Browse content similar to 05/04/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson | :00:00. | :00:07. | |
More leaked documents from Panama show how close relatives of some | :00:08. | :00:16. | |
of China's leaders, including the president, | :00:17. | :00:18. | |
Live from London, that's our top story on Tuesday 5th April. | :00:19. | :00:37. | |
As tax authorities around the world promise tough action after the leak | :00:38. | :00:40. | |
of millions of documents from a tax haven, we reveal how close relatives | :00:41. | :00:46. | |
of senior Chinese politicians have been caught up in the scandal. | :00:47. | :00:54. | |
India cuts interest rates to their lowest level in five years, | :00:55. | :01:14. | |
as the country's fight against inflation seems | :01:15. | :01:15. | |
And this is how markets across Europe have opened this | :01:16. | :01:19. | |
morning - we'll look at what's moving the numbers. | :01:20. | :01:21. | |
And how do you know what you buy in the shops is safe, | :01:22. | :01:24. | |
This man has the answer - he's the head of the Consumer Goods | :01:25. | :01:28. | |
Forum, that focuses on keeping consumers safe and making | :01:29. | :01:30. | |
And as always we want to hear from you about any of the stories | :01:31. | :01:35. | |
Get in touch in the usual way - #BBCBizLive. | :01:36. | :01:41. | |
Tax authorities around the world have promised tough action | :01:42. | :01:46. | |
after the leak of millions of documents from the Panamanian law | :01:47. | :01:49. | |
They show how the world's rich and powerful hide their wealth | :01:50. | :01:55. | |
They also show how leading regime figures in Syria and north Korea | :01:56. | :02:01. | |
were able to keep their companies trading, despite being blacklisted | :02:02. | :02:03. | |
The papers make uncomfortable reading for a number of current | :02:04. | :02:08. | |
Close relatives of senior Chinese political leaders - | :02:09. | :02:14. | |
including the President - are among those found to have links | :02:15. | :02:17. | |
Our correspondent Celia Hatton has more details. | :02:18. | :02:22. | |
Ask the wrong question, this is what happens. | :02:23. | :02:26. | |
Chinese citizens who want their Communist leaders | :02:27. | :02:28. | |
to list their assets are rounded up and put in prison. | :02:29. | :02:32. | |
This is the group of men who rule China. | :02:33. | :02:42. | |
They refuse to disclose their wealth, but they say | :02:43. | :02:45. | |
they want to eliminate corruption from the Communist Party, | :02:46. | :02:47. | |
punishing 300,000 officials last year alone. | :02:48. | :02:50. | |
That makes today's news very uncomfortable for Chinese President | :02:51. | :02:58. | |
The relatives of seven current and former Chinese leaders | :02:59. | :03:02. | |
were found to have links to offshore companies, | :03:03. | :03:04. | |
Of the seven named, these three are the most important - | :03:05. | :03:12. | |
President Xi Jinping and two senior leaders. | :03:13. | :03:13. | |
All three men have in-laws who were listed as directors | :03:14. | :03:16. | |
or shareholders in offshore companies. | :03:17. | :03:19. | |
It's not illegal for Chinese citizens to invest overseas, | :03:20. | :03:25. | |
but the Communist Party bans relatives from profiting | :03:26. | :03:29. | |
from their political connections, so this | :03:30. | :03:30. | |
So far, the government is doing what it can to control the story | :03:31. | :03:34. | |
When I enter "Panama papers" into the search engine, | :03:35. | :03:43. | |
this is what I get, a message telling me the results violate | :03:44. | :03:46. | |
There is growing awareness in China of a large wealth gap | :03:47. | :04:02. | |
between the vast majority of China's ordinary people and the aristocracy. | :04:03. | :04:05. | |
This will translate into resentment against the Party leadership | :04:06. | :04:16. | |
and also more entrenched doubts about whether this one-party | :04:17. | :04:18. | |
authoritarian rule is suitable for China. | :04:19. | :04:21. | |
Slowly, we're learning more and more about how the relatives | :04:22. | :04:24. | |
of China's leadership store their money overseas. | :04:25. | :04:25. | |
Despite the best efforts of the Communist Party, | :04:26. | :04:28. | |
an unexpected leak of files from halfway around the world | :04:29. | :04:31. | |
in Panama is shedding light on China's most secretive families. | :04:32. | :04:39. | |
And there's much more on the revelations in those | :04:40. | :04:42. | |
documents - it's all on our website. | :04:43. | :04:48. | |
A potential buyer for Tata Steel in the UK says he could take over | :04:49. | :04:55. | |
the ailing business without making massive job losses. | :04:56. | :05:00. | |
Sanjeev Gupta, head of Liberty Group, says he's had | :05:01. | :05:02. | |
'very encouraging' talks with the Government. | :05:03. | :05:04. | |
He thinks the plant at Port Talbot could be more efficient | :05:05. | :05:06. | |
by replacing its large, expensive blast furnaces | :05:07. | :05:15. | |
with cheaper, smaller arc furnaces powered by electricity. | :05:16. | :05:18. | |
One of the world's largest aerospace firms has written to its 15,000 UK | :05:19. | :05:21. | |
employees warning about the risks of voting to leave the European Union. | :05:22. | :05:24. | |
In a letter to staff, Airbus says it makes "good economic | :05:25. | :05:28. | |
sense" for the UK to stay in the EU due to its ability to trade freely | :05:29. | :05:32. | |
While it would not relocate elsewhere in the event of EU exit, | :05:33. | :05:40. | |
the company said it might reduce its investment. | :05:41. | :05:44. | |
The price of oil has been volatile over the past 24 hours - | :05:45. | :05:47. | |
amid fears over the glut in global output. | :05:48. | :05:52. | |
Oil producers including Saudi Arabia and Russia are due | :05:53. | :05:55. | |
to meet in Doha later this month to discuss a freeze | :05:56. | :05:57. | |
But Iran says it won't take part in the meeting | :05:58. | :06:06. | |
and will keep increasing exports until they reach pre-sanction | :06:07. | :06:08. | |
We will talk more about oil, the price and what it is doing, it has | :06:09. | :06:18. | |
been volatile, and certainly moving the market. You think of the Panama | :06:19. | :06:25. | |
papers, a can of works, -- a can of worms, and thinking about Iceland. | :06:26. | :06:35. | |
The Icelandic PM remains defiant, this is about 10,000 people in wreck | :06:36. | :06:39. | |
the capital, gathering outside the parliament, 10,000 people is not too | :06:40. | :06:47. | |
bad in a country with a population of 323,000! They are seeking the | :06:48. | :06:52. | |
Prime Minister's resignation and the opposition party calling for a vote | :06:53. | :06:54. | |
of no confidence because in the Panama papers there were details of | :06:55. | :07:00. | |
the Prime Minister's family was macro financial affairs. | :07:01. | :07:04. | |
As you can see at the bottom, he says he will not resign over this. | :07:05. | :07:09. | |
Many world leaders seemingly have links to those offshore accounts. | :07:10. | :07:14. | |
Can you say his name? You go for it! | :07:15. | :07:20. | |
Sigmundur Gunnlaugsson, there we go! Fluent! | :07:21. | :07:24. | |
India's central bank has cut interest rates by 25 basis | :07:25. | :07:26. | |
It was widely expected - the first cut since September | :07:27. | :07:32. | |
to bring rates to their lowest level in more than five years. | :07:33. | :07:35. | |
Yogita Limaye is following this story for us from Mumbai. | :07:36. | :07:40. | |
Good to see you. No surprise, is the move because we have seen inflation | :07:41. | :07:52. | |
at the fastest-growing economy in the world, but it has dropped a | :07:53. | :07:55. | |
little bit? Yes, over February it dropped quite | :07:56. | :07:59. | |
sharply said there were expectations that perhaps the central bank might | :08:00. | :08:04. | |
make a bigger rate cut, 25 basis points was expected. The bosses of a | :08:05. | :08:08. | |
Private bank I spoke to a few days ago said there was a case to be made | :08:09. | :08:13. | |
for a reduction of three times that much, 75 basis points. A lot of | :08:14. | :08:17. | |
people not very excited by this move, the stock market certainly not | :08:18. | :08:21. | |
excited, they have been in the red and bank stocks are taking a hit at | :08:22. | :08:25. | |
this point but the governor, in his statement, has said that their | :08:26. | :08:30. | |
stance will remain accommodating in the months to come, so there are | :08:31. | :08:34. | |
expectations that if inflation remained around the 5% figure, | :08:35. | :08:39. | |
convened -- consumer inflation, we might the rate cuts in the months | :08:40. | :08:42. | |
ahead, too. Thanks very much. | :08:43. | :08:49. | |
A quick look at the numbers, this is what Asia did overnight, despite the | :08:50. | :08:54. | |
move by the Australian central bank to keep rates on hold and also the | :08:55. | :08:57. | |
Indian central bank to cut the rate to the lowest level in five years. A | :08:58. | :09:03. | |
quick look at what Europe is doing, the service sector will be in the | :09:04. | :09:07. | |
spotlight today. In the UK, some suggestions that the debate over | :09:08. | :09:11. | |
Brexit and the potential exit of the UK from the European Union could | :09:12. | :09:14. | |
start affecting service sector figures over the course of the | :09:15. | :09:17. | |
coming months ahead of the referendum taking place in June, so | :09:18. | :09:21. | |
we will get a snapshot of what is happening there, and a few of around | :09:22. | :09:26. | |
Europe, but that is currently the state of play, the FTSE 100 down by | :09:27. | :09:31. | |
1%, although prices proving volatile, and that, as we have said | :09:32. | :09:37. | |
in the past, really does spook the equity markets. | :09:38. | :09:38. | |
Nicely done, nice little Segway there. | :09:39. | :09:44. | |
I joined by a familiar face! We are going to talk about oil. It is | :09:45. | :09:54. | |
certainly driving things lower in Asia, so volatile. Everybody is | :09:55. | :09:57. | |
looking to the meeting later this month in Gauhar, in tata. Not a lot | :09:58. | :10:03. | |
of hope, though? No, what is interesting is the equity markets | :10:04. | :10:10. | |
moving, you would see lower oil prices in the past is good news for | :10:11. | :10:13. | |
equity markets because consumers have more pounds in their pocket but | :10:14. | :10:17. | |
now it is seen as a sign of a weakened global economy, and equity | :10:18. | :10:22. | |
markets and the oil price are moving in lockstep. There is a showdown | :10:23. | :10:27. | |
between Saudi and around, and if they do not come to an agreement we | :10:28. | :10:31. | |
will not see this glut of oil disappear any time soon -- Saudi and | :10:32. | :10:37. | |
Irani. Iran says it is not going to go to the meeting, and in some ways | :10:38. | :10:41. | |
you cannot blame them, they have been blocked with sanctions in the | :10:42. | :10:45. | |
past and others have stolen their market share. Iran says it wants to | :10:46. | :10:49. | |
keep producing to get to its pre-sanction level of 4 million | :10:50. | :10:54. | |
barrels per day, and there is just more of the black stuff, and I | :10:55. | :10:57. | |
cannot see a light at the end of the tunnel for oil gumming up? And at | :10:58. | :11:02. | |
the other end of the spectrum there is Russia, still pumping a lot of | :11:03. | :11:06. | |
oil despite President Putin's promise that Russia will scale back | :11:07. | :11:11. | |
on pumping oil, so I continued glut of oil. Also interesting, we have | :11:12. | :11:18. | |
heard talk from Saudi Arabia about setting up this sovereign wealth | :11:19. | :11:21. | |
fund with trillions of dollars, preparing for life after oil, so it | :11:22. | :11:23. | |
seems the message is getting through because we have heard until now that | :11:24. | :11:30. | |
Saudi Arabia is blind to the criticism and will try to keep up | :11:31. | :11:32. | |
production regardless, despite debate about a cap. The message is | :11:33. | :11:37. | |
getting through that countries which have traditionally made their money | :11:38. | :11:41. | |
from oil need to prepare for the future? Absolutely, they need to | :11:42. | :11:44. | |
diversify their revenue resources, and we have seen this in the | :11:45. | :11:53. | |
markets, a lot of Sobran Wealth funds sell assets to plug the gap | :11:54. | :11:55. | |
left by the falling oil price that has created holiday but -- | :11:56. | :11:59. | |
volatility. Where did you think they will spend that money? We have seen | :12:00. | :12:03. | |
in the past it is spent on hotels and prime real estate in places like | :12:04. | :12:07. | |
London, we have no idea yet where they will be spending this? | :12:08. | :12:13. | |
Innovation, consumer, different sectors where they could spend the | :12:14. | :12:17. | |
money, but it remains to be seen. I know you will talk us through the | :12:18. | :12:20. | |
papers later, but for now, thank you. | :12:21. | :12:23. | |
Saudi is also introducing austerity. For the first time ever. | :12:24. | :12:27. | |
Yes, to stave off bankruptcy. Who Yes, to stave off bankruptcy. Who | :12:28. | :12:30. | |
would have thought you would hear that? | :12:31. | :12:33. | |
Move over Apple and Samsung - | :12:34. | :12:35. | |
the world's third-largest mobile phone company, | :12:36. | :12:37. | |
Huawei, has big plans for the smartphone in your pocket. | :12:38. | :12:40. | |
It's got a new handset this week, but can it beat the 33% rise | :12:41. | :12:44. | |
You're with Business Live from BBC News. | :12:45. | :12:54. | |
The Business Secretary Sajid Javid is due to meet Sanjeev Gupta, | :12:55. | :13:11. | |
a potential buyer of the Port Talbot steelworks, | :13:12. | :13:15. | |
today before flying to India this evening for talks | :13:16. | :13:17. | |
Meanwhile, David Cameron is likely to face renewed calls to nationalise | :13:18. | :13:21. | |
the South Wales plant during talks with Wales' First Minister, | :13:22. | :13:24. | |
Our correspondent, Andy Moore, has this report. | :13:25. | :13:26. | |
Last week, he went to Port Talbot to tell workers he would do | :13:27. | :13:29. | |
Later today, the Business Secretary will fly to Mumbai to meet Tata | :13:30. | :13:34. | |
executives to discuss their timetable for the sale | :13:35. | :13:36. | |
It's a meeting many steelworkers say should have happened some time ago. | :13:37. | :13:40. | |
Last night, Mr Javid's deputy was feeling optimistic. | :13:41. | :13:42. | |
A long way to go yet, but we are making good progress. | :13:43. | :13:45. | |
Could this man be the saviour of the British steel industry? | :13:46. | :13:47. | |
One Indian company wants to offload the company - | :13:48. | :13:49. | |
it could be another Indian-born tycoon, Sanjeev Gupta, | :13:50. | :13:51. | |
But he would want to run a very different type of business. | :13:52. | :13:58. | |
The old blast furnace would be closed down and replaced | :13:59. | :14:00. | |
Our idea is that we will look to transition from blast furnaces | :14:01. | :14:12. | |
to arc furnaces, from imported raw material to domestically-available | :14:13. | :14:18. | |
scrap, and from making carbon steel to what we call green steel, | :14:19. | :14:22. | |
melting recycling scrap using renewable energy. | :14:23. | :14:31. | |
His company Liberty has already saved this steelworks in Newport. | :14:32. | :14:34. | |
If he were to take over Tata's other operation, | :14:35. | :14:36. | |
he would hope to keep most of the workplace. | :14:37. | :14:39. | |
There will be a series of meetings today involving | :14:40. | :14:41. | |
the British Government, Welsh Government and the unions. | :14:42. | :14:43. | |
Everybody is hoping a deal can be done to save jobs. | :14:44. | :14:53. | |
And that story is on the Business Live page, a call to save those jobs | :14:54. | :15:01. | |
in the UK steel industry. Some criticism that any bail-out would be | :15:02. | :15:04. | |
throwing good money after bad and it is massive reform of the industry | :15:05. | :15:08. | |
that is needed now not only in terms of modernising equipment but also | :15:09. | :15:11. | |
changing processes. I did not know about the difference | :15:12. | :15:14. | |
between the furnaces. I only learned that today, between | :15:15. | :15:20. | |
the blast furnaces, and... They cannot be turned off? | :15:21. | :15:28. | |
And the Ark furnaces, which are electrically powered. | :15:29. | :15:35. | |
Our top story: As tax authorities around the globe promise action | :15:36. | :15:39. | |
following the leak of millions of documents from the Panamanian law | :15:40. | :15:42. | |
firm Mossack Fonseca, we reveal how close relatives | :15:43. | :15:44. | |
of senior Chinese political leaders have been caught up in the scandal. | :15:45. | :15:52. | |
Now, when you're out shopping, do you know, where the products | :15:53. | :15:57. | |
you're buying have come from, who made them or whether they're | :15:58. | :16:00. | |
Well, the Consumer Goods Forum tries to tackle issues like these, | :16:01. | :16:06. | |
by trying to implement a global quality level to safeguard human | :16:07. | :16:11. | |
rights and to maintain safety standards. | :16:12. | :16:12. | |
The group represents over 400 retailers and manufacturers | :16:13. | :16:14. | |
and operates in 70 countries around the world. | :16:15. | :16:18. | |
Its aim is to help shoppers and consumers, focusing on food | :16:19. | :16:21. | |
safety, ethical manufacturing, and responsible use | :16:22. | :16:22. | |
Peter Freedman is the Managing Director of the Consumer Goods Forum | :16:23. | :16:26. | |
Peter nice to see you. Welcome to Business Live. We touched a little | :16:27. | :16:37. | |
bit there on what it is you do. Explain at a practical level, how | :16:38. | :16:42. | |
does it work? How does the forum work? We bring together all these | :16:43. | :16:47. | |
companies, multinationals and quite small regional companies and we | :16:48. | :16:51. | |
focus basically on what we call positive change. So that's things | :16:52. | :16:56. | |
that consumers notice, you as a shopper, you as a consumer of a | :16:57. | :17:00. | |
product and we try and make sure that the supply chain in every | :17:01. | :17:05. | |
respect is sustainable. We also work on things like health and wellness | :17:06. | :17:09. | |
so we are worried about people's health and we are trying to work and | :17:10. | :17:13. | |
help multinationals again work together to live people live | :17:14. | :17:19. | |
healthier lives. I was going to ask you is it difficult dealing in so | :17:20. | :17:23. | |
many countries trying to get them on an even keel and dealing with so | :17:24. | :17:27. | |
many cultures and societies. You have thrown in another element in. | :17:28. | :17:30. | |
Is it difficult when you are dealing with the small to the big, sometimes | :17:31. | :17:36. | |
the big can say it is easier for us to change or we don't have the money | :17:37. | :17:40. | |
or vice versa? It is tricky. We are led by a board. I have a board. Most | :17:41. | :17:44. | |
companies have boards of ten or 15 people. I have a board of 50 people | :17:45. | :17:49. | |
and each is a Chief Executive. So some of them are big companies, very | :17:50. | :17:54. | |
big companies like Wal-Mart and Unilever and Procter and Gamble and | :17:55. | :18:00. | |
others are smaller companies like small retailers. So in that board, | :18:01. | :18:03. | |
first of all, you get the leadership from the Chief Executive which is | :18:04. | :18:07. | |
really important. Often the Chief Executives want to do more good in | :18:08. | :18:11. | |
the world than some of the folklore down. So it is really important to | :18:12. | :18:17. | |
have the CEOs around the table and then you get the smaller companies | :18:18. | :18:20. | |
and the bigger companies blended together. If the bigger companies | :18:21. | :18:25. | |
lead, that's great. We want to drive positive change. Just looking at the | :18:26. | :18:30. | |
statistics here, the forum combined sales of the organisations you work | :18:31. | :18:37. | |
with of 2.5 trillion euros and employing ten million people. How do | :18:38. | :18:40. | |
you effect change on that scale? I imagine you have to work with each | :18:41. | :18:45. | |
individual organisation to come to a sum of change. How on a day-to-day | :18:46. | :18:49. | |
basis do you get the biggest firms to listen to what you're saying? You | :18:50. | :18:54. | |
know, they typically listen because they know it is the right thing to | :18:55. | :18:58. | |
do. When you have a conversation it is running a little bit difficult | :18:59. | :19:01. | |
and you are not quite sure what to do, you just say what would the | :19:02. | :19:06. | |
consumer want you to do? It sounds trite and hokey, but it is pretty | :19:07. | :19:11. | |
obvious. How does that relate to their bottom line? With the best | :19:12. | :19:15. | |
will in the world, the organisations say we want to provide the best for | :19:16. | :19:19. | |
our customers, if it is going to affect their profits or where they | :19:20. | :19:22. | |
can operate or the costs they will need to implement to get something | :19:23. | :19:25. | |
up to a new standard, that must be a tough decision? It is for some. For | :19:26. | :19:30. | |
some areas like safe food, we all want safe food, we know when it is | :19:31. | :19:33. | |
not safe, that's easy. No question, you will spend whatever it takes to | :19:34. | :19:37. | |
drive safe food. Some of the questions that maybe a bit more | :19:38. | :19:41. | |
long-term, so you know, is it good to get rid of the refridge rants in | :19:42. | :19:49. | |
the atmosphere that harm the ozone layer, but then all you need is a | :19:50. | :19:53. | |
Chief Executive to say, "I know it is the right thing to do." There are | :19:54. | :19:56. | |
a lot of those. So it is not that hard. Talking about the right thing | :19:57. | :20:00. | |
to do, I want to talk about one issue you have taken on board, it is | :20:01. | :20:05. | |
food waste. It is a story we talk a lot about on our programmes. Food | :20:06. | :20:10. | |
waste, it is $750 billion annually. Your members are part of that | :20:11. | :20:13. | |
picture. They waste food. But they have signed up, right, to cutting | :20:14. | :20:19. | |
that by half by, still a long way, 2025, why only half? Is that | :20:20. | :20:24. | |
optimistic enough? Well, the trouble is you're always going to have some | :20:25. | :20:29. | |
waste. So setting a goal of 50% reduction is stretching. Actually | :20:30. | :20:33. | |
interestingly some of the retailers in the UK are some of the best | :20:34. | :20:37. | |
performers in the world. So they want to spread the word and help | :20:38. | :20:42. | |
others to do better, but yes, we are going to fix, reduce 50% of the | :20:43. | :20:46. | |
waste in our own supply chains, but we are also signing up to some of | :20:47. | :20:51. | |
the UN goals which are to reduce where the waste most which is in all | :20:52. | :20:55. | |
of our homes so we are going to help that. OK. Well, Peter, short and | :20:56. | :21:00. | |
sweet, but we really appreciate your time. I know you have got the forum | :21:01. | :21:10. | |
in... We have a summit in Cape Town. Not Johannesburg. Wonderful Cape | :21:11. | :21:15. | |
Town. Get some work done. It is a beautiful place. Not in June! That's | :21:16. | :21:20. | |
why you're holding it in June! Peter, nice to see you. | :21:21. | :21:25. | |
The world's third biggest mobile phone company, | :21:26. | :21:26. | |
Huawei, saw its net profit grow by 33% last year. | :21:27. | :21:29. | |
The company's explosive growth was mostly driven by the huge 4G | :21:30. | :21:31. | |
But can Huawei build on this momentum? | :21:32. | :21:37. | |
On Wednesday it is due to unveil its latest | :21:38. | :21:40. | |
Analysts say it has the advantage over Apple and Samsung because it | :21:41. | :21:44. | |
One of the key things Huawei is because it makes towers and masts | :21:45. | :22:04. | |
for phones, they have relations with operatorsment they have been able to | :22:05. | :22:09. | |
grow massively. Not only does it help them control cost, but they are | :22:10. | :22:12. | |
able to design the chips to be able to do what they want for their | :22:13. | :22:18. | |
phones. Particularly when Huawei are making their own mode dumbs and the | :22:19. | :22:23. | |
4G towers, they are able to build these to work together very well and | :22:24. | :22:26. | |
conserve as much battery life as possible. | :22:27. | :22:32. | |
Maike Currie, investment director at Fidelity International | :22:33. | :22:34. | |
Airbnb, this is a great story. This is Airbnb that says you can try | :22:35. | :22:48. | |
before you buy. It joined up with a real estate company. If you want to | :22:49. | :22:52. | |
buy a house in a certain place, you can move into a similar one nearby | :22:53. | :22:56. | |
to check you like the neighbourhood and the neighbours. You can do this | :22:57. | :22:59. | |
already, but this is, you can do it yourself, but this is an idea of | :23:00. | :23:03. | |
being joined up, the sharing economy once again? I ti it is a brilliant | :23:04. | :23:07. | |
idea. The biggest decision, you probably make in your life is the | :23:08. | :23:13. | |
property that you're going to buy and browsing a property is very | :23:14. | :23:16. | |
different to living in a prort. This gives you the option of trying to | :23:17. | :23:20. | |
out and seeing if you like the neighbourhood. I have bought a new | :23:21. | :23:27. | |
house, I spent longer choosing a sandwich at lunch time than I did | :23:28. | :23:34. | |
looking at the house I just bought. This is a good way of you being able | :23:35. | :23:38. | |
to check out that you really like it before you make the biggest purchase | :23:39. | :23:46. | |
of your life? Absolutely. Online estate agent and Airbnb are joining | :23:47. | :23:50. | |
forces to create new business models. It is very interesting. | :23:51. | :23:54. | |
Let's turn our attention to... We only have a couple of minutes left. | :23:55. | :24:00. | |
This is a similar story. This is talking of that sharing economy. One | :24:01. | :24:14. | |
Fine Stay, it is like Airbnb, but it bought Accorhotels of France. Hotel | :24:15. | :24:23. | |
business joining forces with these online short-term holiday rental | :24:24. | :24:25. | |
companies to basically change the market and if you look at Airbnb, | :24:26. | :24:32. | |
they have got 1.5 million listings across the world and they have 15 | :24:33. | :24:37. | |
million hotel rooms. It is clear the model is changing and companies have | :24:38. | :24:40. | |
to adapt accordingly. You have got to think what is it valued? What, 24 | :24:41. | :24:48. | |
billion. It doesn't own any bricks and mortar and it is valued at $24 | :24:49. | :25:01. | |
million. AccorHotels paid $129 million. Some say it is too little. | :25:02. | :25:07. | |
It raises questions about valuations and whether the tech sector is | :25:08. | :25:10. | |
heading for hard times. It is the one that gets in that gets the name | :25:11. | :25:15. | |
known and it is a self fulfilling thing more people use it and more | :25:16. | :25:19. | |
people stay and this is what this one might have suffered from. Have | :25:20. | :25:30. | |
you heard of Onefinestay? No. Let's talk about the new rules on tax | :25:31. | :25:40. | |
inversion. How they are threatening this Pfizer Allergan deal. You have | :25:41. | :25:47. | |
got 15 seconds? Small companies by overseas rivals and change their | :25:48. | :25:51. | |
domiciles. The Treasury is clamping down on this and it is really | :25:52. | :25:53. | |
questioning whether the deal is going to go ahead or not? | :25:54. | :26:01. | |
Well done. Just one in the ear! | :26:02. | :26:03. |