:00:00. > :00:00.This is Business Live from BBC News, with Ben Bland and Sally Bundock.
:00:07. > :00:07.No buyer and the losses are widening -
:00:08. > :00:10.so what now for Yahoo as it attempts to woo bidders
:00:11. > :00:13.Live from London, that's our top story
:00:14. > :00:33.Yahoo has been courting buyers for its core internet
:00:34. > :00:35.business for months, but investors will have to wait
:00:36. > :00:39.a little bit longer for details of a potential deal.
:00:40. > :00:41.We'll guide you through the highs and lows of
:00:42. > :00:49.Shares in Japan's Softbank fall after it announces a $32 billion
:00:50. > :00:52.offer for chip designer ARM holdings.
:00:53. > :01:01.We'll cross over to Asia for the latest.
:01:02. > :01:05.The European markets all opening slightly down, tracking losses
:01:06. > :01:11.overnight from most of the Asian markets. That Softbank slide in
:01:12. > :01:14.shares, a tempest and fall, though Nintendo doing pretty well on the
:01:15. > :01:18.success of its Pokemon Go game. One man's trash is
:01:19. > :01:20.another man's treasure! Later in the programme,
:01:21. > :01:23.we'll speak to the boss of a company that helps businesses recycle
:01:24. > :01:28.their furniture and fittings. From one technology
:01:29. > :01:30.pioneer to another. We've spoken about Yahoo
:01:31. > :01:32.but the streaming service Netflix also reported
:01:33. > :01:34.disappointing numbers - apparently subscribers are not happy
:01:35. > :01:48.with the price increase. We want to know, are you switching
:01:49. > :01:52.from Netflix? If so, to whom and why? Get in touch using the hashtag
:01:53. > :01:58.on-screen. The internet firm Yahoo
:01:59. > :02:01.saw its losses widen to $440 million in the three months
:02:02. > :02:05.to the end of June. This was expected but investors
:02:06. > :02:09.were hoping for an update on the company's plans
:02:10. > :02:12.to sell its core search and On that subject, Yahoo
:02:13. > :02:18.revealed nothing. Over the years, shareholders have
:02:19. > :02:22.had a roller-coaster ride. Yahoo's chief executive, Marissa
:02:23. > :02:25.Mayer, was appointed in 2012. It was hoped that she'd revive
:02:26. > :02:30.the business's fortunes. Acquisitions were Ms
:02:31. > :02:33.Mayer's weapon of choice. Since her appointment, Yahoo has
:02:34. > :02:37.bought more than 45 companies, including the micro-blogging website
:02:38. > :02:42.Tumblr, for $1.1 billion. In the two years after she took
:02:43. > :02:45.over, Yahoo's share But in 2014, things
:02:46. > :02:50.started to change. The company's share price took
:02:51. > :02:54.a tumble after the Chinese retailing Yahoo owns a massive 15% stake
:02:55. > :03:01.in the business, so when Alibaba's shares began to sink,
:03:02. > :03:05.it took Yahoo down with it. So Yahoo's next plan
:03:06. > :03:08.of action was to sell This move was announced earlier this
:03:09. > :03:12.year, with several big tech names But still no news
:03:13. > :03:25.of a concrete offer. With me now is Richard Kramer,
:03:26. > :03:30.senior analyst and founder of London-based equity research firm
:03:31. > :03:36.Arete Research. What do you make of the fact there
:03:37. > :03:39.is no news? It's not surprising because it's a long sale process
:03:40. > :03:42.that they've been undergoing. What we saw last night was the
:03:43. > :03:47.fundamentals of the business continuing to deteriorate, the sales
:03:48. > :03:50.down 20%, paid clicks down 24 present, with perhaps the only
:03:51. > :03:53.bright spot that Yahoo managed to bright spot that Yahoo managed to
:03:54. > :03:58.sell some assets like real estate and get a large refund. It is not
:03:59. > :04:00.great when you are trying to sell your core assets that your numbers
:04:01. > :04:06.keep going through during the discussion process with, let's say,
:04:07. > :04:14.AT authorising? In some ways, it is better that the poor numbers are
:04:15. > :04:20.in the market. It brings price down. It is not good for Marissa Mayer or
:04:21. > :04:24.those who are trying to sell. Those who are looking at this asset, for
:04:25. > :04:29.all the years of effort to boot a new business inside Yahoo from their
:04:30. > :04:34.declining legacy businesses would be under no illusions whatsoever about
:04:35. > :04:38.the state of business. Nasty write-downs after the purchase,
:04:39. > :04:41.that's what you mean? In a way, so that is clearing the decks to make
:04:42. > :04:46.it easier for an acquiring not to have to do those same things. One of
:04:47. > :04:52.the other things Yahoo announced was that they had counted for about 20%
:04:53. > :04:57.over the last 12 months. -- their head count had fallen. If the new
:04:58. > :05:02.acquirer takes over, they may have to let people go so it is easy if
:05:03. > :05:04.Yahoo does that. Where did they go wrong? Is there anything you think
:05:05. > :05:08.they could have done differently to be in a better position? You have to
:05:09. > :05:12.go back many years but the reality in the internet space right now is
:05:13. > :05:16.that two companies are effectively sucking all the oxygen out of the
:05:17. > :05:19.room, Facebook and Google. This year Facebook will spend more on R than
:05:20. > :05:24.Yahoo has in sales and Google twice to three times as much, so, like
:05:25. > :05:27.many markets, you see that there are a couple of dominant players that
:05:28. > :05:31.are merged and those that are not able to keep up with the pace or get
:05:32. > :05:36.embroiled, as Yahoo did, in internal squabbles, get left behind. So the
:05:37. > :05:40.outlook for Yahoo, it will sell its core assets, we assume that will
:05:41. > :05:45.happen, and if so who do you think the likely buyer will because aurora
:05:46. > :05:50.number of interested parties, two large US telcos, the rise in and
:05:51. > :05:53.AT The real question now is whether Yahoo will just sell its
:05:54. > :05:59.call on whether someone will make a bid for the entire property, which
:06:00. > :06:02.includes stakes in other companies, and try to mitigate the tax
:06:03. > :06:05.liability with other assets they might have. We shall watch every
:06:06. > :06:10.twist and turned it off thank you for coming in and giving us your
:06:11. > :06:14.take on the very latest. Let's take a good some other stories... -- a
:06:15. > :06:16.look at. Shares in the web streaming
:06:17. > :06:18.giant Netflix have fallen in after-hour trading,
:06:19. > :06:21.after the firm said it added fewer The company signed up 1.7 million
:06:22. > :06:25.new customers in the three months to the end of June -
:06:26. > :06:27.well short of the 2.5 The firm has blamed
:06:28. > :06:30.the disappointing performance on cancellations by customers
:06:31. > :06:33.facing a price increase. Fiat Chrysler is being investigated
:06:34. > :06:36.by US regulators over the way it reports quarterly
:06:37. > :06:38.and annual results. The company says it records revenues
:06:39. > :06:44.based on shipments to dealers, rather than direct sales
:06:45. > :06:46.to car buyers. Fiat Chrysler recorded a 7% rise
:06:47. > :06:49.in its monthly sales in June - its best result for that month
:06:50. > :07:03.since 2005. The former UK finance minister,
:07:04. > :07:07.Chancellor George Osborne, has given a speech outlining the philosophy
:07:08. > :07:12.underpinning his time at the Treasury. The speech is seen by some
:07:13. > :07:15.as an attempt to defend his record, perhaps pointing to his desire to
:07:16. > :07:19.return to front line politics in the future.
:07:20. > :07:29.A story dominating our web page today is this one about BT, the main
:07:30. > :07:34.phone line operator in the UK. MPs are warning BT faces having to split
:07:35. > :07:37.up unless it sorts out its Openreach division, which is responsible for
:07:38. > :07:43.rolling out superfast broadband across the UK. How this is operated
:07:44. > :07:48.and how it is provided in this country has been looked into by
:07:49. > :07:54.politicians. The MPs say they want more transparency and service
:07:55. > :07:58.improvements. They conclude that BT is significantly under investing in
:07:59. > :08:04.Openreach. Lots more information on that online. Let's talk about a
:08:05. > :08:08.story that first came to our attention this time yesterday, that
:08:09. > :08:13.being Softbank of Japan snapping up a RM holdings of the UK.
:08:14. > :08:17.Sarah Toms is in Singapore and has been following the story.
:08:18. > :08:25.Hello. It was one of the biggest steals of the year and it came on a
:08:26. > :08:28.public holiday in Japan, so today Japanese investors have had their
:08:29. > :08:34.first chance to react to the news and they're questioning ARM's hefty
:08:35. > :08:39.$32 billion priced at. Shares in the Japanese tech and telecoms company
:08:40. > :08:44.plunged a whopping 10% today and ARM is the crown jewel of the UK tech
:08:45. > :08:50.industry, so what's the problem? Softbank is already $100 billion in
:08:51. > :08:53.debt and this purchase is piling on even more. The company has raised
:08:54. > :08:58.some cash over the past few months and disposed of some of its assets,
:08:59. > :09:02.like its stake in Ali baba. Many analysts had been hoping this would
:09:03. > :09:06.be used to reduce some of that debt but instead it has gone to pay for
:09:07. > :09:09.this acquisition and, if the company's going to spend that much
:09:10. > :09:14.on an investment, it had better start paying off soon.
:09:15. > :09:21.moment. We going to try to show you moment. We going to try to show you
:09:22. > :09:24.how the markets start the morning on Tuesday but our systems have been
:09:25. > :09:28.playing up. I was hoping they're going to appear but unfortunately
:09:29. > :09:32.not. Let me tell you, though, all European markets are opening
:09:33. > :09:37.slightly down, tracking losses from Asia. Most of the markets in Asia
:09:38. > :09:40.ending their trading day down, although the Nick Cave being buoyed
:09:41. > :09:45.off the back of the success of off the back of the success of
:09:46. > :09:50.Pokemon Go, the game that seems to have taken everyone's attention. We
:09:51. > :09:54.will be looking ahead to what is on Wall Street.
:09:55. > :09:56.And Michelle Fleury has the details about what's ahead
:09:57. > :10:03.Wall Street is poised for more bank earnings. Colburn sucks aboard
:10:04. > :10:07.profits this Tuesday and is expected to do well, helped in part by
:10:08. > :10:13.improved trading activity, thanks to the Brexit vote on the volatility we
:10:14. > :10:16.saw in the financial markets. So far the results on the big banks have
:10:17. > :10:19.been better than expected after a very weak start of the year.
:10:20. > :10:24.Microsoft will offer a glimpse into another corner of the economy, the
:10:25. > :10:29.tech sector. Growth in its cloud business is likely to offset the
:10:30. > :10:33.continuing slide in PC sales. PCs often come preloaded with windows
:10:34. > :10:38.operating system. And Johnson Johnson is likely to see profits
:10:39. > :10:40.boosted by its drugs business. One unknown, though, this corporate
:10:41. > :10:44.earnings season is what is the impact of foreign exchange rates?
:10:45. > :10:47.They've been fairly volatile since the Brexit vote. Given the strong
:10:48. > :10:52.dollar, will that hurt revenue growth?
:10:53. > :10:57.That's Michelle in New York and we are joined by Richard Fletcher,
:10:58. > :11:01.business editor of the Times. Most see you. Great to have a human
:11:02. > :11:09.being. The technology is falling around us! -- nice to see you. Then
:11:10. > :11:12.touching on Softbank, as was Sarah in Singapore. It is quite
:11:13. > :11:16.phenomenal, this story, but no surprise the shares are down for
:11:17. > :11:24.Softbank. Japanese markets closed yesterday as the news leaked out
:11:25. > :11:27.overnight, so this was the first chance for Japanese investors to
:11:28. > :11:30.give their verdict. The fall in the share price is not so much about the
:11:31. > :11:35.deal but about the fact that in recent months, Softbank has sold a
:11:36. > :11:38.number of assets, a stake in Ali baba, other assets, raised a lot of
:11:39. > :11:42.cash and shareholders had rather been hoping that some of that would
:11:43. > :11:46.go back to them and some of it would go to pay off some of Softbank's
:11:47. > :11:49.debts so I think this share price fall is not a verdict on the deal
:11:50. > :11:53.but about disappointment they are not going to get some of that money
:11:54. > :11:58.back and rather than decreasing its debts, it looks like Softbank is
:11:59. > :12:00.going to add to them. We saw most of the Asian markets closing down at
:12:01. > :12:07.the end of the trading day, though the Nick Haig up, seeming to be
:12:08. > :12:11.pushed upwards by the success of Nintendo and the almost unstoppable
:12:12. > :12:18.march of Pokemon, Crowe go. A quarter of the shares posted on the
:12:19. > :12:24.Tokyo board were Nintendo shares. It has been an amazing few weeks for
:12:25. > :12:29.Nintendo. If you have kids my age, you will know that this is an
:12:30. > :12:34.absolute craze and they have spent the whole weekend chasing Pokemon.
:12:35. > :12:37.What is it all about? I know the shares have gone bananas for a week
:12:38. > :12:42.and a bit now to adopt what do you actually do? You asking the wrong
:12:43. > :12:45.person but you have to chase by come on, collect them and exercise them.
:12:46. > :12:50.I downloaded it but it took up too much space on my phone so I deleted
:12:51. > :12:55.it. The kids love it and they go out and they all walking. You have to go
:12:56. > :13:04.into the real world and catch them. Nintendo now has a bigger market cap
:13:05. > :13:13.on Sony and also Netflix. It is now larger and it is having an amazing
:13:14. > :13:16.run. Richard will be back later. There must be is the editor about
:13:17. > :13:19.it. I was with some friends I haven't seen the ages halfway
:13:20. > :13:21.through the conversation, one of them started chasing Pokemon. It has
:13:22. > :13:25.got too much! Out with the old and in with
:13:26. > :13:29.the new - we'll take a look at the recycling platform
:13:30. > :13:31.which helps businesses deal with You're with Business Live from BBC
:13:32. > :13:40.News. Let's take a look at how living
:13:41. > :13:43.studies are changing in the UK. A new report, published today,
:13:44. > :13:45.says that poverty is not entirely Robert Joyce is from the Institute
:13:46. > :13:51.for Fiscal Studies and is He joins us now from
:13:52. > :14:03.the BBC Newsroom. Welcome to the programme. Just tell
:14:04. > :14:08.us what you found. I understand those who are pensioners now are
:14:09. > :14:12.probably net off at the moment? Yes, so one of the most I can friends in
:14:13. > :14:15.terms of how body has changed is that it is much less about
:14:16. > :14:23.worklessness than it used to be, partly because of good news stories
:14:24. > :14:26.and much less unemployment. But it is also partly about bad news
:14:27. > :14:31.stories, which is that for those in work, wages have stagnated, so the
:14:32. > :14:33.problem of poverty is now much more about working households on low
:14:34. > :14:37.earnings than about workless households. What sort of measures
:14:38. > :14:43.does the government need to look at doing to try to tackle this gap that
:14:44. > :14:47.is opening up? In the short run, one thing it is buying to do is to raise
:14:48. > :14:50.the minimum wage quite aggressively. That may well help the number of low
:14:51. > :14:55.earners but it does come with risks for things like the number of people
:14:56. > :14:59.that employers choose to employ. In the long run, for sustainable wage
:15:00. > :15:02.growth, we need productivity growth, we need to produce more with every
:15:03. > :15:07.hour that we work. That's something we've been doing very badly recently
:15:08. > :15:09.so it does come back to things I priced investments in infrastructure
:15:10. > :15:19.and skills and education policy. Robert Joyce, thanks very much.
:15:20. > :15:24.It is a very difficult square to circle as it were. Most governments
:15:25. > :15:30.in the developed world are facing that problem of those who are in
:15:31. > :15:33.retirement now, have probably got a better future ahead of them than
:15:34. > :15:40.those retiring in their latter years. The report from the
:15:41. > :15:43.Resolution Foundation about the mill lendials about the first to earn
:15:44. > :15:49.less than the generation before. There is a lot more on the story we
:15:50. > :15:52.mentioned about BT and the MPs conclusion that Open Reach has not
:15:53. > :15:57.been invested in enough. There is much more work to be done. This lady
:15:58. > :16:03.here is the Chief Executive of the TalkTalk. A guest here on Business
:16:04. > :16:06.Live. She is calling on Open Reach chiefs, she is saying, it is not fit
:16:07. > :16:10.for purpose. A lot more about what she has to say about that and what
:16:11. > :16:18.MPs concluded on the Business Live page.
:16:19. > :16:20.You're watching Business Live, our top story, the internet giant
:16:21. > :16:23.Yahoo reports widening losses as it struggles to keep up
:16:24. > :16:26.The California-based company is yet to provide further details
:16:27. > :16:30.on a potential buyer for its "core" internet business.
:16:31. > :16:36.A quick look at how markets are faring.
:16:37. > :16:40.The European markets are opening down slightly this morning. We'll
:16:41. > :16:45.try and bring those to you later in the programme.
:16:46. > :16:51.Let's get the Inside Track on a business which helps find a new
:16:52. > :17:00.In the US alone, the environmental agency estimates that businesses
:17:01. > :17:02.dispose of some $100 million worth of furniture
:17:03. > :17:10.GlobeChain is a "free-cycle" platform which allows businesses
:17:11. > :17:15.The website helped one nationwide retailer recycle its shop fittings.
:17:16. > :17:17.The retailer donated tables, shelving and display units, saving
:17:18. > :17:27.There are now 1,000 companies on the platform including
:17:28. > :17:33.With us is May Al-Karooni, founder and CEO of GlobeChain,
:17:34. > :17:35.an online reuse platform that connects businesses,
:17:36. > :17:38.charities and people to enable them to reuse unwanted items.
:17:39. > :17:45.Thank you very much indeed for coming in. So we kind of simply
:17:46. > :17:50.outlined for the viewer there how your company works. But just explain
:17:51. > :17:53.why and when you started this, you were in investment bank, weren't
:17:54. > :17:57.you? I used to work in a bank and they moved offices across the road
:17:58. > :18:01.and they came round and basically told us to pick new tables, chairs,
:18:02. > :18:05.computers, carpet tile colours. So I said why don't you just move, you
:18:06. > :18:09.know, the stuff we have across the road and they were like, "No, we're
:18:10. > :18:13.going to throw it away." When I spoke to the facilities people and
:18:14. > :18:16.asked how much it cost, it was around $50,000 to do this and I just
:18:17. > :18:21.thought that's commercial madness. That's really how I ended upsetting
:18:22. > :18:27.up the company to really connect businesses to charities and SMEs to
:18:28. > :18:29.give-and-take unwanted items so we focus around the retail, commercial
:18:30. > :18:33.and construction. It is one thing to have the idea. I mean, I have lots
:18:34. > :18:36.of ideas and think how does this work? But it is making it into a
:18:37. > :18:41.business that's another thing. How did you do that? It was a lot of
:18:42. > :18:45.work. The first couple of years, we basically did a very basic product
:18:46. > :18:50.and trialled with a few, pioneering businesses at the beginning and we
:18:51. > :18:55.looked at the kind of the supply chain and seen who took it and
:18:56. > :18:58.collected data on the social, environmental and economic impact of
:18:59. > :19:02.that. So from there we built the network and it is national across
:19:03. > :19:06.the UK. How easy did you find it to get companies to sign up? Where they
:19:07. > :19:12.willing? On both sides, to actually donate things and also companies to
:19:13. > :19:14.then take the refurbished? I was quite surprised actually because
:19:15. > :19:18.these are really large companies and they were really open to taking a
:19:19. > :19:21.risk with a small businesslike ourselves to try something new and
:19:22. > :19:25.they don't really have many solutions in the market apart from
:19:26. > :19:30.obviously recycling and sending it to a landfill site. So this was
:19:31. > :19:33.something new and innovative and they liked the social impact side
:19:34. > :19:38.where da is not that great at the moment. How do you make money doing
:19:39. > :19:43.this? We charge the corporate for giving the items and it is cheaper
:19:44. > :19:49.than your typical waste disposal costs, so it is an annual fee or
:19:50. > :19:55.pay-as-you-go fee. The people taking the stuff? They take it for free. So
:19:56. > :19:59.they pick up for free. The idea is to help them and enable them to take
:20:00. > :20:05.free items and give them a cost saving and help them with
:20:06. > :20:11.employment. Is it just furniture? No, retail fixtures and products,
:20:12. > :20:16.people like Radisson Hotels do duvets and linen and the NHS do
:20:17. > :20:21.medical equipment. Barts Trust do that and we do construction waste.
:20:22. > :20:23.Anything from raw materials to samples to any refurbishments. Is
:20:24. > :20:28.there anything you can't? Not really. It is more difficult for
:20:29. > :20:31.broken items and electricicals because there is legislation around
:20:32. > :20:34.this, but we have a few members that will take that type of thing, but
:20:35. > :20:40.that's focussed on the recycling side. Do you ask those who are
:20:41. > :20:43.giving the items that they are up to a certain quality, or do you revamp
:20:44. > :20:46.them? No, we are a technology company. So we don't touch the
:20:47. > :20:49.goods. So the tran action really is between the giving party and the
:20:50. > :20:53.taking member. What about other countries? Yeah, we've been looking
:20:54. > :20:59.at Latin America and we have had a lot of interest in America. A lot of
:21:00. > :21:02.these companies are asking for global solutions so it is quite
:21:03. > :21:04.exciting times. Very exciting and fascinating. Thank you very much for
:21:05. > :21:09.coming in. Very interesting. It's almost eight years
:21:10. > :21:10.since the financial crisis brought the global banking system
:21:11. > :21:13.to its knees, considered by many to be the worst meltdown
:21:14. > :21:16.since the Great Depression. This week, we're taking a a look
:21:17. > :21:20.at the health of our banks with our Today, we're in China -
:21:21. > :21:23.its banking sector is But many of its banks are state
:21:24. > :21:27.owned, putting a huge They dominate here in the heart
:21:28. > :21:39.of China's commercial capital. Now, let's start this
:21:40. > :21:41.little circuit in the city The biggest bank in
:21:42. > :21:51.the world is Chinese. ICBC has just over 3.5 trillion US
:21:52. > :21:54.dollars in assets. It has around half
:21:55. > :21:56.a billion customers. In the years following the global
:21:57. > :22:07.financial crisis, there have been interest rate cuts and there has
:22:08. > :22:10.been a boom in credit. All aimed at boosting the economy
:22:11. > :22:15.and all on the orders of the government which owns
:22:16. > :22:18.or controls most of the banks. Well through all of this,
:22:19. > :22:21.the government will remain focussed on its number one priority,
:22:22. > :22:23.maintaining harmony and maintaining stability even if that means saving
:22:24. > :22:37.a few banks that shouldn't be saved. Richard has returned. We are talking
:22:38. > :22:42.about various stories in the papers, she says, trying to find them
:22:43. > :22:48.quickly. We were going too talk about Netflix. Richard, you explain,
:22:49. > :22:52.Netflix out with its figures last night and they really disappointed?
:22:53. > :22:55.The earnings weren't too bad. What really disappointed the markets and
:22:56. > :22:59.the shares fell 16% in after hours trading was the number of
:23:00. > :23:03.subscribers. So the market was hoping for 500,000 more subscribers
:23:04. > :23:06.in the US and there were only 160,000 more and they had been
:23:07. > :23:10.hoping for two million more subscribers worldwide and they were
:23:11. > :23:20.only 1.5 million more. Why are people not subscribing? That's the
:23:21. > :23:24.question. I have a lot of jorgan called grand fathering moving people
:23:25. > :23:28.from good deals on to deals that you are no longer offering. They have
:23:29. > :23:31.ungrandfathered so they haven't been able to move customers on to the
:23:32. > :23:36.more expensive deals and that's why they are losing out on subscribers
:23:37. > :23:40.and they are losing out Games Of Throne, competitors have got better
:23:41. > :23:49.shows. Well, let's get the viewers view on this. One tweet going by the
:23:50. > :23:57.name of Mouse said, "They are slow to add new films and better service
:23:58. > :24:03.elsewhere." We had from Tim he said, "I use Amazon Prime over Netflix. It
:24:04. > :24:17.is useful for people like myself who travel." One says, "I'm moving to
:24:18. > :24:21.Net Flops! They are not adding stuff regularly enough." I can never find
:24:22. > :24:27.anything to watch because there is so much choice. It is because you're
:24:28. > :24:36.trying to find pokey month Go or whatever you're doing with your
:24:37. > :24:40.sons! Wells Fargo spends ?300 million on
:24:41. > :24:46.European head quarters in London. Is this true? These companies have seen
:24:47. > :24:49.their shares fall on fears that people will move out of London and
:24:50. > :24:53.elsewhere in Europe. It is a big vote of confidence in London and a
:24:54. > :24:57.big boost for the property companies. But there has been some
:24:58. > :25:03.suggestions over the week that we could have seen up to 26 million
:25:04. > :25:10.square feet which is something like 11, O 26789s dumped on the London
:25:11. > :25:15.market. It is perhaps a sign that things aren't going to be as bad as
:25:16. > :25:18.people thought. What's your feeling about Brexit. It is a massive story
:25:19. > :25:26.for people like you. What's the sense about it at the moment? The
:25:27. > :25:33.equity markets have shrugged it off. There is, I mean you have got to
:25:34. > :25:38.look at some of the subtlies, defensive stocks have driven a lot
:25:39. > :25:44.of the increases and the FTSE 250 hadn't been impressive. Globally
:25:45. > :25:49.markets are expecting more stimulus from central banks which is driving
:25:50. > :25:56.them higher. So the equity markets, the reaction has been positive.
:25:57. > :25:59.Richard, thank you. It is good to get your thoughts. That's it from
:26:00. > :26:06.Business Live. Thank you for being with us. See you soon. Bye-bye.