Seeing opening slightly down. Is it childs play or an incredible Business Idea . Is it childs play or an incredible Business Idea 7 the is it childs play or an incredible Business Idea . The former publisher who opened the door to magical toys. And the former uk chancellor, George Osborne, is to be paid almost 800,000 a yearfor osborne, is to be paid almost 800,000 a year for advising the osborne, is to be paid almost 800,000 a yearfor advising the us fund manager forjust 48 days work. Politicians are out of office but in the money. Do you think this is right . Get in touch. Welcome to the programme. We start in the south korean capital, seoul, where whats being called the trial of the century has begun. The man in charge of the countrys biggest company, samsung, has formally denied charges of bribery and embezzlement in a scandal that has also seen the president impeached. Samsung may be a household name Around The World, but its boss isnt. So, what do we know about him . Jae y lee is Vice Chairman of the company, but hes known in the south korean media as the crown prince of samsung. Thats because hes the only son of the chairman, lee kun hee, who was once convicted of bribery and tax evasion but later pardoned. Jae y has been in charge since his father had a heart attack in 2014. Heres what hes accused of. That gives you a sense of the background to the story. Geoffrey cain is a journalist who spent five years in seoul and is now writing a book about samsung. He joins us from arizona, in the united states. We talk to you before when it was unfolding. Today he is in court. If us unfolding. Today he is in court. If usa unfolding. Today he is in court. If us a sense unfolding. Today he is in court. If us a sense of how big a deal this is for south korea, samson and for politics there. It is a very big deal. This case is the trial of the century for south korea. We have never seen this happen before the eyes chairman is arrested before being charged with a crime the Vice Chairman. In the past, his father has been convicted but he was never arrested and never actually served any prison sentence. He was pardoned by a president. This is a very unusual case. Will we see this case happening at the same time that a sitting president is impeached, will we see the perfect storm lead to a change in how business is done in south korea . I mean between it and politics . I do not think there will be a fundamental change in the way politics and business are done in south korea. I think The General Foundation will be in place, it is something that has been in place for decades. The system goes back through the history of south koreas democracy, its authoritarian governments in the past. However, we could see more transparency in general. Broader changes that might push things in the right direction, especially considering both of these cases are popping up at the same time and the president herself, if she is found to be in this bad situation, she may also face trial. In the meantime, for the company, business as usual. The shares recently at record highs, profits rolling in, products still selling despite the scandal and the galaxy 7. That is the beauty of samsung. It manages to get through all sorts of ha rd manages to get through all sorts of hard times, smoking phones, problems with the leader, the wikileaks with the cia espionage against its smart tvs , the cia espionage against its smart tvs, one thing after another. It seems that this company has such a strong system in place that can weather all of it, they can keep making the products, the hard work and that is the bottom line. Do we Thinkjae Y Lee might end up behind bars or will he be pardoned like his dad . That depends on who becomes the next president. It is hard to tell. Ican next president. It is hard to tell. I can definitely say many president s have taken office in south korea and many have pledged to clean up the system, many have pledged to clean up the syste m , sto p many have pledged to clean up the system, stop the systems of president ial pardons, even the current president who was undergoing her impeachment decision with the constitutional court, she also pledged to clean up the system and now she is the one in the dock for the giant scandal. I am doubtful much will really change. We have lost you for a moment. He joined much will really change. We have lost you for a moment. Hejoined us from arizona. We spoke to him a couple of weeks ago. I was just going to ask him what the time is there. He is great. Interesting stuff. Lots of news about samsung on our website as well. Shares in toshiba have closed down more than 7 in tokyo. The latest news comes after reuters reported Bankruptcy Attorneys have been hired. It has cost toshiba 6. 5 billion putting the companys future at risk. Cab hire service uber says it will ban a secret Software Tool from being used to evade undercover regulators. The software, called greyball, seeks to identify officials Around The World trying to catch uber drivers operating illegally. It then denies them service. The ride hailing firm has been using the tool to secure early access to cities where its operations had not yet been authorised. Reports from vietnamese state media suggest drinks giant coca cola is planning to invest an additional 285 million in the country. The beverage makers decision highlights its interest in the Vietnam Market and may put pressure on its competitors. With this investment, coca colas total investment in the country will reach 1 billion. Let us talk Producer Price inflation in china. Thats the prices of goods as they leave the factory gate it has been soaring at its fastest rate in almost nine years. Its being fuelled by a jump in the price of steel and other raw materials. The official data has raised the prospect that china may be about to export inflation to the rest of the world, as the cost of its manufactured goods rise. Mariko oi is in singapore. What more do you have for us on this . As you mentioned, it was because of higher prices of steel and other raw materials. If you take and other raw materials. If you take a look at the consumer Price Inflation index, the prices of what consumers buy, it is cooled to the slowest pace in over two years. Going in separate directions, a nalysts a re going in separate directions, analysts are slightly puzzled about the strength of the broader economy. Just over the weekend, beijing has cut its Growth Target for this year to 6. 5 , the slowest growth, if confirmed, in nearly three decades. Overall, it seems the higher Production Costs have not even passed over to consumers just yet. Thank you. As we have just been hearing, the big news out of china was that Producer Price inflation accelerated to its fastest pace in nearly nine years, but consumer inflation cooled more than expected. And thats had a huge downward bearing on asian markets. Energy firms also led a broad sell off on thursday following a 5 plunge in oil prices, but the dollar advance on the yen provided the region with one of its only advances as tokyos nikkei added 0. 3 to end a four day losing streak. Meanwhile, here in europe,ahead of todays ecb meeting where the expectation is that Monetary Policy will be kept on hold, markets here in london markets particularly digesting yesterday budget. And Michelle Fleury has the details about whats ahead on wall street today. They will be paying close attention to the ecb meeting. Data on the number of americans filing for Unemployment Benefit is released this birthday. Most economists looking for a rise of 4000 this thursday. All of this comes ahead of fridays monthly jobs thursday. All of this comes ahead of fridays monthlyjobs report, the last major piece of Economic News ahead of the Us Central Bank policy meeting. Expectation is they will raise rates. The tough Retail Environment is likely to have an impact on results from Office Supplies company staples. The Fourth Quarter results ofjune thursday. Intense competition from walmart and amazon most likely hurt Sales Results are coming on thursday. James, nice to see you. Loads of stories today. This we should mention as well, change at the top at bt. A minor coming in. Famously he was chairman of Sab Miller Last year. A stalwart of the city. Bt will be very happy to have him as chairman. And rio tinto, he has been on the board for a long time, he steps down later this year. Change at the top, big change in career from change at the top, Big Change In Careerfrom Mining to change at the top, big change in career from mining to telecoms. Let us career from mining to telecoms. Let us talk about the uk budget, it came out yesterday, splashed across the papers in the uk. The headline here has been the changes to National Insurance contributions, but broadly speaking, what did the Budget Mean For Business . There is very little in terms of new policy. The chancellor decided to leave any major policies on business until the Autumn Budget which he said will be the uks main fiscal statement from now on. Clearly the Office For Budget Responsibility which looks at forecasts on behalf of the government said the uk economy will grow by 2 this year rather than the 1. 496 grow by 2 this year rather than the 1. 4 it had grow by 2 this year rather than the i. 4 it had predicted. Short term improvement. Also on the agenda, it has been mentioned already, European Central bank meeting. Everyone wants to keep quantitive easing going, is that correct . That is right. They will be looking for any sense that quantitive easing is tapering. It is money being pumped into the market, helping the Fund Managers add infor market, helping the Fund Managers add in for lighter. It has been going on since the financial crisis ad infinitum. Going on since the financial crisis ad infinitum. I remember the Tapering Tantrum in the us. The same issue for Central BanksAround The World. We saw the 596 plunge in prices on thursday, today a slight stemming of that. Following tom ince from the Saudi Arabian oil minister, the boss of bp was there, planning low oil prices for longer following comments. That is the territory we are in. James is returning later. He will talk more about the budget and what George Osborne is up to, earning a pretty penny. Still to come. The inside track on the Irish Company trying to open the doorfor track on the Irish Company trying to open the door for childhood trains. Quite literally. We will explain that in a moment. You are with Business Live On bbc news. First, here in the uk, lots of corporate stories. The Supermarket Group morrisons reporting a rise in annual profits and sales. The bradford based group saw an 11. 6 rise in profits to some £337 million for 2016 but it has warned of uncertainties ahead. All of the details for us. Talk us through the numbers. On the face of it, they we re numbers. On the face of it, they were pretty good. Total revenue up 1. 296, were pretty good. Total revenue up i. 2 , reasonable performance. Like for like sales up one for 7 . Underlying profits up a very strong 11. 6 . Investors do not seem that impressed this morning. Morrison share price is down nearly 5 . Maybe they were expecting more or possibly they were expecting more or possibly the warnings of uncertainties ahead coming to roost. What have morrisons been doing to get into this situation . They have been restructuring for the past two yea rs, restructuring for the past two years, closing some stores, particularly smaller ones, they have sold a stake in the us retailer, the online retailer, they have reduced debt quite a lot and they have been trying to attract more customers by keeping prices down. They have partnerships with treble macro and amazon. They are supplying products to amazon with ocado. This seems to amazon with ocado. This seems to be reaping rewards. But there are uncertainties ahead. They say more rocky times ahead, or not . Absolutely, the big one is the pound sterling. It fell dramatically after the Euro Referendum Last year, it hasnt really recovered. Importing produce from abroad then becomes more expensive the supermarkets and the choices to allow its air raid their Profit Margins or pass allow its air raid their Profit Margins oi pass on allow its air raid their Profit Margins or pass on the cost of the consumers. This is a fiercely competitive sector. Aldi and lidl mounted a price war on the other supermarkets. Its a rocky road ahead which the Chief Executive was talking about this morning. Thank you. Morrisons with its rise in annual profits and sales. On the website, more detail on the budget. You can read more detail on what the chancellor and the shadow chancellor had to say. Youre watching business live our top story. The de facto head of samsung has formally pleaded not guilty to Corruption Charges as his trial begins in south korea. A quick look at how markets are faring. Markets are slightly lower at the moment, a lot is on the agenda today including a Central Bank Meeting at the European Central bank announcing their latest decision is midday today. Also a story that has just been breaking coming from emirates, comments coming from them basically saying that since Donald TrumpsTravel Ban Injanuary it had a Significant Impact on the Booking Rates that theyve seen for the airline to the united states. No surprise to hear that. This is a quote, the first us travel or the booking by some 35 overnight. Its effect was instantaneous, thats the news coming from emirates. That travel ban wasnt allowed to follow through because of legal blocking. Now, many of you may have grown up believing there were fairies at the bottom of your garden. Well our next guest has turned this fairy tale into a thriving business moving the mystery visitors into the home. The Irish Fairy Door Company does exactly what is says on the tin produces little fairy doors aimed at children from ages 2 10 years old. According to the company, one in every two children in ireland has one of their doors. From making the small wooden doors at the kitchen table, the business has expanded and more than 150,000 doors have been sold in 150 Different Countries worldwide. So how do they keep the magic alive . Niamh sherwin barry, co founder of the Irish Fairy Door Company is here. Wonderful to see you. And we could have some fairies in the studio the keys have all gone so they are somewhere in the studio. Welcome to the programme. It is a fascinating idea and its a very simple idea that sounds like it has been extremely popular. Tell us how it started. My friend and myself and oui started. My friend and myself and our husbands got together. We had seen a tiny door in america and we decided to bring it home to our children and fairies moved in. That was 2008. The Company Started in 2013 so we three years in business now. Tell us about the idea. You get the door and your child then believes the fairy has moved in. The idea is you pick a name for your ferry and register with us on the website. You leave the key out overnight. If the key has gone in the morning the children know the fairy has arrived and its going to stay there for ever. Its all very magical land wonderful but the cynical part of me wants to say i think you have to spend £20 in order to get one of these little wooden doors. Is it value for money . What are we getting for that . A world of imagination. Technology is here, it has its place but its taken over. We wa nt has its place but its taken over. We want to bring the imagination back. The way we used to play as kids. To actually sit down and usual imagination. I could sit here all day explaining to you what happens when a child gets one of these doors. Give one to a child and see what happens. Their image nation is there for the taking, they arent using it enough. If a lovely concept but im imagining you pitching this idea to investors. How did that go, how did you raise the money to get this off the ground . Irish people are storytellers so we had a lot of interest from home. We had been hit really badly by the recession so we had no money to invest. My mum and my dad gave us the money, the original start up, 8500 year rose. She stopped is she had stopped smoking and the money she saved she gave to us to stop the company. You are selling in 150 countries Around The World, you arent really established yet in the uk. We are getting there. Weve been here for about a year but we would be more in the small independent stores. There are more levers up the small independent stores. There are more levers up north. The small independent stores. There are more levers up northlj the small independent stores. There are more levers up north. I think youre more cynical down this way. What happens when your child realises it wasnt real . The way i feel about it, its very clear in my mind. Our keen unity of believers would say the same thing. Imagination should be promoted, it is part of childhood our keen unity. The benefits far outweighs when they are ready to realise and move on. I think the benefit outweighs the actual point. Do you have a fairy . Fairies are trained in school to collect teeth so its part of their duties its been fascinating my imagination is running wild. In the uk the finance minister, or chancellor as hes known here, Philip Hammond has defended his 2 hike on National Insurance contributions, thats a form of tax that all employees have to pay that go towards state benefits, insisting it will result in the self employed making a fair contribution to public services. The chancellor is coming under pressure from many to rethink the tax change to 2. 5 million self employed workers. Speaking on the bbcs Breakfast Programme this morning the chancellor denied his critics that his tax policy is anti small business. I dont accept that are all and we strongly support small businesses, growing businesses, they are the bedrock of britains economy. We will continue to encourage new ventures, innovation, growing businesses in this economy. What we are dealing with here is a perverse incentive in our tax and National Insurance system which is driving people who are essentially employees to turn themselves into self employed workers instead. That isnt good for them, its not a healthy thing for the structure of the economy to be driven by Tax Advantages and tax differences. Weve asked james to talk about his papers take on the budget. Weve asked james to talk about his papers take on the budgetlj weve asked james to talk about his papers take on the budget. I think theres a feeling that the chancellor has an Wound Manifesto pledges by David Cameron the former prime minister. We arent surprised to hear it are we . There has been a change at the top but this is a government elected by the people in 2015. Although theres been a change in leadership and a changing chancellor, this is very much the same. This is very much the same administration. Those pledges made in 2015. Administration. Those pledges made in 2015. The reason for the anger is the question, is this a fair closure of the gap between the different the employed and self employed pay in tax or is it an attack on the risk taking spirit out there . Our paper had the headline a tax on enterprise. The tory party supposed to stand up for people who wa nt to supposed to stand up for people who want to make money and better themselves. George osborne earning £650,000 forfour days themselves. George osborne earning £650,000 for four days work a month. We asked viewers to get in touch about this. Weve had some input. Paul says, if you believe in capitalism then George Osborne is allowed to earn what people are willing to pay him. He is earning £14,000 a day. Thats it from business live today. Well see you again tomorrow. Good morning. We have some mild air today and when we add some sunshine into the mix, that is a recipe for what will be a springlike day across the country. If we look at the satellite there are a couple of flies in the ointment. Showers across scotland and cloud in the south. This has been producing patchy rain and drizzle, some of which will continue through the day in cornwall, devon and the channel islands. The showers in scotland confined to orkney and shetland. In between plenty of dry weather and sunshine. At 3pm, still blustery winds and showers across the Northern Isles but much mainland scotla nd Northern Isles but much mainland scotland dry. Fine for northern ireland, fine for much of Northern England as well. Just a bit patchy cloud. Through the midlands, east anglia and the south east, we will see Sunshine Lifting Temperatures to 1516. A see Sunshine Lifting Temperatures to 15 16. A decent day for wales and much of the south west of england. West devon into cornwall along the south coast into the channel islands, some spots of drizzle and the cloud with murky conditions at times. Through the evening and tonight, that cloudy, damp and murky weather will begin to move north and east. Ahead of that quite a cold night for eastern areas with clear spells. Down to the south west much milder conditions, 10 degrees the minimum temperature in plymouth. Tomorrow, the best of the sunshine will be earlier on in eastern england, for a time eastern scotland. This cloud will be toppling in bringing mist, murk and spots of drizzle. Most of the rain will be light and patchy with a fair amount of dry weather. With southerly winds it will be mild. Into the weekend, we will see a mixed story. Spells of sunshine as well. By the end of the weekend we will have lost the southerly winds and there will be more of a westerly wind. Bringing coolerair and there will be more of a westerly wind. Bringing cooler air in our direction. Some rain at times but gradually, slowly but surely, it will turn cooler. Only a bit cooler, still double digits for most of us by the time we get to sunday with a mixture of sunny spells and rain at times. Hello, its thursday, its 9am. The chancellor, Philip Hammond, is coming under pressure over his plan to increase National Insurance payments for many self employed workers. Some of his own mps are unhappy with the plan. But hes insisting its fair. Those on higher earnings will be paying a little bit more. We think thatis paying a little bit more. We think that is fair, we think it is a reasonable way to go forward, given the benefits entitlement of the self employed has improved so much. Labour threatened to unite with tory rebels to force a government climb down. Also on the programme today. A former undercover policeman who posed as an addict to infiltrate drug gangs tells us about the huge