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This is Business Live from BBC News with Ben Thompson and Sally Bundock.
How do you get the head of the IMF, the Chairman of Google
and the former head of the CIA in a room together?
Invite them to a Bilderberg meeting of course!
Live in London, it's our top story on Thursday 9th June.
It's a top secret conference attended by the world's
We'll decipher exactly what goes on and why it's so secretive.
of euros in fines from a French court for it's 'UberPop' service.
But is it just another small bump in the road
And markets look like this, as the European Central Bank
unleashes another round of bond buying.
But is the bank throwing good money after bad?
And we'll be getting the inside track on the world
of high fashion and why the head of Dior thinks people
need to learn to wait if they want luxurious goods.
And as a new report says using Facebook at work can actually
what's your biggest distraction when you should be working?
Chatting to colleagues, online shopping, or just
Shrouded in mystery, a target for conspiracy theorists,
The Bilderberg meeting has acquired a reputation for secrecy
The summit is attended by many of the world's most powerful
people and this year's gathering begins today in Dresden,
The guest list is as varied as it is high powered.
It includes the head of the IMF, Christine Lagarde, Sir John Sawers,
the former head of MI6, David Petraeus, the former director
of the CIA, the king of the Netherlands,
Willem-Alexander, Reid Hoffman, the founder of LinkedIn and Thomas
The key topics for discussion this year include China, migration
into Europe and the US political landscape.
The Bilderberg group claim that the conference is simply
"A forum for informal discussions about major issues
However, many have criticised its secrecy.
There are no minutes from any of the meetings,
no press reports and no interviews at all and those at the meeting
say it's a place where real decisions are done
I'm joined by Izabella Kaminska, blogger at the Financial Times.
How intrigued are you buy this? Everybody speculates what goes on,
but my personal opinion is that it is a bit more mundane than we
appreciate. But yes, they will be having frank discussions in a safe
space where they can say what is space where they can say what is
going on in their minds? Do they need that safe space? It is
underrated how important that safe space is. Really we are talking
about an elite that does not get a chance to socialise in a safe space
at all, so they need sometimes an environment that is safe to get out
of their areas, because they are all focused on their own particular
areas. They do not have many opportunities to do that, so this is
a kind of retreat where they can speak openly and say things that
they might otherwise not be able to say openly. Over the years many
conspiracies have been swirling around about what is discussed and
agreed, even stories out there that the next US president is chosen, but
is it a problem it is not transparent? It is becoming more
transparent. Back in the days they did not announce any details of who
was attending or the agenda. In the last few years they have published
the participation list and they have presented us with the agendas. But
also what used to take place, when you look at that, you realise a lot
of the times that the meetings were not ahead of the curve, they were
behind the curve. In 2008 they did not mention anything about them
potential financial crisis. I do not know if they are pushing the agenda,
as much as following the news. China, the migration crisis, all
very poignant given what has happened this year. The group was
formed with a focus on American and European relations. Given the Brexit
issue and how close Europe is for them, this will be a key discussion
point and it will be an opportunity for these people to speak frankly
about things like Donald Trump, things that they might not be able
to say openly. We do not necessarily know who is asked every single year,
does anyone ever say no? I do not know of anyone myself, but I would
assume that if you were invited it was a great privilege, but it is up
to your own prerogative whether it is something you want to engage in.
These events are focused on really creating a safe space for speaking
frankly. I do not see why anyone would not go, but I do not know
anyone who has not gone. It is the ultimate networking environment.
Thank you for coming in. We should be there, but
We should be there, but nonetheless...
In Paris the legal troubles continue for the taxi app Uber.
It faces millions of euros in fines and possible prison sentences
for two top executives for using unlicensed drivers
A court in Paris delivers its verdict in a few hours' time.
Thomas Ricard is a litigation lawyer in Paris.
Speaking to us a little earlier he explained
The case is about Uber, but more specifically about UperPop,
which is a parallel system of transport where the drivers
It is people like you and me outside the professional activity who decide
Uber was targeted for UperPop which was taken away in last July,
Among the protests that took place in January, the two
directors were put on demand and then put on trial.
There is a legal side which is key, of course.
Uber is accused of running a parallel transport activity.
They are arguing that they are mainly connecting people.
But there is also the sentencing side.
More precisely what struck people in France at the time
is that the prosecutor at the trial asked for quite hefty fines,
a few hundred thousand euros, which by French standards is quite
high, but also a ban on the two directors from being directors
This is why the verdict in terms of business is an important signal
that will be sent this afternoon and this is why we are looking
With you on Uber and the fine it is facing in Paris.
The head of the European Central Bank Mario Draghi says the eurozone
is at risk of lasting economic damage because of a lack
Speaking toi the Brussels Economic Forum Mr Dragh said that monetary
policy alone cannot end the bloc's economics sickness and why there may
be political reasons for delaying reforms,
Vodafone has agreed to sell its New Zealand unit
to Auckland-based Sky Network Television for $2.4 billion.
The deal paves the way for Sky giant to enter
The deal, the biggest acquisition in New Zealand this year,
also beefs up Sky as the country's biggest pay-TV provider as it
battles against online streaming services like Netflix.
A third of investors in Martin Sorrell's WPP failed to back the
boss's huge pay package. He built WPP from scratch in a London office
and is now dominating the industry with 190,000 staff. He says the
scheme reflects the phone's rapid growth in recent years. Another
story that has caught everyone's attention is the outlook for Maria
Sharapova. She was banned from playing on the international scene
for two years because she admitted she was using a substance that is
not allowed. It seemed to help her performance. She said she did that
without knowledge. It is a new one that they put on the out of use
list. But sponsors are staying with her.
They point out that she did not intentionally break the rules, they
say she has apologised for her mistake and is appealing against the
length of that ban. The sponsors are staying with her despite failing
that drug test. How do you solve a problem like
Maria? You have been wanting to say that
all morning. Now to Sally's favourite subject.
Not the sound of music. Instead it is the central bank
action. Today there was a surprise move from South Korea.
Down, cut, slashed. Only Sally gets excited about this.
This is even more exciting than the no change we discussed the day
before yesterday. Finally some action. This move by the bank of
Korea to cut interest rates to the market by surprise and we saw the
Korean dollar fall quite sharply. 17 expected rates will be kept on hold
and only one firm expected this move and that was Goldman Sachs. As we
mentioned this week central banks have been playing it safe, but the
Korean economy has been struggling. The Government is looking to provide
a little stimulus to help lift trade. Another issue is that there
are several highly indebted and leveraged companies that are
weighing on the economy. Specifically it is the shipbuilders.
One of them is being investigated over potential accounting fraud.
They have got billions of dollars worth of losses, so the Government
is keen to restructure them and this rate cut is to help with that policy
move, but analysts say more rate cuts may be under way. I am glad you
two I so excited about that. Somebody has to be. The Japanese
shares have ended the session down. Japanese shares ending down today
with financial stocks leading the losses on the back
of falling bond yields. A similar story too for exporters -
firms that rely heavily on exporting overseas saw their shares struggle
off the back of the strength In Europe, the Central Bank
begins its long awaited bond Remember the plan is to buy around
five to 10 billion Euros a month of investment grade bonds
from companies in the telecoms, insurance and utilities sectors
in an attempt to boost inflation And that's on top of
the ?1 trillion worth That's how Europe looks,
what's ahead for Wall Street? Investors will be eyeing the markets
as the SNP 500 flirted If the price of oil continues
to rebound, US markets will look But of course, the lingering
concerns about the health of the global economy remain,
with low growth and low inflation which could really temper
investor excitement. The number of people applying
for unemployment benefits probably went up last week,
but is still below the threshold Given the dismal jobs report
for the month of May, where the US economy only
created 38,000 jobs, many will be watching how
many claims are made Joining us is Justin
Urquhart-Stewart, Co-Founder and Director of Seven Investment
Management. Mario Draghi putting a bit of a
damper on things. This is the concern. It is like when you are
trying to buy bonds and you have got negative interest rate policies,
this is trying to like a wet bonfire with some damp matches. It will not
take off. Unless you have got any fundamental demand, giving people
cheat money when they do not want to borrow, nothing will happen. Because
they have got to negative interest rates, banks have to pay to keep
money at the ECB and they are storing bank money in their own
faults. We will start breaking into banks and rating money. The banks
are putting their money in the vault, what are we doing with our
money? We are trying to find other alternatives like gold and bits and
pieces. Particularly in Britain where we have got the referendum
going on, you have got a slowing effect. It is very difficult. Unless
you create demand, where do you get the economy going from? What Mario
Draghi is doing is the same as everyone else, but that does not
work. Some of these numbers are
staggering, on top of the trillion they have already done. The numbers,
frankly, are mind-boggling, but it doesn't seem to make huge amount of
difference. But in The States, some would argue
it makes all the difference. We are taking the medicine, but we don't
know if it has worked. We are all still here. The underlying issue is
you are supporting a lot of bond markets. In a normal environment you
would have been through the pain of weaker businesses going and new ones
coming through. We are wallowing in this debt and there is very little
forward progress. We have gone from zero rates down to negative rates
and we're not moving forward. I am lost for words. We talk about those
numbers and as you said, there is a different response, we saw what
happened in America and the different response in Europe. But
the feeling of throwing good money after bad doesn't go away. In
America, it is easy you go back to the primary driver of the American
economy, which is a normal couple shopping in Walmart in Arkansas.
They keep the economy going. It is different in Europe. The couple in
Germany don't spend as much. So trying to find the magic element to
get confidence back to grow the economy again. All politicians
should strive to try and find it. We had some intriguing stories to
discuss with you later. Christian Dior once said
"without foundations, We're going to hear from the current
head of legendry fashion house about the foundations HE'S laying
down for the future of the brand. You're with Business
Live from BBC News. There's a new kid on the block
in the cut-throat grocery market. Amazon is introducing a full online
supermarket service for customers in London with plans to roll out
deliveries across the UK. Rob Young is in our
Business Newsroom. The big supermarkets in the UK are
concerned about it because you can order food and verge online.
Sainsbury's and Tesco are grappling with the threat. Also we are talking
about cyber security, the biggest names in the field are gathering in
London for a conference. It is important. We use Internet devices
to manage almost every aspect of our lives, the threat has been greater.
We went to talk to experts from around the world to get their tips
on how to stay safe. The most likely way for an average
person is from a fishing attack so it would be targeted one from a
supplier you would recognise so you be more likely to follow the link.
People think mobile devices are secure. It is not. Be cautious about
what you upload to your devices. Don't jailbreak your devices. Look
at every application you download to understand who has got it, what is
the review. A lot of malware is sent I e-mail attachments and people will
generally click on those and leave their computers from rubble. If in
doubt, hover over the link and make sure the link matches the type of
data you think is in the e-mail. There are all these exciting
services called cloud services. They are very secure but they can open up
new vulnerabilities and exposure. The first thing people ask
themselves, is the data I am putting there, something I am allowed to put
on. And second, should I do it? You're watching Business
Live - our top story: We won't hear anything about the
meeting in Germany. Our invitation was last in the post.
Top end fashion - love it or loathe it -
The personal luxury goods market is now worth
So who's buying all this high-end gear?
Chinese consumers account for 31% of all luxury sales
The Americans are second with 24% of the market and Europeans at 18%.
But there are fears that slowing Chinese growth and the latest
corruption crackdown in the country could lead to a slump in demand.
That's could prompt fashion houses to invest more in the US and Europe.
Dior, which is owned by LVMH, has just spent millions of dollars
on a new four storey flagship store in London.
It shows how much it is worth when you spend millions of dollars just
on a store. the Sydney Toledano who heads
the firm and started by asking why the company is building
on its presence in the UK's capital. London, has been for the last ten
years, or even more, growing and growing. We have been here for many
years. We started in 1951. The market has always been important.
Then London became more international, with international
residents and international tourists. When we look at global
economic trends, we are seeing a floundering of appetite for luxury
goods, particularly in Asia. We are seeing a slowdown in China and
Japan, is that affecting Dior? No, what happened in Paris, the market
has been suffering from the terrorists, people were afraid to
come. But the luxury for these big names, we know how to bounce back.
From time to time, it is flat, but a company like Dior, we have two
continue investing because we believe in the future. We will
extend Paris, do new developments in Paris. We are thinking to 2017. You
have to invest in the long term. I think Europe will attract, in the
future, big markets like US markets, with American clients, Chinese
markets, they will be very big markets. I think you have opened
around 200 new stores globally. Many of your competitors these days are
choosing not to invest in the overheads relating to physical
stores, instead investing in the online side of their businesses. Why
are you still focusing on the stores themselves? You can buy a bag and a
pair of shoes online, but when you come to look at the ready to wear we
sell, you need this face to face. You need this ceremony of selling.
We will continue that, even if we invest into the Internet and see
what technology can bring, maybe tomorrow. But for the moment, the
best tool we know to seduce people is direct communication.
This is a fast-paced industry, people watched designs coming down a
runway and they want to buy them immediately. It is impossible to
deliver tomorrow, a product which was shown yesterday. The clients we
talk to, they get it in several months. They will come here tomorrow
to buy a collection which has been presented for six months ago. We
have no problem with that. You have to be impassioned. When you talk
about luxury fashion, it is something, it is like the movies,
sometimes you have to wait until you see the movie. You see a movie
premiere, it doesn't mean the public has to see it right away. This
concept of seeing stuff right away, we have to be patient. You were
raised in a traditional Jewish household and students of
mathematics and engineering. So how did you come to manage a major
fashion house? I was curious when I was young, maybe because of my
culture. My father with Spanish origin and other coming from Turkey.
In Casablanca, my friends were French, Italian, Spanish and
Moroccans. I opened my house always. I like mathematics and did
engineering studies. But I like fashion since I am young. By
fashion, I mean what is the look of the moment. The luck could be a pair
of jeans. I don't mean a super suit, but I was attracted by materials. I
am not a designer, I like working with talented people.
The chief executive of Dior. We have ran out of time, have a good day.