The programme. Turning back time on a family business. Later in the programme well speak to the young entrepreneur whos hoping to revive the watch making company set up my his ancestors. And according to the trade union congress, todays the day that an average Chief Executive in the uk has earned as much as an average worker in a whole year, so we want to know, are they worth it . Just use the hashtag bbcbizlive. Welcome to the programme. In a few hours well receive the latest Inflation Figures for the Eurozone Economy. The block managed growth of 0. 3 in the Third Quarter of last year and a sustained rise in prices could lead to the scaling back of the European Central banks de facto money printing program. As you can see here, there has been a marked improvement in the rate of inflation for the block and in yellow you can see the 1 Inflation Rate that economists are predicting for the last month of 2016. Although this is still some way below the European Central banks Target Ofjust under 2 , its still a marked improvement on novembers reading of only 0. 6 . Back in february of last year, the eurozone was actually suffering from Deflation Orfalling prices. But since then, the value of oil has more doubled and this has fed through to prices on the shelves. Looking forward, many experts expect the us dollar to continue strengthening against not only the euro, but against nearly every major currencey. Again, this feeds into the oil price story as a stronger dollar pushes up the price of commodities. With me is our economics correspondent andrew walker. Rachel outlining the reason why we are seeing such a leap in december. Presumably that could continue this year . Indeed, the price of crude oil started the year on a strong note as markets with thinking that perhaps the agreement by opec, the Oil Producers group, with some nonmembers to restrict supply in the new year and that would bite. It does seem to have reinforced a price thatis does seem to have reinforced a price that is already well up from below. It is only half the level it was in 2014. But there is the prospect for further increases in Energy Prices paid by consumers and therefore any further increase in the Headline Rate of inflation. Lets look at the other rate of inflation without oil, what is it telling us . Things are remaining in the eurozone, pretty subdued. What we are expecting is no change in that rate, not. 8 is among recent figure. 0. 8 . We expected to stay at about the same level. The European Central bank, and it does care what the Headline Rate is, but the story that also indicates more about the strength of inflationary pressures generated within the Eurozone Economy itself, is that underlying rate. I think it is telling us demand across the eurozone does remain a bit subdued. What kind of a year can we expect from an economic Point Of View . We have this situation of inflation being pushed up by the price of oil but everything is substituted, elections in france and germany and often the economy is a factor for voters . Often the economy is a factor for voters . And the fact is you have a rise of anti euro and anti forces in those political systems has the potential to create a lot of uncertainty that will hang over economic life. Another Point Worth Bearing in mind, in terms of avoiding deflation, this rise in inflation is welcome to the European Central bank. When wage growth is pretty subdued as well, it does mean it will hold back on Consumer Spending power. The rise in inflation is not an unambiguously good thing. So the eu will not change its plan for Tapering Back in april in terms of the money it is pumping in . No, but there have been calls for some economists in germany saying it should end this programme in march, as it originally suggested it should do. The german Inflation Figures were pretty strong, 1. 7 but i dont think the ecb is ready to pull the plug yet. Thank you, andrew. When we do get the numbers, we will fill you in here at the bbc. In other news ford has said it will cancel a 1. 6 billion plant it planned to build in mexico and instead extend operations at its factory in michigan. The boss of the us car giant, mark fields, said the decision was partly due to falling sales of small cars and partly a vote of confidence in Donald Trumps policies. The President Elect has criticised both ford and its rival General Motors over production of models in mexico. Some British Airways cabin crew are to stage a 48 hour strike starting on january the 10th. Members of the uks Unite Union Have rejected a new offer aimed at resolving a pay dispute. A previous walkout planned for Christmas Day and boxing day was called off after talks. Ba says it will ensure that all their customers can travel to their destinations as planned. Tesla, one of the worlds biggest electric car makers, increased Vehicle Production by 64 last year. The company made almost 83,000 cars in 2016 but missed its Delivery Target for the final three months of the year. Tesla, which is run by elon musk, said that problems with the cars new autopilot Driving Hardware had led to the company producing fewer vehicles than they had previously forecast. There is more competition out there because the worlds fastest self driving electric car has been unveiled. The Company Plans to release the car in 2018 with a range of up to 482 miles. Shares in troubled Car Parts Maker Takata jumped 17 today in tokyo. This is down to reports of a possible deal with the us authorities over faulty airbags which have been linked to 11 deaths in the states. We have our guest in our asia hub today. It has all been about takata shares sinking dramatically. Will this company draw a line under this saga . We saw takata car shares rally at the end of last year. It is continuing on the first trading day of 2017 in tokyo. It is because of reports the company could be settling a us criminal probe into its exploding airbags. Itll be before the 0bama administration leaves office. Pa rt before the 0bama administration leaves office. Part of settlement would include takata Pleading Guilty to criminal misconduct and it might have to pay up to 1 billion. South koreas shipping, once one of the biggest Container Shipping Companies in the world which went bankrupt last you, they surged on their daily limit by 30 because of a possible deal. Thank you for your time. It feels like the markets are still celebrating the new year. Stocks injapan up 2. 5 , making the biggest gains in about two months, and closing at its highest level since early december 2015. Hang seng was slightly down but the dowjones closed up. Investors looking forward to the tax cuts and Regulatory Reform they believe President Elect donald trump could bring. Michelle fleury has the details about whats ahead on wall street today. After a strong 2016, is the party over when it comes to us car sales. Ford said americans were not buying as many small cars. We should get a clearer picture of the health of the industry were Major Car Companies report Theirfigures Industry were Major Car Companies report their figures later on wednesday. Minutes from last months Federal Reserve policy meeting could explain their thinking on how many increases to expect in 2017. In december, Americas Central Bank raised rates for only the second time in nearly a decade. The head of fridays job data, look out for a report on employment in the private sector. Quite a busy week in the states. Our guest is from gkfx. Michelle talking about lots of information, Employment Data at the end of the week, they keep going up. I know the ftse 100 end of the week, they keep going up. I know the ftse100 is down a bit now, but what is going on . I know the ftse100 is down a bit now, but what is going 0mm i know the ftse100 is down a bit now, but what is going on . It is just record highs after record highs. Are you not loving it, is it not your dreamtime . We want volatility, when the markets go in one way, it gets boring. Less opportunity for Money Markets . This does not give you any opportunities. Eventually it will turn round and thatis eventually it will turn round and that is the worrying point. Not much substance on the way up, all on the back of donald trump winning the election. When it does turn around, and it will sooner or later, when there is no substance on the way up, there is no substance on the way up, the downside can be quite aggressive. It is how quickly it can come back down after that. When do you think that will come . 0nce things start to happen . you think that will come . 0nce things start to happen . I would love to know exactly when it will happen, it would make myjob incredibly easy. The whole world is waiting for this dowjones easy. The whole world is waiting for this dow jones level. Easy. The whole world is waiting for this dowjones level. Once it goes to the 20,000 level, there is a lot of profit taking, people taking their money out and a lot of big orders coming in and that sparks the markets to come lower. We are still quite a way away from there. That is half an hours work. Check it out, james hughes is honest. What else are you watching, the Equity Rallies are you watching, the Equity Rallies area big are you watching, the Equity Rallies are a big deal, or oil, the dollar, what else is on your mind . The oil price is the key one. Yesterday we we re price is the key one. Yesterday we were running very strongly, Oil Prices Fell off a cliff yesterday. We have Oil Inventories today which could see oil rise again this morning and they could give us a bit more reason why that is going up. 0pec deal, non 0pec deals, we have a lot going on. James will be talking about fat cat pay. Turning back time onafamily about fat cat pay. Turning back time on a family business. Late in the programme we will speak to the young entrepreneur who is hoping to revive the watchmaking company set up by his ancestors. You are with Business Live from bbc news. Next has reported its christmas sales figures. 0verall Sales For November and december were down 0. 4 and sales for the whole year we re down 0. 4 and sales for the whole year were down 1. 1 . But there are online Catalogue Service fared better, up 3. 6 in 2016. Lets talk to kate ha rd castle better, up 3. 6 in 2016. Lets talk to Kate Hardcastle about this. Good to see you. What is going wrong with next . Their shares down around 11 on the ftse 100 . Next . Their shares down around 11 on the ftse100 . I cannot say next has any challenges specific to them. It is the high street and the battle of sales. 20 of online sales versus heavy discounting from expectation from consumers. Black friday coming in at the end of november, discounting in that period prior to christmas and consumers feeling that is the way they want to shop and thatis is the way they want to shop and that is the state of the high street and the state of retail. When you look at other companies, they are not seeing a similar fall of like Marks Spencer is an next. Some a nalysts Marks Spencer is an next. Some analysts said they are specific to next and they are not grabbing the interest like they used to do. Next and they are not grabbing the interest like they used to dam next and they are not grabbing the interest like they used to do. It is the middle high street brand, a vanilla brand, not cutting edge of fashion are not discounted heavily enough to appeal to those consumers. The consumers have one set of money, whoever will provide the fashionable goods and excitement, that is where they will shop. You have got to fight hard for the sales and next are dictating that is what next year will look like. Next also want prices could rise by as much as 5 next year because of inflation, do you think consumers. At that . With an increase in textiles and prices, consumers will be looking for discount, high fashion and they will only buy so much. Increasing prices will not make them buy any more. Kate hardcastle, thank you very much. Tashi that making headlines for the wrong reasons against. The japanese media porting they are under fire again for lying about their profits. Read the details on our website. Youre watching Business Live. Our top story. In a few hours time well receive the latest Inflation Figures for the Eurozone Economy. The Headline Rate of inflation is expected tojump to 1 , from 0. 6 . This is a significant improvement given that the eurozone was grappling with inflation through much of 2016. And now lets get the inside track on one entrepreneurs attempt to revive his family business. The Fears Watch Company was founded in 1846 and for well over 100 years it produced watches that were designed in england and manufactured in switzerland. Then, due to lack of interest from the fourth and fifth generation of the family, the business was forced to close down. But in 2016, after a hiatus of some 60 years, the great great Great Grandson of the companys founder took up the challenge of bringing the brand back to life. Nicholas bowman scargill, director of Fears Watch Company, is with us in the studio. We mentioned you are a young entrepreneur, 29 . 30 next month. Before you started, you were working for rolex . Yes, i worked in the workshops for five years as they watched technician, doing parts of repairing, but also serving customers, talking to them about their watches, what was going wrong and how to fix it. That is a coincidence, given that you have this heritage and your family. Coincidence, given that you have this heritage and yourfamily. But what prompted you to work at rolex . I knew half the story. I was aware there had been watchmakers in the family, andi there had been watchmakers in the family, and i thought it could be a career i could take up, but it was only when i was at rolex that it became apparent that there was more to the family history. It was over sunday lunch at the story came out, i had been talking about wanting to set up my own business and my mum said, why dont you restart the Family Company . Doing a startup is one thing, but restarting a business like this is quite different. Did you have any copyright issues . The first thing was to check and make sure i could incorporate the name, but then trade market. With the heritage, it is difficult, because it isa heritage, it is difficult, because it is a blessing, you have the watches and the story to go back to, but it means you have to be careful that what you are doing is going to last another hundred years, as the company did before. How do you get the interest back . Fears is not a name people will have heard of. It isa name people will have heard of. It is a great story of Hundreds Of Yea Rs is a great story of hundreds of years ago and a family history, but how do you get yourself on the market when it is so saturated already . Exactly, and there is a lot of interest in things like smart watches as well. But being true to the heritage, the story, that does not meanjust the heritage, the story, that does not mean just putting the date on it, but by going back to the values of the company and certain Design Elements and the history, bringing those things and updating them for today, people like to look back and see that something has been authentic, it has notjust been picked up for no reason. None of yourfamily had an auld fears picked up for no reason. None of your family had an auld fears watch, so how did you get hold of them . To get hold of some of the original ones, ifirst get hold of some of the original ones, i first turned to ebay, and started looking online and came across them. For several years i was picking them up for a few pounds. Since the relaunch of the company, you cannot do that any more, u nfortu nately. You cannot do that any more, unfortunately. 0nce you cannot do that any more, unfortunately. Once i got them, i was inspired to find out more, and then speaking to different family members, i was pleased that nobody else had thought to do the relaunch, but it was nice to find little snippets of information, that a bit of history, everybody started going through all photo albums and started finding of documents and paperwork. It isa finding of documents and paperwork. It is a reddish story, british story, but an el