Browse content similar to 17/05/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Sally Bundock | :00:00. | :00:07. | |
the cost of cyber-crime will hit $2 trillion by 2019. | :00:08. | :00:20. | |
We'll assess the growing threat to business. | :00:21. | :00:21. | |
Live from London, that's our top story on Tuesday 17th May. | :00:22. | :00:33. | |
On high alert - the multi-trillion dollar problem that | :00:34. | :00:35. | |
Today a new warning about the threat of hacking and its impact on global | :00:36. | :00:46. | |
Also in the programme: A drop in the ocean - | :00:47. | :00:52. | |
the boss of one of the world's biggest oil companies warns there's | :00:53. | :00:55. | |
more volatility ahead on global markets. | :00:56. | :00:59. | |
And the price of oil is on the brink of hitting $50 a barrel, | :01:00. | :01:02. | |
so markets are celebrating the fact but how long will it last? | :01:03. | :01:05. | |
We're across every twist and turn. | :01:06. | :01:07. | |
And fashioning a future for other entrepreneurs. | :01:08. | :01:09. | |
We'll speak to iconic handbag designer Anya Hindmarch | :01:10. | :01:11. | |
about her rise to fashion fame and how she wants to share her | :01:12. | :01:14. | |
And after an Austrian entrepreneur has been hugging Brits outside | :01:15. | :01:22. | |
Kings Cross Station, we want to know how you greet | :01:23. | :01:25. | |
Do you go in for a hug or is a handshake always enough? | :01:26. | :01:31. | |
Let us know, use the hashtag, #BBCBizLive. | :01:32. | :01:41. | |
Today business leaders face a fresh warning over | :01:42. | :01:53. | |
A leading financial services industry group | :01:54. | :01:59. | |
headed by Barclays chairman John McFarlane says advances | :02:00. | :02:01. | |
in technology are creating new pathways for criminals. | :02:02. | :02:03. | |
The taskforce has recommended that businesses receive tax | :02:04. | :02:06. | |
breaks to help improve cyber-security and that | :02:07. | :02:08. | |
more support is given to businesses in the form | :02:09. | :02:12. | |
The guidelines also call for greater collaboration between policy-makers, | :02:13. | :02:29. | |
businesses and the police in tackling the problem of cybercrime. | :02:30. | :02:32. | |
Some analysts predict the global cost will reach | :02:33. | :02:34. | |
$2 trillion by the end of the decade. | :02:35. | :02:36. | |
To put this in perspective, that's more than the value | :02:37. | :02:39. | |
Dr Jessica Barker, a cyber-security consultant at JL | :02:40. | :02:48. | |
That $2 trillion figure is a scary one. It is not our business is not | :02:49. | :02:57. | |
taking this seriously but that the technology outpaces how quickly they | :02:58. | :03:02. | |
can respond? Yes, criminals are becoming more sophisticated and more | :03:03. | :03:06. | |
aware that they can carry out crime online, and we have legacy problems | :03:07. | :03:11. | |
with old IT systems and a lot of the issues are around human nature and | :03:12. | :03:15. | |
how we engage with the Internet. I wanted to ask you that, where is the | :03:16. | :03:20. | |
weak link in the chain? Is it IT systems or is it us, the people in | :03:21. | :03:29. | |
organisations that are the problem? It is how we engage with technology, | :03:30. | :03:32. | |
it is said that up to 95% of cyber attacks are down to human error so | :03:33. | :03:35. | |
there are all sorts of things we can do in raising awareness and change | :03:36. | :03:38. | |
in behaviour when we use the Internet. A relatively new word that | :03:39. | :03:42. | |
has come about of late, we are used to spam attacks and phishing attacks | :03:43. | :03:58. | |
but what is spear-phishing? It is phishing but the criminals will have | :03:59. | :04:03. | |
done their research in a way of seeing how they can have the most | :04:04. | :04:06. | |
effect. Let's talk about what you can do, or not only do get these | :04:07. | :04:11. | |
e-mails but what business can be looking at, and it is a ground up | :04:12. | :04:15. | |
approach? It is, the check list in the report released today is | :04:16. | :04:19. | |
helpful. I would say organisations need to understand what information | :04:20. | :04:23. | |
they have, what is of value to them and what would be of value to an | :04:24. | :04:27. | |
attacker, and then looking at how they could take care of that | :04:28. | :04:31. | |
information and really thinking about the human elements, how are | :04:32. | :04:35. | |
you training of staff, building a positive and empowering culture | :04:36. | :04:39. | |
around cyber-security. It is about the value of the information that an | :04:40. | :04:46. | |
organisation has, they might not think it is valuable, it is just how | :04:47. | :04:50. | |
they operate, but in the wrong hands it could be lucrative, but hugely | :04:51. | :04:54. | |
damaging for the business? Absolutely, when we work with | :04:55. | :04:58. | |
information every day we become desensitised to the value of it so | :04:59. | :05:01. | |
it is worth taking a step back and considering what information you | :05:02. | :05:05. | |
have, it it was lost or stolen or no longer available to your business | :05:06. | :05:10. | |
what would the crucial information be that would be the most damaging, | :05:11. | :05:13. | |
and what would damage your reputation? Very sobering stuff. | :05:14. | :05:18. | |
Jessica Barker, thank you very much. US drugs giant Pfizer will acquire | :05:19. | :05:25. | |
the maker of a new eczema treatment The firm announced a deal | :05:26. | :05:29. | |
with the board of California-based It comes weeks after Pfizer | :05:30. | :05:33. | |
abandoned a $160bn merger with Irish The world's biggest bank | :05:34. | :05:37. | |
is buying a massive vault in London to boost its gold | :05:38. | :05:42. | |
and precious metals business. The Industrial and Commercial Bank | :05:43. | :05:46. | |
of China will be the first Chinese It's unsurprisingly in a secret | :05:47. | :05:49. | |
location and can hold up to 2,000 metric tons of gold, | :05:50. | :05:54. | |
silver and platinum. Lorry drivers are expected to put | :05:55. | :06:10. | |
up roadblocks around France's major cities, | :06:11. | :06:12. | |
and unions are calling for a strike Its all aimed at rejecting measures | :06:13. | :06:15. | |
to loosen the country's The disruptions have been prompted | :06:16. | :06:19. | |
by the government's decision last week to use a special measure | :06:20. | :06:22. | |
to pass the legislation A quick look at the live page, and | :06:23. | :06:35. | |
this is quite apt, this story has come through about Twitter that it | :06:36. | :06:40. | |
is to stop counting photos and links in it 140 character limit. Many | :06:41. | :06:44. | |
people get frustrated by how little they can write on Twitter sometimes, | :06:45. | :06:48. | |
when you add a photograph it takes pressures characters away from you | :06:49. | :06:51. | |
but apparently that will no lover be the case, that is to be removed from | :06:52. | :06:56. | |
the limits. A quick spin through there, this is Anya Hindmarsh and we | :06:57. | :07:00. | |
will be speaking to later in the programme, we will be speaking to | :07:01. | :07:05. | |
her about this because she is one of 40 leading business figures speaking | :07:06. | :07:08. | |
at an event today as part of a plan to share knowledge and information | :07:09. | :07:12. | |
they have learned in their career to a new generation of entrepreneurs, | :07:13. | :07:16. | |
so we will speak with her later in the programme. | :07:17. | :07:19. | |
That get more detail on that story we have just mentioned. | :07:20. | :07:21. | |
It's already the world's biggest bank but it's | :07:22. | :07:23. | |
China's ICBC has agreed to buy a massive vault | :07:24. | :07:27. | |
in London that stores gold, silver and platinum. | :07:28. | :07:30. | |
We said we don't know where it is, for good reason, but what more do we | :07:31. | :07:40. | |
know? What we know is that it is within | :07:41. | :07:45. | |
the M25 motorway which circles London, so you take a guess, that | :07:46. | :07:50. | |
could be anywhere! It is being sold by Barclays and can hold up to 2000 | :07:51. | :07:55. | |
metric tonnes of gold, silver, platinum and palladium. What we know | :07:56. | :08:02. | |
is that it is one of the largest faults in Europe, and it will give | :08:03. | :08:09. | |
ICBC a lot more influence over the pricing and storage of precious | :08:10. | :08:13. | |
metals. China accounts for more than a quarter of global gold demand but | :08:14. | :08:18. | |
trading of the yellow metal really is centred still out of London and | :08:19. | :08:23. | |
New York. We don't really have financial details but the deal is | :08:24. | :08:26. | |
expected to be completed in July and we have heard from ICBC, who have | :08:27. | :08:31. | |
been saying that the purchase would help them to better executed their | :08:32. | :08:35. | |
strategy to become one of the largest Chinese banks in the | :08:36. | :08:39. | |
precious metals market. Thank you so much. It is like the | :08:40. | :08:44. | |
Hollywood movie, how to find that fault, not quite Hatton Garden, | :08:45. | :08:47. | |
whole different story. Let's look at the market across Asia | :08:48. | :08:52. | |
today. A strong day for Japan and Hong Kong, a lot of that to do with | :08:53. | :08:56. | |
the fact that the oil price has been edging higher and higher, almost $50 | :08:57. | :09:00. | |
a barrel for Brent Crude, when it hits we will let you know. The night | :09:01. | :09:05. | |
before on Wall Street there, always bodes well for a better day in Asia. | :09:06. | :09:11. | |
Gained across the board in Europe, energy stocks doing well but | :09:12. | :09:15. | |
corporate news helping markets. In London, Vodafone opening fire, | :09:16. | :09:21. | |
something like 2.3%, coming out with its latest earnings news showing a | :09:22. | :09:24. | |
return to revenue growth in Europe. What is ahead in the US? | :09:25. | :09:31. | |
After a tepid start of the year, how is the US economy faring? Three | :09:32. | :09:37. | |
economic reports should shed some light, one of them is the labour's | :09:38. | :09:43. | |
department release of the consumer Price index which should show if | :09:44. | :09:47. | |
prices fell all roads in April. Most economists expect the cost of living | :09:48. | :09:52. | |
has gone up given that oil prices have been recovering, a sign perhaps | :09:53. | :09:55. | |
that inflation may be moving closer to the Federal Reserve's goal. A | :09:56. | :10:00. | |
separate report from the Federal reserve may show that production | :10:01. | :10:07. | |
rose in April, evidence that the slump in Manufacturing is over. And | :10:08. | :10:10. | |
a key driver of economic growth is the housing market, also a powerful | :10:11. | :10:15. | |
signal of consumer Centre meant. The commerce Department will provide the | :10:16. | :10:19. | |
latest update with a report on housing starts for April, have they | :10:20. | :10:22. | |
picked up after falling in March? We will find out bust up | :10:23. | :10:27. | |
Joining us is Manji Cheto, an analyst bust up for the global | :10:28. | :10:30. | |
let's talk oil, it is one of those things we have discussed before, | :10:31. | :10:39. | |
prices coming down, they are creeping up steadily, rising, we | :10:40. | :10:46. | |
were talking about $40 a barrel, not a huge rise but it has been | :10:47. | :10:49. | |
consistent? For me, the big thing is, does | :10:50. | :10:54. | |
anyone know where it is going to go and how long? If you look at the oil | :10:55. | :10:59. | |
futures, they suggest we are on the rise of a rise, and that option has | :11:00. | :11:07. | |
come primarily from Nigeria and Venezuela, and to an extent Canada. | :11:08. | :11:11. | |
For the next two months we might see oil prices continued to rebound but | :11:12. | :11:15. | |
I'm not sure it is a long-term storage. Fill us in our Nigeria in | :11:16. | :11:18. | |
particular because tomorrow we have been told there could be a general | :11:19. | :11:25. | |
strike, people 60 about petrol prices going higher, queueing for | :11:26. | :11:29. | |
petrol. The interesting thing is the strike has been triggered by the | :11:30. | :11:33. | |
fact that oil prices have been rising and therefore the Government | :11:34. | :11:37. | |
has had to hike oil prices because Nigeria import all of its refined | :11:38. | :11:41. | |
crude, so what is interesting is the Government is in a position where it | :11:42. | :11:47. | |
might have to read trace, it might not have to capitulate to union | :11:48. | :11:50. | |
demands because all opera this will continue to go up because of the | :11:51. | :11:55. | |
disruptions in Nigeria. Time is against us but you will talk us | :11:56. | :12:00. | |
through some stories later including top excuses from bosses as to why | :12:01. | :12:02. | |
their results are not good. Still to come, | :12:03. | :12:05. | |
sharing the knowledge! The founder of one of the world's | :12:06. | :12:12. | |
most iconic accessories brands, Anya Hindmarch, | :12:13. | :12:15. | |
is here and she wants to share what she's learned with | :12:16. | :12:17. | |
a new generation of entrepreneurs. You're with Business Live from BBC | :12:18. | :12:19. | |
News. Britain's biggest banks will have | :12:20. | :12:21. | |
to limit unauthorised overdraft fees and join a price-comparison website | :12:22. | :12:27. | |
to give customers better service. Those are the findings | :12:28. | :12:36. | |
of an 18-month investigation into our high street | :12:37. | :12:40. | |
banks. It found the majority | :12:41. | :12:42. | |
of customers didn't know if they were getting good value | :12:43. | :12:44. | |
for money from their banks, with most staying with the same | :12:45. | :12:46. | |
lender for over a decade. Alisdair Smith is chairman | :12:47. | :12:53. | |
of the Retail Banking Investigation Panel at the Competition | :12:54. | :12:55. | |
and Markets Authority. We have put forward a wide-ranging | :12:56. | :13:06. | |
packet of resolutions but the core is in crew think the quality of | :13:07. | :13:11. | |
information that bank customers get about their banks so that finding | :13:12. | :13:18. | |
out what is the best bank for you should become as easy as finding out | :13:19. | :13:22. | |
the best local restaurant. The kind of technology that drives smartphone | :13:23. | :13:30. | |
apps is being developed for banking and consumers will get much better | :13:31. | :13:34. | |
quality information to enable them to make good decisions. It is about | :13:35. | :13:38. | |
those decisions that we simply are not making at the moment, staggering | :13:39. | :13:43. | |
numbers of us sticking with the same provider, especially when it comes | :13:44. | :13:46. | |
to things like small business, you take a loan from the same bank that | :13:47. | :13:50. | |
gives you your current account, it is not competitive enough and it is | :13:51. | :13:53. | |
difficult to move around the banking industry, is it not? It is, and | :13:54. | :13:58. | |
particularly for small businesses because their own bank knows them | :13:59. | :14:03. | |
well and it is hard for them to find out what other banks can offer, so | :14:04. | :14:07. | |
we are very keen to open up information sources not just for | :14:08. | :14:14. | |
personal customers but for small and medium-sized businesses as well. | :14:15. | :14:15. | |
Thank you so much for joining us. Our top story, the new measures | :14:16. | :14:57. | |
needed to defend against hackers and other cyber-security threats | :14:58. | :15:03. | |
as businesses struggle to keep up The cost of cyber-crime is expected | :15:04. | :15:05. | |
to hit $2 trillion by 2019. What does the luxury goods market | :15:06. | :15:22. | |
tell us about the state The recent slowdown in China has hit | :15:23. | :15:24. | |
many luxury brands including They've traditionally relied | :15:25. | :15:32. | |
on markets like China to prop up The consulting firm Bain says sales | :15:33. | :15:35. | |
of "personal" luxury goods which include watches, | :15:36. | :15:42. | |
clothing and leather goods were worth $285 billion last year | :15:43. | :15:47. | |
and one person who knows the market She started off by importing a small | :15:48. | :15:50. | |
number of handbags from Italy, but now her brand appears | :15:51. | :15:57. | |
in department stores The company is known | :15:58. | :15:59. | |
for its handbags and accessories and counts the Duchess | :16:00. | :16:03. | |
of Cambridge among its fans. The brand's founder Anya Hindmarch | :16:04. | :16:06. | |
joins us in the studio. She's currently the chief creative | :16:07. | :16:15. | |
officer of the company. Nice to see you, welcome. Let's | :16:16. | :16:25. | |
start with how you began. It is an interesting tale. It is about | :16:26. | :16:28. | |
importing bags and you realised they were in demand. You sold them to a | :16:29. | :16:32. | |
department store and it took off from there. We made it sound simple. | :16:33. | :16:36. | |
Business is quite simple actually. I was 18 and the joy of being so | :16:37. | :16:41. | |
young, you just don't have any, you're risk happy and you just kind | :16:42. | :16:45. | |
of get going and that first step in business is the really important one | :16:46. | :16:51. | |
and I think people often are quite nervous about word entrepreneur, but | :16:52. | :16:55. | |
you just need to get going really. I was in Florence for two months and I | :16:56. | :16:59. | |
saw a bag that I thought would sell really well in the UK and I | :17:00. | :17:03. | |
approached a factory and I made sample and I started designing and | :17:04. | :17:06. | |
we opened stores and sold to stores. Here we are all these years later. | :17:07. | :17:11. | |
How receptive were the big department stores to you and the | :17:12. | :17:14. | |
leading fashion magazines that you approached as well? Well, I think if | :17:15. | :17:19. | |
you have a good product, they are receptive, you have to be tee anyway | :17:20. | :17:23. | |
shoulds to knock on their door and get an appointment, but it is | :17:24. | :17:26. | |
do-able. If you have a good idea and you're determined you can make it | :17:27. | :17:30. | |
work. What's been the biggest lesson for you in business? You said it is | :17:31. | :17:33. | |
very simple, it is just going out there and taking risks. Is there | :17:34. | :17:39. | |
anything that went not as you planned? I liken business to | :17:40. | :17:50. | |
sailing. You take a bit left and you take a bit right. Tomorrow, we have | :17:51. | :17:56. | |
43 of the most interesting entrepreneurs at 6pm talking from | :17:57. | :17:59. | |
Glasgow down to Brighton so we're excited about that and the idea is | :18:00. | :18:05. | |
to share the stories and talk about the highs, the lows, so I think I | :18:06. | :18:10. | |
would be very excited to encourage people to enjoy the benefit and the | :18:11. | :18:14. | |
positives of having your own business, being in control. This | :18:15. | :18:19. | |
event you are talking about is called Entrepreneurs Exchange which | :18:20. | :18:23. | |
is happening tomorrow. It has not happened before, I understand, it is | :18:24. | :18:30. | |
a brand-new event. I said earlier we found many young entrepreneurs talk | :18:31. | :18:33. | |
about the fact it is not as easy to set-up in the UK as it is on the | :18:34. | :18:36. | |
other side of the Atlantic for example? Actually, no, I think it is | :18:37. | :18:41. | |
a really great place to start a business, the UK. It is | :18:42. | :18:45. | |
geographically really well placed and we have a stable set of laws and | :18:46. | :18:49. | |
currencies and it is a good place to be supported. I was very supported | :18:50. | :18:53. | |
and there are lots of grants and things that you can get help with. | :18:54. | :18:56. | |
It is a great place to be and I think that actually most of the time | :18:57. | :19:00. | |
that the biggest thing is you need the advice, you need the mentorship. | :19:01. | :19:05. | |
This is like a group mentoring project tomorrow. We have got nearly | :19:06. | :19:08. | |
3,000 people signed up. There are very few places left if people check | :19:09. | :19:12. | |
on website, but it will be a really important moment. It is a one off, | :19:13. | :19:16. | |
but it might continue. You talk about getting grants and funding, | :19:17. | :19:20. | |
did you get that moral support, someone who hold your hand in a big | :19:21. | :19:24. | |
decisions, going to big department stores and saying, "Look, take my | :19:25. | :19:28. | |
product." It is a dawning thing to do when you are just setting out in | :19:29. | :19:32. | |
business. Was there anyone there to give thaw support that you're | :19:33. | :19:37. | |
offering other people? I have come from a family of business people. I | :19:38. | :19:40. | |
have a huge support network like that, but I think actually people | :19:41. | :19:44. | |
really do need to find often actually a local group of | :19:45. | :19:49. | |
entrepreneurs who you can meet once a month and share the same dilemmas, | :19:50. | :19:54. | |
because whatever industry you're in, it might be talent retention or | :19:55. | :19:57. | |
issues about access to markets or whatever it is and the more you | :19:58. | :19:59. | |
share and support each other, the more likelihood you have for | :20:00. | :20:03. | |
success. Talking of access to markets, you have been successful in | :20:04. | :20:07. | |
accessing Asia which is the place to be right now if you're selling | :20:08. | :20:11. | |
luxury goods. Talk us through that because it was a long journey, you | :20:12. | :20:15. | |
were there quite early which is a good thing I assume? I'm excited | :20:16. | :20:18. | |
about ash yasmt people are scared about exports and scared about | :20:19. | :20:21. | |
overseas, it is not a big deal truly. You know, the great thing | :20:22. | :20:26. | |
about having a website you export automatically without realising it, | :20:27. | :20:29. | |
you get orders all the time. Our first ever ground floor store was in | :20:30. | :20:33. | |
hong don'ting and we have stores in Japan and in Malaysia and Singapore | :20:34. | :20:37. | |
and so on, so on. It is a very exciting time. In terms of your | :20:38. | :20:41. | |
stores, it is a mixture, isn't it? You don't have your high street shop | :20:42. | :20:46. | |
as it were, you are a mix, depending on where you are and which country | :20:47. | :20:52. | |
you're in? You have stores. Some might be stores you control | :20:53. | :20:55. | |
yourself. Some markets you need to have a local partner and other times | :20:56. | :20:58. | |
you have a store within a department store so there is a mix and then you | :20:59. | :21:02. | |
might wholesale and sell to the department stores there. So that mix | :21:03. | :21:08. | |
is a healthy one to have. We have asked everyone about their view on | :21:09. | :21:11. | |
Brexit, the EU referendum, it is hard to get away from. Would an in | :21:12. | :21:16. | |
or an out vote make a difference? I'm not going to go there this | :21:17. | :21:21. | |
morning. I think I really want to focus on entrepreneurs today. It is | :21:22. | :21:24. | |
a really important decision, I have been quite public about my views, | :21:25. | :21:29. | |
but I will save that for another time if I may. Thank you for coming | :21:30. | :21:31. | |
in. Thank you. The boss of one of the world's | :21:32. | :21:38. | |
biggest oil companies has warned of more volatility ahead | :21:39. | :21:41. | |
on global markets. Patrick Pouyanne told the BBC | :21:42. | :21:43. | |
that there was no top or bottom He said the solution | :21:44. | :21:46. | |
instead was for big oil Last year, his company | :21:47. | :21:50. | |
did just that, making The BBC's John Moylan spoke to him | :21:51. | :21:53. | |
about the future of North Sea, a region that has been providing oil | :21:54. | :21:58. | |
for Britain for decades. Oil and gas have a future. But there | :21:59. | :22:17. | |
is a cycle, when the price went down dramatically, 130 today's $30. | :22:18. | :22:22. | |
Everyone is managing the cash cautiously and global investments, | :22:23. | :22:25. | |
globally speaking not only in the North Sea have been driven down to | :22:26. | :22:31. | |
$400 billion. So the North Sea is more mature. So that's clear a That | :22:32. | :22:36. | |
we need to be probably smarter on the cost management here, but there | :22:37. | :22:41. | |
is a future for the North Sea. That was the boss of Total there | :22:42. | :22:45. | |
speaking to John Moylan. We asked how you greet your | :22:46. | :22:59. | |
co-workers. There is an Austrian entra praners greeting Brits outside | :23:00. | :23:03. | |
King's Cross Station in London with a hug. Many of you getting in touch. | :23:04. | :23:09. | |
One viewer says hugs provide better stimulus, I am all for hugs, but | :23:10. | :23:13. | |
perhaps you wouldn't hug your boss. Well, maybe you could start! A | :23:14. | :23:19. | |
viewer got in touch from Italy and says it depends on the nature of the | :23:20. | :23:22. | |
relationship. Two kisses because I am Italian. This is where the big | :23:23. | :23:26. | |
sort of social divide comes in actually. Europeans, a lot more | :23:27. | :23:30. | |
touchy, feely, a lot more close shall we say? A fist pump! If you're | :23:31. | :23:37. | |
American. What about you? I'm touchy, feely. I | :23:38. | :23:45. | |
do a lot of work in Africa were a lot of people were touchy feely | :23:46. | :23:51. | |
until the Ebola outbreak. It has its consequences. This is about company | :23:52. | :23:55. | |
bosses who every time we talk about results, there is an excuse. Profits | :23:56. | :23:59. | |
rose by 2%. It was because of the warm weather, the cold weather, any | :24:00. | :24:04. | |
million excuses, the wrong weather, about not getting right stuff in the | :24:05. | :24:08. | |
right stores at the right time. The Wall Street Journal, corporate | :24:09. | :24:10. | |
excuses are bound in tough times, what have you found? For me, you | :24:11. | :24:16. | |
know, in the UK weather is always a good excuse, isn't it? The weather | :24:17. | :24:20. | |
is all really bad and you can blame that on your bad sales! I think a | :24:21. | :24:24. | |
lot of analysts are saying if you know that the weather is already bad | :24:25. | :24:28. | |
you should be factoring that into your decision making, but what | :24:29. | :24:30. | |
manager is going to stand up and say the reason why we had bad sales is | :24:31. | :24:35. | |
because we had a really bad strategy this year, they are not going to say | :24:36. | :24:38. | |
that, are they? I don't think the excuses are going to go away and if | :24:39. | :24:42. | |
you are in Britain, the weather is a good one. It depends what the | :24:43. | :24:45. | |
company does. Retailers, to be fair the weather affects what we buy and | :24:46. | :24:50. | |
went we buy it. You are not going to buy the barbecue stuff. We didn't | :24:51. | :24:55. | |
turn on the gas or we turned off the power. We starting to see through | :24:56. | :24:59. | |
some of the excuses. That's all I'm saying. An interesting picture of | :25:00. | :25:08. | |
President Putin. Morgan Stanley, things will only get worse for | :25:09. | :25:12. | |
Russia's battered economy. Morgan Stanley based that judgement because | :25:13. | :25:18. | |
of energy prices, but if we talked about energy prices and oil prices | :25:19. | :25:22. | |
going up, does that mean the Russian economy is rebounding? Certainly sh | :25:23. | :25:25. | |
that's what Putin will be welcoming, but I think, yeah, I'm not sure that | :25:26. | :25:30. | |
I am that pessimistic on the Russia economy. It is a story dictated | :25:31. | :25:35. | |
hugely by oil and gas. There is little else for international | :25:36. | :25:38. | |
investors to pin their hopes on, is there? Yeah. There is the question | :25:39. | :25:44. | |
of sanctions. Russia, which I'm not sure sure the sanctions are going to | :25:45. | :25:49. | |
be lifted unless the Syria talks, Russia is seen as constructive and | :25:50. | :25:52. | |
then the questions of sanctions will start going away. Brilliant. Really | :25:53. | :25:55. | |
nice to see you. Thank you for explaining that. That's it from us. | :25:56. | :26:00. | |
Share a hug with someone. We will see you soon. | :26:01. | :26:02. |