Browse content similar to 29/06/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson | :00:00. | :00:07. | |
Out in the cold - European leaders meet | :00:08. | :00:15. | |
in Brussels to discuss the UK's role outside the EU | :00:16. | :00:18. | |
but without David Cameron.Live from London, that's our top story | :00:19. | :00:20. | |
It could be his final trip to Brussels, but David Cameron says | :00:21. | :00:41. | |
freedom of movement is a central part of being in the single market. | :00:42. | :00:46. | |
We will assess the new relationship as the EU prepares for divorce! | :00:47. | :00:50. | |
Also today, telecoms giant Vodafone considers moving its London | :00:51. | :00:55. | |
headquarters away from the UK, warning that access | :00:56. | :00:57. | |
Markets are up sharply after a bumper session yesterday too. So | :00:58. | :01:10. | |
have the fears really gone away? Or is it just a temporary reprieve? | :01:11. | :01:16. | |
And we continue our special series speaking to the businesses preparing | :01:17. | :01:18. | |
But what impact will Britain's exit from the EU mean | :01:19. | :01:22. | |
The boss of Italian coffee giant Lavazza will be here. | :01:23. | :01:25. | |
And we'll assess how the world's press are covering the fallout | :01:26. | :01:28. | |
of Brexit including this story a new dating app that aims | :01:29. | :01:30. | |
to connect people who share the same view on Britain voting to leave! | :01:31. | :01:46. | |
The British Prime Minister left out in the cold. | :01:47. | :01:52. | |
European leaders are meeting today in Brussels without David Cameron. | :01:53. | :01:56. | |
The leaders of the remaining 27 member states will have informal | :01:57. | :02:01. | |
discussions over the implications of the UK's vote to leave. | :02:02. | :02:03. | |
Last night Mr Cameron gave what was probably his last press | :02:04. | :02:06. | |
conference in Brussels, and outlined some of | :02:07. | :02:07. | |
The European Union sees the single market as capital, goods and people | :02:08. | :02:25. | |
and these things go together. And indeed, the European Union sees that | :02:26. | :02:30. | |
the structural fund payments that are made through the European Union | :02:31. | :02:32. | |
are again, part of the single market. I think sometimes in Britain | :02:33. | :02:36. | |
we think of these things as separate options. Very much the sense here is | :02:37. | :02:41. | |
these things all go together and that if you want the full benefits | :02:42. | :02:45. | |
of the single market then you need to be involved in every part of it. | :02:46. | :02:49. | |
Now, that's obviously going to be a huge challenge to try and get that | :02:50. | :02:52. | |
right for the future. As I said, a challenge for Europe. A challenge | :02:53. | :02:53. | |
for Britain. Meanwhile German Chancellor, | :02:54. | :02:57. | |
Angela Merkel, said there would be no negotiations based | :02:58. | :03:00. | |
on cherry-picking Now yesterday, we discussed | :03:01. | :03:01. | |
the implications for Germany and its role in shaping | :03:02. | :03:07. | |
any future trade deal. Remember, the UK is Germany's third | :03:08. | :03:10. | |
biggest export market. It will be a key player | :03:11. | :03:15. | |
in any negotiations and compared with Germany it has | :03:16. | :03:23. | |
a lot less to lose if It exported fewer goods to the UK | :03:24. | :03:26. | |
last year - $35-billion worth Britain's vote has also given | :03:27. | :03:40. | |
a boost to far-right parties including France's National Front | :03:41. | :03:46. | |
which are now demanding their own The National Front's president, | :03:47. | :03:48. | |
Marine Le Pen, said the UK vote And on economic policy, | :03:49. | :03:52. | |
France is often seen as an advocate for protectionist measures, | :03:53. | :03:56. | |
not least the common agricultural policy which provides | :03:57. | :04:00. | |
billions of dollars Anne-Sylvaine Chassany | :04:01. | :04:02. | |
is the Paris Bureau Chief Ann thank you for taking time out to | :04:03. | :04:21. | |
be on Business Live. Just talk us through how Francois Hollande will | :04:22. | :04:25. | |
try and get his influence in the negotiations. What is France hoping | :04:26. | :04:29. | |
for, trying to get out of this divorce? Well, I think first of all, | :04:30. | :04:35. | |
the economic impact on France will be moderate. I think that's the | :04:36. | :04:42. | |
consensus here. Economists estimate that a UK recession could hurt the | :04:43. | :04:51. | |
economy by 0.2% or 0.4% on the GDP. So it is modest. It will be | :04:52. | :04:57. | |
negative, but modest. The political impact will be probably bigger on | :04:58. | :05:03. | |
French politics. As you mentioned the impact on Marie Le Pen and what | :05:04. | :05:08. | |
she is going to do in the next presidential elections And that's | :05:09. | :05:11. | |
next year, it is not far away at all and we are aware of the difficulty | :05:12. | :05:15. | |
Francois Hollande has got in terms of his popularity, but trying to | :05:16. | :05:20. | |
push through labour reform, many changes in policy that are not going | :05:21. | :05:27. | |
down well in France at all. Yes, but in a way, he sees this as an | :05:28. | :05:32. | |
opportunity, I saw him last night at the EU Summit, he sees an | :05:33. | :05:36. | |
opportunity to show French voters who are sceptical about the EU and | :05:37. | :05:43. | |
the euro that leaving the European Union as Marie Le Pen is pushing for | :05:44. | :05:49. | |
would have disastrous effect on the economy, on you know, on the people | :05:50. | :05:55. | |
itself when you see, you know, young people, you know, rebelling against | :05:56. | :05:59. | |
their parents or complaining about an exit. It doesn't look good, it | :06:00. | :06:04. | |
doesn't help Marie Le Pen down the line and he sees that opportunity to | :06:05. | :06:09. | |
settle the question of the EU once, you know, for good during the | :06:10. | :06:14. | |
presidential elections despite, as you said, his abysmal approval | :06:15. | :06:19. | |
ratings. As you say, the economic impact is expected to be marginal, | :06:20. | :06:24. | |
but from some points of view, France can benefit. Many are arguing that | :06:25. | :06:29. | |
investment bankers could be headed to Paris to relocate because of | :06:30. | :06:34. | |
course, London will no longer be able to work effectively in some | :06:35. | :06:39. | |
areas of business? Yes, Francois Hollande mentioned that last night | :06:40. | :06:43. | |
saying that the City of London will now be able to do the clearing, the | :06:44. | :06:49. | |
euro trade clearing and it is a pretty big activity for the City of | :06:50. | :06:55. | |
London. So he also, you know, sees an opportunity, an economic | :06:56. | :07:00. | |
opportunity to strengthen Paris as a financial centre. Obviously, you | :07:01. | :07:04. | |
know. He is going to have competition with, you know, | :07:05. | :07:09. | |
Frankfurt and Dublin, but indeed, he is really trying to capture that | :07:10. | :07:14. | |
part of that fall-out. I'm sure he is. | :07:15. | :07:19. | |
Thank you so much. The Paris bureau chief at the Financial Times. | :07:20. | :07:22. | |
Vodafone has warned it could move its headquarters from the UK, | :07:23. | :07:25. | |
depending on Britain's negotiations to leave the European Union. | :07:26. | :07:29. | |
In a statement, the telecoms giant says it's important to retain access | :07:30. | :07:32. | |
to the EU's free "movement of people, capital and goods" | :07:33. | :07:35. | |
but warned it was too early to "draw any firm conclusions | :07:36. | :07:37. | |
China's first home-grown airliner has landed in Shanghai | :07:38. | :07:44. | |
The Comac plane has been in development since 2002 | :07:45. | :07:52. | |
and is China's attempt to break into the aircraft market dominated | :07:53. | :07:54. | |
China is likely to become one of the world's biggest aircraft | :07:55. | :08:03. | |
Sally, I'm glad we didn't put the full name in there. The full name | :08:04. | :08:20. | |
was in an hour or two ago and I stumbled on it! More information on | :08:21. | :08:25. | |
Vodafone, I'm failing to find more information. That is a big, big | :08:26. | :08:31. | |
story in the UK. There are more details on the home business page | :08:32. | :08:35. | |
for the BBC site, on the Business Live page we have got other stories | :08:36. | :08:39. | |
including how markets in Asia fared today. There is another big story | :08:40. | :08:41. | |
breaking in Asia today. Now on to Asia, one of the world's | :08:42. | :08:48. | |
largest car manufacturers, Toyota is recalling 482,000 hybrid | :08:49. | :08:50. | |
Prius and Lexus cars because of a possible | :08:51. | :08:53. | |
airbag inflator defect. Explain this recall. It seems we've | :08:54. | :09:03. | |
talked a lot about it, airbags, recalls, car makers, explain the | :09:04. | :09:06. | |
latest one? Well, Toyota is recalling more than four million | :09:07. | :09:10. | |
cars this time. Over two separate flaws. The first has to do with | :09:11. | :09:14. | |
leaking fuel tanks and the second has to do with airbags that may | :09:15. | :09:21. | |
crack and injury the car occupants. The airbags involve inflators in | :09:22. | :09:26. | |
cars which have been parked and unoccupied for a period of time it | :09:27. | :09:37. | |
is the Prius and Carolla. Toyota didn't specify as well who made the | :09:38. | :09:43. | |
defective parts of the car, but they said they are not from Dakar ta. | :09:44. | :09:53. | |
They are the ones responsible for the car industry's biggest ever | :09:54. | :09:57. | |
recall following multiple deaths and injuries with deadly airbags. | :09:58. | :10:05. | |
Thank you very much. And frankly | :10:06. | :10:07. | |
Take a look at the markets at yesterday's close and this | :10:08. | :10:13. | |
morning's open and you'd think there wasn't a lot going on. | :10:14. | :10:15. | |
Even, something to get excited about. | :10:16. | :10:17. | |
There was a strong rebound yesterday helped by the reassessment | :10:18. | :10:19. | |
that the risks might not be as bad as many had feared. | :10:20. | :10:22. | |
No immediate rush to trigger that Article 50 that would kick-start | :10:23. | :10:25. | |
So that could mean that, in the short-term at | :10:26. | :10:32. | |
That said, longer-term, there's still a huge | :10:33. | :10:37. | |
But it does mean markets have a bit more time to assess | :10:38. | :10:41. | |
what's actually going on, rather than the knee-jerk volatility | :10:42. | :10:43. | |
The FTSE up 1.5%. In the longer term there are still risks. | :10:44. | :10:58. | |
We will assess that in more detail in a moment. | :10:59. | :11:02. | |
We'll assess that more in a moment, but here's Michelle with a look | :11:03. | :11:05. | |
There are a couple of big names reporting earnings. Month Santa | :11:06. | :11:12. | |
turns in its third quarter results later this Wednesday. For | :11:13. | :11:19. | |
shareholders, the focus will be on a German take-over which it turned | :11:20. | :11:22. | |
down last month. If any deal went ahead, it would be the third seed | :11:23. | :11:26. | |
and chemical industry merger this year. Changing consumer habits are | :11:27. | :11:31. | |
expected to dent profits at General Mills. Healthier eating habits are | :11:32. | :11:36. | |
expected to have hit sales at the maker of cheer yos cereal and | :11:37. | :11:47. | |
Yoplait yoghurt. And encouraging economic news boosted US financial | :11:48. | :11:51. | |
markets on Tuesday. This Wednesday, watch out for May's pending home | :11:52. | :11:54. | |
sales and consumer spending data. Global Market Strategist | :11:55. | :11:58. | |
at JP Morgan Asset Management. Before we talk about the States, | :11:59. | :12:08. | |
give us your take on this, up and up and up. It is good to see a bit of | :12:09. | :12:12. | |
green on the screens after the past few days have been very bad for | :12:13. | :12:16. | |
markets. I would say this is probably not a big sign of massive | :12:17. | :12:20. | |
rebound. The Brexit uncertainties will still remain, we have been | :12:21. | :12:24. | |
seeing through the news things keep developing politically and | :12:25. | :12:26. | |
economically in term of trade negotiations and how it all works, | :12:27. | :12:30. | |
it is good to see a bit of recovery after the bad Friday and Monday, but | :12:31. | :12:33. | |
I wouldn't say we're out of the woods yet. That's Europe. Let's look | :12:34. | :12:37. | |
at the US because we're looking at the global implications of this and | :12:38. | :12:41. | |
one thing that may or may not be related, let's talk about US | :12:42. | :12:47. | |
interest rates, we get excite about what the Fed thinks? It is tough for | :12:48. | :12:51. | |
the Fed because they are supposed to look at the US economy in term of | :12:52. | :12:54. | |
employment and inflation and those two aspects are doing well for the | :12:55. | :12:59. | |
US, it is the big global concerns, a massive amount of volatility and | :13:00. | :13:07. | |
markets selling off which makes the Fed pause for breath. We have seen | :13:08. | :13:10. | |
actually in the past few days interest rate expectations for the | :13:11. | :13:13. | |
Fed to start hiking rates be pushed back further and further. Now, they | :13:14. | :13:20. | |
are all data dependant, they will be looking at the world to see if | :13:21. | :13:25. | |
they're ready, but in time we have to see what Janet Yellen and her | :13:26. | :13:33. | |
team think. For now, thank you. She will be back soon to talk | :13:34. | :13:35. | |
through the papers. Still to come, wake up | :13:36. | :13:37. | |
and smell the coffee. As Britain and Europe adjusts | :13:38. | :13:41. | |
to idea of life outside of Europe, the boss of Italian coffee giant | :13:42. | :13:44. | |
Lavazza will be here to discuss the implications for business, | :13:45. | :13:47. | |
exports and our love of coffee. You're with Business | :13:48. | :13:49. | |
Live from BBC News. Before the referendum, | :13:50. | :13:58. | |
we heard that the price of electrical goods would go up | :13:59. | :14:03. | |
if we voted to leave the EU. That's what the boss of electrical | :14:04. | :14:06. | |
and mobile phone retailer Well, what does he | :14:07. | :14:08. | |
think after the vote? Sebastian James, the Chief Executive | :14:09. | :14:13. | |
of Dixons Carphone has been speaking Well, it is very hard to say, it is | :14:14. | :14:26. | |
obviously early days and my view is I think pretty straightforward, | :14:27. | :14:29. | |
which is we need to be grown-ups and we need to carry on. I think in the | :14:30. | :14:34. | |
last five days, we haven't seen any material change in the way customers | :14:35. | :14:39. | |
are behaving. So no decline in spend on the weekend? No, so far we are | :14:40. | :14:46. | |
up, soap so far so good and in our view it is very important that we do | :14:47. | :14:53. | |
everything we can to remain in the market and service customer survey | :14:54. | :14:58. | |
continue to buy for us. And opening new stores, life goes on? | :14:59. | :15:03. | |
Absolutely, we have huge plans ahead and we have just come out of the | :15:04. | :15:08. | |
year where we reported 17% earnings growth, record profitability and we | :15:09. | :15:12. | |
are an incredibly strong placed on which to build. Whatever the market | :15:13. | :15:15. | |
throws at us, we have an incredibly good track record in the market of | :15:16. | :15:21. | |
weathering storm is coming out of them stronger. So no change to your | :15:22. | :15:27. | |
investment plans? We have to keep an eye on what is going on in the world | :15:28. | :15:30. | |
but at the moment, absolutely no plans to change anything we are | :15:31. | :15:33. | |
doing. We have lots of investment here and in the US and in | :15:34. | :15:36. | |
continental Europe and we will continue to do those things. We have | :15:37. | :15:43. | |
seen when the markets fell, a rush to safe havens like the yen, you | :15:44. | :15:50. | |
import from Japan... Alice is different, it is different to other | :15:51. | :16:00. | |
industries, televisions that cost ?1000 less year can cost you ?,500 | :16:01. | :16:05. | |
this year. It is emerging all the time. I don't know if it will feel | :16:06. | :16:07. | |
different, because we can't compare with what it would be like if Brexit | :16:08. | :16:12. | |
hadn't happened and my job is to work with suppliers and all of our | :16:13. | :16:15. | |
stores and pay costs as tight as we can so we continue to give the best | :16:16. | :16:20. | |
deals to our customers. That was the boss of Dixons Carphone | :16:21. | :16:23. | |
speaking to our business editor. I promised more information on | :16:24. | :16:27. | |
Vodafone on the website, then it is, read all about it. | :16:28. | :16:34. | |
Our top story today, European leaders are meeting in Brussels. | :16:35. | :16:43. | |
They are discussing the implications of a UK | :16:44. | :16:45. | |
outside of the EU, but without | :16:46. | :16:47. | |
The relief rally on financial markets continues today, this is how | :16:48. | :16:54. | |
Europe is trading right now. How long will it last? We will be across | :16:55. | :16:58. | |
every twist and turn. We've heard from British | :16:59. | :17:00. | |
businesses about how leaving the EU could impact them - | :17:01. | :17:02. | |
but what would happen Lavazza is Italy's best | :17:03. | :17:04. | |
selling coffee brand. It was established in 1895 | :17:05. | :17:07. | |
in the city of Turin, and it has been owned by the same | :17:08. | :17:09. | |
family for four generations. It's the world's sixth biggest | :17:10. | :17:15. | |
coffee roaster by sales and has operations in more than 90 | :17:16. | :17:18. | |
countries around the world. Last year, it had | :17:19. | :17:22. | |
a turnover of $1.6 billion. It is a brand that many know very | :17:23. | :17:30. | |
well indeed. Giuseppe Lavazza, the vice chair | :17:31. | :17:32. | |
of Lavazza Group, joins us now. He said that beautifully. Bidder | :17:33. | :17:41. | |
Sally get that right? Yes, very well, perfect. | :17:42. | :17:47. | |
We must talk to initially about the situation with regard to the UK's | :17:48. | :17:51. | |
decision. The UK market is very important to your company, isn't it? | :17:52. | :17:55. | |
Absolutely, one of the most important countries and we | :17:56. | :18:00. | |
established our subsidiary a long time ago. I personally established | :18:01. | :18:06. | |
it in 1990 and it is one of the top markets for Lavazza. So what does it | :18:07. | :18:11. | |
mean for your business? In the short term, we have to try and mitigate | :18:12. | :18:16. | |
the impact, for example the immolation of the pound, but in the | :18:17. | :18:19. | |
long term, the Lavazza company is very committed to carrying out | :18:20. | :18:26. | |
business as usual, of course, investing in the country, the | :18:27. | :18:28. | |
relationship with the British market is very strong, we are investing in | :18:29. | :18:34. | |
a lot of big brands in the UK, the product is very successful. We want | :18:35. | :18:40. | |
to grow much more in the UK and of course, we are launching new | :18:41. | :18:49. | |
products, so the plan has a different scenario and we have do | :18:50. | :18:55. | |
try to adapt as usual. What do you think about day-to-day? We talk | :18:56. | :18:59. | |
about big issues and there are still a lot of unknowns and uncertainty in | :19:00. | :19:03. | |
the long term but what you do on a practical level? Are there things | :19:04. | :19:08. | |
you can do to mitigate this? First of all, we have to implement our | :19:09. | :19:12. | |
contingency plan to mitigate the event of the devaluation of the | :19:13. | :19:18. | |
pound, because it will have an impact. So we have to risk protect | :19:19. | :19:27. | |
the initiative and keep the business sustainable long-term and keep | :19:28. | :19:32. | |
continuing to invest. So we need the reserves. It is a family business, | :19:33. | :19:37. | |
we are not listed, we have do use our own resources. So we have to do | :19:38. | :19:42. | |
that first. Secondly, we have to follow very carefully the | :19:43. | :19:45. | |
development of the negotiation between the UK and Europe Anne Fine | :19:46. | :19:51. | |
if there is some potential risk in the trading relationship -- and | :19:52. | :19:56. | |
five. For the food and wine industry, Italian and UK, is a very | :19:57. | :20:03. | |
important market. It is about 2.8 billion of exports in 2015 and the | :20:04. | :20:07. | |
potential cost of this renegotiation for our system could be around 3 | :20:08. | :20:15. | |
billion euros. Is one strength for you the fact that you are so | :20:16. | :20:19. | |
diversify as a company in terms of weight you export to and who drinks | :20:20. | :20:24. | |
your copy? The US is a very important market, France, Germany, | :20:25. | :20:29. | |
Italy is of course your key market but interestingly, China doesn't | :20:30. | :20:32. | |
feature at all. Apparently they haven't got a taste for coffee. You | :20:33. | :20:38. | |
are right. The big issue for a company like Lavazza which is very | :20:39. | :20:41. | |
linked to copy is to try and adapt the copy to the local needs -- | :20:42. | :20:49. | |
Coffey. More and more, you need a more personal individual kind of | :20:50. | :20:54. | |
product for different consumers. So Asia is very different from Europe | :20:55. | :20:58. | |
and the US, because the taste is different. We have an operation for | :20:59. | :21:04. | |
example in India, that we started in 2007 and the coffee over their is | :21:05. | :21:09. | |
not so strong, not growing quite a lot, but China is a different | :21:10. | :21:13. | |
scenario, you need a very specific product to be successful there and a | :21:14. | :21:18. | |
good route market. There is talk briefly about you, the fourth | :21:19. | :21:22. | |
generation to lead this company. Was there pressure on you to do this or | :21:23. | :21:27. | |
has it been your lifelong love? No pressure, it is an absolute free | :21:28. | :21:32. | |
choice. This was not the same story for the second generation, the third | :21:33. | :21:35. | |
generation, they were forced to join a company. For me, it was different. | :21:36. | :21:40. | |
I had a different attitude. I wanted to help my father in the business, | :21:41. | :21:45. | |
to have a try and after two or three years, I totally fell in love with | :21:46. | :21:49. | |
the company, with the coffee, with the business, so I decided to say. | :21:50. | :21:55. | |
What is your favourite drink? The short espresso. Will you come back, | :21:56. | :22:04. | |
we have run out of time? Absolutely. Thank you so much for coming in. So | :22:05. | :22:09. | |
much more to discuss, but we have to move on. | :22:10. | :22:11. | |
We do and we will stay with that theme. | :22:12. | :22:13. | |
The UK's vote to leave the EU has been greeted with shock by many | :22:14. | :22:16. | |
Some warn the UK's departure could lead | :22:17. | :22:19. | |
to the disintegration of the EU itself. | :22:20. | :22:20. | |
Others have seen it as a signal that far-reaching reforms | :22:21. | :22:23. | |
He's the former chief economist of the European Central Bank | :22:24. | :22:28. | |
and seen by some as one of the architects of the Euro itself. | :22:29. | :22:31. | |
and seen by some as one of the architects of the euro itself. | :22:32. | :22:34. | |
He spoke to our colleague, Theo Leggett. | :22:35. | :22:39. | |
I think the idea of a two speed Europe never died | :22:40. | :22:42. | |
and the UK was always, let's say, half in and half out | :22:43. | :22:45. | |
in the past and this cream skimming has some attractiveness. | :22:46. | :22:48. | |
So against this background, I really don't understand why the UK | :22:49. | :22:54. | |
has not gone the way to exploit this situation to their advantage. | :22:55. | :23:00. | |
But they are thinking, I think, this is needed, | :23:01. | :23:04. | |
but it would be more than a nightmare, a catastrophe, | :23:05. | :23:08. | |
if this would be the start of the collapse of | :23:09. | :23:11. | |
Very interesting to get his take on what is going on at the moment. | :23:12. | :23:24. | |
Let's have a look at the papers. Lots of good stories about the | :23:25. | :23:28. | |
implications of the Brexit Road. Let's talk about what we stalked | :23:29. | :23:35. | |
Mike Berry about at the start is -- talked about at the start of the | :23:36. | :23:39. | |
programme. Backdating app, it is about sharing that feeling of loss | :23:40. | :23:44. | |
and bringing like-minded people together. The Brexit debate, whether | :23:45. | :23:49. | |
you were on either side, in the canteen, the pub, on the chut, it | :23:50. | :23:53. | |
has sparked a lot of vibrant discussion and so to have people | :23:54. | :23:57. | |
feeling the same way about things are connecting people... I think | :23:58. | :24:04. | |
this is just an excuse to launch another dating app. | :24:05. | :24:07. | |
Maybe it is an integral thing, your political views will dictate your | :24:08. | :24:12. | |
choice of partner. I wonder if people who voted differently in | :24:13. | :24:18. | |
couples, it could be interesting... That is a whole debate. Families | :24:19. | :24:25. | |
have been on polar opposite sides of this debate and the divisions it has | :24:26. | :24:28. | |
created, people would never have assumed before and that is | :24:29. | :24:31. | |
interesting. Can we move on? Let's talk about | :24:32. | :24:37. | |
Rolls-Royce. Familiar territory to me. Let's talk about the | :24:38. | :24:40. | |
implications, this article in the Telegraph. It is a bit of a balance | :24:41. | :24:44. | |
for companies like Rolls-Royce, when you have slower global growth and | :24:45. | :24:48. | |
slower UK economy at the Brexit and thinking about that a man feel | :24:49. | :24:52. | |
product going down, it is a challenge for profits. Then you have | :24:53. | :24:56. | |
the pound which has fallen ten plus percent in the last few days, making | :24:57. | :25:00. | |
what you are selling to the rest of the world as much more competitive | :25:01. | :25:09. | |
and when you translated back into pounds in the UK, you have a pretty | :25:10. | :25:11. | |
good profit situation. The article does point out a couple of | :25:12. | :25:14. | |
challenges and a couple of benefits of Brexit and says Rolls-Royce might | :25:15. | :25:17. | |
be obeyed. Challenges the you add JP Morgan? -- might be OK. Every day, | :25:18. | :25:25. | |
we monitor and we have very intelligent management teams figured | :25:26. | :25:28. | |
out the next state of play. It has been good having you, Nandini. It | :25:29. | :25:34. | |
really is that issue for businesses around the world to assess what it | :25:35. | :25:38. | |
means for them, what their plans next and how they can deal with | :25:39. | :25:42. | |
them. In the short term, we have seen markets rising pretty sharply, | :25:43. | :25:46. | |
the FTSE still up in early trading. We are back this time tomorrow, | :25:47. | :25:52. | |
thank you for being with us today and we will see you then. | :25:53. | :25:54. |