Browse content similar to 01/03/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Victoria Fritz and Sally | :00:00. | :00:00. | |
Barclays' profits plunge at the end of last year and it's forced | :00:07. | :00:14. | |
Live from London, that's our top story on Tuesday the 1st of March. | :00:15. | :00:33. | |
The new boss of Barclays says a more focused, | :00:34. | :00:36. | |
trustworthy and streamlined bank is the way forward. | :00:37. | :00:40. | |
You can hear from Jes Staley in a few moments, who tells us | :00:41. | :00:43. | |
why its business in Africa must be scaled down. | :00:44. | :00:45. | |
Volkswagen's boss tells us a deal with US authorities | :00:46. | :00:51. | |
over its emissions cheating scandal could take longer and cost | :00:52. | :00:53. | |
And we'll tell you all you need to know about financial markets | :00:54. | :00:58. | |
The European trading day has just kicked off. | :00:59. | :01:02. | |
Would you rent your precious pad to tourists make some extra cash? | :01:03. | :01:10. | |
This may not resemble your home, certainly not mine, but holidaying | :01:11. | :01:14. | |
in someone else's home is a growing trend. | :01:15. | :01:16. | |
We speak to the boss of a firm who's making money | :01:17. | :01:24. | |
And we want to know what you think on the programme. | :01:25. | :01:33. | |
Was this an accident waiting to happen? | :01:34. | :01:34. | |
It's been revealed Google's driverless car crashed into a bus | :01:35. | :01:37. | |
in California - nobody was hurt and the authorities are investigating. | :01:38. | :01:39. | |
As ever, the show is packed. So let's get started. We begin with | :01:40. | :02:04. | |
banking giant, Barclays. It just revealed that 2015 was a really | :02:05. | :02:10. | |
tough year. 80% full and its adjusted pre-tax profits during that | :02:11. | :02:11. | |
12 months, to ?5.4 billion. It was battered | :02:12. | :02:18. | |
by falling investment banking fees and | :02:19. | :02:19. | |
mis-selling scandals. In a moment, we'll hear | :02:20. | :02:20. | |
from our Economics Editor, who has been speaking | :02:21. | :02:24. | |
to the bank's relatively but first a look | :02:25. | :02:26. | |
at its troubled times. Since the financial hurricane | :02:27. | :02:29. | |
of 2008, Barclays has been hit Four different bosses in five years, | :02:30. | :02:32. | |
and clashes with regulators. The share price tells the story, | :02:33. | :02:39. | |
down 40% since last summer. A big part of this is the shrinking | :02:40. | :02:42. | |
investment bank business, which makes much less money | :02:43. | :02:48. | |
and recently announced 1,200 jobs Meanwhile, Barclays is paying | :02:49. | :02:51. | |
for past misdemeanours, like its rivals RBS, | :02:52. | :02:55. | |
Santander and Lloyds, with hefty provisions for | :02:56. | :02:59. | |
mis-selling products to consumers. Barclays will focus on its key | :03:00. | :03:05. | |
markets, the US and UK, which bring in two-thirds | :03:06. | :03:10. | |
of investment banking fees, and will sell its stake | :03:11. | :03:17. | |
in Barclays Africa Group. That will cut its costly exposure | :03:18. | :03:24. | |
to the volatile currency the rand, but the downside is losing | :03:25. | :03:30. | |
12 million customers across 12 Our Economics Editor Kamal Ahmed | :03:31. | :03:32. | |
is in the City of London. Barclays has been in | :03:33. | :03:40. | |
Africa over 100 years. The new boss Jes Staley has been | :03:41. | :03:46. | |
in the job for less than three months, so a big decision | :03:47. | :03:49. | |
to leave the continent. Yes, it is quite a U-turn, you are | :03:50. | :04:00. | |
absolutely right, for Barclays. If you remember, the previous Chief | :04:01. | :04:02. | |
Executive Antony Jenkins made Africa one of the key pillars of Barclays | :04:03. | :04:07. | |
boss macro strategy and said the continent, the emerging economies | :04:08. | :04:12. | |
across Africa were very important for the business. Bob Diamond, | :04:13. | :04:16. | |
Antony Jenkins' predecessor was also very keen on Africa but Jes Staley | :04:17. | :04:23. | |
has said for regulatory reasons, the bank will now look at selling down | :04:24. | :04:28. | |
its stake in Berkeley 's Africa. I've just interviewed him at the top | :04:29. | :04:32. | |
of the building there. He told me that it was a very difficult | :04:33. | :04:33. | |
decision. The reality is, the new regulatory | :04:34. | :04:41. | |
environment means we carry 100% of the liabilities of owning Berkeley | :04:42. | :04:48. | |
's Africa. We only own, however, 62% of Berkeley 's Africa. The rest is | :04:49. | :04:52. | |
owned in the public market in Johannesburg. We have 100% of the | :04:53. | :04:56. | |
liabilities and 62% of the earnings. It means it truncates the possible | :04:57. | :05:03. | |
U-turn -- returns for Barclays shareholders of investing in Africa. | :05:04. | :05:07. | |
It is a very difficult decision. You go to places like Uganda and Kenya | :05:08. | :05:11. | |
and the brand of Barclays is as strong there as it is in the UK. I'm | :05:12. | :05:18. | |
sure this is a very difficult decision, not just for Jes Staley, | :05:19. | :05:22. | |
the Chief Executive but for the board as well. As you say, 100 years | :05:23. | :05:27. | |
of history of Barclays in Africa. South Africa, great controversy | :05:28. | :05:31. | |
during the apartheid in Iraq, Barclays was facing a boycott them. | :05:32. | :05:35. | |
In his interview with me, Jes Staley spoke about trust and spoke about | :05:36. | :05:41. | |
the need to regain the notion of honest advice from banks and the | :05:42. | :05:46. | |
public would only trust the banks when they believed that is what it | :05:47. | :05:52. | |
was doing. He also spoke about the European Union. Of course, Britain | :05:53. | :05:55. | |
is facing a referendum on whether to leave or remain in the European | :05:56. | :06:01. | |
Union in June. He said that after a board meeting and discussions with | :06:02. | :06:04. | |
his chairman, John McFarlane, he thought it was better for his | :06:05. | :06:09. | |
customers in the UK and for his corporate business clients that | :06:10. | :06:15. | |
Britain remained inside the European Union. Finally, I asked him if he | :06:16. | :06:20. | |
would repeat the pledge John McFarlane, the chairman made, that | :06:21. | :06:22. | |
Barclays share price would double in the next three years. He would not | :06:23. | :06:27. | |
be that robust but he said that with the changes, the simplification, | :06:28. | :06:31. | |
investors could see that despite profits being down and despite the | :06:32. | :06:35. | |
dividend being cut, that this bank was a better business and he hoped | :06:36. | :06:39. | |
the markets would respond positively. Speaking of which, we | :06:40. | :06:44. | |
have just checked out the share price and at the moment, it is down | :06:45. | :06:51. | |
roughly 7-8%. I wonder what investors make of Jes Staley? What | :06:52. | :06:55. | |
is your sense of the man? This is the first interview we have done | :06:56. | :07:00. | |
with him. It is. His background comedy was very senior at JP Morgan | :07:01. | :07:05. | |
but missed out on the big job there when Jamie Dimon and made it clear | :07:06. | :07:10. | |
he was not going anywhere fast. He is the chief executive of JP Morgan. | :07:11. | :07:16. | |
He is seen as a very solid operator, somewhere between the tee previous | :07:17. | :07:23. | |
Chief Executive 's. Bob Diamond was big, Flash, American, a man so | :07:24. | :07:26. | |
American he had a baseball bat in his office. Antony Jenkins was the | :07:27. | :07:31. | |
Englishman, the last Chief Executive of Barclays, more scholarly, known | :07:32. | :07:34. | |
as Saint Anthony. I think Jes Staley is somewhere in between. Investors | :07:35. | :07:39. | |
will be looking at him making the bank simpler and then they may look | :07:40. | :07:42. | |
at the share price but with the dividend being cut, that is why the | :07:43. | :07:46. | |
share price has taken such a big hit this morning. It is a long, hard | :07:47. | :07:50. | |
journey for Jes Staley. Thank you for joining us. Who would have | :07:51. | :07:56. | |
thought, the Goldilocks of Barclays, the man in the middle, Jes Staley? | :07:57. | :07:58. | |
Trading and mining giant Glencore says its adjusted net income fell | :07:59. | :08:03. | |
a whopping 69% to $1.34 billion last year. | :08:04. | :08:06. | |
That's down from $4.28 billion in 2014. | :08:07. | :08:09. | |
The slump is blamed on weaker commodity prices. | :08:10. | :08:13. | |
Glencore had to take exceptional charges of $5.8 billion, | :08:14. | :08:18. | |
mainly due to impairments, restructuring costs and net losses | :08:19. | :08:20. | |
One of Google's self driving cars crashed into a bus in California | :08:21. | :08:29. | |
last month. Thankfully, there were no injuries but it's not the first | :08:30. | :08:32. | |
time on a Google's famed self driving cars has been involved in a | :08:33. | :08:36. | |
crash. But it may be the first time it has actually caused one. | :08:37. | :08:39. | |
A judge in the United States has ruled that Apple cannot be forced | :08:40. | :08:41. | |
to give the FBI access to a locked iPhone, in a case that echoes | :08:42. | :08:45. | |
an ongoing legal battle in California. | :08:46. | :08:46. | |
The judge in Brooklyn denied a motion by the US | :08:47. | :08:49. | |
Justice Department to get Apple to unlock a phone in a drug case. | :08:50. | :08:53. | |
The FBI also wants Apple to unlock the iPhone of Syed Rizwan Farook, | :08:54. | :08:57. | |
who killed 14 people in San Bernardino, | :08:58. | :08:59. | |
We were going to look at the tablet but always with technology, this is | :09:00. | :09:17. | |
what happens, just a blank screen. I apologise. We were going to talk a | :09:18. | :09:22. | |
bit more about Barclays and big restructuring costs, there, lots of | :09:23. | :09:27. | |
provisions for PPI, for example. But let's just move on and talk about | :09:28. | :09:33. | |
China! So many stories coming out there today, not least the fact that | :09:34. | :09:35. | |
it's reported the government is planning to lay off up to 6 million | :09:36. | :09:40. | |
workers over the next two or three years. Yesterday, we were talking | :09:41. | :09:43. | |
about significant job losses in the coal and steel industry. | :09:44. | :09:44. | |
This is not great news. It seems to be the new normal when it comes to | :09:45. | :09:56. | |
China. Absolutely right, Victoria, it seems to be going from bad to | :09:57. | :10:00. | |
worse in the world's second largest economy. We all know China has been | :10:01. | :10:04. | |
going from strength to strength in the last few decades but now growth | :10:05. | :10:09. | |
is slowing down. Remember, China Clarke to the lowest growth seen in | :10:10. | :10:13. | |
a quarter of a century recently. Now it appears that has translated into | :10:14. | :10:18. | |
the worst possible scenario for the government there, job losses, as you | :10:19. | :10:21. | |
were saying, in state companies, nonetheless. Reports saying that the | :10:22. | :10:26. | |
cuts will come in the next two or three years and although that means | :10:27. | :10:30. | |
the losses will be staggered, it raises the question, where are all | :10:31. | :10:34. | |
these people going to find new jobs are to mark a big concern in terms | :10:35. | :10:37. | |
of economic and social stability in China. -- to find new jobs? | :10:38. | :10:44. | |
We had data at China which we will discuss in a moment but just to show | :10:45. | :10:51. | |
you how the day in Asia. It does not reflect the full day because it was | :10:52. | :10:56. | |
a seesaw session in Japan will stop in Europe, the big winner on the | :10:57. | :11:01. | |
London stock exchange today is the London stock exchange. Its shares | :11:02. | :11:07. | |
are up over 7%, one of the big winners, speculation that | :11:08. | :11:08. | |
Intercontinental exchange is looking to make an offer for the London | :11:09. | :11:13. | |
stock exchange, and let's not forget that the LSE is in talks to merge | :11:14. | :11:20. | |
with the Deutsche horse. Glencore shares down 2.4% and we will discuss | :11:21. | :11:25. | |
that shortly. But now, let's go to New York. | :11:26. | :11:28. | |
Has America's manufacturing sector turned a corner? That is the | :11:29. | :11:33. | |
question on the mind of investors this Tuesday. The sector has been | :11:34. | :11:36. | |
flashing warning signs for a while, coming under pressure from falling | :11:37. | :11:40. | |
oil prices and the strong dollar. When the Institute for Supply | :11:41. | :11:43. | |
management releases its national Manufacturing index this Tuesday, | :11:44. | :11:47. | |
investors will be looking for signs of any improvement. Most economists | :11:48. | :11:52. | |
are forecasting a reading of 48.5 in February. Anything below 50 is | :11:53. | :11:56. | |
considered a contraction. Meanwhile, car sales have been a bright US | :11:57. | :12:03. | |
economy. Sales for February are expected to hit around 17.6 million. | :12:04. | :12:06. | |
But there are fears that falling oil prices will drag down the local | :12:07. | :12:10. | |
economies of states that depend on the energy industry in turn -- and | :12:11. | :12:14. | |
in turn, the fear is that make impact demand for trucks and luxury | :12:15. | :12:20. | |
cars. On the earnings front, dollar tree reports its fourth-quarter | :12:21. | :12:22. | |
earnings, it is the country's biggest dollar store chain, still | :12:23. | :12:27. | |
appealing to thrifty shoppers. Joining us is Bronwyn Curtis | :12:28. | :12:29. | |
from Society of Business Economists. Good morning. Let's start with some | :12:30. | :12:37. | |
of the data we had overnight from Asia coming out over China | :12:38. | :12:40. | |
manufacturing, falling for the seventh straight session. It does | :12:41. | :12:45. | |
not look good yet we saw the markets rise. Yes, interestingly, because it | :12:46. | :12:50. | |
was a fall in manufacturing, seven months in a row. It is back to the | :12:51. | :12:56. | |
levels of January 2009 on the manufacturing index and the services | :12:57. | :13:01. | |
purchasing managers index also fell. But of course, China has started to | :13:02. | :13:06. | |
pump money back into the markets. They did that yesterday. It was | :13:07. | :13:09. | |
pretty big. I think the expectation is they will continue to do that. We | :13:10. | :13:14. | |
talked about people being laid off. Of course, that is in the | :13:15. | :13:17. | |
manufacturing sector, particularly in things like the commodities, the | :13:18. | :13:22. | |
steel sector and someone. But I think the service sector, they are | :13:23. | :13:27. | |
tried to push more into services. And January is a funny month in | :13:28. | :13:31. | |
China with the lunar New Year celebrations which is basically a | :13:32. | :13:34. | |
week when the economy is pretty much shot of people are not at work. | :13:35. | :13:39. | |
Looking at the corporate news, shares all over the place, Barclays | :13:40. | :13:43. | |
hit hard but the London stock exchange, it would seem is great | :13:44. | :13:47. | |
interest at the moment. It has got another suitor! Deutsche Bourse came | :13:48. | :13:56. | |
out and they were interested in a tie-up or a takeover. It depends who | :13:57. | :14:01. | |
you talk to. And now we have someone else, the ICA, coming in and saying | :14:02. | :14:07. | |
they might be interested as well. Mergers and acquisitions have been a | :14:08. | :14:09. | |
big story in the last two or three years. I think that is going to | :14:10. | :14:15. | |
continue. People think they can take costs out and that will push profits | :14:16. | :14:20. | |
up. Every company looking for is an profitable opportunity right now. | :14:21. | :14:24. | |
That is buoying up the markets but I have to say, we have got some | :14:25. | :14:27. | |
economic data coming out in Europe and the US that I don't think is | :14:28. | :14:32. | |
going to be that good and payrolls at the end of the week in America is | :14:33. | :14:37. | |
the big number that people will be watching in the markets. Lots going | :14:38. | :14:44. | |
on. Thank you for joining us. We will return later for more stories. | :14:45. | :14:49. | |
home instead of a hotel - we ask to the boss of one home swap | :14:50. | :14:52. | |
Still to come: Home from home - as more of us opt for someone else's | :14:53. | :14:55. | |
home instead of a hotel - we ask to the boss of one home swap | :14:56. | :14:59. | |
It does seem high risk, but we've got the answers for you. | :15:00. | :15:11. | |
You're with Business Live from BBC News. | :15:12. | :15:20. | |
More on glen core. The slump is being blamed on weaker commodity | :15:21. | :15:26. | |
prices. We talk about did a lot on the programme. The shares in the | :15:27. | :15:30. | |
company are listed in London and Joe Lynam joins us from the business | :15:31. | :15:33. | |
roomment you have been taking a look at the numbers. What's the stand out | :15:34. | :15:39. | |
issue for you with glen core? The stand out issue for me, the fact | :15:40. | :15:44. | |
they posted the huge losses today. And one year ago, there were profits | :15:45. | :15:49. | |
of $4 billion, there is a $12 billion gap between the years. | :15:50. | :15:58. | |
That's reflected in the share price. Glen core the start of the year | :15:59. | :16:03. | |
around year and it has been downwards until September when | :16:04. | :16:06. | |
people feared for the future of the company, but the boss basically | :16:07. | :16:09. | |
said, "I'm going to focus on getting rid of the assets that I don't need. | :16:10. | :16:17. | |
The mines that I don't need." The share price was on the up. So people | :16:18. | :16:22. | |
like the disposal process. They are getting rid of one mine in new | :16:23. | :16:27. | |
Caledonia alone worth ?4 billion because it is over valued. The | :16:28. | :16:31. | |
commodities that they own in that mine aren't bringing in the revenue | :16:32. | :16:35. | |
that they are hoping for. So the direction in travel in terms of the | :16:36. | :16:38. | |
share price over the last three months has been positive, but it has | :16:39. | :16:42. | |
been an awful 2015 for glen core. This is a Swiss based commodities | :16:43. | :16:48. | |
trading business which bout the London listed -- bought the London | :16:49. | :16:55. | |
listed extrat ta. They bought at the height of the boom when China was | :16:56. | :17:00. | |
building without an endless supply of skyscrapers. Since then things | :17:01. | :17:05. | |
have gone into reverse and commodities have fallen and the turn | :17:06. | :17:10. | |
around affected mining companies, platinum, zinc, copper, you name the | :17:11. | :17:13. | |
commodity, it has been down and the question I suppose for glen core | :17:14. | :17:16. | |
shareholders, is it over? Is the worst over? Is it up from here? Can | :17:17. | :17:22. | |
the share price continue to inch upwards as it has done over the last | :17:23. | :17:25. | |
two-and-a-half months? All right, thank you very much. Joe Lynam | :17:26. | :17:29. | |
there. More on glen core on the Business Live page. As Joe mentioned | :17:30. | :17:35. | |
there, the share prices have been on quite a journey. I remember you | :17:36. | :17:39. | |
could buy a glen core share for ?5 and not many months ago, it was down | :17:40. | :17:44. | |
to 70 pence a share and now up over ?1. | :17:45. | :17:51. | |
The boss of bank clays who has been in the job since December, tells us | :17:52. | :18:11. | |
he will turn things around after a difficult few years. We will keep an | :18:12. | :18:15. | |
eye on how he does that. More on the website. Kamal has been blogging | :18:16. | :18:19. | |
about that story as well. Check it out. | :18:20. | :18:26. | |
You've heard the expression home from home - the company we're | :18:27. | :18:28. | |
about to talk to is making money from the trend of holidaying | :18:29. | :18:31. | |
While it can dramatically cut your holiday bill, | :18:32. | :18:34. | |
it comes with a host of other problems - | :18:35. | :18:36. | |
personal safety or guests that trash your home to name a few. | :18:37. | :18:39. | |
Airbnb has millions of global customers doing this but our next | :18:40. | :18:44. | |
guest uses a membership club as her business model. | :18:45. | :19:05. | |
Debbie Wosswow's company has been offering a home from home service. | :19:06. | :19:12. | |
Global choice, of course, will be very important. It has got more than | :19:13. | :19:17. | |
80,000 properties and in fact over 100,000 properties now in over well | :19:18. | :19:20. | |
about 160 countries. I believe Jude Law, Cameron Diaz | :19:21. | :19:39. | |
have got something to do with your business? They were my inspiration. | :19:40. | :19:43. | |
I am an entrepreneur. I have run different businessesment this one | :19:44. | :19:47. | |
came about of the back of a particularly challenging and | :19:48. | :19:50. | |
expensive holiday in a hotel with very small children and for those of | :19:51. | :19:55. | |
you who have taken that kind of holiday, it is cramped, it's dark, | :19:56. | :19:58. | |
you're trying to watch TV with the sound off, you are eating a lot of | :19:59. | :20:02. | |
room service and on the flight on the way home, I watched the movie, | :20:03. | :20:15. | |
The Holiday. It is a cheesy rom-com and Kate Winslet swaps home from | :20:16. | :20:20. | |
Cameron Diaz. I thought does that exist? My home in London has been | :20:21. | :20:25. | |
sat empty while I have been on holiday and I have been in confined | :20:26. | :20:29. | |
quarters. What I wanted to do was stay in a home. What I wanted to do | :20:30. | :20:34. | |
was to swap my life with someone else's life and that was the idea | :20:35. | :20:41. | |
behind Love Home Swap and because I am the restless entrepreneur who | :20:42. | :20:45. | |
won't leave things alone, I got home and started to plot how I might | :20:46. | :20:48. | |
build a business that would transform holidays for families, for | :20:49. | :20:54. | |
empty nesters, for second homeowners, for people who want to | :20:55. | :20:58. | |
make more from the asset they have invested all their money in which is | :20:59. | :21:02. | |
their home. Plain how it works. I'm thinking of all the things that I | :21:03. | :21:06. | |
would have to think about if I was considering this idea. Not least | :21:07. | :21:10. | |
like you, I've got three little kids and before I go on holiday, it is | :21:11. | :21:14. | |
complete mayhem in the house and the house looks like a bomb has gone off | :21:15. | :21:18. | |
as I walk out the door. So I can't believe anybody would actually want | :21:19. | :21:22. | |
to come in and stay. So, I suppose two-ways to answer the question. The | :21:23. | :21:26. | |
first is, how do you sign up your home? The second is how do you get | :21:27. | :21:31. | |
your home ready? So in terms of sign up, think online dating for homes, | :21:32. | :21:34. | |
that's the business model. With three children, I suspect you're not | :21:35. | :21:38. | |
spending your time on Tinder, however, you understand the concept, | :21:39. | :21:42. | |
you put together your listing and photography is super important, but | :21:43. | :21:45. | |
equally as important is saying, this is my neighbourhood. So the big | :21:46. | :21:50. | |
driver behind Home swapping particularly for families is life | :21:51. | :21:53. | |
swapping, it is knowing that there is a shorthand to having a great | :21:54. | :21:58. | |
holiday because when you arrive, the kids playground, where to buy food, | :21:59. | :22:02. | |
where to go for cappuccino and what to do. Sow put that together and | :22:03. | :22:07. | |
that's free. And you put together your listing on the site. The point | :22:08. | :22:10. | |
of engagement comes when you want to send a message or receive a message. | :22:11. | :22:14. | |
So that's how you sign up. In terms of how do you get your home ready, I | :22:15. | :22:19. | |
did a half term home swap the week before last with my two little | :22:20. | :22:22. | |
children. We went London to the Cotswolds. It does mean that there | :22:23. | :22:28. | |
is that run around before you leave, tidying up and clearing out | :22:29. | :22:31. | |
bathrooms, that's my main bit of advice. You don't want to arrive at | :22:32. | :22:36. | |
someone's home and find a mouldy bar of soap in the shower room. Make | :22:37. | :22:40. | |
space for that person, but they recognise that they are staying in a | :22:41. | :22:43. | |
home and you don't have to turn your home into a hotel, but you do have | :22:44. | :22:48. | |
to have the conversation with home swappers about sheets and towels to | :22:49. | :22:52. | |
your point on what happens with the home swap, we have never had | :22:53. | :22:56. | |
anything go wrong. In a big sense because of the swap. Because the | :22:57. | :23:01. | |
arrangement. You are going to someone's home, someone is coming to | :23:02. | :23:05. | |
your home, but do make sure that you know how you're going to find the | :23:06. | :23:08. | |
house and how you're going to leave the home. Anything that you're | :23:09. | :23:13. | |
worried about, in my experience, I have an owner's closet. Don't leave | :23:14. | :23:16. | |
out the family silver and your engagement ring if you're going to | :23:17. | :23:20. | |
panic about that. Lock it away, but you don't need to put your home in | :23:21. | :23:24. | |
storage, just make your home ready for guests. We have run out of time | :23:25. | :23:27. | |
which is such a shame because there are so many other issues we wanted | :23:28. | :23:31. | |
to talk about. We're going to have to just... No problem. Sign up for | :23:32. | :23:37. | |
Love Homes. You can experience it. You're going to have to come back. I | :23:38. | :23:39. | |
look forward to it. Volkswagen's boss has warned that | :23:40. | :23:44. | |
a deal with US authorities over its emissions scandal | :23:45. | :23:46. | |
could take longer and cost Speaking at the Geneva Motor Show, | :23:47. | :23:48. | |
Matthias Mueller told the BBC's Theo Leggett that VW | :23:49. | :23:52. | |
was still in "constructive dialogue" with regulators and hoped the firm | :23:53. | :23:54. | |
would be "judged fairly". TRANSLATION: I will not take part in | :23:55. | :24:05. | |
the speculation that's been in the press. I think we are better off | :24:06. | :24:08. | |
waiting for the result of the investigations. We are all | :24:09. | :24:12. | |
impatient. I am as well, however, I think we should wait for a couple of | :24:13. | :24:22. | |
days more. Jones Day and Volkswagen said they will publish a report in | :24:23. | :24:25. | |
early April and then we will know the whole story. I think we should | :24:26. | :24:29. | |
be careful and not pre-empt the results of that. Are you confident | :24:30. | :24:32. | |
that a scandal like this could not happen again? | :24:33. | :24:35. | |
TRANSLATION: We have drawn our conclusions and learned from them. | :24:36. | :24:39. | |
We've reorganised our internal procedures and optimised them so | :24:40. | :24:43. | |
that to the best of our knowledge, such a thing should never happen | :24:44. | :24:48. | |
again. You can never be 100% sure, but we are confident. | :24:49. | :24:54. | |
That was the Chief Executive of Volkswagen speaking at the Geneva | :24:55. | :24:58. | |
Motor Show. Briton win is back. It is a story we talk a lot when we | :24:59. | :25:03. | |
regard China and Beijing, but a problem of fog in Abu Dhabi. This is | :25:04. | :25:08. | |
in the Gulf News newspaper is leading to what, Briton win? Well, | :25:09. | :25:12. | |
accidents. Which is no surprise. It is no surprise, but everyone rushing | :25:13. | :25:16. | |
to work at the same time are, you know, and it is foggy and they can't | :25:17. | :25:20. | |
see, they don't want to be late for work and so on, they are getting | :25:21. | :25:24. | |
more and more accidents. The story is about someone seeking flexible | :25:25. | :25:27. | |
work hours on foggy days. So instead of everyone starting at the same | :25:28. | :25:32. | |
time, I mean, it is a nice idea, but you know, it is still fog. It is | :25:33. | :25:37. | |
still hard to see so I think, but I think remember earlier in the | :25:38. | :25:42. | |
programme, you talked about the car, the driverless Google car that you | :25:43. | :25:46. | |
know, didn't have, you know hadn't had an accident. No accidents if | :25:47. | :25:51. | |
they all were driverless cars and everyone could get to work on time. | :25:52. | :25:54. | |
The fog would make no difference at all. Good thinking Briton win. Thank | :25:55. | :25:57. | |
you for coming in. That's all from us. Goodbye, see you soon. | :25:58. | :26:08. | |
Hello there. Well, it is milder out there today, but wetter for many of | :26:09. | :26:15. | |
us as well. The cold air will be back before too soon. Now the rain | :26:16. | :26:17. | |
is | :26:18. | :26:18. |