Browse content similar to 02/12/2015. Check below for episodes and series from the same categories and more!
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This is Business Live from the BBC with Ben Thompson and | :00:07. | :00:09. | |
The war on Islamic State as the UK votes on air strikes in Syria. | :00:10. | :00:16. | |
We'll assess why coalition forces haven't cut off the terror group's | :00:17. | :00:19. | |
Live from London, that's our top story on Wednesday, 2nd December. | :00:20. | :00:42. | |
Coalition air strikes have so far, failed to choke off Islamic State's | :00:43. | :00:45. | |
main source of revenue, the oil fields in Syria that generate more | :00:46. | :00:50. | |
We'll look at attempts to cut off the supply. | :00:51. | :00:54. | |
Facebook founder Mark Zuckerberg and his wife will give away 99% | :00:55. | :00:59. | |
of their shares in the company to good causes - the stake is | :01:00. | :01:03. | |
This is how the European markets look in early trade ahead of | :01:04. | :01:14. | |
eurozone inflation data due within the hour, with prices set to see | :01:15. | :01:17. | |
The first lady of motor racing will be with us later. | :01:18. | :01:31. | |
Claire Williams is the Deputy Team Principal at Williams Formula 1 and | :01:32. | :01:34. | |
she's here to talk fast cars and the highs and lows of the billionaire | :01:35. | :01:38. | |
Also we want to know what you think of Mark | :01:39. | :01:43. | |
Zuckerberg and Priscilla Chan's decision to give away 99% of their | :01:44. | :01:46. | |
What do you think the kid will think when she gets older? | :01:47. | :01:55. | |
Pressure is mounting to choke off the biggest source of revenue | :01:56. | :02:08. | |
The United States says it is the best funded terrorist organisation | :02:09. | :02:17. | |
Later today the British Parliament is due to vote on whether it too | :02:18. | :02:21. | |
The United States estimates oil revenue generates about $40 million | :02:22. | :02:29. | |
a month for so-called Islamic State, or nearly $500 million a year. | :02:30. | :02:33. | |
Jihadists control vast swathes of territory in Syria and Iraq | :02:34. | :02:36. | |
It is estimated one-third of ISIS' oil revenue comes from fields | :02:37. | :02:44. | |
But so far security forces have been careful not to irreversibly | :02:45. | :02:48. | |
damage the sites, so they can be used again in the future. | :02:49. | :02:52. | |
But Islamic State engineers have been able to repair damage quickly, | :02:53. | :02:55. | |
and keep the oil and funding is flowing. | :02:56. | :02:59. | |
So the new goal of the coalition forces is to knock out | :03:00. | :03:03. | |
specific installations for up to a year, but will this strategy work? | :03:04. | :03:07. | |
Crispin Hawes is Managing Director, Middle East and North Africa | :03:08. | :03:10. | |
It is great to have you with us. Let's start on that. I mean, can you | :03:11. | :03:26. | |
bomb so specifically that you knockout an installation just for | :03:27. | :03:30. | |
six to 12 months. It sounds like a hard task? You can certainly bomb a | :03:31. | :03:34. | |
specific installation, recovering that installation, nobody will be | :03:35. | :03:37. | |
able to tell you when and how they can do it unless you put a reservoir | :03:38. | :03:41. | |
engineer on the ground after the explosion. The timing of recovery, I | :03:42. | :03:51. | |
think, is somewhat suspicious. We are talking about the fields that | :03:52. | :03:55. | |
were once productive in Syria. We are talking about 25,000 barrels a | :03:56. | :04:01. | |
day against Syria's pre-war production of 330,000, even if they | :04:02. | :04:05. | |
destroyed the well head installations that are producing | :04:06. | :04:08. | |
oil, there is still potentially the vast majority of the fields still | :04:09. | :04:13. | |
ready to be recovered in a post-war scenario. We see it from the air, | :04:14. | :04:17. | |
images of the transportation, the oil has got to go somewhere to the | :04:18. | :04:23. | |
buyers, right? We see, you know, vast columns, miles of these tanker | :04:24. | :04:28. | |
trucks. I'm wondering why they are not more of a target or at least | :04:29. | :04:32. | |
start looking at the buyers. Who is buying the oil? Well, first of all | :04:33. | :04:37. | |
the US-led coalition has been in the last couple of weeks bombing the | :04:38. | :04:41. | |
transport networks themselves. They talked about 116 trucks being hit | :04:42. | :04:44. | |
the week before last. They are targeting. Of course, that involves | :04:45. | :04:49. | |
an expansion of the target pool because the majority of people | :04:50. | :04:54. | |
driving or managing this flow of crude are not members of IS as if | :04:55. | :04:59. | |
this was a situation that had a membership card, but they are, for | :05:00. | :05:03. | |
want of a better word, civilians who are associated with the organisation | :05:04. | :05:07. | |
through trading. So by bombing them, you are extending the target pool | :05:08. | :05:14. | |
beyond terrorists as it were, to civilians co-operating trading with | :05:15. | :05:18. | |
them. Who buys the oil? A wide range of people down to civilians in | :05:19. | :05:23. | |
Syria. The oil that is being produced here is very high sull far, | :05:24. | :05:29. | |
very sour, heavy crude. It is refined poorly to produce a heavy | :05:30. | :05:34. | |
diesel. It is then burned in generators across Syria. So when you | :05:35. | :05:40. | |
cut off this source of revenue to Daesh, you will also cut off one of | :05:41. | :05:44. | |
the few remaining sources to parts of the Syrian population. | :05:45. | :05:46. | |
Unfortunately, we're going to have to leave it there. It is interesting | :05:47. | :05:49. | |
stuff. We will see how this progresses. We appreciate your time. | :05:50. | :05:56. | |
Five corporate sponsors of football's world governing body | :05:57. | :05:58. | |
Fifa are demanding what they call "independent oversight" of reforms. | :05:59. | :06:01. | |
Fifa has been engulfed by allegations of corruption | :06:02. | :06:03. | |
since US authorities indicted 14 officials this summer. | :06:04. | :06:06. | |
The letter was sent from Adidas, McDonald's, Coca-Cola, Visa and the | :06:07. | :06:10. | |
Lufthansa management and unions are to meet today to discuss jobs and | :06:11. | :06:18. | |
Strikes have plagued the German airline over the last 18 months, | :06:19. | :06:26. | |
last month the carrier suffered the longest strike in its 60-year | :06:27. | :06:29. | |
A US court has ordered that the Bank of China pay | :06:30. | :06:40. | |
a fine $50,000 each day for refusing to turn over information on Chinese | :06:41. | :06:43. | |
customers accused of selling fake luxury goods. | :06:44. | :06:46. | |
The bank has been held in contempt of court | :06:47. | :06:50. | |
and will have to start paying the daily penalty from next week. | :06:51. | :06:53. | |
The Bank of China is planning to appeal against the fine. | :06:54. | :07:02. | |
Let's look at the tablet. I think I've got it under control. I found | :07:03. | :07:12. | |
this very interesting. This is papercuts for Le La scas Rue. Some | :07:13. | :07:23. | |
-- De La Rue, the issue is plastic banknotes. A number of countries | :07:24. | :07:25. | |
around the world are considering that. They are hard wearing. They | :07:26. | :07:30. | |
last longer. They survive a trip in the washing machine. Good news! | :07:31. | :07:35. | |
Australia has plastic notes. We have had plastic notes for a long time. | :07:36. | :07:38. | |
We have had plastic notes for a long time. Talking of Australia, did you | :07:39. | :07:41. | |
do that? You did that! First of all, let's go straight over to Singapore. | :07:42. | :07:51. | |
Sharanjit Leyl has the details in our Asia Business Hub in Singapore. | :07:52. | :07:55. | |
Growth better than expected and they think it is down to me, to exports! | :07:56. | :08:04. | |
Aaron, it is your native land and just like you, it is an economy | :08:05. | :08:08. | |
that's full of surprises! It grew 2.5% in the three months to | :08:09. | :08:11. | |
September from the previous year. That was compared to under 2% the | :08:12. | :08:15. | |
previous quarter and of course, despite the huge slowdown that we | :08:16. | :08:20. | |
have been talking about, its biggest trading partner is China and you | :08:21. | :08:23. | |
have got falling commodity prices and exports, of course, all of that | :08:24. | :08:28. | |
despite all of that, exports actually rose. They jumped about | :08:29. | :08:33. | |
4.6% in the quarter and this in part actually due to the weaker | :08:34. | :08:38. | |
Australian dollar which means exporters reaped bigger benefits and | :08:39. | :08:42. | |
profits when they bring a lot of the profits back home, when the exchange | :08:43. | :08:47. | |
rate is taken into account. The Australian dollar dropping 9% on | :08:48. | :08:49. | |
record low interest rates and analysts we have been talking to | :08:50. | :08:52. | |
saying the effects are unlikely to last as the global economy | :08:53. | :08:54. | |
many don't expect trade can off set a declining mining investment for | :08:55. | :08:59. | |
instance. Mining a years, but it is falling as China's | :09:00. | :09:10. | |
demands start to fade. You were seeing on the screen the | :09:11. | :09:16. | |
Sydney stock market or one variation of it. Down, despite the better than | :09:17. | :09:19. | |
expected figures for growth. economic data ahead of what's likely | :09:20. | :09:27. | |
to be a big month for the US when the long touted, much anticipated | :09:28. | :09:30. | |
rise in interest rates comes. It was European data that was | :09:31. | :09:35. | |
more upbeat, dispelling fears that the migrant | :09:36. | :09:39. | |
crisis could force a sharp spike European manufacturing also came | :09:40. | :09:46. | |
in strongly, an 18 month So could the ECB's offer some more | :09:47. | :09:49. | |
stimulus at tomorrow's meeting? Is a rate rise on | :09:50. | :10:08. | |
Street is watching later today. offering her economic outlook this | :10:09. | :10:23. | |
Wednesday at the Economic Club in Washington DC. She will be | :10:24. | :10:24. | |
lawmakers. Investors are going to keep an eye on the latest jobs data | :10:25. | :10:32. | |
US Labour department due out on course, comes | :10:33. | :10:42. | |
US Labour department due out on Friday. Most economists believe | :10:43. | :10:44. | |
companies added 190,000 workers in November. Separately, the Federal | :10:45. | :10:51. | |
Reserve issues its so-called beige book which offers a snapshot of the | :10:52. | :10:57. | |
health of the economy and two clothing makers report earnings with | :10:58. | :11:03. | |
I noticed a big story today, talking of Telegraph Media Group. | :11:04. | :11:13. | |
I noticed a big story today, talking of Brazil, saying it is facing its | :11:14. | :11:20. | |
worst recession since the 1930s? Data out overnight suggesting | :11:21. | :11:23. | |
contraction. India and China are growing strong and Russia, not at | :11:24. | :11:28. | |
all. The brick story is starting to unravel. It is interesting how that | :11:29. | :11:33. | |
starts to unravel as the more developed economies, we start to see | :11:34. | :11:35. | |
the growth. That's right. What is interesting the growth isn't robust. | :11:36. | :11:41. | |
It is not like we are seeing a big spike in developed economies that's | :11:42. | :11:44. | |
cancelling out the growth elsewhere. It is all still very tentative, yet | :11:45. | :11:48. | |
we are seeing a big sell off in emerging economies? In developed | :11:49. | :11:51. | |
markets, the focus really this week is on the ECB. What they do and | :11:52. | :11:56. | |
whether there is more quantitative easing, we have got inflation out | :11:57. | :12:00. | |
across the eurozone today. That doesn't really suggest we are into | :12:01. | :12:04. | |
the boom times yet in the west. It is going to be pretty flat, | :12:05. | :12:12. | |
indeed. Lots of stuff for Mr Marrow Draghi to contemplate. Indeed. Are | :12:13. | :12:15. | |
you going to come back and talk about the papers and talk about Mark | :12:16. | :12:20. | |
Zuckerberg. We are going to be speaking to the First Lady of motor | :12:21. | :12:26. | |
racing, Clare Williams, the deputy team principal of Williams. She will | :12:27. | :12:29. | |
be here to talk about fast cars and the highs and the lows of the | :12:30. | :12:34. | |
billion dollar industry. You're with Business Live from BBC | :12:35. | :12:42. | |
News. Morrisons is about to fall out of | :12:43. | :12:47. | |
the index. It has gone. Out of Britain's top 100 companies. It is | :12:48. | :12:51. | |
one of the victims of the regular shake-up. Victoria is looking at who | :12:52. | :12:56. | |
is in and who is out and why any of this matters. She is in Salford. | :12:57. | :13:01. | |
Vic, talk us through where are we, who is in, who is out? Good morning, | :13:02. | :13:06. | |
boys. This is the FTSE 100, it is the 100 most valuable companies that | :13:07. | :13:10. | |
are listed on the London Stock Exchange and every three months or | :13:11. | :13:13. | |
so they take a look at this list and they try and work out whether or not | :13:14. | :13:17. | |
it actually represents all the companies true value. So at the | :13:18. | :13:20. | |
moment we've got three that come out and three that are looking like | :13:21. | :13:23. | |
they're going to come in and Morrisons is one of the ones that's | :13:24. | :13:27. | |
going to be dropped and it matters because both big and small investors | :13:28. | :13:31. | |
alike. Well, they are keen on something called tracker funds and | :13:32. | :13:35. | |
they buy a little proportion of each and every company listed on the FTSE | :13:36. | :13:39. | |
100. So if you fall out of the list, lots of investors are going to sell | :13:40. | :13:44. | |
your stock. Listen to this. This is a markets experts and she z this is | :13:45. | :13:48. | |
what she thinks it means for a company like Morrisons. When a | :13:49. | :13:53. | |
company loses its place in the elite list that makes up the FTSE 100, | :13:54. | :13:57. | |
they stand to lose a bit of market value. The other thing that happens | :13:58. | :14:01. | |
is a lot of fund managers, a lot of tracker funds which are products | :14:02. | :14:05. | |
that track markets such as the FTSE 100, and they look to replicate | :14:06. | :14:10. | |
every single company in that market by buying or selling it, now if they | :14:11. | :14:14. | |
know that a company is going to fall out of the index, they will sell | :14:15. | :14:16. | |
that company and that's going to weigh on the share price which is | :14:17. | :14:20. | |
the last thing a company like Morrisons needs right now. Of | :14:21. | :14:23. | |
course, once you're out, it is difficult to get back in because the | :14:24. | :14:28. | |
value of your entire portfolio has fallen and this is not good news for | :14:29. | :14:33. | |
a company like Morrisons. We heard today from the British Retail | :14:34. | :14:37. | |
Consortium that prices had been falling for 31 consecutive months. | :14:38. | :14:40. | |
If you do the maths, that's under three years of prices falling. Not | :14:41. | :14:44. | |
good news for the supermarkets because they are struggling from | :14:45. | :14:47. | |
online, people buying their shopping online and also from big supermarket | :14:48. | :14:54. | |
price wars as well. It says a lot that a company like Particled Pay, | :14:55. | :14:58. | |
an online payments processor is joining. | :14:59. | :15:02. | |
Thank you. From the boys in the studio to the girl in Salford, | :15:03. | :15:12. | |
goodbye. A quick look at the stories. England cannot build enough | :15:13. | :15:13. | |
homes. You're watching Business Live, | :15:14. | :15:21. | |
our top story. The British parliament is expected | :15:22. | :15:22. | |
to give its backing today to UK air strikes directed against | :15:23. | :15:25. | |
Islamic State militants in Syria. The pressure has been growing | :15:26. | :15:27. | |
on coalition forces whose air strikes have, so far, | :15:28. | :15:30. | |
failed to choke off Islamic State's main source of revenue, the oil | :15:31. | :15:33. | |
fields in Syria that generate more Staggering amounts of money. Stay | :15:34. | :15:49. | |
tuned to the BBC for full coverage of that vote taking place later. | :15:50. | :15:51. | |
That's how today's guest describes the powerful, multibillion dollar | :15:52. | :15:55. | |
and often dangerous world of Formula 1 racing. | :15:56. | :15:58. | |
Probably the most powerful woman in the world of motor racing | :15:59. | :16:00. | |
at the moment, Claire Williams is deputy team principal at | :16:01. | :16:03. | |
She is the daughter of Frank Williams, founder | :16:04. | :16:11. | |
Despite her connections, she had to fight to get to the top. | :16:12. | :16:16. | |
After graduating with a politics degree, | :16:17. | :16:17. | |
she started out as press officer at Formula 1, eventually moving to | :16:18. | :16:20. | |
a job in the communications team at Williams, despite her father's | :16:21. | :16:23. | |
disapproval, where she then spent the next decade working her way up. | :16:24. | :16:31. | |
Williams is one of the world's leading Formula one teams coming | :16:32. | :16:34. | |
in third in this year's Formula one constructers' championship. | :16:35. | :16:37. | |
While it's a sport that generates more than a $1.5 billion a year | :16:38. | :16:41. | |
in revenues, it's a tough industry to be a part of. | :16:42. | :16:44. | |
On average, a team needs an income of at least $350 million to have any | :16:45. | :16:48. | |
realistic hope of winning races, so, unsurprisingly, some smaller teams | :16:49. | :16:51. | |
And, guess what? She's here. Great to have you with us in the studio. | :16:52. | :17:06. | |
We want to start knowing more about too. I know what we just said but | :17:07. | :17:12. | |
many people would say, the child of somebody who owns the company, they | :17:13. | :17:16. | |
are in a good position, handed to you on a silver platter. The truth | :17:17. | :17:21. | |
is, your dad didn't want you in the company. They didn't, neither of my | :17:22. | :17:25. | |
parents did. So it was an interesting start for me in life. | :17:26. | :17:30. | |
Neither of my parents wanted their children to have the expectations | :17:31. | :17:33. | |
they would one day take over this amazing Formula one team. They | :17:34. | :17:37. | |
wanted us to make up own way in the world and that is what I wanted to | :17:38. | :17:41. | |
do anyway but life didn't really take that course for me. What does | :17:42. | :17:46. | |
the job involve? There is a tendency to think of sport is something that | :17:47. | :17:51. | |
doesn't need to make money or be commercially successful but it is | :17:52. | :17:55. | |
that. You have to generate revenue, otherwise the team doesn't make | :17:56. | :17:59. | |
sense. We are one of the few independent teams in Formula one 's | :18:00. | :18:06. | |
so what keeps us going is the money from sponsorship and the Formula one | :18:07. | :18:14. | |
organisation. My dad was very successful, he did that 40 years, he | :18:15. | :18:19. | |
has kept the team racing through some of the greatest partnerships, | :18:20. | :18:24. | |
and my role is to get the money in. Who does the money come from? So, we | :18:25. | :18:30. | |
have about 20 partners in our community of sponsors, ranging from | :18:31. | :18:35. | |
the likes of Martini, who joined us at the start of last year, then the | :18:36. | :18:40. | |
second-largest resourcing company in the world, we have a whole raft of | :18:41. | :18:44. | |
partners which means we can do what we love to do. That is their | :18:45. | :18:49. | |
generosity but what about the impact of the actual races themselves? Am I | :18:50. | :18:54. | |
right in saying that apart from Monaco, every other country you have | :18:55. | :19:00. | |
to pay to host Formula one. What is the economic impact on that | :19:01. | :19:06. | |
community, that economy on each of those countries? At obviously costs | :19:07. | :19:12. | |
a lot for these countries to host a Formula one race but you think about | :19:13. | :19:16. | |
the number of people that go and watch every Grand Prix we racing, we | :19:17. | :19:21. | |
have next year 21 races on the calendar and invariably for a lot of | :19:22. | :19:24. | |
countries Formula one is the jewel in their crown. You can imagine how | :19:25. | :19:28. | |
many people are staying in hotel rooms, going out to restaurants in | :19:29. | :19:33. | |
the evening to eat, and all the other economic benefits that can | :19:34. | :19:36. | |
bring, having 100,000 people coming watching your race. What effect does | :19:37. | :19:42. | |
money have no sport? You have some tough opposition against other | :19:43. | :19:46. | |
teams. Is there a direct correlation between funding and success? I | :19:47. | :19:50. | |
think, as a team, we have always proved that we can, on a much | :19:51. | :19:57. | |
smaller budget, beat the smaller -- beat the bigger teams. We are seeing | :19:58. | :20:03. | |
in Formula one nowadays the costs of going racing escalating | :20:04. | :20:05. | |
significantly and is now looking at the Sadie 's who have won the world | :20:06. | :20:09. | |
championship, they did that on at least 300 million sterling, not | :20:10. | :20:14. | |
dollars. We are operating on 110 million sterling this year. Money, | :20:15. | :20:20. | |
of course it is important. It has an impact on success but it isn't | :20:21. | :20:23. | |
everything as we have proved in the past. It is about what you do with | :20:24. | :20:28. | |
your money. It is like any business with the right people in the right | :20:29. | :20:32. | |
jobs, that is going to drive you toward success. Are you a car lover? | :20:33. | :20:47. | |
A petrol head? Yes, I like cars. I like somehow fall road cars, brute | :20:48. | :20:51. | |
cars. That's the great thing about Formula one. These amazing machines, | :20:52. | :20:57. | |
the most technologically advanced machines in the world, designed by | :20:58. | :21:00. | |
some amazingly bright people, and these heroes that get into them and | :21:01. | :21:05. | |
drive 300 commenters are now every Sunday, it is a sport I love. Have | :21:06. | :21:10. | |
you ever driven one? Net-mac, my dad would never let me. It is about the | :21:11. | :21:16. | |
brains and money of the operation. My driving skills are not up to | :21:17. | :21:21. | |
much, I'll stick to the road. He said there are 21 races. Anything | :21:22. | :21:26. | |
happening in the development of F1? Any exciting developments for next | :21:27. | :21:32. | |
year? Next year, it is status quo, but Formula one is fantastic and we | :21:33. | :21:38. | |
have some amazing races, but 2017 is the evolution of Formula one where | :21:39. | :21:42. | |
we will see some amazingly different race cars, very futuristic, lovably | :21:43. | :21:47. | |
to be five seconds a lap faster than they are. New tyres, new engine for | :21:48. | :21:54. | |
Miller, said 2017 is the year to look out for. One to watch. Really | :21:55. | :21:59. | |
good to see you. Thank you very much and good luck for the next one. | :22:00. | :22:01. | |
In a moment, we'll take a look at that Facebook story, but, first, | :22:02. | :22:05. | |
as part of the BBC's 100 Women series, we've been meeting young | :22:06. | :22:08. | |
Melanie Goldsmith's mantra is "You're only worth what someone will | :22:09. | :22:15. | |
pay", how her alcoholic sweets are being | :22:16. | :22:18. | |
My biggest moment of joy was hiring our first full-time employee. | :22:19. | :22:28. | |
And they've come out of nowhere, you know, they're not | :22:29. | :22:39. | |
We make deconstructed edible cocktails, | :22:40. | :22:41. | |
Business success is so encompassing and who's behind it. | :22:42. | :22:46. | |
My name is Melanie Goldsmith, I'm 26 years old, I am the Director | :22:47. | :22:52. | |
How about this for generosity? Mark Zuckerberg and his wife, they have | :22:53. | :23:10. | |
pledged to give away the vast majority of their tech giant to good | :23:11. | :23:16. | |
causes. They made an announcement in a letter to their new daughter. | :23:17. | :23:23. | |
The couple say they will give away 99% of their shares to causes | :23:24. | :23:25. | |
which advance human potential and promote equality. | :23:26. | :23:28. | |
At the moment, that share value equates to about $45 billion. | :23:29. | :23:31. | |
The couple say they'll give more details on the donation when they | :23:32. | :23:34. | |
Well, certainly Mark's case. Maternity leave for Priscilla Chan. | :23:35. | :23:51. | |
Our tech guru is here with us. I'm wondering if this raises the bar in | :23:52. | :23:55. | |
terms of philanthropy and all the other billionaires in the tech | :23:56. | :24:00. | |
world. I think it is obvious from the letter. They put this letter on | :24:01. | :24:04. | |
Facebook. Somebody said to me, following Mark Zuckerberg on | :24:05. | :24:07. | |
Facebook is like following any of your mates. It is like they are on a | :24:08. | :24:12. | |
gap year, go around the world and do stuff, talk about their philosophy, | :24:13. | :24:17. | |
then post baby photos. The differences he has used the platform | :24:18. | :24:22. | |
in a different way, expressing what him and his wife want to do with | :24:23. | :24:26. | |
their money, which is to give it away. There is a reply at the end of | :24:27. | :24:32. | |
the letter from Melinda Gates from the Gates foundation and praising | :24:33. | :24:37. | |
what they want to do. The Gates foundation is a big contributor to | :24:38. | :24:43. | |
health and education charities. Mark Zuckerberg and Priscilla Chan have | :24:44. | :24:47. | |
now had to decide how that money is going to be spent. Not all in a | :24:48. | :24:51. | |
rush, it isn't going to be sold immediately but over many years. | :24:52. | :24:54. | |
James, this is interesting because you had to be 70-75, you are a | :24:55. | :24:59. | |
billionaire, you gave away your fortune. Now you're doing it in your | :25:00. | :25:04. | |
mid-30s. He is the first of his generation. It puts pressure on his | :25:05. | :25:10. | |
rivals in Google and other big tech companies we have had some follow | :25:11. | :25:18. | |
the wake of Bill and Melinda Gates. One point, I've just looked back on | :25:19. | :25:22. | |
interview I did with Mark Zuckerberg in 2000 81I told him he was idiot | :25:23. | :25:26. | |
not to have sold up the year before. Why are we even talking to | :25:27. | :25:37. | |
you? Last year, Facebook paid in corporation tax $7,000. That was | :25:38. | :25:41. | |
it. They posted a loss of 28 million. We won't get into that. It | :25:42. | :25:45. | |
is legal, some people are raising that. Nice to see you, gentlemen. | :25:46. | :25:52. | |
That is it from us. Same time, same place tomorrow. Goodbye. | :25:53. | :26:14. | |
Dry and mild, wet and windy, light and | :26:15. | :26:15. |