Browse content similar to 21/03/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Rachel Horne and Sally Bundock. | :00:00. | :00:13. | |
There are calls for a radical shake-up of corporate governance in | :00:14. | :00:18. | |
South Korea as the former president is grilled over corruption. That is | :00:19. | :00:20. | |
our top story. The boss of Samsung is already | :00:21. | :00:37. | |
facing a trial so will Park Geun-hye face a similar fate in a case that's | :00:38. | :00:40. | |
shone a light on the influence Some of the UK's top | :00:41. | :00:43. | |
banks, including HSBC, hundreds of millions of dollars | :00:44. | :00:53. | |
from an international money We will get the details and has it | :00:54. | :01:05. | |
moved the markets? The FTSE close to record high territories. It keeps | :01:06. | :01:09. | |
doing it. We will look at the figures in a minute. | :01:10. | :01:13. | |
Would you pay to see a play - not live - but streamed to a cinema? | :01:14. | :01:17. | |
Later in the programme we'll speak to the boss of a company hoping | :01:18. | :01:20. | |
to bring the opening curtain to the silver screen. | :01:21. | :01:22. | |
We would love to hear from you and get your views on stories we are | :01:23. | :01:26. | |
covering today. Get involved. It's the scandal that's | :01:27. | :01:35. | |
engulfed a nation. The ousted South Korean President | :01:36. | :01:42. | |
Park Geun-hye is being questioned by prosecutors over the corruption | :01:43. | :01:46. | |
scandal that brought her down. Mrs Park took the chance to again | :01:47. | :01:50. | |
apologise for her conduct. She is accused of colluding | :01:51. | :01:53. | |
with a friend to pressure the country's biggest | :01:54. | :01:58. | |
companies to donate for In response, it's alleged that these | :01:59. | :02:00. | |
businesses received favours But the scandal has also raised | :02:01. | :02:03. | |
questions about the role of the so-called chaebols | :02:04. | :02:09. | |
within Korean society. The word chaebol is a combination | :02:10. | :02:13. | |
of the Korean words These influential | :02:14. | :02:15. | |
groups of companies - that are often family run - | :02:16. | :02:21. | |
include Samsung, Hyundai and Lotte group - all of which dominate | :02:22. | :02:24. | |
the domestic economy. To put this in perspective, | :02:25. | :02:26. | |
Samsung alone accounts for 30% of the entire value of the Korean | :02:27. | :02:31. | |
stock market and its de facto leader - Jay Y Lea - | :02:32. | :02:34. | |
has been charged in connection But there are dozens of other | :02:35. | :02:37. | |
chaebols in the country. Another big worry for the economy | :02:38. | :02:42. | |
is the government's claims that its biggest trading partner - | :02:43. | :02:44. | |
China - is imposing economic sanctions on the country, | :02:45. | :02:48. | |
over its decision to host the United States THAAD | :02:49. | :02:51. | |
missile defence system. He is chairman of the TS | :02:52. | :02:55. | |
Lombard's China team. Rachel touching on some key issues. | :02:56. | :03:11. | |
There is a lot going on for South Korea and its economy, the | :03:12. | :03:15. | |
businesses that work there but on the geopolitical stage as well with | :03:16. | :03:20. | |
North Korea. If we focus on the chaebols, do you think this sort of | :03:21. | :03:24. | |
perfect storm of an impeached president and the boss of Samsun, | :03:25. | :03:30. | |
both on trial at the same time, will mean there will be significant | :03:31. | :03:33. | |
change? It opens the door to significant change. The chaebols are | :03:34. | :03:39. | |
all important in running South Korea's economy and run it in a | :03:40. | :03:47. | |
closed system, without little external investor pressure, low | :03:48. | :03:51. | |
dividends and so on, so this is a series of baronies which the health | :03:52. | :04:00. | |
of the economy need to be addressed and the opposition are committed to | :04:01. | :04:05. | |
doing that. The big shift would be if the Samsun boss ends up behind | :04:06. | :04:10. | |
bars and is not pardoned because in the past bosses of companies, Samsun | :04:11. | :04:15. | |
in the past, they have been pardoned. They tended to get away | :04:16. | :04:19. | |
with it to put it mildly. The opposition which is well placed for | :04:20. | :04:26. | |
the election in May is committed to change and I think there is a | :04:27. | :04:29. | |
feeling in South Korea that the economy needs to be looked at | :04:30. | :04:34. | |
because exports are not what they used to be. The stock market is | :04:35. | :04:39. | |
doing well but there is a feeling it is time for reform. What about the | :04:40. | :04:46. | |
issue of Chinese sanctions they say are happening as a result of the | :04:47. | :04:49. | |
missile defence system? This makes everything more complicated. What | :04:50. | :04:55. | |
has happened is because of the North Korean threat, South Korea is | :04:56. | :05:01. | |
deploying a US anti-missile system. China sees it as a threat to China | :05:02. | :05:06. | |
because it can contain Chinese missiles but more important the | :05:07. | :05:10. | |
radar could go hundreds of miles into China and reach as far as the | :05:11. | :05:15. | |
main Chinese missile deployment in north-eastern China and China is | :05:16. | :05:19. | |
afraid of electronic spying. Rex Tillerson has just been in the | :05:20. | :05:23. | |
region, trying to talk to all leaders to get a sense of where we | :05:24. | :05:28. | |
are going and there is emphasis on the President, the Donald Trump | :05:29. | :05:33. | |
administration and its role. What will be the outcome? The problem | :05:34. | :05:39. | |
with this is the North Korean issue is one to which there is no evident | :05:40. | :05:43. | |
solution. Rex Tillerson talked about military options on the table but | :05:44. | :05:48. | |
the trouble is if the US tries to attack North Korea, most of its | :05:49. | :05:54. | |
missiles, nuclear sites, are difficult to find underground, and | :05:55. | :05:58. | |
the capital of South Korea is within artillery range of North Korean | :05:59. | :06:03. | |
government. If you go the military route it is terrible but the | :06:04. | :06:06. | |
diplomatic route has produced nothing. I know we will talk about | :06:07. | :06:08. | |
this again. Thanks. The Japanese Prime Minister, | :06:09. | :06:16. | |
Shinzo Abe, is in Europe for talks with senior | :06:17. | :06:18. | |
European Union officials. The discussions will involve a trade | :06:19. | :06:22. | |
agreement. Brussels is keen to boost trade | :06:23. | :06:30. | |
with Asia, to take advantage of the more protectionist stance | :06:31. | :06:32. | |
in the United States The US government is | :06:33. | :06:35. | |
expected to announce that with immediate effect, | :06:36. | :06:37. | |
it's banning certain battery-operated devices from cabin | :06:38. | :06:39. | |
baggage on flights from a number of countries in the Middle | :06:40. | :06:42. | |
East and North Africa. Speaking off the record, | :06:43. | :06:44. | |
government officials said it would apply to devices | :06:45. | :06:52. | |
larger than a mobile phone on nonstop flights from ten | :06:53. | :06:54. | |
airports in eight unspecified One story that is all over the | :06:55. | :07:05. | |
website this morning is the death of Martin McGuinness from Sinn Fein. He | :07:06. | :07:10. | |
was 66 years old. He died this morning. He was Northern Ireland | :07:11. | :07:16. | |
former Deputy First Minister. He started as leader of the IRA and was | :07:17. | :07:22. | |
convicted for membership of the IRA but turned to politics, turned | :07:23. | :07:27. | |
peacemaker, working at the heart of the power-sharing government | :07:28. | :07:31. | |
following the Good Friday Agreement. A lot of tributes pouring in and | :07:32. | :07:32. | |
more details on the website. Some of the UK's top banks inlcuding | :07:33. | :07:35. | |
HSBC are being accused of processing laundering operation | :07:36. | :07:40. | |
connected to Russia. The allegations are made | :07:41. | :07:45. | |
in the Guardian newspaper. The banks named insist they comply | :07:46. | :07:50. | |
with all regulations and operate Andrew Walker is in our | :07:51. | :07:52. | |
business newsroom. Give us some more details. It is a | :07:53. | :08:06. | |
striking story that's the Guardian has. They have seen thousands of | :08:07. | :08:12. | |
documents founded investigation they say is led by police in Latvia and | :08:13. | :08:18. | |
Moldova. 20 billion at least, they reckon the total figure could be | :08:19. | :08:22. | |
more, of money laundered by criminals in Russia, with strong | :08:23. | :08:29. | |
official connections. Of that money they reckon as much as 600 million | :08:30. | :08:33. | |
may have been processed by British banks. To say it has been processed | :08:34. | :08:38. | |
by them does not necessarily mean they know that, which is important | :08:39. | :08:42. | |
to emphasise. They do not necessarily know it has gone through | :08:43. | :08:47. | |
the accounts and they are keen to emphasise they comply with | :08:48. | :08:51. | |
legislation. Of those banks, more than half the British psalm is | :08:52. | :08:54. | |
alleged to have gone through HSBC, which also has a share traded | :08:55. | :09:05. | |
overnight in Hong Kong. Precious little impact haps because traders | :09:06. | :09:10. | |
are aware banks are at risk of this kind of thing being done through | :09:11. | :09:16. | |
their recounts. It must be emphasised HSBC and the other banks | :09:17. | :09:19. | |
say they do everything to comply with the law, but they are in a | :09:20. | :09:25. | |
difficult situation. They are also accused of being excessively | :09:26. | :09:29. | |
vigilant, of being too quick to close down accounts that have been | :09:30. | :09:34. | |
held by various charitable religious organisations in the UK. It is a | :09:35. | :09:41. | |
difficult judgment to get right. On the other side, HSBC has in the past | :09:42. | :09:45. | |
had problems in the US and made a settlement of more than ?1 billion | :09:46. | :09:49. | |
to deal with allegations of money-laundering in relation to a | :09:50. | :09:56. | |
Mexican drugs cartel. A difficult spot for the banks. Thanks, Andrew. | :09:57. | :10:01. | |
this week after a public holiday yesterday. | :10:02. | :10:10. | |
hit a 21 month high while the dollar fell back a bit - | :10:11. | :10:19. | |
that is unusual given that the Fed has just raised the interest rates - | :10:20. | :10:22. | |
you would expect that to strengthen the dollar - but the markets | :10:23. | :10:25. | |
were expecting to hear of more rises more quickly - | :10:26. | :10:27. | |
banking stocks move today following that report Andrew shared. | :10:28. | :10:56. | |
Let's go to Wall Street. Will Nike do it when it reports earnings? The | :10:57. | :11:08. | |
world's largest footwear maker is struggling with competition such as | :11:09. | :11:13. | |
Adidas. Nike and the Jordan Brand dominate the US market but rivals | :11:14. | :11:18. | |
are gaining strength. FedEx will report earnings on Tuesday and | :11:19. | :11:22. | |
investors will watch to see how the company managed costs through the | :11:23. | :11:27. | |
crucial holiday season. Investors will look to see what steps FedEx | :11:28. | :11:33. | |
will take to bring down the cost in the era of a rapid rise of | :11:34. | :11:38. | |
e-commerce. It is the high costs that have brought down the FedEx | :11:39. | :11:39. | |
profit margins. Joining us is Jane Foley, senior | :11:40. | :11:43. | |
currency strategist, Rabobank. We have been touching on issues in | :11:44. | :11:54. | |
the markets. What is your sense of where we are? We have a falling | :11:55. | :11:58. | |
dollar and activity in the bond markets and it would seem the fear | :11:59. | :12:01. | |
factor is creeping back. There are lots of things will stop the Donald | :12:02. | :12:08. | |
Trump theme has given way to disappointment with the market more | :12:09. | :12:14. | |
about protectionism. The idea after Donald Trump's election that he | :12:15. | :12:18. | |
could bring growth to the economy and inflation, that is taking a step | :12:19. | :12:23. | |
back with a market thinking he cannot get that through perhaps | :12:24. | :12:28. | |
until the end of the year. Janet Yellen raised interest rates, the | :12:29. | :12:34. | |
head of the Federal Reserve, but she also suggested perhaps she may not | :12:35. | :12:39. | |
be hiking as quickly as some expected. On inflation, yes there is | :12:40. | :12:44. | |
inflation but not the crucial demand led inflation still which is | :12:45. | :12:47. | |
something the markets are looking for. Talking about inflation, it | :12:48. | :12:54. | |
impacts the bond market. For years they went strong and over the last | :12:55. | :12:57. | |
couple of years people are going, I think it is coming to an end. Do you | :12:58. | :13:03. | |
think it is time now inflation is creeping in? It might be but we have | :13:04. | :13:07. | |
to see it in the context of the inflation we have. We have more but | :13:08. | :13:12. | |
generally on the back of higher energy prices, which acts like a tax | :13:13. | :13:17. | |
on our pockets. They do not make us spend more money, we have to spend | :13:18. | :13:21. | |
more money but not because we have higher wages, which is what is | :13:22. | :13:25. | |
missing, wage inflation is low and without the demand, demand led | :13:26. | :13:31. | |
inflation will be subdued. We have little bits of inflation but not | :13:32. | :13:36. | |
runaway inflation and so it could be bond yields or longer-term interest | :13:37. | :13:40. | |
rates creeping higher but not running away. Jane will come back | :13:41. | :13:45. | |
later. She has more work to do looking at some of the other | :13:46. | :13:48. | |
business stories. We will be speaking to the boss of a company | :13:49. | :13:52. | |
hoping to bring the theatre's opening curtain to be dashed back to | :13:53. | :13:58. | |
the silver screen. It has been announced | :13:59. | :14:00. | |
that the former deputy first minister of Northern Ireland, | :14:01. | :14:02. | |
Martin McGuinness, has died. He retired from Stormont | :14:03. | :14:04. | |
in January for health reasons. He was a key figure in Northern | :14:05. | :14:07. | |
Irish politics over recent years, Our political correspondent | :14:08. | :14:10. | |
Chris Mason has more. What is striking about Martin | :14:11. | :14:23. | |
McGuinness is his entire life and political career was dedicated to | :14:24. | :14:27. | |
one aim and that was to remove the power of this place, Westminster, | :14:28. | :14:31. | |
the home of the British Parliament and British Government from Northern | :14:32. | :14:36. | |
Ireland. He referred to it as the North of Ireland, he wanted the | :14:37. | :14:39. | |
reunification of Ireland, but what is striking is how his method for | :14:40. | :14:45. | |
doing that to change radically as we saw in the report we have just | :14:46. | :14:50. | |
played. Someone who spent his early years as an IRA commander, a | :14:51. | :14:57. | |
commander of the IRA, who saw it as their mission statement to try to | :14:58. | :15:03. | |
drive the British out of Northern Ireland and to use violence to do | :15:04. | :15:09. | |
so. The contrast between that and in his later years someone who | :15:10. | :15:13. | |
commanded the political stage as the Deputy First Minister of Northern | :15:14. | :15:17. | |
Ireland, and had an incredible personal relationship with Ian | :15:18. | :15:22. | |
Paisley, the First Minister, the two people from as far apart validity in | :15:23. | :15:27. | |
terms of Northern Ireland battles as you could imagine that they were | :15:28. | :15:31. | |
known as the Chuckle Brothers, such was the warm nature of their | :15:32. | :15:36. | |
relationship and as we saw, Martin McGuinness happy to speak out when | :15:37. | :15:40. | |
necessary against splinter organisations within the republican | :15:41. | :15:43. | |
movement who carried on using violence against the wishes of Mr | :15:44. | :15:47. | |
McGuinness and others within Sinn Fein. | :15:48. | :15:51. | |
So that was the big story that broke in the early hours of the morning, | :15:52. | :15:56. | |
the fact that Martin McGuinness has died at the age of 66. There will be | :15:57. | :16:01. | |
more korchl throughout the day on the BBC News Channel as tributes | :16:02. | :16:04. | |
start to come in. In the meantime n terms of business, we've mentioned | :16:05. | :16:07. | |
it, a big day for the UK in terms of the inflation figures. Yes, the | :16:08. | :16:11. | |
inflation figures are out today in the UK. It is answerings siting time | :16:12. | :16:14. | |
for inflation. There is a new measure. Instead of the CPI, it is | :16:15. | :16:24. | |
the CPIH. It includes more housing costs and council tax... Does it | :16:25. | :16:32. | |
include carrots? Carrots and garlic! Keep an eye on it. It's exciting! | :16:33. | :16:41. | |
You're watching Business Live - our top story. | :16:42. | :16:49. | |
Let's look at how the markets are faring. The FTSE is ticking up as is | :16:50. | :16:59. | |
the DAX and the CAC. We were speaking earlier with Jane about | :17:00. | :17:02. | |
markets. Everyone is watching the Fed to see how many more rate hikes | :17:03. | :17:06. | |
will be coming and we'll keep you updated on that. | :17:07. | :17:16. | |
Now let's get the inside track on Event Cinema. | :17:17. | :17:18. | |
It's where cinemas are used to display a varied range of live | :17:19. | :17:21. | |
and recorded entertainment, beyond the expected | :17:22. | :17:23. | |
Over the last few years its grown in popularity all over the world. | :17:24. | :17:27. | |
The global gross revenue generated by event cinema was estimated to be | :17:28. | :17:30. | |
But by 2019 it is expected to surpass $1 billion. | :17:31. | :17:38. | |
The genre has expanded to include opera, ballet, | :17:39. | :17:42. | |
And it could be the saving of traditional cinemas. | :17:43. | :17:51. | |
He's the chief executive officer for Piece of Magic Entertainment. | :17:52. | :17:58. | |
It sounds like a piece of magic to me. It sounds great. I have to say, | :17:59. | :18:05. | |
can I speak for you Rachel? Go for it. We don't get to the cinema | :18:06. | :18:09. | |
often. We've got three little kids each. It is not an event we do | :18:10. | :18:15. | |
often, but it sounds like a piece of magic, but you've got to sell it to | :18:16. | :18:20. | |
us because I would go to see the Hollywood Blockbuster if I got a | :18:21. | :18:25. | |
chance? You get to see a live broadcast of the metropolitan opera | :18:26. | :18:29. | |
or a live ballet from Moscow. That's the idea of event cinema is to allow | :18:30. | :18:34. | |
you to go to your local cinema and experience something exclusive live. | :18:35. | :18:38. | |
So you are sitting on a Saturday, midday in the cinema and at the same | :18:39. | :18:45. | |
time in New York, you have the metropolitan Opera performing. | :18:46. | :18:48. | |
That's really the idea. This is not streamed elsewhere. This is | :18:49. | :18:52. | |
exclusive viewing? It is exclusive to cinemas. You only have one chance | :18:53. | :18:58. | |
or a couple of days to watch this content at the cinema. What brought | :18:59. | :19:02. | |
this change around? It is to do with technology? The conversion from | :19:03. | :19:10. | |
analogue to digital cinema technology which means they can | :19:11. | :19:15. | |
receive live content and it allows producers to release content more in | :19:16. | :19:20. | |
a cost effective way. You have the shift in the industry of cinemas | :19:21. | :19:23. | |
going to digital allowing really for the event cinema industry to grow. | :19:24. | :19:27. | |
How successful is it? We mentioned some statistics there. But from the | :19:28. | :19:31. | |
point of view of your company, how successful is this? Well, it has | :19:32. | :19:38. | |
been extremely successful. For example, for one of the artists who | :19:39. | :19:43. | |
has really embraced event cinema. He reaches more than 100,000 people for | :19:44. | :19:48. | |
one of his concerts. So that shows that for him, it is a very good way | :19:49. | :19:58. | |
to liaise with his audiences. We're watching him now. This is not live. | :19:59. | :20:03. | |
You've worked with One Direction? Yes. You're streaming that in all | :20:04. | :20:08. | |
the big named cinemas in Europe... Everywhere. What about other regions | :20:09. | :20:13. | |
in the world? Where else are you moving into it? With One Direction | :20:14. | :20:17. | |
we are in almost 78 countries. That was really big, but the exciting | :20:18. | :20:20. | |
development that we will see is Latin America. And the hope is | :20:21. | :20:27. | |
obviously Asia and China which is a little bit more complicated with | :20:28. | :20:30. | |
regulations, but that's really the hope that the markets will open up. | :20:31. | :20:35. | |
This is extends to other things. Could gu into sport or gaming? It | :20:36. | :20:39. | |
really depends on the market. Sport in the UK is quite difficult because | :20:40. | :20:43. | |
of the licence and the rights. But in Latin America, it is very | :20:44. | :20:47. | |
popular. I do think that event cinema is the kitchen of where you | :20:48. | :20:52. | |
can try new things. That's how I see it and that's our responsibility to | :20:53. | :20:56. | |
look at new ways of bringing content to the big screen. What's the last | :20:57. | :21:00. | |
event you went to, event cinema? What did you see? A ballet which is | :21:01. | :21:09. | |
great because it's live from Moscow and you are sitting in your local | :21:10. | :21:13. | |
cinema. When it comes to ticket prices, what are you talking about, | :21:14. | :21:16. | |
the price for the cinema, that's going to be less than watching the | :21:17. | :21:21. | |
ballet live? It is affordable. So on average the ticket price is higher | :21:22. | :21:25. | |
than your average ticket price, but it is more affordable than going to | :21:26. | :21:31. | |
the venue itself. Caspar, thank you, if I can get a baby-sitter maybe | :21:32. | :21:37. | |
Rachel and I can go together. If you want to babysit, tweet us. Don't! | :21:38. | :21:43. | |
From self-driving buses to delivery drones - | :21:44. | :21:45. | |
this week the northern German city of Hanover becomes the centre | :21:46. | :21:47. | |
of the tech world, with the CeBIT trade fair, at which some 3,000 | :21:48. | :21:50. | |
exhibitors from 70 different countries will | :21:51. | :21:52. | |
A photo opp and a renewed commitment to open trade from Angela Merkel | :21:53. | :22:03. | |
and Japan's Shinzo Abe and the opening of | :22:04. | :22:04. | |
On display, the latest in automation including some | :22:05. | :22:10. | |
products that could transform the world of work. | :22:11. | :22:17. | |
Now like many children, I grew up with a dream of one day | :22:18. | :22:20. | |
driving a digger like this but if that is ever to happen, | :22:21. | :22:23. | |
I'm going to get a move on because this is an autonomous | :22:24. | :22:26. | |
digger and it can do all of the dirty work itself. | :22:27. | :22:30. | |
It doesn't need a driver to operate it and it uses sensors to get a map | :22:31. | :22:34. | |
of the environment and then the operator can specify a region | :22:35. | :22:40. | |
where to dig based on this map and the digger drives to this region | :22:41. | :22:43. | |
and then autonomously digs whatever is specified. | :22:44. | :22:46. | |
This won't be the end of human digger drivers, of course. | :22:47. | :22:59. | |
You always need a person which programs the task | :23:00. | :23:01. | |
for the digger and tells the digger where to go and what | :23:02. | :23:04. | |
Now, not all robots are here to take your job. | :23:05. | :23:07. | |
This one over here could become your next colleague and what's more, | :23:08. | :23:10. | |
you can control it from halfway around the world. | :23:11. | :23:14. | |
Now imagine my colleague operating the robot with the exoskeleton | :23:15. | :23:17. | |
being located on earth and the robot being located on the | :23:18. | :23:19. | |
Now, the robot could perform regular maintenance tasks | :23:20. | :23:23. | |
Shooting for the stars is one thing, but back on Earth, | :23:24. | :23:32. | |
robots may not be able to beat humans at their own game just yet. | :23:33. | :23:44. | |
What we need is an automated baby-sitter, do you think? | :23:45. | :23:51. | |
Definitely. Jane has returned to discuss the | :23:52. | :23:54. | |
stories out there. This story is something that broke overnight. It | :23:55. | :23:59. | |
is not official yet, but it has been widely reported that the US | :24:00. | :24:03. | |
Administration will announce today a ban on electronic devisds on flights | :24:04. | :24:06. | |
from eight majority Muslim countries? That's right. But only | :24:07. | :24:10. | |
from non-US carriers too. Now you can still take your laptop etcetera, | :24:11. | :24:13. | |
but it has got to be in the hold. The only thing that you can take on | :24:14. | :24:19. | |
the flight or on the deck with you is your mobile phone. So this is | :24:20. | :24:23. | |
going to upset a lot of business travellers. It raises a lot of | :24:24. | :24:29. | |
questions, why have they sudden by done this. There has been | :24:30. | :24:33. | |
speculation, there has been some tip off, hopefully we'll get clarity | :24:34. | :24:38. | |
when this is announce the later on, assuming it is announced. It led to | :24:39. | :24:43. | |
disconcerning reports, why have US carriers being allowed to carry on. | :24:44. | :24:47. | |
Why is it just from certain carriers? Some, Emirates for | :24:48. | :24:52. | |
instance will be particularly heavy hit, 119 flights a week between | :24:53. | :24:56. | |
Dubai and the US. That's a lot of customers that they're going to | :24:57. | :25:01. | |
upset. There is another story in the Financial Times, UK retailers axe | :25:02. | :25:05. | |
low skilled workers as higher wage bill bites. This was a concern when | :25:06. | :25:09. | |
the Living Wage and the extra wage increases were pushed by the | :25:10. | :25:12. | |
Government that it would affect the lower skilled workers? Yes, there is | :25:13. | :25:14. | |
a lot of different parts to this story. The first thing is that in | :25:15. | :25:20. | |
economic theory you raise wages, then you need less workers or you | :25:21. | :25:23. | |
employ less workers. This is the first thing. A lot of workers like | :25:24. | :25:28. | |
this report are saying in addition to companies concerned that they | :25:29. | :25:31. | |
will have to sack workers in order to pay the bills. Some companies are | :25:32. | :25:36. | |
concerned that the extra wage costs could wipe out their profits too, | :25:37. | :25:40. | |
but there is concern that as wages go up, then firms are going to use | :25:41. | :25:44. | |
machinery instead of workers. The rise of automation. The robots are | :25:45. | :25:49. | |
back. Jane, thank you. That's it from Business Live for another day. | :25:50. | :25:52. | |
There will be more business news throughout the day on the BBC live | :25:53. | :25:56. | |
web page and on World Business Report. See you soon. | :25:57. | :26:05. | |
Hello there. After the mild weather we've had recently today brings a | :26:06. | :26:12. | |
reminder that it is only March. Very early in the spring, a cold feeling | :26:13. | :26:15. | |
day with a mixture of sunny spells and showers. | :26:16. | :26:17. |