tv BBC Business Live BBC News October 2, 2019 8:30am-9:01am BST
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this is business live from bbc news with tadhg enright and susannah streeter. india's plastic crackdown. how narendra modi plans to conquer the country's rubbish mountains. live from london, that's our top story on wednesday, the 2nd of october. putting the environment or the economy first? india has held off imposing a blanket ban on single—use plastics because it is being seen as too disruptive for business. and the british prime minister, borisjohnson, prepares to reveal his plans to seal a brexit deal but warns it will be his final offer to the eu.
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it's pretty gloomy out there on financial markets with concerns about trade wars weighing on investors. we'll have analysis on that and all these stories starting shortly. and joining the virtual tour. on your exercise bike. we'll be getting the inside track on esports. and find out if you can be king of the mountains in your living room. and more travellers are turn their backs on air travel — over concern for the environment, according to a survey by swiss bank ubs. today we want to know whether concerns about carbon emissions have made you rethink your travel plans? let us know using the hashtag #bbcbizlive. hello and welcome to business live. india, a country of more than a billion people, is expected today to begin an initiative to clamp down on single—use plastic
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including bags, cups, straws and disposable cutlery by 2022 — but at a time when the government is concerned aboutjobs it's rumoured the modi administration will hold off from introducing an outright ban. india creates almost 26,000 tonnes of plastic waste a day, that's roughly 115 times the same weight as the statue of liberty. and they aren't alone — according to the un the world throws away 300 million tonnes of plastic waste each year, that's enough to fill 65 million shipping containers. a lot of that ends up in the ocean with marine plastic pollution estimated to costs the world between $500 billion and $2.5 trillion a year in lost earnings. patrick schroeder, senior research fellow in the energy, environment and resources department, chatham house is with me now.
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so, why do you think india is facing such a huge problem with plastic? plastic waste is a very big problem for india. the country generates about 10 million tonnes of plastic waste each year, and only about 40% of this is not managed. it means it is either littered or openly burned, so is either littered or openly burned, so it is not only an environment issue but also a public health concern. when prime minister modi announced he wants to prevent a ban on single use plastic, the government has realised this is an issue that needs to be tackled. the question is, it is easy to announce a ban, but difficult to implement it, as we have seen. absolutely, it seems like the indian government has rowed back from imposing this outright ban that some people were expecting. why do you think that is?
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because lots of businesses have been lobbying, saying actually it is going to be very difficult, at a time when prime minister modi's emphasis is also on job creation? the plastic industry is obviously not happy about this ban, and there has probably been some pushback. however, some states and india have already had some experience in implementing bands on single use of plastics, they have had them in place for a couple of years. and they have been somewhat successful in reducing, for example, according to statistics, reducing single use plastics by about a0%. however, the ban is not going to solve the issues oi’ ban is not going to solve the issues or the other types of policies that need to come into place. and the indian government is also now in the process of designing a responsibility policy, which is a slightly different approach, which
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puts responsibility on producers to contribute to the management of the waste that they introduce through plastics into the market. 0k, thank you very much for talking us through all of those issues affecting india. many of those issues are affecting other countries right around the world as well. thank you very much for coming to talk to us. let's take a look at some of the other stories making the news. ecuador, one of the smallest members of the organization of the petroleum exporting countries, said on tuesday it will leave the iii—nation bloc from january 1st. the andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed by opec. tesco has announced that its chief executive dave lewis is stepping down after five years in the role, citing personal reasons. his departure was announced as tesco reported a 6.7% rise in first—half profits to £194 milion. he will be replaced by ken murphy,
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who has held senior positions at walgreens boots alliance. the us commerce secretary is expected to visit india today. according to reports wilbur ross will meet finance minister nirmala sitharaman and commerce minister piyush goyal in delhi. the trip comes as the two countries remain locked in a trade dispute. the 70th anniversary of communist party rule in china was "one of hong kong's most violent and chaotic days", the city's police chief has said. an 18—year—old protester was shot in the chest with a live bullet — one of six live rounds fired by police. let's go live to hong kong now and our correspondent steve mcdonell. how has the city today been reacting? well, following a day which was probably the most violent we have seenin probably the most violent we have seen in this conflict, today it is kind of back to normal in hong kong. businesses are open, people are back to work. such a contrast to
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yesterday, when we saw fires lit all through the heart of the city. protesters, fighting with police. you would have struggled to find a shopping centre open here yesterday. in fact, you probably would have struggled to find a shop open here yesterday. there were a few restau ra nts yesterday. there were a few restaurants open, but not even small corner shops were open. businesses here are coming to terms with the fa ct here are coming to terms with the fact that this is the way that hong kong is going to be for the foreseeable future. however, it's just amazing how it can bounce back. and today everything is open again and people are just going about their normal daily lives. thank you very much forjoining us. a gloomy day on world markets after data on manufacturing in the us showed activity at its lowest for a decade, underlining concerns about how much the us china trade war is hurting the economy. we heard a warning about about the impact of worsening trade tensions from the world trade
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organisation too. it was a sea of red across the board in asia and the united states. here in europe, this is how the main indices are performing at the start of their new day. investors here also digesting the latest news on brexit and some details of a proposal by the british government over how to overcome the thorny issue of the border in ireland in achieving a withdrawal deal. and samira hussain has the details of what's ahead on wall street today. wednesday is all about employment and how manyjobs the us private sector added in the month of september. now, this should not be confused with the monthlyjobs report that is put out by the us commerce department. that will be released on friday. now, this is a national employment report, compiled by adp, and it is expected to show that the private sector added 140,000 jobs in the month of september. now, that is a drop from the 195,000 jobs that were added back in august. and although this particular report only takes stock of the private sector,
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it can sometimes give economists an indication of what is to come in the nonfarm payrolls at the end of the week. lots going on in the united states and europe. joining us is sue noffke, head of uk equities at schroders. lets first of all talk about the uk prime minister boris johnson, pushing his final brexit plan towards the eu today. he says that it is the basis of a compromise. how significant are his words for investors ? significant are his words for investors? we don't know the details. we hear some rumours. but i think what is important is that we are in what is called the 11th hour. we are already in october. the brexit date is the 31st. this is really the opportunity for negotiations. and some level of
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compromise. now, there are lots of different parties to this. there's 27 eu leaders that have to agree. borisjohnson has to get this deal approved by parliament, which has been a major problem in the past. so, there is a lot of water to go under the bridge yet. but it is a start. a lot of people to be satisfied, not much indication that they will be. you described it as they will be. you described it as the 11th hour, but we have been to s0 the 11th hour, but we have been to so many iith hours before before the clock has been reset. what is your read as to the likelihood of this drifting much further than october to 31st. i think there is a good chance of that. we have been here before. it's very difficult to see that everyone is going to be happy. this is not a party where everybody gets to go home with a balloon. but it is something where people have to realise what is at stake, and what the alternative is. and perhaps that is the juncture we are at today. the
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world trade organisation cited brexit uncertainty as one of the main problems in the world economy, with the trade disputes. we have had to manufacture data out about the us economy, it seems to have rattled markets? it has weighed on markets, activity across manufacturing is quite weak, the weakest for ten yea rs. quite weak, the weakest for ten years. and it doesn't have a good correlation avoiding recessions. manufacturing typically is quite a low percentage of overall economic activity, ten or 15%, typically, for industrialised nations. it is the service component that is the biggest. at manufacturing sentiment, employment prospects, they really weigh on the consumer and sentiment for the services. thank you for now. i know you will be coming back later to talk about some of the paper stories, including if we are flying less because of flight shame. a new survey says we are. we would have to find out your views on that and also getting lots of tweets coming
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through as well. thank you for those tweets coming through. still to come, join in the virtual tour on your exercise bike. we'll get the inside track on esports and find out if you can become the king of the mountains in your living room. you're with business live from bbc news. the boss of the uk's largest supermarket chain tesco is to step down next summer, citing personal reasons. dave lewis has been in charge since 2014. his departure comes a day after the bosses of both waitrose and argos also announced they were leaving. kate hardcastle is a retail analyst at insight with passion and she's in our leeds studio. dave lewis says his job is done, is it? what might his successor do differently? well, like every retailer out there,
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there is a constant evolving that needs to happen to make sure you have a strong future. if you look at his work, when he came into the business, not as a retailer, somebody that came from outside of the sector, he joined a somebody that came from outside of the sector, hejoined a company somebody that came from outside of the sector, he joined a company that was experiencing profit warnings, there was a huge accounting scandal and he has announced his departure next year. he is leaving a business that just announced a next year. he is leaving a business thatjust announced a decent profit situation and also sales that are certainly much better than they were. a business that looks like it has a future, a strategy and a clear definition of a role that has been shocked as a sector by german discounters. any obvious successor waiting in the wings? what might they do differently?” waiting in the wings? what might they do differently? i think it is about continually evolving as a retailer, understanding that consumers have so retailer, understanding that consumers have so much more say retailer, understanding that consumers have so much more say now. they really are in the driving seat. you've got to build a business around them. you can'tjust dictate to them what they will buy and how they buy it. or they willjust go somewhere else. there is so much choice out there. usually competitive marketplace. it's about
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grocery being part of everyday life for consumers, where and when they need it. kate, thank you very much for that update on tesco. interestingly, we've got another about something elsewhere someone is leaving. yes, we expected him to remain on in a presidential position, but now we have learned that vernon hill will be leaving altogether, after a flurry of difficulties that metro bank has been having with profitability. the share price has risen on the use of that. they say he is the inspiration behind metro bank, but it has been beset with some problems recently.
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our top story, india has held off imposing a blanket ban on single—use plastics because it is being seen as being too disruptive for business. a quick look at how the markets are faring. the world trade organisation warning about a drop in growth in the global economy. as you can see, the footsie, the da acts and the —— the dax and the cac are all down. esports has burst into the mainstream, with its own superstars, leagues, and tournaments that sell out stadiums and award prizes worth millions of dollars. the start—up zwift is a multiplayer online cycling and running video game and physical training programme that enables users to interact, train and compete in a virtual world. and they are hosting the first ever union cycliste internationale
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cycling esports world championships in 2020. there is a mouthful! we are joined now by its ceo craig edmondson. thanks for being with us. i guess one of the key differences between this a sport and others is that you actually break a sweat, while doing it? although if you play fortnite, i am sure people do break a sweat. any of those multiplayer games, they are quite competitive. they are indeed. zwift is a fitness app that is being developed to enable people in their homes to deliver, through physical exertion, the powering of an avatar in the game, enabling people all over the world to train all compete against each other. on their own terms. how did you come up with this, a moment on your bike in the countryside, when you thought you
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should bring it inside? how do you come up with an idea like this?” should bring it inside? how do you come up with an idea like this? i am the ceo of the esport business, but zwift had a problem, where indoor cycling is not very fun. they wanted to create a video game experience, where people can become immersed in sd where people can become immersed in 3d worlds, bring the outdoor experience indoors. that is what they developed four five years ago. the community that started racing on the platform did it on their own terms. it is natural that people with a desire to compete want to do so, and they did that on zwift. we have taken that on board now. very exciting news last week, when we announced with the uci that we are going to host the inaugural world championships, and it is a new discipline for cycling, which doesn't happen very often. you've got a track racing, bmx, but esport is going to be part of the constitution. you are not alone in this sector, in terms of encouraging people to cycle in their own homes.
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we have been talking about the flotation of pellet on, in a similar game to you guys. what do you see as the differences do and what you do? their share price did drop a 40% on flotation day. the key difference is that they take something like studio cycling, do people know from the gym, taking at home. our platform is very different, it is video game based. what i can say is that before christmas we raised $120 million in our series b around, enabling us to invest in places like esport and the court platform. it is an expensive sport to get into if you choose to do so, how does your compaq? ours is an app, hardware is freely available from many manufacturers. it costs a few thousand pounds. when you cycle, it powers the avatar in a game, it
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is quite simple. we have a running product as well, and in the future i would expect other sports to come on board with this, people are growing. have you had any indoor injuries reported so far by people falling off their bike? no, it's extremely safe. i am sure there have been some mechanicals, but nothing that was reported to us. as far as the esport business is concerned, it really has exploded. at what moment did you think you really wanted to get into the business? we started ourjourney at the beginning of the year in january. we organise some professional races, we had a winner of one of the world championship races last week in yorkshire, where we had a big presence. they were racing in those competitions on our platform. we had a british cycling national championships, aired on national tv in the uk. the natural progression is to run continental and world championships, which is what we are going to be doing next year. building on the esport play,
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we are going to be taking the best of gaming, the best of sport, the best of cycling, mixing it all together and bring it together as an entertaining experience for everybody to watch. good luck and thanks for coming in to tell us about it. in a moment we'll take a look through the business pages but first here's a quick reminder of how to get in touch with us. london, singapore, shanghai, new york. our correspondents have your business world covered — on air, online and on the bbc news app. check out bbc.com/business for their insight and analysis. bbc‘s business live page has the latest breaking business news. we want your views, too. get in touch via the business live page, tweet us @bbcbusiness or find us on facebook at bbc money. join the bbc‘s business conversation.
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i want to start with this one reporter saying that one in five people have changed their travel plans and have not taken a flight when ordinarily they would, because of so—called flight shame. or the swedish word for it, anyway.” of so—called flight shame. or the swedish word for it, anyway. i can't pronounce it either, it is the effect of more awareness of climate change and really the awareness that greta has brought to the population at large. i still think one in five people changing their habits is quite significant. i don't know whether that is something that people want to do, or whether they can really evidence that they have done. one in five people may be saying they changed some travel plans, rather than stopping flying altogether. one of the incredible statistics that i heard in this debate in recent times is that only one in five of the population of the
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world as a whole has ever even been ona plane, world as a whole has ever even been on a plane, which really underlines how much that 20% is contributing to pollution. well, air travel as a whole is a quite small part of overall pollution. but flights are the most carbon intensive. if you think about carbon emissions per passenger to limit a mile, by far and away air travel is ten or 20 times that of even an suv. do you think the airlines are getting worried about this? i notice that ryanair come on radio ad rates most recently, have been saying we are a low carbon airline. they are already trying to get the message out there. to ensure that people keep booking theirflights? to ensure that people keep booking their flights? that's right. it is a cost, and what people want to do, fly in, it is very inspirational. we have had some tweets. neil, citing
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greta thunberg, her recent adventure ona greta thunberg, her recent adventure on a yacht from her home in sweden to new york, what if you don't have £5 million to build a zero carbon yacht and play for your crew to fly to new york and pick up the boat? he says he will stay with his favourite budget airline. we have had some others saying let the train take the strain, we have just others saying let the train take the strain, we havejust come back from two weeks going around europe, co mforta ble, two weeks going around europe, comfortable, efficient and good value, lots of good deals and you get to see where you're going. certainly of train prices come down it would be a lot more affordable. that is one of the issues, the fact that certain here in the uk, train prices can be pretty astronomical, even when compared with the cost of a flight. i think if you book in advance, you can get so much better deals. again, it is the same with air travel, plan ahead and get the best deals. well, train prices need to come down, says steve. jonathan williams says either that or the wea k williams says either that or the
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weak pound is hurting overseas tourism. that is a whole other debate. that is different. well, let's move onto another story that has been making the newspapers as well today. this all about banksy, the bristol graffiti artist. my hometown of bristol, i'm quite proud of all the graffiti that there is around the city. actually, he has opened a shop in croydon. this is all over a trademark dispute. tell me more about this? that's right, it is to protect his use of his art. trademark law is basically use it or lose it. because banksy has created art but not used the trademark on products to sell, he doesn't have a whole line of merchandise, he is at risk of losing the trademark. a greetings card manufacturer wants to apply to have it. so, his response has been to open a shop. the shop will be open, doesn't necessarily trade through people coming in
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through the door, but it trades online. this will be the using it, which protects his trademark. the funny thing about banksy is that a lot of his art actually borrows, shall we say, from trade marks, including disney. in weston—super—mare, he had a theme park, dismaland, very much borrowing from disney? it was interesting, that dismaland, so many items of art, not all of them being sold. they are so sought after, he has become such a collector, they are real collectors items. he has something else for auction of next week, interesting timing. the shop is not actually open, there is an online shop which is not actually open yet. i am sure whatever he sells will be skyrocketing in value. thanks forjoining us. goodbye.
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good morning. it has been a pretty chilly start of the day. for many of us chilly start of the day. for many of us it's going to be a much quieter and drier day, certainly compared to yesterday, when we had flash flooding, particularly in the isle of man. elsewhere across england and wales, pretty nasty conditions yesterday. that was all courtesy of that weather system which moved southwards and cleared. and if we look at the white lions and isobars, we can track them back to the north. for this morning, the reason why it has been so cold is that we have a finger of cold airfrom has been so cold is that we have a finger of cold air from the arctic. a bit ofa finger of cold air from the arctic. a bit of a frost first thing this morning across parts of scotland and northern parts of england. one or two marker showers in the north—east of scotland, through nova, merseyside, north wales, most of their showers should clear away. as you can see, the vast majority, it
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is going to be a dry and sunny day. a much more chilly day, compared to yesterday. temperature is a0 or 50 in celsius, ten or 1a degrees further north. through this evening and tonight, there will be some fog developing in central parts of the uk. there will be clear skies again. it will turn quite chilly into the early pa rt it will turn quite chilly into the early part of thursday. but then we've got the remnants of ex hurricane lorenzo, which are going to move their way northward, just passing to the west of ireland. quite a deep area of low pressure. it's not going to be a hurricane at this stage, just a mid atlantic depression. it's going to bring in some cloud. after a bright start, some cloud. after a bright start, some sunshine continuing on the far north—east, cloud moving elsewhere, rain starting to move towards western areas. there will be some gales developing around the centre of the low, western areas, gusts of a0 or 50 of the low, western areas, gusts of a0 or50 mph, with of the low, western areas, gusts of a0 or 50 mph, with heavy rain across northern ireland. temperatures on thursday, well, they will be getting to about 12 or 15, or 16 degrees.
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into friday, this area of low pressure, the remnants of lorenzo, will weaken quite significantly as it pushes south and east woods, taking rain with it. there will still be strong wind for a time around south west wales, the south—west of england, heavy rain spreading into the south—east and brightest guys developing elsewhere, with brighter winds, temperatures on friday about 13 to 16 celsius. some very wet and windy conditions over the next few days. even into the weekend, it will remain quite u nsettled. weekend, it will remain quite unsettled. there will be some showers and longer spells of rain. maximum temperature is rising a little bit, 1a or 17 celsius. goodbye.
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you're watching bbc news at 9:00 with me annita mcveigh. the headlines: borisjohnson's "take it or leave it" message to europe — as he prepares to set out his final offer on brexit. it is my deal or no deal as boris johnson sets the eu a ten day deadline to agree his brexit plan. the duke and duchess of sussex take the mail on sunday to court — for publishing one of the duchess' private letters to her father the boss of tesco quits after five years in the job — he says the turnaround he led is now complete, but critics say there's still work to do. coming up on the programme — flash flooding causes chaos across england.
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