Browse content similar to 16/12/2015. Check below for episodes and series from the same categories and more!
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This is Business Live from the BBC with Sally Bundock and Ben Thompson. | :00:00. | :00:07. | |
Today's the day America's Central Bank prepares to raise | :00:08. | :00:13. | |
But what does this mean businesses, consumers and the global economy? | :00:14. | :00:17. | |
Live from London, that's our top story today, | :00:18. | :00:20. | |
You have to go back to 2006 for the last time | :00:21. | :00:42. | |
Some stockbrokers had to provide training to younger members of | :00:43. | :00:57. | |
staff. Also in the programme, | :00:58. | :01:02. | |
from Handbags to Haute couture, Prada has enjoyed huge success | :01:03. | :01:04. | |
in recent years as the appetite A strong day in Asia followed | :01:05. | :01:18. | |
through to Europe. We will keep you across every twist and turn as we | :01:19. | :01:23. | |
ready for that decision in Washington. | :01:24. | :01:27. | |
What does a slump in commodity prices mean for the firms that | :01:28. | :01:30. | |
extract and sell oil, gas and metals. I sat down with the Chairman | :01:31. | :01:35. | |
of one company to get the inside track of a company that began | :01:36. | :01:41. | |
trading scrap metal, but took him to the top of a multibillion giant. | :01:42. | :01:51. | |
Today, we want to know what's the best invention of the last decade or | :01:52. | :01:59. | |
the most significant change? Use the hashtag BBC Biz Live. | :02:00. | :02:04. | |
So this is it, nearly every financial expert out there is saying | :02:05. | :02:15. | |
We are talking about a rise in interest rates | :02:16. | :02:22. | |
Since December of 2008 the cost of borrowing there has been held | :02:23. | :02:37. | |
But Federal Reserve chief Janet Yellen has strongly hinted | :02:38. | :02:41. | |
that now is the time to make the change. | :02:42. | :02:47. | |
As you can see, you have to go all the way back to June 2006 | :02:48. | :02:51. | |
to find the last time the Fed raised its key interest rate. | :02:52. | :02:53. | |
Well, the cost of borrowing was originally lowered | :02:54. | :02:56. | |
during the financial crisis to support banks | :02:57. | :02:58. | |
By making borrowing cheaper it helps to encourage | :02:59. | :03:01. | |
However, as an economy picks up so can inflation, | :03:02. | :03:04. | |
and with the recovery in the US now looking firmer interest rates | :03:05. | :03:07. | |
are likely to go up by a little today with further gradual increases | :03:08. | :03:10. | |
Our business editor Kamal Ahmed is with me. | :03:11. | :03:19. | |
Kamal, I don't know what's been hyped more, the new Star Wars film | :03:20. | :03:26. | |
or the interest rates decision that we expect today. Talk us through the | :03:27. | :03:30. | |
significance of this? This really is historic moment. Not since the | :03:31. | :03:36. | |
financial crisis has any major Central Bank raised interest rates | :03:37. | :03:41. | |
and certainly not in America. It is important because it really is a | :03:42. | :03:45. | |
signal of economic strength and confidence in America that if Janet | :03:46. | :03:51. | |
Yellen does raise interest rates this evening that the American | :03:52. | :03:55. | |
economy is performing well and therefore, is able to have a more | :03:56. | :03:59. | |
normal monetary policy. We have been in the monetary policy experiment | :04:00. | :04:04. | |
basically since the financial crisis and also it will have huge effects | :04:05. | :04:07. | |
on the global economy. So what will it mean for emerging markets? Their | :04:08. | :04:12. | |
debts denominated in dollars will become more expensive. What will it | :04:13. | :04:15. | |
mean for economies of Brazil and Turkey? What does it mean for | :04:16. | :04:19. | |
currencies? It will lead to a strengthening of the dollar, but | :04:20. | :04:23. | |
possibly a weakening of other global currencies, the yen, the euro in | :04:24. | :04:28. | |
particular and what does it mean for the big flows of capital around the | :04:29. | :04:32. | |
world? Big global investors are looking for return on the capital | :04:33. | :04:36. | |
they invest and America suddenly becomes more attractive. It is a | :04:37. | :04:41. | |
higher interest rate economy. Money could start flowing into America and | :04:42. | :04:45. | |
away from Japan and like Europe and like emerging markets. The economic | :04:46. | :04:49. | |
picture is very different since the Fed last met and I think it is fair | :04:50. | :04:52. | |
to say they have talked themselves into a corner whereby all the | :04:53. | :04:56. | |
expectation is that today is the day that they will do it even though the | :04:57. | :04:59. | |
economic picture is very different. I suppose it strikes me that they | :05:00. | :05:03. | |
will be about managing the fall-out and managing the expectation | :05:04. | :05:12. | |
expectation as a result of this? Today's increase will only be a | :05:13. | :05:15. | |
small increase if it is the increase that we all expect and Janet Yellen | :05:16. | :05:20. | |
will be keen to say this is what is described as a dovish hike. When the | :05:21. | :05:25. | |
federal verve starts tightening monetary policy, it is done so | :05:26. | :05:30. | |
aggressively. Interest rate rises follow interest rate rise at every | :05:31. | :05:34. | |
single meeting. This time, I think, that is less likely. I think she | :05:35. | :05:37. | |
will be signalling, if she does agree to a rate rise, that the rate | :05:38. | :05:45. | |
rises will be slow and will not hit the prefinancial crisis levels of | :05:46. | :05:47. | |
interest rates what we were used to. The new normal is a far lower | :05:48. | :05:52. | |
interest rate environment in general. If she does raise rates, | :05:53. | :05:56. | |
she will be in reassurance mode about how quickly those rates will | :05:57. | :05:59. | |
rise in the future. And what do you think about the | :06:00. | :06:04. | |
timing Kamal? Many say this should have happened months ago. They | :06:05. | :06:09. | |
should have got on with it and we could get used to, markets and | :06:10. | :06:14. | |
economies some, but some are saying that today shouldn't be the day, it | :06:15. | :06:21. | |
should be next year? We are here in September thinking the Federal | :06:22. | :06:25. | |
Reserve would raise rates and they didn't and that was because there | :06:26. | :06:28. | |
were concerns about China and the China slow down. The market feeling | :06:29. | :06:33. | |
is she should get on with it now the signals have been so strong, that if | :06:34. | :06:38. | |
she doesn't again, central banks have to communicate clearly what it | :06:39. | :06:43. | |
is they want to do to maintain market stability and if she doesn't | :06:44. | :06:46. | |
again and leaves it until the New Year, that's seen as more damaging | :06:47. | :06:52. | |
than a small rate rise now. We are only talking about 0.25%. It is | :06:53. | :06:57. | |
significant more almost for the political and economic message it | :06:58. | :07:00. | |
sends rather than the actual effect of a small rate rise. | :07:01. | :07:09. | |
Kamal, thank you. The Australian and British | :07:10. | :07:13. | |
arms of the pizza giant, Dominos, are joining forces to buy | :07:14. | :07:16. | |
a rival chain in Germany. The $49 million deal to acquire | :07:17. | :07:20. | |
Joeys Pizza will create Germany's The deal will give Domino's more | :07:21. | :07:22. | |
clout in the German market where it's struggled | :07:23. | :07:27. | |
as a small operator. Forrest fires and haze pollution | :07:28. | :07:30. | |
in Indonesia have cost the country That's more than twice the amount | :07:31. | :07:33. | |
spent on reconstruction efforts after the 2004 Aceh tsunami, | :07:34. | :07:40. | |
according to the World Bank's The bank says the cost of the fires | :07:41. | :07:43. | |
this year amounted to 1.9% of Indonesia's gross | :07:44. | :07:47. | |
domestic product. Rolls-Royce will revamp | :07:48. | :07:49. | |
its management structure and recruit a chief operating officer in a bid | :07:50. | :07:54. | |
to revive the ailing company. Tony Wood, the head of aerospace, | :07:55. | :07:56. | |
will depart, and Lawrie Haynes, who runs the land and sea division, | :07:57. | :07:59. | |
will step down next year. The changes, reported | :08:00. | :08:02. | |
by the Financial Times, are expected to be | :08:03. | :08:04. | |
announced on Wednesday. Removing the top layer | :08:05. | :08:09. | |
of management is a bid Let's check-in with the Business | :08:10. | :08:26. | |
Live page. It is dominated by the Fed potential rate decision that we | :08:27. | :08:28. | |
may get later today. They are pointing out on the live page, a Fed | :08:29. | :08:36. | |
rise nothing to get too excited about. We are talking a rate rise of | :08:37. | :08:42. | |
25 basis points. 0.25%. The suggestion here that's not | :08:43. | :08:45. | |
interesting until rates start rising to 1% or 1.5% and in context | :08:46. | :08:49. | |
remember the Bank of England interest rate is only 0.5% and no | :08:50. | :08:53. | |
one has been calling for rates to be cut. I want to take you to a story, | :08:54. | :08:57. | |
the Bank of England has been assessing what would happen if | :08:58. | :09:01. | |
interest rates in the UK were to rise and what it would mean for | :09:02. | :09:05. | |
households and borrowers. Well, they have said if they were borrowing | :09:06. | :09:10. | |
money, 55% would cut the amount of money they spent as a result of a | :09:11. | :09:13. | |
rate hike. Savers said half of them would do nothing because interest | :09:14. | :09:17. | |
rates for savers have been so low for so long, not very excited by a | :09:18. | :09:22. | |
potential offering of 2%. Quite a few viewers have been | :09:23. | :09:26. | |
getting in touch, talking about the fact that interest rates going up is | :09:27. | :09:29. | |
great for savers who have been, you know, languishing with low rates for | :09:30. | :09:34. | |
many, many years. Let's mention the story we touched | :09:35. | :09:43. | |
on earlier. Prada, disastrous numbers coming from the company. | :09:44. | :09:46. | |
What's going wrong for Prada? The slowing growth in China, that's | :09:47. | :09:57. | |
having an impact and not just on Prada, but other luxury brands as | :09:58. | :10:02. | |
well. For Prada profits and the most recent quarter falling by almost 40% | :10:03. | :10:11. | |
and not just a slowdown in growth, but a crackdown on spending and | :10:12. | :10:14. | |
lavish spending by officials, all a That is taking its toll and it is | :10:15. | :10:19. | |
sending its shares down to a record low level, down 6.5% today or down | :10:20. | :10:27. | |
nearly 40% from its IPO price. Also a strong Hong Kong dollar is having | :10:28. | :10:32. | |
an impact as well because Hong Kong has traditionally been the | :10:33. | :10:34. | |
destination for mainland shoppers to go and spend their money, but a | :10:35. | :10:40. | |
strong Hong Kong dollar made Hong Kong a very expensive destination. | :10:41. | :10:45. | |
Thank you. Not a good day for Prada on the | :10:46. | :10:49. | |
financial markets, but the markets across Asia had a bumper session. It | :10:50. | :10:53. | |
follows a similar situation on Wall Street the night before. Japan | :10:54. | :10:59. | |
closing up 2.5% today. Hong Kong up 2% and this is being felt to a | :11:00. | :11:04. | |
degree in Europe. Not such strong gains for share markets in Europe | :11:05. | :11:07. | |
today. Most of the markets in Europe closed up over 3% yesterday. So most | :11:08. | :11:13. | |
of that gains was done on Tuesday. Today, though, the FTSE got its head | :11:14. | :11:18. | |
above water. All markets trading very ten tatively ahead of that | :11:19. | :11:23. | |
decision in the US just to say oil is still at multiyear lows and the | :11:24. | :11:27. | |
dollar weakening a bit today too. Ben back to you. | :11:28. | :11:30. | |
Joining us is Richard Dunbar from Aberdeen Asset Management. | :11:31. | :11:34. | |
Richard welcome. Let's talk Fed, but in a bit of context because all eyes | :11:35. | :11:39. | |
are clearly on America's Central Bank about what it will do today. | :11:40. | :11:43. | |
The numbers will be in a holding pattern until we get some news, but | :11:44. | :11:46. | |
it is interesting if you contrast it with what the European Central Bank | :11:47. | :11:50. | |
did last week and it is a very different response to what are | :11:51. | :11:59. | |
different economic climates. The European Central Bank were expected | :12:00. | :12:05. | |
to cut interest rates and they didn't do that. Contrast that with | :12:06. | :12:15. | |
the United States where Janet Yellen is likely to outline a view of a | :12:16. | :12:19. | |
strong US economy and a more Sangin view of what is going on in the rest | :12:20. | :12:23. | |
of the world which might be supported from what we saw from the | :12:24. | :12:28. | |
ECB and what we saw in Asia and in other parts of the world. What do | :12:29. | :12:34. | |
you think is going to happen tomorrow when we get the rate rise? | :12:35. | :12:40. | |
It is priced in. We have known about this and prepared for it for a long | :12:41. | :12:44. | |
time, but we're coming into the Christmas silly season as well, it | :12:45. | :12:47. | |
is slow and markets in the western world are slowing down and heading | :12:48. | :12:53. | |
to a long holiday break? If Janet Yellen raises rates tonight, that's | :12:54. | :12:56. | |
what everyone in the market expects. So the surprise would be if she does | :12:57. | :12:59. | |
anything different or if there is anything in the statement that | :13:00. | :13:02. | |
surprises markets either about the size of the rise or indeed, the | :13:03. | :13:08. | |
trajectory of rate increases. That would be the major surprise the we | :13:09. | :13:13. | |
are looking what her view is what's going on in the rest of the world | :13:14. | :13:17. | |
and that may inform investors as to how the path over the next few weeks | :13:18. | :13:22. | |
and months may go. One we will watch closely, Richard, thank you very | :13:23. | :13:25. | |
much. At any other time, you might think the economic data would | :13:26. | :13:30. | |
suggest a rate rise. But they have almost backed themselves into a | :13:31. | :13:33. | |
corner where they have to do it now. in commodity prices is taking its | :13:34. | :13:39. | |
toll on the world's mining giants. The boss of Vedanta told me how he's | :13:40. | :13:41. | |
weathering the storm, and why his first job, | :13:42. | :13:44. | |
selling scrap metal, If you're hoping to get your cards | :13:45. | :13:46. | |
and presents delivered before Christmas, you're fast | :13:47. | :14:01. | |
running out of time. Royal Mail staff are trying to make | :14:02. | :14:04. | |
sure millions of letters and parcels get to their destination | :14:05. | :14:07. | |
before the big day. Steph is at a sorting office | :14:08. | :14:09. | |
in Sutton Coldfield. Steph, we're sending fewer | :14:10. | :14:13. | |
and fewer cards every year, but it's online shopping | :14:14. | :14:15. | |
and all the parcels that Good morning everyone. Yes, it is. | :14:16. | :14:30. | |
We are not seeing as many letters, but it is a very big day for Royal | :14:31. | :14:35. | |
Mail. The busiest for them. In this sorting office they are expecting to | :14:36. | :14:40. | |
be delivering 160,000 letters and that's 60 more than your typical | :14:41. | :14:43. | |
Wednesday, but as you said Ben, it is about parcels because there has | :14:44. | :14:46. | |
been a decline in the number of letters that are being sent, but an | :14:47. | :14:49. | |
increase in the parcels and this area around me was really busy | :14:50. | :14:55. | |
earlier on with the posties getting ready to get the parcels out and ten | :14:56. | :14:59. | |
million parcels will be delivered today alone. We can grab a word with | :15:00. | :15:04. | |
the posties. Lynn, tell me about how it is going this time of year for | :15:05. | :15:13. | |
you. It's so busy, so stressful but we try and work as a team and help | :15:14. | :15:18. | |
each other out for you. You have been in this business for over 40 | :15:19. | :15:24. | |
years, have you seen a change? Letters have gone down a lot, there | :15:25. | :15:31. | |
are small packets now, but definitely, postcards, Christmas | :15:32. | :15:34. | |
cards have really gone downhill. It's about the big parcels you have | :15:35. | :15:38. | |
to deliver, I'm going to let you get on with it and I'm holding you back, | :15:39. | :15:42. | |
I have been a pain, getting in everyone's way! This operation is | :15:43. | :15:49. | |
all about hand sorting and automation and there are machines | :15:50. | :15:53. | |
over the other side, they will also be sorting things because automation | :15:54. | :15:57. | |
is a key part of this, something that Royal Mail are trying to do to | :15:58. | :16:01. | |
increase the efficiency and bring down the costs of the business. If | :16:02. | :16:06. | |
you have any post to send, get it in soon! Always good to be reminded! I | :16:07. | :16:14. | |
have a tonne of cards in my bag, I'm feeling good about that. And if it | :16:15. | :16:21. | |
doesn't arrive on time, you know you can blame Steph! I just want to show | :16:22. | :16:23. | |
you this on the website, an interview with Mark Carney, whether | :16:24. | :16:28. | |
landlords will sell if prices fall. You're watching Business | :16:29. | :16:33. | |
Live - our top story: Of course, the big day, the Fed | :16:34. | :16:44. | |
reserve in the US is expected to raise interest rates, we are right | :16:45. | :16:48. | |
across it for you throughout the day, online, on radio and the telly! | :16:49. | :16:56. | |
This could be big news around the world for commodities, stock markets | :16:57. | :16:59. | |
and for the value of the dollar and sterling and other currencies. | :17:00. | :17:02. | |
It's been a volatile week, to say the least, | :17:03. | :17:04. | |
Oil dipped below $37 a barrel and other energy | :17:05. | :17:07. | |
And we've already seen the impact that's having on firms like Shell | :17:08. | :17:13. | |
and Exxon - they, along with rivals, have cut spending, investment | :17:14. | :17:16. | |
But what about miners and metals firms? | :17:17. | :17:23. | |
As well as oil, Iron and aluminium have taken a battering | :17:24. | :17:26. | |
on the markets in recent months due to oversupply and slowing | :17:27. | :17:28. | |
One company that has seen its share prices tumble as a consequence | :17:29. | :17:34. | |
is the London listed, but Indian owned, Vedanta Resource. | :17:35. | :17:37. | |
The firm was founded in 1976 by current chairman Anil Agarwal, | :17:38. | :17:41. | |
who still owns over 60% of the company. | :17:42. | :17:52. | |
after leaving school at just 15 to trade scrap metal, | :17:53. | :18:00. | |
he has risen to become India's 24th richest person with a fortune | :18:01. | :18:04. | |
Well a little earlier I caught up with Mr Agrawal, | :18:05. | :18:09. | |
and asked him about how he manages a business that has to cope | :18:10. | :18:12. | |
with highly volatile raw material prices. | :18:13. | :18:16. | |
The whole world is in slump but India is growing, double digit, so | :18:17. | :18:27. | |
it is an exciting time. Of course, the prices have come down, so we | :18:28. | :18:34. | |
have to tighten our belts but going forward, being in a geographical | :18:35. | :18:39. | |
location that India helps us. You've talked about being more efficient in | :18:40. | :18:45. | |
the day-to-day operation, has that manifest itself on the ground, what | :18:46. | :18:48. | |
are you telling your teams on the ground? You have a budget to spend | :18:49. | :18:55. | |
on your holiday copies of the work at everything in that so today you | :18:56. | :18:59. | |
have a commodity price which is this and within that, you have to work | :19:00. | :19:04. | |
out everything, this is the money we have, this is the cost we can | :19:05. | :19:14. | |
afford, our cost has been reduced, our teams are working better. The | :19:15. | :19:19. | |
other part, we have been spending a couple of billion dollars every year | :19:20. | :19:24. | |
to build the plant and expand it. The share prices down from ?30 a | :19:25. | :19:29. | |
share in 2010 two maybe ?6 today. What do you shareholders tell you, | :19:30. | :19:37. | |
what is your responsibility towards you see such a significant fall? It | :19:38. | :19:44. | |
has gone to almost ten times, people have made a lot of money, we have | :19:45. | :19:50. | |
given them, what I have raised, more than three times back to them, so I | :19:51. | :19:58. | |
did what I'm supposed to do. Does it worry you when you see a share price | :19:59. | :20:01. | |
fall like that. Other business leaders have said it doesn't reflect | :20:02. | :20:06. | |
the reality on the ground but equally you say it is the perception | :20:07. | :20:09. | |
of the shareholders, that they want to invest or they don't, are you | :20:10. | :20:14. | |
worried by such a significant fall? I don't worry because among my | :20:15. | :20:23. | |
peers, I do better so that confidence is there, and the | :20:24. | :20:30. | |
geographical location. Today, I am focused on my company and innovation | :20:31. | :20:37. | |
and technology, I am working on exploration with the best technology | :20:38. | :20:43. | |
in the world. What concessions do you have with local people if you | :20:44. | :20:46. | |
want to open a plant in an area and they have environmental concerns? | :20:47. | :20:51. | |
What do you tell them? To be transparent. There are so much of | :20:52. | :20:59. | |
pro at this point in time, in India, we have almost 3000, they just want | :21:00. | :21:10. | |
to start a factory. We have a high standard of environment, we have to | :21:11. | :21:19. | |
make sure we follow that. The two things mutually exclusive, | :21:20. | :21:21. | |
Environmental Protection Agency economic growth? Can you have the | :21:22. | :21:27. | |
same things? Absolutely, today's technology is amazing. 50 years | :21:28. | :21:32. | |
back, things were different, it just requires discipline. And without | :21:33. | :21:38. | |
industry, you can't progress. So once you balance that, there are | :21:39. | :21:48. | |
norms. 102 to 105. Within those norms, you have to make sure you | :21:49. | :21:54. | |
stand by. You have made a lot of decisions in your long career, was | :21:55. | :21:56. | |
there any point you wanted to give up? As a human being, these things | :21:57. | :22:04. | |
come, but I have my father, who is a very strong... You can go to him, | :22:05. | :22:12. | |
put your head on his shoulder, he says, you can do it. Try one | :22:13. | :22:21. | |
wartime. -- try one more time. Get your work done, Pat your people on | :22:22. | :22:27. | |
the back. And this kind of word helps and you start again. Speaking | :22:28. | :22:35. | |
to me about the indications of falling commodity prices. | :22:36. | :22:43. | |
One of the consequences as well is investment coming out of those | :22:44. | :22:51. | |
Middle Eastern, oil-rich nations, not so oil-rich anymore, in terms of | :22:52. | :22:54. | |
property in places like London, that's going down. There are lots of | :22:55. | :23:00. | |
wealthy individuals and sovereign wealth funds, read oil and | :23:01. | :23:04. | |
resources, with prices having more than halved over the last couple of | :23:05. | :23:12. | |
years, that source of investment, is much less than it was, we are seeing | :23:13. | :23:16. | |
that in fairly significant amount of the moment. Perhaps it will come | :23:17. | :23:23. | |
from other sources, beneficiaries of lower oil prices and other metals | :23:24. | :23:28. | |
prices may be the ones that step up to the plate. We tend to think it is | :23:29. | :23:33. | |
just high end property but we should remember that has huge repercussions | :23:34. | :23:38. | |
all the way down the chain, if the top end of the market is suffering, | :23:39. | :23:40. | |
that has invitations for everybody in the middle, falling oil price has | :23:41. | :23:46. | |
huge imprecations in areas you wouldn't expect. We are seeing that | :23:47. | :23:51. | |
in London, the top end of the market is weakening and that is having | :23:52. | :23:55. | |
ripple effects further down. There are worries at the bottom end of the | :23:56. | :23:59. | |
market. Mark Carney is talking about the buy to let market, there are | :24:00. | :24:06. | |
worries in that end. Starbucks is in a lot of the press today, it | :24:07. | :24:10. | |
released its results is today and in that news, there was the information | :24:11. | :24:16. | |
about the tax paid. UK corporation tax of ?8.1 million. That's nearly | :24:17. | :24:24. | |
matches total contributions paid over the past 14 years, a long time | :24:25. | :24:30. | |
coming. We continue to focus on the tax that multinational companies are | :24:31. | :24:35. | |
either paid or in many cases not paying, I suspect that focus will | :24:36. | :24:38. | |
continue but in this case, Starbucks sales are down on the year, profits | :24:39. | :24:48. | |
are up, around 30 million. I suspect they are up to two accounting | :24:49. | :24:52. | |
changes, they made 30 million profit rather than 8 million survey are | :24:53. | :24:57. | |
paying a higher rate of tax than the standard corporation tax, but I | :24:58. | :25:01. | |
expect the executives will be more concerned about the falling top one | :25:02. | :25:05. | |
and the prospects for the profit line and we should be concerned | :25:06. | :25:08. | |
about the profits for the tax line as recipients of that tax. I just | :25:09. | :25:14. | |
wondered if the negative press surrounding them with regards to | :25:15. | :25:17. | |
this issue has affected sales, because some believe it has, people | :25:18. | :25:20. | |
have chosen to get their copy somewhere else. It's hard to say but | :25:21. | :25:24. | |
anecdotally there are many consumers who if they have a choice and there | :25:25. | :25:29. | |
is plenty of choice as to where one takes 1's cup of coffee, some will | :25:30. | :25:35. | |
choose other venues. It is hard to determine at what the tax they are | :25:36. | :25:38. | |
played on what profit, the company are appearing the pay a fair tax but | :25:39. | :25:42. | |
we have no clue whether the profits on which the paid is fairly stated. | :25:43. | :25:48. | |
Accounting is art as well as science so the bigger is open to debate. | :25:49. | :25:55. | |
Great to have you on the show. We will see you soon. | :25:56. | :26:09. | |
The warm coats, scarf and gloves can stay in the cupboard today, a very | :26:10. | :26:13. | |
mild day | :26:14. | :26:14. |