:00:00. > :00:07.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:08. > :00:10.Shell's boss in the hot seat as shareholders say they will vote
:00:11. > :00:19.With an investor pay revolt looming, are we about to see another
:00:20. > :00:42.shareholder rebellion? Unrest at Shelter as the company
:00:43. > :00:47.comes to blows with shareholders over executive pay and climate
:00:48. > :00:54.change -- unrest at Shell. How will it deal with new regulations?
:00:55. > :00:57.Singapore Boots said this was bound BSI as to what it says serious
:00:58. > :01:04.breaches of anti-money-laundering requirements.
:01:05. > :01:06.-- boots out the Swiss bank BSI. The global markets are heading
:01:07. > :01:07.south, we will explain why. And selling wine to China -
:01:08. > :01:10.we'll get the Inside Track on how New Zealand's most successful
:01:11. > :01:13.wineries is making a move into China and why the boss thinks Americans
:01:14. > :01:15.could double their wine And as a new study shows the French
:01:16. > :01:20.have the shortest working week - just 30 hours 50 minutes a week -
:01:21. > :01:23.those in Beijing and We want to know what's your
:01:24. > :01:30.typical working week? Just use the hashtag BBCBizLive,
:01:31. > :01:40.and let us know where you live. We're less than 30 minutes away
:01:41. > :01:46.from Shell's annual general meeting. Shareholders are expected to vote
:01:47. > :01:47.against a ?7. 6 million pay packet for company's
:01:48. > :01:52.boss Ben van Beurden after Shell saw its earnings fall 83%
:01:53. > :01:54.in the first three So could we now be looking
:01:55. > :02:08.at a shareholders spring? Some serious anchor store on their
:02:09. > :02:15.part? -- and cost on their part? Last month BP shareholders rejected
:02:16. > :02:17.a pay package of over $20 million for chief executive Bob Dudley
:02:18. > :02:20.after the oil giant recorded its biggest ever operating
:02:21. > :02:22.loss in history. And only last week almost 40%
:02:23. > :02:24.of Deutsche Bank shareholders refused to support the performances
:02:25. > :02:29.of the co-chief executives after sluggish profit growth
:02:30. > :02:34.and mounting regulatory fines. -- refuse to support the pay deal of
:02:35. > :02:38.the co-Chief Executive 's. Dissatisfaction with pay packets
:02:39. > :02:40.that don't reflect performance are expected to reach a high point
:02:41. > :02:43.next month when shareholders in the advertising giant WPP
:02:44. > :02:46.will vote on the on the latest pay deal for the company's
:02:47. > :02:55.CEO Sir Martin Sorrell. His 2015 pay packet totalled more
:02:56. > :03:19.than $100 million, making him That is a lot of sea rose on that
:03:20. > :03:20.pay packet! -- that is a lot of zeros.
:03:21. > :03:22.Joining me now is Catherine Howarth, chief executive of the Share
:03:23. > :03:35.There is a revolt against pay, the Shell AGM gets under way, there is a
:03:36. > :03:40.fall in profit, the boss is getting a big pay deal, investors are not
:03:41. > :03:45.happy? Not happy, and I expect a revolt, not on the scale of what
:03:46. > :03:49.happened up the peak six weeks ago, but ?4.4 million for years workers
:03:50. > :03:56.more than most of us would consider acceptable. -- for a year's work.
:03:57. > :03:59.The votes are in the hands of institutional investors, pension
:04:00. > :04:04.funds and fund managers, who act on the behalf of all of us. Everyone
:04:05. > :04:07.with a pension fund in Britain as a shareholder in Shell, lots of us
:04:08. > :04:11.will probably say no to the deal today, but it will probably go
:04:12. > :04:15.through. Correct me if I'm wrong, they are looking at how they will
:04:16. > :04:18.tackle climate change? It is not just the idea that we have to deal
:04:19. > :04:24.with it, there are strict targets in place. The big oil firms need to lay
:04:25. > :04:29.out how they will deal with those targets, and in Shell 's case they
:04:30. > :04:32.have not done that? Lestienne was a shareholder resolution, an
:04:33. > :04:37.opportunity to put something to the board of the company themselves --
:04:38. > :04:40.last year that was 99% of shareholders voted macro for this
:04:41. > :04:43.resolution calling for a clear disclosure about how the board would
:04:44. > :04:47.handle future risks to climate regulations and so on. These high
:04:48. > :04:52.carbon companies are becoming enormously risky. They have made a
:04:53. > :04:54.lot of money for us in the past, their business model is deeply
:04:55. > :04:58.threatened by the agreement struck in Paris last year. This is becoming
:04:59. > :05:04.a major issue between shareholders and these companies around the
:05:05. > :05:08.world. Tomorrow, we have Exxon and Chevron, the two biggest oil
:05:09. > :05:12.companies in the US market, they have their AGMs, I think there will
:05:13. > :05:19.be huge amount of dissent and a big shareholder rebellion. Shell is not
:05:20. > :05:24.yet delivering the kind of clear strategy for a low carbon future
:05:25. > :05:29.that shareholders want to see. On the issue of Chevron and Exxon, that
:05:30. > :05:32.begins tomorrow. They have been most resistant to laying out the strategy
:05:33. > :05:38.about how they will respond and what they will do, which is exactly what
:05:39. > :05:41.investors want to hear? Of course. These are enormously valuable
:05:42. > :05:46.companies, they perform an important role in our pension funds pots, we
:05:47. > :05:49.depends on them for our rink in old age. Everyone watching this
:05:50. > :05:52.programme who has a pension fund at all, which is everyone working in
:05:53. > :05:56.Britain and many around the world, they want to retire on something
:05:57. > :06:00.that they can live on, and that depends on companies having smart
:06:01. > :06:05.strategies that deal of the future. Most of us will not draw our
:06:06. > :06:10.retirement incomes for 20 or 30 years, we need a really long-term
:06:11. > :06:13.focus, not a backward looking, we knew is to make a lot of money by
:06:14. > :06:18.drilling from the ground and we can do it any more. Thank you Brexit
:06:19. > :06:21.Lane in Best, Catherine Howarth, the chief executive of the Share Action
:06:22. > :06:22.campaign. Revenues at Spotify have hit
:06:23. > :06:26.$2.2 billion for the past year, but the Swedish music streaming
:06:27. > :06:28.service still hasn't Those revenues were up 80%,
:06:29. > :06:31.almost doubling the The site offers a paid
:06:32. > :06:36.for subscription service Toyota is recalling nearly
:06:37. > :06:43.?1.6 million vehicles in the US to replace potentially faulty air
:06:44. > :06:49.bag inflators made by Takata. The Japanese auto-maker said
:06:50. > :06:52.the latest recall includes some but not all models of the Corolla,
:06:53. > :06:55.Sienna, and Lexus manufactured American firm Coca-Cola has stopped
:06:56. > :07:03.producing soft drinks in Venezuela, because of a sugar shortage
:07:04. > :07:06.in the country. Sugar cane production has been
:07:07. > :07:08.falling, because of rising costs. The company said it would continue
:07:09. > :07:10.producing sugarless drinks The firm's announcement comes
:07:11. > :07:16.after Venezuela's biggest brewer closed ITS plants due
:07:17. > :07:31.to a barley shortage. -- closed its plants. Let's take you
:07:32. > :07:36.to the BBC website and a story that we are following, strikes that have
:07:37. > :07:42.hit French oil refineries. This is coming through to us. This is as a
:07:43. > :07:45.result of new labour law is spreading to all eight oil
:07:46. > :07:49.refineries in the country, an ongoing dispute which has escalated.
:07:50. > :07:54.20% of petrol stations have either run dry when it comes to their
:07:55. > :07:58.supplies or are very, very low on supplies. This is a strike against
:07:59. > :08:03.changes to labour laws which is spreading. We have been covering it
:08:04. > :08:04.as a story and will keep an eye on that development.
:08:05. > :08:07.The Swiss bank BSI has been forced to close its branch in Singapore
:08:08. > :08:09.after being linked to a scandal at Malaysia's troubled
:08:10. > :08:12.Swiss authorities also began criminal proceedings
:08:13. > :08:14.against the bank over serious breaches of anti-money
:08:15. > :08:20.It's the first time in 32 years that the Singapore Central Bank
:08:21. > :08:30.Leisha, talk us through what's happened here and why?
:08:31. > :08:35.It is quite unprecedented, 32 years since they did anything like this,
:08:36. > :08:40.they are getting tough on the bank for alleged misdemeanours? That's
:08:41. > :08:45.right. Singapore is taking a really tough stance on money-laundering in
:08:46. > :08:50.the City, so BSI has really had an incredibly bad day. In the past
:08:51. > :08:54.couple of hours, the Swiss have also announced they are launching
:08:55. > :08:56.criminal proceedings into the bank over these allegations of
:08:57. > :09:02.money-laundering, bribery and other offences. Singapore took the step of
:09:03. > :09:06.shutting down the operation here, but BSI is domiciled in Switzerland
:09:07. > :09:11.and so regulators in both countries have been examining the firm over
:09:12. > :09:16.its dealings with this elation state firm. Over these dealings that they
:09:17. > :09:21.have examined, they have find it several million dollars -- dealings
:09:22. > :09:28.with this Malaysian firm. Following the decision, the group's CEO will
:09:29. > :09:32.step down with immediate effect. Who is this Malaysian firm? It is state
:09:33. > :09:38.funded and it has faced allegations that more than $4 billion years was
:09:39. > :09:40.misappropriated. They have said there is no wrongdoing, but
:09:41. > :09:46.ultimately it looks like authorities are still chasing this very, located
:09:47. > :09:49.money Trail. Thank you for making sense of that, Leisha Chi in
:09:50. > :09:55.Singapore. The king of the markets in Asia,
:09:56. > :10:02.will get you up to date with what's was happening, Japan is down 1%,
:10:03. > :10:06.Hong Kong by 0.33%. That is how the Dow closed on Wall Street.
:10:07. > :10:10.Some of these issues dogging investors are happening. Oil prices
:10:11. > :10:15.falling, lots of uncertainty about what is happening in the month of
:10:16. > :10:18.June, the US Federal Reserve meeting and the UK referendum on membership
:10:19. > :10:22.of the European Union. That is really on the mine of investors. We
:10:23. > :10:28.could see sterling on the move. The governor of the Bank of England,
:10:29. > :10:32.Mark Carney, is before the Treasury. He could be drilled on his views on
:10:33. > :10:37.how a decision on our membership of Europe will affect our economy. Keep
:10:38. > :10:41.an eye on the pound, keep an eye on those issues. Losses
:10:42. > :10:46.across-the-board. Also deliver stories, like Deutsche Bank, Moody
:10:47. > :10:48.'s downgrading its outlook again. Its shares are on the move.
:10:49. > :10:50.And Samira Hussain has the details about what's ahead
:10:51. > :11:02.American electronics giant Best Buy will report earnings and choose day.
:11:03. > :11:07.This is the biggest US consumer electronics chain. But falling sales
:11:08. > :11:10.of mobile devices will mean that profits have taken a hit for the
:11:11. > :11:16.quarter, and it has already said that first half quarter sales have
:11:17. > :11:21.declined. It will be interesting to see if they make any changes to
:11:22. > :11:26.expectations. Hewlett-Packard Enterprises also
:11:27. > :11:32.reporting. Back in November 2015, it split into two separate companies.
:11:33. > :11:35.Each sells computers and printers -- HP sells computers and printers,
:11:36. > :11:43.Hewlett-Packard Enterprises deals with software and servers. Analysts
:11:44. > :11:44.believe that the reshuffle will help the enterprise company's resources.
:11:45. > :11:46.Joining us is Richard Hunter, head of research at Wilson King
:11:47. > :11:56.Nice to see you, Richard. A month from now, we will know, In or Out,
:11:57. > :12:00.by the 24th of June we will know. Hopefully! If it is really close,
:12:01. > :12:03.you never know explanation I am optimistic that it will all be over
:12:04. > :12:08.by the 24th. We will hear from Mark Carney today,
:12:09. > :12:11.giving evidence to MPs about the inflation report. Likely to be a
:12:12. > :12:17.question about the impact of Brexit or otherwise on the UK economy? The
:12:18. > :12:20.market has been fairly nervous about this, there will be volatility,
:12:21. > :12:28.whatever happens, even if we stay in. There has been a period of
:12:29. > :12:32.underperformance, which we have had before the UK election and the
:12:33. > :12:35.Scottish referendum. If we should leave, there will doubtless be
:12:36. > :12:39.volatility downwards. But at least it will be out of the way. Positives
:12:40. > :12:45.and negatives in terms of whatever the outcome might be. This is really
:12:46. > :12:48.becoming front and centre now. The problem we have got, I think, in
:12:49. > :12:53.terms of the electorate as much as the market, is that there is a lot
:12:54. > :12:58.of vitriol beginning to come out from both sides now. This really has
:12:59. > :13:03.to be put to one side to focus on the real arguments of In or Out.
:13:04. > :13:08.Without question, we will know in a month. How friends and Central is it
:13:09. > :13:13.for the US Federal Reserve? Two issues in terms of the US market. At
:13:14. > :13:17.the moment, there are the US elections. Whoever may get in as the
:13:18. > :13:22.president. Also the fact that the markets deems to be suggesting that
:13:23. > :13:27.we might be getting a June rate high after all. Their decision is before
:13:28. > :13:32.the UK referendum, will that hold them back at all, or are they not
:13:33. > :13:37.that fussed? It is a possibility, but in terms of market movement, I
:13:38. > :13:41.think the referendum is probably more at the forefront of investors'
:13:42. > :13:47.minds, because even if the Fed hike, and they have said this before, it
:13:48. > :13:51.will be fairly small. It will not really affect whatever we're doing
:13:52. > :13:56.in Europe. Thank you for now, Richard. We will talk about working
:13:57. > :14:01.weeks later. The French have the shortest, Hong Kong has the longest.
:14:02. > :14:04.Let us know at BBCBizLive, we will talk to Richard later.
:14:05. > :14:08.It's been a record harvest for vineyard's in the Marlborough
:14:09. > :14:26.We will hear from the man behind Cloudy Bay, one of the biggest
:14:27. > :14:28.wineries. Stay with us. It is a very important day for Greece, in
:14:29. > :14:31.Brussels European leaders are grappling with a decision on Greek
:14:32. > :14:36.debt and the relief of it. Finance ministers are meeting today
:14:37. > :14:39.to reveal a new deal which would lock more bailout for Greece and
:14:40. > :14:47.resolve the row with the IMF over debt relief for Athens.
:14:48. > :14:55.Andrew Walker has the details. Demonstrators outside Parliament
:14:56. > :14:57.over the weekend. Lawmakers have proved another batch of reforms
:14:58. > :15:02.which could pave the way for bailout funds. They could include more
:15:03. > :15:06.taxes, setting up a bailout fund and making it easier for banks to deal
:15:07. > :15:09.with problem loans. But the mechanism for cutting spending a
:15:10. > :15:13.financial targets are missed. The Greek finance minister needs two
:15:14. > :15:20.things, a long, delayed bailout payment, and debt relief. He needs
:15:21. > :15:25.the bailout cash ahead of bailout payments,...
:15:26. > :15:30.Eurozone finance ministers will also debate debt relief. Something the
:15:31. > :15:34.International Monetary Fund insists is needed to make Greece's debt
:15:35. > :15:38.burden sustainable. That would likely mean lower interest rates and
:15:39. > :15:41.more time to repay debt. But no one ducks and or hack at to the amount
:15:42. > :15:56.that Athens must pay back. there Some of the other stories we
:15:57. > :16:01.are trying to squeeze in. S Nationwide reporting a 23% rise in
:16:02. > :16:05.profits. Up from as it says ?1 billion a year earlier. The story
:16:06. > :16:11.for Nationwide is mortgage lending. There has been a rise in net
:16:12. > :16:16.mortgage lending. It was up significantly, but repayments too.
:16:17. > :16:27.Clearly, watch closely given the impact it has on the housing market.
:16:28. > :16:34.If you are a Severn Trent customer. It says it is expecting to save ?670
:16:35. > :16:39.million between 2015 and 2020 as it locks in its efficiencies. The
:16:40. > :16:46.company supplies water across the UK Midlands and says the savings are
:16:47. > :16:47.about ?260 million a head of their expenditure target. So they seem to
:16:48. > :16:54.be hitting their targets. Our top story: The rebellion
:16:55. > :16:57.against multi-million pound Today, it's Shell executives
:16:58. > :17:05.who face a shareholder backlash. Top investor groups are opposing
:17:06. > :17:08.the firms multi-million dollar pay You know we're fond
:17:09. > :17:26.of discussing drink on this We're getting the inside track
:17:27. > :17:36.on how a New Zealand based business is taking on the traditional
:17:37. > :17:39.French vineyards. Cloud Bay is based in Marlborough
:17:40. > :17:42.on the Southern Island of New Zealand and the company
:17:43. > :17:44.is best known for its In 2003, Cloudy Bay Vineyards
:17:45. > :17:58.were bought by the luxury goods firm LVMH who also own Louis Vuitton
:17:59. > :18:01.and Moet and their wines are now Well, Victoria met
:18:02. > :18:12.the man behind the brand, Ian Morden who is in London
:18:13. > :18:14.for the Chelsea Flower show She started by asking him how
:18:15. > :18:18.they cope when there That's one of the interesting things
:18:19. > :18:24.about being in wine, but you can do a couple
:18:25. > :18:27.of things to hedge. One of the things we do
:18:28. > :18:30.is we are taking more grapes than we need and call it the policy
:18:31. > :18:33.buffer and that's important because then we can deliver
:18:34. > :18:36.the quality as much as the quantity. As a New Zealand wine,
:18:37. > :18:38.your biggest market not surprisingly is Australia,
:18:39. > :18:40.but it is not your biggest The US is the biggest
:18:41. > :18:43.growing market. One of the reasons is the US came
:18:44. > :18:47.very late to drinking wine. If you look at the numbers,
:18:48. > :18:51.they drink 11 litres In Australia or here,
:18:52. > :18:54.it is more like 22. So there is absolute potential
:18:55. > :18:55.there. Why where do you see growth in
:18:56. > :18:58.the medium-term for your business? I think in the medium-term,
:18:59. > :19:03.the growth will be in China and it will be Pinot Noir as much
:19:04. > :19:05.about Sauvignon blanc. And why China because a lot
:19:06. > :19:08.of luxury companies have been really Well, I think the next generation
:19:09. > :19:12.of wine drinkers in China is moving from Bordeaux to the lighter style
:19:13. > :19:14.of reds like Pinot Noir. The other thing that is happening,
:19:15. > :19:17.is people want wines that have a story, that
:19:18. > :19:19.have good provenance. You have been owned by the luxury
:19:20. > :19:22.goods company for 13 years now. How does that dictate the style
:19:23. > :19:25.and the strategy of the company? Well, we work in a Matrix
:19:26. > :19:28.organisation. So we share ideas.
:19:29. > :19:31.We collaborate. But what it gives us
:19:32. > :19:34.is access to capital. It gives us access to the luxury
:19:35. > :19:38.marketing skills that come with being part of that company
:19:39. > :19:45.and it gives us a long-term view. You need long-term thinking
:19:46. > :19:50.to make good wine. Cloudy Bay owns a lot of its supply
:19:51. > :19:53.chain, doesn't it and acquiring land How much of your day
:19:54. > :19:59.does that take up? Well, for me it takes up a lot
:20:00. > :20:02.of my time and there is a race on at the moment to secure the best
:20:03. > :20:05.sites for quality wine. Our style is a particular style
:20:06. > :20:08.and that means we're limited So yes, it takes up a lot of
:20:09. > :20:20.my time. Why is that? Why is there a scarcity
:20:21. > :20:24.factor around land? When you fly into Marlborough, we have two
:20:25. > :20:28.mountain ranges and we have only got so much land and then there is the
:20:29. > :20:32.sea. There are 25 hectares. Most of which is planted. A lot of which is
:20:33. > :20:38.not of anymore interest to us anyway. So there is scarcity and on
:20:39. > :20:40.the other side, we've got growing demand in the US and China so it is
:20:41. > :20:43.driving value up. That's not necessarily a bad thing.
:20:44. > :20:46.Increasingly the data shows that people are spending more on
:20:47. > :20:50.experiences and less on products for example. So how does that translate
:20:51. > :20:53.into your business? Well, let's come back to the idea of natural will
:20:54. > :20:57.besry. We are using the natural assets. This is why the garden is so
:20:58. > :21:01.good. It evokes what we have in New Zealand. New Zealand is like a big
:21:02. > :21:06.garden. Wine is a cultural connector. It is as much about the
:21:07. > :21:11.wine as it is about the context, the place, history, culture, it is true
:21:12. > :21:15.in Bordeaux and it is true 234 inn Marlborough. In the last 12 months
:21:16. > :21:20.or so, I have seen an increase in visitors coming from China to New
:21:21. > :21:24.Zealand and I think it is part of the rediscovery of some of the lost
:21:25. > :21:29.nature for them in New Zealand. When you fly into some parts of the
:21:30. > :21:33.world, you see how heavily industrialised it is and you see
:21:34. > :21:36.pollution. The wines come from a pristine place and that's attractive
:21:37. > :21:40.to people and they want to come to the source. I see that side just
:21:41. > :21:45.growing and growing for us. You are still as a wine, a luxury. It is not
:21:46. > :21:48.the same as clean water. So how do you position yourself to make sure
:21:49. > :21:52.that people do still spend when times are tight? As a simple
:21:53. > :21:56.pleasure, you know, the current marketing campaign that we have is
:21:57. > :22:00.based around the idea of escapism, sailing away and it is not really
:22:01. > :22:04.that complicated to take a glass of wine into the park, if you are in
:22:05. > :22:06.Paris, here it is Hyde Park and right here, it is the Cloudy Bay
:22:07. > :22:18.Garden. A simple pleasure. That was the Chief Executive of
:22:19. > :22:23.Cloudy Bay. Richard is back with us. We're going
:22:24. > :22:29.to discuss working weeks. The French, unsurprisingly, have the
:22:30. > :22:33.shortest working week. In Hong Kong it is the longest. In France they
:22:34. > :22:38.are in the process of banning out-of-hours e-mails. In terms of
:22:39. > :22:43.the 50 hours for Hong Kong, it is the fact that you can work from
:22:44. > :22:46.anywhere. You are always on-call. That includes the time you spend
:22:47. > :22:49.doing work at home? I would have thought so. I guess that's one of
:22:50. > :22:53.the reasons the French are doing this in an effort to restrict the
:22:54. > :22:58.amount of hours you can... How long is your working week? It is probably
:22:59. > :23:05.about ten hours a day I would have thought. Five days a week? Five days
:23:06. > :23:10.a week. So you're hitting 50, not the age, I mean the number of hours
:23:11. > :23:16.a week! Yes. I think the Monday to Friday is the main thing. You've got
:23:17. > :23:23.those two days to recharge. Gavin points out, a lot of you getting in
:23:24. > :23:26.touch with us about this. Gavin says, "From what I've read
:23:27. > :23:29.productivity in France, they are the most productive per hour in the EU."
:23:30. > :23:32.That's the issue, it is not necessarily about how many hours
:23:33. > :23:38.you're putting in, it is how much work you do while you're there?
:23:39. > :23:42.There is the other issue that the work-life balance, whilst it might
:23:43. > :23:50.be the case that there are countries in Europe which have the occasional
:23:51. > :23:54.seest ta and shorter working weeks, it is different culturally. Zac
:23:55. > :24:00.says, "My average working week is 35 hours." Another viewer in Nairobi,
:24:01. > :24:05."My working week is equivalent to 55 hours." Zac in New York, hello.
:24:06. > :24:11.You're up very late. That might be an indication. Maybe you've been
:24:12. > :24:16.working in the office late! There is statistics about how much we're
:24:17. > :24:23.spending on our phones. 29 extra days a year on hand-held devices? As
:24:24. > :24:28.the article points out for UK managers doing the 29 days, that's
:24:29. > :24:32.wiped out your holiday entitlement. The crowd funding project when it
:24:33. > :24:37.came to solar panels in the UK, they got the money, but the company has
:24:38. > :24:41.not really made it. No, they did get the money quickly and the management
:24:42. > :24:46.team at the time said that was more than we would need, our investment
:24:47. > :24:51.requirements are fairly modest and 18 months later unfortunately, the
:24:52. > :24:54.company has collapsed into insolvency. They are making the
:24:55. > :24:58.point that the majority of people who invested in the company
:24:59. > :25:00.self-certified, they were professional investors, but
:25:01. > :25:07.nonetheless, it is likely they'll get... This reminds us of the risk.
:25:08. > :25:11.High risk, high reward. And these companies that manage to raise money
:25:12. > :25:19.very, very quickly in an alternative way, yet, there is the risk there
:25:20. > :25:27.still? Yes, it follows in June 2015 a claims management, that went under
:25:28. > :25:32.with around ?800,000 funding. I'm sure there will have been successes
:25:33. > :25:36.and start-ups in general have their backs against the wall. Crowd
:25:37. > :25:42.funding is untried and untested, people getting into that market, but
:25:43. > :25:47.it is a little bit still a grey area when it comes to regulation. The
:25:48. > :25:51.regulator doesn't know how to monitor it? There will be other
:25:52. > :25:57.things. Peer-to-peer lending should they really gain traction and gain
:25:58. > :26:01.popularity, the regulators will be all over it, I'm sure. Richard,
:26:02. > :26:03.thank you. Nice to have you with us too. Enjoy the rest of your day. We
:26:04. > :26:16.will see you soon. Hello again. For some a chilly start
:26:17. > :26:18.and for others a foggy start. But