Browse content similar to 19/04/2016. 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 and Sally Bundock. | :00:00. | :00:08. | |
The bids are due but will anyone stump up the big bucks the | :00:09. | :00:18. | |
Live from London, that's our top story on 19th April. | :00:19. | :00:33. | |
Yahoo's up for sale but what is it really worth? | :00:34. | :00:35. | |
As the troubled internet firm prepares to release yet more | :00:36. | :00:41. | |
disappointing numbers, we get the lowdown on the runners | :00:42. | :00:45. | |
and riders vying to take over the company. | :00:46. | :00:47. | |
Argentina tangos its way back into the international money markets | :00:48. | :00:51. | |
- the South American nation was exiled in 2001 after defaulting | :00:52. | :00:53. | |
And the trading day has begun in Europe and, as you can see, | :00:54. | :01:04. | |
all the main markets are headed much higher after a bumper ride in Asia - | :01:05. | :01:08. | |
And is cheap oil good news, or bad for the Gulf's | :01:09. | :01:14. | |
We get the inside track on Emirates from boss Sir Tim Clark. | :01:15. | :01:20. | |
And a new study says if you're over 40 you should only | :01:21. | :01:23. | |
It says anything more than a 25-hour week | :01:24. | :01:26. | |
No hope for me according to that report, my brain is Bush! | :01:27. | :01:47. | |
Yahoo - it's one of the best known brands on the internet, | :01:48. | :01:51. | |
a billion people use it each month and it is home to much-loved | :01:52. | :01:54. | |
web properties such as Flickr and Tumblr. | :01:55. | :01:59. | |
Despite the name recognition, Yahoo is still a byword for decline | :02:00. | :02:01. | |
and later today is expected to release yet more bad | :02:02. | :02:03. | |
numbers as the firm looks for potential buyers. | :02:04. | :02:07. | |
In January, Yahoo reported fourth-quarter earnings of $166m, | :02:08. | :02:10. | |
Shares have slumped 30% since the end of 2014. | :02:11. | :02:25. | |
But despite that, it's thought around 40 firms initially expressed | :02:26. | :02:28. | |
interest in buying all or part of the tech giant. | :02:29. | :02:40. | |
So why is Yahoo so attractive and looking for a buyer? | :02:41. | :02:43. | |
In the US, Yahoo is still the third most visited online site, attracting | :02:44. | :02:46. | |
In the US, its news and sports sites are read by about 25% of | :02:47. | :02:51. | |
And it's those sorts of numbers that have attracted the likes of Verizon | :02:52. | :02:55. | |
and the Daily Mail - who see Yahoo as a potential way | :02:56. | :02:58. | |
to boost video and advertising figures for their own businesses. | :02:59. | :03:08. | |
With me is analyst Matti Littunen from media research | :03:09. | :03:10. | |
Good morning, Sally ran through the front runners there, the Daily Mail | :03:11. | :03:21. | |
possibly making a bit, it would have to pair up with somebody to afford | :03:22. | :03:25. | |
it, but the rise coming out as a frontrunner. What would they get out | :03:26. | :03:29. | |
of this? It is about knowing who customers are, isn't it? Yes, Yahoo | :03:30. | :03:36. | |
has great audience reach. Unfortunately for Yahoo, reach a | :03:37. | :03:41. | |
alone is not enough, you have to have a large audience but also need | :03:42. | :03:45. | |
to know the audience. There is an is banking on its 112 million US mobile | :03:46. | :03:54. | |
subscribers to provide that insight -- Verizon are relying on. They have | :03:55. | :04:04. | |
got subscriber data, browsing data, they are no doubt hoping that would | :04:05. | :04:16. | |
bring a much-needed boost. What is interesting when we look at | :04:17. | :04:19. | |
companies like Google and Yahoo is that we tend to think of them as | :04:20. | :04:23. | |
search engines, but ultimately they are advertising companies, they | :04:24. | :04:29. | |
offer maps, Web services not because they want us to enjoy them but | :04:30. | :04:32. | |
because they get advertising from them and that is the most lucrative | :04:33. | :04:38. | |
bit of Yahoo's business? These sorts of utilities, Yahoo has many | :04:39. | :04:43. | |
different types, it has search, mail, so on. They do many things, | :04:44. | :04:48. | |
but the problem is that for each of these utilities someone else does it | :04:49. | :04:54. | |
better. But where Yahoo is strong is having advertising technology | :04:55. | :04:57. | |
designed to make money from these sorts of utilities. For example they | :04:58. | :05:03. | |
have outsourced the technology behind their search, they still very | :05:04. | :05:07. | |
much have the know-how on how to sell search. When we get news of who | :05:08. | :05:11. | |
is going to buy it, no indication of when that might come, but do we | :05:12. | :05:15. | |
expect the Yahoo brand will continue or will it be an asset stripping | :05:16. | :05:19. | |
exercise, taking the bits of the business they want and the rest will | :05:20. | :05:22. | |
be palmed off? It will depend on the type of buyer. Verizon it would be a | :05:23. | :05:30. | |
question of what would be the best way to maintain Yahoo's audience. I | :05:31. | :05:35. | |
would imagine some of the individual strong content brands like Flickr | :05:36. | :05:43. | |
and Tumblr would stay, named the same. And things like Yahoo sports | :05:44. | :05:53. | |
or finance would be less clear. OK, really good to talk to you. Thank | :05:54. | :05:54. | |
you. Argentina has returned to | :05:55. | :05:56. | |
the international borrowing markets. It's selling bonds after 15 years | :05:57. | :06:00. | |
of exile since its debt The country is raising up | :06:01. | :06:03. | |
to $15 billion but demand for the bond issue was strong | :06:04. | :06:13. | |
and attracted orders worth Some of the money will go | :06:14. | :06:17. | |
to repaying bondholders who opposed the terms of Argentina's debt | :06:18. | :06:21. | |
restructuring after Netflix shares fell more than 9% | :06:22. | :06:23. | |
in after-hours trading after the video streaming company | :06:24. | :06:26. | |
forecast slower growth The company says it expects to add | :06:27. | :06:28. | |
another 500,000 new customers in the US and 2 million around | :06:29. | :06:34. | |
the world by the end of June. At the start of this year, | :06:35. | :06:38. | |
Netflix began a global expansion The world's major steel producers | :06:39. | :06:46. | |
have failed to agree to measures to tackle global overproduction, | :06:47. | :06:51. | |
which has caused Officials from 30 countries met | :06:52. | :06:53. | |
in Belgium to tackle the issue, but decided only that the problem | :06:54. | :06:59. | |
needed to be dealt with 'swiftly'. Chinese officials bristled | :07:00. | :07:02. | |
at suggestions its country The mining giant Rio Tinto has | :07:03. | :07:04. | |
cut its iron ore production Globally, the industry | :07:05. | :07:13. | |
is suffering from huge oversupply due to a decline | :07:14. | :07:21. | |
in demand from steelmakers. Christine Hah has more | :07:22. | :07:23. | |
for us in Singapore. Nice to see you, fill us in on | :07:24. | :07:38. | |
reopen As yes, production has been cut but they are coming in very much | :07:39. | :07:44. | |
in line with expectations -- fill us in on Rio. | :07:45. | :07:49. | |
The first quarter came in as expected at about 84 million tonnes, | :07:50. | :07:52. | |
and at this stage it is on track for a record 350 million tonnes in 2016. | :07:53. | :07:58. | |
Remember I know accounts for almost half of Rio Tinto's revenues and | :07:59. | :08:04. | |
they have taken a huge hit has prices have fallen amid the global | :08:05. | :08:09. | |
supply glut. Every $1 change in price of iron ore prices means an | :08:10. | :08:14. | |
estimated $260 million' change in revenue. Their share fires has | :08:15. | :08:20. | |
fallen over 13% in the last year but the CEO is focused on keeping market | :08:21. | :08:27. | |
share despite weaker profit margins. Thank you very much. Mining stocks | :08:28. | :08:34. | |
did well and energy stocks did well, banks were doing all right today | :08:35. | :08:38. | |
actually and Japan up nearly 3.7%. It has been a roller-coaster. This | :08:39. | :08:42. | |
time yesterday we were down as much, it has been up and down by 3% plus | :08:43. | :08:48. | |
the days. This is how things went the night before on Wall Street. | :08:49. | :08:52. | |
Better than expected news from Morgan Stanley boosting the sector | :08:53. | :08:56. | |
but also oil prices going up and up again. We will talk more about that | :08:57. | :09:00. | |
in a minute but it is helping financial markets. Let's look at the | :09:01. | :09:03. | |
European market Snapple stop across the board, steady as she goes, as it | :09:04. | :09:08. | |
were -- let's look at the European markets now. Expectations were | :09:09. | :09:14. | |
extremely low, and when you look at the numbers they are not so great. | :09:15. | :09:19. | |
Michelle Fleury has the details about what's ahead | :09:20. | :09:21. | |
The new earnings season is underway, US companies starting to turn in | :09:22. | :09:29. | |
their results for the first three months of the year. There are some | :09:30. | :09:34. | |
big technology names to watch out for, a slumping PC chip business is | :09:35. | :09:41. | |
expected to take its toll on Intel, which reports after the market has | :09:42. | :09:46. | |
closed. Yahoo's earnings will be overshadowed by questions about its | :09:47. | :09:50. | |
future, who is interested in buying its Internet business? The potential | :09:51. | :09:56. | |
sale comes after Yahoo abandoned plans to sell off its stake in | :09:57. | :10:07. | |
Alibaba. Most markets are anticipating a decline in first | :10:08. | :10:11. | |
quarter profits. We heard from some companies late on Monday, shares in | :10:12. | :10:16. | |
the video streaming service Netflix fell after its earnings disappointed | :10:17. | :10:23. | |
inspectors -- investors. Quarterly revenues for other companies | :10:24. | :10:24. | |
continue to fall. As you can see, the man with a red | :10:25. | :10:33. | |
braces, as he is known, Justin Urquhart Stewart, an economist, nice | :10:34. | :10:38. | |
to see you. Let's talk oil, we heard a lot over | :10:39. | :10:42. | |
the weekend about what they managed not to do in Gauhar, which was to | :10:43. | :10:48. | |
agree a cap and try to stabilise prices somewhat, but they have | :10:49. | :10:53. | |
bounced back a little -- in Doha. A line from Russia that we have just | :10:54. | :10:56. | |
got in saying it will raise its output, so the opposite of what we | :10:57. | :11:02. | |
were expecting, rising to 540 million tonnes. If nothing else it | :11:03. | :11:05. | |
underlines the situation Russia has got, its reserves have been dropping | :11:06. | :11:09. | |
dramatically because we have had Mr Putin going off on adventures in | :11:10. | :11:13. | |
Syria, Ukraine, and we have had the financial blockages, the likes of | :11:14. | :11:19. | |
Gazprom and others have been unable to refinance themselves. This is | :11:20. | :11:22. | |
foreign exchange reserves we are talking about, money not oil? But it | :11:23. | :11:27. | |
has an impact, where is the income coming? They are desperate to get | :11:28. | :11:32. | |
more dollars coming in. Gazprom and others have had to go into the | :11:33. | :11:35. | |
markets to borrow from the Chinese because they cannot go into | :11:36. | :11:38. | |
international markets, the sanctions are beginning to bite. The price of | :11:39. | :11:44. | |
oil today quite a bit up, and at the same time Argentina entering the | :11:45. | :11:48. | |
market again, the bond market again, and it was seen there was a rush? It | :11:49. | :11:54. | |
is strange, I go back to the days when Argentina and the rest of South | :11:55. | :11:57. | |
America was going through that terrible time and we had to go | :11:58. | :12:01. | |
through debt rescheduling that. They have just come out of their last | :12:02. | :12:05. | |
perilous Government, perilous Government in Argentina are normally | :12:06. | :12:10. | |
financially disastrous, and there was no change, it was disastrous, | :12:11. | :12:15. | |
only regime has come in now and they can go back into the markets, they | :12:16. | :12:20. | |
have agreed to pay the outstanding elements they have due. The move has | :12:21. | :12:26. | |
given them a slight uptick in their credit rating. Argentina is in that | :12:27. | :12:30. | |
face but Brazil, when you think not so long ago, totally the reverse. | :12:31. | :12:35. | |
The sleeping giant was awaiting but the sleeping giant has now tripped | :12:36. | :12:40. | |
over its self so its president is being breached, so Argentina has got | :12:41. | :12:45. | |
a long way to go. Justin, you will be back, we will see you shortly to | :12:46. | :12:47. | |
talk about the papers. The boss of Emirates tells us why | :12:48. | :12:48. | |
the low oil price is good news and bad news for the Gulf's | :12:49. | :12:54. | |
fast-growing airline industry. You're with Business | :12:55. | :12:57. | |
Live from BBC News. The owner of Primark, | :12:58. | :13:06. | |
Associated British Foods, has reported a 4% rise | :13:07. | :13:08. | |
in half year profits. The group was boosted by strong | :13:09. | :13:14. | |
performance in its sugar business. Profits at the discount retailer | :13:15. | :13:17. | |
Primark were down for the period. Our business editor Simon Jack joins | :13:18. | :13:21. | |
us from the Business Newsroom. Is it good or bad Ms? | :13:22. | :13:35. | |
It is a funny business, Associated British Foods, it has food and | :13:36. | :13:40. | |
retell, best known in the UK for owning Primark. Primark has bucked | :13:41. | :13:43. | |
the trend is on the high street, always been growing sales and | :13:44. | :13:47. | |
like-for-like sales. Today, even though sales were up 7%, they have | :13:48. | :13:53. | |
opened a lot more space, counter to what other people are doing. If you | :13:54. | :13:57. | |
look at their like-for-like, it is stripping out the effect of opening | :13:58. | :14:03. | |
new stores, the statement says it is a particularly challenging outlook | :14:04. | :14:07. | |
in the UK retail market. They say they made a good debut in the US. | :14:08. | :14:11. | |
But even the mighty Primark is finding life tough on the UK high | :14:12. | :14:14. | |
street. Let's turn our attention to beer and | :14:15. | :14:23. | |
booze. A big merger deal means that Roni and courts are being off? | :14:24. | :14:30. | |
Yes, a colossus of a company, one in three beers that you buy in the | :14:31. | :14:36. | |
world you are buying from this new giant and the competition | :14:37. | :14:38. | |
authorities wanted them to sell off a few bits and pieces, so Grolsch | :14:39. | :14:47. | |
and Peroni are being sold by Japanese beer makers. They are | :14:48. | :14:51. | |
looking to acquire overseas, so they are buying backward to and Peroni. | :14:52. | :14:54. | |
The companies behind this want you to have grand -- brand loyalty, so | :14:55. | :15:08. | |
this might not be the last of the disposal of assets, we might see | :15:09. | :15:11. | |
some more assets being sold off there. | :15:12. | :15:15. | |
OK, thank you very much. We will see more from him in later. | :15:16. | :15:18. | |
Here is a fact for you, Pret has been talking about their food sales | :15:19. | :15:35. | |
up just over 1.4%, ?676 million, the biggest selling ingredient in its | :15:36. | :15:38. | |
sandwiches and salads is avocado, so there you go. | :15:39. | :15:42. | |
Our top story: The deadline has now passed for firms to submit offers | :15:43. | :15:48. | |
Around 40 companies initially expressed an interest in the company | :15:49. | :15:54. | |
but it's thought only a handful have actually made bids for | :15:55. | :15:57. | |
Troy has got his bid in. Is he one of the 40? Who knows? | :15:58. | :16:18. | |
A quick look at the live page. The details are there including | :16:19. | :16:22. | |
everything we've talked about relating to Argentina returning to | :16:23. | :16:25. | |
the debt markets after the default in 2001. What that could mean for | :16:26. | :16:28. | |
the international picture. But also keep your comments coming in. You | :16:29. | :16:31. | |
can see the hashtag on the screen there. | :16:32. | :16:38. | |
A new study suggests if you're over the age of 40 then you should only | :16:39. | :16:43. | |
be work ago three-day week. Lots of comments from you already. Keep them | :16:44. | :16:46. | |
coming in. We will discuss them later. | :16:47. | :16:51. | |
I'm over 40! How many days a week do you do? Are you over 40? No. How | :16:52. | :16:59. | |
dare you! I shouldn't work as much as Ben! | :17:00. | :17:01. | |
All right, let's move on. It's just 30-years-old, but already | :17:02. | :17:05. | |
one of the world's largest airlines and with an impressive marketing | :17:06. | :17:08. | |
budget it's a well-known name at sports events, | :17:09. | :17:10. | |
stadiums and events. In a moment we'll get | :17:11. | :17:12. | |
the inside track from the airline's boss, but first let's take a look | :17:13. | :17:18. | |
at how the company began. It was founded in 1985 | :17:19. | :17:22. | |
and flew its first routes out of Dubai with just two aircraft, | :17:23. | :17:24. | |
but has since grown at an astonishing rate with a fleet | :17:25. | :17:28. | |
of 230 aircraft, flying to 150 destinations | :17:29. | :17:31. | |
in more than 80 countries. Last year, it reported a 40% jump | :17:32. | :17:38. | |
in profits for the year, primarily But, the airline also faces | :17:39. | :17:41. | |
criticism over allegations that it receives billions of dollars | :17:42. | :17:49. | |
in illegal state subsidies and financial help from | :17:50. | :17:51. | |
the Dubai government. That prompted some US airlines | :17:52. | :17:54. | |
to call on lawmakers to restrict Emirates and other Gulf carriers' | :17:55. | :17:57. | |
access to the US airspace. So how does it tackle all that | :17:58. | :18:02. | |
political and economic turbulence? Our Business Editor went to meet | :18:03. | :18:04. | |
the company's boss, Sir Tim Clark. We have a dashboard and it tells us | :18:05. | :18:13. | |
what's going on where, And there are multiple red | :18:14. | :18:16. | |
lights at the moment. We have a European situation, | :18:17. | :18:22. | |
we have had these terrible events in Paris and Brussels which have | :18:23. | :18:27. | |
started to cause demand to diminish, out of the Asian markets | :18:28. | :18:36. | |
principally China, we have had advisories passed into these | :18:37. | :18:38. | |
populations to say don't travel We have issues with regard | :18:39. | :18:44. | |
to what is going on in Africa at the moment because we have got | :18:45. | :18:48. | |
commodity price collapse, Collapse as well, these are all red | :18:49. | :18:50. | |
lights that are flashing at us. The oil price obviously has fallen | :18:51. | :18:55. | |
very significantly over the last For most airlines that | :18:56. | :18:57. | |
would be great news. For a Gulf carrier, it is not quite | :18:58. | :19:01. | |
as straightforward as that because obviously the wealth | :19:02. | :19:04. | |
of the region is generated by oil. So is a low oil price | :19:05. | :19:06. | |
a good or a bad thing? Well, of course, the drop in the oil | :19:07. | :19:11. | |
price where we had 43% of our costs at one point were fuel, | :19:12. | :19:20. | |
they are about half that now. We benefited from that, | :19:21. | :19:25. | |
but of course, the airline industry races to the bottom with regard | :19:26. | :19:27. | |
to its pricing and as a result all the fares have come down, | :19:28. | :19:30. | |
the yields have fallen etcetera so it is a much better | :19:31. | :19:33. | |
position than it was, but it is not as good people | :19:34. | :19:35. | |
would think and you're right, as the oil producing Middle Eastern | :19:36. | :19:38. | |
countries are having to deal with a 75% fall in the price | :19:39. | :19:41. | |
of oil over the last three to five years, | :19:42. | :19:43. | |
they have had to trim their economies, but you know, | :19:44. | :19:46. | |
the economy still needs sustaining. Does that mean sheikhs | :19:47. | :19:48. | |
are going in economy these days? No, my sheikh often | :19:49. | :19:53. | |
travels in economy. He does indeed and I've travelled | :19:54. | :19:54. | |
with him in economy as well. The US industry, some | :19:55. | :20:02. | |
voices in the EU, complain that the competition isn't | :20:03. | :20:04. | |
fair because in fact you are the recipient of state | :20:05. | :20:07. | |
subsidies, what do you say to that? We have brought a new product | :20:08. | :20:11. | |
to the market which is affordable and people really enjoy it | :20:12. | :20:14. | |
and that has been seen Are you saying there has never been | :20:15. | :20:16. | |
a penny of subsidy at any time? Into Emirates I would say | :20:17. | :20:30. | |
categorically no. We have disclosed | :20:31. | :20:35. | |
exactly what the Government of Dubai's involvement | :20:36. | :20:37. | |
has been with us. Those are in our financial | :20:38. | :20:39. | |
statements which are produced every year and on a fully | :20:40. | :20:41. | |
transparent basis. I don't think we are going to be | :20:42. | :20:43. | |
bullied into submission We will take it back to them | :20:44. | :20:46. | |
as we did in the case A 350 page dossier which dealt | :20:47. | :20:51. | |
with in a very granular nature with all of the issues that | :20:52. | :20:54. | |
were thrown at us and I believe we We are waiting for a decision | :20:55. | :20:57. | |
on extra capacity in the UK. Tell us what we are missing out | :20:58. | :21:01. | |
on by not getting on with it The South East of England | :21:02. | :21:05. | |
needs a third runway. If Heathrow had been allowed to grow | :21:06. | :21:08. | |
in an unconstrained manner and it had the third or the fourth runway | :21:09. | :21:14. | |
which it would have done under normal capacity demand, | :21:15. | :21:17. | |
the airport would be 120 million, 130 million passengers today, | :21:18. | :21:20. | |
not 70 or 72 million. So it would be almost | :21:21. | :21:26. | |
double the size? It would have continued to grow | :21:27. | :21:28. | |
at a pace that it had been used to and has been capped so they get | :21:29. | :21:39. | |
might 2% or 3% more out it. The need has been identified | :21:40. | :21:42. | |
and assessed and proven as far It is the most significant city | :21:43. | :21:45. | |
on our network apart from Dubai. The United Kingdom is | :21:46. | :21:49. | |
the most profitable. So you are agnostic | :21:50. | :21:52. | |
about whether it is Heathrow For Emirates we will continue | :21:53. | :21:54. | |
to operate to Heathrow We have managed to get an additional | :21:55. | :21:58. | |
slot as we have done at Gatwick, but we are growing our | :21:59. | :22:03. | |
operations as well. You could see actually | :22:04. | :22:06. | |
Manchester and Birmingham. Birmingham is a fabulous airport | :22:07. | :22:09. | |
and it is in the heart So they could be developed | :22:10. | :22:11. | |
in the absence of Heathrow and Gatwick if it was | :22:12. | :22:15. | |
me, I'd do the lot. The boss of Emirates, Sir Tim Clark. | :22:16. | :22:37. | |
The Telegraph has been looking at the trade in fake goods which it | :22:38. | :22:44. | |
says make up 2.5% of all international trade. | :22:45. | :22:50. | |
If you're over 40 then your brain power could be harmed by working | :22:51. | :22:56. | |
more than 25 hours or a three-day week. We are all in approval of that | :22:57. | :23:00. | |
actually! We think it is a good idea. Justin is back as you can see. | :23:01. | :23:07. | |
Justin and I are both over 40. We have established that I am not! You | :23:08. | :23:10. | |
are saying that I have to work a longer week. Justin you are an | :23:11. | :23:14. | |
employer as well. You have got quite a few members of staff. What do you | :23:15. | :23:19. | |
think of this idea? You find people working part-time, tend to work | :23:20. | :23:25. | |
harder. They have got an area of work they have to try and do. It | :23:26. | :23:29. | |
creeps into the other hours that they are not at work. They get more | :23:30. | :23:39. | |
for less? It is the flexibility and you have got people with flexible | :23:40. | :23:42. | |
families, you need them to be flexible and you don't want to lose | :23:43. | :23:46. | |
the talent. You have trained people up and they are good at what they do | :23:47. | :23:49. | |
and they're going away. Why do you want that? Keep them involved and | :23:50. | :23:53. | |
you find they are working extra time and the old unones like me just end | :23:54. | :23:58. | |
up falling asleep in the corner! A lot of you getting in touch. Theo | :23:59. | :24:05. | |
says, "40 is semi retirement, but that flies in the face of the fact | :24:06. | :24:09. | |
that the retirement age is getting older and older." Another one, lots | :24:10. | :24:13. | |
of you suggesting it is a great idea. John says if it is a European | :24:14. | :24:18. | |
study, if so, it is the best thing to have come out of Brussels in a | :24:19. | :24:22. | |
long time. John said, "Three days work, five days salary. I'm always | :24:23. | :24:32. | |
pooped by Thursday anyway." More people are setting up their own | :24:33. | :24:35. | |
businesses and you will see how flexible they are in that time | :24:36. | :24:38. | |
because they run their businesses and often running two at the same | :24:39. | :24:40. | |
time. It would be fascinating to see how that works out. Tony says, "This | :24:41. | :24:46. | |
is why my brain hurts." Tony, it is only Tuesday. | :24:47. | :24:50. | |
Justin, tell us about the counterfeit goods story, worth a | :24:51. | :24:55. | |
quarter of a trillion pounds a year, so says the OECD. Something that's | :24:56. | :25:01. | |
not on our radar much these days, counterfeit goods? They are talking | :25:02. | :25:06. | |
about 2.5% of all international trade is fake goods or they are | :25:07. | :25:16. | |
talking about across the Europe... For big bands there, is a hole in | :25:17. | :25:20. | |
their profits basically, isn't it? Oh yeah. Big companies that are | :25:21. | :25:24. | |
ripped off over the world. They have their own police forces going out | :25:25. | :25:28. | |
and checking up on these. Certainly, some of my family in Indonesia, it | :25:29. | :25:33. | |
is not what quality of fake do you want to have? Do you want a rubbish | :25:34. | :25:38. | |
watch or a really good fake watch? The goods, well we all know it is | :25:39. | :25:48. | |
footwear and leather wear, where are they coming from? China and Hong | :25:49. | :25:53. | |
Kong. Other areas, but they are by far and away the worst culprits for | :25:54. | :25:57. | |
it. Justin, thank you. Really nice to see you and thank you for your | :25:58. | :26:01. | |
comments and suggestions about the three-day week! We think it is a | :26:02. | :26:05. | |
great idea. We are both back tomorrow. See you then. | :26:06. | :26:14. | |
We have got a quiet three or four days on the weather front. Today is | :26:15. | :26:22. | |
not looking bad. If it has been cloudy, the clouds will be breaking | :26:23. | :26:24. |