Downbeat session in asia. And well be getting the inside track on alipay, the chinese Digital Payment giant owned by ecommerce giant alibaba. The ceo will be joining us later. And as jay zs digital only album goes platinum in under a week we want to know, what was the last physical album you bought . Let us know. Just use the hashtag bbcbizlive. Welcome to the programme. In a few hours time, the eu and japan will sign off on a major trade deal in brussels covering everything from cars to cheese. It comes despite doubts around the world about Free Trade Deals and the rise of Trade Protectionism in the us under the trump administration. Japan and the eu account for about a third of global gdp thats over 21 trillion. Both sides believe their Trade Relationship has room to get even bigger. Eu Officials Say the deal will boost the eu economy by 0. 8 and japans by almost a third of a percent. Among the big winners, the car industry. The eu will scrap a 10 duty on japanese car imports, while japan will remove Barriers To Entry for european automakers. The deals also very symbolic, partly because of Brexit European leaders want to reinforce the value of the eu after the uks decision to leave. Meanwhile, Prime Minister shinzo abe ofjapan has been looking for a big win on the global stage after President Trump effectively torpedoed the Trans Pacific partnership with the country. Marina petroleka is head of Industry Research at bmi research, and shejoins me now. So we were hearing some of the numbers involved. Given that the trade between the eu and japan already accounts for so much, the question is, why have they not done a Free Trade Deal like this before . All these Free Trade Deals are very comprehensive. They have had 18 rounds of negotiations just to get to the point of today worry have high level political endorsement of the deal. So they do take a long time. We havejust talked the deal. So they do take a long time. We have just talked about or toes and agriculture, but there is a plethora of smaller issues and industries, data protection, everything, the entire spectrum that has to be negotiated. It has taken yea rs has to be negotiated. It has taken years to get here. Your take on it is one of the big winners will be the Pharmaceutical Industry . In our view, a lot of the coverage of this has focused on agriculture and autos because they were the two bargaining chips. But if you look at the numbers, the european Pharma Industry will be a major winner because it will open to them the japanese Pharmaceutical Markets, where you have a major population with a high income. European Pharmaceutical Markets love that sort of profile for their big blockbuster drugs. So we anticipate there will be a big increase of the european Pharmaceutical Industry in japan asa european Pharmaceutical Industry in japan as a result. Is this a deal that benefits both sides equally . Presumably yes. After 18 rounds of talks, you would think you have a balanced mix. For the eu, the big win is pharma. In our opinion, it will also be the agriculture sector. It is pretty much one way trade of eu exports to japan. On the japanese side, it is the car makers that will benefit by losing the 10 import tariff, as well as Nontariff Barriers For Auto Parts and other parts of the supply chain. Thank you. Lets take a look at some of the other stories making the news. British airways cabin crew are to stage a further two weeks of strikes, in a long Running Dispute over pay and benefits. Standing staff, will walk out for 1h days on 19thjuly in a strike called by the unite union. The strike will begin three days after the end of the current 16 day strike. Rapperjay zs digital only album 4 41; has gone platinum within five days despite limits on who could access it. The music was only available on tidal, the stars own streaming service, and to customers of us mobile firm sprint. The Recording Industry association of america platinum certification, which requires more than1 million sales, is rare for digital only albums. Last year, kfc and pizza huts us owners yum brands spun off the Chinese Business into a separate company. In the last few hours, its reported results for the second quarter. Monica miller is in singapore. Have the chinese developed a taste for pizza . No, the worlds second largest economy prefers what Colonel Sanders has to offer over pizza. Yum brands had boosted sales which was driven up had boosted sales which was driven up by had boosted sales which was driven up by 4 of the kfc chain. But pizza hut sales were flat. Yum brands has been looking to pump up sales in china because of the market, which has started to slow since 2012. It was hit by safety scares, changing Consumer Tastes and a wider economic slowdown. The food franchise had hoped to heat up sales by simplifying pizza huts menu and Making A Push On Mobile Payment and delivery. It seems that it recently bought a controlling stake in the local food delivery service. Bought a controlling stake in the localfood delivery service. The disappointing Pizza Numbers pushed yums than a stock price is lower but so far this year, yums china shares are up nearly 54 . But so far this year, yums china shares are up nearly 5496. Most asian Stock Markets fell on thursday after minutes from the federal reserves Class Meeting showed a lack of consensus on the future pace of us Interest Rate increases. Oil prices also inched higher following Interest Rate increases. Oil prices also inched higherfollowing a Interest Rate increases. Oil prices also inched higher following a steep decline yesterday. Tokyo stocks are also falling, with banks leading the decline following the release of those fed minutes. Also a stronger yen. Trading in asia generally has been buffeted this week by tensions on the korean peninsula. Markets elsewhere are waiting for the release of some usjobs forjune, Which Due On Friday in the hope that will provide some sort of steer on fed policy. So here in europe, markets have opened steady. And Michelle Fleury has the details about whats ahead on wall street today. Trade figures are released this thursday. The latest numbers from the Commerce Department are likely to show that americas trade deficit shrank slightly, to 46. 2 billion in may from 47. 6 billion in april. This may please wilbur ross. The Billionaire Investor picked by donald trump to run the Commerce Department is, shall we say, obsessed with the trade deficit. In the past, hes urged manufacturers, including japanese car maker toyota, to build more plants in the us as part of efforts to reduce the us trade deficit and to increase employment. So perhaps this will mollify him. Toyotas new headquarters in plano, texas opened officially this thursday. The japanese car maker is also to invest 10 billion over the next five years. Its worth noting thats the same as the last five years. And ahead of fridays monthlyjobs report, data on private Sector Employment will be released. Joining us is james quinn, Group Business editor of telegraph media group. So, interesting moves on tesla shares . Tesla shares have fallen 1596 since late june, when shares . Tesla shares have fallen 1596 since latejune, when they hit those heights. Lots of commentary around the market values of the brands tesla was working with before. Volvo are going all electric from 2019. As opposed to an internal engine. What does this mean for the future of Electric Cars per se . It was just the domain of hazlitt for so long, and now there is lots of competition. Thats right, elon musk was a soothsayer in that respect, investing a lot of money into the business. Tesla only delivered 76,000 cars last year. Volvo delivered over half a million cars. So clearly, the big boys are getting involved in this and that takes the sheen off teslas approach somewhat. Goldman are downgrading their price on tesla yesterday. That is meaningless given that teslas share price last night was still 327. Looking at market around the world, investors seem to be waiting for this data from the us on jobs which are due out on friday. But also those mixed messages from the fed about the pace of Future Rate Rises and when they draw down the Balance Sheet of the debts they hold . Thats right, questions over tapering and whether policy should get looser and Interest Rates will go up further later in the year. Christine lagarde, the boss of the International Monetary fund, one of the big financial organisations around the world, warned yesterday ahead of the g20, which starts today, that the brits but we have seen will not continue to boost us job figures, which were strong in the start of this year. Will they continue, given that President Trump has something to crow about when all else has been going badly . The us Labour Market is still growing strongly. Some would say that was faxed to president obama and nothing to do with President Trumps rain so far. Some might say we will take you through the papers later. Still to come. Pay as you go. Well be getting the inside track on the chinese Digital Payment giant alipay. The ceo will be joining us later. Youre with Business Live from bbc news. A lot of businesses are worried about where the entrepreneurs of tomorrow are going to come from. Ben thompson is with a group of young people who might be able to allay their fears. Welcome to the south bank. We are here in central london. 20,000 stu d e nts here in central london. 20,000 students have taken part in the Young Enterprise scheme, whittled down to just 14 finalists. I am with some of them this morning. Dean, you have been through the whole process. What is it you do . Our product is a simple but effective device. It transforms any shoe into a slip on. How did you come up with this idea . Our schoolteachers son got trapped oii our schoolteachers son got trapped on an our schoolteachers son got trapped on an escalator. And what have you learned from this . Running your own business is harder than it might look. Definitely. My biggest lesson is the importance of customers. Treat them with respect. If you do, they will return it to you. Good luck. I know you have a presentation later. Then the winner will be announced tonight. Ben, you are vetera n announced tonight. Ben, you are veteran of this process. You know when own firm. What is the difference between the theory and the reality of doing it here and in the reality of doing it here and in the reality of doing it here and in the real world . You the reality of doing it here and in the realworld . You can the reality of doing it here and in the real world . You can easily sit around thinking you will sell millions of these, but the practicality is knowing the things you have to do day in, day out. You can look at the textbook, but it is about actually doing it. This adds the experience of doing it. You will be the Master Of Ceremonies later. What are you looking for . We are looking for the spark. These guys are very early days. They have started to make a profit. We are looking for the companies that want to have an edge over people and look at the longer term. It has struck me how many businesses involved technology. It is really changing how businesses operate. Technology is now a massive thing. Everybody here grew up with it. So now people are trying to utilise it in their business. There are challenges with security and data, but it is also exciting because the opportunities are endless. Best of luck. So as you can see, i have beenjoined by some of the finalists. A busy day ahead for them. It is only fair that i let them have the last say. Good luck, guys. See you soon. Bye bye. You are watching Business Life. The European Union and japan are gearing up European Union and japan are gearing up to announce a landmark Free Trade Deal. The two regions have indicated a commitment to open trade, in contrast to a protectionist measure taken by President Trump. Lets bring you a quick recap on how the markets are doing. In europe, following a downbeat session over in asia, the european markets are also down. In london, it is flat. And now lets get the inside track on online payments. Alipay is the worlds biggest third party on line and mobile payments app. It was originally part of the alibaba stable, but is now a standalone business and allows Third Party Payments for millions of chinese consumers. Its the most popular payment app in china and its trying to push out into the rest of the world and taking on the likes of paypal. Joining us now is rita liu, europe middle east and africa president of alipay. Many thanks for joining many thanks Forjoining Us in the studio. Good morning. Iwasjust going to ask you about the genesis of alipay. It is somewhat controversial, it was spun off from alibaba in 2014. At the time, there was a big uproarfrom yahoo, a major shareholder in alibaba . Yes, that is what happened. It was driven by the Regulation Requirement in china, Third Party Payment providers. Regulation requirement in china, thirdparty payment providers. Just looking at where your focus is now, we are talking about the expansion to new markets. You are still only targeting chinese consumers who are travelling abroad. Why not target consumers from wherever they come from . Actually, i get that question every day. At the moment, in this region of europe, we are focusing on the cross border opportunities. You know, bringing 450 million users from china to spend in europe and help them have the same experience they have in china when they are travelling in europe. But we are trying to expand our user base from china to the rest of the world. Now, the focus is now more on asia. As you know, we made several investments into several countries in asia last year. That is part of oui in asia last year. That is part of our effort to expand our user base by empowering our partners in those markets without technology and know how, building in china and hopefully growing another alipay in that market. Given the Expansion Hopes and ambitions you have, im interested to know what you make of Donald Trumps approach, the more protectionist approach and some of the commons that he has made, particularly about china . The commons that he has made, particularly about china . Actually, you know, the meeting with him several months ago, alibaba promising 1 millionjob opportunities in the us. We were just in detroit last week, Promoting Oui just in detroit last week, promoting our services to the smes in the us, helping them to engage better with rising costs in china. I think that is our answer to that. We definitely try to. We definitely hope that the cross border trade in china and the cross border trade in china and the us will prosper. You know, in yea rs the us will prosper. You know, in years to come . Do you feel that you need to explain your strategy to the us consumer in any way . Well, its a lwa ys us consumer in any way . Well, its always complicated to explain alipay. We do so many things in china. Again, our vision alipay. We do so many things in china. Again, ourvision is alipay. We do so many things in china. Again, our vision is to drive Financial Inclusion by technology. The first stuff we are taking in europe is to service and merchants here. It is the best way to educate the market for alipay is really about. It is notjust a payment option, it is a Login Platform for the merchants. It takes time to educate the market, but we are making efforts. One thing that people who are watching, notjust alipay, but the parent company, they will be wanting to know why the delay over the listing . It has been talked about, much hyped, but it now seems to be pushed back to. We dont know when . It was meant to be the biggest of 2017, wasnt it . Well, i wish i knew more details. It is not our priority now. It is to solve Customer Issues and expand to more markets. It is not our priority. We are making lots of progress in various markets around the world and that is our priority. It is not to do with needing Regulatory Approval or approval from beijing to take the next step . Not that i know of. We will continue to watch with interest. It has been much talked about and much hyped. I am sure we will be covering this again in future. Thank you for coming in. In a moment well take a look through the business pages but first heres a quick reminder of how to get in touch with us. The Business Life pages where you can stay ahead with the business news. We will keep you up to date with the latest details, with insight and analysis from the team of editors right around the world. We wa nt of editors right around the world. We want to hear from you as well. Get involved on the bbc web page. On twitter, we are on bbc business and you can find us on facebook. Business live, on tv and online, whenever you need to know. Lets look at some of the stories the papers have been looking at. We are going to start with the China Morning post. They say that Richard Bransons feeling is that he might cut his investment the uk if brexit goes ahead, which we assume it will, because he thinks the country is harming itself and it doesnt make sense for him to put money into it . That is what he said on a flight from hong kong to melbourne, Virgin Australia launching flights today. He was an ardent remainer, you might say that he would say that. What is interesting in the language he uses is that in the last couple of days, Business People have returned to this debate ahead of the meeting tomorrow, where the chancellor, philip hammond, and other ministers will meet Business Leaders en masse for the First Time Since last years brexit rope. There seems to be a softening on the governments stands, a willingness to discuss. The question over whether or not he will cut investment seemed wide of the mark. But these comments, from somebody that is a british businessman, will attract a lot of criticism from some quarters. Im thinking the readers of your paper . Thats right, the suggestion he will cut services out of heathrow, virgin atlantic, they have been increasing services recently and launched flights to seattle from manchester, to chicago and other places. Clearly, the owner of virgin trains, lots of investment in health care, i think it is talk for a foreign audience. He made the comment on a flight audience. He made the comment on a flight from hong kong to melbourne, maybe he would not make those two others. Maybe he would. Lets move to the next story. I want to ask you a couple of questions that we posed to viewers this morning in light of the record setting sales set by jay z for the release of his latest album. We asked, what was the last physical record that they bought . I had a number of responses, felicity said purple rain from prints. Carolyn says strips by christina aguilera. A reissue of abbey road. Another says they might be giants. Mark says it must be 20 years since i bought an lp. Calling it an lp as well . Oh, dear. What was the last one you bought . In terms of an actual record, i think there was only ever one, when i was very young, billy joness uptown girl. Then straight onto tapes and then cds. |j joness uptown girl. Then straight onto tapes and then cds. I cant even think. Im too embarrassed to admit i would lose credibility. We have all moved on, as has technology. That brings me nicely into the next story from the financial times. Talking about drones. Zeroing in on increasing numbers of commercial opportunities. Is there anywhere now that they are not going . Everybody is trying to test the abilities of drones to see how they can be used in business, commerce, to reduce the cost of sales. Amazon is a great example of a Company Testing ground delivery. In cambridge, they have a license to see whether they could deliver parcels. It wouldnt work in built up parcels. It wouldnt work in built up an urban parcels. It wouldnt work in built up an urban areas, parcels. It wouldnt work in built up an urban areas, but in suburban areas coming to back gardens, that could be one possibility. I think the possibilities are endless. The practicalities are somewhat different. Its safety, isnt it . These are fairly heavy things, flying above peoples heads. There was a risk involved. Thats right, go pro launched a probe with a camera attached and it was falling off, so they had to recall them. That is not something any company wa nts to that is not something any Company Wants to be involved in. Safety issues and also the impact with aviation. You dont want to be a Drone Operator that crushes your Drone Operator that crushes your drone into a helicopter or plane. We are at risk of droning on. Not you that all we got time for. We will see you tomorrow. Thanks for watching. Good morning. Today is going to be a fairly interesting day because we have some hot and humid weather across england and wales this morning. By this afternoon, that hes really starts to build in the south. 30 degrees here. Further north, not quite reaching you. 18 celsius. With the heat and humidity at brings the risk of thunderstorms. That is what we will see this morning across the south east of england. By the afternoon, the midlands and the north east. Not of us are midlands and the north east. Not of us are seeing these thunderstorms. For South West England it will stay dry. A dry afternoon to come around london and the south east. Still the risk of the odd shower. Dry for much of wales with some sunshine. The showers could be quite heavy across the midlands, into North Eastern parts of england. Sunny spells in between. It will feel hot, if not very warm in sunny spells. For scotland, it will remain quite cloudy in the afternoon. Temperature is about 18 degrees. Largely dry for northern ireland. Showers as we head through this evening. A lot of rainfall ina through this evening. A lot of rainfall in a short space of time. That could lead to some localised flooding. Some hail and gusty wind associated with those as well. Eventually, they will clear away. Overnight, largely dry. Quite an uncomfortable night for sleeping again. Temperatures about 16 or 18 celsius. As for friday, it is going to be another hot day across southern areas. The temperature is really rising through the morning. A bit of cloud building up. Some sunny spells for much of england and wales. Even for scotland, some sunny spells. In northern ireland, quite cloudy, rain moving in. Temperatures about 28, 30 degrees in the south. Further north, a bit fresher. 17 or 20 degrees. There are more details on the website. For now, that is it from me. Goodbye. Hello. Its 9 oclock, im victoria derbyshire, welcome to the programme. The chairman of the inquiry into the iraq war, sirjohn chilcot, speaks exclusively to the bbc for the First Time Since the reports publication. I think any Prime Minister taking a country into war has got to be straight with the nation and carry it, so far as possible, with him or her. I dont think that was the case in the iraq instance. We will have all the details and reaction. Also, standards in some Residential Care homes and Home Care Services are branded fragile and precarious following thousands of inspections in england. The situation is worse in nursing homes, where more than a third are failing on safety. And we will find out why scam marriages are being used by some British Asian gay men and women to mask their sexuality
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