:00:07. > :00:13.Hello, this is business live from the BBC.
:00:14. > :00:16.Calm returns to global financial markets but for how long and at what
:00:17. > :00:18.cost? Live from London, it is the top
:00:19. > :00:38.story on Tuesday the 5th of January. The Chinese authorities pour nearly
:00:39. > :00:42.$20 billion into money market to bring stability after Monday's
:00:43. > :00:46.dramatic plunge. The stock market today was closed slightly lower, we
:00:47. > :00:51.will have the expert view. Also, Volkswagen faces billions of dollars
:00:52. > :00:54.fines as America's Justice Department sues the car-maker for
:00:55. > :00:57.cheating emissions. The big question, how big will the legal
:00:58. > :00:59.bilby? And question, how big will the legal
:01:00. > :01:04.bilby? And here is how the European numbers are looking at the opening
:01:05. > :01:16.after yesterday's big sale. We will assess what today could bring.
:01:17. > :01:18.And how social media has changed the firms advertise as brands battle for
:01:19. > :01:23.consumers' attention and agencies at that, but we will get the inside
:01:24. > :01:29.track from Lindsay Paterson, part of the WPP empire. And the headlines
:01:30. > :01:33.read happy new fear? Do you think financial markets are going the
:01:34. > :01:43.wrong direction in 2016? Use the hashtag.
:01:44. > :01:49.A very warm welcome to the programme. Stock markets in China
:01:50. > :01:54.have recovered after opening more than 3% down earlier today. Shanghai
:01:55. > :02:00.shares closed just a quarter of 8% lower. Traders described the initial
:02:01. > :02:06.loss as panic following suspension of trading on Monday, when shares
:02:07. > :02:09.plunged by 7% triggering an automatic shutdown. It was sparked
:02:10. > :02:12.by weak manufacturing data and the introduction of a new circuit
:02:13. > :02:18.breaker system that encouraged traders to make sales early in the
:02:19. > :02:22.day. The plunge in China initiated a big global sell-off. Markets across
:02:23. > :02:27.Asia, Europe and the US all suffered losses. So this is how the numbers
:02:28. > :02:32.are currently looking, this is the picture in Asia overnight, when
:02:33. > :02:35.China stepped in to support the stock market with state-controlled
:02:36. > :02:38.funds buying up stocks and regulators signalling that the
:02:39. > :02:41.selling ban on major investors will remain in place beyond the rest of
:02:42. > :02:46.the week, that was due to expire this week. But whilst that has eased
:02:47. > :02:52.the falls in the latest trading sessions, it gives the market more
:02:53. > :02:56.autonomy and lets it move naturally. So this is what Europe is currently
:02:57. > :03:02.doing at the start of the day. The FTSE 100 in London ended yesterday
:03:03. > :03:07.down, it is clawing back some of those losses just shy of 1%. A
:03:08. > :03:11.similar picture in Germany, where the losses were much greater, ending
:03:12. > :03:14.down nearly 4%. The big question, what will today bring?
:03:15. > :03:17.Thank you, well... Nandini Ramakrishnan,
:03:18. > :03:19.Global Market Strategist at JP Morgan Asset Management
:03:20. > :03:28.joins me now. Happy New Year. Or happy new fear is
:03:29. > :03:35.some newspapers are saying, your thoughts? It is definitely very
:03:36. > :03:38.dramatic, certainly not what we expected, but once again a signal
:03:39. > :03:44.that there will be volatility in 2016 as new markets like China's
:03:45. > :03:47.stock market adjust to being a more open, free market and understanding
:03:48. > :03:54.how truly buy and sell mechanisms like this will work. As you say,
:03:55. > :03:56.same time intervening quite heavily same time intervening quite heavily
:03:57. > :04:01.by the sounds of things and trying to manage it as well, which for
:04:02. > :04:06.foreign investors is a difficult thing to try and predict, isn't it?
:04:07. > :04:09.Exactly, said the action of buying in the Open market, as we saw in the
:04:10. > :04:12.latest session, is something they are doing to try and stave off the
:04:13. > :04:18.losses but ironically, this circuit breaker that triggered yesterday's
:04:19. > :04:23.trading was the first time it has ever been in place, so a new market
:04:24. > :04:26.action to try and let the market decide where to stop didn't work as
:04:27. > :04:31.planned, so I think they are figuring out how exactly to let the
:04:32. > :04:35.markets be more free. And on that issue, the last time they stepped in
:04:36. > :04:39.with those big falls we saw recently at the end of last year, there was a
:04:40. > :04:42.lot of concern about how much intervention the Chinese authorities
:04:43. > :04:45.would have in the markets and they said they would let the markets do
:04:46. > :04:49.what they do best and let investors rule. It has not been the case this
:04:50. > :04:53.time, should we believe it will be any different next time? I then
:04:54. > :04:58.think we can say they will be completely hands-off, this has
:04:59. > :05:01.taught us that they will step in if losses were as bad as they were on
:05:02. > :05:05.the 4th of January's trading session, so I think we need to give
:05:06. > :05:09.them time, take each volatile trading day on its own and see what
:05:10. > :05:12.happens. Maybe they will reduce the amount of liquidity injected into
:05:13. > :05:17.the market in the next bad session, but each time at a time. And
:05:18. > :05:24.briefly, what are you saying at JP Morgan to your clients this year?
:05:25. > :05:29.2016 will be a volatile year, you have two remain invested, stay
:05:30. > :05:31.diversifying and be active in selecting specifics, not just the
:05:32. > :05:36.full index and seeing losses like you saw on the 4th of January. Thank
:05:37. > :05:39.you, we will see you again this year, I am sure, so fasten your seat
:05:40. > :05:40.belts. Yes, we shall, in the meantime,
:05:41. > :05:42.other news. The US Justice Department is suing
:05:43. > :05:44.Volkswagen over the emissions scandal that saw the German car
:05:45. > :05:47.giant fit software in millions In September last year,
:05:48. > :05:51.VW admitted installing the so-called defeat device on 11 million vehicles
:05:52. > :05:56.around the world and has now put aside billions of euros to deal
:05:57. > :05:58.with the repercussions. Chinese airlines are stepping
:05:59. > :06:01.up their plans to go global. Nearly a dozen carriers are expected
:06:02. > :06:05.to launch international services in 2016, to cope with the huge
:06:06. > :06:08.numbers of mainland These include Air China
:06:09. > :06:13.which will launch services to Manchester in the UK,
:06:14. > :06:17.Hainan Airlines that wants to start more flights to Canada
:06:18. > :06:34.and Sichuan Airlines Copper price has slumped after that
:06:35. > :06:38.week Chinese manufacturing data, it fell in December. It raised concerns
:06:39. > :06:42.about the demand from the world's largest consumer of metal, a key
:06:43. > :06:45.component in the manufacturing of everything from mobile phones to
:06:46. > :06:49.houses and is seen as a good gauge of economic health.
:06:50. > :06:53.Looking at business live online as ever, lots of stories and
:06:54. > :06:57.information and news to keep you right up to date. This is one that
:06:58. > :07:02.is quite eye-catching, which is about gun sales in the United
:07:03. > :07:02.States, a very controversial issue at
:07:03. > :07:05.States, a very controversial issue at the moment, very much in the news
:07:06. > :07:10.is that President Obama tries his best before his term ends to try and
:07:11. > :07:15.get changes in the law regarding gun ownership, but this particular
:07:16. > :07:22.story, Smith and Wesson expects to shift more guns in the three months
:07:23. > :07:27.to the end of January, sales ranging from $175 million up to 180 million.
:07:28. > :07:31.They are selling merchandise like he would not believe. Jon Sopel, our
:07:32. > :07:36.correspondent in North America, you will have seen his piece on the BBC
:07:37. > :07:38.about how easy it is to buy a gun in the US.
:07:39. > :07:41.One of the industries that gets the world talking and one of the firms
:07:42. > :07:44.that does very well out of it despite the controversy surrounding
:07:45. > :07:47.it. This is another interesting one, a
:07:48. > :07:53.storm in a teacake. These are the teacake may have seen, Tunnocks, at
:07:54. > :08:00.the Commonwealth games in Glasgow. A bit of a row has emerged about the
:08:01. > :08:05.company's latest advertising campaign, which says they are a
:08:06. > :08:10.great British teacake, can the managing director make that claim?
:08:11. > :08:13.He is the energy director and the grandson of the company founder. We
:08:14. > :08:17.have a boss from the advertising industry later, perhaps a question
:08:18. > :08:21.for her. In the meantime, the continued
:08:22. > :08:24.nervousness on global stock markets, the sell-off in China, it has meant
:08:25. > :08:31.pressure on Hong Kong's stock market. Giuliana is in Hong Kong,
:08:32. > :08:33.can you explain this relationship between mainland China and the
:08:34. > :08:40.markets there and what is happening in Hong Kong. That is right, Hong
:08:41. > :08:44.Kong is a Chinese city but politically and financially, it is
:08:45. > :08:49.completely separate and by law, mainland officials have no due
:08:50. > :08:57.restriction here and that extends to interventions in the market, so the
:08:58. > :08:59.regulators, if they intervene in Shanghai or Shang Jing or in the
:09:00. > :09:05.money markets, let's say intervention cannot be carried out
:09:06. > :09:09.in Hong Kong, so that is why sometimes you will see rather
:09:10. > :09:14.curious occurrences with some companies that are listed both in
:09:15. > :09:19.mainland China and Hong Kong having very different share prices on the
:09:20. > :09:25.same day. We have seen that to some extent over the last few days. Here
:09:26. > :09:31.in Hong Kong, it is a very free market, so investors are able to
:09:32. > :09:34.respond as they see fit and sometimes, of course, they will be
:09:35. > :09:39.affected by the intervention that they will see in mainland China but
:09:40. > :09:42.they certainly wouldn't be bound by those interventions. Juliana, thank
:09:43. > :09:48.you very much, in Hong Kong. Richard Fletcher is business editor
:09:49. > :09:52.at the times. As we have said quite a few times, quite a start to the
:09:53. > :10:01.year and a slot in the media love to make the most of it, but give us
:10:02. > :10:05.your take on our part in the story of getting financial information out
:10:06. > :10:10.there and getting the story right? It is important when dramatic moves
:10:11. > :10:14.are taking place. Yes, you rarely read stories about billions wiped
:10:15. > :10:20.onto shares, it is normally wiping off, so you have to be careful as an
:10:21. > :10:24.editor to describe a 2% fall is a crash because it is not a crash and
:10:25. > :10:29.also, what do you do when it does fall 10% or 15% if you have
:10:30. > :10:37.described 2% is a crash, you are out of hyperbole. So others who have
:10:38. > :10:41.done this for a few years, markets do tend to smack you slightly, as we
:10:42. > :10:45.have seen today and they bounce back, it is or was difficult, so you
:10:46. > :10:49.have to get the balance right and readers definitely pick us up, I
:10:50. > :10:53.have had a few people on Twitter this morning who argue that we have
:10:54. > :10:58.over emphasised the bad news rather than the good news, and we do like
:10:59. > :11:04.the good news occasionally, which is important to remember. I think more
:11:05. > :11:07.than occasionally, that is the impression we are getting. You have
:11:08. > :11:11.to keep some sort of perspective. Yesterday was an important day, what
:11:12. > :11:15.happened in China yesterday was important, which is why we put it on
:11:16. > :11:19.the front page, but you have to keep some perspective and you can't over
:11:20. > :11:25.egg these things. Richard, just a word on VW, that is a story that has
:11:26. > :11:28.everybody talking as well. Yesterday, the US Justice
:11:29. > :11:32.Department, suing Volkswagen for fitting these cheat emission
:11:33. > :11:36.devices, but they have stopped short of naming individuals or criminal
:11:37. > :11:41.charges, this is based on VW and the effect it has had in the US. This is
:11:42. > :11:43.the civil case, we could still see criminal charges, the Justice
:11:44. > :11:47.Department could still bring criminal charges and they stressed
:11:48. > :11:52.that yesterday but the civil case will now move to Northern
:11:53. > :11:55.California. What I suspect we will see on the civil charges, we will
:11:56. > :11:59.now have a period of probably no news as they negotiate, because most
:12:00. > :12:05.people expect them to negotiate. If you look at the cost per vehicle,
:12:06. > :12:09.you could be looking at fines of up to 90 billion for Volkswagen, which
:12:10. > :12:13.is a huge number. What we will probably see now is a bit of radio
:12:14. > :12:16.silence as they negotiate some sort of agreement for the civil damages
:12:17. > :12:22.which come under the clean air laws in the US, but we could still see
:12:23. > :12:27.criminal charges and obviously we could still see elsewhere in the
:12:28. > :12:31.world, both civil and individuals taking action. So watch this space.
:12:32. > :12:34.We will see you later, thank you very much for now, Richard will come
:12:35. > :12:37.back and talk about more stories in the press today.
:12:38. > :12:39.Still to come, vying for your attention.
:12:40. > :12:41.How has social media changed the way firms advertise?
:12:42. > :12:44.We'll meet the boss of global media agency Maxus for the inside track
:12:45. > :12:46.on how businesses are battling for our business.
:12:47. > :12:53.You're with Business Live from BBC News.
:12:54. > :12:56.In the UK, high street chain Next has blamed unseasonably warm weather
:12:57. > :12:58.for what it calls a "disappointing" performance
:12:59. > :13:04.There was a fall in store sales and a sharp slowdown
:13:05. > :13:12.Simon Jack has the details in our business newsroom.
:13:13. > :13:17.Next, the first big retailer to update us on how it fared in the
:13:18. > :13:21.crucial Christmas period. Yes, disappointing was the word they use
:13:22. > :13:30.about their own performance, as you said, sales on the high street down
:13:31. > :13:34.0.5%, sales online by 2%, not the growth we have seen in recent years.
:13:35. > :13:38.Retailers always complain about the weather but to be there to Next,
:13:39. > :13:41.seasonality does play a part and they went to the pains of producing
:13:42. > :13:46.this chart in their statement which shows that as the weather goes down,
:13:47. > :13:50.sales go up and we have had this unseasonably warm weather, November
:13:51. > :13:53.to December where temperatures were up, so sales are down. Profits
:13:54. > :13:59.already coming in at the lower end of estimates has seen shares fall 5%
:14:00. > :14:04.this morning. We have Marks Spencer is to come in the next few
:14:05. > :14:09.days to find out how the retailers' Christmas panned out. Apparently it
:14:10. > :14:13.is fat cat Tuesday, please explain. This is a rather depressing piece of
:14:14. > :14:17.information. By the end of today, the average FTSE-100 CEO will have
:14:18. > :14:21.earned more than the average worker will have for the rest of the year,
:14:22. > :14:25.two days into the year. I put it on my Twitter feed and I don't think I
:14:26. > :14:29.have ever had a bigger response. So a little moment for that information
:14:30. > :14:34.to settle, the average CEO will earn more by the end of today than most
:14:35. > :14:36.people will the rest of the year. What a lovely thought, thank you, I
:14:37. > :14:40.am sure we will get reaction for that.
:14:41. > :14:43.What a depressing start to Tuesday if you are back at work after the
:14:44. > :14:46.Christmas holidays. I am sure Mark Carney is back at
:14:47. > :14:51.work. And he is talking consumer borrowing
:14:52. > :14:55.levels rising to precrisis levels, so the question is what you did over
:14:56. > :14:59.the holidays, did you splurge on the credit card, did you spend too much
:15:00. > :15:03.and do you have that financial hangover?
:15:04. > :15:07.Would you like to confess on air? Good, bad or ugly? I never use it
:15:08. > :15:10.unless I can pay it off at the end of the month. We have to practice
:15:11. > :15:14.what we preach, we talk about it all the time.
:15:15. > :15:19.We will be hearing from Next and Marks Spencer's. We will keep you
:15:20. > :15:22.across the news as it comes in. Always a crucial period over
:15:23. > :15:24.Christmas, we will find out the winners and the losers. We will have
:15:25. > :15:28.the details right here. Our top story, the calm
:15:29. > :15:33.after the storm, a massive stimulus injection by the Chinese government
:15:34. > :15:41.helps to stabilise Asian markets. Everywhere you look, it seems you're
:15:42. > :15:44.bombarded with advertising. Firms all vying for our attention
:15:45. > :15:47.to make us spend our As this year gets underway,
:15:48. > :15:55.2016 is set to be a bumper year The biggest drivers of spending
:15:56. > :16:18.on marketing and advertising But the boom in social media,
:16:19. > :16:23.apps and smartphones are all offering consumers new ways
:16:24. > :16:26.to communicate and shop and often And so as consumers evolve so too
:16:27. > :16:30.must the advertising industry. GroupM expects digital advertising
:16:31. > :16:33.to make up 31% of global ad budgets this year as the industry moves
:16:34. > :16:36.online, away from traditional media. Our next guest, Lindsay Pattison,
:16:37. > :16:38.took over as chief executive of global media agency,
:16:39. > :16:40.Maxus in October 2014. And she's overseen the group's
:16:41. > :16:55.billings grow by $500 million. You told me an important fact which
:16:56. > :17:00.I can't remember. Tell us about, you are the only female CEO of a global
:17:01. > :17:03.ad agency? Yes, depressingly. It is quite depressing. Ben, you wanted to
:17:04. > :17:07.start off with the actual nuts and bolts of it. We talked about the
:17:08. > :17:11.advertising industry as a whole and it is easy to talk about an industry
:17:12. > :17:14.that's been changed by technology and social media, but advertising is
:17:15. > :17:18.one of the biggest beneficiaries if you get it right, but at the
:17:19. > :17:21.detriment of the industry if you get it wrong and we talk a lot about
:17:22. > :17:24.Facebook and Twitter trying to make money from advertising. How does
:17:25. > :17:29.that, what change have you seen in the way that you do your business as
:17:30. > :17:35.a result of technology? Well, we saw some stats earlier with 31% of
:17:36. > :17:38.global ad budgets moving into digital. In the UK we are ahead of
:17:39. > :17:41.the market. I expect 50% of the budgets in the UK to be spent in
:17:42. > :17:45.digital advertising and the reason for that is because, of course,
:17:46. > :17:48.consumers are obsessed with their smartphones. You talked about
:17:49. > :17:54.smartphone devices, we expect the major way that you will access a
:17:55. > :18:00.brand and entertainment and content is by a mobile device. A
:18:01. > :18:03.mobile-ready for a mobile first campaign is critical for all
:18:04. > :18:09.clients. Did the industry see this coming? You look at something and it
:18:10. > :18:13.has a tiny screen compared to cinema advertising that we might have been
:18:14. > :18:20.used to. Did the industry see it coming that you have to win over a
:18:21. > :18:23.consumer on a screen that big? I worked at Sony Ericsson, mobile
:18:24. > :18:32.phones, we talked to them that the fact that you would take your device
:18:33. > :18:36.and that was in the days of WAP, now, I think, marketers are having
:18:37. > :18:40.to realise that, optimise your campaign and think about what you
:18:41. > :18:43.can do on a mobile deviews, I mean that's an amazing device. You can
:18:44. > :18:50.turn it rournd. He can engage with it, you can like, you can control,
:18:51. > :18:56.you can interact and use the gyroscope whereas in the past, you
:18:57. > :19:01.lent back, you watched your TV screen and you saw a billboard, now
:19:02. > :19:07.marketers are having to lean in and see how you can get someone to use a
:19:08. > :19:09.mobile device to make your advertising work harder. Does it
:19:10. > :19:13.mean that advertising that's effective to the masses has become
:19:14. > :19:17.much more accessible to companies? You haven't got to spend millions of
:19:18. > :19:21.pounds or dollars on a TV advertising campaign. Yeah, exactly.
:19:22. > :19:25.The entry points for advertising are minimal, you can start a social
:19:26. > :19:29.media campaign and you can create your own Facebook page and start a
:19:30. > :19:32.Twitter account and build up your social media followers and we talk
:19:33. > :19:36.about paid, owned and earned media. In the past it was about the paid.
:19:37. > :19:42.Hundreds of thousands of advertising dollars, it is a ?20 billion
:19:43. > :19:45.industry in the UK is spent on advertising, but starting with your
:19:46. > :19:50.own assets in social media is a great entry point for any
:19:51. > :19:55.entrepreneur. So you run this company? Yes. Which is under the
:19:56. > :19:58.umbrella of WPP, you have been in advertising since the start of your
:19:59. > :20:02.career and you have seen a huge change since that time and you said,
:20:03. > :20:08.it is depressing that you are the only female boss of a global ad
:20:09. > :20:12.company. Why is that? Is it particularly tough in your industry
:20:13. > :20:16.or is that across-the-board? I think advertising in the UK is in really
:20:17. > :20:21.good health and we have a lot of female Chief Executives in the media
:20:22. > :20:25.space and the media is a tough male environment, it is like the
:20:26. > :20:30.stockbroking environment, but globally we have legacy structures
:20:31. > :20:37.in place. People hire in the same image and women need to smash
:20:38. > :20:42.through the glass ceiling, we need to make sure we sit on a panel and
:20:43. > :20:47.come on a TV show. You are on the TV, great, I can be maybe like you.
:20:48. > :20:51.In the UK, one of the reasons they are in good health, there are
:20:52. > :20:58.specific organisations that you are a part of to help women get forward?
:20:59. > :21:03.We have a club which Morrissey set-up, we have an organisation in
:21:04. > :21:06.London, it is 92 years old designed to help women at the highest levels
:21:07. > :21:10.in our industry. We need more of those. We are talking about the
:21:11. > :21:13.global economy. We talk about the advertising industry being a
:21:14. > :21:18.bellwether for what the global economy is doing. Quickly your take
:21:19. > :21:23.on what this year is good, bad, indifferent? Good. Here in the UK we
:21:24. > :21:27.think 5% to 7%. China, we just talked about earlier in the show,
:21:28. > :21:34.slowing, but we see 8% growth, but the star market is India with 15%
:21:35. > :21:36.growth in ad spend and ad spend generally outstrips GDP. Music to
:21:37. > :21:40.the ears! Now how's this for a
:21:41. > :21:42.glimpse of the future? Well, tech giant LG has been working
:21:43. > :21:47.on a fully flexible screen and at this year's Consumer
:21:48. > :21:49.Electronics Show in Las Vegas it's The BBC's Dave Lee has been given
:21:50. > :22:02.exclusive hands-on access. This is from LG Display,
:22:03. > :22:09.the first fully flexible LED screen. You can roll it, and the picture
:22:10. > :22:13.stays in high-definition Rather than having a TV taking up
:22:14. > :22:25.space, when you have watched TV, you can roll it up,
:22:26. > :22:27.put it in the cupboard, You can only roll it
:22:28. > :22:34.in one direction. If you are too rough,
:22:35. > :22:36.some of the individual It means there are pieces
:22:37. > :22:43.missing from the picture. Why would someone need
:22:44. > :22:50.a flexible screen like this? Today you're watching
:22:51. > :22:53.an 18-inch prototype, but imagine you have a larger size,
:22:54. > :22:58.larger than 85-inch, but imagine you have a larger size,
:22:59. > :23:01.larger than 55-inch, and you can roll up your TV
:23:02. > :23:04.when you do not need it. You can still look at your
:23:05. > :23:06.beautiful wallpapers. This is just a concept
:23:07. > :23:14.at the moment. It is certainly an interesting side
:23:15. > :23:35.of what might be the future of TV. Richard is here with us. Car makers,
:23:36. > :23:42.normally it is the music players, I'm showing my age there! The car
:23:43. > :23:48.makers. This time it is the car makers. A few years ago, you
:23:49. > :23:52.wouldn't have seen car makers at CES, cars are probably one of the
:23:53. > :23:57.biggest stories to come out, that will come out this year. And that's
:23:58. > :24:02.because there is a great battle between the technology companies and
:24:03. > :24:07.car makers. Car makers fear in a decade's time actually, they won't
:24:08. > :24:09.be building cars, Google will be and therefore, they're trying to hedge
:24:10. > :24:13.their bets and they're trying to make sure that they are part of the
:24:14. > :24:22.industry going forward and therefore, they are at CES and it is
:24:23. > :24:28.about everything from making sure your connected devices run in the
:24:29. > :24:32.car. Stories today in the press by Toyota and Ford and other car makers
:24:33. > :24:37.keeping together with their tech trying to keep out Apple and
:24:38. > :24:40.Samsung. Absolutely. They want their technology to remain in house within
:24:41. > :24:47.their industry. Let's talk about the oil price. A story that's been on
:24:48. > :24:53.going because of the tensions between Saudi Arabia and Iran. This
:24:54. > :24:58.in The Telegraph, "Saudi showdown with Iran nears danger point for the
:24:59. > :25:03.world oil markets." They have looked at rise in tensions in Saudi. It is
:25:04. > :25:09.a good point. A few years ago, if we had seen the pictures, you know, of
:25:10. > :25:13.the Saudi embassy on fire in Tehran, you know, we would have seen a
:25:14. > :25:17.massive spike in the oil price and because we have got a glut, the
:25:18. > :25:24.market shrugged it off as just noise. They didn't really take much
:25:25. > :25:29.notice. I mean oil did rise sharply at the start of trading, but by the
:25:30. > :25:35.end of the day, it was up a fraction of 1%, it was hardly up at all. This
:25:36. > :25:39.could be, this increase in tension could actually disrupt the supply of
:25:40. > :25:43.oil and there is a glut as we all know, but nevertheless, you know,
:25:44. > :25:45.this is increasing tension in the Middle East.
:25:46. > :25:49.Richard, it has been great to have you on the programme. Thank you for
:25:50. > :25:53.coming in and sharing your insights on the big stories of the day.
:25:54. > :26:12.Hello again. Good morning. It is another wet day
:26:13. > :26:14.with rain or showers in