Browse content similar to 03/11/2015. Check below for episodes and series from the same categories and more!
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This is Business Live from the BBC | :00:00. | :00:00. | |
with Ben Thompson and Aaron Heslehurst. | :00:00. | :00:09. | |
Lawmakers consider new rules in California that could limit how | :00:10. | :00:13. | |
Could it signal the end of $25 billion rental site AirBnB? | :00:14. | :00:22. | |
Live from London, that's our top story on 3rd November 2015. | :00:23. | :00:41. | |
AirBnB has spent $8 million to try and defeat | :00:42. | :00:43. | |
the possible new rules and it's all being closely watched by cities | :00:44. | :00:46. | |
They're also considering tightening regulations. | :00:47. | :00:52. | |
Also in the programme, Standard Chartered is to cut 15,000 | :00:53. | :00:55. | |
jobs after reporting heavy third-quarter losses. | :00:56. | :00:58. | |
We'll be live in Singapore for the latest. | :00:59. | :01:10. | |
And markets are doing this. We will get construction figures for the UK | :01:11. | :01:14. | |
a little later. Icelandic airline Wow Air promises | :01:15. | :01:15. | |
flights from Europe to the US But how can | :01:16. | :01:19. | |
the airline afford it and are We speak to the boss live here | :01:20. | :01:28. | |
on the programme. And today, Amazon has announced | :01:29. | :01:31. | |
plans to open its first So when did you last buy a book | :01:32. | :01:34. | |
and was it online or in a store? The accommodation website AirBnB has | :01:35. | :01:41. | |
shaken up the global travel industry - but | :01:42. | :02:02. | |
in its home town of San Francisco Residents are due to vote later | :02:03. | :02:05. | |
on Tuesday on a proposal to limit short-term rentals on apartments | :02:06. | :02:12. | |
and homes to just 75 days per year with the websites themselves | :02:13. | :02:16. | |
responsible for removing listings The | :02:17. | :02:20. | |
company has spent 8 million dollars The ballot is being closely watched | :02:21. | :02:26. | |
by cities like New York and Los Angeles, which are also considering | :02:27. | :02:32. | |
tightening regulations. And this is what is making some | :02:33. | :02:35. | |
locals in San Francisco angry. Over the past five years, average | :02:36. | :02:43. | |
rent has risen by more than 75%, | :02:44. | :02:49. | |
with sites like AirBnB being blamed Of course, | :02:50. | :02:51. | |
AirBnB isn't the only example of a sharing economy platform | :02:52. | :02:56. | |
facing regulatory challenges - don't forget Uber's facing | :02:57. | :02:58. | |
regulatory issues in France, Brazil Raoul Lumb, Associate at | :02:59. | :03:01. | |
Hill Hofstetter solicitors. I want to start with the chart Ben | :03:02. | :03:22. | |
was showing us. Candy company be blamed for pushing rental prices? | :03:23. | :03:27. | |
Those on the yes campaign will see that in five years they have gone up | :03:28. | :03:33. | |
75%. Their campaign is that the company allows people to take houses | :03:34. | :03:37. | |
out of the regular rental market of long-term latent tenants and push | :03:38. | :03:40. | |
them into their holiday sector for short-term, quick turnover | :03:41. | :03:42. | |
high-priced rentals. They say it pushes up. Airbnb has been around | :03:43. | :03:49. | |
for seven years there has been a housing crisis for five years. They | :03:50. | :03:53. | |
say that they cannot be doing it because they are pushing up the | :03:54. | :03:56. | |
supply, and therefore they are bringing housing prices down. | :03:57. | :04:00. | |
I'm just trying to work out, there is a valid point of some will say | :04:01. | :04:04. | |
here, because many who rent their home made, or a second home, Philly | :04:05. | :04:09. | |
under Airbnb, it is running a business. Typically, you have to pay | :04:10. | :04:13. | |
something when you run a business, it is called taxation! That is what | :04:14. | :04:16. | |
they have been getting away with? That is what the yes campaign says. | :04:17. | :04:20. | |
If you're somebody who rent out your house for more than 75 days a year, | :04:21. | :04:25. | |
a homeless, not just a room, they say that this is a business and | :04:26. | :04:28. | |
something which should be regulated like a hostel or B and it should | :04:29. | :04:32. | |
be taxed and have the same reporting requirements that businesses have. | :04:33. | :04:36. | |
'S the issue at the moment is the fact that it is often more lucrative | :04:37. | :04:40. | |
for people to rent out their place on a short-term lead, make a lot | :04:41. | :04:43. | |
more money for it to visitors, rather than for the domestic | :04:44. | :04:47. | |
population. That has got people in San Francisco so angry. They are | :04:48. | :04:50. | |
being priced out of the market because all these tourists coming in | :04:51. | :04:53. | |
for two weeks and they cannot get anywhere to rent. | :04:54. | :04:57. | |
That is one of the things this proposition says. Airbnb of other | :04:58. | :04:59. | |
mining communities in the bullets, forcing people who would be on | :05:00. | :05:03. | |
long-term lets and turning it into a short-term holiday site. Very | :05:04. | :05:09. | |
briefly, you mentioned this in your introduction, Goober is facing | :05:10. | :05:11. | |
regulation in many cities around the world, Airbnb as well. Is this a | :05:12. | :05:16. | |
classic case of the law, regulation, trying to catch up with technology | :05:17. | :05:20. | |
because it is Goodwin Sands bones? Absolutely. This is the law and | :05:21. | :05:24. | |
public disgraced catching up with technology and marketing of the | :05:25. | :05:29. | |
technology. There has been a share in economy, such as Uber, would you | :05:30. | :05:40. | |
mentioned, and regulators in society are keeping. Is the way this company | :05:41. | :05:44. | |
does this desirable because it need extra oversight? This is the first | :05:45. | :05:50. | |
step on a long journey. Great stuff, we appreciate your time. Thank you | :05:51. | :05:51. | |
very much for coming in. US video games producer | :05:52. | :05:53. | |
Activision Blizzard will buy the company behind Candy Crush - | :05:54. | :05:56. | |
King Digital - for $5.9 billion. Activision which makes Call of Duty | :05:57. | :05:59. | |
and Guitar Hero, says the purchase will create one | :06:00. | :06:02. | |
of the largest global entertainment It will have over half a billion | :06:03. | :06:05. | |
monthly users in 196 countries. Here is a story that keeps on | :06:06. | :06:19. | |
giving. Volkswagen has denied claims by US | :06:20. | :06:22. | |
regulators that some of its luxury brands were also fitted with devices | :06:23. | :06:24. | |
to cheat pollution tests. The Environmental Protection Agency | :06:25. | :06:31. | |
said at least 10,000 vehicles with six cylinder, | :06:32. | :06:33. | |
three litre engines, such as Tech giant Google has announced | :06:34. | :06:35. | |
a date for the launch It's called Project Wing and aims to | :06:36. | :06:39. | |
deliver goods to consumers using the Not as far as you would think. | :06:40. | :07:04. | |
Others are experimenting. Does it depend on where you live? | :07:05. | :07:09. | |
What if you live in an apartment? You have to hang out of the window! | :07:10. | :07:20. | |
, thank you! BMW has a surprise profit. We are talking about the | :07:21. | :07:25. | |
past three months, it has had a strong field in the European | :07:26. | :07:29. | |
market. Offsetting that weakness in demand in China. What was the | :07:30. | :07:38. | |
profit? Before tax, this is, 2.2 billion euros. Thank you very much, | :07:39. | :07:46. | |
there you go. Revenue, 22.3 billion. Plenty of other stories there, | :07:47. | :07:48. | |
including more on Standard Chartered. But that is our next | :07:49. | :07:50. | |
story of love. -- story as well. Standard Chartered is to to cut | :07:51. | :08:01. | |
15,000 jobs and raise over $5bn See what I did there? | :08:02. | :08:22. | |
This is a really big clean-up and I should tell you how the share prices | :08:23. | :08:26. | |
responded to that cling to start with, because these are then slung | :08:27. | :08:29. | |
around 4% in trade in Hong Kong. It clawed back a bit. We have caused | :08:30. | :08:34. | |
just recently in Hong Kong down more than 3% and are continuing to slide | :08:35. | :08:38. | |
in London. But this is a clean-up that has been going for quite a | :08:39. | :08:42. | |
while. Ever since the new CEO took over in the middle of the year. And | :08:43. | :08:45. | |
this capital raising is not unexpected. Many people have been | :08:46. | :08:51. | |
seeing it on the card since June. He started the restructure but today's | :08:52. | :08:53. | |
members illustrate the scale of the problem. $139 million compared with | :08:54. | :08:59. | |
a profit of 1.53 billion just one year earlier. We get this big | :09:00. | :09:03. | |
capital raising and a lot more jobs are going to go. | :09:04. | :09:08. | |
Good stuff, thank you very much. A quick look at the numbers. A bit | :09:09. | :09:12. | |
of a mixed session in Asia, despite cautious optimism. We have seen weak | :09:13. | :09:16. | |
Chinese domestic demand over the weekend but we have also had good | :09:17. | :09:21. | |
figures from manufacturing in the UK, and the Eurozone yesterday. I | :09:22. | :09:24. | |
want to trade the European numbers because markets yesterday ending | :09:25. | :09:28. | |
pretty upbeat but in early trade, from the loss of there. Nonetheless | :09:29. | :09:33. | |
we will be keeping a clear, -- a close eye on construction figures, | :09:34. | :09:38. | |
due in the next hour, giving us an idea on how the market and economy | :09:39. | :09:41. | |
is performing stock it makes up just a small part of the economy, | :09:42. | :09:44. | |
however. What is happening on Wall Street? | :09:45. | :09:49. | |
On Tuesday, we will see how close US auto-maker are to breaking the | :09:50. | :09:58. | |
all-time Celtic are set in 2000. Analysts expect Americans love but | :09:59. | :10:04. | |
11% more crisis October compared to last year and are on track by 17.4 | :10:05. | :10:11. | |
million vehicles in 2050. But for some companies it is another story. | :10:12. | :10:17. | |
Tesla will release numbers on orders for its model X all electric SUV and | :10:18. | :10:23. | |
give an update on the status of its five million dollar battery factory | :10:24. | :10:28. | |
in Nevada. Those men and voters at the polls in San Francisco to decide | :10:29. | :10:30. | |
whether or not to restrict the number of knife landlords can rent | :10:31. | :10:34. | |
their homes to Airbnb and similar services. They have spent $8 million | :10:35. | :10:41. | |
campaigning against the measure. We know that one! I am joking. We | :10:42. | :10:48. | |
are joined by Jessica. Manufacturing, a big day yesterday | :10:49. | :10:56. | |
but stop we will be watching the markets closely. Very closely. All | :10:57. | :11:00. | |
that about this year has been emerging markets. Disappointing and | :11:01. | :11:04. | |
everybody is turning to the developed markets to spearhead the | :11:05. | :11:09. | |
growth. We have been talking to some US companies and the message is a | :11:10. | :11:15. | |
bit mixed. There is definitely a benefit from lower oil price but | :11:16. | :11:18. | |
actually, consumers are not spending as much as we thought. How much are | :11:19. | :11:22. | |
we hanging onto these individual bits of data? We are wondering who | :11:23. | :11:30. | |
will fire the starting first raising rates, the UK or US, and every time | :11:31. | :11:35. | |
we get figures by construction, manufacturing, we get very excited | :11:36. | :11:37. | |
about whether this is the one that means rates go up. How closely | :11:38. | :11:42. | |
should we watch them? Rate rises, when they happen, whether first in | :11:43. | :11:47. | |
the US or UK, will be a seminal moment. They have been low for so | :11:48. | :11:52. | |
long. But I think the thing that we have learned a this recession is | :11:53. | :11:56. | |
that it has been what I would call a bath tub. We have been bumping along | :11:57. | :12:02. | |
the bottom for a long time. Rate rises have been pushed out try that. | :12:03. | :12:08. | |
I am not sure that pattern is necessarily going to change that | :12:09. | :12:14. | |
quickly. Jessica, you know how we make you guys work on our programme! | :12:15. | :12:17. | |
You'll come back and taken through some of the papers. You will talk to | :12:18. | :12:22. | |
you soon. Also coming up: Apostles and Atlantic Elaine will be | :12:23. | :12:25. | |
sure to tell of how he intends to crack the market for cheap flights | :12:26. | :12:28. | |
between the US and Europe. Many of course have tried and failed. Will | :12:29. | :12:35. | |
this one be a success? You're with Business Live from BBC | :12:36. | :12:40. | |
news. Was neither is an important battle going on in the cut-throat | :12:41. | :12:45. | |
world of children's toys relating to intellectual property rights and the | :12:46. | :12:47. | |
outcome will be watched coarsely around | :12:48. | :12:48. | |
have you ever heard of Trunkie? It is a cross between a toy and | :12:49. | :13:00. | |
luggage. I have seen them throughout | :13:01. | :13:04. | |
airports. But the product, designed in the UK, has become a victim of | :13:05. | :13:09. | |
its own success, spawning copycat manufacturers with rival designs. | :13:10. | :13:12. | |
The company that owns the Trunkie may spend more money fighting | :13:13. | :13:18. | |
patents battle than on research and development. | :13:19. | :13:21. | |
Astonishing. Today, here before the Court hoping to shut down the | :13:22. | :13:27. | |
biggest rivals, PMS of Hong Kong. We have run through... | :13:28. | :13:34. | |
You have not left me much to the! If you are a parent of young | :13:35. | :13:38. | |
children, as I am, you will be familiar with these products. Both | :13:39. | :13:44. | |
Trunkie, on the left, by a Bristol company, and the PMS- made on the | :13:45. | :13:50. | |
right-hand side. They are relatively simple. The horns, you can sit on it | :13:51. | :13:56. | |
and try it. But PMS is pretty open and honest and say that their design | :13:57. | :14:03. | |
was inspired by the Trunkie. They took the matter to the courts in the | :14:04. | :14:07. | |
UK, one in the High Court, lost in the Appeal Court and today, they are | :14:08. | :14:12. | |
in the Supreme Court in the UK and they will hopefully get a determined | :14:13. | :14:17. | |
ruling as to what is permitted. If Trunkie wins the case, it means that | :14:18. | :14:23. | |
PMS's case cannot longer be sold and the UK, and possible Europe. We | :14:24. | :14:27. | |
stress that it does not mean they cannot sell them elsewhere around | :14:28. | :14:30. | |
the world, especially Asia, where they are from. But it is a very | :14:31. | :14:35. | |
important case for these designs, because this is not a patents, this | :14:36. | :14:39. | |
is a community registered design. And a lot of people who design stuff | :14:40. | :14:44. | |
very best a lot of money in this, so need to know that what the designers | :14:45. | :14:47. | |
protected all around the world, not the UK. 'S great stuff. We will | :14:48. | :14:53. | |
thought to you soon. Shall we pick up this? You are | :14:54. | :14:57. | |
domestic by! The honour of Primark has figures | :14:58. | :15:03. | |
out today. You're watching Business Live. | :15:04. | :15:14. | |
Our top story: Lawmakers consider new rules | :15:15. | :15:16. | |
in California that could limit how It's one of a number | :15:17. | :15:19. | |
of court cases seeking to crack down on the business which lets | :15:20. | :15:23. | |
anyone make money renting out spare Could it signal the end | :15:24. | :15:27. | |
of $25 billion website Airbnb? An interesting story. It could have | :15:28. | :15:46. | |
implications for websites like YouTuber. | :15:47. | :15:50. | |
Now can you really fly to Boston from London for as little as ?99? | :15:51. | :15:58. | |
Well, that's the claim of today's big boss Skuli Mogensen. | :15:59. | :16:01. | |
He is the owner, Chief Executive and founder | :16:02. | :16:03. | |
After a 20 year career as an entrepreneur and investor, he | :16:04. | :16:12. | |
Describing itself as "the airline with the biggest smile | :16:13. | :16:16. | |
Wow Air launched transatlantic services from Boston and | :16:17. | :16:21. | |
Washington DC to European cities all via Reykjavik in early 2015 for | :16:22. | :16:28. | |
as little as ?99 that's just over a $150 one way. | :16:29. | :16:33. | |
From May next year, it launches four more north American routes. | :16:34. | :16:36. | |
Most notably, those ?99 prices are for one-way flights. | :16:37. | :16:40. | |
While Iceland is a beautiful country, it's safe to assume most | :16:41. | :16:43. | |
travellers will be interested in a return flight and that often | :16:44. | :16:45. | |
The cheapest seats are also limited in number. | :16:46. | :16:52. | |
The budget airline is not the first to bet | :16:53. | :16:55. | |
Others have tried and failed Oasis Hong Kong Airlines, which began | :16:56. | :17:01. | |
flights between Hong Kong and London in 2006, ceased trading in 2008, | :17:02. | :17:06. | |
the same year that Zoom Airlines of Canada which offered cheap flights | :17:07. | :17:08. | |
between London and Canada also stopped operations. | :17:09. | :17:16. | |
Well, let's find out because Skuli Mogensen is the big boss of Wow Air | :17:17. | :17:24. | |
and joins us. Hi. I'm going to show off a little | :17:25. | :17:27. | |
Danish language. I need to start with this. No disrespect, you look | :17:28. | :17:31. | |
like a smart man, you have got a great background, you are a money | :17:32. | :17:35. | |
man, you have come from an investment background. There is a | :17:36. | :17:40. | |
saying in the airline industry, "How do you make $1 million running an | :17:41. | :17:46. | |
airline, you start with $1 billion." Why an airline? It is so much fun. | :17:47. | :17:51. | |
In reality, the timing is everything. So the low-cost industry | :17:52. | :17:56. | |
has been extremely successful domestically in Europe and | :17:57. | :18:00. | |
domestically in the US and domestically in Asia. As a result | :18:01. | :18:03. | |
the consumer is educated and we like to say we target the smart consumer, | :18:04. | :18:08. | |
you go online and you do the comparison shopping and you go on | :18:09. | :18:15. | |
Trip Advisor, and then you buy. So the consumers are comfortable doing | :18:16. | :18:18. | |
this and the same logic applies when you want to fly long haul, short | :18:19. | :18:22. | |
haul, wherever you want to go. Zbleu spoke to you roughly a year ago, | :18:23. | :18:27. | |
pretty close to a year ago when you were talking about, well launching | :18:28. | :18:33. | |
the flights from Europe to Boston and Washington DC. Right. So you've | :18:34. | :18:38. | |
had a year. Bums on seats, how has it been going on board the planes? | :18:39. | :18:42. | |
It has been going phonomenally. We are growing aggressively. We are | :18:43. | :18:45. | |
more than doubling our capacity for next year. Adding Los Angeles and | :18:46. | :18:51. | |
San Francisco, adding three new Airbus A 330s, we are excited. The | :18:52. | :18:56. | |
load factor on Boston... What are the load factors? Over 90% since | :18:57. | :19:01. | |
launch to date. Speaking of capacity, I did a quick very | :19:02. | :19:05. | |
unscientific search looking on various websites about reviews and | :19:06. | :19:08. | |
satisfaction. A lot of the criticism is that you only have two planes at | :19:09. | :19:12. | |
the moment doing that route. The problem is if you get a fault with | :19:13. | :19:16. | |
one, that causes huge delays, you're not able to pull another one into | :19:17. | :19:20. | |
service. Houz do you reassure people if they are getting a cheap flight, | :19:21. | :19:25. | |
yes they are going to have to put up with certain problems, but if you | :19:26. | :19:29. | |
have only got two planes, there will be huge delays if one goes out of | :19:30. | :19:34. | |
service? So far we had two planes going to North America. As of next | :19:35. | :19:38. | |
spring, we will seven planes going to North America. So already, that | :19:39. | :19:43. | |
issue is becoming much, much better and over time that's only going to | :19:44. | :19:48. | |
continue to improve. I think the again, it's something that we all | :19:49. | :19:52. | |
face coming into London yesterday, or the day before, with the fog, you | :19:53. | :19:55. | |
know, we can't deal with the weather. | :19:56. | :19:59. | |
Talking of planes, let me ask you this, last week I spoke to the CEO | :20:00. | :20:08. | |
of Norwegian Air, a competitor. They do long haul, low-cost, they use the | :20:09. | :20:13. | |
787 Dreamliner, very efficient plane, etcetera, it can be used 18 | :20:14. | :20:18. | |
to 19 hours a day, utilisation rate, they call that, so that's very good. | :20:19. | :20:23. | |
You're doing a 330, been around for a long time. Can you make low-cost, | :20:24. | :20:26. | |
long haul successful on that aircraft? Absolutely. I think the | :20:27. | :20:34. | |
same principle applies. High utilisation and quick turn around | :20:35. | :20:39. | |
and high load numbers. You achieve this which interacting with the | :20:40. | :20:43. | |
consumer and offering the greatest fares. They are demonstrating and | :20:44. | :20:49. | |
proving the model. Low-cost carriers do very well when the oil price is | :20:50. | :20:53. | |
low. It means your costs are much lower. What happens when they start | :20:54. | :20:58. | |
rising? It suddenly starts eating into your margins and you make less | :20:59. | :21:03. | |
per flight? A good low-cost carrier will do better in all times because | :21:04. | :21:10. | |
our overall structure is better than the legacy carriers. Good luck. I | :21:11. | :21:17. | |
know you're in London for the World Travel Market. Skuli Mogensen, thank | :21:18. | :21:19. | |
you. In a moment we'll take | :21:20. | :21:28. | |
a look through the Business Pages but first here's a quick reminder | :21:29. | :21:31. | |
of how to get in touch with us. The Business Live web page is where | :21:32. | :21:41. | |
you can keep up-to-date. We will give you insight and analysis from | :21:42. | :21:44. | |
the BBC's team of editors around the world and we want to hear from you | :21:45. | :21:50. | |
too. Get involved on the BBC Business Live web page. Or on | :21:51. | :21:55. | |
Twitter, we're at: And you can find us on Facebook: | :21:56. | :22:01. | |
Business Live on TV and online wherever you need to know. | :22:02. | :22:12. | |
Jessica is back. Amazon famous for being an line book store. I put the | :22:13. | :22:19. | |
question out there, we have got a couple of tweets. Before we get your | :22:20. | :22:28. | |
thoughts, Ryan says "Last book online to make sure I got it on | :22:29. | :22:34. | |
release date." Another viewer says, "Always buy them in shops. If I | :22:35. | :22:40. | |
can't find them there, grudgingly, I result to online bookshops." James | :22:41. | :22:47. | |
says he bought a first edition online. Independent shops have | :22:48. | :22:51. | |
pretty much died off. All that is related to the buying power of | :22:52. | :22:54. | |
Amazon, if they are able to get the scale that they have through the | :22:55. | :22:58. | |
website and maybe put the best titles in is that the plan snrchlts | :22:59. | :23:02. | |
they will be at the same prices as they have online. It is toe in the | :23:03. | :23:06. | |
water really. One bookshop. But it is also interesting about drop that | :23:07. | :23:14. | |
e-book sales are peeking and so actually, you know, as your tweeters | :23:15. | :23:18. | |
there say that people like the physical experience of going into a | :23:19. | :23:24. | |
shop. You know, you will still be able to do the e-books in there, but | :23:25. | :23:27. | |
it is a dual track process is perhaps the way forward. | :23:28. | :23:37. | |
A lot of people would have blamed Amazon for the closure of bricks and | :23:38. | :23:41. | |
more tar bookshops. They have dominated online in terms of book | :23:42. | :23:46. | |
sales. Now let's go into bricks and more tar and whoever is left, we'll | :23:47. | :23:52. | |
get rid of them. No comment. Let's move on. The story in the Wall | :23:53. | :24:04. | |
Street Journal this is to do with Candy Crush. Really interesting. | :24:05. | :24:13. | |
This follows on the back of Microsoft buying Minecraft. Big | :24:14. | :24:15. | |
companies are preparing to invest in the gaming space and in particular, | :24:16. | :24:19. | |
in the gaming space. I think the interesting thing about the price, | :24:20. | :24:24. | |
it was below the floatation price of King when it floated. I think again, | :24:25. | :24:35. | |
that was last year. So they have struggled since Candy Crush and it | :24:36. | :24:37. | |
is interesting they are taking the option to be part of a bigger group. | :24:38. | :24:43. | |
Talking about big spending, I want to squeeze this next story in, Saudi | :24:44. | :24:53. | |
consumers are spending like the oil crash never happened. They have a | :24:54. | :24:58. | |
lot of oil wealth. We are seeing a movement with Saudi sovereign wealth | :24:59. | :25:02. | |
funds. They are taking money out to maintain the spending on their | :25:03. | :25:07. | |
population? Exactly. We see impressed about the Saudi repaytry | :25:08. | :25:11. | |
ating capital back. They are still giving bonuses and a lot out to the | :25:12. | :25:16. | |
locals. But again, I think you need to think about the social unrest in | :25:17. | :25:22. | |
the backdrop and it will be an important consideration in their | :25:23. | :25:29. | |
minds. Is it keeping the local population happy? Within Saudi and | :25:30. | :25:32. | |
within the wider region. I think they will be thinking perhaps, you | :25:33. | :25:37. | |
know, this is cheap for stability. The question, of course, always is | :25:38. | :25:40. | |
how long that can continue with oil prices at a new normal levels and | :25:41. | :25:44. | |
whether they can continue? The funds only have so much money in them. | :25:45. | :25:48. | |
Jessica, great stuff, we always appreciate your time. | :25:49. | :25:52. | |
Thank you for your company today. You're up-to-date with the business | :25:53. | :25:55. | |
headlines. We will see you very soon. Bye-bye. | :25:56. | :26:07. | |
Hello there. The fog caused a lot of problems yesterday across much of | :26:08. | :26:16. | |
the countriment we had sunny hotspots | :26:17. | :26:18. |