:00:08. > :00:09.Do you have the skills needed to compete with automation
:00:10. > :00:13.Most of us think we do, but there's a good chance we're wrong.
:00:14. > :00:31.Live from London, that's our top story on Friday the 10th June.
:00:32. > :00:34.The robots are coming and we don't want to admit
:00:35. > :00:39.That's just one of the findings from a report out today into how
:00:40. > :00:41.we view our skills and those of our colleagues.
:00:42. > :00:44.Also in the programme - Nigeria's Naira nightmare.
:00:45. > :00:47.Africa's biggest economy faces its worst crisis in decades,
:00:48. > :00:52.as airlines pull out and foreign currency runs low.
:00:53. > :00:57.And bond yields fall across the globe.
:00:58. > :01:00.Surging investor demand sends 15-year Japanese yields below
:01:01. > :01:07.And we'll be getting the inside track on some of biggest
:01:08. > :01:09.stories that have been moving the markets this
:01:10. > :01:15.very low US jobs numbers which have, once again, the markets guessing
:01:16. > :01:18.about when the world's biggest economy will raise
:01:19. > :01:24.And we're also looking at Lenovo's new smartphone -
:01:25. > :01:26.apparently clever enough to grasp your physical surroundings
:01:27. > :01:31.So today we want to know what you think.
:01:32. > :01:34.If your phone could do one thing it doesn't do now,
:01:35. > :01:54.How many of the following statements do you agree with?
:01:55. > :01:59.There's no such thing as a job for life.
:02:00. > :02:02.You're overqualified for the job you're in.
:02:03. > :02:05.And you worry that robots might replace you in the office one day.
:02:06. > :02:07.If they all sound familiar, you're not alone.
:02:08. > :02:11.Let me take you through the findings of a study by City and Guilds.
:02:12. > :02:13.Over half of all respondents from the UK, US,
:02:14. > :02:16.India and South Africa believe they are overqualified
:02:17. > :02:24.there is no such thing as a job for life.
:02:25. > :02:28.Interestingly, 70% of CEOs and senior leaders
:02:29. > :02:31.across all countries agreed that automation and artificial
:02:32. > :02:35.intelligence could replace a number of jobs in their organisation
:02:36. > :02:42.Compare that to the people who work for them.
:02:43. > :02:44.Just 53% of general employees believe a significant number
:02:45. > :02:51.The debate about whether machines will eliminate the need for human
:02:52. > :02:54.employment is no longer just academic, of course.
:02:55. > :02:58.One study says that by 2025, up to a quarter of jobs
:02:59. > :03:06.will be replaced by either smart software or robots.
:03:07. > :03:13.Micky Dragoo is a skills ambassador and Director at City Guilds.
:03:14. > :03:19.Great to have you in the studio. Fascinating stuff, and one thing
:03:20. > :03:22.that Victoria was just reading out that really stood out to me was the
:03:23. > :03:28.difference in the thinking, the perception of robots, so the bosses
:03:29. > :03:33.think... More bosses think, some of these jobs, our workers can be
:03:34. > :03:38.replaced by robots, where as workers are going, "No, they can't". The
:03:39. > :03:40.awareness among senior leaders and bosses is much higher about what
:03:41. > :03:45.these trends might mean for the future of work and where I think
:03:46. > :03:49.normal Google at their desks are thinking, "I don't really know how
:03:50. > :03:55.this is going to affect me,"... It is fascinating. I've forgotten the
:03:56. > :03:59.number but the majority are thinking they are over skilled for the job.
:04:00. > :04:06.Is that just a human instinct? We think we are better really. People
:04:07. > :04:10.are quite poor at judging their own efficiency levels and how well they
:04:11. > :04:14.do their own jobs, so I think it is quite a human thing and one of the
:04:15. > :04:16.interesting things we saw is that the more senior you are, the more
:04:17. > :04:22.likely you are to be confident in your skills. And across the entire
:04:23. > :04:26.report, 95 per cent of people were confident in their skills, which was
:04:27. > :04:32.a big surprise to us? We often talk about the skills gap in business. It
:04:33. > :04:37.is a challenge for recruiters. But I wonder if we have the leadership
:04:38. > :04:41.skills we need to deal with these major trends, organisation,
:04:42. > :04:45.globalisation, because a lot of people don't have that much faith in
:04:46. > :04:49.their own bosses. The survey respondents agree with you. That was
:04:50. > :04:53.one of the top areas across the markets we looked at, saying that
:04:54. > :04:56.management skills is where we see a gap and the general employees were
:04:57. > :05:05.more likely to see a leadership Gap than the bosses. The study was in
:05:06. > :05:11.four countries. And a group of economies, the UK, the US, India,
:05:12. > :05:15.South Africa. So very eclectic economies. One thing that is
:05:16. > :05:17.interesting is that we are all the same. The findings didn't
:05:18. > :05:23.differentiate that much. Which we went expecting. We purposely chose
:05:24. > :05:28.those countries because they are so different in their economies, their
:05:29. > :05:31.demographics, but, actually, across-the-board, are pretty similar
:05:32. > :05:35.feeling about how people see their rates skills and the skills of their
:05:36. > :05:39.organisations, as being OK for the future. They're not consented top
:05:40. > :05:49.Short and sweet, we have to leave it there. Do you think robots could do
:05:50. > :05:52.this job? Never! I can tell you some producers who could easily be
:05:53. > :05:59.replaced by robots! Micky Dragoo, thank you. Have a great weekend.
:06:00. > :06:02.Africa's largest economy is facing its worst crisis in decades.
:06:03. > :06:04.The price of oil - which is how the country
:06:05. > :06:07.makes most of its money - is less than half what
:06:08. > :06:10.As a result, growth is at a standstill,
:06:11. > :06:12.and there's a shortage of foreign currency.
:06:13. > :06:16.Now, two major airlines - United and Iberia -
:06:17. > :06:19.have said they will no longer fly to the country because of a lack
:06:20. > :06:23.of demand and trouble collecting payments.
:06:24. > :06:26.Earlier, I spoke to Anna Rosenberg from the Frontier Strategy Group.
:06:27. > :06:34.She explained how serious this lack of foreign currency is for Nigeria.
:06:35. > :06:40.You have a massive problem would the inflation rate now because prices
:06:41. > :06:46.are going up for pretty much everything. Simple things like
:06:47. > :06:50.tomatoes, a 100 increase. Is that one of the reasons why Nigeria's
:06:51. > :06:59.government is reluctant to put its currency, floated, let it reflect
:07:00. > :07:03.reality? Angolan, another exporter of oil, did that. Is Nigeria
:07:04. > :07:11.reluctant because if it devalues it, things just go up? That's one of the
:07:12. > :07:15.reasons. The fear of hyperinflation. There is a lot of political fear,
:07:16. > :07:19.too, because the president, who had a brief stint in power in the 80s,
:07:20. > :07:23.witnessed a period of massive currency depreciation men and that
:07:24. > :07:26.was supposed to feel local industrialisation but didn't and
:07:27. > :07:32.cause massive price increases and a major economic crisis. So he's kind
:07:33. > :07:35.of reluctant to contribute to a new depreciation of the economy but
:07:36. > :07:38.quite frankly, at this point, it is a necessity. A quick look at some of
:07:39. > :07:40.the other news. The downturn in the UK oil and gas
:07:41. > :07:43.sector could could have cost more than 120,000 jobs by the end of this
:07:44. > :07:47.year, according to a report. Oil Gas UK says 84,000 jobs linked
:07:48. > :07:50.to the industry went in 2015, with 40,000 losses
:07:51. > :07:52.expected this year. Many companies have been struggling
:07:53. > :08:11.with the slump in the price of oil - Tesco has announced it is to sell
:08:12. > :08:15.its Giraffe restaurant chain for an undisclosed sum. It comes just three
:08:16. > :08:21.years after Tesco bought the restaurant chain for 49 million
:08:22. > :08:25.quid. The sale includes 50. The lone restaurants and three that sit
:08:26. > :08:30.inside Tesco Stores hit the supermarket has also disposed of its
:08:31. > :08:37.95 present stake in a Turkish grocery business to a local rival.
:08:38. > :08:40.-- 95%. India has rejected Google's plans to
:08:41. > :08:45.collect images of its Street view service. In something of a real
:08:46. > :08:50.objection to the security agencies in that country. Officials are
:08:51. > :08:54.concerned that the scheme would compromise the country's security.
:08:55. > :08:56.Google collect high-definition images to give users 360 degrees
:08:57. > :09:11.views of streets, hills and rivers. Euro... You have to live on another
:09:12. > :09:16.planet... It's a very early start for me, I can't control myself. You
:09:17. > :09:20.have to be another planet not to overcome a great euros kick-off in a
:09:21. > :09:24.few hours. We are going to talk about it later in the programme but
:09:25. > :09:30.interesting, the sponsorship, this year several companies paid to be
:09:31. > :09:35.part of the official sponsorship. It is up pathetic is that compared to
:09:36. > :09:39.the last one but some new friends. You've heard of Carlsberg, right?
:09:40. > :09:47.We've all heard of Carlsberg, Nikkei, but what about a Chinese
:09:48. > :09:50.tech company? And the Azerbaijan state oil company. Go figure.
:09:51. > :09:53.New football fans. Let's take a look at
:09:54. > :10:00.the stories breaking in Asia. A popular Japanese
:10:01. > :10:02.mobile-messaging service, Line, has just received approval to float
:10:03. > :10:06.on the Tokyo stock exchange. Have you ever heard of Line?
:10:07. > :10:13.No. The company will also list shares
:10:14. > :10:16.in New York and could be one of the biggest
:10:17. > :10:17.floatations of the year. Mariko Oi has been
:10:18. > :10:24.following the story. We have not heard of Line. Tell us a
:10:25. > :10:29.bit more about that. And it is a dual listing? That's right, and I
:10:30. > :10:33.think that's precisely why the company wants to list its shares,
:10:34. > :10:37.because it's got about 200 million active monthly users, very popular
:10:38. > :10:43.in Japan, but it isn't really well-known in the US, in Europe, so
:10:44. > :10:48.in addition to raising about $1 billion through a dual listing in
:10:49. > :10:52.Tokyo and in New York on the 15th of July, the company hopes to raise its
:10:53. > :10:56.profile as well. It is a relatively new company, been around rebel five
:10:57. > :11:02.years, and very popular among young Japanese people but it gained
:11:03. > :11:05.popularity after the earthquake in 2011 when all the phone services
:11:06. > :11:10.were down and people found it very useful to be able to send messages
:11:11. > :11:13.to each other for free but still with 200 million active users, it is
:11:14. > :11:19.way behind companies like WhatsApp or Facebook messenger, so it really
:11:20. > :11:20.hopes to raise its profile with this listing. Fascinating. Thanks very
:11:21. > :11:22.much. It was a very weak
:11:23. > :11:25.session over in Asia. China and Taiwan are
:11:26. > :11:26.still on holiday. But for the rest of the continent,
:11:27. > :11:29.it has been the weakest day The big market story is not
:11:30. > :11:34.in equities, it's in bond markets - more on that coming up in a moment
:11:35. > :11:37.with David Buik. But first let's check in with where
:11:38. > :11:40.the European session is headed. There seems to be reduced appetite
:11:41. > :11:43.to take risk in the market. The fall in oil is also putting some
:11:44. > :11:47.downward pressure on energy stocks. Now, let's hear from Samira Hussain,
:11:48. > :11:50.who has the details about what's Happening on Friday,
:11:51. > :11:55.an early look at consumer sentiment This tells us how confident people
:11:56. > :12:02.are feeling about the US economy. This is a number also closely
:12:03. > :12:04.watched by the Federal Reserve, The expectation is that consumer
:12:05. > :12:11.sentiment will have gone up from the month of June,
:12:12. > :12:13.as Americans are seeing big But, last month's dismal jobs report
:12:14. > :12:19.tempered some earlier optimism Americans were seeing
:12:20. > :12:24.in the labour market. And as for the Federal Reserve,
:12:25. > :12:27.they will be looking at consumer sentiment but no one is expecting
:12:28. > :12:31.to see a rise in interest rates Joining us is David Buik
:12:32. > :12:52.from Panmure Gordon. Good to see you, happy Friday. Happy
:12:53. > :12:56.Friday to you. You are very keen on this and it is a big story. You
:12:57. > :13:01.found this. There is a lot of turmoil going on
:13:02. > :13:04.in the bombard it is, a lot of investor demand. People are putting
:13:05. > :13:08.a lot of money into the bond markets and it has pushed the yields down on
:13:09. > :13:14.a lot of government debt. So it means that the Japanese yields on
:13:15. > :13:22.the 15 year debt has gone negative for the first time. This is a tweak
:13:23. > :13:28.that we thought was interesting. He said global yields lowest in
:13:29. > :13:33.history. He said there was negative rate bonds. He says it is a
:13:34. > :13:36.supernova that will one day explode. How concerned should we be about the
:13:37. > :13:42.fear that is going on in the bond markets? Today or next week, next
:13:43. > :13:47.year, no, but in the next five years, yes. The problem is, and you
:13:48. > :13:52.mentioned it very sick sinker, we mustn't forget - and I have to use
:13:53. > :13:58.the word damage - because it is damaged. The world is in such a
:13:59. > :14:03.parlous state -- was in such a parlous state in 2008-9, most of the
:14:04. > :14:06.world Banks were forced to what interest rates out. You've got an
:14:07. > :14:10.equity market that perhaps in a way is beginning to look fully valued.
:14:11. > :14:15.The world's growth seems to be coming down right across the
:14:16. > :14:20.spectrum. But if you take your money out of equities, many people have
:14:21. > :14:22.got massive capital gains to pay and also, you're surrendering a pretty
:14:23. > :14:28.decent dividend, which could be anything between 2% and a big
:14:29. > :14:32.company like mm shell, where you're getting seven percentage you have to
:14:33. > :14:37.think carefully. There has also been a huge, what I would call
:14:38. > :14:41.apocalyptic, hysteria about Brexit and the threats to the bond market
:14:42. > :14:44.to talk this is only a tiny element of it and the fact of the matter is
:14:45. > :14:57.that if there was a real fear, we would see bond yields, particularly
:14:58. > :15:00.in ten years Gill yields, lower. You mentioned Brexit and for our
:15:01. > :15:05.worldview was a uninitiated, we're talking about the UK referendum to
:15:06. > :15:10.stay or leave the EU to dock it certainly had an impact on the
:15:11. > :15:15.British pound so far. It would be wrong of me to deny that. Guitars.
:15:16. > :15:19.But we've also had some hysteria from the politicians and the
:15:20. > :15:22.regulators. The regulators, particularly the Bank of England, is
:15:23. > :15:25.obliged and has a duty of care to tell us exactly what they think the
:15:26. > :15:29.damage could be but it has been embellished rather more than it
:15:30. > :15:34.should. Since November of last year, and I would say there was an awful
:15:35. > :15:39.and at this, that the UK economy, which was at 2.4% last year GDP, we
:15:40. > :15:43.could end up this year at 1%, so the pound is down nine present in value
:15:44. > :15:47.since then. So if you asked me, if there was a Brexit, where is the
:15:48. > :15:52.pound going to fall? I would say to you that I don't know but at the
:15:53. > :15:57.best gets I would say 10%. -- best guess. It will ease our borrowing
:15:58. > :16:01.requirements. If you are worried about the pound, the two of you, and
:16:02. > :16:07.ensure you're not, how about the euro? In about six months, that
:16:08. > :16:08.group of countries politically seems unstable to me and also the debt
:16:09. > :16:21.mountain is colossal. I am only interested in the pie
:16:22. > :16:25.because I want to go on holiday. Are you going to come back and take us
:16:26. > :16:29.through the papers. Is the world economy in worse shape
:16:30. > :16:31.than we first thought? This week the US posted some
:16:32. > :16:33.of its worst job numbers in recent years and the head
:16:34. > :16:35.of the World Trade Organisation warned of slowing global
:16:36. > :16:37.growth for years to come. We're going to be asking our
:16:38. > :16:39.economics correspondent if it's now You're with Business
:16:40. > :16:44.Live from BBC News. In case you hadn't noticed,
:16:45. > :16:46.the Euro 2016 football And what better topic to kick-start
:16:47. > :16:51.the event than pubs? The brewers Fuller, Smith
:16:52. > :16:54.and Turner, or Fullers, has just The company has 400 managed
:16:55. > :17:03.and tenanted pubs across London and the south of England
:17:04. > :17:08.and exports to 68 countries. And we are joined by
:17:09. > :17:20.the company CEO, Simon Emeny, Bees seemed to be good figures, but
:17:21. > :17:26.let's look ahead, how much of a boost you expecting from these
:17:27. > :17:32.euros? It has been another excellent year for the company. You ask about
:17:33. > :17:38.the euros. Like every sports fan and teams approach these tournaments
:17:39. > :17:42.with great optimism. We have four home nations this year, so we are
:17:43. > :17:48.very excited. We think tomorrow will be a very busy day. Is there some
:17:49. > :17:53.numbers you can give? Some will say it can be triple the boost, just
:17:54. > :17:59.over the month of the tournament. Trying to work out how much more
:18:00. > :18:05.business will you generate? It is difficult to put a number on. During
:18:06. > :18:10.the last financial year we had the Rugby World Cup, which England did
:18:11. > :18:14.not do particularly well in. But it was busiest month of the year for
:18:15. > :18:20.London pride sales across the business. If England do well in the
:18:21. > :18:26.tournament it will have a big impact on the amount of year consumed in
:18:27. > :18:30.our pubs. You employ a lot of young people across your pubs, what impact
:18:31. > :18:36.has the national living wage will have, will there be any closures? We
:18:37. > :18:40.took the decision to pay the national living wage to our staff
:18:41. > :18:48.early, irrespective of their age if they are on a development programme.
:18:49. > :18:51.That is where it will have an impact on our business, weekly or
:18:52. > :18:55.increasing investment in training and we want young people to join as
:18:56. > :18:59.a career. Fresh food is important and we want people to join us,
:19:00. > :19:07.develop their careers with us and add fans through the company. Simon,
:19:08. > :19:14.thank you for your time. Pubs have extended their opening times for the
:19:15. > :19:26.90th birthday of the Queen. Check it out on our website.
:19:27. > :19:43.Our top stories. We are surrounded by robotic cameras in this studio,
:19:44. > :19:51.so we know what it feels like. Let's move on.
:19:52. > :19:54.And now let's get the inside track on the economic week
:19:55. > :19:56.with our correspondent, Andrew Walker.
:19:57. > :19:59.The last week has seen continued speculation about the Fed,
:20:00. > :20:15.She has described those figures as concerning. A couple of months that
:20:16. > :20:20.were disappointing, people with jobs, 80,000 in the US, it really
:20:21. > :20:26.needs 120,000 to keep up with the growing population. It is striking
:20:27. > :20:33.what it has done to an expectation of an interest rate rise. Bloomberg
:20:34. > :20:39.'s have put together the possibility of an interest rise in a meeting
:20:40. > :20:47.last week. The figure was 22%, so probably not. Now the figure is zero
:20:48. > :20:52.for this month. You have to get up to December before you get to the
:20:53. > :20:57.probability of more than 50%. We probably are, on that race is going
:20:58. > :21:08.to get an interest rate rise this year, but just the one and late. The
:21:09. > :21:12.director-general of the World Trade Organisation said red Britain would
:21:13. > :21:19.not have the same leveraged if they leave the EU, Brexit. He takes the
:21:20. > :21:24.view that the trade position would be this set with uncertainty. He
:21:25. > :21:29.cannot tell us what agreements the rest of the members say. He said,
:21:30. > :21:37.nobody has a crystal ball. The response to that from Leave campaign
:21:38. > :21:42.is said they would have negotiating measures of trade with the rest of
:21:43. > :21:46.the global trading world and the EU, because we are a large market,
:21:47. > :21:52.relatively prosperous and growing reasonably well, faster than the
:21:53. > :21:58.Eurozone. His view was, yes we would have some leveraged, but a lot less
:21:59. > :22:00.than the EU has collectively had during the course of the
:22:01. > :22:06.negotiations that led to the arrangements it has with the World
:22:07. > :22:10.Trade Organisation. He said we cannot assume that Great Britain
:22:11. > :22:14.outside the EU would have the same arrangements. In some areas,
:22:15. > :22:24.particularly agriculture, we would have two subsidise something new.
:22:25. > :22:29.That is an area that would have to be negotiated. Andrew, we have to
:22:30. > :22:34.leave it there, have a great weekend.
:22:35. > :22:36.Let's talk tech now, because Lenovo has announced
:22:37. > :22:37.two new smartphones, including a handset
:22:38. > :22:43.Our North America tech correspondent Dave Lee was at Lenovo's developer
:22:44. > :22:46.conference in San Francisco, where he spoke to one of its top
:22:47. > :22:52.The challenge was, in fact I'll show you with the phone here,
:22:53. > :22:59.is that you had to make it thin enough.
:23:00. > :23:02.Because if you have to snap a module on the back,
:23:03. > :23:06.you don't want the product to become too fat, too thick or too heavy.
:23:07. > :23:09.So the challenge was to pack a lot of the feature and function in 5.2
:23:10. > :23:11.millimetres thickness, keep it light and have no
:23:12. > :23:17.Some people might see this phone and wonder how much
:23:18. > :23:21.it is going to cost them if you have to buy the phone and then buy
:23:22. > :23:24.What is the price they are looking at?
:23:25. > :23:26.The price will range between $50 to $200 and $250,
:23:27. > :23:29.depending on what it is that you have as the functionality.
:23:30. > :23:31.Whether it is the camera, a projector or just
:23:32. > :23:48.David is back, let's get cracking into the papers. This Lenovo. By the
:23:49. > :23:56.time this interview is finished, because you will wish you had not
:23:57. > :24:03.invited me here. I am from the planet Zong, I can photograph, I can
:24:04. > :24:07.message, that is about it. Do you think George Orwell would like this,
:24:08. > :24:16.big brother. It is getting intrusive. To find out who is in the
:24:17. > :24:25.room with you, what is going on in the room next door. I was reading an
:24:26. > :24:33.article yesterday about an act, -- at, I can take a picture and then it
:24:34. > :24:39.will find the clothing, order it in my size. You are kidding me? That is
:24:40. > :24:45.really amazing. This is just technology developing and
:24:46. > :24:50.developing. It is extraordinary. I hope we get to the level it doesn't
:24:51. > :24:54.become too intrusive. Let's talk about this story in the Financial
:24:55. > :25:01.Times and Venezuela and the crisis going on in Nigeria. There is a
:25:02. > :25:06.crisis in Venezuela as well. The country is paying its debts to
:25:07. > :25:11.foreign creditors despite many ordinary Venezuelans not having any
:25:12. > :25:18.power and they have lost their jobs. It is astonishing when you think
:25:19. > :25:27.where Venezuela was in desperate disrepair. Oil was $100 a barrel,
:25:28. > :25:34.went down to 27 and now it is back up to 50. Their whole economy is
:25:35. > :25:38.based on oil and it must be an horrendous place to live. But they
:25:39. > :25:42.do understand the international bond markets and you have to pay
:25:43. > :25:47.interest. But what is interesting now between now and the end of the
:25:48. > :25:49.year, whether a haircut has to be discussed between creditors.
:25:50. > :25:54.Wouldn't want to be in Argentina. Have a great weekend, David.
:25:55. > :25:59.There will be more business news throughout the day on the BBC Live
:26:00. > :26:04.webpage and on World Business Report.
:26:05. > :26:10.Good morning, what a week it has been. We have had some heavy
:26:11. > :26:11.downpours and thunderstorms. What does today