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This is Business Live from the BBC with Sally Bundock and Ben Thompson. | :00:08. | :00:10. | |
Big tobacco versus the European Union. | :00:11. | :00:11. | |
The two sides battle it out over health warnings, graphic images | :00:12. | :00:14. | |
Live from London, that's our top story today, Wednesday, 4th May. | :00:15. | :00:38. | |
The big players in the tobacco industry have joined forces | :00:39. | :00:40. | |
to oppose an EU ruling, but can they hold back the tide | :00:41. | :00:43. | |
of regulation as pressure mounts to crack down on smoking and put | :00:44. | :00:46. | |
Also in the programme, when is an iPhone not an iPhone? | :00:47. | :00:51. | |
Tech giant Apple has lost a trademark fight with a handbag | :00:52. | :00:58. | |
maker in China over the name of it's most well-known product. | :00:59. | :01:01. | |
We're live in Beijing with the details. | :01:02. | :01:03. | |
And markets are bouncing higher in Europe but with mixed | :01:04. | :01:05. | |
earnings news we'll talk you through the winners | :01:06. | :01:08. | |
The firm that lost it's way is back on track. | :01:09. | :01:24. | |
The Co-Founder of sat nav giant Tom Tom will be here in the studio. | :01:25. | :01:28. | |
As Donald Trump effectively seals the Republican nomination | :01:29. | :01:30. | |
in the race to become the next US president we want to | :01:31. | :01:33. | |
know if Business people make good politicians? | :01:34. | :01:34. | |
Will tobacco firms be forced to sell their products in plain packaging? | :01:35. | :01:57. | |
They'll find out later whether new EU rules | :01:58. | :01:59. | |
Philip Morris, British American Tobacco and Imperial Tobacco have | :02:00. | :02:03. | |
all joined forces to attack the legality of the ban | :02:04. | :02:05. | |
which the European Union hopes will cut the number of people | :02:06. | :02:10. | |
smoking across Europe by 2.4 million. | :02:11. | :02:12. | |
The Smoke Free Partnership, which is part funded | :02:13. | :02:15. | |
by the European Commission, say smoking costs the EU | :02:16. | :02:19. | |
The new rules, voted on last year, included a ban on flavoured | :02:20. | :02:26. | |
cigarettes, a ban on so called "lipstick-style" packs aimed | :02:27. | :02:29. | |
at women and the requirement for 65% of each packet sold | :02:30. | :02:31. | |
Crucially the commission also said that plain packaging could go ahead | :02:32. | :02:44. | |
when "justified on grounds of public health". | :02:45. | :02:46. | |
Europe's highest court will rule today on whether or not the EU's | :02:47. | :02:49. | |
actions are "proportionate" and if they work against the single market? | :02:50. | :03:04. | |
With me is Shane MacGuill, a tobacco analyst with | :03:05. | :03:08. | |
Let's talk about the ruling. Which way are we expecting it to go. We | :03:09. | :03:18. | |
have had an indication from the EU about what they are thinking? The | :03:19. | :03:26. | |
advocate general ruled against the tobacco industry changes. It is part | :03:27. | :03:29. | |
of the rising tide of regulation around the world, not just in Europe | :03:30. | :03:34. | |
against tobacco firms, we have seen strict rules being enforced on them | :03:35. | :03:37. | |
in other parts of the world. And it strikes me there is only one way for | :03:38. | :03:42. | |
this to go, so it is about how the tobacco companies deal with it | :03:43. | :03:45. | |
rather than trying to win any big concessions? They recognise the tide | :03:46. | :03:49. | |
is moving out for them in terms of regulation. Today's judgement will | :03:50. | :03:55. | |
be another case in terms of the idea that the health objectives that | :03:56. | :03:59. | |
regulators is primary to the ability of the tobacco industry to generate | :04:00. | :04:04. | |
revenue. The industry want to manage the regulations that they're faced | :04:05. | :04:06. | |
with across the world and minimise the effects on their own business. | :04:07. | :04:10. | |
What is more damaging to the tobacco firms? Is it the graphic images that | :04:11. | :04:15. | |
we see on some cigarette packets in some parts of the world or is it the | :04:16. | :04:20. | |
concept of plain packaging? I would argue that plain packaging is more | :04:21. | :04:24. | |
detrimental to them because it removes any capacity that they have | :04:25. | :04:29. | |
to communicate with consumers. Graphic health warnings, although | :04:30. | :04:32. | |
they are extensive and they must have some effect on smokers, allow | :04:33. | :04:37. | |
room for branding of the product. So plain packaging which inhibits the | :04:38. | :04:40. | |
industry from communicating with consumers or smokers is more | :04:41. | :04:44. | |
damaging to them in the longer run. Of all the images where brand | :04:45. | :04:48. | |
something so important, the tobacco industry, it is key, because that's | :04:49. | :04:52. | |
what allows them to charge higher prices and allows them to have the | :04:53. | :04:55. | |
lifestyle that's built around a certain brand and why people choose | :04:56. | :05:00. | |
one or other because essentially the product is pretty much the same? | :05:01. | :05:08. | |
Some of the iconic significant Bretts are iconic globally. It is | :05:09. | :05:11. | |
something they need to generate brand identity to create more | :05:12. | :05:16. | |
revenues. Briefly, just a last thought, as that screw tightens in | :05:17. | :05:19. | |
Europe, the push into emerging markets for ta bobbing co firms will | :05:20. | :05:23. | |
be more important than ever? It becomes increasingly important. They | :05:24. | :05:29. | |
are looking at markets where regulation is less restricted and | :05:30. | :05:33. | |
where tax is lower and to have that leverage to continue to build brand | :05:34. | :05:37. | |
identities and engage consumers will be crucial for them going forward. | :05:38. | :05:42. | |
Absolutely. We will keep a close eye on things from Europe. Shane, for | :05:43. | :05:46. | |
now, thank you. Donald Trump has become the US | :05:47. | :05:49. | |
Republican presidential nominee in all but name after victory | :05:50. | :05:51. | |
in Indiana forced rival Mr Trump, unpopular with many | :05:52. | :05:54. | |
in his own party, now has a clear path to the 1,237 delegates needed | :05:55. | :06:01. | |
to claim his party's crown. The oil giant Royal Dutch Shell has | :06:02. | :06:13. | |
published first quarter earnings down 83% to $814 million, | :06:14. | :06:24. | |
down from $4.8 billion in The oil giant says capital | :06:25. | :06:26. | |
investment in 2016 is now more likely to be $30 billion rather | :06:27. | :06:31. | |
than previous guidance Fiat Chrysler has announced a deal | :06:32. | :06:33. | |
with Google to double the size of the tech giant's fleet | :06:34. | :06:37. | |
of self-driving cars. Fiat will supply 100 | :06:38. | :06:39. | |
Chrysler Pacifica vans and provide engineers to help | :06:40. | :06:40. | |
integrate the technology. Prosecutors in Brazil have filed | :06:41. | :06:44. | |
a $43.5 billion civil lawsuit against iron miner Samarco, | :06:45. | :06:46. | |
and its owners BHP It follows the collapse of a dam | :06:47. | :06:50. | |
they owned that caused a massive Let's take you to the live page | :06:51. | :06:58. | |
and killed 19 people. Let's take you to the live page if | :06:59. | :07:11. | |
it is working. It has been difficult this morning. Let me see whether it | :07:12. | :07:16. | |
It has got frustrated. There we go. It has got frustrated. There we go. | :07:17. | :07:22. | |
It is loading up. The live page is a place to get all the news that we | :07:23. | :07:25. | |
don't have time to cover on the programme! Wets can't show you | :07:26. | :07:29. | |
either! It is taking a long time. Have some patience. It is there. It | :07:30. | :07:33. | |
is there. All the reaction to stories, of course over the morning, | :07:34. | :07:36. | |
dominated by two things in the UK, Sainsbury's results, we will touch | :07:37. | :07:40. | |
on those later and also the retailer, Next too, but Shell also | :07:41. | :07:45. | |
there. We've touched on it. First quarter earnings falling 83%, coming | :07:46. | :07:47. | |
in at $814 million. Apple has lost a trademark fight | :07:48. | :07:51. | |
in China, meaning a firm which sells handbags and other leather goods can | :07:52. | :07:54. | |
continue use the name "iPhone". A court in Beijing ruled in favour | :07:55. | :08:00. | |
of the Chinese technology company, which trademarked "iPhone" | :08:01. | :08:03. | |
for leather products Stephen McDonell is in | :08:04. | :08:05. | |
Beijing for us. Stephen, just explain this for us. A | :08:06. | :08:19. | |
leather goods manufacturer wants to use the name iPhone, why? Well, on | :08:20. | :08:24. | |
the face of it, it does seem bizarre, but it makes legal sense. | :08:25. | :08:30. | |
Local Chinese company, has beaten Apple in court over the right to | :08:31. | :08:34. | |
sell its leather bags, calling them iPhone. These are bags, you might | :08:35. | :08:39. | |
put a laptop in or a phone. Letter bags. Apple took them to the local | :08:40. | :08:44. | |
trademark authority and lost. Took them to a local Beijing court and | :08:45. | :08:48. | |
lost again. Now in Beijing's high test court, lost a third time. | :08:49. | :08:52. | |
Crucially, what Apple was not able to prove is that in 2007, it was | :08:53. | :08:59. | |
already an established famous brand here when this Chinese company | :09:00. | :09:04. | |
lodged its registration because it didn't start selling iPhones here | :09:05. | :09:08. | |
until 2009. So they have it, Apple lost. People are able to come to | :09:09. | :09:14. | |
China now and buy a perfectly legal iPhone leather bag which has nothing | :09:15. | :09:20. | |
whatsoever to do with Apple. Stephen, an intriguing tale, thank | :09:21. | :09:24. | |
you very much. It sounds like a David and Goliath story, doesn't it | :09:25. | :09:25. | |
and in this case, David won. Hong Kong is down 1% and you can see | :09:26. | :09:40. | |
behind me, the night before was grim on Wall Street as well. As was it | :09:41. | :09:44. | |
was in Europe too on Tuesday. All because of the bad news about | :09:45. | :09:48. | |
economics. Eurozone growth forecast lowered. Also concern about China | :09:49. | :09:52. | |
and that's really dampened sentiment. So what's happening now | :09:53. | :09:56. | |
in Europe? Well some of the main markets in Europe are bouncing back | :09:57. | :10:01. | |
after heavy falls, but not so for London, the DAX down a bit and the | :10:02. | :10:10. | |
CAC flat. Shell's shares, there is a tongue twister, they're up slightly | :10:11. | :10:13. | |
in London because their news is better than expected. BHP Billiton | :10:14. | :10:17. | |
shares down and falling now in London too off the back of the news | :10:18. | :10:22. | |
we mentioned about the mine in Brazil and prosecutors hitting them | :10:23. | :10:25. | |
with big sums of money. So lots to talk about in a few minutes with our | :10:26. | :10:31. | |
markets guest, but for now, let's hear from Michelle on what we can | :10:32. | :10:34. | |
expect on Wall Street today. The earnings parade continues this | :10:35. | :10:37. | |
Wednesday. One of the most highly anticipated is the first quarter | :10:38. | :10:45. | |
results from at thes lard want expected loss Teslar, investors are | :10:46. | :10:48. | |
beginning to ask is it its share price too rich? This is time for the | :10:49. | :10:55. | |
maker to prove doubters wrong. Turning to the media, CNN maybe | :10:56. | :10:59. | |
beating Fox News when it comes to ratings in the United States, but is | :11:00. | :11:03. | |
the same true for their respective parent companies? 21St Century Fox | :11:04. | :11:13. | |
is expected to report a rise in profits and a rosy picture is | :11:14. | :11:17. | |
forecast for Time Warner which owns CNN. Teeing up Friday's Government | :11:18. | :11:25. | |
jobs data, watch out for the latest snapshot from private employers. | :11:26. | :11:29. | |
Joining us is Maike Currie, investment director | :11:30. | :11:30. | |
Let's pick up on Shell and the interesting thing about Shell is | :11:31. | :11:40. | |
cutting that expenditure for the year. | :11:41. | :11:45. | |
About 10% in Shell's case, it is a big difference? It is a big | :11:46. | :11:48. | |
difference and what we have seen over the last two years, almost two | :11:49. | :11:52. | |
years, these oil companies fighting the low oil price and of course, | :11:53. | :11:55. | |
companies like Shell and BP being the big boys are better positioned, | :11:56. | :12:00. | |
but even they are struggling now and the big question for a company like | :12:01. | :12:04. | |
Shell is how sustainable the dividend is, the income payment is | :12:05. | :12:08. | |
that the company makes to shareholders. Shell hasn't cut its | :12:09. | :12:12. | |
dividend since the Second World War. If the woes continue with oil price, | :12:13. | :12:15. | |
this comes into question. It is the first set of numbers from Shell, | :12:16. | :12:20. | |
isn't it, since their 15th February deal with BG Group. Shell being | :12:21. | :12:24. | |
transformed in many ways, not just by the lower oil price? Absolutely. | :12:25. | :12:30. | |
That deal with BG divided Shell. Some said, will it add value to | :12:31. | :12:33. | |
Shell or will it take value away from Shell? It will be interesting | :12:34. | :12:38. | |
to see where Shell goes from here. Short and sweet, but we'll talk more | :12:39. | :12:42. | |
about Donald Trump, of all things, later in the programme, but for now, | :12:43. | :12:46. | |
thank you. The head of Tom Tom will be | :12:47. | :12:51. | |
here to give us the Inside Track on how the company's been | :12:52. | :12:56. | |
rebuilding its business after Google shook up the market | :12:57. | :12:58. | |
with its free mapping app. You're with Business | :12:59. | :13:01. | |
Live from BBC News. Profits at the supermarket | :13:02. | :13:03. | |
Sainsbury's have come in better than expected, | :13:04. | :13:06. | |
but still mark a second The company made a full-year pre-tax | :13:07. | :13:09. | |
profit of ?587 million compared Our Business Editor Simon Jack joins | :13:10. | :13:16. | |
us from the Business Newsroom. Simon talk us through these. We look | :13:17. | :13:31. | |
at this closely the rivalry between the supermarkets and the battle with | :13:32. | :13:32. | |
the discounters? It will have declining sales. Food | :13:33. | :13:59. | |
prices have fallen 4% over the last two years and if you add that to the | :14:00. | :14:03. | |
white hot competition it is getting from its noisy neighbours, Aldi and | :14:04. | :14:07. | |
Lidl it has been a difficult period indeed. Sainsbury's has been | :14:08. | :14:17. | |
resilient against the newcomers and has held its market share stable at | :14:18. | :14:25. | |
16.5%. It bought Argos. So people will now be looking at how it | :14:26. | :14:30. | |
executes on that strategy. A tough time for supermarkets. A good time | :14:31. | :14:35. | |
for shoppers during this food deflation, but Sainsbury's is | :14:36. | :14:38. | |
holding its own. Shares off a little bit, but it has done better than | :14:39. | :14:41. | |
some. All right, Simon, thank you very much. | :14:42. | :14:45. | |
Simon Jack joining us from our business unit. | :14:46. | :14:50. | |
the tablet is working, so I can show you some of the news, including news | :14:51. | :15:03. | |
from the payday loans firm Wonga. It is reporting pre-tax losses because | :15:04. | :15:08. | |
of reduction in UK consumer lending volumes, as it calls it, but it is | :15:09. | :15:12. | |
basically the tougher lending criteria. It is also saying it is | :15:13. | :15:16. | |
trying to be more responsible about who it is lending to. Looking at | :15:17. | :15:23. | |
some of the other stories on the Business Live page. What is going | :15:24. | :15:30. | |
wrong for Next? Coming through with numbers not so good this time. | :15:31. | :15:39. | |
Our top story: Tobacco giants are in court today in a final | :15:40. | :15:44. | |
attempt to reverse the EU's Tobacco Products Directive. | :15:45. | :15:49. | |
The new rules would mean that cigarettes will have to be | :15:50. | :15:54. | |
sold in packs of 20, and 65% of the packet must be | :15:55. | :15:57. | |
There is also debate about entirely plain packaging. | :15:58. | :16:08. | |
Now, it wasn't too long ago that the paper maps were king, | :16:09. | :16:12. | |
and rows over which route to take were common. | :16:13. | :16:16. | |
All that changed, though, with the advent of the sat nav | :16:17. | :16:18. | |
Tom Tom was one of the firms that led that revolution. | :16:19. | :16:28. | |
In the final quarter of 2007, the firm made $124 million, | :16:29. | :16:31. | |
But it didn't take long for things to go wrong. | :16:32. | :16:35. | |
Two years later in 2009, the company made a loss | :16:36. | :16:38. | |
of $43 million in the first quarter of the year. | :16:39. | :16:40. | |
Well, the market was turned upside down almost overnight by Google's | :16:41. | :16:46. | |
decision to start offering a free mapping service for phones. | :16:47. | :16:53. | |
Since then the company has undergone a bit of a revolution, | :16:54. | :16:56. | |
and now has a deal with Uber to provide it with digital maps. | :16:57. | :17:05. | |
As well as traditional mapping tech, the company has also been branching | :17:06. | :17:08. | |
out, launching a range of gadgets from smart watches and fitness | :17:09. | :17:10. | |
Corinne Vigreux is the co-founder of Tom Tom, and she joins us now. | :17:11. | :17:18. | |
Good morning, nice to see you. Let's just talk about this. It was a fall | :17:19. | :17:27. | |
from grace, you were doing so well at the top of the market, Tom Tom | :17:28. | :17:35. | |
Rumack were revolutionising the way that we made our way around the | :17:36. | :17:38. | |
world, but overnight, things changed, Google launched its free | :17:39. | :17:45. | |
app. Not only that, 2008 was a perfect storm, there was the crisis, | :17:46. | :17:56. | |
we had found that the level of penetration of the sat nav is was | :17:57. | :18:00. | |
quite high. So we had to reinvent ourselves. We knew we had to | :18:01. | :18:06. | |
diversify, and we acquired a competitor. Our aim was to be the | :18:07. | :18:11. | |
best navigation, to know the road the best on the market, and we | :18:12. | :18:17. | |
started working on big technology that today is going to help us be a | :18:18. | :18:25. | |
major player in driverless cars, so we have invested a lot of money in | :18:26. | :18:28. | |
knowing every ten centimetres of every road in the world. But you had | :18:29. | :18:34. | |
the likes of Google emerge, and that came already on people's smart | :18:35. | :18:39. | |
devices, but also car manufacturers as well were putting sat nav devices | :18:40. | :18:46. | |
as a part of the car, so you no longer need to get a Tom Tom. That | :18:47. | :18:52. | |
is true, but we are still selling a lot of devices, in Europe we sell | :18:53. | :18:57. | |
more than 4 million per year, and in the UK, last year, and in Germany, | :18:58. | :19:03. | |
the sales of sat nav stabilised. So there are still a lot of customers | :19:04. | :19:07. | |
valuing the independence of a sat nav in the car, no roaming charges, | :19:08. | :19:14. | |
never out of coverage. And Tom Tom has been working along time on | :19:15. | :19:17. | |
routing and traffic information, it is still the best on the market | :19:18. | :19:21. | |
today. How would you differentiate yourself from something that is | :19:22. | :19:25. | |
provided for free and you are asking people to pay a couple of hundred | :19:26. | :19:31. | |
dollars for it? If you have a telephone, you have to connect, you | :19:32. | :19:34. | |
have to be online to be able to download information. With the Tom | :19:35. | :19:41. | |
Tom, it is a no-brainer, it is dedicated navigation, and we keep | :19:42. | :19:44. | |
working really hard to make that the best it is, and it was interesting | :19:45. | :19:50. | |
in London yesterday, to see all of those cabbies using our products, | :19:51. | :19:56. | |
and that was the testimony that they are the best product on the market. | :19:57. | :20:00. | |
You have launched a lot of new devices, some of them smart devices, | :20:01. | :20:04. | |
but you are also looking at the driverless car. Yes, it is quite | :20:05. | :20:11. | |
nice to have made it to the dictionary as a synonym to sat nav, | :20:12. | :20:15. | |
we got voted yesterday, top 50 gadgets in the last century, so it | :20:16. | :20:20. | |
is very flattering, but at the same time, we focus on the next 25 years, | :20:21. | :20:25. | |
and I think we were be playing a major role in the way we move in | :20:26. | :20:29. | |
cities in the next 25 years and in bringing technology for self driving | :20:30. | :20:35. | |
cars. If cars are driverless, they need external information. Yes, it | :20:36. | :20:39. | |
is a mix of sensors, but they need to know exactly what is happening on | :20:40. | :20:48. | |
the road, and we are working on 3-D high-definition road mapping, and | :20:49. | :20:52. | |
you need that when you don't have a driver behind the wheel. Do use the | :20:53. | :20:57. | |
voice of Darth Vader for one of your Tom Tom? I was told by one of my | :20:58. | :21:04. | |
presenter colleagues. Yes, Bart Simpson. We have got them all. You | :21:05. | :21:08. | |
should have a Ben Thompson voice, maybe. I hear enough sallied undock | :21:09. | :21:11. | |
voice right next to me. It's now just 50 days until polling | :21:12. | :21:15. | |
stations open for the UK's But when it comes to the business | :21:16. | :21:18. | |
debate, it's easy to focus on the powerful voices | :21:19. | :21:24. | |
behind billion dollar companies - but the majority of UK firms | :21:25. | :21:26. | |
are actually small and medium sized The BBC has been scouring | :21:27. | :21:29. | |
the country to find out what EU membership means to small businesses | :21:30. | :21:33. | |
- those on the front line. My name is Bethany Sawyer. The | :21:34. | :21:46. | |
company is called Bio farm UK Limited, and we distribute leeches | :21:47. | :21:53. | |
to hospitals. They are used in post-reconstructive surgery, so it | :21:54. | :21:58. | |
is if you are reattaching a limb, a digit, a skin draft. At the moment | :21:59. | :22:04. | |
there is a clause which means that because leeches have been used for | :22:05. | :22:07. | |
so long in medicine, we are able to supply them without hassle, however | :22:08. | :22:13. | |
I do think there is a definite move towards more and more EU medical | :22:14. | :22:20. | |
device regulation. There are several medical device directives coming | :22:21. | :22:22. | |
out, more in the pipeline, so the longer we stay in the EU, the more | :22:23. | :22:27. | |
complicated it will get for us. It would mean we potentially face | :22:28. | :22:32. | |
submitting massive amounts of paperwork to supply with the EU | :22:33. | :22:37. | |
medical device regulations, and that is a considerable cost, a | :22:38. | :22:38. | |
considerable addition to your overhead. | :22:39. | :22:41. | |
Tune in tomorrow where we'll be speaking to another small business | :22:42. | :22:44. | |
with a more favourable view on EU membership. | :22:45. | :22:46. | |
And of course you can find more from our series "EU: Business Talks" | :22:47. | :22:49. | |
A quick update on the story at the start of the programme, the ruling | :22:50. | :22:55. | |
from the European court of justice in the European union related to the | :22:56. | :22:59. | |
tobacco companies. The court has ruled that the new EU directive has | :23:00. | :23:06. | |
tough rules and is valid, and it will allow member states to | :23:07. | :23:08. | |
introduce further restrictions, including things like plain | :23:09. | :23:12. | |
packaging, the ban on things like menthol cigarettes, and graphic | :23:13. | :23:19. | |
warnings on packages. The advocate general gave his advice some weeks | :23:20. | :23:22. | |
ago saying that he felt this was the right decision, so it comes as no | :23:23. | :23:26. | |
surprise. That is the decision just fruit from the European court of | :23:27. | :23:30. | |
justice. We asked you to get in touch to tell us whether you believe | :23:31. | :23:33. | |
business leaders make for good politicians. This is following | :23:34. | :23:38. | |
Donald Trump winning the last element in the race to become the | :23:39. | :23:44. | |
nominee for the Republican party. We will discuss that in just a moment, | :23:45. | :23:47. | |
but just run through some your comments. We like this one: It says | :23:48. | :23:58. | |
that you two, referring to Sally and I, no more about business and would | :23:59. | :24:02. | |
be better politicians than Donald Trump! And one from Ryan who says, | :24:03. | :24:08. | |
Mike Bloomberg is an example, but he is the exception. Let's | :24:09. | :24:23. | |
Maike Currie, in reintroduce vestment | :24:24. | :24:26. | |
what you think of Donald Trump? It is staggering that he has come from | :24:27. | :24:41. | |
this far, and now we have the firing gun in one of the most ugly | :24:42. | :24:46. | |
presidential races, because both candidates have very un-favourable | :24:47. | :24:50. | |
ratings, so it will be interesting. And what is so interesting about | :24:51. | :24:53. | |
Donald Trump, he has got to the position he has done because the | :24:54. | :24:58. | |
media is assessed with him, but also coming out with radical statements | :24:59. | :25:03. | |
on immigration and health care. But the trick then is getting any of | :25:04. | :25:07. | |
those into policy if and when he wins the presidential race. It is | :25:08. | :25:11. | |
one thing having those views, it is another making them into policy. | :25:12. | :25:16. | |
That is a key point, because there is a difference between a highly | :25:17. | :25:19. | |
charged presidential race and actually being the President. The | :25:20. | :25:23. | |
way the American political system is set up, you have Congress, the | :25:24. | :25:26. | |
Supreme Court, and all of these bodies serve to put grit in the | :25:27. | :25:30. | |
wheels, so it is difficult to get policies through. And thinking ahead | :25:31. | :25:37. | |
as well, we have about 20 seconds left, so we can't say very much, but | :25:38. | :25:42. | |
a lot of discussion in the market again about US interest rates and | :25:43. | :25:46. | |
when they may change. Does this have any effect on that at all? US | :25:47. | :25:51. | |
elections really don't have a big impact on the market, but June is | :25:52. | :25:54. | |
the key month, the later part of June, we will see whether the | :25:55. | :25:58. | |
announcements on interest rates, and more policy and central bank. | :25:59. | :26:01. | |
Morning. This coming weekend should see the warmest weather of the year | :26:02. | :26:16. | |
so | :26:17. | :26:17. |