:00:07. > :00:09.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:10. > :00:14.President Maduro orders a state of emergency as the United States
:00:15. > :00:18.warns the country may be sliding towards revolt.
:00:19. > :00:37.Live from London, that's our top story on Monday 16th May.
:00:38. > :00:40.Amid food and power shortages, runaway inflation, protests
:00:41. > :00:42.and political uncertainty, we'll assess what next
:00:43. > :00:52.Norway's sovereign wealth fund says it will sue Volkswagen after the car
:00:53. > :00:58.And here's how Europe has opened - in a big week for economic data.
:00:59. > :01:06.And we'll get the inside track on new research into dementia.
:01:07. > :01:10.More than a decade after the last new drug to treat the disease,
:01:11. > :01:12.we meet the woman pioneering a potential new breakthrough
:01:13. > :01:15.that could help millions of people around the world.
:01:16. > :01:21.And as new photos show China's top tech workers sleeping at the office,
:01:22. > :01:25.we want to know if you would ditch your daily commute and save on
:01:26. > :01:37.travel time to bed down at work. You know what to do. Use the hashtag.
:01:38. > :01:45.Hello and a very warm welcome to the programme.
:01:46. > :01:47.Venezuela's President Nicolas Maduro has threatened to seize factories
:01:48. > :01:50.that have stopped producing goods in protest of the government.
:01:51. > :01:52.The country is in the grip of a severe economic crisis.
:01:53. > :01:54.In a speech to supporters in the capital Caracas,
:01:55. > :01:56.he said Venezuela had to recover its means
:01:57. > :01:59.of production, to safeguard the country's economic future.
:02:00. > :02:05.It has the world's largest oil reserves
:02:06. > :02:07.but its economy has been severely hit by the fall in
:02:08. > :02:13.The International Monetary Fund estimates that this year Venezuela's
:02:14. > :02:15.inflation will rocket to 720 percent, that is more
:02:16. > :02:22.And no surprise then that the economy will
:02:23. > :02:28.There are now severe shortages of food, medicines and basic goods.
:02:29. > :02:33.Our South America correspondent Daniel Gallas has more.
:02:34. > :02:39.Average Venezuelans have grown used to getting by without some staple
:02:40. > :02:43.food items and also some essential things like toilet paper. But now
:02:44. > :02:48.they are having to ration water and electricity as well. The government
:02:49. > :02:53.of President murderer it says the producers are the ones to blame.
:02:54. > :02:57.According to him they are trying to sabotage the economy by halting
:02:58. > :03:05.production and trying to drive production up. That is why Maduro is
:03:06. > :03:10.trying to seize the countries and get them back to producing but the
:03:11. > :03:16.people say it is the government that is to blame, with its price freeze.
:03:17. > :03:22.One company, Poehler, has halted its production of beer. The government
:03:23. > :03:28.says they are trying to sabotage the country but they say they cannot
:03:29. > :03:31.import necessary ingredients. Venezuela is supposed to be one of
:03:32. > :03:34.the richest countries in the world because of its oil reserves, but due
:03:35. > :03:36.to the global fall of oil prices, this country is on the verge of
:03:37. > :03:39.catastrophe. Jimena Blanco from Verisk
:03:40. > :03:48.Maplecroft joins us now. Give us more perspective on what is
:03:49. > :03:51.happening now. Nice to see you. It does sound extremely critical, very
:03:52. > :03:58.much on edge. Explain the situation with regards to these companies that
:03:59. > :04:01.are not able to produce goods and yet President Maduro is saying he is
:04:02. > :04:06.going to take over and put the bosses in prison. It sounds very
:04:07. > :04:10.dramatic. I think we are reaching a climax on a crisis that has been
:04:11. > :04:14.developing for many years. We have reached a point where it is not just
:04:15. > :04:19.the economic crisis, the high rate of inflation, as we have seen, a
:04:20. > :04:24.lack of access to foreign currencies so companies can import their
:04:25. > :04:28.primary goods to produce locally. This of course is combined with a
:04:29. > :04:32.political gridlock that is preventing the government and the
:04:33. > :04:38.legislature from working in a constructive fashion. And we have
:04:39. > :04:42.mentioned the fact that the price of oil has crashed, well, not crushed,
:04:43. > :04:47.but has been very low. It is recovering a bit. And terrible
:04:48. > :04:51.drought conditions. Yes, in terms of the price of oil, given the spending
:04:52. > :04:57.plans of the Venezuelan government, it is well of what it should be, and
:04:58. > :05:00.for Maduro to maintain the spending levels of the Hugo Chavez there, it
:05:01. > :05:04.should be $100 a barrel and it will not be there any time soon. The
:05:05. > :05:08.drought is affecting power generation, which we have seen
:05:09. > :05:13.translating into a shut down of the government for three days. What that
:05:14. > :05:18.means is that basic services are not being delivered which in turn is
:05:19. > :05:22.fuelling social unrest. At the elections at the end of last year,
:05:23. > :05:28.Maduro's party lost its majority in the legislative body. So it is the
:05:29. > :05:33.opposition that has the majority there, and yet he is still
:05:34. > :05:36.controlling power. Well, Maduro and his party control the other branches
:05:37. > :05:41.of government and there has been a very clear strategy from the
:05:42. > :05:47.opposition in Congress to block every reform. The opposition have
:05:48. > :05:52.tried to pass things that have gone against Maduro's government, but we
:05:53. > :05:54.have seen the blocking of a law that attempted to release political
:05:55. > :05:59.prisoners, for example, many of them opposition members. As the situation
:06:00. > :06:03.continues, the opposition is going to find that its efforts to remove
:06:04. > :06:07.Maduro from government democratically are going to be
:06:08. > :06:11.blocked. We are in a situation where we can see an escalation of
:06:12. > :06:16.protesting and civil unrest. Thank you for coming in and giving us
:06:17. > :06:22.perspective as ever. It is a story we are keeping across right here on
:06:23. > :06:26.BBC World News. Now the other business news stories.
:06:27. > :06:28.Norway's sovereign wealth fund, the largest in the world,
:06:29. > :06:30.plans legal action against Volkswagen over the rigging
:06:31. > :06:35.Norges Bank Investment Management is one of VW's biggest investors
:06:36. > :06:39.Volkswagen has already set aside $18 billion to pay for the
:06:40. > :06:44.Nigerian unions have called for an indefinite general strike
:06:45. > :06:46.to begin on Wednesday unless the government reverses
:06:47. > :06:52.Prices have risen by 67% in the country, after the slump
:06:53. > :06:55.in crude prices caused a shortage of foreign currency.
:06:56. > :06:58.For months motorists have been waiting in long queues for petrol
:06:59. > :07:03.while others have been forced to buy fuel on the black market.
:07:04. > :07:06.Legendary investor Warren Buffett is reported to be backing
:07:07. > :07:09.a consortium bidding for Yahoo's core internet assets.
:07:10. > :07:12.The head of Berkshire Hathaway is among a group that
:07:13. > :07:13.includes Dan Gilbert, the billionaire founder
:07:14. > :07:21.Any bid would be a challenge to Verizon which is seen
:07:22. > :07:28.as a frontrunner in the race to buy Yahoo's assets.
:07:29. > :07:36.Today on the BBC we have special coverage, wherever you are watching
:07:37. > :07:41.us, including in the UK. It is the BBC World On The Move Day. We are
:07:42. > :07:46.looking at the issues of migration and how the world has changed and
:07:47. > :07:50.what the future holds. This is on the Business Live. Page. Sarah
:07:51. > :07:54.radio and television, is radio and television, is
:07:55. > :07:59.broadcasting from Vietnam today. Lots of special reports from her on
:08:00. > :08:03.the BBC News website as well and also special guests including
:08:04. > :08:09.Angelina Jolie. The story you see there, disappointing sales from H,
:08:10. > :08:13.rising by 5% but below the 9% that was forecast. Like many, the fashion
:08:14. > :08:16.retailer is blaming the cold spring. They always blame the weather
:08:17. > :08:19.because it is getting the right stuff in the right stores at the
:08:20. > :08:21.right time and the weather doesn't help. I am glad I don't have that
:08:22. > :08:22.job! Chinese investors have overtaken
:08:23. > :08:25.Canadians to become the largest buyer of US homes according
:08:26. > :08:27.to a new study. They've spent $110 billion
:08:28. > :08:37.in the last five years. Talked us through the hotspots
:08:38. > :08:43.because the Chinese have their eye on prime property. They do indeed.
:08:44. > :08:50.According to the study it has been done by the real estate company Asia
:08:51. > :08:55.Society. Of the $110 billion you are talking about, the majority has been
:08:56. > :08:59.spent by Chinese nationals buying up residential properties in New York
:09:00. > :09:03.and California. According to this report, buyers have been paying
:09:04. > :09:07.substantially more on average than other international buyers. Chinese
:09:08. > :09:11.buyers, large companies investing in commercial property in the US as
:09:12. > :09:14.well. If you think investment level is high now, it is worth noting that
:09:15. > :09:21.the records are predicting that it will almost double between now and
:09:22. > :09:25.2020. By then it will be $220 billion, despite the talk of a
:09:26. > :09:31.slowing Chinese economy and Beijing's attempts curb capital
:09:32. > :09:33.outflows. Canadians until now were the biggest foreign buyers of
:09:34. > :09:38.Chinese real estate and Chinese investors are buying up in Canada as
:09:39. > :09:41.well. There is a lot of chat on social media among users right now
:09:42. > :09:46.questioning how a Chinese student can afford to buy a luxurious
:09:47. > :09:52.mansion with sea views in Vancouver just recently for $24 million,
:09:53. > :09:58.reportedly. Some people have all the luck! Thank you. Quick look at the
:09:59. > :10:01.numbers. Tokyo stocks closed higher
:10:02. > :10:03.after news that Japan's government may postpone a planned sales tax
:10:04. > :10:12.rise to avoid damaging We should stress that these are just
:10:13. > :10:17.reports at the moment with no confirmation yet. Just to show you
:10:18. > :10:20.what Europe is doing in the first hour of trade because it is set to
:10:21. > :10:26.be a big week for economic data. Inflation figures in the UK come out
:10:27. > :10:30.tomorrow, and unemployment, wages and retail sales data coming out
:10:31. > :10:34.later in the week. We will look at what is expected at what is
:10:35. > :10:38.happening in the US. But first let's go to Wall Street for the details of
:10:39. > :10:42.what is happening there today. Another busy week in the US.
:10:43. > :10:47.Highlights that we can expect coming this week. We will get some fresh
:10:48. > :10:51.insight into the thinking of the US Federal reserve, when they released
:10:52. > :10:57.the minutes from the April meeting. Also the US cost of living probably
:10:58. > :11:01.went up a bit more in April as gas prices kept climbing after falling
:11:02. > :11:06.since last year. Economic data being released this week will likely show
:11:07. > :11:11.that both home sales and home construction increased. And finally
:11:12. > :11:15.the US Supreme Court will issue opinions on Monday. One outstanding
:11:16. > :11:20.case is Puerto Rico's debt crisis and the validity of a law that would
:11:21. > :11:24.allow the US territory to restructure some of its debt issued
:11:25. > :11:34.by public agencies in a bankruptcy type process. We have Tom Stevenson
:11:35. > :11:37.with us, investment director at Fidelity International. So we have
:11:38. > :11:41.just been through the things we need to keep an eye on. You are looking
:11:42. > :11:45.at the inflation figures coming out of the United States tomorrow. Yes,
:11:46. > :11:48.we have inflation figures on both sides of the Atlantic coming out
:11:49. > :11:52.tomorrow but the US figures are so important because of the Federal
:11:53. > :11:55.reserve meeting coming up in June. There is speculation about whether
:11:56. > :12:02.that will be the second rate rise after the one that happened last
:12:03. > :12:06.December. It seems so long ago. It has been a long wait for the second
:12:07. > :12:11.one, absolutely. The other issue when we talk about rate rises is the
:12:12. > :12:14.idea that they will go up consistently but very slowly, and
:12:15. > :12:20.that has been the message from the Bank of England, which is yet to
:12:21. > :12:25.make a move. There is so much riding on what the US Fed has said and what
:12:26. > :12:32.they haven't said what the words indicate. Give us the longer term
:12:33. > :12:37.outlook. Interest rates will rise slowly in the US and we only have to
:12:38. > :12:42.look at the economic data to see why we have had the implement data
:12:43. > :12:47.recently, which showed just 160,000 new jobs created in America and we
:12:48. > :12:51.had expected 200,000. The economic data is sluggish, but on the other
:12:52. > :12:55.hand, inflation is actually reasonably high. If you strip out
:12:56. > :13:01.food and energy, inflation in the US is running at 2%. If it goes up any
:13:02. > :13:05.more in tomorrow's figures, then I think the odds on a rate rise in
:13:06. > :13:08.June will be increasing. And let's get your take on the news that
:13:09. > :13:12.Norway's sovereign wealth fund, the biggest in the world, is looking to
:13:13. > :13:20.sue Volkswagen over the emissions cheating scandal. They invest in
:13:21. > :13:23.faults lichen. Interesting because traditionally the sovereign wealth
:13:24. > :13:27.fund is very quiet in Norway and you don't know it is there. They are
:13:28. > :13:31.traditionally quiet, $800 billion or so, but they have lost an awful lot
:13:32. > :13:34.of money in false lichen. They have lost several hundred million as a
:13:35. > :13:46.result and they are quite angry about it. In the recent report, they
:13:47. > :13:51.singled out fault jargon -- VW for specific treatment. And I am sure
:13:52. > :13:55.other people with money in VW will be taking note. Thank you. Still to
:13:56. > :13:59.come on the programme: Defeating dementia. It is more than a decade
:14:00. > :14:02.since the last dementia drug was licensed but one firm says they may
:14:03. > :14:06.have made a significant breakthrough. We will meet their
:14:07. > :14:18.boss. This is Business Live. From BBC News.
:14:19. > :14:24.Before we dig deep into the brain with how it functions and
:14:25. > :14:26.malfunctions, let's have a look at the UK economy.
:14:27. > :14:29.The UK economy is predicted to grow at a slower rate this year and next,
:14:30. > :14:31.that's the view of the business group the Confederation
:14:32. > :14:35.of British Industry in their latest economic forecast out this morning.
:14:36. > :14:41.The chairman of the CBI is in our newsroom. Good morning. Just tell us
:14:42. > :14:47.the reasons behind your gloomy forecast. Good morning. We are
:14:48. > :14:53.looking at a forecast of about 2% growth this year and next, down from
:14:54. > :14:58.2.3% this year. Two key drivers for that. One, household spending is
:14:59. > :15:02.down a little bit in recent times. And secondly, there is a rising
:15:03. > :15:06.level of uncertainty, both at a global level, particularly around
:15:07. > :15:09.trade from China and emerging economies, but also particularly
:15:10. > :15:17.importantly in relation to Brexit and a lower level of investment
:15:18. > :15:19.intentions as people are getting more cautious and dealing with the
:15:20. > :15:23.uncertainty of that outcome. And of course the issue is that there is a
:15:24. > :15:27.suggestion that the slow down would happen anyway, regardless of the
:15:28. > :15:30.uncertainty related to the EU referendum. The economy is slowing
:15:31. > :15:32.and we need to take action now, regardless of the outcome of what
:15:33. > :15:43.happens on the 23rd of June. The one thing that we know in the
:15:44. > :15:47.business world uncertainty reduces investment and reduces our risk
:15:48. > :15:52.appetite and we do see an exit from Europe would reduce the level of
:15:53. > :15:55.investment in the UK quite significantly in the short to
:15:56. > :16:00.medium-term as people look to the best places in the world to make
:16:01. > :16:04.their investments. Just briefly, Paul, obviously Brexit
:16:05. > :16:08.we've discussed, but what other things would you like to see done to
:16:09. > :16:11.help boost the UK economy? Well, I think the business community in the
:16:12. > :16:15.UK are very focussed on growing their businesses internationally.
:16:16. > :16:21.What we would like to see is an increase in exports, right across
:16:22. > :16:26.the globe to Europe where we are already have 45% of our exports,
:16:27. > :16:29.there is good opportunities, the USA is a great market, right across the
:16:30. > :16:36.world, increase in exports would help the world enormously. Paul,
:16:37. > :16:41.good to talk to you. A gloomy forecast for the UK economy
:16:42. > :16:45.over the coming weeks and months, but one worth watching.
:16:46. > :16:49.Our top story, Venezuela's President has threatened to seize factories
:16:50. > :16:54.that have stopped producing goods in protest of the government.
:16:55. > :17:00.The country is suffering from a deep economic crisis.
:17:01. > :17:01.On Friday the country's leader declared
:17:02. > :17:07.Now let's get the Inside Track on the growing global
:17:08. > :17:14.As well as the emotional toll it takes on families,
:17:15. > :17:17.it's also a growing financial burden on society and authorities
:17:18. > :17:25.The estimated worldwide cost of dementia is $818 billion,
:17:26. > :17:28.and it will become a trillion dollar disease by 2018.
:17:29. > :17:30.In a developed county such as US, it costs
:17:31. > :17:33.on average, close to $60,000 to look after a dementia sufferer
:17:34. > :17:38.One company trying to bring down the cost of the disease
:17:39. > :17:41.is Neuro Bio, they're in the process of developing a fast diagnosis
:17:42. > :17:45.Their Chief Executive, Baroness Susan Greenfield,
:17:46. > :17:59.Nice to see you. Nice to see you both. This is not a cure, this is
:18:00. > :18:02.just a way of maybe being able to spot it earlier, take action earlier
:18:03. > :18:05.and therefore, hopefully prevent some of the worst symptoms of it
:18:06. > :18:09.further down the line? Yeah, the term breakthrough is used a lot and
:18:10. > :18:11.I think one has to be very careful about what that actually means. On
:18:12. > :18:15.the other hand, I think we are taking a new approach which in the
:18:16. > :18:21.longer term could lead to an effective treatment. The dream would
:18:22. > :18:25.be, not just to look at a so-called biomarker, that's to say a blood
:18:26. > :18:30.test where early on you could see the problem was underway. We know
:18:31. > :18:35.that Alzheimer's years takes 10 to 20 years underway before you get the
:18:36. > :18:40.symptom. If you had that window to find out that something was already
:18:41. > :18:45.happening perhaps you could intervene before the symptoms and
:18:46. > :18:50.slow things down. The second strand we're pursuing is to stop anymore
:18:51. > :18:53.cells dying. The medication slows things down a bit in the early
:18:54. > :18:57.stages, that's not good enough. We need to say to someone, OK, you are
:18:58. > :19:01.confuse and you have memory loss now and with we are going to give you a
:19:02. > :19:06.medication and it won't get any worse. If you had a blood test that
:19:07. > :19:10.everyone could have over a certain age, the doctor says good news and
:19:11. > :19:15.bad news. The bad news is according to my chart in five years time, in
:19:16. > :19:20.your case, you will probably get the symptom, but we have a medication
:19:21. > :19:25.that stops anymore cells dying. So take it now, and then the symptoms
:19:26. > :19:29.will never come on. That's what we are aiming to do. That would be a
:19:30. > :19:33.breakthrough, but it is something that is not an instant one off, we
:19:34. > :19:36.are looking at the biomarker and potential med carings and it will
:19:37. > :19:41.take time in order to realise that dream. It takes time... It takes
:19:42. > :19:47.time. It takes a lot of money. A lot of money. And a lot of investment.
:19:48. > :19:53.Your history, you have been an academic all your life, you were at
:19:54. > :19:57.Oxford University and a few years ago, neuro biothere and became a
:19:58. > :20:03.limited company and you are with a privaty run company. It is a huge
:20:04. > :20:06.change for you? One could devote a programme to talking about how
:20:07. > :20:11.science is funding and the different agendas and the different
:20:12. > :20:15.expectations and the pr and cons, but over the last three years, I
:20:16. > :20:21.have learnt a huge amount about the private sector and what it has
:20:22. > :20:29.allowed us to do is be really innovative. You have to take perhaps
:20:30. > :20:36.more chances than you would if you were getting research cash.
:20:37. > :20:45.The more you have, the more you can do in parallel and if you could do
:20:46. > :20:49.things in parallel, you can pursue various avenues. We have had angel
:20:50. > :20:56.investment which is in the hundreds of thousands, we can't go to big
:20:57. > :21:00.pharmaceuticals yet because they are risk averse, they want to investment
:21:01. > :21:06.large amounts of money for clinical trials. I think it has been called
:21:07. > :21:09.the value of death by some pessimists. That's where we are bes
:21:10. > :21:14.and that's where you want single millions.
:21:15. > :21:20.Baroness Greenfield it is fascinating to talk to you. You have
:21:21. > :21:22.to come back another day... I'm there. I'm there.
:21:23. > :21:26.Thank you. Cable and Wireless -
:21:27. > :21:28.one of the oldest names in telecommunications,
:21:29. > :21:29.with roots going back to 1852 is being bought
:21:30. > :21:32.by an American media giant today. Liberty Global have snapped up
:21:33. > :21:35.what amounts to the remaining part of C, a business with a strong
:21:36. > :21:37.presence across Latin America It is an acquisition vital
:21:38. > :21:41.to Liberty Global's media ambitions. Earlier I spoke to Liberty Global's
:21:42. > :21:43.Chief Development officer and started by asking
:21:44. > :21:52.why they are acquiring Multiple reasons, it is a high
:21:53. > :21:56.growth business which is well positioned to meet pent up demand
:21:57. > :21:59.for its services across the region. Secondly, it adds tremendous scale
:22:00. > :22:03.to our existing businesses in the region. We have two businesses in
:22:04. > :22:05.Puerto Rico and Chile. Scale is important because in today's
:22:06. > :22:10.environment, it is necessary for us to be able to do that, in order to
:22:11. > :22:14.innovate and invest for customers. Obviously you are getting biggerment
:22:15. > :22:19.you're sprawling across the globe in a more prevalent way. Many people
:22:20. > :22:25.watching, customers might think, is that better for me or worse for me?
:22:26. > :22:29.In terms of the competition, is there strong competition in the
:22:30. > :22:35.markets you're going in? For our customers, hopefully it is exciting
:22:36. > :22:43.news. We have tended to accelerate innovation and investment. Virgin
:22:44. > :22:46.Media is a good example. We announced an investment programme to
:22:47. > :22:50.expand our network. So hopefully more of the same and we can
:22:51. > :22:54.accelerate things. The fact there is strong competition is important for
:22:55. > :22:58.the customer, but in terms of your hopes of getting through into a
:22:59. > :23:02.market where there is a lot of regulation and a lot of competition
:23:03. > :23:07.issues, that makes it easier, presumably? No, if you step back and
:23:08. > :23:11.look at it one of the primary reasons for us doing this, the
:23:12. > :23:14.region actually has a lot of pent up demand for our products. When you
:23:15. > :23:17.look at number of people who take a broadband product or the number of
:23:18. > :23:23.people who have paid television, it is lower than the equivalent in
:23:24. > :23:28.Europe, so over time we would hope they converge.
:23:29. > :23:30.Tom Stephenson Investment Director
:23:31. > :23:40.These are photos of Chinese tech workers who sleep at the office.
:23:41. > :23:44.There is not always time to go home and rest. Some amazing pictures.
:23:45. > :23:51.These guys bunked down in the office! I don't quite think the BBC
:23:52. > :23:56.would approve of us doing that, but and they look very tall actually.
:23:57. > :24:02.There you go, Ben, there is hope for you. Oh my goodness! No. That's so
:24:03. > :24:13.not allowed. We asked our viewers to get in touch with us about this. A
:24:14. > :24:20.viewer says, "Sleep in the office, oh no, home cures refreshes the
:24:21. > :24:24.mind." You have got to have a break? I remember 25, 35 years ago when I
:24:25. > :24:29.lived in Japan, long commutes and people having to work late so they
:24:30. > :24:33.created capsule hotels! Literally, a coffin in which you sort of put your
:24:34. > :24:36.body to sleep and came out and went to the office in the morning. I
:24:37. > :24:40.guess, China is going to have to do something similar. Well, my team
:24:41. > :24:46.works overnight for that early morning show which you saw a clip
:24:47. > :24:54.of, they grab a power nap, but they are never in their underies at the
:24:55. > :24:58.desk. This really is no work-life balance. You are at the office...
:24:59. > :25:04.For a lot of people in China, that's their life. They move from the
:25:05. > :25:09.countryside to the cities to get the jobs and they live in a dormitory
:25:10. > :25:16.provided by the company. So that's their life. Tom, time is ticking by.
:25:17. > :25:19.What do you want to look at next, the Financial Times, here comes
:25:20. > :25:24.Jacksonville, what's that about? This is about costs. Financial
:25:25. > :25:27.services, losing many jobs and the City of London and New York in
:25:28. > :25:30.particular losing jobs, but interestingly the jobs are not
:25:31. > :25:36.going, they are just leaving the City because the cost of running
:25:37. > :25:41.back offices in big cities like London and New York has gone up 10%,
:25:42. > :25:46.12% in the last 18 months according to this story. Unsurprisingly
:25:47. > :25:49.companies are looking at moving out to cheaper locations and
:25:50. > :25:55.Jacksonville seems to be the location of choice in America. The
:25:56. > :26:00.technology means that you don't have to be in the busy place. Tom, that's
:26:01. > :26:02.it from us. We will see you again soon. That's it from us. Have a good
:26:03. > :26:03.day.