07/12/2015

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:00:07. > :00:13.flood warnings around... This is a number. Hello. This is Business Live

:00:14. > :00:15.from the BBC with Ben Thompson and Sally Bundock. Can software save the

:00:16. > :00:18.world? As business leaders try to hash out an historic climate deal in

:00:19. > :00:20.Paris, can technology can be the answer? Live from London, that's our

:00:21. > :00:37.top story on Monday seventh December. As climate change talks

:00:38. > :00:39.enter their second week in Paris, global leaders are looking at

:00:40. > :00:44.radical new ways to cut emissions and save the planet. But as oil

:00:45. > :00:46.prices slip below $40 a barrel after Opec keeps the taps open - is there

:00:47. > :00:52.any incentive to look for alternative sources of energy?

:00:53. > :00:56.And this is how markets are faring in early trade across Europe. We'll

:00:57. > :01:11.discuss what's moving the numbers and why. From doctor to

:01:12. > :01:14.businesswoman and entrepreneur, Dr Amy Jadesimi has been named one of

:01:15. > :01:16.the youngest most powerful women in Africa - we will find out all about

:01:17. > :01:19.her endeavours to skill young Nigerians for the future when she

:01:20. > :01:21.joins us live later on the programme. And let us know what you

:01:22. > :01:40.think of the stories we're covering. Get in touch, use the hashtag

:01:41. > :01:42.BBCBizLive. Hello. News from Paris. Is pollution a necessary side effect

:01:43. > :01:44.of economic development? Whether it's heavy industry, manufacturing,

:01:45. > :01:46.or construction, environmental damage is often accepted as a

:01:47. > :01:48.necessary evil. But as world leaders continue their climate change talks

:01:49. > :01:50.in Paris this week they'll also ask whether new technology and

:01:51. > :02:01.innovations can also solve some of the most pressing issues facing our

:02:02. > :02:03.planet. And it's a big growth area. Green Energy Investments Worldwide

:02:04. > :02:05.surged by a massive 17% last year to $270 billion. Leading the charge is

:02:06. > :02:07.the technology kingpin and philanthropist Bill Gates - he's

:02:08. > :02:23.already pledged $2 billion of his own money towards clean-technology

:02:24. > :02:25.research. A day before the start of the climate talks in Paris he also

:02:26. > :02:27.announced the Breakthrough Energy Coalition to invest in innovative

:02:28. > :02:30.clean energy. The group comprises of 28 wealthy individuals worth a total

:02:31. > :02:32.of $350 billion, with members including the likes of Jeff Bezos

:02:33. > :02:40.and Mark Zuckerberg. So where is all this money going? As well as obvious

:02:41. > :02:42.areas, companies are also looking at cutting edge technology such as

:02:43. > :02:45.compressed air energy storage, windows that double as as solar

:02:46. > :02:57.panels and renewable fuel that is made from algae. Packet. We can

:02:58. > :03:03.night talk through some of these with Ian Simm, Chief Executive,

:03:04. > :03:07.Impax Asset Management. It sounds like we're trying to find the holy

:03:08. > :03:13.Grail with new technologies saving the planet. But there is quite a bit

:03:14. > :03:16.out there already in terms of ideas? In the last 15 years we have seen

:03:17. > :03:22.the rise of hybrid vehicles and electric vehicles. We have seen

:03:23. > :03:31.solar panels that can work like plants and offshore wind power,

:03:32. > :03:33.which is a real breakthrough. With the likes of Bill Gates ploughing

:03:34. > :03:37.money into this, it looks like it will get that funding. But the

:03:38. > :03:43.question is, when that will become a reality. The opportunity is to scale

:03:44. > :03:46.up what we have already because we have fantastic technologies that

:03:47. > :03:51.work so they need incremental scale and volume of demand but having said

:03:52. > :03:54.that, there are potential breakthroughs we could look out for

:03:55. > :04:00.the future, tidal power and wave power for the next 20 years, it is

:04:01. > :04:05.looking at that -- worth looking at that in more detail and biofuel from

:04:06. > :04:10.grass, we're not quite there yet from volume but it has potential of

:04:11. > :04:15.lots to be done around lighting and these use the efficient heat and

:04:16. > :04:20.light. In terms of Paris, those 185 countries represented, they are

:04:21. > :04:24.trying to come to an agreement, but to what extent is this part of the

:04:25. > :04:28.conversation? It is vital, if governments do not show commitments

:04:29. > :04:31.to reduce in-house gas, entrepreneurs will not be confident

:04:32. > :04:37.enough to invest so we do need agreement this week for a framework

:04:38. > :04:42.for investors. You we will get that? Surprisingly hopeful because the US

:04:43. > :04:46.and China, for the first time, have committed in principle to some sort

:04:47. > :04:51.of domestic commitment and if they are on board, the Europeans will be

:04:52. > :04:55.on board and those are the three major blocks. An agreement in place,

:04:56. > :05:00.which is good news for businesses because you would assume that policy

:05:01. > :05:03.will follow? Yes, agreement will be in place, all being well by the end

:05:04. > :05:07.of this week, that is not guaranteed. Policy will follow but

:05:08. > :05:14.quite slowly. The private sector moves faster, so 2016 we will look

:05:15. > :05:16.at this agreement, it is serious, we want to do something about it and

:05:17. > :05:33.commit some money. Thank you. We will keep you across div

:05:34. > :05:36.elements. We cannot get up-to-date with other news... -- developers.

:05:37. > :05:39.Bonuses for investment bankers in London could fall by as much

:05:40. > :05:42.Emolument, which monitors salaries across the industry, says a drop

:05:43. > :05:45.in revenues in the second half of the year combined with cost

:05:46. > :05:50.A managing director in equities will still get

:05:51. > :05:58.The opposition party in Venezuela has won control of the

:05:59. > :06:01.National Assembly, for the first time since the socialists came to

:06:02. > :06:07.The current President's popularity has fallen dramatically due to the

:06:08. > :06:11.Venezuela's economy is heavily reliant on oil and has been badly

:06:12. > :06:34.A brown Duke BusinessWeek and lots of corporate news already out there.

:06:35. > :06:39.Electrolux, the takeover of GE appliances. That has been called

:06:40. > :06:44.off, a $3.3 billion acquisition, the deal announced in September last

:06:45. > :06:51.year but the Department of Justice has stopped them from dying GE

:06:52. > :06:56.because they say the deal could push items that are electrical up I5%.

:06:57. > :07:02.Consumers are glad to hear about that. Yes, that line at the bottom

:07:03. > :07:08.suggests that Electrolux pays a termination fee of $170 million. So

:07:09. > :07:15.Electrolux could be in it position to contest that. German industrial

:07:16. > :07:19.production rises but not by very much. Much lower than expected.

:07:20. > :07:21.Something we will talk about in a few moments when we look at the

:07:22. > :07:22.European markets. To Australia now, where Prime

:07:23. > :07:24.Minister, Malcolm Turnbull, has unveiled an $806 million package to

:07:25. > :07:29.boost innovation across the country. Rajeshni Naidu-Ghelani is in

:07:30. > :07:44.our Asia Business Hub in Singapore. Boasting elevation, we are told, but

:07:45. > :07:49.it comes at a price? Yes, over 1 billion Australian dollars and it is

:07:50. > :07:54.aimed to create what is called an ideas boom, this is to replace the

:07:55. > :07:57.countries lacking mining boom, it was the main driver of growth for

:07:58. > :08:01.nearly one decade but mining investment in Australia has picked

:08:02. > :08:05.and the government is looking for new ways to boost growth so the

:08:06. > :08:10.Prime Minister today introduced a list of 24 measures, including

:08:11. > :08:13.everything from tax breaks for investors to changing immigration

:08:14. > :08:17.laws to encourage entrepreneurs to move there. Money is being put aside

:08:18. > :08:21.for Australian entrepreneurs to create a presence in global

:08:22. > :08:24.technical hubs likes of the Colne Valley and there will be some

:08:25. > :08:29.changes to bankruptcy laws to encourage businesses to take more

:08:30. > :08:32.risks and stop Australia has been falling behind other countries that

:08:33. > :08:35.have been pushing for high-tech exports so it'll be interesting to

:08:36. > :08:42.see if this package results more innovative products from Australia.

:08:43. > :08:44.Good stuff. Thank you. We can stay in the region and look at the

:08:45. > :08:45.markets. Tokyo stocks rebounded Monday

:08:46. > :08:47.as exporters got a boost from a weaker yen

:08:48. > :08:51.after another strong US jobs report made a Federal Reserve interest rate

:08:52. > :08:55.rise this month virtually certain. And that win of more than 200,000

:08:56. > :08:59.new jobs in November reinforced the view that the world's largest

:09:00. > :09:03.economy and a major Asian trading There's also renewed confidence that

:09:04. > :09:09.the US economy can withstand a rate hike

:09:10. > :09:15.after another strong jobs report. That helped to cushion

:09:16. > :09:17.the blow of last week's worries over Europe and what was largely

:09:18. > :09:19.perceived to be an underwhelming response from the ECB as far

:09:20. > :09:24.as economic stimulus was concerned. There's some concern that

:09:25. > :09:26.without the extra stimulus in the system, European shares could

:09:27. > :09:29.now be more vulnerable to what happens in America

:09:30. > :09:36.and other external influences. We'll talk more about that in

:09:37. > :09:39.a moment and also the Bank of England governor speaks later

:09:40. > :09:42.today ahead of the Bank of England But first,

:09:43. > :09:45.let's take you to New York and Neda who's got the details on what could

:09:46. > :09:53.move Wall Street today. The roll-out of economic data begins

:09:54. > :09:56.on Monday with a look at how much outstanding credit Americans held

:09:57. > :09:59.October and it is expected the reserve will report that figure

:10:00. > :10:03.decreased to $20 billion and later on in the week investors will look

:10:04. > :10:06.at retail sales and wholesale infantry numbers for November.

:10:07. > :10:13.Retail sales like rose 3.3 present and wholesale 0.1%. The University

:10:14. > :10:16.of Michigan is expected to put out consumer data showing that Americans

:10:17. > :10:19.are feeling better about the economy. The economy. There is also

:10:20. > :10:24.a number of earnings reports at this week, one of which is Costco, the

:10:25. > :10:28.wholesale operator will likely disappoint investors with big

:10:29. > :10:31.numbers for its first quarter. The company still dealing with

:10:32. > :10:34.investigations into the spread of E. Coli from the rotisserie chicken

:10:35. > :10:39.salad sold at warehouses. That sounds scary. Some of the issues to

:10:40. > :10:42.keep an eye on when Wall Street starts. Nice to see James.

:10:43. > :10:46.Joining us is James Hughes is Chief Market Analyst at GKFX.

:10:47. > :10:54.In-lap going on, brand-new trading week and the markets are reacting

:10:55. > :11:02.still to the end of the week in the US, those jobs figures, still not

:11:03. > :11:05.super? Hanging over the European markets? Yes, the disappointment

:11:06. > :11:15.from the ECB is the big one and is the overall figure of the ECB to try

:11:16. > :11:19.to do something... This is a point, they continue to try to throw things

:11:20. > :11:25.at this Eurozone problem and that has not worked for years. Yet again,

:11:26. > :11:30.there is this negativity failing to hit the heights of what is expected.

:11:31. > :11:35.Is the ECB dammed if it does and if it doesn't? Throwing money at the

:11:36. > :11:38.problem, that is the only way to free up the system to get everyone

:11:39. > :11:43.lending and borrowing? We're not saying that they are not doing

:11:44. > :11:47.enough and is it the way they are doing it rather than what they are

:11:48. > :11:52.doing? The way they are doing it and that completely the wrong times,

:11:53. > :11:55.that is the issue. We have got to a situation where we have come right

:11:56. > :12:00.to the end. The divergence between the US and European economies is

:12:01. > :12:03.biggest issue, one is trying to throw any sadistic miss it can and

:12:04. > :12:08.not necessarily doing enough and on the other hand, trying to raise

:12:09. > :12:13.rates somewhere else and that huge divergence will cause issues within

:12:14. > :12:18.the market and at the point, all we wanted for Mario Draghi to do was

:12:19. > :12:23.through everything at this and get this kick-started, he is still

:12:24. > :12:27.taking that reserved measures that we have seen before, even though he

:12:28. > :12:32.is still living things and trying to add things to the economy. I might

:12:33. > :12:37.be proved wrong by the fact that it might work! I am sure we will get

:12:38. > :12:45.his comments. Mark Carney, he will be speaking later? Yes, what we

:12:46. > :12:50.expect is not much, to be honest. You are not taking any prisoners! I

:12:51. > :12:54.can feel your frustration with the central bank! I am frustrated with

:12:55. > :12:59.always having to look at the central bank but the Bank of England is not

:13:00. > :13:03.likely to raise interest rates or do anything this week and that is

:13:04. > :13:05.exactly what they should be doing. OK, go and get a cup of tea! You

:13:06. > :13:10.will be back later with no ranting! We speak to one of the youngest,

:13:11. > :13:17.most powerful women in Africa. Named as one to watch

:13:18. > :13:19.by several leading publications, Dr Amy Jadesimi is an entrepreneur

:13:20. > :13:21.hiring young Nigerians and giving You're with Business Live from

:13:22. > :13:31.BBC News. Now a look at some

:13:32. > :13:38.of the stories from around Britain and UK manufacturing looks

:13:39. > :13:51.like it's ending the year with These are figures from EEF? You will

:13:52. > :13:54.remember the march of the maker 's phrase, that the Chancellor came up

:13:55. > :13:59.with to encourage manufacturing and help people make stuff that never

:14:00. > :14:05.actually happened. In fact, it went into reverse if these figures are to

:14:06. > :14:12.be believed, they believe the manufacturing sector will shrink and

:14:13. > :14:17.next. The reasons? The week Eurozone, slowing down in China,

:14:18. > :14:22.questions over double trade but it could be this old friend, the world

:14:23. > :14:25.price crash. This has put incredible pressure on North Sea oil and

:14:26. > :14:28.extraction does not kind from manufacturing to people in the UK

:14:29. > :14:31.make a lot of stuff which was into the supply chain and a lot of those

:14:32. > :14:36.orders were cancelled quickly. The oil price, which has affected so

:14:37. > :14:42.much in world trade, is having a big impact so it will not do its bit to

:14:43. > :14:46.help out. Manufacturing will be a burden rather than an asset to the

:14:47. > :14:53.economy next year. Thank you very much, Simon. More detail online.

:14:54. > :14:58.There is more detail online and the oil

:14:59. > :15:04.price is still headed south. We had the OPEC meeting last week and the

:15:05. > :15:07.oil cartel not as I say doing what some would like, some of the oil

:15:08. > :15:11.producers would like to push up the oil price. The reason that

:15:12. > :15:14.manufacturing is important, it still accounts for 10% of the UK economy,

:15:15. > :15:17.we have all but written off manufacturing in this country

:15:18. > :15:21.recently especially with the decline in things like car making here, but

:15:22. > :15:27.that's staging a resurge Abs, but manufacturing still accounting more

:15:28. > :15:30.about 10% of the overall economy. Remember, services, the powerful

:15:31. > :15:38.service sector, making up three-quarters.

:15:39. > :15:42.This EEF report comes at a time when there has been enormous job losses

:15:43. > :15:47.in the UK steel sector. The steel industry in this country has had a

:15:48. > :15:52.terrible year, hasn't it? In terms of contraction and job losses and

:15:53. > :15:56.restructuring. There is an issue there in terms of export, what are

:15:57. > :16:03.we making in the UK that's sold elsewhere? Clearly the slowdown in

:16:04. > :16:10.Europe is having an effect on the eurozone, of course, the biggest

:16:11. > :16:11.trading partner for the UK. All that weighing on the manufacturing

:16:12. > :16:13.figures. You're watching Business Live.

:16:14. > :16:15.Our top story: As climate change talks enter their

:16:16. > :16:18.second week in Paris, global leaders are looking at radical new ways to

:16:19. > :16:21.cut emissions and save the planet. Nigeria is a country that is rich

:16:22. > :16:34.in natural resources but its business environment still

:16:35. > :16:36.has a poor reputation Many Nigerians claim they've not

:16:37. > :16:40.benefited But today's guest aims to train

:16:41. > :16:43.and employ thousands Dr Amy Jadesimi is managing

:16:44. > :16:49.director of the Lagos Deep Offshore Logistics Base, a high-tech

:16:50. > :16:51.industrial village, servicing But it's a world away

:16:52. > :17:00.from her roots. Dr Jadesimi graduated as a medical

:17:01. > :17:04.doctor from Oxford University. After a spell as an investment

:17:05. > :17:07.banker at Goldman Sachs, she honed her entrepreneurial skills at

:17:08. > :17:10.Stanford Business School in the US. It has paid off, last year she

:17:11. > :17:13.featured on Forbes Magazine's 20 A world away from medicine

:17:14. > :17:21.and banking, she returned home to Nigeria to work in her family

:17:22. > :17:23.business before setting up She describes herself

:17:24. > :17:28.as a "grafter" and says she's never thought of herself as being

:17:29. > :17:40.a smart person, "just happy to kind That sounds like a nice work ethos.

:17:41. > :17:44.She joins us now. It is nice to see you. Welcome to the programme. Good

:17:45. > :17:48.morning. Let's start with that ethic. All the reading that I have

:17:49. > :17:51.done about you today is talking about hard work. You don't get

:17:52. > :17:54.anything without working hard and even if you don't achieve the things

:17:55. > :17:57.that you set out to do, you will have learned a lot along the way and

:17:58. > :18:01.that's always been your ethos in business? It is necessary for

:18:02. > :18:06.success and if you look at the elements for success from the

:18:07. > :18:11.Beatles to Microsoft, hard work is 90% of it, smart ideas get you 10%

:18:12. > :18:15.of the way and then you have got to draft away to succeed. For anyone

:18:16. > :18:19.thinking there is a quick way, there isn't one? We have been going since

:18:20. > :18:23.2001 and a lot of people look at our success now. We have got $500

:18:24. > :18:30.million industrial freeze and people think we did it overnight, but it

:18:31. > :18:34.has been 15 years. Let's just explain how that industrial Free

:18:35. > :18:40.Zone works. It is outside Lagos, isn't it? Yes. Explain how it w and

:18:41. > :18:46.the concept of the whole thing. It is in the centre of Lagos harbour.

:18:47. > :18:49.It is next to the shipping lane. It is an ecosystem we built to

:18:50. > :18:56.accommodate industrial projects. Right now, we are in the midst of

:18:57. > :19:06.building a FPSO for Total? What is that? It is a $4 billion vessel used

:19:07. > :19:12.in deep off-shore. It is like a portable oil rig? It is a portable

:19:13. > :19:18.oil rig. Exactly. They are expensive and that is what characterises the

:19:19. > :19:22.projects. These are projects that is so expensive they require knowledge,

:19:23. > :19:25.infrastructure and people who were not previously available in West

:19:26. > :19:29.Africa and we provide all that in our Free Zone. Forgive me, it sounds

:19:30. > :19:34.simple, what you're doing... Thank you. I'm sure the reality is

:19:35. > :19:39.different, training people and giving people these skills, why has

:19:40. > :19:42.it not been done? I tell people we are not rocket scientists, we are

:19:43. > :19:46.doing what has been done in Norway and what has been done in America

:19:47. > :19:51.for decades. It wasn't available because the missing element was the

:19:52. > :19:55.private, indigenous sector being able to fund the projects. So all of

:19:56. > :20:04.the money that's gone into it is private and we are unique is being

:20:05. > :20:08.the only 100% Nigerian 100% Nigerian private Free Zone in Nigeria and

:20:09. > :20:12.that what that tells you is the missing element is a private sector

:20:13. > :20:14.that's able to fund the projects and a Government that creates an

:20:15. > :20:20.enabling environment for us to do so. Let's talk about the combination

:20:21. > :20:23.because what's clear about Nigeria is the the private sector is

:20:24. > :20:33.happening. It is exciting. It is growing. It's innovative. We have

:20:34. > :20:37.met other CEOs on this programme and on BBC World News and our programmes

:20:38. > :20:42.look at that part and for a long time it has been held back by the

:20:43. > :20:46.politics, by the Government, by the so-called corruption. There has been

:20:47. > :20:50.a recent change in Government. He has only just appointed his Cabinet

:20:51. > :20:55.after a long period, how is that working with you now? Are you

:20:56. > :21:00.optimistic given the change in Government? It has been a tough

:21:01. > :21:04.year, but we are ot mystic. The private sector is still very small.

:21:05. > :21:09.This is the only facility of its kind. We need 100 of these

:21:10. > :21:17.facilities to get the country to where it needs to be creating 200

:21:18. > :21:21.jobs minimum. The president is a strong regulatory environment for

:21:22. > :21:24.long-term infrastructure investors, the regulatory environment is key to

:21:25. > :21:27.give us security for our investment. There are already strong laws on the

:21:28. > :21:33.books. Are you going to get it though? We have got it. We have seen

:21:34. > :21:39.what happened to MTN, whether you agree or disagree, you had one of

:21:40. > :21:43.the most powerful companies in guy gearia being fined for violating

:21:44. > :21:46.regulation. He demonstrated it doesn't matter who you are or how

:21:47. > :21:50.powerful you are, you have got to stick to the rules. All right, Dr

:21:51. > :21:54.Amy Jadesimi, thank you. It has been great to have you on the programme.

:21:55. > :21:58.It is exciting to hear what you're up to.

:21:59. > :22:00.Last week Monarch Airlines became the latest UK carrier to extend

:22:01. > :22:03.the cancellation of all flights to and from the Egyptian resort of

:22:04. > :22:12.This in response to advice from the UK Government.

:22:13. > :22:15.The company says it now expects pre-tax profits for

:22:16. > :22:19.Earlier, I spoke to the boss of the airline about the impact

:22:20. > :22:23.on his business of security concerns like those in Egypt.

:22:24. > :22:31.The aviation business has grown accustomed unfortunately to deal

:22:32. > :22:35.with security issues after 9/11, the London bombings etcetera. We have

:22:36. > :22:40.shown that we can make flying safe. That we can adapt and I think that

:22:41. > :22:45.people will, you know, rally together through the whole airline

:22:46. > :22:52.industry, airports, security, Government, but we, you know, we had

:22:53. > :22:56.10% our traffic to Egypt. Clearly it is an impact that's negative. I

:22:57. > :23:02.think what we are seeing with consumers they are resilient. They

:23:03. > :23:07.tend to book later at time like this, thet don't book far in

:23:08. > :23:09.advance, but they are booking. The British Government are vigilant

:23:10. > :23:14.about airport security around the world. They are involved with the

:23:15. > :23:17.Egyptian Interior Ministry. And they are going to get to a point where

:23:18. > :23:22.they are satisfied that it is safe and then it will re-open. People can

:23:23. > :23:27.take confidence in that. So, you know, European governments working

:23:28. > :23:31.closely with in this case Egypt, but it is the same in other airports

:23:32. > :23:36.around the world and you know, we know how to do this. We do know how

:23:37. > :23:42.to do it. If it is done well, people can have confidence in it.

:23:43. > :23:47.That was the Chief Executive of Monarch.

:23:48. > :23:52.James is back and he has calmed down, but it might not be for long,

:23:53. > :23:57.he is going to talk about the oil price now. The Wall Street Journal

:23:58. > :24:02.says nobody is blinking. OPEC on Friday was the key point. Oil

:24:03. > :24:06.continues to fall and continues to now drop below $40 a barrel. It is

:24:07. > :24:11.worrying and what's interesting within the articles is that is the

:24:12. > :24:14.fact that and it is widely thought that the shale industry was the big

:24:15. > :24:18.thing that was going to cause a problem. I think the thoughts of a

:24:19. > :24:22.lot of OPEC members and the world really was that the lower the oil

:24:23. > :24:26.price got, the more shale producers would be priced out of the market

:24:27. > :24:32.and move away, but that's not happening and their output is not

:24:33. > :24:36.being cut either. The shale producers are cutting it slightly,

:24:37. > :24:39.but nowhere near by enough and of course, saying there has to be

:24:40. > :24:45.give-and-take from both sides and it is not happening. Nobody is blinking

:24:46. > :24:49.as the article says and the issue will rumble on until somebody does.

:24:50. > :24:52.Saudi Arabia keeps saying the market will come back itself, but they said

:24:53. > :25:00.that ten months ago and it isn't doing it. You say it is worrying.

:25:01. > :25:04.Worrying for who? We thought the shale businesses would be put out of

:25:05. > :25:07.businesses, but they are pumping more and more? It is worrying for

:25:08. > :25:11.global inflation, the eurozone is worrying about it. It is the problem

:25:12. > :25:14.we have with the ECB is the fact we still have the ultra low inflation.

:25:15. > :25:19.It is not causing as many problems in the US and that's an important

:25:20. > :25:26.point, but still, it's important. Here you go James, this is one to

:25:27. > :25:29.fire the words, X marks the spot that makes online ad sos maddening?

:25:30. > :25:35.Online advertising, of course, is key. Pop-up screens. The pop-up

:25:36. > :25:39.adverts are the one that is we are talking about. And you cannot get

:25:40. > :25:45.rid of them. You cannot get rid of them. They appear on Business Live

:25:46. > :25:50.all the time. All over the BBC website. No, they don't. You have to

:25:51. > :25:54.watch a video, an advert before another video comes. Maddening,

:25:55. > :25:56.maddening, way the world is moving. Thank you very much James for coming

:25:57. > :26:12.in. We will see you soon. Hello. Thank you for joining me.

:26:13. > :26:15.Thankfully we are moving into a somewhat quieter spell of weather

:26:16. > :26:19.across the British Isles. What cloud you see is producing some rain in

:26:20. > :26:21.some areas, but nowhere near the intensity that we have seen in some

:26:22. > :26:22.areas over