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Do you have the skills needed to compete with automation
Most of us think we do, but there's a good chance we're wrong.
Live from London, that's our top story on Friday the 10th June.
The robots are coming and we don't want to admit
That's just one of the findings from a report out today into how
we view our skills and those of our colleagues.
Also in the programme - Nigeria's Naira nightmare.
Africa's biggest economy faces its worst crisis in decades,
as airlines pull out and foreign currency runs low.
And bond yields fall across the globe.
Surging investor demand sends 15-year Japanese yields below
And we'll be getting the inside track on some of biggest
stories that have been moving the markets this
very low US jobs numbers which have, once again, the markets guessing
about when the world's biggest economy will raise
And we're also looking at Lenovo's new smartphone -
apparently clever enough to grasp your physical surroundings
So today we want to know what you think.
If your phone could do one thing it doesn't do now,
How many of the following statements do you agree with?
There's no such thing as a job for life.
You're overqualified for the job you're in.
And you worry that robots might replace you in the office one day.
If they all sound familiar, you're not alone.
Let me take you through the findings of a study by City and Guilds.
Over half of all respondents from the UK, US,
India and South Africa believe they are overqualified
there is no such thing as a job for life.
Interestingly, 70% of CEOs and senior leaders
across all countries agreed that automation and artificial
intelligence could replace a number of jobs in their organisation
Compare that to the people who work for them.
Just 53% of general employees believe a significant number
The debate about whether machines will eliminate the need for human
employment is no longer just academic, of course.
One study says that by 2025, up to a quarter of jobs
will be replaced by either smart software or robots.
Micky Dragoo is a skills ambassador and Director at City Guilds.
Great to have you in the studio. Fascinating stuff, and one thing
that Victoria was just reading out that really stood out to me was the
difference in the thinking, the perception of robots, so the bosses
think... More bosses think, some of these jobs, our workers can be
replaced by robots, where as workers are going, "No, they can't". The
awareness among senior leaders and bosses is much higher about what
these trends might mean for the future of work and where I think
normal Google at their desks are thinking, "I don't really know how
this is going to affect me,"... It is fascinating. I've forgotten the
number but the majority are thinking they are over skilled for the job.
Is that just a human instinct? We think we are better really. People
are quite poor at judging their own efficiency levels and how well they
do their own jobs, so I think it is quite a human thing and one of the
interesting things we saw is that the more senior you are, the more
likely you are to be confident in your skills. And across the entire
report, 95 per cent of people were confident in their skills, which was
a big surprise to us? We often talk about the skills gap in business. It
is a challenge for recruiters. But I wonder if we have the leadership
skills we need to deal with these major trends, organisation,
globalisation, because a lot of people don't have that much faith in
their own bosses. The survey respondents agree with you. That was
one of the top areas across the markets we looked at, saying that
management skills is where we see a gap and the general employees were
more likely to see a leadership Gap than the bosses. The study was in
four countries. And a group of economies, the UK, the US, India,
South Africa. So very eclectic economies. One thing that is
interesting is that we are all the same. The findings didn't
differentiate that much. Which we went expecting. We purposely chose
those countries because they are so different in their economies, their
demographics, but, actually, across-the-board, are pretty similar
feeling about how people see their rates skills and the skills of their
organisations, as being OK for the future. They're not consented top
Short and sweet, we have to leave it there. Do you think robots could do
this job? Never! I can tell you some producers who could easily be
replaced by robots! Micky Dragoo, thank you. Have a great weekend.
Africa's largest economy is facing its worst crisis in decades.
The price of oil - which is how the country
makes most of its money - is less than half what
As a result, growth is at a standstill,
and there's a shortage of foreign currency.
Now, two major airlines - United and Iberia -
have said they will no longer fly to the country because of a lack
of demand and trouble collecting payments.
Earlier, I spoke to Anna Rosenberg from the Frontier Strategy Group.
She explained how serious this lack of foreign currency is for Nigeria.
You have a massive problem would the inflation rate now because prices
are going up for pretty much everything. Simple things like
tomatoes, a 100 increase. Is that one of the reasons why Nigeria's
government is reluctant to put its currency, floated, let it reflect
reality? Angolan, another exporter of oil, did that. Is Nigeria
reluctant because if it devalues it, things just go up? That's one of the
reasons. The fear of hyperinflation. There is a lot of political fear,
too, because the president, who had a brief stint in power in the 80s,
witnessed a period of massive currency depreciation men and that
was supposed to feel local industrialisation but didn't and
cause massive price increases and a major economic crisis. So he's kind
of reluctant to contribute to a new depreciation of the economy but
quite frankly, at this point, it is a necessity. A quick look at some of
the other news. The downturn in the UK oil and gas
sector could could have cost more than 120,000 jobs by the end of this
year, according to a report. Oil Gas UK says 84,000 jobs linked
to the industry went in 2015, with 40,000 losses
expected this year. Many companies have been struggling
with the slump in the price of oil - Tesco has announced it is to sell
its Giraffe restaurant chain for an undisclosed sum. It comes just three
years after Tesco bought the restaurant chain for 49 million
quid. The sale includes 50. The lone restaurants and three that sit
inside Tesco Stores hit the supermarket has also disposed of its
95 present stake in a Turkish grocery business to a local rival.
-- 95%. India has rejected Google's plans to
collect images of its Street view service. In something of a real
objection to the security agencies in that country. Officials are
concerned that the scheme would compromise the country's security.
Google collect high-definition images to give users 360 degrees
views of streets, hills and rivers. Euro... You have to live on another
planet... It's a very early start for me, I can't control myself. You
have to be another planet not to overcome a great euros kick-off in a
few hours. We are going to talk about it later in the programme but
interesting, the sponsorship, this year several companies paid to be
part of the official sponsorship. It is up pathetic is that compared to
the last one but some new friends. You've heard of Carlsberg, right?
We've all heard of Carlsberg, Nikkei, but what about a Chinese
tech company? And the Azerbaijan state oil company. Go figure.
New football fans. Let's take a look at
the stories breaking in Asia. A popular Japanese
mobile-messaging service, Line, has just received approval to float
on the Tokyo stock exchange. Have you ever heard of Line?
No. The company will also list shares
in New York and could be one of the biggest
floatations of the year. Mariko Oi has been
following the story. We have not heard of Line. Tell us a
bit more about that. And it is a dual listing? That's right, and I
think that's precisely why the company wants to list its shares,
because it's got about 200 million active monthly users, very popular
in Japan, but it isn't really well-known in the US, in Europe, so
in addition to raising about $1 billion through a dual listing in
Tokyo and in New York on the 15th of July, the company hopes to raise its
profile as well. It is a relatively new company, been around rebel five
years, and very popular among young Japanese people but it gained
popularity after the earthquake in 2011 when all the phone services
were down and people found it very useful to be able to send messages
to each other for free but still with 200 million active users, it is
way behind companies like WhatsApp or Facebook messenger, so it really
hopes to raise its profile with this listing. Fascinating. Thanks very
much. It was a very weak
session over in Asia. China and Taiwan are
still on holiday. But for the rest of the continent,
it has been the weakest day The big market story is not
in equities, it's in bond markets - more on that coming up in a moment
with David Buik. But first let's check in with where
the European session is headed. There seems to be reduced appetite
to take risk in the market. The fall in oil is also putting some
downward pressure on energy stocks. Now, let's hear from Samira Hussain,
who has the details about what's Happening on Friday,
an early look at consumer sentiment This tells us how confident people
are feeling about the US economy. This is a number also closely
watched by the Federal Reserve, The expectation is that consumer
sentiment will have gone up from the month of June,
as Americans are seeing big But, last month's dismal jobs report
tempered some earlier optimism Americans were seeing
in the labour market. And as for the Federal Reserve,
they will be looking at consumer sentiment but no one is expecting
to see a rise in interest rates Joining us is David Buik
from Panmure Gordon. Good to see you, happy Friday. Happy
Friday to you. You are very keen on this and it is a big story. You
found this. There is a lot of turmoil going on
in the bombard it is, a lot of investor demand. People are putting
a lot of money into the bond markets and it has pushed the yields down on
a lot of government debt. So it means that the Japanese yields on
the 15 year debt has gone negative for the first time. This is a tweak
that we thought was interesting. He said global yields lowest in
history. He said there was negative rate bonds. He says it is a
supernova that will one day explode. How concerned should we be about the
fear that is going on in the bond markets? Today or next week, next
year, no, but in the next five years, yes. The problem is, and you
mentioned it very sick sinker, we mustn't forget - and I have to use
the word damage - because it is damaged. The world is in such a
parlous state -- was in such a parlous state in 2008-9, most of the
world Banks were forced to what interest rates out. You've got an
equity market that perhaps in a way is beginning to look fully valued.
The world's growth seems to be coming down right across the
spectrum. But if you take your money out of equities, many people have
got massive capital gains to pay and also, you're surrendering a pretty
decent dividend, which could be anything between 2% and a big
company like mm shell, where you're getting seven percentage you have to
think carefully. There has also been a huge, what I would call
apocalyptic, hysteria about Brexit and the threats to the bond market
to talk this is only a tiny element of it and the fact of the matter is
that if there was a real fear, we would see bond yields, particularly
in ten years Gill yields, lower. You mentioned Brexit and for our
worldview was a uninitiated, we're talking about the UK referendum to
stay or leave the EU to dock it certainly had an impact on the
British pound so far. It would be wrong of me to deny that. Guitars.
But we've also had some hysteria from the politicians and the
regulators. The regulators, particularly the Bank of England, is
obliged and has a duty of care to tell us exactly what they think the
damage could be but it has been embellished rather more than it
should. Since November of last year, and I would say there was an awful
and at this, that the UK economy, which was at 2.4% last year GDP, we
could end up this year at 1%, so the pound is down nine present in value
since then. So if you asked me, if there was a Brexit, where is the
pound going to fall? I would say to you that I don't know but at the
best gets I would say 10%. -- best guess. It will ease our borrowing
requirements. If you are worried about the pound, the two of you, and
ensure you're not, how about the euro? In about six months, that
group of countries politically seems unstable to me and also the debt
mountain is colossal. I am only interested in the pie
because I want to go on holiday. Are you going to come back and take us
through the papers. Is the world economy in worse shape
than we first thought? This week the US posted some
of its worst job numbers in recent years and the head
of the World Trade Organisation warned of slowing global
growth for years to come. We're going to be asking our
economics correspondent if it's now You're with Business
Live from BBC News. In case you hadn't noticed,
the Euro 2016 football And what better topic to kick-start
the event than pubs? The brewers Fuller, Smith
and Turner, or Fullers, has just The company has 400 managed
and tenanted pubs across London and the south of England
and exports to 68 countries. And we are joined by
the company CEO, Simon Emeny, Bees seemed to be good figures, but
let's look ahead, how much of a boost you expecting from these
euros? It has been another excellent year for the company. You ask about
the euros. Like every sports fan and teams approach these tournaments
with great optimism. We have four home nations this year, so we are
very excited. We think tomorrow will be a very busy day. Is there some
numbers you can give? Some will say it can be triple the boost, just
over the month of the tournament. Trying to work out how much more
business will you generate? It is difficult to put a number on. During
the last financial year we had the Rugby World Cup, which England did
not do particularly well in. But it was busiest month of the year for
London pride sales across the business. If England do well in the
tournament it will have a big impact on the amount of year consumed in
our pubs. You employ a lot of young people across your pubs, what impact
has the national living wage will have, will there be any closures? We
took the decision to pay the national living wage to our staff
early, irrespective of their age if they are on a development programme.
That is where it will have an impact on our business, weekly or
increasing investment in training and we want young people to join as
a career. Fresh food is important and we want people to join us,
develop their careers with us and add fans through the company. Simon,
thank you for your time. Pubs have extended their opening times for the
90th birthday of the Queen. Check it out on our website.
Our top stories. We are surrounded by robotic cameras in this studio,
so we know what it feels like. Let's move on.
And now let's get the inside track on the economic week
with our correspondent, Andrew Walker.
The last week has seen continued speculation about the Fed,
She has described those figures as concerning. A couple of months that
were disappointing, people with jobs, 80,000 in the US, it really
needs 120,000 to keep up with the growing population. It is striking
what it has done to an expectation of an interest rate rise. Bloomberg
's have put together the possibility of an interest rise in a meeting
last week. The figure was 22%, so probably not. Now the figure is zero
for this month. You have to get up to December before you get to the
probability of more than 50%. We probably are, on that race is going
to get an interest rate rise this year, but just the one and late. The
director-general of the World Trade Organisation said red Britain would
not have the same leveraged if they leave the EU, Brexit. He takes the
view that the trade position would be this set with uncertainty. He
cannot tell us what agreements the rest of the members say. He said,
nobody has a crystal ball. The response to that from Leave campaign
is said they would have negotiating measures of trade with the rest of
the global trading world and the EU, because we are a large market,
relatively prosperous and growing reasonably well, faster than the
Eurozone. His view was, yes we would have some leveraged, but a lot less
than the EU has collectively had during the course of the
negotiations that led to the arrangements it has with the World
Trade Organisation. He said we cannot assume that Great Britain
outside the EU would have the same arrangements. In some areas,
particularly agriculture, we would have two subsidise something new.
That is an area that would have to be negotiated. Andrew, we have to
leave it there, have a great weekend.
Let's talk tech now, because Lenovo has announced
two new smartphones, including a handset
Our North America tech correspondent Dave Lee was at Lenovo's developer
conference in San Francisco, where he spoke to one of its top
The challenge was, in fact I'll show you with the phone here,
is that you had to make it thin enough.
Because if you have to snap a module on the back,
you don't want the product to become too fat, too thick or too heavy.
So the challenge was to pack a lot of the feature and function in 5.2
millimetres thickness, keep it light and have no
Some people might see this phone and wonder how much
it is going to cost them if you have to buy the phone and then buy
What is the price they are looking at?
The price will range between $50 to $200 and $250,
depending on what it is that you have as the functionality.
Whether it is the camera, a projector or just
David is back, let's get cracking into the papers. This Lenovo. By the
time this interview is finished, because you will wish you had not
invited me here. I am from the planet Zong, I can photograph, I can
message, that is about it. Do you think George Orwell would like this,
big brother. It is getting intrusive. To find out who is in the
room with you, what is going on in the room next door. I was reading an
article yesterday about an act, -- at, I can take a picture and then it
will find the clothing, order it in my size. You are kidding me? That is
really amazing. This is just technology developing and
developing. It is extraordinary. I hope we get to the level it doesn't
become too intrusive. Let's talk about this story in the Financial
Times and Venezuela and the crisis going on in Nigeria. There is a
crisis in Venezuela as well. The country is paying its debts to
foreign creditors despite many ordinary Venezuelans not having any
power and they have lost their jobs. It is astonishing when you think
where Venezuela was in desperate disrepair. Oil was $100 a barrel,
went down to 27 and now it is back up to 50. Their whole economy is
based on oil and it must be an horrendous place to live. But they
do understand the international bond markets and you have to pay
interest. But what is interesting now between now and the end of the
year, whether a haircut has to be discussed between creditors.
Wouldn't want to be in Argentina. Have a great weekend, David.
There will be more business news throughout the day on the BBC Live
webpage and on World Business Report.
Good morning, what a week it has been. We have had some heavy
downpours and thunderstorms. What does today