01/03/2017 BBC Business Live


01/03/2017

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This is Business Live from BBC News with Rachel Horne and Sally Bundock.

:00:00.:00:14.

President Donald Trump delivers a toned down address to congress,

:00:15.:00:18.

with lacklustre detail about his plans for tax

:00:19.:00:20.

Live from London, that's our top story on Wednesday, 1st March.

:00:21.:00:34.

It was a highly anticipated speech, but Donald Trump's first address

:00:35.:00:37.

The President gave little detail about his plans

:00:38.:00:50.

YouTube takes on the cable TV networks, by launching its own

:00:51.:01:01.

In markets, in Europe, the markets are open. With so many small fashion

:01:02.:01:13.

businesses being launched using the fast-paced world of social media,

:01:14.:01:19.

how do start-up designers stand out? How do you get celebrities to wear

:01:20.:01:24.

your clothes? We will be asking one successful entrepreneur.

:01:25.:01:30.

And as Barack and Michelle Obama both sign record book deals

:01:31.:01:40.

whose memoir would you be more

:01:41.:01:41.

On Tuesday, President Trump addressed a joint session

:01:42.:01:53.

of Congress for the first time since taking office.

:01:54.:01:56.

In a highly anticipated speech, he spoke of "restarting the engine

:01:57.:01:59.

The President reiterated his intention to slash corporation tax

:02:00.:02:07.

in the US and provide tax breaks to middle-class Americans.

:02:08.:02:09.

At the same time, he announced he'll be asking Congress to approve

:02:10.:02:20.

legislation which will result in $1 trillion worth

:02:21.:02:22.

He also called for what he describes as "one of the largest increases

:02:23.:02:26.

in national defence spending in American history."

:02:27.:02:31.

Mr Trump pointed to the country's $800 billion trade

:02:32.:02:33.

Though figures from the Census Bureau suggest this figure reduces

:02:34.:02:39.

to about $500 billion when trade in services is factored in.

:02:40.:02:42.

Here's what the President had to say about his plans to transform

:02:43.:02:45.

Right now American companies are taxed at one of the highest rates

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anywhere in the world. My economic team is developing historic tax

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reform that will reduce the tax rate on our companies so they can compete

:03:02.:03:09.

and thrive anywhere and with anyone. APPLAUSE

:03:10.:03:16.

It will be a big, big cut. At the same time, we will provide massive

:03:17.:03:21.

tax relief for the middle-class. We must create a level playing field

:03:22.:03:26.

for American companies and our workers.

:03:27.:03:34.

APPLAUSE Marianne Schneider-Petsinger is US

:03:35.:03:35.

Geoeconomics Fellow with the US Marianne Schneider-Petsinger is US

:03:36.:03:40.

Geoeconomics Fellow What did you think of it? For Donald

:03:41.:03:55.

Trump it was a big change in the rhetoric. It was a much softer

:03:56.:04:00.

approach compared to his inaugural speech. You say a change in tone,

:04:01.:04:04.

but when it comes to businesses, when it comes to the economy, we

:04:05.:04:08.

want the detail now, surely. It has been long enough this wait, hasn't

:04:09.:04:11.

it? It was very short on detail again. He really kind of laid out

:04:12.:04:15.

the themes again that he very much, you know, laid out on the campaign

:04:16.:04:20.

trail and I would say only with regards to repealing and replacing

:04:21.:04:23.

Obamacare, if you see more detail, but again in principles of what he

:04:24.:04:29.

would like to see and the rest, it was really just, reiterating the

:04:30.:04:32.

familiar notions and maybe going one or two steps beyond, but not very

:04:33.:04:35.

much. You say he was short on detail. Let's talk about the debt

:04:36.:04:38.

limit because that's something he didn't mention. Something that the

:04:39.:04:43.

US Government has a debt limit set by the Treasury, they need approval

:04:44.:04:47.

to increase the debt limit. He's talking about investing $1 trillion

:04:48.:04:51.

in infrastructure. There would be some private investment, but public

:04:52.:04:55.

investment, is there any concern about the debt limit? I think it's

:04:56.:04:59.

something that will very much have to be played out within the

:05:00.:05:05.

Republican Party. There is a fraction who is fiscally

:05:06.:05:08.

conservative. There has to be a balance between spending on

:05:09.:05:10.

infrastructure which is something the Democrats want to see, but to

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what extent does that raise the deficit and the debt? It wasn't much

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of a focus in the speech. It was mentioned in one sentence when he

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criticised Obama and the administration to really balloon the

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debt, but other than that, it was not a topic. There is concern about

:05:27.:05:33.

the numbers and the fact that they don't add up. When you talk about

:05:34.:05:41.

kugt taxes, but increasing spending, ex-etcetera, etcetera, you have got

:05:42.:05:45.

to make it add up? The big infrastructure plan of $1 trillion,

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that's the only figure we have seen so far. Tax for corporates, but the

:05:49.:05:52.

middle-class as well, but in reality, it is more for the wealthy

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and they are not really addressing what happens with Social Security

:05:58.:06:02.

and Medicare, that's part of the budget that needs to be brought

:06:03.:06:04.

under control, but he hasn't addressed. We will talk to you again

:06:05.:06:10.

about this in probably not the too distant future.

:06:11.:06:17.

Travis Kalanick - the boss of car service Uber -

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has been forced to apologise, after a video emerged

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of him swearing at one of the company's drivers.

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Fawzi Kamel has complained that his income was falling

:06:25.:06:26.

because of changes to Uber's fare structure.

:06:27.:06:31.

This is the latest problem for the California-based company comes

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just days after it was forced to launch an investigation

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The company which manages the undersea rail link

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between the UK and France says 2016 was the best year in its history.

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Eurotunnel says net consolidated profit reach just over $210 million,

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as and passenger numbers and freight traffic both saw strong growth.

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The company says it is confident about 2017 and this follows

:06:58.:07:06.

Britain's impending departure from the European Union.

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Several high-profile websites have been knocked offline or suffered

:07:09.:07:11.

glitches because of a failure at one of Amazon's major US data centres.

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Amazon's S3 server is responsible for providing cloud services

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to about 150,000 companies around the world.

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The music streaming platform Soundcloud and the popular virtual

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office software Slack were among the websites to be affected.

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A story that's sensitive in the UK partly because of Brexit is the

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outlook for the car industry and lots of talk about a special deal

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etcetera, etcetera. Well, this is a story that's been breaking in the

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last hour. The boss of Unite which is one of the bigger unions here in

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the UK, is visiting a Ford factory in Bridgend in South Wales because

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there is real concern that Ford could be following through with

:07:55.:08:01.

significant job cuts, 1163 job cuts could be going at Ford. Well, Unite

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is warning about this. They're going to the site today. It is a very

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sensitive story. It is one we're keeping an eye on. More detail on

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our website. The wonder from down under!

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The latest economic figures from down under have beaten

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analysts expectations, showing the country

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returned to growth after contracting last quarter.

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I thought you were talking about Aaron Heslehurst then, the wonder

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from down under! Tell us how did Australia pull this

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off? There was a concern that we could be talking about a recession

:08:46.:08:49.

in Australia? Well, if you could have heard it, you could say there

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was a big collective sigh of relief when the data came out today,

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showing that not only did Australia's economy bound, but it

:08:59.:09:01.

avoided a recession. A recession as you know is defined as two

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consecutive quarters of economic contraction. In the fourth quarter,

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Australia's GDP grew by 1.1%, stronger than expected and again,

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very, very important because in the previous quarter it had contracted.

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What this means is the wonder down under had a quarter century of

:09:21.:09:25.

uninterrupted economic expansion. How did they do it this time? Two

:09:26.:09:29.

things really helped the economy bounce back. One a surge in exports

:09:30.:09:34.

led by rising global commodity prices and two, higher household

:09:35.:09:38.

spending. Australia relies very much on global commod commit prices and

:09:39.:09:44.

exports. Its biggest customer is China and despite the fact that we

:09:45.:09:48.

have seen a rebound in China, the rebound of the prices has seen a

:09:49.:09:52.

strong turn around for Australia and next year's GDP is forecast at 3%.

:09:53.:09:58.

Back to you now. Thank you for that. Let's look at how the markets have

:09:59.:10:06.

been getting on. Yesterday the words for the market were, "Cautious."

:10:07.:10:11.

Today's word is, "Muted." The Nikkei is up, but that's because of growing

:10:12.:10:17.

expectation of a US interest rate hike this month strengthening the

:10:18.:10:21.

dollar. European markets, they are in the green, up over 1% in Germany

:10:22.:10:26.

and in France. Not a lot happening in the UK today, but still up just

:10:27.:10:30.

over 0.5%. Let's go over to Wall Street.

:10:31.:10:35.

Remember the American drug company that sparked outrage after it raised

:10:36.:10:42.

the prices of its allergy allergy shot, the epipen, well, they will be

:10:43.:10:45.

reporting earnings and investors will be focussing on how the company

:10:46.:10:48.

will fair against mounting competition. Also reporting earnings

:10:49.:10:58.

on Wednesday is Best Buy. It is an electronics retailer. It had to cut

:10:59.:11:04.

costs and the future is not looking too bright. There is not as many

:11:05.:11:07.

exciting products hitting the markets and with no cost-cutting

:11:08.:11:12.

measures in place, it maybe a tough year for Best Buy, the second

:11:13.:11:15.

biggest home improvement company will be reporting earns on

:11:16.:11:20.

Wednesday. Lows may ben vit from the rising value of homes in the US

:11:21.:11:27.

which may reverse spending on home remodelling. I wonder when she gets

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sleep. She has been doing a round-the-clock job thanks to

:11:36.:11:35.

President Trump. Jeremy Cooke joins us. Not much

:11:36.:11:48.

detail came through, the fact that he hasn't addressed too much the

:11:49.:11:51.

economic concerns, the market is closely looking at. It was more of a

:11:52.:11:57.

socio economic speech. Chatter about immigration that tended to take the

:11:58.:12:01.

main thrust of the speech and we've heard this language before. It was a

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campaign speech. It was indistinguishable from what he said

:12:06.:12:09.

on the stump throughout 2016. Given the lack of detail how do you think

:12:10.:12:12.

the American markets will react today? Do you think we will see them

:12:13.:12:16.

coming off the increases? There is an element, they knew they wouldn't

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get too much yesterday or overnight because we had to wait on the budget

:12:21.:12:25.

from the White House and in the mid-part of March and he said we had

:12:26.:12:29.

to wait, he said a couple of days ago, details around the tax plan

:12:30.:12:33.

which boosted stocks since he won the election, we have to wait until

:12:34.:12:37.

repeal and repair of Obamacare and that's going to take a couple of

:12:38.:12:40.

months. Something you noticed which is interesting, that's move the bond

:12:41.:12:45.

markets in France is chatter on social media about one of the

:12:46.:12:49.

candidates running to become the next president in France. He may

:12:50.:12:54.

possibly pull out of the race? Yes. It is the likelihood apparently that

:12:55.:12:59.

he is going to pull out of the French Presidential campaign. It is

:13:00.:13:05.

just a rumour. He cancelled a number of speaking engagements. One which

:13:06.:13:09.

is a huge speech. Cancelling that seems to suggest... Plus a press

:13:10.:13:14.

conference? A-conference is scheduled for later on this morning.

:13:15.:13:17.

He's third in the preliminary polling which wouldn't take him

:13:18.:13:22.

through to the second round. So is he already out? We will be grilling

:13:23.:13:33.

Jeremy whether he would buy Barack Obama or my shell Obama's books.

:13:34.:13:36.

Still to come, we speak to one young entrepreneur about how to stand out

:13:37.:13:39.

And how she's managed to get her T-shirts

:13:40.:13:43.

You're with Business Live from BBC News.

:13:44.:13:48.

There have been fresh calls this morning for Sir Philip Green

:13:49.:13:53.

to lose his knighthood over the collapse of BHS.

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That's despite the retail tycoon agreeing to pay up to ?363 million

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to reduce the failed retailers pension deficit.

:14:00.:14:02.

Theo Leggett is in our Business Newsroom.

:14:03.:14:09.

Bring us up to speed. What's been happening? Fresh calls for him to

:14:10.:14:16.

lose his knighthood despite the donation? Well, two of the MPs who

:14:17.:14:22.

conduct Parliamentary inquiries into the collapse of BHS and who have

:14:23.:14:26.

been responsible for putting pressure on Philip Green to come up

:14:27.:14:32.

with money to fill in the deficit in the BHS pension fund, they have been

:14:33.:14:37.

suggesting that stains on Sir Philip's character have not gone

:14:38.:14:39.

away. They have stopped short of saying he should still lose his

:14:40.:14:43.

knighthood, Ian Wright, he is chairman of the business Select

:14:44.:14:48.

Committee, he told the Daily Mirror newspaper that allowing Sir Philip

:14:49.:14:54.

to keep his knighthood would be like rewarding an arsonist who put his

:14:55.:14:59.

own fire out. So pretty strong stuff there. Frank Field he has continued

:15:00.:15:07.

to be critical. He said this is a good step, but has implied at least

:15:08.:15:12.

it doesn't go far enough. Although Sir Philip Green has put his hand in

:15:13.:15:17.

his pocket and come out with ?363 million to help fill the hole in the

:15:18.:15:22.

BHS pension fund, I don't think the criticisms are going to go away.

:15:23.:15:24.

Thank you, Theo. Tell us, if you had to read a book

:15:25.:15:32.

of Barack Obama or Michelle Obama, which would you go for? Would you go

:15:33.:15:37.

verbose? I would go through neither, I am not really into political

:15:38.:15:40.

controversies, I prefer a good thriller. The West Wing. You heard

:15:41.:15:46.

it from Theo, we are creating a picture of the O'Hear on BBC world

:15:47.:15:57.

news. -- of Theo. House prices is something we like to talk about in

:15:58.:16:01.

the UK. They are up again according to nationwide, up 0.6% in February.

:16:02.:16:09.

We keep hearing that the housing market may be pulled down by Brexit.

:16:10.:16:14.

It is still going up again, although there is expectation it will slow

:16:15.:16:18.

down this year. More information on that on our tablet.

:16:19.:16:21.

Our top story, President Trump delivered his highly anticipated

:16:22.:16:29.

first speech to both houses of Congress.

:16:30.:16:32.

The first one since he became president but he has disappointed to

:16:33.:16:37.

a degree with the lack of detail. And a cockroach probably isn't

:16:38.:16:41.

at the top of the list. But our next guest somehow seems

:16:42.:16:45.

to be able to make it work. She's Marissa Montgomery, founder

:16:46.:16:48.

and Chief Executive of Rotten Roach. The company makes ultra hip T

:16:49.:16:52.

shirts and sweat shirts - much beloved of celebrities

:16:53.:16:55.

like Kate Moss and Salma Hayek. It sells through a few high end

:16:56.:17:01.

retailers, but almost 80% Marissa established Rotten Roach

:17:02.:17:04.

in 2012 and chose the name after first-hand experience

:17:05.:17:07.

with New York's abundant She was featured on the Forbes 30

:17:08.:17:09.

to Watch Under 30 list. Thank you becoming into the studio.

:17:10.:17:30.

Tell us about your product, your brand. The idea, we have further

:17:31.:17:35.

name comes from your idea of living in New York with lots of

:17:36.:17:37.

cockroaches, Rotten Roach, but why did you think there is a gap in the

:17:38.:17:42.

market for T-shirts? I just know from experience of myself and all my

:17:43.:17:45.

girlfriends, T-shirts are something you can buy, you can wear in the day

:17:46.:17:50.

and the evening, I wanted to create this wearable art. I worked with an

:17:51.:17:56.

artist to create one-off wearable T-shirts, so each graphic is

:17:57.:17:59.

exclusively designed for Rotten Roach, and they are just funny,

:18:00.:18:04.

tongue-in-cheek. You wearing one of them now, which says Love bug. It is

:18:05.:18:08.

pretty high end, they are not cheap by any means. Talk us through way

:18:09.:18:13.

you wanted to place yourself in the market. Believe it or not, it is

:18:14.:18:18.

affordable luxury, it sits amongst its peers on the lower end, but we

:18:19.:18:22.

do sit in high-end boutiques, Mosley as we were discussing before for

:18:23.:18:25.

positioning, and we seem to sell really well. We sell all across the

:18:26.:18:29.

world, everywhere from Saint Barts to Greece to Miami, LA. How did you

:18:30.:18:35.

make that happen? It is partly about connections and who you know, it

:18:36.:18:40.

does help a lot, doesn't it? It definitely does, but if someone

:18:41.:18:43.

doesn't like the product ultimately they will not buy it. You spoke

:18:44.:18:47.

about placement, getting yourself into some high end boutiques, but

:18:48.:18:52.

most of your cells are online. And you are manufacturing in Turkey and

:18:53.:18:56.

California, and you have plans to start doing embroidery in the UK.

:18:57.:19:01.

You are still very involved at the minute, you pack up most of the

:19:02.:19:05.

items and sending them out yourself. I am packing up all of your orders

:19:06.:19:09.

for the moment, when you go on the Rotten Roach and order something, I

:19:10.:19:14.

am packing them up. In Turkey, and in California downtown, I work for a

:19:15.:19:17.

closely with the manufacturers and I am hoping to make in England. Ring

:19:18.:19:24.

it closer to home. This is one of the jumpers. The boss. Not that I am

:19:25.:19:29.

the boss by any means, I wish I was! This is one of the jumpers that is

:19:30.:19:33.

out there today. They just came in today so you are the first person to

:19:34.:19:39.

see it. These things just fly off the shelves, as it were. And yet you

:19:40.:19:45.

have the likes of Kate Moss and Selma Hayek wearing them, had a

:19:46.:19:50.

Jamaican that happen? To be honest, both of them bought the T-shirts, we

:19:51.:19:54.

did not give them. It is amazing. You can search, because I know which

:19:55.:19:59.

store buys it from, each store buys a different thing, and you are able

:20:00.:20:03.

to trace it. That is a gift for you, you can't beat that marketing. That

:20:04.:20:09.

helps sales incredibly, and social media is so important, so once

:20:10.:20:14.

repairs that picture or a celebrity does, we see a direct correlation

:20:15.:20:18.

with sales on the website, so we can trace it, click Baxter Regli from

:20:19.:20:24.

Instagram, Twitter, pinch rest. You mention those social media sites,

:20:25.:20:27.

what percentage of your day do you spend on social media promoting your

:20:28.:20:32.

brand? Too much, I think about it is so important. We have a blog section

:20:33.:20:37.

on the website where we do interviews with interesting,

:20:38.:20:40.

inspiring women. We are always looking to work with photographers

:20:41.:20:43.

who have big social media influences, so it is a whole new

:20:44.:20:47.

different type of celebrity now you have wearing your product, not just

:20:48.:20:52.

Selma Hayek, Kate Moss come it is also these girls who would not

:20:53.:20:57.

necessarily be known on the street but they have 2 million Instagram

:20:58.:21:01.

followers. That is very interesting. You also have one with the boss on.

:21:02.:21:06.

I am more of a bus than you, am I? No, I'm not. Who is the boss? Sally.

:21:07.:21:11.

It is that wander from Down Under again.

:21:12.:21:13.

Pokemon Go took the world by storm last year.

:21:14.:21:15.

Nintendo's smash-hit saw millions of people take to the streets

:21:16.:21:18.

in search of virtual monsters - our technology correspondent,

:21:19.:21:20.

Rory Cellan Jones, has been speaking to the man behind the madness,

:21:21.:21:23.

at the Mobile World Congress in Barcelona.

:21:24.:21:24.

Last summer, an extraordinary craze swept around the world, which saw a

:21:25.:21:30.

lot of people out with their mobile phones, hunting for Pokemon. It is

:21:31.:21:34.

fair to say that the enthusiasm for Pokemon Go has faded a little since

:21:35.:21:39.

then, but there are still Pokemon to be found out and about here at the

:21:40.:21:42.

Barcelona Mobile world Congress, and I have also found the inventor of

:21:43.:21:47.

the game, a man who has changed our views on augmented reality, John

:21:48.:21:52.

Hankey from the antic. Did you have any concept of how big the game was

:21:53.:21:57.

going to be when it launched? I wish I could have predicted that.

:21:58.:22:01.

Obviously not. It was a huge surprise to us. We spent a good

:22:02.:22:05.

portion of ourselves looking at Adidas pause and servers that were

:22:06.:22:14.

going haywire with all of the operators. In San Francisco there

:22:15.:22:21.

was a 9000 people spontaneous Pokemon event. It was very surreal,

:22:22.:22:27.

actually does that hasn't it faded quite a lot? Something like that

:22:28.:22:32.

will fade, it exploded on social media, it has a life of its own Nite

:22:33.:22:34.

has become a very successful product. Not at that level of

:22:35.:22:43.

frenzy, but it is one of the most used mobile apps out there. It

:22:44.:22:48.

certainly is. Love it or hate it, Pokemon Go, and that is the man who

:22:49.:22:54.

made it. I didn't let my children know about it. Jeremy is back, as

:22:55.:22:57.

you can see, and we're talking about this story all over the papers

:22:58.:23:00.

today, the New York Times it is everywhere. Obamas make book deal

:23:01.:23:05.

with thing when Random House and we don't know specifically the number

:23:06.:23:11.

but -- with Penguin Random House. A huge amount of money. Now suppose

:23:12.:23:16.

really. Not really, Bill Clinton got about 15 million, George Bush got 10

:23:17.:23:20.

million, so this can blows it out of the water. It will be interested to

:23:21.:23:24.

see which one is more popular. I would go for the Michelle Obama won,

:23:25.:23:28.

I would like to see her probably layout how she would... Her

:23:29.:23:33.

perspective. And maybe running for office in four five, eight years'

:23:34.:23:38.

time. We had quite a feud tweets on this. Shahada said I would prefer

:23:39.:23:44.

Michelle Obama. Only wanted to know about Barack Obama. Another text

:23:45.:23:48.

says both books and Wayne says neither, so that covers the whole

:23:49.:23:53.

gamut. Our unscientific poll of the newsroom, most said Michelle didn't

:23:54.:23:58.

they? Interesting. Let's talk about the story about YouTube. They have

:23:59.:24:06.

the constant conversation within media about where television is

:24:07.:24:09.

going, and with Netflix. It got all of the traditional TV providers

:24:10.:24:14.

really worried about the outlook. But now it looks like this new idea

:24:15.:24:18.

from YouTube that actually we are all back in fashion. It is a new TV

:24:19.:24:26.

subscription service from YouTube. They have YouTube red which delivers

:24:27.:24:30.

ad free content in the US, but this one will bring together NBC, ESPN,

:24:31.:24:36.

the broadcaster you would typically get in the United States through

:24:37.:24:40.

YouTube. Say you're not just streaming stuff any more? No. Here

:24:41.:24:46.

in the UK, you have the rest real TV, you may have Sky, Netflix,

:24:47.:24:53.

Amazon prime as well. There is a huge range of services you can use.

:24:54.:24:57.

It all depends on cost. There is no details about how much this will

:24:58.:25:04.

cost quite yet. Maybe $30. Looking like $35 for a family subscription

:25:05.:25:08.

so you can access it on up to 60 vices, you don't need a satellite

:25:09.:25:12.

dish or a TV. But what about your broadband provision and the speed?

:25:13.:25:19.

Sky have talked about delivering their service through the internet

:25:20.:25:26.

in the past six months or so. But high-quality TV through your

:25:27.:25:28.

internet connection and someone else is on Twitter, then it is gone. You

:25:29.:25:32.

are really into it and it starts doing that. That was an issue, they

:25:33.:25:37.

had a similar online search option called DirecTV in the state and it

:25:38.:25:42.

is about $70 a month and viewers missed the end of the Super Bowl.

:25:43.:25:45.

Disappointing. No one is going to want that. Thank you, Jeremy,

:25:46.:25:48.

good to see you. Thank you for your contributions today.

:25:49.:25:51.

There will be more business news throughout the day

:25:52.:25:53.

on the BBC Live web page and on World Business Report.

:25:54.:25:56.

Sally will be back tomorrow. See you soon, goodbye.

:25:57.:26:04.

Good morning. Lots of whether to tell you about today. It was an icy

:26:05.:26:13.

start for the North analyst of a wintry showers here, while in the

:26:14.:26:16.

south the milder air Trent coming off the

:26:17.:26:17.

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