Browse content similar to 24/03/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson | :00:14. | :00:20. | |
the French president unveils plans to reform the Labour market, | :00:21. | :00:27. | |
but can he silence the critics and push through crucial | :00:28. | :00:29. | |
Live from London, that's our top story | :00:30. | :00:32. | |
Mr Hollande wants to create more jobs by relaxing employment law. | :00:33. | :00:42. | |
But critics say the plan curtails the rights of workers. | :00:43. | :00:44. | |
We'll be live in Paris for the latest. | :00:45. | :00:48. | |
Also in the programme: Japanese corporate giant Mitsubishi | :00:49. | :00:50. | |
could slash its earnings forecasts over the fall in commodity prices. | :00:51. | :00:53. | |
Could it announce its first ever loss? | :00:54. | :00:56. | |
We'll be live in our Asia Business Hub for the answer. | :00:57. | :01:07. | |
And this is how the markets are looking, the arrows tell the story, | :01:08. | :01:11. | |
things are not too optimistic. And, it is the biggest taxi firm in | :01:12. | :01:27. | |
Europe, but Karen Addison Lee fend off the likes of Google? | :01:28. | :01:30. | |
And how much is too much when it comes to the sharing economy? | :01:31. | :01:38. | |
One firm now says it will rent you clothes to wear to work | :01:39. | :01:41. | |
for a monthly subscription fee. | :01:42. | :01:42. | |
And you just return them when you're done. | :01:43. | :01:44. | |
Let us know, use the hashtag #BBCBizLive. | :01:45. | :01:54. | |
Would you share your clothes? There is a question! | :01:55. | :01:58. | |
We start in France, where a fierce debate is raging over the length | :01:59. | :02:03. | |
of the working week and the rights of workers. | :02:04. | :02:05. | |
Bosses have long complained France's labour laws are far too restrictive | :02:06. | :02:07. | |
and deter them from creating new jobs. | :02:08. | :02:13. | |
Later today President Francois Hollande and his Labour Minister | :02:14. | :02:15. | |
will unveil their plan for a shake-up at a cabinet meeting. | :02:16. | :02:18. | |
In France the working week is capped by law at 35 hours - | :02:19. | :02:24. | |
it's the only country in Europe to do this. | :02:25. | :02:30. | |
So is France about to abandon its cherished 35-hour week? | :02:31. | :02:32. | |
The government wants to let bosses negotiate longer hours | :02:33. | :02:35. | |
They could ask them to work 48 hours, which is the official EU | :02:36. | :02:41. | |
limit, or even 60 in special cases - as long as the average is still 35 | :02:42. | :02:46. | |
calculated over a three-month period. | :02:47. | :02:50. | |
Companies won't be able to impose flexible working | :02:51. | :02:53. | |
The idea is to make the law less rigid, but critics say the reforms | :02:54. | :02:58. | |
Still more big protests are expected today. | :02:59. | :03:03. | |
These were the scenes in Paris earlier this month when the reforms | :03:04. | :03:06. | |
And an online petition against them has gathered more | :03:07. | :03:09. | |
Since then, small companies have been excluded from the reforms, | :03:10. | :03:16. | |
which some argue are the very firms that need flexibility the most. | :03:17. | :03:23. | |
Lets join our correspondent in Paris who has been following the story for | :03:24. | :03:29. | |
us. It doesn't really sound like the reforms that are required, more like | :03:30. | :03:35. | |
a forge? Your explanation of the law was very | :03:36. | :03:39. | |
clear as far as it goes, but it is incredibly complicated. The law on | :03:40. | :03:47. | |
working hours is one part of a 53 clause -- one part of 53 clauses. | :03:48. | :03:54. | |
The bigger picture is it is intended to give greater fix ability to | :03:55. | :03:58. | |
companies because the government has decided that the last thing it has | :03:59. | :04:02. | |
at its disposal to tackle huge unemployment is opening up the | :04:03. | :04:06. | |
Labour markets, so it moves in that direction somewhat but not a huge | :04:07. | :04:10. | |
amount, and, as you say, the original intention has already been | :04:11. | :04:14. | |
greatly watered down after a wave of protest a couple of weeks ago. The | :04:15. | :04:19. | |
law was rewritten, some of the more pro-business clauses were taken out, | :04:20. | :04:22. | |
that satisfied some unions and some on the left but angered the business | :04:23. | :04:28. | |
community, so we are left with this new version, and it is far from | :04:29. | :04:32. | |
clear that it will satisfy everyone because there are more protests due | :04:33. | :04:36. | |
today, some of the unions are still calling for the whole thing to be | :04:37. | :04:41. | |
scrapped, small businesses are annoyed, they said that it is all | :04:42. | :04:45. | |
very well for big industries to work within these measures, but they need | :04:46. | :04:50. | |
far greater fix ability and, as you said before, it is the small | :04:51. | :04:53. | |
businesses which are the generators of jobs in Europe today. So, yes, | :04:54. | :04:58. | |
the general picture is that it does move in the direction of greater | :04:59. | :05:02. | |
flexibility but the idea that it is some big rewrite of French raider | :05:03. | :05:06. | |
law like Germany, Britain, Spain or Italy, it is just not the case. | :05:07. | :05:12. | |
As you say, unemployment in France remaining stubbornly high at around | :05:13. | :05:16. | |
10%, there is an election next year, and I believe Francois Hollande | :05:17. | :05:19. | |
stated that getting the employment rate down -- unemployment rate down | :05:20. | :05:22. | |
was key to him staying in the job? | :05:23. | :05:26. | |
He said within months of coming to power | :05:27. | :05:27. | |
that his whole political future rested, and he pledged on his | :05:28. | :05:34. | |
ability to bring down unemployment. He has not brought down | :05:35. | :05:37. | |
unemployment, 600,000 more jobless people now than there were five | :05:38. | :05:39. | |
years ago. The underlying number is 5 million | :05:40. | :05:46. | |
people if you include those who have some work but not enough and want | :05:47. | :05:49. | |
more work. The unemployment situation here is catastrophic. This | :05:50. | :05:55. | |
last plan of his two liberalise the Labour | :05:56. | :05:57. | |
it to create jobs is really his last throw of the dice. But the chances | :05:58. | :06:01. | |
of it having an effect in the years that remain -- | :06:02. | :06:08. | |
in the year that remains for him are very small. | :06:09. | :06:12. | |
A 50-year-old Chinese man has pleaded guilty to being involved | :06:13. | :06:17. | |
in a plot to hack into the computer systems of US defence | :06:18. | :06:20. | |
Su Bin is believed to have been part of a group targeting data relating | :06:21. | :06:24. | |
to fighter jets, cargo aircraft and weapons. | :06:25. | :06:25. | |
The US Department of Justice said Mr Su sought "commercial gain" | :06:26. | :06:28. | |
from his actions, but stopped short of saying | :06:29. | :06:31. | |
the Chinese government was involved in buying the secrets. | :06:32. | :06:37. | |
Swiss drug company Novartis has agreed to pay more than $25 million | :06:38. | :06:40. | |
to the US government to settle civil charges that it bribed healthcare | :06:41. | :06:43. | |
professionals in China to boost sales. | :06:44. | :06:55. | |
Novartis settled without admitting or denying the allegations. | :06:56. | :07:01. | |
And Uber is suing its Indian rival, alleging that it created fake | :07:02. | :07:10. | |
accounts to interfere with its business. It is looking for millions | :07:11. | :07:16. | |
of dollars in damages. Lots of stories on the business Live | :07:17. | :07:21. | |
page, this caught my attention, and worrying story in The Times, an | :07:22. | :07:26. | |
interview with the Metropolitan Police Commissioner, Sir Bernard | :07:27. | :07:28. | |
Hogan-Howe, who says banks should stop refunding victims of online | :07:29. | :07:34. | |
fraud will stop there is a huge debate about this at the moment in | :07:35. | :07:39. | |
the UK. It is the case that if you have online fraud in your bank | :07:40. | :07:43. | |
account you are immediately refunded by the bank. | :07:44. | :07:48. | |
The reference here is to the fact that consumers need to take more | :07:49. | :07:51. | |
responsibility for it, there is a suggestion that we just related to | :07:52. | :07:54. | |
the bank and tell them to pay us back because we have been a victim | :07:55. | :07:58. | |
of fraud, where is the warning is we need to be involved in taking | :07:59. | :08:01. | |
security, especially with finances security, especially with finances | :08:02. | :08:05. | |
and banking. Next is appearing on the Business | :08:06. | :08:08. | |
Live page, one of the main high street retailers in the UK, a | :08:09. | :08:12. | |
fashion retailer, basically saying it has had a pretty tough Christmas. | :08:13. | :08:19. | |
It was not a good festive season for them. A key period of time for any | :08:20. | :08:22. | |
high street retailer. That is the latest from them. | :08:23. | :08:30. | |
Corporate Japan is being hit by the slowdown in China, Mitsubishi | :08:31. | :08:35. | |
expected to announce its first annual loss since 1947. | :08:36. | :08:44. | |
Let's go to our Asia business hub. This is becoming a bit of a familiar | :08:45. | :08:47. | |
tale, which is a worry. Tell us about Mitsubishi. | :08:48. | :08:53. | |
Indeed, and even though it has been, I guess, a trend not just in Japan | :08:54. | :08:57. | |
but around the world, being hit by the sharp fall in commodity prices | :08:58. | :09:03. | |
as well as the slowdown in China, it comes as a shock to many people in | :09:04. | :09:05. | |
Japan because both Mitsubishi and Mitsui have been | :09:06. | :09:22. | |
around for a very long time, established names since before the | :09:23. | :09:27. | |
Second World War, and they have been making money until this year, a | :09:28. | :09:32. | |
report by one daily said that Mitsubishi was likely to have lost | :09:33. | :09:37. | |
some $900 million this year and the figure has not been confirmed by the | :09:38. | :09:41. | |
company but it has said that it is considering a downward revision to | :09:42. | :09:46. | |
its earnings forecast. Thanks, as always, from our Asia | :09:47. | :09:49. | |
business have. Let's show you the numbers. | :09:50. | :09:54. | |
Asian shares down on the session, energy stocks taking a hit. | :09:55. | :10:01. | |
The stronger dollar adding pressure to already struggling | :10:02. | :10:02. | |
Crude saw its biggest loss in six weeks after news that stockpiles | :10:03. | :10:06. | |
continue to grow - adding to that oversupply. | :10:07. | :10:08. | |
In the UK, within the hour, we'll get the latest retail data | :10:09. | :10:13. | |
for last month, expected to fall back after a strong start | :10:14. | :10:16. | |
That is why markets are looking a little bit like that, we will | :10:17. | :10:21. | |
discuss that in more detail. Joining us is Justin | :10:22. | :10:23. | |
Urquhart-Stewart from Nice to see you. I'm assuming today | :10:24. | :10:32. | |
volumes will be pretty light, we can see here we are all heading in the | :10:33. | :10:36. | |
wrong direction but we are going into a four daybreak for most major | :10:37. | :10:41. | |
markets around the world? Yes, it will be trading rather liked. You | :10:42. | :10:44. | |
have to be careful with markets these days because the number of | :10:45. | :10:47. | |
trades put through by participants could be small but the | :10:48. | :10:50. | |
high-frequency trades going on behind it will still be very large, | :10:51. | :10:54. | |
which can lead the market open to amazing volatility, which we haven't | :10:55. | :11:03. | |
seen in years gone by because in years gone by you had more | :11:04. | :11:05. | |
market-makers who acted as cushions for the volatility and the banks | :11:06. | :11:07. | |
themselves had their proprietary trading desks, they could trade | :11:08. | :11:10. | |
themselves, but those were gotten rid of by the regulator. Sharp moves | :11:11. | :11:15. | |
could be the order of the day? Even in low volumes. Boyle is volatile | :11:16. | :11:19. | |
again it doesn't need us to say it, but another fear for the market? | :11:20. | :11:30. | |
Yes, the two reasons, people have said their budgets against it, but | :11:31. | :11:35. | |
also when you have $30 oil going up to $40 oil, that sort of French, it | :11:36. | :11:43. | |
can be quite inflationary. Whereas at 110 dollars per barrel, going up | :11:44. | :11:48. | |
$10 is not inflationary at all. It is a coincidence that the US dollar | :11:49. | :11:56. | |
is strengthening, the Fed looking at when it is going to make a move on | :11:57. | :12:02. | |
rates? There is still a lot of demand with oil, but there is | :12:03. | :12:05. | |
oversupply because of what has happened. One of the greatest | :12:06. | :12:08. | |
mistakes made last year, people talk about China's slowing down, saying | :12:09. | :12:13. | |
they are not buying as much all, it was down 40%, but that was in | :12:14. | :12:17. | |
dollars. In the number of barrels it was up 10%. As far as we are | :12:18. | :12:21. | |
concerned, we have sterling, and it is looking about as strong as this | :12:22. | :12:25. | |
week and's weather, it will be extremely soggy indeed! I know you | :12:26. | :12:30. | |
will join us for the papers later, we will talk through some of the | :12:31. | :12:31. | |
stories them. Life in the fast lane, | :12:32. | :12:36. | |
or caught in congestion? What's it like running Europe's | :12:37. | :12:42. | |
biggest minicab company? Faced with competiton from rivals | :12:43. | :12:44. | |
like Uber and cities trying to get us to take more public transport, | :12:45. | :12:47. | |
we'll speak to the boss of minicab You're with Business | :12:48. | :12:50. | |
Live from BBC News. The high street giant Next has said | :12:51. | :12:55. | |
it faces the toughest year Next said it was bracing itself | :12:56. | :12:58. | |
for a slowdown in the global economy and for profits to fall by up | :12:59. | :13:04. | |
to 4.5% in a year that "may well be the toughest we have | :13:05. | :13:08. | |
faced since 2008". Victoria and Ben have swapped seats | :13:09. | :13:23. | |
today, it is like a merry-go-round! We will never meet, Victoria! They | :13:24. | :13:28. | |
are trying to keep as a part! I am the other woman! Victoria, tell | :13:29. | :13:34. | |
us about Next? Some of the figures are striking, | :13:35. | :13:37. | |
despite the fact that we saw profits and sales rise over the last year. I | :13:38. | :13:42. | |
want to read one more to you, this is fascinating, Lord Folsom, the | :13:43. | :13:47. | |
chief executive of Next, saying, it may well feel like walking up the | :13:48. | :13:51. | |
down escalator, he says, with a great deal of effort required just | :13:52. | :13:55. | |
to stand still. That encapsulate what is going on with the British | :13:56. | :13:59. | |
retail industry at the moment, and Next is seen as a bellwether of that | :14:00. | :14:04. | |
industry and a huge employer of people right across the country. One | :14:05. | :14:09. | |
of the major problems the Next is the erosion in the economics of its | :14:10. | :14:12. | |
best customers, its loyal customers that all have consumer credit. They | :14:13. | :14:17. | |
have seen a real decline, they have tried to stem it, though it is | :14:18. | :14:21. | |
continuing to fall. Let's listen to customer Gregor from Draper 's | :14:22. | :14:26. | |
magazine. A lot of their competitors in the online space are catching up | :14:27. | :14:33. | |
with them, they have a great catalogue, the Next directory, it | :14:34. | :14:36. | |
has been a strength, they were good at delivering to people, they had | :14:37. | :14:40. | |
the logistics in place, but now there are so many other people who | :14:41. | :14:43. | |
have caught up, offering next day delivery, they can have -- they do | :14:44. | :14:47. | |
not have that unique selling point any more, and the customer used to | :14:48. | :14:53. | |
be a higher spender, and another issue facing Next is they are now | :14:54. | :14:57. | |
not spending as much. They have a lot of issues facing them at the | :14:58. | :15:01. | |
moment. In April we will see a rise in the minimum wage, the new living | :15:02. | :15:06. | |
wage, which will increase their wage bill and result in a huge increase | :15:07. | :15:10. | |
in their costs, ?55 million over the next year, so some interesting | :15:11. | :15:14. | |
comments about our spending habits as well, spending more on leisure | :15:15. | :15:19. | |
and travel, that sort of thing, and far less on products, which will be | :15:20. | :15:23. | |
a problem for the retail industry. Thank you, as ever more detail on | :15:24. | :15:25. | |
that story and others online. Our top story; President Hollande | :15:26. | :15:30. | |
today unveils controversial plans He'll give his cabinet details | :15:31. | :15:35. | |
of moves to make the jobs Lots of people criticising it saying | :15:36. | :15:50. | |
it's watered down the rights of labourers. | :15:51. | :15:53. | |
We often take them for granted but taxis keep our cities moving. | :15:54. | :15:56. | |
But whilst getting someone from A to B sounds relatively | :15:57. | :15:58. | |
simple, it is the centre of a huge battle between taxis, | :15:59. | :16:01. | |
And our next guest knows all too well about that fierce competition. | :16:02. | :16:06. | |
Andy Boland is the boss of the global minicab | :16:07. | :16:09. | |
It's the biggest minicab company in Europe with a fleet | :16:10. | :16:14. | |
The company operates in 35 cities around the world. | :16:15. | :16:20. | |
The company started in London in 1975 and now carries more | :16:21. | :16:23. | |
than ten million passengers a year in the UK capital alone. | :16:24. | :16:25. | |
Andy Bolland, Chief Executive of Addison Lee, joins us now. | :16:26. | :16:30. | |
Thank you very much indeed for coming in. So many things to cover | :16:31. | :16:35. | |
in a short space of time because we all have our views and experiences | :16:36. | :16:40. | |
of taxis certainly in London. You have only been in the job two years, | :16:41. | :16:45. | |
is that right? Since the beginning of 20156789 Prior to that you were | :16:46. | :16:49. | |
with AA, the UK rescue company for cars that break down and what have | :16:50. | :16:54. | |
you? Yes. Since you have been in this job, what has been the biggest | :16:55. | :17:01. | |
challenge for you? Well, the market's a ?3 billion market. We are | :17:02. | :17:05. | |
going from strength to strength growing our business and the core | :17:06. | :17:08. | |
has been our business customers. We are becoming more relevant for | :17:09. | :17:12. | |
consumers as well so we have 300,000 people on our app and we are growing | :17:13. | :17:15. | |
our consumer business as well. The app is important because that's the | :17:16. | :17:19. | |
way much of this industry is going, it's changed hugely as a result of | :17:20. | :17:23. | |
technology. Talk me through the competition from the likes of Uber, | :17:24. | :17:31. | |
Lift and Halo, it must make it very difficult for you to compete because | :17:32. | :17:36. | |
there is now so much competition? Well, funnily enough we had the | :17:37. | :17:41. | |
first app in 2009 so Addison Lee's led the way from a tech perspective. | :17:42. | :17:45. | |
It's a market, a differentiated market and I think different | :17:46. | :17:49. | |
customers look for different things. With Addison Lee you get a very | :17:50. | :17:53. | |
high-quality service, you know who you are dealing with from a driver | :17:54. | :17:58. | |
perspective, it's a consistent product, they are always on time and | :17:59. | :18:02. | |
we know where we are going. We are looking at bus lanes. There's been a | :18:03. | :18:05. | |
row with local authorities about being able to use the bus lanes | :18:06. | :18:10. | |
because we know cities are congested. The likes of the black | :18:11. | :18:19. | |
cabs can use the bus lanes. How is the debate about ordinary cabs being | :18:20. | :18:23. | |
able to use the bus lane going? That's died down a bit over the last | :18:24. | :18:28. | |
few years. There's been a lot of change from a regulatory perspective | :18:29. | :18:30. | |
and Transport for London which is the regulator for us in London | :18:31. | :18:35. | |
who've now backed regulation issues which make the playing field a bit | :18:36. | :18:39. | |
more level for everybody. We like that. We like competition and | :18:40. | :18:45. | |
clarity in terms of that. Back to the competition, and back to the | :18:46. | :18:51. | |
likes of Uber which is a big competitor. You are more expensive | :18:52. | :19:00. | |
than Uber. So talk us through why I would choose to go with you and pay | :19:01. | :19:04. | |
more? For quality of service we provide, we are very good value for | :19:05. | :19:09. | |
money. We have reduced consumer prices to make them more accessible | :19:10. | :19:14. | |
to more people. We have seen a big increase in volume, about 40%, in | :19:15. | :19:18. | |
the last six weeks, so we are seeing that effect come through. Having | :19:19. | :19:22. | |
said that, if you want somebody you can talk to if you have a problem, | :19:23. | :19:26. | |
if you want drivers who really know where they are going, who have been | :19:27. | :19:29. | |
vetted, been through our training school and have a very consistent | :19:30. | :19:34. | |
product in terms of the vehicle, you know they're fully insure and can | :19:35. | :19:39. | |
pre-book a service and you know at 5 o'clock in the morning when you want | :19:40. | :19:45. | |
to take your family to the airport, you know Ad Lee will be there. The | :19:46. | :19:49. | |
business customers you mentioned at the beginning, talk me through the | :19:50. | :19:52. | |
response from business given everything that we have seen in | :19:53. | :19:56. | |
terms of many firms trying to Kuyt costs, trying to reduce overheads. | :19:57. | :19:59. | |
They are also aware they have to be more green so they are encouraging | :20:00. | :20:03. | |
more staff to take public transport rather than a cab from A to B. How | :20:04. | :20:09. | |
has that changed? We have got 17,000 business customers across London, | :20:10. | :20:16. | |
many of them small to medium sized enterprises, but we serve the London | :20:17. | :20:24. | |
economy from a business perspective. They really want a service that they | :20:25. | :20:28. | |
can rely on. Also, they want to consolidate their spend. There's a | :20:29. | :20:32. | |
lot of money being spent all over the place by the big business | :20:33. | :20:38. | |
customers and bringing it under one embrill la, we know how you are | :20:39. | :20:41. | |
spending your money and we can provide you with a really | :20:42. | :20:45. | |
competitive rate. People save money by doing that. It was the business | :20:46. | :20:48. | |
customers that helped you launch in New York. I assume that's a | :20:49. | :20:53. | |
difficult market? It's a very interesting market. Addison Lee is | :20:54. | :20:57. | |
unique. There is no Addison Lee in New York so we think it's a market | :20:58. | :21:00. | |
that we can really take advantage in. We have lots of big customers | :21:01. | :21:06. | |
here, the big investment banks who have operations in New York, we have | :21:07. | :21:10. | |
launched a business there, it's growing strongly up 40% this year | :21:11. | :21:14. | |
and there's a lot more to go there. Fascinating to have you on the | :21:15. | :21:17. | |
programme. Thank you very much indeed for coming in. | :21:18. | :21:19. | |
In China Premier Li Keqiang has been delivering his keynote speech | :21:20. | :21:22. | |
at the opening of the annual Boao Forum. | :21:23. | :21:24. | |
The event for top business leaders on the island of Hainan is often | :21:25. | :21:27. | |
Mr Li has been telling them that China must face up to its economic | :21:28. | :21:32. | |
problems and not resort to devaluing its currency | :21:33. | :21:34. | |
The BBC's Asia Business Correspondent Karishma Vaswani | :21:35. | :21:40. | |
This was clearly an attempt by China's peoplier Li to reassure the | :21:41. | :21:51. | |
financial community that China is aware of its economic problems and | :21:52. | :21:56. | |
has the ability to deal with them. He sought to address all the | :21:57. | :21:59. | |
concerns ranged by China recently, ranging from the slowdown in | :22:00. | :22:03. | |
economic growth to the volcanotity in China's currency, and whether | :22:04. | :22:06. | |
China can manage this stricky transition that it's currently | :22:07. | :22:09. | |
facing. He also talked about the fact that the world economy is going | :22:10. | :22:13. | |
through a turbulent patch and said that's having an impact on China's | :22:14. | :22:19. | |
fortunes too. TRANSLATION: Domestically, there are | :22:20. | :22:23. | |
deep-rooted problems and an increase in downward pressure on the economy. | :22:24. | :22:27. | |
In particular, we are experiencing some unavoidable and temporary | :22:28. | :22:31. | |
problems in the process of transformation and upgrading. | :22:32. | :22:36. | |
Premier Li stressed China has enough policy tools left to deal with the | :22:37. | :22:42. | |
risks the economy is now facing. He also addressed implicit worries that | :22:43. | :22:46. | |
Beijing is trying to manipulate the currency in an attempt to boost | :22:47. | :22:51. | |
exports by saying China won't violate market rules even if growth | :22:52. | :22:55. | |
rates fluctuate. This was very much about China putting on a good show | :22:56. | :22:59. | |
for the rest of the world. But the premier has made these sorts of | :23:00. | :23:02. | |
statements before and it's doubtful whether they'll be convincing enough | :23:03. | :23:05. | |
for those who still have concerns about China's economy. | :23:06. | :23:12. | |
Joining us again is Justin Urquhart-Stewart | :23:13. | :23:13. | |
Good to have you back. I know this story sands shiver down your spine | :23:14. | :23:25. | |
having worked in the City of London all of your career and it's | :23:26. | :23:28. | |
something you are passionate about how things have chained so much | :23:29. | :23:32. | |
since you started and this is the flash crash trader, losing his fight | :23:33. | :23:35. | |
against extradition to the United States. This allegedly caused the | :23:36. | :23:44. | |
2010 drop in the Dow? Yes. It was interesting, this is the long arm of | :23:45. | :23:48. | |
the American law reaching out to Britain because he hasn't actually | :23:49. | :23:51. | |
broken any British rules or if he did, the same thing would occur. But | :23:52. | :23:55. | |
nonetheless, this is America trying to enforce its law somewhere else | :23:56. | :23:59. | |
and the Americans are being strong on this, whether it's taxation or | :24:00. | :24:03. | |
other legal issues, and so therefore he gets pulled into the American | :24:04. | :24:07. | |
system. It requires the Home Secretary finally to agree to it but | :24:08. | :24:10. | |
nonetheless, the other side of it is, it's quite right that people | :24:11. | :24:14. | |
should be, at least if not prosecuted, then | :24:15. | :24:18. | |
accountable, because we need to make sure the reputation of the City | :24:19. | :24:19. | |
back in. After all, the Stock Exchange, my word is my bond, and if | :24:20. | :24:26. | |
you don't trust people's words and how they behave, frankly they should | :24:27. | :24:28. | |
go. The Trust has been eroded big time? | :24:29. | :24:36. | |
Hugely. Since 2008. Does anyone trust a banker - the answer is | :24:37. | :24:40. | |
probably no. White-collar crime isn't seen as a real crime where off | :24:41. | :24:44. | |
none America we see the black-and-white cars turning up, | :24:45. | :24:48. | |
police turn up and you get taken away in handcuffs but you haven't | :24:49. | :24:51. | |
been properly arrested but they go through the theatre of it. Here, | :24:52. | :24:56. | |
they put it to one side and say, it doesn't really matter, yes it does, | :24:57. | :25:00. | |
it's clients' money. Something you may have an interest in, renting | :25:01. | :25:06. | |
clothes. Work wear. You could rent your work wear, pay a subscription | :25:07. | :25:11. | |
every month, you get three items you can keep as long as you want then | :25:12. | :25:17. | |
return them. That sounds weird. Do Do you get to choose the items or do | :25:18. | :25:23. | |
you get random squirrels turned up. It says it's for women. You said you | :25:24. | :25:27. | |
are more than happy to rent out your braces? They should be Rennesed out | :25:28. | :25:31. | |
on a regular basis. How much would you charge? What's it twoing to be, | :25:32. | :25:38. | |
a glass of claret! If you think about it, Moss Boros in terms of | :25:39. | :25:43. | |
renting out clothes, that's what they do in effect. I can quite | :25:44. | :25:48. | |
understand in terms of formal dresses and jewellery and things | :25:49. | :25:52. | |
like that, why not? ! Thank you for coming in. Thank you for your | :25:53. | :25:58. | |
comments that came in, no time to mention them I'm afraid. | :25:59. | :25:59. | |
. Hello. Some of you will be aware there is a significant change in | :26:00. | :26:15. | |
progress with regard to the weather | :26:16. | :26:16. |