Browse content similar to 17/10/2016. 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. | :00:00. | |
Chinese authorities have detained at least 18 people employed | :00:07. | :00:11. | |
by Australia's biggest casino company under suspicion | :00:12. | :00:14. | |
Live from London, that is our focus today - | :00:15. | :00:18. | |
Australian casino company Crown Resorts has confirmed that | :00:19. | :00:38. | |
at least 18 of its staff have been detained by authorities in China. | :00:39. | :00:49. | |
Also in the programme: a new report says Britain's economy faces | :00:50. | :00:53. | |
a "prolonged period" of weaker growth as consumer spending slows | :00:54. | :00:55. | |
And it is a brand-new trading week for Europe. So far, not so good. We | :00:56. | :01:11. | |
will talk you through the winners and losers. | :01:12. | :01:16. | |
And we'll be getting the inside track on advertising. | :01:17. | :01:20. | |
The boss of MC Saatchi - one of the world's biggest agencies - | :01:21. | :01:23. | |
will be here to talk Brexit, ad blockers and US politics. | :01:24. | :01:26. | |
And later we're going to talk about Hedge funds - | :01:27. | :01:28. | |
they are struggling and it's because of robots. | :01:29. | :01:30. | |
Let us know who you'd back with your cash - humans or robots? | :01:31. | :01:33. | |
When it comes to your money, cash or robots, who will make the right | :01:34. | :01:57. | |
decisions? Do send in your thoughts. It is a packed programme. Let's get | :01:58. | :01:59. | |
started. Shares in Australia's | :02:00. | :02:01. | |
biggest casino company - Crown Resorts have fallen by more | :02:02. | :02:04. | |
than 12% after it reported that at least 18 of its staff including | :02:05. | :02:07. | |
a senior executive have been It's believed that the arrests | :02:08. | :02:10. | |
could be linked to a move by China to go after foreign casinos that | :02:11. | :02:15. | |
attempt attract Chinese citizens overseas to gamble - | :02:16. | :02:19. | |
which is against the law But while gambling in China | :02:20. | :02:32. | |
is illegal, many Chinese people participate in state-run lotteries | :02:33. | :02:35. | |
and engage in legal gambling in the special administrative | :02:36. | :02:37. | |
regions of Hong Kong and Macau. The Chinese government operates two | :02:38. | :02:40. | |
lotteries: the China Sports Lottery The Chinese government does | :02:41. | :02:42. | |
not legally consider Illegal gambling in China | :02:43. | :02:45. | |
is still common, including unofficial lotteries, | :02:46. | :02:53. | |
clandestine casinos, and betting in games such as mahjong | :02:54. | :02:57. | |
and various card games. It sounds like a murky world and | :02:58. | :03:17. | |
many arrested? That is right, Sally. It is a murky world because the | :03:18. | :03:22. | |
Chinese love gambling, but the government is trying to restrict | :03:23. | :03:26. | |
what is known as illicit money flows through casinos and lotteries. As | :03:27. | :03:33. | |
you mentioned earlier, we are seeing a hit to Australia's crown resorts | :03:34. | :03:38. | |
which are owned by the billionaire James Packer. Some employees had | :03:39. | :03:46. | |
been detained in China. That includes three Australian nationals | :03:47. | :03:50. | |
as well as the head of the international operations. This is | :03:51. | :03:54. | |
the guy who brings the big spenders to the casinos as well as the | :03:55. | :03:58. | |
resorts overseas. China's Foreign Ministry did confirm in a statement | :03:59. | :04:06. | |
that it has detained some Australian nationals for suspected gambling | :04:07. | :04:10. | |
crimes but we did not get any further details. We are seeing this | :04:11. | :04:13. | |
crackdown on gambling because it is illegal on the mainland and they are | :04:14. | :04:17. | |
also cracking down on companies who have an exclusive advertising to | :04:18. | :04:23. | |
Chinese nationals to come to these casinos abroad. We have seen another | :04:24. | :04:30. | |
Korean operator get into trouble over similar violations. It is | :04:31. | :04:35. | |
called Paradise. Last year several employees were arrested as well. The | :04:36. | :04:39. | |
BBC are looking into the story and managed to speak to the husband of | :04:40. | :04:44. | |
one of the local Crown employees who was arrested. He said he has been | :04:45. | :04:48. | |
dumbfounded by the move because his wife only does admin work. Thank you | :04:49. | :04:54. | |
very much. Britain's economy faces a "prolonged | :04:55. | :04:56. | |
period" of weaker growth as consumer spending slows and business curbs | :04:57. | :04:58. | |
investment, according to a report. Although the EY Item Club think tank | :04:59. | :05:04. | |
predicts the economy will grow 1.9% this year, it expects that | :05:05. | :05:07. | |
performance to fizzle The economy's stability | :05:08. | :05:09. | |
since June's Brexit vote Joining us is Martin Beck, | :05:10. | :05:14. | |
Senior Economic Adviser to the EY It is all to do with the fall in the | :05:15. | :05:31. | |
pound, I presume that is the one hard thing we can hold onto which we | :05:32. | :05:36. | |
know has been a result of that Brexit vote? I think that is a fair | :05:37. | :05:42. | |
point. The fall in the pound is pushing up import prices which will | :05:43. | :05:45. | |
lead to a rise in prices for consumers. There is a positive, any | :05:46. | :05:55. | |
UK company selling abroad in dollars is benefiting which is acting as a | :05:56. | :05:59. | |
shock absorber to the economy. We really need to know what is in | :06:00. | :06:04. | |
Philip Hammond's Autumn Statement, what the government does in terms of | :06:05. | :06:10. | |
infrastructure spend is key? That is an important point. We assume no | :06:11. | :06:14. | |
change in the forecast but there seems a reasonable chance the | :06:15. | :06:17. | |
government will allow some sort of fiscal stimulus in the Autumn | :06:18. | :06:21. | |
Statement. There has been a tendency in recent weeks to row back a bit on | :06:22. | :06:25. | |
what might be in the Autumn Statement. The other thing we saw | :06:26. | :06:30. | |
last week was guilty of ticking up. That basically means borrowing costs | :06:31. | :06:33. | |
for the government are getting more expensive. We are also seeing that | :06:34. | :06:38. | |
happening in the States as well. It will be harder for the government to | :06:39. | :06:42. | |
finance these infrastructure projects? Let there in mind the | :06:43. | :06:49. | |
increase is from a record low level. The government currently pays 1% a | :06:50. | :06:53. | |
year on borrowing. But the more we spend on borrowing and below the | :06:54. | :06:57. | |
pound it goes, the more expensive it will be for the government? That is | :06:58. | :07:02. | |
a fair point but we are talking more expensive from a relative position | :07:03. | :07:06. | |
which was very cheap. The government is still borrowing at a rate far | :07:07. | :07:14. | |
lower than we have seen in most of the past century. Thank you for | :07:15. | :07:17. | |
talking us through that. More on that story on our website. Let's | :07:18. | :07:19. | |
talk about some other news now. China's president - | :07:20. | :07:23. | |
President Xi Jinping - says the long-term prospects | :07:24. | :07:24. | |
of the Brics countries - Brazil, Russia, India, | :07:25. | :07:26. | |
China and South Africa - are still positive despite | :07:27. | :07:28. | |
a precarious global economy. Though they are currently enduring | :07:29. | :07:30. | |
slower economic growth, he has stressed that the potential | :07:31. | :07:32. | |
and strength of the group A flight ban on Samsung's Galaxy | :07:33. | :07:35. | |
Note 7 smartphone has been announced by more airlines after reports that | :07:36. | :07:42. | |
some of the phones had caught fire. Carriers in Australia, | :07:43. | :07:46. | |
Asia and Europe put the phone on a prohibited list over | :07:47. | :07:49. | |
the weekend, which comes after the US banned | :07:50. | :07:52. | |
the device last week. Samsung stopped making the phone | :07:53. | :07:54. | |
last week following complaints We have talked little bit about the | :07:55. | :08:13. | |
impact of Brexit, or we have had more organisations trying to predict | :08:14. | :08:17. | |
what it means for the UK economy but this is a story in the Financial | :08:18. | :08:23. | |
Times. It is a big story. The UK to pay up for city access to the single | :08:24. | :08:29. | |
market. There is a theory that the government is going to have to pay | :08:30. | :08:33. | |
if they want to keep that. It is an interesting story. Let's | :08:34. | :08:40. | |
have a look at the financial markets now. Europe's main markets have not | :08:41. | :08:47. | |
started well. We are seeing declines across the board. | :08:48. | :08:51. | |
the details about what's ahead on Wall Street Today. | :08:52. | :08:57. | |
Earnings continue on Monday, Bank of America is going to report. It will | :08:58. | :09:09. | |
take questions about how it's banking and consumer incentives | :09:10. | :09:11. | |
compared to Wells Fargo which is recovering from its own banking | :09:12. | :09:17. | |
scandal. IBM will also be reporting on earnings. It has been focusing on | :09:18. | :09:22. | |
building its cloud business that houses the company's artificial | :09:23. | :09:27. | |
intelligence platform but it struggled to show meaningful revenue | :09:28. | :09:32. | |
growth elsewhere. Finally, we will also hear from video streaming | :09:33. | :09:36. | |
service Netflix. It has launched in almost every country around the | :09:37. | :09:41. | |
world, but now it faces the task of adapting the service to different | :09:42. | :09:46. | |
markets and cultures, in the face of increasing competition. Key for | :09:47. | :09:49. | |
investors will be Netflix's subscription numbers for the Court. | :09:50. | :09:53. | |
Joining us is Nick Hungerford who is the Chief Executive | :09:54. | :09:56. | |
What has gone wrong? It is a bit of a pull-back. We have had a great run | :09:57. | :10:11. | |
over the last month or so, hitting record highs in the FTSE. This is a | :10:12. | :10:22. | |
reaction to two things. One is that sterling is strengthening a tiny | :10:23. | :10:24. | |
bit. We know that story has rallied the markets. The second thing is we | :10:25. | :10:27. | |
have a serious round of the gauche nations this year with Theresa May | :10:28. | :10:30. | |
heading to Europe for discussions with her peers. People are concerned | :10:31. | :10:34. | |
about how those negotiations will be and whether or not it will be a hard | :10:35. | :10:40. | |
or a soft Brexit, whatever that may mean. What are you looking out for | :10:41. | :10:46. | |
in the markets? The big market stories this week will be an results | :10:47. | :10:50. | |
from America. We had Citigroup, JP Morgan and Wells Fargo last week. We | :10:51. | :10:55. | |
have Bank of America and Wells Fargo this week. Can they maintain their | :10:56. | :11:01. | |
good loans? And secondly, the vice chairman of the Federal Reserve will | :11:02. | :11:05. | |
speak today. We had the chairman Janet yellow and and Bob Dudley | :11:06. | :11:09. | |
speaking with some mixed messages so we are looking for clarity today. | :11:10. | :11:14. | |
You talk about the Brexit negotiations being critical on the | :11:15. | :11:21. | |
markets. What does a canny investor do in an environment like that? A | :11:22. | :11:26. | |
canny investor it ignores all of that and says I invest in the | :11:27. | :11:29. | |
markets for the long-term. I know things will go up and down but I | :11:30. | :11:33. | |
will spread my risk and put my money in and I will not worry about | :11:34. | :11:36. | |
whether these Brexit negotiations change from day to day. Should the | :11:37. | :11:45. | |
canny investor have a robot investing on their behalf?! There is | :11:46. | :11:47. | |
no emotion there. That is really interesting. It is a way to take the | :11:48. | :11:51. | |
emotion out of it. If you think about your house you cannot see the | :11:52. | :11:55. | |
price going up and down every day and isn't that a good thing because | :11:56. | :11:59. | |
you leave it there? You can look on websites. Quickly, you must just | :12:00. | :12:06. | |
check! Nick, good to see you and we will | :12:07. | :12:09. | |
keep an eye out on what Stanley Fischer and co-have to say as the | :12:10. | :12:11. | |
week progresses. Still to come: What role did | :12:12. | :12:15. | |
advertising play in the run up We'll speak to one of | :12:16. | :12:18. | |
the world's leading ad men. You're with Business Live from BBC | :12:19. | :12:22. | |
News. A warning against a potential | :12:23. | :12:23. | |
Brexit brain drain. A group representing nearly half | :12:24. | :12:27. | |
a million engineers is calling on the government to take serious | :12:28. | :12:30. | |
steps to keep integration with the European Union | :12:31. | :12:33. | |
once the UK leaves. Engineering-related sectors | :12:34. | :12:36. | |
contribute ?280 billion - that's $343 billion dollars - | :12:37. | :12:41. | |
to Britain's economy. Last year the Royal Academy | :12:42. | :12:45. | |
of Engineering warned the sector needed at least a million people | :12:46. | :12:48. | |
by 2020 to keep everything Ryan Bourne, Head of | :12:49. | :12:51. | |
Public Policy, Institute of Economic Affairs, | :12:52. | :12:55. | |
joins us now. It all sounds like a stark warning, | :12:56. | :13:08. | |
a crisis in the UK. Is this about Brexit or have we not been | :13:09. | :13:12. | |
channelling young people into engineering for years? I think it is | :13:13. | :13:19. | |
a bit of both. The report was a bit more nuanced than your introduction | :13:20. | :13:24. | |
suggested. The Academy are quite keen to recognise the fact that | :13:25. | :13:29. | |
being open to investment and being open to skilled engineers being able | :13:30. | :13:33. | |
to come to the UK is a good thing, and of course, that might not | :13:34. | :13:37. | |
necessarily change as a result of Brexit. I campaigned for us to leave | :13:38. | :13:41. | |
the European Union, but I still want us to be open to foreign direct | :13:42. | :13:45. | |
investment and want skilled engineers still to come here. It is | :13:46. | :13:51. | |
the importance of openness rather than Brexit here. Do you think we | :13:52. | :13:54. | |
will be able to hold onto the engineers we have got from the EU? | :13:55. | :13:58. | |
The first thing I would like the government to do is to guarantee the | :13:59. | :14:03. | |
rights of people working here, particularly in academia and other | :14:04. | :14:06. | |
industries. That is something they could do. They could reduce the | :14:07. | :14:12. | |
uncertainty over night. I think it is dangerous that some messengers -- | :14:13. | :14:16. | |
members of the government have been suggesting that using people's | :14:17. | :14:20. | |
status here in the UK could be used as a negotiating chip in the | :14:21. | :14:24. | |
negotiations. We could kill that uncertainty dead and maintain the | :14:25. | :14:30. | |
best talent we have here, yes. Thank you for your time. Interesting | :14:31. | :14:34. | |
developments. We have to quickly mention this story on Ladbrokes. | :14:35. | :14:43. | |
They will sell 359 shops. It says Ladbrokes and coral have agreed to | :14:44. | :14:48. | |
sell the shops to rival betting firms. Lots of information on that | :14:49. | :14:54. | |
on our website. Our top story, Chinese authorities | :14:55. | :14:59. | |
have detained at least 18 people employed by Australia's biggest | :15:00. | :15:09. | |
casino company under A quick look at how | :15:10. | :15:10. | |
markets are faring. Not particularly well. Down 0.5%. A | :15:11. | :15:26. | |
lot to do with the slightly strengthening pound and worries | :15:27. | :15:30. | |
about interest rates in the United States possibly going up. Various | :15:31. | :15:35. | |
interpretations of Janet Yelland was saying in the United States. | :15:36. | :15:42. | |
Are you a fan of Mad Men? Oh, I missed it. It is a very popular | :15:43. | :15:50. | |
programme. It is about the global world of tiding and the individuals | :15:51. | :15:55. | |
that work within it. We'll get the Inside Track with M | :15:56. | :15:56. | |
Saatchi. The Saatchi name is synonymous | :15:57. | :16:00. | |
with advertising thanks to two enterprising brothers, | :16:01. | :16:02. | |
Maurice and Charles Saatchi. M Saatchi were founded in 1995 | :16:03. | :16:07. | |
and have become leaders They've got offices in 21 | :16:08. | :16:10. | |
countries and clients The most recent full-year | :16:11. | :16:14. | |
revenues were $206 million, from clients including Ikea, | :16:15. | :16:20. | |
Lexus, Carlsberg and Etihad. Moray MacLennan is the Worldwide | :16:21. | :16:31. | |
Chief Executive of M Saatchi. Good to have you in the programme. | :16:32. | :16:42. | |
Good morning. With we need Ing to mention, lots of clients and years | :16:43. | :16:46. | |
and years of experience. A name most people heard of around the world. | :16:47. | :16:51. | |
One of the most high-profile campaigns you ran recently was the | :16:52. | :17:00. | |
Remain campaign for the Remain group which was cross-party, it was the | :17:01. | :17:03. | |
Remain which was several parties, wasn't it, what happened? What | :17:04. | :17:08. | |
happened was we and other people thought that normal rules would | :17:09. | :17:11. | |
apply and they are that if people are going to be less well off they | :17:12. | :17:18. | |
will vote for the other side. So we thought that the rational arguments | :17:19. | :17:22. | |
were the best to put across, it is the economy stupid. Something else | :17:23. | :17:28. | |
was going on and it is interesting because I think people weren't | :17:29. | :17:32. | |
really voting for the EU. It was a rail against the establishment and | :17:33. | :17:36. | |
that wasn't spotted and we know in marketing that's the first rule, | :17:37. | :17:39. | |
understand the target audience and get the right insight and develop | :17:40. | :17:44. | |
your message and we didn't. And it should have been a positive message | :17:45. | :17:47. | |
first and fore most rather than trying to brow beat people. A fear | :17:48. | :17:51. | |
message? A fear message and the establishment wants you to leave, | :17:52. | :17:56. | |
everyone from the Pope to Obama saying you will be less well off and | :17:57. | :18:00. | |
the electorate said, "No, you will be less well off." Apply that to | :18:01. | :18:08. | |
America now? There are parallels. Huge parallels, the people who feel | :18:09. | :18:12. | |
hard done by for the last 20 years, they are voting because of that. Not | :18:13. | :18:15. | |
because they think that Trump has got the answer to everything? Yes, | :18:16. | :18:20. | |
Hillary can go out with the rational messages, but we have seen that | :18:21. | :18:22. | |
campaign. It is one of those campaigns it is difficult to learn | :18:23. | :18:26. | |
too much from, it is so extraordinary and the Trump | :18:27. | :18:30. | |
supporters aren't actually, even watching the debates at all. So | :18:31. | :18:34. | |
again, it is as someone described, it is a scream in the dark a vote | :18:35. | :18:40. | |
for Trump. You are involved, aren't you, as an agency? We are involved | :18:41. | :18:49. | |
with Emily's List which promotes female politicians in the Democratic | :18:50. | :18:52. | |
Party and it is a negative campaign. It is saying, "Can you seriously | :18:53. | :18:57. | |
vote for this man?" The critical thing in that election is to get | :18:58. | :19:01. | |
people out because in Brexit what happened was, 80% of the people who | :19:02. | :19:05. | |
wanted to leave said they would vote and only 30% of those saying they | :19:06. | :19:11. | |
would vote... If you're using a negative campaign, that sounds like | :19:12. | :19:15. | |
you haven't learnt anything from the Brexit campaign, saying what are the | :19:16. | :19:19. | |
good things about Hillary. You can learn too much. I wouldn't conflate | :19:20. | :19:24. | |
the two things. In this instance, he is ten points behind now. So I think | :19:25. | :19:30. | |
he's doing a lot of his own negative publicity. Moving on from politics | :19:31. | :19:34. | |
and campaigns to the industry as a whole, I mean, it is shifting and | :19:35. | :19:39. | |
changing so-so, rapidly and mobile devices are pushing that. To what | :19:40. | :19:44. | |
extent are you able to be on top of all of the change? Largely in the | :19:45. | :19:49. | |
short-term I think when you look ten years hence, it is difficult with | :19:50. | :19:52. | |
virtual reality, where is that going to go? You need to be aware and not | :19:53. | :19:59. | |
get ahead with yourself. With internet advertising half of the | :20:00. | :20:02. | |
spend, mobile in the UK increased by over 50% in the last six months. | :20:03. | :20:08. | |
Extraordinary growth. And because it is precise right message, right | :20:09. | :20:13. | |
time, right person and measurable and all those things are important. | :20:14. | :20:19. | |
What about ad blockers? It is up to 20% in terms of people blocking | :20:20. | :20:21. | |
advertisements and I have said before it is a wake-up call and I | :20:22. | :20:26. | |
think it is the global organisations, global advertisers, | :20:27. | :20:28. | |
the coalition for better advertising they've formed in order to do basic | :20:29. | :20:32. | |
things better because you can talk to someone doesn't mean that you | :20:33. | :20:35. | |
should if you can interrupt their conversation online. So the usual | :20:36. | :20:38. | |
rules apply in that you need to be engaging and relevant and | :20:39. | :20:41. | |
entertaining and that stopped happening which is why it is being | :20:42. | :20:46. | |
blocked and it is good to go back to basics and remember those things. | :20:47. | :20:51. | |
With social media you're going for people, your existing customers, | :20:52. | :20:55. | |
aren't you? You're not getting out, the way you're doing it, you're | :20:56. | :20:58. | |
identifying who is buying your stuff and you're going back to them and | :20:59. | :21:05. | |
saying, "Why don't you buy a chocolate cake instead of Marmite?" | :21:06. | :21:10. | |
Right. And I think that's now been learnt by people, by certainly some | :21:11. | :21:13. | |
of the big advertisers, I saw Procter and Gamble last week coming | :21:14. | :21:18. | |
out in public saying they got it wrong through just going through | :21:19. | :21:21. | |
measurable precision marketing because what you need is fame and | :21:22. | :21:27. | |
relevance and to be talked about to emotionally engage, it is a | :21:28. | :21:31. | |
readjustment, well, you have seen the figures of the internet and | :21:32. | :21:35. | |
mobile, they are the dynamic media, but television is holding up well | :21:36. | :21:38. | |
and it is getting the balance right that marketers now need to do. | :21:39. | :21:43. | |
Moray MacLennan thank you very much. In a moment we'll take a look | :21:44. | :21:51. | |
through the business pages but first here's a quick reminder of how | :21:52. | :21:54. | |
to get in touch with us. The Business Live page is where you | :21:55. | :22:00. | |
can stay ahead with all the day's breaking business news. We'll keep | :22:01. | :22:03. | |
you up-to-date with all the latest details with insight and analysis | :22:04. | :22:06. | |
from the BBC's team of editors right around the world. And we want to | :22:07. | :22:11. | |
hear from you too. Get involved on the BBC Business Live web page at: | :22:12. | :22:18. | |
And on Twitter we are at: And you can find us on Facebook. | :22:19. | :22:24. | |
Business Live on TV and online whenever you need to know. | :22:25. | :22:29. | |
Let's see what other stories are being talked | :22:30. | :22:31. | |
Our business correspondent Dominic O'Connell is here. | :22:32. | :22:47. | |
We asked our viewers to get in touch about robots. We had a good guest on | :22:48. | :22:54. | |
the Today programme talking about hedge funds and why some big hedge | :22:55. | :22:59. | |
funds lost their way. Martin Taylor have shut their doors saying that | :23:00. | :23:04. | |
the trading environment has become too predictable. Predictable? Too | :23:05. | :23:11. | |
unpredictable. There are too many computer traders who don't have | :23:12. | :23:14. | |
natural human reaction. Human traders will be used to thinking if | :23:15. | :23:18. | |
Marks Spencer's gets to a certain level of earnings, it is time to | :23:19. | :23:21. | |
buy. The machines don't think like that. The machines do not have human | :23:22. | :23:34. | |
reactions. It makes to a more volatile and unpredictable. The | :23:35. | :23:38. | |
machines are starting to run the markets and the humans don't like it | :23:39. | :23:42. | |
much. To what ex-at any time is what happening? 40% of all share trading | :23:43. | :23:48. | |
is done by black box trading. The image of the 1980s stock exchange | :23:49. | :23:52. | |
floor with the men in red braces shouting at telephones, it is a | :23:53. | :23:55. | |
thing of the past. Does it change the direction of the market? Does it | :23:56. | :24:01. | |
change the day-to-day volatility? Only for a few minutes, as long as | :24:02. | :24:05. | |
you weren't on the wrong side. Five minutes later, we were back... If | :24:06. | :24:09. | |
you look at share price of a company like ex--on, it was 95, it was $85 | :24:10. | :24:14. | |
when the oil price was double what it is, now it is $95 Y is that? It | :24:15. | :24:21. | |
is because machines trade up that stock. All these things are driving | :24:22. | :24:27. | |
against things what the humans think. The viewers are voting for | :24:28. | :24:35. | |
humans. James says, "Humans every time. Humans have feelings. The | :24:36. | :24:41. | |
greatest feeling to have on a trading floor is the gut instinct." | :24:42. | :24:48. | |
Can I take you back to the great Tulip Crash and the boom in the.com | :24:49. | :24:53. | |
boom which had nothing to do with machines, apart from people's | :24:54. | :24:57. | |
interest in machines! Humans are just as easy to, just as capable of | :24:58. | :25:01. | |
getting things wrong and badly wrong. The machines were doves. They | :25:02. | :25:07. | |
could move faster than the humans could. It is technology disrupting | :25:08. | :25:13. | |
markets, but volatility is the big thing. It makes things go faster and | :25:14. | :25:16. | |
further. Let's talk about other stories. Wall Street Jurpl how | :25:17. | :25:24. | |
Caterpillar's big bet backfired? Commodity prices were going to stay | :25:25. | :25:28. | |
forever because China was eating so much of the stuff. The Chief | :25:29. | :25:33. | |
Executive of Caterpillar bet big on this. Everybody knows the big mining | :25:34. | :25:36. | |
trucks, he built factories over China and bought a big competitor in | :25:37. | :25:43. | |
the States. The mining super cycle never came to pass. Prices fell and | :25:44. | :25:49. | |
the Caterpillar share prices have fallen. They came back up to 90. | :25:50. | :25:53. | |
Maybe there is a recovery in mining now. You need to be a human to work | :25:54. | :25:58. | |
that one out! A human to finish the show on time. Dominic, thank you | :25:59. | :26:02. | |
very much for coming in. We will see you tomorrow. Bye-bye. | :26:03. | :26:10. | |
Hello there. Good morning. We start the new week with a sunshine and | :26:11. | :26:16. | |
showers Monday. Quite a | :26:17. | :26:17. |