02/11/2015 BBC Business Live


02/11/2015

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This is Business Live from BBC News with Sally Bundock and Ben Thompson.

:00:07.:00:09.

Ryanair's strategy to woo passengers appears to be paying off.

:00:10.:00:14.

It's just posted a 37% rise in profits.

:00:15.:00:16.

Live from London, that's our top story on 2nd November.

:00:17.:00:43.

But Ryanair is operating in an increasingly crowded market

:00:44.:00:45.

as the number of short haul airlines grow rapidly, but will they

:00:46.:00:48.

Also in the programme the Turkish lira strengthens

:00:49.:00:51.

after a surprise win for the country's ruling party in snap

:00:52.:00:54.

elections, but is this good news for Turkey's struggling economy?

:00:55.:01:05.

A new trading week has begun. We will talk you through the winners

:01:06.:01:08.

and the losers. And where are you planning

:01:09.:01:10.

your next holiday? What will you do,

:01:11.:01:12.

how much will you spend? Well, while you're weighing up

:01:13.:01:15.

the options, the travel industry is As thousands of travel industry

:01:16.:01:17.

bosses meet in London we'll get the inside track on the multi-trillion

:01:18.:01:21.

dollar global industry with the boss of the World Tourism

:01:22.:01:32.

Organisation. Will you spend more

:01:33.:01:33.

on holidays this year? Let us know with

:01:34.:01:39.

our very unscientific poll.Just Ryanair have just released

:01:40.:01:42.

its latest set of results, the airline's profits jumped

:01:43.:02:01.

by 37% to $1.2 billion Famed for its off-hand treatment

:02:02.:02:06.

of passengers, it dramatically changed its tune

:02:07.:02:09.

after two profit warnings in 2013. But how has

:02:10.:02:12.

the airline turned itself around from its brutal image of old

:02:13.:02:13.

and can it continue to compete In the words of Michael O'Leary,

:02:14.:02:17.

the airline moved to stop annoying people

:02:18.:02:27.

and improve its customer service. Now in the second year,

:02:28.:02:34.

Ryanair introduced its "always getting better" customer

:02:35.:02:35.

experience programme which attracted It introduced allocated seating,

:02:36.:02:37.

new seats with more legroom, improved in-flight meals,

:02:38.:02:43.

extra carry-on luggage and more which date back to the late 1960s,

:02:44.:02:45.

are now major corporate players. There are 62 low-cost airlines

:02:46.:03:11.

in Europe Budget airlines growth and over the last 15 years they

:03:12.:03:15.

have snatched 40% of intra-Europe But

:03:16.:03:18.

the competition is fierce.easyJet and Ryanair together still account

:03:19.:03:26.

for only 20% of the overall European short-haul

:03:27.:03:28.

market and that is also being challenged by a group of airlines

:03:29.:03:30.

such as Norwegian Air Shuttle, Vueling, which is owned by IAG,

:03:31.:03:33.

Wizz Air and Pegasus, of Turkey. Speaking to us a little earlier Neil

:03:34.:03:36.

Sorahan, the Chief Financial Officer for Ryanair explained why the

:03:37.:03:39.

company was now performing so well. With a 13% increase in passenger

:03:40.:03:45.

numbers to 58 million customers and we have increased our full year

:03:46.:03:52.

target. We did benefit from the weather in Northern Europe this

:03:53.:03:55.

summer which encouraged people to head to southern climes and indeed,

:03:56.:03:59.

from the stronger sterling. Which again encouraged people from the UK

:04:00.:04:05.

to travel to the eurozone, but the always getting better programme is

:04:06.:04:09.

clearly winning over the minds and hearts of the travelling customers.

:04:10.:04:12.

This is something we have worked very hard on for the last two years

:04:13.:04:18.

through the likes of the fully allocated seating and the carry on

:04:19.:04:22.

bag and the choice of airports, we have 119 new routes this winter so

:04:23.:04:26.

we are greatly increasing the choice that people have. We fly to 200

:04:27.:04:30.

different airports at the moment in 31 different countries.

:04:31.:04:35.

That was the chief financial officer of Ryanair speaking to us earlier.

:04:36.:04:37.

Travel Expert Alan Bowen joins me now.

:04:38.:04:41.

Alan, good morning, welcome to the programme. We were sceptical when

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Ryanair said we are going to be this caring, sharing airline and we are

:04:47.:04:49.

going to revamp our image, but we have been proved wrong, the figures

:04:50.:04:54.

tell the story? The figures show a huge improvement. When you asked

:04:55.:04:57.

them a question, the answer was always no and by 2013 they began to

:04:58.:05:01.

realise there were a lot of people who weren't prepared to accept no as

:05:02.:05:04.

an answer and their change seems to have done them a lot of good. They

:05:05.:05:11.

made a lot of revenues for things from charging you from printing your

:05:12.:05:17.

boarding pass and for putting your luggage in the hold. They increased

:05:18.:05:22.

passenger numbers by 13%. They charge for baggage in the hold, but

:05:23.:05:28.

they don't want you to take it. But what they are seeing is a huge

:05:29.:05:32.

reduction in fuel costs and fuel costs are helping every airline at

:05:33.:05:35.

the moment. I wanted to talk about that because there is a huge

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difference in what we saw in fuel prices last year and a lot of the

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airlines still struggling because they hedged and they hedged or made

:05:42.:05:47.

a gamble on prices being higher, not the case for Ryanair and they have

:05:48.:05:54.

taken the gamble and won? The airlines who didn't hedge have done

:05:55.:05:59.

very well. But at $50 a barrel, there is no reason that any airline

:06:00.:06:02.

should be making a loss at the moment. We have heard from Ryanair

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this morning, talking about whether they would expect to see a price war

:06:08.:06:10.

next year. This is nothing new, they have always talked about price wars,

:06:11.:06:14.

but we could we start to see, it is not just about the low-cost

:06:15.:06:17.

airlines, there is a blurring of lines between the legacy carriers

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and the low-cost carriers, they could start a price war with the

:06:21.:06:25.

legacy carriers, but on routes that we wouldn't traditionally expect?

:06:26.:06:28.

Well, we have seen changes in airlines such as BA who charge for

:06:29.:06:31.

you to reserve your seat and charge for excess baggage. I'm not sure

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there will be a price war. I think every year Ryanair say there is

:06:36.:06:38.

going to be a price war and the hope is that will push people to book

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before the price war begins, the reality is if you leave it to the

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last minute, the likelihood is you will pay a lot more next year than

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you will this year. One we will be watching closely,

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Alan, thank you very much. Alan Bowen there.

:06:55.:06:58.

Chipotle Mexican Grill has temporarily closed 43 restaurants

:06:59.:07:00.

in Washington state and Oregon while authorities investigate

:07:01.:07:06.

People who ate in six Chipotle restaurants are among 20 cases

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The fastfood chain said it was acting with

:07:19.:07:21.

Greece's bank bailout fund HFSF will provide state aid to recapitalise

:07:22.:07:27.

the country's main banks after the European Central Bank said

:07:28.:07:30.

A health check of Greece's four main banks by the

:07:31.:07:33.

ECB over the weekend has shown that the lenders need to cover a 14.4

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Let's look at the Business Live page. I want to highlight a couple

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for you. We have had news from Burger King this morning, the

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fast-food retailer, well, it is trying to get into the evening

:07:58.:08:02.

market. We have seen other retailers try this, particularly Starbucks

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trying to sell wine. Burger King says it will sell beer. It will sell

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it it inn plastic bottles -- in plastic bottles. Beer and burger the

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perfect combination, you might say. Let's talk about Nissan's figures,

:08:21.:08:23.

because we have had an update from Nissan. Rising significantly, up by

:08:24.:08:30.

more than 15%. Nissan following on from Peugeot and Citroen, it would

:08:31.:08:34.

seem the European car makers had a really tough time since the 2008

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financial crisis are seeing a turn around which is encouraging.

:08:38.:08:50.

China's economy is contracting for the third month in a row according

:08:51.:08:56.

to the Government's latest factory survey.

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Let's take you to our Asia Business Hub and Mariko Oi is

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Numbers coming in below 50 is considered a contraction and this is

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the third month in a row. It adds to worries about China's slowing

:09:13.:09:17.

growth, most recently the country said that the economy is expanding

:09:18.:09:23.

by 6.9%, but the slowest pace since the financial crisis. It has been

:09:24.:09:29.

hit by a market turmoil as well as global slowdown in demand for

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Chinese products, but the authorities have been trying to

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rebalance its economy by trying to rely less on exports and boosting

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domestic consumption. It is part of the longer term plan, but the

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markets have been hit hardest, especially the Nikkei down more than

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2% closing today. Thank you very much indeed.

:09:51.:09:56.

Let's look at the markets in the region. Japanese markets down over

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2%. That's mainly in reaction to the news from China, the factory news.

:10:06.:10:09.

That's the Dow on Friday. Let's look at Europe now to have a sense of how

:10:10.:10:12.

things are going there. As we saw earlier, most of the main markets

:10:13.:10:15.

starting the week lower. Again, a lot of that is to do with the news

:10:16.:10:19.

out of China and the concern about the global economy and the impact

:10:20.:10:23.

the world's second biggest economy slowing will have on the rest of us.

:10:24.:10:27.

We are having the figures behind me, despite good news. We have mentioned

:10:28.:10:33.

Ryanair. Ryanair's shares up 30% year to date. HSBC out with strong

:10:34.:10:38.

earnings as well. Surprisingly strong actually. Some good news from

:10:39.:10:42.

various companies in Europe. We will talk about why these are lower

:10:43.:10:47.

shortly. Some of the reasons why, but let's hear from our

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correspondent who is in the US. It is a busy week for Wall Street with

:10:52.:10:56.

a lot of data to be released and dissected on the state of the US

:10:57.:10:59.

economy. First up Monday is a look at manufacturing and construction.

:11:00.:11:03.

But the big focus will be jobs, jobs, jobs with the latest monthly

:11:04.:11:07.

report out on Friday. Ahead of the Fed's meeting in December, where

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they will weigh a possible rate hike this will be an important piece of

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the puzzle as the policy makers decide if the economy is ready for

:11:15.:11:19.

lift off. Federal Reserve chair is scheduled to speak before a

:11:20.:11:22.

Government committee on Wednesday and analysts will certainly be

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listening in. We will get a look at how many cars Americans bought in

:11:27.:11:31.

October and earnings season continues. Visa will report its

:11:32.:11:35.

fourth quarter results on Monday and later in the week Facebook and Walt

:11:36.:11:37.

Disney Company. Simon Derrick is with us.

:11:38.:11:47.

Manufacturing, we heard from Singapore about the Chinese figures.

:11:48.:11:52.

We get them all today, we get French, German, UK in about an

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hour's time, US later today. They tell us the story, don't they, of

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the world economy. Services clearly very dominant, but manufacturing

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gives us that indication of who is making stuff? That's been the way

:12:03.:12:05.

the market has been looking at it over the last few months. The first

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day of the trading month is proved to be one of the most important. We

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get the manufacturing numbers. Slightly weaker numbers from China

:12:16.:12:19.

as we heard. Expectation is we will get something above the break even

:12:20.:12:23.

level, the 50 level for Europe, the UK and the US. The reason it matters

:12:24.:12:29.

is it is focussed on monetary policy. We have got the Bank of

:12:30.:12:35.

England coming out, there is talk that one extra person will vote in

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favour of a rate hike. We have the Fed coming out and we have got a

:12:41.:12:44.

European Central Bank which may ease rates. So unsurprising Monday is a

:12:45.:12:52.

big day for us. Also as well, all these manufacturers are having to

:12:53.:12:54.

grapple with the currency? Absolutely. For American

:12:55.:12:57.

manufacturers, that's a big deal at the moment, isn't it? Well, currency

:12:58.:13:03.

has become central to Central Bank's thinking because of this and if you

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look at what the US Central Bank has been doing, they have been talking

:13:08.:13:10.

about the concerns about dollar strength and yet at the same time

:13:11.:13:15.

they are talking about raising interest rates which would cause the

:13:16.:13:19.

dollar to go further. We will be looking closely to see if the dollar

:13:20.:13:23.

strength is impacting on manufacturers, it won't be that big

:13:24.:13:26.

a story, but it has been highlighted as an issue, we will see. Simon, for

:13:27.:13:30.

now, thank you. I know you will talk us through the business pages later.

:13:31.:13:34.

Still to come - the battle for your tourist dollars.

:13:35.:13:36.

As the big players of the global travel and tourism

:13:37.:13:38.

industry meet in London, we'll meet the man who knows where you want to

:13:39.:13:42.

go on holiday, what you'll spend and exactly how you'll spend it.

:13:43.:13:45.

Stay with us, this is Business Live from BBC News.

:13:46.:13:56.

More bank results this morning - and today it's the turn of HSBC.

:13:57.:14:02.

The banking gaint says pre-tax profits came in at ?3.95 billion

:14:03.:14:04.

That's significantly above forecasts of of ?3.4 billion.

:14:05.:14:10.

Simon bring us up-to-date? It is known as a comfortable beat. It beat

:14:11.:14:25.

expectations and a bit surprising because as you have been saying,

:14:26.:14:28.

China has been slowing down. The region around China had a crisis of

:14:29.:14:33.

confidence over the past year. It is not just surprising, it is

:14:34.:14:37.

misleading. A lot of the increase in profits was because this time last

:14:38.:14:41.

year, HSBC was forking out a fortune in terms of fines and compensation

:14:42.:14:45.

for customers who had been mis-sold. If you look at the revenue picture,

:14:46.:14:49.

the revenue is slightly down. One of the interesting things though is

:14:50.:14:53.

despite what's going on in China, no mention that the quality of their

:14:54.:14:56.

loan book, people are actually affording to pay their loans back.

:14:57.:15:00.

That's a comforting feature. As I say, revenue down. This is the share

:15:01.:15:03.

price over the last year. It has been tricky. The shares are down

:15:04.:15:08.

this morning despite the big profit numbers because underlying revenue

:15:09.:15:11.

is going in the wrong direction and no word yet on where they're going

:15:12.:15:15.

to put their HQ. It has been in London since the 1990s, but the big

:15:16.:15:22.

tax levy on banks headquartered in London made them re-think, is it

:15:23.:15:28.

going to be New York, Asia, at the moment, it is in London and no word

:15:29.:15:31.

on that. The debate will continue into the

:15:32.:15:36.

New Year the management at HSBC said although we are reviewing our

:15:37.:15:40.

location in terms of HQ, we won't reveal any decisions on that until

:15:41.:15:44.

the New Year. A great story in the Guardian, it

:15:45.:15:52.

says the UK is losing millions in VAT from non-EU sellers and the

:15:53.:15:58.

result of retailers trying to use the website and the market place

:15:59.:16:02.

side of Amazon to sell things abroad, but they said there was no

:16:03.:16:11.

EU compliance. So many more of us do our shopping

:16:12.:16:21.

in the run-up to Christmas online, eBay, Amazon are the beneficiaries

:16:22.:16:24.

at this time of year. Lots more on the website. Do take a look.

:16:25.:16:39.

Ryanair's profits for the first-half of the year soaring by 37%. The

:16:40.:16:46.

reason behind the bumper number poor weather in Western Europe made more

:16:47.:16:51.

of us go on holiday and a strong British pound and also, its improved

:16:52.:16:55.

customer service. We were sceptical about the airline saying it would be

:16:56.:16:58.

caring and sharing, but the numbers tell the story!

:16:59.:17:04.

It's that time of year when you might be planning that next holiday.

:17:05.:17:07.

Where will you go, what will you do and how much will you spend?

:17:08.:17:10.

Well, while you're weighing up the options, the travel industry is

:17:11.:17:13.

It's closely monitoring demand to make sure travel operators,

:17:14.:17:16.

airlines and hotels are ready to rake in your tourist dollars.

:17:17.:17:19.

Global tourism and travel contributed

:17:20.:17:22.

an extraordinary $7.58 trillion to the world's economy in 2013.

:17:23.:17:30.

The number of tourists was 1.1 billion in 2014 with France

:17:31.:17:37.

and the United States among the most popular destinations.

:17:38.:17:39.

Namibia, Montenegro, Zambia and China are

:17:40.:17:41.

the fastest emerging tourism destinations according to analysts.

:17:42.:17:53.

And the nation whose tourists spend the most money, unsurprisingly

:17:54.:17:55.

its China with nearly $165 billion a year spent on travel.

:17:56.:18:00.

We are joined by the Secretary-General of the United

:18:01.:18:06.

Nations World Tourism Organisation. Welcome. Some staggering numbers

:18:07.:18:10.

there. We are looking at this because the world travel market gets

:18:11.:18:14.

underway a gathering of all tourism bosses in London. A huge number and

:18:15.:18:19.

also a huge industry. One that's growing every year? Correct. Travel

:18:20.:18:24.

has become and tourism as a result has become part of our way of life,

:18:25.:18:28.

our culture. It moved from being a human need into a human right really

:18:29.:18:33.

now. There is no way that this could retreat and the growth is showing

:18:34.:18:37.

it. So far this year, we have issued our latest data two days ago. It is

:18:38.:18:45.

4.3% increase over 2014 which is even 5% increase over 2013 and so on

:18:46.:18:49.

and so forth. How much of the growth has come from low oil prices? We

:18:50.:18:53.

have talked about Ryanair benefiting hugely. It means more people can go

:18:54.:18:59.

overseas and it is costing less to do so frankly. Is that a direct

:19:00.:19:03.

result of the low oil price? Well, it is one of them. The increased

:19:04.:19:07.

travel industry and the increased movement especially air travel is a

:19:08.:19:12.

factor, but that's not only due to the lower oil prices. Currency is a

:19:13.:19:20.

factor. Increased economic activities, enlargement of the

:19:21.:19:23.

middle-class you were talking about, the China growth. China will be

:19:24.:19:30.

spending by the end of 2015 about 200 billion US inside one year

:19:31.:19:35.

because the middle-class is growing incredibly, India, Brazil is

:19:36.:19:39.

growing, the emerging markets are becoming very good source markets.

:19:40.:19:42.

Also, as well, as you mentioned, this growth rate that you're

:19:43.:19:46.

discussing, you know, billions, trillions, etcetera, you are looking

:19:47.:19:48.

at the number of people or money that's coming in. It is so

:19:49.:19:52.

important, isn't it, to most economies? The tourism industry

:19:53.:19:56.

within a country is a money spinner, isn't it? So for example countries

:19:57.:20:01.

like Greece which is facing a financial crisis, which is also

:20:02.:20:06.

facing a migrant crisis as well, you know, on its borders, on the

:20:07.:20:09.

islands, the tourism industry for them for example is vital that it

:20:10.:20:13.

goes well? It is a savour. And many, many countries that have been

:20:14.:20:17.

experiencing economic difficulties found that tourism is a way out.

:20:18.:20:23.

Greece is an example. But it is extremely important to face the most

:20:24.:20:26.

important challenges which is job creations. One out of 11 jobs over

:20:27.:20:31.

the world are created by the travel and tourism industry. You may have a

:20:32.:20:37.

slight recovery in the economic situation, but the jobs are behind

:20:38.:20:40.

and it is really still a challenge. The other important factor in the

:20:41.:20:45.

economic value chain is the horizontal nature of tourism. It

:20:46.:20:48.

affects so many other factors, shopping, you were talking about

:20:49.:20:51.

shopping, the food industry, the transport industry, it is a very,

:20:52.:20:56.

very important in terms of the value, chain, impact of it.

:20:57.:21:00.

You talk about the value chain. You also talk about trying to promote

:21:01.:21:04.

tourism as environmentally sustainable, a driver of economic

:21:05.:21:08.

growth, inclusive development and trying to make sure the communities

:21:09.:21:12.

in which tourism takes place benefit from it. Can the two ever go

:21:13.:21:16.

hand-in-hand? Absolutely. That's why we are part of the UN system because

:21:17.:21:22.

we are concerned about the agenda of sustainable. What we should try to

:21:23.:21:27.

keep in mind is never to be afraid of growth, embrace growth, but do it

:21:28.:21:30.

the right way because if we see growth on the one hand and

:21:31.:21:35.

sustainability on the other hand we are missing the point here and yes,

:21:36.:21:38.

we can and it has been done. It has been done in many, many cases around

:21:39.:21:41.

the world. Briefly, because we are almost out of time, I wanted to ask

:21:42.:21:46.

you at this event in London, are you discussing or looking at the impact

:21:47.:21:50.

of the migrant crisis? This movement of people that's affecting mainly

:21:51.:21:54.

Europe, but North Africa and the impact that has on tourism, if it

:21:55.:21:59.

has any impact? Well, we have to look at all the factors affect the

:22:00.:22:04.

travel industry, but we have to be careful not to mix the two issues.

:22:05.:22:09.

Mixing the two together... Some governments and agencies that

:22:10.:22:11.

receive people, there is the whole issue of security? Right. Right.

:22:12.:22:15.

That's the danger of it. Is that we tend to become too protective about

:22:16.:22:19.

the travel industry and the security people take over. We need to promote

:22:20.:22:23.

is the concept of safe and friendly travel. Safe alone is not enough,

:22:24.:22:28.

you are killing the very industry that you're trying to protect, but

:22:29.:22:32.

friendly alone is not enough because you need to have safe travel and

:22:33.:22:35.

that's the balance we try to keep. Really nice to see you. Thank you

:22:36.:22:38.

for explaining that and best of luck with the conference today. Thank

:22:39.:22:42.

you. The secretary General of the United

:22:43.:22:45.

Nations World Tourism Organisation. Here is a remind tore get in touch.

:22:46.:22:56.

The Business Live web page is where you can stay ahead with the day's

:22:57.:23:01.

breaking business news. Wep keep you up-to-date with insight and analysis

:23:02.:23:04.

from the BBC's team of editors around the world and we want to hear

:23:05.:23:09.

from you too. Get involved on the BBC Business Live web page.

:23:10.:23:15.

Or on Twitter. And you can find us on Facebook.

:23:16.:23:22.

Business Lis on TV and online whenever you need to know.

:23:23.:23:36.

S Well, get in touch with us. Simon is back with us to look at the

:23:37.:23:40.

papers. Simon a lot in there, let's start with Turkey. We mentioned it

:23:41.:23:43.

at the start of the programme and yesterday, an important election

:23:44.:23:46.

result in Turkey. What does it mean financially? What does it mean for

:23:47.:23:51.

the markets, we know Turkey is a surging economy and one with a young

:23:52.:23:55.

population, what does the election result mean? I suspect more than

:23:56.:23:59.

that side of it. I think from the investment prospective it is a sign

:24:00.:24:05.

of stability in what is otherwise this instability that's grown up in

:24:06.:24:09.

the eastern Mediterranean from that prospective, investors will take

:24:10.:24:14.

heart. They have done already. You can see the Turkish Labour had

:24:15.:24:17.

making gains pulled back a little bit. For anybody that's looking for

:24:18.:24:24.

stability and looking also for relatively healthy yield then Turkey

:24:25.:24:28.

represents a really healthy option out there. We will probably see more

:24:29.:24:33.

of this, but it is more the fact after the uncertainty in the last

:24:34.:24:37.

six months, we see a way forward politically. The Wall Street Journal

:24:38.:24:41.

has an interesting article on apps you can get to keep an eye on stock

:24:42.:24:45.

markets, shares going up and down and all over the shop. What do you

:24:46.:24:50.

think? A bad idea to use an app and be constantly watching or good idea?

:24:51.:24:54.

OK. I think that you can look too much at markets. I mean, I have done

:24:55.:24:59.

this job for a long time and there are points when actually the

:25:00.:25:03.

smartest thing to do is to turn the screens off because there is only so

:25:04.:25:07.

much analysis you can do, if you're getting prices all the time you are

:25:08.:25:13.

likely to react and if you have got a long-term plan... There was a time

:25:14.:25:21.

when we didn't have the technology or the availability, you needed to

:25:22.:25:27.

have an ex-Spencive subscription and now it in your pocket. Even if you

:25:28.:25:33.

look once a day, you don't have the intraday noise coming in. You make

:25:34.:25:36.

the comparison to where the price closed the previous day. More often

:25:37.:25:41.

than not, you will find it is up, it is down, you won't have the stuff

:25:42.:25:48.

that's going to cause you uncertainty, me, I'd turn the

:25:49.:25:52.

screens off. That's good advice. Screen downtime, I like that. As

:25:53.:25:56.

long as your screen downtime is not during our programme!

:25:57.:26:00.

Have a really good day. That's it from us for today. We will see you

:26:01.:26:03.

tomorrow. Bye-bye.

:26:04.:26:10.

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