Browse content similar to 06/11/2015. Check below for episodes and series from the same categories and more!
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This is business life. Will the Sinai aircraft sink is itching | :00:00. | :00:17. | |
tourism as more and more countries cancel, we look at the devastating | :00:18. | :00:21. | |
effects on the country already that battles with industry. Our top story | :00:22. | :00:24. | |
today. One in nine people depend on it for | :00:25. | :00:44. | |
work and it contributes $36 billion to the economy. Will uncertainty and | :00:45. | :00:50. | |
fear puts people off from visiting the crown jewel of tourism in Egypt. | :00:51. | :01:00. | |
So is of the road for toccata. We have all of the news from the | :01:01. | :01:03. | |
markets were shares are starting to fall on the back of a slide in | :01:04. | :01:12. | |
luxury stocks. We are joined by Robert Peston who will be taking us | :01:13. | :01:15. | |
through the big economic stories of the week. We are hoping he may | :01:16. | :01:19. | |
answer the million dollar question, when will interest rates go up? We | :01:20. | :01:25. | |
want to know today, what is your worst job ever. We ask because a | :01:26. | :01:35. | |
Christmas shop is looking for a Christmas light detangling. The | :01:36. | :01:45. | |
successful applicant can untangle three metres in under three minutes. | :01:46. | :01:56. | |
Welcome to the programme. More countries have joined the UK in | :01:57. | :02:06. | |
curbing travel to Sharm el-Sheikh. The government of France, Belgium | :02:07. | :02:11. | |
and the Netherlands have warned nationals not to travel. The German | :02:12. | :02:14. | |
airlines have also cancelled their flights. This is of course a | :02:15. | :02:19. | |
devastating news for the tourism industry in Egypt. Just last year it | :02:20. | :02:25. | |
contributed $36 billion to the country's economy. That is about | :02:26. | :02:34. | |
over 12% of the entire output. The industry is vital for Egyptians | :02:35. | :02:38. | |
because one in nine workers depend on it to provide a living. About 2.9 | :02:39. | :02:44. | |
million jobs. Last year, just under 10 million people visited Egypt and | :02:45. | :02:49. | |
Russia is actually the biggest source. Then the UK and then | :02:50. | :02:55. | |
Germany. Revenues on the famous monuments such as the pyramid have | :02:56. | :03:01. | |
plunged almost 100%. 95% since the Revolution four years ago. Edward | :03:02. | :03:10. | |
Grey to have you with us in the studio. I was reading earlier the | :03:11. | :03:16. | |
government in Egypt said they are opening up three tombs, noon in the | :03:17. | :03:21. | |
fact that tourists have not seen me to come there trying to attract more | :03:22. | :03:26. | |
visitors but let's be frank, it will take more than that? This isn't an | :03:27. | :03:31. | |
issue that they do not have enough things to CeBIT is a security issue? | :03:32. | :03:37. | |
It is. It is. Many months, possibly years for the sector to recover. | :03:38. | :03:41. | |
They have had to revolutions in the last four years and now have what is | :03:42. | :03:47. | |
being reported as a terrorist attack leaving the country. It'll take a | :03:48. | :03:51. | |
lot more than what they're doing the moment. They will have two rampant | :03:52. | :03:56. | |
security massively. I do not see it recovering for a long time. Is it | :03:57. | :04:01. | |
harsh to say given what we have seen since the revolution, tourism has | :04:02. | :04:06. | |
fallen off a cliff and this is the final nail in the Coffin? Not the | :04:07. | :04:12. | |
final nail. They have had terrorist attack before. The tourism sector | :04:13. | :04:22. | |
did recover and it is just a mountain of events in the last few | :04:23. | :04:26. | |
years. It is not the final nail but it will take a long time for the | :04:27. | :04:28. | |
tourism sector to recover and for the economy to recover. Given that | :04:29. | :04:36. | |
Sharm el-Sheikh was the last shining star of tourism in Egypt, one would | :04:37. | :04:46. | |
imagine they now have to rebuild the trust, tries to rebuild trust that | :04:47. | :04:51. | |
because it is so important to the economy, they almost metres through | :04:52. | :04:54. | |
the kitchen sink at this. Spend what it takes to rebuild the trust. The | :04:55. | :05:00. | |
Egyptian government realises that the overall healthy economy relies | :05:01. | :05:06. | |
on terrorism sector. -- tourism. They need that trust back and will | :05:07. | :05:10. | |
have massive advertising campaigns and there propaganda issues in terms | :05:11. | :05:17. | |
of opening the teams. It will take so many months for years for the | :05:18. | :05:27. | |
recovery. Sometimes consumers and holiday-makers have short memories. | :05:28. | :05:29. | |
If Sharm el-Sheikh starts offering good deals, we hear security is in | :05:30. | :05:35. | |
place, people will return. It is hugely popular for Europe. People | :05:36. | :05:45. | |
continue returning. Perhaps in a year or two will see it back to what | :05:46. | :05:52. | |
it was before the revolution before this. I think Egypt voice -- will | :05:53. | :06:03. | |
remain popular. It is not the end of the tourism sector, when the | :06:04. | :06:12. | |
economic factor is an issue and if prices cut you could see people that | :06:13. | :06:17. | |
are not too distant future. We will wait for further developments. We | :06:18. | :06:21. | |
appreciate your time and the great weekend. In other news, the main | :06:22. | :06:31. | |
cabin crew union have called for a week-long strike starting today at | :06:32. | :06:37. | |
11 after last-minute talks between staff and management over early | :06:38. | :06:43. | |
benefit and pensions broke down. Sharm el-Sheikh has taken a $140 | :06:44. | :06:47. | |
million hit from strikes this year alone. -- Lufthansa. We suggest if | :06:48. | :07:01. | |
you are flying with Lufthansa, check on the website. Two British bankers | :07:02. | :07:13. | |
have been convicted of conspiracy to commit wire and bank fraud, and | :07:14. | :07:18. | |
misreporting liable as it related to the US dollar. Both worked for the | :07:19. | :07:26. | |
Dutch bank who have been fined $1 million. Disney have reported | :07:27. | :07:36. | |
profits of $1.6 billion compared to 1.5 for the same a year ago. | :07:37. | :07:41. | |
Investors have been concerned because audiences have been | :07:42. | :07:45. | |
abandoning traditional TV that things would be worse but in fact, | :07:46. | :07:48. | |
profits from cable TV dignitaries in increase. That is surprisingly is | :07:49. | :07:55. | |
the way we view is constantly changing. But I hope you're still | :07:56. | :08:03. | |
watching this one. Let's have a look at this life. | :08:04. | :08:13. | |
I now know if you have ever had one, my wife uses a blackberry they are | :08:14. | :08:25. | |
having a dire time that they have launched their very first smartphone | :08:26. | :08:28. | |
running on the Andrew system. They have had a really tough time as more | :08:29. | :08:33. | |
and more people were moving to smartphones and using personal | :08:34. | :08:38. | |
phones at work. The market was always in fines for business people. | :08:39. | :08:47. | |
Everyone used to get repetitive strain from the sun thing. And | :08:48. | :08:54. | |
security issues with direct messages. But we are trying to make | :08:55. | :09:02. | |
a comeback indeed. Let's look at around the world and see what | :09:03. | :09:05. | |
business stories making the news. We go to Singapore. Talk about losing a | :09:06. | :09:17. | |
big customer, Toyota, on Wednesday Honda dump the airbag maker and | :09:18. | :09:20. | |
traded it something today. Toyota have joined the list of car-makers | :09:21. | :09:25. | |
say they will not be using faulty Takarta airbags. It did not shut the | :09:26. | :09:33. | |
door on Takarta but said it will use airbag inflated that use ammonium | :09:34. | :09:39. | |
nitrate. This is a chemical that was flagged an exploding night -- | :09:40. | :09:48. | |
airbags. Of course on the back of several Japanese auto car makers | :09:49. | :09:52. | |
turning away from Takarta, its shares have fallen 40% in the last | :09:53. | :09:57. | |
three days and the company said today it is slashing it full-year | :09:58. | :10:02. | |
profits forecast by 75%. Things are going from bad to worse for Takarta | :10:03. | :10:10. | |
as loses bid customers. Let's have a quick look at the market and see | :10:11. | :10:15. | |
what is going on. Those shares falling another 13%. Taking the | :10:16. | :10:23. | |
declined to 45% just this week alone because of the worsening crisis. | :10:24. | :10:31. | |
There will be plenty more on the website. Overnight in the US, the | :10:32. | :10:38. | |
SNP slipped back despite Facebook shares hitting a record high after | :10:39. | :10:43. | |
releasing strong quarterly figures. The European market here. Things are | :10:44. | :10:46. | |
moving down and the biggest one is AstraZeneca. AstraZeneca is buying Z | :10:47. | :10:56. | |
S Farmer for about $2.7 billion. They will be giving it access to a | :10:57. | :10:59. | |
blockbuster drug free daily condition called hyperkalaemia. This | :11:00. | :11:13. | |
is really bad news because the division alone accounts for half of | :11:14. | :11:16. | |
all of its sales because people are not buying luxury watches leather | :11:17. | :11:23. | |
and jewellery. Let's listen to see what is coming up in the US later | :11:24. | :11:29. | |
today. Two more reports to go until the US Federal reserve makes his | :11:30. | :11:36. | |
decision in December of whether to tee or not to raise interest rates. | :11:37. | :11:41. | |
Economist with its 180,000 jobs were added in October after two straight | :11:42. | :11:47. | |
months gains of about 139,000 jobs stop the unemployment rate is | :11:48. | :11:51. | |
expected to remain steady at 5.1%. Just shy of what the faith considers | :11:52. | :11:57. | |
full employment. The markets are likely to react to. Third-quarter | :11:58. | :12:03. | |
earnings will be released by Signe and Humana. Signe Stokes work | :12:04. | :12:08. | |
Thursday as it expected to be when it supported. After other insurers | :12:09. | :12:20. | |
face challenges in this area. I don't think we have put any money in | :12:21. | :12:25. | |
the electric meter because it is dark. Investment director from | :12:26. | :12:33. | |
Rathbone 's investment management joins us. Happy to see you. Lots to | :12:34. | :12:40. | |
talk about their let's start with the first Friday which means US jobs | :12:41. | :12:45. | |
and Harrow Times who says that was so important but apparently these on | :12:46. | :12:53. | |
Sunday are really important. We are getting closer to the final moments | :12:54. | :12:58. | |
when we put interest rates up. I know we have been here before but we | :12:59. | :13:01. | |
had that break in the summer because of the slowdown in China and the | :13:02. | :13:04. | |
fall in the Chinese stock markets and so on. Now we have adjusted to | :13:05. | :13:10. | |
that I think we realised things have not come to an end. The train is not | :13:11. | :13:18. | |
often tracks. The third has been adjusting expectations at it looks | :13:19. | :13:24. | |
as though the symbol be the greatest. You said it was a life | :13:25. | :13:32. | |
possibility for. 60% probability the rate should rise in December. She | :13:33. | :13:37. | |
has done what she can to help the markets. The data has been quite | :13:38. | :13:43. | |
patchy, sometimes quite good and sometimes quite disappointing. We | :13:44. | :13:48. | |
are getting quite mixed corporate results, generally overall the | :13:49. | :13:51. | |
results are slightly better but it is a more mixed picture than it was | :13:52. | :14:07. | |
six months ago. On the jobs, we are expecting 180 thousand new jobs to | :14:08. | :14:10. | |
be created for it over and we have two wait-and-see. We'll talk more | :14:11. | :14:14. | |
about the US in a minute that talking closer to home, you saw the | :14:15. | :14:20. | |
German numbers. We got this out first thing in the morning, they are | :14:21. | :14:24. | |
much weaker than expected. I guess it looks out the slowdown in China | :14:25. | :14:29. | |
is starting to fight for the big trade partner. Germany exports huge | :14:30. | :14:33. | |
amounts to China and Asia and clearly it is going to be affected | :14:34. | :14:37. | |
by this. Not just the automotive industry but engineering and manner | :14:38. | :14:45. | |
fracturing. The machinery for Chinese factories are German for | :14:46. | :14:50. | |
example. Yes that's it. You are going to stay around with us, you | :14:51. | :14:54. | |
might be working harder than you thought. We will talk to you very | :14:55. | :15:01. | |
shortly indeed. When will we see a rate rise. That is the question | :15:02. | :15:05. | |
dominating the agenda both in the UK and over in the US. We'll be talking | :15:06. | :15:18. | |
about that later on. That said that some of the moves. Christmas ads | :15:19. | :15:25. | |
have gone and all of the shots. From several commercial to blockbuster | :15:26. | :15:26. | |
events. Its launched this morning is thought | :15:27. | :15:33. | |
to have cost These adverts cost millions to make | :15:34. | :15:37. | |
and those involved are sworn to But they've have become | :15:38. | :15:41. | |
as much a part of Christmas And last year, | :15:42. | :15:50. | |
they pulled out all the stops. Here's a compilation of some | :15:51. | :15:54. | |
of the ads from last Christmas - including Sainsbury's moment from | :15:55. | :15:57. | |
the trenches of the First World War Part of it is about pulling on the | :15:58. | :16:13. | |
heartstrings and part of it is about the magic of Christmas. That will | :16:14. | :16:17. | |
have an effect. A massive part is being different. That is where it is | :16:18. | :16:22. | |
hard for every single advertiser. We are looking for a deep, emotional | :16:23. | :16:28. | |
truth. They will try to bring that to light. | :16:29. | :16:31. | |
The controversial Uber taxi app is launching in Edinburgh after | :16:32. | :16:33. | |
the company reported "huge demand" for the service in the city. | :16:34. | :16:36. | |
Uber said more than 65,000 people in the capital had already opened the | :16:37. | :16:39. | |
The service allows passengers to hail a taxi using a mobile phone. | :16:40. | :16:44. | |
Uber first moved into Scotland last month with | :16:45. | :16:46. | |
There are plans to expand the service to other towns and cities. | :16:47. | :17:00. | |
This story has just appeared this morning. It is about talk talk. You | :17:01. | :17:08. | |
will remember, this is a new development. It has affected 157,000 | :17:09. | :17:16. | |
customers. More details coming out from the cyber attack. More than | :17:17. | :17:20. | |
15,000 bank account numbers have been stolen. If you think you have | :17:21. | :17:27. | |
been affected by this more details on the website. Last week the police | :17:28. | :17:33. | |
released a 16-year-old boy on bail, the fourth person to be arrested in | :17:34. | :17:37. | |
connection with the hack. If you are worried about this, go to the | :17:38. | :17:41. | |
website where there is more information. | :17:42. | :17:48. | |
Egypt's tourism industry is reeling after more countries joined the UK | :17:49. | :17:54. | |
in curbing travel to the resort of Sharm el-Sheikh the crown jewel | :17:55. | :18:00. | |
governments of France, Belgium and the Netherlands warned | :18:01. | :18:08. | |
their nationals not to travel, and German airlines cancelled flights. | :18:09. | :18:12. | |
Tourism contributes some $36 billion to the country's economy, and one in | :18:13. | :18:15. | |
My landmark is voting in a historic election on Sunday. The economy is | :18:16. | :18:31. | |
slowly opening up and the banking sector is a sector that is | :18:32. | :18:36. | |
benefiting. Foreign banks are still complaining. Our Asia correspondent | :18:37. | :18:44. | |
caught up with someone from one of the country's biggest domestic | :18:45. | :18:50. | |
institutions. Diversification of the economy as being consistent. What | :18:51. | :18:55. | |
foreign investment think about most is oil and gas and war materials. I | :18:56. | :19:01. | |
think you see real estate, a sector that has grown quickly. That is a | :19:02. | :19:07. | |
reflection of the wealth. People are prepared to pay for apartment at a | :19:08. | :19:12. | |
healthy price. In that regard, the economy is quite healthy. There has | :19:13. | :19:19. | |
been a lot of criticism from foreign investors who say this country is | :19:20. | :19:23. | |
far too protected. It is very difficult for foreign banks to come | :19:24. | :19:29. | |
here. Grumbling of foreign investors is a fairly global phenomenon. I | :19:30. | :19:33. | |
would argue you see that in China and other emerging markets. My own | :19:34. | :19:38. | |
mark is no different. The Government has been quite liberal, given the | :19:39. | :19:49. | |
time frames we are talking about. -- Myanmar. There is a web of | :19:50. | :19:54. | |
regulation which is rather opaque and difficult to understand. The | :19:55. | :19:58. | |
Government is in the process of reforming all of that. Nevertheless, | :19:59. | :20:02. | |
which is really what makes a local partner import and... As far as the | :20:03. | :20:10. | |
banking sector goes, it is safe to say the issuing of nine foreign | :20:11. | :20:15. | |
banking licences is quite sufficient. For the population, nine | :20:16. | :20:28. | |
foreign banks serving populating 29 foreign banks is more than | :20:29. | :20:33. | |
efficient. I have to apologise. We have to apologise. We could not get | :20:34. | :20:42. | |
Robert Peston. It is a shame. It would have been his very last | :20:43. | :20:47. | |
business live because he is off to pastures new. I think he has packed | :20:48. | :20:51. | |
up early exploration that he has already gone. Robert, if you are | :20:52. | :20:54. | |
watching, good luck. Earlier on we were talking about | :20:55. | :21:10. | |
what is the worst job you have had. Some was teaching Iranians English | :21:11. | :21:13. | |
and he said he was laughed at the whole time because of his accent. | :21:14. | :21:22. | |
What was your funniest one? I worked at an air cargo office for a day. I | :21:23. | :21:26. | |
did a day and I thought, oh my gosh, this was in between schools | :21:27. | :21:32. | |
and all of that. The best job, the Sackville punt driver across the | :21:33. | :21:39. | |
Hawkesbury River. It was a great job. Can you believe they let him | :21:40. | :21:47. | |
drive that? The ferry master was a drunkard, Paddy. I was 15 and I | :21:48. | :21:56. | |
drove the punt. It was great. What was your worst job? Bagging up | :21:57. | :22:04. | |
compost in a garden centre. Let's talk about some of the stories in | :22:05. | :22:11. | |
the papers. Ageing Japan bets on silver yen at Vegas style casino | :22:12. | :22:18. | |
daycare. What is going on? This is all about keeping the elderly | :22:19. | :22:23. | |
entertained in Japan. Daycare centres where they can gamble. | :22:24. | :22:27. | |
Apparently it is not about money. They are using chips and not cash. | :22:28. | :22:31. | |
It is all about the incentive to win. They are gambling away all day | :22:32. | :22:37. | |
long. It is interesting reading this article. 10 million Japanese people | :22:38. | :22:43. | |
are over 80. That is a huge proportion of the population. This | :22:44. | :22:48. | |
is the reason why the Japanese government has had to work so hard | :22:49. | :22:52. | |
to get the economy going because the population is ageing. There is not a | :22:53. | :22:57. | |
great deal of immigration and that proportion of the population is | :22:58. | :23:02. | |
vast. It is a huge burden in terms of the people who are working in | :23:03. | :23:10. | |
terms of attacks. Those parents have a lot of money saved. They are the | :23:11. | :23:16. | |
number one saving nation in the world, Japan. There is a lot of | :23:17. | :23:21. | |
money to spend on gambling. I saw this one this morning. Are you | :23:22. | :23:27. | |
serious? Somewhere in Wales. I love this one. Sorry... The successful | :23:28. | :23:35. | |
applicant will be able to untangle three metres of Christmas lights in | :23:36. | :23:41. | |
three minutes. You have to have a genuine passion for Christmas in | :23:42. | :23:46. | |
order to apply for this job. But is in the job description. An amazing | :23:47. | :23:50. | |
story. They do not say how much you get paid. It is a national first. I | :23:51. | :24:01. | |
am an OCD person who tries to wrap up life in an orderly fashion. When | :24:02. | :24:07. | |
I get the map, it has not worked. You think, I put it away. 12 months | :24:08. | :24:14. | |
later, why is it tangled? What do you do? You get so frustrated, you'd | :24:15. | :24:20. | |
think, I cannot be bothered with this and go out to buy another set. | :24:21. | :24:26. | |
Our hamster chewed through the wire last year so I did not have to | :24:27. | :24:32. | |
bother. He was OK. We have one more... This is in the Wall Street | :24:33. | :24:40. | |
Journal with the Goldman Sachs story. They are struggling to keep | :24:41. | :24:44. | |
their youngsters in the shop because they are going off to silicon valley | :24:45. | :24:48. | |
and private equity houses. They have come up with sweetness to try to get | :24:49. | :24:54. | |
people to stay in the firm. The ala some of these young bankers have to | :24:55. | :25:01. | |
work are unbelievable. -- the hours. They will leave at 3am all 4am on a | :25:02. | :25:07. | |
sustained basis. The banks have had to rethink. Young people think about | :25:08. | :25:11. | |
lifestyle and quality of life. There is also competition in terms of | :25:12. | :25:15. | |
other careers. I think it is a good thing actually. 2000 analysts each | :25:16. | :25:24. | |
year. First and second year analysts earn a salary of $85,000. Excluding | :25:25. | :25:32. | |
bonus. The rewards are enormous. Personal costs are extremely high. | :25:33. | :25:36. | |
There is a reassessment going on, which is a healthy thing. In the UK, | :25:37. | :25:42. | |
it is a very similar picture, isn't it? Sign this generation of 18-35 | :25:43. | :25:50. | |
-year-olds are beginning to think differently. -- This generation. | :25:51. | :25:56. | |
They are beginning to think how they incentivised. Have a lovely weekend. | :25:57. | :26:10. | |
Plenty more on the website. Check it out. | :26:11. | :26:12. |