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tv   Business Briefing  BBC News  July 30, 2019 5:30am-5:46am BST

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this is the business briefing. i'm maryam moshiri. the pound falls sharply during trade in asia — as investors worry over the prospect of a no—deal brexit. the chinese tech giant huawei gets ready to unveil its latest numbers but will its growth plans be dented by a us ban? and on the markets. the pound is looking pretty low against the dollar.
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we start in asia, where the british pound has fallen sharply, amid investorfears over a no—deal brexit. it's now at a 28—month low against the us dollar. it comes as the uk prime minister, borisjohnson, has toughened his rhetoric on brexit. michael gove, who is in charge of planning for a no—deal exit from the eu, says britain is currently, "working on the assumption" of that outcome. let's take a look now at where sterling is against the us dollar. currently it stands at $1 .126. the bbc‘s sharanjit leyl has been monitoring trade across asia from our business hub in singapore. bring us up—to—date on what the pound has been doing against the major basket of currencies overnight. while that is right, as you said, it continues to slide and
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has been sliding here in asia, lurking at the more than two year low against the us dollar that you just read out. trading lower than it was in the initial plunge brought on by the brexit vote in 2016. to set it all into context, it hasn't been this low since 2017 which is when the article 50 process began. investors here a re the article 50 process began. investors here are essentially scrambling to get the possibility to avert a no—deal brexit may not actually happen under borisjohnson and part of the reason why investors are scrambling is many had hoped a last—minute deal could still be reached but essentially what has happened now is the perspective of the new uk government appears clearer after this weekend and that it seems even more likely the uk could risk leaving the union without a trade deal in place and there is also a chance, traders are saying, that the new prime minister could actually call an early election. that the new prime minister could actually call an early electionm is interesting how the pound so
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often tells us how investors feel about what is going on in westminster. absolutely. strategists are saying it could fall even further unless there are any signs ofa further unless there are any signs of a compromise between the eu and the uk. as nurse lobby groups, they have been asking better no—deal brexit be withdrawn to try to keep investment essentially flowing into the uk but there are realfears now ofa the uk but there are realfears now of a chaotic no deal and what does that actually mean? it means that come halloween and that deadline, u nless come halloween and that deadline, unless something is agreed before then, the uk would immediately leave then, the uk would immediately leave the eu with no agreement about the divorce process. it would leave, among many other things, the single market and the customs union which was designed to help trade between eu members by eliminating things like checks and tariffs. under theresa may's deal, you remember, which was voted down, the uk would have entered a 21 month transition period which could have provided
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some breathing space while the two sides tried to negotiate a trade deal. now traders are essentially watching the bank of england policy meeting this week for direction which of course would slow global growth. it has raised expectations that the uk may cut rates and that is unlikely to help the pound either. thank you very much, for your analysis, sharanjit either. thank you very much, for your analysis, shara njit leyl. in just a few hours the world's biggest telecoms equipment maker — and one of the largest makers of smartphones, huawei, will release its latest numbers. huawei has said that it expects to overtake samsung as the world's number one smartphone maker next year. and huawei had a target of shipping more than 100,000 5g base stations to markets around the world by the end of may. but the trump administration has alleged its equipment could be used for espionage, something huawei denies, and urged us allies to ban it from building 5g mobile networks. stuart thomson is with the law firm bdb pitmans llp. last month, president donald trump
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said he would allow us companies —— they are throwing everything at it? especially the handset numbers, the american action doesn't have seemed to have affected them. in the domestic market, they have used it asa domestic market, they have used it as a sales pitch, almost being the phone that the americans don't want you to have and that seems to be working quite well for them in the short term. last month, president trump said he would allow consumers to resume but it doesn't look clear. it is unclear and whether trump is pushing the line that you can't do work with huawei because of the 5g network or whether a deal can be done, trade is the most important element. it seems to come down to this discussion of security versus trade was not which is the more
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important. i wanted to ask you about this because it pits the two together quite significantly and at a time when trade is at the forefront of people ‘s minds. a time when trade is at the forefront of people 's mindsm a time when trade is at the forefront of people 's minds. if you look at liz truss as the new international trade secretary in the uk, she tweeted about her priorities in the new role and the number one ‘s trade deals and chief amongst thoseis ‘s trade deals and chief amongst those is with the us. how will this issue with huawei plays out, if indeed this is our number one priority is a country going forward in terms of international trade, can we really afford to go against the administration and go against them on security issues? that is the lack of consensus between different countries and what they want to do. it is either an issue or not. nobody can get to the bottom of this. huawei have been clear in saying that it isn't a problem. it has been overblown by americans in terms of
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other political and economic reasons. ip and the way that china does business in the way americans see it and security. without that consistency, frankly, no trade deals, no discussions, nobody will really know quite where they are. thank you very much indeed. now let's brief you on some other business stories. financial services firm capital one says a hacker gained access to the personal details of more than 100 million people across north america. it included names, addresses and phone numbers of people who had applied for credit card products. a former seattle software engineer has been arrested and charged with computer fraud. shares in beyond meat have plunged in after hours trading. the company said demand for its plant—based burgers and sausages soared in the second quarter and increased its full—year forecast. but investors were spooked by the announcement of plans for a new stock offering. have you ever heard of meokbang? originally from korea,
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they are videos showing people eating a lot of food on camera. well, it has now taken off in the us. in our series on influencers, samira hussain meets one person who makes more than $1 million a year eating on youtube. whassup! this is bethany gasket. better known as blove. she makes youtube videos of herself eating. we are having another seafood! and no, this is not a hobby. youtuber has made us millionaires. how much money do you make in a year? over a million. a little over a million and thatis million. a little over a million and that is not including brand deals. 0ver1 million from youtuber alone. how? the more views you get the more
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adverts youtuber can deliver. the more money blove makes. her youtube channel has almost 2 million subscribers at her most popular video got more than 11 million views. look at that! it was weird to me when i... it was also wildly popular. it is part of a genre called meokbang. it is a mash up of two korean words and roughly tra nslates two korean words and roughly translates to eat cast. in the video, the host consumes a massive amount of food online while interacting with the audience. amount of food online while interacting with the audiencelj think interacting with the audience.” think it is a fun thing and it helps a lot of people. it helps people with anxiety. it helps people that are lonely. it helps people that have eating disorders. we can get tons and tons of mail from people that are cancer patients, how we have helped them in ways of
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regaining their appetite. making youtube videos has become a family business. her husband is her full—time manager. her eldest son also has his own youtube channel and the youngest also doubles online. although, he is off to college in the autumn. ijust never thought i would be working for someone else. making money eating food was not right! in no way is blove the highest paid youtuber but you have got to admit, this is a pretty good recipe for success. maybe i should live stream myself eating my brea kfast later live stream myself eating my breakfast later on although i doubt i would make a lot of money or make it very interesting. the hang seng, the net k, all keeping their head above water. all eyes on federal interest rates from the us later in the week. —— nikkei. iam going
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through the papers soon. stay with us. progress to close the achievement gap between disadvantaged pupils and other children in england's secondary schools is almost at a standstill, according to a new report. the education policy institute found that children who were eligible for free school meals are, on average, eighteen months behind the rest of the class by the time they take gcses. at the current rate, the study says it will take 500 years to close the gap. 0ur education correspondent frankie mccamley reports. tackling the gap in achievement between poorer pupils who are eligible for free school meals and their peers has always been a priority. in the last eight years, analysis showed progress in closing
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the gap was slowing down to a point where it is now at a standstill. researchers found between 2017 and 2018, a gap has actually widened slightly by 0.2 months to 18.1 months, meaning poorer pupils are now1.5 months, meaning poorer pupils are now 1.5 years behind their pants —— peers by gcse level with larger gaps in northern england have more than two years. the report also warns that black caribbean pupils have experienced particularly poor progress. in secondary schools, they are more likely to be in deficit and primary schools with around 30% of pupils in deficit. that is where we are seeing the real problems with the gap stopping and potentially starting to widen in future. at the current rate, the study predicts it will take 500 years to close the gap but the government says the gap for both primary and secondary schools has narrowed overall since 2011 with
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nearly £2.5 billion spent supporting disadvantaged pupils this year alone. coming up at 6:00 on breakfast, charlie stayt and naga munchetty will have all the day's news, business and sport. stay with us, plenty more to come. this is the briefing from bbc news. the latest headlines: concerns about the economic impact of a no—deal brexit have pushed the value of the british pound down to a 28—month low against the us dollar. more than 50 prisoners have been killed in fighting between rival gang factions at a jail in northern brazil. brazil has the world's third—largest prison population and gruesome violence is common in the country's overcrowded facilities. the us secretary of state, mike pompeo, says washington plans to start withdrawing troops from afghanistan before next year's american presidential election. the comments came a day after the official start of the afghan presidential
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election campaign. now it's time to look at the stories that are making the headlines in the media across the world. we begin with the financial times, reporting on the drop in the british pound, brought about by fears britain is headed for a no—deal brexit under prime minister boris johnson. staying with that theme, the independent reports mrjohnson is set for a challenging summer marked by continued brexit deadlock, as he admits he's made no progress in convincing eu leaders to reopen negotiations on the withdrawal agreement. the south china morning post has a front page splash about the news conference by the mainland—china—administered—hong kong and macau affairs office. it says the office expressed solidarity with the heavily criticised hong kong police. the times is carrying a report about the veracity, or lack there—of of health based adverts and advice on facebook.
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it reports that a charity appointed by the social media company to check misinformation found an overwhelming amount of false posts. and finally, the sun has a published an investigation where it found evidence amazon employees in bucharest romania monitor thousands of alexa recordings, hearing private family conversations, arguments and even couples having sex. so let's begin. with me is independent analyst dr stephanie hare. good to talk to you, stephanie. the ft first of all, because this is the big story for us today, the pound is the weakening and it's been doing that for a while now. the mood music has been there among investors and their not happy about basically the unknown of what will happen in 0ctober, particularly all this talk ofa 0ctober, particularly all this talk of a no—deal brexit. 0ctober, particularly all this talk of a no-deal brexit. why do investors hate it so much?
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i think it's the


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