital and human capital mobility. decoupling is happening everywhere but recalibration globally is happening at an exacerbated level as well. china last weekjust listed itself very first stop under the land in shanghai connect scheme. my understanding is there is a dozen more chinese companies that are waiting to be listed here. in the uk china beef protocol and thought that there is very interesting. $230 million of beef are going to be said on chinese dinner tables. sorry to have squeezed your time but thank you forjoining us here. let's take a look
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at some of the other stories making the news. boeing has told customers it will take until at least september to fix a newly—identified problem on its grounded 737 max. that means the plan maker's best selling jet won't return to service until october at the earliest, significantly longer than most airlines had expected. the 737 max has been grounded since march following two crashes that killed 346 people shares of nike have fallen sharply after it missed wall street profit estimates for the first time in seven years. the world's biggest sportswear maker is spending heavily on product development, sponsorship and marketing. the company which runs legoland in the uk is being taken over by the billionaire family behind the lego toy empire. merlin entertainments has accepted a $7.6 billion offer from kirkbi invest — owned by the family of lego founder kirk kristiansen — and other private investors. merlin also operates madame tussauds waxworks, alton towers and the london eye.
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now to california, where the designer of some of the most succesful gadgets of all time — from the ipod to the iphone and ipad — is leaving apple after almost three decades. sirjony ive is setting up his own design consultancy, which will still work on products for apple. but the news still wiped $9 billion off the tech giant's value. from san francisco, here's cody godwin. he has been called the most influential industrial designer in the world, designing iconic products including the ipod, iphone, and pretty much any apple product you have used. hejoined the company in 1992 when it wasn't doing so well but after mr ives' imac and later the ipod, things began to turn around. mr ive had a very close relationship with the late apple founder steve jobs, even being referred to by mrjobs as his spiritual partner at apple. current chief executive tim cook said mr ive's role in apple's revival cannot be overstated. mr ive said this seems
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like a natural and gentle time to make this change though he won't be leaving the company entirely, saying he will still be very involved for hopefully many years to come. the company has yet to name who will replace him in the role of chief design officer. this departure comes at a time when investors in the world's most valuable company are already worried about the recent departure of the retail chief and a decline in iphone sales. following the news of mr ive's departure, the compa ny‘s stock dropped by 1%. his new company is called love from and will be an independent design company. mr ive told the financial times that friend and apple collaborator mark newson will also be joining his new firm. aside from that though, we don't know much about it yet but apple have confirmed they will be clients. joining us is simon french, chief economist at panmure gordon. investors have been looking of course i had to be g20. things were
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going down best and is, when taken overin going down best and is, when taken over in wall street? trade seemed more subdued with a cautious note perhaps in the last few hours. has been. there is little optimism a sustainable deal will take place. we may get a ramp up in rhetoric with additional tariffs on $300 billion worth of chinese imports. given the way markets have gone, which is the best start in the first half for more than 20 years. a lot of that has been driven by enthusiasm about lower interest rates. trade tariffs may broaden. is that why we are buying gold? i don't know about you. i don't know about you, jeremy. investors certainly are buying gold. we had seen a really strong performance of gold in the second quarter. a lot of this is based on the fact if the dollar strengthens
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appreciably it will impact on retail markets. people are buying small quantities of gold and central banks are buying gold. that has pushed it up are buying gold. that has pushed it up north of $1400 an ounce. we do have some papers to get through. including a great one in the ft. still to come... another warning on huawei. this time from one of its biggest rivals: nokia. that's an exclusive from our tech correspondent rory cellan—jones, who'll be here to put the tech week into perspective. you're with business live from bbc news. international pride month is coming to a close for this year and while thousands have celebrated it across the world, there is still a lot of educating to be done in the workplace. according to the national lgbt survey, over two thirds of the lgbt+ community are still experiencing gender discrimination at their place of work. joining me now is hephzi pemberton, founder of the equality group.
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what sort of discrimination? can you give me some examples?‘ range of discrimination still exists from inappropriate workplace banter to missing out on promotion is at work and, at the more extreme end, real cases of bullying and harassment. so what kind of thing could be done? sorry, iamjumping in on you. ijust wondered how you come to these sorts of figures. how do you find out about that? we commissioned a survey to over 2000 people in their workplace. there we re people in their workplace. there were some pretty strong statistics but that there is a lot of discrimination against the lgbt+ community is still out there. whether you are facing
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discrimination in the workplace, perhaps you are an employee or a manager, what could you be doing about it? you could be doing three big things. make sure you have proper policies and procedures around anti—discrimination. education is extremely important and making sure people are aware of what they can be doing a lot of really understanding this community and also having allies. people that are visibly supportive of the lgbt+ community and employees specifically. thank you very much indeed. thank you. let's have a quick look at the business life page. borisjohnson, who boris johnson, who is borisjohnson, who is leading at the moment in the tory leadership race, is preparing an emergency budget in the event of no deal. tax cuts and a
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stamp duty over the haul included. 24 hours ago he said the likelihood ofa 24 hours ago he said the likelihood of a no—deal brexit was 1 million to more one. plenty more on the live page on bbc news. you're watching business live. our top story... all eyes are on 0saka, as a summit of leaders of the world's top 20 economies gets underway. investors and businesses around the world are holding their breath for a potential breakthrough in trade talks on saturday morning between presidents trump and xijinping. let's ta ke let's take a look at some of the most popular technology stories this week. rory cellan—jones, the bbc‘s technology correspondent, is with us now. in linen. it is obviously the summer. in linen. it is obviously the summer. this is my tribute to sir
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j°ny summer. this is my tribute to sir jony ive. it tells you a lot about whatjony ive jony ive. it tells you a lot about what jony ive has jony ive. it tells you a lot about whatjony ive has done for apple in how he has transformed the design. these bluetooth ear pods, not at all the first bluetooth ear pods. they are incredibly expensive but they are incredibly expensive but they are beautifully designed and they have been a huge hit for apple. apple was not the first with a touch—screen phone, was not the first to make a tablet that the designs ofjony ive set a standard for everyone else to follow. they we re for everyone else to follow. they were expensive and quite inflexible but they absolutely led the way. he and steve jobs are called the lennon and steve jobs are called the lennon and mccartney of apple. no doubt the impact they have had on peoples
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lives on consumers lives around the world but i wonder if he might have lost his mojo. we seen sales of the iphone falling and changes in the smallest fashion. in recent years there has been less of an impact from him. it is difficult to come up with a revolutionary product after revolutionary product. they brought out a new computer last month, showed off a new computer, with a monitor stand which cost $1000. lots of people said, here is a company that has gone bonkers. ijust want to move on to your other big story about huawei and nokia. do not buy huawei, buy nokia. they are —— is that there are three big rivals,
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huawei, nokia and ericsson. iwent to see the chief executive, expecting him to be diplomatic. say we appreciate competition and we are all together in this market. he was keen to stress security concerns we re keen to stress security concerns were great. he said to the uk government which is thinking it is under pressure from the us about banning huawei, you are at risk if you bring this company into your network. a better balance on the market from the us pressure. the chinese have put a lot of subsidy into huawei entities making it a more level playing field. twitter has brought in new rules for naughty politicians. will it make a difference? probably not. some users have said donald trump has broken
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the rules but he has been allowed to get away with it because he is a politician. they may be labelled as, watch out, this looks a bit on the edge. have a good weekend. ina in a moment we will take a look at the business pages but this is how to keep in touch. stay up to date with all the day's business news as it happens on the bbc‘s business live page. there is insight and analysis from our team of editors, right around the globe. and we want to hear from you, too. get involved on the bbc‘s business live webpage at bbc.com/business, on twitter at bbc business and you can find us on facebook at bbc money. business live, on tv and online. what you need to know when you need to know. simon french is still with us. we have been asking people about how
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manyjobs we have been asking people about how many jobs they we have been asking people about how manyjobs they had done simultaneously. it is all about the gig economy exploding around the world. in the past four years it has more than doubled around the uk with people doing more than one job, more than doubled around the uk with people doing more than onejob, this flexible working. have you ever done anything like that? when i was younger i did a number ofjobs simultaneously but what is striking is how quickly the gig economy has grown in the uk. faster than matthew taylor and he did the report. he has acknowledged it has grown to almost 5 million employees, much faster than he anticipated. the query is has the rules of the workplace kept pace? you get stuck in a lift and because they are obviously on different floors, come on, come on, trying to get in. i ran up the stairs and it was a disaster. plenty
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more tweets from people with multiplejobs. we had to get to more tweets from people with multiple jobs. we had to get to this story in the ft. lionel barber talking to vladimir putin saying liberalism is dead. the big question is, what replaces it? him, by the sounds of it. i'll be in for an era of strong men and strong women who ta ke of strong men and strong women who take a unilateral view in terms of economic cooperation? —— are we in? will that break down across multiple geographies. a number of countries are trying to fight back but they are trying to fight back but they are not succeeding at the moment. the purpose of the interview is to flatter donald trump, isn't it? there is an uncomfortable truth for those wanting to impose an autocracy with national interests first. a lot of these markets make you do need to
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flatter colleagues in that regard. people coming onto the programme. —— thank you for coming onto the programme. that's it from business live today. there will be more business news throughout the day on the bbc live webpage and on world business report. we'll see you again tomorrow. good morning. the gene maximum temperature in france was broken yesterday. that heat will be sent across parts of the uk, particularly in the west. you may have started with cloud to start the day in the central and eastern parts of the country. for many others a day of sunshine. in the sunshine uv levels will be high and is not very high, across will be high and is not very high, a cross m ost will be high and is not very high, across most parts of the uk. the highest temperatures are in the north—west highlands. a bit fresher
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towards the northern isles. in the west of england and wales, temperatures in the mid to high 20s. further east you will see something more comfortable, temperatures 19 to 21 celsius along the north sea coast. some cloud affecting north—eastern areas but otherwise clear skies into saturday morning. temperatures getting down to ten to 16 degrees, perhaps uncomfortable in the south west of england. throughout saturday it will be hot, sunny and even humid day for many others. the temperatures across europe are still up there, 45 degrees in north—eastern spain and southern france. in the uk we could see temperatures up to 34. it is mainly in the east. towards the west we will see more cloud moving in. 0ne we will see more cloud moving in. one or two showers in the north wales and scotland and slightly fresher conditions. lots of sunshine for england and wales with temperatures widely into their mid
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to high 20s. 34 degrees as i mentioned in the south east and warmer on the north sea coast as i mentioned over the last few days. the freshness in the west is because we have a cold front which will need its way through. the wind is coming in from the west and it makes all the difference. it will feel much pressure with temperatures taking a significant drop. we will see cloud and showers. largely dry towards the east and south during sunday. a 10 degrees drop in temperature in the south east. 19 to 21 degrees further north and west. we will continue with the pressure field. there will be sunny spells and it will be largely dry with showers at times. more typical weather, i think, for july.
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you're watching bbc news at nine with me, annita mcveigh — the headlines hand over the novichok attack suspects — theresa may's message to russia's president putin with the pair due to hold talks at the g20 summit injapan we have it set out the evidence, charges have been laid against two russian individuals, i want to see those individuals brought to justice. and the prime minister isn't the only one getting her message across to the russian leader — president trump warns him not to ‘meddle' in us elections firefighters battle wildfires in northern spain as the european heatwave continues — temperatures are expected to hit record highs today democratic frontrunners clash in the second debate of the race to decide who will take on donald trump in

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