Browse content similar to 29/10/2015. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson and Sally Bundock. | :00:10. | :00:12. | |
Oil giant Shell posts a $6 billion loss compared to a year ago as | :00:13. | :00:15. | |
falling prices and BIG write-downs drag on the bottom line. | :00:16. | :00:18. | |
Live from London, that's our top story on Thursday 29th October. | :00:19. | :00:35. | |
Across the board - Shell's results have nose dived, | :00:36. | :00:37. | |
with plans for drilling in the Arctic and Alberta shelved. | :00:38. | :00:39. | |
Can the oil giant turn its fortunes or is this the new normal? | :00:40. | :00:44. | |
Also in the programme - the novel way to spread | :00:45. | :00:46. | |
Google is on course to use helium balloons to connect | :00:47. | :00:50. | |
And a mixed picture for markets. We will have all the details for you | :00:51. | :01:03. | |
And we will be taking "time" out to talk about the | :01:04. | :01:06. | |
lucrative business of selling high end watches and jewellery. | :01:07. | :01:08. | |
Brian Duffy - the boss of Aurum Holdings - the biggest | :01:09. | :01:11. | |
British distributor of Rolex and Cartier time pieces will join us. | :01:12. | :01:22. | |
And as one woman admits to spending 6,000 dollars a week outsourcing her | :01:23. | :01:31. | |
chores we want to know what would you pay someone else to do for you? | :01:32. | :01:44. | |
Oil giant Shell has announced third quarter results | :01:45. | :01:47. | |
The company posted a $6.1 billion loss - | :01:48. | :01:50. | |
a huge slide into the red compared with a profit of $5.3 billion | :01:51. | :01:54. | |
One of the main factors, unsurprisingly, | :01:55. | :01:58. | |
Brent prices have been hovering around $50 a barrel | :01:59. | :02:02. | |
and Shell has said that will cost them billions as the weak price is | :02:03. | :02:05. | |
And that fall is dragging on Shell's market value. | :02:06. | :02:13. | |
Shares are down by more than 17% since the beginning of the year. | :02:14. | :02:16. | |
Another reason for the lacklustre share price - Shell's proposed | :02:17. | :02:19. | |
After spending over $7 billion searching for oil in the Arctic, the | :02:20. | :02:31. | |
company announced last month that it would be pulling out of the region | :02:32. | :02:35. | |
It has written off $2.6 billion in this latest report. | :02:36. | :02:42. | |
And another project was shelved just this week - Shell said it will take | :02:43. | :02:46. | |
a $2 billion charge as it ends an oil-sands project in Alberta. | :02:47. | :02:57. | |
Elet us get analysis. A lot of big numbers there and they are mostly | :02:58. | :03:04. | |
bad news numbersers how bad is it? It is an enormous loss. It's the | :03:05. | :03:09. | |
most valuable company in the FTSE 100, so what happens to Shell really | :03:10. | :03:12. | |
matters. The thing is that projects that make | :03:13. | :03:16. | |
sense when e most valuable company in the FTSE 100, so what happens to | :03:17. | :03:18. | |
Shell really matters. The thing is that projects that make | :03:19. | :03:21. | |
sense when oil is at 100 $s a barrel don't make sense at $48s a barrel. | :03:22. | :03:32. | |
Also, the, parts of Russia where there are Shell projects there. So | :03:33. | :03:35. | |
if you think of Shell like a sort of sinking balloon, what they are | :03:36. | :03:38. | |
trying to do is chuck over the heaviest objects they have got to | :03:39. | :03:42. | |
regain altitude because the gravitational pull is down because | :03:43. | :03:45. | |
of the fall in oil prices we were talking about. And that going to | :03:46. | :03:50. | |
stay in the downward direction and people are saying $50s a barrel is | :03:51. | :03:54. | |
going to be the new normal for some time. How long will the blood | :03:55. | :03:57. | |
letting last for? We have seen the same with BP and the boss of Shell | :03:58. | :04:01. | |
have said, we need to make these businesses competitive, with oil at | :04:02. | :04:06. | |
$50-60 a barrel. They are adjusting for a new normal. They are looking | :04:07. | :04:12. | |
at places which are lower cost producing. As all of the additional | :04:13. | :04:17. | |
supply sources get abandon the secure to low prices is low prices | :04:18. | :04:22. | |
because people stop investing, the seeds of the future price spike in | :04:23. | :04:28. | |
oil is being sown now. Don't rule out a return to high prices in the | :04:29. | :04:34. | |
future. Investors are keeping the sweet ens in there, to keep | :04:35. | :04:38. | |
investors pension funds onboard, to keep them hanging in. BP and Shell, | :04:39. | :04:43. | |
between them paid something like 15% of all tiff depends in the FTSE 100, | :04:44. | :04:48. | |
so they are massively important. So they are trying to keep investors on | :04:49. | :04:54. | |
side. They know they will have to go back to them, so they need to keep | :04:55. | :04:58. | |
them in return so they keep them onside. A lot more analysis on the | :04:59. | :05:01. | |
business page online. Deutsche Bank has just announced | :05:02. | :05:04. | |
it will axe 15,000 people from its The lender said it would cut 9,000 | :05:05. | :05:07. | |
full-time jobs and 6,000 external contractor | :05:08. | :05:10. | |
positions as Germany's biggest bank It plans to dispose | :05:11. | :05:12. | |
of $4.7 billion worth of assets. The bank has just reported a third | :05:13. | :05:21. | |
quarter loss of $6.6 billion. Samsung posted | :05:22. | :05:29. | |
its third-quarter earnings today, revealing that - the company is | :05:30. | :05:34. | |
back to operating profit growth made $6.42 billion in operating | :05:35. | :05:37. | |
profit during the Q3 period, a hefty The South Korean tech giant | :05:38. | :05:42. | |
attributed its overall profit increase to | :05:43. | :05:45. | |
strong shipment growth in its smartphones, including the S6 Edge+, | :05:46. | :05:47. | |
the Note five, the A8, and the J5. The European Union says emissions | :05:48. | :05:59. | |
tests for new models of cars will be changed to ensure that that harmful | :06:00. | :06:02. | |
nitrogen oxides are measured under real-world driving conditions - | :06:03. | :06:05. | |
not just in a test lab. The new rules will come | :06:06. | :06:07. | |
into effect from 2017. Emission testing has come under | :06:08. | :06:10. | |
scrutiny since the Volkwagen scandal when so called cheat software was | :06:11. | :06:12. | |
used to manipulate results. It is looking at stories as they | :06:13. | :06:30. | |
break. Let us look at some of the raking stories now. We mentioned | :06:31. | :06:34. | |
Shell of course, there is lots of other companies with news, Lloyds | :06:35. | :06:37. | |
bank, Barclays is very much in the news, we will talk about that later | :06:38. | :06:42. | |
but Lloyds bank as well, share sale confirm. The crucial thing is that | :06:43. | :06:47. | |
the Government stake below 10%. It has been slowly returning it to | :06:48. | :06:51. | |
private hands, ahead of that big sell off at the end of the year. | :06:52. | :06:55. | |
Some progress there. Progress for Lloyds, Barclays results have come | :06:56. | :06:58. | |
through, we will talk about that in a second. There is more news about | :06:59. | :07:03. | |
Deutsche Bank. All the banks have been to readjust their business | :07:04. | :07:07. | |
models in a similar way to the oil giants, talking about Shell and BP. | :07:08. | :07:12. | |
We have had Total earnings, the French oil company doing better than | :07:13. | :07:17. | |
the likes of Shell, increasing its production, which is bucking the | :07:18. | :07:19. | |
trend among the oil majors, Total Let's go to China, | :07:20. | :07:24. | |
where a top-level Communist party meeting where the nation's economic | :07:25. | :07:29. | |
and social policies for We're waiting for the official | :07:30. | :07:31. | |
announcement - but expecting John Sudowrth is in the town | :07:32. | :07:35. | |
of Rudong in Jiangsu province province once held up as a model | :07:36. | :07:39. | |
for that policy, but now weighed There are too few young people to | :07:40. | :07:50. | |
support the population. That is right. It's a County of one million | :07:51. | :07:55. | |
or so people, and there has been nowhere in China that has been quite | :07:56. | :08:00. | |
ass enthusiastic as this place, in terms of enforcing the one child | :08:01. | :08:03. | |
policy, and the results are now everywhere to see. One of them, | :08:04. | :08:08. | |
right here behind me. Closed schools, almost half of the schools | :08:09. | :08:12. | |
in this County have closed their doors over the past decade or so. | :08:13. | :08:17. | |
And although this has been the most enthusiastic enforcer of the one | :08:18. | :08:20. | |
child policies, the rest of the country is not so far behind. So | :08:21. | :08:26. | |
what they are looking at here, is staring into the abyss of that | :08:27. | :08:32. | |
demographic time bomb. Falling birth rates, falling worker numbers and | :08:33. | :08:36. | |
this real economic drag on growth, and that is why some people suggest | :08:37. | :08:38. | |
that it is now high time that the issue, they have been encouraging to | :08:39. | :08:48. | |
do so for a long time by analysts and advisers and a lot of | :08:49. | :08:52. | |
speculation it will be at this party, in this plan we will see the | :08:53. | :08:54. | |
back of the one child policy. As you say we could hear that announcement | :08:55. | :09:04. | |
imminently. If they went from, to a two child policy is it would take | :09:05. | :09:06. | |
decades get a communique this evening which | :09:07. | :09:30. | |
may give us some hints about the sort of direction of travel. But | :09:31. | :09:33. | |
analysts we have spoken to say that they are certain in the end it will | :09:34. | :09:37. | |
be confirmed that this issue will be in there, although as you say, the | :09:38. | :09:40. | |
big concern is that even allowing everybody to have two children will | :09:41. | :09:45. | |
still not do enough to boost the population, and will still leave | :09:46. | :09:48. | |
China with this giant change. Thank you John. | :09:49. | :09:57. | |
So that is what the markets in the region are done, you see the Nikkei | :09:58. | :10:05. | |
up 0.2%. Really all eyes on the fed last night, America's central bank | :10:06. | :10:08. | |
signalling that interest rates could rise as soon as December, that was | :10:09. | :10:15. | |
enough to push the Dow up. A tougher tone than its last meeting, but what | :10:16. | :10:21. | |
is interesting is that tougher tone came despite weaker economic data. | :10:22. | :10:25. | |
If you look at the data. The possibility of more moves by the | :10:26. | :10:33. | |
European Central Bank, but, borrowing costing soared. We will | :10:34. | :10:36. | |
get more on that in a moment but I want to take you to Europe. It has | :10:37. | :10:40. | |
results from the likes of Barclay, results from the likes of Barclay, | :10:41. | :10:45. | |
Shell, BT. Deutsche Bank, a mixed bag, that has left the markets mixed | :10:46. | :10:51. | |
over the course of early trade. Bar kiss profited down sharply. Not a | :10:52. | :10:58. | |
shuerge price. BT seeing a 15% rise in profit, and Santander up posting | :10:59. | :11:07. | |
a near 5% rise in profit, but as we said Deutsche faring worse. | :11:08. | :11:12. | |
Announcing plans to cut more jobs. But of coarse those details | :11:13. | :11:15. | |
filletsering there. We will assess them later. What about the US? We | :11:16. | :11:20. | |
have more on what we can expect out of the US today, particularly those | :11:21. | :11:24. | |
long' waited GDP numbers. On Thursday we will get a look at | :11:25. | :11:28. | |
American economic performance in the third quarter which is likely to | :11:29. | :11:34. | |
show the US recovery is not as robust as thought. GDP expanded at a | :11:35. | :11:41. | |
1.5% rate. If true, that would mark a slow down from the second quarter. | :11:42. | :11:46. | |
The GDP report will serve as a barometer for how well the US is | :11:47. | :11:50. | |
handling weakness oversea, growth was likely head back by trade and | :11:51. | :11:56. | |
fallen exports. Analysts will see if lower oil prices encouraged more | :11:57. | :12:00. | |
consumer spending and if the housing sector made gains, which could help | :12:01. | :12:06. | |
off set the weak economy. Watch out for earnings results from MasterCard | :12:07. | :12:19. | |
and Starbucks. Growth numbers coming out, other | :12:20. | :12:24. | |
figure, earnings, give us your take on the US, in the light of the fed | :12:25. | :12:29. | |
and last night. That is right. So the focus is now back to will the | :12:30. | :12:34. | |
data be strong enough for the fed to move in December? Previously, last | :12:35. | :12:40. | |
month in September, markets had assumed that rate rises for 2015 | :12:41. | :12:44. | |
were really off the table. It was a 2016 story. But last night, the | :12:45. | :12:57. | |
commentary took away that... That bit about overseas economies and | :12:58. | :13:01. | |
market, turbulence we saw in August, that really unnerved the fed and | :13:02. | :13:06. | |
took away that impetus for rate rice. The door is wide-open. It S we | :13:07. | :13:12. | |
have seen markets move to discount that, so from a one third chance to | :13:13. | :13:17. | |
half a chance now. By December. So it all moves round. It did. It does. | :13:18. | :13:23. | |
Let us touch briefly on Deutsche, we have heard about the job loss, not | :13:24. | :13:29. | |
wholly unexpected, we knew they had to cut costs but the latest figure | :13:30. | :13:35. | |
15,000. Significant number. Very big numbers, they are under pressure to | :13:36. | :13:40. | |
do a number of thing, to lower the cost, so clearly staff cuts are part | :13:41. | :13:45. | |
of that lower cost part, and the other aspect is to raise capital, | :13:46. | :13:50. | |
now they have done two things, they have suspended their dividend for | :13:51. | :13:57. | |
the next two years, so that will retain resources within the company | :13:58. | :14:00. | |
and help that capital number and they will be selling is off parts of | :14:01. | :14:05. | |
the business. Some staff will clearly go with the new business | :14:06. | :14:10. | |
owners but that will also reduce the capital requirements for the | :14:11. | :14:13. | |
remaining Deutsche group. OK, thank you Sue. Sue will be back in five | :14:14. | :14:17. | |
minutes to look at some other stories. Still to come it is an | :14:18. | :14:22. | |
age-old industry but there is a new player in town, can the smartwatch | :14:23. | :14:25. | |
ever take on the luxury watch makers? And faced with a slow down | :14:26. | :14:29. | |
in key markets for luxury goods we will meet the boss of watches of | :14:30. | :14:35. | |
Switzerland as well as other outlets as it plans a major expansion. | :14:36. | :14:42. | |
Let us discuss Barclay, because it is among those out with earnings | :14:43. | :14:47. | |
today, reporting pre-tax profits of 861 million, that is for the three | :14:48. | :14:51. | |
months to end the of September. That is half the profit the bank posted | :14:52. | :14:57. | |
for the second quarter, our business editor has the details. A | :14:58. | :15:01. | |
significant fall but once again, a company that we weren't expecting | :15:02. | :15:04. | |
anything amazing and this confirming what we thought might happen? | :15:05. | :15:08. | |
Barclays, yes, slightly treading water at the moment. They are the | :15:09. | :15:13. | |
second of the Big Four UK banks to report. Yesterday we had Lloyds, | :15:14. | :15:20. | |
tomorrow RBS and Monday HSBC. As you say, their profits slightly softer. | :15:21. | :15:23. | |
Statutory profit, year or year are up slightly. ?560 million for | :15:24. | :15:35. | |
foreign exchange mis-selling provisions and issues around | :15:36. | :15:38. | |
mortgage-backed securities in America. Let's look at the share | :15:39. | :15:43. | |
price this morning. Slightly soft profits, share price slightly down. | :15:44. | :15:48. | |
Over the last six months, interesting things. This is when | :15:49. | :15:53. | |
Anthony Jenkins, the previous chief executive, was fired. Investors | :15:54. | :15:56. | |
quite liked that, they thought they might be a new focus on the | :15:57. | :16:01. | |
investment bank. And recently the new Chief Executive was announced. A | :16:02. | :16:07. | |
little uptick in the share price. What we are really waiting for is | :16:08. | :16:11. | |
their full-year results, March one next spring. That's likely to be the | :16:12. | :16:17. | |
chief executive's first outing in public in the UK and people here | :16:18. | :16:21. | |
will be seeing what kind of Chief Executive he wants to be for | :16:22. | :16:26. | |
Barclays. We'll watch closely to see what he manages to do with the bank. | :16:27. | :16:32. | |
Thank you. A report will be released today to | :16:33. | :16:36. | |
talk about how a government initiative will allow more women to | :16:37. | :16:41. | |
get into the boardroom. They set themselves a target of 25% of women | :16:42. | :16:47. | |
on the boards of fifth -- FTSE 100 companies. They are expected to say | :16:48. | :16:51. | |
they have reached new milestones as far as that is concerned. That | :16:52. | :16:56. | |
picture is Martha Lane Fox. She's on the board of Marks and Spencer. Now | :16:57. | :17:02. | |
they want to extend it to the boardrooms of FTSE 250 companies and | :17:03. | :17:06. | |
they want to increase that target to 33%. | :17:07. | :17:10. | |
Clearly implications about whether quotas are the way to do that, but | :17:11. | :17:12. | |
nonetheless some progress there. You're watching Business Live - | :17:13. | :17:18. | |
our top story: Profits at the oil giant Shell have | :17:19. | :17:20. | |
slumped, posting a $6 billion loss as falling oil prices take | :17:21. | :17:23. | |
a bite out of its bottom line. Has the humble wristwatch had | :17:24. | :17:32. | |
its day? Or does new technology mean that | :17:33. | :17:34. | |
the craftsmanship and design that goes into watchmaking is more | :17:35. | :17:37. | |
important than ever? Well, our next guest probably agrees | :17:38. | :17:39. | |
that watchmaking is alive and well. Brian Duffy is the chief | :17:40. | :17:42. | |
executive of Aurum Holdings. Aurum runs luxury and jewellery | :17:43. | :17:45. | |
stores like Watches of Switzerland, It operates 139 shops across Britain | :17:46. | :17:47. | |
and employs more than 1,500 people, with plans to expand into the US | :17:48. | :17:54. | |
and Europe. They are currently the Crown | :17:55. | :17:58. | |
jeweller and have a Royal warrant from both | :17:59. | :18:01. | |
the Queen and Prince Charles The average timepiece costs | :18:02. | :18:04. | |
around ?10,000 - about $15,000. The group is Britain's biggest | :18:05. | :18:14. | |
distributor of Rolex, Patek Philippe, Jaeger-leCoultre | :18:15. | :18:16. | |
and Cartier watches. Just to give you an idea, | :18:17. | :18:23. | |
the global jewellery and watches market had a total revenue | :18:24. | :18:26. | |
of $290 billion in the last year. And that represented a growth rate | :18:27. | :18:30. | |
of nearly 7% between 2010 and 2014. I'm not wearing a watch today, I was | :18:31. | :18:46. | |
too ashamed! Thank you for coming in. Before we talk about watches, | :18:47. | :18:52. | |
let's find out how you got into this business. You've been working in the | :18:53. | :18:59. | |
realm of luxury goods for some time. When the luxury goods player Ralph | :19:00. | :19:02. | |
Lorenzo knocked on your door, you watch on a career break studying | :19:03. | :19:08. | |
rock and roll. I was at the Academy of contemporary music in Guildford | :19:09. | :19:11. | |
doing rock 'n' roll and blues and jazz, something I'd always wanted to | :19:12. | :19:16. | |
do, study and learn guitar and music. Rav Lauren came knocking and | :19:17. | :19:21. | |
your reaction was? It was irresistible. I've always loved | :19:22. | :19:25. | |
Ralph Lauren. I effectively became the first president for Europe, a | :19:26. | :19:31. | |
big new beginning for the brand. Right place, right time and an | :19:32. | :19:35. | |
irresistible knock on the door. But I did regret not finishing my | :19:36. | :19:41. | |
degree. Let's talk watches. It's an age-old industry, but we are talking | :19:42. | :19:46. | |
about high end luxury watches, $10,000, $15,000. These are not just | :19:47. | :19:51. | |
timepieces, they are things you inherit and pass on. It's about an | :19:52. | :19:57. | |
investment not necessarily a product. It's the wonders of | :19:58. | :20:02. | |
mechanical craftsmanship. They are precious materials. They are family | :20:03. | :20:08. | |
heirlooms. They work every minute of every hour of every day of every | :20:09. | :20:12. | |
year for your life and hopefully the life of generations to come. They | :20:13. | :20:18. | |
are beautiful things to have. How do you convince people to part with | :20:19. | :20:24. | |
that sort of cash in a market or an environment where the recession has | :20:25. | :20:28. | |
taken its toll on some of the luxury goods maker 's? Markets are slowing | :20:29. | :20:33. | |
down, like China. How do you convince people to part with cash | :20:34. | :20:37. | |
for something that will live well beyond them? On some of the luxury | :20:38. | :20:39. | |
goods maker 's? Markets are slowing down, like China. How do you | :20:40. | :20:42. | |
convince people to part with cash for something that will live well | :20:43. | :20:50. | |
beyond them? Honestly I call it rational indulgence. You don't need | :20:51. | :20:54. | |
it to tell the time, your phone can tell you the time, or something much | :20:55. | :20:58. | |
less expensive. But you're taking the money out of you your bank and | :20:59. | :21:02. | |
putting it on your wrist. They generally don't do appreciate, | :21:03. | :21:06. | |
values go up, they are made of precious materials which have gone | :21:07. | :21:11. | |
up a great deal recently. It's a wonderful thing to have and enjoy | :21:12. | :21:15. | |
and to pass on to the next generation. When it comes to | :21:16. | :21:22. | |
persuasion, how important are the marketing sites? The likes of George | :21:23. | :21:24. | |
Clooney and other big international stars becoming the face of a brand? | :21:25. | :21:33. | |
I know Oma go -- pomade is the watch 007 is wearing inspector and you | :21:34. | :21:36. | |
were at the premiere because your company is involved in the process. | :21:37. | :21:44. | |
How important is that the sales? Marketing is very important. The | :21:45. | :21:48. | |
image and association you want to have can be through celebrity | :21:49. | :21:53. | |
endorsement, sports endorsement. Rolex, visibility at Formula one for | :21:54. | :21:58. | |
example. Marketing is important for those brands who have global reach. | :21:59. | :22:05. | |
Some brands are very... They trade on discretion because you have to go | :22:06. | :22:15. | |
and find them. You've been with 2-1 for two years. What difference have | :22:16. | :22:20. | |
you seen in terms of how to sell? Is it easier to sell a luxury watch in | :22:21. | :22:26. | |
this environment rather than Ralph Lauren clothing? With the cooling of | :22:27. | :22:30. | |
the global economy and the emerging market economy, people are thinking | :22:31. | :22:36. | |
more about value. We can offer value. They are financial | :22:37. | :22:42. | |
investments. That's a tougher argument if you're talking about | :22:43. | :22:48. | |
fashion or high heels. Interesting when this March watch does a million | :22:49. | :22:51. | |
thing and this is a watch that simply tells the time and date. -- a | :22:52. | :22:57. | |
smartwatch. Interesting to meet you, thank you for coming in, but we've | :22:58. | :23:00. | |
run out of time. That was a joke! Everybody is | :23:01. | :23:03. | |
catching on. Here's a reminder of how to get | :23:04. | :23:07. | |
in touch with us. The web pages where you can stay | :23:08. | :23:18. | |
ahead of the news. We'll keep you up-to-date with the latest details, | :23:19. | :23:22. | |
insight and analysis from the BBC's team of editors around the world. | :23:23. | :23:27. | |
And we want to hear from you. Get involved on the web page. Or on | :23:28. | :23:35. | |
Twitter. And you can find us on Facebook. On TV and online. | :23:36. | :23:46. | |
Keep your messages coming in, particularly about things you would | :23:47. | :23:50. | |
like to outsource. We'll run through some of those in a second. Sue is | :23:51. | :23:55. | |
back with us to look at some of the stories in the papers. We want to | :23:56. | :24:05. | |
talk about this Google story. It is amazing. This massive project to | :24:06. | :24:13. | |
launch balloons into space. To create more bandwidth for areas that | :24:14. | :24:20. | |
can't have, because of their geography, fibre networks or antenna | :24:21. | :24:26. | |
networks. The balloons go up into the air and beam down bandwidth that | :24:27. | :24:32. | |
will broadly make a 4G network available to a number of Indonesian | :24:33. | :24:38. | |
islands. Indonesia is a very large, populous country and that the moment | :24:39. | :24:41. | |
they are struggling to get connected. About 50% of people are | :24:42. | :24:47. | |
not connected. This is one way, a cost-effective way, for Google to do | :24:48. | :24:52. | |
it. It only takes 300 balloons to make a continuous string around the | :24:53. | :24:56. | |
world, I'd imagine it would be much more. They will start off with a | :24:57. | :25:03. | |
regional area, but that's claim. They go 20 kilometres up in the air. | :25:04. | :25:10. | |
You can get quite a decent range on the ground. It sounds like a crazy | :25:11. | :25:15. | |
project, Micah Richards Branson kind of project. We'll see how it works | :25:16. | :25:22. | |
out. -- Richard like -- like a Richard Branson project. Let's talk | :25:23. | :25:29. | |
about outsourcing in your private life. This is a mother in Sydney who | :25:30. | :25:36. | |
is said she's spent $6,500 outsourcing things like cleaning, | :25:37. | :25:39. | |
shopping, cooking. And a nanny. She has five children. | :25:40. | :25:50. | |
$6,500 a week! About ?3000 a week. $4500. That's a lot of money. She | :25:51. | :25:55. | |
says it's worth her while because she gets to spend quality time with | :25:56. | :26:01. | |
her family, a bit of time for herself, enough sleep. She can | :26:02. | :26:06. | |
afford it. Many working women and dads who can't afford to outsource | :26:07. | :26:10. | |
the chores, unfortunately. We've been asking people to get in | :26:11. | :26:14. | |
touch. The common theme is coffee, someone to buy copy for you in the | :26:15. | :26:18. | |
morning. We share that feeling! Thank you for sending those in. What | :26:19. | :26:24. | |
would you outsource? I do outsource some things. The things that take a | :26:25. | :26:31. | |
lot of time, that allow me to have time to spend with my family. Spend | :26:32. | :26:35. | |
money on the things you don't want to do, that's why you earn money. | :26:36. | :26:42. | |
Thanks so much for coming in. Thank you for your company today. | :26:43. | :26:46. | |
Thank you for your comments about my glasses, they've made their debut. | :26:47. | :26:50. | |
We like those! You can wear those again. See you soon. | :26:51. | :27:10. | |
Good morning. The general story today is of rain crossing from west | :27:11. | :27:16. | |
to east across the country with sunny skies following on. A wet | :27:17. | :27:19. | |
start | :27:20. | :27:20. |