Browse content similar to 22/12/2015. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News, | :00:00. | :00:00. | |
with Sally Bundock and Ben Thompson. | :00:07. | :00:10. | |
Oil hovers near 11 year lows as the slump in global | :00:11. | :00:12. | |
Live from London, that's our top story | :00:13. | :00:16. | |
An end of year rally looks like a distant hope as supply | :00:17. | :00:36. | |
outstrips demand across the commodities world. | :00:37. | :00:40. | |
Space X launches and lands the Falcon-9 rocket for the first | :00:41. | :00:46. | |
for the future of the space industry. | :00:47. | :00:54. | |
And why everything isn't rosy in the flower business - | :00:55. | :01:02. | |
the florist to the stars, | :01:03. | :01:05. | |
Paul Thomas, will join us later in the programme | :01:06. | :01:07. | |
to give us the inside track on his latest creations. | :01:08. | :01:14. | |
And as one influential advisor calls on the US government to tax | :01:15. | :01:15. | |
greenhouse gas emissions from big business, | :01:16. | :01:17. | |
we want to know, what's the best incentive to go green? | :01:18. | :01:21. | |
Fines, charges, punishments or persuasion? | :01:22. | :01:24. | |
Let us know - use the hashtag, #BBCBizLive. | :01:25. | :01:37. | |
We start with the continuing pressure on commodity prices. | :01:38. | :01:45. | |
It is good news if you're having to pay for commodities, | :01:46. | :01:48. | |
but bad news if your economy or company | :01:49. | :01:50. | |
Oil is still hovering around 11 year lows. | :01:51. | :02:00. | |
In fact, it's fallen by around a third since the start of the year. | :02:01. | :02:05. | |
Oil production is running close to record highs, | :02:06. | :02:07. | |
and there's just not enough demand to mop it all up. | :02:08. | :02:14. | |
Slower growth in China - the world's second | :02:15. | :02:16. | |
is now using less copper, and that's helped to push down | :02:17. | :02:23. | |
weaker industrial production in China has helped | :02:24. | :02:33. | |
depress the price - which has fallen | :02:34. | :02:35. | |
Gold hasn't escaped either - its price is down by around 10% | :02:36. | :02:45. | |
This time, it's the strong US dollar to blame. | :02:46. | :02:49. | |
Gold is priced in dollars - so the stronger the greenback, | :02:50. | :02:57. | |
And with interest rates rising in the US, | :02:58. | :02:58. | |
investors may be drawn to investments on the other side | :02:59. | :03:02. | |
of the Atlantic, where returns are more attractive. | :03:03. | :03:04. | |
Amrita Sen, Chief Oil Analyst at Energy Aspects is with me. | :03:05. | :03:14. | |
If you look at Brent, down 42% lower than this time last year. It is hard | :03:15. | :03:25. | |
to judge who this is good and bad for all stop initially, drivers are | :03:26. | :03:28. | |
doing well out of this, of course, but less so for the oil firms | :03:29. | :03:32. | |
themselves. Their response has been to lay off staff and cut investment. | :03:33. | :03:35. | |
That is going to continue, isn't it? Pressure. We have seen oil companies | :03:36. | :03:46. | |
cut huge amount of workforce. And capital expenditure is down around | :03:47. | :03:50. | |
$110 billion this year and another 100 billion next year. If these | :03:51. | :03:55. | |
prices persist for another few months, that could go up another | :03:56. | :03:59. | |
20%. We have talked about US shale producers and whether this is just | :04:00. | :04:03. | |
the Opec members tried to put them out of business, but they | :04:04. | :04:08. | |
managed to withstand the storm better than many expected. The | :04:09. | :04:10. | |
question is how long this can go on before someone has to blink. That is | :04:11. | :04:16. | |
exactly the question. The industry of $30 oil is not sustainable, but | :04:17. | :04:20. | |
it is a survival game at the moment. The amount of assets you have seen | :04:21. | :04:27. | |
in the US, it is at record levels. Moody 's has pledged another 29 | :04:28. | :04:30. | |
companies on review for further downgrades. These are big | :04:31. | :04:35. | |
some of the biggest in the shale business in the US. They are | :04:36. | :04:38. | |
literally selling every asset possible to survive, in the hope | :04:39. | :04:45. | |
that prices will go up. So looking in your crystal ball, what are we | :04:46. | :04:53. | |
talking about in 2016? First, it will be a struggle. The warm winter | :04:54. | :04:56. | |
is not helping. It has been very warm here, and also in the US, Japan | :04:57. | :05:00. | |
and Korea. And because of the cutbacks, they should start feeding | :05:01. | :05:06. | |
through to lower production. Probably not until the fourth | :05:07. | :05:12. | |
quarter of 2016. There has also been the shale and BG merger. That is in | :05:13. | :05:18. | |
the spotlight, because it was predicated on a price of about $70 | :05:19. | :05:27. | |
per barrel. It is fed to say that prices will go back up. If anything, | :05:28. | :05:29. | |
the lower the prices stay today, the higher they will be in a couple of | :05:30. | :05:33. | |
years. The question is how long we stay in this low price environment, | :05:34. | :05:41. | |
which is adding to the jitters of a lot of investors. | :05:42. | :05:44. | |
Apple has raised concerns about the UK Government's proposals | :05:45. | :05:49. | |
The proposed law aims to overhaul rules governing the way | :05:50. | :05:52. | |
the authorities can access people's communications. | :05:53. | :05:53. | |
Apple says the bill would give police and security services access | :05:54. | :05:56. | |
to the records of every UK citizen's internet use, | :05:57. | :05:58. | |
without the need for authorisation from a judge. | :05:59. | :06:02. | |
Martin Shkreli - known to many as the man who raised the price | :06:03. | :06:06. | |
of a lifesaving HIV drug by 5,000% - has been fired as chief executive | :06:07. | :06:13. | |
It comes just days after his arrest by the FBI for securities fraud. | :06:14. | :06:17. | |
In a short statement, the company said he had also stepped | :06:18. | :06:20. | |
The mood among German consumers is improving as the year | :06:21. | :06:28. | |
Despite an increase in terrorism threat levels, the latest survey | :06:29. | :06:32. | |
of sentiment by GfK showed a slight improvement, | :06:33. | :06:37. | |
ending four months of decline. Consumers' expectations | :06:38. | :06:38. | |
for the German economy and their own levels of income have | :06:39. | :06:44. | |
both improved according to GfK, while their propensity to splash out | :06:45. | :06:47. | |
and buy goods is at an "extremely high level". | :06:48. | :07:03. | |
Music to the ears of German retailers. Speaking of Christmas, | :07:04. | :07:08. | |
how to complain is a story from BBC 5 Live this morning. If you are | :07:09. | :07:12. | |
still waiting for gifts to arrive in the post or you have had bad | :07:13. | :07:17. | |
service, the way to do it is to personalise the complaint. You | :07:18. | :07:22. | |
are a person waiting for this package, not an address or a | :07:23. | :07:24. | |
reference number. That is the advice from BBC 5 Live this morning. Let me | :07:25. | :07:31. | |
take you through some of the other stories. Fred Thompson, chief | :07:32. | :07:35. | |
executive of Chapel down English wines, spoke to us previously. He | :07:36. | :07:39. | |
has some competition on his doorstep, because the champagne | :07:40. | :07:43. | |
group have moved in. They are buying next door | :07:44. | :07:47. | |
spent 14 years being called a lunatic for growing English grapes | :07:48. | :07:51. | |
and making English wine. But apparently, the champagne lot have | :07:52. | :07:55. | |
arrived and suddenly, everything is fantastic. Though he says he was | :07:56. | :08:00. | |
their first, and therefore, it is good news, competition for sparkling | :08:01. | :08:04. | |
English wine. It will not be called champagne, though. We need to be | :08:05. | :08:10. | |
clear about that. and look at what else | :08:11. | :08:12. | |
is making business headlines. Those forest fires in | :08:13. | :08:20. | |
Indonesia are costing When this was going on, even that | :08:21. | :08:35. | |
view behind you, we could see the haze. That's right. It has been | :08:36. | :08:39. | |
particularly bad this year, so the view behind this wasn't even | :08:40. | :08:43. | |
visible. You could just see a thick, white smoke behind us. This happens | :08:44. | :08:48. | |
almost every year. This year was particularly bad, but each year, | :08:49. | :08:51. | |
farmers in Indonesia deliberately clear land, mostly on palm oil | :08:52. | :08:56. | |
plantations, and that causes this thick haze that covers most of | :08:57. | :09:00. | |
south-east Asia. More than 50 companies are being punished for | :09:01. | :09:01. | |
their role either by starting the fire is all | :09:02. | :09:07. | |
for not stopping the fires when it happens on their land. This has been | :09:08. | :09:11. | |
done by the Indonesian government, which is revoking or freezing the | :09:12. | :09:15. | |
licenses of the companies found responsible. This is significant, | :09:16. | :09:19. | |
because after all these years, it is the first time people are being held | :09:20. | :09:26. | |
to account. But they have not released the names of the firms, | :09:27. | :09:31. | |
only the general locations of the companies, so we had to do some | :09:32. | :09:33. | |
detective work. This costs billions of dollars to the Indonesian economy | :09:34. | :09:38. | |
each year and that is something they are looking to stop. A very | :09:39. | :09:46. | |
interesting development. Markets were pretty mixed today. A few | :09:47. | :09:58. | |
elements are affecting trade in Asia. | :09:59. | :10:16. | |
Toshiba shares are down today another 7%. They closed nearly 10% | :10:17. | :10:24. | |
lower on Monday. Let's look at Europe we flee before we move on. -- | :10:25. | :10:41. | |
briefly. Let's talk through what is expected in the United States. | :10:42. | :10:42. | |
Michelle Fleury is there for us. The Jordan Brand is the perennial | :10:43. | :10:58. | |
favourite, as long Strong sales of women's archive and the online | :10:59. | :11:02. | |
business will generally. Nike has set a target of boosting annual | :11:03. | :11:09. | |
revenues by more than half to $50 billion by 2020. Also on Tuesday, | :11:10. | :11:13. | |
investors will be looking out for the latest revision to US growth | :11:14. | :11:16. | |
stats. Data from the commerce department are likely to show that | :11:17. | :11:21. | |
US GDP expanded at an annual rate of 1.9% in the third quarter. | :11:22. | :11:26. | |
That is two tenths of a percent slower than was previously | :11:27. | :11:28. | |
estimated. Joining us is Mike Amey, | :11:29. | :11:29. | |
managing director and portfolio Let's start with the UK. Borrowing | :11:30. | :11:43. | |
figures are out later today. November is not a particularly good | :11:44. | :11:49. | |
month anywhere, but where are we? At the moment, we are obviously a long | :11:50. | :11:52. | |
way down from where we were a few years ago. The deficit for this year | :11:53. | :12:00. | |
is projected to be around ?75 billion, unfortunately still a very | :12:01. | :12:05. | |
large number, about 4% of our annual output. So there is still a way to | :12:06. | :12:10. | |
go. The challenge is revenues, which are coming in a bit lower than | :12:11. | :12:17. | |
expected. As we know, wage growth is pretty low, and if wage growth is | :12:18. | :12:22. | |
low, the government offers do not get replenished as quickly as we | :12:23. | :12:29. | |
hope. And with falling oil prices, I suppose VAT revenue from petrol will | :12:30. | :12:31. | |
be lower, That's right. We hope people spend | :12:32. | :12:37. | |
some of that windfall in other areas. If they do, hopefully you get | :12:38. | :12:42. | |
the money back somewhere else. But at the moment, a bit of a challenge | :12:43. | :12:45. | |
on the revenues. As the year draws to a close, today we have the | :12:46. | :12:51. | |
Chinese leadership saying they will do more to stimulate growth in China | :12:52. | :12:53. | |
which is what we want to hear. Then which is what we want to hear. Then | :12:54. | :12:57. | |
you have the interest rate situation in Europe and the US, and oil, we | :12:58. | :13:01. | |
have mentioned. Lots of moving parts. When we look forward to the | :13:02. | :13:08. | |
next 12 months, we are relatively optimistic that in aggregate, things | :13:09. | :13:12. | |
will be OK. China is probably through the worst, and if that is | :13:13. | :13:16. | |
the case, it should give us hope for 2016. But there is an interesting | :13:17. | :13:20. | |
divergence between the Federal the European Central Bank try to | :13:21. | :13:28. | |
keep pumping cash into the system. 2016 should be OK, but a lot of | :13:29. | :13:33. | |
moving parts. If you look at where we were this time last year, on the | :13:34. | :13:37. | |
one hand, a very different picture, but still always the same issues. | :13:38. | :13:41. | |
But they have moved ever so slightly. That's right. The last 12 | :13:42. | :13:49. | |
months have told us, as you have seen with the | :13:50. | :13:54. | |
numbers, consumer spending in a lot of Western countries is holding up | :13:55. | :13:56. | |
well, including here. That is what gives us cause for to miss. That has | :13:57. | :14:00. | |
been the story for this year. We have had these bouts of volatility, | :14:01. | :14:05. | |
but overall both has been OK. We will get more bumps in 2016, but we | :14:06. | :14:12. | |
think consumer spending will hold. From my point of view, I feel like I | :14:13. | :14:15. | |
have been watching central banks all over the place - Japan, the European | :14:16. | :14:22. | |
Central Bank, the Fed, the UK to a degree, and China. Six interest rate | :14:23. | :14:29. | |
cuts this year. It has been about what central banks have been doing | :14:30. | :14:32. | |
that has led the way in terms of how we are reacting. And the central | :14:33. | :14:37. | |
banks start to do different things, which affects currency markets a | :14:38. | :14:41. | |
lot. So you go volatility through currency markets. | :14:42. | :14:49. | |
renminbi voting has created some uncertainty. Everybody wants to see | :14:50. | :14:56. | |
a slightly higher inflation number, believe it or not. We have spent a | :14:57. | :15:02. | |
lot of time worrying about deflation. The focus for all central | :15:03. | :15:05. | |
banks will be a hope to see inflation numbers edged up a bit. We | :15:06. | :15:10. | |
will be back, but thanks for now, Mike. | :15:11. | :15:11. | |
- about winning the royal seal florist to the stars and to royalty | :15:12. | :15:21. | |
You're with Business Live from BBC News. | :15:22. | :15:35. | |
More people are expected to work Christmas Day this year. Research | :15:36. | :15:42. | |
suggests the number is at its highest level in three years, with | :15:43. | :15:45. | |
nurses, doctors and chefs and police officers among those who will be on | :15:46. | :15:49. | |
duty as normal. As will some of our colleagues here at the BBC. Steph | :15:50. | :16:00. | |
McGovern is at a Christmas market in York. | :16:01. | :16:06. | |
The New York Brass Band will be playing for us. But we are here to | :16:07. | :16:10. | |
talk about how important it is to the economy. Give us a tune. | :16:11. | :16:15. | |
tell you, but there is over 100 tell you, but there is over 100 | :16:16. | :16:20. | |
stalls here dotted around this city. They are selling all kinds of dimp | :16:21. | :16:23. | |
things. It is important for small business. ?250 million to the | :16:24. | :16:27. | |
economy. Here it added something like ?50 million extra to York's | :16:28. | :16:32. | |
money that they're making. We can talk to Rupert, one of the | :16:33. | :16:35. | |
for you? We sell woolly hats and for you? We sell woolly hats and | :16:36. | :16:40. | |
jackets and gloves and we're having a ball at the moment. | :16:41. | :16:50. | |
It is still mild and you'd like to see it colder... We need some frost. | :16:51. | :16:55. | |
Please, can we have some frost? There is people who would like snow | :16:56. | :17:00. | |
full-time on this business, don't full-time on this business, don't | :17:01. | :17:05. | |
business. Where are you when you're business. Where are you when you're | :17:06. | :17:08. | |
not here? We're in York Market normally four days a week. Is this a | :17:09. | :17:13. | |
big part of your business? It is a hugely important time of year for | :17:14. | :17:23. | |
us. If we didn't have them, we us. If we didn't have them, we | :17:24. | :17:29. | |
wouldn't be in business, I don't think. That was Steph McGovern | :17:30. | :17:35. | |
setting a sense of how the people feel about the festive season ahead. | :17:36. | :17:42. | |
We are talking about interest rates again when they will rise. We talked | :17:43. | :17:48. | |
the Bank of England has signalled the Bank of England has signalled | :17:49. | :17:53. | |
that a rate rise in the UK could be further away than we expect. He says | :17:54. | :17:58. | |
it is downward pressure on inflation that could push back a rate rise | :17:59. | :18:04. | |
below the record level of 0.5% which it has been at since March 2009. | :18:05. | :18:16. | |
Our top story, global commodities fail to gain ground as the year | :18:17. | :18:21. | |
draws to a close as supply outstrips demand around the world. | :18:22. | :18:28. | |
We will be following that story for you. | :18:29. | :18:34. | |
Whether it's Christmas, Valentine's Day or Mothers day, | :18:35. | :18:35. | |
there's a chance flowers will feature somewhere | :18:36. | :18:37. | |
Buying and selling flowers is big business. | :18:38. | :18:46. | |
In the UK alone the florist industry is worth ?1 billion a year - | :18:47. | :18:52. | |
But the future is not so rosy for the traditional florist, | :18:53. | :19:00. | |
its goods are perceived as a luxury when compared to what's | :19:01. | :19:02. | |
However, the industry of events and party flowers has ballooned. | :19:03. | :19:07. | |
For the rich and famous - they're actually buying more | :19:08. | :19:08. | |
and more flowers for sophisticated creations and elaborate looks. | :19:09. | :19:10. | |
He arranged the flowers for Prince Charles' wedding in 2005 | :19:11. | :19:14. | |
and the flowers for the wedding of his niece, Zara Philips. | :19:15. | :19:17. | |
He has also just completed the Christmas Transformation | :19:18. | :19:19. | |
at the Ritz Hotel in London, a job he's done for ten years. | :19:20. | :19:22. | |
Paul Thomas is the founder of Paul Thomas Flowers. | :19:23. | :19:28. | |
You have brought some. It is a shame you can't smell that we can smell. | :19:29. | :19:36. | |
They smell incredible. It smells Christmassy here today. Paul welcome | :19:37. | :19:40. | |
to the programme. Let's start with how you got into this. You have been | :19:41. | :19:45. | |
doing this 25 years or longer? Over 30 years, yes. How did you begin? | :19:46. | :19:50. | |
What was the initial impetus to start doing this, to become a | :19:51. | :19:53. | |
florist? I wanted to be a florist since I was ten years old. I saw | :19:54. | :20:01. | |
episode of Upstairs Downstairs and episode of Upstairs | :20:02. | :20:02. | |
saw the table decorated in an saw the table decorated in an | :20:03. | :20:03. | |
elaborate way and just loved it and that's, "That's what I want to do. I | :20:04. | :20:09. | |
want to create wonderful tables and transform rooms and make magic." | :20:10. | :20:12. | |
What was your path? You're a ten-year-old boy at school and you | :20:13. | :20:15. | |
want to be a florist, how do you get there? I'm fortunate. I felt very | :20:16. | :20:20. | |
clear vocation of what I wanted to do. You follow that course. I went | :20:21. | :20:27. | |
the best florist in London. I went the best florist in London. I went | :20:28. | :20:30. | |
to them for advice. They directed me to a man called Kennet Turner who | :20:31. | :20:35. | |
was transforming the flower industry, a genius. And I was so | :20:36. | :20:40. | |
fortunate to work for him for a few years and that just unlocked what | :20:41. | :20:44. | |
was within me. He is still your mentor, isn't he? He is. Even now? | :20:45. | :20:46. | |
Very much so. Zblurp telling me some Very much so. Zblurp telling me some | :20:47. | :20:52. | |
fascinating stories -- you were telling me some fascinating stories | :20:53. | :20:56. | |
when you were a young man and you had Jacqui Onassis ringing in and | :20:57. | :21:00. | |
you cut her off the phone by accident. Yes. Tell us what that was | :21:01. | :21:07. | |
like. I imagine tantrums the stars coming in and wanting something, it | :21:08. | :21:12. | |
is not what they desire, how do you manage those emotions? It was a | :21:13. | :21:20. | |
baptism of fire. I came from a nice family in Reigate and suddenly it is | :21:21. | :21:24. | |
into London and this remarkable man I worked with and it was quite | :21:25. | :21:28. | |
traumatic. But I remained focussed on what I was doing and I think we | :21:29. | :21:32. | |
all shared the love of flowers together and I think that's what | :21:33. | :21:36. | |
gets you through it and you just continue on that path really. How do | :21:37. | :21:41. | |
you divide your time? What you love doing is clearly the creative part | :21:42. | :21:44. | |
you have got to make money, it is a you have got to make money, it is a | :21:45. | :21:49. | |
business? So you're going to have to business? So you're going to have to | :21:50. | :21:49. | |
spend your time on the accounting and the admin and the hiring and the | :21:50. | :21:54. | |
firing and all the boring stuff, but you'd rather spend your time on the | :21:55. | :21:59. | |
creative stuff. How do you divide your time? These days it is too much | :22:00. | :22:03. | |
on the administration side of things and meetings and I never when I | :22:04. | :22:05. | |
started thought I'd ever spend time started thought I'd ever spend time | :22:06. | :22:11. | |
at a computer, you know, now you at a computer, you know, now you | :22:12. | :22:12. | |
spend so much time doing your buying lists and ordering and designing and | :22:13. | :22:15. | |
of course, just generally running a business. I'm fortunate, I have an | :22:16. | :22:21. | |
amazing team that support me a great deal which does give me the | :22:22. | :22:25. | |
it is very, very important to me to it is very, very important to me to | :22:26. | :22:32. | |
be present and take part and be part of it. That's why I got into the | :22:33. | :22:37. | |
industry and I don't want to stop making things, you know, and it | :22:38. | :22:44. | |
lucky. You are Paul Thomas, thank lucky. You are Paul Thomas, thank | :22:45. | :22:51. | |
you very much for coming in and your florist is in Mayfair. | :22:52. | :23:05. | |
New ideas being launched in the New Year. | :23:06. | :23:10. | |
You can leave those because they smell amazing! | :23:11. | :23:11. | |
No problem. The American firm, Space X, | :23:12. | :23:15. | |
has successfully landed a Falcon-Nine booster rocket back | :23:16. | :23:21. | |
in an upright position at Cape Canaveral | :23:22. | :23:26. | |
after it successfully The firm which was founded | :23:27. | :23:27. | |
by Elon Musk has a $1.6 billion contract with NASA to send supplies | :23:28. | :23:31. | |
to the International Space Station. It's a major step forward | :23:32. | :23:34. | |
in the company's effort to develop reusable rockets and reduce the cost | :23:35. | :23:37. | |
of private space operations. A huge breakthrough for them as you | :23:38. | :23:42. | |
say and this is the company, Space X. It was founded in 2002. Space X | :23:43. | :23:52. | |
is based in California. According to is based in California. | :23:53. | :23:57. | |
their website they employ over 3,000 their website they employ over 3,000 | :23:58. | :23:59. | |
people. What they did was with this unmanned rocket, launch it from | :24:00. | :24:03. | |
Florida. When it got to 200 kilometres up, the booster part then | :24:04. | :24:07. | |
took 11 satellites up into orbit into space and the tall white bit of | :24:08. | :24:12. | |
the rocket, which they call the first stage, then came back safely | :24:13. | :24:16. | |
down-to-earthment they landed it on a giant X, in Cape Canaveral, ten | :24:17. | :24:23. | |
minutes after it had taken off. They minutes after it had taken off. | :24:24. | :24:23. | |
have tried three similar missions have tried three similar missions | :24:24. | :24:25. | |
before, in those ones they tried to land it on a platform in the ocean | :24:26. | :24:29. | |
and they failed. This time, it was the first time they aimed for dry | :24:30. | :24:35. | |
land and it worked. They have got ?1.6 billion contract with Nasa to | :24:36. | :24:38. | |
take supplies up to the International Space Station and just | :24:39. | :24:43. | |
six months ago they had a failed mission which destroyed millions of | :24:44. | :24:47. | |
dollars worth of cargo so there was a lot riding on this one. | :24:48. | :24:49. | |
That was Ben Bland. Mike Amey is joining | :24:50. | :24:55. | |
us again to discuss. How to get investors to save the | :24:56. | :25:04. | |
planet? We have seen the discussions in Paris theically mate change | :25:05. | :25:10. | |
talks. One way is to tax companies. It seems controversial? There is a | :25:11. | :25:15. | |
controversy in there and the point of the commentary which is fair is | :25:16. | :25:20. | |
there is much more uncertainty with green energy and the price you | :25:21. | :25:23. | |
receive for it. There is two-ways you can approach that, you can | :25:24. | :25:33. | |
the green output or you can tax the the green output or you can tax the | :25:34. | :25:34. | |
so-called cheaper, but more polluting route in the meantime. | :25:35. | :25:37. | |
This is one route. It is one of the more controversial ways of doing it, | :25:38. | :25:40. | |
but we are going to have to do something along those lines. It is | :25:41. | :25:49. | |
the carrot and the stick argument. It is persuasion or penalty. | :25:50. | :25:54. | |
There will be more business news throughout the day on the BBC Live | :25:55. | :25:59. | |
webpage and on World Business Report. | :26:00. | :26:01. |