Browse content similar to 11/05/2016. 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. | |
We get unprecedented insight into the world's most valuable firm | :00:08. | :00:21. | |
as the Saudi government prepares to sell a stake in Aramco | :00:22. | :00:23. | |
Live from London, that's our top story on Wednesday, 11th May. | :00:24. | :00:40. | |
The promised share sale would value Saudi Aramco | :00:41. | :00:42. | |
at over $2 trillion - that's four times | :00:43. | :00:44. | |
But at what cost to the world's other oil producers and us? | :00:45. | :00:51. | |
Also in the programme, another twist in the Facebook bias row. | :00:52. | :01:02. | |
Now the US Government wants to know how the tech giant picks news | :01:03. | :01:06. | |
And Japan's benchmark, the Nikkei edged up for a third | :01:07. | :01:10. | |
straight day but nothing to get excited about. | :01:11. | :01:12. | |
And in Europe, after disappointing figures from Germany, | :01:13. | :01:14. | |
France and Italy yesterday, we get an update in the UK this | :01:15. | :01:17. | |
morning on manufacturing and industrial production. | :01:18. | :01:22. | |
And for 200 years Savile Row, England's home of bespoke tailoring, | :01:23. | :01:26. | |
has been dominated by men, but not any longer. | :01:27. | :01:29. | |
Her shop is the first on the prestigious street to be | :01:30. | :01:36. | |
And as the pollsters admit they might not be able to predict | :01:37. | :01:43. | |
the outcome of the UK's Referendum on EU Membership, | :01:44. | :01:50. | |
because it's never been done before, we want to know, | :01:51. | :01:52. | |
Let us know, use the hashtag BBCBizLive. | :01:53. | :01:55. | |
We're starting in Saudi Arabia where the head of Aramco, | :01:56. | :02:02. | |
Saudi Arabia's massive state run oil giant, says production will increase | :02:03. | :02:06. | |
this year ahead of a government plan to sell a stake in the company. | :02:07. | :02:12. | |
Last month, the Saudi Royal family announced a plan to radically | :02:13. | :02:14. | |
Called Vision 2030, the plan is designed to move | :02:15. | :02:20. | |
the country away from its dependence on oil and gas. | :02:21. | :02:23. | |
They currently account for 90% of all the government's income. | :02:24. | :02:28. | |
But the oil prices are down 60% from their peak of $115 | :02:29. | :02:31. | |
That's forced the government to dip into their reserves to keep | :02:32. | :02:37. | |
One part of the plan to end this reliance on oil | :02:38. | :02:47. | |
That really is tantamount to flogging the family silver. | :02:48. | :02:52. | |
The company is thought to be worth over $2.5 trillion. | :02:53. | :02:56. | |
The Kingdom wants to sell 5% of it to help pay for other projects. | :02:57. | :03:01. | |
But remember, the Saudi's aren't quitting oil. | :03:02. | :03:04. | |
In fact they're going to pump even more and that | :03:05. | :03:07. | |
could spell big trouble for other oil producers like Venezuela, | :03:08. | :03:10. | |
The President and Chief Executive of Saudi Aramco, Amin Nasser, | :03:11. | :03:17. | |
has been speaking to our Business Editor Simon Jack. | :03:18. | :03:19. | |
They started off by talking about the significance of the country's | :03:20. | :03:21. | |
The vision 2030 is set by the Kingdom is a game changing plan. It | :03:22. | :03:36. | |
is important especially at this time to reduce dependency on oil. To have | :03:37. | :03:44. | |
more sustained economic growth. Create more jobs. So it is, I think, | :03:45. | :03:51. | |
timely and overdue to identify new resources, but rely more on | :03:52. | :03:56. | |
investment for additional streams of revenue for the Kingdom. You say | :03:57. | :04:00. | |
timely. Is that because of the arrival of US shale, is it because | :04:01. | :04:06. | |
we're looking at a future with fewer hydrocarbons, we see electric cars, | :04:07. | :04:09. | |
are you worried that you have got so much of the stuff in the ground that | :04:10. | :04:13. | |
one day you won't be able to sell it, you will have stranded assets? | :04:14. | :04:19. | |
Yes, there are more energy resources coming, electric cars, renewables, | :04:20. | :04:23. | |
but they are starting from a small base. There is still a lot of | :04:24. | :04:27. | |
challenges and however, oil will continue to play a major part in it | :04:28. | :04:35. | |
for the long-term. Privatising industry is important. It is a step | :04:36. | :04:40. | |
in the right direction. Starting with a company like Saudi Aramco. | :04:41. | :04:49. | |
All the systems and processes and procedures will help to a company | :04:50. | :04:56. | |
like Saudi Aramco. It is about time. When you privatise something, you | :04:57. | :05:00. | |
have to publish a prospectus, you have to talk about cost of | :05:01. | :05:03. | |
production and give details about the quality of your reserves. All of | :05:04. | :05:08. | |
those things. Are you ready for that level of transparency? | :05:09. | :05:17. | |
We have been always when we talked about transparency. We have been | :05:18. | :05:19. | |
transparent with one shareholder, which is the Government. We have | :05:20. | :05:23. | |
been transparent with our board. When we are listed and there are | :05:24. | :05:27. | |
many shareholders, we will be sharing data like any company is | :05:28. | :05:31. | |
doing, quarterly, sharing the results and data. When we share it, | :05:32. | :05:36. | |
it will be a pleasant surprise for the rest of the industry. Lots of | :05:37. | :05:40. | |
people have wondered about Saudi's behaviour in the oil market and | :05:41. | :05:43. | |
there is lots of conspiracy theories, you are trying to put the | :05:44. | :05:47. | |
US out of business, or you're helping the US put Russia out of | :05:48. | :05:52. | |
business or you're trying to handicap Iran or it is because the | :05:53. | :05:56. | |
kingdom are running out of answer? You mean in terms of unceasing our | :05:57. | :06:01. | |
productions? Yes. No, as I said earlier, we are trying to call on | :06:02. | :06:06. | |
Saudi Aramco when it comes to production. It is commercial. Aramco | :06:07. | :06:12. | |
has always dealt on a commercial basis based on the guidance and the | :06:13. | :06:17. | |
terms of production that we have seen sfr from the minister of energy | :06:18. | :06:23. | |
and industry and mineral resources. Simon Jack speaking to the new Chief | :06:24. | :06:27. | |
Executive of Aramco. There you go. We will have more on that if we get | :06:28. | :06:29. | |
it. A US Senate committee has launched | :06:30. | :06:31. | |
an inquiry into how social media giant Facebook picks the stories | :06:32. | :06:37. | |
for it's trending news list. The announcement comes only hours | :06:38. | :06:39. | |
after Facebook was forced to defended itself over | :06:40. | :06:44. | |
claims its Trending Topics. The stories that appear on the left | :06:45. | :06:53. | |
hand side of their website, suppressed stories supporting | :06:54. | :06:56. | |
conservative political viewpoints. Despite last minute attempts | :06:57. | :06:57. | |
to derail the process, the Brazilian senate is due to vote | :06:58. | :07:00. | |
later on Tuesday on the impeachment of President Dilma | :07:01. | :07:03. | |
Rousseff from office. Ms Rousseff is accused of breaking | :07:04. | :07:08. | |
the country's budget She could be suspended for up to 180 | :07:09. | :07:11. | |
days if lawmakers vote Budweiser beer brands to re-brand | :07:12. | :07:31. | |
its cans for the summer. The beer will have its name changed to | :07:32. | :07:34. | |
America! Between the months of May and September. Budweiser are hoping | :07:35. | :07:40. | |
to capture the patriotic spirit of Americanses focussed on events like | :07:41. | :07:44. | |
the US election and the summer Olympics. Want a can of America? I'm | :07:45. | :07:51. | |
not sure about that one! Already a lot of comment online about whether | :07:52. | :07:55. | |
you are a fan of that beer. Some suggesting it doesn't really taste | :07:56. | :07:58. | |
of much and that would also suggest that America is similar! | :07:59. | :08:05. | |
Let's talk about Disney, the company that makes dreams a reality or not. | :08:06. | :08:12. | |
Not for investors, it seems. Disney posted a profit, $2.1 billion. It | :08:13. | :08:16. | |
was certainly, I think, nearly double the same period last year, | :08:17. | :08:20. | |
but why didn't it please? Because investors are a fickle lot! This is | :08:21. | :08:28. | |
a company that owns Star Wars. Yes. And yet investors are disappointed | :08:29. | :08:34. | |
with happened. That's why expectation is a difficult thing. | :08:35. | :08:38. | |
Markets expect one thing and if you don't meet it, your shares fall. Ask | :08:39. | :08:40. | |
Apple! More bad news for the car industry | :08:41. | :08:43. | |
in Asia this morning. Profits are down at Toyota | :08:44. | :08:46. | |
and losses for Takata mount after that massive recall of faulty | :08:47. | :08:48. | |
airbags around the world. Sharanjit Leyl is following these | :08:49. | :08:51. | |
stories in Singapore for us. I bet this is going down like a | :08:52. | :09:03. | |
tonne of bricks over there? You could say that, Aaron. It is | :09:04. | :09:11. | |
worse for the ought owe car making. Toyota, its profits were driven down | :09:12. | :09:19. | |
by the stronger Japanese yen. They are saying net income may drop 35% | :09:20. | :09:26. | |
to lower than expected $13.8 billion for this fiscal year ending in | :09:27. | :09:31. | |
March. The Japanese yen has strengthened for than 10% against | :09:32. | :09:34. | |
the dollar and the car maker suffered production stoppages. You | :09:35. | :09:39. | |
will recall that followed the deadly earthquakes in south-western Japan | :09:40. | :09:44. | |
last month. As growth starts to stall, the ought owe maker is racing | :09:45. | :09:53. | |
to keep ahead of Volkswagen. As for Takarta, it posted its third annual | :09:54. | :09:57. | |
loss on the mounting costs of recalls of those potentially | :09:58. | :10:01. | |
dangerous airbag inflators. Their net loss came in at $120 million. | :10:02. | :10:07. | |
Those inflators have been linked to 11 deaths and more than 100 injuries | :10:08. | :10:12. | |
and the US Transport Authority last week announced a recall of up to 40 | :10:13. | :10:16. | |
million more of the company's airbags on top of the more than 50 | :10:17. | :10:20. | |
million that have already been recalled globally. | :10:21. | :10:26. | |
Thank you very much. A look at the numbers for you. Not a | :10:27. | :10:32. | |
lot to get excited about. The Nikkei ending up slightly. It was its third | :10:33. | :10:37. | |
straight day after a rough ride for the Nikkei of late. I want to show | :10:38. | :10:41. | |
you what is happening in Europe. Remember we get industrial | :10:42. | :10:43. | |
production and manufacturing figures this morning. Hot on the heels of | :10:44. | :10:47. | |
disappointing figures yesterday for Italy, Germany and France. They | :10:48. | :10:51. | |
didn't meet expectations. Markets fell as a result. You can see that's | :10:52. | :10:54. | |
really reflected in how Europe opened this morning and we'll get | :10:55. | :11:01. | |
the figure ins a little while. Sue is with us to talk us through | :11:02. | :11:03. | |
the numbers. Samira has the details about what's | :11:04. | :11:08. | |
ahead on Wall Street Today. When American retailers report | :11:09. | :11:16. | |
earnings everyone from economists to investors pay attention. And first | :11:17. | :11:21. | |
up in this earning season is the department store Maisie's and | :11:22. | :11:24. | |
tourists were not flocking to its flagship location here in New York | :11:25. | :11:29. | |
and that will hit the results for the quarter and making matters more | :11:30. | :11:36. | |
difficult is spending on a parallel is down. The big question is what | :11:37. | :11:42. | |
does this mean for the US economy? Well, we'll get a better idea of | :11:43. | :11:47. | |
that on Friday when April retail sales number are released as well as | :11:48. | :11:51. | |
consumer sentiment. So how Americans are feeling about the state of the | :11:52. | :12:00. | |
US economy. Sue Noffke, UK equity fund manager | :12:01. | :12:02. | |
at Schroders. Can I start with a two part question | :12:03. | :12:11. | |
on Aramco, the Saudi company, I mean they only want to sell 5% of it. But | :12:12. | :12:16. | |
the sums are eye watering. But this announcement that they are going to | :12:17. | :12:21. | |
continue increasing production in oil will just surely suppress oil | :12:22. | :12:25. | |
prices? It is a surprise that you're trying to market selling a large | :12:26. | :12:30. | |
amount of shares internationally on the basis that you are going to | :12:31. | :12:34. | |
continue to potentially ramp up production. Whereas, the oil price | :12:35. | :12:40. | |
has apparently bottomed earlier this year on the expectation that people | :12:41. | :12:45. | |
will stop producing quite so much and that's demand and supply will | :12:46. | :12:48. | |
come into balance. So this could throw a spanner in the works to that | :12:49. | :12:54. | |
recovery in the oil price. Having said that, oil companies are valued | :12:55. | :12:58. | |
on their reserves and their production efficiency. And Saudi is | :12:59. | :13:04. | |
very well placed on both reserves and the cheapness of prodaoution | :13:05. | :13:07. | |
those. Who will be interested in these shares? It strikes me there is | :13:08. | :13:11. | |
two things. One, it is unprecedented that Saudi is opening up a business | :13:12. | :13:15. | |
in this way. So all of that is untried and untested and also, there | :13:16. | :13:19. | |
is probably a level of scepticism about quite how much they are | :13:20. | :13:23. | |
committed to this process. The market is driving a need for it, but | :13:24. | :13:26. | |
whether they are really behind the big plan to open up the company and | :13:27. | :13:30. | |
you think maybe if oil prices pick up again, they will reign back on | :13:31. | :13:34. | |
that a little? You've got 5% initially. That could either be a | :13:35. | :13:39. | |
large overhang of more shares to come further down the timeline or | :13:40. | :13:46. | |
you might just end up being a very small investor in a small minority | :13:47. | :13:50. | |
stake... With very little power? Indeed. And that's going to be a | :13:51. | :13:55. | |
feature along with governance for a lot of international investors. You | :13:56. | :13:58. | |
see how time flies. You're going to come back and take us through the | :13:59. | :14:00. | |
papers? I am. For 200 years Savile Row has | :14:01. | :14:03. | |
been dominated by men. Her shop is the first | :14:04. | :14:08. | |
on the prestigious street to be You're with Business | :14:09. | :14:13. | |
Live from BBC News. We've had an update | :14:14. | :14:20. | |
from the world's largest travel Our Business Correspondent Tanya | :14:21. | :14:28. | |
Beckett is in the newsroom for us. Turkey is a big issue for TUI. | :14:29. | :14:47. | |
Turkey visits are down by 40%. Spain is supposed to have a record year in | :14:48. | :14:52. | |
number of visitors this year? This is a company that sells 750,000 | :14:53. | :14:56. | |
holidays a year. It is the world's largest. It is an anglo German firm. | :14:57. | :15:02. | |
It is looking to off load some brands, I will come back to that. | :15:03. | :15:05. | |
There are complex issues hitting the travel market, but it is talking | :15:06. | :15:08. | |
about revenues going up strongly this year and its share price has | :15:09. | :15:12. | |
been doing better on the back of that expectation. But remember, a | :15:13. | :15:16. | |
lot of moves at the moment in the foreign exchange markets because of | :15:17. | :15:18. | |
the peculiar set-up we have with interest rates at the moment. | :15:19. | :15:23. | |
Particularly in Europe for example and you know, the euro-pound rate is | :15:24. | :15:27. | |
very strong for the euro at the moment. Looking elsewhere, we're | :15:28. | :15:34. | |
seeing a very difficult dollar-yen situation as well. There are also | :15:35. | :15:38. | |
security concerns. Turkey being one of them. We've also had concerns in | :15:39. | :15:43. | |
Egypt and of course, concerns in more recently in Brussels as well | :15:44. | :15:47. | |
with the bombings there. So that's affecting the picture, but it also | :15:48. | :15:52. | |
has off loaded hotel beds which is its online hotel bed booking service | :15:53. | :15:59. | |
and it is looking to off line its specialist division, many, many | :16:00. | :16:04. | |
brand names under that, that is an effort to boost the balance sheet. | :16:05. | :16:10. | |
This is a question of narrowing its losses, 251 million wds which is a | :16:11. | :16:14. | |
narrowing of its loss from this time last year. Nonetheless it is a loss | :16:15. | :16:17. | |
and it has to do something about that if it is to keep the balance | :16:18. | :16:19. | |
sheet strong. Thank you very much. Staying with | :16:20. | :16:29. | |
travel. Just want to take you to the Business Live page, they have been | :16:30. | :16:34. | |
discussing the obligations of Brexit on European travel. We have talked | :16:35. | :16:37. | |
about it here before, because maybe Judy free European flights would | :16:38. | :16:42. | |
come in, cheap cigarettes, cheap booze, but not quite so good for | :16:43. | :16:45. | |
other things, because it says protection of the EU has been good | :16:46. | :16:50. | |
for compensation for flights, things like that. The pros and cons, we | :16:51. | :16:54. | |
have been assessing those. You're watching Business Live - | :16:55. | :16:59. | |
our top story... The Chief Executive of Aramco says | :17:00. | :17:13. | |
oil production will increase this year had of the government's | :17:14. | :17:18. | |
preparation to sell a 5% stake in the company. When it does list it | :17:19. | :17:21. | |
will be four times the value of Apple. 5% is about 120 billion? | :17:22. | :17:31. | |
Something like that. It is a good job we are good with maths in this. | :17:32. | :17:35. | |
Think of fine tailoring, you might imagine Savile Row. | :17:36. | :17:39. | |
In London's West End, it's been the home to top hats | :17:40. | :17:43. | |
For the first time in its history, the iconic street has a shop owned | :17:44. | :17:53. | |
Kathryn Sargent opened her shop at 37, Savile Row | :17:54. | :17:58. | |
just a few weeks ago, and dresses royalty, | :17:59. | :18:00. | |
She trained on Savile Row itself, where she spent 15 years | :18:01. | :18:12. | |
working at Gieves Hawkes, rising through the ranks to become | :18:13. | :18:15. | |
As well as serving customers from her store in Savile Row shop, | :18:16. | :18:19. | |
Kathryn also has clients in the United States. | :18:20. | :18:21. | |
Kathryn, welcome. Thanks for coming in. Thanks bringing these in. It has | :18:22. | :18:35. | |
been a heck of a journey, one can imagine. You started, graduated and | :18:36. | :18:43. | |
went straight to Saborit. I just left home, it has been a | :18:44. | :18:45. | |
roller-coaster but a great career so far. What do you love about | :18:46. | :18:55. | |
tailoring, as a layman? It is handcrafted saddle Road tailoring, | :18:56. | :18:58. | |
you are making something from the most finest cloth by hand to fit | :18:59. | :19:07. | |
people, and they are just exquisite garments -- Savile Row. There is so | :19:08. | :19:11. | |
much value in what we do. You have got to train a long time to be able | :19:12. | :19:15. | |
to create these garments, but they are of quality. It is something I am | :19:16. | :19:21. | |
very proud to represent Savile Row in, the history of tailoring. Savile | :19:22. | :19:27. | |
Row itself, it is just full of amazing history. Let's just talk a | :19:28. | :19:32. | |
little bit about that history, 1846, the first Taylor established then on | :19:33. | :19:37. | |
Savile Row, and it really did create the iconic street, it is where | :19:38. | :19:40. | |
everyone goes, or where everyone would like to go. LAUGHTER | :19:41. | :19:44. | |
Tell us what it is like opening that shop then in what is a very male | :19:45. | :19:49. | |
dominated industry. It just feels like a culmination of the hard work | :19:50. | :19:53. | |
over the last 20 years. I trained as a graduate, and worked my way up in | :19:54. | :20:06. | |
one of the larger houses, Gieves Hawkes in Savile Row. It is about | :20:07. | :20:10. | |
being a great Taylor and part of the history of the industry. It is | :20:11. | :20:22. | |
fantastic. It was probably hard enough slog being a master cutter | :20:23. | :20:28. | |
and a master tailor, but on Savile Row, again being male naked over the | :20:29. | :20:34. | |
200 year history, worthy blokes and obstacle, did they give you a tough | :20:35. | :20:39. | |
time? It is quite inclusive actually. You have got to earn the | :20:40. | :20:41. | |
respect by doing the training process. I was worried when I left | :20:42. | :20:48. | |
to start my own business that it might not go down so well but it has | :20:49. | :20:54. | |
been really welcomed. I am part of the industry and the community. We | :20:55. | :20:57. | |
all know each other and it is very supportive. Do you find people are | :20:58. | :21:07. | |
surprised that they book a tailoring appointment and you turn up? It used | :21:08. | :21:15. | |
to happen when I was a junior. You want to deliver great things for | :21:16. | :21:20. | |
them. But it is just about winning confidence. There is an element of | :21:21. | :21:25. | |
surprise when US Customs, I put on the form, what is your career? | :21:26. | :21:34. | |
Taylor, are you sure? What goes into something like this? You cut the | :21:35. | :21:37. | |
cloth, you have thousands of cloth, you can do any design. I then have a | :21:38. | :21:44. | |
house style, I work with the individual to flatter them, their | :21:45. | :21:48. | |
lifestyle. We construct a fitting and we do a process of two or three | :21:49. | :21:53. | |
before we finish the garment, that is a classic man's 's miss it. The | :21:54. | :21:58. | |
pockets aren't in place yet. Howard will it cost? It is an investment | :21:59. | :22:04. | |
piece, a bespoke suit should last you ten, 15 years, something like | :22:05. | :22:13. | |
that would start from around ?4200. $6,000. OK. That is a ladies's | :22:14. | :22:20. | |
finished suit. Ben, you can have that one. We appreciate your time, | :22:21. | :22:27. | |
Katherine, thank you very much, we appreciate your time. | :22:28. | :22:34. | |
Heathrow Airport has announced plans to ban night flights in an attempt | :22:35. | :22:38. | |
to boost its bid to build a third runway. | :22:39. | :22:40. | |
It's part of a package designed to reduce the impact of expansion | :22:41. | :22:43. | |
on the local community and the environment. | :22:44. | :22:45. | |
Heathrow boss John Holland Kaye has been speaking to the | :22:46. | :22:47. | |
Well, we want to make sure that the Prime Minister is able, when he's | :22:48. | :22:58. | |
ready, to get on the right choice to expand Heathrow. This is what will | :22:59. | :23:02. | |
secure the future for the British economy. Heathrow has been a | :23:03. | :23:06. | |
cornerstone for the British economy for 70 years and we need to make | :23:07. | :23:09. | |
sure we secure our trading links through Heathrow for the next 70 | :23:10. | :23:12. | |
years. We don't want to be the generation that pulls the ladder are | :23:13. | :23:15. | |
behind us, and that is why it is so important to the UK that we get on | :23:16. | :23:19. | |
and expand Heathrow. Today I wanted to clear the decks, make it clear | :23:20. | :23:24. | |
for the Prime Minister to get on, when he's ready, to expand Heathrow. | :23:25. | :23:29. | |
Sue is back with us to talk this through some of the paper stories | :23:30. | :23:33. | |
that caught UI. Let's start with that story we headlined about | :23:34. | :23:38. | |
Facebook, under fire for allegedly filtering results, and trying to | :23:39. | :23:42. | |
pretend certain things are trending that aren't. I think this is part of | :23:43. | :23:48. | |
a wider scrutiny of some of these new businesses, a lot of internet, a | :23:49. | :23:53. | |
lot of customer data, and just how much transparency is there, how much | :23:54. | :23:59. | |
manipulation of our data that is purporting to be something that | :24:00. | :24:03. | |
maybe it is not. They could be a big point here, because they are saying | :24:04. | :24:07. | |
some of this Facebook staff are the gatekeepers to what goes out to 1.6 | :24:08. | :24:13. | |
billion users, and if they are again, allegedly, saying we don't | :24:14. | :24:17. | |
like that political... Yes, if they are putting a spin on, that is quite | :24:18. | :24:22. | |
significant, and if it is not what it actually is, in terms of the | :24:23. | :24:28. | |
trends. But the way that you touched on comment new media is shaping the | :24:29. | :24:33. | |
way people consume news, traditionally you might have gone to | :24:34. | :24:36. | |
a newspaper and looked at the headlines and now it's about what | :24:37. | :24:40. | |
people are reading. It gets pushed up the rankings. That is the issue | :24:41. | :24:45. | |
here. It is, and whether their biases and how do you correct those | :24:46. | :24:49. | |
biases, and who should be correcting them? Amazon, you like this? Purely | :24:50. | :24:56. | |
because Amazon is getting into bed, so to speak, with Morrisons, the UK | :24:57. | :25:03. | |
supermarket, to sell groceries. It will shake up the way the market | :25:04. | :25:09. | |
works. This is their test, and they got it a bit wrong because they have | :25:10. | :25:13. | |
listed things were rather interesting prices. And different | :25:14. | :25:16. | |
pictures compared to the products they are talking about. I think | :25:17. | :25:21. | |
there is vast interest in what Amazon is doing, particularly here | :25:22. | :25:27. | |
in the UK. It is a competitive grocery space. We have had | :25:28. | :25:32. | |
disruption from discounters, now we have anticipated disruption from | :25:33. | :25:40. | |
Amazon. And Amazon are well set up to do grocery staples, but things | :25:41. | :25:45. | |
you have found that have long life shelf life rather than fresh. For | :25:46. | :25:50. | |
fresh, they have linked up with a Morrisons. This was a test. They | :25:51. | :25:54. | |
have got the test prices that were leaked, everyone has jumped on them, | :25:55. | :25:57. | |
but there wasn't much market information to be gleaned. More than | :25:58. | :26:03. | |
a hundred bucks for four pints of milk, I think they got it wrong! | :26:04. | :26:07. | |
Thank you for joining us. We will see you soon. | :26:08. | :26:13. | |
Parts of Scotland once again may have started with the sunshine | :26:14. | :26:18. | |
today, further south a case of heavy rain, some fog, even minor flooding. | :26:19. | :26:25. | |
South-west England and South Wales, the more persistent rain easing | :26:26. | :26:27. |