09/06/2016 BBC Business Live

This is Business Live from BBC News with Ben Thompson and Sally Bundock.

How do you get the head of the IMF, the Chairman of Google

and the former head of the CIA in a room together?

Invite them to a Bilderberg meeting of course!

Live in London, it's our top story on Thursday 9th June.

It's a top secret conference attended by the world's

We'll decipher exactly what goes on and why it's so secretive.

of euros in fines from a French court for it's 'UberPop' service.

But is it just another small bump in the road

And markets look like this, as the European Central Bank

unleashes another round of bond buying.

But is the bank throwing good money after bad?

And we'll be getting the inside track on the world

of high fashion and why the head of Dior thinks people

need to learn to wait if they want luxurious goods.

And as a new report says using Facebook at work can actually

what's your biggest distraction when you should be working?

Chatting to colleagues, online shopping, or just

Shrouded in mystery, a target for conspiracy theorists,

The Bilderberg meeting has acquired a reputation for secrecy

The summit is attended by many of the world's most powerful

people and this year's gathering begins today in Dresden,

The guest list is as varied as it is high powered.

It includes the head of the IMF, Christine Lagarde, Sir John Sawers,

the former head of MI6, David Petraeus, the former director

of the CIA, the king of the Netherlands,

Willem-Alexander, Reid Hoffman, the founder of LinkedIn and Thomas

The key topics for discussion this year include China, migration

into Europe and the US political landscape.

The Bilderberg group claim that the conference is simply

"A forum for informal discussions about major issues

However, many have criticised its secrecy.

There are no minutes from any of the meetings,

no press reports and no interviews at all and those at the meeting

say it's a place where real decisions are done

I'm joined by Izabella Kaminska, blogger at the Financial Times.

How intrigued are you buy this? Everybody speculates what goes on,

but my personal opinion is that it is a bit more mundane than we

appreciate. But yes, they will be having frank discussions in a safe

space where they can say what is space where they can say what is

going on in their minds? Do they need that safe space? It is

underrated how important that safe space is. Really we are talking

about an elite that does not get a chance to socialise in a safe space

at all, so they need sometimes an environment that is safe to get out

of their areas, because they are all focused on their own particular

areas. They do not have many opportunities to do that, so this is

a kind of retreat where they can speak openly and say things that

they might otherwise not be able to say openly. Over the years many

conspiracies have been swirling around about what is discussed and

agreed, even stories out there that the next US president is chosen, but

is it a problem it is not transparent? It is becoming more

transparent. Back in the days they did not announce any details of who

was attending or the agenda. In the last few years they have published

the participation list and they have presented us with the agendas. But

also what used to take place, when you look at that, you realise a lot

of the times that the meetings were not ahead of the curve, they were

behind the curve. In 2008 they did not mention anything about them

potential financial crisis. I do not know if they are pushing the agenda,

as much as following the news. China, the migration crisis, all

very poignant given what has happened this year. The group was

formed with a focus on American and European relations. Given the Brexit

issue and how close Europe is for them, this will be a key discussion

point and it will be an opportunity for these people to speak frankly

about things like Donald Trump, things that they might not be able

to say openly. We do not necessarily know who is asked every single year,

does anyone ever say no? I do not know of anyone myself, but I would

assume that if you were invited it was a great privilege, but it is up

to your own prerogative whether it is something you want to engage in.

These events are focused on really creating a safe space for speaking

frankly. I do not see why anyone would not go, but I do not know

anyone who has not gone. It is the ultimate networking environment.

Thank you for coming in. We should be there, but

We should be there, but nonetheless...

In Paris the legal troubles continue for the taxi app Uber.

It faces millions of euros in fines and possible prison sentences

for two top executives for using unlicensed drivers

A court in Paris delivers its verdict in a few hours' time.

Thomas Ricard is a litigation lawyer in Paris.

Speaking to us a little earlier he explained

The case is about Uber, but more specifically about UperPop,

which is a parallel system of transport where the drivers

It is people like you and me outside the professional activity who decide

Uber was targeted for UperPop which was taken away in last July,

Among the protests that took place in January, the two

directors were put on demand and then put on trial.

There is a legal side which is key, of course.

Uber is accused of running a parallel transport activity.

They are arguing that they are mainly connecting people.

But there is also the sentencing side.

More precisely what struck people in France at the time

is that the prosecutor at the trial asked for quite hefty fines,

a few hundred thousand euros, which by French standards is quite

high, but also a ban on the two directors from being directors

This is why the verdict in terms of business is an important signal

that will be sent this afternoon and this is why we are looking

With you on Uber and the fine it is facing in Paris.

The head of the European Central Bank Mario Draghi says the eurozone

is at risk of lasting economic damage because of a lack

Speaking toi the Brussels Economic Forum Mr Dragh said that monetary

policy alone cannot end the bloc's economics sickness and why there may

be political reasons for delaying reforms,

Vodafone has agreed to sell its New Zealand unit

to Auckland-based Sky Network Television for $2.4 billion.

The deal paves the way for Sky giant to enter

The deal, the biggest acquisition in New Zealand this year,

also beefs up Sky as the country's biggest pay-TV provider as it

battles against online streaming services like Netflix.

A third of investors in Martin Sorrell's WPP failed to back the

boss's huge pay package. He built WPP from scratch in a London office

and is now dominating the industry with 190,000 staff. He says the

scheme reflects the phone's rapid growth in recent years. Another

story that has caught everyone's attention is the outlook for Maria

Sharapova. She was banned from playing on the international scene

for two years because she admitted she was using a substance that is

not allowed. It seemed to help her performance. She said she did that

without knowledge. It is a new one that they put on the out of use

list. But sponsors are staying with her.

They point out that she did not intentionally break the rules, they

say she has apologised for her mistake and is appealing against the

length of that ban. The sponsors are staying with her despite failing

that drug test. How do you solve a problem like

Maria? You have been wanting to say that

all morning. Now to Sally's favourite subject.

Not the sound of music. Instead it is the central bank

action. Today there was a surprise move from South Korea.

Down, cut, slashed. Only Sally gets excited about this.

This is even more exciting than the no change we discussed the day

before yesterday. Finally some action. This move by the bank of

Korea to cut interest rates to the market by surprise and we saw the

Korean dollar fall quite sharply. 17 expected rates will be kept on hold

and only one firm expected this move and that was Goldman Sachs. As we

mentioned this week central banks have been playing it safe, but the

Korean economy has been struggling. The Government is looking to provide

a little stimulus to help lift trade. Another issue is that there

are several highly indebted and leveraged companies that are

weighing on the economy. Specifically it is the shipbuilders.

One of them is being investigated over potential accounting fraud.

They have got billions of dollars worth of losses, so the Government

is keen to restructure them and this rate cut is to help with that policy

move, but analysts say more rate cuts may be under way. I am glad you

two I so excited about that. Somebody has to be. The Japanese

shares have ended the session down. Japanese shares ending down today

with financial stocks leading the losses on the back

of falling bond yields. A similar story too for exporters -

firms that rely heavily on exporting overseas saw their shares struggle

off the back of the strength In Europe, the Central Bank

begins its long awaited bond Remember the plan is to buy around

five to 10 billion Euros a month of investment grade bonds

from companies in the telecoms, insurance and utilities sectors

in an attempt to boost inflation And that's on top of

the ?1 trillion worth That's how Europe looks,

what's ahead for Wall Street? Investors will be eyeing the markets

as the SNP 500 flirted If the price of oil continues

to rebound, US markets will look But of course, the lingering

concerns about the health of the global economy remain,

with low growth and low inflation which could really temper

investor excitement. The number of people applying

for unemployment benefits probably went up last week,

but is still below the threshold Given the dismal jobs report

for the month of May, where the US economy only

created 38,000 jobs, many will be watching how

many claims are made Joining us is Justin

Urquhart-Stewart, Co-Founder and Director of Seven Investment

Management. Mario Draghi putting a bit of a

damper on things. This is the concern. It is like when you are

trying to buy bonds and you have got negative interest rate policies,

this is trying to like a wet bonfire with some damp matches. It will not

take off. Unless you have got any fundamental demand, giving people

cheat money when they do not want to borrow, nothing will happen. Because

they have got to negative interest rates, banks have to pay to keep

money at the ECB and they are storing bank money in their own

faults. We will start breaking into banks and rating money. The banks

are putting their money in the vault, what are we doing with our

money? We are trying to find other alternatives like gold and bits and

pieces. Particularly in Britain where we have got the referendum

going on, you have got a slowing effect. It is very difficult. Unless

you create demand, where do you get the economy going from? What Mario

Draghi is doing is the same as everyone else, but that does not

work. Some of these numbers are

staggering, on top of the trillion they have already done. The numbers,

frankly, are mind-boggling, but it doesn't seem to make huge amount of

difference. But in The States, some would argue

it makes all the difference. We are taking the medicine, but we don't

know if it has worked. We are all still here. The underlying issue is

you are supporting a lot of bond markets. In a normal environment you

would have been through the pain of weaker businesses going and new ones

coming through. We are wallowing in this debt and there is very little

forward progress. We have gone from zero rates down to negative rates

and we're not moving forward. I am lost for words. We talk about those

numbers and as you said, there is a different response, we saw what

happened in America and the different response in Europe. But

the feeling of throwing good money after bad doesn't go away. In

America, it is easy you go back to the primary driver of the American

economy, which is a normal couple shopping in Walmart in Arkansas.

They keep the economy going. It is different in Europe. The couple in

Germany don't spend as much. So trying to find the magic element to

get confidence back to grow the economy again. All politicians

should strive to try and find it. We had some intriguing stories to

discuss with you later. Christian Dior once said

"without foundations, We're going to hear from the current

head of legendry fashion house about the foundations HE'S laying

down for the future of the brand. You're with Business

Live from BBC News. There's a new kid on the block

in the cut-throat grocery market. Amazon is introducing a full online

supermarket service for customers in London with plans to roll out

deliveries across the UK. Rob Young is in our

Business Newsroom. The big supermarkets in the UK are

concerned about it because you can order food and verge online.

Sainsbury's and Tesco are grappling with the threat. Also we are talking

about cyber security, the biggest names in the field are gathering in

London for a conference. It is important. We use Internet devices

to manage almost every aspect of our lives, the threat has been greater.

We went to talk to experts from around the world to get their tips

on how to stay safe. The most likely way for an average

person is from a fishing attack so it would be targeted one from a

supplier you would recognise so you be more likely to follow the link.

People think mobile devices are secure. It is not. Be cautious about

what you upload to your devices. Don't jailbreak your devices. Look

at every application you download to understand who has got it, what is

the review. A lot of malware is sent I e-mail attachments and people will

generally click on those and leave their computers from rubble. If in

doubt, hover over the link and make sure the link matches the type of

data you think is in the e-mail. There are all these exciting

services called cloud services. They are very secure but they can open up

new vulnerabilities and exposure. The first thing people ask

themselves, is the data I am putting there, something I am allowed to put

on. And second, should I do it? You're watching Business

Live - our top story: We won't hear anything about the

meeting in Germany. Our invitation was last in the post.

Top end fashion - love it or loathe it -

The personal luxury goods market is now worth

So who's buying all this high-end gear?

Chinese consumers account for 31% of all luxury sales

The Americans are second with 24% of the market and Europeans at 18%.

But there are fears that slowing Chinese growth and the latest

corruption crackdown in the country could lead to a slump in demand.

That's could prompt fashion houses to invest more in the US and Europe.

Dior, which is owned by LVMH, has just spent millions of dollars

on a new four storey flagship store in London.

It shows how much it is worth when you spend millions of dollars just

on a store. the Sydney Toledano who heads

the firm and started by asking why the company is building

on its presence in the UK's capital. London, has been for the last ten

years, or even more, growing and growing. We have been here for many

years. We started in 1951. The market has always been important.

Then London became more international, with international

residents and international tourists. When we look at global

economic trends, we are seeing a floundering of appetite for luxury

goods, particularly in Asia. We are seeing a slowdown in China and

Japan, is that affecting Dior? No, what happened in Paris, the market

has been suffering from the terrorists, people were afraid to

come. But the luxury for these big names, we know how to bounce back.

From time to time, it is flat, but a company like Dior, we have two

continue investing because we believe in the future. We will

extend Paris, do new developments in Paris. We are thinking to 2017. You

have to invest in the long term. I think Europe will attract, in the

future, big markets like US markets, with American clients, Chinese

markets, they will be very big markets. I think you have opened

around 200 new stores globally. Many of your competitors these days are

choosing not to invest in the overheads relating to physical

stores, instead investing in the online side of their businesses. Why

are you still focusing on the stores themselves? You can buy a bag and a

pair of shoes online, but when you come to look at the ready to wear we

sell, you need this face to face. You need this ceremony of selling.

We will continue that, even if we invest into the Internet and see

what technology can bring, maybe tomorrow. But for the moment, the

best tool we know to seduce people is direct communication.

This is a fast-paced industry, people watched designs coming down a

runway and they want to buy them immediately. It is impossible to

deliver tomorrow, a product which was shown yesterday. The clients we

talk to, they get it in several months. They will come here tomorrow

to buy a collection which has been presented for six months ago. We

have no problem with that. You have to be impassioned. When you talk

about luxury fashion, it is something, it is like the movies,

sometimes you have to wait until you see the movie. You see a movie

premiere, it doesn't mean the public has to see it right away. This

concept of seeing stuff right away, we have to be patient. You were

raised in a traditional Jewish household and students of

mathematics and engineering. So how did you come to manage a major

fashion house? I was curious when I was young, maybe because of my

culture. My father with Spanish origin and other coming from Turkey.

In Casablanca, my friends were French, Italian, Spanish and

Moroccans. I opened my house always. I like mathematics and did

engineering studies. But I like fashion since I am young. By

fashion, I mean what is the look of the moment. The luck could be a pair

of jeans. I don't mean a super suit, but I was attracted by materials. I

am not a designer, I like working with talented people.

The chief executive of Dior. We have ran out of time, have a good day.