Browse content similar to 12/05/2016. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
This is Business Live from BBC News, with Ben Thompson | :00:00. | :00:07. | |
Clamping down on corruption - the UK Prime Minister vows to get | :00:08. | :00:11. | |
tough but after describing Nigeria and Afghanistan as fantastically | :00:12. | :00:16. | |
corrupt, can anything really be achieved? | :00:17. | :00:20. | |
Live from London, that's our top story on Thursday the 12th of May. | :00:21. | :00:41. | |
World leaders gather in London to tackle global corruption | :00:42. | :00:43. | |
including measures measures to crackdown on money | :00:44. | :00:45. | |
laundering through UK property and offshore tax havens. | :00:46. | :00:47. | |
We'll assess what might be achieved. | :00:48. | :00:56. | |
Also in the programme, troubled Mitsubishi Motors announces | :00:57. | :00:58. | |
We'll head to our Asia Business Hub for the latest on the deal | :00:59. | :01:03. | |
the Nissan Boss describes as 'win win'. | :01:04. | :01:08. | |
That story helped to boost markets in Japan but it was pretty sluggish | :01:09. | :01:15. | |
stateside. In Europe, all eyes on the latest inflation report from the | :01:16. | :01:20. | |
Bank of England. And what is in a name? We will meet the fashion | :01:21. | :01:24. | |
retailer, Nick Ashley, the son of Welsh fashion designer, Laura | :01:25. | :01:28. | |
Ashley. But is family heritage a help or a hindrance when it comes to | :01:29. | :01:33. | |
business? And arthritic elevator 's and Arctic air-conditioning topped | :01:34. | :01:36. | |
the list of office grapes in the Middle East. Today, we want to know | :01:37. | :01:40. | |
what is the one thing you'd change about workplace? And you can't say | :01:41. | :01:44. | |
your boss! Are you sure it is only one thing? I | :01:45. | :01:48. | |
have a holistic things here. Welcome to the programme, | :01:49. | :01:57. | |
we're starting right here in London today, | :01:58. | :01:59. | |
where tackling corruption is top of the agenda, | :02:00. | :02:01. | |
not least because the UK Prime Minister David Cameron | :02:02. | :02:03. | |
was recorded calling Nigeria and But today it's the anti-corruption | :02:04. | :02:07. | |
summit itself that hopes The UK will examine its role | :02:08. | :02:11. | |
in international corruption often seen as a destination | :02:12. | :02:22. | |
for money laundering territories, which include some | :02:23. | :02:24. | |
of the world's big tax havens. Figures this week from leading | :02:25. | :02:27. | |
economists claim $170 billion a year are lost through tax dodging, | :02:28. | :02:30. | |
and it's the poorest countries Much of this money is channelled | :02:31. | :02:32. | |
into British overseas territories - More than a third of the world's tax | :02:33. | :02:36. | |
havens are British. Then there is London's | :02:37. | :02:43. | |
property market. An estimated 36,000 homes | :02:44. | :02:46. | |
in the capital are owned That is almost 1 in 10 | :02:47. | :02:48. | |
properties - just over 9% - in the City of Westminster, | :02:49. | :02:53. | |
and almost as many in Here's what the Prime Minister had | :02:54. | :02:56. | |
to say when he was questioned the Prime Minister Revie appeals | :02:57. | :03:15. | |
from Nigerian campaigners, who say our efforts are sadly undermined if | :03:16. | :03:18. | |
countries such as your own are welcoming our corrupt to hide their | :03:19. | :03:24. | |
ill gotten gains in your department stores, homes, car dealerships and | :03:25. | :03:29. | |
anywhere else that will accept their cash with no questions asked. One of | :03:30. | :03:33. | |
the steps we are taking to make sure foreign companies that own UK | :03:34. | :03:38. | |
property have to declare who the beneficial owner is will be one of | :03:39. | :03:41. | |
the ways we make sure that plundered money from African countries can't | :03:42. | :03:43. | |
be hidden in London. With me is Chido Dunn from | :03:44. | :03:45. | |
the pressure group, Global Witness. Welcome to the programme, the | :03:46. | :03:52. | |
British Prime Minister has called corruption the cancer at the heart | :03:53. | :03:56. | |
of so many of our problems. If corruption is the cancer, what is | :03:57. | :04:00. | |
the treatment? What we have seen as part of that treatment happening | :04:01. | :04:04. | |
today, the world is turning towards transparency but the UK's tax havens | :04:05. | :04:08. | |
are being left behind. So we are seeing some very positive steps from | :04:09. | :04:12. | |
the UK in relation to property and the dirty and corrupt money used to | :04:13. | :04:16. | |
buy it. There are some solutions but not all of them are being achieved. | :04:17. | :04:21. | |
I know you have been very active in campaigning around the property | :04:22. | :04:24. | |
issue, and trying to work out who owns what. What impact do you think | :04:25. | :04:27. | |
that will have on people already owning property held through these | :04:28. | :04:32. | |
offshore companies, and what impact do you think it might have on future | :04:33. | :04:37. | |
investment? We really welcome the fact the primaries to is announcing | :04:38. | :04:40. | |
the fact that the measures he is introducing will apply to offshore | :04:41. | :04:43. | |
companies that already owned property, because ?170 billion is | :04:44. | :04:48. | |
currently owned offshore, and based on our research and that of other | :04:49. | :04:52. | |
organisations, some of that money is definitely the result of corruption | :04:53. | :04:55. | |
or other proceeds of crime. The result it will have on the UK | :04:56. | :04:58. | |
economy will be positive mostly. We have the head of the crime agency | :04:59. | :05:06. | |
saying it will affect house prices. It will deter some investment, but | :05:07. | :05:10. | |
it will keep dirty money out and help people who deserve to own homes | :05:11. | :05:15. | |
here to buy them. There are a lot of people coming to this, financiers, | :05:16. | :05:20. | |
world leaders, lots of campaigners as well. Crucially, the Panamanian | :05:21. | :05:24. | |
government did not get an invitation, after the Panama Papers, | :05:25. | :05:27. | |
and what we found out from them, and also we did not hear from the | :05:28. | :05:31. | |
British Virgin Islands. The tax havens are not at this summit. What | :05:32. | :05:36. | |
kind of message does this send? The tax havens are the key to this | :05:37. | :05:40. | |
corruption problem. As you said, it is a real worry that they haven't | :05:41. | :05:43. | |
engaged in the process of the summit. The primer Nistor has | :05:44. | :05:47. | |
expressed his displeasure at the fact that the British Virgin Islands | :05:48. | :05:50. | |
did not come to the table and enter the sort of agreement he asked for. | :05:51. | :05:55. | |
We would say that it is so important that the tax savings are part of the | :05:56. | :05:59. | |
solution, but they will only really be able to participate if they come | :06:00. | :06:03. | |
and willing to make meaningful changes to their business practices. | :06:04. | :06:06. | |
It is worth stating that not every offshore company is hiding dirty | :06:07. | :06:11. | |
money. There are very legitimately is and why you would use these | :06:12. | :06:16. | |
structures. Absolutely, we are not advocating the end of all corporate | :06:17. | :06:21. | |
structures, it is just secrecy. The use of secrecy to hide identities is | :06:22. | :06:26. | |
being used for nefarious reasons by tax evaders and criminals. But the | :06:27. | :06:31. | |
use of offshore vehicles for tax planning or inheritance planning is | :06:32. | :06:36. | |
financial continue to happen. Chido, thank you for coming in. | :06:37. | :06:41. | |
In other news, Google has announced plans to ban adverts | :06:42. | :06:44. | |
from so-called payday lenders, in a move the company | :06:45. | :06:52. | |
hopes will limit what it calls "a harmful industry". | :06:53. | :06:54. | |
The search giant plans to stop allowing ads for loans due within 60 | :06:55. | :06:57. | |
days, or with an interest rate of 36% or higher. | :06:58. | :07:00. | |
Many payday lenders rely on internet searches to generate customers. | :07:01. | :07:04. | |
The likely Republican presidential nominee Donald Trump wants | :07:05. | :07:06. | |
to protect US manufacturing jobs by imposing tariffs | :07:07. | :07:08. | |
He's suggested tariffs of 45% on imported Chinese goods and 35% | :07:09. | :07:12. | |
But trade experts say that would be likely to spark similar moves | :07:13. | :07:21. | |
from other trading partners and damage global trade. | :07:22. | :07:27. | |
German sportswear firm Adidas has said it is ending its sponsorship | :07:28. | :07:29. | |
of English football club Chelsea six years early. | :07:30. | :07:31. | |
Adidas, which has sponsored Chelsea since 2006, said it had reached | :07:32. | :07:34. | |
a mutual agreement to end the deal on 30 June 2017 instead of 2023. | :07:35. | :07:37. | |
The club will have to pay Adidas tens of millions | :07:38. | :07:40. | |
of euros in compensation, but is free to sign a new sponsor. | :07:41. | :07:49. | |
Let's take you to Asia, where the Japanese car makers | :07:50. | :07:52. | |
Mitsubishi and Nissan have confirmed they're in talks over | :07:53. | :07:55. | |
In the last half an hour, the Nissan chief said the company would be | :07:56. | :08:06. | |
taking a 34% stake in Mitsubishi motors, which has been plagued by | :08:07. | :08:08. | |
the emissions scandal. Sharanjit Leyl is in our | :08:09. | :08:11. | |
Asia Business Hub in Singapore. Sharanjit, how significant | :08:12. | :08:13. | |
could this deal be Mitsubishi caught up in that | :08:14. | :08:21. | |
emissions data scandal. But the boss of Nissan says this is a win-win | :08:22. | :08:27. | |
deal. That's right. In fact, they have just been meeting at this press | :08:28. | :08:31. | |
conference in the last half an hour. The deal is apparently worth $2.2 | :08:32. | :08:37. | |
billion, and as you say, 34% is the amount that has been suggested. The | :08:38. | :08:46. | |
two chairman essentially in a joint press conference, and Mr Goh and | :08:47. | :08:51. | |
describing it as win-win. Analysts saying that a deal would make sense | :08:52. | :08:57. | |
for both, to help Mitsubishi motors, which has been dogged by a scandal, | :08:58. | :09:02. | |
as well as Nissan, trying to boost its presence in the small car | :09:03. | :09:03. | |
market. The inaccurate tests were flagged up by | :09:04. | :09:12. | |
Nissan's own test produced for it by Mitsubishi. | :09:13. | :09:13. | |
Mitsubishi shares were not trading for much of the day but they have | :09:14. | :09:29. | |
closed up the 16% daily limit, while Nissan's shares have sunk about | :09:30. | :09:35. | |
1.4%. We know Mitsubishi's market value has fallen massively since the | :09:36. | :09:42. | |
scandal first broke. That deal is, we are told, now done. The McKay is | :09:43. | :09:55. | |
rising today. Investors have been spoken -- focusing on that story -- | :09:56. | :10:02. | |
the Nicky clear macro we have heard from the force of | :10:03. | :10:05. | |
the boss of Nissan this morning. It is worth noting, despite all of that | :10:06. | :10:15. | |
talk of falling prices, oil has been the best performing asset, up by | :10:16. | :10:18. | |
about a quarter so far this year. A quick look at how Europe is faring, | :10:19. | :10:23. | |
remembered today we get the latest quarterly inflation report from the | :10:24. | :10:26. | |
Bank of England. We will discuss that in a little more detail in a | :10:27. | :10:31. | |
moment, but let's head stateside and find out what is happening on Wall | :10:32. | :10:36. | |
Street. It seems the bad news from American retailers will continue. On | :10:37. | :10:43. | |
Wednesday, Macey said its revenue fell by more than 7% and may have | :10:44. | :10:46. | |
cut their outlook from the full year. Up next, Nordstrom. It has | :10:47. | :10:52. | |
been struggling with weak sales over the last year and the unseasonable | :10:53. | :10:57. | |
weather will not help matters. Many are expecting profits to take a hit. | :10:58. | :11:02. | |
Ralph Lauren will also be reporting a loss, and while they are plagued | :11:03. | :11:07. | |
with some of the same problems, some fashion missteps will mean profits | :11:08. | :11:10. | |
will likely fall for the quarter. The bigger question is what does | :11:11. | :11:15. | |
this mean for the wider retail industry? These results do have | :11:16. | :11:18. | |
people worrying about how much consumers will spend going forward. | :11:19. | :11:24. | |
Despite lower gas prices and a recovering labour market, Americans | :11:25. | :11:25. | |
are not opening their wallets. Joining us is Jane Sydenham, | :11:26. | :11:28. | |
investment director Welcome to the programme. Today will | :11:29. | :11:38. | |
be a big day for the bank of England. The last so-called Super | :11:39. | :11:43. | |
Thursday ahead of the EU referendum vote. What do you think we are | :11:44. | :11:48. | |
likely to hear? Reduced growth forecasts. Growth has been reducing | :11:49. | :11:52. | |
a little bit, partly because there is a bit of worry about the EU | :11:53. | :11:57. | |
referendum, partly because of slowing growth in China, but | :11:58. | :12:00. | |
interestingly inflation has turned positive, because oil prices, as you | :12:01. | :12:05. | |
said, have stopped falling, and actually wages are beginning to rise | :12:06. | :12:07. | |
because employment is relatively faux. That -- relatively full. Mark | :12:08. | :12:14. | |
Carney has already sent some signals that the bank is prepared to support | :12:15. | :12:19. | |
the economy if we were to Brexit, which might push down sterling, | :12:20. | :12:22. | |
might cause a bit of break of confidence in the short-term. He is | :12:23. | :12:26. | |
likely to reinforce that message, I think. Growth forecast down on one | :12:27. | :12:30. | |
hand, inflation forecasts up on the other. What does that tell us about | :12:31. | :12:35. | |
the state of the economy? It is easy to get caught up in these individual | :12:36. | :12:40. | |
reports, what is the bigger picture? We are still growing, that is a good | :12:41. | :12:44. | |
thing. Inflation is positive now, markets were getting very worried | :12:45. | :12:49. | |
about falling prices, which is really a very negative signal, so we | :12:50. | :12:54. | |
are into positive territory, seeing some growth but relatively slow. | :12:55. | :12:59. | |
Quite modest, and I think from that perspective interest rates are not | :13:00. | :13:05. | |
likely to rise soon. Markets are forecasting rates would rise | :13:06. | :13:11. | |
Still to come: Does having family heritage in an industry make | :13:12. | :13:14. | |
We'll be talking to Nick Ashley, the son of Welsh fashion | :13:15. | :13:20. | |
You're with Business Live from BBC News. | :13:21. | :13:30. | |
The phone and broadband provider TalkTalk has said the cyber attack | :13:31. | :13:32. | |
which hit the firm last October has cost over ?40 million and put a dent | :13:33. | :13:36. | |
Mark Turner is a cyber security expert who's been | :13:37. | :13:40. | |
He joins us from our Salford newsroom. | :13:41. | :13:44. | |
it was feared to be a huge leak of data. It actually didn't turn out to | :13:45. | :13:58. | |
be quite as bad as they feared? Back in October, there was a breach of | :13:59. | :14:04. | |
TalkTalk's network. Initially, they came out and said it could have been | :14:05. | :14:10. | |
4 million customers. The subsequent days after that, they came back to | :14:11. | :14:20. | |
the media and said actually it was 157,000 users whose details had been | :14:21. | :14:25. | |
compromised, and about 15,000 users whose bank account details had been | :14:26. | :14:29. | |
leaked. Some of the comments we have been hearing from Dido Harding, the | :14:30. | :14:34. | |
chief exec, she said customers she thinks has really appreciated the | :14:35. | :14:37. | |
way TalkTalk has handled the fallout, and actually the customer | :14:38. | :14:42. | |
chair number, the turnover is actually the lowest in the company's | :14:43. | :14:45. | |
history. So presumably they are doing something right? The chair | :14:46. | :14:52. | |
number is an interesting number, because if you wanted to leave | :14:53. | :14:57. | |
someone like TalkTalk, or any internet or broadband provider, if | :14:58. | :15:00. | |
you decide to do that because they have had a security breach, you need | :15:01. | :15:03. | |
to look at your terms and conditions, and they will probably | :15:04. | :15:08. | |
say you can't leave within the contract period, 12 months, 18 | :15:09. | :15:12. | |
months, 24 months. I'm sure there are people who would like to leave | :15:13. | :15:15. | |
TalkTalk because of the way they have handled their client data, but | :15:16. | :15:18. | |
don't because of the fear of a penalty. TalkTalk did say the only | :15:19. | :15:25. | |
people they would let leave without a penalty were people whose bank | :15:26. | :15:28. | |
account details had been compromised, and quite frankly that | :15:29. | :15:32. | |
is not good enough. If my data had been held with any organisation that | :15:33. | :15:35. | |
had been compromised, I feel I should have the right to vote | :15:36. | :15:37. | |
with my feet and take my business elsewhere. | :15:38. | :15:43. | |
Lots of other stories for you this morning. We can't fit them all in on | :15:44. | :15:48. | |
the programme, but they are on the website. ITV reports a 14% rise in | :15:49. | :15:55. | |
quarterly sales. That's always a good indication of how the | :15:56. | :15:59. | |
advertising market is doing. It also said it boosted acquisitions last | :16:00. | :16:01. | |
year, part of its business strategy. You're watching Business | :16:02. | :16:11. | |
Live - our top story, global leaders are gathering | :16:12. | :16:12. | |
in London today to discuss measures It's in a bid to crackdown | :16:13. | :16:15. | |
on money laundering, UK Prime Minister David Cameron has | :16:16. | :16:18. | |
announced that foreign firms will have to declare ownership | :16:19. | :16:21. | |
of any UK property on a register. It has been a rather embarrassingly | :16:22. | :16:29. | |
for the Prime Minister, who was recorded describing two countries as | :16:30. | :16:34. | |
fantastically correct. He will be hoping to be in headlines for | :16:35. | :16:35. | |
reasons today. Now, does having family heritage | :16:36. | :16:37. | |
in an industry make you more likely Do family connections | :16:38. | :16:40. | |
help or hinder? Nick Ashley is the co-founder | :16:41. | :16:42. | |
and creative director at Private White - | :16:43. | :16:44. | |
it's a luxury men's fashion firm, He's the son of Laura Ashley, | :16:45. | :16:46. | |
the Welsh fashion designer Her floral prints became | :16:47. | :16:50. | |
famous around the world. An avid motorcyclist, | :16:51. | :16:55. | |
his clothing line has a distinctively military style - | :16:56. | :16:57. | |
reflecting the man the company I'm pleased to say that he joins us | :16:58. | :17:17. | |
now in the studio. Nice to see you. This is an interesting one. We talk | :17:18. | :17:20. | |
about family connections on the programme a lot and whether they | :17:21. | :17:23. | |
help or hinder. In your case, you have discussed this before about | :17:24. | :17:28. | |
whether a recognisable name, a well-known name in the fashion | :17:29. | :17:34. | |
business, for you, has been a good thing or a hindrance? It is a | :17:35. | :17:37. | |
question of choice. I chose to make it an advantage. They say that you | :17:38. | :17:44. | |
either emulate your parents or you rebel against them. I have emulated | :17:45. | :17:49. | |
my mother, she was a designer, I am a designer. I have rebelled against | :17:50. | :17:53. | |
my father, he was a businessman, do not trust me with your money! That | :17:54. | :17:58. | |
is quite worrying, you are running a company. Both of your parents are | :17:59. | :18:02. | |
very strong people, they had a real eye when it came to costs. You are | :18:03. | :18:07. | |
saying you grew up in a tent, pretty much? My parents, they started their | :18:08. | :18:15. | |
business, they came out of the Second World War, they were trained | :18:16. | :18:18. | |
in living under canvas, but they didn't have any money. They wanted | :18:19. | :18:21. | |
to start a business. All of the money they had, they put into a | :18:22. | :18:25. | |
factory, they brought us up in a tent, next to the factory, just to | :18:26. | :18:31. | |
save on costs. We did eventually move into a rented caravan. We | :18:32. | :18:40. | |
traded up to trailer trash. I'm interested in that point about | :18:41. | :18:42. | |
emulating your mother but rebelling against your father. How does that | :18:43. | :18:48. | |
manifest itself in the way you go about business? What you do | :18:49. | :18:52. | |
differently to your peers? I don't attempt to do any business. I work | :18:53. | :18:58. | |
with James and Mike, the other guys, it is their business, Private White, | :18:59. | :19:05. | |
I just do the design element. I'm not interested in business. I'm | :19:06. | :19:08. | |
interested in people. My father always said we are in the people | :19:09. | :19:16. | |
business, it is all about people. I heard, for someone who has described | :19:17. | :19:22. | |
themselves as an introspective and quite quiet character, you were | :19:23. | :19:29. | |
almost the drummer for The Clash, is that true? They say you should only | :19:30. | :19:32. | |
regret the things you haven't done in life. This is one regret. I had | :19:33. | :19:38. | |
only just come in the 70s, gone into Saint Martin's School of fashion. I | :19:39. | :19:51. | |
was very proud of that. Jo -- Joe Strummer asked me to be in his band, | :19:52. | :19:56. | |
but I didn't do it. And you didn't know how to play the drums? Said, I | :19:57. | :20:01. | |
can't play, he said, it doesn't matter, you look right, we will | :20:02. | :20:04. | |
teach you. All couldn't really play the bass and work for him. -- Paul. | :20:05. | :20:16. | |
I saw the bass guitarist last year. I said, could I have pulled that | :20:17. | :20:21. | |
off, being the drummer? You said, no, the drama really has to pull it | :20:22. | :20:26. | |
together, so I can relax. You said it was about your look, and it is | :20:27. | :20:35. | |
very punk, and that is the way you have taken the fashion line as well. | :20:36. | :20:39. | |
Has that influenced the way you took the business? We all went through | :20:40. | :20:43. | |
that punk period, I wasn't actually punt, I was more rocker because of | :20:44. | :20:54. | |
the biking thing. It is more of an attitude, the punk thing. It is a | :20:55. | :21:03. | |
kind of not giving a beep about anything. I take that through now, I | :21:04. | :21:12. | |
am a very laid-back character. It is certainly working for your business. | :21:13. | :21:15. | |
Thank you for coming in. Really interesting to hear more about your | :21:16. | :21:18. | |
background and how the business is faring. | :21:19. | :21:23. | |
We're going to turn our attention to Brazil. Senators are debating on | :21:24. | :21:31. | |
whether to proceed with the impeachment proceedings against | :21:32. | :21:33. | |
Dilma Rousseff. They have said they want to vote in favour of the move. | :21:34. | :21:36. | |
Any potential suspension would last for six months | :21:37. | :21:37. | |
while her impeachment trial takes place. | :21:38. | :21:39. | |
Camilla Costa has been following the story from Sao Paulo. | :21:40. | :21:42. | |
Brazil is going through one of its worst recessions in decades. | :21:43. | :21:48. | |
President Dilma Rousseff is largely blamed for that, even though she has | :21:49. | :21:53. | |
not herself been accused of corruption or of benefiting from | :21:54. | :21:57. | |
corruption schemes. She has been blamed for what some say are bad | :21:58. | :22:02. | |
economic decisions that may have deepened the Brazilian crisis. Many | :22:03. | :22:06. | |
Brazilians want her out, most of the country. But many are also wondering | :22:07. | :22:11. | |
what might come next, given the fact that many politicians, in the line | :22:12. | :22:18. | |
of succession, even, have been implicated on corruption charges. | :22:19. | :22:23. | |
The Vice President has been implicated in some corruption | :22:24. | :22:27. | |
allegations. The former President of the lower house of Congress, and the | :22:28. | :22:32. | |
leader of the Senate, they have also been charged or heavily implicated | :22:33. | :22:36. | |
in corruption allegations. For many Brazilians, and we do have to bear | :22:37. | :22:40. | |
in mind that Brazilians, historically, have not had much | :22:41. | :22:44. | |
faith in politicians, now they are really trying to think about what | :22:45. | :22:49. | |
exactly and where exactly is a new government going to take us? | :22:50. | :22:57. | |
Jane Sydenham, investment director at Rathbones Investment | :22:58. | :22:58. | |
Big news yesterday afternoon, Three has refused to give up on the 02 | :22:59. | :23:12. | |
merger, in spite of the fact that the European regulator has said no? | :23:13. | :23:16. | |
The deal went through as planned, it would be 40% of the market, I can | :23:17. | :23:20. | |
understand why the regulator is intervening. Equally, I understand | :23:21. | :23:25. | |
why they don't want to give up on it, it is a tremendous opportunity | :23:26. | :23:30. | |
to consolidate the market, from a marketing perspective, they would | :23:31. | :23:33. | |
have reached so many more customers. I can see why they might try to find | :23:34. | :23:38. | |
a way through. It interesting, on one hand, you might say the more | :23:39. | :23:45. | |
power one firm has, it could have an impact on prices and investment. On | :23:46. | :23:48. | |
the other hand, the bigger the company, the more money it has to | :23:49. | :23:51. | |
throughout investment, it can use economies of scale to make the | :23:52. | :23:56. | |
market better. It's a fine balance. There was a lot of criticism that | :23:57. | :23:58. | |
the regulator didn't necessarily get it right in this case? I think that | :23:59. | :24:04. | |
is right, should be four competitors or three? What is considered a | :24:05. | :24:13. | |
market, is it Europe, Western Europe? It is what you consider to | :24:14. | :24:17. | |
be the market and how money players are in it. Clearly, the current | :24:18. | :24:21. | |
regulator is moving towards more competitors. There is obviously a | :24:22. | :24:25. | |
worry. There is some evidence from European markets, where there has | :24:26. | :24:28. | |
been a lot of consolidation, that pricing has not come down at the | :24:29. | :24:31. | |
rate it should have done after that has taken place. It is complicated, | :24:32. | :24:36. | |
as you say, but I think there is more evidence that pricing does not | :24:37. | :24:41. | |
fall with insufficient numbers of competitors. I think that seems to | :24:42. | :24:44. | |
be the trend for the time being. Moving on, another story that is in | :24:45. | :24:50. | |
a golf paper, The National. Apparently cold air con and | :24:51. | :25:05. | |
arthritic lifts are the main complaints in the Middle East. What | :25:06. | :25:13. | |
is yours? We have very loud hand dryers in the Lady's toilets. Mice | :25:14. | :25:21. | |
is the biggest problem here! I filmed one, I was about six feet | :25:22. | :25:34. | |
from one this morning. One viewer wants to change the colour of the | :25:35. | :25:38. | |
office, another says she wants to change the manager. Proper heating, | :25:39. | :25:44. | |
a decent staff room, somebody says. One suggests they would burn down | :25:45. | :25:52. | |
their office, not recommended! Thank you for your time. Thanks for your | :25:53. | :25:56. | |
company, full update on the website and across the BBC today. See you | :25:57. | :25:57. | |
soon. | :25:58. | :26:00. |