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This is Business Live from BBC News with Victoria Fritz | :00:00. | :00:08. | |
India's finance minister makes some very ambitious promises, | :00:09. | :00:15. | |
but will it boost the Indian economy | :00:16. | :00:17. | |
that's our top story on Monday 29th February. | :00:18. | :00:38. | |
It was a populist budget to boost farmers - | :00:39. | :00:40. | |
but what was in there for businesses? | :00:41. | :00:44. | |
It's a strategy shift that could boost India's ruling party | :00:45. | :00:47. | |
in coming state elections, but will it disappoint investors? | :00:48. | :00:49. | |
Also in the programme: Millions of workers in China are set | :00:50. | :00:51. | |
to lose their jobs - a high price to pay | :00:52. | :00:54. | |
Also we'll bring you all the very latest from the markets, | :00:55. | :01:01. | |
Plus, would you put your money in a bank with no branches, | :01:02. | :01:07. | |
Well, the latest breed of challenger banks, | :01:08. | :01:11. | |
as they're known, promise to disrupt the world | :01:12. | :01:20. | |
We ask the boss of one new app bank just how. | :01:21. | :01:23. | |
And do tell us what you think about the stories we're covering today. | :01:24. | :01:26. | |
To join in the debate, just use the hashtag BBCBizLive. | :01:27. | :01:35. | |
India is enjoying its economic status. | :01:36. | :01:38. | |
It's overtaking China to become the world's | :01:39. | :01:39. | |
This morning, the finance minister, Arun Jaitley, | :01:40. | :01:44. | |
It's a populist plan to boost farming aid | :01:45. | :01:59. | |
But 2016 is a year of reckoning, let's take a look why. | :02:00. | :02:04. | |
Mr Jaitley says his economy would grow by 7.6 percent | :02:05. | :02:07. | |
The IMF predicts growth of 7.5% for 2016 to 2017. | :02:08. | :02:10. | |
But some economists doubt India will achieve that. | :02:11. | :02:12. | |
And to hit growth targets, Mr Jaitley may have | :02:13. | :02:14. | |
deficit to 3.5% of GDP in the coming financial year. | :02:15. | :02:26. | |
The government has struggled to get reforms on tax, | :02:27. | :02:28. | |
labour and land acquisition past the opposition - | :02:29. | :02:31. | |
all vital to make India more prosperous. | :02:32. | :02:33. | |
more to create jobs for the 1 million young Indians who join | :02:34. | :02:38. | |
Victoria was outlining some of the ambitious plans of this current | :02:39. | :03:01. | |
government. Tell us more about what was in the budget? The government | :03:02. | :03:09. | |
recognises that the rural economy has been under stress for two years | :03:10. | :03:12. | |
because there has been less than sufficient rainfall during the | :03:13. | :03:15. | |
monsoon season, and that is something they have tried to fix in | :03:16. | :03:20. | |
this budget. One of their aims is to double farm incomes by 2020. They | :03:21. | :03:25. | |
have also talked about spending more on infrastructure and bailing out | :03:26. | :03:31. | |
state-owned banks. I have with me the leader of direct access BMR | :03:32. | :03:33. | |
advisers. What did you think of the budget? I think it was a sensible | :03:34. | :03:38. | |
budget. The finance minister reassured us on the macroeconomic | :03:39. | :03:42. | |
stability for India and made sure we are spending right and earning | :03:43. | :03:47. | |
right. But was there enough in that for business? The government | :03:48. | :03:50. | |
promised to ease businesses in India. I think he made a good | :03:51. | :03:54. | |
commitment. He talked about the bankruptcy code being brought in. He | :03:55. | :03:58. | |
talked about the first cuts which are taking place taxes. And | :03:59. | :04:06. | |
importantly, he is trying to bury the ghost of Vodafone and other | :04:07. | :04:09. | |
indirect transfers that has been troubling India since the | :04:10. | :04:13. | |
retrospective tax came in. So he is putting a framework out there to | :04:14. | :04:16. | |
have reconciliation and closure to that issue. In India, it is a lot | :04:17. | :04:24. | |
about making promises, but are they being delivered? Do you think there | :04:25. | :04:27. | |
is enough in that budget to keep the economy growing at more than 7% in | :04:28. | :04:31. | |
the next year? If you look at how much he is planning to spend on | :04:32. | :04:38. | |
roads, railways and airports, he is also talking about recapitalisation | :04:39. | :04:42. | |
of the banks, which is important. I think it is a sensible package, | :04:43. | :04:47. | |
which should keep us on a growth trajectory. They have talked a lot | :04:48. | :04:52. | |
about spending money on the infrastructure and trying to help | :04:53. | :04:55. | |
start-ups by giving them tax incentives. That is a lot of | :04:56. | :04:59. | |
spending. Did you hear enough about how they will make money? On the | :05:00. | :05:04. | |
making of money, he has shied away from trying to increase tax rates, | :05:05. | :05:08. | |
especially indirect tax rates. So there is concern about that. He has | :05:09. | :05:18. | |
also made it clear that he has to stick to fiscal deficit targets that | :05:19. | :05:23. | |
have been set for him. So he is confident that there will be | :05:24. | :05:25. | |
sufficient buoyancy in the economy and sufficient headroom on tax | :05:26. | :05:30. | |
collections. And let's not forget, here's hoping that the oil subsidy | :05:31. | :05:34. | |
burden continues to work in his favour. That was something they had | :05:35. | :05:40. | |
not counted on in the year past and in the year coming ahead, that if | :05:41. | :05:44. | |
oil prices remain low, that will be a big boost for India. Thank you for | :05:45. | :05:57. | |
now. Yogita will be tweeting and posting throughout the day. | :05:58. | :05:59. | |
Finance ministers from the world's leading economies met at the G20 | :06:00. | :06:05. | |
Few concrete measures emerged from the meeting, | :06:06. | :06:08. | |
but policymakers agreed that ultra-low interest rates were not | :06:09. | :06:10. | |
enough to bring the global economy out of its slump. | :06:11. | :06:12. | |
Industrial production in Japan has risen for the first time in three | :06:13. | :06:15. | |
months, according to the latest government data. | :06:16. | :06:17. | |
Manufacturing output rose 3.7% in January, | :06:18. | :06:18. | |
but the statistics pointed to weakness in the Japanese retail | :06:19. | :06:21. | |
We have some news out of Germany. Speaking of retail, these are retail | :06:22. | :06:49. | |
sales figures coming out of Germany, helping grow expectations about how | :06:50. | :06:54. | |
the economy is going to do. It is Europe's largest economy and we have | :06:55. | :06:58. | |
seen exports slow, so there has been concern as to where the driver of | :06:59. | :07:02. | |
growth will come from. It is something we are seeing across the | :07:03. | :07:08. | |
Eurozone. In Germany, retail sales grew by 0.7% month on month in | :07:09. | :07:12. | |
January. We will discuss those issues later. | :07:13. | :07:13. | |
China's economy is back in the spotlight. | :07:14. | :07:15. | |
It expects to lay off millions of workers in the coal and steel | :07:16. | :07:18. | |
sectors to tackle massive industrial oversupply. | :07:19. | :07:20. | |
This comes as the G20 finance ministers and central bankers | :07:21. | :07:27. | |
promise to do more to revive the global economy - | :07:28. | :07:29. | |
Let's start with what is going on with China, and announcements that | :07:30. | :07:42. | |
we will see massive job cuts. It is a huge price to pay. It is a huge | :07:43. | :07:48. | |
price to pay. The numbers we saw today were the first time we got | :07:49. | :07:52. | |
specific numbers from China's government. It is reported that they | :07:53. | :07:57. | |
will lay off around 1.8 million workers in the coal and steel | :07:58. | :08:01. | |
sectors. There is no time frame for that, but that is as China tries to | :08:02. | :08:07. | |
cut back on oversupply in its industrial sectors. You talked about | :08:08. | :08:11. | |
the G20. The finance ministers met in Shanghai. They promise to do | :08:12. | :08:16. | |
more, when it comes to China, it was not a convincing cell for investors. | :08:17. | :08:22. | |
Today, Shanghai dropped nearly 3%. Earlier in the day, it hit a 15 | :08:23. | :08:26. | |
month low, which is saying something for Shanghai. So while we did not | :08:27. | :08:32. | |
expect the G20 to boost markets, there was a distinct lack of any | :08:33. | :08:38. | |
detail that might have given some confidence about future growth. | :08:39. | :08:42. | |
Chinese bourses made a sour start to the week. | :08:43. | :08:44. | |
The lack of any real good news from the G20 meeting means we're | :08:45. | :08:48. | |
seeing more volatility, more investors looking to safer | :08:49. | :08:50. | |
So the traditional safe havens of gold and the yen are stronger. | :08:51. | :08:56. | |
This is how the week is opening up across Europe. | :08:57. | :09:10. | |
Let's hear from Michelle Fleury aout what will be making | :09:11. | :09:12. | |
It is a busy week ahead, even with fourth-quarter earnings | :09:13. | :09:17. | |
The campaigns are moving into high gear as the focus | :09:18. | :09:24. | |
of the US presidential election turns to Super Tuesday. | :09:25. | :09:26. | |
That is the day in the election cycle when Democrats and Republicans | :09:27. | :09:29. | |
hold the most primary votes on one day. | :09:30. | :09:33. | |
For economists, some more traditional | :09:34. | :09:34. | |
fare in the shape of the latest manufacturing data for February. | :09:35. | :09:38. | |
The strong dollar, low commodity prices | :09:39. | :09:42. | |
and weak demand continue to weigh on the sector. | :09:43. | :09:45. | |
And still hungry for another glimpse of the health of the US economy? | :09:46. | :09:48. | |
Well, you won't have to wait too long. | :09:49. | :09:51. | |
The other big economic report this week is this | :09:52. | :09:54. | |
The numbers are expected to show more hiring gains, | :09:55. | :10:04. | |
while the pace of hourly wage growth may slow slightly. | :10:05. | :10:07. | |
Joining us is James Hughes, Chief Market Analyst at the trading | :10:08. | :10:09. | |
The markets are going down. Your thoughts? We are not seeing anything | :10:10. | :10:25. | |
that positive this morning. Again, we are looking at what happened on | :10:26. | :10:32. | |
Friday. Although there were positive numbers on Friday, with GDP readings | :10:33. | :10:35. | |
that were OK, it is Asia yet again that is dragging us lower. We have | :10:36. | :10:41. | |
the same story, China off heavily. And when that happens, we get that | :10:42. | :10:49. | |
risk. Do you think there is disappointment that central bankers | :10:50. | :10:51. | |
did not come up with some corporate idea to boost the global economy? | :10:52. | :10:58. | |
The G20 is usually a very political thing, even when it is finance | :10:59. | :11:02. | |
ministers meeting. It all tends to be a lot of hot air. We always build | :11:03. | :11:09. | |
ourselves up and say we could see something, and then we are surprised | :11:10. | :11:14. | |
when nothing happens. That then drags the markets down a bit. | :11:15. | :11:19. | |
Speaking of more concrete things, we have data on the Eurozone coming out | :11:20. | :11:23. | |
in an hour. How important will that be as a signal for stimulus measures | :11:24. | :11:28. | |
we might see next month's the inflation figure is always key, | :11:29. | :11:31. | |
especially for the Eurozone, because we have all these measures being put | :11:32. | :11:37. | |
in by Mario Draghi which are not showing any signs of life. We want | :11:38. | :11:43. | |
to see growth moving back to positives. What is in place at the | :11:44. | :11:46. | |
moment is not working, so it looks like we will have to wait for yet | :11:47. | :11:50. | |
another meeting to pile more stimulus into the economy to see if | :11:51. | :11:54. | |
it works. James, we will see you later. | :11:55. | :11:57. | |
Still to come...Appy banking - managing your money | :11:58. | :11:59. | |
We ask the boss of a branchless-bank and ask is the technology trusted | :12:00. | :12:07. | |
enough to ditch the good old bank branch? | :12:08. | :12:10. | |
You're with Business Live from BBC News. | :12:11. | :12:18. | |
Let's look at a story that is ringing alarm bells this morning. | :12:19. | :12:21. | |
Almost a million jobs could be lost in Britain's retail sector by 2025. | :12:22. | :12:25. | |
Millions of us are buying online and some are steering clear of high | :12:26. | :12:29. | |
streets and that will have a major impact on retail jobs, | :12:30. | :12:32. | |
according to the British Retail consortium. | :12:33. | :12:35. | |
Tell us more about this story? There are a lot of people employed in the | :12:36. | :12:50. | |
retail sector in the UK, around 3 million. 70% of all spending in the | :12:51. | :12:55. | |
UK economy is on consumption. So shopping and retail really matters. | :12:56. | :13:00. | |
The British Retail Consortium, which represents the big supermarkets and | :13:01. | :13:02. | |
a lot of the shops we see on the British high street have put out a | :13:03. | :13:07. | |
warning that nearly 900,000 jobs could go over the next decade if | :13:08. | :13:12. | |
there is some sort of change to the current trend. As you were saying, | :13:13. | :13:16. | |
people are shopping online, which means they are not going into town | :13:17. | :13:19. | |
to buy their goods. That will affect the high street sales. But add in | :13:20. | :13:24. | |
the national living wage, the rebranded minimum wage, introduced | :13:25. | :13:27. | |
by Chancellor George Osborne last year. He will raise it to ?7.20 from | :13:28. | :13:35. | |
April. By 2020, it will be ?9 per hour. A lot of people that work in | :13:36. | :13:38. | |
the retail sector depend on the minimum wage. The PRC, the British | :13:39. | :13:44. | |
Retail Consortium, say London is already paying at least that -- the | :13:45. | :13:49. | |
PRC. But in more regional parts of the country, it will have a | :13:50. | :13:53. | |
devastating impact, especially in Wales and the north of England, | :13:54. | :13:56. | |
which depend on the national living wage. They cannot afford possibly to | :13:57. | :14:01. | |
pay the ?9 per hour which will be the government minimum by 2020. So | :14:02. | :14:06. | |
they say it will have a regional impact unless we look at how we do | :14:07. | :14:11. | |
things. But the trend towards online shopping is irreversible. The | :14:12. | :14:15. | |
question is, how do guys on the high street manage? Joke, thank you very | :14:16. | :14:18. | |
much. This is tied in with that story. It is a Morrisons tie-up with | :14:19. | :14:25. | |
Amazon to give it a firmer foothold in the grocery market. We know that | :14:26. | :14:29. | |
Amazon has designs on the UK market here. It will of course be a big | :14:30. | :14:35. | |
warning to the big online grocers. Amazon really does mean business. It | :14:36. | :14:38. | |
will be interesting to see what happens with the share price of the | :14:39. | :14:42. | |
supermarkets today. Their food delivery business at the moment is | :14:43. | :14:47. | |
called Amazon Pantry. I imagine the tie-up with Morrisons will be a | :14:48. | :14:48. | |
different offering. You're watching Business | :14:49. | :14:57. | |
Live, our top story - Arun Jaitley, unveiled | :14:58. | :14:58. | |
a populist budget to help He promised to spread the benefits | :14:59. | :15:01. | |
of growth among India's But will India's wider economy | :15:02. | :15:05. | |
and its business community benefit Now let's get the Inside Track | :15:06. | :15:10. | |
on the banking sector. After the financial crisis, | :15:11. | :15:21. | |
while many of the traditional lenders were busy rebuilding | :15:22. | :15:23. | |
their businesses, a new breed of so-called "challenger banks" | :15:24. | :15:25. | |
had started to emerge. Several of these newer start-ups | :15:26. | :15:27. | |
rely on technology as opposed to traditional "bricks-and-mortar" | :15:28. | :15:29. | |
branch networks. Mondo is one such business that aims | :15:30. | :15:32. | |
to change the way the public carries Assuming the business is authorized | :15:33. | :15:36. | |
and fully operational, it will have no branches, | :15:37. | :15:43. | |
Mondo will be an app-based bank But similar to traditional banks, | :15:44. | :15:48. | |
it will offer a current account So far the company has raised | :15:49. | :15:59. | |
?7 million, that's $8.8 million. Joining me is Tom Blomfield, | :16:00. | :16:07. | |
Chief Executive of Mondo. This is really a company in its | :16:08. | :16:21. | |
infancy in the sense it is not authorised yet, but you do have bank | :16:22. | :16:29. | |
cards. Tell us where you are at? We celebrated our first birthday last | :16:30. | :16:34. | |
month. We have built our systems, going through the authorisation | :16:35. | :16:41. | |
process, the UK regulators, one thing we wanted to do differently | :16:42. | :16:45. | |
was involve our customers in the development of the bank. We have had | :16:46. | :16:50. | |
life MasterCard is odd since November, we just had ?1 million | :16:51. | :16:54. | |
spent with our cards and today we are announcing a crowdfunding | :16:55. | :16:58. | |
campaign to let people invest in the bank. If you have the infrastructure | :16:59. | :17:05. | |
in the traditional way, what happens if a customer has problems? They use | :17:06. | :17:09. | |
their phone, they lose their cloud? What if they think there is fraud on | :17:10. | :17:13. | |
their account? What if they want advice? Modern technology allows you | :17:14. | :17:20. | |
to solve these problems seamlessly. If you lose your cloud, you can open | :17:21. | :17:24. | |
the alp and top to freeze your cloud. If you find it down the side | :17:25. | :17:30. | |
of the sofa, you can unfreeze it. Sometimes if you need to talk to | :17:31. | :17:35. | |
someone, there will be a phone line. What if you lose your phone? We | :17:36. | :17:41. | |
consider them the remote controls for our lives, but it is a rain | :17:42. | :17:45. | |
problem if you lose them and even more so if your financial | :17:46. | :17:48. | |
information and biking is done through one device? Worst case, you | :17:49. | :17:55. | |
have your phone and called a stolen at once, there are emergency phone | :17:56. | :17:59. | |
lines printed on the cloud, on the website. You can fold up and get it | :18:00. | :18:04. | |
shut down. The mobile presents an opportunity to take a leap forward | :18:05. | :18:08. | |
in terms of security. Every time I go abroad with my bank, by cloud | :18:09. | :18:13. | |
gets blocked. My phone is in my pocket so they know I am in New | :18:14. | :18:17. | |
York. What are they not more intelligent with that data? Current | :18:18. | :18:23. | |
accounts are provided, overdraft facilities, is that it? Yes, that is | :18:24. | :18:29. | |
it. We will not offer other products. You could not get a | :18:30. | :18:35. | |
mortgage. We think that is for the best. We have these mixed incentives | :18:36. | :18:40. | |
as a bike, you try to acquire customers very young and then they | :18:41. | :18:45. | |
have the concept of customer ownership, they try to sell your | :18:46. | :18:49. | |
product and it is rare that your bank is offering the best product. | :18:50. | :18:55. | |
Our bank is more like an app store. You can get the best choice from | :18:56. | :19:01. | |
across the market. You are appealing to the savvy customer, someone who | :19:02. | :19:04. | |
is very confident about the decisions they make. If you purchase | :19:05. | :19:08. | |
through choices at them about mortgage choices, they would be able | :19:09. | :19:12. | |
to make that decision without handholding. We are appealing to | :19:13. | :19:18. | |
customers who lived through their smartphones. We can present | :19:19. | :19:22. | |
information at the relevant time, in the right context, to enable people | :19:23. | :19:26. | |
to make their choices. Maybe there are two or three options and this | :19:27. | :19:31. | |
might be the best one for you. Lots of the bigger banks are in the | :19:32. | :19:36. | |
online space. They are offering this sort of service. What is it you are | :19:37. | :19:41. | |
offering that is different? Also, tied in with that, how do you manage | :19:42. | :19:47. | |
the data? If you are a big bag, you have the people and the | :19:48. | :19:50. | |
infrastructure in place to deal with major breaches of security, you will | :19:51. | :19:57. | |
not have that. I think tanks have websites and have apps, but they are | :19:58. | :20:03. | |
a way for the banks to deliver a statement in a low-cost way. It is | :20:04. | :20:07. | |
the same list of payments delivered on a smartphone. That is it. Really, | :20:08. | :20:13. | |
the service they provide has not changed in 30 or 40 years. They see | :20:14. | :20:18. | |
the mobile as a lower cost way to deliver your statement. Mobile | :20:19. | :20:24. | |
banking is broader than that. People don't care about their bank, they | :20:25. | :20:29. | |
care about their money. It is not just your current account, it is | :20:30. | :20:34. | |
your discount and loyalty data. It is your entire financial life. In | :20:35. | :20:41. | |
terms of security. We have talked about data breaches, but there is | :20:42. | :20:43. | |
the issue of your sustainability is the company to get your physician | :20:44. | :20:49. | |
you have got to have money on your balance sheet, you need big capital | :20:50. | :20:56. | |
base which other banks have. The authorisation process is robust, I | :20:57. | :21:01. | |
would say. For a good reason. Taking deposits and landing that money out | :21:02. | :21:05. | |
is a great responsibility that we take seriously. In terms of | :21:06. | :21:09. | |
security, data security and capital, that is something we have spent time | :21:10. | :21:15. | |
with regulators and we will have two raise up to ?20 million to dodge the | :21:16. | :21:22. | |
bag. We appreciate you coming in. -- launch later this year. | :21:23. | :21:27. | |
Let's look at what is being talked about on their website. We have the | :21:28. | :21:34. | |
German retail sales, but there is more about China and its news on the | :21:35. | :21:39. | |
1.8 million workers likely to be laid off in the coal and steel | :21:40. | :21:43. | |
industry come interesting given we are seeing a similar story in the | :21:44. | :21:48. | |
UK. We are seeing a lot of expectation here that the whole | :21:49. | :21:53. | |
European industry is going through death throes as a result of what is | :21:54. | :22:00. | |
called the dumping of steam, Chinese steel, on the market. It is being | :22:01. | :22:06. | |
set on the market at prices lower than it cost to produce. It shows | :22:07. | :22:10. | |
that we are having similar problems in China as well. That contraction | :22:11. | :22:14. | |
in the global market and the global slowdown is having a rain impact. | :22:15. | :22:21. | |
Consumers want and the banking, this is one viewer, it is just a matter | :22:22. | :22:26. | |
of time before all banks turn to this trend. Physical banks are | :22:27. | :22:32. | |
becoming outdated. In a moment, we will go through the business pages. | :22:33. | :22:37. | |
First, here is a reminder of how to stay in touch. The business live | :22:38. | :22:42. | |
page is where you can stay ahead of the braking business news. We will | :22:43. | :22:46. | |
keep you up-to-date with insight and analysis from the team of editors at | :22:47. | :22:51. | |
the BBC, right around the world. We want to hear from you. Get involved | :22:52. | :22:54. | |
on our web page. What other business stories has | :22:55. | :23:10. | |
the media been taking James Hughes, Chief Market Analyst | :23:11. | :23:12. | |
at the trading brokerage GKFX, Shall we start with the Wall street | :23:13. | :23:22. | |
journal? Missed the oil storage problems. The US have come up with a | :23:23. | :23:30. | |
solution. Empty railcars, sitting on railway tracks which will be filled | :23:31. | :23:34. | |
up with Wayne because no one is buying it. That is the issue. We | :23:35. | :23:40. | |
have a global glut of oil. Prices are at record lows and are not | :23:41. | :23:43. | |
looking to go anywhere else. The issue we have in the US is where | :23:44. | :23:51. | |
they are going to put it. The ingenious answer is these rain cars. | :23:52. | :23:55. | |
There are worries. There is potential collisions which we do not | :23:56. | :23:59. | |
often think about and leaky railcars and things like this. Interestingly, | :24:00. | :24:06. | |
there are a lot of people who own railcars who are going to the big | :24:07. | :24:10. | |
oil companies and saying, you have a lot of oil and nowhere to put it, | :24:11. | :24:18. | |
stick it in my car. If you have a spare place to store oil, get in | :24:19. | :24:24. | |
touch. We talked about the G2 at the meeting. Finance ministers and | :24:25. | :24:29. | |
central bankers there. Mervyn King, former governor of the Bank of | :24:30. | :24:35. | |
England, he is talking about his thoughts, coincidentally he has a | :24:36. | :24:39. | |
book out, he says the Eurozone is doomed. Do you agree? I have bashed | :24:40. | :24:46. | |
the Eurozone for quite a long time. I do not necessarily agree it is | :24:47. | :24:51. | |
doomed, but it does not look rosy. What Mervyn King says is right. He | :24:52. | :24:57. | |
says that the only way for a of these countries, like Greece and | :24:58. | :25:01. | |
Cyprus, countries who really struggled to get back to solvency | :25:02. | :25:07. | |
and growth is to leave the Eurozone and come back to it. He talks about | :25:08. | :25:13. | |
a relegation system where you can get relegated from the Eurozone and | :25:14. | :25:16. | |
you are financially stable again and then get promoted back into it. | :25:17. | :25:21. | |
There are a lot of countries who still want to get into the Eurozone | :25:22. | :25:32. | |
and use the single currency. We have been talking about the rebirth of | :25:33. | :25:36. | |
the gas guzzler since oil prices started to sink. You go from years | :25:37. | :25:43. | |
and years of electric cars to, because when prices are so low, we | :25:44. | :25:51. | |
go back to regular cars. Thank you so much. | :25:52. | :25:54. | |
There will be more business news throughout the day on the BBC Live | :25:55. | :25:58. | |
webpage and on World Business Report. | :25:59. | :26:01. |