10/05/2016 BBC Business Live


10/05/2016

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This is Business Live from BBC News with Sally Bundock and Ben Thompson.

:00:00.:00:08.

EasyJet slips into the red, with terrorist attacks in Paris,

:00:09.:00:19.

Egypt and Brussels changing where and how we travel.

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Live from London, that's our top story today, Tuesday 10th May.

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Not so easy for EasyJet - the budget airline makes a loss

:00:38.:00:40.

as terrorist attacks and foreign exchange rates hit

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We will be talking to the boss to give you the long haul view.

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Also in the programme: Bruised Japan - one of the country's biggest

:00:52.:00:54.

And the trading day has begun in the European markets, all headed higher,

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we will explain why. We sit down with the boss of Toms

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to discuss why their 'one-for-one' campaign to donate shoes

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to children in need is setting And as EasyJet tips into a loss,

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we want to know have security fears Let us know, just use

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the hashtag #BBCBizLive. Budget airline EasyJet made a loss

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in the six months to April after passengers decided to stay

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away because of fears over possible terrorist attacks

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on European capitals. The airline made a loss

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of over ?24 million, that's around $34 million,

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in the period compared with a profit of ?7 million,

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or $11 million, last year. Carolyn McCall, the chief executive

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of EasyJet, joins me now Good to have you on the programme. I

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know that normally in this period of the financial year for an airline it

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is normal to make a loss. Last year making a profit was unusual. Still,

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a lot has happened in that time and it has changed the way we travel and

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where we go to, so talk us through it. Can I just say all airlines

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actually do make a loss in the first half of the year, especially the

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winter, and we are no exception. In the last decade, last year was the

:02:28.:02:31.

first time we went into profit. But if it wasn't for the foreign

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exchange movements against us, the pound softening against the euro, we

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would have made a ?5 million profit. Last year was a ?7 million profit,

:02:43.:02:48.

so despite those extremely difficult and tragic external events that you

:02:49.:02:51.

referred to, and we would include Sharm el-Sheikh in that because we

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are the only budget airline to fly their, which we do not do any more

:02:56.:02:59.

because we are not allowed to because of what happened there, and

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that followed by Paris and Brussels, despite all of that passengers have

:03:04.:03:07.

come back. Our load factor in the first half of the year, the number

:03:08.:03:12.

of people we fly on the plane, is 90%, exactly the same as last year,

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89.7%, so the volumes have come back. It is the pricing that remains

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under pressure. So, the consumers, this is a fantastic time to fly

:03:24.:03:29.

because everybody's pricing has come down because we are stimulating

:03:30.:03:33.

demand as a result of people perhaps taking longer to books and thinking,

:03:34.:03:45.

do I need to do that, particularly city to city. That happens for a few

:03:46.:03:49.

weeks after a tragic event, what we have seen in Paris and Brussels,

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regardless of the fact that Paris was city based, not an airline or

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airport event. It still has an effect on people where they just

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stop doing normal things for a period of time, and then it comes

:03:57.:04:03.

back. That is what we seeing. Just to talk about where we are going now

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and when we are going, as you said, we are booking our holidays, we are

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still travelling, but going to different places. It is fiercely

:04:13.:04:19.

competitive between you and your rivals as to where we are going and

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is there an issue of, is there the capacity, and argue virtually going

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to give seats away because some are said you have overcapacity to places

:04:29.:04:33.

like Spain? No, I don't think that is true. I think what is happening

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is that there is a shifting in terms of holidays, the capacity

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environment is better, nothing to do with the events we have talked

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about, it is the local environment. Even airlines that are not in great

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health long-term, legacy airlines, they will still keep a bit of

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capacity and the people driving that capacity are the low fares airlines

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like EasyJet. We are growing at 8% this year, that is a lot of growth.

:05:07.:05:11.

Our capacity is increasing and we are doing that because absolutely we

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can do that proper debate and give good returns to our shareholders. We

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have put our dividend up to 50% and we would not be doing that if we

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have looked to the future and did not see with confidence that we

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could continue to grow profitably. This summer, certainly, the shifts

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have been that people are more cautious about certain destinations,

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there is a big shift towards the destiny at macro Mediterranean,

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Italy, Spain, Greece -- a big shift towards the Mediterranean. Another

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example, our ski season this year was the best we have ever had, 40%

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of ski, amazing. OK, unfortunately we are out of time but we appreciate

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your presence, thank you for coming on the programme.

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With me now is Martin Alcock, director of the Travel

:06:07.:06:09.

Let's pick up on what we heard there, what struck the issue said it

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is about stimulating demand, airlines are stimulating demand. She

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said it is a fantastic time to book, but ultimately that means it is

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cheaper and its stuff is cheaper it is not good news for the firm is

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trying to make a profit from it. Absolutely right, big component of

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that is we are living through an unprecedented low fuel price

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environment at the moment and EasyJet have talked around ?50

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million worth of their fuel bill in the last six months, recycled into

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those lower fares to stimulate demand, so aeroplanes will always

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fly with that occupancy level, it is what price you have to charge to get

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people on that. And she was making the point that airlines tend not to

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do well in winter and rely on the summer season. But what evidence is

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there that people are changing their travel plans? Sally touched on this,

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we are still travelling but maybe going to destinations closer to

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home? Across the tourism sector you definitely see that, huge

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retrenching to mainland Spain, the Balearics, and fortunately for

:07:14.:07:20.

EasyJet they are strong in those areas already but it is competitive

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out there, the low-cost airlines all have planes they need to fill, they

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don't lose money when the planes are in the air so they are all looking

:07:28.:07:31.

to build to those destinations which means a huge capacity going in

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there. Some concerns about dynamics generally. Who is most vulnerable in

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the airline industry? Is it the budget side, people going away for a

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weekend, maybe for a city break, I imagine, correct me if I'm wrong,

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the legacy carriers, the likes of BA, Iberia, they have a lot of

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business class travel, you have got to go there for work, is it just

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discretionary travel that suppers? EasyJet have made a big play for a

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chunk of the business market, different dynamics in that.

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Traditionally EasyJet would have a lower cost base, more flexibility to

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move their roots, which is one good thing they have been able to come

:08:12.:08:15.

out of the north Aberdeen destinations, for example. EasyJet

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have a very strong balance sheet, lots of cash, they can afford a long

:08:21.:08:24.

period of competitive tension in that sector to fund some of the low

:08:25.:08:28.

prices for a period and some of the other airlines maybe don't have

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that. And the key is how long they can afford to do that.

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Lovely to see you. Very interesting, lots more on that story online.

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Tata Steel says seven potential buyers have come forward

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The firm, which put up its UK business for sale in March,

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says it is in talks with the interested parties.

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Tata and others within the European industry blame cheap Chinese imports

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for a collapse in steel prices that's threatening thousands of jobs

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The chief executive of the Saudi Arabian oil giant has had 500,000

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new jobs will be created in the next decade. The company will play a big

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role in developing industrial project as Saudi Arabia tries to

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diversify its economy beyond its reliance on oil.

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The chief executive of the search company Baidu has called on

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employees to put values before profits.

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This comes after the scandal that resulted in the death of a student

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who was thought to have tried an experimental cancer treatment.

:09:54.:09:58.

A terrible story and clearly one that tech giants have to get a grip

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on and work out who is advertising on their site through the search

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results? That is right, certainly the story

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is being reported widely on Chinese media, counting the tragic fate of

:10:11.:10:15.

the student, the 21-year-old. Before his death he criticised the failed

:10:16.:10:19.

treatment he received from a hospital that was advertised on

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Baidu. He also criticised Baidu, which controls about 80% of the

:10:25.:10:30.

Chinese search market, for promoting false medical information. Naturally

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this has caused a storm of controversy in China which may well

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have prompted this letter that Baidu's chief executive has written

:10:38.:10:42.

to his employees. He writes that if we lose the support of our users we

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lose hold of our values and Baidu will go bankrupt within 30 days. He

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is Inc using his employees of making compromises for the sake of

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commercial interest and placing earnings growth above user

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experience. We have seen this hit the company hard. Regulators this

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week imposed curbs on Baidu's advertising because of this

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controversy and this could potentially hit the company really

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hard. It relies on revenue from advertising for the lion share of

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its income. They continue to extend their losses today, down about 2.5%.

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Thank you very much, that story dominating in Asia and elsewhere.

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Japan's nikkei rose more than 2% after the country's finance minister

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said it will intervene if the yen's "one-sided" rise persists.

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It's the highest close for the Nikkei since April 28th.

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A lot of the reasons for that is the weakness in the yen.

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In Europe, we'll get the latest industrial production data

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Likely to see some pickup on the falls seen in February.

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In the UK the trade balance for March is expected

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to narrow too - we'll talk about that in a moment,

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but first let's get the lowdown on the day

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Big names in entertainment and pharmaceuticals are likely to

:12:03.:12:13.

command Investec tension on Tuesday. A drugmaker reports first-quarter

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earnings, many expecting them to reveal disappointing sales and

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profits but possibly the numbers will be of less interest than the

:12:21.:12:25.

comments they might make about takeover deals in the drug sector.

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It was managed to have merged with its rival by now but that deal got

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scuppered by the US government so shareholders will want to know

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what's next. Later in the day, media giant Walt Disney releases its

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latest results. It is expected to show a healthy rise in earnings

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driven in part by this stellar box office performance of its animated

:12:49.:12:59.

film Zootopia. Also out on Thursday, details from the video games make

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Electronic Arts. Joining us is Jeremy Stretch,

:13:06.:13:09.

head of foreign exchange Let's talk about those figures from

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France and Germany, it is important because it tells us what is going

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on. It is one of the things that people watch closely, the rate of

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growth in these sectors, especially in Germany, which is heavily driven

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by industry or output and export growth, and we have seen sign that

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French and German manufacturing output has been slowing, more

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damaging the perhaps in France and Germany. That will be one of the

:13:41.:13:44.

interesting variables to play out over the course of not just this

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report but the coming months to see if the two economies are diverging,

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which is important for Europe where those countries are the key

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cornerstones of the European project. We have also mentioned some

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companies out with earnings. In Japan, two big companies that have

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been there almost forever, Mitsubishi and Mitsui coming out

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with news that tells us the story of Japan right now? Indeed it does, and

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one of the interesting thing relevant for Japan, you just touched

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on it, is the strength of the yen. We have seen a significant

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appreciation in the value in the last few weeks and months which has

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had an impact in terms of the profitability of a number of

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companies. They have also had investment in areas which has been

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compromised in terms of the commodity sector but the strength of

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the yen has been a key constituent and it is interesting, reporting

:14:39.:14:42.

about the UK going up, that is at least in part because the yen has

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weakened on the back of the comments from the Finance Minister, so it is

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a direct relationship. Just to mention those two companies coming

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out with losses, something they have not done so many, many years, the

:14:55.:14:57.

interesting how that has changed. Thank you, Jeremy.

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Still to come: Can capitalism ever be caring?

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We sit down with the boss of Toms Shoes to discuss

:15:02.:15:09.

why their 'one-for-one' campaign to donate shoes to children in need

:15:10.:15:12.

is setting the bar for others to follow.

:15:13.:15:14.

You're with Business Live from BBC News.

:15:15.:15:24.

Is survey is suggesting the number of businesses that want Britain to

:15:25.:15:29.

remain in the Union has gone down. Victoria is in the newsroom with the

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details. Victoria, this is an interesting one because day by day

:15:35.:15:37.

we get different indications, it is up, it is down, the polls suggest

:15:38.:15:40.

one thing or another, what are they telling us today? Well, this is from

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the British Chambers of Commerce. It does actually differ from a survey

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we had earlier on from the Institute of Directors. It said effectively

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the polls are narrowing when it comes to sentiment and voting

:15:54.:15:56.

intention among business leaders. They say that as things stand, 37%

:15:57.:16:01.

of members that they polled would like to leave the EU. That leaves

:16:02.:16:08.

54% in favour of remaining. And that means 8% are completely undecided.

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Now earlier I spoke to Adam Marshal the acting Director-General of the

:16:14.:16:17.

BCC and I asked him whether he thought the people who have already

:16:18.:16:20.

made up their minds, might be willing to change them and he said

:16:21.:16:24.

actually, 90%, so the vast majority of people who have made up their

:16:25.:16:29.

minds are not going to change. And the proportion of people who are

:16:30.:16:32.

still undecided that's narrowing as days go on and we hear more and more

:16:33.:16:36.

of the arguments on either side. The other thing he said, I thought that

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was very interesting this morning. There is a real difference of

:16:41.:16:44.

opinion when it comes to small and large businesses. If you talk to

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large businesses and medium sized businesses, yes, they are talking

:16:48.:16:50.

about the referendum. Yes, they are concerned about it. Yes, it may have

:16:51.:16:54.

some impact on their investment spending. You talk to small

:16:55.:16:58.

businesses, it is completely different. Their priorities is

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what's going to happen in the next week and so the BCC are saying today

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look, politicians, you have been having real tunnel vision when it

:17:08.:17:09.

comes to the EU referendum and when it comes to the things that really

:17:10.:17:12.

matter for businesses, whether that be a digital roll-out for example,

:17:13.:17:16.

whether it be red tape, those are the issues that the BCC and its

:17:17.:17:19.

members really want to get back on track after that June vote.

:17:20.:17:25.

Victoria Fritz who is in our newsroom for us today.

:17:26.:17:32.

A quick look at the live page. One story that caught our eye. Channel 4

:17:33.:17:37.

escapes privatisation is the story. It is, of course, relates to the

:17:38.:17:42.

Culture Secretary, John Whittingdale who will publish a white paper.

:17:43.:17:45.

Plans for the BBC, but for Channel 4. The Telegraph says the options

:17:46.:17:53.

for a State broadcaster is under consideration including a potential

:17:54.:17:54.

sale to someone including BT. You're watching Business Live.

:17:55.:17:59.

Our top story: EasyJet makes a loss as the

:18:00.:18:06.

terrorist attacks and foreign exchange rates hits the airline's

:18:07.:18:11.

bottom line. Yes, some of it is changing where we travel to as a

:18:12.:18:14.

result of that. Airlines typically make a loss over the winter months

:18:15.:18:17.

and then make most of their money in the summer. So the boss of easyJet

:18:18.:18:22.

has been keen to point out that to us this morning. She did! She did!

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Now, you may have heard of Toms Shoes.

:18:30.:18:35.

It's one of America's most well known footwear brands.

:18:36.:18:37.

What you may not have heard of is its charitable mission.

:18:38.:18:40.

When you buy a pair of Toms shoes, the company donates a pair

:18:41.:18:43.

They call it their "One for One" programme.

:18:44.:18:46.

Since the company was founded in 2006, they've donated over

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50 million pairs of shoes to children all over the world.

:18:49.:18:51.

This type of corporate altruism is increasingly popular and seen

:18:52.:18:53.

by many as the caring, more responsible face of capitalism.

:18:54.:18:56.

Toms Chief Executive and founder Blake Mycoskie told Alice Baxter

:18:57.:18:58.

that he came up with the idea after travelling in Argentina,

:18:59.:19:01.

and seeing so many children without shoes.

:19:02.:19:03.

It was when I was in Argentina outside of Buenos Aires.

:19:04.:19:06.

I was spending a lot of time outside the city because I was learning

:19:07.:19:10.

actually to play polo of all things and when I was out there,

:19:11.:19:13.

I saw many children on the streets with no shoes and I asked some

:19:14.:19:16.

questions about that and I quickly learned that many of the kids,

:19:17.:19:19.

the reason they weren't in school was because it was required for them

:19:20.:19:22.

to have a pair of shoes to go to school.

:19:23.:19:26.

They had to have the uniform and the clothes and black shoes

:19:27.:19:28.

and to me that was crazy that kids who really wanted to be in school

:19:29.:19:32.

and who needed to be in school weren't there

:19:33.:19:34.

just because they didn't have a pair of shoes.

:19:35.:19:38.

So I wanted to do something to help and you know many people see

:19:39.:19:41.

something in the world that they don't feel is just or fair

:19:42.:19:44.

and they want to do something and my idea kind of coming

:19:45.:19:47.

from my entrepreneurial background, instead of starting a charity

:19:48.:19:51.

to donate shoes, what if we started a business where every time we sold

:19:52.:19:54.

a pair of shoes we could then fund giving a pair of shoes away and it

:19:55.:19:58.

started as a really small project on a farm on Argentina and it has

:19:59.:20:01.

Is Toms a business or is it a charity?

:20:02.:20:07.

Toms is a business and that's one of the things I'm most proud

:20:08.:20:13.

of and over the last ten years years we've had this impact.

:20:14.:20:20.

When I started Toms I very purposefully did not want to be

:20:21.:20:23.

a charity because as a charity, my fear was I would be dependant

:20:24.:20:28.

on people's donations and so maybe we would get donation

:20:29.:20:34.

from a wonderful group of people this year and we give the shoes

:20:35.:20:37.

to the kids that need them for school and then we get donations

:20:38.:20:40.

again, but what happens if the donations stop?

:20:41.:20:42.

I felt like I had more control over the giving if it was actually built

:20:43.:20:48.

In an interview you gave back in 2013, you said you wanted to roll

:20:49.:21:01.

out the one for one time philosophy to five other different products r

:21:02.:21:05.

product areas. Are we at five products yet? No, I think we're at

:21:06.:21:09.

four and maybe we will stop at four and pause and breathe for a little

:21:10.:21:14.

bit! It has been a lot of work to go from just being a footwear company

:21:15.:21:19.

to truly a one for one company and introducing things like I wear to

:21:20.:21:27.

help cataract surgery and clean water projects. We have four

:21:28.:21:30.

businesses that we're in right now and really right now and I would say

:21:31.:21:33.

for the next couple of years we're going to focus on those four. Tell

:21:34.:21:38.

me how you began this. You didn't follow a typically orthodox path

:21:39.:21:41.

into business. You didn't go to college, I don't think, you didn't

:21:42.:21:45.

go to business school. How did you become a serial entrepreneur? Well,

:21:46.:21:50.

I think it really started when I was 12 and I was a really competitive

:21:51.:21:55.

tennis player. Now, when I was a soft man in college in my second

:21:56.:22:01.

year I had an injury to my Achilles tendon and had to give up tennis for

:22:02.:22:06.

a year. During that time, I was so bored because I was playing tennis

:22:07.:22:10.

like ten hours a day and now I had nothing to do... Start a business.

:22:11.:22:15.

That's how the first business which was a laundry business got started.

:22:16.:22:20.

The business was fun and we were making money and it was interesting

:22:21.:22:24.

all the employees and stuff. By the time my leg healed up, I realised

:22:25.:22:29.

I'm probably not going to be the next Andy Roddick. Maybe it is

:22:30.:22:33.

better to focus on this intrapresenter stuff and that's kind

:22:34.:22:41.

of what I've been doing ever since. That was the founder of Toms shoes,

:22:42.:22:47.

Blake Mycoskie. He is putting his foot in it really!

:22:48.:22:51.

How long have you been thinking of that? Too long.

:22:52.:23:00.

Jeremy is back with us. Before the threshold and the watershed and

:23:01.:23:02.

everything! Let's talk Greece. The story that refuses to die. It is

:23:03.:23:10.

good for us in terms of having stories. The two, that are

:23:11.:23:13.

dominating in the UK Brexit being one and Greece. These two are

:23:14.:23:16.

married together this this article. It is in the Times. Indeed, there is

:23:17.:23:28.

a potential - Greece go through another round of negotiations. The

:23:29.:23:32.

Greek State has to make hefty repayment options in the month of

:23:33.:23:36.

July. So they need to put further structural reforms in place which of

:23:37.:23:40.

course are leading to extra strikes or additional strikes. So that's an

:23:41.:23:44.

ongoing issue as we go through into the summer. Yet again the Greek

:23:45.:23:49.

story and the Greek crisis is ongoing, for the populace in the UK,

:23:50.:23:55.

we are seeing a mass of debate and political discussion regarding a

:23:56.:24:05.

member of the eurozone being potentially expelled, that doesn't

:24:06.:24:10.

bode well. Really putting two themes together into the vote. It reminds

:24:11.:24:14.

financial markets of the uncertainties out there. Greece

:24:15.:24:18.

being one and the UK referendum result being another. It is hard to

:24:19.:24:22.

predict? Indeed. That's the thing the financial markets hate most.

:24:23.:24:26.

Uncertainty. Things their able to predict, you can manage and you can

:24:27.:24:29.

plan for. In the context of these two particular issues, yes, you

:24:30.:24:37.

would hope best case scenario, we don't see inherent uncertainty, you

:24:38.:24:40.

could get a great deal of uncertainty. Financial markets could

:24:41.:24:45.

be dislocated and that will be a question put to Mark Carney, the

:24:46.:24:47.

Bank of England governor on Thursday. It makes a huge difference

:24:48.:24:56.

and when you are talking about changing the cost of pricing on

:24:57.:25:02.

goods or the prices change by a small amount, it affects foreign

:25:03.:25:04.

exchange levels and impact the bottom line. Sterling will be

:25:05.:25:09.

moving? It will. Speaking of moving. Just when you thought selfies

:25:10.:25:18.

couldn't get anymore annoying. There is a selfie drone. It flies in front

:25:19.:25:24.

of your face and it takes a selfie and flying in your face... Photo

:25:25.:25:29.

bombers could hit them. You could imagine going to an event and

:25:30.:25:36.

everyone is trying to launch their drones. It is like bumper cars in

:25:37.:25:44.

the sky! Why would you want something with propellers flying in

:25:45.:25:53.

front of your face? You may want a load of selfies. Jeremy, thank you.

:25:54.:26:03.

We're droning on again! Thank you for your company. We will see you

:26:04.:26:04.

soon. Hello there. Another stunny day in

:26:05.:26:13.

Scotland. Clear blue

:26:14.:26:14.

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