Browse content similar to 10/06/2016. Check below for episodes and series from the same categories and more!
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Do you have the skills needed to compete with automation | :00:08. | :00:09. | |
Most of us think we do, but there's a good chance we're wrong. | :00:10. | :00:13. | |
Live from London, that's our top story on Friday the 10th June. | :00:14. | :00:31. | |
The robots are coming and we don't want to admit | :00:32. | :00:34. | |
That's just one of the findings from a report out today into how | :00:35. | :00:39. | |
we view our skills and those of our colleagues. | :00:40. | :00:41. | |
Also in the programme - Nigeria's Naira nightmare. | :00:42. | :00:44. | |
Africa's biggest economy faces its worst crisis in decades, | :00:45. | :00:47. | |
as airlines pull out and foreign currency runs low. | :00:48. | :00:52. | |
And bond yields fall across the globe. | :00:53. | :00:57. | |
Surging investor demand sends 15-year Japanese yields below | :00:58. | :01:00. | |
And we'll be getting the inside track on some of biggest | :01:01. | :01:07. | |
stories that have been moving the markets this | :01:08. | :01:09. | |
very low US jobs numbers which have, once again, the markets guessing | :01:10. | :01:15. | |
about when the world's biggest economy will raise | :01:16. | :01:18. | |
And we're also looking at Lenovo's new smartphone - | :01:19. | :01:24. | |
apparently clever enough to grasp your physical surroundings | :01:25. | :01:26. | |
So today we want to know what you think. | :01:27. | :01:31. | |
If your phone could do one thing it doesn't do now, | :01:32. | :01:34. | |
How many of the following statements do you agree with? | :01:35. | :01:54. | |
There's no such thing as a job for life. | :01:55. | :01:59. | |
You're overqualified for the job you're in. | :02:00. | :02:02. | |
And you worry that robots might replace you in the office one day. | :02:03. | :02:05. | |
If they all sound familiar, you're not alone. | :02:06. | :02:07. | |
Let me take you through the findings of a study by City and Guilds. | :02:08. | :02:11. | |
Over half of all respondents from the UK, US, | :02:12. | :02:13. | |
India and South Africa believe they are overqualified | :02:14. | :02:16. | |
there is no such thing as a job for life. | :02:17. | :02:24. | |
Interestingly, 70% of CEOs and senior leaders | :02:25. | :02:28. | |
across all countries agreed that automation and artificial | :02:29. | :02:31. | |
intelligence could replace a number of jobs in their organisation | :02:32. | :02:35. | |
Compare that to the people who work for them. | :02:36. | :02:42. | |
Just 53% of general employees believe a significant number | :02:43. | :02:44. | |
The debate about whether machines will eliminate the need for human | :02:45. | :02:51. | |
employment is no longer just academic, of course. | :02:52. | :02:54. | |
One study says that by 2025, up to a quarter of jobs | :02:55. | :02:58. | |
will be replaced by either smart software or robots. | :02:59. | :03:06. | |
Micky Dragoo is a skills ambassador and Director at City Guilds. | :03:07. | :03:13. | |
Great to have you in the studio. Fascinating stuff, and one thing | :03:14. | :03:19. | |
that Victoria was just reading out that really stood out to me was the | :03:20. | :03:22. | |
difference in the thinking, the perception of robots, so the bosses | :03:23. | :03:28. | |
think... More bosses think, some of these jobs, our workers can be | :03:29. | :03:33. | |
replaced by robots, where as workers are going, "No, they can't". The | :03:34. | :03:38. | |
awareness among senior leaders and bosses is much higher about what | :03:39. | :03:40. | |
these trends might mean for the future of work and where I think | :03:41. | :03:45. | |
normal Google at their desks are thinking, "I don't really know how | :03:46. | :03:49. | |
this is going to affect me,"... It is fascinating. I've forgotten the | :03:50. | :03:55. | |
number but the majority are thinking they are over skilled for the job. | :03:56. | :03:59. | |
Is that just a human instinct? We think we are better really. People | :04:00. | :04:06. | |
are quite poor at judging their own efficiency levels and how well they | :04:07. | :04:10. | |
do their own jobs, so I think it is quite a human thing and one of the | :04:11. | :04:14. | |
interesting things we saw is that the more senior you are, the more | :04:15. | :04:16. | |
likely you are to be confident in your skills. And across the entire | :04:17. | :04:22. | |
report, 95 per cent of people were confident in their skills, which was | :04:23. | :04:26. | |
a big surprise to us? We often talk about the skills gap in business. It | :04:27. | :04:32. | |
is a challenge for recruiters. But I wonder if we have the leadership | :04:33. | :04:37. | |
skills we need to deal with these major trends, organisation, | :04:38. | :04:41. | |
globalisation, because a lot of people don't have that much faith in | :04:42. | :04:45. | |
their own bosses. The survey respondents agree with you. That was | :04:46. | :04:49. | |
one of the top areas across the markets we looked at, saying that | :04:50. | :04:53. | |
management skills is where we see a gap and the general employees were | :04:54. | :04:56. | |
more likely to see a leadership Gap than the bosses. The study was in | :04:57. | :05:05. | |
four countries. And a group of economies, the UK, the US, India, | :05:06. | :05:11. | |
South Africa. So very eclectic economies. One thing that is | :05:12. | :05:15. | |
interesting is that we are all the same. The findings didn't | :05:16. | :05:17. | |
differentiate that much. Which we went expecting. We purposely chose | :05:18. | :05:23. | |
those countries because they are so different in their economies, their | :05:24. | :05:28. | |
demographics, but, actually, across-the-board, are pretty similar | :05:29. | :05:31. | |
feeling about how people see their rates skills and the skills of their | :05:32. | :05:35. | |
organisations, as being OK for the future. They're not consented top | :05:36. | :05:39. | |
Short and sweet, we have to leave it there. Do you think robots could do | :05:40. | :05:49. | |
this job? Never! I can tell you some producers who could easily be | :05:50. | :05:52. | |
replaced by robots! Micky Dragoo, thank you. Have a great weekend. | :05:53. | :05:59. | |
Africa's largest economy is facing its worst crisis in decades. | :06:00. | :06:02. | |
The price of oil - which is how the country | :06:03. | :06:04. | |
makes most of its money - is less than half what | :06:05. | :06:07. | |
As a result, growth is at a standstill, | :06:08. | :06:10. | |
and there's a shortage of foreign currency. | :06:11. | :06:12. | |
Now, two major airlines - United and Iberia - | :06:13. | :06:16. | |
have said they will no longer fly to the country because of a lack | :06:17. | :06:19. | |
of demand and trouble collecting payments. | :06:20. | :06:23. | |
Earlier, I spoke to Anna Rosenberg from the Frontier Strategy Group. | :06:24. | :06:26. | |
She explained how serious this lack of foreign currency is for Nigeria. | :06:27. | :06:34. | |
You have a massive problem would the inflation rate now because prices | :06:35. | :06:40. | |
are going up for pretty much everything. Simple things like | :06:41. | :06:46. | |
tomatoes, a 100 increase. Is that one of the reasons why Nigeria's | :06:47. | :06:50. | |
government is reluctant to put its currency, floated, let it reflect | :06:51. | :06:59. | |
reality? Angolan, another exporter of oil, did that. Is Nigeria | :07:00. | :07:03. | |
reluctant because if it devalues it, things just go up? That's one of the | :07:04. | :07:11. | |
reasons. The fear of hyperinflation. There is a lot of political fear, | :07:12. | :07:15. | |
too, because the president, who had a brief stint in power in the 80s, | :07:16. | :07:19. | |
witnessed a period of massive currency depreciation men and that | :07:20. | :07:23. | |
was supposed to feel local industrialisation but didn't and | :07:24. | :07:26. | |
cause massive price increases and a major economic crisis. So he's kind | :07:27. | :07:32. | |
of reluctant to contribute to a new depreciation of the economy but | :07:33. | :07:35. | |
quite frankly, at this point, it is a necessity. A quick look at some of | :07:36. | :07:38. | |
the other news. The downturn in the UK oil and gas | :07:39. | :07:40. | |
sector could could have cost more than 120,000 jobs by the end of this | :07:41. | :07:43. | |
year, according to a report. Oil Gas UK says 84,000 jobs linked | :07:44. | :07:47. | |
to the industry went in 2015, with 40,000 losses | :07:48. | :07:50. | |
expected this year. Many companies have been struggling | :07:51. | :07:52. | |
with the slump in the price of oil - Tesco has announced it is to sell | :07:53. | :08:11. | |
its Giraffe restaurant chain for an undisclosed sum. It comes just three | :08:12. | :08:15. | |
years after Tesco bought the restaurant chain for 49 million | :08:16. | :08:21. | |
quid. The sale includes 50. The lone restaurants and three that sit | :08:22. | :08:25. | |
inside Tesco Stores hit the supermarket has also disposed of its | :08:26. | :08:30. | |
95 present stake in a Turkish grocery business to a local rival. | :08:31. | :08:37. | |
-- 95%. India has rejected Google's plans to | :08:38. | :08:40. | |
collect images of its Street view service. In something of a real | :08:41. | :08:45. | |
objection to the security agencies in that country. Officials are | :08:46. | :08:50. | |
concerned that the scheme would compromise the country's security. | :08:51. | :08:54. | |
Google collect high-definition images to give users 360 degrees | :08:55. | :08:56. | |
views of streets, hills and rivers. Euro... You have to live on another | :08:57. | :09:11. | |
planet... It's a very early start for me, I can't control myself. You | :09:12. | :09:16. | |
have to be another planet not to overcome a great euros kick-off in a | :09:17. | :09:20. | |
few hours. We are going to talk about it later in the programme but | :09:21. | :09:24. | |
interesting, the sponsorship, this year several companies paid to be | :09:25. | :09:30. | |
part of the official sponsorship. It is up pathetic is that compared to | :09:31. | :09:35. | |
the last one but some new friends. You've heard of Carlsberg, right? | :09:36. | :09:39. | |
We've all heard of Carlsberg, Nikkei, but what about a Chinese | :09:40. | :09:47. | |
tech company? And the Azerbaijan state oil company. Go figure. | :09:48. | :09:50. | |
New football fans. Let's take a look at | :09:51. | :09:53. | |
the stories breaking in Asia. A popular Japanese | :09:54. | :10:00. | |
mobile-messaging service, Line, has just received approval to float | :10:01. | :10:02. | |
on the Tokyo stock exchange. Have you ever heard of Line? | :10:03. | :10:06. | |
No. The company will also list shares | :10:07. | :10:13. | |
in New York and could be one of the biggest | :10:14. | :10:16. | |
floatations of the year. Mariko Oi has been | :10:17. | :10:17. | |
following the story. We have not heard of Line. Tell us a | :10:18. | :10:24. | |
bit more about that. And it is a dual listing? That's right, and I | :10:25. | :10:29. | |
think that's precisely why the company wants to list its shares, | :10:30. | :10:33. | |
because it's got about 200 million active monthly users, very popular | :10:34. | :10:37. | |
in Japan, but it isn't really well-known in the US, in Europe, so | :10:38. | :10:43. | |
in addition to raising about $1 billion through a dual listing in | :10:44. | :10:48. | |
Tokyo and in New York on the 15th of July, the company hopes to raise its | :10:49. | :10:52. | |
profile as well. It is a relatively new company, been around rebel five | :10:53. | :10:56. | |
years, and very popular among young Japanese people but it gained | :10:57. | :11:02. | |
popularity after the earthquake in 2011 when all the phone services | :11:03. | :11:05. | |
were down and people found it very useful to be able to send messages | :11:06. | :11:10. | |
to each other for free but still with 200 million active users, it is | :11:11. | :11:13. | |
way behind companies like WhatsApp or Facebook messenger, so it really | :11:14. | :11:19. | |
hopes to raise its profile with this listing. Fascinating. Thanks very | :11:20. | :11:20. | |
much. It was a very weak | :11:21. | :11:22. | |
session over in Asia. China and Taiwan are | :11:23. | :11:25. | |
still on holiday. But for the rest of the continent, | :11:26. | :11:26. | |
it has been the weakest day The big market story is not | :11:27. | :11:29. | |
in equities, it's in bond markets - more on that coming up in a moment | :11:30. | :11:34. | |
with David Buik. But first let's check in with where | :11:35. | :11:37. | |
the European session is headed. There seems to be reduced appetite | :11:38. | :11:40. | |
to take risk in the market. The fall in oil is also putting some | :11:41. | :11:43. | |
downward pressure on energy stocks. Now, let's hear from Samira Hussain, | :11:44. | :11:47. | |
who has the details about what's Happening on Friday, | :11:48. | :11:50. | |
an early look at consumer sentiment This tells us how confident people | :11:51. | :11:55. | |
are feeling about the US economy. This is a number also closely | :11:56. | :12:02. | |
watched by the Federal Reserve, The expectation is that consumer | :12:03. | :12:04. | |
sentiment will have gone up from the month of June, | :12:05. | :12:11. | |
as Americans are seeing big But, last month's dismal jobs report | :12:12. | :12:13. | |
tempered some earlier optimism Americans were seeing | :12:14. | :12:19. | |
in the labour market. And as for the Federal Reserve, | :12:20. | :12:24. | |
they will be looking at consumer sentiment but no one is expecting | :12:25. | :12:27. | |
to see a rise in interest rates Joining us is David Buik | :12:28. | :12:31. | |
from Panmure Gordon. Good to see you, happy Friday. Happy | :12:32. | :12:52. | |
Friday to you. You are very keen on this and it is a big story. You | :12:53. | :12:56. | |
found this. There is a lot of turmoil going on | :12:57. | :13:01. | |
in the bombard it is, a lot of investor demand. People are putting | :13:02. | :13:04. | |
a lot of money into the bond markets and it has pushed the yields down on | :13:05. | :13:08. | |
a lot of government debt. So it means that the Japanese yields on | :13:09. | :13:14. | |
the 15 year debt has gone negative for the first time. This is a tweak | :13:15. | :13:22. | |
that we thought was interesting. He said global yields lowest in | :13:23. | :13:28. | |
history. He said there was negative rate bonds. He says it is a | :13:29. | :13:33. | |
supernova that will one day explode. How concerned should we be about the | :13:34. | :13:36. | |
fear that is going on in the bond markets? Today or next week, next | :13:37. | :13:42. | |
year, no, but in the next five years, yes. The problem is, and you | :13:43. | :13:47. | |
mentioned it very sick sinker, we mustn't forget - and I have to use | :13:48. | :13:52. | |
the word damage - because it is damaged. The world is in such a | :13:53. | :13:58. | |
parlous state -- was in such a parlous state in 2008-9, most of the | :13:59. | :14:03. | |
world Banks were forced to what interest rates out. You've got an | :14:04. | :14:06. | |
equity market that perhaps in a way is beginning to look fully valued. | :14:07. | :14:10. | |
The world's growth seems to be coming down right across the | :14:11. | :14:15. | |
spectrum. But if you take your money out of equities, many people have | :14:16. | :14:20. | |
got massive capital gains to pay and also, you're surrendering a pretty | :14:21. | :14:22. | |
decent dividend, which could be anything between 2% and a big | :14:23. | :14:28. | |
company like mm shell, where you're getting seven percentage you have to | :14:29. | :14:32. | |
think carefully. There has also been a huge, what I would call | :14:33. | :14:37. | |
apocalyptic, hysteria about Brexit and the threats to the bond market | :14:38. | :14:41. | |
to talk this is only a tiny element of it and the fact of the matter is | :14:42. | :14:44. | |
that if there was a real fear, we would see bond yields, particularly | :14:45. | :14:57. | |
in ten years Gill yields, lower. You mentioned Brexit and for our | :14:58. | :15:00. | |
worldview was a uninitiated, we're talking about the UK referendum to | :15:01. | :15:05. | |
stay or leave the EU to dock it certainly had an impact on the | :15:06. | :15:10. | |
British pound so far. It would be wrong of me to deny that. Guitars. | :15:11. | :15:15. | |
But we've also had some hysteria from the politicians and the | :15:16. | :15:19. | |
regulators. The regulators, particularly the Bank of England, is | :15:20. | :15:22. | |
obliged and has a duty of care to tell us exactly what they think the | :15:23. | :15:25. | |
damage could be but it has been embellished rather more than it | :15:26. | :15:29. | |
should. Since November of last year, and I would say there was an awful | :15:30. | :15:34. | |
and at this, that the UK economy, which was at 2.4% last year GDP, we | :15:35. | :15:39. | |
could end up this year at 1%, so the pound is down nine present in value | :15:40. | :15:43. | |
since then. So if you asked me, if there was a Brexit, where is the | :15:44. | :15:47. | |
pound going to fall? I would say to you that I don't know but at the | :15:48. | :15:52. | |
best gets I would say 10%. -- best guess. It will ease our borrowing | :15:53. | :15:57. | |
requirements. If you are worried about the pound, the two of you, and | :15:58. | :16:01. | |
ensure you're not, how about the euro? In about six months, that | :16:02. | :16:07. | |
group of countries politically seems unstable to me and also the debt | :16:08. | :16:08. | |
mountain is colossal. I am only interested in the pie | :16:09. | :16:21. | |
because I want to go on holiday. Are you going to come back and take us | :16:22. | :16:25. | |
through the papers. Is the world economy in worse shape | :16:26. | :16:29. | |
than we first thought? This week the US posted some | :16:30. | :16:31. | |
of its worst job numbers in recent years and the head | :16:32. | :16:33. | |
of the World Trade Organisation warned of slowing global | :16:34. | :16:35. | |
growth for years to come. We're going to be asking our | :16:36. | :16:37. | |
economics correspondent if it's now You're with Business | :16:38. | :16:39. | |
Live from BBC News. In case you hadn't noticed, | :16:40. | :16:44. | |
the Euro 2016 football And what better topic to kick-start | :16:45. | :16:46. | |
the event than pubs? The brewers Fuller, Smith | :16:47. | :16:51. | |
and Turner, or Fullers, has just The company has 400 managed | :16:52. | :16:54. | |
and tenanted pubs across London and the south of England | :16:55. | :17:03. | |
and exports to 68 countries. And we are joined by | :17:04. | :17:08. | |
the company CEO, Simon Emeny, Bees seemed to be good figures, but | :17:09. | :17:20. | |
let's look ahead, how much of a boost you expecting from these | :17:21. | :17:26. | |
euros? It has been another excellent year for the company. You ask about | :17:27. | :17:32. | |
the euros. Like every sports fan and teams approach these tournaments | :17:33. | :17:38. | |
with great optimism. We have four home nations this year, so we are | :17:39. | :17:42. | |
very excited. We think tomorrow will be a very busy day. Is there some | :17:43. | :17:48. | |
numbers you can give? Some will say it can be triple the boost, just | :17:49. | :17:53. | |
over the month of the tournament. Trying to work out how much more | :17:54. | :17:59. | |
business will you generate? It is difficult to put a number on. During | :18:00. | :18:05. | |
the last financial year we had the Rugby World Cup, which England did | :18:06. | :18:10. | |
not do particularly well in. But it was busiest month of the year for | :18:11. | :18:14. | |
London pride sales across the business. If England do well in the | :18:15. | :18:20. | |
tournament it will have a big impact on the amount of year consumed in | :18:21. | :18:26. | |
our pubs. You employ a lot of young people across your pubs, what impact | :18:27. | :18:30. | |
has the national living wage will have, will there be any closures? We | :18:31. | :18:36. | |
took the decision to pay the national living wage to our staff | :18:37. | :18:40. | |
early, irrespective of their age if they are on a development programme. | :18:41. | :18:48. | |
That is where it will have an impact on our business, weekly or | :18:49. | :18:51. | |
increasing investment in training and we want young people to join as | :18:52. | :18:55. | |
a career. Fresh food is important and we want people to join us, | :18:56. | :18:59. | |
develop their careers with us and add fans through the company. Simon, | :19:00. | :19:07. | |
thank you for your time. Pubs have extended their opening times for the | :19:08. | :19:14. | |
90th birthday of the Queen. Check it out on our website. | :19:15. | :19:26. | |
Our top stories. We are surrounded by robotic cameras in this studio, | :19:27. | :19:43. | |
so we know what it feels like. Let's move on. | :19:44. | :19:51. | |
And now let's get the inside track on the economic week | :19:52. | :19:54. | |
with our correspondent, Andrew Walker. | :19:55. | :19:56. | |
The last week has seen continued speculation about the Fed, | :19:57. | :19:59. | |
She has described those figures as concerning. A couple of months that | :20:00. | :20:15. | |
were disappointing, people with jobs, 80,000 in the US, it really | :20:16. | :20:20. | |
needs 120,000 to keep up with the growing population. It is striking | :20:21. | :20:26. | |
what it has done to an expectation of an interest rate rise. Bloomberg | :20:27. | :20:33. | |
's have put together the possibility of an interest rise in a meeting | :20:34. | :20:39. | |
last week. The figure was 22%, so probably not. Now the figure is zero | :20:40. | :20:47. | |
for this month. You have to get up to December before you get to the | :20:48. | :20:52. | |
probability of more than 50%. We probably are, on that race is going | :20:53. | :20:57. | |
to get an interest rate rise this year, but just the one and late. The | :20:58. | :21:08. | |
director-general of the World Trade Organisation said red Britain would | :21:09. | :21:12. | |
not have the same leveraged if they leave the EU, Brexit. He takes the | :21:13. | :21:19. | |
view that the trade position would be this set with uncertainty. He | :21:20. | :21:24. | |
cannot tell us what agreements the rest of the members say. He said, | :21:25. | :21:29. | |
nobody has a crystal ball. The response to that from Leave campaign | :21:30. | :21:37. | |
is said they would have negotiating measures of trade with the rest of | :21:38. | :21:42. | |
the global trading world and the EU, because we are a large market, | :21:43. | :21:46. | |
relatively prosperous and growing reasonably well, faster than the | :21:47. | :21:52. | |
Eurozone. His view was, yes we would have some leveraged, but a lot less | :21:53. | :21:58. | |
than the EU has collectively had during the course of the | :21:59. | :22:00. | |
negotiations that led to the arrangements it has with the World | :22:01. | :22:06. | |
Trade Organisation. He said we cannot assume that Great Britain | :22:07. | :22:10. | |
outside the EU would have the same arrangements. In some areas, | :22:11. | :22:14. | |
particularly agriculture, we would have two subsidise something new. | :22:15. | :22:24. | |
That is an area that would have to be negotiated. Andrew, we have to | :22:25. | :22:29. | |
leave it there, have a great weekend. | :22:30. | :22:34. | |
Let's talk tech now, because Lenovo has announced | :22:35. | :22:36. | |
two new smartphones, including a handset | :22:37. | :22:37. | |
Our North America tech correspondent Dave Lee was at Lenovo's developer | :22:38. | :22:43. | |
conference in San Francisco, where he spoke to one of its top | :22:44. | :22:46. | |
The challenge was, in fact I'll show you with the phone here, | :22:47. | :22:52. | |
is that you had to make it thin enough. | :22:53. | :22:59. | |
Because if you have to snap a module on the back, | :23:00. | :23:02. | |
you don't want the product to become too fat, too thick or too heavy. | :23:03. | :23:06. | |
So the challenge was to pack a lot of the feature and function in 5.2 | :23:07. | :23:09. | |
millimetres thickness, keep it light and have no | :23:10. | :23:11. | |
Some people might see this phone and wonder how much | :23:12. | :23:17. | |
it is going to cost them if you have to buy the phone and then buy | :23:18. | :23:21. | |
What is the price they are looking at? | :23:22. | :23:24. | |
The price will range between $50 to $200 and $250, | :23:25. | :23:26. | |
depending on what it is that you have as the functionality. | :23:27. | :23:29. | |
Whether it is the camera, a projector or just | :23:30. | :23:31. | |
David is back, let's get cracking into the papers. This Lenovo. By the | :23:32. | :23:48. | |
time this interview is finished, because you will wish you had not | :23:49. | :23:56. | |
invited me here. I am from the planet Zong, I can photograph, I can | :23:57. | :24:03. | |
message, that is about it. Do you think George Orwell would like this, | :24:04. | :24:07. | |
big brother. It is getting intrusive. To find out who is in the | :24:08. | :24:16. | |
room with you, what is going on in the room next door. I was reading an | :24:17. | :24:25. | |
article yesterday about an act, -- at, I can take a picture and then it | :24:26. | :24:33. | |
will find the clothing, order it in my size. You are kidding me? That is | :24:34. | :24:39. | |
really amazing. This is just technology developing and | :24:40. | :24:45. | |
developing. It is extraordinary. I hope we get to the level it doesn't | :24:46. | :24:50. | |
become too intrusive. Let's talk about this story in the Financial | :24:51. | :24:54. | |
Times and Venezuela and the crisis going on in Nigeria. There is a | :24:55. | :25:01. | |
crisis in Venezuela as well. The country is paying its debts to | :25:02. | :25:06. | |
foreign creditors despite many ordinary Venezuelans not having any | :25:07. | :25:11. | |
power and they have lost their jobs. It is astonishing when you think | :25:12. | :25:18. | |
where Venezuela was in desperate disrepair. Oil was $100 a barrel, | :25:19. | :25:27. | |
went down to 27 and now it is back up to 50. Their whole economy is | :25:28. | :25:34. | |
based on oil and it must be an horrendous place to live. But they | :25:35. | :25:38. | |
do understand the international bond markets and you have to pay | :25:39. | :25:42. | |
interest. But what is interesting now between now and the end of the | :25:43. | :25:47. | |
year, whether a haircut has to be discussed between creditors. | :25:48. | :25:49. | |
Wouldn't want to be in Argentina. Have a great weekend, David. | :25:50. | :25:54. | |
There will be more business news throughout the day on the BBC Live | :25:55. | :25:59. | |
webpage and on World Business Report. | :26:00. | :26:04. | |
Good morning, what a week it has been. We have had some heavy | :26:05. | :26:10. | |
downpours and thunderstorms. What does today | :26:11. | :26:11. |