:00:00. > :00:17.This is business life. Will the Sinai aircraft sink is itching
:00:18. > :00:21.tourism as more and more countries cancel, we look at the devastating
:00:22. > :00:24.effects on the country already that battles with industry. Our top story
:00:25. > :00:44.today. One in nine people depend on it for
:00:45. > :00:50.work and it contributes $36 billion to the economy. Will uncertainty and
:00:51. > :01:00.fear puts people off from visiting the crown jewel of tourism in Egypt.
:01:01. > :01:03.So is of the road for toccata. We have all of the news from the
:01:04. > :01:12.markets were shares are starting to fall on the back of a slide in
:01:13. > :01:15.luxury stocks. We are joined by Robert Peston who will be taking us
:01:16. > :01:19.through the big economic stories of the week. We are hoping he may
:01:20. > :01:25.answer the million dollar question, when will interest rates go up? We
:01:26. > :01:35.want to know today, what is your worst job ever. We ask because a
:01:36. > :01:45.Christmas shop is looking for a Christmas light detangling. The
:01:46. > :01:56.successful applicant can untangle three metres in under three minutes.
:01:57. > :02:06.Welcome to the programme. More countries have joined the UK in
:02:07. > :02:11.curbing travel to Sharm el-Sheikh. The government of France, Belgium
:02:12. > :02:14.and the Netherlands have warned nationals not to travel. The German
:02:15. > :02:19.airlines have also cancelled their flights. This is of course a
:02:20. > :02:25.devastating news for the tourism industry in Egypt. Just last year it
:02:26. > :02:34.contributed $36 billion to the country's economy. That is about
:02:35. > :02:38.over 12% of the entire output. The industry is vital for Egyptians
:02:39. > :02:44.because one in nine workers depend on it to provide a living. About 2.9
:02:45. > :02:49.million jobs. Last year, just under 10 million people visited Egypt and
:02:50. > :02:55.Russia is actually the biggest source. Then the UK and then
:02:56. > :03:01.Germany. Revenues on the famous monuments such as the pyramid have
:03:02. > :03:10.plunged almost 100%. 95% since the Revolution four years ago. Edward
:03:11. > :03:16.Grey to have you with us in the studio. I was reading earlier the
:03:17. > :03:21.government in Egypt said they are opening up three tombs, noon in the
:03:22. > :03:26.fact that tourists have not seen me to come there trying to attract more
:03:27. > :03:31.visitors but let's be frank, it will take more than that? This isn't an
:03:32. > :03:37.issue that they do not have enough things to CeBIT is a security issue?
:03:38. > :03:41.It is. It is. Many months, possibly years for the sector to recover.
:03:42. > :03:47.They have had to revolutions in the last four years and now have what is
:03:48. > :03:51.being reported as a terrorist attack leaving the country. It'll take a
:03:52. > :03:56.lot more than what they're doing the moment. They will have two rampant
:03:57. > :04:01.security massively. I do not see it recovering for a long time. Is it
:04:02. > :04:06.harsh to say given what we have seen since the revolution, tourism has
:04:07. > :04:12.fallen off a cliff and this is the final nail in the Coffin? Not the
:04:13. > :04:22.final nail. They have had terrorist attack before. The tourism sector
:04:23. > :04:26.did recover and it is just a mountain of events in the last few
:04:27. > :04:28.years. It is not the final nail but it will take a long time for the
:04:29. > :04:36.tourism sector to recover and for the economy to recover. Given that
:04:37. > :04:46.Sharm el-Sheikh was the last shining star of tourism in Egypt, one would
:04:47. > :04:51.imagine they now have to rebuild the trust, tries to rebuild trust that
:04:52. > :04:54.because it is so important to the economy, they almost metres through
:04:55. > :05:00.the kitchen sink at this. Spend what it takes to rebuild the trust. The
:05:01. > :05:06.Egyptian government realises that the overall healthy economy relies
:05:07. > :05:10.on terrorism sector. -- tourism. They need that trust back and will
:05:11. > :05:17.have massive advertising campaigns and there propaganda issues in terms
:05:18. > :05:27.of opening the teams. It will take so many months for years for the
:05:28. > :05:29.recovery. Sometimes consumers and holiday-makers have short memories.
:05:30. > :05:35.If Sharm el-Sheikh starts offering good deals, we hear security is in
:05:36. > :05:45.place, people will return. It is hugely popular for Europe. People
:05:46. > :05:52.continue returning. Perhaps in a year or two will see it back to what
:05:53. > :06:03.it was before the revolution before this. I think Egypt voice -- will
:06:04. > :06:12.remain popular. It is not the end of the tourism sector, when the
:06:13. > :06:17.economic factor is an issue and if prices cut you could see people that
:06:18. > :06:21.are not too distant future. We will wait for further developments. We
:06:22. > :06:31.appreciate your time and the great weekend. In other news, the main
:06:32. > :06:37.cabin crew union have called for a week-long strike starting today at
:06:38. > :06:43.11 after last-minute talks between staff and management over early
:06:44. > :06:47.benefit and pensions broke down. Sharm el-Sheikh has taken a $140
:06:48. > :07:01.million hit from strikes this year alone. -- Lufthansa. We suggest if
:07:02. > :07:13.you are flying with Lufthansa, check on the website. Two British bankers
:07:14. > :07:18.have been convicted of conspiracy to commit wire and bank fraud, and
:07:19. > :07:26.misreporting liable as it related to the US dollar. Both worked for the
:07:27. > :07:36.Dutch bank who have been fined $1 million. Disney have reported
:07:37. > :07:41.profits of $1.6 billion compared to 1.5 for the same a year ago.
:07:42. > :07:45.Investors have been concerned because audiences have been
:07:46. > :07:48.abandoning traditional TV that things would be worse but in fact,
:07:49. > :07:55.profits from cable TV dignitaries in increase. That is surprisingly is
:07:56. > :08:03.the way we view is constantly changing. But I hope you're still
:08:04. > :08:13.watching this one. Let's have a look at this life.
:08:14. > :08:25.I now know if you have ever had one, my wife uses a blackberry they are
:08:26. > :08:28.having a dire time that they have launched their very first smartphone
:08:29. > :08:33.running on the Andrew system. They have had a really tough time as more
:08:34. > :08:38.and more people were moving to smartphones and using personal
:08:39. > :08:47.phones at work. The market was always in fines for business people.
:08:48. > :08:54.Everyone used to get repetitive strain from the sun thing. And
:08:55. > :09:02.security issues with direct messages. But we are trying to make
:09:03. > :09:05.a comeback indeed. Let's look at around the world and see what
:09:06. > :09:17.business stories making the news. We go to Singapore. Talk about losing a
:09:18. > :09:20.big customer, Toyota, on Wednesday Honda dump the airbag maker and
:09:21. > :09:25.traded it something today. Toyota have joined the list of car-makers
:09:26. > :09:33.say they will not be using faulty Takarta airbags. It did not shut the
:09:34. > :09:39.door on Takarta but said it will use airbag inflated that use ammonium
:09:40. > :09:48.nitrate. This is a chemical that was flagged an exploding night --
:09:49. > :09:52.airbags. Of course on the back of several Japanese auto car makers
:09:53. > :09:57.turning away from Takarta, its shares have fallen 40% in the last
:09:58. > :10:02.three days and the company said today it is slashing it full-year
:10:03. > :10:10.profits forecast by 75%. Things are going from bad to worse for Takarta
:10:11. > :10:15.as loses bid customers. Let's have a quick look at the market and see
:10:16. > :10:23.what is going on. Those shares falling another 13%. Taking the
:10:24. > :10:31.declined to 45% just this week alone because of the worsening crisis.
:10:32. > :10:38.There will be plenty more on the website. Overnight in the US, the
:10:39. > :10:43.SNP slipped back despite Facebook shares hitting a record high after
:10:44. > :10:46.releasing strong quarterly figures. The European market here. Things are
:10:47. > :10:56.moving down and the biggest one is AstraZeneca. AstraZeneca is buying Z
:10:57. > :10:59.S Farmer for about $2.7 billion. They will be giving it access to a
:11:00. > :11:13.blockbuster drug free daily condition called hyperkalaemia. This
:11:14. > :11:16.is really bad news because the division alone accounts for half of
:11:17. > :11:23.all of its sales because people are not buying luxury watches leather
:11:24. > :11:29.and jewellery. Let's listen to see what is coming up in the US later
:11:30. > :11:36.today. Two more reports to go until the US Federal reserve makes his
:11:37. > :11:41.decision in December of whether to tee or not to raise interest rates.
:11:42. > :11:47.Economist with its 180,000 jobs were added in October after two straight
:11:48. > :11:51.months gains of about 139,000 jobs stop the unemployment rate is
:11:52. > :11:57.expected to remain steady at 5.1%. Just shy of what the faith considers
:11:58. > :12:03.full employment. The markets are likely to react to. Third-quarter
:12:04. > :12:08.earnings will be released by Signe and Humana. Signe Stokes work
:12:09. > :12:20.Thursday as it expected to be when it supported. After other insurers
:12:21. > :12:25.face challenges in this area. I don't think we have put any money in
:12:26. > :12:33.the electric meter because it is dark. Investment director from
:12:34. > :12:40.Rathbone 's investment management joins us. Happy to see you. Lots to
:12:41. > :12:45.talk about their let's start with the first Friday which means US jobs
:12:46. > :12:53.and Harrow Times who says that was so important but apparently these on
:12:54. > :12:58.Sunday are really important. We are getting closer to the final moments
:12:59. > :13:01.when we put interest rates up. I know we have been here before but we
:13:02. > :13:04.had that break in the summer because of the slowdown in China and the
:13:05. > :13:10.fall in the Chinese stock markets and so on. Now we have adjusted to
:13:11. > :13:18.that I think we realised things have not come to an end. The train is not
:13:19. > :13:24.often tracks. The third has been adjusting expectations at it looks
:13:25. > :13:32.as though the symbol be the greatest. You said it was a life
:13:33. > :13:37.possibility for. 60% probability the rate should rise in December. She
:13:38. > :13:43.has done what she can to help the markets. The data has been quite
:13:44. > :13:48.patchy, sometimes quite good and sometimes quite disappointing. We
:13:49. > :13:51.are getting quite mixed corporate results, generally overall the
:13:52. > :14:07.results are slightly better but it is a more mixed picture than it was
:14:08. > :14:10.six months ago. On the jobs, we are expecting 180 thousand new jobs to
:14:11. > :14:14.be created for it over and we have two wait-and-see. We'll talk more
:14:15. > :14:20.about the US in a minute that talking closer to home, you saw the
:14:21. > :14:24.German numbers. We got this out first thing in the morning, they are
:14:25. > :14:29.much weaker than expected. I guess it looks out the slowdown in China
:14:30. > :14:33.is starting to fight for the big trade partner. Germany exports huge
:14:34. > :14:37.amounts to China and Asia and clearly it is going to be affected
:14:38. > :14:45.by this. Not just the automotive industry but engineering and manner
:14:46. > :14:50.fracturing. The machinery for Chinese factories are German for
:14:51. > :14:54.example. Yes that's it. You are going to stay around with us, you
:14:55. > :15:01.might be working harder than you thought. We will talk to you very
:15:02. > :15:05.shortly indeed. When will we see a rate rise. That is the question
:15:06. > :15:18.dominating the agenda both in the UK and over in the US. We'll be talking
:15:19. > :15:25.about that later on. That said that some of the moves. Christmas ads
:15:26. > :15:26.have gone and all of the shots. From several commercial to blockbuster
:15:27. > :15:33.events. Its launched this morning is thought
:15:34. > :15:37.to have cost These adverts cost millions to make
:15:38. > :15:41.and those involved are sworn to But they've have become
:15:42. > :15:50.as much a part of Christmas And last year,
:15:51. > :15:54.they pulled out all the stops. Here's a compilation of some
:15:55. > :15:57.of the ads from last Christmas - including Sainsbury's moment from
:15:58. > :16:13.the trenches of the First World War Part of it is about pulling on the
:16:14. > :16:17.heartstrings and part of it is about the magic of Christmas. That will
:16:18. > :16:22.have an effect. A massive part is being different. That is where it is
:16:23. > :16:28.hard for every single advertiser. We are looking for a deep, emotional
:16:29. > :16:31.truth. They will try to bring that to light.
:16:32. > :16:33.The controversial Uber taxi app is launching in Edinburgh after
:16:34. > :16:36.the company reported "huge demand" for the service in the city.
:16:37. > :16:39.Uber said more than 65,000 people in the capital had already opened the
:16:40. > :16:44.The service allows passengers to hail a taxi using a mobile phone.
:16:45. > :16:46.Uber first moved into Scotland last month with
:16:47. > :17:00.There are plans to expand the service to other towns and cities.
:17:01. > :17:08.This story has just appeared this morning. It is about talk talk. You
:17:09. > :17:16.will remember, this is a new development. It has affected 157,000
:17:17. > :17:20.customers. More details coming out from the cyber attack. More than
:17:21. > :17:27.15,000 bank account numbers have been stolen. If you think you have
:17:28. > :17:33.been affected by this more details on the website. Last week the police
:17:34. > :17:37.released a 16-year-old boy on bail, the fourth person to be arrested in
:17:38. > :17:41.connection with the hack. If you are worried about this, go to the
:17:42. > :17:48.website where there is more information.
:17:49. > :17:54.Egypt's tourism industry is reeling after more countries joined the UK
:17:55. > :18:00.in curbing travel to the resort of Sharm el-Sheikh the crown jewel
:18:01. > :18:08.governments of France, Belgium and the Netherlands warned
:18:09. > :18:12.their nationals not to travel, and German airlines cancelled flights.
:18:13. > :18:15.Tourism contributes some $36 billion to the country's economy, and one in
:18:16. > :18:31.My landmark is voting in a historic election on Sunday. The economy is
:18:32. > :18:36.slowly opening up and the banking sector is a sector that is
:18:37. > :18:44.benefiting. Foreign banks are still complaining. Our Asia correspondent
:18:45. > :18:50.caught up with someone from one of the country's biggest domestic
:18:51. > :18:55.institutions. Diversification of the economy as being consistent. What
:18:56. > :19:01.foreign investment think about most is oil and gas and war materials. I
:19:02. > :19:07.think you see real estate, a sector that has grown quickly. That is a
:19:08. > :19:12.reflection of the wealth. People are prepared to pay for apartment at a
:19:13. > :19:19.healthy price. In that regard, the economy is quite healthy. There has
:19:20. > :19:23.been a lot of criticism from foreign investors who say this country is
:19:24. > :19:29.far too protected. It is very difficult for foreign banks to come
:19:30. > :19:33.here. Grumbling of foreign investors is a fairly global phenomenon. I
:19:34. > :19:38.would argue you see that in China and other emerging markets. My own
:19:39. > :19:49.mark is no different. The Government has been quite liberal, given the
:19:50. > :19:54.time frames we are talking about. -- Myanmar. There is a web of
:19:55. > :19:58.regulation which is rather opaque and difficult to understand. The
:19:59. > :20:02.Government is in the process of reforming all of that. Nevertheless,
:20:03. > :20:10.which is really what makes a local partner import and... As far as the
:20:11. > :20:15.banking sector goes, it is safe to say the issuing of nine foreign
:20:16. > :20:28.banking licences is quite sufficient. For the population, nine
:20:29. > :20:33.foreign banks serving populating 29 foreign banks is more than
:20:34. > :20:42.efficient. I have to apologise. We have to apologise. We could not get
:20:43. > :20:47.Robert Peston. It is a shame. It would have been his very last
:20:48. > :20:51.business live because he is off to pastures new. I think he has packed
:20:52. > :20:54.up early exploration that he has already gone. Robert, if you are
:20:55. > :21:10.watching, good luck. Earlier on we were talking about
:21:11. > :21:13.what is the worst job you have had. Some was teaching Iranians English
:21:14. > :21:22.and he said he was laughed at the whole time because of his accent.
:21:23. > :21:26.What was your funniest one? I worked at an air cargo office for a day. I
:21:27. > :21:32.did a day and I thought, oh my gosh, this was in between schools
:21:33. > :21:39.and all of that. The best job, the Sackville punt driver across the
:21:40. > :21:47.Hawkesbury River. It was a great job. Can you believe they let him
:21:48. > :21:56.drive that? The ferry master was a drunkard, Paddy. I was 15 and I
:21:57. > :22:04.drove the punt. It was great. What was your worst job? Bagging up
:22:05. > :22:11.compost in a garden centre. Let's talk about some of the stories in
:22:12. > :22:18.the papers. Ageing Japan bets on silver yen at Vegas style casino
:22:19. > :22:23.daycare. What is going on? This is all about keeping the elderly
:22:24. > :22:27.entertained in Japan. Daycare centres where they can gamble.
:22:28. > :22:31.Apparently it is not about money. They are using chips and not cash.
:22:32. > :22:37.It is all about the incentive to win. They are gambling away all day
:22:38. > :22:43.long. It is interesting reading this article. 10 million Japanese people
:22:44. > :22:48.are over 80. That is a huge proportion of the population. This
:22:49. > :22:52.is the reason why the Japanese government has had to work so hard
:22:53. > :22:57.to get the economy going because the population is ageing. There is not a
:22:58. > :23:02.great deal of immigration and that proportion of the population is
:23:03. > :23:10.vast. It is a huge burden in terms of the people who are working in
:23:11. > :23:16.terms of attacks. Those parents have a lot of money saved. They are the
:23:17. > :23:21.number one saving nation in the world, Japan. There is a lot of
:23:22. > :23:27.money to spend on gambling. I saw this one this morning. Are you
:23:28. > :23:35.serious? Somewhere in Wales. I love this one. Sorry... The successful
:23:36. > :23:41.applicant will be able to untangle three metres of Christmas lights in
:23:42. > :23:46.three minutes. You have to have a genuine passion for Christmas in
:23:47. > :23:50.order to apply for this job. But is in the job description. An amazing
:23:51. > :24:01.story. They do not say how much you get paid. It is a national first. I
:24:02. > :24:07.am an OCD person who tries to wrap up life in an orderly fashion. When
:24:08. > :24:14.I get the map, it has not worked. You think, I put it away. 12 months
:24:15. > :24:20.later, why is it tangled? What do you do? You get so frustrated, you'd
:24:21. > :24:26.think, I cannot be bothered with this and go out to buy another set.
:24:27. > :24:32.Our hamster chewed through the wire last year so I did not have to
:24:33. > :24:40.bother. He was OK. We have one more... This is in the Wall Street
:24:41. > :24:44.Journal with the Goldman Sachs story. They are struggling to keep
:24:45. > :24:48.their youngsters in the shop because they are going off to silicon valley
:24:49. > :24:54.and private equity houses. They have come up with sweetness to try to get
:24:55. > :25:01.people to stay in the firm. The ala some of these young bankers have to
:25:02. > :25:07.work are unbelievable. -- the hours. They will leave at 3am all 4am on a
:25:08. > :25:11.sustained basis. The banks have had to rethink. Young people think about
:25:12. > :25:15.lifestyle and quality of life. There is also competition in terms of
:25:16. > :25:24.other careers. I think it is a good thing actually. 2000 analysts each
:25:25. > :25:32.year. First and second year analysts earn a salary of $85,000. Excluding
:25:33. > :25:36.bonus. The rewards are enormous. Personal costs are extremely high.
:25:37. > :25:42.There is a reassessment going on, which is a healthy thing. In the UK,
:25:43. > :25:50.it is a very similar picture, isn't it? Sign this generation of 18-35
:25:51. > :25:56.-year-olds are beginning to think differently. -- This generation.
:25:57. > :26:10.They are beginning to think how they incentivised. Have a lovely weekend.
:26:11. > :26:12.Plenty more on the website. Check it out.