Browse content similar to 01/04/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Aaron Heslehurst | :00:07. | :00:12. | |
Tesla unveils its car for the masses but can the Model 3 take | :00:13. | :00:17. | |
Live from London, that's our top story on Friday, | :00:18. | :00:22. | |
Will it be able to entice the masses into embracing electric cars? | :00:23. | :00:44. | |
We'll be looking at what Tesla's new car will up against. | :00:45. | :00:48. | |
We'll be looking at what Tesla's new car is against. | :00:49. | :00:50. | |
Also in the programme. | :00:51. | :00:51. | |
China's Anbang suddenly abandons its bidding war | :00:52. | :00:53. | |
for Starwood Hotels in the US - bringing Marriott one step closer | :00:54. | :00:56. | |
to becoming the biggest hospitality group in the world. | :00:57. | :00:58. | |
And we'll have all the latest from the markets. | :00:59. | :01:00. | |
Asia sours as Japanese companies are as pessimistic | :01:01. | :01:02. | |
about their fortunes as they have been for four years. | :01:03. | :01:10. | |
Plus, from backroom startup to $600 billion titan. | :01:11. | :01:12. | |
Yes, today Apple celebrates its 40th birthday. | :01:13. | :01:14. | |
We meet the co-founder who sold his 10% | :01:15. | :01:18. | |
stake in the company just 12 days after he helped set it up | :01:19. | :01:22. | |
So we want to know - have you ever made a catastrophic | :01:23. | :01:30. | |
business decision or just a decision you regret? | :01:31. | :01:37. | |
We would be here all day if you had to hear mine. | :01:38. | :01:39. | |
Let us know just use the hashtag #BBCBizLive. | :01:40. | :01:46. | |
We start with the world of electric cars - and a hugely important day | :01:47. | :01:54. | |
In the last few hours, it has unveiled this - | :01:55. | :01:59. | |
its big hope for the future - called the Model 3. | :02:00. | :02:01. | |
Up until now, Tesla has made expensive electric cars for wealthy | :02:02. | :02:11. | |
drivers who can afford a price tag of $75,000 and up. | :02:12. | :02:13. | |
But at less than half the price - the Model 3 is Tesla's attempt | :02:14. | :02:17. | |
to get more of us to ditch petrol and diesel | :02:18. | :02:19. | |
and bring electric motoring to a far wider market. | :02:20. | :02:21. | |
Tesla's been very successful as a niche manufacturer, | :02:22. | :02:25. | |
but if it wants to sell cars to the mass market, | :02:26. | :02:31. | |
it will have to take on the big established names. | :02:32. | :02:35. | |
Many of them are now offering full electric cars. | :02:36. | :02:37. | |
Let's remind you of what it's up against. | :02:38. | :02:39. | |
Nissan's Leaf was the first mass-market plug-in | :02:40. | :02:41. | |
It's one of the cheapest, at the equivalent of $29,000. | :02:42. | :02:55. | |
Last year it sold more than 43,000 cars | :02:56. | :02:57. | |
Just over year ago BMW entered the fray with this - | :02:58. | :03:01. | |
It's a fair bit more expensive - but still managed to sell almost | :03:02. | :03:08. | |
Other big carmakers have been | :03:09. | :03:11. | |
plugging into the market with electric versions of their best | :03:12. | :03:14. | |
selling cars - like the Ford Focus Electric or the VW E-Golf. | :03:15. | :03:19. | |
Jim Holder is an editorial director at Haymarket, | :03:20. | :03:23. | |
the publishing group which owns What Car magazine. | :03:24. | :03:25. | |
An appropriate guest. Obviously, this all comes down, I'm assuming as | :03:26. | :03:34. | |
a layman, to the battery, the quality of it. I know Tesla and Elon | :03:35. | :03:40. | |
musk, the owner has invested something like $5 billion into | :03:41. | :03:47. | |
the... The Geiger factory. 250 miles is not too shabby. If you look at | :03:48. | :03:52. | |
cars like the Leaf and the Golfer we have just seen, they have a range of | :03:53. | :03:55. | |
120 mile so he's looking at doubling the mileage of what is a | :03:56. | :03:58. | |
comparatively affordable car on battery power. I don't know whether | :03:59. | :04:04. | |
to go down the line but this is make or break for Tesla -- that this is. | :04:05. | :04:10. | |
But apparently, those who have already put down a $1000 deposit on | :04:11. | :04:13. | |
the car which does not come out until the end of 2017, there's about | :04:14. | :04:19. | |
135,000 people who are already waiting for this car. I'm wondering | :04:20. | :04:23. | |
if this model will be, for Tesla, what the iPhone is to Apple. I think | :04:24. | :04:29. | |
it could be, it is a make or break our for Tesla. They have spent huge | :04:30. | :04:33. | |
sums of money to get where they are now. -- make or break car. This car | :04:34. | :04:38. | |
has come out and in 24 hours has sold more vehicles, more deposits, | :04:39. | :04:43. | |
?135,000 than some established car-makers can make any year. If | :04:44. | :04:47. | |
Tesla wants to break into the mainstream and take on the biggest | :04:48. | :04:50. | |
players, this car has to be successful. While we have you, I'm | :04:51. | :04:54. | |
interested in this idea about the battery. No one has really cracked | :04:55. | :04:59. | |
it yet, have they? I guess I wonder whether the market is developing so | :05:00. | :05:03. | |
quickly that actually, they won't? Really what we should be doing is | :05:04. | :05:07. | |
not buying these cars but leasing them. They have the battery issue | :05:08. | :05:11. | |
and they can sort out the problem. We get the next new shiny thing | :05:12. | :05:15. | |
every three years when we traded in. I think that's a really good point | :05:16. | :05:19. | |
and it interesting that this car is still 18 months away from being | :05:20. | :05:22. | |
driven by anyone and battery technology will have moved on | :05:23. | :05:24. | |
substantially again by the time it is delivered. For lots of electric | :05:25. | :05:29. | |
car buyers, we are seeing them leasing them and we are also seeing | :05:30. | :05:32. | |
that the second-hand value of electric cars is very low because | :05:33. | :05:35. | |
the technology is moving on so quickly. Leasing is definitely a way | :05:36. | :05:39. | |
ahead for the industry. Great to see you. I had an interesting point! | :05:40. | :05:45. | |
Leasing is a very smart idea. Thanks, Jim. Have a great weekend. | :05:46. | :05:51. | |
Jim Holder from Haymarket publishing, there. | :05:52. | :05:53. | |
Activity in China's factories expanded in March for the first time | :05:54. | :05:59. | |
in nine months - according to official data known | :06:00. | :06:01. | |
Some analysts say it's evidence that government stimulus measures | :06:02. | :06:09. | |
are starting to reinvigorate the Chinese economy, | :06:10. | :06:12. | |
which last year grew at its weakest rate in a quarter of a century. | :06:13. | :06:18. | |
Staying with China - the telecoms giant Huawei says | :06:19. | :06:21. | |
profits were up more than a third last year after the strongest | :06:22. | :06:24. | |
Its network equipment division is benefiting from the adoption | :06:25. | :06:32. | |
of fourth generation mobile services across China. | :06:33. | :06:34. | |
It also became the first Chinese company to sell more | :06:35. | :06:36. | |
than 100 million smartphones in a year in 2015. | :06:37. | :06:45. | |
It is number three behind Apple and Samsung. | :06:46. | :06:56. | |
Skinny jeans, this is your story. Are you a big fan? I could not get | :06:57. | :07:04. | |
into them! We are telling you about this | :07:05. | :07:08. | |
because the creative director of YSL, credited with creating the | :07:09. | :07:12. | |
look, has apparently left the French fashion label after four years. He | :07:13. | :07:17. | |
was also behind women wearing tuxedos, YSL, that 1970s look. When | :07:18. | :07:36. | |
where they doing that? Isola Rob -- Yves Saint-Laurent started the trend | :07:37. | :07:39. | |
for women wearing tuxedos. The Chinese insurance firm | :07:40. | :07:44. | |
Anbang has unexpectedly abandoned its $14 billion takeover | :07:45. | :07:49. | |
offer for Starwood Hotels, ending a three-week | :07:50. | :07:53. | |
bidding war with Marriott. Starwood owns 900 hotels across the | :07:54. | :08:04. | |
world and the boss is on the show on Monday. | :08:05. | :08:05. | |
Tell us more. No one was really expecting this to happen and big | :08:06. | :08:17. | |
news for Marriot. This really was a surprise move. Late on Thursday, a | :08:18. | :08:20. | |
statement was released saying that market considerations had caused | :08:21. | :08:25. | |
Anbang to pull the plug on their $14 billion cash bid. Would. Anbang has | :08:26. | :08:32. | |
tried to buy this company three times before, unsuccessfully. | :08:33. | :08:36. | |
According to reports, a lot of the reasons why this has fallen through | :08:37. | :08:39. | |
is because there are questions over how they are going to finance the | :08:40. | :08:44. | |
deal. $14 billion in cash, basically they are an insurance company with | :08:45. | :08:47. | |
divisions in many other types of businesses but that is still a lot | :08:48. | :08:50. | |
of cash to come up with and they need to see concrete proof before | :08:51. | :08:54. | |
they go ahead. It is good news for Marriot, as you said because it is | :08:55. | :09:00. | |
going to pay ?13.3 billion -- billion to take over Starwood to | :09:01. | :09:03. | |
become the world's biggest hotel group with more than 1 million rooms | :09:04. | :09:07. | |
but investors did not seem to cheered as chairs in both Starwood | :09:08. | :09:12. | |
and Marriot fell 5% overnight. -- as shares. | :09:13. | :09:15. | |
The Nikkei and the Topix in Asia sunk after a very negative report | :09:16. | :09:18. | |
coming out about the mood amongst big Japanese corporates. | :09:19. | :09:20. | |
The strong yen is making it very difficult for those stimulus | :09:21. | :09:23. | |
measures from Shinzo Abe to take effect. | :09:24. | :09:24. | |
Emerging-market stocks were retreating. | :09:25. | :09:25. | |
Basically, it's profit-taking after a fairly good recovery. | :09:26. | :09:29. | |
This is how Europe is opening up. | :09:30. | :09:37. | |
Not so great, the Footsie down yet again. | :09:38. | :09:39. | |
We've got lots of PMI data coming out from Europe over the course | :09:40. | :09:42. | |
Michelle Fleury in New York has the details. | :09:43. | :09:49. | |
Wall Street is awaiting the latest monthly jobs report from the US | :09:50. | :09:55. | |
Labor Department. America's economy is expected to have added around | :09:56. | :10:01. | |
200,000 jobs in March. This is modestly lower than separate's | :10:02. | :10:06. | |
number of around 240,000. No changes forecast for the unemployment rate | :10:07. | :10:10. | |
which is at an eight-year low. All of this points to a healthier | :10:11. | :10:14. | |
picture at least on the labour markets. For investors, there's | :10:15. | :10:18. | |
another number in the report that they will be paying close attention | :10:19. | :10:25. | |
to, average hourly wages, to see any signs of wage inflation. On the | :10:26. | :10:29. | |
earnings front, the once ubiquitous BlackBerry is expected to report | :10:30. | :10:32. | |
another loss in its fourth quarter. The company is struggling to rebuild | :10:33. | :10:36. | |
its business model as consumers have moved onto other smartphones from | :10:37. | :10:40. | |
those running on android software to the iPhone. | :10:41. | :10:41. | |
Joining us is Lawrence Gosling, editor-in-chief of Investment Week. | :10:42. | :10:51. | |
Good to see you, happy Friday. Staying on the jobs numbers, are we | :10:52. | :10:59. | |
at a point now where the focus was on the US jobs number every month | :11:00. | :11:04. | |
but not so much focus on the number now. Should we be looking more for | :11:05. | :11:10. | |
wage growth and productivity and inflation? Absolutely, we are | :11:11. | :11:12. | |
getting to this point like we said a couple of years ago, where the | :11:13. | :11:15. | |
Federal Reserve will be comfortable when the on implement number fell to | :11:16. | :11:18. | |
a certain level. We have been there for a few months. There's a think | :11:19. | :11:23. | |
all the participation rate which is behind the official numbers... I can | :11:24. | :11:31. | |
talk to Victoria about this! Fine, you do that. That another key | :11:32. | :11:34. | |
measure but you are right, wage growth and we are expecting to see | :11:35. | :11:38. | |
some wage growth above the rate of inflation which is one of the | :11:39. | :11:41. | |
reasons why the market is back talking about interest-rate hikes, | :11:42. | :11:47. | |
potentially. Did we explain... The participation rate is at its lowest | :11:48. | :11:51. | |
since 1978, I believe, in the US. It essentially means that it is not | :11:52. | :11:55. | |
that people are not out there looking for jobs. People have just | :11:56. | :11:59. | |
given up searching so although we have a low unemployment rate, an | :12:00. | :12:02. | |
eight-year low, the situation is that people have just given up. | :12:03. | :12:05. | |
There's a whole swathe of the middle of the US that is pretty | :12:06. | :12:11. | |
disillusioned with the jobs market. Senior citizens have decided to | :12:12. | :12:14. | |
retire early, maybe women who have gone out of the workforce because of | :12:15. | :12:18. | |
modernity and perhaps students coming out who think they will go | :12:19. | :12:21. | |
travelling instead or study bit more. Once that slows down, we get | :12:22. | :12:28. | |
closer to full employment. And then we see wage growth begin to kick off | :12:29. | :12:32. | |
and inflation becoming an issue in the US. About time. We are not going | :12:33. | :12:36. | |
to get into the China factory numbers but we will pick that up | :12:37. | :12:39. | |
when we talk to you in the newspapers. | :12:40. | :12:40. | |
We meet the co-rounder who sold his 10% | :12:41. | :12:54. | |
as the new National Living Wage comes into effect for those aged | :12:55. | :13:03. | |
But could it mean job cuts, or even rising prices? | :13:04. | :13:10. | |
Emma Simpson has been taking a look for Sheffield. | :13:11. | :13:17. | |
They know all about low pay in this city. The jobs landscape has changed | :13:18. | :13:21. | |
since the heyday of the steel industry. These days, too many | :13:22. | :13:29. | |
people are earning too little. Chloe gets ?6.81 an hour, working | :13:30. | :13:32. | |
part-time in a nursing home. I've got childcare and bills to pay for, | :13:33. | :13:36. | |
making sure he is fed and warm. Making sure he is dressed. It is | :13:37. | :13:41. | |
tough, yeah, and every penny is accounted for. How much difference | :13:42. | :13:47. | |
will an extra ?30 per month make to you? It will make a big difference | :13:48. | :13:51. | |
to me and Oliver. It will make a massive difference. What will you | :13:52. | :13:56. | |
spend it on? Oliver, mainly. We are going in there, are we? She's off to | :13:57. | :14:01. | |
work, dropping her son at nursery on the way. Hi, Oliver. It is thought | :14:02. | :14:08. | |
almost a third of Sheffield's workers will benefit from the new | :14:09. | :14:11. | |
National Living Wage ever the next four years, more than any other | :14:12. | :14:13. | |
major UK city. Nursery worker Carly will earn around an extra ?900 per | :14:14. | :14:19. | |
year. Financially, it means I will be able to sort myself out with my | :14:20. | :14:23. | |
debts and things and hopefully be able to start being able to treat | :14:24. | :14:27. | |
myself to a bit extra. Do you want me to fasten it up? But the owner is | :14:28. | :14:32. | |
worried where the money is coming from. It's a lot of money to a small | :14:33. | :14:37. | |
business like mine that is just set up. I'm going to struggle. I can't | :14:38. | :14:41. | |
get rid of staff because I need the ratios for the amount of children we | :14:42. | :14:45. | |
have got. I can't even get rid of staff so it has to be all the toys | :14:46. | :14:50. | |
and the equipment. Anita is not the only employer grappling with how to | :14:51. | :14:54. | |
pay the new living wage. This is the biggest change to low pay in years. | :14:55. | :15:00. | |
It will benefit millions of workers but it is not clear how businesses | :15:01. | :15:03. | |
will react and what the impact will be. | :15:04. | :15:06. | |
A quick look at a couple of stories that are breaking now and this one | :15:07. | :15:14. | |
is Sainsbury's bid for Home Retail Group has been approved, the board | :15:15. | :15:17. | |
has formally recommended a takeover offer which values the company at | :15:18. | :15:23. | |
about ?1.2 billion. Not a surprise, a 74% premium on the share price | :15:24. | :15:24. | |
today. Our top story, Tesla has unveiled | :15:25. | :15:41. | |
its much anticipated model three electric car, the lowest cost | :15:42. | :15:46. | |
vehicle they have released to date. Staying with technology, there has | :15:47. | :15:49. | |
been a lot going on this week. The FBI was able to break into the | :15:50. | :15:53. | |
iPhone belonging to the San Bernardino gunman, ending a big | :15:54. | :16:03. | |
battle with Apple. And Microsoft tried to restart their online | :16:04. | :16:05. | |
experiment in artificial intelligence. It did not quite go so | :16:06. | :16:07. | |
well. Rory Cellan-Jones is here. Glasses at the ready. Victoria, you | :16:08. | :16:13. | |
know why she is wearing glasses, she has got a dodgy infection in her | :16:14. | :16:19. | |
eye. It is to shield you all. There is maybe nothing even in conveyor. | :16:20. | :16:26. | |
Starting with Tesla, you have spoken with Elon musk. Business make or | :16:27. | :16:36. | |
break? Absolutely. I met him in Los Angeles and in the background were | :16:37. | :16:39. | |
various cars draped in black sheets and I presume one of them was the | :16:40. | :16:43. | |
model three. I asked him about that car and he said it was vital to his | :16:44. | :16:48. | |
mission. He has a messianic vision of sustainable transport. He says we | :16:49. | :16:52. | |
will not be able to do it unless they had an affordable car. What he | :16:53. | :16:56. | |
did not say is and I will go bust if I don't get one out there. It is a | :16:57. | :17:03. | |
good-looking thing. It is an extraordinary business, but always | :17:04. | :17:08. | |
teetering on the edge of disaster. Moving on to talk about Microsoft, | :17:09. | :17:12. | |
they had their development conference today and they were | :17:13. | :17:16. | |
bleating -- they will be releasing these automated chat bots, but will | :17:17. | :17:26. | |
be behaved this time? The idea is that if you are an Sky, you will | :17:27. | :17:31. | |
have one of these chatbots in the background and it will be picking up | :17:32. | :17:37. | |
travel plans and data, and it will say, would you like to book a hotel | :17:38. | :17:41. | |
there? But what we know is that the current experiment went very badly | :17:42. | :17:45. | |
wrong very quickly. Because there are some very bad people on the | :17:46. | :17:50. | |
internet. It was like putting a five enrolled in the playground with | :17:51. | :18:00. | |
teenagers. Wasn't it smoking a joint or something? It started saying, I | :18:01. | :18:06. | |
am sorry, I am drunk, and it all went terribly wrong. A big day for | :18:07. | :18:10. | |
Apple and we will explain that shortly but while we're talking | :18:11. | :18:14. | |
about Apple, the FBI and the old iPhone case, it has got Apple a bit | :18:15. | :18:21. | |
worried. I was talking earlier this week about how do we score this | :18:22. | :18:26. | |
battle? It is a one all draw. Apple have not had to right at the | :18:27. | :18:32. | |
software that the FBI demanded, but the FBI have apparently cracked the | :18:33. | :18:37. | |
iPhone on their own, allegedly with an Israeli company. The problem with | :18:38. | :18:42. | |
Apple is that they do not know how that was done and theoretically they | :18:43. | :18:46. | |
have a problem because out there are hundreds of millions of people with | :18:47. | :18:50. | |
iPhone is not quite knowing whether they are secure or not. There are | :18:51. | :18:54. | |
these type of lapses of security all the time, and they are shared. There | :18:55. | :19:01. | |
is a culture of sharing what you know about vulnerabilities so that | :19:02. | :19:04. | |
they can be fixed but the FBI is not going to share with Apple. And once | :19:05. | :19:10. | |
they have done it, I presume if another case arises, and the FBI | :19:11. | :19:15. | |
wants to get into the phone... I don't think it is the case. It was | :19:16. | :19:23. | |
this particular model, the 5C that they have cracked. It is not clear | :19:24. | :19:28. | |
but it is unlikely that more advanced phones could be cracked in | :19:29. | :19:32. | |
the same way. But we're looking at a fog of uncertainty. And we certainly | :19:33. | :19:37. | |
don't know what forms terrorists are carrying. It is not just iPhones. It | :19:38. | :19:47. | |
is obviously not. The other key thing is that the FBI and other | :19:48. | :19:52. | |
authorities around the world will want to re-examine the case against | :19:53. | :19:57. | |
encryption, which Apple and the technology industry is so keen to | :19:58. | :20:01. | |
defend. Great stuff as always, Rory. Have a great weekend. | :20:02. | :20:15. | |
40 years ago today three young men founded a computer company | :20:16. | :20:18. | |
in an apartment in Mountain View California. | :20:19. | :20:25. | |
The rest, as they say, is history - Apple is now worth $600 billion. | :20:26. | :20:28. | |
We all know the story of the late Steve Jobs. | :20:29. | :20:31. | |
The nerdier among us will also know about the flamboyant Steve Wozniak. | :20:32. | :20:34. | |
But there is a reason few can name the third co-founder of Apple. | :20:35. | :20:37. | |
Ronald Wayne was the man behind the famous logo, | :20:38. | :20:39. | |
but sold his 10% stake early on for a few hundred dollars, | :20:40. | :20:43. | |
in what proved to be one of the most expensive decisions in history. | :20:44. | :20:46. | |
Dave Lee went to speak to him and found he had few regrets. | :20:47. | :20:56. | |
Steve Jobs have this focus. Once he got an idea in his head, that was | :20:57. | :21:03. | |
it. And you never wanted to be between him and where they wanted to | :21:04. | :21:06. | |
go. He would wind up with footprints on your forehead. This is the | :21:07. | :21:12. | |
contract that I personally typed up. He regarded me as something of a | :21:13. | :21:17. | |
minor mental. Because I was somewhat more diplomatic than he was. There | :21:18. | :21:21. | |
was a problem he was having at that time with Steve was a hack. I said, | :21:22. | :21:27. | |
come over the house and we will have a chat. -- Steve Wozniak. It took me | :21:28. | :21:35. | |
just an hour to explain that you cannot do that with a business | :21:36. | :21:39. | |
enterprise. OK, fine, he bought into that and he understood. At that | :21:40. | :21:44. | |
moment, Steve Jobs said, we will form a company and 12 days later, I | :21:45. | :21:48. | |
went down to the registrar's office and had my name taken off the | :21:49. | :21:54. | |
contract. Jobs and Wozniak did not have to nickels to rub together. I | :21:55. | :21:58. | |
had a house, a bank account and a car and I was reachable. Months | :21:59. | :22:02. | |
later I get a letter in the mail with a cheque for $1500. And the | :22:03. | :22:09. | |
letter says, all you have got to do is sign away every possible interest | :22:10. | :22:12. | |
you could have in the Apple Computer company, and the check is yours. | :22:13. | :22:18. | |
Well, I figured that I had already done that and as far as I was | :22:19. | :22:24. | |
concerned, it was found money. So I went ahead and signed. People will | :22:25. | :22:31. | |
watch this and say, surely as Ron is about to go to sleep he must often | :22:32. | :22:36. | |
think of what could have been with Apple. Do you? I knew what would | :22:37. | :22:41. | |
have been if I had stayed with the company. I would have wound up | :22:42. | :22:46. | |
heading a very large documentation department at the back of the | :22:47. | :22:49. | |
building, shuffling papers for the next 20 years of my life and that | :22:50. | :22:55. | |
was not the future I saw for myself. Lawrence is back to take a look at | :22:56. | :22:58. | |
the papers. Enchanted gardening tweets. I was asking if anyone had | :22:59. | :23:06. | |
any regrets. I wish I had invested in Apple and Microsoft in the 80s. I | :23:07. | :23:12. | |
said so to the husband but he was not seeing the potential. Thanks for | :23:13. | :23:18. | |
that. Hubby, you shouldn't let her invest. Let's talk through the | :23:19. | :23:22. | |
papers. This is the front page of the Economist. This is all about the | :23:23. | :23:35. | |
president of China, comparing his power to Mao and saying that we had | :23:36. | :23:40. | |
not seen a more powerful or cultish figure in China since then. What are | :23:41. | :23:45. | |
your thoughts on this? It is fascinating because when the | :23:46. | :23:53. | |
president came to power, the cult of Mao, was one of the things he was | :23:54. | :23:57. | |
talking about. And yet ironically, he has spent the last five years in | :23:58. | :24:01. | |
particular, there has been a famous video viewed by 300 million people | :24:02. | :24:06. | |
of uncle Xi, as he called, dancing with his wife in a way that is very | :24:07. | :24:11. | |
reminiscent of German mark, and some of the antics you see in North | :24:12. | :24:17. | |
Korea. He has developed this cult of the personality. In many ways, he | :24:18. | :24:21. | |
has got stronger as he has failed to tackle some of these issues, | :24:22. | :24:30. | |
including eroding corruption. It is fascinating, the way that the | :24:31. | :24:33. | |
Economist has presented the image, it is very much like one of the old | :24:34. | :24:37. | |
images of Mao that we remember. Talking about eroding corruption, | :24:38. | :24:48. | |
one place that they have not tackle this, to segue... It is the | :24:49. | :24:56. | |
pharmaceutical industry. The crackdown on the fake drugs that the | :24:57. | :24:58. | |
average Chinese person needed. And that brings us to this story. GSK | :24:59. | :25:10. | |
wants to relax intellectual copyright. GSK, there are many | :25:11. | :25:18. | |
countries around the world that cannot afford to buy their drugs. | :25:19. | :25:21. | |
They have said that they are not going to have the same licensors, | :25:22. | :25:27. | |
and if it does, what it will do is give a cheap licence to a local | :25:28. | :25:30. | |
drugs manufacturer. Those drugs can go on sale in those countries at a | :25:31. | :25:36. | |
more affordable cost. But crucially it does not include China, India or | :25:37. | :25:40. | |
Brazil, so what difference will this make? You could say that was a | :25:41. | :25:45. | |
double standard. Those three countries have got huge parts of | :25:46. | :25:50. | |
their population that need these cheap generic drugs. Have a great | :25:51. | :25:56. | |
weekend. We will wrap it up. That is it from us. Plenty more business | :25:57. | :25:59. | |
news throughout the day. Have a great weekend. Bye-bye. | :26:00. | :26:10. | |
After the last few days, which have been pretty settled because of a | :26:11. | :26:15. | |
ridge of high pressure, we're seeing a change to the weather, a | :26:16. | :26:20. | |
significant change. This area of low pressure sending out a weather | :26:21. | :26:21. |