tv World Business Report BBC News December 1, 2020 5:30am-6:01am GMT
hello, you are with bbc news. time now for the top business sorry. and of an empire, arcadia goes into administration. the price is not right. i picked plus delays it's meeting over disagreements over oil production cards. and pinball wizards and house sales of the game have taken off during lockdown.
more detail on the story dominating the headlines in the uk, upforsale, dorothy perkins and other brands now up for grabs at who will buy them? that is the job of the administrations, delight, who have been called in following the collapse of retail giant arcadia. deloitte. no redundancies will be announced immediately and for now they will consider all options available and the shops will stay open. all orders made over the black friday we can will be honoured. we discussed this with a retail expert from inside. it looks like things are going to be very difficult. at one point, jade is spot was interested but it looks like
they could be pulling out of that? absolutely. these are incredibly challenging times particularly for the bricks and mortar retail. these names have dominated high—street for 70 and it has reached tapestry of many brands. they had a flagship start which had stages and people came in from overseas just to go there. we have seen challenging times from competitors and a very demanding consumer and that means, while there is going to be lots of interest, lots of different brand saying that perhaps they want to bid for some barbershops, it will be a question whether those organisations have the tenacity investment and stand the
turnaround. have they got the appetite for this very new retail? —— topshop. appetite for this very new retail? -- topshop. some are saying this is where sir green went wrong. this industry has been hugely disruptive. arcadia was in trouble before the pandemic. that's right. they may have been significantly under investor, some of the high—street favourites of the 80s and 90s in particular. this is very much about a new retail fraternity. there are some brilliant wonderful leaders who are making a difference and making an impact by really understanding that retail has turned its fortune and it is very consumer centred. selling
similar items, the groups online doing similar things, many talking about fashion rental, the ecological and ethical arguments, the consumer between 15—30 is very on point in terms of their social media, what they want from brands, they want a conversation and if you're just they want a conversation and if you'rejust going to they want a conversation and if you're just going to have a trading mentality, trying to sell it for as much profit as possible, it will not be very successful in this market space. if topshop not in the deal, jd does not want to know about it so who will step up these high—street stores when rex and mortar are so expensive on so many rex and mortar are so expensive on so many levels? that that
bricks and mortar. we have seen this changing footfall, not as many people returning to the high—street. we have seen this huge surge in online stores. with 5% turnover opportunity dedicated and led by arcadia that will have an effect but the buyers need to understand what they will be taking on. some of the big e—commerce brands will be some of the highest bidders. if we turn to oil, opec highest bidders. if we turn to oil, 0pec has been forced to reschedule it meeting with 0pec members and those others is in the plus, russia and the like, because of disagreements about its members persistent regarding production cards next year. three of its
heavyweights, russia, saudi arabia and the uae holding different opinions at the end of the meeting. a very familiar facejoins us, of the meeting. a very familiar face joins us, an of the meeting. a very familiar facejoins us, an economist and an independent energy analyst. cornelia, lovely to see if what is going on? thank you, sally. what is going on is saudi arabia and russia would like to see an extension of the current 7.7 million barrels a day, historic cuts, into next year. certainly three months if not more because they are worried about west of suez, the second wave of the pandemic needing to lockdowns and restrictions and just very, very bad high—frequency numbers. whereas the uae and others, the uae says we have always been with
you, we have always cut, we have new production capacity and we want to use that and we do not see why we should suffer when other members merrily disregard the edit of the cards and then you have iraq and nigeria saying we do not believe in one size fits all. we have big domestic problems. we have big domestic problems. we do not see why we should cut so we do not see why we should cut so much and so far there was no meeting of minds. wait do we go from here? what will happen in january? i hope, that have this small 0pec group, 13 0pec members essentially disagreeing yesterday and they are waiting for the meeting for the opec plus meeting to go into thursday instead of today. it is in their interest to come to
some sort of an agreement. they probably have to tweak it somewhat but when you look at the realities, the demand picture, west of suez is very bad and at the same time you have a million more bounce from libya and potentially towards the end of next year bob barrels from iran. —— more barrels. if the us start when negotiating the iran nuclear deal. but it is not a happy family right now. a lot of dissension in the ranks. thank you. stay safe and we will see you. stay safe and we will see you soon. same to you. thank you. fed chairmanjerome powell says the us is entering a "challenging" few months because of the pandemic. both mr powell and treasury secretary steven mnuchin are due to testify on capitol hill this week.
michelle fleury has more from new york. we are learning thatjerome powell is likely to tell lawmakers that extraordinary uncertain times remain given that we are seeing infection rates rising not just that we are seeing infection rates rising notjust in the united states but also elsewhere and he reiterated a view that he has long repeated that it view that he has long repeated thatitis view that he has long repeated that it is hard to see how the us economy recovers until a lot of the uncertainty surrounding the virus is dealt with. the vaccines will help in the medium term but in the short term there are still many challenges, including to do with distribution, one of the uphill hurdles that it faces. stephen the notion on the treasury size says $55 million should be used to try and pass stimulus package and this is
something that congress has been unable to agree on. —— mnuchin. democrats have been pushing much more than that. money taken from lending programmes used by the american central bank under the stimulus package, some have seen this as a ham—fisted way to tie the hands of the incoming us treasury secretary, assuming she is confirmed and that is janet yellen. all right, that isa janet yellen. all right, that is a story that will move financial markets. we cannot show you the numbers now but in asia, the japanese market were over by 1%. global stocks in the month of november had the best month ever and we are likely to see more positive sentiment within markets with the covid vaccines coming to market. we will keep a close eye on market and let you know
what is happening. in the latest twist in the ongoing us—china trade war, beijing has introduced a ban on the export of goods — that it says — are important for national security. the list is long — from chemicals and military gear to technology. it's seen as a response to us measures aimed at hurting chinese business. joining me now from our singapore bureau is mariko 0i. yesterday we were looking at ta riffs yesterday we were looking at tariffs on australian wine. now china is taking further action against the us. they are busy right now. indeed, sally, and out of all the things from that long list it is practically at tech cold war according to many a nalysts tech cold war according to many analysts watching which started backin analysts watching which started back in 2018. this is basically china looking to cover its own advantages and interestingly beijing has placed ai as well
as algorithms under the export controls. that is significant because, if you remember, when in the trump administration said tiktok had to be sold to an american company or else it faced a bank, it's algorithms became thicker pies are basically beijing does not want to share the technology. another interesting item on the list is one used in everything from consumer electronics like smart phones to wind turbines and its price has rows in anticipation of the laws impact because china is a bigger supplier so it has a massive advantage when it comes to rare earth. the question is if these tensions will continue under the new administration of president—electjoe biden. 0ne a nalyst president—electjoe biden. 0ne analyst i spoke to this morning said it would. we will see when the new administration counselling if tensions remain. thank you. stay with us on bbc news, still to come: and pinball
wizards — how sales of the classic game have really taken off during lockdown. it's quite clear that the worst victims of this disaster are the poor people living in the slums which have sprung up around the factory. i am feeling so helpless that the children are dying in front of me and i can't do anything. charles manson is the mystical leader of the hippie cult suspected of killing sharon tate and at least six other people in los angeles. at 11am this morning, just half a metre of rock separated britain from continental europe. it took the drills just a few moments to cut through the final obstacle. then philippe cozette, a minerfrom calais,
was shaking hands and exchanging flags with robert fagg, his opposite number from dover. this is bbc world news, the latest headlines: scientific analysis suggests that the paris climate agreement goals are now within reach as deforestation of the amazon rainforest in brazil reaches its highest level in a decade. in the californian governor says he may have imposed tough coronavirus restrictions in the less —— next two days including a stay—at—home order to counter a surgeon stay—at—home order to counter a surgeon case numbers. if you've received a mystery parcel that you didn't order, and nobody you know has sent it to you, you might have been caught up in a strange scam called brushing. you're perfectly entitled
to keep your "freebie" — but lots of people are confused and worried about why they've been targeted. our technology reporter zoe kleinman reports. this is about 2's months worth of puzzles. he has not ordered a single one of these parcels. he isa a single one of these parcels. he is a victim of brushing. when random liveries with your name on them just keep coming. u nwa nted name on them just keep coming. unwanted goods and be absolutely anything. for dan it has been going on for 18 months. there was a period when i was refusing a delivery. we did not help because they then come back the next day and say, please, take this. it makes things easierfor us. i should be able to request it to stop because it is becoming a form of harassment. many people are confused by it but the parcels are not being sent by mistake. they are being deliberately
sent by people who sell things on sites like amazon. even joan collins has been affected. shampoo for blonde hair. 0bviously shampoo for blonde hair. obviously i cannot use shampoo for blonde because i am not. catherine has had unwanted deliveries. amazon told her to keep or donate the items but she thinks more needs to be done. they must have a record somewhere of delivery so they must know the supplier and if the suppliers are doing this regularly, they need to stop having goods on their site. one reason suppliers do this so they can then themselves glowing reviews. they get names and addresses from anywhere they can find them. they could have put a false review on and they think it is me. i want to know how they get my name. you might think an unexpected freebie is a nice bonus but it is causing distress because people cannot understand why they are being targeted.
it is not a crime, it is a fake marketing technique because each delivery is registered as a sale. it is against amazon terms and conditions but it is not illegal. it is likely not a hack. where people are trying to manipulate the review and the scoring system of online stores by fulfilling legitimate orders and thus giving themselves higher reviews. amazon claims it punishes sellers who break the rules and say it is now taken action against the people who targeted daniel. if something arrives you did not order you are allowed to keep it. you may not wa nt allowed to keep it. you may not want to. the consumer goods giant unilever says it plans to test a four—day working week in new zealand, giving staff a chance to slash their hours by 20% without hurting their pay. the trial — which starts this month — comes as the pandemic has shaken up working practices around the world. so, what might this mean for
the future of the working week? chris beauchamp is chief market analyst at ig. chris, it sounds like a win—win. a four—day week, no drop in pay. what is in it for unilever? hopefully i think they are expecting an increase in productivity. it is important to stress that this is being trialled in new zealand where there is no manufacturing star. this is an office—based exercise only and makes sense to experiment with this at this time because we have seen a huge change in the way people work. companies have learned that you can have a workforce working from home for a standard period. they hope the workforce will be happier and healthier and more productive, that is the reason behind the trial, there are questions about how this will really work in the broader economic environment and in other businesses that require staff to be on manufacturing sites five days a week. staff to be on manufacturing sites five days a weeklj
wa nted sites five days a weeklj wanted to say because in the uk it has been a hot debate with unions suggesting a four day working week is the way forward. with high unemployment levels, it could lead to further employment, couldn't it, if we work fewer days in the week. i think it is a route back into work for many people. the flexibility element is key and all these things feed into one another. it has been tried before and parts of the world and has not really taken off. a local government in the states tried for a while and discovered that people would slightly less on thursdays and thursday became the new friday. it is not without its difficulties but it would be interesting to see how it plays out and whether if it act is another way to get people back into the workforce which is the crucial aim, at this point in time, as the economy continues a slow recovery. and one of the unintended consequences of the pandemic is that everyone is rethinking how they work and company bosses are rethinking as well. what do you think this
may look like going forward? will more follow the example of unilever? i think so. will more follow the example of unilever? ithink so. it will more follow the example of unilever? i think so. it may not be brought in as quite the same way, keeping people in full pay, that may be for different companies and it is important to remember that. but certainly, one of the things we have learnt these years is that these trends are slowly adopted andi these trends are slowly adopted and i think we will see more and i think we will see more and more across the globe. thank you very much. that is chris with his take on this story. more detail on that on our website as well. something i don't discuss very often on this programme, pinball machines. it may seem quite old—fashioned in the world of tach that we live in at the moment. but during lockdown, sales of pinball machines have increased, in some cases, by as much as 500%. people have been looking for an alternative forms of entertainment at home
and some have splashed out and purchase their own pinball machine. jerseyjack pinball saw its newest guns n'roses machine sell out in just two hours. its founder joins us now from newjersey. thank you very much. for being on the programme. you have one of machines right behind you. are you a good player yourself? i get to play. i don't want to show off but i play a lot. how much does one cost? these are not cheap to buy for your home, are they? a base model starts at 1600 and $50 and the collector edition that are sold out was $12,000 and we sold our 500 of them in about two hours when they went on sale. did you anticipate this kind of demand? when we, in march this year when we were, many countries around the world were going into lockdown, did you see this
coming? i had a little experience with it back in 2001 after 9/11 happened, people we re after 9/11 happened, people were cocooning at home and i had a feeling that many people staying home would still want to have fun. they are not travelling or spending money on vacations or going out to dinner so they are buying a big lots of fun and getting together and playing it and having a great time. itjust goes to show that this old technology, really, when you compare it to virtual reality and gaming, is still hugely popular. well, this is not your grandfathers pinball machine. this is amazing leds in a big screen monitor, amazing sound systems and the technology and here you could download new software, wi relessly, here you could download new software, wirelessly, you can connect devices through bluetooth. so it is an amazing piece of equipment. but you have to have a fairly good size
home to get my name, don't you? depending on where people are watching this around the world, thatis watching this around the world, that is a very different prospect, say for example in a flat in singapore to a big home in colorado, for example. they put them in the kitchen so they put them in the kitchen so they put them in their bedrooms. we have thousands of customers all over the world and right now, today, there is not much holding people back from getting one of our pinball games. and how important is having guns and roses on board when licensing and marketing your next new pinball machine. was that it game changer for you? it was. has been a friend and customerfor 15 you? it was. has been a friend and customer for 15 years. you? it was. has been a friend and customerfor 15 years. he is co— designer of the game. we had is co— designer of the game. we ha d a ccess is co— designer of the game. we had access to everything. we had access to everything. we had the animation, that comes from a company in the uk, from the concert, we are bringing the concert, we are bringing the concert, we are bringing the concert home so you have amazing light shows and sound, 21 songs including live all
that guy from sir paul mccartney because the band cove rs mccartney because the band covers that during one of their tours. everything was thrown in there. sensory overload. it has been amazing. how much time do you spend playing pinball on the average day? confess. confess! it's. .. it is the average day? confess. confess! it's... it is a the average day? confess. confess! it's. .. it is a few hours, probably. my boss won't get mad at me. everybody is home right now instead of at a commercial location but eve ryo ne commercial location but everyone is playing pinball and they cannot wait to get back out to locations to play in tournaments and play with each other and in those tournaments and compete and are really looking forward to that.|j appreciate looking forward to that.” appreciate you staying up so late for us there in newjersey must be after midnight. thank you very much. i'm going to go and play some pinball! you do that. we will see you again
soon. that. we will see you again soon. and that is all from me full of see you again hello there. we've started this week on a relatively quiet note. quite a lot of grey, gloomy weather around, too, although scotland didn't fare too badly with some sunshine. during the course of monday. but for the rest of this week, things are set to turn much colder and a lot more unsettled. as low pressure takes over, we'll see some rain, sleet and snow in places. now, we've got this ridge of high pressure building in early on tuesday. fairly strong winds down the east coast. a cold front which spreads southwards across the country during the overnight period allowed the skies to clear. a chilly start but bright with some very welcome sunshine across many parts of central southern, eastern parts of england, but cloud will be thickening up again, this time against northern and western areas into the afternoon. it's going to be a chilly day, pretty much wherever you are. but in the warmest spots out west and also in the sunny spots in the east, we could make nine or ten degrees. now, as we head through tuesday night, it looks like another
front will start to push into northern and western areas. this is a cold front. on it there will be outbreaks of rain. ahead of it, quite a lot of cloud and another clear, chilly night in the south—east. the north—west will turn cooler with some blustery showers. as we head through wednesday, this cold front will slowly migrate southwards and east, introducing much colder air to the north and west of the uk. and very windy as well with gales in the north—west of scotland. it will be bright here with sunshine, blustery showers, some heavy across scotland and increasing wintry over the hills. but for england and wales. as the front swings south—east with, we'll see quite a bout of cloud with outbreaks of rain, confined to the south—east skies. behind it, it will brighten up here. that cold front clears through as we head on into thursday. low pressure takes over. it's going to be windy, outbreaks of rain — some of which could be quite heavy through thursday — especially across parts of england and wales. i think it's southern england and wales which could see the heavy strength of the day for that. could see some gales through the channel as well. further north a bit brighter spells of sunshine, a few showers but they will be wintry, even down to lower levels across scotland as temperatures
range from three to around seven degrees, so feeling cold. 0n into friday, a big area of low pressure spirals across the country bringing further spells of strong winds and heavy rain. again, we could see the threat of some sleet and snow across some northern hills, perhaps even down to lower levels at times. and some of those heavier bursts. there will be a bit of sunshine here and there too. another cold day on the cards for all.
good morning. welcome to breakfast with sally nugent and dan walker. 0ur headlines today... more jobs at risk on the high street, as arcadia's administration leads to more trouble at debenhams. jd sports looks set to pull out of its debenhams rescue deal. that puts 12,000 jobs on the line, while 13,000 arcadia workers hope someone will step forward to save brands like top shop, wallis, burtons and miss selfridge. despite some opposition, mps are set to vote through the new covid tiers system. the health secretary says the national lockdown has worked. through everything that people have sacrificed, we've reduced pressures on the nhs, we've brought down the number of coronavirus