Browse content similar to 01/12/2015. 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 | :00:11. | :00:13. | |
From China to the US, countries are vying for a slice of the action and | :00:14. | :00:18. | |
now African leaders are pitching their most bankable projects | :00:19. | :00:20. | |
Live from London, that's our top story on Tuesday December 1st. | :00:21. | :00:47. | |
Africa is the world's fastest-growing region | :00:48. | :00:49. | |
for new foreign direct investment and today presidents from Malawi to | :00:50. | :00:52. | |
Mauritius, Uganda to Ghana will all competing for a slice of the $7 | :00:53. | :00:55. | |
The Bank of England releases the results | :00:56. | :00:59. | |
of its latest round of stress tests - it finds Royal Bank of Scotland | :01:00. | :01:02. | |
and Standard Chartered the weakest of Britain's seven largest lenders. | :01:03. | :01:12. | |
And as always we will show you the winners and losers on the European | :01:13. | :01:17. | |
markets, following the gains in Asia. | :01:18. | :01:19. | |
And we'll examine the business of the box office. | :01:20. | :01:21. | |
The man behind The Hunger Games, The Twilight Saga and The Day After | :01:22. | :01:24. | |
Zygi Kamasa is the UK boss of entertainment giant Lionsgate. | :01:25. | :01:31. | |
And as the climate change conference continues in Paris, we want to know | :01:32. | :01:34. | |
what's the one thing you'd change to help the environment? | :01:35. | :01:37. | |
Use more public transport, cut down on your energy use, or recycle more? | :01:38. | :01:40. | |
Let us know, use the hashtag #BBCBizLive. | :01:41. | :02:13. | |
It seems like the smart money has its eyes firmly on Africa when it | :02:14. | :02:17. | |
Google's ploughed millions into the continent and China | :02:18. | :02:19. | |
and the US are falling over each other to lay their stake. | :02:20. | :02:22. | |
Now the heads of state from 10 African countries, from Malawi to | :02:23. | :02:25. | |
Mauritius, to Uganda and Ghana, are here in London to present their | :02:26. | :02:28. | |
countries most bankable projects to investors at the Global African | :02:29. | :02:31. | |
Investment Summit - $7-billion of investment is up for grabs. | :02:32. | :02:33. | |
Africa enjoyed a 65% increase in new capital investment in 2014, | :02:34. | :02:35. | |
with foreign direct investment totalling an estimated $87-billion. | :02:36. | :02:49. | |
Now a lot has been made of Chinese investment in the continent. | :02:50. | :02:51. | |
But as you can see here, they in fact only just make it into the top | :02:52. | :02:55. | |
Greece, I don't know where it gets the money from, but it is number two | :02:56. | :03:06. | |
on the list! Despite the recent instability | :03:07. | :03:07. | |
in the country, Egypt is still the number one destination | :03:08. | :03:10. | |
for that money, with Angola As you might expect, | :03:11. | :03:12. | |
a lot of that money is going into the oil and gas sectors, | :03:13. | :03:30. | |
but investment in real estate and communication infrastructure | :03:31. | :03:33. | |
and technology is also on the rise. Ivor Ichikowitz is the chairman | :03:34. | :03:35. | |
and founder of Paramount Group. It's | :03:36. | :03:38. | |
the largest privately-owned defence Nice to see you. Parent breaking | :03:39. | :03:43. | |
down some of the numbers there but what I would like to start with, if | :03:44. | :03:46. | |
you can give us an idea, breakdown Africa for us because there is still | :03:47. | :03:49. | |
being awful tendency for many people to think of Africa as a country, but | :03:50. | :03:53. | |
it is a continent made of so many different countries. 54 countries, | :03:54. | :03:57. | |
every single one different from a different banality, different | :03:58. | :04:01. | |
mindset, different opportunities, different people and different | :04:02. | :04:05. | |
energy, it is an incredibly alive, energetic continent, and the West | :04:06. | :04:10. | |
tends to see it as one country. Such a mistake. What are the different | :04:11. | :04:13. | |
opportunities? If you look at something on the scale of the | :04:14. | :04:17. | |
continent, so many different countries, different natural | :04:18. | :04:20. | |
resources, different populations, different economies, how did you | :04:21. | :04:25. | |
know as an investor where those opportunities are? Part of the | :04:26. | :04:28. | |
problem with Africa is it is so huge, so many different things that | :04:29. | :04:37. | |
you have to access, people think of it as a homogenous mass and they see | :04:38. | :04:42. | |
places like Egypt or Morocco as access points. Opportunities are in | :04:43. | :04:45. | |
every sector, we have one of the biggest growing populations in the | :04:46. | :04:50. | |
world. More than 1 billion people, 50% of which are under the age of | :04:51. | :04:54. | |
25. Can you imagine where that is going to go in the next ten years? | :04:55. | :04:58. | |
Investors today need to look at Africa not for what it is today but | :04:59. | :05:03. | |
what it will become in the next ten years, and I think the investment | :05:04. | :05:07. | |
opportunities, luxury goods, real estate, telecommunications, where | :05:08. | :05:11. | |
they are not today is extracted industries because I think they are | :05:12. | :05:17. | |
going down and we need to focus on industrialisation, creating jobs. | :05:18. | :05:20. | |
You just took the words out of my mouth! That is one of the issues, | :05:21. | :05:24. | |
you have got to create jobs in that economy. The people you just | :05:25. | :05:29. | |
mentioned, a big part of that would be manufacturing. Taking natural | :05:30. | :05:35. | |
resources to the next level and ultimately finishing the project but | :05:36. | :05:39. | |
it is not always in the interest of our major investors because they | :05:40. | :05:43. | |
want raw materials to feed their industries abroad. We need | :05:44. | :05:46. | |
partnerships between African investors, foreign investors to | :05:47. | :05:51. | |
create opportunities in Africa so we can create finished projects and | :05:52. | :05:56. | |
access the rest of the world while we give those partners access to our | :05:57. | :06:02. | |
markets as well. Many investors say the deterrent is that so much is | :06:03. | :06:05. | |
having to be invested in security across Africa to make sure that | :06:06. | :06:10. | |
assets are kept safe, is that still the case when it comes to this? This | :06:11. | :06:20. | |
is one of my personal interests, my company has invested all over the | :06:21. | :06:26. | |
ball but our biggest focus has been helping governments to create | :06:27. | :06:30. | |
institutions of security to protect assets that foreign investors are | :06:31. | :06:34. | |
investing in and encourage Africans to invest in their own economy and | :06:35. | :06:38. | |
assets that their Government can predict and feel comfortable in. It | :06:39. | :06:43. | |
is the biggest and most important issue and the world needs to embrace | :06:44. | :06:49. | |
it. It is the absolute key for us. Good to talk to you, I know that you | :06:50. | :06:54. | |
were at the summit later today. Good luck with it. | :06:55. | :06:57. | |
A BBC investigation has uncovered evidence of corruption and bribery | :06:58. | :07:01. | |
Panorama found British American Tobacco paid bribes | :07:02. | :07:05. | |
to politicians and civil servants in countries across east Africa. | :07:06. | :07:12. | |
The illegal payments even undermined a UN initiative | :07:13. | :07:14. | |
The company could face prosecution around the world | :07:15. | :07:18. | |
BAT says it does not tolerate corruption. | :07:19. | :07:25. | |
Japan's largest media group, Nikkei, has completed its purchase of the | :07:26. | :07:28. | |
It's the biggest international acquisition | :07:29. | :07:32. | |
Online subscriptions now account for around 70% | :07:33. | :07:35. | |
While questions have been raised about editorial independence, | :07:36. | :07:38. | |
the FT's chief executive believes the acquisition is a good fit. | :07:39. | :07:52. | |
A busy day of corporate news, plenty of details on the Business Live | :07:53. | :08:00. | |
page. We have been talking about the stress test, these are the stress | :08:01. | :08:05. | |
tests that the Bank of England puts UK banks under. All of them passing | :08:06. | :08:08. | |
today but two examples where they have called for more help and | :08:09. | :08:13. | |
certainly more resilience, down to the economy, low oil prices, that | :08:14. | :08:18. | |
sort of thing. And some stories in the UK, we have heard from Ofcom | :08:19. | :08:22. | |
about whether it should break up ET, British Telecom, the former | :08:23. | :08:34. | |
owned company. Sharon White discussing whether Open Reach should | :08:35. | :08:39. | |
be broken up. We | :08:40. | :09:08. | |
the service sector is on the up, which is what Beijing | :09:09. | :09:12. | |
trying to do? Yes, it is in the midst of this | :09:13. | :09:17. | |
rebalancing from a manufacturing and investment led a corner me to one | :09:18. | :09:22. | |
more investment on services. That in itself must be giving some comfort | :09:23. | :09:26. | |
to the power that be back in Beijing. But you cannot ignore the | :09:27. | :09:30. | |
fact that the Chinese economy is heading for its slowest growth in a | :09:31. | :09:34. | |
quarter of a century and many economists are concerned that the | :09:35. | :09:41. | |
mad of data we are getting every week, we get it so much, that it | :09:42. | :09:42. | |
will miss the data of -- the of 7%, which it has to hit to create | :09:43. | :09:52. | |
jobs for millions of Chinese people. Let's not forget | :09:53. | :09:55. | |
manufacturing sector is still a key gauge of how the economy is doing | :09:56. | :09:59. | |
and no doubt the country is trying to transition and rebalance itself | :10:00. | :10:09. | |
but it is still the driving force of economic grave and can create so | :10:10. | :10:12. | |
many jobs for people around the country. | :10:13. | :10:20. | |
Let's stay with the markets, Nico, the Hang Seng, not doing too bad. | :10:21. | :10:27. | |
Investors are looking at the fact that the decline I mentioned is | :10:28. | :10:32. | |
actually slowing, which could suggest all those measures taken by | :10:33. | :10:37. | |
the officials in Beijing have started to serve their purpose as | :10:38. | :10:40. | |
the economy shows signs of possibly levelling out. | :10:41. | :10:51. | |
Let's look at the European markets, doing as what -- doing what we | :10:52. | :10:55. | |
expected, tracking those Asian games. That is what is happening on | :10:56. | :11:04. | |
the European markets. Let's find out what should be making headlines of | :11:05. | :11:05. | |
the other side of the Atlantic. Here she is, let's go straight | :11:06. | :11:08. | |
over to Michelle in NY. Ahead of Friday's jobs report, the | :11:09. | :11:17. | |
snapshot of manufacturing will keep investors busy. The manufacturing | :11:18. | :11:20. | |
index is raised on Tuesday and weak global demand and the strong dollar | :11:21. | :11:25. | |
are believed to have had an impact. While it is unlikely to affect the | :11:26. | :11:28. | |
timing of the Federal Reserve's first interest rate rise, it could | :11:29. | :11:33. | |
affect the pace and size of future moves. For car-makers 2015 has been | :11:34. | :11:38. | |
strong, but will it end with a bang or a whimper? Monthly sales figures | :11:39. | :11:45. | |
are due out and there are signs that auto-makers are spending more to | :11:46. | :11:48. | |
market their cars to ensure that consumers continue to buy cars at a | :11:49. | :11:53. | |
fast rate. America's number two grocery chain will put its | :11:54. | :11:57. | |
popularity with Wall Street to the test by going public, expecting to | :11:58. | :11:59. | |
raise as much a $7 billion. Joining us is Jeremy Cook, chief | :12:00. | :12:02. | |
economist at World First. A busy day in terms of statistics | :12:03. | :12:14. | |
and figures, German unemployment, diverse and unemployment, UK and US | :12:15. | :12:19. | |
manufacturing. Let's look at unemployment first, we have seen big | :12:20. | :12:22. | |
swings in Europe in terms of who is doing better than others. Where are | :12:23. | :12:27. | |
we now? We are in a position, you rose and unemployment is 10%, | :12:28. | :12:32. | |
looking at that compared to the US and UK, still almost double the | :12:33. | :12:39. | |
levels we are seeing in those other economies, still dangerously high | :12:40. | :12:45. | |
levels in Greece, Spain still in the high 20s, so broad swathes of huge | :12:46. | :12:53. | |
unemployment. The refugee crisis in Europe makes an interesting | :12:54. | :12:59. | |
dynamic, people looking to come to settle to gain work. What does it | :13:00. | :13:01. | |
mean for you rose and employment? That will be key in 2016. The | :13:02. | :13:08. | |
European Central Bank watching this closely, what are we expecting, any | :13:09. | :13:16. | |
more announcements, the big bazooka? Exactly, how big can they | :13:17. | :13:20. | |
go? More negative rates on deposits to try to get banks lending, | :13:21. | :13:25. | |
possibly more quantitative easing, getting around these numbers, 30, 30 | :13:26. | :13:32. | |
5 billion euros extra a month for an extra 12 month. They have two hit it | :13:33. | :13:36. | |
hard to weaken the euro. What is 35 billion euros between friends?! | :13:37. | :13:41. | |
Thank you for now. He's the man | :13:42. | :13:47. | |
behind the Hunger Games trilogy and Bend It Like Beckham, but is it all | :13:48. | :13:58. | |
Hollywood glamour and red carpet premieres for the man in charge | :13:59. | :14:01. | |
of production company Lionsgate? He'll be with us later | :14:02. | :14:04. | |
in the programme. You're with Business Live from | :14:05. | :14:06. | |
BBC News. This morning Britain's seven largest | :14:07. | :14:07. | |
lenders have been put through their paces in a Bank of England | :14:08. | :14:10. | |
stress test. Royal Bank of Scotland and Standard | :14:11. | :14:12. | |
Chartered were the weakest. They did still pass the test, | :14:13. | :14:16. | |
but were found not to have enough It's the second year the | :14:17. | :14:19. | |
Central Bank has subjected the UK's biggest lenders to tests to measure | :14:20. | :14:22. | |
whether they would survive This time, it was assumed that oil | :14:23. | :14:25. | |
had fallen to $38 a barrel and that John Thanassoulis is Professor | :14:26. | :14:29. | |
of Financial Economics at Well done! | :14:30. | :14:46. | |
He says overall it was a good result. | :14:47. | :14:52. | |
There were no big surprises. What it shows is we're out of the financial | :14:53. | :14:56. | |
crisis, so all of the banks have passed, although two came close to | :14:57. | :15:00. | |
not perfect, boil bags and and Standard Chartered, but they were | :15:01. | :15:05. | |
let three because they have plans to raise capital -- Royal Bank of | :15:06. | :15:09. | |
Scotland and Standard Chartered. This was about checking whether they | :15:10. | :15:13. | |
would be robust too, in particular, big problems in China and emerging | :15:14. | :15:17. | |
markets, which is why Standard Chartered, which does a lot of | :15:18. | :15:22. | |
business out there, was called up. What is interesting, we are not so | :15:23. | :15:26. | |
far out that the bank of England wanted to start raining in any of | :15:27. | :15:31. | |
the banks, no move on the capital before or buy to let lending. | :15:32. | :15:40. | |
Heathrow should be allowed to add a third runway | :15:41. | :15:42. | |
if it can prove it won't make air and noise pollution worse. | :15:43. | :15:45. | |
The Environmental Audit Committee also wants a ban on night flights. | :15:46. | :15:53. | |
The government has yet to confirm which airport it wants to expand | :15:54. | :15:56. | |
If you like your super-fast broadband maybe hold off | :15:57. | :16:00. | |
Watchdog Ofcom is warning that festive fairy lights can actually | :16:01. | :16:03. | |
They are launching an app that can check home broadband, along with | :16:04. | :16:11. | |
research that suggests wi-fi in six million homes and offices is | :16:12. | :16:16. | |
not running as fast as it could do possibly because of interference | :16:17. | :16:38. | |
from other electronic devices such as baby monitors, microwaves. | :16:39. | :16:43. | |
Our top story, the big grab for investment in Africa. We have got | :16:44. | :16:50. | |
the big African summit here. $7 billion of investment money up for | :16:51. | :16:54. | |
grabs. Leaders from African countries making their stake for the | :16:55. | :16:58. | |
money with investors and trying to encourage them, of course, to invest | :16:59. | :17:04. | |
in partnerships. It is about partnerships, not necessarily direct | :17:05. | :17:07. | |
investment, but working with local authorities to improve | :17:08. | :17:09. | |
infrastructure and telecoms. Some of the key areas for investment. | :17:10. | :17:14. | |
The number two country investing out of Europe, no, out of the world | :17:15. | :17:18. | |
investing in Africa? I should have been paying attention! Greece. | :17:19. | :17:24. | |
Greece. I'm not saying anymore. The business, the movie business, the | :17:25. | :17:27. | |
movie business is known for taking no prisoners. | :17:28. | :17:32. | |
And for those that do try their hand at it, success is often fleeting. | :17:33. | :17:35. | |
Not so for Zygi Kamasa, the UK chief executive of entertainment company | :17:36. | :17:38. | |
Lionsgate, he made his first movie in 1995 and in an innovative bid to | :17:39. | :17:41. | |
keep it "ultra-low budget," he raised the money for it through | :17:42. | :17:48. | |
crowd funding, an unknown concept at the time. | :17:49. | :17:50. | |
the independent film distribution company Redbus Film in 1995 | :17:51. | :17:57. | |
which was behind the blockbuster hit Bend It Like Beckham. | :17:58. | :17:59. | |
Ten years later he sold Redbus Film to Lionsgate Entertainment Over | :18:00. | :18:02. | |
his career he has overseen the investment, production, | :18:03. | :18:06. | |
and distribution of over 350 films including some real big hitters like | :18:07. | :18:13. | |
The Expendables one and two, The Hunger Games and its sequels, | :18:14. | :18:15. | |
His films have earned 14 Oscar wins and 11 Bafta wins. | :18:16. | :18:26. | |
Zygi Kamasa Zygi Kamasa, the Chief Executive of Lionsgate UK and Europe | :18:27. | :18:36. | |
is with news the studio. Congratulations on the success. | :18:37. | :18:39. | |
There is a tendency, isn't there, when you look at a list of films | :18:40. | :18:43. | |
that you have dealt with, they are all sequels, they are trilogies, | :18:44. | :18:47. | |
they are films that have run before. There is that criticism, isn't | :18:48. | :18:50. | |
there, film companies aren't taking new risks and they are not looking | :18:51. | :18:55. | |
for new stuff, it is about more of the old trusted, tested, reliable | :18:56. | :18:58. | |
stuff S that fair? There has been a huge in the last five to ten years | :18:59. | :19:05. | |
of repo deucing moviesment the Hunger Games, there was three books. | :19:06. | :19:14. | |
We made it into four films. Fans wants to the whole trilogy of books | :19:15. | :19:19. | |
made into films. I don't think you can offer one type. We make | :19:20. | :19:25. | |
independent British films Bend It Like Beckham. We have a beautiful | :19:26. | :19:30. | |
Irish film out now. You have to offer people diversity to give | :19:31. | :19:33. | |
people a choice. To get into the industry and it is a quote you once | :19:34. | :19:37. | |
said. Did you have always have a passion for film and movies, you | :19:38. | :19:42. | |
said to get into the industry, you have got to do it, go and make a | :19:43. | :19:46. | |
movie? When I started my career, I was an entrepreneur who wanted to | :19:47. | :19:50. | |
get into the film business. I didn't have any training. I met someone who | :19:51. | :19:54. | |
said this is an idea of crowd funding. I thought it would be a fun | :19:55. | :19:59. | |
idea to get people to invest ?1,000 to partly to invest in it and to | :20:00. | :20:04. | |
appear in the movie. They were always extras in my first film in | :20:05. | :20:08. | |
1995. Talk us through the crowd funding | :20:09. | :20:12. | |
idea. As we said, almost unheard of in 1995 in terms of looking for | :20:13. | :20:17. | |
other people as a source of funding, not necessarily meaning to the | :20:18. | :20:22. | |
banks. How did that work? How did it go? Well, it was difficult once the | :20:23. | :20:27. | |
film was completed, what you ended up finding is there is 300 or 400 | :20:28. | :20:31. | |
films made every year and crowd funding, it gave us the opportunity | :20:32. | :20:37. | |
to make the film and my, I made three films between 1995 and 1997. | :20:38. | :20:42. | |
One was profitable and the other two lost money. It gave the investors, I | :20:43. | :20:47. | |
did it through a tax break which was the early days of ES and the | :20:48. | :20:50. | |
investors got a tax break and none of them lost any money which in the | :20:51. | :20:54. | |
film business is a good thing to begin with. | :20:55. | :20:58. | |
I want to talk about what we are seeing in and the way we are | :20:59. | :21:02. | |
receiving our content as consumers and there is a lot of good | :21:03. | :21:07. | |
television out there. There is a series that everybody wants to get | :21:08. | :21:10. | |
into and watch. What impact is that having on film? Lionsgate is | :21:11. | :21:19. | |
involved in film? The Mad Men TV series which finished and Nashville | :21:20. | :21:23. | |
on Channel 4 and Manhattan and various TV shows. It is a big draw | :21:24. | :21:27. | |
for consumers today. It is becoming harder and harder to get consumers | :21:28. | :21:31. | |
to leave their comfortable lounge with a huge TV, where they have the | :21:32. | :21:35. | |
choice of TV series, you know, at the touch of a button now which is | :21:36. | :21:39. | |
why I think movies have been split in the last couple of years between | :21:40. | :21:45. | |
the big spectacles, the Hunger Games and the Bonds where people have to | :21:46. | :21:49. | |
go and see it and the smaller, intimate, dramas and our | :21:50. | :21:59. | |
that clearly helping to a certain extent. Talk us through what the UK | :22:00. | :22:12. | |
means for your business? Not only for audiences, but making films | :22:13. | :22:17. | |
here. The UK staging a resurgence? I think the UK sector is one of the | :22:18. | :22:22. | |
strongest production sectors in the world right now. It is one of the | :22:23. | :22:23. | |
best places in the world to make movies. The tax credit is a huge | :22:24. | :22:27. | |
boost for the industry. Right now, Star Wars are making three movies. | :22:28. | :22:34. | |
Harry Potter are booked up for the next three years and Mission | :22:35. | :22:36. | |
Impossible and they are all come together UK and it is circular, it | :22:37. | :22:40. | |
encourages the film crew to become better and better, work on the | :22:41. | :22:43. | |
better movies and they are now the best crew in the world, I think the | :22:44. | :22:47. | |
British crew and that's going to carry on for the next few years. We | :22:48. | :22:53. | |
could talk all day about it. Thank you very much, Zygi Kamasa, the boss | :22:54. | :22:55. | |
of Lionsgate in the UK. In a moment, we'll take a look | :22:56. | :23:06. | |
through the business pages of the newspapers, but first, as part of | :23:07. | :23:09. | |
the BBC's 100 women series, we've been meeting young businesswomen | :23:10. | :23:12. | |
from around the world. Samantha John is | :23:13. | :23:14. | |
the chief technology officer It's a mobile app enabling children | :23:15. | :23:16. | |
to create So what advice does she have | :23:17. | :23:19. | |
for others? As a female engineer sometimes there | :23:20. | :23:26. | |
is a higher bar for people to take you seriously. We make an app called | :23:27. | :23:34. | |
Hopscotch. It allows anyone to easily create their own programmes | :23:35. | :23:38. | |
on the iPad. Right now a lot of kids use T they are fearless. They will | :23:39. | :23:42. | |
just dive into something and start programming because no one told them | :23:43. | :23:49. | |
they can't. I'm Samantha John. I'm 29. My business is called Hopscotch | :23:50. | :23:52. | |
Technologies. Jeremy Cook from World First is | :23:53. | :24:02. | |
joining us again to discuss. Toy makers are tracking more data | :24:03. | :24:13. | |
about kids. We know what valuable information we would have as adults | :24:14. | :24:19. | |
hackers are interested in. What information do they want about kids? | :24:20. | :24:23. | |
Your ability to put in your name and your age and the names of your best | :24:24. | :24:29. | |
friends and if there is location taggen on that as there are tweets | :24:30. | :24:33. | |
and Facebook statuses for us adults. There maybe for uploading photos of | :24:34. | :24:36. | |
you playing in the garden and that thing. It seems to be that the | :24:37. | :24:40. | |
hackers out there at the moment don't quite know how to use what | :24:41. | :24:44. | |
they have got. Hacking can be from the various means and they can make | :24:45. | :24:48. | |
life more difficult for people, but staoumts it is purely for extortion | :24:49. | :24:53. | |
and cash and that's maybe the dark underbelly of this is our children | :24:54. | :24:58. | |
in the future will be targeted as a plaquemail option. | :24:59. | :25:04. | |
There is no avoiding it. I can imagine it. Unless every kid gets a | :25:05. | :25:13. | |
Slinky for Christmas. I love the Slinky. | :25:14. | :25:16. | |
Just talk us through what we are looking at. This is from HSBC, | :25:17. | :25:23. | |
apparently. This is a chart from HSBC plotting the productivity of a | :25:24. | :25:31. | |
person over their life cycle. As you can see, you reach your marginal | :25:32. | :25:35. | |
peak in the early 30s and late 20s and you top out when you start | :25:36. | :25:39. | |
spending your money as you probably retire and it is a very quick decent | :25:40. | :25:44. | |
to retirement. Our entire life in terms of money, earnings, | :25:45. | :25:47. | |
productivity, and there you can see that downward spiral. It is a pretty | :25:48. | :25:53. | |
big and pretty fast downward spiral. You tail off quickly. It is not, it | :25:54. | :25:58. | |
is the 1st December. It shouldn't be too depressing. | :25:59. | :26:02. | |
Jeremy, that's it from us. We will see you soon. Thank you for your | :26:03. | :26:03. | |
company. Bye-bye. | :26:04. | :26:08. |