19/07/2016 BBC Business Live


19/07/2016

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This is Business Live from BBC News, with Ben Bland and Sally Bundock.

:00:00.:00:00.

No buyer and the losses are widening -

:00:07.:00:07.

so what now for Yahoo as it attempts to woo bidders

:00:08.:00:10.

Live from London, that's our top story

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Yahoo has been courting buyers for its core internet

:00:14.:00:33.

business for months, but investors will have to wait

:00:34.:00:35.

a little bit longer for details of a potential deal.

:00:36.:00:39.

We'll guide you through the highs and lows of

:00:40.:00:41.

Shares in Japan's Softbank fall after it announces a $32 billion

:00:42.:00:49.

offer for chip designer ARM holdings.

:00:50.:00:52.

We'll cross over to Asia for the latest.

:00:53.:01:01.

The European markets all opening slightly down, tracking losses

:01:02.:01:05.

overnight from most of the Asian markets. That Softbank slide in

:01:06.:01:11.

shares, a tempest and fall, though Nintendo doing pretty well on the

:01:12.:01:14.

success of its Pokemon Go game. One man's trash is

:01:15.:01:18.

another man's treasure! Later in the programme,

:01:19.:01:20.

we'll speak to the boss of a company that helps businesses recycle

:01:21.:01:23.

their furniture and fittings. From one technology

:01:24.:01:28.

pioneer to another. We've spoken about Yahoo

:01:29.:01:30.

but the streaming service Netflix also reported

:01:31.:01:32.

disappointing numbers - apparently subscribers are not happy

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with the price increase. We want to know, are you switching

:01:35.:01:48.

from Netflix? If so, to whom and why? Get in touch using the hashtag

:01:49.:01:52.

on-screen. The internet firm Yahoo

:01:53.:01:58.

saw its losses widen to $440 million in the three months

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to the end of June. This was expected but investors

:02:02.:02:05.

were hoping for an update on the company's plans

:02:06.:02:09.

to sell its core search and On that subject, Yahoo

:02:10.:02:12.

revealed nothing. Over the years, shareholders have

:02:13.:02:18.

had a roller-coaster ride. Yahoo's chief executive, Marissa

:02:19.:02:22.

Mayer, was appointed in 2012. It was hoped that she'd revive

:02:23.:02:25.

the business's fortunes. Acquisitions were Ms

:02:26.:02:30.

Mayer's weapon of choice. Since her appointment, Yahoo has

:02:31.:02:33.

bought more than 45 companies, including the micro-blogging website

:02:34.:02:37.

Tumblr, for $1.1 billion. In the two years after she took

:02:38.:02:42.

over, Yahoo's share But in 2014, things

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started to change. The company's share price took

:02:46.:02:50.

a tumble after the Chinese retailing Yahoo owns a massive 15% stake

:02:51.:02:54.

in the business, so when Alibaba's shares began to sink,

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it took Yahoo down with it. So Yahoo's next plan

:03:02.:03:05.

of action was to sell This move was announced earlier this

:03:06.:03:08.

year, with several big tech names But still no news

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of a concrete offer. With me now is Richard Kramer,

:03:13.:03:25.

senior analyst and founder of London-based equity research firm

:03:26.:03:30.

Arete Research. What do you make of the fact there

:03:31.:03:36.

is no news? It's not surprising because it's a long sale process

:03:37.:03:39.

that they've been undergoing. What we saw last night was the

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fundamentals of the business continuing to deteriorate, the sales

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down 20%, paid clicks down 24 present, with perhaps the only

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bright spot that Yahoo managed to bright spot that Yahoo managed to

:03:51.:03:53.

sell some assets like real estate and get a large refund. It is not

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great when you are trying to sell your core assets that your numbers

:03:59.:04:00.

keep going through during the discussion process with, let's say,

:04:01.:04:06.

AT authorising? In some ways, it is better that the poor numbers are

:04:07.:04:14.

in the market. It brings price down. It is not good for Marissa Mayer or

:04:15.:04:20.

those who are trying to sell. Those who are looking at this asset, for

:04:21.:04:24.

all the years of effort to boot a new business inside Yahoo from their

:04:25.:04:29.

declining legacy businesses would be under no illusions whatsoever about

:04:30.:04:34.

the state of business. Nasty write-downs after the purchase,

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that's what you mean? In a way, so that is clearing the decks to make

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it easier for an acquiring not to have to do those same things. One of

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the other things Yahoo announced was that they had counted for about 20%

:04:47.:04:52.

over the last 12 months. -- their head count had fallen. If the new

:04:53.:04:57.

acquirer takes over, they may have to let people go so it is easy if

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Yahoo does that. Where did they go wrong? Is there anything you think

:05:03.:05:04.

they could have done differently to be in a better position? You have to

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go back many years but the reality in the internet space right now is

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that two companies are effectively sucking all the oxygen out of the

:05:13.:05:16.

room, Facebook and Google. This year Facebook will spend more on R than

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Yahoo has in sales and Google twice to three times as much, so, like

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many markets, you see that there are a couple of dominant players that

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are merged and those that are not able to keep up with the pace or get

:05:28.:05:31.

embroiled, as Yahoo did, in internal squabbles, get left behind. So the

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outlook for Yahoo, it will sell its core assets, we assume that will

:05:37.:05:40.

happen, and if so who do you think the likely buyer will because aurora

:05:41.:05:45.

number of interested parties, two large US telcos, the rise in and

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AT The real question now is whether Yahoo will just sell its

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call on whether someone will make a bid for the entire property, which

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includes stakes in other companies, and try to mitigate the tax

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liability with other assets they might have. We shall watch every

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twist and turned it off thank you for coming in and giving us your

:06:06.:06:10.

take on the very latest. Let's take a good some other stories... -- a

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look at. Shares in the web streaming

:06:15.:06:16.

giant Netflix have fallen in after-hour trading,

:06:17.:06:18.

after the firm said it added fewer The company signed up 1.7 million

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new customers in the three months to the end of June -

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well short of the 2.5 The firm has blamed

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the disappointing performance on cancellations by customers

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facing a price increase. Fiat Chrysler is being investigated

:06:31.:06:33.

by US regulators over the way it reports quarterly

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and annual results. The company says it records revenues

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based on shipments to dealers, rather than direct sales

:06:39.:06:44.

to car buyers. Fiat Chrysler recorded a 7% rise

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in its monthly sales in June - its best result for that month

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since 2005. The former UK finance minister,

:06:50.:07:03.

Chancellor George Osborne, has given a speech outlining the philosophy

:07:04.:07:07.

underpinning his time at the Treasury. The speech is seen by some

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as an attempt to defend his record, perhaps pointing to his desire to

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return to front line politics in the future.

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A story dominating our web page today is this one about BT, the main

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phone line operator in the UK. MPs are warning BT faces having to split

:07:30.:07:34.

up unless it sorts out its Openreach division, which is responsible for

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rolling out superfast broadband across the UK. How this is operated

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and how it is provided in this country has been looked into by

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politicians. The MPs say they want more transparency and service

:07:49.:07:54.

improvements. They conclude that BT is significantly under investing in

:07:55.:07:58.

Openreach. Lots more information on that online. Let's talk about a

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story that first came to our attention this time yesterday, that

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being Softbank of Japan snapping up a RM holdings of the UK.

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Sarah Toms is in Singapore and has been following the story.

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Hello. It was one of the biggest steals of the year and it came on a

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public holiday in Japan, so today Japanese investors have had their

:08:26.:08:28.

first chance to react to the news and they're questioning ARM's hefty

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$32 billion priced at. Shares in the Japanese tech and telecoms company

:08:35.:08:39.

plunged a whopping 10% today and ARM is the crown jewel of the UK tech

:08:40.:08:44.

industry, so what's the problem? Softbank is already $100 billion in

:08:45.:08:50.

debt and this purchase is piling on even more. The company has raised

:08:51.:08:53.

some cash over the past few months and disposed of some of its assets,

:08:54.:08:58.

like its stake in Ali baba. Many analysts had been hoping this would

:08:59.:09:02.

be used to reduce some of that debt but instead it has gone to pay for

:09:03.:09:06.

this acquisition and, if the company's going to spend that much

:09:07.:09:09.

on an investment, it had better start paying off soon.

:09:10.:09:14.

moment. We going to try to show you moment. We going to try to show you

:09:15.:09:21.

how the markets start the morning on Tuesday but our systems have been

:09:22.:09:24.

playing up. I was hoping they're going to appear but unfortunately

:09:25.:09:28.

not. Let me tell you, though, all European markets are opening

:09:29.:09:32.

slightly down, tracking losses from Asia. Most of the markets in Asia

:09:33.:09:37.

ending their trading day down, although the Nick Cave being buoyed

:09:38.:09:40.

off the back of the success of off the back of the success of

:09:41.:09:45.

Pokemon Go, the game that seems to have taken everyone's attention. We

:09:46.:09:50.

will be looking ahead to what is on Wall Street.

:09:51.:09:54.

And Michelle Fleury has the details about what's ahead

:09:55.:09:56.

Wall Street is poised for more bank earnings. Colburn sucks aboard

:09:57.:10:03.

profits this Tuesday and is expected to do well, helped in part by

:10:04.:10:07.

improved trading activity, thanks to the Brexit vote on the volatility we

:10:08.:10:13.

saw in the financial markets. So far the results on the big banks have

:10:14.:10:16.

been better than expected after a very weak start of the year.

:10:17.:10:19.

Microsoft will offer a glimpse into another corner of the economy, the

:10:20.:10:24.

tech sector. Growth in its cloud business is likely to offset the

:10:25.:10:29.

continuing slide in PC sales. PCs often come preloaded with windows

:10:30.:10:33.

operating system. And Johnson Johnson is likely to see profits

:10:34.:10:38.

boosted by its drugs business. One unknown, though, this corporate

:10:39.:10:40.

earnings season is what is the impact of foreign exchange rates?

:10:41.:10:44.

They've been fairly volatile since the Brexit vote. Given the strong

:10:45.:10:47.

dollar, will that hurt revenue growth?

:10:48.:10:52.

That's Michelle in New York and we are joined by Richard Fletcher,

:10:53.:10:57.

business editor of the Times. Most see you. Great to have a human

:10:58.:11:01.

being. The technology is falling around us! -- nice to see you. Then

:11:02.:11:09.

touching on Softbank, as was Sarah in Singapore. It is quite

:11:10.:11:12.

phenomenal, this story, but no surprise the shares are down for

:11:13.:11:16.

Softbank. Japanese markets closed yesterday as the news leaked out

:11:17.:11:24.

overnight, so this was the first chance for Japanese investors to

:11:25.:11:27.

give their verdict. The fall in the share price is not so much about the

:11:28.:11:30.

deal but about the fact that in recent months, Softbank has sold a

:11:31.:11:35.

number of assets, a stake in Ali baba, other assets, raised a lot of

:11:36.:11:38.

cash and shareholders had rather been hoping that some of that would

:11:39.:11:42.

go back to them and some of it would go to pay off some of Softbank's

:11:43.:11:46.

debts so I think this share price fall is not a verdict on the deal

:11:47.:11:49.

but about disappointment they are not going to get some of that money

:11:50.:11:53.

back and rather than decreasing its debts, it looks like Softbank is

:11:54.:11:58.

going to add to them. We saw most of the Asian markets closing down at

:11:59.:12:00.

the end of the trading day, though the Nick Haig up, seeming to be

:12:01.:12:07.

pushed upwards by the success of Nintendo and the almost unstoppable

:12:08.:12:11.

march of Pokemon, Crowe go. A quarter of the shares posted on the

:12:12.:12:18.

Tokyo board were Nintendo shares. It has been an amazing few weeks for

:12:19.:12:24.

Nintendo. If you have kids my age, you will know that this is an

:12:25.:12:29.

absolute craze and they have spent the whole weekend chasing Pokemon.

:12:30.:12:34.

What is it all about? I know the shares have gone bananas for a week

:12:35.:12:37.

and a bit now to adopt what do you actually do? You asking the wrong

:12:38.:12:42.

person but you have to chase by come on, collect them and exercise them.

:12:43.:12:45.

I downloaded it but it took up too much space on my phone so I deleted

:12:46.:12:50.

it. The kids love it and they go out and they all walking. You have to go

:12:51.:12:55.

into the real world and catch them. Nintendo now has a bigger market cap

:12:56.:13:04.

on Sony and also Netflix. It is now larger and it is having an amazing

:13:05.:13:13.

run. Richard will be back later. There must be is the editor about

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it. I was with some friends I haven't seen the ages halfway

:13:17.:13:19.

through the conversation, one of them started chasing Pokemon. It has

:13:20.:13:21.

got too much! Out with the old and in with

:13:22.:13:25.

the new - we'll take a look at the recycling platform

:13:26.:13:29.

which helps businesses deal with You're with Business Live from BBC

:13:30.:13:31.

News. Let's take a look at how living

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studies are changing in the UK. A new report, published today,

:13:41.:13:43.

says that poverty is not entirely Robert Joyce is from the Institute

:13:44.:13:45.

for Fiscal Studies and is He joins us now from

:13:46.:13:51.

the BBC Newsroom. Welcome to the programme. Just tell

:13:52.:14:03.

us what you found. I understand those who are pensioners now are

:14:04.:14:08.

probably net off at the moment? Yes, so one of the most I can friends in

:14:09.:14:12.

terms of how body has changed is that it is much less about

:14:13.:14:15.

worklessness than it used to be, partly because of good news stories

:14:16.:14:23.

and much less unemployment. But it is also partly about bad news

:14:24.:14:26.

stories, which is that for those in work, wages have stagnated, so the

:14:27.:14:31.

problem of poverty is now much more about working households on low

:14:32.:14:33.

earnings than about workless households. What sort of measures

:14:34.:14:37.

does the government need to look at doing to try to tackle this gap that

:14:38.:14:43.

is opening up? In the short run, one thing it is buying to do is to raise

:14:44.:14:47.

the minimum wage quite aggressively. That may well help the number of low

:14:48.:14:50.

earners but it does come with risks for things like the number of people

:14:51.:14:55.

that employers choose to employ. In the long run, for sustainable wage

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growth, we need productivity growth, we need to produce more with every

:15:00.:15:02.

hour that we work. That's something we've been doing very badly recently

:15:03.:15:07.

so it does come back to things I priced investments in infrastructure

:15:08.:15:09.

and skills and education policy. Robert Joyce, thanks very much.

:15:10.:15:19.

It is a very difficult square to circle as it were. Most governments

:15:20.:15:24.

in the developed world are facing that problem of those who are in

:15:25.:15:30.

retirement now, have probably got a better future ahead of them than

:15:31.:15:33.

those retiring in their latter years. The report from the

:15:34.:15:40.

Resolution Foundation about the mill lendials about the first to earn

:15:41.:15:43.

less than the generation before. There is a lot more on the story we

:15:44.:15:49.

mentioned about BT and the MPs conclusion that Open Reach has not

:15:50.:15:52.

been invested in enough. There is much more work to be done. This lady

:15:53.:15:57.

here is the Chief Executive of the TalkTalk. A guest here on Business

:15:58.:16:03.

Live. She is calling on Open Reach chiefs, she is saying, it is not fit

:16:04.:16:06.

for purpose. A lot more about what she has to say about that and what

:16:07.:16:10.

MPs concluded on the Business Live page.

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You're watching Business Live, our top story, the internet giant

:16:19.:16:20.

Yahoo reports widening losses as it struggles to keep up

:16:21.:16:23.

The California-based company is yet to provide further details

:16:24.:16:26.

on a potential buyer for its "core" internet business.

:16:27.:16:30.

A quick look at how markets are faring.

:16:31.:16:36.

The European markets are opening down slightly this morning. We'll

:16:37.:16:40.

try and bring those to you later in the programme.

:16:41.:16:45.

Let's get the Inside Track on a business which helps find a new

:16:46.:16:51.

In the US alone, the environmental agency estimates that businesses

:16:52.:17:00.

dispose of some $100 million worth of furniture

:17:01.:17:02.

GlobeChain is a "free-cycle" platform which allows businesses

:17:03.:17:10.

The website helped one nationwide retailer recycle its shop fittings.

:17:11.:17:15.

The retailer donated tables, shelving and display units, saving

:17:16.:17:17.

There are now 1,000 companies on the platform including

:17:18.:17:27.

With us is May Al-Karooni, founder and CEO of GlobeChain,

:17:28.:17:33.

an online reuse platform that connects businesses,

:17:34.:17:35.

charities and people to enable them to reuse unwanted items.

:17:36.:17:38.

Thank you very much indeed for coming in. So we kind of simply

:17:39.:17:45.

outlined for the viewer there how your company works. But just explain

:17:46.:17:50.

why and when you started this, you were in investment bank, weren't

:17:51.:17:53.

you? I used to work in a bank and they moved offices across the road

:17:54.:17:57.

and they came round and basically told us to pick new tables, chairs,

:17:58.:18:01.

computers, carpet tile colours. So I said why don't you just move, you

:18:02.:18:05.

know, the stuff we have across the road and they were like, "No, we're

:18:06.:18:09.

going to throw it away." When I spoke to the facilities people and

:18:10.:18:13.

asked how much it cost, it was around $50,000 to do this and I just

:18:14.:18:16.

thought that's commercial madness. That's really how I ended upsetting

:18:17.:18:21.

up the company to really connect businesses to charities and SMEs to

:18:22.:18:27.

give-and-take unwanted items so we focus around the retail, commercial

:18:28.:18:29.

and construction. It is one thing to have the idea. I mean, I have lots

:18:30.:18:33.

of ideas and think how does this work? But it is making it into a

:18:34.:18:36.

business that's another thing. How did you do that? It was a lot of

:18:37.:18:41.

work. The first couple of years, we basically did a very basic product

:18:42.:18:45.

and trialled with a few, pioneering businesses at the beginning and we

:18:46.:18:50.

looked at the kind of the supply chain and seen who took it and

:18:51.:18:55.

collected data on the social, environmental and economic impact of

:18:56.:18:58.

that. So from there we built the network and it is national across

:18:59.:19:02.

the UK. How easy did you find it to get companies to sign up? Where they

:19:03.:19:06.

willing? On both sides, to actually donate things and also companies to

:19:07.:19:12.

then take the refurbished? I was quite surprised actually because

:19:13.:19:14.

these are really large companies and they were really open to taking a

:19:15.:19:18.

risk with a small businesslike ourselves to try something new and

:19:19.:19:21.

they don't really have many solutions in the market apart from

:19:22.:19:25.

obviously recycling and sending it to a landfill site. So this was

:19:26.:19:30.

something new and innovative and they liked the social impact side

:19:31.:19:33.

where da is not that great at the moment. How do you make money doing

:19:34.:19:38.

this? We charge the corporate for giving the items and it is cheaper

:19:39.:19:43.

than your typical waste disposal costs, so it is an annual fee or

:19:44.:19:49.

pay-as-you-go fee. The people taking the stuff? They take it for free. So

:19:50.:19:55.

they pick up for free. The idea is to help them and enable them to take

:19:56.:19:59.

free items and give them a cost saving and help them with

:20:00.:20:05.

employment. Is it just furniture? No, retail fixtures and products,

:20:06.:20:11.

people like Radisson Hotels do duvets and linen and the NHS do

:20:12.:20:16.

medical equipment. Barts Trust do that and we do construction waste.

:20:17.:20:21.

Anything from raw materials to samples to any refurbishments. Is

:20:22.:20:23.

there anything you can't? Not really. It is more difficult for

:20:24.:20:28.

broken items and electricicals because there is legislation around

:20:29.:20:31.

this, but we have a few members that will take that type of thing, but

:20:32.:20:34.

that's focussed on the recycling side. Do you ask those who are

:20:35.:20:40.

giving the items that they are up to a certain quality, or do you revamp

:20:41.:20:43.

them? No, we are a technology company. So we don't touch the

:20:44.:20:46.

goods. So the tran action really is between the giving party and the

:20:47.:20:49.

taking member. What about other countries? Yeah, we've been looking

:20:50.:20:53.

at Latin America and we have had a lot of interest in America. A lot of

:20:54.:20:59.

these companies are asking for global solutions so it is quite

:21:00.:21:02.

exciting times. Very exciting and fascinating. Thank you very much for

:21:03.:21:04.

coming in. Very interesting. It's almost eight years

:21:05.:21:09.

since the financial crisis brought the global banking system

:21:10.:21:10.

to its knees, considered by many to be the worst meltdown

:21:11.:21:13.

since the Great Depression. This week, we're taking a a look

:21:14.:21:16.

at the health of our banks with our Today, we're in China -

:21:17.:21:20.

its banking sector is But many of its banks are state

:21:21.:21:23.

owned, putting a huge They dominate here in the heart

:21:24.:21:27.

of China's commercial capital. Now, let's start this

:21:28.:21:39.

little circuit in the city The biggest bank in

:21:40.:21:41.

the world is Chinese. ICBC has just over 3.5 trillion US

:21:42.:21:51.

dollars in assets. It has around half

:21:52.:21:54.

a billion customers. In the years following the global

:21:55.:21:56.

financial crisis, there have been interest rate cuts and there has

:21:57.:22:07.

been a boom in credit. All aimed at boosting the economy

:22:08.:22:10.

and all on the orders of the government which owns

:22:11.:22:15.

or controls most of the banks. Well through all of this,

:22:16.:22:18.

the government will remain focussed on its number one priority,

:22:19.:22:21.

maintaining harmony and maintaining stability even if that means saving

:22:22.:22:23.

a few banks that shouldn't be saved. Richard has returned. We are talking

:22:24.:22:37.

about various stories in the papers, she says, trying to find them

:22:38.:22:42.

quickly. We were going too talk about Netflix. Richard, you explain,

:22:43.:22:48.

Netflix out with its figures last night and they really disappointed?

:22:49.:22:52.

The earnings weren't too bad. What really disappointed the markets and

:22:53.:22:55.

the shares fell 16% in after hours trading was the number of

:22:56.:22:59.

subscribers. So the market was hoping for 500,000 more subscribers

:23:00.:23:03.

in the US and there were only 160,000 more and they had been

:23:04.:23:06.

hoping for two million more subscribers worldwide and they were

:23:07.:23:10.

only 1.5 million more. Why are people not subscribing? That's the

:23:11.:23:20.

question. I have a lot of jorgan called grand fathering moving people

:23:21.:23:24.

from good deals on to deals that you are no longer offering. They have

:23:25.:23:28.

ungrandfathered so they haven't been able to move customers on to the

:23:29.:23:31.

more expensive deals and that's why they are losing out on subscribers

:23:32.:23:36.

and they are losing out Games Of Throne, competitors have got better

:23:37.:23:40.

shows. Well, let's get the viewers view on this. One tweet going by the

:23:41.:23:49.

name of Mouse said, "They are slow to add new films and better service

:23:50.:23:57.

elsewhere." We had from Tim he said, "I use Amazon Prime over Netflix. It

:23:58.:24:03.

is useful for people like myself who travel." One says, "I'm moving to

:24:04.:24:17.

Net Flops! They are not adding stuff regularly enough." I can never find

:24:18.:24:21.

anything to watch because there is so much choice. It is because you're

:24:22.:24:27.

trying to find pokey month Go or whatever you're doing with your

:24:28.:24:36.

sons! Wells Fargo spends ?300 million on

:24:37.:24:40.

European head quarters in London. Is this true? These companies have seen

:24:41.:24:46.

their shares fall on fears that people will move out of London and

:24:47.:24:49.

elsewhere in Europe. It is a big vote of confidence in London and a

:24:50.:24:53.

big boost for the property companies. But there has been some

:24:54.:24:57.

suggestions over the week that we could have seen up to 26 million

:24:58.:25:03.

square feet which is something like 11, O 26789s dumped on the London

:25:04.:25:10.

market. It is perhaps a sign that things aren't going to be as bad as

:25:11.:25:15.

people thought. What's your feeling about Brexit. It is a massive story

:25:16.:25:18.

for people like you. What's the sense about it at the moment? The

:25:19.:25:26.

equity markets have shrugged it off. There is, I mean you have got to

:25:27.:25:33.

look at some of the subtlies, defensive stocks have driven a lot

:25:34.:25:38.

of the increases and the FTSE 250 hadn't been impressive. Globally

:25:39.:25:44.

markets are expecting more stimulus from central banks which is driving

:25:45.:25:49.

them higher. So the equity markets, the reaction has been positive.

:25:50.:25:56.

Richard, thank you. It is good to get your thoughts. That's it from

:25:57.:25:59.

Business Live. Thank you for being with us. See you soon. Bye-bye.

:26:00.:26:06.

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