01/03/2016 BBC Business Live


01/03/2016

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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.

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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

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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

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banking giant, Barclays. It just revealed that 2015 was a really

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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

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to the bank's relatively but first a look

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at its troubled times. Since the financial hurricane

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of 2008, Barclays has been hit Four different bosses in five years,

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and clashes with regulators. The share price tells the story,

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down 40% since last summer. A big part of this is the shrinking

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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

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of investment banking fees, and will sell its stake

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in Barclays Africa Group. That will cut its costly exposure

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to the volatile currency the rand, but the downside is losing

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12 million customers across 12 Our Economics Editor Kamal Ahmed

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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

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to leave the continent. Yes, it is quite a U-turn, you are

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absolutely right, for Barclays. If you remember, the previous Chief

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Executive Antony Jenkins made Africa one of the key pillars of Barclays

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boss macro strategy and said the continent, the emerging economies

:04:08.:04:12.

across Africa were very important for the business. Bob Diamond,

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Antony Jenkins' predecessor was also very keen on Africa but Jes Staley

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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

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decision. The reality is, the new regulatory

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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

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owned in the public market in Johannesburg. We have 100% of the

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liabilities and 62% of the earnings. It means it truncates the possible

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U-turn -- returns for Barclays shareholders of investing in Africa.

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It is a very difficult decision. You go to places like Uganda and Kenya

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and the brand of Barclays is as strong there as it is in the UK. I'm

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sure this is a very difficult decision, not just for Jes Staley,

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the Chief Executive but for the board as well. As you say, 100 years

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of history of Barclays in Africa. South Africa, great controversy

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during the apartheid in Iraq, Barclays was facing a boycott them.

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In his interview with me, Jes Staley spoke about trust and spoke about

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the need to regain the notion of honest advice from banks and the

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public would only trust the banks when they believed that is what it

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was doing. He also spoke about the European Union. Of course, Britain

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is facing a referendum on whether to leave or remain in the European

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Union in June. He said that after a board meeting and discussions with

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his chairman, John McFarlane, he thought it was better for his

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customers in the UK and for his corporate business clients that

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Britain remained inside the European Union. Finally, I asked him if he

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would repeat the pledge John McFarlane, the chairman made, that

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Barclays share price would double in the next three years. He would not

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be that robust but he said that with the changes, the simplification,

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investors could see that despite profits being down and despite the

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dividend being cut, that this bank was a better business and he hoped

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the markets would respond positively. Speaking of which, we

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have just checked out the share price and at the moment, it is down

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roughly 7-8%. I wonder what investors make of Jes Staley? What

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is your sense of the man? This is the first interview we have done

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with him. It is. His background comedy was very senior at JP Morgan

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but missed out on the big job there when Jamie Dimon and made it clear

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he was not going anywhere fast. He is the chief executive of JP Morgan.

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He is seen as a very solid operator, somewhere between the tee previous

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Chief Executive 's. Bob Diamond was big, Flash, American, a man so

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American he had a baseball bat in his office. Antony Jenkins was the

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Englishman, the last Chief Executive of Barclays, more scholarly, known

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as Saint Anthony. I think Jes Staley is somewhere in between. Investors

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will be looking at him making the bank simpler and then they may look

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at the share price but with the dividend being cut, that is why the

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share price has taken such a big hit this morning. It is a long, hard

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journey for Jes Staley. Thank you for joining us. Who would have

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thought, the Goldilocks of Barclays, the man in the middle, Jes Staley?

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Trading and mining giant Glencore says its adjusted net income fell

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a whopping 69% to $1.34 billion last year.

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That's down from $4.28 billion in 2014.

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The slump is blamed on weaker commodity prices.

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Glencore had to take exceptional charges of $5.8 billion,

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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

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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

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to give the FBI access to a locked iPhone, in a case that echoes

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an ongoing legal battle in California.

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The judge in Brooklyn denied a motion by the US

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Justice Department to get Apple to unlock a phone in a drug case.

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The FBI also wants Apple to unlock the iPhone of Syed Rizwan Farook,

:08:54.:08:57.

who killed 14 people in San Bernardino,

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We were going to look at the tablet but always with technology, this is

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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

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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

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it's reported the government is planning to lay off up to 6 million

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workers over the next two or three years. Yesterday, we were talking

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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

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China. Absolutely right, Victoria, it seems to be going from bad to

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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

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were saying, in state companies, nonetheless. Reports saying that the

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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

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of economic and social stability in China. -- to find new jobs?

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We had data at China which we will discuss in a moment but just to show

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you how the day in Asia. It does not reflect the full day because it was

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a seesaw session in Japan will stop in Europe, the big winner on the

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London stock exchange today is the London stock exchange. Its shares

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are up over 7%, one of the big winners, speculation that

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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

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that shortly. But now, let's go to New York.

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Has America's manufacturing sector turned a corner? That is the

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question on the mind of investors this Tuesday. The sector has been

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flashing warning signs for a while, coming under pressure from falling

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oil prices and the strong dollar. When the Institute for Supply

:11:41.:11:43.

management releases its national Manufacturing index this Tuesday,

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investors will be looking for signs of any improvement. Most economists

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are forecasting a reading of 48.5 in February. Anything below 50 is

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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.

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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

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in turn, the fear is that make impact demand for trucks and luxury

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cars. On the earnings front, dollar tree reports its fourth-quarter

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earnings, it is the country's biggest dollar store chain, still

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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

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of the data we had overnight from Asia coming out over China

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manufacturing, falling for the seventh straight session. It does

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not look good yet we saw the markets rise. Yes, interestingly, because it

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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

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purchasing managers index also fell. But of course, China has started to

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pump money back into the markets. They did that yesterday. It was

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pretty big. I think the expectation is they will continue to do that. We

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talked about people being laid off. Of course, that is in the

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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

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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.

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Looking at the corporate news, shares all over the place, Barclays

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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

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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

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big story in the last two or three years. I think that is going to

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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

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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

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on. Thank you for joining us. We will return later for more stories.

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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.

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