Browse content similar to 22/01/2016. Check below for episodes and series from the same categories and more!
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continues to dominate those talks at Davos. Live from London, that is our | :00:00. | :00:00. | |
top story on Friday 22nd January. A Relief Rally for global markets - | :00:00. | :00:18. | |
but for how long? It comes after days | :00:19. | :00:20. | |
of heavy sell-offs. The head of the IMF, | :00:21. | :00:23. | |
Christine Lagarde, And we'll bring you all the latest | :00:24. | :00:32. | |
from those financial markets where the prospect of cheap money | :00:33. | :00:38. | |
has re-awakened investors' animal And we'll be getting | :00:39. | :00:40. | |
the inside track on the encryption wars - it's all about the ongoing | :00:41. | :00:49. | |
battle between technology firms and governments over | :00:50. | :00:52. | |
the use of cryptography. We'll be talking to | :00:53. | :00:54. | |
the co-founder of Wikipedia, Let us know, how important is online | :00:55. | :01:07. | |
encryption? If you have a question you want to put to Mr Wales, just | :01:08. | :01:14. | |
use the hashtag. Markets have been trading higher, | :01:15. | :01:16. | |
giving some relief after the heavy Global turmoil has been | :01:17. | :01:22. | |
dominating talks in Davos with the slowdown in China, | :01:23. | :01:26. | |
the commodities slump and the strong dollar all issues weighing | :01:27. | :01:28. | |
on leader's minds. The BBC's been hearing a range | :01:29. | :01:32. | |
of views at the summit, Let's start with the words | :01:33. | :01:35. | |
of the economist, Kenneth Rogoff And this was the boss | :01:36. | :01:42. | |
of BP talking about oil - While Dr Min Zhufrom the IMF | :01:43. | :01:53. | |
is a bit more optimistic about the current climate - | :01:54. | :02:09. | |
he says: Our Economics editor Kamal Ahmed | :02:10. | :02:15. | |
joins us from Davos. He's been there for the past few | :02:16. | :02:27. | |
days. Great to see you. We know you've done a lot of the big over | :02:28. | :02:31. | |
we've been doing a lot of interviewing power brokers as well. | :02:32. | :02:36. | |
Can I take from this, from my own experiences, it seems like nobody | :02:37. | :02:39. | |
really knows what's going on, there. You've got half the camp saying it's | :02:40. | :02:44. | |
going to be, hang onto your hats, it's going to be held this year, | :02:45. | :02:53. | |
others who are more optimistic, huh? It is confusing when there are two | :02:54. | :02:58. | |
things going on, there is a market issue about volatility and | :02:59. | :03:00. | |
fundamentals issue which is slightly more positive, and all the business | :03:01. | :03:03. | |
leaders and politicians have spoken to are saying that is the issue we | :03:04. | :03:09. | |
are grappling with. On the market side, the reason for this volatility | :03:10. | :03:12. | |
is really the fallout from the 2008 financial crisis. Central banks | :03:13. | :03:16. | |
around the world pumped out billions, trillions of pounds of | :03:17. | :03:22. | |
money to save the financial system, the global economy. That meant asset | :03:23. | :03:27. | |
prices and equities went up, because all that money went somewhere. And | :03:28. | :03:31. | |
so market participants are rather nervous about what is the real value | :03:32. | :03:36. | |
of stocks and shares. That's why you get these huge bounces on a little | :03:37. | :03:39. | |
bit of bad news, little bit of good news. The markets over react. We | :03:40. | :03:44. | |
were a bit overconfident at the start of last year, probably a bit | :03:45. | :03:49. | |
over gloomy this year. On the fundamentals, yes, China slowdown, | :03:50. | :03:53. | |
yes, the oil price has gone down, but China is still growing, the UK | :03:54. | :03:58. | |
is still growing, America is still growing, the Eurozone is showing | :03:59. | :04:01. | |
some health, so there are still some green shoots of recovery. I spoke to | :04:02. | :04:06. | |
the US Treasury Secretary and actually asked him whether or not we | :04:07. | :04:10. | |
were heading towards a more serious global crisis. I am cautiously | :04:11. | :04:18. | |
optimistic watching many areas where there are downside risks. I think | :04:19. | :04:22. | |
it's important not to let down side risks become self-fulfilling | :04:23. | :04:27. | |
prophecies. I think the state of our financial system is not the same | :04:28. | :04:30. | |
today as it was before the financial crisis. We in the US and your | :04:31. | :04:34. | |
government in the UK, Europe and around the world, there is a | :04:35. | :04:39. | |
different degree of capital, there are different levels of tools in | :04:40. | :04:41. | |
terms of transparency and the ability to not have their beer | :04:42. | :04:45. | |
contagion that spreads through our financial system. -- have there be a | :04:46. | :04:57. | |
contagion. There we are. I've got to ask you this, it has raised its head | :04:58. | :05:01. | |
this week, those who are positives on the fundamentals, have they been | :05:02. | :05:05. | |
looking at the Baltic dry index? I don't want to put viewers off at | :05:06. | :05:10. | |
home, but that isn't indexed that tracks the shipping rates, the ships | :05:11. | :05:13. | |
that carry all the stuff around the world. When that index crashes, | :05:14. | :05:18. | |
typically the economy crashes afterwards, it happened in 87, it | :05:19. | :05:22. | |
happened in 2000, and it happened in 2008. This week that index hit the | :05:23. | :05:28. | |
lowest it has ever hit before. Now you are right, it is a very | :05:29. | :05:35. | |
important marker of world trade in manufactured goods, let's not | :05:36. | :05:40. | |
forget. But what is different from the 1980s and the 1990s is of course | :05:41. | :05:45. | |
a lot of global trade is now technological trade and is actually | :05:46. | :05:51. | |
high-value pharmaceutical trade. And that is either done over digital | :05:52. | :05:56. | |
platforms or is done via aircraft. And so actually the Baltic dry | :05:57. | :06:00. | |
index, although very important, is possibly less of a Mark Roe than it | :06:01. | :06:04. | |
used to be 20 or 30 years ago. -- less of a marker. It relies on | :06:05. | :06:13. | |
technology, high-value engineering, and that goes much more by air | :06:14. | :06:18. | |
flight. I agree that it does show there are big headwinds in the | :06:19. | :06:22. | |
global economy but still people here are saying, when they look at their | :06:23. | :06:25. | |
own business, what they want to invest in and where they are going, | :06:26. | :06:30. | |
they feel slightly more confident. Great stuff, really appreciate it. | :06:31. | :06:34. | |
Are you going skiing on the weekend? Sadly not, I'm going to be working | :06:35. | :06:40. | |
hard for the BBC. OK, OK, thanks. Do you believe him? Know, all the | :06:41. | :06:44. | |
others are going skiing! Anyway, let's talk about some other news | :06:45. | :06:51. | |
that's going on at the moment. The head of the International | :06:52. | :06:54. | |
Monetary Fund, Christine Lagarde, has told French media | :06:55. | :06:56. | |
that she will run for a second term. The UK, France and Germany have | :06:57. | :06:59. | |
already called for Ms Lagarde to be re-appointed; however, | :07:00. | :07:02. | |
she is due to face trial over payments to a French | :07:03. | :07:04. | |
businessman made in 2008. Under her leadership, | :07:05. | :07:07. | |
the IMF has made several significant reforms, including adding China | :07:08. | :07:09. | |
to it's list of global reserve Brazil's currency closed at a record | :07:10. | :07:11. | |
low against the US dollar on Thursday, after the central bank | :07:12. | :07:22. | |
surprised markets by not The country is in its worst | :07:23. | :07:25. | |
recession since the 1930s: it's been hit hard by the slump in commodity | :07:26. | :07:34. | |
prices, a sprawling corruption scandal and attempts to impeach | :07:35. | :07:36. | |
President Dilma Rousseff. The boss of JP Morgan Chase, | :07:37. | :07:45. | |
Jamie Dimon - saw his total pay package rise 35% last year - | :07:46. | :07:52. | |
to a total of $27 million. His basic salary was unchanged - | :07:53. | :07:55. | |
the rest is tied to performance Despite the increase, | :07:56. | :07:58. | |
his compensation package is less than those enjoyed by bosses | :07:59. | :08:01. | |
at rival banks Goldman Sachs Hey, listen, we were talking about | :08:02. | :08:19. | |
the whole mixed picture, here is why we are all confused, right, about | :08:20. | :08:24. | |
it, all the stuff coming out of Davos. We've got this. We've got Mr | :08:25. | :08:33. | |
Soros, right, many would say a genius investor. We are all doomed, | :08:34. | :08:37. | |
this is what he is saying. Doesn't his face tell it all, really? He's | :08:38. | :08:43. | |
seen it all and he is not happy. He says the EU was falling apart, he | :08:44. | :08:48. | |
says you've got panic in the European asylum policy, with too | :08:49. | :08:51. | |
many refugees to assimilate and integrate, everybody is out for | :08:52. | :08:55. | |
himself, he says. He talks about Russia. He says it's in a very weak | :08:56. | :08:59. | |
position, lots of people are forecasting that Russia will go back | :09:00. | :09:04. | |
into recession for a second time. He's saying it faces impending | :09:05. | :09:08. | |
collapse. China again, he uses the words hard landing. And he | :09:09. | :09:14. | |
criticises the US had come he says they are about one year too late in | :09:15. | :09:19. | |
doing the interest rates. But perhaps it happened too soon. Who | :09:20. | :09:25. | |
knows? We are all confused. Charlotte is in Singapore and | :09:26. | :09:31. | |
tracking the Asian markets. Better way to end the week than we started, | :09:32. | :09:36. | |
right? Most certainly. This rally across Asia was led by Japan which | :09:37. | :09:43. | |
bounced nearly 6%. Partly due to the higher price of oil and yen, but | :09:44. | :09:47. | |
also comments from the World Bank that it will consider more monetary | :09:48. | :09:52. | |
stimulus. The market was buoyed by a report that the central bank in | :09:53. | :09:56. | |
Japan is possibly planning to ramp up its massive stimulus programme. | :09:57. | :10:01. | |
Investors don't have this new round of spending in Japan confirmed but | :10:02. | :10:04. | |
they are hopeful it might be announced as soon as next week. | :10:05. | :10:08. | |
So we have seen the Nikkei with its best performance in recent months. | :10:09. | :10:21. | |
So yes, investors in this part of the world are breathing a sigh of | :10:22. | :10:24. | |
relief at this positive end to a volatile week. The elixir of life on | :10:25. | :10:27. | |
the markets, cheap money. For most of 2016 we've been talking | :10:28. | :10:29. | |
about falling markets. According to me, what I think is | :10:30. | :10:43. | |
going on. Investors who rode out the financial | :10:44. | :10:55. | |
crisis have become conditioned to rally at any sign of additional | :10:56. | :10:57. | |
central bank stimulus - and the prospect of the European | :10:58. | :11:00. | |
Central Bank making another move in March has triggered | :11:01. | :11:02. | |
that muscle memory. So we're seeing risk assets | :11:03. | :11:04. | |
and local sovereign debt becoming European stocks love | :11:05. | :11:07. | |
a weakening currency. So when the euro weakened | :11:08. | :11:09. | |
against the dollar off the back of those comments from | :11:10. | :11:12. | |
Mario Draghi on Thursday, we saw the value of export sensitive | :11:13. | :11:14. | |
indices like the DAX The FTSE at the moment | :11:15. | :11:16. | |
is trading about 1.6% higher. And it's the mining stocks and oil | :11:17. | :11:20. | |
services firms leading the way Now, Neda can tell us what's | :11:21. | :11:23. | |
going on in the US today. Another day of earnings, and it is | :11:24. | :11:31. | |
the turn of General Electric to impress investors when it reports | :11:32. | :11:35. | |
fourth-quarter results. The company is undergoing a massive | :11:36. | :11:38. | |
restructuring to slim down its portfolio in order to focus on | :11:39. | :11:41. | |
manufacturing in the digital age. It recently agreed to sell its | :11:42. | :11:47. | |
appliance business for $5.4 billion and plans to hire more coders to | :11:48. | :11:51. | |
transform the way it runs its engines, power turbines and medical | :11:52. | :11:55. | |
equipment. Wall Street will have more US economic data to absorb. The | :11:56. | :11:59. | |
National Association of Realtors will put out its report on existing | :12:00. | :12:03. | |
home sales through December. Compare to a sharp drop of 10.5% in | :12:04. | :12:09. | |
November, sales are expected to have risen by 8.9%. We will get a look at | :12:10. | :12:13. | |
the strength of US manufacturing in January. | :12:14. | :12:14. | |
Paul Kavanagh, CEO, Patronus Partners. | :12:15. | :12:17. | |
Paul, always good to see you, thanks for coming in. So, Mario Draghi | :12:18. | :12:29. | |
speaks, throws out the hint of more stimulus to come, and the markets go | :12:30. | :12:33. | |
up. Isn't the problem with the central banks pumping out that cheap | :12:34. | :12:37. | |
money, but all it does is end up propping up the market, it doesn't | :12:38. | :12:40. | |
prop up the economy as it supposed to be, that was the whole idea. | :12:41. | :12:44. | |
That's the lesson we learned from the first time they had a go at | :12:45. | :12:52. | |
quanta easing in 2008. That reduced interest rates and the return you | :12:53. | :12:55. | |
will achieve on your safest assets, the US Treasuries, and it we priced | :12:56. | :12:59. | |
every other asset out there, whether it be property, stocks or bonds. But | :13:00. | :13:03. | |
that game is over. We've had the full benefit of that. And it has | :13:04. | :13:08. | |
made things palatable for us during a very difficult period. And | :13:09. | :13:14. | |
markets, yes, I responding to Draghi's comments that he may be | :13:15. | :13:18. | |
doing more in March. But have we lost the effectiveness of QE? China | :13:19. | :13:24. | |
becomes the central story for us in the next 18 months, is that showing | :13:25. | :13:32. | |
the effects of QE. I want to ask you about China, because George Soros | :13:33. | :13:38. | |
says a hard landing for China is unavoidable and already happening. | :13:39. | :13:42. | |
Oldman sacks are coming out and disagreeing saying we are just | :13:43. | :13:47. | |
overreacting, what are you hearing? Somewhere in the middle of those | :13:48. | :13:54. | |
too. I think it is a timing issue. Goldman Sachs sees that China can | :13:55. | :14:00. | |
continue to keep the game going, whereas George Soros is positioning | :14:01. | :14:05. | |
his trade to say there is an endgame in China that will be ugly and | :14:06. | :14:08. | |
devastating for financial markets. I think what we are seeing within | :14:09. | :14:12. | |
China is the effectiveness of their policies is starting to wane. See | :14:13. | :14:16. | |
the devaluation of the currency at the moment. We've seen anecdotal | :14:17. | :14:21. | |
evidence. We were talking about the Baltic dry index and commodity | :14:22. | :14:24. | |
prices. All commodities are really going very badly wrong in the past | :14:25. | :14:28. | |
six months, and I think it's giving you more of an indication about what | :14:29. | :14:31. | |
is beginning to unwind within China than necessarily what is happening | :14:32. | :14:38. | |
with financial stimulus. We will come back because we've got papers | :14:39. | :14:41. | |
to go through, but we've got a bit more news before then. See you, | :14:42. | :14:44. | |
Paul. Still to come - how important | :14:45. | :14:46. | |
is online encryption? We'll be talking to Wikipedia's | :14:47. | :14:49. | |
Jimmy Wales about the ongoing battle between technology companies | :14:50. | :14:52. | |
and governments around the world. You're with Business | :14:53. | :14:54. | |
Live from BBC News. And now a look at some | :14:55. | :14:59. | |
of the stories from around the UK and what impact has this weeks | :15:00. | :15:02. | |
market turmoil had on our pensions? Tom McPhail is a pensions expert | :15:03. | :15:07. | |
at Hargreaves Lansdown. Tom, I don't know if you can see us? | :15:08. | :15:18. | |
Good morning. With a great beard! Let's talk first about what is going | :15:19. | :15:22. | |
on with the markets, is anyone not affected by what's gone on this | :15:23. | :15:27. | |
week? Clearly it is all scary news. Some people are looking at it from a | :15:28. | :15:31. | |
pensions context, just ignore it, tune out, it does not affect you. If | :15:32. | :15:36. | |
you are in a final salary pension scheme, the turmoil is your | :15:37. | :15:39. | |
employer's problem, nodules. You will get it promised pension every | :15:40. | :15:45. | |
time, there's no immediate cause all worry. If you are in your 20s, 30s, | :15:46. | :15:54. | |
40s, even your early 50s, if you are away from retirement, this | :15:55. | :15:57. | |
volatility will be in the past before you get to retirement. It | :15:58. | :16:00. | |
means you are buying assets cheaper than you would have done a year ago. | :16:01. | :16:05. | |
Keep putting money into your pension, don't worry. For a lot of | :16:06. | :16:09. | |
people, from the pensions point of view, the turmoil is not a concern. | :16:10. | :16:14. | |
For most people, it is not a cause for concern, who will it be trouble | :16:15. | :16:19. | |
for? For people who are already in retirement, if you rely on a | :16:20. | :16:23. | |
portfolio of assets to pay an income if you draw dividends from the | :16:24. | :16:28. | |
shares or portfolio committee had to be mindful as to why the turmoil is | :16:29. | :16:32. | |
going on. People worry about earnings, we've heard about oil, | :16:33. | :16:36. | |
gas, natural resources, earnings hit there, they could hit dividends. You | :16:37. | :16:42. | |
need to look at investment and think if you are in the right place and if | :16:43. | :16:46. | |
you will get an income stream coming through into retirement as the year | :16:47. | :16:51. | |
progresses. It's a link to be mindful. The people who have to pay | :16:52. | :16:53. | |
attention are the ones just approaching retirement. If you have | :16:54. | :16:58. | |
money in the market and are planning to sell investments to generate cash | :16:59. | :17:03. | |
or by a guaranteed income for life, it could be a problem and you might | :17:04. | :17:06. | |
have to readjust expectations as to how much money you have and the | :17:07. | :17:10. | |
income it might provide you with. Tom McPhail, pensions expert and | :17:11. | :17:14. | |
all-round guru, thank you very much! Do you note on, right? Of course I | :17:15. | :17:26. | |
do. What was the beard thing? -- do you know Tom McPhail? | :17:27. | :17:38. | |
You're watching Business Live, our top story - markets trade higher | :17:39. | :17:41. | |
after days of steep falls, buoyed by a rebound in oil prices. | :17:42. | :17:48. | |
Let's take a look at online security - and the so-called 'encryption | :17:49. | :17:51. | |
wars' playing out between governments and technology firms | :17:52. | :17:53. | |
After the mass spying revelations by Edward Snowden - | :17:54. | :17:56. | |
firms have been determined to appear to be giving control of data | :17:57. | :17:59. | |
But unbreakable encryption has been opposed by many authorities, | :18:00. | :18:08. | |
arguing access to information is needed to fight crime. | :18:09. | :18:14. | |
The UK's Prime Minister, David Cameron, has vowed to close | :18:15. | :18:16. | |
what he calls the 'safe spaces' used by suspected terrorists | :18:17. | :18:19. | |
Well, online security has been a big topic at Davos. | :18:20. | :18:28. | |
Let's go to Jimmy Wales, the co-founder of Wikipedia, | :18:29. | :18:30. | |
Good to have you on the programme. Apart from the possible financial | :18:31. | :18:41. | |
collapse around the world, cyber security is a big topic where you | :18:42. | :18:45. | |
are in Davos. I want to ask you before we talk about encryption, | :18:46. | :18:50. | |
generally, we've seen Hack attack after hack attack, we've talked | :18:51. | :18:54. | |
about it on the programme and a lot last year, big corporations | :18:55. | :18:58. | |
attacked, governments... Do you get a sense in 2016, that corporations | :18:59. | :19:03. | |
are finally getting it and realise this is a new battle ground and | :19:04. | :19:06. | |
spending the right money needed to build the walls? I think they're | :19:07. | :19:13. | |
starting to. I think it is a relief fantastic thing. We are seeing | :19:14. | :19:19. | |
corporate networks being hard and -- a really fantastic thing. Consumer | :19:20. | :19:24. | |
software is hard on. All around, we see the percentage of Internet | :19:25. | :19:27. | |
traffic that is secure, or encrypted, it's more than doubled in | :19:28. | :19:32. | |
the last year. We'll probably double it again this year. We are looking | :19:33. | :19:35. | |
at many more than 80% of traffic on the Internet encrypted. That's a | :19:36. | :19:40. | |
good thing because it means credit card numbers are safe, identity is | :19:41. | :19:45. | |
safer. Hopefully we won't see as many attacks in future. We will | :19:46. | :19:50. | |
probably still see attacks but hopefully we won't be as one ball to | :19:51. | :19:57. | |
them. Between encryption data, as a layman, that's who you are speaking | :19:58. | :20:02. | |
to, I'm trying to get my head around it -- vulnerable. Tech companies are | :20:03. | :20:07. | |
being very supportive of the consumer. They are saying, to the | :20:08. | :20:12. | |
government, if you are serious about data protection, we want to make it | :20:13. | :20:17. | |
easier for you. We have two making correction even more difficult, even | :20:18. | :20:26. | |
stronger? Yes, we need to have strong encryption, we have to make | :20:27. | :20:32. | |
sure that, as much as possible, all personal information is protected. | :20:33. | :20:36. | |
It's not floating loose on the Internet where it can be stolen. | :20:37. | :20:41. | |
It's an important thing and I think we are starting to pay attention, | :20:42. | :20:46. | |
finally. Jimmy, Victoria here. We are seeing increasing levels of | :20:47. | :20:53. | |
security, being stepped up by these companies. Quite frankly, they are | :20:54. | :20:57. | |
low barriers of entry to anyone who wants to come in and say they can | :20:58. | :21:02. | |
provide data solutions. Anyone who can speak computer jargon can set up | :21:03. | :21:06. | |
and do this. A lot of CEOs do not know the difference between | :21:07. | :21:10. | |
different products. Do you think some companies are being taken | :21:11. | :21:13. | |
advantage of? There are so many different products out there. I'm | :21:14. | :21:18. | |
sure that some of them are. That is always true. I would advise | :21:19. | :21:23. | |
companies to look for industry-standard solutions, open | :21:24. | :21:27. | |
source software. That can be examined. There are standard | :21:28. | :21:31. | |
solutions, very strong. Anyone selling and encryption that is | :21:32. | :21:37. | |
supposedly inventive and new but is not studied by the community... They | :21:38. | :21:48. | |
need to be careful. I have to ask, anything new? What is next for | :21:49. | :21:53. | |
Wikipedia? I think the biggest thing for us is growth, we are really | :21:54. | :21:59. | |
excited about things going on there. We are nonprofit, a charity, we'll | :22:00. | :22:03. | |
raise money from the general public and we just announced we are looking | :22:04. | :22:07. | |
to create an endowment, we are becoming more like a university, | :22:08. | :22:12. | |
cultural institution, we want to keep Wikipedia say. We are doing a | :22:13. | :22:18. | |
good job of raising $100 million for the endowment -- say. We aren't | :22:19. | :22:22. | |
close but we had a lovely gentleman who left as $1 million in his well | :22:23. | :22:26. | |
and maybe here in Davos maybe someone has some money! You are in | :22:27. | :22:34. | |
the right place -- will. At the weekend, apparently they all go | :22:35. | :22:40. | |
skiing. Hang around at the weekend. Unfortunately, I'm from Alabama and | :22:41. | :22:44. | |
I don't like snow! That's what you have to do, sit in the bar and | :22:45. | :22:47. | |
weight, ply them with booze! Thanks Jimmy. | :22:48. | :22:56. | |
In a moment, we'll take a look through the Business Pages but first | :22:57. | :22:59. | |
here's a quick reminder of how to get in touch with us. | :23:00. | :23:02. | |
We'll keep you up-to-date with the latest details, insight and analysis | :23:03. | :23:09. | |
from the BBC's team of editors around the world. We want to hear | :23:10. | :23:15. | |
from you, get involved on the BBC Business Live web page. On twitter, | :23:16. | :23:27. | |
and you can find us on Facebook. On TV and online whenever you need | :23:28. | :23:28. | |
to know. Paul is back to take us | :23:29. | :23:30. | |
through the stories in the papers. Let's begin with this in the Wall | :23:31. | :23:39. | |
Street Journal. It turns out the US Treasury Department wiped $1.7 | :23:40. | :23:47. | |
billion -- sent. To run the same time as five Americans were released | :23:48. | :23:52. | |
from jails. The Wall Street Journal is talking about whether that | :23:53. | :23:58. | |
amounts to a ransom payment? It's dates back to the late 1970s, at the | :23:59. | :24:03. | |
time, Iran was a big purchaser of defence missiles from the US. At the | :24:04. | :24:08. | |
time of the overthrow of the government at the time. The US owed | :24:09. | :24:15. | |
Iran money. It was peeling fought through the courts, President Obama | :24:16. | :24:19. | |
has indicated it could run into sums of billions of dollars. -- being | :24:20. | :24:28. | |
fought. It seems he has resolved this particular case but it comes at | :24:29. | :24:31. | |
a time when the relationship has been much better, the best for over | :24:32. | :24:36. | |
30 years, particularly surrounding the nuclear programme and, in the | :24:37. | :24:39. | |
mix, this could mean the release of hostages. You could probably argue | :24:40. | :24:44. | |
there is a lot going on within this agreement. To pinpoint that it is a | :24:45. | :24:48. | |
ransom for the release of hostages would be unfair. The Financial | :24:49. | :24:55. | |
Times, we saw the US banking numbers, the big bucks are back. | :24:56. | :25:03. | |
Jamie Diamond, JP Morgan Chase, some would say that yes, he deserves | :25:04. | :25:11. | |
this, up by a third? -- Dimon. Not quite the peak that was achieved in | :25:12. | :25:15. | |
the good old days, where it was over $30 million. The main difference is | :25:16. | :25:19. | |
that it is about the three-year plan. The question is, do these | :25:20. | :25:25. | |
three-year plans work? At the moment, we have enough evidence to | :25:26. | :25:29. | |
suggest it changes the dilemma between all of the employees and | :25:30. | :25:34. | |
Chief Executive is at the bank. Bang on time, thank you. | :25:35. | :25:35. | |
Have a great weekend. There will be more business news | :25:36. | :25:36. | |
throughout the day on the BBC Live webpage and on World | :25:37. | :25:41. | |
Business Report. We did not mean ice scraper is this | :25:42. | :25:53. | |
morning, we needed windscreen wipers. Even the rain for most will | :25:54. | :25:58. | |
clear quickly. Milder air has replaced the | :25:59. | :25:59. |