:00:07. > :00:09.This is Business Live from BBC News, with me, Sally Bundock,
:00:10. > :00:17.Are banks set to become a thing of the past?
:00:18. > :00:20.We take a look at Blockchain, the disruptive new technology
:00:21. > :00:22.that could revolutionise the way we move our money.
:00:23. > :00:39.Live from London, that's our focus on Friday 17th June.
:00:40. > :00:42.Blockchain is already at the heart of the Bitcoin network,
:00:43. > :00:47.but major financial companies are catching on fast.
:00:48. > :00:50.So how does it work, and is it the right tool that will
:00:51. > :00:53.We will make sense of this latest idea.
:00:54. > :00:55.Also in Business Live, Japan on edge about
:00:56. > :01:04.Finance Minister Taro Aso said today he's "deeply concerned
:01:05. > :01:06.about the speculative moves", so will we see
:01:07. > :01:19.The European trading day has been underway for half an hour, the FTSE
:01:20. > :01:22.100 is almost up 1%. We will talk you through the winners and losers.
:01:23. > :01:24.And from the biggest event on the gaming calendar
:01:25. > :01:26.through to Microsoft buying LinkedIn, we'll be taking a look
:01:27. > :01:31.at the week in technology with our very own Rory Cellan-Jones.
:01:32. > :01:34.Today, we want to know, as Rolls-Royce announces plans
:01:35. > :01:38.to produce an all-electric car, would you ditch petrol for electric?
:01:39. > :01:48.Or is a throaty exhaust note all part of the romance of driving?
:01:49. > :01:53.Let us know, just use hashtag #BBCBizLive.
:01:54. > :02:04.Later we will show you pictures of the new Rolls-Royce vehicles, it's
:02:05. > :02:07.quite something, even with a silver throne. The mind boggles. We will
:02:08. > :02:09.get to that later. We start in the fast-moving world
:02:10. > :02:12.of financial technology. This week the City of London
:02:13. > :02:14.has been hosting the Global Digital Banking Conference,
:02:15. > :02:16.ahead of London Technology Week One word that's on everyone's
:02:17. > :02:23.lips, Blockchain. that was developed to underpin
:02:24. > :02:29.the digital currency Bitcoin. Its fans believe it could soon
:02:30. > :02:31.revolutionise global finance Under the traditional system,
:02:32. > :02:39.banks act as a trusted middleman, processing transactions
:02:40. > :02:42.and recording them If I want to pay money to you,
:02:43. > :02:54.they process the transaction and record it in a single
:02:55. > :02:56.centralised ledger. Under the new system,
:02:57. > :03:01.there is no middle man. The ledger of transactions
:03:02. > :03:03.is effectively shared across thousands or even millions
:03:04. > :03:07.of computers around the world. When a transaction is made
:03:08. > :03:09.between the two parties, it is broadcast to everyone
:03:10. > :03:13.else in the network. Everyone's ledger is updated -
:03:14. > :03:16.that shared record is what's Some banks are believing that this
:03:17. > :03:24.is the future. Santander estimates
:03:25. > :03:26.the technology could dramatically cut infrastructure costs for banks
:03:27. > :03:32.by up to $20 billion by 2022. A number of banks are now testing
:03:33. > :03:36.Blockchain technology. Warren Mead is global head
:03:37. > :03:47.of FinTech at KPMG and joins me now. Sally has done a brilliant job of
:03:48. > :03:51.explaining how it works but will it actually worked in practice and will
:03:52. > :03:56.it save all of this money that banks are talking about. There is a
:03:57. > :04:00.healthy dose of scepticism? There is and the reality is that nobody knows
:04:01. > :04:05.yet. We are at least five years ago and maybe ten from a wide scale use
:04:06. > :04:09.of block chain which will change the way customers transact. That is a
:04:10. > :04:17.long time in terms of tag, why will it take so long to get this up and
:04:18. > :04:21.running? At the moment most banks are just experimenting with
:04:22. > :04:24.Blockchain. There is still a long way to go because this is about
:04:25. > :04:31.transact in with customer money and you have to be making sure that is
:04:32. > :04:34.secure before you can do that. How do customers benefit from
:04:35. > :04:38.Blockchain? Why does it make a difference to me if my transaction
:04:39. > :04:41.goes through Blockchain the normal routes? Transacting money is only
:04:42. > :04:47.one of the uses that people are thinking about. They'll also about
:04:48. > :04:50.using it as a way to identify who you are and cut down on the
:04:51. > :04:54.time-consuming processes when you open a bank account or apply for a
:04:55. > :04:59.mortgage. You won't have to do that any more? You would have to do it
:05:00. > :05:03.once but not every time you take a new financial product from a new
:05:04. > :05:09.provider. It could also reduce the costs of transactions and in the
:05:10. > :05:13.end, that will benefit customers. What about security and
:05:14. > :05:16.transparency? Where is it in terms of those aspects? The view is that
:05:17. > :05:21.when it is fully developed it will be more secure and resilient from
:05:22. > :05:25.things like cyber attacks. How will it be more secure because lots of
:05:26. > :05:30.different banks are getting involved in one transaction? Because today,
:05:31. > :05:34.if you have data it is on one database and if you want to change
:05:35. > :05:39.that you have two breakthrough one firewall and change the data in one
:05:40. > :05:46.place but hate you have to change it in 20, 30, 40 places and it makes it
:05:47. > :05:48.really tough for cyber terrorists. Interesting. Who knows whether we
:05:49. > :05:52.will see Blockchain coming out in the coming years. Thank you. Let's
:05:53. > :05:55.take a look at some other business stories.
:05:56. > :05:58.The gap between the rich and poor in the US is getting wider
:05:59. > :06:00.despite its recovery from the global recession.
:06:01. > :06:01.The Organisation for Economic Co-operation
:06:02. > :06:06.and Development says US economic output has jumped 10%
:06:07. > :06:09.past its pre-crisis peak in 2008, outstripping other major economies
:06:10. > :06:13.But the gains are not being evenly shared -
:06:14. > :06:20.with women and minorities "faring less well" according to the OECD.
:06:21. > :06:22.It suggests raising the minimum wage, boosting income tax credit
:06:23. > :06:25.and helping people back to work through skills programmes.
:06:26. > :06:28.Volkswagen plans to launch 30 all-electric models
:06:29. > :06:35.to reposition itself as a leader in "green" transport.
:06:36. > :06:36.Matthias Muller, chief executive of Europe's biggest car-maker,
:06:37. > :06:39.said huge investments would be needed as the firm moves
:06:40. > :06:47.He hopes that by 2025, all-electric cars would account
:06:48. > :06:51.for about 20 to 25% of the German car-maker's annual sales.
:06:52. > :06:53.Latest figures show that sales growth of Volkswagen-branded cars
:06:54. > :06:55.continues to fall behind European rivals.
:06:56. > :06:57.Ultra-luxury car-maker Rolls Royce is also planning
:06:58. > :07:06.The brand - which is owned by Germany's BMW -
:07:07. > :07:11.has unveiled the zero-emission Rolls of the future.
:07:12. > :07:16.You can see it here, what do you think? Send your answers on Twitter.
:07:17. > :07:20.The 103 EX is almost six metres long and will drive itself
:07:21. > :07:26.using artificial intelligence - but won't be available until 2040.
:07:27. > :07:30.The CEO says in the future - not everyone will want to sit
:07:31. > :07:43.And it has a silver throne. It looks like the Batmobile. It looks
:07:44. > :07:45.enormous. I don't think I will ever get to sit in one of those. Let's
:07:46. > :07:49.move on to Japan. In Japan, the yen has
:07:50. > :07:51.been on the rise. The currency moves have caused
:07:52. > :07:53.concern for the country's Christine Hah has been
:07:54. > :08:04.following the story from Singapore. It's nice to see you, Christine.
:08:05. > :08:09.More voices coming from Japanese authorities about the yen, and they
:08:10. > :08:18.are concerned? Yes. We heard some strong words from Japan's finance
:08:19. > :08:21.minister Taro Aso on Friday. He called it one-sided and speculation
:08:22. > :08:28.driven and he would act more firmly than before if the yen continues to
:08:29. > :08:34.appreciate. This is after hitting multiyear highs against the dollar
:08:35. > :08:39.and euro on Thursday. They left rates unchanged. It is the finance
:08:40. > :08:44.ministry that decides on policy, they do it through the bank of Japan
:08:45. > :08:47.but they decide whether to intervene or not. Some people are reading this
:08:48. > :08:53.as an indication that Japan may directly interfere with the yen if
:08:54. > :08:59.it continues on this trajectory. The last time they did that was in late
:09:00. > :09:03.2011. Taro Aso's stance was consistent with the Group of seven
:09:04. > :09:07.and group of 20 countries and that is certainly true, but it's worth
:09:08. > :09:12.noting that those two groups specifically spoke out against any
:09:13. > :09:16.kind of currency intervention. I remember it well. Thank you very
:09:17. > :09:24.much, Christine. We will be keeping an eye on what Japan or what it
:09:25. > :09:29.chooses to do. The main stock market had a better day, up over 1% but
:09:30. > :09:33.let's not forget it lost quite a lot of ground this week so 1% is not
:09:34. > :09:39.much in the light of losses that it made during the week. The yen
:09:40. > :09:43.weakened a little today, so that really helped. As you can see, at
:09:44. > :09:46.the moment we have games across the board in Europe, certainly 1% or
:09:47. > :09:52.more, which is interesting. The markets are taking a pause from some
:09:53. > :09:57.of the concern and uncertainty about what may happen next week with the
:09:58. > :09:59.UK referendum. We will talk more about Europe in a second but first
:10:00. > :10:05.let's hear from Samira Hussain. Investors in America's auto industry
:10:06. > :10:08.will have their eye on a Manhattan General Motors is due
:10:09. > :10:11.to make its case to judge Jesse Fuhrman is that dozens
:10:12. > :10:14.of lawsuits on behalf of customers who had cars recall for safety
:10:15. > :10:16.reasons should be dismissed. The vehicles were recalled
:10:17. > :10:19.to replace a faulty ignition switch that GM used in some
:10:20. > :10:24.models for years. The lawsuits that GM wants dismissed
:10:25. > :10:26.are seeking billions of dollars Also on Friday, America's biggest
:10:27. > :10:40.mobile phone carrier Verison communications is hoping unions
:10:41. > :10:43.will formally ratify the deal to end the strike that saw 40,000 workers
:10:44. > :10:46.walk off the job for seven weeks. investment director
:10:47. > :10:53.at Rathbone Investment Management. Good morning. You have been keeping
:10:54. > :10:57.an eye on the European markets and they have somewhat rebranded today?
:10:58. > :11:02.Yes, we are going through a period of pre-random nerds and the markets
:11:03. > :11:07.are trying to work out what's going on and the polls are indicating a
:11:08. > :11:11.move towards Leave on one hand but the bookies are still indicating
:11:12. > :11:15.Remain. It's a confused picture. There is a lot of positioning ahead
:11:16. > :11:19.of that referendum next week. Also a lot going on with the currency
:11:20. > :11:24.markets. We are hearing from Christine about the Japanese yen and
:11:25. > :11:28.lots of voices error in their views in the Japanese government, they are
:11:29. > :11:32.really concerned about this? They are. The Japanese finance ministry
:11:33. > :11:35.is likely to wait until the referendum is over because this is a
:11:36. > :11:40.sort of short-term period of adjustment. It seems that it would
:11:41. > :11:45.be such a distorting short-term event that it would be difficult to
:11:46. > :11:49.override that. Otherwise, yes, if the strength continues afterwards we
:11:50. > :11:56.may well see intervention. The pound has ranked and a bit as well? Yes,
:11:57. > :12:01.the main effect, most commentators think the main effect of Brexit will
:12:02. > :12:06.be weakness in the sterling between 7-12%. Something like that. We have
:12:07. > :12:10.already seen some of that and currency traders are beginning to
:12:11. > :12:14.say, should I be buying yen or dollar? Should I be buying Swiss
:12:15. > :12:19.francs? A lot of trade and positioning ahead of the referendum.
:12:20. > :12:22.That is what Taro Aso was talking about, the Japanese finance
:12:23. > :12:26.minister, it is speculative behaviour that is exacerbating
:12:27. > :12:28.things. Short-term gains or losses depending on whether they get it
:12:29. > :12:30.right or not. See you soon. We'll take a look at Microsoft's
:12:31. > :12:36.biggest-ever acquisition. Our technology correspondent
:12:37. > :12:38.Rory Cellan Jones will joins us on set to explain why the software
:12:39. > :12:41.giant wants to join forces with the professional
:12:42. > :12:42.network site LinkedIn. You're with Business
:12:43. > :12:52.Live from BBC News. Let's give you some more detail on
:12:53. > :12:56.the story we mentioned earlier, the gap between the rich and poor in the
:12:57. > :12:58.US is getting wider and wider despite the fact the economy has
:12:59. > :13:00.recovered rather well. Absolutely. from the Organisation for Economic
:13:01. > :13:06.Co-operation and Development. Joining us to discuss the report
:13:07. > :13:16.is Jane Foley from Rabobank. Jane, you have been looking at this
:13:17. > :13:20.report in detail, let's start with what it tells us about inequality in
:13:21. > :13:26.the US, this is not just a US story, this is a story that reverberates in
:13:27. > :13:30.the UK, to? That's exactly right, the UK and Australia and many
:13:31. > :13:35.countries, we are seeing worsening income inequality and wealth
:13:36. > :13:39.inequality, it is worsening. In terms of income inequality we have
:13:40. > :13:43.heard a lot in recent years about productivity growth, that just means
:13:44. > :13:50.output per head, and that has been very low in recent years and that is
:13:51. > :13:53.true in many countries and it means that people don't get decent wage
:13:54. > :13:59.rises and without that they don't see in comes going up, their wealth
:14:00. > :14:04.going up etc. This is one of the reasons so it is worrying that we
:14:05. > :14:12.are seeing not even the richest 1% but the richest 0.01%, something
:14:13. > :14:16.like 10% of the wealth in the US. This is perhaps part of the reason
:14:17. > :14:22.why voters are so disgruntled, what we have seen in Europe and the US
:14:23. > :14:25.are moves towards the far left and far right, voters wanting strongmen
:14:26. > :14:30.politics. It is becoming embedded in society. It is interesting as well
:14:31. > :14:34.because when I looked at the report I immediately thought about other
:14:35. > :14:38.stories that we often cover about company bosses and what they are
:14:39. > :14:43.earning, and the revolts we have seen at AGMs, and the fact that even
:14:44. > :14:48.company wages are getting further and further away from those they
:14:49. > :14:54.employ. You are right, and in fact many economists think that as we get
:14:55. > :14:57.more robots this will make it even worse and some economists say that
:14:58. > :15:02.the owners of the technology and the robots will get them in huge slice
:15:03. > :15:08.of income and wealth that comes from that, and the rest of us will have
:15:09. > :15:11.much lower paid jobs. Not all economists agree with this but this
:15:12. > :15:15.topic is up for debate and has been for the last couple of years and
:15:16. > :15:19.clearly we won't hear the end of it yet.
:15:20. > :15:26.If you have any stories you would like to discuss with us or you want
:15:27. > :15:28.to see the latest stories, go to the BBC Business website.
:15:29. > :15:33.You're watching Business Live, our top story:
:15:34. > :15:39.Global finance experts have been meeting in London to talk about an
:15:40. > :15:44.upcoming technology called blockchain. Some experts predict
:15:45. > :15:46.this could cut banking costs by some $20 billion by 2022.
:15:47. > :15:50.And it has been a busy week in technology.
:15:51. > :15:53.There's been the E3 gaming expo in the US, where software firms
:15:54. > :15:56.have released their latest offerings in the battle of the consoles.
:15:57. > :15:59.Apple's developer conference saw new releases,
:16:00. > :16:02.including bringing Siri, its digital assistant, to Macs.
:16:03. > :16:08.the professional networking site LinkedIn for %26 billion.
:16:09. > :16:16.Our technology correspondent Rory Cellan-Jones is with us.
:16:17. > :16:23.You have been covering every twist and turn, shall we start with
:16:24. > :16:29.Microsoft and LinkedIn? Such a huge deal, $26 billion. Now, LinkedIn is
:16:30. > :16:33.very popular, I hesitate to use that word, because it is also massively
:16:34. > :16:41.unpopular with people being bombarded with e-mails asking to be
:16:42. > :16:44.endorsed for broadcasting skills - that is the one I send out every
:16:45. > :16:51.time, nobody replies! But only a quarter of its members, about 106
:16:52. > :16:57.million, visit every month. Most people hardly ever go there, and
:16:58. > :17:02.when you do the maths, Microsoft has paid $247 for each one of those
:17:03. > :17:09.active users. So the big question is, what kind of value will they get
:17:10. > :17:13.out of them? The bear case is that this is a bad Microsoft deal,
:17:14. > :17:17.another Nokia. But I have been reading some convincing stuff about
:17:18. > :17:22.how vital this is to their mission due maintained their self as a tea
:17:23. > :17:29.software and services supplier to the corporate world. -- their
:17:30. > :17:36.mission to maintain their position as a key software. Facebook is
:17:37. > :17:40.trying to do some of that networking for business, what it does for all
:17:41. > :17:44.of us in our personal stuff, but Microsoft might think that the data
:17:45. > :17:49.embedded in LinkedIn might be worthwhile. I know they are totally
:17:50. > :17:52.different business models in a sense, but LinkedIn, you said
:17:53. > :17:58.monthly active users was 100 million, Facebook is at 1 billion.
:17:59. > :18:03.1.6 billion. It gives you a sense of the scale. Very different business
:18:04. > :18:08.models, LinkedIn makes most of its money from recruitment advertising.
:18:09. > :18:13.Let's talk about the gaming conference in LA, what with a big
:18:14. > :18:18.beans? Exactly the same theme as last year, virtual reality, except
:18:19. > :18:23.that last year it was all a bit theoretical, this is going to be
:18:24. > :18:28.huge. -- what were the big themes? This year we got to see some games,
:18:29. > :18:36.we have got some big stuff out already, Oculus Rift, and the HTC
:18:37. > :18:41.Vice. What is the take-up like? It is early days, it is very expensive.
:18:42. > :18:46.The thing that everybody is waiting for is Sony showed off a whole bunch
:18:47. > :18:51.of games at E3, they are bringing out a headset in the autumn. Have
:18:52. > :18:57.you tried it? I have tried all sorts, and the first time you do it,
:18:58. > :19:01.it is amazing! Do you feel a bit sick? The key advance they have made
:19:02. > :19:05.is that it doesn't usually make you feel sick. You do feel completely
:19:06. > :19:09.immersed in a different world. My slight concern is that is the first
:19:10. > :19:13.time, the second time, you think that is good, and the third time,
:19:14. > :19:18.what am I doing here plans? But there is an enormous amount of money
:19:19. > :19:23.being bet on this being a huge thing, not just in games, but in all
:19:24. > :19:30.sorts of areas of life. We have to get onto the polite Google story, I
:19:31. > :19:35.missed this one. At a time with a lot of depressing news about hate
:19:36. > :19:40.speech on the internet, I am old-fashioned, I don't like to see
:19:41. > :19:43.people using foul language. There is a lot of very nasty stuff on the
:19:44. > :19:53.internet. This was wonderful, a young man on Twitter posted the
:19:54. > :19:57.fact, look what my Nana has posted. Please translate these Roman
:19:58. > :20:03.numerals, thank you. She put please and thank you in the Google search.
:20:04. > :20:11.I wonder what the search came back with! I think it worked. But to see
:20:12. > :20:15.somebody... We are moving into an age where we will be interacting
:20:16. > :20:21.with software, and robots a lot more, and maybe we should say... I
:20:22. > :20:27.think we should be polite to robots, and this lady has actually showed us
:20:28. > :20:34.the way, shown us the way to a better, kinder way of speaking on
:20:35. > :20:39.the internet. And a nicer way of interacting with machines. Rory,
:20:40. > :20:43.thank you very much indeed. It has been an enormous pleasure, I can't
:20:44. > :20:45.express how marvellous it has been. You are welcome!
:20:46. > :20:48.From computer code to something a bit more organic now -
:20:49. > :20:50.not to mention controversial - because we are also
:20:51. > :20:53.Since it was legalised for medicinal use in 25 US states,
:20:54. > :20:57.marijuana has entered the world of high finance.
:20:58. > :21:00.Last year, sales surged to almost $5.5 billion.
:21:01. > :21:04.This Friday, we have seen Microsoft tying up
:21:05. > :21:10.with Kind Financial, a tech start-up
:21:11. > :21:13.that helps regulators track sales of legalised marijuana.
:21:14. > :21:16.But investors are still cautious about wagering on the weed.
:21:17. > :21:18.Samira Hussain took a trip to the Cannabis World Congress
:21:19. > :21:32.since the days of rolling a joint in your mom's basement.
:21:33. > :21:34.In the US, legal marijuana has grown into a multibillion-dollar industry.
:21:35. > :21:38.But the sector is hungry for recognition and cash.
:21:39. > :21:41.This woman has come to the Cannabis Expo with her son.
:21:42. > :21:43.After using marijuana to treat her pain,
:21:44. > :21:49.I used all of the tinctures and the bongs,
:21:50. > :21:56.I was able to work and move and do things
:21:57. > :22:01.I could not even imagine getting up and doing anything.
:22:02. > :22:03.The challenge for many of these companies is getting funding.
:22:04. > :22:08.Because the law has not caught up to these new businesses many big
:22:09. > :22:12.investors like pension funds and banks are not legally
:22:13. > :22:16.allowed to put their money anywhere near here.
:22:17. > :22:19.Over the next five years, you are going to see federal
:22:20. > :22:22.prohibition go away, and this industry will be devolved,
:22:23. > :22:25.and if you look at the trajectory of the last five years,
:22:26. > :22:30.people on that trajectory, this will all be cleaned up in five years.
:22:31. > :22:32.Rob Hunter agrees - he runs one of the largest
:22:33. > :22:35.private-equity funds dedicated to cannabis.
:22:36. > :22:39.He has been in the business 16 years.
:22:40. > :22:41.And he knows just how much money there is to be
:22:42. > :22:47.This past year, the United States saw $5.8 billion
:22:48. > :22:52.That is expected to be over $10 billion this year.
:22:53. > :22:55.It is expected to be as much as $20 billion by 2020.
:22:56. > :23:02.you are watching the industry mature at a very rapid rate as a result.
:23:03. > :23:04.As others get a whiff of marijuana's potential,
:23:05. > :23:18.early investors hope to continue riding high.
:23:19. > :23:24.We asked not to live that story on that occasion, didn't we? Health and
:23:25. > :23:34.safety and all that! Jane Sydenham is to talk us through some of the
:23:35. > :23:39.stories of the day, thank you for your tweets, James said, I would not
:23:40. > :23:42.switch to Rolls-Royce and electric if they came looking like that, but
:23:43. > :23:52.as the have made electric cars cool again. Are you a petrol head? Or an
:23:53. > :23:57.electric egg? I am electric, I am going to save the planet! Let's go
:23:58. > :24:03.through the stories, HSBC, interesting light of the share price
:24:04. > :24:06.movement, it has agreed to pay more than ?1 billion to settle a
:24:07. > :24:12.securities fraud class action. We were expecting them to pay more.
:24:13. > :24:15.Yes, we were. This is all to do with the finance business that they
:24:16. > :24:20.bought, and which arguably was the first evidence we saw of the
:24:21. > :24:26.problems caused by the financial crisis, or in the run-up to it. But
:24:27. > :24:30.yes, it is good for them to be in the clear. The story had gone away
:24:31. > :24:35.for a while, banks, fines, slapping on the wrist. It just shows you how
:24:36. > :24:40.complicated these things up. Rumbling on in the background all
:24:41. > :24:44.the time. Let's talk about Uber, apparently launching a UK food
:24:45. > :24:47.delivery service, this is in the Financial Times. This will be
:24:48. > :24:51.interesting, because a lot of companies already do just this. It
:24:52. > :24:56.looks like they are looking for every avenue where it can get a
:24:57. > :25:06.piece of the action. It is trying to capitalise on its brand, and it will
:25:07. > :25:11.be direct competition to companies like Deliveroo. The indication is it
:25:12. > :25:15.will be broadly similar, the same kind of model, so it is more
:25:16. > :25:19.competition, which make cut prices. Whether or not it will boost the
:25:20. > :25:25.market remains to be seen. More traffic, more people on the roads,
:25:26. > :25:31.in bikes or cars or whatever. I know that when I ordered delivery from
:25:32. > :25:35.other delivery services, they do use bicycles. Yes, they do. The
:25:36. > :25:40.suggestion with Uber is not that they will put food in a cab, it is
:25:41. > :25:45.still going to come on a bike. Let's talk about national grid, needs to
:25:46. > :25:48.be overhauled, so says the energy committee in the UK. For those of
:25:49. > :25:53.you watching overseas, that is the system through which we get
:25:54. > :25:58.electricity. Yes, there is an inherent conflict of interest
:25:59. > :26:04.between private ownership of that, and also the actual distribution
:26:05. > :26:07.across the marketplace. We will have to see what happens, but the market
:26:08. > :26:19.needs reform. Good morning. There should be drier
:26:20. > :26:21.weather around for most of us through the course of the weekend,
:26:22. > :26:23.but