tv World Business Report BBC News March 8, 2021 5:30am-6:01am GMT
this is bbc news with the latest business headlines for viewers in the uk and around the world. easing the lockdown: millions of children across england get ready to return to school today. we take a look at the business implications. after week's of wrangling, the $1.9 trillion stimulus bill is passed by the us senate, but will it be enough to boost the american economy? and girl power: it's international women's day. we take a look at what's been achieved so far and what more needs to be done in the battle for gender equality.
let's get started then. schools in england return today after the latest lockdown, and many parents are desperate for this next step. not only will it bring a better balance between work, life and home, but it should also lead to an improvement in mental well—being. the reopening of schools will also have a significant impact on the economy. according to uk government figures, around 53% of parents say they had a reduced ability to work as a result of the schools being shut. in another piece of research, published today by the government—backed behavioural insights team and jobs website indeed, showed that offering flexible working explicitly in job ads would increase applications by up to 30%. so is the end of lockdown also an opportunity to reset the way we work?
let's discuss this. ann francke, chief executive of the chartered management institute, joins me now. good morning to you. some parents may already be up, getting packed lunches made and all sorts to get the kids back to school but this is a significant step forward, isn't it, and what does it mean for working parents?— working parents? well, yes, sall , it working parents? well, yes, sally. it is — working parents? well, yes, sally. it is a _ working parents? well, yes, sally, it is a significant - working parents? well, yes, sally, it is a significant step| sally, it is a significant step forward and a much welcomed step stop as you've said, parents have really struggled to combine work with home—schooling and their children have struggled as well. parents are not used to being teachers and children are not used to having their parents teach them and of course, it's all been done in a cooped up situation of lockdown. that is damaged parents's productivity, we know, so the first roost is going to be that parents will have more space to focus on their work and then the second boost, as you say, is an
increase in mental well—being. but the biggest thing i think is that we do have the opportunity to reset how we work and as employers and employees, we should use this opportunity to do exactly that and build in more flexibility into our working lives. we mentioned _ into our working lives. we mentioned the _ into our working lives. we mentioned the study which, i mean, i've seen many studies on this that when you put the word flexible in a job application, you get many more people wanting to apply. you say there's an opportunity here. what do employers need to do? listen to your employees. we know from cm i's research that an astounding 90% of employees think that offering flexible working is extremely important. we also know that the vast majority of women and men wish to work flexibly following this lockdown. they've learned that it can be done, they relish not having to commute every day,
and employers need to listen to this. and actually, companies are starting to listen to this. we are seeing big companies announced that post—lockdown, they will embrace flexible working policies for all of their staff, and that is a very good thing indeed. ﬁgs their staff, and that is a very good thing indeed.— good thing indeed. as you mentioned, _ good thing indeed. as you mentioned, also, - good thing indeed. as you mentioned, also, both - good thing indeed. as you | mentioned, also, both men good thing indeed. as you - mentioned, also, both men and women have really seen the benefit of working from home for many reasons, whether they have children or not, and employers are taking that into account, aren't they, and seeing that this is a way to save, not having so much office space, for example. simple things like that.— space, for example. simple things like that. indeed, we have seen _ things like that. indeed, we have seen big _ things like that. indeed, we have seen big companies i have seen big companies reducing the amount of office space they need to take and also let's not forget also that actually, in this lockdown we've seen management become more empathetic. there is generally more communication, more consultation and more listening. all of these behaviours engender trust and trust engenders activity so we
have an opportunity to build back better and more inclusively, and i think also as its international women's day, it's fair to say that if we do this, this will absolutely benefit women in the workforce. ., ~ , ., ~ absolutely benefit women in the workforce. ., ~ , ., �* ., workforce. thank you, arm, for bein: on workforce. thank you, arm, for being on the — workforce. thank you, arm, for being on the programme, - workforce. thank you, arm, for being on the programme, annl being on the programme, ann francke. as mentioned, we will talk about international women's day and what can be done to help women in the workplace a bit more later. let's see how the asian markets are faring today. as you can see, we have the clients across the board, actually. japan down by 0.6% and it's interesting, you would think the us stimulus bill would be using to the ears of markets but there is concern in the markets that there could be a sharp increase in inflation which is partly stoked by an increase in oil prices and we will talk about that in a moment because the price of oil has gone up significantly but for markets today, share market, a lot on the minds of
investors, not least what may happen in the future with some very inflated stocks, particularly in technology, so people taking money off the table today so let's talk about oil. brent crude futures for may have climbed above $70 for the first time since the pandemic began. us crude also hit its highest level in two years following reports of attacks on saudi arabian oilfacilities. joining me now is from our asia business hub is mariko oi. mariko, what has been going on? sally, as you mentioned, they've jumped above $70 a barrel for the first time in 14 months after saudi arabia which, of course, is the top oil exporter in the world, said its facilities, including that of saudi aramco, had been attacked. women's goofy fighters have since claimed responsibility but of course oil prices were under enormous
pressure —— yemen's houthi. lockdown is meant demand fell off the cliff quite literally so i hit an all—time low last year but demand has started to recover, specially as vaccines are being rolled out, so they have recovered to pre—pandemic levels but some people say the higher prices may also threaten the consumption — led recovery in some places. the consumption - led recovery in some places.— the consumption - led recovery in some places. one, thank you for putting _ in some places. one, thank you for putting that _ in some places. one, thank you for putting that in _ for putting that in perspective. —— mariko, thank you for putting that in perspective. let's get some of the day's other news. deliveroo will reward its busiest riders with bonuses of up to £10,000 when the food delivery firm lists its shares on the london stock exchange. riders who have delivered the most orders will share in a £16 million fund. the company is expected to be valued at around $7 billion when it floats, but it is yet to make a profit. luxury car maker aston martin says it will manufacture all of its electric cars in the uk from 2025. 0wner lawrence stroll said all of its battery sports cars will be made at its plant in gaydon, warwickshire. the company is due to start making hybrid versions of its cars over the next
four years, followed by battery—only models. china is at least 30 years away from becoming a manufacturing nation of "great power", a government advisor told party delegates on sunday. many observers already see china as the "world's factory", given that more than a third of global output from cars to phones comes from there. but china's leaders are concerned about its heavy dependence on the us for high—tech products. let's talk more about what happened in the us over the weekend. president biden has hailed a senate vote to approve his covid recovery plan as a giant step towards providing desperately needed help to the american people. the bill is worth nearly $2 trillion and will return to the house of representatives for approval within days. the president called the plan "historic". joining me now is fiona cincotta from city index.
good morning, fiona. nice to see you. everyone has been waiting for this to be passed, eventually, it looks like we will get there this week so talk us through the implications. talk us through the imlications. ., �* , implications. that's right, this is something - implications. that's right, this is something that - implications. that's right, this is something that we | implications. that's right, - this is something that we have been focusing on in the market, really since biden came to power, so this is definitely something that the market has been looking forward to. however, what's going to happen and what is expected to happen is this will bring a big boost to growth and we would have expected that to lift shares but we've been seeing more recently that a growing concern over rising inflation expectations. that's actually just taking the shine off the share market so that is why we think equities have actually had a pretty rough ride, especially over the last week, and the sort of tech— heavy nasdaq has been the standout underperforming here. it's interesting _ underperforming here. it's interesting because when you look at how the money will be
spent, i mean, americans will be getting one—time payments of $1400 and they account, the us shopper accounts for two—thirds of gdp growth, you can understand why people are worried about the inflationary outcome of this.— outcome of this. that's right, and we do — outcome of this. that's right, and we do know— outcome of this. that's right, and we do know from - outcome of this. that's right, and we do know from the - outcome of this. that's right, j and we do know from the last time that they received some stimulus support that there was a huge rise in retail sales. we did see the spy cabin —— spike happen after the first round so we are expecting to see that again and also let's not forget this is coming at a time when the vaccination programme is really ramping up, the economy is reopening, and it sort of all coming together which is fuelling fears of this overheating which is why we could actually see quite a lot of volatility in the market again this week.- of volatility in the market again this week. fiona, thank ou ve again this week. fiona, thank you very much _ again this week. fiona, thank you very much indeed. - you very much indeed. fiona cincotta joining us to talk about the us stimulus bill. stay with us on bbc news.
as we've already mentioned a few times already, it is international women's day. we'll be taking a look at some of the recent female achievements, as the fight for gender equality continues. there have been some incredible stories of strength during the pandemic. one of them is about michael burrows from gloucestershire. he became so ill with coronavirus that his children were rushed to his hospital bedside to say goodbye to him. after being put into an induced coma for three weeks and developing sepsis, he's now turned a corner. he described the moment he was able to leave critical care at the gloucestershire hospital. you can see in their eyes so much pain they have to go through and to give them a little bit of hope, especially on christmas day or boxing day, it really gave, lifted their
spirits. so i'm happy for them. and for my family. em and for my family. an extraordinary - and for my family. an extraordinary story of someone recovering from covid—19. there will be more on that and the other top stories for viewers in the uk here on bbc one at six o'clock. this is bbc world news. the latest headlines: the duke and duchess of sussex tell all in a deeply personal interview on us television — meghan says her treatment by the royal family and british press led to suicidal thoughts. the pope's historic trip to iraq draws to a close. francis says the country will remain in his heart. it's international women's day today that celebrates the achievements of women around the world. it also marks a call to action for accelerating gender equality in the workplace. in a moment, we'll be looking
at what more can be done but first, let's hear from some women who've been successfully making inroads into industries traditionally dominated by men. it's a modern —— as a modern female who wished to make a difference, the starting point is to give some excuse and to define what you would like and relentlessly pursue it whether you fail or you succeed, right, you fail or you succeed, right, you have become somewhat different. the covid—19 may turn the opportunity to work for women because you can work from anywhere so in the next few years we may see a tipping point where women holding leadership positions will no longer be in order to make you
talk about because it has become —— will no longer be an anomaly because it has become the norm. my idea of success is what you set out — my idea of success is what you set out to _ my idea of success is what you set out to achieve for yourself regardless of what others may think— regardless of what others may think and _ regardless of what others may think and do not be afraid to pick— think and do not be afraid to pick up _ think and do not be afraid to pick up new challenges and move out of— pick up new challenges and move out of your— pick up new challenges and move out of your comfort zone if you have _ out of your comfort zone if you have two — out of your comfort zone if you have two and do not be bound by society's — have two and do not be bound by society's expectation and believe _ society's expectation and believe you can, what other tell you _ believe you can, what other tell you. generally in all tech companies it is all male dominated but with the evolution and changes in the fin tech_ evolution and changes in the fin tech industry, a lot of opportunities have opened up for everyone. there is always a real and challenge _ there is always a real and challenge to _ there is always a real and challenge to say - there is always a real and challenge to say that - there is always a real and| challenge to say that what there is always a real and - challenge to say that what do you know _
challenge to say that what do you know about _ challenge to say that what do you know about cars, - challenge to say that what do i you know about cars, especially when _ you know about cars, especially when this— you know about cars, especially when this is_ you know about cars, especially when this is an _ you know about cars, especially when this is an industry - you know about cars, especially when this is an industry where i when this is an industry where being — when this is an industry where being male _ when this is an industry where being male dominated - when this is an industry where being male dominated there l when this is an industry where| being male dominated there is when this is an industry where . being male dominated there is a lot of— being male dominated there is a lot of trying _ being male dominated there is a lot of trying to _ being male dominated there is a lot of trying to challenge - being male dominated there is a lot of trying to challenge you - lot of trying to challenge you about — lot of trying to challenge you about what _ lot of trying to challenge you about what you _ lot of trying to challenge you about what you know- lot of trying to challenge you about what you know about i about what you know about engines _ about what you know about engines and _ about what you know about engines and gears - about what you know about engines and gears and - engines and gears and everything _ engines and gears and everything so - engines and gears and everything so in - engines and gears and everything so in a - engines and gears and i everything so in a male dominated _ everything so in a male dominated industry- everything so in a male . dominated industry being everything so in a male - dominated industry being one of the few— dominated industry being one of the few females _ dominated industry being one of the few females gives _ dominated industry being one of the few females gives you - dominated industry being one of the few females gives you a - the few females gives you a different— the few females gives you a different perspective. - the few females gives you a . different perspective. because of the — different perspective. because of the fact _ different perspective. because of the fact that _ different perspective. because of the fact that nowadays, - different perspective. because of the fact that nowadays, we i of the fact that nowadays, we must — of the fact that nowadays, we must make _ of the fact that nowadays, we must make up— of the fact that nowadays, we must make up a _ of the fact that nowadays, we must make up a lot _ of the fact that nowadays, we must make up a lot of- of the fact that nowadays, we must make up a lot of the - of the fact that nowadays, we i must make up a lot of the major positions — must make up a lot of the major positions and _ must make up a lot of the major positions and your— must make up a lot of the major positions and your ideas - must make up a lot of the major positions and your ideas are - positions and your ideas are not solicited _ positions and your ideas are not solicited and _ positions and your ideas are not solicited and things - positions and your ideas are not solicited and things is l not solicited and things is as a society, it _ a society, it is important to encourage _ a society, it is important to encourage more _ a society, it is important to encourage more women i a society, it is important to encourage more women to| a society, it is important to. encourage more women to get a society, it is important to- encourage more women to get to the top. _ so, there are many success stories. though, women still remain significantly outnumbered in management across many industries. before the pandemic, women held just 38% of managerial roles
since then, things have got tougher — with three groups facing particular challenges: mothers, senior—level women, and black women. let's talk to melanie eusebe about this, cofounder of the black british business awards. she has been on this programme severaltimes. lovely she has been on this programme several times. lovely to see you, melanie. how important is international women's day? any argue, do we still need to have an international women's day? what is your perspective on why this date is important?- this date is important? yes, today international - this date is important? yes, | today international women's this date is important? 1s: today international women's day is still very... important. this year's beam is choose to challenge, it's notjust a cold for women to challenge the status quo, but also our allies. if we look at the critical figures allies. if we look at the criticalfigures in allies. if we look at the critical figures in the year of the pandemic as well, even though we have gone through
many improvements in the last few years, in the last few months we have almost declined and reversed backwards. 50. and reversed backwards. so, what needs _ and reversed backwards. so, what needs to _ and reversed backwards. so, what needs to be _ and reversed backwards. so, what needs to be done? this is a question i have asked throughout my entire career, which i don't want to reveal how long that is, but it is quite long. what needs to be done to really accelerate this? the thing is, across the world, no matter what country you come from, women care about three things: safety for themselves and their children, equal opportunity, and equal pay. so if we are looking at women in the work force that have a clear success strategy that has worked, whether we are looking at public healthcare, at public healthca re, improvements at public healthcare, improvements in education, whether we are looking at digital inclusion, whether we are looking at inclusion in the workforce, unpaid work, there are strategies we are seeing that are having success a. we
have to start looking inward at corporate culture and company culture and specifically to keep women we spent approximately $40,000 every single time we recruit and hire a new person in a large organisation, so let's make sure we retain that talent after maternity, for example, that we maintain a connection with women so after maternity leave they come back to us. let's make sure there is income protection and gender parity or equal pay in the workforce as. this will help keep women and exonerate them to senior levels in organisations. == in organisations. -- workforces. - in organisations. -- workforces. what i in organisations. -- workforces. what isj in organisations. -- - workforces. what is your thought on quotas? in finland and norway we have seen great success in terms of women being represented at senior levels in organisations. are you for quotas, or do you think that is
counter—productive? i quotas, or do you think that is counter-productive?— counter-productive? i think that quotas. _ counter-productive? i think that quotas, for _ counter-productive? i think that quotas, for me, - counter-productive? i think that quotas, for me, i - counter-productive? i think that quotas, for me, i do i counter-productive? i think. that quotas, for me, i do not necessarily agree with quotas, but i am a businesswoman at heart, and so i do believe in targets. and there are countries that have had great success with targets. if we look at france and we look at south africa, they actually have quite — the numbers have increased steadily in regards to women in senior positions across their ftse equivalent organisations, and that starts with targets. do i necessarily believe in quotas, no, but i do believe in quotas, no, but i do believe what gets measured gets done, so we do have to have a clear target, clear performance metrics that are put in place against the hiring and retention of women in leadership positions. and something _ leadership positions. and something a _ leadership positions. and something a corrupt - leadership positions. and something a corrupt thing is how important mentoring is. from your perspective as a black woman, how important is that? ~ ., , that? well, i do believe in mentoring. _ that? well, i do believe in mentoring, but _ that? well, i do believe in mentoring, but i - that? well, i do believe in
mentoring, but i think- that? well, i do believe in. mentoring, but i think right now we're at the point where it also has to be sponsorship, and there is a key difference, because sometimes feel that women are over mentored and under sponsored, and with our allies, with the privilege they have, to be able to go into spaces and open up the way for women to come in with them and behind them, so alongside mentoring, which is important, we also have to have sponsorship, which is active allies ship. sponsorship, which is active allies ship-— allies ship. interesting. it's ureat allies ship. interesting. it's treat to allies ship. interesting. it's great to have _ allies ship. interesting. it's great to have you - allies ship. interesting. it's great to have you on - allies ship. interesting. it's great to have you on the i great to have you on the programme, melanie. melanie eusebe from the black british business awards. the trouble facing greensill capital has been causing tremors around the world. this is a fund crunch at the firm, which specialises in helping companies spread out the time they have to pay theirsuppliers, risks spilling over to some of its high—profile borrowers. greensill�*s customers include
sanjeev gupta's liberty group, popularly dubbed the "saviour of the steel" in the uk. unions fear thousands ofjobs could be at risk. so, what happens now? joining me now isjustin urquhart—stewart, co—founder of seven investment management. a very familiar face on the programme. it's nice to see you, justin. many people are saying who is melanie and why should we care?— should we care? greensill caital should we care? greensill capital is _ should we care? greensill capital is a _ should we care? greensill capital is a factory - should we care? greensill i capital is a factory company. factory is a very old form of financing, basically taking people's invoices and paying them now so the supply can get money now —— supplier, and you charge on it. but what greensill capital was doing was on a much bigger scale, individual invoices were being bundled and creating bonds, bonds create a yield, but of course inside those bonds, there are good invoices and bad invoices. if any of this sounds
familiar, like the sub—prime mortgage scandal, where they packed up bonds with dodgy mortgages, it is frankly almost exactly the same structure. what has happened now is people who have had their disk invoices waits for future find the money owing me actually —— the money owing me actually —— the people with discounted invoices way back into the future are finding the money owing may not come through. when you explain it like that, justin, we ask why is this happening now when there was a huge, you know, navel—gazing time with regulators, with everyone saying we cannot have these structures because clearly they do not work. yes, when you _ clearly they do not work. yes, when you look _ clearly they do not work. yes, when you look at _ clearly they do not work. yes, when you look at this, - clearly they do not work. yes, when you look at this, this i clearly they do not work. yes, when you look at this, this is. when you look at this, this is almost known as shadow banking, as it was known during the banking in crisis, needing better regulation to train separate out the investment banks or gambling banks and the regular commercial banks with
greater regulation, but nobody really looked at this area of shadow banking and invoice discounting because it was seen as rather dull, surely that can't go wrong, can it? it's only when people look into it and see how people have taken this old—fashioned system of discounting invoices and putting it into these bonds, discounting the bonds, selling them off, people then saying, hang on, this looks awfully familiar, are there are not similar risks there? and so of course the regulator is forever playing catch up, even though they have been aware of this really is the year, if not longer. if really is the year, if not longer-— really is the year, if not loner. , , , ., longer. if greensill bowls into administration, _ longer. if greensill bowls into administration, what - longer. if greensill bowls into administration, what would . longer. if greensill bowls into | administration, what would be the consequences of that? shall the consequences of that? all those the consequences of that? fill those people who got big invoices which they are expecting to get money on, which greensill have already taken, therefore, they are not going to be paid. there in a position where the mechanism which they thought would make it simpler and easierfor them
it simpler and easier for them is it simpler and easierfor them is going to be diametrically opposite, they are not going to get it. that could affect the steel industry, all sorts of people who have invoices, and the bonds as well, these could be petrol companies and such, we heard and asset manager in italy and got into serious problems for it. and banks owned by the gupta family are also in a position where it would have to return money to depositors. so it could make something look like the lehman brothers, these tentacles will go everywhere. so there is more bad news to come, i'm afraid. i'm sorry to hear that. justin, thank you for explaining it of. justin urquhart—stewart from seven investment management. who knew? well, you do now. —— explaining it all. breakfast is
up next, we will have more details on that interview with 0prah details on that interview with oprah winfrey and the duke and duchess of sussex. hello there. high pressure has brought largely fine and settled conditions to the uk during the weekend. it looks like this settled weather is going to last through monday and tuesday, but then it's all change. midweek, it's going to turn very windy with the possibility of severe gales developing through wednesday night into thursday. we'll also have some heavy rain as well, so some big changes to the weather as we move deeper on into this week. in the short term, though, we still have higher pressure to south of the uk, some weather fronts to the north of the uk, so monday is a north—south divide. it's a cold, frosty start across the midlands, wales, southern england, with some sunshine. clouds may tend to increase at times and further north, we will see some showery bursts of rain, some of thatjust pushing into eastern england as well into the afternoon. but there will be some sunshine as well across central and northern scotland, and i think temperatures will be a degree or so higher than what we've had in recent
days, 8—10 celsius. now, through monday night, many central and eastern areas will turn dry with clear spells but we will have this weak front pushing into the western parts of the uk, so that will produce some showery rain. a bit more of a breeze here as well, so temperatures holding around 4—6 celsius. some chilly spots, though, further east under those clear skies. by tuesday, we start to lose this area of high pressure. it declines and starts to allow this first area of low pressure to hurtle in off the atlantic, which will affect north—western parts of the uk later on tuesday. for tuesday itself, then, it's a chilly start. central eastern areas, that weather front will fizzle out. in fact, for much of scotland, england and wales, it should be dry with some sunshine, but clouds will tend to build up further west later in the day with a few showers, and the breeze will pick up as well. we could see temperatures reaching 11 or 12 celsius in the sunshine further east. now, the jet stream is really powering up across the north atlantic by the middle part of the week and that will spin off some deep areas of low pressure. that's tuesday's low. this is wednesday and thursday's low, which could be even deeper. so for wednesday, we could see a spell of wet and windy
weather spread across the country, and then it will be interspersed with some brighter, sunnier, showery weather before the centre of this low arrives across western areas later on wednesday to bring even stronger winds and some heavy rain. there will still be some fairly mild air in the mix, but it might not feel like that because of the strength of the winds. and then through wednesday night into thursday, this is where we could see the strongest of the winds — potentially severe gale force — which could lead to some disruption, so do stay tuned to the forecast.
good morning, welcome to breakfast with dan walker and louise minchin. 0ur headlines today. harry and meghan's explosive interview with 0prah. the duchess of sussex says she experienced suicidal thoughts. she also revealed that when she was pregnant, questions about the colour of archie's skin were asked within the royal household. he won't be given security, he's not going to be given a title. and also concerns and conversations about how dark his skin might be when he is born.