Browse content similar to 20/05/2016. Check below for episodes and series from the same categories and more!
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The mystery surrounding the disappearance of an EgyptAir | :00:17. | :00:22. | |
plane over the Mediterranean has deepened, after Greek authorities | :00:23. | :00:24. | |
dismiss reports of finding debris from the jet. | :00:25. | :00:27. | |
G7 finance chiefs gather in Japan - but do they really have | :00:28. | :00:36. | |
And we'll keep you up to date with all the market buzz - | :00:37. | :00:40. | |
European shares have opened strongly, following modest rises | :00:41. | :00:42. | |
in Asia overnight and pretty weak trading on Wall Street. | :00:43. | :00:50. | |
And we'll be looking back at the week on tech | :00:51. | :00:52. | |
with correspondent Rory Cellan Jones - including some of the latest | :00:53. | :00:55. | |
developments announced by Google this week. | :00:56. | :01:00. | |
As G7 finance leaders meeting in Japan prepare for a karaoke | :01:01. | :01:04. | |
night this Saturday - what songs should they be singing? | :01:05. | :01:07. | |
Let's begin with the crash of EgyptAir flight MS804. | :01:08. | :01:30. | |
The search for the missing plane is continuing into its second day - | :01:31. | :01:33. | |
with Greek, Egyptian, French and UK military units taking | :01:34. | :01:40. | |
part in the operation near Greece's Karpathos island. | :01:41. | :01:48. | |
The plane was en route from Paris to Cairo with 66 passengers and crew | :01:49. | :01:52. | |
Greece said radar showed the Airbus A320 had made two sharp | :01:53. | :02:02. | |
turns and dropped more than 25,000ft, or 7,620m, before | :02:03. | :02:04. | |
Egypt says the plane was more likely to have been brought | :02:05. | :02:08. | |
down by a terrorist act than a technical fault. | :02:09. | :02:16. | |
Whatever the cause of the disaster - and whether or not it | :02:17. | :02:19. | |
was terrorism-related - it could not come at a worse time | :02:20. | :02:22. | |
for Egypt's tourism industry and its wider economy. | :02:23. | :02:26. | |
Let's have a look at the numbers involved. | :02:27. | :02:30. | |
Millions of Egyptians rely on tourism to make a living, | :02:31. | :02:32. | |
and it's a vital source of foreign earnings for the country. | :02:33. | :02:35. | |
Since the downing of the Russian Metrojet flight | :02:36. | :02:37. | |
in Sinai last October, tourist arrivals to Egypt | :02:38. | :02:39. | |
As a result, the Economist Intelligence Unit estimates | :02:40. | :02:46. | |
that the country's tourism revenue has nearly halved. | :02:47. | :02:48. | |
The wider industry has also suffered as a result | :02:49. | :02:50. | |
Since the end of October, shares of travel companies have | :02:51. | :02:53. | |
Helen Marano is the Director of Government Industry Affairs | :02:54. | :03:11. | |
at the World Travel Tourism Council. | :03:12. | :03:13. | |
Good to have you with us, thank you for coming in. Let's begin with the | :03:14. | :03:22. | |
Egypt, and even before yesterday's tragedy, the tourism industry in | :03:23. | :03:27. | |
Egypt has been hammered. We had a senior board member who said that | :03:28. | :03:33. | |
the terrorism, each of's tourism Federation Council, they said that | :03:34. | :03:38. | |
tourism in the country has not dropped, tourism in the country has | :03:39. | :03:43. | |
collapsed, it is devastating for the economy? -- Egypt's. It is a heavily | :03:44. | :03:48. | |
dependent industry for the con me, but before we say anything I would | :03:49. | :03:53. | |
like to express our heartfelt sympathy to the families -- economy. | :03:54. | :03:56. | |
There's no question that when we go through this everyone begins to | :03:57. | :04:01. | |
focus on, my gosh, what will happen for the country now? But for the | :04:02. | :04:07. | |
families, we know how tragic is. As far as the reception that Egypt has | :04:08. | :04:11. | |
had, it has been dealt another blow, the tourism minister was intent on | :04:12. | :04:17. | |
planning a very robust rebirth for the country, and being able to | :04:18. | :04:22. | |
demonstrate alternative areas is Egypt to go to as well, to feed out | :04:23. | :04:27. | |
into the rural area, but I think, without question, they have a huge | :04:28. | :04:31. | |
challenge now. I am wondering, these kinds of drops that we have seen, | :04:32. | :04:38. | |
like in 2010, the peak, the government was making about $12.5 | :04:39. | :04:43. | |
billion from revenue for Egypt, last it was $7 billion, a big drop. Sharm | :04:44. | :04:48. | |
El-Sheikh was supposed to use European carriers they were supposed | :04:49. | :04:54. | |
to return in a week or two. That is. Egypt cannot sustain this continued | :04:55. | :05:00. | |
tourism battering, surely? No, and they recognise it now, on top of it, | :05:01. | :05:07. | |
this is devastating to what they have tried to do. One of the issues | :05:08. | :05:12. | |
is overall, I noticed in your commentary that the global industry | :05:13. | :05:16. | |
is still strong. When this happens in a concentrated area, people will | :05:17. | :05:20. | |
still take a moment to consider where they are choosing to go, and | :05:21. | :05:26. | |
may take alternative destinations. This is what Egypt faces, without | :05:27. | :05:30. | |
question. But we must remember that we are on 10% of the global economy, | :05:31. | :05:37. | |
and one in 11 jobs overall, with Egypt being a huge part of that. On | :05:38. | :05:46. | |
the security of travellers and planes, in Egypt, the environment | :05:47. | :05:49. | |
that they currently have, with budget airlines, short-haul flights, | :05:50. | :05:53. | |
the turnaround for planes is increasingly short, is there enough | :05:54. | :05:59. | |
time to do sufficient checks? It depends on the airport 's | :06:00. | :06:01. | |
consideration, and airlines understanding. First and foremost, | :06:02. | :06:06. | |
in their minds and practice and procedures is security. Even in | :06:07. | :06:11. | |
Paris, they've done a review of all of the personnel after the last | :06:12. | :06:16. | |
event, and they've been doing as much information sharing, that is | :06:17. | :06:20. | |
key, the Corporation for information sharing and ahead of any of these | :06:21. | :06:25. | |
incidents, to identify potential is. Airport security is the ultimate end | :06:26. | :06:29. | |
point for them to be sure that they are strong. We will be vigilant | :06:30. | :06:34. | |
indeed. We appreciate your time. Thank you. | :06:35. | :06:40. | |
Good to talk to you. Let's bring you other business news. | :06:41. | :06:44. | |
German drug and chemical giant Bayer has confirmed it's launched | :06:45. | :06:48. | |
a takeover bid for Monsanto, the world's biggest seed company - | :06:49. | :06:50. | |
that could be worth around $47 billion. | :06:51. | :06:52. | |
The offer comes amid a wave of consolidation in the industry. | :06:53. | :06:55. | |
However, a tie-up could raise competition concerns | :06:56. | :06:57. | |
because of the sheer size of the combined company | :06:58. | :06:59. | |
and the control they would have over the seeds and sprays business. | :07:00. | :07:09. | |
The seeds and sprays business, did you ever think that you would say | :07:10. | :07:13. | |
that?! US car-hailing giant Uber has | :07:14. | :07:15. | |
entered the race to develop driverless car technology- | :07:16. | :07:17. | |
the company says it's testing a vehicle on the | :07:18. | :07:19. | |
streets of Pittsburgh. According to a statement from Uber - | :07:20. | :07:26. | |
it's fitted a Ford Fusion with radar, laser scanners | :07:27. | :07:29. | |
and cameras. Lookout for one of those! If you see | :07:30. | :07:38. | |
it coming... I'm just saying, it's early days, you might want to get | :07:39. | :07:46. | |
off the street, I'm not sure! Let's talk about finance chiefs. | :07:47. | :07:47. | |
You love this story! Finance chiefs from the G7 group of | :07:48. | :07:50. | |
nations are meeting in Japan today. Top of the agenda is likely | :07:51. | :07:53. | |
to be how they revitalise You are more concerned with the | :07:54. | :07:56. | |
outfits! I've been slapped on the wrist | :07:57. | :08:08. | |
because I've said all morning, look at them in the pink kimonos, but | :08:09. | :08:14. | |
they are not called that, I don't know what are called! That's right, | :08:15. | :08:24. | |
as you were saying, that they can question is spending versus | :08:25. | :08:27. | |
austerity, that is bound to keep finance ministers busy over the next | :08:28. | :08:33. | |
couple of days, they are expected to boost global growth, as the slowdown | :08:34. | :08:40. | |
in China's growth, the worst is yet to come. Not everyone agrees with | :08:41. | :08:43. | |
the best way of keeping global recession in Bay and -- at bay, the | :08:44. | :08:49. | |
yen will be up for discussion after a rally hit the country's exporters, | :08:50. | :08:56. | |
and worsened a slowdown at home. There is terrorist financing and tax | :08:57. | :09:02. | |
havens on the agenda, as are the Panama Papers. A debt relief deal | :09:03. | :09:06. | |
for Greece, and Britain's referendum on its future in the EU. Whether | :09:07. | :09:11. | |
they are wearing pink, owners or not, they will definitely be singing | :09:12. | :09:22. | |
the blues! Thank you. At the start of the show, we thought we would ask | :09:23. | :09:26. | |
you what you thought they would be singing, let us know! | :09:27. | :09:28. | |
Well let's stay in the region and have a look at the market numbers. | :09:29. | :09:32. | |
And for the most part Asian shares edged up on Friday | :09:33. | :09:34. | |
but still on track for a weekly loss, while the dollar is poised | :09:35. | :09:38. | |
Federal Reserve could raise rates as early as next month - | :09:39. | :09:42. | |
the dollar strengthening against the yen as a result. | :09:43. | :09:44. | |
Wall Street fell on Thursday with both the Dow Jones and the S | :09:45. | :09:47. | |
500 touching roughly two-month lows before paring losses. | :09:48. | :09:49. | |
Meanwhile here in Europe, shares have opened higher | :09:50. | :09:51. | |
on the last trading day of the week, tracking those slight gains in Asia. | :09:52. | :09:54. | |
And Michelle Fleury has the details about what's ahead | :09:55. | :09:57. | |
US stock markets ended lower on Thursday, as Wall Street adjusted to | :09:58. | :10:09. | |
the idea the Federal reserve is seriously thinking about raising | :10:10. | :10:14. | |
interest rates at its next meeting in June. Policymakers only have to | :10:15. | :10:19. | |
see signs that the economy is continuing to strengthen, and one | :10:20. | :10:22. | |
indication will come this Friday. The existing home sales report | :10:23. | :10:26. | |
measures the number of previously owned single family homes, sold in | :10:27. | :10:31. | |
the last month. Economists are predicting a rise in April, a strong | :10:32. | :10:35. | |
signal of consumer spending and confidence in the economy. And, in | :10:36. | :10:40. | |
another sign of how far the gap has fallen out of fashion, clothing | :10:41. | :10:44. | |
retailers said late on Thursday that it plans to shut all of its old Navy | :10:45. | :10:50. | |
brand stores in Japan, as well as some banana Republic shops outside | :10:51. | :10:55. | |
of the US. The company, which reported a lower profit, is | :10:56. | :10:58. | |
struggling with a prolonged sales slump. | :10:59. | :11:05. | |
Thank you. We asked what songs the financial leaders should be singing | :11:06. | :11:10. | |
in Japan, Lee from Oxford says that dire Straits "Money for nothing". | :11:11. | :11:18. | |
Another says... "Moly, Moni, Moni...!" What do you think? -- | :11:19. | :11:24. | |
moany moany moany. What is Goldman Sachs doing? They | :11:25. | :11:35. | |
come out and say, don't buy equities all stocks? The chief strategists | :11:36. | :11:40. | |
has basically said to avoid stocks. After a tumultuous summer, we have | :11:41. | :11:45. | |
heard from the survey of fund managers, they manage over ?500 | :11:46. | :11:50. | |
trillion of our money, they put a lot more of our money into cash, | :11:51. | :11:55. | |
that old, overused stock market adult about selling and going away, | :11:56. | :12:01. | |
that may be relevant. Yesterday, we saw a big sell-off and this morning | :12:02. | :12:06. | |
we saw a big bounce in London. It seems that there is this old problem | :12:07. | :12:12. | |
on the horizon again. All of these big cheeses are being bearish on | :12:13. | :12:15. | |
equities but where does it leave people? Who have savings in the | :12:16. | :12:19. | |
stock market? They recommended to people that they put money in | :12:20. | :12:24. | |
corporate bonds. You have to look somewhere for yield, you are not | :12:25. | :12:27. | |
getting much in the bank at the moment. You are getting nothing. The | :12:28. | :12:34. | |
US Federal reserve, what day is today? Friday, was it Wednesday or | :12:35. | :12:40. | |
Tuesday? Wednesday. I am wondering, is the American central Bank people, | :12:41. | :12:46. | |
the boss... Janet? Are they looking somewhere different to ask which | :12:47. | :12:49. | |
call of the experts I spoke to said that they expected that raised in | :12:50. | :12:54. | |
June, they have said no it will be September, now it is June? We got | :12:55. | :12:58. | |
the minutes on Wednesday night, before that there was a 4% chance of | :12:59. | :13:04. | |
a rate rise, in June, now the market say it is a 34% chance, the minutes | :13:05. | :13:09. | |
were basically saying that it may be in June. They are looking at the US | :13:10. | :13:13. | |
economy, which despite problems in the world, there are still signs of | :13:14. | :13:16. | |
growth, the problem for the Central bank is that they want to get in | :13:17. | :13:20. | |
before we see inflation. Richard, you will come back and take | :13:21. | :13:23. | |
us through markets later. Thank you. | :13:24. | :13:24. | |
Still to come...we look back on the week in tech | :13:25. | :13:27. | |
with our correspondent Rory Cellan-Jones. | :13:28. | :13:30. | |
There's virtual reality from Google and Apple wooing China and India. | :13:31. | :13:34. | |
You're with Business Live from BBC News. | :13:35. | :13:48. | |
Eurostar has reported a fall of 3% in passenger numbers for the first 3 | :13:49. | :13:51. | |
The business had hoped 2016 would be a better year for business - | :13:52. | :13:56. | |
after attacks in Paris and disruption in Calais. | :13:57. | :14:06. | |
Chief executive Nicolas Petrovic joins us in our | :14:07. | :14:07. | |
Let's speak to the big boss himself! Good to see you. For your main | :14:08. | :14:19. | |
destinations, let's be frank, it's not been a great start of the year, | :14:20. | :14:24. | |
has it? No, it has been tough, we saw a sharp drop in passenger | :14:25. | :14:32. | |
numbers, but it is OK now, it's difficult with the North American | :14:33. | :14:35. | |
and Asian markets, the terrorists do not come to Europe as much as they | :14:36. | :14:39. | |
used to, it is a tough start to the year. -- the tourists. | :14:40. | :14:44. | |
How much of an impact does the upcoming referendum in the UK have | :14:45. | :14:50. | |
on your business? We can see that the business market is, I would say, | :14:51. | :14:57. | |
prudent. There's a lot of uncertainty and a lot of companies | :14:58. | :15:01. | |
are waiting to see what will happen. We are waiting for the outcomes, so | :15:02. | :15:06. | |
that we can all move on, uncertainties are never before | :15:07. | :15:07. | |
corporate is. Deutscher ban. I know you always say | :15:08. | :15:18. | |
-- Mike smile when I say that. It is just around the corner. Competition | :15:19. | :15:24. | |
means lower prices. Will you be lowering -- Mike lowering your | :15:25. | :15:30. | |
affairs? We have just lowered our pricing. It is a very competitive | :15:31. | :15:40. | |
market. We want to drive more passengers on our trains. We welcome | :15:41. | :15:46. | |
the competition. There is no problem. The markets will keep | :15:47. | :15:49. | |
growing. There will be space for everybody. We appreciate your time. | :15:50. | :15:55. | |
Good luck with everything. The CEO of Eurostar. Packaging rules hurting | :15:56. | :16:06. | |
tobacco profits in the UK potentially because they are going | :16:07. | :16:07. | |
to change. Plain packaging. We'll have to see what the impact on | :16:08. | :16:16. | |
the industry. Our top story: a massive search | :16:17. | :16:20. | |
is continuing for a second day for an EgyptAir plane that | :16:21. | :16:25. | |
disappeared over the Mediterranean. And now let's get the inside track | :16:26. | :16:33. | |
on the big tech stories of the week, including some major announcements | :16:34. | :16:37. | |
from Google, Apple wooing China and India, and Microsft | :16:38. | :16:40. | |
dropping the Nokia brand, with our tech correspondent, | :16:41. | :16:42. | |
Rory Cellan-Jones. Google, a virtual assistant thing? | :16:43. | :17:15. | |
Every year, Google as a big event. This year they had 7000 people in an | :17:16. | :17:21. | |
arena outside their headquarters. A lot of it was about taking all that | :17:22. | :17:24. | |
technology they have got. They have got an amazing amount of artificial | :17:25. | :17:32. | |
intelligence. They do not make great products out of it. They make all of | :17:33. | :17:35. | |
their money from advertising. They say they are going to do more. They | :17:36. | :17:38. | |
are going to have a virtual assistant, which will be used in a | :17:39. | :17:48. | |
new messaging app. The world needs a messaging app! More interestingly, | :17:49. | :17:51. | |
they are going to produce a product called Google home, a little speaker | :17:52. | :17:57. | |
you can chat to, ask its tough and it will tell you stuff. Can you get | :17:58. | :18:09. | |
this picture looking down? Is very like the Amazon Echo. Amazon have | :18:10. | :18:13. | |
stolen a march. You can talk to it, ask its tough, it is very clever and | :18:14. | :18:23. | |
it will answer you back. It is about conversation with machines. Nobody | :18:24. | :18:26. | |
has done really well yet. Google is in a good position because it has | :18:27. | :18:29. | |
some of the cleverest artificial intelligence and machine owning | :18:30. | :18:35. | |
experts on its staff. Aren't they behind the curve compared to some of | :18:36. | :18:40. | |
their competitors? People also saying they are behind the curve on | :18:41. | :18:44. | |
virtual reality. That does not necessarily matter if you hit it at | :18:45. | :18:49. | |
the right moment. Apple has been repeatedly behind the curve getting | :18:50. | :18:53. | |
into mobile phones, bringing out the iPad ten years after Microsoft. It | :18:54. | :19:06. | |
is doing it at the right time. Can I talk about Microsoft? The Nokia | :19:07. | :19:17. | |
deal, two years ago, the most extraordinary deal. Microsoft buys | :19:18. | :19:23. | |
the Nokia mobile phone business. The outgoing chief executive said it | :19:24. | :19:27. | |
would be a transformative deal for Microsoft. A year later they wrote | :19:28. | :19:32. | |
the entire value of the deal off. Now they have sold the rest of the | :19:33. | :19:39. | |
business. The cheaper phones still quite popular in the developing | :19:40. | :19:42. | |
world. They are basically wiping Nokia from their story. Meanwhile, | :19:43. | :19:47. | |
the original Nokia in Finland is licensing its brand to accompany | :19:48. | :19:54. | |
staff by former Nokia people and getting back into phones. The Nokia | :19:55. | :20:00. | |
phone could come back? It could indeed. Business School students | :20:01. | :20:07. | |
will be studying this for years. You are dead right. Let's go back to | :20:08. | :20:15. | |
Apple. Apple has been wooing China and India. A few weeks ago, worrying | :20:16. | :20:23. | |
results from Apple after years of extraordinary success. It is now | :20:24. | :20:30. | |
focusing on where its growth will come from. China and India very | :20:31. | :20:34. | |
important. Tim Cook has been on a tour through China and India talking | :20:35. | :20:39. | |
to companies, talking about setting up initiatives. In China he bought a | :20:40. | :20:47. | |
stake in the rival to Hooper. -- Uber. In India the iPhone is too | :20:48. | :20:54. | |
expensive. They have to find some other way of tapping into that huge | :20:55. | :21:00. | |
and growing market. Eight visits so far to China and only one to India. | :21:01. | :21:07. | |
Always a pleasure, mate. Have a great weekend. | :21:08. | :21:09. | |
A new building complex in north London is offering a different kind | :21:10. | :21:12. | |
of accommodation aimed at millennials, mixing small private | :21:13. | :21:14. | |
The Collective has 550 small bedrooms and communal | :21:15. | :21:20. | |
areas that include a spa, restaurant, games room, | :21:21. | :21:22. | |
library and roof-top with plastic igloos - | :21:23. | :21:25. | |
with most bills included in the rental price. | :21:26. | :21:31. | |
Is this co-living a good deal, or just another way to exploit young | :21:32. | :21:34. | |
Dougal Shaw went along for a tour of the building. | :21:35. | :22:11. | |
For me the personal space is small but it is really well designed. It | :22:12. | :22:17. | |
is a place where I can sleep and have some private time when I want | :22:18. | :22:22. | |
to. The communal areas and spaces more than make up for the small | :22:23. | :22:23. | |
rooms. Richard is back. We are going | :22:24. | :22:50. | |
through the papers. Start with the Guardian. This is looking at the | :22:51. | :22:58. | |
EgyptAir Astori. Looking at the wider European travel of our -- | :22:59. | :23:04. | |
operators being impacted by Egypt, Turkey and Tunisia. The flip side, | :23:05. | :23:10. | |
Spain had a record year, apparently? Thomas Cook had a trading statement | :23:11. | :23:14. | |
yesterday. They are massively exposed to Turkey, Egypt and | :23:15. | :23:18. | |
Tunisia. We have seen a huge rise in people going to the Balearic | :23:19. | :23:26. | |
Islands. Unfortunately for Thomas Cook, they cannot sell enough | :23:27. | :23:30. | |
holidays to compensate for the loss of holidays in Turkey, where they | :23:31. | :23:37. | |
had a big business, and Egypt. Their bookings were around 5% down on | :23:38. | :23:38. | |
where they were. The share prices of all the major carriers are | :23:39. | :23:53. | |
down. Earlier, you asked Nicholas Petkovic whether all of this might | :23:54. | :23:58. | |
mean that people turn increasingly to rail travel and alternative means | :23:59. | :24:03. | |
of getting around? Yes, staying at home. People feel safe in the US. | :24:04. | :24:14. | |
Another story in the business pages of the daily Telegraph. Booze and | :24:15. | :24:20. | |
fags really expensive in? Londoners in the top five. This is a survey by | :24:21. | :24:26. | |
Deutsche bank. Showing how expensive places are. It is difficult when you | :24:27. | :24:32. | |
have got currencies, to work it out. The annual scene index. How much it | :24:33. | :24:39. | |
will cost you do have five beers and Juno -- two packs of cigarettes. ?42 | :24:40. | :24:51. | |
in the UK. In London, $135 for dates. I have no idea that is true. | :24:52. | :25:04. | |
Richard's wife is watching! I know she is watching! If you want a cheap | :25:05. | :25:10. | |
date out, you need to go to India by the Philippines. | :25:11. | :25:17. | |
Can we quickly get these tweets in? Fabry 's says, try, try, try. John | :25:18. | :25:21. | |
Richards says turning Japanese by the vapours. The other one is, I | :25:22. | :25:30. | |
like to move it, move it. Dire Straits's Telegraph Road, | :25:31. | :25:34. | |
because it lasts for 40 minutes and they kick it down the road. | :25:35. | :25:52. | |
Hello there. Good morning. Into -- it is a bright | :25:53. | :25:53. |